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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, August 19, 2024, Vol. 25, No. 166

                           Headlines



F I N L A N D

AHLSTROM HOLDING: S&P Alters Outlook to Stable, Affirms 'B' ICR


G E R M A N Y

PFLEIDERER GROUP: S&P Downgrades ICR to 'SD' on Debt Restructuring


I R E L A N D

ARINI EUROPEAN III: S&P Assigns B- (sf) Rating to Class F Notes
AVOCA CLO XIII: Fitch Hikes Rating on Class F-RR Notes to 'Bsf'
AVOCA CLO XXIV: Fitch Hikes Rating on Class F-R Notes to 'B+sf'
BARINGS EURO 2018-3: Fitch Affirms 'Bsf' Rating on Class F Notes
BOSPHOROUS CLO V: Fitch Hikes Rating on Class F Notes to 'Bsf'

CAIRN CLO XVIII: S&P Assigns Prelim B-(sf) Rating to Class F Notes
HENLEY CLO IV: Fitch Hikes Rating on Class F Notes to 'B+sf'
JUBILEE CLO 2013-X: Fitch Hikes Rating on Cl. E-R-R Notes to 'BBsf'
PENTA CLO 17: Fitch Assigns 'B-sf' Final Rating to Class F Notes
SOUND POINT I: Fitch Hikes Rating on Class F-R Notes to 'Bsf'

TRINITAS EURO II: S&P Assigns B- (sf) Rating to Class F-R-R Notes


S E R B I A

SERBIA: Fitch Alters Outlook on 'BB+' LongTerm IDR to Positive


U N I T E D   K I N G D O M

CARDIFF AUTO 2024-1: S&P Assigns B (sf) Rating to Class F Notes
CLG LOGGERHEADS: Edge Recovery Named as Administrators
EUROSAIL-UK 2007-1: Fitch Cuts Rating on Class E1c Notes to 'B-sf'
EVOLUTIONS MEDIA: Interpath Named as Joint Administrators
HEAT DIRECT: Francis Clark Named as Joint Administrators

KENNEDYS LOGISTICS: FTS Recovery Named as Administrators
LCC TRANS-SENDING: Aug. 23 Meeting to Form Creditors' Committee
LONDON WALL 2024-01: S&P Assigns B (sf) Rating to Cl. X-Dfrd Notes
RIDGESPEAR LIMITED: Francis Clark Named as Joint Administrators
ROLLS-ROYCE PLC: Moody's Ups Rating on Sr. Unsecured Debt From Ba1

TILTED DESIGN: Francis Clark Named as Joint Administrators
TIMOLEON LIMITED: Francis Clark Named as Joint Administrators
WILLIAMS BROS: Horsfields Named as Joint Administrators


X X X X X X X X

[*] BOND PRICING: For the Week August 12 to August 16, 2024

                           - - - - -


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F I N L A N D
=============

AHLSTROM HOLDING: S&P Alters Outlook to Stable, Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Ahlstrom Holding 3 Oy
(Ahlstrom) to stable from negative and affirmed the 'B' issuer
credit rating and the 'B' issue rating on the senior secured
facilities due 2028.

The stable outlook reflects S&P's expectation of adjusted debt to
EBITDA reducing toward 7x in the next 18 months and positive
adjusted FOCF of EUR60 million-EUR70 million in 2024 and EUR80
million-EUR90 million in 2025.

S&P said, "We anticipate a moderate demand recovery in 2024 and
more dynamic growth in 2025. We expect revenue growth of 3%-4% in
2024, driven by a modest recovery in demand and broadly flat
average selling prices. For 2025 we anticipate revenue will grow by
5%, as volumes (including in the construction and renovation
sector) continue to recover. We also assume a minor increases in
2025 in average selling prices, reflecting inflationary input cost
increases.

"We forecast S&P Global Ratings-adjusted EBITDA of EUR370
million-EUR375 million for 2024.S&P Global Ratings-adjusted EBITDA
is expected to increase to EUR370 million-EUR375 million in 2024
(from EUR332 million in 2023), supported by a better fixed-cost
absorption (as volumes improve) and ongoing transformation
initiatives. Transformation and restructuring costs have been a
material cost item and undermined adjusted EBITDA since the company
became private-equity owned in 2021. In 2024 we assume
transformation and restructuring costs of about EUR65
million–EUR70 million, similar to 2023 but down from EUR140
million in 2022. This includes about EUR30 million for the closure
of the Bousbecque plant, of which EUR10 million will be paid in
2024, EUR15 million in 2025, and EUR5 million in 2026. We expect
the benefits of these initiatives to support EBITDA growth in
future years. We do not expect transformation and restructuring
costs to exceed EUR35 million after 2024.

"We forecast a material improvement in FOCF in 2024 and 2025. We
anticipate that Ahlstrom will generate about EUR65 million of FOCF
in 2024 and EUR85 million in 2025. FOCF is expected to become
positive after three years of consecutive negative FOCF generation
(-EUR28 million in 2023, -EUR70 million in 2022, and -EUR172
million in 2021). The improvement in 2024 will be supported by
EBITDA growth of about EUR42 million and a EUR47 million reduction
in expansion capital expenditure (capex) (as major projects reach
completion, such as a glass fiber tissue plant in the U.S.). Our
forecast is supported by Ahlstrom's EUR50 million FOCF generation
in the first six months of 2024 and also assumes a working capital
outflow for the second half of 2024.

"In 2025, we expect FOCF to improve to EUR85 million due to a EUR60
million uplift in EBITDA. This will only be partly offset by about
EUR15 million payments for the closure of the Bousbecque plant, as
well as slightly higher tax payments and working capital needs.

"The stable outlook reflects our expectation that Ahlstrom's
adjusted debt to EBITDA will reduce toward 7x in the next 18 months
and it will generate positive adjusted FOCF of EUR60 million-EUR70
million in 2024 and EUR80 million-EUR90 million in 2025."

Downside scenario

S&P could lower its rating if Ahlstrom:

-- Does not generate material positive FOCF;

-- Fails to reduce its adjusted debt to EBITDA toward 7x; or

-- Adheres to a more aggressive financial policy, such as engaging
in a large debt-funded acquisition or making substantial dividend
payments.

Upside scenario

S&P believe an upgrade is unlikely, but it could consider raising
the rating if:

-- Ahlstrom's adjusted debt to EBITDA declined toward 5x on a
sustained basis;

-- It establishes a track record of material sustained FOCF
generation; and

-- The company's financial policy supported leverage staying at
such a level.

S&P said, "Environmental factors are a neutral consideration in our
credit rating analysis of Ahlstrom. That said, we view
environmental risks in the pulp and paper industry as sizable,
given its high water, chemicals, and energy usage. We believe this
could expose companies in the sector to pollution incidents,
potentially resulting in compensation and corrective action costs,
as well as subjecting them to tighter environmental regulations.
However, Ahlstrom has set a target to achieve a 42% reduction in
its scope 1 and 2 emissions by 2030. Ahlstrom has also set a target
to reduce its water intensity ratio, aiming for an average water
intake of 60 cubic meters per ton of net production (paper and
pulp) by 2030. In 2023, the intensity ratio was 93.7 cubic meter
per ton. Furthermore, we expect demand for some of Ahlstrom's
products, especially food packaging and parchment, will be
supported by sustainability trends and regulations limiting
single-use plastics.

"Governance factors are a moderately negative consideration. Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners. This is in line with our view
of the majority of rated entities owned by private-equity sponsors.
Our assessment also reflects generally finite holding periods and a
focus on maximizing shareholder returns."




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

PFLEIDERER GROUP: S&P Downgrades ICR to 'SD' on Debt Restructuring
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Germany-based wood panel manufacturer Pfleiderer Group B.V. & Co.
KG to 'SD' (selective default) from 'CC' and its issue credit
rating on its EUR750 million senior secured notes to 'D' from
'CC'.

The downgrade to 'SD' (selective default) follows Pfleiderer's
completion of the proposed capital restructuring. Lenders
unanimously agreed to extend the maturity of the group's senior
secured notes and revolving credit facility (RCF) by three years.
The maturity of the EUR350 million floating-rate notes (FRNs) and
the EUR400 million SSNs was extended to April 2029 from April 2026.
The maturity of the EUR65 million RCF was amended to January 2029
from October 2025. The transaction includes an increasing call
premium, which equates to payment-in-kind margins of 75 basis
points (bps) for the FRNs and 400 bps for the SSNs. Strategic Value
Partners will also provide EUR75 million equity, which the company
will use for growth initiatives.

S&P said, "We view this transaction as distressed. Without this
transaction, we think there would be a realistic possibility of a
conventional default on the senior secured debt in the next two
years given our expectations for continued negative free operating
cash flow generation and a high debt burden. Given the continued
operating challenges of the issuer, we view the maturity extension
as falling short of the original promise to the lenders. In
addition, we do not view the accruing call premium and consent fees
as adequate compensation for the maturity extension because the
call premium compensation only crystalizes if there is a successful
refinancing at a later date and presupposes a stark recovery in the
company's EBITDA and cash flows by 2029."

In the coming days we will reassess the group's new capital
structure, business plan, management and governance, and financial
policy, and review the rating.




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

ARINI EUROPEAN III: S&P Assigns B- (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Arini European
CLO III DAC's class A, B, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period will end approximately 5.20 years
after closing. Under the transaction documents, the rated notes pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payment.

S&P considers that the portfolio on the effective date will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, S&P has conducted its credit and cash flow
analysis by applying its criteria for corporate cash flow CDOs.

  Portfolio benchmarks

  Performing S&P Global Ratings'
  weighted-average rating factor                    2,715.26

  Default rate dispersion                             577.42

  Weighted-average life (years) including
  reinvestment period                                   5.20

  Obligor diversity measure                           102.91

  Industry diversity measure                           23.02

  Regional diversity measure                            1.31


  Transaction key metrics

  Total par amount (mil. EUR)                            400

  Defaulted assets (mil. EUR)                              0

  Number of performing obligors                          121

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

  'CCC' category rated assets (%)                       0.25

  Actual 'AAA' weighted-average recovery (%)           37.82

  Actual weighted-average spread net of floors (%)      4.08

  Actual weighted-average coupon (%)                    6.10


S&P said, "In our cash flow analysis, we modeled the EUR400 million
target par amount, the actual weighted-average spread of 4.08%, the
actual weighted-average coupon of 6.10% and the actual
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes is commensurate with
higher ratings than those we have assigned. However, as the CLO
will have a reinvestment period, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on these notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to the following:
controversial weapons; non-sustainable palm oil; coal, thermal coal
or oil sands; speculative commodities; tobacco; hazardous
chemicals; pornography or prostitution; civilian firearms; payday
lending; private prisons and illegal drugs or narcotics.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

Arini European CLO III DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by speculative-grade
borrowers. Squarepoint Capital will act as collateral manager until
Arini Capital Management Ltd. receives the necessary regulatory
permissions, following which Arini will replace Squarepoint as
collateral manager.

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

  A       AAA (sf)    248.00    38.00    Three/six-month EURIBOR
                                         plus 1.36%

  B       AA (sf)      45.20    26.70    Three/six-month EURIBOR
                                         plus 1.98%

  C       A (sf)       23.00    20.95    Three/six-month EURIBOR
                                         plus 2.45%

  D       BBB- (sf)    27.80    14.00    Three/six-month EURIBOR
                                         plus 3.55%

  E       BB- (sf)     18.00     9.50    Three/six-month EURIBOR
                                         plus 6.10%

  F       B- (sf)      12.00     6.50    Three/six-month EURIBOR
                                         plus 8.28%

  Sub     NR           31.40      N/A    N/A

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

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


AVOCA CLO XIII: Fitch Hikes Rating on Class F-RR Notes to 'Bsf'
---------------------------------------------------------------
Fitch Ratings has upgraded Avoca CLO XIII DAC's class F-RR notes,
as detailed below.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Avoca CLO XIII DAC

   A-RR XS2326454746      LT AAAsf  Affirmed   AAAsf
   B-1-RR XS2326455396    LT AA+sf  Affirmed   AA+sf
   B-2-RR XS2326455636    LT AA+sf  Affirmed   AA+sf
   C-RR XS2326455552      LT A+sf   Affirmed   A+sf
   D-RR XS2326456014      LT BBB+sf Affirmed   BBB+sf
   E-RR XS2326456287      LT BB+sf  Affirmed   BB+sf
   F-RR XS2326456105      LT Bsf    Upgrade    B-sf

Transaction Summary

Avoca CLO XIII DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is actively managed by KKR
Credit Advisors (Ireland) and is still in its reinvestment period.
The transaction is passing all tests.

KEY RATING DRIVERS

Stable Performance: Since its last review in November 2023, the
portfolio's performance has been stable. According to the trustee
report dated 28 June 2024, the transaction is passing all of its
collateral-quality and portfolio profile tests. Exposure to assets
with a Fitch-derived rating of 'CCC+' and below is 5.2%, versus a
limit of 7.5% per the latest trustee report. There are currently no
defaulted assets and the transaction is slightly above par.
Consequently, the transaction has performed better than the rating
case assumptions and this led to the upgrade of the class F-RR
notes.

Low Refinancing Risk: The notes are not vulnerable to near- and
medium-term refinancing risk due to the large default-rate cushions
for each class of notes and the low number of near-term maturities,
with 2.6% of the assets in the portfolio maturing in the next two
years, as per the latest trustee report.

'B/B-' Portfolio: Fitch assesses the average credit quality of the
obligors at 'B'/'B-'. The Fitch-calculated weighted average rating
factor of the current portfolio is 25.6.

High Recovery Expectations: Senior secured obligations comprise
98.6% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 61.7%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by trustee, is 11.5%, and no obligor
represents more than 2% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 31.1% as calculated by
the trustee. Fixed-rate assets reported by the trustee are 3.6% of
the portfolio balance, versus a limit of 5%.

Reinvesting Transaction: The manager can continue to reinvest in
substitute collateral debt obligations as it will remain in its
reinvestment period until July 2025, subject to compliance with the
reinvestment criteria. Given the manager's ability to reinvest, its
analysis is based on a stressed portfolio and tested the notes'
achievable ratings across all Fitch test matrices.

RATING SENSITIVITIES

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

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

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

Upgrades may 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

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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 Avoca CLO XIII 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.

AVOCA CLO XXIV: Fitch Hikes Rating on Class F-R Notes to 'B+sf'
---------------------------------------------------------------
Fitch Ratings has upgraded Avoca CLO XXIV DAC's class F-R notes, as
detailed below.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Avoca CLO XXIV DAC

   A-R XS2344780361      LT AAAsf  Affirmed   AAAsf
   B-1-R XS2344780445    LT AA+sf  Affirmed   AA+sf
   B-2-R XS2344780528    LT AA+sf  Affirmed   AA+sf
   C-R XS2344780791      LT A+sf   Affirmed   A+sf
   D-R XS2344781849      LT BBB+sf Affirmed   BBB+sf
   E-R XS2344780957      LT BB+sf  Affirmed   BB+sf
   F-R XS2344781179      LT B+sf   Upgrade    Bsf

Transaction Summary

Avoca CLO XXIV DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is actively managed by KKR
Credit Advisors (Ireland) and is still in its reinvestment period.
The transaction is passing all tests.

KEY RATING DRIVERS

Stable Performance: Since its last review in November 2023, the
portfolio's performance has been stable. According to the trustee
report dated 28 June 2024, the transaction is passing all of its
collateral-quality and portfolio profile tests. Exposure to assets
with a Fitch-derived rating of 'CCC+' and below is 4.8%, versus a
limit of 7.5% per the latest trustee report. There are currently no
defaulted assets and the transaction is only 0.17% below par. The
transaction has performed better than the rating case assumptions
and this led to the upgrade of the class F-R notes.

Low Refinancing Risk: The notes are not vulnerable to near- and
medium-term refinancing risk due to the large default-rate cushions
for each class of notes and the low number of near-term maturities,
with 3.9% of the assets in the portfolio maturing in the next two
years, as per the latest trustee report.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor of the current portfolio is 25.4.

High Recovery Expectations: Senior secured obligations comprise
97.9% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 61.5%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 10%, and no obligor
represents more than 2% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 33.0% as calculated by
the trustee. Fixed-rate assets reported by the trustee are 6.5% of
the portfolio balance, versus a limit of 10%.

Reinvesting Transaction: The manager can continue to reinvest in
substitute collateral debt obligations as it will remain in its
reinvestment period until Jan 2026, subject to compliance with the
reinvestment criteria. Given the manager's ability to reinvest, its
analysis is based on a stressed portfolio and tested the notes'
achievable ratings across all Fitch test matrices.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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 this transaction.
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.

BARINGS EURO 2018-3: Fitch Affirms 'Bsf' Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has upgraded Barings Euro CLO 2018-3 DAC's class B-1
to D notes and affirmed the rest as detailed below. The Outlooks on
the class A to D notes are Stable, while the Outlooks on the class
E and F notes are Negative.

   Entity/Debt            Rating          Prior
   -----------            ------          -----
Barings Euro
CLO 2018-3 DAC

   A-1 XS1914503377   LT AAAsf  Affirmed   AAAsf
   A-2 XS1914504003   LT AAAsf  Affirmed   AAAsf
   B-1 XS1914504425   LT AAAsf  Upgrade    AAsf
   B-2 XS1914505158   LT AAAsf  Upgrade    AAsf
   C XS1914505745     LT A+sf   Upgrade    Asf
   D XS1914507014     LT BBB+sf Upgrade    BBBsf
   E XS1914506800     LT BBsf   Affirmed   BBsf
   F XS1914507105     LT Bsf    Affirmed   Bsf

Transaction Summary

Barings Euro CLO 2018-3 DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction closed in December
2018, is actively managed by Barings (U.K.) Limited and exited its
reinvestment period in July 2023.

KEY RATING DRIVERS

Asset Performance Above Rating Case: Since Fitch's last rating
action in November 2023, the transaction has repaid roughly EUR63
million of the class A notes, in turn increasing credit enhancement
for the other senior tranches. As per the last trustee report dated
28 June 2024, the transaction is currently failing its fixed-rate
limit, the weighted average life (WAL) Test, and the weighted
average rating factor (WARF) test of another rating agency.

The transaction is currently 4% below par (calculated as the
current par difference over the original target par). Exposure to
assets with a Fitch-derived rating of 'CCC+' and below is 6.5%,
according to the trustee, versus a limit of 7.5%. The portfolio has
approximately EUR9.932 million of defaulted assets, but total par
loss remains well below its rating-case assumptions. This supports
the rating actions.

Manageable Refinancing Risk: The transaction has manageable
exposure to near- and medium-term refinancing risk, in view of
large default-rate cushions for each class of notes. The CLO has no
portfolio assets maturing in 2024, 1.7% maturing in 2025, and a
total of 10.6% maturing before June 2026, as calculated by Fitch.
The transaction's comfortable break-even default-rate cushions
support the Stable Outlook on the senior notes.

The Negative Outlook on the junior notes indicates the possibility
of rating downgrade should further losses erode the default-rate
cushion, but Fitch expects ratings to remain within the current
rating category.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The WARF of the current
portfolio is 26.8 as calculated by Fitch under its latest criteria.
For the portfolio including entities with Negative Outlooks that
are notched down one level as per its criteria, the WARF was 28.6
as of 3 August 2024.

High Recovery Expectations: Senior secured obligations comprise
95.8% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio was 60.9% as of 3 August
2024.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 17.5%, and no obligor
represents more than 2.2% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 22.3% as calculated by
the trustee. Fixed-rate assets reported by the trustee are 21.5% of
the portfolio balance, which is above the current limit of 20%

Transaction Outside Reinvestment Period: Although the transaction
exited its reinvestment period in July 2023, the manager can
reinvest unscheduled principal proceeds and sale proceeds from
credit-improved or credit-impaired obligations after the
reinvestment period, subject to compliance with the reinvestment
criteria. However, the manager is currently restricted as the
transaction is failing the WARF test from another rating agency.
The manager has not been actively reinvesting since November 2023
and the transaction has become static.

If the failing collateral quality test is cured, the manager would
be able to reinvest. Fitch's analysis is therefore based on a
portfolio where Fitch stresses the transaction's covenants to their
limits. The weighted average recovery rate (WARR) has been reduced
by 1.5% to address the inflated WARR, as the transaction document
used an old WARR definition that is not in line with Fitch's
current criteria.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Barings Euro CLO
2018-3 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.

BOSPHOROUS CLO V: Fitch Hikes Rating on Class F Notes to 'Bsf'
--------------------------------------------------------------
Fitch Ratings has upgraded Bosphorus CLO V DAC's class F notes and
affirmed the others. The Outlooks on all the notes are Stable.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Bosphorus CLO V DAC

   A-1 XS2073812336    LT AAAsf  Affirmed   AAAsf
   A-2 XS2082334249    LT AAAsf  Affirmed   AAAsf
   B-1 XS2073813060    LT AA+sf  Affirmed   AA+sf
   B-2 XS2073813730    LT AA+sf  Affirmed   AA+sf
   C XS2073814381      LT A+sf   Affirmed   A+sf
   D XS2073814977      LT BBB+sf Affirmed   BBB+sf
   E XS2073816162      LT BB+sf  Affirmed   BB+sf
   F XS2073816329      LT Bsf    Upgrade    B-sf

Transaction Summary

Bosphorus CLO V DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction closed in December 2019, is
actively managed by Cross Ocean Adviser LLP and exited its
reinvestment period in June 2024.

KEY RATING DRIVERS

Asset Performance Above Rating Case: Since Fitch's last rating
action in December 2023, the portfolio's performance has been
stable. As per the last trustee report dated 28 June 2024, the
transaction was passing all its tests, apart from the weighted
average life (WAL) test and the weighted average rating factor
(WARF) test from another rating agency.

The transaction is currently 0.6% below par (calculated as the
current par difference over the original target par). Exposure to
assets with a Fitch-derived rating of 'CCC+' and below is 7.1%,
according to the trustee, versus a limit of 7.5%. The portfolio has
no defaulted assets, and total par loss remains well below its
rating-case assumptions. This supports the rating actions.

Low Refinancing Risk: The transaction has manageable exposure to
near- and medium-term refinancing risk, in view of the large
default-rate cushions for each class of notes. The CLO has no
portfolio assets maturing in 2024 or in 2025, and a total of 5.2%
maturing before June 2026, as calculated by Fitch. The
transaction's comfortable break-even default-rate cushions support
the Stable Outlook.

'B' Portfolio: Fitch assesses the average credit quality of the
underlying obligors at 'B'. The WARF of the current portfolio is
24.1 as calculated by Fitch under its latest criteria. For the
portfolio including entities with Negative Outlooks that are
notched down one level as per its criteria, the WARF was 25.4 as of
3 August 2024.

High Recovery Expectations: Senior secured obligations comprise
99.1% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio was 63.4% as of 3 August
2024.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 19.5%, and no obligor
represents more than 2.1% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 30.3% as calculated by
the trustee. Fixed-rate assets reported by the trustee are 2.8% of
the portfolio balance, which compares favourably with the current
maximum of 7.5%

Transaction Outside Reinvestment Period: Although the transaction
exited its reinvestment period in June 2024, the manager can
reinvest unscheduled principal proceeds and sale proceeds from
credit-risk obligations after the reinvestment period, subject to
compliance with the reinvestment criteria. Given the manager's
ability to reinvest, Fitch's analysis is based on a portfolio where
Fitch stresses the transaction's covenants to their limits. The
WARR has been reduced by 1.5% to address an inflated WARR, as the
transaction document used an old WARR definition that is not in
line with Fitch's current criteria.

Deviation from Model-implied Ratings: The class B-1 and B-2 notes
ratings at 'AA+sf' are below their model-implied ratings (MIR) of
'AAAsf'. The deviation reflects its view that credit enhancement
and their default rate cushions are not strong enough to support
ratings at their MIR.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Bosphorus CLO V
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.

CAIRN CLO XVIII: S&P Assigns Prelim B-(sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Cairn
CLO XVIII DAC's class A, B, C, D, E, and F notes. At closing, the
issuer will issue unrated class Z and subordinated notes.

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

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

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

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

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

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

  Portfolio benchmarks
                                                         CURRENT

  S&P weighted-average rating factor                    2,728.15

  Default rate dispersion                                 639.16

  Weighted-average life (years)                             5.06

  Obligor diversity measure                               121.35

  Industry diversity measure                               17.06

  Regional diversity measure                                1.28


  Transaction key metrics
                                                         CURRENT

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

  'CCC' category rated assets (%)                           0.25

  Target 'AAA' weighted-average recovery (%)               37.28

  Target weighted-average spread (%)                        4.10

  Target weighted-average coupon (%)                        4.05


Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.6 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, and the portfolio's covenanted weighted-average
spread (3.90%), covenanted weighted-average coupon (4.00%), and
target weighted-average recovery rates at all rating levels. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

Until the end of the reinvestment period on April 15, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the preliminary ratings on the class A
to E notes based on four hypothetical scenarios and applied to the
actual portfolio characteristics presented to us for preliminary
ratings.

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and is managed by Cairn Loan Investments
II LLP.

Environmental, social, and governance factors

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average." For
this transaction, the documents prohibit assets from being related
to the following industries and activities:

-- Anti-personnel mines, cluster weapons, depleted uranium,
nuclear weapons, white phosphorus, biological and chemical weapons,
or weapons of mass destruction;

-- Any obligor that derives more than 10% of its revenue from
civilian firearms;

-- Coal extraction and mining activities;

-- Pornography or prostitution;

-- Payday lending;

-- any obligor that derives any of its revenue from controversial
practices in land use and biodiversity;

-- Soy, cattle, or timber;

-- Trading in protected wildlife;

-- Illegal drugs or narcotics;

-- Palm oil and palm fruit products;

-- Soft commodities (wheat, rice, meat, soy, sugar, diary, fish,
and corn; and

-- Activities that violate one or more of the United Nations
Global Compact principles, the International Labour Organisation
conventions, and the UN Guiding Principles on Business and Human
Rights.

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
S&P's ESG benchmark for the sector, it has not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities.

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

  A        AAA (sf)     248.00      3mE + 1.30%     38.00

  B        AA (sf)       44.00      3mE + 2.00%     27.00

  C        A (sf)        24.00      3mE + 2.40%     21.00

  D        BBB- (sf)     28.00      3mE + 3.40%     14.00

  E        BB- (sf)      16.00      3mE + 6.35%     10.00

  F        B- (sf)       13.00      3mE + 8.72%      6.75

  Z    NR             5.00      N/A               N/A

  Sub notes  NR          32.84      N/A               N/A

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




HENLEY CLO IV: Fitch Hikes Rating on Class F Notes to 'B+sf'
------------------------------------------------------------
Fitch Ratings has upgraded Henley CLO IV DAC's class F notes and
affirmed the rest as detailed below.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Henley CLO IV DAC

   A XS2291281835     LT AAAsf  Affirmed   AAAsf
   B-1 XS2291282056   LT AA+sf  Affirmed   AA+sf
   B-2 XS2291282213   LT AA+sf  Affirmed   AA+sf
   C XS2291282304     LT A+sf   Affirmed   A+sf
   D XS2291283294     LT BBB+sf Affirmed   BBB+sf
   E XS2291282643     LT BB+sf  Affirmed   BB+sf
   F XS2291282726     LT B+sf   Upgrade    Bsf

Transaction Summary

Henley CLO IV DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is actively managed by Napier
Park Global Capital Ltd and will exit its reinvestment period in
July 2025.

KEY RATING DRIVERS

Stable Performance: The portfolio's credit quality has remained
broadly stable over the last 12 months. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is at 1.7%, versus a limit
of 7.5%, according to the latest trustee report dated 15 July 2024.
The portfolio currently has no defaulted assets and the transaction
is passing all collateral-quality and portfolio-profile tests. The
transaction is 0.9% below its target par but its shorter risk
horizon also contributes to strong cushions to support the upgrade
of the class F notes by one notch.

Manageable Refinancing Risk: The transaction has manageable
refinancing risk with only 6.2% of assets maturing before 2027.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor of the current portfolio is 26.1.

High Recovery Expectations: Senior secured obligations comprise
99.8% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 62.1%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by trustee, is 13.9%, and no obligor
represents more than 1.5% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 38.5% as calculated by
the trustee. Fixed-rate assets reported by the trustee are 4.9% of
the portfolio balance, versus a limit of 15%.

RATING SENSITIVITIES

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

Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed, due to unexpectedly high
levels of defaults and portfolio deterioration.

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

Upgrades may result from stable portfolio quality and if the notes
start amortising, leading to higher credit enhancement across the
structure.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for this transaction.
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.

JUBILEE CLO 2013-X: Fitch Hikes Rating on Cl. E-R-R Notes to 'BBsf'
-------------------------------------------------------------------
Fitch Ratings has upgraded Jubilee CLO 2013-X DAC class E-R-R notes
to 'BBsf' from 'BB-sf' and affirmed the rest. All notes are on
Stable Outlook.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Jubilee CLO 2013-X DAC

   A-1-R-R XS2332241384   LT AAAsf  Affirmed   AAAsf
   A-2-R-R XS2332242788   LT AAAsf  Affirmed   AAAsf
   B-R-R XS2332242192     LT AAsf   Affirmed   AAsf
   C-R-R XS2332243323     LT Asf    Affirmed   Asf
   D-R-R XS2332244057     LT BBB-sf Affirmed   BBB-sf
   E-R-R XS2332244560     LT BBsf   Upgrade    BB-sf
   F-R-R XS2332244727     LT B-sf   Affirmed   B-sf

Transaction Summary

Jubilee CLO 2013-X DAC is a cash flow collateralised loan
obligation (CLO) comprising mostly senior secured obligations. The
transaction is currently in its reinvestment period, and is
actively managed by Alcentra Ltd.

KEY RATING DRIVERS

Shorter Weighted Average Life (WAL): Fitch has performed a stressed
portfolio analysis and the model-implied ratings are in line with
the current ratings, leading to today's rating action. The stressed
portfolio analysis was based on the WAL covenant of 5.71 years,
which is shorter than that in the last review in October 2023. When
combined with its loan pre-payment expectations, this ultimately
reduces the maximum possible risk horizon of the portfolio,
resulting in the upgrade of the class E-R-R notes.

Stable Asset Performance: The transactions' metrics indicate stable
asset performance. The transaction is passing all coverage,
collateral-quality and portfolio-profile tests.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transactions' underlying obligors at 'B'/'B-'. The portfolio
weighted average rating factor (WARF) as calculated by Fitch is
26.0.

High Recovery Expectations: Senior secured obligations comprise
97.8% of the portfolios as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) reported by the trustee is 62.6%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.0% and no obligor represents more than 1.7% of
the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATION

Fitch does not provide ESG relevance scores for the transaction. 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. For more information on Fitch's ESG Relevance
Scores, visit the Fitch Ratings ESG Relevance Scores page.

PENTA CLO 17: Fitch Assigns 'B-sf' Final Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 17 DAC final ratings, as
detailed below.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
Penta CLO 17 DAC

   Class A XS2837111884     LT AAAsf  New Rating   AAA(EXP)sf
   Class A-L                LT AAAsf  New Rating   AAA(EXP)sf
   Class B-1 XS2837112007   LT AAsf   New Rating   AA(EXP)sf
   Class B-2 XS2837882617   LT AAsf   New Rating   AA(EXP)sf
   Class C XS2837111967     LT Asf    New Rating   A(EXP)sf
   Class D XS2837112189     LT BBB-sf New Rating   BBB-(EXP)sf
   Class E XS2837112346     LT BB-sf  New Rating   BB-(EXP)sf
   Class F XS2837112262     LT B-sf   New Rating   B-(EXP)sf
   Class X XS2837882450     LT AAAsf  New Rating   AAA(EXP)sf
   Sub Notes XS2837112429   LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Penta CLO 17 DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR425
million. The portfolio is actively managed by Partners Group (UK)
Management Ltd. The CLO has an approximately 4.5-year reinvestment
period and a 7.5 year weighted average life (WAL) test limit.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the indicative portfolio to
be in the 'B'/'B-' category. The Fitch weighted average rating
factor of the identified portfolio is 25.5.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the indicative portfolio is 61.8%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch test matrices, two of which are effective at closing.
The matrices correspond to a top 10 obligor concentration limit of
20%, and fixed-rate obligation limits at 2.5% and 7.5% and a
7.5-year WAL covenant. It has two forward matrices corresponding to
the same top 10 obligors and fixed-rate asset limits, and a WAL
covenant that is half year shorter, which will be effective half a
year after closing (or a year and a half after closing if the WAL
steps up), provided the collateral principal amount (defaults at
Fitch-calculated collateral value) is at least at the reinvestment
target par balance, among other things.

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

Portfolio Management (Neutral): The transaction has an
approximately 4.5-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.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 7.5 years, on the step-up date or afterwards, which
can be one year after closing at the earliest. The WAL extension
will be automatic subject to conditions including satisfying the
collateral-quality tests, coverage tests and the adjusted
collateral principal amount being at least equal to the
reinvestment target par.

Cash Flow Modelling (Neutral): The WAL used for the stressed-cased
portfolio was 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limitation tests, and a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. In Fitch's opinion, these conditions 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 current portfolio would have no impact on the class X notes and
class A debt, and lead to downgrades of two notches for the class B
and C notes, one notch for the class D and E notes, and to below
'B-sf' for class F.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
stressed-case portfolio, the class B and C notes display a rating
cushion of one notch, the class D to F notes of two notches, and
the class X notes and A debt do not display any rating cushion as
they are already at the highest achievable rating.

Should the cushion between the current 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 three
notches for the class A and C notes, four notches for the class B
notes, two notches for D notes and to below 'B-sf' for the class E
and F notes.

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

A 25% reduction of the RDR across all ratings and a 25% increase in
the RRR across all ratings of the stressed-case portfolio would
lead to upgrades 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, leading to the
ability of the notes to withstand larger-than-expected losses for
the remaining life of the transaction.

After the end of the reinvestment period, upgrades may occur in
case of 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 Penta CLO 17 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.

SOUND POINT I: Fitch Hikes Rating on Class F-R Notes to 'Bsf'
-------------------------------------------------------------
Fitch Ratings has upgraded Sound Point Euro CLO I Funding DAC's
notes, except the class A notes, which are affirmed at 'AAAsf'. The
Outlook is Stable on all notes.

   Entity/Debt                 Rating          Prior
   -----------                 ------          -----
Sound Point Euro
CLO I Funding DAC

   A-R Loan                LT AAAsf Affirmed   AAAsf
   A-R Note XS2339924701   LT AAAsf Affirmed   AAAsf
   B-1-R XS2339925005      LT AA+sf Upgrade    AAsf
   B-2-R XS2339925344      LT AA+sf Upgrade    AAsf
   C-R XS2339925773        LT A+sf  Upgrade    Asf
   D-R XS2339926078        LT A-sf  Upgrade    BBBsf
   E-R XS2339926318        LT BB+sf Upgrade    BBsf
   F-R XS2339926235        LT Bsf   Upgrade    B-sf

Transaction Summary

Sound Point Euro CLO I Funding DAC is a cash flow collateralised
loan obligation (CLO) actively managed by Sound Point CLO C-MOA,
LLC. It closed on 8 May 2019, was reset in April 2021 and will exit
its reinvestment period on 25 November 2025.

KEY RATING DRIVERS

Performance Better Than Expected Case: The portfolio's credit
quality has remained stable over the last 12 months. Exposure to
assets with a Fitch-derived rating of 'CCC+' and below remains low
at 1.4%, versus a limit of 7.5% according to the latest trustee
report dated July 2024. The transaction is currently above target
par by 0.5% and has no reported defaulted assets. The transaction
is also passing all its collateral-quality, portfolio-profile and
coverage tests.

The stable performance of the transaction is above its rating case
expectations, which combined with a shortened weighted average life
(WAL) covenant, has resulted in large break-even default-rate
cushions. This has led to today's rating action.

Low Refinancing Risk: The notes have no near- and medium-term
refinancing risk, with only 0.6% of the assets in the portfolio
maturing in 2025, and only 2.7% maturing by June 2026.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor of the current portfolio is 33.1 as reported
by the trustee based on an old criteria and 25.1 as calculated by
Fitch under its latest criteria.

High Recovery Expectations: Senior secured obligations comprise
99.7% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio as reported by the trustee is 63.8%.

Diversified Portfolio: The top 10 obligor concentration as
calculated by Fitch is 9.9%, which is below the limit of 15%, and
no obligor represents more than 1.3% of the portfolio balance.

Transaction Within Reinvestment Period: Given the manager's ability
to reinvest, Fitch's analysis is based on a stressed portfolio and
tested the notes' achievable ratings across all Fitch test
matrices, since the portfolio can still migrate to different
collateral quality tests and the level of fixed-rate assets could
change. Fitch has modelled the target par balance as the
transaction allows up to 1% of the target par amount to be
transferred from the principal account as trading gains.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Sound Point Euro
CLO I Funding 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.

TRINITAS EURO II: S&P Assigns B- (sf) Rating to Class F-R-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned ratings to Trinitas Euro CLO II DAC's
class X-R-R to F-R-R European cash flow CLO notes. The issuer has
unrated subordinated notes outstanding from the existing
transaction and has not issued additional subordinated notes.

The transaction is a reset of the already existing transaction
which closed in April 2022. The issuance proceeds of the
refinancing debt were used to redeem the refinanced debt (the
original transaction's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R
notes) and the ratings on the original notes have been withdrawn.

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

The transaction has a two-year non-call period and the portfolio's
reinvestment period will end approximately 5.18 years after
closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks
                                                         CURRENT

  S&P weighted-average rating factor                    2,667.21

  Default rate dispersion                                 629.11

  Weighted-average life (years)                             4.29

  Weighted-average life (years) extended
  to cover the length of the reinvestment period            5.18

  Obligor diversity measure                               148.12

  Industry diversity measure                               23.66

  Regional diversity measure                                1.30


  Transaction key metrics
                                                         CURRENT

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

  'CCC' category rated assets (%)                           0.59

  Actual target 'AAA' weighted-average recovery (%)        36.94

  Actual target weighted-average spread (net of floors; %)  3.88

  Actual target weighted-average coupon (%)                 4.89


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

"In our cash flow analysis, we used the EUR400 million target par
amount (which includes a senior secured bond issued by PCF GmbH
currently rated 'CC' but which we have treated as a current pay
obligation), the covenanted weighted-average spread (3.87%), the
covenanted weighted-average coupon (4.89%), and the covenanted
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Until the end of the reinvestment period on Oct. 20, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the assigned ratings are
commensurate with the available credit enhancement for the class
X-R-R, A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes.

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

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class X-R-R to E-R-R notes based
on four hypothetical scenarios.

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds and is managed by Trinitas Capital
Management LLC.

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including but not limited to, the following:
weapons of mass destruction, illegal drugs or narcotics, opioids,
pornographic or prostitution, child or forced labor, payday
lending, electrical utility limitations, oil and gas, tobacco,
civilian firearms, hazardous chemicals, private prisons, soft
commodities limitations, and trading coal limitations. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."

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

  X-R-R   AAA (sf)      0.60      3mE +0.45%      N/A

  A-R-R   AAA (sf)    248.00      3mE +1.29%      38.00

  B-R-R   AA (sf)      45.00      3mE +1.86%      26.75

  C-R-R   A (sf)       25.00      3mE +2.33%      20.50

  D-R-R   BBB- (sf)    26.00      3mE +3.25%      14.00

  E-R-R   BB- (sf)     16.80      3mE +5.96%       9.80

  F-R-R   B- (sf)      13.20      3mE +8.20%       6.50

  Sub     NR           28.85      N/A               N/A

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




===========
S E R B I A
===========

SERBIA: Fitch Alters Outlook on 'BB+' LongTerm IDR to Positive
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on Serbia's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Positive from
Stable and affirmed the IDR at 'BB+'.

Key Rating Drivers

The revision of the Outlook on Serbia's IDRs reflects the following
key rating drivers and their relative weights:

Medium

Strengthening Credit Fundamentals: Fitch expects Serbia to keep
government debt/GDP on a downward path and maintain a solid
external position amid an investment boom that will bolster growth
prospects in the near term and, potentially, the medium term. Fitch
has revised up its fiscal deficit forecasts due to higher public
investment, but it has greater clarity on the fiscal implications
than at the time of its last review in February.

Since Fitch upgraded Serbia to 'BB+' in 2018, the economy has been
resilient to the pandemic and energy shock, which was exacerbated
by failings at SOEs that are being addressed. The authorities have
demonstrated strong compliance with, and appear committed to, a
reform agenda anchored on IMF programmes and policy framework
underpinned by sustained exchange rate stability.

Investment to Drive Growth: Growth prospects are robust and will be
led by a large pipeline of public and private investment. The "Leap
into the Future - Serbia Expo 2027" plan contains EUR17.8 billion
(23.4% of projected 2024 GDP) of spending centered on the 2027
Belgrade Expo. The expo itself (including rail link) accounts for
EUR1.3 billion. The rest is largely road and rail,
industrialization and other infrastructure projects. The
authorities have a reasonable record of project execution, although
handling a pipeline of this magnitude could pose challenges.
FDI-driven projects and linkages to the EU market will underpin
solid private investment growth, with large manufacturing projects
ongoing.

Growth Above Trend: Private consumption growth should remain solid
due to the expected continued strength of the labour market. Net
exports will be negative given the high import bill, but new
capacity and the strengthening of the eurozone economy will support
export growth. Fitch forecasts growth of 3.8% in 2024. Trend growth
is estimated by the authorities and IMF at 4%. Successful
implementation of infrastructure projects may provide some upside.
Fitch expects growth to be above trend in 2025 and 2026 due to high
investment. Solid growth and exchange rate stability underpin its
forecast of a near doubling of GDP per capita in US dollar terms
between 2018 and 2026.

Falling Government Debt: Debt/GDP is projected to fall despite
capex-driven upward revisions to official deficit targets. The
general government balance was in a small surplus in 1H24 due to
revenue outperformance, but the government has maintained the 2024
deficit target of 2.2% of GDP. Given the likely continued revenue
buoyancy and capex execution challenges, Fitch expects a deficit of
1.9%. Official 2025 and 2026 deficit targets were raised by 1% and
0.8%, respectively, almost entirely due to capex, which is budgeted
to average 7.4% of GDP over 2024-2027. The targets breach the new
fiscal rule (as did the ad hoc pension increase in 2023) but have
been agreed to by the IMF.

The modest increase in capex relative to the headline size of the
plan reflects that most projects were already captured in official
projections. However, tying them to a specific date could bring
implementation challenges and cost overruns. Nonetheless, Fitch
forecasts deficits of 2.5% of GDP in 2025 and 2026, reflecting
ongoing commitment to debt/GDP reduction, albeit more slowly than
previously anticipated. Fitch forecasts general government debt/GDP
at 48.8% of GDP at end-2026 from 52.3% at end-2023. Its projections
are consistent with debt/GDP falling by 2.9pp between 2018 and
2024, despite intervening shocks, compared with an increase of
12.2pp for the 'BB' median.

Strengthened External Position: The external position has continued
to strengthen as net FDI inflows more than fully covered the
widening current account deficit. Balance of payments data for 5M24
show a current account deficit of EUR0.9 billion (1.2% of
Fitch-projected full-year GDP) and net FDI inflows of EUR1.7
billion. Central bank purchases to offset exchange rate
appreciation pressure and a USD1.5 billion Eurobond issued in June
lifted total reserves to EUR31.1 billion at end-July, up EUR3.2
billion since the start of the year.

FDI Covering CAD: Fitch expects the investment-driven rise in the
import bill will widen the current account deficit to 4% of GDP in
2024, 5% in 2025 and 5.3% in 2026. Net FDI inflows will fully
finance the 2024 and 2025 deficits and portfolio inflows will more
than cover the remaining gap in 2026, allowing an increase in
reserves in each year. The rising import bill means that reserves
to current external payments (CXP) will peak at 6.3 months in 2024
('BB' median 4.5) before falling to 5.8 months in 2026. Current
account deficits have been fully FDI-financed each year since the
2018 upgrade, when reserves were EUR12.9 billion (4.6 months of
CXP).

Inflation Back to Target: Inflation returned to the central bank's
target range of 3+/-1.5% in May (3.8% in June), reflecting lower
food prices, energy price hikes dropping out of the annual
comparison, lower imported inflation, easing real wages and tighter
monetary policy. Fitch forecasts inflation to average 4.4% in 2024.
Average inflation is projected at 3.6% in 2025 and 3.2% in 2026.
This is consistent with further central bank policy rate cuts
following two 25bp moves in June and July. Monetary policy
pass-through has been effective despite still elevated levels of
dollarisation (57% for deposits), which remain a rating weakness.

Serbia's 'BB+' IDRs also reflect the following key rating drivers:

Governance: Governance indicators, as measured by the World Bank,
are slightly better than the 'BB' median, but well below that of
'BBB' sovereigns. Local elections in June confirmed the dominance
of the ruling SNS-led coalition, and Fitch expects President Vucic
to serve a full term to end-2027, with the Expo the key focus.
Relations with Kosovo remain tense and a constraint on Serbia's
progress with EU accession. The strength of relations with China
was highlighted by a visit from President Xi in May.

Sound Banking Sector: The majority foreign-owned banking sector
remains healthy. Key indicators changed little over the first five
months, with capital adequacy just over 21% and non-performing
loans just over 3%. Profitability indicators are strong and well
above medium term averages, reflecting high net interest margins.
Credit growth is starting to revive in line with higher demand and
easing lending standards.

ESG - Governance: Serbia has an ESG Relevance Score of '5' for both
Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model (SRM). Serbia has a medium WBGI
ranking, at the 47th percentile, reflecting a moderate level of
rights for participation in the political process, moderate
institutional capacity, established rule of law and a moderate
level of corruption.

RATING SENSITIVITIES

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

- Public Finances: An increase in general government debt/GDP, for
example, due to a structural fiscal loosening and/or substantial
capital spending overruns.

- Macro: Weaker economic growth, for example, from markedly lower
FDI or a prolonged increase in geopolitical risk.

- External Finances: An increase in external vulnerabilities, for
example, from intensified financing pressures or a worsening of
imbalances, leading to a sharp fall in FX reserves, or higher
external debt and interest costs.

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

- Public Finances: A narrowing of the general government deficit
that supports further reduction in general government debt/GDP.

- Macro: Continued robust GDP growth that supports ongoing
convergence in GDP per capita with higher rated peers.

- Structural: An improvement in governance, potentially
incorporating steps that would smooth EU accession prospects.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns Serbia a score equivalent to a
rating of 'BB+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.}

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Country Ceiling

The Country Ceiling for Serbia is 'BBB-', 1 notch above the LT FC
IDR. This reflects no material constraints and incentives, relative
to the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of 0
notches above the IDR. Fitch's rating committee applied a +1 notch
qualitative adjustment to this, under the Long-Term Institutional
Characteristics pillar reflecting the importance of FDI to Serbia's
open economy and the EU accession process.

ESG Considerations

Serbia has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver with a high
weight. As Serbia has a percentile below 50 for the respective
Governance Indicator, this has a negative impact on the credit
profile.

Serbia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Serbia has a percentile rank below 50 for the
respective Governance Indicators, this has a negative impact on the
credit profile.

Serbia has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI are relevant to the rating and a rating driver. As Serbia has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Serbia has an ESG Relevance Score of '4[+]' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Serbia, as for all sovereigns. As Serbia has
a track record of 20 years without a restructuring of public debt
and captured in its SRM variable, this has a positive impact on the
credit profile.

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
   -----------                       ------           -----
Serbia                LT IDR          BB+  Affirmed   BB+
                      ST IDR          B    Affirmed   B
                      LC LT IDR       BB+  Affirmed   BB+
                      LC ST IDR       B    Affirmed   B
                      Country Ceiling BBB- Affirmed   BBB-

   senior
   unsecured          LT              BB+  Affirmed   BB+

   Senior
   Unsecured-Local
   currency           LT              BB+  Affirmed   BB+



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

CARDIFF AUTO 2024-1: S&P Assigns B (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings has assigned its credit ratings to Cardiff Auto
Receivables Securitisation 2024-1 PLC's (CARS 2024-1) asset-backed
floating-rate class A, B, C, D, E, and F notes. At closing, CARS
2024-1 also issued unrated class Z notes.

This is the third U.K. ABS transaction with receivables originated
by Black Horse Ltd. that we have rated. In total, this is the
originator's fifth transaction.

Black Horse is one of the largest independent auto lenders in the
U.K. and has partner relationships with several auto manufacturers,
with Jaguar Land Rover being the largest by origination volume.
Black Horse lends on a mix of new and used vehicles with a focus on
prime customers. It is not a deposit-taking institution in the
U.K.

The underlying collateral comprises U.K. auto loan receivables
arising under personal contract purchase (PCP) and hire purchase
(HP) agreements for the purchase of new and used vehicles by retail
customers.

The credit quality of the pool is reflective of Black Horse's
eligible loan book, with borrowers from across its internal credit
spectrum included in the securitized pool.

All the PCP receivables contain a final optional balloon payment,
which represents, in aggregate, 51.6% of the securitized pool.

The transaction is static and amortizes from the closing date.
Collections are distributed monthly according to separate interest
and principal waterfalls, paying strictly sequentially.

The assets pay a monthly fixed interest rate. The notes pay
compounded daily Sterling Overnight Index Average plus a margin,
subject to a floor of zero. To mitigate fixed-floating interest
rate risk, the issuer entered an interest rate swap with Lloyds
Bank Corporate Markets PLC. This swap meets S&P's counterparty
criteria.

S&P's ratings address timely payment of interest and ultimate
payment of principal on all the rated notes, although interest on
the class B, C, D, E, and F notes is deferrable.

Nonamortizing liquidity reserves for the rated notes are sized at
2.0% of the rated notes' balance. The liquidity reserves are only
available to cover senior fees, swap payments and interest
shortfalls for the rated notes.

A combination of subordination and excess spread (if available)
provides credit enhancement to the rated notes.

S&P's ratings in this transaction are not constrained by its
operational risk or structured finance ratings above the sovereign
criteria.

  Ratings

  CLASS     RATING*     AMOUNT (MIL. GBP)

  A         AAA (sf)       903.3

  B         AA+ (sf)        72.2

  C         AA- (sf)        80.7

  D         BBB+ (sf)       57.5

  E         BB+ (sf)        52.5

  F         B (sf)          36.3

  Z         NR              47.5

  NR--Not rated.


CLG LOGGERHEADS: Edge Recovery Named as Administrators
------------------------------------------------------
CLG Loggerheads Ltd was placed into administration proceedings in
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency and Companies list, Court Number:
CR-2024-004804, and Robert Cundy of Edge Recovery Limited was
appointed as administrator on Aug. 9, 2024.  

CLG Loggerheads Ltd is in the business of developing building
projects. Its registered office and principal trading address is at
21 Hardings Wood, Kidsgrove, Stoke-On-Trent, ST7 1EG.  

The administrators can be reached at:
  
     Robert Cundy
     Edge Recovery Limited
     5/7 Ravensbourne Road
     Bromley, Kent
     BR1 1HN
       

For further details, contact:
       
     Kristina T. Odorova
     Tel No: 020 8315 7430
     E-mail: kristina.todorova@edgerecovery.com

EUROSAIL-UK 2007-1: Fitch Cuts Rating on Class E1c Notes to 'B-sf'
------------------------------------------------------------------
Fitch Ratings has downgraded Eurosail-UK 2007-1 NC Plc's (ES
2007-1) class E1c notes and affirmed the other classes. Fitch has
revised the Outlooks on the class C1a and D1a and D1c notes to
Negative from Stable. Fitch has also affirmed Eurosail-UK 2007-5NP
Plc's (ES 2007-5) notes.

   Entity/Debt                  Rating            Prior
   -----------                  ------            -----
Eurosail-UK 2007-1 NC Plc

   Class B1a 298800AL7      LT AAAsf  Affirmed    AAAsf
   Class B1c 298800AN3      LT AAAsf  Affirmed    AAAsf
   Class C1a 298800AP8      LT AA+sf  Affirmed    AA+sf
   Class D1a 298800AS2      LT BBB+sf Affirmed    BBB+sf
   Class D1c 298800AU7      LT BBB+sf Affirmed    BBB+sf
   Class E1c XS0284956330   LT B-sf   Downgrade   BBsf

Eurosail-UK 2007-5 NP Plc

   Class A1a 29881FAA7      LT B-sf   Affirmed    B-sf
   Class A1c 29881FAC3      LT B-sf   Affirmed    B-sf
   Class B1c 29881FAF6      LT CCCsf  Affirmed    CCCsf
   Class C1c 29881FAJ8      LT CCCsf  Affirmed    CCCsf
   Class D1c 29881FAM1      LT CCsf   Affirmed    CCsf

Transaction Summary

The transactions comprise non-conforming UK mortgage loans
originated by Southern Pacific Mortgage Limited (formerly a
wholly-owned subsidiary of Lehman Brothers) and Alliance &
Leicester.

KEY RATING DRIVERS

Elevated Senior Fees Drives Downgrade: Fitch has revised ES
2007-1's fixed fee assumption upwards, based on observations over
the past two years. The transaction faced elevated fixed costs due
to the LIBOR transition process. However, this process concluded in
May 2022 and fixed costs have remained above pre-transition costs.
ES 2007-1's class E1c notes' payments will be affected at the
tail-end of the transaction's life as the pool balance amortises
and may not generate sufficient revenue to meet fixed costs and
note payments. This led to Fitch downgrading the notes.

Deteriorating Asset Performance: Asset performance for both
transactions has continued to deteriorate, due to high interest
rates and cost of living pressures. The proportion of loans in
arrears for one month or more for ES 2007-1 has increased to 38.5%
(from 31.6% at the previous review) of the pool's outstanding
balance. For ES 2007-5, this has increased to 23.2% from 16.9%.

Fitch tested scenarios of further arrears increases and found ES
2007-1's class C1a and D1a/D1c notes susceptible to model-implied
downgrades. Consequently, if performance continues to worsen, these
notes could be downgraded in future analysis. As a result, Fitch
has revised their Outlooks to Negative.

Increased CE: Credit enhancement (CE) has continued to build-up for
ES 2007-1 due to its permanent sequential amortisation and static
reserve fund. CE for the senior notes has increased to 65.4% from
57.0% at the previous review, and this supports the affirmations,
offsetting the deterioration in asset performance. The pace of CE
build-up may not be fast enough to offset worsening performance for
the class C1a, D1a and D1c notes, which is reflected in their
Negative Outlooks.

ES 2007-5 Switch to Sequential Amortisation: ES 2007-5 switched to
sequential amortisation from pro-rata due to the breach of the
documented trigger of 20% for 90 days or more delinquencies as of
the March 2024 payment date. This will lead to the notes building
up CE and potentially offsetting the worsening asset performance,
leading to Fitch affirming the notes.

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.

In addition, unanticipated declines in recoveries could 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 found that a 15% increase in the weighted average
foreclosure frequency (WAFF) and a 15% decrease in the weighted
average recovery rate (WARR) indicate downgrades of up to three
notches for ES 2007-1's class C1a notes and four notches for the
class D1a/D1c 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 result in upgrades of up to one notch for ES
2007-1's class C1a notes, three notches for the class D1a and D1c
notes and seven notches for the E1c notes.

Improved asset performance could lead to pro-rata amortisation of
ES 2007-5 and no further CE build-up, limiting any upgrades.

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

Eurosail-UK 2007-1 NC Plc, Eurosail-UK 2007-5 NP Plc

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's Eurosail-UK
2007-1 NC Plc, Eurosail-UK 2007-5 NP Plc initial closing. The
subsequent performance of the transactions 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

Eurosail 2007-1 and 2007-5 have an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
the pool exhibiting an interest-only maturity concentration among
the legacy non-conforming owner-occupied loans of greater than 40%,
which has a negative impact on the credit profiles, and is relevant
to the ratings in conjunction with other factors.

Eurosail-UK 2007-1 and 2007-5 have an ESG Relevance Score of '4'
for Human Rights, Community Relations, Access & Affordability due
to a significant proportion of the pool containing owner-occupied
loans advanced with limited affordability checks, which has a
negative impact on the credit profiles, and is relevant to the
ratings in conjunction with other factors.

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

EVOLUTIONS MEDIA: Interpath Named as Joint Administrators
---------------------------------------------------------
Evolutions Media Limited entered special administration in the High
Court of Justice Business and Property Courts of England and Wales
Insolvency and Companies List (ChD), Court Number: CR-2024-004744,
and Interpath Ltd was appointed as joint administrators on Aug. 8,
2024.

Evolutions Media Limited, which does business as Evolutions, is a
television post-production house with facilities based in Soho,
London and Bristol offering full post-production services. It was
previously known as Enact III Newco II Limited. Its principal
trading address is at 2 Sheraton Street, London, England, W1F 8BH.

The Joint Administrators may be reached at:

     Howard Smith
     James Richard Clark
     Interpath Advisory
     Interpath Ltd
     4th Floor, Tailors Corner
     Thirsk Row
     Leeds, LS1 4DP

For further details, contact:

     Isabella Purnell
     Tel: 0113 521 8140
     E-mail: evolutionsmedia@interpath.com


HEAT DIRECT: Francis Clark Named as Joint Administrators
--------------------------------------------------------
Heat Direct Supplies Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Company and Insolvency List, Court
Number: CR-2024-004629, and Lucinda Clare Coleman and Stephen James
Hobson of Francis Clark LLP were appointed as joint administrators
on Aug. 6, 2024.  

Heat Direct Supplies Limited's registered office is located at
Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE.  Its
principal trading address is located at Melrose House Pynes Hill,
Rydon Lane, Exeter, EX2 5AZ.

The joint administrators can be reached at:

          Lucinda Clare Coleman
          Stephen James Hobson
          Francis Clark LLP
          Centenary House, Peninsula Park
          Rydon Lane, Exeter
          EX2 7XE
          Tel. No: 01392 667000

For further information, contact:

         Charles Bell
         Francis Clark LLP
         Tel. No: 01392 667000
         E-mail: Charles.Bell@pkf-francisclark.co.uk


KENNEDYS LOGISTICS: FTS Recovery Named as Administrators
--------------------------------------------------------
Kennedys Logistics Ltd was placed into administration proceedings
in the High Court of Justice Business and Property Court in
Manchester Company and Insolvency List, Court Number:
CR-2024-MAN-001027, and FTS Recovery Limited was appointed as
administrators on Aug. 6, 2024.

Kennedys Logistics Ltd provides freight transport services by road.
Its registered office and principal trading address is at Unit 38
Carcroft Enterprise, Carcroft, DN2 8DD.

The Joint Administrators may be reached at:

     Alan Coleman
     FTS Recovery Limited
     3rd Floor, Tootal House
     56 Oxford Street
     Manchester, M1 6EU

          - and -

     Marco Piacquadio
     FTS Recovery Limited
     Ground Floor, Baird House
     Seebeck Place, Knowlhill
     Milton Keynes, MK5 8FR

For further details, contact:

     Chris Jones
     Tel: 0161 938 0240
     E-mail: chris.jones@ftsrecovery.co.uk


LCC TRANS-SENDING: Aug. 23 Meeting to Form Creditors' Committee
---------------------------------------------------------------
Pursuant to Paragraph 51 Schedule B1 Insolvency Act 1986 (as
amended and applied by the Payment and Electronic Money Institution
Insolvency Regulations 2021), an initial meeting of the creditors
and customers of LCC Trans-Sending Limited will be held at the
place, date and time specified for the purposes of considering the
Joint Special Administrators' proposals and the establishment of a
creditors' committee.

     Meeting venues:

     Virtual: https://web.lumiconnect.com/149128248.

     Physical: Holiday Inn London, Bloomsbury, Coram Street,
London, WC1N 1HT or The Priory Rooms Meeting at Conference Centre,
40 Bull Street, Birmingham, B4 6AF

     Date of Meeting: Aug. 23, 2024
     Time of Meeting: 10:00 a.m.

To access the meeting virtually, please use the log in details
provided to creditors and customers with the notice of initial
meeting.

A creditor or customer is only entitled to vote if details in
writing of the debt claimed to be due have been delivered to the
Joint Special Administrators not later than 12:00 pm on the
business day before the day of the meeting, that such debt has been
duly admitted under the provisions of Rules 52 and 56 of the
Payment and Electronic Money Institution Insolvency (England and
Wales) Rules 2021; and that any proxy which is intended to be used
has been lodged with the Joint Special Administrators prior to the
meeting. For the purposes of Paragraph 49(6), Schedule B1 of the
Insolvency Act 1986 (as amended and amended by the Payment and
Electronic Money Institution Insolvency Regulations 2021) copies of
the Statement of Proposals can be obtained from the Joint Special
Administrators.

LCC Trans-Sending was a payment services firm. LCC Trans-Sending's
principal trading address is at 209-215 Blackfriars Road, London,
SE1 8NL.

LCC Trans-Sending entered special administration in the High Court
of Justice, Business and Property Courts of England and Wales,
Insolvency & Companies List (ChD) Court Number: CR-2024-003576, and
Grant Thornton UK LLP was appointed as administrators on June 18,
2024.  It has ceased trading.

The Joint Special Administrators may be reached at:

     Chris M. Laverty
     Russell Simpson
     Jarred H. Erceg
     Grant Thornton UK LLP
     30 Finsbury Square
     London, EC2A 1AG
     Tel: 020 7184 4300

For further information, contact:

     Richard Jackson
     Grant Thornton UK LLP
     Tel: 0161 953 6906
     E-mail: cmusupport@uk.gt.com


LONDON WALL 2024-01: S&P Assigns B (sf) Rating to Cl. X-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned credit ratings to London Wall Mortgage
Capital PLC's series 2024-01 (London Wall 2024-1) notes.

London Wall 2024-01 is an RMBS transaction that securitizes a
portfolio of buy-to-let (BTL) and owner-occupied mortgage loans
secured on properties in the U.K.

This transaction is the sixth securitization under the London Wall
Mortgage Capital PLC program.

The loans in the pool were originated between 2014 and 2022 by
Fleet Mortgages Ltd. (28%), Charter Court Financial Services Ltd.
(CCFS) (29%), and The Mortgage Lender Ltd. (TML) (43%).

S&P has previously analyzed assets in this pool under the Charter
Mortgage Funding 2017-1 PLC and Lanebrook Mortgage Transaction
2020-1 PLC (Lanebrook 2020-1) transactions. The remaining assets
were securitized under the following transactions that we did not
rate: London Wall Mortgage Capital PLC's series Fleet 2017 01,
London Wall Mortgage Capital PLC's series Fleet 2018-01, Charter
Mortgage Funding 2018-1 PLC, Precise Mortgage Funding 2018-1B PLC,
and Precise Mortgage Funding 2018-2B PLC. Some of the assets
originated by Fleet Mortgages have not been previously
securitized.

The transaction has a prefunding feature. The issuer intends to use
the prefunding process to purchase the full beneficial interest in
the mortgage loans currently securitized under Lanebrook 2020-1 on
the call date of Sept. 12, 2024.

A liquidity reserve fund as well as principal proceeds can be used
to pay shortfalls in senior fees and expenses, interest on the
class A notes, and interest on the classes B-Dfrd to E-Dfrd notes
subject to being the most senior class outstanding.

The transaction incorporates an interest rate cap to hedge exposure
to liquidity risks in a rising interest rate scenario.

The transaction allows for pro rata amortization. S&P has
considered this in its analysis by stressing delayed defaults.

At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer entered into a security deed with the security trustee at
the time of program establishment and granted security over all of
its assets in favor of the security trustee.

Product switches are permitted under the transaction documentation
until the step-up date, subject to certain conditions. Product
switches are permitted up to a limit of 5.0% of the aggregate
amount of the current balance of the portfolio as of the closing
date. Product switches are only permitted subject to compliance
with the respective eligibility criteria. S&P considered this in
its cash flow analysis.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote. We
also consider each series within the program to be segregated."

Fleet Mortgages, CCFS, and TML are the servicers for their
respective deals in this transaction.

  Ratings

  CLASS     RATING*     AMOUNT (MIL GBP)

  A         AAA (sf)      303.69

  B-Dfrd    AA (sf)        22.95

  C-Dfrd    A+ (sf)        14.13

  D-Dfrd    BBB (sf)       10.59

  E-Dfrd    BB+ (sf)        1.77

  X-Dfrd    B (sf)         14.13

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes, and the ultimate
payment of interest and principal on the other rated notes. Its
ratings also address the timely receipt of interest on the class
B–Dfrd to X-Dfrd notes when they become the most senior
outstanding.
NR--Not rated.



RIDGESPEAR LIMITED: Francis Clark Named as Joint Administrators
---------------------------------------------------------------
Ridgespear Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Court of England
and Wales, Company and Insolvency List (ChD), Court Number:
CR-2024-004409, and Lucinda Clare Coleman and Stephen James Hobson
of Francis Clark LLP were appointed as joint administrators on Aug.
6, 2024.  

Ridgespear Limited is a manufacturer of building products and
specializes in the development of various products in plumbing and
heating, building materials, ventilating and air-conditioning such
as underfloor heating, and associated components. Its registered
office is located at Centenary House, Peninsula Park, Rydon Lane,
Exeter, EX2 7XE.  Its principal trading address is at Melrose House
Pynes Hill, Rydon Lane, Exeter, EX2 5AZ.

The joint administrators can be reached at:

          Lucinda Clare Coleman
          Stephen James Hobson
          Francis Clark LLP
          Centenary House, Peninsula Park
          Rydon Lane, Exeter
          EX2 7XE
          Tel. No: 01392 667000

For further information, contact:

         Charles Bell
         Francis Clark LLP
         Tel. No: 01392 667000
         E-mail: Charles.Bell@pkf-francisclark.co.uk

ROLLS-ROYCE PLC: Moody's Ups Rating on Sr. Unsecured Debt From Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the backed senior unsecured ratings of
aero-engines, propulsion and power systems manufacturer Rolls-Royce
plc (the company) to Baa3 from Ba1. Concurrently, Moody's have
assigned a Baa3 long-term issuer rating to the company and withdrew
its Ba1 corporate family rating and Ba1-PD probability of default
rating. Moody's have also upgraded the company's backed senior
unsecured Euro Medium Term Notes (EMTN) programme rating to (P)Baa3
from (P)Ba1. The outlook remains positive.

"Rolls-Royce's return to investment grade ratings reflects the
substantial improvement in its profitability, cash flows and
financial leverage, underpinned by strong demand and the very
successful execution of its transformation programme so far,
leading to sustainably better performance" says Frederic Duranson,
a Moody's Ratings Vice President – Senior Analyst and lead
analyst for Rolls-Royce. "The company's conservative financial
policy, including excellent liquidity, also supports its investment
grade rating." Mr Duranson adds.

RATINGS RATIONALE

Rolls-Royce's credit quality has continued to improve materially in
the first half of 2024, on the back of a significant increase in
company-adjusted operating profit to GBP1.15 billion from under
GBP0.7 billion a year earlier. At the same time, the company used
existing cash to repay a EUR550 million bond in May 2024 and will
continue to prioritise balance sheet strength. A lengthening track
record of solid performance and conservative financial policies are
key governance drivers of the upgrade back to investment grade.

As a result, Moody's-adjusted gross debt/EBITDA was 1.9x for the 12
months ended June 30, 2024. Rolls-Royce also generates substantial
Moody's-adjusted free cash flow (FCF), which reached GBP2.1 billion
in the 12 months ended June 30, 2024.

The company's largest division, Civil Aerospace, continues to
primarily drive Rolls-Royce's credit profile. In the past 18
months, its share of operating profit has consistently risen. This
reflects the strength of the post-pandemic recovery in commercial
aerospace markets and the far-reaching transformation programme
launched by new management in early 2023. Large commercial engine
flying hours are now above 2019's level and the successful
execution of the transformation programme is leading to stronger
profitability thanks to a combination of better pricing and cost
savings.

While Moody's expect that these benefits are front-loaded, Moody's
forecast that they will continue to contribute to profit growth in
the next few years. Moody's also expect the trading environment to
remain strong across the company's divisions. In Civil Aerospace,
Rolls-Royce's large engines order book represents over six years of
2024 forecast deliveries. In Defence, Rolls-Royce has exposure to
long-term programmes, with the prospect of rising profit
contributions from the AUKUS submarine programme for example. In
Power Systems, ongoing digitalisation is driving high demand for
data centres which Rolls-Royce powers.

Moody's expect that the company will grow its adjusted operating
profit, to a range of GBP2.4 billion – GBP2.5 billion in 2025,
with management guidance of GBP2.1 billion – GBP2.3 billion for
this year. Moody's forecast pace of operating profit improvement is
abating because of base effects. Lower modelled growth reflects (i)
the more advanced stage of market recovery, (ii) diminishing
benefits from the transformation programme in certain areas such as
commercial optimisation for existing contracts; and (iii) lower
contract catch-ups in Moody's model.

Moody's-adjusted forecast FCF growth for 2024 to around GBP1.9
billion will mirror the rise in profit as well as a net reduction
in working capital and a lower drag from provisions and
over-hedging outflows. These factors, combined with a return to
dividend distributions and higher taxes will lead to stable
Moody's-adjusted FCF in 2025. A forecast $1 billion bond repayment
in October 2025 will help keep Moody's adjusted debt/EBITDA below
2.0x. Moody's expect that strong cash flows will enable Rolls-Royce
to implement its other capital allocation priorities, including
organic and inorganic investment as well as additional shareholder
distributions in the form of share buybacks.

The company's Baa3 ratings also reflect: 1) high barriers to entry
given the critical technological content of the company's engines;
2) Moody's expectations for solid growth in commercial aerospace,
fueled by market recovery and growing orders, alongside good
prospects in Defence and Power Systems; 3) the good performance of
the company's Trent XWB and Trent 7000 engines which represent most
orders and installed engine base; 4) the company's commitment to a
conservative financial policy; and 5) the strategic importance of
Rolls-Royce to UK defence capabilities and to the aerospace supply
chain.

However, Rolls-Royce's Baa3 ratings also take into account: 1)
supply chain challenges and persistent inflation which limit profit
improvements; 2) some concentration risk, given the company's
relatively small number of commercial aerospace engines for
widebody aircraft; 3) a relatively short track record of improved
profitability with margins somewhat below those of civil aerospace
industry leaders; and 4) longer-term strategic challenges including
re-entry into the narrowbody market and achieving profitable growth
in new business segments such as small modular reactors.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations are a key driver of the upgrade. Moody's
have changed Rolls-Royce's governance issuer profile score to G-2
from G-3. The change reflects its conservative financial policy
which prioritises balance sheet strength. Additionally, the company
is building a track record of exceeding its financial guidance in
contrast with a pre-pandemic history of underperformance to
guidance and unexpected adverse events. As a result, Moody's have
also changed its credit impact score to CIS-3 from CIS-4. CIS-3
indicates that ESG considerations have a limited impact on the
current credit rating with potential for greater negative impact
over time.

LIQUIDITY

Rolls-Royce's liquidity is excellent. As of June 30, 2024, the
company's total liquidity amounted to GBP6.5 billion, including
unrestricted cash of GBP4 billion and a GBP2.5 billion undrawn
revolving credit facility maturing in November 2026. Moody's
expectation of material free cash flow also enhances Rolls-Royce's
liquidity. The company has publicly committed to repaying its $1
billion notes maturing in October 2025 from existing cash.

RATING OUTLOOK

The positive outlook reflects Moody's expectations that Rolls-Royce
will continue to improve its credit metrics and strengthen its
track record in the next 12 to 18 months. The outlook also assumes
that the company will maintain a conservative financial policy
prioritising balance sheet strength and substantial liquidity,
including a large proportion of cash.

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

The ratings could be upgraded if:

-- Rolls-Royce builds a further track record of performance in
line with or above guidance, including sustainable operating margin
improvements

-- Rolls-Royce maintains a conservative financial policy allowing
Moody's-adjusted gross leverage to stay sustainably below 2.5x

-- Moody's-adjusted free cash flow remains strong, both before and
after movements in long-term service agreements' (LTSA) liability

-- Liquidity remains in the range of GBP5 billion to GBP7 billion,
including substantial cash on balance sheet

The ratings could be downgraded if:

-- Moody's-adjusted debt/EBITDA increases above 3.0x, or

-- Rolls-Royce is unable to generate Moody's-adjusted FCF (after
dividends) in the event of LTSA liability outflows and liquidity
deteriorates, or

-- Operating margins or interest cover metrics weaken materially,
to below 10% and below 4x respectively

-- Business profile deteriorates, including the company's market
positions or aftermarket profitability, and financial policy turns
more aggressive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense published in October 2021.

COMPANY PROFILE

Headquartered in London, England, Rolls-Royce is a leading global
manufacturer of aero-engines, gas turbines and reciprocating
engines with operations in three principal business segments --
Civil Aerospace, Defence and Power Systems. In the 12 months ended
June 30, 2024, the company had adjusted revenue from continuing
operations of GBP17.8 billion and company-adjusted operating profit
of GBP2.1 billion.

TILTED DESIGN: Francis Clark Named as Joint Administrators
----------------------------------------------------------
Tilted Design Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency and Companies List, Court Number:
CR-2024-004727, and Lucinda Clare Coleman and Stephen James Hobson
of Francis Clark LLP were appointed as joint administrators on Aug.
6, 2024.  

Tilted Design Limited's registered office is at Centenary House,
Peninsula Park, Rydon Lane, Exeter, EX2 7XE.  Its principal trading
address is at Melrose House Pynes Hill, Rydon Lane, Exeter, EX2
5AZ.

The joint administrators can be reached at:

          Lucinda Clare Coleman
          Stephen James Hobson
          Francis Clark LLP
          Centenary House
          Peninsula Park, Rydon Lane  
          Exeter, EX2 7XE
          Tel. No: 01392 667000

For further information, contact:

         Charles Bell
         Francis Clark LLP
         Tel. No: 01392 667000
         E-mail: Charles.Bell@pkf-francisclark.co.uk

TIMOLEON LIMITED: Francis Clark Named as Joint Administrators
-------------------------------------------------------------
Timoleon Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts of England and
Wales, Company and Insolvency List, Court Number: CR-2024-004641,
and Lucinda Clare Coleman and Stephen James Hobson of Francis Clark
LLP were appointed as joint administrators on Aug. 6, 2024.  
       
Timoleon Limited specializes in the manufacture of underfloor
heating and cooling dry panels for OEM customers. Its registered
office is located at Centenary House, Peninsula Park, Rydon Lane,
Exeter, EX2 7XE.  Its principal trading address is at Melrose House
Pynes Hill, Rydon Lane, Exeter, EX2 5AZ.
       
The joint administrators can be reached at:

          Lucinda Clare Coleman
          Stephen James Hobson
          Francis Clark LLP
          Centenary House, Peninsula Park
          Rydon Lane, Exeter
          EX2 7XE
          Tel. No: 01392 667000

For further information, contact:

         Charles Bell
         Francis Clark LLP
         Tel. No: 01392 667000
         E-mail: Charles.Bell@pkf-francisclark.co.uk

WILLIAMS BROS: Horsfields Named as Joint Administrators
-------------------------------------------------------
Williams Bros. Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Court in
Manchester, Company and Insolvency List (ChD), No.
CR-2024-MAN-001023 of 2024, and Manubhai Govindbhai Mistry and
Hemal Mistry of Horsfields were appointed as joint administrators
on Aug. 5, 2024.

Williams Bros. Limited is in the retail business, selling carpets,
rugs, wall and floor coverings in a specialized store.  Its
registered office and principal trading address is at 16 High
Street West, Glossop, England, SK13 8BH.  

The administrator can be reached at:
       
            Govindbhai Mistry
            Hemal Mistry
            Horsfields, Belgrave Place, 8 Manchester Road
            Bury, BL9 0ED
       
For further details, contact:
       
            Christopher Brennan
            Tel No: 0161 763 1383
            E-mail: info@horsfields.com




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

[*] BOND PRICING: For the Week August 12 to August 16, 2024
-----------------------------------------------------------
Issuer                      Coupon  Maturity Currency Price
------                      ------  -------- -------- -----
Ferralum Metals Group SA    10.000 12/30/2026  EUR   33.050
NCO Invest SA               10.000 12/30/2026  EUR    0.329
Altice France Holding SA    10.500  5/15/2027  USD   37.374
NCO Invest SA               10.000 12/30/2026  EUR    0.134
Codere Finance 2 Luxembour  11.000  9/30/2026  EUR   45.077
Solocal Group               10.719  3/15/2025  EUR   21.904
Codere Finance 2 Luxembour  12.750 11/30/2027  EUR    0.392
Virgolino de Oliveira Fina  10.500  1/28/2018  USD    0.010
Turkiye Government Bond     10.400 10/13/2032  TRY   48.800
Virgolino de Oliveira Fina  10.500  1/28/2018  USD    0.010
Oscar Properties Holding A  11.270   7/5/2024  SEK    0.098
Codere Finance 2 Luxembour  13.625 11/30/2027  USD    1.001
Fastator AB                 12.500  9/25/2026  SEK   34.621
Virgolino de Oliveira Fina  11.750   2/9/2022  USD    0.635
Marginalen Bank Bankaktieb  12.695             SEK   40.002
Fastator AB                 12.500  9/26/2025  SEK   35.000
Bilt Paper BV               10.360             USD    0.179
IOG Plc                     13.217  9/20/2024  EUR    9.489
Solocal Group               10.719  3/15/2025  EUR    9.390
Codere Finance 2 Luxembour  13.625 11/30/2027  USD    1.001
Tinkoff Bank JSC Via TCS F  11.002             USD   43.117
Saderea DAC                 12.500 11/30/2026  USD   49.145
UkrLandFarming PLC          10.875  3/26/2018  USD    2.010
Immigon Portfolioabbau AG   10.055             EUR   12.094
Virgolino de Oliveira Fina  10.875  1/13/2020  USD   36.000
Ilija Batljan Invest AB     10.470             SEK    5.000
Goldman Sachs Internationa  16.288  3/17/2027  USD   24.750
R-Logitech Finance SA       10.250  9/26/2027  EUR   15.000
Kvalitena AB publ           10.067   4/2/2024  SEK   45.000
Solarnative GmbH            12.250   4/5/2029  EUR   15.210
Privatbank CJSC Via UK SPV  10.250  1/23/2018  USD    3.447
Plusplus Capital Financial  11.000  7/29/2026  EUR   10.582
Privatbank CJSC Via UK SPV  11.000   2/9/2021  USD    0.507
Codere Finance 2 Luxembour  11.000  9/30/2026  EUR   45.077
Transcapitalbank JSC Via T  10.000             USD    1.450
Elli Investments Ltd        12.250  6/15/2020  GBP    1.133
Sidetur Finance BV          10.000  4/20/2016  USD    0.658
Virgolino de Oliveira Fina  11.750   2/9/2022  USD    0.635
Avangardco Investments Pub  10.000 10/29/2018  USD    0.108
Altice France Holding SA    10.500  5/15/2027  USD   37.016
Societe Generale SA         20.000 11/28/2025  USD    9.200
Raiffeisen Schweiz Genosse  20.000  9/11/2024  CHF   33.510
Bulgaria Steel Finance BV   12.000   5/4/2013  EUR    0.216
Fastator AB                 12.500  9/24/2027  SEK   35.041
UBS AG                      10.000  7/29/2025  USD   34.160
Privatbank CJSC Via UK SPV  10.875  2/28/2018  USD    5.358
Virgolino de Oliveira Fina  10.875  1/13/2020  USD   36.000
Phosphorus Holdco PLC       10.000   4/1/2019  GBP    0.645
EFG International Finance   11.120 12/27/2024  EUR   39.230
Ukraine Government Bond     11.000  4/24/2037  UAH   45.874
Bilt Paper BV               10.360             USD    0.179
BNP Paribas Emissions- und  18.000  9/26/2024  EUR   48.180
Societe Generale SA         15.600  8/25/2026  USD   39.830
Landesbank Baden-Wuerttemb  11.500 10/25/2024  EUR   14.400
Vontobel Financial Product  16.350   2/7/2025  EUR
Societe Generale SA         20.000  7/21/2026  USD    3.400
UBS AG/London               11.200  8/26/2024  USD   20.510
Societe Generale SA         18.000  8/30/2024  USD   33.800
Societe Generale SA         16.000  8/30/2024  USD   21.000
Societe Generale SA         18.000  8/30/2024  USD   19.400
Finca Uco Cjsc              12.000  2/10/2025  AMD    0.000
UBS AG/London               17.500   2/7/2025  USD   12.510
Leonteq Securities AG       24.000  8/21/2024  CHF   35.260
HSBC Trinkaus & Burkhardt   19.600 12/30/2024  EUR    9.670
HSBC Trinkaus & Burkhardt   18.900  9/27/2024  EUR   13.460
National Mortgage Co RCO C  12.000  3/30/2026  AMD    0.000
Leonteq Securities AG/Guer  10.000  9/10/2024  CHF   40.700
HSBC Trinkaus & Burkhardt   17.400 12/30/2024  EUR    9.250
Citigroup Global Markets F  25.530  2/18/2025  EUR    0.010
Finca Uco Cjsc              13.000  5/30/2025  AMD    0.000
Codere Finance 2 Luxembour  12.750 11/30/2027  EUR    0.392
HSBC Trinkaus & Burkhardt   17.700  9/27/2024  EUR   11.070
Leonteq Securities AG/Guer  22.000  8/14/2024  CHF   15.080
BNP Paribas Issuance BV     20.000  9/18/2026  EUR   30.000
Societe Generale SA         20.000  1/29/2026  USD    9.800
Societe Generale SA         20.000  9/18/2026  USD   12.500
Societe Generale SA         15.000  9/29/2025  USD    8.400
Ukraine Government Bond     11.000  2/16/2037  UAH   43.291
Ukraine Government Bond     11.000   4/8/2037  UAH   43.252
Ukraine Government Bond     11.000  4/23/2037  UAH   43.251
Credit Agricole Corporate   10.200 12/13/2027  TRY   47.434
KPNQwest NV                 10.000  3/15/2012  EUR    0.824
Teksid Aluminum Luxembourg  12.375  7/15/2011  EUR    0.619
Bulgaria Steel Finance BV   12.000   5/4/2013  EUR    0.216
Petromena ASA               10.850 11/19/2018  USD    0.622
Tonon Luxembourg SA         12.500  5/14/2024  USD    2.215
Banco Espirito Santo SA     10.000  12/6/2021  EUR    0.058
Elli Investments Ltd        12.250  6/15/2020  GBP    1.133
UkrLandFarming PLC          10.875  3/26/2018  USD    2.010
Tailwind Energy Chinook Lt  12.500  9/27/2019  USD    1.500
Landesbank Baden-Wuerttemb  16.000   1/2/2026  EUR   24.780
Landesbank Baden-Wuerttemb  13.000  6/27/2025  EUR   16.670
Landesbank Baden-Wuerttemb  18.000  9/27/2024  EUR   16.550
Landesbank Baden-Wuerttemb  11.000   1/2/2026  EUR   19.270
Landesbank Baden-Wuerttemb  16.000  6/27/2025  EUR   18.530
Landesbank Baden-Wuerttemb  15.000   1/3/2025  EUR   14.270
Landesbank Baden-Wuerttemb  25.000  9/27/2024  EUR   15.140
BNP Paribas Emissions- und  20.000 12/30/2024  EUR   49.910
BNP Paribas Emissions- und  24.000 12/30/2024  EUR   48.400
BNP Paribas Emissions- und  20.000  9/26/2024  EUR   48.410
BNP Paribas Emissions- und  24.000  9/26/2024  EUR   45.360
BNP Paribas Emissions- und  28.000  9/26/2024  EUR   42.810
Landesbank Baden-Wuerttemb  12.000  2/27/2026  EUR   21.400
Landesbank Baden-Wuerttemb  11.500  4/24/2026  EUR   22.990
DZ Bank AG Deutsche Zentra  14.700  6/27/2025  EUR
DZ Bank AG Deutsche Zentra  17.300  6/27/2025  EUR   23.910
DZ Bank AG Deutsche Zentra  20.000  6/27/2025  EUR
Landesbank Baden-Wuerttemb  11.000  2/27/2026  EUR   20.190
Landesbank Baden-Wuerttemb  13.000  4/24/2026  EUR   25.110
DZ Bank AG Deutsche Zentra  20.400  3/28/2025  EUR   26.630
DZ Bank AG Deutsche Zentra  18.700  6/27/2025  EUR
DZ Bank AG Deutsche Zentra  18.500  3/28/2025  EUR   27.200
DZ Bank AG Deutsche Zentra  17.600  6/27/2025  EUR   28.700
Bank Vontobel AG            14.000   3/5/2025  CHF   25.700
Bank Vontobel AG            11.000  4/11/2025  CHF   45.500
Landesbank Baden-Wuerttemb  10.500  4/24/2026  EUR   21.720
Vontobel Financial Product  29.200  1/17/2025  EUR   43.085
DZ Bank AG Deutsche Zentra  23.600 12/31/2024  EUR
Vontobel Financial Product  10.000  3/28/2025  EUR   47.160
Vontobel Financial Product  16.000  3/28/2025  EUR   25.681
Vontobel Financial Product  15.750  3/28/2025  EUR   50.150
Leonteq Securities AG/Guer  20.000  3/11/2025  CHF   29.170
Leonteq Securities AG/Guer  11.000   1/9/2025  CHF   34.010
Landesbank Baden-Wuerttemb  11.500  2/28/2025  EUR   13.590
Landesbank Baden-Wuerttemb  19.000  2/28/2025  EUR   15.480
DZ Bank AG Deutsche Zentra  13.200  3/28/2025  EUR   52.230
Swissquote Bank Europe SA   25.320  2/26/2025  CHF   44.140
DZ Bank AG Deutsche Zentra  19.900 12/31/2024  EUR   49.970
DZ Bank AG Deutsche Zentra  20.250  9/25/2024  EUR   15.030
DZ Bank AG Deutsche Zentra  16.500 12/27/2024  EUR   17.210
UniCredit Bank GmbH         13.800  9/27/2024  EUR   25.700
UniCredit Bank GmbH         18.000  9/27/2024  EUR   22.430
Bank Vontobel AG            13.500   1/8/2025  CHF   10.400
Raiffeisen Schweiz Genosse  10.000  10/4/2024  CHF   43.600
Landesbank Baden-Wuerttemb  13.000  9/27/2024  EUR   49.410
Landesbank Baden-Wuerttemb  15.000  9/27/2024  EUR   45.660
Landesbank Baden-Wuerttemb  21.000  9/27/2024  EUR   40.110
Landesbank Baden-Wuerttemb  23.000  9/27/2024  EUR   37.850
Landesbank Baden-Wuerttemb  14.000   1/3/2025  EUR   48.800
Landesbank Baden-Wuerttemb  18.000   1/3/2025  EUR   44.310
Landesbank Baden-Wuerttemb  21.000   1/3/2025  EUR   42.990
Landesbank Baden-Wuerttemb  16.000   1/3/2025  EUR   13.110
Landesbank Baden-Wuerttemb  22.000   1/3/2025  EUR   13.870
Landesbank Baden-Wuerttemb  25.000   1/3/2025  EUR   14.460
Landesbank Baden-Wuerttemb  14.000  6/27/2025  EUR   16.290
Landesbank Baden-Wuerttemb  16.000  6/27/2025  EUR   17.610
Landesbank Baden-Wuerttemb  27.000  9/27/2024  EUR   11.490
Inecobank CJSC              10.000  4/28/2025  AMD    0.000
Landesbank Baden-Wuerttemb  18.000  9/27/2024  EUR   42.660
Landesbank Baden-Wuerttemb  16.000   1/3/2025  EUR   46.360
Landesbank Baden-Wuerttemb  19.000   1/3/2025  EUR   13.400
Landesbank Baden-Wuerttemb  19.000  6/27/2025  EUR   19.710
Landesbank Baden-Wuerttemb  21.000  6/27/2025  EUR   21.050
Landesbank Baden-Wuerttemb  10.500   1/2/2026  EUR   17.050
Vontobel Financial Product  16.500 12/31/2024  EUR   31.200
Vontobel Financial Product  18.500 12/31/2024  EUR   30.790
Vontobel Financial Product  20.250 12/31/2024  EUR   30.460
Vontobel Financial Product  11.250 12/31/2024  EUR   33.240
Vontobel Financial Product  13.000 12/31/2024  EUR   32.410
Vontobel Financial Product  14.750 12/31/2024  EUR   31.720
Vontobel Financial Product  20.250 12/31/2024  EUR   21.295
UniCredit Bank GmbH         14.800  9/27/2024  EUR   24.740
UniCredit Bank GmbH         16.900  9/27/2024  EUR   23.120
UniCredit Bank GmbH         19.100  9/27/2024  EUR   21.800
UniCredit Bank GmbH         15.800  9/27/2024  EUR   23.890
Landesbank Baden-Wuerttemb  15.000  2/28/2025  EUR   14.240
Raiffeisen Switzerland BV   16.000   3/4/2025  CHF   27.750
Vontobel Financial Product  26.450  1/24/2025  EUR   22.632
Landesbank Baden-Wuerttemb  10.500  4/28/2025  EUR   13.740
Landesbank Baden-Wuerttemb  19.000  4/28/2025  EUR   18.360
UBS AG/London               13.000  9/30/2024  CHF   15.760
Leonteq Securities AG       24.000  1/16/2025  CHF   38.230
DZ Bank AG Deutsche Zentra  11.500 12/31/2024  EUR   13.320
DZ Bank AG Deutsche Zentra  23.100 12/31/2024  EUR   32.300
DZ Bank AG Deutsche Zentra  21.500  9/27/2024  EUR   48.780
Landesbank Baden-Wuerttemb  15.000  3/28/2025  EUR   13.310
BNP Paribas Emissions- und  22.000  3/27/2025  EUR   50.100
UniCredit Bank GmbH         10.500  9/23/2024  EUR   23.640
BNP Paribas Emissions- und  18.000  3/27/2025  EUR   50.290
Swissquote Bank SA          14.040  8/14/2024  CHF   45.310
Leonteq Securities AG       24.000  1/13/2025  CHF   15.020
Landesbank Baden-Wuerttemb  13.000 10/25/2024  EUR   13.640
Landesbank Baden-Wuerttemb  16.000 10/25/2024  EUR   12.580
Vontobel Financial Product  12.500 12/31/2024  EUR   35.280
Vontobel Financial Product  10.750 12/31/2024  EUR   36.530
Vontobel Financial Product  14.250 12/31/2024  EUR   34.340
UniCredit Bank GmbH         13.700  9/27/2024  EUR   28.180
UniCredit Bank GmbH         14.800  9/27/2024  EUR   27.000
Raiffeisen Schweiz Genosse  20.000 10/16/2024  CHF   22.280
Leonteq Securities AG/Guer  21.000  8/14/2024  CHF   33.730
UniCredit Bank GmbH         10.300  9/27/2024  EUR   24.130
DZ Bank AG Deutsche Zentra  20.500 12/31/2024  EUR   49.270
DZ Bank AG Deutsche Zentra  14.300 12/31/2024  EUR   49.760
Landesbank Baden-Wuerttemb  16.500  4/28/2025  EUR   16.460
UBS AG/London               10.000  3/23/2026  USD   26.150
Landesbank Baden-Wuerttemb  11.000  3/28/2025  EUR   11.890
Landesbank Baden-Wuerttemb  13.000  3/28/2025  EUR   12.430
DZ Bank AG Deutsche Zentra  16.800  9/27/2024  EUR   44.500
DZ Bank AG Deutsche Zentra  14.400  9/27/2024  EUR   37.940
DZ Bank AG Deutsche Zentra  17.800  9/27/2024  EUR   33.050
DZ Bank AG Deutsche Zentra  14.700  9/27/2024  EUR   47.260
DZ Bank AG Deutsche Zentra  17.900  9/27/2024  EUR   41.850
DZ Bank AG Deutsche Zentra  12.000  9/27/2024  EUR   39.540
DZ Bank AG Deutsche Zentra  14.500  9/27/2024  EUR   49.040
Zurcher Kantonalbank Finan  24.000 11/22/2024  EUR   36.080
DZ Bank AG Deutsche Zentra  23.500  9/27/2024  EUR   36.630
DZ Bank AG Deutsche Zentra  10.750 12/27/2024  EUR   14.020
Bank Julius Baer & Co Ltd/  11.150 11/25/2024  USD   48.200
DZ Bank AG Deutsche Zentra  13.200  9/27/2024  EUR   46.870
Societe Generale SA         11.000  7/14/2026  USD   10.800
Societe Generale SA         15.110 10/31/2024  USD   21.500
HSBC Trinkaus & Burkhardt   14.500  9/27/2024  EUR   16.580
DZ Bank AG Deutsche Zentra  10.600  9/27/2024  EUR   43.010
DZ Bank AG Deutsche Zentra  12.600  9/27/2024  EUR   14.590
Leonteq Securities AG       24.000   1/9/2025  CHF   25.790
DZ Bank AG Deutsche Zentra  19.000 12/31/2024  EUR   35.290
DZ Bank AG Deutsche Zentra  20.700 12/31/2024  EUR   34.460
DZ Bank AG Deutsche Zentra  14.200 12/31/2024  EUR   13.250
DZ Bank AG Deutsche Zentra  11.400 12/31/2024  EUR   42.870
DZ Bank AG Deutsche Zentra  12.800 12/31/2024  EUR   40.760
DZ Bank AG Deutsche Zentra  14.200 12/31/2024  EUR   38.980
DZ Bank AG Deutsche Zentra  15.700 12/31/2024  EUR   37.500
DZ Bank AG Deutsche Zentra  17.300 12/31/2024  EUR   36.280
EFG International Finance   10.300  8/23/2024  USD    8.500
Leonteq Securities AG       25.000   1/3/2025  CHF   44.820
Leonteq Securities AG/Guer  22.000  10/2/2024  CHF   37.240
Leonteq Securities AG       21.000   1/3/2025  CHF   26.360
UniCredit Bank GmbH         11.600  2/28/2025  EUR   43.670
UniCredit Bank GmbH         13.900 11/22/2024  EUR   30.560
Raiffeisen Schweiz Genosse  19.000  10/2/2024  CHF   40.860
Landesbank Baden-Wuerttemb  10.000 10/24/2025  EUR   16.110
DZ Bank AG Deutsche Zentra  12.000  9/25/2024  EUR   14.660
Leonteq Securities AG       21.000 10/30/2024  CHF   30.600
HSBC Trinkaus & Burkhardt   14.500 12/30/2024  EUR    9.360
Societe Generale SA         15.000  8/30/2024  USD
Evocabank CJSC              11.000  9/28/2024  AMD    0.000
Vontobel Financial Product  13.000 12/31/2024  EUR   35.490
DZ Bank AG Deutsche Zentra  15.500 12/31/2024  EUR   42.530
UniCredit Bank GmbH         10.700 11/22/2024  EUR   43.000
UniCredit Bank GmbH         10.400  2/28/2025  EUR   45.680
UniCredit Bank GmbH         13.500  2/28/2025  EUR   33.800
Landesbank Baden-Wuerttemb  14.000 10/24/2025  EUR   19.780
UniCredit Bank GmbH         14.200  9/27/2024  EUR   36.660
Vontobel Financial Product  14.750 12/31/2024  EUR   34.500
Vontobel Financial Product  20.000 12/31/2024  EUR   49.430
UniCredit Bank GmbH         12.300  9/27/2024  EUR   38.700
UniCredit Bank GmbH         13.700  9/27/2024  EUR   45.130
UniCredit Bank GmbH         16.300  9/27/2024  EUR   34.890
Vontobel Financial Product  11.000 12/31/2024  EUR   36.580
Vontobel Financial Product  16.750 12/31/2024  EUR   33.760
UniCredit Bank GmbH         18.500  9/27/2024  EUR   33.350
UniCredit Bank GmbH         10.700  9/27/2024  EUR   48.380
Landesbank Baden-Wuerttemb  10.000 10/25/2024  EUR    7.640
Landesbank Baden-Wuerttemb  11.500 10/25/2024  EUR    7.270
Raiffeisen Bank Internatio  14.558  9/25/2024  EUR   48.810
Corner Banca SA             10.000  11/8/2024  CHF   46.470
UBS AG/London               12.000  11/4/2024  EUR   44.800
UBS AG/London               11.590   5/1/2025  USD    9.890
DZ Bank AG Deutsche Zentra  11.800  9/27/2024  EUR   45.080
DZ Bank AG Deutsche Zentra  14.000 12/20/2024  EUR   44.700
Bank Vontobel AG            10.000  11/4/2024  EUR   45.000
Landesbank Baden-Wuerttemb  12.000  1/24/2025  EUR   10.820
DZ Bank AG Deutsche Zentra  11.000 12/20/2024  EUR   48.990
Swissquote Bank SA          23.200  8/28/2024  CHF   36.750
Raiffeisen Schweiz Genosse  20.000  8/28/2024  CHF    9.100
Leonteq Securities AG       20.000  8/28/2024  CHF    5.600
UniCredit Bank GmbH         14.700 11/22/2024  EUR   29.060
UniCredit Bank GmbH         14.500 11/22/2024  EUR   27.830
UniCredit Bank GmbH         13.800  2/28/2025  EUR   31.430
UniCredit Bank GmbH         14.500  2/28/2025  EUR   30.710
Leonteq Securities AG/Guer  24.000   9/5/2024  CHF   41.040
Leonteq Securities AG       24.000   9/4/2024  CHF   36.490
UniCredit Bank GmbH         10.500   4/7/2026  EUR   39.430
Leonteq Securities AG/Guer  16.000 10/28/2024  CHF   46.210
HSBC Trinkaus & Burkhardt   17.600  9/27/2024  EUR   23.160
HSBC Trinkaus & Burkhardt   15.100 12/30/2024  EUR   27.390
HSBC Trinkaus & Burkhardt   10.800 12/30/2024  EUR   31.890
HSBC Trinkaus & Burkhardt   17.800  9/27/2024  EUR   26.900
HSBC Trinkaus & Burkhardt   16.100 12/30/2024  EUR   30.500
HSBC Trinkaus & Burkhardt   11.100 12/30/2024  EUR   34.840
HSBC Trinkaus & Burkhardt   13.300  6/27/2025  EUR   36.400
HSBC Trinkaus & Burkhardt   17.100  8/23/2024  EUR   26.420
HSBC Trinkaus & Burkhardt   13.500  8/23/2024  EUR   29.730
HSBC Trinkaus & Burkhardt   12.800 10/25/2024  EUR   31.750
HSBC Trinkaus & Burkhardt   10.400 10/25/2024  EUR   34.730
HSBC Trinkaus & Burkhardt   12.600 11/22/2024  EUR   32.580
HSBC Trinkaus & Burkhardt   10.300 11/22/2024  EUR   35.410
Corner Banca SA             23.000  8/21/2024  CHF   41.090
Raiffeisen Switzerland BV   12.300  8/21/2024  CHF    6.590
DZ Bank AG Deutsche Zentra  12.000  9/25/2024  EUR   13.830
Landesbank Baden-Wuerttemb  11.000 11/22/2024  EUR   12.510
Landesbank Baden-Wuerttemb  14.500 11/22/2024  EUR   11.480
HSBC Trinkaus & Burkhardt   15.900  9/27/2024  EUR   31.640
HSBC Trinkaus & Burkhardt   13.600  9/27/2024  EUR   35.340
UBS AG/London               11.750  12/9/2024  EUR   49.400
Societe Generale SA         27.300 10/20/2025  USD    7.720
Finca Uco Cjsc              13.000 11/16/2024  AMD    0.000
Landesbank Baden-Wuerttemb  15.500  9/27/2024  EUR    8.940
Vontobel Financial Product  18.000  9/27/2024  EUR   46.360
Leonteq Securities AG/Guer  11.000 10/11/2024  CHF   47.130
Zurcher Kantonalbank Finan  12.000  10/4/2024  EUR   46.800
Leonteq Securities AG       24.000 12/27/2024  CHF   41.780
Leonteq Securities AG       23.000 12/27/2024  CHF   24.640
UniCredit Bank GmbH         17.200 12/31/2024  EUR   23.070
Leonteq Securities AG       28.000  8/21/2024  CHF   30.140
Leonteq Securities AG       20.000  8/21/2024  CHF   26.460
Landesbank Baden-Wuerttemb  18.500  8/23/2024  EUR   13.040
Landesbank Baden-Wuerttemb  10.000  8/23/2024  EUR   35.360
Landesbank Baden-Wuerttemb  15.000  8/23/2024  EUR   26.720
Bank Vontobel AG            10.000  8/19/2024  CHF    3.000
HSBC Trinkaus & Burkhardt   12.500 12/30/2024  EUR   29.730
HSBC Trinkaus & Burkhardt   11.800  9/27/2024  EUR   32.370
HSBC Trinkaus & Burkhardt   15.900  3/28/2025  EUR   32.880
HSBC Trinkaus & Burkhardt   15.000  3/28/2025  EUR   33.400
HSBC Trinkaus & Burkhardt   11.300  6/27/2025  EUR   38.110
HSBC Trinkaus & Burkhardt   10.800  8/23/2024  EUR   33.100
HSBC Trinkaus & Burkhardt   15.600 11/22/2024  EUR   29.980
Leonteq Securities AG/Guer  18.000  8/21/2024  CHF   43.740
Vontobel Financial Product  15.500  9/27/2024  EUR   48.830
Vontobel Financial Product  14.100  7/28/2026  EUR   28.809
Leonteq Securities AG       24.000  9/25/2024  CHF   38.430
Raiffeisen Schweiz Genosse  20.000  9/25/2024  CHF   20.150
Raiffeisen Schweiz Genosse  20.000  9/25/2024  CHF   20.080
UniCredit Bank GmbH         18.000 12/31/2024  EUR   22.820
UniCredit Bank GmbH         18.800 12/31/2024  EUR   22.610
UniCredit Bank GmbH         19.600 12/31/2024  EUR   22.420
Bank Vontobel AG            15.500 11/18/2024  CHF   33.200
Bank Vontobel AG            11.000  9/10/2024  EUR   46.800
Landesbank Baden-Wuerttemb  18.000 11/22/2024  EUR   11.130
HSBC Trinkaus & Burkhardt   20.000  9/27/2024  EUR   12.730
HSBC Trinkaus & Burkhardt   18.300  9/27/2024  EUR   28.790
UBS AG/London               14.500 10/14/2024  CHF   31.650
Leonteq Securities AG/Guer  13.000 10/21/2024  EUR   45.500
UBS AG/London               15.750 10/21/2024  CHF   33.250
Leonteq Securities AG/Guer  15.000  9/12/2024  USD    5.440
Leonteq Securities AG/Guer  20.000  9/26/2024  USD   12.710
Corner Banca SA             18.500  9/23/2024  CHF    7.530
UBS AG/London               13.500  8/15/2024  CHF   41.300
UniCredit Bank GmbH         10.100  8/23/2024  EUR   44.380
Bank Julius Baer & Co Ltd/  12.720  2/17/2025  CHF   31.450
Landesbank Baden-Wuerttemb  13.300  8/23/2024  EUR    9.780
UniCredit Bank GmbH         11.000  8/23/2024  EUR   42.610
Landesbank Baden-Wuerttemb  10.200  8/23/2024  EUR   12.020
UniCredit Bank GmbH         10.700  8/23/2024  EUR   49.640
ACBA Bank OJSC              11.000  12/1/2025  AMD    0.000
Leonteq Securities AG/Guer  12.000 10/11/2024  EUR   45.180
ACBA Bank OJSC              11.500   3/1/2026  AMD    0.000
Evocabank CJSC              11.000  9/27/2025  AMD    0.000
Armenian Economy Developme  11.000  10/3/2025  AMD    0.000
Landesbank Baden-Wuerttemb  15.500  1/24/2025  EUR   11.150
HSBC Trinkaus & Burkhardt   14.800 12/30/2024  EUR   29.360
HSBC Trinkaus & Burkhardt   13.400 12/30/2024  EUR   30.690
HSBC Trinkaus & Burkhardt   15.400  9/27/2024  EUR   29.700
HSBC Trinkaus & Burkhardt   15.100  3/28/2025  EUR   34.010
HSBC Trinkaus & Burkhardt   13.400  6/27/2025  EUR   36.770
HSBC Trinkaus & Burkhardt   15.200 12/30/2024  EUR    7.440
HSBC Trinkaus & Burkhardt   16.300  3/28/2025  EUR   10.370
HSBC Trinkaus & Burkhardt   14.400  3/28/2025  EUR    9.460
HSBC Trinkaus & Burkhardt   13.100 10/25/2024  EUR   32.600
HSBC Trinkaus & Burkhardt   10.200 10/25/2024  EUR   36.740
HSBC Trinkaus & Burkhardt   15.700 11/22/2024  EUR   30.620
HSBC Trinkaus & Burkhardt   10.000 11/22/2024  EUR   37.370
Vontobel Financial Product  22.500  9/27/2024  EUR   44.910
UniCredit Bank GmbH         18.600 12/31/2024  EUR   30.900
Vontobel Financial Product  15.500  9/27/2024  EUR   49.700
Vontobel Financial Product  17.000  9/27/2024  EUR   48.160
Vontobel Financial Product  20.500  9/27/2024  EUR   39.530
UniCredit Bank GmbH         19.500 12/31/2024  EUR   30.140
Vontobel Financial Product  20.000  9/27/2024  EUR   45.420
Vontobel Financial Product  18.500  9/27/2024  EUR   46.740
Ameriabank CJSC             10.000  2/20/2025  AMD    0.000
UniCredit Bank GmbH         13.000 11/22/2024  EUR   32.750
UniCredit Bank GmbH         10.000 11/22/2024  EUR   37.390
Leonteq Securities AG/Guer  12.000   9/3/2024  EUR   47.210
Bank Vontobel AG            10.000   9/2/2024  EUR   43.800
Landesbank Baden-Wuerttemb  13.000   1/3/2025  EUR    9.720
Landesbank Baden-Wuerttemb  11.000   1/3/2025  EUR    9.590
UniCredit Bank GmbH         10.900 11/22/2024  EUR   35.600
UniCredit Bank GmbH         11.900 11/22/2024  EUR   34.080
UniCredit Bank GmbH         11.900  8/23/2024  EUR   47.910
Basler Kantonalbank         12.000   9/9/2024  EUR   48.440
Corner Banca SA             14.000   9/3/2024  EUR   47.680
Vontobel Financial Product  20.500  9/27/2024  EUR   47.500
Vontobel Financial Product  21.000  9/27/2024  EUR   23.820
Vontobel Financial Product  24.500  9/27/2024  EUR   12.643
UniCredit Bank GmbH         13.400  9/27/2024  EUR   29.970
HSBC Trinkaus & Burkhardt   18.500  9/27/2024  EUR   52.180
HSBC Trinkaus & Burkhardt   17.300  9/27/2024  EUR   25.040
HSBC Trinkaus & Burkhardt   14.100 12/30/2024  EUR   32.840
HSBC Trinkaus & Burkhardt   16.000  3/28/2025  EUR   33.440
HSBC Trinkaus & Burkhardt   17.500  9/27/2024  EUR    9.520
HSBC Trinkaus & Burkhardt   17.400  8/23/2024  EUR   27.040
HSBC Trinkaus & Burkhardt   13.800  8/23/2024  EUR   30.530
HSBC Trinkaus & Burkhardt   12.800 11/22/2024  EUR   33.420
HSBC Trinkaus & Burkhardt   15.400  9/27/2024  EUR   47.490
HSBC Trinkaus & Burkhardt   11.200 12/30/2024  EUR   33.650
HSBC Trinkaus & Burkhardt   18.000  9/27/2024  EUR   27.480
HSBC Trinkaus & Burkhardt   12.100  9/27/2024  EUR   33.290
HSBC Trinkaus & Burkhardt   11.400 12/30/2024  EUR   35.820
HSBC Trinkaus & Burkhardt   11.000  3/28/2025  EUR   38.050
HSBC Trinkaus & Burkhardt   11.500  6/27/2025  EUR   39.030
HSBC Trinkaus & Burkhardt   19.600 11/22/2024  EUR    8.240
UBS AG/London               11.250  9/16/2024  EUR   44.400
DZ Bank AG Deutsche Zentra  13.900  3/28/2025  EUR   17.300
UniCredit Bank GmbH         16.100 12/31/2024  EUR   37.420
UniCredit Bank GmbH         17.000 12/31/2024  EUR   35.920
UniCredit Bank GmbH         18.900 12/31/2024  EUR   33.510
HSBC Trinkaus & Burkhardt   16.800  9/27/2024  EUR   28.540
HSBC Trinkaus & Burkhardt   11.900  9/27/2024  EUR   34.190
HSBC Trinkaus & Burkhardt   16.300 12/30/2024  EUR   31.110
UBS AG/London               10.500  9/23/2024  EUR   46.700
Leonteq Securities AG/Guer  23.290  8/29/2024  CHF   40.940
UniCredit Bank GmbH         19.300 12/31/2024  EUR   27.110
Leonteq Securities AG/Guer  10.340  8/31/2026  EUR   46.510
UniCredit Bank GmbH         10.700  2/28/2025  EUR   35.410
UniCredit Bank GmbH         20.000 12/31/2024  EUR   25.520
UniCredit Bank GmbH         19.100 12/31/2024  EUR   26.280
DZ Bank AG Deutsche Zentra  13.400 12/31/2024  EUR   47.110
HSBC Trinkaus & Burkhardt   22.250  6/27/2025  EUR   18.630
HSBC Trinkaus & Burkhardt   17.500  6/27/2025  EUR   15.230
HSBC Trinkaus & Burkhardt   12.750  6/27/2025  EUR   12.860
HSBC Trinkaus & Burkhardt   11.250  6/27/2025  EUR   31.880
HSBC Trinkaus & Burkhardt   10.250  6/27/2025  EUR   35.310
HSBC Trinkaus & Burkhardt   15.500  6/27/2025  EUR   29.390
Landesbank Baden-Wuerttemb  11.500  9/27/2024  EUR   10.560
UBS AG/London               20.000 11/29/2024  USD   17.870
Vontobel Financial Product  13.000  9/27/2024  EUR   27.830
Vontobel Financial Product  15.500  9/27/2024  EUR   25.720
Vontobel Financial Product  12.000  9/27/2024  EUR   29.100
Vontobel Financial Product  17.000  9/27/2024  EUR   24.850
Vontobel Financial Product  14.000  9/27/2024  EUR   26.690
Vontobel Financial Product  18.000  9/27/2024  EUR   24.010
Vontobel Financial Product  19.500  9/27/2024  EUR   23.300
Vontobel Financial Product  17.000  6/27/2025  EUR   49.280
Deutsche Bank AG/London     12.780  3/16/2028  TRY   47.687
Vontobel Financial Product  14.500  9/27/2024  EUR   48.630
Vontobel Financial Product  18.000  9/27/2024  EUR   47.190
DZ Bank AG Deutsche Zentra  14.000  9/27/2024  EUR   45.310
Vontobel Financial Product  10.000  9/27/2024  EUR   28.910
Vontobel Financial Product  13.250  9/27/2024  EUR   26.760
UBS AG/London               14.250  8/19/2024  CHF   22.140
UniCredit Bank GmbH         15.100  9/27/2024  EUR   33.700
Societe Generale SA         22.750 10/17/2024  USD   20.610
Landesbank Baden-Wuerttemb  14.000  1/24/2025  EUR   11.690
Leonteq Securities AG/Guer  20.000  1/22/2025  CHF   20.580
Raiffeisen Schweiz Genosse  15.000  1/22/2025  CHF   40.190
HSBC Trinkaus & Burkhardt   15.200 12/30/2024  EUR   31.910
HSBC Trinkaus & Burkhardt   13.100 12/30/2024  EUR   33.930
Landesbank Baden-Wuerttemb  14.000  6/27/2025  EUR   16.230
HSBC Trinkaus & Burkhardt   11.600  3/28/2025  EUR   37.510
HSBC Trinkaus & Burkhardt   13.500  8/23/2024  EUR   31.350
HSBC Trinkaus & Burkhardt   15.700 12/30/2024  EUR    8.160
DZ Bank AG Deutsche Zentra  20.400  9/27/2024  EUR   43.660
Basler Kantonalbank         22.000   9/6/2024  CHF   34.060
UniCredit Bank GmbH         13.500  9/27/2024  EUR   37.990
UniCredit Bank GmbH         13.500 12/31/2024  EUR   41.070
DZ Bank AG Deutsche Zentra  10.500 12/27/2024  EUR   41.650
Landesbank Baden-Wuerttemb  12.000   1/3/2025  EUR   11.730
Landesbank Baden-Wuerttemb  15.000   1/3/2025  EUR   12.280
Landesbank Baden-Wuerttemb  18.000   1/3/2025  EUR   12.660
Leonteq Securities AG       20.000  8/30/2024  CHF   41.420
Leonteq Securities AG/Guer  24.000  8/14/2024  CHF   27.050
DZ Bank AG Deutsche Zentra  10.800  9/27/2024  EUR   35.060
Raiffeisen Schweiz Genosse  12.000   9/4/2024  CHF   42.130
UniCredit Bank GmbH         18.800 12/31/2024  EUR   24.820
Raiffeisen Schweiz Genosse  10.000 12/31/2024  CHF   49.060
Vontobel Financial Product  11.000 12/31/2024  EUR   29.850
Raiffeisen Schweiz Genosse  18.800  9/18/2024  CHF   38.930
UniCredit Bank GmbH         19.700 12/31/2024  EUR   24.770
DZ Bank AG Deutsche Zentra  10.500  1/22/2025  EUR   12.510
BNP Paribas Emissions- und  15.000 12/30/2024  EUR   31.990
BNP Paribas Emissions- und  16.000 12/30/2024  EUR   31.160
BNP Paribas Emissions- und  17.000 12/30/2024  EUR   30.440
BNP Paribas Emissions- und  10.000 12/30/2024  EUR   34.550
BNP Paribas Emissions- und  11.000 12/30/2024  EUR   33.300
BNP Paribas Emissions- und  12.000 12/30/2024  EUR   32.220
Armenian Economy Developme  10.500   5/4/2025  AMD    0.000
UniCredit Bank GmbH         15.200 12/31/2024  EUR   39.160
UniCredit Bank GmbH         18.000 12/31/2024  EUR   34.650
UniCredit Bank GmbH         19.800 12/31/2024  EUR   32.520
HSBC Trinkaus & Burkhardt   14.300  9/27/2024  EUR   31.030
HSBC Trinkaus & Burkhardt   11.100 12/30/2024  EUR   36.630
HSBC Trinkaus & Burkhardt   13.400  3/28/2025  EUR   35.500
HSBC Trinkaus & Burkhardt   12.400  9/27/2024  EUR   38.420
Landesbank Baden-Wuerttemb  10.000  6/27/2025  EUR   13.840
HSBC Trinkaus & Burkhardt   16.200  8/23/2024  EUR   28.330
HSBC Trinkaus & Burkhardt   10.900  8/23/2024  EUR   35.150
HSBC Trinkaus & Burkhardt   18.100 12/30/2024  EUR    8.630
DZ Bank AG Deutsche Zentra  14.000  9/25/2024  EUR   12.860
Bank Vontobel AG            29.000  9/10/2024  USD   29.500
BNP Paribas Issuance BV     19.000  9/18/2026  EUR    0.980
Landesbank Baden-Wuerttemb  15.000  9/27/2024  EUR   12.230
Landesbank Baden-Wuerttemb  17.000  9/27/2024  EUR   11.510
Landesbank Baden-Wuerttemb  18.500  9/27/2024  EUR   11.140
Landesbank Baden-Wuerttemb  10.500 11/22/2024  EUR   12.370
Landesbank Baden-Wuerttemb  16.000 11/22/2024  EUR   11.400
UniCredit Bank GmbH         14.900  9/27/2024  EUR   35.770
Leonteq Securities AG       28.000   9/5/2024  CHF   32.230
Leonteq Securities AG       24.000   9/5/2024  CHF   37.590
Vontobel Financial Product  15.500  9/27/2024  EUR   48.270
UniCredit Bank GmbH         11.700  2/28/2025  EUR   34.020
UniCredit Bank GmbH         12.800  2/28/2025  EUR   33.070
UniCredit Bank GmbH         13.100  2/28/2025  EUR   32.000
Vontobel Financial Product  12.500  9/27/2024  EUR   48.280
UBS AG/London               21.600   8/2/2027  SEK   30.660
UniCredit Bank GmbH         16.400  9/27/2024  EUR   32.010
Swissquote Bank SA          24.040  9/11/2024  CHF   34.470
DZ Bank AG Deutsche Zentra  13.100  9/27/2024  EUR   28.410
UniCredit Bank GmbH         18.100   9/5/2024  EUR   31.020
Bank Vontobel AG            20.500  11/4/2024  CHF   35.500
Vontobel Financial Product  18.000  9/27/2024  EUR   18.440
Leonteq Securities AG       18.000  9/11/2024  CHF    8.760
Leonteq Securities AG/Guer  22.000  9/11/2024  CHF   33.410
Leonteq Securities AG       24.000  8/28/2024  CHF   41.450
Leonteq Securities AG/Guer  22.000  8/28/2024  CHF   42.590
UniCredit Bank GmbH         12.900 11/22/2024  EUR   31.410
UniCredit Bank GmbH         14.200 11/22/2024  EUR   30.440
HSBC Trinkaus & Burkhardt   18.750  9/27/2024  EUR   20.280
Leonteq Securities AG       20.000  9/18/2024  CHF   19.230
UniCredit Bank GmbH         16.550  8/18/2025  USD   22.430
HSBC Trinkaus & Burkhardt   10.250  9/27/2024  EUR   45.780
HSBC Trinkaus & Burkhardt   17.500 12/30/2024  EUR   24.370
UniCredit Bank GmbH         10.700   2/3/2025  EUR   23.640
UniCredit Bank GmbH         10.700  2/17/2025  EUR   23.890
Erste Group Bank AG         14.500  5/31/2026  EUR   34.600
DZ Bank AG Deutsche Zentra  10.000  9/27/2024  EUR   32.930
DZ Bank AG Deutsche Zentra  11.000  9/27/2024  EUR   31.240
UniCredit Bank GmbH         18.500 12/31/2024  EUR   28.530
UniCredit Bank GmbH         19.300 12/31/2024  EUR   27.920
Leonteq Securities AG/Guer  25.000   9/5/2024  EUR   37.720
Vontobel Financial Product  22.250  9/27/2024  EUR   47.710
Vontobel Financial Product  12.000  9/27/2024  EUR   38.450
Vontobel Financial Product  10.000  9/27/2024  EUR   40.860
Vontobel Financial Product  14.500  9/27/2024  EUR   36.420
Vontobel Financial Product  17.000  9/27/2024  EUR   34.670
Vontobel Financial Product  19.750  9/27/2024  EUR   33.170
Landesbank Baden-Wuerttemb  15.000  8/23/2024  EUR   14.850
Landesbank Baden-Wuerttemb  20.000  8/23/2024  EUR   12.380
UniCredit Bank GmbH         14.300  8/23/2024  EUR   27.120
UniCredit Bank GmbH         15.000  8/23/2024  EUR   26.040
UniCredit Bank GmbH         13.800  8/23/2024  EUR   40.800
UniCredit Bank GmbH         14.900  8/23/2024  EUR   38.950
UniCredit Bank GmbH         14.700  8/23/2024  EUR   24.650
UniCredit Bank GmbH         11.400  8/23/2024  EUR   47.620
UniCredit Bank GmbH         13.900  8/23/2024  EUR   42.790
UniCredit Bank GmbH         12.600  8/23/2024  EUR   45.070
Ukraine Government Bond     11.000  4/20/2037  UAH   43.491
Sidetur Finance BV          10.000  4/20/2016  USD    0.658
Lehman Brothers Treasury C  11.250 12/31/2008  USD    0.100
Lehman Brothers Treasury C  13.000 12/14/2012  USD    0.100
Lehman Brothers Treasury C  10.500   8/9/2010  EUR    0.100
Lehman Brothers Treasury C  10.000  3/27/2009  USD    0.100
Lehman Brothers Treasury C  11.000  6/29/2009  EUR    0.100
Lehman Brothers Treasury C  11.000 12/19/2011  USD    0.100
Ukraine Government Bond     11.000  3/24/2037  UAH   43.258
Ukraine Government Bond     11.000   4/1/2037  UAH   43.255
Lehman Brothers Treasury C  15.000  3/30/2011  EUR    0.100
Lehman Brothers Treasury C  14.900  9/15/2008  EUR    0.100
Lehman Brothers Treasury C  13.500 11/28/2008  USD    0.100
Lehman Brothers Treasury C  13.000  7/25/2012  EUR    0.100
NTRP Via Interpipe Ltd      10.250   8/2/2017  USD    1.033
Lehman Brothers Treasury C  18.250  10/2/2008  USD    0.100
Lehman Brothers Treasury C  14.900 11/16/2010  EUR    0.100
Lehman Brothers Treasury C  16.000  10/8/2008  CHF    0.100
Lehman Brothers Treasury C  11.000 12/20/2017  AUD    0.100
Lehman Brothers Treasury C  11.000 12/20/2017  AUD    0.100
Lehman Brothers Treasury C  11.000 12/20/2017  AUD    0.100
Lehman Brothers Treasury C  11.000  2/16/2009  CHF    0.100
Lehman Brothers Treasury C  10.000  2/16/2009  CHF    0.100
Lehman Brothers Treasury C  13.000  2/16/2009  CHF    0.100
Lehman Brothers Treasury C  11.750   3/1/2010  EUR    0.100
Lehman Brothers Treasury C  10.000 10/23/2008  USD    0.100
Lehman Brothers Treasury C  10.000 10/22/2008  USD    0.100
Lehman Brothers Treasury C  16.000 10/28/2008  USD    0.100
Lehman Brothers Treasury C  16.200  5/14/2009  USD    0.100
Lehman Brothers Treasury C  10.600  4/22/2014  MXN    0.100
Lehman Brothers Treasury C  16.000  11/9/2008  USD    0.100
Lehman Brothers Treasury C  10.000  5/22/2009  USD    0.100
Lehman Brothers Treasury C  15.000   6/4/2009  CHF    0.100
Lehman Brothers Treasury C  10.442 11/22/2008  CHF    0.100
Lehman Brothers Treasury C  17.000   6/2/2009  USD    0.100
Lehman Brothers Treasury C  13.500   6/2/2009  USD    0.100
Lehman Brothers Treasury C  23.300  9/16/2008  USD    0.100
Lehman Brothers Treasury C  12.400  6/12/2009  USD    0.100
Lehman Brothers Treasury C  10.000  6/17/2009  USD    0.100
Lehman Brothers Treasury C  11.000   7/4/2011  USD    0.100
Lehman Brothers Treasury C  11.000   7/4/2011  CHF    0.100
Lehman Brothers Treasury C  12.000   7/4/2011  EUR    0.100
Lehman Brothers Treasury C  16.000 12/26/2008  USD    0.100
Lehman Brothers Treasury C  13.432   1/8/2009  ILS    0.100
Lehman Brothers Treasury C  13.150 10/30/2008  USD    0.100
Lehman Brothers Treasury C  16.800  8/21/2009  USD    0.100
Lehman Brothers Treasury C  14.100 11/12/2008  USD    0.100
Tonon Luxembourg SA         12.500  5/14/2024  USD    2.215
BLT Finance BV              12.000  2/10/2015  USD   10.500
Lehman Brothers Treasury C  12.000  7/13/2037  JPY    0.100
Lehman Brothers Treasury C  10.000  6/11/2038  JPY    0.100
Privatbank CJSC Via UK SPV  10.875  2/28/2018  USD    5.358
PA Resources AB             13.500   3/3/2016  SEK    0.124
Phosphorus Holdco PLC       10.000   4/1/2019  GBP    0.645        
                  


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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
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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