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

                          E U R O P E

          Monday, July 22, 2024, Vol. 25, No. 146

                           Headlines



G R E E C E

ATTICA BANK: Moody's Puts B3 Deposit Ratings on Review for Upgrade
GRIFONAS FINANCE NO.1: Fitch Affirms 'B-sf' Rating on Class C Notes


I R E L A N D

AB CARVAL II-C: Fitch Assigns 'B-(EXP)' Rating to Cl. F Notes
EIRCOM FINANCE: Fitch Rates New Notes and Repriced TLB 'BB-'
FASTNET SECURITIES: DBRS Cuts Class E Notes Rating to BB
FINANCE IRELAND 7: DBRS Finalizes BB(high) Rating on Class E Notes
GOLDENTREE LOAN 7: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes



I T A L Y

BFF BANK: DBRS Confirms BB(high) LongTerm Issuer Rating
BRIGNOLE CO 2024: DBRS Finalizes B(low) Rating on Class X1 Notes
PRO-GEST SPA: Moody's Appends 'LD' Designation to PDR


L U X E M B O U R G

ECARAT DE SA: DBRS Finalizes B(low) Rating on Class F Notes


R U S S I A

UZBEK INDUSTRIAL: Fitch Assigns 'BB-(EXP)' Rating to USD Eurobonds
UZBEK INDUSTRIAL: Fitch Assigns 'BB-(EXP)' Rating to UZS Eurobonds


S P A I N

PYMES SANTANDER 15: DBRS Confirms C Rating on Series C Notes


T U R K E Y

TURKIYE IHRACAT: Fitch Affirms 'B/B+' LongTerm IDR, Outlook Pos.
TURKIYE KALKINMA: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive


U N I T E D   K I N G D O M

ELIZABETH FINANCE 2018: DBRS Confirms C Rating on Class E Notes
HERMITAGE 2024: DBRS Gives Prov. BB(high) Rating to Class E Notes
LIQUID TELECOMMUNICATIONS: Fitch Cuts Sr. Sec. Debt Rating to CCC+
LONDON CARDS 1: DBRS Confirms CCC Rating on Class F Notes
RIPON MORTGAGE: Fitch Affirms 'B-sf' Rating on Class X Notes

UROPA 2007-O1B: Fitch Alters Outlook on 'Bsf' Notes Rating to Neg.


X X X X X X X X

[*] BOND PRICING: For the Week July 15 to July 19, 2024

                           - - - - -


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G R E E C E
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ATTICA BANK: Moody's Puts B3 Deposit Ratings on Review for Upgrade
------------------------------------------------------------------
Moody's Ratings has placed all long-term ratings and assessments of
Attica Bank S.A. (Attica Bank) and Pancreta Bank S.A. (Pancreta
Bank) on review for upgrade. Attica Bank's following ratings and
assessments have been placed on review for upgrade: its Baseline
Credit Assessment (BCA) and Adjusted BCA of caa2, its long-term
deposit ratings of B3, long-term Counterparty Risk Ratings (CRR) of
B2, and its long-term Counterparty Risk Assessment (CRA) of B2(cr).
Pancreta Bank's following ratings and assessments have also been
placed on review for upgrade: its Baseline Credit Assessment (BCA)
and Adjusted BCA of caa1, its long-term deposit ratings of B2,
long-term Counterparty Risk Ratings (CRR) of B1, and its long-term
Counterparty Risk Assessment (CRA) of B1(cr).

Both banks' short-term deposit ratings and CRRs were affirmed at
NP, while the short-term CRAs were affirmed at NP(cr). Previously,
the outlook on the long-term deposit ratings for both banks was
positive.

RATINGS RATIONALE

The rating action was triggered by the announcement made by Attica
Bank on 8 July 2024, in which it reported that the main
shareholders of the two banks had concluded an in-principle
agreement on the main terms of their intended merger.

The review for upgrade on Attica Bank's and Pancreta Bank's BCAs
and ratings will consider the degree to which the transformation
and merger plan announced will gradually be implemented as well as
the volume and timing of the expected capital increase from the
strategic shareholders of the two banks, including the Hellenic
Financial Stability Fund (HFSF) and Thrivest Holdings Ltd.

The review will focus on the details of the NPE securitisation that
both banks will carry-out through the state-backed asset protection
scheme (Hercules III) which will result in a clean-up of both
banks' balance sheets. This scheme has a perimeter of approximately
EUR2 billion, of which the bulk is earmarked for the government
guarantees of the resulting senior notes that will be retained by
the two banks. Moody's will assess the joint entity's solvency
following the clean-up from NPEs and the expected capital
increase.

In addition, the review will also assess any risks around merger
process of the two banks and potential integration challenges that
the senior management will face. Moody's will also consider the
merged bank's business and growth plans, as well as its balance
sheet structure, risk appetite and earnings potential.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

The rating action is also driven by expected improvements in the
corporate governance framework and risk management practices of the
resulting bank. Corporate governance weaknesses were among the main
reasons that lead to the deterioration of both banks' credit
profile in the past, having a material negative impact on their
ratings.

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

At the conclusion of the review, both banks' ratings may be
upgraded and converge if Moody's believe that the resulting bank's
solvency and profitability potential are significantly stronger
than what was the case before for the two banks. The successful
implementation of the two banks' transformational plan and the
gradual improvement in the joint entity's underlying financial
fundamentals and corporate governance practices will exert
additional upward pressure on the BCA.

Given the review for upgrade it is unlikely that the ratings will
be downgraded. The ratings may be confirmed at their current level
if Moody's consider that the implementation of the transformation
and merger plan is at risk or if there is significant delay in its
execution.

PRINCIPAL METHODOLOGY

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

GRIFONAS FINANCE NO.1: Fitch Affirms 'B-sf' Rating on Class C Notes
-------------------------------------------------------------------
Fitch Ratings has upgraded Grifonas Finance No. 1 Plc's class A and
B notes and affirmed the class C notes, as detailed below.

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Grifonas Finance
No. 1 Plc

Class A XS0262719320   LT AA-sf Upgrade    A+sf
Class B XS0262719759   LT Asf   Upgrade    A-sf
Class C XS0262720252   LT B-sf  Affirmed   B-sf

TRANSACTION SUMMARY

The transaction comprises fully amortising residential mortgages
originated and serviced by Consignment Deposits & Loans Fund.

KEY RATING DRIVERS

Revised SF Cap for Greece: The rating action follows Fitch's
revision of the structured finance (SF) rating cap for Greek
transactions to six notches (from five) above the sovereign IDR,
under its updated Structured Finance and Covered Bonds Country Risk
Criteria. Greek transactions can now achieve a maximum rating of
'AA-sf' ( 'A+sf' previously).

Following the recalibration of asset assumptions up to 'AA-sf', the
class A notes are able to sustain stresses at the 'AA-sf' SF rating
cap, whereas the class B notes are able to reach 'Asf'. The class C
notes' credit enhancement has increased since its previous review,
but it cannot withstand higher ratings. It also relies more heavily
on the cash reserve held with Elavon Financial Services DAC
(A+/Stable/F1).

Stable Asset Performance: Asset performance has remained overall
stable since the last review in February 2024, and Fitch expects
this trend to continue given the portfolio deleveraging. At the
previous payment date (February 2024) cumulative defaults were 5.2%
(from 5.1% at August 2023).

Interest Payments and Liquidity Mechanism: Since February 2023, the
class C interest payments have been postponed to a more junior item
in the waterfall following the cumulative default trigger breach
(5.0%), to ensure additional protection for the class A and B
notes. In addition, the structure includes a facility that is
non-amortising due to breached triggers and reduces the
transaction's available funds given the associated commitment fee
paid on the committed facility amount. The facility costs are
included in Fitch's cash flow analysis as senior expenses.

Ratings Capped at 'AA-sf': The class A notes' 'AA-sf' rating is the
maximum achievable rating for Greek SF transactions, in accordance
with Fitch's Structured Finance and Covered Bonds Country Risk
Rating Criteria, six notches above Greece's Long-Term Issuer
Default Rating (IDR; BBB-/Stable).

RATING SENSITIVITIES

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

Insufficient CE to fully compensate the credit losses and cash flow
stresses associated with the current ratings scenarios. For class A
notes, a downgrade of Greece's Long-Term IDR that could decrease
the maximum achievable rating for Greek SF transactions, in
accordance with the Structured Finance and Covered Bonds Country
Risk Rating Criteria. This because these notes are rated at the
maximum achievable rating, six notches above the sovereign IDR.

Excessive reliance on the transaction account bank holding the
reserve fund may introduce a linkage of the notes' ratings to the
transaction account bank rating (currently 'A+'). If this occurs, a
downgrade of the account bank may trigger a downgrade of the notes
to the same level as the account bank, if rated higher.

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

The class A notes are rated at the highest level for SF
transactions in Greece, in accordance with Fitch Structured Finance
and Covered Bonds Country Risk Rating Criteria, and therefore
cannot be upgraded. An upgrade of Greece's Long-Term IDR that could
increase the maximum achievable rating for Greek SF transactions
provided that the available credit enhancement is able to sustain
higher rating stresses.

Continued stable asset performance and increasing credit
enhancement could lead to an upgrade of the class B and C notes.

Excessive reliance on the transaction account bank holding the
reserve fund may introduce a linkage of the notes' ratings to the
the transaction account bank rating. If this occurs, the notes
could not be be upgraded to a rating higher than the transaction
account bank.

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

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

DATA ADEQUACY

Grifonas Finance No. 1 Plc

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

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

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

ESG CONSIDERATIONS

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



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

AB CARVAL II-C: Fitch Assigns 'B-(EXP)' Rating to Cl. F Notes
-------------------------------------------------------------
Fitch Ratings has assigned AB CarVal Euro CLO II-C DAC expecting
ratings.

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

   Entity/Debt        Rating           
   -----------        ------           
AB CARVAL EURO
CLO II-C DAC

   A-1-Loan       LT AAA(EXP)sf Expected Rating
   A-Notes        LT AAA(EXP)sf Expected Rating
   B-1            LT AA(EXP)sf  Expected Rating
   B-2            LT AA(EXP)sf  Expected Rating
   C              LT A(EXP)sf   Expected Rating
   D              LT BBB-(EXP)sf Expected Rating
   E              LT BB-(EXP)sf  Expected Rating
   F              LT B-(EXP)sf   Expected Rating
   Subordinated   LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

AB CarVal Euro CLO II-C DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds will be used to fund a portfolio with a target par of
EUR350 million. The portfolio is actively managed by CarVal CLO
Management LLC. The CLO will have a 4.5-year reinvestment period
and an 8.5-year weighted average life (WAL) test at closing.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.8%.

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

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

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis was reduced by 12 months. This is to account for
the strict reinvestment conditions envisaged after the reinvestment
period. These include passing the coverage tests and the Fitch
'CCC' maximum limit after reinvestment and a WAL covenant that
progressively steps down over time after the end of the
reinvestment period. In Fitch's opinion, these conditions would
reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to downgrades of no more than
one notch for the class D and E notes and have no impact on all
others.

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

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

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

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

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

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

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

DATA ADEQUACY

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for AB CarVal Euro CLO
II-C DAC. In cases where Fitch does not provide ESG relevance
scores in connection with the credit rating of a transaction,
programme, instrument or issuer, Fitch will disclose in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.

EIRCOM FINANCE: Fitch Rates New Notes and Repriced TLB 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned eircom Holdings (Ireland) Limited's
(eir) EUR300 million notes due in 2029 and repriced EUR300 million
term loan B (TLB) final 'BB-' senior secured ratings. The Recovery
Rating is 'RR3'.

The notes and TLB are rated one notch above eir's Long-Term Issuer
Default Rating (IDR) of 'B+' to reflect their senior secured status
in its capital structure and above-average recovery prospects. The
proceeds from the notes have been used primarily to repay EUR246
million under its outstanding EUR546 million May 2026 TLB, with the
remainder net of transaction costs being retained as cash on the
balance sheet. The group has also repriced its outstanding EUR300
million TLB.

eir's rating reflects its market leading position as Ireland's
incumbent fixed-line operator with a diverse product offering and
the largest fibre-to-the-home (FTTH) network in the country. The
rating is constrained by high leverage, EBITDA margin pressures due
to a highly competitive telecom market, and ongoing heavy
infrastructure investments, which curb free cash flow (FCF)
expansion.

KEY RATING DRIVERS

Stable Leverage Post Debt Issue: Fitch views the new EUR300 million
notes as broadly leverage-neutral, with pro-forma fully
consolidated last 12 months to 1Q24 EBITDA net leverage at 4.8x.
Its base case assumes year-end net leverage will remain 4.8x,
compared with 4.7x at end-2023. This still provides some headroom
relative to its 5.0x leverage sensitivity for a downgrade.
Company-defined net leverage was 4.6x at end-1Q24, well above its
3.5x to 4.0x target range.

November 2024 Bonds Repayment Funded: Fitch expects eir to use the
cash on its balance sheet to repay its outstanding EUR221 million
bond due in November 2024. This cash comprises proceeds from an
earlier EUR200 million issuance in February 2024 that is fungible
with the TLB and EUR21 million from the proceeds of the current
issuance.

Given modest EBITDA growth projected through 2026, alongside
continued high capex and dividend payments, Fitch forecasts net
leverage will range between 4.7x and 4.8x from 2024 to 2026,
assuming no dividends paid by Fibre Networks Ireland Limited
(FibreCo).

Negative FCF to Constrain Deleveraging: Fitch expects capex to be
at the top of end of management's guidance at around 21% of
revenues per year to 2026. This reflects the national fibre rollout
plans and ongoing investments in upgrading and densifying the
mobile network. Fitch expects interest costs to remain high but
contained compared with 2023 for the next two years, given around
67% of the group's debt has fixed rates. Positive pre-dividend FCF
margins are still expected at around 8% per year.

Fitch expects eir to continue to upstream excess cash flows to its
shareholders and for dividend payments to be consistently around
EUR150 million per year from 2024, which Fitch believes will lead
to negative reported FCF margins every year until 2026. This will
constrain deleveraging but remain within the rating thresholds.

Retail Market Share Momentum: Commercial investments raised eir's
retail market share in 2023 and 1Q24. Retail fixed-line and mobile
subscriber market shares grew 0.2pp and 1.2pp, respectively, year
on year (yoy) in 1Q24, on strong revenue growth. Growth in the
pay-TV segment through eir Vision means the proportion of customers
taking three products or more was 52% at end-1Q24. Greater
convergence in the subscriber base increases customer stickiness
due to higher switching costs. This should support good revenue
visibility for 2024.

Leading Fibre Network: eir is upgrading its copper local loops to a
fibre backhaul and last-mile network. Fibre networks are cheaper to
run than copper and offer customers higher download speeds of over
1Gbps. New fibre creates opportunities for eir to upsell existing
digital-line subscribers higher priced contracts and to better
compete with high-speed coaxial cable that is widely available. eir
has the largest fibre footprint in Ireland with over 1.2 million
homes passed at end-1Q24. eir plans to upgrade over 200,000 homes
to FTTH per year until 2026, at which point its network should pass
around 1.9 million homes, giving it near national coverage.

EBITDA Margin to Recover: Fitch expects Fitch-defined EBITDA
margins to gradually recover from the 2023 trough of 43% (46.7% in
2022). The margin decrease was due to higher network costs, a
change in business mix towards SIM-only mobile subscriptions,
higher mobile handset subsidies and the highly competitive telecom
market. The subsidy increases were expected and part of eir's
strategy of commercial investments to defend and increase its
retail market share. Fitch expects a recovery to around 44.5% by
2026, driven by annual price increases and the gradual
decommissioning of existing copper networks in favour of fibre,
which are cheaper to operate.

Competition for Wholesale: eir's fibre rollout is competing against
rival urban and suburban builds by Virgin Media Ireland (VMI) and
Vodafone-backed SIRO. These are gaining scale, with VMI planning to
reach 1 million homes by 2025 and SIRO 700,000 by 2026. As
competitor footprints widen, the risk of network overlap with eir
will increase. This may create greater competition in overlapping
areas for retail and wholesale revenues at eir as well as pricing
pressure. eir's wholesale subscriptions continued to decrease in
1Q24, with a 2.8% yoy decline. Sky joining Vodafone as a wholesale
customer on its network could mean a more challenging wholesale
market in 2024.

DERIVATION SUMMARY

eir's ratings reflect its position as the leading fixed-line
operator in a competitive Irish market. Relative to its European
telecom incumbent peers, Royal KPN N.V (BBB/Stable) and BT Group
plc (BBB/Stable) eir has higher leverage, is smaller in size, has a
largely domestic focus, and a lack of leadership in the mobile
segment. Its EBITDA margin is similar to peers', but its
pre-dividend FCF margin has historically been lower due to higher
capex as a share of revenue.

eir is more tightly rated than 'BB-' rated European telecom peers
like Telenet Group Holding N.V (BB-/Stable). This reflects the sale
of a 49% stake in its fixed-line network, competitive pressures in
the retail and wholesale markets, smaller scale, structural revenue
declines from legacy voice and high capex commitments from its
fibre build.

KEY ASSUMPTIONS

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

- Revenue growth of up to 1% between 2024 and 2026

- Fitch-defined EBITDA margin of 43.7% in 2024, before gradually
rising to 44.5% by 2026

- Working-capital cash flows at -0.4% of revenue every year between
2024 and 2026

- Capex (excluding spectrum) at 21.1% of revenue every year between
2024 and 2026

- Dividend payments of EUR150 million a year between 2024 and 2026

RECOVERY ANALYSIS

Key Recovery Rating Assumptions

- The recovery analysis assumes that eir would be a going concern
in a hypothetical bankruptcy scenario and that it would be
reorganised rather than liquidated

- A 10% administrative claim

- Post-reorganisation EBITDA of EUR285 million, which excludes
EBITDA from FNI

- Fitch applies a distressed enterprise value at 4.5x EBITDA

- The total amount of senior debt assumed in its analysis is EUR2.3
billion

- The Recovery Ratings for senior secured debt at the holding
company assume the sale of the 50.01% equity stake in FNI for
EUR250 million proceeds included in its recovery analysis. This
results in a waterfall-generated recovery computation of 60%, down
from the last published 69%. The calculated recovery implies a
one-notch uplift to the ratings from the IDR, leading to a senior
secured debt rating of 'BB-'/'RR3' for eir's new senior secured
notes and TLB. This is consistent with the current senior secured
debt rating

- Fitch expects recoveries to increase to 66%, if the outstanding
EUR221 million bond maturing in November 2024 is repaid using cash
on balance sheet, as currently envisaged

RATING SENSITIVITIES

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

- Strengthened operating profile and competitive capability
demonstrated by a stable fixed broadband market share with
increasing fibre penetration, and a return to broadly stable
underlying revenue and EBITDA

- Fitch-defined EBITDA net leverage expected to remain at or below
4.5x on a sustained basis. Fitch will also be guided by
calculations of these metrics on a proportionate consolidation
basis

- Cash flow from operations (CFO) less capex/total debt
consistently above 6%

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

- Fitch-defined EBITDA net leverage above 5.0x on a sustained
basis. Fitch will also be guided by calculations of these metrics
on a proportionate consolidation basis.

- CFO less capex/total debt remaining below 3% on a sustained
basis, driven by lower EBITDA or higher capex

- Deterioration in the regulatory or competitive environment
leading to a material adverse change in operating trends

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: As of end-March 2024, eir had EUR232 million
in cash and equivalents. eir's liquidity position is supported by
an undrawn EUR50 million revolving credit facility (RCF) and at the
FNI level, by an undrawn EUR35 million RCF and EUR200 million capex
facility, of which EUR45 million was drawn as of March 2024.

Following the financing raised at FNI in 3Q22, eir made EUR550
million of debt buybacks up until 31 March 2024. Its next big
maturity relates to the group's EUR350 million notes due in
November 2024, of which EUR129 million have been repurchased by
eir. Remaining debt maturities are spread across 2026, 2027 and
2029.

ISSUER PROFILE

eir is the incumbent telecom operator in Ireland, its sole market.
It is the third-largest mobile operator but the leading fixed-line
operator and is rolling out its FTTH network across Ireland.

ESG CONSIDERATIONS

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

   Entity/Debt            Rating        Recovery   Prior
   -----------            ------        --------   -----
Eircom Finco
S.a r. l.

   senior secured     LT BB- Affirmed     RR3      BB-

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

eircom Finance
Designated Activity
Company

   senior secured     LT BB- Affirmed     RR3      BB-

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

FASTNET SECURITIES: DBRS Cuts Class E Notes Rating to BB
--------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes issued by Fastnet Securities 18 DAC:

-- Class A1 confirmed at AAA (sf)
-- Class A2 confirmed at AAA (sf)
-- Class A3 confirmed at AAA (sf)
-- Class B confirmed at AA (sf)
-- Class C confirmed at A (high) (sf)
-- Class D confirmed at BBB (high) (sf)
-- Class E downgraded to BB (sf) from BB (high) (sf)

The credit ratings on the Class A1, Class A2, and Class A3 notes
(together, the Class A notes) address the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in January 2061. The credit rating on the
Class B notes addresses the timely payment of interest when most
senior and the ultimate payment of principal on or before the legal
final maturity date. The credit ratings on the Class C, Class D,
and Class E notes address the ultimate payment of interest and
principal on or before the legal final maturity date.

The credit rating actions described above follow an annual review
of the transaction and are based on the following analytical
considerations:

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

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

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

-- The sensitivity of the most junior notes to high interest rate
environments.

The transaction is a static securitization of Irish first-lien
residential mortgages originated and serviced by Permanent TSB plc
(PTSB), which closed in June 2022, with an initial portfolio
balance of EUR 3.00 billion of owner-occupied mortgages.

PORTFOLIO PERFORMANCE

As of the May 2024 payment date, loans that were 30 to 60 days and
60 to 90 days delinquent represented 0.1% and 0.05% of the
outstanding principal balance, respectively, while loans more than
90 days delinquent amounted to 0.64%. There have not been any
repossessions or realized losses to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS updated its base case PD and LGD assumptions on
the remaining receivables to 1.4% and 10.1%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations and the
general reserve fund provide credit enhancement to the rated notes.
As of the May 2024 payment date, credit enhancement to the Class A
notes increased to 17.1% from 15.2% at the time of the last annual
review 12 months ago; credit enhancement to the Class B notes
increased to 13.0% from 11.5%; credit enhancement to the Class C
notes increased to 6.1% from 5.3%; credit enhancement to the Class
D notes increased to 3.3% from 2.8%; and credit enhancement to the
Class E notes increased to 1.9% from 1.6%.

The transaction benefits from a general reserve fund and a
liquidity reserve fund providing credit support and liquidity
support, respectively, funded at closing through a subordinated
loan. Together, the general reserve and liquidity reserve funds
equal 1.0% of the initial total notes balance. As of the May 2024
payment date, the general reserve fund was at EUR 11.6 million and
the liquidity reserve fund was at EUR 18.4 million.

The downgrade on the Class E Notes follows their high sensitivity
to potential compression of the net excess spread between the
assets and the liabilities in high interest rate scenarios, which
Morningstar DBRS continues to monitor.

BNP Paribas SA, Dublin Branch (BNP Dublin) acts as the account bank
for the transaction. Based on Morningstar DBRS' private credit
rating on BNP Dublin, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, Morningstar DBRS considers the risk arising
from the exposure to the account bank to be consistent with the
credit ratings assigned to the notes in the transaction, as
described in Morningstar DBRS' "Legal Criteria for European
Structured Finance Transactions" methodology.

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

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

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

Notes: All figures are in Euros unless otherwise noted.

FINANCE IRELAND 7: DBRS Finalizes BB(high) Rating on Class E Notes
------------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional credit ratings to the
residential mortgage-backed notes issued by Finance Ireland RMBS
No. 7 DAC (the Issuer) as follows:

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

The credit rating on the Class A notes addresses the timely payment
of interest and the ultimate repayment of principal. The credit
ratings on the Class B, Class C, Class D, and Class E notes address
the timely payment once they become the most senior class of notes
outstanding, and the ultimate repayment of principal on or before
the legal final maturity date. The credit rating on the Class X
notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date. The finalized credit
ratings on the Class C, Class D and Class E were higher than the
provisional credit ratings due to the actual spreads on the rated
notes being mainly lower than what had been assumed at the time of
assigning the provisional credit ratings.

Morningstar DBRS does not rate the Class Y, Class R1, and Class R2
notes also expected to be issued in this transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Republic of Ireland. The Issuer will use the
proceeds of the notes to fund the purchase of prime and performing
Irish owner-occupied (OO) and buy-to-let (BTL) mortgage loans
secured over properties located in Ireland. The majority of the
mortgage loans included in the portfolio were originated by Finance
Ireland Credit Solutions DAC (Finance Ireland; the originator),
however, a subset of these was originated by Pepper Finance
Corporation (Ireland) DAC (Pepper; the servicer) and have been
subsequently sold to Finance Ireland on December 2018, together
with the corresponding legal titles.

This is the seventh securitization from Finance Ireland, following
Finance Ireland RMBS No. 6, which closed in September 2023. The
initial mortgage portfolio consists of EUR 264 million of
first-lien mortgage loans collateralized by OO and BTL residential
properties in Ireland. The mortgages were mostly granted during
2020 and 2021, however, the origination vintages range from 2016 to
2024.

The mortgage loans will be serviced by Pepper. Morningstar DBRS
updated its operational review of both the originator and the
servicer as of May 2024. Underwriting guidelines are in accordance
with market practices observed in Ireland and are subject to the
Central Bank of Ireland's macroprudential mortgage regulations,
which specify restrictions on certain lending criteria. Intertrust
Management Ireland Limited will act as the back-up servicer
facilitator.

As of May 31, 2024, nearly all of the loans in the portfolio repay
on an annuity basis, with a small portion repaying on an
interest-only basis. At closing, only 0.5% of the loans in the
mortgage portfolio were more than one month but less than three
months in arrears.

Liquidity in the transaction is provided by the general reserve
fund (GRF), which the Issuer can use to cover any shortfalls in
interest payments for the rated notes (as long as no debit balance
remains on principal deficiency ledgers). Liquidity for the Class A
notes will be further supported by a liquidity reserve fund (LRF),
fully funded at closing then amortizing in line with the referred
class of notes, that shall also feature a floor of EUR 1.0 million.
The notes' terms and conditions allow interest payments to be
deferred if the available funds are insufficient for classes of
notes that are not most senior. Once the rated notes become most
senior, no deferral of interest is allowed. Any amounts of deferred
interest shall also accrue interest.

Credit enhancement for the Class A notes is calculated at 8.00% and
is provided by the subordination of the Class B to Class E notes,
and the reserve funds. Credit enhancement for the Class B notes is
calculated at 5.25% and is provided by the subordination of the
Class C to Class E notes, and the reserve funds. Credit enhancement
for the Class C notes is calculated at 3.50% and is provided by the
subordination of the Class D and Class E notes, and the reserve
funds. Credit enhancement for the Class D notes is calculated at
1.75% and is provided by the subordination of the Class E notes,
and the reserve funds. Credit enhancement for the Class E notes is
calculated at 0.75% and is provided by the reserve funds. The Class
X notes do not benefit from credit enhancement as they are excess
spread notes and shall be repaid via the revenue priority of
payments.

A key structural feature in the transaction is the provisioning
mechanism that is linked to the arrears status of a loan besides
the usual provisioning based on losses. The degree of provisioning
increases in line with increases in the number of months in a
loan's arrears status. This is positive for the transaction as
provisioning based on the arrears status traps any excess spread
much earlier for a loan that may ultimately end up in foreclosure.

In order to hedge against the possible variance between the fixed
rates of interest payable on the fixed-rate loans in the portfolio
and the interest rate under the notes calculated by reference to
the three-month Euribor, the Issuer will enter into a
fixed-to-floating interest rate swap transaction with BofA
Securities Europe SA (privately rated by Morningstar DBRS). The
Issuer can restructure the hedging agreement to increase the
notional of the original swap agreement in order to hedge the
exposure to additional fixed-rate loans resulting from product
switches and further advances before the step-up date. For the
increased portion of the notional, the Issuer will pay the
prevailing mid-market swap rate on the swap determination date
following the collection period during which the switch to the
fixed rate occurred. The fixed-rate loans are subject to a floor of
1.5% margin over the prevailing mid-market swap rate at the time of
switch/reset, less any applicable swap adjustment charges.
Morningstar DBRS modelled a locked-in post-swap margin of 1.5%
minus a swap adjustment charge for all loans that reset to a new
fixed rate or switch to a fixed rate before the step-up date. To
hedge the floating-rate portion of the portfolio, the loans that
are currently paying a standard variable rate (SVR) rate, revert to
SVR, or switch to SVR are subject to a minimum rate of one-month
Euribor (floored at zero) plus 2.4%.

Borrower collections are held with the Governor and Company of the
Bank of Ireland and The Allied Irish Banks, p.l.c. (both rated by
Morningstar DBRS with a long-term Critical Obligations Rating of A
(high), Stable trend) and are deposited on the next business day
into the Issuer transaction account held with Elavon Financial
Services DAC, UK Branch (Elavon). Morningstar DBRS' private rating
on Elavon in its role as the Issuer Account Bank is consistent with
the threshold for the account bank outlined in Morningstar DBRS'
"Legal Criteria for European Structured Finance Transactions"
methodology, given the ratings assigned to the notes.

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

-- The transaction capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS calculated probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio. Morningstar DBRS uses the PD, LGD, and ELs as inputs
into the cash flow tool. Morningstar DBRS analyzed the mortgage
portfolio in accordance with Morningstar DBRS' "European RMBS
Insight Methodology: Irish Addendum".

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, and Class X notes according to the terms of the transaction
documents. Morningstar DBRS analyzed the transaction structure
using Intex DealMaker.

-- The sovereign rating of AA (low) with a Positive trend (as of
the date of this press release) on the Republic of Ireland.

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

Morningstar DBRS' credit rating on the rated notes addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are the related Interest Payment Amounts and
the related Class Balances.

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

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

Notes: All figures are in euros unless otherwise noted.



GOLDENTREE LOAN 7: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned GoldenTree Loan Management EUR CLO 7
DAC's final ratings, as detailed below.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
GoldenTree Loan
Management EUR CLO 7 DAC

Class A-1 XS2827789475   LT AAAsf  New Rating   AAA(EXP)sf

Class A-2 XS2827789632   LT AAAsf  New Rating   AAA(EXP)sf

Class B XS2827789715     LT AAsf   New Rating   AA(EXP)sf

Class C XS2827790135     LT Asf    New Rating   A(EXP)sf

Class D XS2827790218     LT BBB-sf New Rating   BBB-(EXP)sf

Class E XS2827790309     LT BB-sf  New Rating   BB-(EXP)sf

Class F XS2827790994     LT B-sf   New Rating   B-(EXP)sf

Class X XS2827789129     LT AAAsf  New Rating   AAA(EXP)sf

Subordinated Notes
XS2827790721             LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

GoldenTree Loan Management EUR CLO 7 DAC is a securitisation of
mainly senior secured obligations (at least 96%) with a component
of corporate rescue loans, senior unsecured, mezzanine, second-lien
loans and high-yield bonds. Net proceeds from the notes were used
to fund a portfolio with a target par of EUR400 million. The
portfolio is managed by GLM III, LP. The CLO envisages a 4.5
reinvestment period and a seven-year weighted average life (WAL)
test.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 96% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 65.2%.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year at the step-up date at one year after closing. The WAL
extension is at the option of the manager, but is subject to
conditions including fulfilling the portfolio-profile,
collateral-quality, coverage tests and meeting the reinvestment
target par, with defaulted assets at their collateral value on the
step-up date.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a fixed-rate
obligation limit at 12.5%, top 10 obligor concentration limit at
20% and maximum exposure to the three largest Fitch-defined
industries at 40%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has two Fitch test
matrices at closing that correspond to a top 10 obligor
concentration at 20%, a WAL of seven years and two fixed-rate asset
limits at 7.5% and 12.5% respectively. The transaction has a
4.5-year reinvestment period and includes reinvestment criteria
similar to those of other European transactions. Fitch's analysis
is based on a stressed case portfolio with the aim of testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.

Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged after the reinvestment period.
These include, among others, passing both the coverage tests and
the Fitch 'CCC' limit post reinvestment as well as a WAL covenant
that progressively steps down over time, both before and after the
end of the reinvestment period. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the stressed-case portfolio, the class B and D notes display a
rating cushion of two notches and the class C, E and F notes a
cushion of three notches.

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for GoldenTree Loan
Management EUR CLO 7 DAC. In cases where Fitch does not provide ESG
relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
in the key rating drivers any ESG factor which has a significant
impact on the rating on an individual basis.



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

BFF BANK: DBRS Confirms BB(high) LongTerm Issuer Rating
-------------------------------------------------------
DBRS Ratings GmbH confirmed the credit ratings of BFF Bank S.p.A.
(BFF or the Bank), including the Long-Term Issuer Rating of BB
(high) and the Short-Term Issuer Rating of R-3. The Bank's
Long-Term Deposits are rated BBB (low), one notch above the
Intrinsic Assessment (IA), reflecting the legal framework in place
in Italy, which has full depositor preference in bank insolvency
and resolution proceedings. The trend on all credit ratings is
Stable. The Bank's IA is BB (high), while its Support Assessment is
SA3.

KEY CREDIT RATING CONSIDERATIONS

The confirmation of BFF's credit ratings reflects the Bank's small
size as well as its leading position in the niche sector of
management and non-recourse factoring of trade receivables due from
the public administration (PA) and National Healthcare System
(NHS), and its degree of diversification by geography and business
activity. BFF's capitalization and asset quality profiles remain
adequate in Morningstar DBRS's view, mainly reflecting the
concentration of its operations on the public sector. BFF's
profitability has been consistently supported by high interest
margins, mostly contributed by the late payment interests (LPIs) on
overdue invoices, as well as good operating efficiency and
negligible credit costs. Morningstar DBRS expects the Bank's core
earnings power to continue trending above domestic peers in the
near future under the assumption that its funding structure will
reprice faster than its assets in a likely downward interest rate
environment and volumes will remain supportive in a less liquid
environment while its operating efficiency will remain sound and
its cost of risk low.

Nonetheless, the credit ratings also incorporate BFF's high, albeit
reduced, reliance on wholesale funding sources and its sound
liquidity position. At the same time, the credit ratings consider
the high, albeit reduced, concentration risk arising from BFF's
sizeable exposure to Italian sovereign bonds.

The Stable trend takes into account the findings BFF recently
received from the Bank of Italy (BoI) regarding the Bank's
classification of its credit exposures to PA due to BoI's more
restrictive view on the European Banking Authority (EBA) guidelines
on the Definition of Default (DoD) as well as the Bank's governance
and corporate compensation practices. Subject to the BoI's final
decision envisaged later this year, Morningstar DBRS expects the
ongoing probe to have a potentially negative impact on BFF's
capitalization. However, in Morningstar DBRS's view the Bank is
equipped with levers to mitigate the likely negative impact, mainly
including the possibility to bring on balance some of its
off-balance profit reserves. In addition, Morningstar DBRS's
understanding is that the finding appears not to encompass an
effective increase in credit risk as the Bank's main customer
remains the typically low risk public sector. In Morningstar DBRS's
view, the temporary ban imposed by the BoI, mostly concerning
dividend distributions, the payment of the variable remuneration,
and business expansion abroad by opening new branches or expanding
into new countries under freedom of services, will provide some
support from a credit perspective until a final decision is taken
as it ensures capital protection during an uncertain phase. While
the findings do not seem to affect the outlook and the underlying
risk profile of BFF's business, Morningstar DBRS will continue
monitor the potential implications for the Bank's franchise and
funding profile because of the ongoing uncertainty.

The Bank's IA is positioned below the Intrinsic Assessment Range
(IAR). This partially reflects the scorecard results which included
one-off gains in recent years. In addition, while Morningstar DBRS
recognizes the levers the Bank is equipped with to mitigate the
expected negative impact because of the regulator's recent finding,
the ongoing probe adds uncertainty pending the final decision.

CREDIT RATING DRIVERS

An upgrade would require BFF's further commitment to reduce its
concentration risk related to the Italian sovereign bond portfolio
and/or its reliance on wholesale funding sources while maintaining
sound profitability, asset quality, and capitalization.

A downgrade would likely be driven by a material deterioration in
the Bank's capitalization and/or an effective increase in credit
risk. Any sign of significant worsening in the Bank's franchise
and/or funding and liquidity profile, possibly triggered by the
uncertainty associated with the ongoing regulator's probe, would
also contribute to a downgrade.

CREDIT RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate/Weak
With approximately EUR 12 billion of total assets at end-March
2024, BFF is a small Italian bank specialized in the management and
non-recourse factoring of trade receivables due from the PA and
NHS. While holding a market share of less than 2% in the overall
Italian factoring industry, BFF is a leader in niche factoring with
PA and NHS. The Bank has grown its factoring and lending business
across Europe over the years organically and inorganically via
acquisitions of Magellan in Poland, and IOS Finance in Spain. As a
result, BFF currently operates in nine European countries;
although, Italy remains the main market. In addition, in 2021 BFF
entered the securities services, and banking and corporate payment
businesses in Italy through the acquisition of DEPObank - Banca
depositaria italiana S.p.A. (DEPObank). Since 2017, BFF has been
listed on the Italian stock exchange and as of end-March 2024, 94%
of BFF's shares were floating on the market.

Earnings Combined Building Block (BB) Assessment: Good
While including some positive one-off items in recent years, BFF's
core earnings power has continued to trend above domestic banks,
mainly driven by higher interest margins, a leaner cost structure
and lower credit costs. Morningstar DBRS expects BFF's
profitability to remain resilient also in view of the expected less
tight monetary policy because of the shorter duration of its
liabilities than that of its assets, and under the assumption of
good operating efficiency and negligible credit costs. Factoring
volumes will likely be supportive in a less liquid environment
where BFF's clients have higher needs to transfer their
receivables. Net income decreased 19% Year-On-Year (YOY) in Q1 2024
(increased by 8% YOY excluding one-off items), implying an
annualized return on equity (ROE) of 20%, broadly in line with
recent years when excluding one-offs. Total revenues decreased 10%
YOY in Q1 2024; however, Q1 2023 included a capital gain of around
EUR 20 million because of the sale of government bonds. Revenues
mainly consist of net interest income (NII) originated by the
purchase of discounted invoices as well as the LPIs on overdue
invoices. Based on the way BFF accounts for LPIs and recovery cost
rights, at end-March 2024 the Bank had EUR 628 million of
off-balance profit reserves not recognized in its Profit and Loss
(P&L), increased by 15% YOY. NII decreased by 2% YOY in Q1 2024
because of the faster repricing of BFF's liabilities than its
assets, while net fees, mostly attributable to the securities
services and payment businesses, increased by 13% YOY and accounted
for 20% of total revenues in Q1 2024. BFF's cost-to-income ratio
was 47% in Q1 2024, increased from 40% in Q1 2023, because of
inflationary pressures, higher IT investments, and lower revenues.
The Bank's annualized cost of risk remained at a low 5 basis points
(bps ) in Q1 2024, testifying the modest credit risk embedded in
its business model because of its operations mostly being
transacted with the PA.

Risk Combined Building Block (BB) Assessment: Moderate/Weak
Morningstar DBRS considers BFF's risk profile as adequate given its
business focus on PA. Morningstar DBRS expects BFF's asset quality
metrics to deteriorate because of likely higher reclassifications
to past-due resulting from the BoI's ongoing probe. However, this
would not imply an effective increase in credit risk as the Bank's
business model continues to be focused on PAs, which consistently
pay their invoices late but typically entail less risk than the
private sector. BFF's customer loan book reached a Q1 historical
high of around EUR 5.5 billion at end-March 2024, increased by 9%
YOY, and mainly concentrated in Italy. BFF's gross non-performing
exposure (NPE) ratio was 6.8% at end-March 2024 (or 6.3% net of
provisions), increased from 3.2% at end-2021 because of a more
severe accounting of the new Definition of Default (DoD). However,
NPEs mostly consist of past-due arising from PA late payments, and
exposures to municipalities in conservatorship which are classified
as bad loans by regulation despite BFF's legal entitlement to
receive 100% of the principal and LPIs at the end of the recovery
process. Total NPE coverage ratio was around 8% at end-March 2024
and has been historically low, because of BFF's high NPE recovery
rate. Gross Stage 2 loans (loans where credit risk has increased
since origination), represented around 10% of BFF's total gross
loans at end-2023, decreased from around 20% one year earlier,
because of a recalibration of the staging allocation to better
reflect the riskiness of the portfolio.

BFF maintains a large exposure to Italian sovereign bonds which
totaled around EUR 5 billion at end-March 2024, increased 1%
compared with end-2023 but decreased by 10% YOY. The sovereign bond
portfolio represented 41% of BFF's total assets and 11.5 times its
Common Equity Tier 1 (CET1) Capital. The exposure is fully
reclassified as held to collect (HTC); however, the unrealized
losses resulting from the increase in interest rates have reduced
to around 180 bps of capital at end-March 2024 from 426 bps one
year earlier.

Funding and Liquidity Combined Building Block (BB) Assessment:
Moderate
In Morningstar DBRS's view, BFF's funding profile has improved
since the acquisition of DEPObank, and more recently on the back of
sizeable inflows in retail deposits collected online. Nonetheless,
BFF's reliance on wholesale sources remains significant and exposes
the Bank to market trends and funding concentration risk. Total
deposits, including customer and bank deposits, decreased by 2%
compared with end-2023 but they increased by 33% YOY thanks to
significant inflows, which have helped mitigate the outflows
because of the loss of clients in 2022. As a result, total deposits
accounted for 85% of total funding at end-March 2024, of which 69%
came from transaction services. However, online retail deposits
represented 31% of total deposits, increased from 22% one year
earlier. Albeit to a lesser extent, BFF regularly makes use of
short-term repurchase agreements backed by sovereign bonds with
stable counterparties and financial institutions. In line with
BFF's funding cost optimization strategy after the acquisition of
DEPObank, debt securities issued were entirely repaid as of
end-March 2024. However, in April 2024 BFF issued its EUR 300
million inaugural social unsecured senior preferred bond with
five-year maturity, a call option after four years, and a fixed
coupon of 4.75% to be paid annually with the aim to fulfil its MREL
regulatory requirements kicking in January 2025. As of end-March
2024, BFF's Liquidity Coverage Ratio (LCR) was 256%, and its Net
Stable Funding Ratio (NSFR) was 178.3%.

Capitalization Combined Building Block (BB) Assessment: Moderate
Morningstar DBRS sees BFF's capital position as adequate at this
stage, underpinned by its strong profitability and rather low
capital absorbing business model given its asset concentration in
the public sector. However, the Bank's dividend policy limits its
ability to grow capital organically. Morningstar DBRS expects a
reduction in BFF's capital buffers because of the regulator's
recent compliance finding on BFF's classification of its credit
exposures to PAs as this will likely result in a sizeable increase
in its Risk-Weighted Assets (RWAs). However, BFF is equipped with
levers to mitigate the negative impact, mainly including the
possibility to bring on balance some of its off-balance profit
reserves. As the regulator's finding will likely require BFF to
hold more capital and assuming that the underlying credit risk of
its business does not change, Morningstar DBRS does not expect a
negative impact on the Bank's leverage ratio from the expected
stricter exposure reclassification.

At end-March 2024, BFF reported a CET1 ratio of 13.5% and a Total
Capital ratio (TCR) of 18.2% (both net of around EUR 41.5 million
of accrued dividends despite the current ban on distribution),
decreased from 14.2% and 19.1% at end-2023. The Bank's
capitalization remained higher than at end-2019 mainly driven by a
regulatory reduction in the risk weight applied to certain public
exposures from 2020, the incorporation of DEPObank's capital light
businesses, retained earnings, and EUR 150 million Additional Tier
1 (AT1) issuance in 2022 which more than offset a Tier 2 bond early
repayment and the implementation of the new DoD. As a result, at
end-March 2024 BFF held adequate buffers of 450 bps and 570 bps,
respectively, over its minimum requirements for CET1 and Total
Capital ratios. BFF paid approximately EUR 800 million in dividends
since its Initial Public Offering (IPO) in 2017, equivalent to
around 82% of net attributable income reported in the same period.

Notes: All figures are in euros unless otherwise noted.

BRIGNOLE CO 2024: DBRS Finalizes B(low) Rating on Class X1 Notes
----------------------------------------------------------------
DBRS Ratings GmbH finalized the provisional credit ratings on the
following classes of notes (collectively, the Rated Notes) issued
by Brignole CO 2024 S.r.l. (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at BBB (low) (sf)
-- Class D Notes at BB (high) (sf)
-- Class E Notes at BB (low) (sf)
-- Class X1 Notes at B (low) (sf)

Morningstar DBRS did not rate the Class F, Class X2 and Class R
Notes also issued in the transaction.

The credit rating of the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal on or
before the legal final maturity date. The credit ratings of the
Class B, Class C, Class D, and Class E Notes address the ultimate
payment of interest but the timely payment of scheduled interest
when they become the senior-most tranche and the ultimate repayment
of principal on or before the legal final maturity date. The credit
rating of the Class X1 Notes addresses the ultimate payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date.

The transaction is backed by a portfolio of fixed-rate unsecured
consumer loans without a specific purpose granted by Creditis
Servizi Finanziari S.p.A. (Creditis or the originator) to private
individuals residing in Italy. Creditis is also the initial
servicer with Zenith Global S.p.A. named as the back-up servicer at
closing.

CREDIT RATING RATIONALE

The credit ratings are based on the following analytical
considerations:

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

-- The credit quality and the diversification of the collateral
portfolio, its historical performance and the projected performance
under various stress scenarios;

-- The operational risk review of Creditis with regard to its
originations, underwriting, and servicing;

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

-- Morningstar DBRS sovereign credit rating on the Republic of
Italy, currently at BBB (high) with a Stable trend; and

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

TRANSACTION STRUCTURE

The transaction is static and allocates collections through
separate interest and principal priority of payments and benefits
from a cash reserve initially funded at closing with the Class X1
Notes' issuance proceeds. The cash reserve will amortize to a
target amount equal to 1.2% of the outstanding principal balance of
the Class A, Class B, Class C, Class D, Class E and Class F Notes
with a floor at 0.6% of initial portfolio principal amount at
closing and can be used to cover senior expenses, senior swap
costs, interest on the Class A Notes and if not deferred, interest
payments on the Class B, Class C, Class D and Class E Notes.

After the transaction closing, the Class A, Class B, Class C, Class
D, Class E and Class F Notes will be redeemed pro rata in the
principal waterfalls based on the relative tranche thickness at
closing (i.e., 80.0%, 5.8%, 5.7%, 4.5%, 2.5% and 1.5% for Class A,
Class B, Class C, Class D, Class E and Class F Notes, respectively)
until a sequential redemption event occurs, after which the
non-reversible, fully sequential redemption of the Class A, Class
B, Class C, Class D, Class E and Class F Notes will start.

On the other hand, the Class X1 Notes will also begin to amortize
immediately after the transaction closing in the interest
waterfalls according to a fixed scheduled amortization in 20
instalments until full redemption. The redemption of the Class X2
Notes will only commence after the full redemption of the Class X1
Notes in 30 scheduled equal instalments.

The interest rate risk for the transaction is considered limited as
an interest rate swap is in place to reduce the mismatch between
the fixed-rate collateral and the floating-rate collateralized
Notes.

TRANSACTION COUNTERPARTIES

Crédit Agricole Corporate and Investment Bank (CA-CIB) is the
account bank for the transaction. Morningstar DBRS has a private
credit rating on CA-CIB, which meets the criteria to act in such
capacity.

Natixis is the initial swap counterparty for the transaction.
Morningstar DBRS private credit rating on Natixis meets the
criteria to act in such capacity. The transaction documents contain
downgrade provisions consistent with Morningstar DBRS criteria.

PORTFOLIO ASSUMPTIONS

As the originator has a long operating history of consumer lending
in Italy, Morningstar DBRS considers the performance data to be
meaningful for detailed vintage analysis. Morningstar DBRS
maintained its expected default of 3.3%. Morningstar DBRS also
maintained the expected recovery at 30%.

Morningstar DBRS credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
Interest Payment Amount and the initial Principal Amount
Outstanding.

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

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

Notes: All figures are in euros unless otherwise noted.

PRO-GEST SPA: Moody's Appends 'LD' Designation to PDR
-----------------------------------------------------
Moody's Ratings has appended a limited default "/LD" designation to
Pro-Gest S.p.A.'s (Pro-Gest) probability of default rating,
changing it to Ca-PD/LD from Ca-PD. The /LD designation reflects a
limited default under Moody's definition following the company's
decision not to pay interest on its EUR250 million backed senior
unsecured notes due 2024 even after the original grace period
lapsed on July 15, 2024.

The limited default designation will remain until the company
resolves the missed interest payment. The company's other ratings,
including its Caa3 long-term corporate family rating and the Ca
rating of its EUR250 million backed senior unsecured notes, are
unaffected. The outlook is negative.

Headquartered in Treviso, Italy, Pro-Gest S.p.A. is a vertically
integrated producer of recycled paper, containerboard, corrugated
cardboard and packaging solutions. In the last 12 months that ended
September 2023, Pro-Gest generated EUR515 million of revenue and
around EUR75 million of EBITDA (Moody's-adjusted). The company is
owned by the Zago family, who founded Pro-Gest in 1973.



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

ECARAT DE SA: DBRS Finalizes B(low) Rating on Class F Notes
-----------------------------------------------------------
DBRS Ratings GmbH finalized its provisional credit ratings on the
following notes (the Rated Notes) issued by ECARAT DE S.A. acting
on behalf and for the account of its Compartment 2024-1 (the
Issuer):

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

Morningstar DBRS did not assign a credit rating to the Class G
Notes (collectively with the Rated Notes, the Notes) also issued in
this transaction.

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

CREDIT RATING RATIONALE

The Issuer is incorporated under the laws of Luxembourg as a
societe anonyme, and is governed by Luxembourg securitization law,
acting as a special-purpose entity specifically for the purpose of
this transaction. The transaction represents the issuance of Notes
backed by a pool of receivables related to amortizing and balloon
loans granted by Stellantis Bank S.A., German Branch (Stellantis
Bank or the Originator) to private individual and commercial
borrowers resident or incorporated in the Federal Republic of
Germany. The underlying receivables relate to the financing of new
and used vehicles. Stellantis Bank will also act as the Servicer
for the transaction.

Morningstar DBRS' credit ratings are based on the following
analytical considerations:

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

-- The credit quality of Stellantis Bank's portfolio, the
characteristics of the collateral, its historical performance, and
Morningstar DBRS projected behavior under various stress
scenarios.

-- Stellantis Bank's capabilities with respect to originations,
underwriting, servicing, and its position in the market and
financial strength.

-- The operational risk review of Stellantis Bank, which
Morningstar DBRS deems to be an acceptable servicer.

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

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

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

-- The sovereign credit rating on the Federal Republic of Germany,
currently rated at AAA with a Stable trend by Morningstar DBRS.

TRANSACTION STRUCTURE

The transaction includes a scheduled revolving period of 12 months,
during which the Issuer may purchase additional receivables
provided that the eligibility criteria and concentration limits set
out in the transaction documents are satisfied.

During the revolving period, the Issuer applies the available funds
in accordance with two separate principal and interest priorities
of payments. Prior to a sequential redemption event, principal is
allocated to the Notes on a pro rata basis. Following a sequential
redemption event, principal is allocated on a sequential basis.
Once the amortization becomes sequential, it cannot switch to pro
rata. Sequential redemption events include, among others, the
breach of performance related triggers, the Seller not exercising
the call option, or a shortage of the liquidity reserve required
amount.

The transaction benefits from an amortizing liquidity reserve
funded at closing to an amount equal to 1.3% of the Class A Notes,
Class B Notes, Class C Notes, and Class D Notes' outstanding
balance and floored at 0.5% of the aforementioned notes' initial
balance as at the closing date. The reserve is only available to
the Issuer in restricted scenarios where the interest and principal
collections are not sufficient to cover the shortfalls in senior
expenses, swap payments, and interest on the Class A Notes and, if
not deferred, interest on the Class B Notes, the Class C Notes and
the Class D Notes.

Principal available funds may be used to cover senior expenses,
swap payments, and interest shortfalls on the Rated Notes in
certain scenarios that would be recorded in the transaction’s
principal deficiency ledger (PDL) in addition to the defaulted
receivables. The transaction includes a mechanism to capture excess
available revenue amount to cure PDL debits and also interest
deferral triggers on the subordinated classes of Rated Notes,
conditional on the PDL debit amounts and seniority of the Rated
Notes.

COUNTERPARTIES

HSBC Continental Europe (HSBC) has been appointed as the account
bank for the transaction. Morningstar DBRS privately rates HSBC and
concluded that the bank meets the criteria to act in this capacity.
The Issuer's accounts include the distribution account, the reserve
account, and the swap collateral account. The transaction documents
contain downgrade provisions relating to the account bank
consistent with Morningstar DBRS' criteria.

BNP Paribas S.A. (BNPP) has been appointed as the swap counterparty
for the transaction. Morningstar DBRS has a Long-Term Senior Debt
rating of AA (low) and a Long Term Critical Obligations Rating of
AA (high) on BNPP, which meets its criteria to act in such
capacity. The hedging documents contain downgrade provisions
relating to the swap counterparty consistent with Morningstar DBRS'
criteria.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. For the Rated
Notes listed in the table, the associated financial obligations are
the respective interest and redemption amounts.

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

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

Notes: All figures are in euros unless otherwise noted.



===========
R U S S I A
===========

UZBEK INDUSTRIAL: Fitch Assigns 'BB-(EXP)' Rating to USD Eurobonds
------------------------------------------------------------------
Fitch Ratings has assigned Uzbek Industrial and Construction Bank
Joint-Stock Commercial Bank's (UICB) upcoming issue of US
dollar-denominated senior unsecured Eurobonds an expected long-term
rating of 'BB-(EXP)' and an expected long-term rating (xgs) of
'B(xgs)(EXP)'. Assigning final ratings to the issue is contingent
on receipt by Fitch of the final documentation conforming to the
information already received from the issuer.

UICB's US dollar-denominated Eurobonds are expected to be
fixed-rate bonds, with a maturity of five years. The proceeds will
be used for general corporate purposes.

KEY RATING DRIVERS

The notes' long-term rating is in line with UICB's 'BB-' Long-Term
Foreign-Currency Issuer Default Rating (IDR), as all settlements
are in US dollars. The Ex-Government Support IDR excludes
assumptions of extraordinary government support from the underlying
rating on the international scale and is assigned at the level of
the bank's 'b' Viability Rating (VR). The notes will represent
direct, unconditional and senior unsecured obligations of the bank,
which rank equally with its other senior unsecured obligations.

UICB's 'BB-' Long-Term Foreign-Currency IDR reflects a moderate
probability of support from the government of Uzbekistan, as
captured by its 'bb-' Government Support Rating. This is based on
its majority state ownership, the potentially low cost of support
relative to the sovereign's foreign-currency reserves, and a record
of support for the country's public-sector banks that dominate the
banking sector. The government is planning to sell the bank's
controlling stake to a strategic investor by end-2024. However,
Fitch believes that state support should be available to UICB as
long as it is majority state-owned.

The terms of the proposed Eurobond include financial covenants
relating to UICB's compliance with regulatory capital ratios and
dividend payments. A put option gives bondholders the right to seek
early repayment in the event that the national government ceases to
control at least 50% plus one share of the bank's issued and
outstanding voting common stock, unless the issuer is acquired by
an entity with the rating at least equal to the rating of the
Republic of Uzbekistan. The terms also contain provisions for a
call option that can be exercised by the issuer at any time prior
to the maturity date.

For more details on UICB see Fitch's rating action commentary dated
5 April 2024 ('Fitch Affirms Uzbek Industrial and Construction Bank
at 'BB-'; Outlook Stable').

RATING SENSITIVITIES

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

The expected long-term rating could be downgraded if the bank's
Long-Term Foreign-Currency IDR is downgraded.

The expected long-term rating (xgs) could be downgraded if the
bank's VR is downgraded.

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

The expected long-term rating could be upgraded if the bank's
Long-Term Foreign-Currency IDR is upgraded.

The expected long-term rating (xgs) could be upgraded if the bank's
VR is upgraded.

DATE OF RELEVANT COMMITTEE

03 April 2024

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

UICB's Long-Term IDRs are driven by potential support from the
government of Uzbekistan.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           
   -----------             ------           
Uzbek Industrial and
Construction Bank
Joint-Stock
Commercial Bank

   senior unsecured    LT       BB-(EXP)   Expected Rating

   senior unsecured    LT (xgs) B(xgs)(EXP)Expected Rating

UZBEK INDUSTRIAL: Fitch Assigns 'BB-(EXP)' Rating to UZS Eurobonds
------------------------------------------------------------------
Fitch Ratings has assigned Uzbek Industrial and Construction Bank
Joint-Stock Commercial Bank's (UICB) upcoming issue of Uzbekistani
som-denominated senior unsecured Eurobonds an expected long-term
rating of 'BB-(EXP)' and an expected long-term rating (xgs) of
'B(xgs)(EXP)'. Assigning final ratings to the issue is contingent
on receipt by Fitch of the final documentation conforming to the
information already received from the issuer.

UICB's Uzbekistani som-denominated Eurobonds are expected to be
fixed-rate bonds, with a maturity of three years. The proceeds are
to be used for financing social and green projects in Uzbekistan.

KEY RATING DRIVERS

The notes' long-term rating is in line with UICB's 'BB-' Long-Term
Foreign-Currency Issuer Default Rating (IDR), as all settlements
are in US dollars. The Ex-Government Support IDR excludes
assumptions of extraordinary government support from the underlying
rating on the international scale and is assigned at the level of
the bank's 'b' Viability Rating (VR). The notes will represent
direct, unconditional and senior unsecured obligations of the bank,
which rank equally with its other senior unsecured obligations.

UICB's 'BB-' Long-Term Foreign-Currency IDR reflects a moderate
probability of support from the government of Uzbekistan, as
captured by its 'bb-' Government Support Rating. This is based on
its majority state ownership, the potentially low cost of support
relative to the sovereign's foreign-currency reserves, and a record
of support for the country's public-sector banks that dominate the
banking sector. The government is planning to sell the bank's
controlling stake to a strategic investor by end-2024. However,
Fitch believes that state support should be available to UICB as
long as it is majority state-owned.

The terms of the proposed Eurobond include financial covenants
relating to UICB's compliance with regulatory capital ratios and
dividend payments. A put option gives bondholders the right to seek
early repayment in the event that the national government ceases to
control at least 50% plus one share of the bank's issued and
outstanding voting common stock, unless the issuer is acquired by
an entity with the rating at least equal to the rating of the
Republic of Uzbekistan. The terms also contain provisions for a
call option that can be exercised by the issuer at any time prior
to the maturity date.

For more details on UICB see Fitch's rating action commentary dated
5 April 2024 ('Fitch Affirms Uzbek Industrial and Construction Bank
at 'BB-'; Outlook Stable').

RATING SENSITIVITIES

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

The expected long-term rating could be downgraded if the bank's
Long-Term Foreign-Currency IDR is downgraded.

The expected long-term rating (xgs) could be downgraded if the
bank's VR is downgraded.

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

The expected long-term rating could be upgraded if the bank's
Long-Term Foreign-Currency IDR is upgraded.

The expected long-term rating (xgs) could be upgraded if the bank's
VR is upgraded.

DATE OF RELEVANT COMMITTEE

03 April 2024

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

UICB's Long-Term IDRs are driven by potential support from the
government of Uzbekistan (BB-/Stable).

ESG CONSIDERATIONS

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

   Entity/Debt                 Rating           
   -----------                 ------           
Uzbek Industrial and
Construction Bank
Joint-Stock
Commercial Bank

   senior unsecured    LT       BB-(EXP)   Expected Rating

   senior unsecured    LT (xgs) B(xgs)(EXP)Expected Rating



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

PYMES SANTANDER 15: DBRS Confirms C Rating on Series C Notes
------------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes issued by FT PYMES Santander 15 (the Issuer), as follows:

-- Series A Notes upgraded to AAA (sf) from AA (high) (sf)
-- Series B Notes upgraded to BBB (low) (sf) from B (high) (sf)
-- Series C Notes confirmed at C (sf)

The credit rating on the Series A Notes addresses the timely
payment of interest and the ultimate repayment of principal on or
before the legal final maturity date in April 2051. The credit
ratings on the Series B and Series C Notes address the ultimate
payment of interest and principal on or before the legal final
maturity date.

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

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

-- The one-year base case probability of default (PD), default and
recovery rates based on the current portfolio of receivables; and

-- The current available credit enhancement to the Series A and
Series B Notes to cover the expected losses assumed at their
respective credit rating levels.

The Series C Notes were issued to fund a reserve fund and are in a
first-loss position supported only by available excess spread.
Given the characteristics of the Series C Notes, as defined in the
transaction documents, the default would most likely be recognized
at maturity or following an early termination of the transaction.

The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured term loans and credit lines
originated by Banco Santander SA (Santander), Banesto, and Banif
(prior to their integration into Santander) to corporates, small
and medium-size enterprises (SMEs), and self-employed individuals
based in Spain. The transaction included a 24-month revolving
period, which ended with the January 2022 payment date and the
Series A Notes have been amortizing since the April 2022 payment
date.

PORTFOLIO PERFORMANCE

As of the April 2024 payment date, loans two to three months in
arrears represented 0.4% of the outstanding portfolio balance, up
from 0.2% in with April 2023. The 90+ days delinquency ratio
remained stable at 0.8%, and the cumulative default ratio increased
to 0.6%, up from 0.4% in the same period.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS maintained its one-year base case PD assumption of
2.25%. Morningstar DBRS conducted a loan-by-loan analysis of the
outstanding portfolio and updated its default and recovery
assumptions based on the current pool of receivables.

CREDIT ENHANCEMENT

The Series A Notes benefit from 94.5% of credit enhancement
provided by the subordination of the Series B Notes and the reserve
fund, up from 52.6% last year. The Series B Notes benefit from
16.0% of credit enhancement provided by the reserve fund, up from
6.3% last year.

The reserve fund was funded through the issuance of the Series C
Notes and is available to cover senior fees and interest and
principal on the Series A and Series B Notes. As of the April 2024
payment date, the reserve fund was at EUR 149.2 million, slightly
below its target level of EUR 150.0 million. The reserve fund can
amortize if certain conditions related to the performance of the
portfolio are met, subject to the floor of EUR 75.0 million.

Santander acts as the account bank for the transaction. Based on
the account bank's reference rating of A (high), which is one notch
below the Morningstar DBRS Long Term Critical Obligations Rating of
Santander of AA (low), the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, Morningstar DBRS considers the risk arising
from the exposure to Santander to be consistent with the credit
ratings assigned to the notes, as described in Morningstar DBRS's
"Legal Criteria for European Structured Finance Transactions"
methodology.

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

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

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

Notes: All figures are in euros unless otherwise noted.



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

TURKIYE IHRACAT: Fitch Affirms 'B/B+' LongTerm IDR, Outlook Pos.
----------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Ihracat Kredi Bankasi A.S.'s
(Turk Eximbank) Long-Term Foreign-Currency (LTFC) Issuer Default
Rating (IDR) at 'B' and Long-Term Local-Currency (LTLC) IDR at
'B+'. The Outlooks are Positive.

KEY RATING DRIVERS

Policy Bank; Support-Driven: Turk Eximbank's LTFC and LTLC IDRs are
driven by potential support from the Turkish authorities. The LTFC
IDR is driven by the Government Support Rating (GSR) of 'b', one
notch below the sovereign rating. The 'B+' LTLC IDR is equalised
with the sovereign rating and reflects a higher ability by the
state to provide support in LC. The Positive Outlooks on the
Long-Term IDRs mirror that on the sovereign. As is usual for
development banks, Fitch does not assign Turk Eximbank a Viability
Rating.

Government Support: Turk Eximbank's GSR reflects a high propensity
by the state to provide support given the bank's 100% state
ownership and strategic export policy role. It also considers
significant funding from Central Bank of Turkiye and record of
support from the authorities. Nevertheless, it is one notch below
Turkiye's LTFC IDR, reflecting the bank's fairly large absolute
size and external market funding relative to sovereign resources.
The latter considers Turkiye's weak, although improving, financial
flexibility in FC. Fitch views the state's ability to provide
support in LC as higher.

Export Policy Role: As Turkiye's official export credit agency,
Turk Eximbank plays a key role in the government's export-led
growth model and in supporting exporters by providing low-cost
credit, guarantees and export credit insurance. Given its policy
role, it is not profit-oriented and has regulatory privileges such
as exemptions from corporate tax and reserve requirements.

Short-Term Export Loans: Loans constituted 83% of Turk Eximbank's
total assets at end-1Q24, of which 57% were in FC. The majority of
loans are to domestic corporate exporters and maturing within a
year, although SME lending has been growing. Around half of the
loan book comprises rediscount loans in LC and FC, where funding
stems from the central bank.

Below Sector-Average NPL Ratio: Turk Eximbank's asset quality
metrics have consistently outperformed the sector due to the use of
credit mitigation measures, whereby the majority of loans are
covered by local bank guarantees (end-1Q24: 90%). Its Stage 2
(end-1Q24: 1.0%) and Stage 3 (0.1%) ratios were low and
significantly below sector averages at end-1Q24.

Moderate Capitalisation, Capital Injections: Turk Eximbank's common
equity Tier 1 ratio increased to 18.0% at end-1Q24 (14.2% net of
forbearance) from 17.6% at end-2023, reflecting a TRY15.1 billion
(4.2% of risk-weighted assets) cash injection from the authorities
in 1Q24 and still solid internal capital generation, which served
to offset the tightening of regulatory forbearance on FC
risk-weighted assets. Leverage has also improved (equity/assets:
9.2%; sector: 8.9%).

Wholesale Funded: Turk Eximbank does not have a deposit licence and
is fully wholesale-funded. Funding is mostly short-term (68%) and
in FC. Around half of total funding is sourced from the central
bank. Other FC funding sources include borrowings from financial
institutions, syndicated and bilateral loans and private placements
(end-1Q24: 33% of non-equity funding; 7% guaranteed by the Turkish
Treasury) and senior unsecured bonds (15%). FC liquidity relies on
the short-term, rapidly amortising nature of loans and on matching
loans and liabilities by maturity.

RATING SENSITIVITIES

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

A sovereign downgrade would trigger a downgrade of Turk Eximbank's
LTFC IDR and GSR, particularly if it reflected a further weakening
in the sovereign's ability to provide support in FC. A material
weakening in Turk Eximbank's policy role could also result in a
downgrade of its LTFC IDR and GSR, although this is not its base
case.

Turk Eximbank's LTLC IDR is primarily sensitive to a sovereign
downgrade, but also to a change in the authorities' propensity to
provide support in LC and to its view of government intervention
risk in LC.

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

An upgrade of Turkiye's LT IDRs would likely lead to an upgrade of
the bank's LT IDRs and GSR. A material improvement in Turkiye's
external finances or its net FX reserves position, resulting in a
marked strengthening in the sovereign's ability to support the bank
in FC, could also lead to the equalisation of its GSR and LTFC IDR
with Turkiye's sovereign rating.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's 'B' Short-Term IDRs are the only possible option mapping
to LT IDRs in the 'B' rating category.

Turk Eximbank's National Rating of 'AAA(tur)' with a Stable Outlook
reflects the bank's creditworthiness in LC relative to other
Turkish issuers and is based on potential sovereign support. It is
in line with state-owned development bank, Turkiye Kalkinma ve
Yatirim Bankasi.

Turk Eximbank's senior unsecured debt is aligned with its IDRs,
reflecting average recovery prospects in case of a default.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDRs are sensitive to multi-notch changes in the
bank's LT IDRs.

The National Rating is sensitive to changes in the bank's
creditworthiness in LC relative to that of other Turkish issuers.

The bank's senior unsecured debt ratings are primarily sensitive to
changes in the bank's IDRs.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The bank's ratings are linked to the Turkish sovereign ratings, as
they are driven by its assessment of sovereign support.

ESG CONSIDERATIONS

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

   Entity/Debt                     Rating     Recovery   Prior
   -----------                     ------     --------   -----
Turkiye Ihracat
Kredi Bankasi
A.S.              LT IDR             B Affirmed          B
                  ST IDR             B Affirmed          B
                  LC LT IDR         B+ Affirmed          B+
                  LC ST IDR          B Affirmed          B
                  Natl LT      AAA(tur)Affirmed          AAA(tur)
                  Government Support b Affirmed          b

   senior
   unsecured      LT                 B Affirmed   RR4    B

   senior
   unsecured      ST                 B Affirmed          B

TURKIYE KALKINMA: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Kalkinma ve Yatirim Bankasi
A.S.'s (TKYB) Long-Term Foreign-and Local-Currency Issuer Default
Ratings (IDRs) at 'B+'. The Outlooks are Positive.

KEY RATING DRIVERS

IDRs Equalised With Sovereign: TKYB's Long-Term IDRs are driven by
potential support from the authorities in case of need and are
equalised with the sovereign's. The Positive Outlooks on the
Long-Term IDRs mirror that on the sovereign. As is usual for
development banks, Fitch does not assign TKYB a Viability Rating.
This is because its business model is strongly dependent on state
support, in Fitch's view.

Government Support: TKYB's Government Support Rating (GSR) of 'b+',
the highest of any Turkish bank, is equalised with the Turkish
sovereign rating (B+/Positive). This reflects a very high share of
Treasury-guaranteed funding (86% of non-equity funding), the bank's
state ownership and policy role, as well as the record of support.
Its view of support also considers TKYB's small size (0.5% market
share of banking sector assets) relative to sovereign resources and
limited short-term external funding, given the predominance of
Treasury-guaranteed funding.

Largely Treasury-Guaranteed Funding: TKYB does not have a deposit
licence and is largely wholesale-funded in foreign currency (FC;
84% of non-equity funding). The majority of funding is in the form
of long-term Treasury-guaranteed international financial
institution funding. TKYB plans to diversify its funding base over
the medium term and reduce its reliance on Treasury-guaranteed
funding. At end-1Q24, 86% of total funding (USD2.5 billion)
comprised Treasury-guaranteed funding.

Policy Role, Development Bank: TKYB's policy mandate is to support
economic growth and employment, reduce regional development
disparities, and promote the production of domestic renewable
energy. It provides direct lending and lending channelled through
financial institutions, largely in FC, to SMEs and corporates. TKYB
has expanded its investment-banking operations, including providing
advisory services and fund-management business, which should
provide some revenue diversification.

Thin Capital Buffer, Ordinary Support: TKYB's common equity Tier 1
ratio (12.2% with forbearance; 8.8% net of forbearance) was below
the sector average (13.3%) at end-1Q24. Its equity/assets ratio was
8.4% (sector average: 9.0%). Regular capital injections and
subordinated debt from authorities (latest TRY3 billion injection
in April 2024, which Fitch expects to have a positive impact of
over 200bp on capital ratios) support capitalisation, which is only
moderate given the sensitivity to lira depreciation, as two-thirds
of the balance sheet is in FC, and to macroeconomic, asset-quality
and concentration risks.

Growth Strategy: TKYB's lending growth mainly depends on investment
appetite, in line with its policy role. In the volatile and
high-interest rate environment, TKYB's loan book shrank by 3.8% in
FX-adjusted terms in 1Q24. The bank targets higher growth for the
remainder of 2024, as the investment appetite improves. Around 35%
of gross loans were collateralised by letters of guarantee from
Turkish banks at end-1Q24, mitigating the credit risk.

Asset Quality Risks: TKYB is exposed to credit risk from direct
lending (90% of gross loans at end-1Q24) and counterparty risk on
Turkish banks from apex lending (10%). TKYB's long-term, gradually
amortising FC lending (77% of gross loans at end-1Q24) and sectoral
concentration risks amid macro volatility heighten its credit
risks. Non-performing loans remained at 1% of gross loans at
end-1Q24 (66% specific reserves coverage; end-2023: 62%), despite
some large insolvencies in recent years. The Stage 2 loans ratio
was also moderate at 6.9% (14% of Stage 2 loans have been
restructured), up from 4.0% at end-2023.

RATING SENSITIVITIES

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

A downgrade of the sovereign Long-Term FC IDR would trigger a
downgrade of TKYB's Long-Term FC IDR and GSR. These could also be
downgraded if the bank's proportion of non-guaranteed funding
increases materially - particularly if Fitch believes this to be
indicative of a weakening in TKYB's policy role - or if its
balance-sheet size sharply increases relative to sovereign
resources.

The Long-Term Local-Currency IDR is primarily sensitive to a
sovereign downgrade, but also to a change in authorities'
propensity to provide support in local currency and to its view of
government intervention risk in local currency.

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

An upgrade of Turkiye's Long-Term IDRs could lead to an upgrade of
the bank's Long-Term IDRs and GSR.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's 'B' Short-Term IDRs are the only possible option mapping
to Long-Term IDRs in the 'B' rating category.

The National Long-Term Rating reflects its view of TKYB's
creditworthiness in local currency relative to other Turkish
issuers' and is driven by its view of government support in local
currency. It is in line with the other state-owned development
bank, Turkiye Ihracat Kredi Bankasi A.S.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

A downgrade of the Short-Term IDRs would require a multi-notch
downgrade of the Long-Term IDRs. An upgrade of the Short-Term IDRs
would require a multi-notch upgrade of the Long-Term IDRs.

The National Rating is sensitive to a change in the bank's
creditworthiness in local currency relative to that of other
Turkish issuers.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The bank's ratings are linked to the Turkish sovereign ratings, as
they rely on its assessment of sovereign support.

ESG CONSIDERATIONS

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

   Entity/Debt                           Rating         Prior
   -----------                           ------         -----
Turkiye Kalkinma ve
Yatirim Bankasi A.S.   LT IDR             B+ Affirmed   B+
                       ST IDR             B  Affirmed   B
                       LC LT IDR          B+ Affirmed   B+
                       LC ST IDR          B  Affirmed   B
                       Natl LT       AAA(tur)Affirmed   AAA(tur)
                       Government Support b+ Affirmed   b+



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

ELIZABETH FINANCE 2018: DBRS Confirms C Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the commercial mortgage-backed floating-rate notes due July 2028
(the Notes) issued by Elizabeth Finance 2018 DAC (the Issuer):

-- Class A Notes downgraded to C (sf) from A (sf)
-- Class B Notes downgraded to C (sf) from BBB (low) (sf)
-- Class C Notes downgraded to C (sf) from B (high) (sf)
-- Class D Notes downgraded to C (sf) from CCC (sf)
-- Class E Notes confirmed at C (sf)

Morningstar DBRS also removed the trends on all credit ratings.

CREDIT RATING RATIONALE

These credit rating actions follow the June 17, 2024 Regulatory
Information Services (RIS) notice announcing the sale of the three
secondary UK shopping centers securing the Maroon loan securitized
in this transaction. According to the notice, the special servicer
accepted a bid of GBP 35 million for the acquisition of the
portfolio. The offer comes in the form of a cash purchase and is
the highest portfolio bid received during the sales process. The
special servicer and the selected purchaser, who will remain
anonymous until the point of sales contract exchange, signed a
heads of terms agreement for the proposed sale, with exchange
expected in July 2024 and completion a month later. Based on the
special servicer's estimate of GBP 31.5 million in net proceeds to
be allocated to the Notes on the October 2024 interest payment date
(IPD), Morningstar DBRS anticipates the full write-off of the
outstanding balance of the Class B to Class E Notes and a partial
loss on the Class A Notes.

The transaction is a securitization of initially two senior
commercial real estate loans that Goldman Sachs International Bank
advanced in August 2018. The GBP 21.2 million MCR loan was granted
to refinance an office asset, Universal Square, located in
Manchester, UK. The GBP 69.6 million Maroon loan was granted to
refinance a portfolio of three secondary retail properties located
in King's Lynn and Loughborough in England and Dunfermline in
Scotland. The MCR loan was repaid in full on the October 2020 IPD.

The Maroon loan breached its loan-to-value (LTV) covenant in
January 2020 after a revaluation. The initial special servicer,
CBRE Loan Services Limited (CBRELS), subsequently agreed to a
standstill until the initial loan maturity in January 2021. It was
also agreed that, three months before such maturity, the borrower
would provide an exit strategy demonstrating how it expected to
fully repay the loan on the initial maturity date; however, the
special servicer considered this exit strategy to be
unsatisfactory. As a result, in October 2020, CBRELS accelerated
the loan and, subsequently, the common security agent appointed
fixed-charge receivers with the aim of disposing the three assets
securing the loan.

Following the appointment of the fixed-charge receivers, the
controlling Class D Noteholders exercised their right to replace
CBRELS with Mount Street Mortgage Servicing Limited (Mount Street)
as the special servicer. Mount Street temporarily suspended the
sale of the portfolio and sought to implement asset management
initiatives to improve and stabilize the portfolio's net operating
income, and to wait for an improvement in the retail property
market. Waypoint Asset Management LLC took over as asset manager in
June 2022 and sought to rebase the in-place leases and collect the
rent in arrears.

The most recent valuation for the three properties was conducted in
January 2020, when CBRE appraised the portfolio at GBP 68.9
million, representing a 34% drop in value from GBP 104.7 million at
origination in 2018, resulting in the LTV covenant breach. The
special servicer began marketing the properties in Q1 2024 with the
view that market information, such as broker opinions and purchase
offers, would be key in establishing property values. The agreed
sales price of GBP35mn represents a 49% decline from the 2020
valuation and a 67% decline from the 2018 valuation.

According to the RIS notice published on June 17, 2024, the heads
of terms agreement proposed that the exchange of the sales contract
will occur on or before the loan IPD on 15 July 2024 when the
purchaser is required to pay a deposit of 10% of the purchase
price. Following the exchange of the sales contract, the special
servicer indicated that the sale of the portfolio will complete
within one month to allow net sale proceeds to be distributed to
Noteholders on the October 2024 IPD.

The special servicer estimates net sale proceeds after sales costs
to be around GBP 31.5 million, leading to an approximate 50%
principal loss on the loan with a current outstanding balance of
GBP62.8 million. At transaction level, this would result in a loss
of the whole remaining notional balance across all non-senior
Notes. The Class A notes that have an outstanding balance of GBP
33.6 million would incur a partial principal loss of 6.4% or more,
depending on transaction level senior ranking items including
interest due on the Notes.

Consequently, Morningstar DBRS downgraded its credit ratings on the
Class A to Class D Notes to reflect the near-certainty of principal
losses on the Notes. The portfolio sale may not complete and the
properties sold at a higher price. Morningstar DBRS deems this
scenario unlikely, however, also considering that according to the
RIS notice the agreed sale reflects the highest of all portfolio
bids received.

Morningstar DBRS' credit ratings on Elizabeth Finance 2018 DAC
address the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
The associated financial obligations for each of the rated notes
are the related Interest Payment Amounts and the related Class
Balances.

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. For example, Sonia Excess Amounts, Pro-Rata Default
Amounts, and Note Prepayment Fees.

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

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

HERMITAGE 2024: DBRS Gives Prov. BB(high) Rating to Class E Notes
-----------------------------------------------------------------
DBRS Ratings Limited assigned provisional credit ratings to the
following classes of notes (the Rated Notes) to be issued by
Hermitage 2024 plc (the Issuer):

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

Morningstar DBRS did not assign a credit rating to the Class F
Notes (together with the Rated Notes, the Notes) also expected to
be issued in this transaction.

The credit rating on the Class A Notes and Class B Notes address
the timely payment of interest and the ultimate payment of
principal on or before the legal final maturity date. The credit
ratings on the Class B, Class C, Class D and Class E Notes address
the ultimate repayment of interest (timely when most senior) and
the ultimate repayment of principal by the legal maturity date.

CREDIT RATING RATIONALE

The Issuer is a public limited company incorporated under the laws
of England and Wales, acting as a special-purpose entity
specifically for the purpose of this transaction. The transaction
represents the issuance of Notes backed by receivables selected
from a provisional portfolio of approximately GBP 347 million
related to equipment hire purchase and finance lease receivables
granted by Haydock Finance Limited (Haydock or the seller) to
borrowers in England, Wales, and Scotland. Haydock also services
the receivables (the servicer).

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

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

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

-- Haydock's capabilities with respect to originations,
underwriting, servicing, and its position in the market and
financial strength;

-- The operational risk review of Haydock, which Morningstar DBRS
deems to be an acceptable servicer;

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

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal Criteria for European Structured
Finance Transactions" methodology;

-- The expected consistency of the transaction's hedging structure
with Morningstar DBRS' "Derivative Criteria for European Structured
Finance Transactions" methodology; and,

-- Morningstar DBRS' sovereign credit rating on the United Kingdom
of Great Britain and Northern Ireland, currently at AA with a
Stable trend.

TRANSACTION STRUCTURE

The transaction's cash flows follow separate interest and principal
waterfalls. The Notes amortize from the first interest payment date
on a pro-rata basis until a sequential amortization event has
occurred. Sequential amortization events include, among others, the
breach of performance related triggers on Class F principal
deficiency ledger (PDL) and cumulative default ratio, the Seller
not exercising the call option, or a shortage of the liquidity
reserve required amount.

Available revenue receipts are available to cover principal
deficiencies and, in certain scenarios, principal may be diverted
to pay interest on the Rated Notes. The principal-to-interest
mechanism is designed to cover senior interest shortfalls related
to insufficient revenue receipts available to cover senior expenses
and fees as well as interest on the most-senior class of Rated
Notes outstanding. Such principal-to-interest reclassifications,
along with any defaults, are recorded on the applicable principal
deficiency ledgers in a reverse-sequential order.

The transaction benefits from a liquidity reserve fund (LRF) split
into Class A/B, Class C, Class D, and Class E LRF ledgers. The
Class A/B LRF ledger is fully funded at closing through a
subordinated loan to 1.7% of the Class A and B Notes' balance and
includes a minimum level of 0.3% of the initial outstanding balance
of the Class A and B Notes. Following the redemption of the Class A
and Class B Notes, the other reserve ledgers will be funded through
excess spread up to 1.7% of their respective outstanding principal
balance.

COUNTERPARTIES

Elavon Financial Services DAC, UK Branch (Elavon UK) has been
appointed as the Issuer's account bank for the transaction.
Morningstar DBRS privately rates Elavon UK and considers it to meet
the relevant criteria to act in this capacity. The Transaction
documents are expected to contain downgrade provisions relating to
the account bank that are consistent with Morningstar DBRS'
criteria

Citigroup Global Markets Limited (Citi) has been appointed as the
hedge counterparty for the transaction. Morningstar DBRS privately
rates Citi and considers it to meet the relevant criteria to act in
this capacity. The hedging documents are expected to contain
downgrade provisions consistent with the Morningstar DBRS'
criteria.

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

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

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

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

LIQUID TELECOMMUNICATIONS: Fitch Cuts Sr. Sec. Debt Rating to CCC+
------------------------------------------------------------------
Fitch Ratings has downgraded Liquid Telecommunications Holdings
Limited's (Liquid Telecom) Long-Term Issuer Default Rating (IDR) to
'CCC+' from 'B' and secured debt rating to 'CCC+' from 'B'. The
Recovery Rating remains 'RR4'.

The downgrade reflects Liquid Telecom's weak liquidity position and
heightened refinancing risk, which now places its credit profile in
the 'CCC' rating category. Fitch expects consistently negative
Fitch-defined free cash flow (FCF) on a deconsolidated basis,
excluding Zimbabwe. Consequently, Liquid Telecom is reliant on
external financing, such as fresh equity and asset monetisation in
addition to improved operating conditions, to avoid a liquidity
crisis and a covenant breach on its South African rand loan.

Fitch believes Liquid Telecom's corrective actions, which include a
combination of reduced discretionary capex, better working capital
management and operating efficiencies and external funding, could
enable a refinancing at par. However, this is subject to execution
risks as details of such refinancing are not yet available. Failure
to execute it successfully in a timely manner could increase the
prospects of a debt restructuring event and likely drive further
negative rating action.

KEY RATING DRIVERS

Off Market Refinancing: The bulk of the group's debt comprises a
USD620 million bond due in September 2026 and a ZAR3.3 billion loan
(USD220 million) due in March 2026. Management is in refinancing
discussions with key lenders for the rand term loan. Covenants on
the rand term loan and revolving credit facility (RCF) were relaxed
during the financial year ending February 2024 (FY24) to allow
additional headroom but step down to 3.0x in August 2024. Covenant
leverage was at 3.46x at 1Q25, suggesting the imminent equity
injection anticipated by the company, is necessary to avoid a
breach.

Fitch believes timely refinancing is contingent on material
additional external funding, lower leverage and positive operating
cash flow, excluding Zimbabwe, after the impact of FX to service
higher interest rates on new debt.

Minimal Liquidity Headroom: Liquid Telecom had USD57 million,
(USD46 million excluding Zimbabwe) cash on balance sheet, but USD43
million of cash was drawn from the RCF at FYE24. Cash declined to
USD48 million (USD28 million excluding Zimbabwe) at 1QFY25 with the
RCF substantially drawn, amid continued FX pressures, compared with
USD40 million required for operations.

Near-term Liquidity Crisis Avoidable: USD23 million equity from a
USD90 million initial tranche is expected to flow into the
restricted group. Together with receipts from Africa Data Centre
(ADC) of USD25 million, this will ease short-term liquidity
constraints by providing cash to reduce gross debt but may not be
sufficient to avoid a covenant breach, which would need to be cured
or waived by lenders. Fitch does not factor in the receipt of a
second equity tranche as timing has not been confirmed by
management, but it could provide an additional USD34 million.

Material Execution Risks: Liquid Telecom is embarking on a
corporate re-organisation and recapitalisation plan, which involves
new equity funding, actions to improve internal cash generation and
complex divestment activities. It has embarked on a cost-savings
plan to save USD25 million of costs and needs to effectively
monetise its network.

Management's actions need to succeed in a timely manner due to the
large amount of debt to be refinanced. Failure or delay will
significantly raise the prospect of a debt restructuring event as
maturities edge closer. However, Liquid Telecom's local-currency
operating performance has shown underlying growth and the company
has capacity to further cut discretionary capex.

Negative FCF: Liquid Telecom's FCF been increasingly negative for
the past two financial years, driven by currency depreciation and
high capex and working capital. Consolidated FCF was negative USD64
million in FY24 (USD12 million deconsolidated). Fitch forecasts
negative FCF until at least FY27 on a consolidated basis and FY28
on a deconsolidated basis, due to elevated working capital in FY25
and material increases in interest rates on a refinancing from
FY26, offsetting other cash savings. Fitch expects Liquid Telecom
to continue to remain reliant on its RCF. Following refinancing,
Fitch EBITDA interest cover deteriorates to around 2.0x, which is
commensurate with a 'CCC' category rating.

Diversified, Operating Environment Risks: Liquid Telecom derives
most of its revenues in jurisdictions with a weak operating
environment. Benefits from diversification and an integrated
regional network are offset by regulatory, political macroeconomic
risks. Its rating thresholds for Liquid Telecom are therefore
tighter than for peers operating in developed markets. The main
region, South Africa, has a Country Ceiling of 'BB' and Fitch
applies this to Liquid Telecom as EBITDA generated from South
Africa is sufficient to cover foreign-currency debt service, based
on its estimates.

Moderate Leverage: Fitch estimates the group's Fitch EBITDA net
leverage, excluding Zimbabwe, at 4.7x at FY24. Fitch expects the
metric to rise to 4.9x in FY25 before declining gradually, with
lower level of cash extracted from Zimbabwe. The consolidated
metric was 4.1x and is forecast at 3.7x in FY25. However, leverage
has a lesser impact on the rating at this level with a greater
focus on immediate liquidity and refinancing needs. With a stronger
financial profile and stable FX conditions, Liquid Telecom has the
potential to organically reduce leverage to levels commensurate
with a higher rating.

Business Model Strengths: Liquid Telecom has a solid proprietary
fibre infrastructure footprint spanning sub-Saharan Africa and is a
key contributor in cross-border inter-operator telecommunications
connectivity. The company benefits from recurring revenues of
around 90% and churn of less than 1%. Fitch expects growth in
enterprise solutions provides Liquid Telecom with the ability to
sell value-added services, support revenue diversification and
generate customer loyalty by offering a full suite of services. The
Cloudmania franchise enables access into regions where the group
has limited or no infrastructure footprint.

DERIVATION SUMMARY

Liquid Telecom benefits from long-term customer relationships,
strong network coverage, manageable competitive threats and
favourable industry trends. Growth opportunities are greater in
Africa than in most developed markets, but Liquid Telecom operates
in countries where the economic and regulatory environments can be
unstable. The FX mismatch between cash flow and debt could lead to
higher volatility in credit metrics. Its exposure to emerging
markets and higher transfer and convertibility risks are key
differentiating factors from sector peers, affecting its leverage
and liquidity.

Liquid Telecom's business profile has some similarities with that
of telecoms network companies that primarily specialise in the
provision of telecoms infrastructure and
cross-border/large-distance connectivity for other operators and
large enterprises, such as Zayo Group, LLC. Fitch also benchmarks
Liquid Telecom's ratings against other African telecoms
infrastructure providers and integrated operators.

Local peers include integrated operators such as the regional
operations of Airtel Africa plc and Vodacom Group Limited,
subsidiaries of multinational telecoms operators, Bharti Airtel
Limited (BBB-/Stable) and Vodafone Group plc (BBB/Positive), and
South African telecoms group MTN Group Limited. All three benefit
from extensive scale and service line and geographical
diversification but also have greater exposure to direct consumer
services. Although peers across enterprise services, they also
comprise some of the largest customers for Liquid Telecom's
backbone network and international voice services.

Another peer, Axian Telecom (B+/Stable), has tighter leverage
thresholds, reflecting the combination of its presence in weaker
operating environments, exposure to material FX risks and a greater
focus on direct consumer services. Broader peers such as Helios
Towers Plc (B+/Positive) and IHS Holding Limited (B+/Stable)
benefit from higher debt capacity due to lower business risk given
the infrastructure nature of their business and weaker
competition.

KEY ASSUMPTIONS

All assumptions are based on consolidated numbers including
Zimbabwe unless specified otherwise.

- Revenue growth in FY25 of around 8% on a consolidated and 5% on a
deconsolidated basis (excluding Zimbabwe). This is followed by
mid-to-low single-digit growth in FY26-FY28, driven by growth in
network, cloud and cyber security services but constrained by
declining revenues in the voice segment and currency depreciation.

- Fitch models a 2% depreciation of the US dollar/rand exchange
rate in FY25-FY26 and 1% in FY27-FY28 with greater stabilisation
following elections completed in May 2024.

- Fitch-defined EBITDA margin of around 28% on a consolidated basis
and 28%, excluding Zimbabwe, in FY25. This to rise to around 30% by
FY28 supported by cost savings.

- Cash extracted from Zimbabwe of USD30 million-USD35 million in
FY25-FY28 and included in deconsolidated credit metrics.

- Working-capital outflow of 8% in FY25, 5% in FY26, 4% in
FY27-FY28, improving with a more stable currency in Zimbabwe and
better working capital management.

- Capex of around USD75 million in FY25 reducing to around USD63
million by FY27.

- No material common dividends over FY25-FY28.

- ADC divestment proceeds of USD25 million to be received in FY25.

- Equity injection from shareholders into the restricted group of
USD23 million in FY25

RECOVERY ANALYSIS

Key Recovery Rating Assumptions

The recovery analysis assumes that Liquid Telecom would be
considered a going concern (GC) in bankruptcy and that it would be
reorganised rather than liquidated given its extensive pan-African
fibre network providing critical infrastructure and stable
long-term contracts with major public and private sector
customers.

Fitch would expect a default to come from factors such as higher
competitive intensity, increased technological risk, loss of key
contracts, adverse regulatory or political actions or considerable
currency depreciation in key geographies. Fitch believes this would
result in financial loss, reputational damage or prohibitive
regulatory fines or conditions. Post-restructuring, Liquid Telecom
may be acquired by a larger company that will absorb its fibre
network, exit certain business lines or cut back its presence in
certain less favourable geographies, in turn reducing scale.

Fitch estimates that post-restructuring EBITDA, excluding Zimbabwe,
would be around USD125 million. An enterprise value (EV) multiple
of 4.5x is applied to the GC EBITDA to calculate a
post-reorganisation EV. The multiple is broadly in line with other
emerging market telecom operators.

The recovery analysis includes a USD620 million senior secured
bond, around USD145 million equivalent of outstanding
rand-denominated debt, USD4.0 million of local bank facilities and
a fully drawn USD60million RCF - all assumed to be
equally-ranking.

Its waterfall analysis generated a ranked recovery in the 'RR3'
band after deducting 10% for administrative claims to account for
bankruptcy and associated costs, indicating expected recoveries of
61% based on current metrics and assumptions. However, according to
its "Country-Specific Treatment of Recovery Ratings Rating
Criteria", the instrument rating is capped at 'RR4' with 50%
expected recoveries due to jurisdictional factors given the African
exposure.

RATING SENSITIVITIES

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

- Materially improved liquidity headroom generated organically or
through asset monetisations or additional shareholder support, and
timely completion of existing debt refinancing outside of a
distressed debt exchange (as defined by Fitch)

- Neutral to positive FCF margin on a deconsolidated and
consolidated basis supported by management actions to improve
operating performance

- EBITDA interest cover above 2.5x

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

- Lack of progress in refinancing of existing debt at par leading
to an expectation of a near-term distressed debt exchange or that a
default, bankruptcy or forced restructuring is increasingly likely

- Ineffective implementation of management actions to improve
operating performance resulting in accelerating negative FCF
resulting in a weakly-funded liquidity position

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: Liquid Telecom had USD28 million of unrestricted
cash (Fitch treats USD20 million of cash in Zimbabwe as restricted)
as of 1QFY25. The USD60 million RCF was substantively drawn with
limited undrawn headroom. In its view, the equity injection and ADC
divestment proceeds are essential to maintain to support liquidity
in the near term. Fitch forecasts negative FCF between FY25-FY28,
due to elevated cash interest costs.

ISSUER PROFILE

Liquid Telecom is a sub-Saharan African telecoms operator with a
fibre network of over 107,000 km generating the bulk of its
revenues from services to other operators and large enterprises.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch treats cash held in Zimbabwe as restricted.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating           Recovery   Prior
   -----------               ------           --------   -----
Liquid
Telecommunications
Financing plc

   senior secured      LT     CCC+  Downgrade   RR4      B

Liquid
Telecommunications
South Africa
Proprietary Limited

   senior secured      LT     CCC+  Downgrade   RR4      B

Liquid
Telecommunications
Holdings Limited       LT IDR CCC+  Downgrade            B

LONDON CARDS 1: DBRS Confirms CCC Rating on Class F Notes
---------------------------------------------------------
DBRS Ratings Limited confirmed the credit ratings on the following
classes of notes (the Rated Notes) issued by London Cards No. 1 plc
(the Issuer):

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

Morningstar DBRS did not rate the Class G Notes or the Class Z VFN
also issued.

The Class B, Class C, Class D, Class E, Class F, Class G and Class
X Notes are collectively referred to as the Notes.

The credit ratings of the Class A Loan Note, Class B Notes and
Class C Notes address the timely payment of scheduled interest and
the ultimate repayment of principal by the legal final maturity
date. The credit ratings of the Class D, Class E, Class F and Class
X Notes address the ultimate payment of scheduled interest but
timely once they are the most senior class of the Notes
outstanding, and the ultimate repayment of principal by the legal
final maturity date.

The Class A Loan Note and the Notes are backed by a portfolio of
credit card receivables granted by New Wave Capital Limited trading
as Capital on Tap (the originator) to small and medium-size
enterprises (SMEs) domiciled in the United Kingdom of Great Britain
and Northern Ireland (UK). The originator is also the servicer with
Lenvi in place as the back-up servicer.

CREDIT RATING RATIONALE

The credit ratings are based on a review of the following
analytical considerations:

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

-- The credit quality and the characteristics of the collateral,
its historical performance and Morningstar DBRS' expectation of
charge-offs, monthly principal payment rate (MPPR) and yield rates
under various stress scenarios.

-- The originator's capabilities with respect to originations,
underwriting and servicing.

-- The transaction parties' financial strength regarding their
respective roles.

-- Morningstar DBRS sovereign rating on the UK at AA with a Stable
trend.

-- The consistency of the transaction's legal structure with the
Legal Criteria for European Structured Finance Transactions
methodology.

TRANSACTION STRUCTURE

This transaction is the only note series of the Issuer, as there
are covenants and restrictions limiting further financial
indebtedness such as any future issuance. Morningstar DBRS notes
there was a new issuance out of London Cards No. 2 plc on 16 April
2024 backed by similar credit card receivables of the originator.

The transaction has a scheduled revolving period of 24 months
remaining. During this period, additional receivables may be
purchased and transferred to the securitized pool, provided that
the eligibility criteria set out in the transaction documents are
satisfied. The revolving period may end earlier than scheduled if
certain events occur, such as the breach of a performance trigger
or servicer termination. The servicer may extend the scheduled
revolving period by up to 12 months. If the Class A Loan Note and
the Notes are not fully redeemed at the end of the scheduled
revolving period, the transaction will enter into an amortization
period where the Class A Loan Note and the Notes will be redeemed
sequentially.

The transaction also includes a liquidity reserve that is currently
maintained at the target amount of 2% of the outstanding balances
of the Class A Loan Note and the Notes (excluding the Class X
Notes). The reserve will be replenished in the transaction's
interest waterfalls and is available to the Issuer to cover the
shortfalls in senior expenses, interest payments on the Class A,
Class B, and Class C Notes and Class A and Class B loss makeup, and
would amortize to the target amount without a floor during the
amortization period.

As the Rated Notes carry floating-rate coupons based on the daily
compounded Sterling Overnight Index Average (Sonia), there is an
interest rate mismatch between the fixed-rate collateral and the
Sonia-based floating-rate Class A Loan Note and the Notes. While
the potential risk is to a certain degree mitigated by excess
spread and the ability of the originator or relevant entity to
increase the credit card contractual rates, the transaction is
exposed to the risk of further interest rate hikes. Morningstar
DBRS analyzed such risk and sensitivity to further rapid interest
rate hikes in its analysis with commensurate credit ratings.

COUNTERPARTIES

Barclays Bank PLC (Barclays) is the account bank for the
transaction. Based on Morningstar DBRS Long Term Issuer Credit
Rating of 'A' on Barclays and the downgrade provisions outlined in
the transaction documentation, Morningstar DBRS considers the risk
arising from the exposure to the account bank to be commensurate
with the credit ratings of the notes.

PORTFOLIO ASSUMPTIONS

The MPPRs of the originator's total managed portfolio averaged
around 40% in 2017 with a gradual decline to approximately 30%
until April 2020. Since then, MPPRs have been increasing and
reached a record high of more than 70% in November 2023,
corresponding to an increasing percentage of transactor customers
that pay off the balances in full each month over the same period.
This is consistent with the originator's strategy to focus on the
transactors and the SME nature of this portfolio where the
borrowers may elect to pay off the balances more frequently than
required to have the credit limit available for working capital.

While the most recent total payment rate of 58.8% in the May 2024
investor report continues to be higher than the historical levels,
it remains to be seen if these levels are sustainable in the
current macroeconomic environment of persistent inflationary
pressures and higher interest rates. After considering historical
data and trends, Morningstar DBRS maintained the expected portfolio
MPPR at 28% based on the expected transactor and non-transactor
(revolver) compositions and respective MPPRs (100% for the
transactors), consistent with the approach taken for London Cards
No. 2.

Portfolio yield includes interest income, fees and interchange. Due
to the corporate nature of the borrowers, there is no regulatory
constraint of the maximum permissible rate or interchange on the
cards and the card interest rates vary substantially based on the
perceived credit risk. While the total yields of the originator's
total managed portfolio have been relatively stable between 35% and
40%, the interchange yield has been increasing since December 2021
because of the originator's strategy pivot to transactors with a
corresponding decline in finance charges. On the other hand,
investor reports of the Issuer have showed a normalized and stable
interchange yields since closing. Recognizing the trend and the
expected percentages of transactors and revolvers and respective
yields, Morningstar DBRS maintained the expected portfolio yield at
35.5%, consistent with the approach taken for London Cards No. 2.

The historical portfolio charge-offs averaged around 15% before
plummeting during the initial COVID-19 pandemic outbreak in 2020.
They have since gradually increased but remain below the
pre-pandemic levels in part because of increased amounts of
transactors in the portfolio. While the initial charge-off amounts
of the Issuer were nominal post-closing as the transaction had no
defaulted accounts at closing, they started to increase and reached
13.0% in May 2024. Based on the historical trends of the portfolio
and the expected percentages of transactors and revolvers and
respective charge-offs (nil for the transactors), Morningstar DBRS
maintained the expected portfolio charge-off rate at 14.5%,
consistent with the approach taken for London Cards No. 2.

Morningstar DBRS also maintained the asset performance stress over
a longer period for below investment grade levels in accordance
with the Rating European Consumer and Commercial Asset-Backed
Securitizations methodology.

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


RIPON MORTGAGE: Fitch Affirms 'B-sf' Rating on Class X Notes
------------------------------------------------------------
Fitch Ratings has affirmed Ripon Mortgages plc (2022 Refi)'s and
Harben Finance 2017-1 plc (2022 Refi)'s notes and removed Ripon's
class C notes from Rating Watch Positive, as detailed below.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Ripon Mortgages plc
(2022 Refi)

Class A XS2433693392   LT AAAsf  Affirmed   AAAsf
Class B XS2433703704   LT AA+sf  Affirmed   AA+sf
Class C XS2433704850   LT A+sf   Affirmed   A+sf
Class D XS2433705824   LT A-sf   Affirmed   A-sf
Class E XS2433710238   LT BBB+sf Affirmed   BBB+sf
Class F XS2433710741   LT BBBsf  Affirmed   BBBsf
Class G XS2433711392   LT BBB-sf Affirmed   BBB-sf
Class X XS2433716862   LT B-sf   Affirmed   B-sf

Harben Finance 2017-1
Plc (2022 Refi)

   Class A XS2433825721   LT AAAsf  Affirmed   AAAsf
   Class B XS2433825994   LT AA+sf  Affirmed   AA+sf
   Class C XS2433827420   LT A+sf   Affirmed   A+sf
   Class D XS2433827776   LT A-sf   Affirmed   A-sf
   Class E XS2433827933   LT BBBsf  Affirmed   BBBsf
   Class F XS2433828154   LT BB+sf  Affirmed   BB+sf
   Class G XS2433828311   LT BBsf   Affirmed   BBsf
   Class X XS2433829806   LT B-sf   Affirmed   B-sf

TRANSACTION SUMMARY

The transactions are securitisations of UK buy-to-let loans
originated by Bradford and Bingley and its wholly-owned subsidiary,
Mortgage Express, mainly between 2005 and 2008. The loans were
previously securitised under Ripon Mortgages plc and Harben Finance
2017-1 plc.

KEY RATING DRIVERS

RWP Resolved: Following the update of its Global Structured Finance
Criteria on 19 January 2024, Fitch placed Ripon's class C notes on
RWP. This tranche was previously capped at 'A+sf' due to temporary
interest shortfalls observed at higher ratings. Under its updated
criteria, Fitch can now assign ratings up to 'AA+sf' to notes if
interest deferrals are fully recovered under the document terms.
For this tranche, interest may be deferred until the notes'
maturity. However, despite a higher MIR, Fitch affirmed the class C
notes due to deteriorating asset performance and weak recoveries
that could result in a lower MIR.

Deteriorating Asset Performance: The performance of the pools has
deteriorated from the previous review as shown by the significant
increase in one-month plus and three-month plus arrears. The latter
have increased from 2.03% to 4.65% in Harben, and from 1.63% to
4.45% in Ripon.

These growing arrears indicates a weakening ability of borrowers to
meet their financial obligations, reflecting potential liquidity
constraints and deteriorating credit profiles. Persistent financial
stress could lead to higher default rates. The ratings of all notes
except the class A notes are below their respective model-implied
ratings (MIR) to account for the further potential increase in the
arrears.

Recovery Rate Weakness Constrains Ratings: The ratings being below
the MIRs also reflects the weaker than expected recoveries the
servicer is currently achieving, albeit on a limited number of
recent observations. The reported lifetime loss severity of 36% in
Ripon and 32% in Harben translates to a recovery rate (RR) below
that calculated by Fitch's ResiGlobal model: UK in the expected
case scenario.

Increasing Credit Enhancement: The transactions amortise
sequentially, resulting in a build-up in credit enhancement (CE)
for all classes of collateralised notes. Both transactions benefit
from non-amortising reserve funds that also contribute to the
increase in the CE. This supports the affirmations.

IO Concentration Drives FF: The portfolio has high interest-only
(IO) concentration. During 2031-2033, around 44% of loans in both
portfolios mature and must make principal payments. Fitch derives
an IO concentration weighted average (WA) foreclosure frequency
(FF) based on this peak concentration and applies the higher of
this WAFF and the standard portfolio WAFF for each rating level in
its analysis.

The concentrated IO WAFF drives the WAFF levels of certain rating
scenarios ('Bsf' and below for both transactions and 'AAAsf' for
Ripon).

RATING SENSITIVITIES

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

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

Fitch conducted sensitivity analyses by stressing each
transaction's base case FF and RR assumptions, and examining the
rating implications for notes. A 15% increase in the WAFF and a 15%
decrease in the WARR indicates downgrades of up to five notches for
Ripon and up to seven notches for Harben.

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

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

Fitch tested an additional rating sensitivity scenario by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%.
The results indicate upgrades of up to four notches for Ripon and
up to five notches for Harben.

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

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

DATA ADEQUACY

Harben Finance 2017-1 Plc (2022 Refi), Ripon Mortgages plc (2022
Refi)

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

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

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

ESG CONSIDERATIONS

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

UROPA 2007-O1B: Fitch Alters Outlook on 'Bsf' Notes Rating to Neg.
------------------------------------------------------------------
Fitch Ratings has revised Uropa Securities plc Series 2007-01B's
(U2007) class B2 notes Outlook to Negative from Stable and affirmed
all notes as detailed below.

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

   Class A3a XS0311807753   LT AAAsf  Affirmed   AAAsf

   Class A3b XS0311808561   LT AAAsf  Affirmed   AAAsf

   Class A4a XS0311809452   LT AAAsf  Affirmed   AAAsf

   Class A4b XS0311809882   LT AAAsf  Affirmed   AAAsf

   Class B1a XS0311815855   LT BBB+sf Affirmed   BBB+sf

   Class B1b XS0311816150   LT BBB+sf Affirmed   BBB+sf

   Class B1b cross
   currency swap            LT BBB+sf Affirmed   BBB+sf

   Class B2a XS0311816408   LT Bsf    Affirmed   Bsf

   Class M1a XS0311810385   LT AAAsf  Affirmed   AAAsf

   Class M1b XS0311811193   LT AAAsf  Affirmed   AAAsf

   Class M2a XS0311813058   LT AA+sf  Affirmed   AA+sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Negative Outlook Reflects High Fees: The fees paid by the
transaction have remained high despite the notes having completed
their transition to SONIA from LIBOR. Fitch does not expect the
very high fees incurred over recent years to be sustainable and as
a result has not modelled fees in line with the current levels
witnessed in the transaction. However, the junior tranches will be
affected if the senior fees remain high, which has led to the
Outlook change to Negative on the class B2 notes.

Increasing Credit Enhancement (CE); Higher Arrears: The transaction
closed in 2007 and is well-seasoned. As a result, CE has built up
through notes amortisation. Loans that are three months or more in
arrears increased in the last collection period to 17.9% in April
2024, from 13.0% in July 2023. Early-stage arrears increased with
new delinquencies, consistent with the UK non-conforming RMBS
trends. This has increased weighted average foreclosure frequencies
(WAFF), offsetting the impact of rising CE to result in today's
affirmations.

Fitch found that increasing WAFF by 15% led to the class B1a and
B1b notes being rated one notch below their model-implied ratings
(MIR). For the class B2 notes, uncertainties on fees also
contributed to their rating being below their MIR.

Strong Liquidity and Losses Support: The transaction benefits from
sizeable liquidity and losses support. It has an undrawn liquidity
facility (LF) and a funded general reserve fund (GRF). Both the LF
and LRF can no longer amortise due to irreversible breaches in the
cumulative loss performance triggers. The transaction turned to
sequential amortisation in July 2023 following the drawdown of the
GRF below its target. Another (reversible) trigger linked to 3m+
arrears is also breached at above the 17% trigger, preventing a
switch back to pro rata. Fitch has taken both pro-rata and
sequential amortisation into account in its analysis.

Volatility Risk from Interest-only Loans: Within the collateral
85.9% are interest-only (IO) loans, a substantial portion of which
are to owner-occupied (OO) borrowers. This high proportion of IO
loans may lead to performance volatility as the repayment date
approaches and borrowers are required to redeem the principal
balance. The potential for performance volatility is increased by
the concentration of loan maturity dates and the declining number
of assets remaining. To account for this risk Fitch has floored the
performance adjustment factor for the OO sub-pool at 100% in its
analysis.

RATING SENSITIVITIES

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

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

Unanticipated declines in recoveries could also result in lower net
proceeds, which may make certain notes susceptible to negative
rating action depending on the extent of the decline in recoveries.
Fitch a 15% increase in the WAFF and a 15% decrease in the weighted
average recovery rate (WARR) would result in downgrades of no more
than four notches each for the class B1a, B1b and B2a notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and, potentially,
upgrades. Fitch found that a decrease in the WAFF of 15% and an
increase in the WARR of 15% would lead to an upgrade of up to seven
notches for the class B2a notes.

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

U2007 has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy & Data Security due to pool with limited
affordability checks and self-certified income, which has a
negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

U2007 has an ESG Relevance Score of '4' for Human Rights, Community
Relations, Access & Affordability due to a material concentration
of IO loans, which has a negative impact on the credit profile, and
is relevant to the rating in conjunction with other factors.

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



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

[*] BOND PRICING: For the Week July 15 to July 19, 2024
-------------------------------------------------------
Issuer                Coupon  Maturity Currency  Price
------                ------  -------- --------  -----
Altice France Holding  10.500  5/15/2027  USD   37.817
Codere Finance 2 Luxe  11.000  9/30/2026  EUR   44.021
Solocal Group          10.719  3/15/2025  EUR   21.300
Codere Finance 2 Luxe  12.750 11/30/2027  EUR    0.371
Bilt Paper BV          10.360             USD    1.971
Solis Bond Co DAC      10.208  7/31/2024  EUR   50.000
Oscar Properties Hold  11.270   7/5/2024  SEK    0.282
Fastator AB            12.500  9/26/2025  SEK   34.645
Turkiye Government Bo  10.400 10/13/2032  TRY   49.000
Codere Finance 2 Luxe  13.625 11/30/2027  USD    1.000
Fastator AB            12.500  9/25/2026  SEK   33.688
Plusplus Capital Fina  11.000  7/29/2026  EUR   10.543
Hazine Mustesarligi V  17.240  6/14/2028  TRY   50.000
Tinkoff Bank JSC Via   11.002             USD   42.870
IOG Plc                13.217  9/20/2024  EUR    6.458
Saderea DAC            12.500 11/30/2026  USD   49.139
Ilija Batljan Invest   10.470             SEK    5.000
Codere Finance 2 Luxe  13.625 11/30/2027  USD    1.000
Codere Finance 2 Luxe  11.000  9/30/2026  EUR   45.341
Kvalitena AB publ      10.067   4/2/2024  SEK   45.000
Solocal Group          10.719  3/15/2025  EUR    9.366
R-Logitech Finance SA  10.250  9/26/2027  EUR   15.000
UkrLandFarming PLC     10.875  3/26/2018  USD    4.105
Marginalen Bank Banka  12.695             SEK   45.007
Sidetur Finance BV     10.000  4/20/2016  USD    0.403
Immigon Portfolioabba  10.055             EUR    4.500
Avangardco Investment  10.000 10/29/2018  USD    0.108
Virgolino de Oliveira  11.750   2/9/2022  USD    0.587
Fastator AB            12.500  9/24/2027  SEK   34.755
Transcapitalbank JSC   10.000             USD    1.450
Altice France Holding  10.500  5/15/2027  USD   37.933
Privatbank CJSC Via U  10.250  1/23/2018  USD    3.743
Virgolino de Oliveira  10.500  1/28/2018  USD    0.010
Virgolino de Oliveira  10.500  1/28/2018  USD    0.010
Bakkegruppen AS        11.720   2/3/2025  NOK   45.369
Bilt Paper BV          10.360             USD    1.971
Privatbank CJSC Via U  10.875  2/28/2018  USD    5.303
Societe Generale SA    20.000  7/21/2026  USD    3.400
Privatbank CJSC Via U  11.000   2/9/2021  USD    0.677
Solarnative GmbH       12.250   4/5/2029  EUR   21.550
UBS AG/London          11.200  8/26/2024  USD   20.510
KPNQwest NV            10.000  3/15/2012  EUR    0.839
Ukraine Government Bo  11.000  4/24/2037  UAH   36.639
Societe Generale SA    11.000  7/14/2026  USD   13.000
UBS AG/London          20.000 11/29/2024  USD   17.870
Societe Generale SA    25.260 10/30/2025  USD    9.200
Codere Finance 2 Luxe  12.750 11/30/2027  EUR    0.371
UBS AG/London          16.500  7/22/2024  CHF   10.520
Societe Generale SA    20.000 11/28/2025  USD    4.500
Societe Generale SA    14.000   8/8/2024  USD   38.803
Societe Generale SA    18.000  8/30/2024  USD   33.800
Bulgaria Steel Financ  12.000   5/4/2013  EUR    0.216
Ukraine Government Bo  11.000  4/20/2037  UAH   34.189
UBS AG                 10.000  7/29/2025  USD   34.160
Societe Generale SA    20.000  1/29/2026  USD    9.800
Societe Generale SA    27.300 10/20/2025  USD    7.720
Phosphorus Holdco PLC  10.000   4/1/2019  GBP    0.574
Virgolino de Oliveira  10.875  1/13/2020  USD   36.000
Virgolino de Oliveira  10.875  1/13/2020  USD   36.000
Ukraine Government Bo  11.000   4/8/2037  UAH   33.982
Bank Vontobel AG       11.000  4/11/2025  CHF   45.800
Landesbank Baden-Wuer  14.000  6/27/2025  EUR   48.160
Leonteq Securities AG  21.000 10/30/2024  CHF   41.330
Bank Vontobel AG       29.000  9/10/2024  USD   37.000
Corner Banca SA        18.500  9/23/2024  CHF    7.470
UBS AG/London          15.750  7/25/2024  EUR   47.050
Societe Generale SA    22.750 10/17/2024  USD   20.610
Societe Generale SA    20.000  9/18/2026  USD   12.090
Societe Generale SA    15.000  9/29/2025  USD    8.400
Societe Generale SA    16.000   8/1/2024  USD   12.500
Societe Generale SA    16.000   8/1/2024  USD   23.300
Societe Generale SA    15.000   8/1/2024  USD   19.400
UBS AG/London          28.000  9/23/2024  USD    2.360
UBS AG/London          17.500   2/7/2025  USD   14.420
Societe Generale SA    16.000  8/30/2024  USD   21.000
Societe Generale SA    14.300  8/22/2024  USD   11.000
Societe Generale SA    21.000 12/26/2025  USD   28.870
Deutsche Bank AG/Lond  12.780  3/16/2028  TRY   46.544
NTRP Via Interpipe Lt  10.250   8/2/2017  USD    1.025
Phosphorus Holdco PLC  10.000   4/1/2019  GBP    0.574
Tonon Luxembourg SA    12.500  5/14/2024  USD    2.215
Tonon Luxembourg SA    12.500  5/14/2024  USD    2.215
BLT Finance BV         12.000  2/10/2015  USD   10.500
Virgolino de Oliveira  11.750   2/9/2022  USD    0.587
Privatbank CJSC Via U  10.875  2/28/2018  USD    5.303
UkrLandFarming PLC     10.875  3/26/2018  USD    4.105
Ukraine Government Bo  11.000  3/24/2037  UAH   33.969
Ukraine Government Bo  11.000  4/23/2037  UAH   34.001
Ukraine Government Bo  11.000  2/16/2037  UAH   33.957
Ukraine Government Bo  11.000   4/1/2037  UAH   33.976
Zurcher Kantonalbank   22.000   8/6/2024  USD   41.270
Swissquote Bank SA     15.740 10/31/2024  CHF   77.820
Landesbank Baden-Wuer  15.000  2/28/2025  EUR   49.110
Landesbank Baden-Wuer  19.000  2/28/2025  EUR   46.070
Leonteq Securities AG  24.000  1/16/2025  CHF   43.080
Landesbank Baden-Wuer  21.000   1/3/2025  EUR   48.500
DZ Bank AG Deutsche Z  23.100 12/31/2024  EUR   47.090
Landesbank Baden-Wuer  23.000  9/27/2024  EUR   43.820
Landesbank Baden-Wuer  16.000   1/3/2025  EUR   44.330
Landesbank Baden-Wuer  25.000   1/3/2025  EUR   37.250
Landesbank Baden-Wuer  16.000  6/27/2025  EUR   44.740
Landesbank Baden-Wuer  21.000  6/27/2025  EUR   43.330
Landesbank Baden-Wuer  10.500   1/2/2026  EUR   48.540
DZ Bank AG Deutsche Z  15.500 12/31/2024  EUR   43.270
Vontobel Financial Pr  16.500 12/31/2024  EUR   45.820
Vontobel Financial Pr  18.500 12/31/2024  EUR   44.960
Vontobel Financial Pr  20.250 12/31/2024  EUR   44.140
Vontobel Financial Pr  13.000 12/31/2024  EUR   48.250
Vontobel Financial Pr  14.750 12/31/2024  EUR   46.940
Landesbank Baden-Wuer  11.000  3/28/2025  EUR   44.120
Landesbank Baden-Wuer  13.000  3/28/2025  EUR   40.810
Landesbank Baden-Wuer  15.000  3/28/2025  EUR   38.470
Leonteq Securities AG  22.000  10/2/2024  CHF   44.410
Leonteq Securities AG  21.000   1/3/2025  CHF   29.750
Landesbank Baden-Wuer  21.000  9/27/2024  EUR   46.300
Landesbank Baden-Wuer  19.000   1/3/2025  EUR   41.140
Landesbank Baden-Wuer  22.000   1/3/2025  EUR   38.860
Landesbank Baden-Wuer  14.000  6/27/2025  EUR   47.000
Landesbank Baden-Wuer  19.000  6/27/2025  EUR   44.190
Landesbank Baden-Wuer  27.000  9/27/2024  EUR   46.660
Corner Banca SA        23.000  8/21/2024  CHF   44.360
Leonteq Securities AG  24.000  8/21/2024  CHF   41.120
Leonteq Securities AG  28.000  8/21/2024  CHF   35.490
Leonteq Securities AG  20.000  8/21/2024  CHF   33.580
Landesbank Baden-Wuer  10.000  8/23/2024  EUR   40.730
Landesbank Baden-Wuer  15.000  8/23/2024  EUR   31.160
Bank Vontobel AG       10.000  8/19/2024  CHF    3.500
Raiffeisen Switzerlan  12.300  8/21/2024  CHF    6.560
DZ Bank AG Deutsche Z  17.800  9/27/2024  EUR   37.960
DZ Bank AG Deutsche Z  12.000  9/27/2024  EUR   36.660
DZ Bank AG Deutsche Z  23.500  9/27/2024  EUR   40.890
DZ Bank AG Deutsche Z  14.400  9/27/2024  EUR   43.320
DZ Bank AG Deutsche Z  17.900  9/27/2024  EUR   44.760
Leonteq Securities AG  24.000   1/9/2025  CHF   31.070
Bank Vontobel AG       14.000   3/5/2025  CHF   26.300
Leonteq Securities AG  30.000   8/7/2024  CHF   35.160
UniCredit Bank GmbH    19.300 12/31/2024  EUR   32.200
Basler Kantonalbank    22.000   9/6/2024  CHF   40.530
UniCredit Bank GmbH    13.700  9/27/2024  EUR   32.990
UniCredit Bank GmbH    14.800  9/27/2024  EUR   31.690
Raiffeisen Schweiz Ge  20.000 10/16/2024  CHF   25.990
Leonteq Securities AG  20.000  9/18/2024  CHF   22.250
UniCredit Bank GmbH    18.800 12/31/2024  EUR   28.070
UniCredit Bank GmbH    19.700 12/31/2024  EUR   27.780
BNP Paribas Emissions  15.000 12/30/2024  EUR   47.320
BNP Paribas Emissions  16.000 12/30/2024  EUR   45.900
BNP Paribas Emissions  17.000 12/30/2024  EUR   44.630
BNP Paribas Emissions  12.000 12/30/2024  EUR   48.090
HSBC Trinkaus & Burkh  22.250  6/27/2025  EUR   42.260
HSBC Trinkaus & Burkh  17.500  6/27/2025  EUR   45.850
HSBC Trinkaus & Burkh  11.250  6/27/2025  EUR   35.990
Landesbank Baden-Wuer  16.000 11/22/2024  EUR   45.160
HSBC Trinkaus & Burkh  15.100 12/30/2024  EUR   31.590
HSBC Trinkaus & Burkh  12.500 12/30/2024  EUR   34.260
HSBC Trinkaus & Burkh  11.800  9/27/2024  EUR   36.970
HSBC Trinkaus & Burkh  15.900  3/28/2025  EUR   36.740
HSBC Trinkaus & Burkh  11.300  6/27/2025  EUR   42.400
HSBC Trinkaus & Burkh  17.100  8/23/2024  EUR   30.690
HSBC Trinkaus & Burkh  10.800  8/23/2024  EUR   37.900
HSBC Trinkaus & Burkh  10.400 10/25/2024  EUR   39.490
HSBC Trinkaus & Burkh  10.300 11/22/2024  EUR   40.140
HSBC Trinkaus & Burkh  17.600  9/27/2024  EUR   27.430
HSBC Trinkaus & Burkh  10.800 12/30/2024  EUR   36.750
HSBC Trinkaus & Burkh  17.800  9/27/2024  EUR   31.050
HSBC Trinkaus & Burkh  16.100 12/30/2024  EUR   34.410
HSBC Trinkaus & Burkh  11.100 12/30/2024  EUR   39.350
HSBC Trinkaus & Burkh  15.000  3/28/2025  EUR   37.340
HSBC Trinkaus & Burkh  13.300  6/27/2025  EUR   40.390
HSBC Trinkaus & Burkh  13.500  8/23/2024  EUR   34.240
HSBC Trinkaus & Burkh  12.800 10/25/2024  EUR   36.210
HSBC Trinkaus & Burkh  15.600 11/22/2024  EUR   34.140
HSBC Trinkaus & Burkh  12.600 11/22/2024  EUR   37.010
Leonteq Securities AG  20.000   8/7/2024  CHF    7.670
Raiffeisen Schweiz Ge  20.000   8/7/2024  CHF   33.010
UniCredit Bank GmbH    18.500 12/31/2024  EUR   32.920
Leonteq Securities AG  22.000   8/7/2024  CHF   22.690
Bank Vontobel AG       20.500  11/4/2024  CHF   43.400
Leonteq Securities AG  24.000  8/14/2024  CHF   30.600
Leonteq Securities AG  22.000  8/14/2024  CHF   15.850
Bank Vontobel AG       13.500   1/8/2025  CHF   10.400
Leonteq Securities AG  24.000  1/13/2025  CHF   16.940
Leonteq Securities AG  11.000   1/9/2025  CHF   41.290
UniCredit Bank GmbH    13.800  9/27/2024  EUR   30.130
UniCredit Bank GmbH    14.800  9/27/2024  EUR   28.520
UniCredit Bank GmbH    15.800  9/27/2024  EUR   27.580
UniCredit Bank GmbH    16.900  9/27/2024  EUR   26.780
UniCredit Bank GmbH    18.000  9/27/2024  EUR   26.000
UniCredit Bank GmbH    19.100  9/27/2024  EUR   25.350
DZ Bank AG Deutsche Z  11.000  9/27/2024  EUR   48.760
Leonteq Securities AG  21.000  8/14/2024  CHF   37.140
Landesbank Baden-Wuer  15.000   1/3/2025  EUR   41.510
Leonteq Securities AG  24.000   9/5/2024  CHF   47.190
Leonteq Securities AG  28.000   9/5/2024  CHF   41.140
Landesbank Baden-Wuer  14.000  1/24/2025  EUR   43.160
UniCredit Bank GmbH    12.800  2/28/2025  EUR   47.800
UniCredit Bank GmbH    14.500 11/22/2024  EUR   32.300
UniCredit Bank GmbH    13.100  2/28/2025  EUR   36.230
UniCredit Bank GmbH    14.500  2/28/2025  EUR   34.600
Leonteq Securities AG  25.000   9/5/2024  EUR   44.380
Leonteq Securities AG  24.000   9/4/2024  CHF   43.220
UniCredit Bank GmbH    19.100 12/31/2024  EUR   30.310
UniCredit Bank GmbH    20.000 12/31/2024  EUR   29.520
Landesbank Baden-Wuer  12.000   1/3/2025  EUR   48.340
Landesbank Baden-Wuer  18.000   1/3/2025  EUR   38.810
DZ Bank AG Deutsche Z  13.100  9/27/2024  EUR   44.380
UniCredit Bank GmbH    18.100   9/5/2024  EUR   36.960
UniCredit Bank GmbH    18.600 12/31/2024  EUR   35.180
UniCredit Bank GmbH    19.500 12/31/2024  EUR   34.330
Vontobel Financial Pr  20.000  9/27/2024  EUR   47.060
Vontobel Financial Pr  18.500  9/27/2024  EUR   48.330
Vontobel Financial Pr  20.500  9/27/2024  EUR   45.700
HSBC Trinkaus & Burkh  17.500 12/30/2024  EUR   28.130
HSBC Trinkaus & Burkh  18.750  9/27/2024  EUR   24.170
HSBC Trinkaus & Burkh  14.300  9/27/2024  EUR   35.560
HSBC Trinkaus & Burkh  11.900  9/27/2024  EUR   39.030
HSBC Trinkaus & Burkh  16.300 12/30/2024  EUR   35.200
HSBC Trinkaus & Burkh  13.400  3/28/2025  EUR   39.720
HSBC Trinkaus & Burkh  12.400  9/27/2024  EUR   45.010
DZ Bank AG Deutsche Z  10.750 12/27/2024  EUR   48.970
Citigroup Global Mark  14.650  7/22/2024  HKD   37.860
Raiffeisen Schweiz Ge  20.000  7/24/2024  CHF   38.670
UniCredit Bank GmbH    15.200 12/31/2024  EUR   44.490
UniCredit Bank GmbH    18.000 12/31/2024  EUR   39.460
UniCredit Bank GmbH    18.900 12/31/2024  EUR   38.130
Leonteq Securities AG  15.000  7/24/2024  CHF    6.840
Leonteq Securities AG  26.000  7/24/2024  CHF   47.510
Leonteq Securities AG  27.000  7/24/2024  CHF    5.500
UniCredit Bank GmbH    19.800 12/31/2024  EUR   37.060
UniCredit Bank GmbH    17.000 12/31/2024  EUR   40.860
Raiffeisen Schweiz Ge  16.000  7/24/2024  CHF   40.660
HSBC Trinkaus & Burkh  13.100 12/30/2024  EUR   38.340
HSBC Trinkaus & Burkh  11.100 12/30/2024  EUR   41.360
HSBC Trinkaus & Burkh  16.800  9/27/2024  EUR   32.850
HSBC Trinkaus & Burkh  15.200 12/30/2024  EUR   36.090
UniCredit Bank GmbH    13.900 11/22/2024  EUR   35.020
UniCredit Bank GmbH    13.500  2/28/2025  EUR   38.080
Vontobel Financial Pr  11.000 12/31/2024  EUR   44.790
UniCredit Bank GmbH    14.300  8/23/2024  EUR   31.840
Leonteq Securities AG  24.000   9/5/2024  CHF   45.790
UniCredit Bank GmbH    14.900  8/23/2024  EUR   42.020
UniCredit Bank GmbH    14.700  8/23/2024  EUR   28.430
UniCredit Bank GmbH    13.800  2/28/2025  EUR   35.430
Finca Uco Cjsc         13.000  5/30/2025  AMD    0.000
Landesbank Baden-Wuer  11.500  9/27/2024  EUR   49.070
HSBC Trinkaus & Burkh  18.100 12/30/2024  EUR   42.740
HSBC Trinkaus & Burkh  13.500  8/23/2024  EUR   36.070
HSBC Trinkaus & Burkh  11.600  3/28/2025  EUR   42.000
HSBC Trinkaus & Burkh  16.200  8/23/2024  EUR   32.800
HSBC Trinkaus & Burkh  15.700 12/30/2024  EUR   46.820
HSBC Trinkaus & Burkh  10.900  8/23/2024  EUR   40.210
UniCredit Bank GmbH    13.700  9/27/2024  EUR   45.670
UniCredit Bank GmbH    19.300 12/31/2024  EUR   31.280
Leonteq Securities AG  23.290  8/29/2024  CHF   47.090
Leonteq Securities AG  22.000  9/11/2024  CHF   39.760
DZ Bank AG Deutsche Z  13.400 12/31/2024  EUR   47.720
Landesbank Baden-Wuer  18.000 11/22/2024  EUR   41.250
Landesbank Baden-Wuer  14.500 11/22/2024  EUR   47.390
HSBC Trinkaus & Burkh  18.300  9/27/2024  EUR   33.930
HSBC Trinkaus & Burkh  15.900  9/27/2024  EUR   37.130
HSBC Trinkaus & Burkh  13.600  9/27/2024  EUR   41.290
Vontobel Financial Pr  10.000  9/27/2024  EUR   44.510
Vontobel Financial Pr  13.250  9/27/2024  EUR   41.160
BNP Paribas Issuance   19.000  9/18/2026  EUR    0.980
BNP Paribas Issuance   20.000  9/18/2026  EUR   29.220
Landesbank Baden-Wuer  18.500  9/27/2024  EUR   48.880
Leonteq Securities AG  20.000  9/26/2024  USD   14.270
Armenian Economy Deve  11.000  10/3/2025  AMD    0.000
Leonteq Securities AG  26.000  7/31/2024  CHF   35.980
Landesbank Baden-Wuer  15.500  1/24/2025  EUR   36.090
Bank Vontobel AG       11.000  7/26/2024  USD   38.600
Landesbank Baden-Wuer  12.000  1/24/2025  EUR   42.190
Swissquote Bank SA     16.380  7/31/2024  CHF    6.710
UniCredit Bank GmbH    16.400  9/27/2024  EUR   37.060
UniCredit Bank GmbH    15.100  9/27/2024  EUR   38.990
Societe Generale SA    20.000 12/18/2025  USD   21.900
Vontobel Financial Pr  18.000  9/27/2024  EUR   46.390
Swissquote Bank SA     27.050  7/31/2024  CHF   42.950
UniCredit Bank GmbH    14.900  9/27/2024  EUR   41.340
UBS AG/London          10.500  9/23/2024  EUR   47.750
ACBA Bank OJSC         11.000  12/1/2025  AMD    9.250
Leonteq Securities AG  11.000 10/11/2024  CHF   47.630
Swissquote Bank SA     24.040  9/11/2024  CHF   40.780
Leonteq Securities AG  18.000  9/11/2024  CHF    8.690
Raiffeisen Schweiz Ge  20.000  9/11/2024  CHF   39.830
HSBC Trinkaus & Burkh  18.500  9/27/2024  EUR   48.780
HSBC Trinkaus & Burkh  13.400 12/30/2024  EUR   35.380
HSBC Trinkaus & Burkh  11.200 12/30/2024  EUR   38.780
HSBC Trinkaus & Burkh  15.400  9/27/2024  EUR   34.110
HSBC Trinkaus & Burkh  12.100  9/27/2024  EUR   38.020
HSBC Trinkaus & Burkh  14.100 12/30/2024  EUR   37.130
HSBC Trinkaus & Burkh  11.000  3/28/2025  EUR   42.610
HSBC Trinkaus & Burkh  13.100 10/25/2024  EUR   37.170
Vontobel Financial Pr  15.500  9/27/2024  EUR   41.560
Vontobel Financial Pr  14.000  9/27/2024  EUR   43.170
UniCredit Bank GmbH    16.100 12/31/2024  EUR   42.540
Leonteq Securities AG  23.000  7/24/2024  CHF   41.160
HSBC Trinkaus & Burkh  14.800 12/30/2024  EUR   33.840
HSBC Trinkaus & Burkh  18.000  9/27/2024  EUR   31.710
HSBC Trinkaus & Burkh  11.400 12/30/2024  EUR   40.460
HSBC Trinkaus & Burkh  16.000  3/28/2025  EUR   37.370
HSBC Trinkaus & Burkh  17.500  9/27/2024  EUR   46.890
HSBC Trinkaus & Burkh  15.200 12/30/2024  EUR   39.460
HSBC Trinkaus & Burkh  19.000  3/28/2025  EUR   35.200
HSBC Trinkaus & Burkh  15.700 11/22/2024  EUR   34.860
Bank Vontobel AG       25.000  7/22/2024  USD   22.900
HSBC Trinkaus & Burkh  17.300  9/27/2024  EUR   29.580
HSBC Trinkaus & Burkh  15.100  3/28/2025  EUR   38.020
HSBC Trinkaus & Burkh  13.400  6/27/2025  EUR   40.750
HSBC Trinkaus & Burkh  11.500  6/27/2025  EUR   43.430
HSBC Trinkaus & Burkh  19.600 12/30/2024  EUR   35.020
HSBC Trinkaus & Burkh  17.400 12/30/2024  EUR   37.040
HSBC Trinkaus & Burkh  16.300  3/28/2025  EUR   36.950
HSBC Trinkaus & Burkh  17.400  8/23/2024  EUR   31.410
HSBC Trinkaus & Burkh  13.800  8/23/2024  EUR   35.150
HSBC Trinkaus & Burkh  10.000 11/22/2024  EUR   42.330
UniCredit Bank GmbH    18.800  7/25/2024  EUR   29.090
Vontobel Financial Pr  24.500  9/27/2024  EUR   42.380
Vontobel Financial Pr  17.000  9/27/2024  EUR   40.120
Vontobel Financial Pr  21.000  9/27/2024  EUR   36.460
HSBC Trinkaus & Burkh  18.100  3/28/2025  EUR   35.770
HSBC Trinkaus & Burkh  14.400  3/28/2025  EUR   39.230
HSBC Trinkaus & Burkh  19.600 11/22/2024  EUR   37.620
HSBC Trinkaus & Burkh  10.200 10/25/2024  EUR   41.740
HSBC Trinkaus & Burkh  12.800 11/22/2024  EUR   37.950
Vontobel Financial Pr  13.000  9/27/2024  EUR   45.040
Vontobel Financial Pr  12.000  9/27/2024  EUR   47.120
Vontobel Financial Pr  18.000  9/27/2024  EUR   38.740
Vontobel Financial Pr  19.500  9/27/2024  EUR   37.560
UniCredit Bank GmbH    13.400  9/27/2024  EUR   34.660
UBS AG/London          10.000  3/23/2026  USD   23.600
Bank Vontobel AG       15.500 11/18/2024  CHF   40.300
UBS AG/London          21.600   8/2/2027  SEK   31.830
UniCredit Bank GmbH    10.100  8/23/2024  EUR   46.280
UniCredit Bank GmbH    11.000  8/23/2024  EUR   44.480
Landesbank Baden-Wuer  13.300  8/23/2024  EUR   45.070
Bank Vontobel AG       10.500  7/29/2024  EUR   44.800
UBS AG/London          12.000  11/4/2024  EUR   45.900
UBS AG/London          11.590   5/1/2025  USD    9.890
Leonteq Securities AG  19.000   8/8/2024  CHF   34.090
DZ Bank AG Deutsche Z  11.800  9/27/2024  EUR   45.830
UBS AG/London          13.000  9/30/2024  CHF   17.700
Leonteq Securities AG  12.000   9/3/2024  EUR   47.630
Leonteq Securities AG  20.000  8/28/2024  CHF    7.200
UniCredit Bank GmbH    15.000  8/23/2024  EUR   30.380
UniCredit Bank GmbH    14.700 11/22/2024  EUR   33.730
UniCredit Bank GmbH    13.800  8/23/2024  EUR   43.940
UniCredit Bank GmbH    12.900 11/22/2024  EUR   46.900
UniCredit Bank GmbH    14.200 11/22/2024  EUR   45.270
Vontobel Financial Pr  18.000  9/27/2024  EUR   21.860
Leonteq Securities AG  24.000  8/28/2024  CHF   47.640
Swissquote Bank SA     23.200  8/28/2024  CHF   43.520
Leonteq Securities AG  22.000  8/28/2024  CHF   45.970
Raiffeisen Schweiz Ge  20.000  8/28/2024  CHF    9.080
Inecobank CJSC         10.000  4/28/2025  AMD    0.000
Bank Vontobel AG       11.000  9/10/2024  EUR   47.300
Landesbank Baden-Wuer  15.500  9/27/2024  EUR   38.660
Landesbank Baden-Wuer  11.000   1/3/2025  EUR   33.340
Landesbank Baden-Wuer  13.000   1/3/2025  EUR   30.840
UniCredit Bank GmbH    10.500   4/7/2026  EUR   43.920
Bank Vontobel AG       10.000  11/4/2024  EUR   47.900
ACBA Bank OJSC         11.500   3/1/2026  AMD    0.000
National Mortgage Co   12.000  3/30/2026  AMD    0.000
UBS AG/London          11.250  9/16/2024  EUR   45.500
UniCredit Bank GmbH    13.500  9/27/2024  EUR   43.830
UniCredit Bank GmbH    13.500 12/31/2024  EUR   46.520
Bank Vontobel AG       10.000   9/2/2024  EUR   44.800
Evocabank CJSC         11.000  9/27/2025  AMD    9.638
UniCredit Bank GmbH    18.800 12/31/2024  EUR   25.580
UniCredit Bank GmbH    17.200 12/31/2024  EUR   26.100
UniCredit Bank GmbH    18.000 12/31/2024  EUR   25.840
UniCredit Bank GmbH    19.600 12/31/2024  EUR   25.350
Raiffeisen Schweiz Ge  20.000  9/25/2024  CHF   23.310
Leonteq Securities AG  23.000 12/27/2024  CHF   27.010
HSBC Trinkaus & Burkh  15.500  6/27/2025  EUR   32.830
Leonteq Securities AG  24.000  9/25/2024  CHF   45.510
Raiffeisen Schweiz Ge  20.000  9/25/2024  CHF   22.540
UniCredit Bank GmbH    10.500  9/23/2024  EUR   26.150
Societe Generale SA    20.000  10/3/2024  USD   32.000
UniCredit Bank GmbH    10.300  9/27/2024  EUR   26.660
Finca Uco Cjsc         12.000  2/10/2025  AMD    0.000
Erste Group Bank AG    14.500  5/31/2026  EUR   41.950
Societe Generale SA    11.750  9/18/2024  USD   48.700
Ameriabank CJSC        10.000  2/20/2025  AMD    8.830
Corner Banca SA        11.500  8/13/2024  CHF   48.450
Bank Julius Baer & Co  12.720  2/17/2025  CHF   38.950
UBS AG/London          13.500  8/15/2024  CHF   41.850
Citigroup Global Mark  25.530  2/18/2025  EUR    0.050
EFG International Fin  10.300  8/23/2024  USD   10.940
UniCredit Bank GmbH    13.900  8/23/2024  EUR   46.060
UniCredit Bank GmbH    12.600  8/23/2024  EUR   48.430
Bank Vontobel AG       10.250   8/5/2024  EUR   48.200
Societe Generale SA    15.110 10/31/2024  USD   21.500
Finca Uco Cjsc         13.000 11/16/2024  AMD    0.000
Societe Generale SA    18.000  8/30/2024  USD   19.400
Societe Generale SA    15.000  8/30/2024  USD   18.000
UniCredit Bank GmbH    16.550  8/18/2025  USD   26.920
Evocabank CJSC         11.000  9/28/2024  AMD    0.000
Armenian Economy Deve  10.500   5/4/2025  AMD    0.000
UBS AG/London          14.500 10/14/2024  CHF   41.700
Leonteq Securities AG  13.000 10/21/2024  EUR   45.890
UBS AG/London          15.750 10/21/2024  CHF   44.200
UBS AG/London          14.250  8/19/2024  CHF   27.860
Leonteq Securities AG  15.000  9/12/2024  USD    4.650
UniCredit Bank GmbH    10.700   2/3/2025  EUR   26.250
UniCredit Bank GmbH    10.700  2/17/2025  EUR   26.470
EFG International Fin  11.120 12/27/2024  EUR   38.510
Landesbank Baden-Wuer  11.500 10/25/2024  EUR   29.800
Landesbank Baden-Wuer  10.000 10/25/2024  EUR   33.110
Credit Agricole Corpo  10.200 12/13/2027  TRY   46.625
Deutsche Bank AG/Lond  14.900  5/30/2028  TRY   49.298
Lehman Brothers Treas  11.000 12/19/2011  USD    0.100
Lehman Brothers Treas  18.250  10/2/2008  USD    0.100
Lehman Brothers Treas  10.500   8/9/2010  EUR    0.100
Lehman Brothers Treas  15.000  3/30/2011  EUR    0.100
Lehman Brothers Treas  14.900  9/15/2008  EUR    0.100
Lehman Brothers Treas  13.500 11/28/2008  USD    0.100
Bulgaria Steel Financ  12.000   5/4/2013  EUR    0.216
Lehman Brothers Treas  11.000  6/29/2009  EUR    0.100
Lehman Brothers Treas  10.000  3/27/2009  USD    0.100
Sidetur Finance BV     10.000  4/20/2016  USD    0.403
Lehman Brothers Treas  10.000 10/22/2008  USD    0.100
Lehman Brothers Treas  10.600  4/22/2014  MXN    0.100
Lehman Brothers Treas  12.000  7/13/2037  JPY    0.100
Lehman Brothers Treas  10.000  6/11/2038  JPY    0.100
Lehman Brothers Treas  11.250 12/31/2008  USD    0.100
Lehman Brothers Treas  13.000 12/14/2012  USD    0.100
Lehman Brothers Treas  13.000  7/25/2012  EUR    0.100
Lehman Brothers Treas  11.000 12/20/2017  AUD    0.100
Lehman Brothers Treas  12.000   7/4/2011  EUR    0.100
Lehman Brothers Treas  13.000  2/16/2009  CHF    0.100
Lehman Brothers Treas  11.750   3/1/2010  EUR    0.100
Lehman Brothers Treas  10.000 10/23/2008  USD    0.100
Lehman Brothers Treas  16.000 10/28/2008  USD    0.100
Lehman Brothers Treas  11.000  2/16/2009  CHF    0.100
Lehman Brothers Treas  10.000  2/16/2009  CHF    0.100
Lehman Brothers Treas  16.800  8/21/2009  USD    0.100
Petromena ASA          10.850 11/19/2018  USD    0.622
Lehman Brothers Treas  16.000  10/8/2008  CHF    0.100
Lehman Brothers Treas  16.000  11/9/2008  USD    0.100
Lehman Brothers Treas  10.000  5/22/2009  USD    0.100
Lehman Brothers Treas  14.900 11/16/2010  EUR    0.100
Lehman Brothers Treas  17.000   6/2/2009  USD    0.100
Lehman Brothers Treas  23.300  9/16/2008  USD    0.100
Lehman Brothers Treas  12.400  6/12/2009  USD    0.100
Lehman Brothers Treas  11.000 12/20/2017  AUD    0.100
Lehman Brothers Treas  11.000 12/20/2017  AUD    0.100
Lehman Brothers Treas  11.000   7/4/2011  USD    0.100
Lehman Brothers Treas  11.000   7/4/2011  CHF    0.100
Lehman Brothers Treas  16.000 12/26/2008  USD    0.100
Lehman Brothers Treas  13.432   1/8/2009  ILS    0.100
Lehman Brothers Treas  14.100 11/12/2008  USD    0.100
Teksid Aluminum Luxem  12.375  7/15/2011  EUR    0.619
Lehman Brothers Treas  15.000   6/4/2009  CHF    0.100
Lehman Brothers Treas  10.442 11/22/2008  CHF    0.100
Lehman Brothers Treas  13.500   6/2/2009  USD    0.100
Lehman Brothers Treas  10.000  6/17/2009  USD    0.100
Lehman Brothers Treas  13.150 10/30/2008  USD    0.100
PA Resources AB        13.500   3/3/2016  SEK    0.124
Tailwind Energy Chino  12.500  9/27/2019  USD    1.500
Banco Espirito Santo   10.000  12/6/2021  EUR    0.058
Lehman Brothers Treas  16.200  5/14/2009  USD    0.100
Zurcher Kantonalbank   24.000 11/22/2024  EUR   39.670
HSBC Trinkaus & Burkh  17.700  7/26/2024  EUR   30.140
HSBC Trinkaus & Burkh  13.800  7/26/2024  EUR   34.020
HSBC Trinkaus & Burkh  13.800  7/26/2024  EUR   35.890
HSBC Trinkaus & Burkh  11.100  7/26/2024  EUR   40.310
HSBC Trinkaus & Burkh  18.000  7/26/2024  EUR   30.850
HSBC Trinkaus & Burkh  14.100  7/26/2024  EUR   34.930
Zurcher Kantonalbank   12.000  10/4/2024  EUR   47.260



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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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members of the same firm for the term of the initial subscription
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