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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, September 2, 2024, Vol. 25, No. 176

                           Headlines



F I N L A N D

HUHTAMAKI OYJ: S&P Alters Outlook to Positive, Affirms 'BB+' ICR


F R A N C E

ACCOR SA: Fitch Assigns 'BB(EXP)' Rating to Subordinated Bonds


I R E L A N D

BAIN CAPITAL 2022-1: Fitch Assigns 'B-sf' Rating to Class F-R Notes
CIMPRESS PLC: S&P Upgrades ICR to 'BB-', Outlook Stable
CVC CORDATUS XXXII: S&P Assigns B- (sf) Rating to Cl. F-2 Notes


N O R W A Y

NES FIRCROFT: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable


U K R A I N E

UKRAINIAN RAILWAYS: Fitch Hikes LongTerm IDR to 'CC'


U N I T E D   K I N G D O M

BELMUS LIMITED: Leonard Curtis Named as Administrators
BRIGHT QA: Quantuma Advisory Named as Administrators
DESTINY PHARMA: Cork Gully Named as Administrators
E.E.W. HOLDING: Moorfields Named as Joint Administrators
JAYEX TECHNOLOGY: FRP Advisory Named as Administrators

NORTHERN THREADS: KBL Advisory Named as Joint Administrators
TOGETHER ASSET 2024-1ST2: S&P Assigns BB- (sf) Rating to E Notes
VALUES ACADEMY: Azets Named as Administrators


X X X X X X X X

[*] BOND PRICING: For the Week August 26 to August 30, 2024

                           - - - - -


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F I N L A N D
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HUHTAMAKI OYJ: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
----------------------------------------------------------------
S&P Global Ratings revised the outlook on Finland-based packaging
company Huhtamaki Oyj to positive from stable and affirmed its
'BB+' long-term issuer rating on the company as well as its 'BB+'
issue rating on the company's unsecured notes due 2027 and 2028.

The positive outlook reflects the potential for an upgrade in the
next 12 months if adjusted debt to EBITDA remains below 2.5x and
FFO to debt remains above 30%, supported by the group's operating
performance and financial policy.

S&P said, "We expect Huhtamaki's 2024 credit metrics to remain in
line with our upgrade triggers, which the company met in 2023.Last
year Huhtamaki achieved S&P Global Ratings-adjusted debt to EBITDA
of 2.4x, compared with 2.7x in 2022, and its funds from operations
(FFO) to debt reached 31.4% from 30.6% in 2022. These metrics,
alongside positive discretionary cash flow (DCF) of EUR155 million,
are in line with our upgrade triggers. The improvement stemmed from
a substantial working capital inflow of EUR144 million (after a
EUR161 million outflow in 2022), even though adjusted EBITDA
declined slightly in 2023 due mainly to lower volumes. Unless the
recovery in demand is slower than expected--which we cannot rule
out--we expect adjusted debt to EBITDA and FFO to debt to remain at
similar levels in 2024, at 2.3x and 32%, respectively.

"We forecast free operating cash flow (FOCF) of about EUR126
million in 2024, versus EUR260 million in 2023.Last year's FOCF was
supported by a sizable working capital inflow on the back of raw
material price decreases. We estimate that working capital will
stabilize and that there will be a EUR30 million outflow in 2024.
The resulting reduction in FOCF in 2024 is, in our view, a more
sustainable level.

"We project that Huhtamaki's reported leverage is likely to remain
at the lower end of its 2.0x-3.0x target range. This corresponds to
S&P Global Ratings-adjusted 2.2x-3.2x. We think that any increase
in reported leverage beyond 3.0x (in the case of, for example, a
large debt-funded acquisition) would only be temporary and that
Huhtamaki would seek to revert credit metrics to levels
commensurate with an investment grade rating in a timely manner.

"Currently, Huhtamaki's near-term maturities do not affect our
adequate assessment of the company's liquidity. We assume Huhtamaki
will successfully refinance upcoming debt maturities in a timely
manner. These maturities include a EUR100 million bond due October
2024, a EUR125 million term loan due May 2025, and a EUR175 million
bond due November 2026. Further ahead Huhtamaki will meet its
EUR500 million notes due in 2027. We will exclude the EUR400
million revolving credit facility (RCF) due January 2026 from our
liquidity calculations (as a liquidity source) from January 2025
onwards.

"The positive outlook reflects the potential for an upgrade over
the next 12 months if Huhtamaki's operating performance and
financial policy support adjusted debt to EBITDA remaining below
2.5x and FFO to debt above 30%."

S&P could raise its ratings if:

-- Huhtamaki's financial policy and track record help adjusted
debt to EBITDA remain below 2.5x and FFO to debt above 30% on a
sustained basis;

-- S&P expected a sustained gradual improvement in EBITDA margins
and FOCF; and

-- The group successfully refinances the debt maturing in 2024 and
2025 (including the RCF).

S&P could revise its outlook to stable if:

-- The group's operating performance is weaker than expected or
the company pursues a more aggressive financial policy that results
in adjusted net debt to EBITDA exceeding 2.5x and FFO to debt
falling below 30% without any expectation of improvement; or

-- S&P's liquidity or capital structure assessment weakened due,
for example, to the lack of a timely refinancing of the company's
RCF or a short-term weighted capital structure.

S&P said, "Environmental, social, and governance (ESG) factors are
an overall neutral consideration in our credit rating analysis of
Huhtamaki. Since two-thirds of its packaging is sustainably sourced
and recyclable, we see the company's exposure to environmental and
social risks as comparable with the broader industry. However,
about one-third of Huhtamaki's production is plastic resin-based,
and we view plastic packaging companies with single-use or
single-serve applications as exposed to substitution risk from
other substrates. As a producer of single-use plastic products that
are under scrutiny, the company may be subject to future
restrictive policies and regulations."




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F R A N C E
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ACCOR SA: Fitch Assigns 'BB(EXP)' Rating to Subordinated Bonds
--------------------------------------------------------------
Fitch Ratings has assigned Accor SA's (BBB-/Positive) planned
EUR500 million undated deeply subordinated bonds an expected rating
of 'BB(EXP)'. The proposed securities qualify for 50% equity
credit. The assignment of a final rating is contingent on the
receipt of final documents conforming to information already
reviewed.

The 'BB(EXP)' rating is two notches below Accor's Issuer Default
Rating (IDR) of 'BBB-', reflecting the bond's higher loss severity
and risk of non-performance relative to senior obligations. The
proposed bond will be used to finance the tender offer for Accor's
existing EUR500 million hybrids as the company intends to maintain
around EUR1 billion of hybrid debt in its capital structure. The
new hybrid issue will rank equally with existing hybrid
instruments.

Key Rating Drivers

50% Equity Credit: The proposed securities qualify for 50% equity
credit as they meet Fitch's criteria for subordination, remaining
effective maturity of more than five years, full discretion to
defer coupons and no events of default. Deferrals of coupon
payments are cumulative and there are no look-back provisions.

Effective Maturity Date of Hybrid: The deeply subordinated
perpetual notes have no legal maturity date. They have a first
step-up date six years after the issue date and are callable on any
day during the three month period preceding and including the first
step-up date and on any interest payment date thereafter. Fitch
deems the second coupon step-up date falling 26 years from the
issue date as an effective maturity date. This is because the
cumulative coupon step-up would exceed 100bp, the threshold defined
by its criteria.

Change-of-Control Clause: The terms of the hybrids include call
rights in the event of a change of control. If this event triggered
a downgrade of the Accor's IDR to non-investment grade, the company
has the option to redeem all of the securities. If Accor elects not
to redeem the hybrid securities, the then prevailing interest rate,
and each subsequent interest rate on the securities will increase
by 5%. Change-of-control clauses with call options that result in a
coupon step-up of up to 500bp, if the hybrid is not called, do not
negate equity credit, as per its criteria.

'BBB-' IDR: Accor's 'BBB-' IDR reflects its leading position in the
global hospitality market, strong geographic and price-segment
diversification and financial flexibility. The Positive Outlook on
the IDR reflects its expectation that Accor will sustain its
conservative financial structure over the medium term as it is
committed to target leverage below 3x, which is consistent with a
'BBB' rating based on its leverage sensitivities. Fitch also
anticipates that Accor will deliver its medium-term guidance, which
would drive an increase in cash flow generation.

Derivation Summary

Accor is an asset-light hotel operator, which Fitch views as more
stable than an asset-heavy business model that is fully reliant on
hotel ownership or leasing. However, in contrast to other
asset-light peers, such as Wyndham Hotels & Resorts Inc.
(BB+/Stable) and Hilton Worldwide Holdings Inc, Accor is more
reliant on management fees than franchising fees and is therefore
more exposed to volatility in revenue per available room (RevPAR)
during economic cycles.

Accor compares well with Hyatt Hotels Corporation (BBB-/Stable) as
they have both recently transitioned to asset-light business models
with most of their revenue driven by management fees from hotel
owners. Accor has a larger room system size than Hyatt but only
slightly higher EBITDAR as Hyatt benefits from its focus on the
luxury and upscale segments that generate higher management and
franchising fees per room.

At the same time, Accor's greater diversification by price segments
and substantial presence in the economy segment make it more
resilient to economic cycles than Hyatt. Accor is also more
geographically diversified than Hyatt as it has a lower
concentration on a single region (Europe for Accor and North
America for Hyatt) and has a wider footprint in Asia-Pacific. Fitch
believes that Accor's stronger business profile results in greater
debt capacity than Hyatt. This is reflected in the Positive Outlook
on Accor's rating, despite similar leverage.

Accor is rated one notch below Whitbread PLC (BBB/Stable), an
asset-heavy hotel operator, but the ratings are likely to converge
given the Positive Outlook on Accor's rating. Whitbread's room
system size is significantly smaller than Accor's and its hotel
portfolio is concentrated in the UK market, with some growing
presence in Germany. Accor is also more diversified by price
segment as Whitbread is focused on the economy segment. However,
Whitbread's rating benefits from resilient performance during
cycles, its strong market position in UK, limited financial debt
and significant unencumbered portfolio of freehold properties.

Key Assumptions

Fitch's Key Assumptions Within its Rating Case for the Issuer:

-RevPAR 3% CAGR over 2023-2027

- Net unit 3% CAGR over 2023-2027

- Management and franchising revenue 6% CAGR over 2023-2027

- Consistent EBITDA margin improvements, with 8% EBITDA CAGR over
2023-2027

- Capex of EUR275-EUR300 million a year over 2024-2027

- Dividends of EUR295 million in 2024 and at 50% of FCF calculated
in accordance with Accor's approach for 2025-2027

- Equity credit of 50% for EUR1 billion hybrids

- Bolt-on M&A (including acquisition of subsidiaries and minority
stakes) of around EUR200 million a year over 2024-2027

- Share buybacks of EUR400 million a year

- No divestment of Accor's 30% stake in AccorInvest; no cash
support in addition to EUR67 million preferred stock investment in
2024

RATING SENSITIVITIES

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

- Room system expansion, accompanied by system-wide RevPAR growth
and an improving EBITDA margin

- EBITDAR net leverage (adjusted for variable leases) below 3.5x on
a sustained basis, supported by a consistent financial policy

- EBITDAR fixed-charge coverage above 3x on a sustained basis

- Low to mid-single-digit FCF margin (after dividends)

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

- Weakening operating performance reflected in slower revenue
growth to low single digits and an EBITDA margin below 18% on a
sustained basis

- EBITDAR net leverage (adjusted for variable leases) above 4x on a
sustained basis due to operating underperformance or
higher-than-expected shareholder remuneration

- EBITDAR fixed-charge coverage below 2.5x on a sustained basis

- Neutral or volatile FCF margin (after dividends)

Liquidity and Debt Structure

Strong Liquidity: At end-June 2024, Accor's EUR857 million of
Fitch-adjusted readily available cash and undrawn revolving credit
facility of EUR1 billion (maturing in December 2028 but with two
one-year extension options exercisable in 2024 and 2025) were
sufficient to cover short-term debt of EUR582 million.

Issuer Profile

Accor is one of the largest hotel operators globally with a
predominantly asset-light business model.

Date of Relevant Committee

27 March 2024

ESG Considerations

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

   Entity/Debt           Rating           
   -----------           ------           
Accor SA

   Subordinated      LT BB(EXP)  Expected Rating



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I R E L A N D
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BAIN CAPITAL 2022-1: Fitch Assigns 'B-sf' Rating to Class F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Bain Capital Euro CLO 2022-1 DAC's reset
final ratings, as detailed below

   Entity/Debt                        Rating           
   -----------                        ------           
Bain Capital Euro
CLO 2022-1 DAC - RESET

   Class A-R Notes XS2867293636   LT AAAsf  New Rating
   Class B-R Notes XS2867293800   LT AAsf   New Rating
   Class C-R Notes XS2867294287   LT Asf    New Rating
   Class D-R Notes XS2867294444   LT BBB-sf New Rating
   Class E-R Notes XS2867294790   LT BB-sf  New Rating
   Class F-R Notes XS2867294956   LT B-sf   New Rating
   Class M-2 Notes XS2466398505   LT NRsf   New Rating
   Class X-R Notes XS2867293479   LT AAAsf  New Rating
   Sub Notes M-1 XS2466398414     LT NRsf   New Rating

Transaction Summary

Bain Capital Euro CLO 2022-1 DAC is a securitisation of mainly
senior secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine, and second-lien loans.
Note proceeds have been used to fund a portfolio with a target par
of EUR415million. The portfolio is actively managed by Bain Capital
Credit U.S. CLO Manager, LLC. The CLO has an approximately 5.1-year
reinvestment period and a 9.1-year weighted average life (WAL).

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.2%.

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

Portfolio Management (Neutral): The transaction has four matrices:
two effective at closing with fixed-rate limits of 5% and 12.5%,
and two effective one year post-closing with the same fixed-rate
limits. All four matrices are based on a top-10 obligor
concentration limit of 20%, but the forward matrices have an
8.1-year WAL test. The transaction will have an approximately
5.1-year reinvestment period and it includes reinvestment criteria
similar to those of other European transactions. Fitch's analysis
is based on a stressed case portfolio with the aim of testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.

The manager can elect the forward matrix at any time one year after
closing if the collateral principal amount with defaulted
obligations at their Fitch-calculated collateral value) is at least
the target par amount

Deviation from Model-implied Ratings: The assigned ratings for the
class C-R and E-R notes are one notch higher than their highest
achievable ratings under a Fitch-stressed portfolio. There is
sufficient cushion on the identified portfolio to assign the
ratings with Stable Outlooks.

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

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-R to F-R notes have a
cushion of two notches. The class X-R and A-R notes have no
cushion, given that they are at the highest achievable rating.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of three notches
for the class A-R to D-R notes, to below 'B-sf' for the class E-R
and F-R notes, and would have no impact on the class X-R notes.

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

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

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

Bain Capital Euro CLO 2022-1 DAC - RESET

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 Bain Capital Euro
CLO 2022-1 DAC. In cases where Fitch does not provide ESG relevance
scores in connection with the credit rating of a transaction,
programme, instrument or issuer, Fitch will disclose in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.

CIMPRESS PLC: S&P Upgrades ICR to 'BB-', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Cimpress PLC
to 'BB-' from 'B+' to reflect the improvement in credit metrics.
The outlook is stable.

S&P said, "At the same time, we raised our issue-level ratings on
the senior secured debt to 'BB' from 'BB-' and on the senior
unsecured debt to 'B+' from 'B-'. We revised the recovery rating on
the senior unsecured debt to '5' from '6'. The recovery rating on
the senior secured debt remains '2'.

"The stable outlook reflects our expectations for Cimpress to grow
revenue at about 5%, with modest margin improvement and for S&P
Global Ratings-adjusted leverage to decline toward 3x and for FOCF
to debt to remain around 15% over the next 12 months."

Cimpress's strong operating performance has resulted in credit
metric improvement. The company ended its fiscal 2024 strong with
revenue growth of 7% driven by higher demand for its products and
better customer retention rates. EDITDA grew by 70% over the past
year, reflecting revenue growth, gross margin expansion, and cost
actions taken by the company. The company's strong operating
performance has materially reduced S&P Global Ratings-adjusted
leverage to 3.5x as of June 30, 2024, from 6.7x at June 30, 2023.
S&P said, "We expect that the company's investments in technology,
production capabilities, and enhanced customer experience will
continue to spur revenue growth and support modest EBITDA
expansion. We forecast revenue growth of about 5%-6% in 2025
primarily a result of better customer retention rates and improved
profit per customer, and 2025 EBITDA margin of 13%-14%. We expect
the company to further reduce leverage to 3.2x in 2025 and 3.0x in
2026. We forecast FOCF to be $210 million in 2025 and $250 million
in 2026 representing FOCF to debt of 14% and 17%, respectively."

Cimpress recently revised its financial policy to target net
leverage of 2.5x. Given improved operational and financial
performance resulting in decreased leverage, the company recently
lowered its net leverage target(as defined by its credit agreement)
to 2.5x from 3.0x or below. In addition, Cimpress has said that it
could allow this net leverage to go up to 3.0x for strategic
acquisitions and investments with an expectation that it would
quickly de-lever back to 2.5x or below. The company's 2.5x net
leverage target corresponds to 3.0x S&P Global Ratings-adjusted
leverage as of June 30, 2024. The company is not yet at its 2.5x
net leverage target, having ended the June 30, 2024, year at 3.0x.
S&P assumes that once the company reaches its leverage target it
will use its free cash flow generation for share repurchases rather
than for further leverage reduction.

S&P said, "The stable outlook reflects our expectations for
Cimpress to grow revenue at about 5%, with modest margin
improvement and for S&P Global Ratings-adjusted leverage to decline
toward 3x and FOCF to debt to remain around 15% over the next 12
months.

"We could lower the rating on Cimpress within the next 12 months if
operating performance significantly underperforms our expectations
such that FOCF to debt declines below our 10% threshold for the
rating and S&P Global Ratings-adjusted leverage is sustained above
4x."

This could occur if:

-- Operational performance weakened due to competitive pressures
that negatively affected margins, or a slowdown in the economic
environment reduced volume demand pressuring revenue and EBITDA.

-- The company pursued debt-financed shareholder distributions or
acquisitions that increased leverage above 4.0x.

S&P could raise the rating on the company if:

-- S&P Global Ratings-adjusted leverage declines below 3x and FOCF
to debt remains above 15%; and

-- The company builds a track record of operating within its lower
leverage target of 2.5x demonstrating that it will sustain S&P
Global Ratings-adjusted leverage below 3x, including acquisitions
and shareholder distributions.


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

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,639.94

  Default rate dispersion                                 554.36

  Weighted-average life (years)                             5.01

  Obligor diversity measure                               123.04

  Industry diversity measure                               20.67

  Regional diversity measure                                1.18


  Transaction key metrics

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

  'CCC' category rated assets (%)                           0.69

  Target 'AAA' weighted-average recovery (%)               35.68

  Target weighted-average spread (%)                        3.99

  Target weighted-average coupon (%)                        4.38


Rating rationale

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

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the portfolio's covenanted weighted-average
spread (3.90%), covenanted weighted-average coupon (4.50%), and
targeted weighted-average recovery rates at each rating level. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

Until the end of the reinvestment period on March 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.

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

The transaction's legal structure and framework is bankruptcy
remote, in line with S&P's legal criteria.

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A debt (the
class A loan and A notes) and class B-1 to F-1 notes based on four
hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-2 notes."

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

Environmental, social, and governance

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

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

  A        AAA (sf)    194.00      3mE + 1.27%     38.00

  A-loan   AAA (sf)     54.00      3mE + 1.27%     38.00

  B-1      AA (sf)      36.00      3mE + 1.85%     26.50

  B-2      AA (sf)      10.00      5.20%           26.50

  C        A (sf)       22.00      3mE + 2.15%     21.00

  D        BBB- (sf)    28.00      3mE + 3.15%     14.00

  E        BB- (sf)     18.00      3mE + 5.96%      9.50

  F-1      B+ (sf)       5.00      3mE + 7.65%      8.25

  F-2      B- (sf)       7.00      3mE + 8.57%      6.50

  Sub notes   NR        33.00      N/A              N/A

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




===========
N O R W A Y
===========

NES FIRCROFT: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Rating affirmed its 'B' long-term issuer credit rating
on NES Fircroft Bondco AS (NES). At the same time, S&P assigned its
'B' issue rating and '4' recovery rating to the proposed $350
million senior secured bonds.

S&P said, "The stable outlook reflects our expectation that NES
will maintain credit metrics in the highly leveraged financial risk
profile, albeit with some leverage reduction, modest but
consistently positive free operating cash flow (FOCF) , and funds
from operations (FFO) cash coverage of about 2x. This is supported
by our assumption that NES will achieve strong organic growth
thanks to higher oil prices, a broadening contractor base, and
expanding non-oil and gas markets."

Rating Action Rationale

NES's strong organic growth and stable EBITDA margins will continue
to support sustainable deleveraging and positive FOCF in the next
12-24 months. In fiscal year 2023, NES grew its annual revenue to
about $2.7 billion by 15.7% and maintained an S&P Global
Ratings-adjusted EBITDA margin at about 4.4%, resulting in our
adjusted debt to EBITDA of 8.3x (3.5x excluding shareholder loans)
and FOCF of $41.2 million. S&P said, "In the coming quarters, we
expect NES will continue to build on the positive trading momentum,
thanks to a higher contribution from non-oil and gas projects and
growth in the contractor placement rate within the energy
transition and renewables sectors. Specifically, we anticipate
higher contractor activity across diversified end markets,
primarily led by renewables, construction and life sciences, and
hiring increase in the Middle East, the Americas, and
Asia-Pacific."

S&P said, "Pro forma the transaction, we assume strong topline
growth and prudent cost management will support steady EBITDA
generation and sustainable deleveraging. In our base case, we
forecast NES will sustain S&P Global Ratings-adjusted debt to
EBITDA below 9x (about 4x excluding shareholder loans) in fiscal
years 2024-2025. Coupled with a stronger working capital management
and low capital requirements, we further estimate adjusted FOCF of
$5 million-$20 million in fiscal years 2024-2025. These forecast
credit metrics will be commensurate with the current rating.

"In our view, the proposed financing will support NES' capital
structure and cash interest coverage ratios. As part of the
transaction, NES will refinance its existing $300 million senior
secured bonds maturing in 2026 with a $350 million senior secured
bond maturing in 2029. Although this will add an incremental $50
million to its debt burden, we think the additional $50 million
debt would be offset by recent EBITDA growth, resulting in limited
impact on our forecast credit metrics. Meanwhile, the proposed $350
million senior secured bonds maturing in 2029 is expected to come
with a fixed interest rate lower than the 11.75% charged on the
existing debt of $300 million. This will partly relieve NES' cash
interest burden in the next 12-24 months. Pro forma for the
transaction, we forecast an improvement in FFO cash interest
coverage to 2.0x or above in fiscal year 2024-2025, from 1.8x in
fiscal year 2023. Overall, we view the proposed refinancing as
marginally credit positive, as this extends the debt maturity to
2029 from 2026 and partly frees up cash flow consumption by the
existing cash interest burden.

"The stable outlook reflects our expectation that NES will maintain
credit measures in the highly leveraged financial risk profile,
albeit with some leverage reduction, moderate but consistently
positive FOCF, and FFO cash coverage of about 2x. This is supported
by our assumption that NES will achieve strong organic growth
because of higher oil prices, a widening contractor base, and
expanding non-oil and gas markets.

"We could lower the rating if NES fails to reduce leverage in line
with our expectations and is unable to maintain FFO cash interest
coverage at about 2x. We could also lower the rating if FOCF turns
and remains negative due to weak operating performance, if
liquidity and covenant headroom tightens, or if the group
undertakes debt-funded acquisitions or shareholder distributions
that could materially increase leverage.

"We could raise the rating if NES' debt to EBITDA falls materially
and sustainably below 5x, assuming NES also maintains FFO cash
interest coverage consistently above 2x and demonstrates stronger
positive FOCF on a sustained basis. This would require the sponsor
to commit to a less aggressive financial policy--which could occur
should the sponsor signal a path to an exit--leading us to believe
that changes in the group's capital structure would be permanent.

"Management and governance is a moderately negative consideration
in our credit rating analysis of NES. Our assessment of the group's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, in line with our view of the majority of rated entities
owned by private-equity sponsors. Our assessment also reflects
their generally finite holding periods and a focus on maximizing
shareholder returns."




=============
U K R A I N E
=============

UKRAINIAN RAILWAYS: Fitch Hikes LongTerm IDR to 'CC'
----------------------------------------------------
Fitch Ratings has upgraded JSC Ukrainian Railways (UR) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CC'
from 'C'. Fitch has also upgraded the long-term rating on the
senior unsecured USD894.9 million loan participation notes (LPNs)
issued by UR's wholly-owned UK-based special financial vehicle
(SPV) Rail Capital Markets plc to 'CC' from 'C'.

The upgrades reflect that the company was able to withstand the
sovereign default. Ukraine defaulted on its Eurobond coupon payment
due on 1 August and on 9 August initiated a consent solicitation
procedure, which Fitch deems as a distressed debt exchange (DDE)
procedure (see: Fitch Downgrades Ukraine to 'RD').

The upgrades of the Long-Term IDRs are based on Fitch's Rating
Definitions of 'CCC' to 'C' rating categories. The 'CC' IDRs
reflect its opinion that a default of some kind appears probable,
as the company faces high debt repayment needs in July 2026.

KEY RATING DRIVERS

Support Score Assessment 'Very likely'

Fitch considers that in a typical situation extraordinary support
from Ukraine to UR would be very likely in case of need, reflecting
a support score of 32.5 (out of a maximum 60) under Fitch's
Government-Related Entities (GRE) Criteria. This reflects a
combination of responsibility to support and incentive to support
factors assessment as below.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

UR is a national integrated railway company, 100% owned by Ukraine,
which ensures rail cargo and passenger transportation in the
country. UR operates under strict control by the Ukrainian state.
The national government approves the company's strategic
objectives, including tariff settings, debt and investment planning
and appoints members of the company's management and supervisory
boards. Its supervisory board includes top-ranking government
officials and independent directors.

Precedents of Support 'N/A'

This assessment reflects the company's weak financial profile,
despite the history of state support. In Fitch's view, the state's
ongoing DDE procedure and 'RD' (Restricted Default) LTFC IDR impair
its ability to provide extraordinary support for UR.

The government has been supportive of the company in the past, but
its ability to provide extraordinary support to the company is now
limited, given the ongoing war with Russia. In 2022, the state
increased cargo transport tariffs to compensate for the war-related
drop in cargo volume and provided additional funds to ensure the
continuous operation of railway transport during martial law. It
also supports the company in obtaining capex-related grants and
provides guarantees for new loans from international financial
institutions (IFI).

Incentives to Support

Preservation of Government Policy Role 'Strong'

As a strategically important transportation company for Ukraine, UR
will continue to manage national railway infrastructure, and
provide dispatching, passenger transportation, and dominant freight
services. Its importance has increased during the war, as it has a
strategic role in the organisation of the civil protection system.
Nonetheless, its default could lead to some service disruptions,
but not of an irreparable nature, and not necessarily leading to
significant political and economic repercussions for the national
government.

Contagion Risk 'Strong'

Fitch considers a default of UR on external obligations as
potentially harmful to Ukraine, as it could lead to reputational
risk for the state. Fitch believes that because the debt management
process of the government and its GREs is coordinated centrally, as
exemplified by their DDEs from 2022 and 2023, a default of UR would
be seen as the government's failure to manage these obligations.
Access to the international debt markets is currently limited for
the state and Ukrainian GREs. They all rely on support from
international institutions and Fitch does not see a default
disrupting access to this type of financing.

Standalone Credit Profile

Fitch has reassessed UR's Standalone Credit Profile (SCP) to 'cc'
from 'c', as the company proved its ability to withstand the
sovereign default and this risk no longer affects the assessment.
The SCP is based on the Lower Speculative Grade section of Fitch's
Public Policy Revenue-Supported Entities Rating Criteria. The 'cc'
SCP reflects its opinion that a default of some kind appears
probable, although it does not appear imminent or inevitable. It
factors in exposure to significant debt repayment expected in July
2026, as when the USD594.9 million LPNs mature.

Risk Profile: 'Vulnerable'

Fitch assesses UR's Risk Profile at 'Vulnerable', reflecting the
combination of assessments:

Revenue Risk: 'Weaker'

UR is a natural monopoly in Ukraine. The cargo turnover (around 80%
of the company's operating revenue) correlates significantly with
the macro-environment, and its growth follows that of national GDP.
Passenger transportation generates about 10% of UR's revenue. The
shares have remained stable despite the drastic fall in demand
after the outbreak of the war in February 2022, although this
recovered in 2023 and continues to do so in 2024. The ongoing war
generates high risk of unexpected drops in demand and destruction
of critical railway infrastructure, driving the assessment of this
factor.

Cargo and passenger tariffs are still approved by the Ministry for
Communities, Territories and Infrastructure Development upon
approval of related authorities. Tariffs for cargo transportation
were increased sharply in 2022, but have not been changed since, or
are planned to be in 2024. The tariff levels result in significant
differences in profitability based on cargo type. For this reason,
UR submitted proposals to the Ministry of Infrastructure in August
2024 to unify the tariffs for cargo transportation. If accepted it
would lead to an increase in tariffs on some transported materials,
but could affect demand.

Expenditure Risk: 'Weaker'

UR's fairly stable cost structure is dominated by staff
expenditure, which averaged 62% of opex in 2018-2023 (2023: 60.4%).
Maintenance costs and goods and services follow at 31% (2023:
33.2%). Most costs are well-identified with moderate volatility,
but the ongoing war generates a high risk of unexpected cost
increases. The main drivers for cost increases in 2023 and 1H24
remain salaries, electricity, repairs and maintenance of fixed
assets, as well as foreign-exchange (FX) losses. Supply chains and
major suppliers are operating with no negative impact on UR's
operations.

Capex needs remain high and are mostly related to the overdue
maintenance needs, renewal of the aging fleet, development of
railway connections with Western neighbouring countries and
repairs. To a large extent, capex is financed by grants from
foreign institutions and loans from IFIs. There remains a risk of
urgent recovery capex needs to restore the war-damaged
infrastructure.

Liabilities and Liquidity Risk: 'Weaker'

UR's outstanding debt has increased by nearly 20% compared with
end-July 2023. Almost all of UR's debt is in euro and US dollars,
which drives material exposure to FX risk, as its revenue stream is
mostly in local currency. UR currently relies heavily on available
loans from IFIs and grants from the international institutions, but
the LPNs constitute over two-thirds of its debt. Loans from IFIs
mostly have long maturities and amortising debt schedule.

Available funds are mostly designated for capex and do not improve
the company's liquidity position for debt servicing. UR is in the
process of procurement of goods for rail lines under emergency
support project from the European Bank for Reconstruction and
Development (EBRD, AAA/Stable) for EUR200 million. A further EUR300
million from EBRD and EUR50 million from European Investment Bank
(EIB, AAA/Stable) for capex purposes are in the process of
approval. Together with available cash and the expected grants up
to USD37 million (in particular in the form of goods), this will
support capex requirements for 2024, but repayment in the medium
term will pose a challenge.

Financial Profile

UR continues to operate focusing on the 12-month planning period.
Reliable longer-term forecasts are difficult due to the unstable
operating conditions. This imply that the financial metrics are
less informative and calculated only for one year, which in Fitch's
view justifies the 'b' assessment of the Financial Profile.
Currently UR is working to develop the long-term strategy.

UR recorded a net profit in 2023, but the expected net result for
2024 is negative. Fitch expects revenue to continue growing in
2024, albeit at a slower pace than expenditure, leading to a
worsening of EBITDA in 2024 compared with 2023. High maintenance
and renewal capex needs, financed with the new loans will have a
negative impact on the final result and cash levels. UR still
relies heavily on international support to Ukraine during the war.

Net adjusted debt to EBITDA decreased in 2023 to 2.3x from 3.5x in
2022. Fitch expects the ratio to increase to 3.0x in 2024 as net
adjusted debt will increase due to forecast higher direct debt and
lower unrestricted cash levels. Coverage ratios for 2024 are at
'aaa'. However, UR will face high refinancing risk in 2026 and
Fitch does not yet see how the company intends to finance it.

UR has an elevated ESG Relevance Score for governance structure. UR
has close links to the Ukrainian government, which are underscored
by the latter's launch of its consent solicitation to defer
external debt payment. The sovereign's weakened finances may weigh
on UR's debt policy and willingness and ability to service and
repay debt, especially its US dollar LPNs, which make up a large
portion of UR's debt stock.

Derivation Summary

Fitch's assessment of UR's SCP bases on the qualitative assessment
of UR's financial position and operating risks rather than Risk and
Financial Profiles, as indicate above.

Due to the recent sovereign's default and its ongoing DDE
procedure, Fitch views the government's capacity to provide
extraordinary support to UR as impaired so a notching approach to
assign a rating to the company is not warranted. Therefore, Fitch
constructs the rating derivation based on its Rating Definitions
for the 'CCC' to 'C' rating categories, instead of applying the
notching described in GRE Rating Criteria.

No other factors are affecting the issuer's ratings, so Fitch has
upgraded the Long-Term IDRs.

The Long-Term Foreign-Currency IDR above the sovereign is warranted
as the company has proved its ability to withstand the sovereign
recent default. UR's Long-Term Local-Currency IDR is equal to the
Long-Term Foreign-Currency IDR as notching from the sovereign is
not applied.

Short-Term Ratings

UR's Short-Term IDR has been affirmed at 'C', which is the
respective Short-Term rating for a Long-Term IDR in the categories
from 'CCC' to 'C'.

National Ratings

UR's National Long-Term Rating has been upgraded to 'CC(ukr) from
'C(ukr)' and is mapped to its Long-Term IDRs.

Debt Ratings

The ratings of UR's senior debt instruments are aligned with its
Long-Term Foreign-Currency IDR, including the senior unsecured debt
of its wholly-owned UK-based SPV - Rail Capital Markets plc. UR
guarantees the payments of the LPNs totalling USD894.9 million,
which makes the SPVs' debt direct, unconditional senior unsecured
obligations of the GRE, ranking equally with all of its other
present and future unsecured and unsubordinated obligations. The
notes constituted over two-thirds of UR's debt stock at end-July
2024.

Issuer Profile

UR is the national integrated railway company with a natural
monopoly in a rail sector in Ukraine. It is the largest employer in
the country and plays a vital role in Ukraine's economy and labour
market.

Key Assumptions

Fitch's scenario is based on UR's historical data for 2019-2023 and
projections for 2024. The company's planning perspective is
currently limited to one financial year, due to the unstable
conditions and unpredictability resulting from the ongoing war. The
assumptions include:

- Cargo and passenger transportation revenues growing by 19% in
2024, due to expected improved turnovers with unchanged tariffs

- Operating expenditure growing by 14.8%, driven by increasing
salaries and energy prices

- Substantial capex of UAH28 billion, primarily focused on the
renewal of fleet and restoration and modernisation of rail
infrastructure

- Maintenance of the net result around breakeven level in 2024

- No dividends to be paid

Liquidity and Debt Structure

The extended maturity date of USD594.9 million LPNs (almost 50% of
UR's debt) falls in July 2026 and USD300 million (24%) in July
2028. This generates high refinancing risk for the company, as
access to financing markets is very limited for UR. Due to the
deferral of coupon payment obtained in consent solicitation in
January 2023, UR is not paying coupons on the LPNs until January
2025, when the company is due to resume servicing this debt.

The National Bank of Ukraine FX transfer moratorium restricting the
company's ability to transfer funds out of Ukraine to finance
payments under the debt is relaxed. Exceptions from the moratorium
for FX debt servicing include, e.g. fulfilling obligations to IFIs
and guaranteed debt, fulfilling obligations on liabilities
attracted after 20 June 2023, making coupon and interest payments
on external loans (including for LPNs). However, principal
repayments have not been allowed yet.

Rating Sensitivities

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

Fitch would downgrade the ratings to 'C' on signs that a
default-like process had begun, for example, a formal launch of a
debt-exchange proposal involving a material further reduction of
the LPN terms, or indication that the provisions of the consent
solicitation will not be met.

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

Fitch could upgrade the ratings to the 'CCC' category on reduced
risk of liquidity stress and the return of UR's ability of mid-term
financial planning, which would include clear and reliable
solutions for refinancing the LPNs in 2026 and 2028.

ESG Considerations

UR has an ESG Relevance Score of '5' for Governance Structure to
reflect the close links with the Ukrainian government and the
latter's launch of consent solicitation to defer external debt
payments, which has a negative impact on the credit profile, and is
highly relevant to the rating. This resulted in its downgrade on 29
July 2022 and 24 July 2024.

UR has an ESG Relevance Score of '4' for Employee Wellbeing due to
employees' heightened safety risks in conducting railway services,
especially in areas of protracted war operations, as well as
increased spending for personal protection equipment, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

UR has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy & Data Security due to increasing data
protection needs related to its strategies, investments and
policies, including critical logistic and infrastructure data, as
well IT infrastructure and financial information, following
intensified cyberattacks in the Russian-Ukrainian war. This has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

Public Ratings with Credit Linkage to other ratings

UR's ratings are linked to Ukraine's ratings.

   Entity/Debt                 Rating             Prior
   -----------                 ------             -----
Rail Capital
Markets Plc

   senior unsecured   LT        CC     Upgrade    C

JSC Ukrainian
Railways              LT IDR    CC     Upgrade    C
                      ST IDR    C      Affirmed   C
                      LC LT IDR CC     Upgrade    C
                      Natl LT   CC(ukr)Upgrade    C(ukr)  



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

BELMUS LIMITED: Leonard Curtis Named as Administrators
------------------------------------------------------
Belmus Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number:
CR-2024-MAN-000976, and Iain Nairn and Sean Williams of Leonard
Curtis were appointed as administrators on Aug. 20, 2024.  

Belmus Limited is involved in the wholesale of clothing and
footwear, and retail sale in non-specialized stores.

Belmus Limited's registered office address is at Unit 202, South
Shields Business Works, Henry Robson Way, South Shields, NE33 1RF
(to be changed to Unit 13 Kingsway House, Kingsway, Team Valley
Trading Estate, Gateshead, NE11 0HW).

The administrators can be reached at:

         Iain Nairn
         Leonard Curtis
         Unit 13, Kingsway House, Kingsway
         Team Valley Trading Estate
         Gateshead, NE11 0HW

         -- and --

         Sean Williams
         Leonard Curtis
         9th Floor, 7 Park Row
         Leeds, LS1 5HD

Contact details for Administrators:

         E-mail: recovery@leonardcurtis.co.uk
         Tel: 0191 933 1560

Alternative contact: Ryan Butler

BRIGHT QA: Quantuma Advisory Named as Administrators
----------------------------------------------------
Bright QA Systems Ltd. was placed into administration proceedings
in the High Court of Justice, Business and Property Courts of
England and Wales, Insolvency & Companies List (Chd), Court Number:
CR-2024-004921, and Andrew Watling and Duncan Beat of Quantuma
Advisory Limited were appointed as administrators on Aug. 20, 2024.


Bright QA, trading as C&B Systems, operates in the construction
industry.

Bright QA's registered office is at The Courtyard, 59 Church
Street, Staines-Upon-Thames, TW18 4XS and it is in the process of
being changed to c/o Quantuma Advisory Limited, Office D, Beresford
House, Town Quay, Southampton, SO14 2AQ. Its principal trading
address is at The Courtyard, 59 Church Street, Staines-Upon-Thames,
TW18 4XS; Units 6-9 Lighthouse Trade Park, Church Road, Lydney,
Gloucestershire, GL15 5EN.

The administrators can be reached at:

         Andrew Watling
         Duncan Beat
         Quantuma Advisory Limited
         Office D, Beresford House
         Town Quay, Southampton
         SO14 2AQ

For further details, contact:

         Stuart Ransley
         E-mail: stuart.ransley@quantuma.com
         Tel No: 02380 336 464

DESTINY PHARMA: Cork Gully Named as Administrators
--------------------------------------------------
Destiny Pharma Plc was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales Insolvency and Companies Court (ChD), Court Number:
CR-2024-004960, and Stephen Robert Cork and Mark Smith of Cork
Gully LLP were appointed as administrators on Aug. 21, 2024.  

Destiny Pharma focuses on research and experimental development on
natural sciences and engineering.

Destiny Pharma's registered office and principal trading address is
at Unit 36 Sussex Innovation Centre Science Park Square, Falmer,
Brighton, BN1 9SB.

The administrators can be reached at:

          Stephen Robert Cork
          Mark Smith
          Cork Gully LLP
          40 Villiers Street, London
          WC2N 6NJ

For further details, contact:

          The Joint Administrators
          Tel No: 020 7268 2150

Alternative contact:

          Alexander Zografakis
          E-mail: alexanderzografakis@corkgully.com

E.E.W. HOLDING: Moorfields Named as Joint Administrators
--------------------------------------------------------
E.E.W. Holding Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency and Companies, No 004904 of 2024, and
Andrew Pear and Milan Vuceljic of Moorfields were appointed as
joint administrators on Aug. 19, 2024.  

E.E.W. Holding, previously known as E.E.W. Eco Energy World
Limited, specializes in business support services.

E.E.W. Holding registered office address is at 13 Hanover Square,
London, W1S 1HN. Its principal trading address is at 115 Park
Street, London, W1K 7AP.

The joint administrators can be reached at:

          Andrew Pear
          Milan Vuceljic
          Moorfields
          82 St John Street, London
          EC1M 4JN
          Tel. No: 020 7186 1144

For further information, contact

         Michelle Sanchez
         Moorfields
         82 St John Street, London
         EC1M 4JN
         E-mail: msanchez@moorfieldscr.com
         Tel No: 020 7186 1174

JAYEX TECHNOLOGY: FRP Advisory Named as Administrators
------------------------------------------------------
Jayex Technology Limited was placed in administration proceedings
in the High Court of Justice, Court Number: CR-2024-004469, and
Alexander Kinninmonth and James Prior of FRP Advisory Trading
Limited were appointed as administrators on Aug. 22, 2024.  

Jayex Technology designs and develops application software. It
offers solutions for patient calling, surveys, development and
integration, online portal, digital signage, reporting, and queue
systems.

Jayex Technology's registered office is at International House,
36-38 Cornhill, London, EC3V 3NG to be changed to St Ann's Manor,
6-8 St Ann Street, Salisbury, Wiltshire, SP1 2DN. Its principal
trading address is at Unit 40 Space Business Centre, Molly Millars
Lane, Wokingham, RG41 2PQ.

The administrator can be reached at:

          Alexander Kinninmonth
          James Prior
          FRP Advisory Trading Limited
          St Ann's Manor
          6-8 St Ann Street
          Salisbury, SP1 2DN

For further details, contact:

          Joint Administrators
          Tel No: 01722 333 599

Alternative contact: Terena Ellis

NORTHERN THREADS: KBL Advisory Named as Joint Administrators
------------------------------------------------------------
Northern Threads Lifestyle Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales Insolvency and Companies, No. CR-004797
of 2024, and Richard Cole and Steve Kenny of KBL Advisory Limited
were appointed as joint administrators on Aug. 21, 2024.  

Northern Threads registered office and principal trading address is
at 14 Ocean Road, South Shields, Tyne And Wear, NE33 2HZ.

The joint administrators can be reached at:

          Richard Cole
          Steve Kenny
          KBL Advisory Limited
          Stamford House, Northenden Road, Sale
          Cheshire, M33 2DH

For further information, contact:

          Amy Lowden
          KBL Advisory Limited
          E-mail: amy@kbl-advisory.com
          Tel No: 0161 637 8100

TOGETHER ASSET 2024-1ST2: S&P Assigns BB- (sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Together
Asset Backed Securitisation 2024-1ST2 PLC's (Together 2024-1ST2)
class A and B notes, and interest deferrable class C-Dfrd to X-Dfrd
notes. At closing the issuer will also issue unrated residual
certificates.

Together 2024-1ST2 is a static RMBS transaction, securitizing a
provisional portfolio of £445.2 million first-lien owner-occupied
and buy-to-let (BTL) mortgage loans secured on properties in the
U.K. originated by Together Personal Finance Ltd. and Together
Commercial Finance Ltd.

Together Personal Finance Ltd. and Together Commercial Finance Ltd.
are wholly owned subsidiaries of Together Financial Services Ltd.
(Together).

Together Personal Finance and Together Commercial Finance
originated the loans in the pool between 2017 and 2023. Close to
two-thirds of the loans were originated in the last two years while
the loans with higher seasoning are predominantly being refinanced
from Together Asset Backed Securitisation 2020-1 PLC.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to borrowers with adverse credit history, such
as prior county court judgments, bankruptcy, and mortgage arrears.

Credit enhancement for the rated notes consists of subordination,
excess spread, and overcollateralization following the step-up
date, which will result from the release of the excess spread
amounts from the revenue priority of payments to the principal
priority of payments.

S&P said, "There are no rating constraints on the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote."

  Preliminary ratings

  CLASS     PRELIM. RATING*    CLASS SIZE (%)

  A            AAA (sf)         89.50

  B            AA+ (sf)          4.00

  C-Dfrd       A+ (sf)           2.75

  D-Dfrd       BBB (sf)          2.25

  E-Dfrd       BB- (sf)          1.50

  X-Dfrd       BBB+ (sf)         1.36

  Residual certs    NR            N/A

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


VALUES ACADEMY: Azets Named as Administrators
---------------------------------------------
Values Academy was placed into administration proceedings in the
High Court of Justice, Business and Property Courts in Birmingham,
Insolvency and Companies List (ChD), Court Number: CR-2024-000510,
and Margaret Carter and Andrew Stephen McGill of Azets were
appointed as administrators on Aug. 21, 2024.  

Values Academy is an independent school which operates as one
school across two sites in Birmingham and Nuneaton.

Values Academy registered office address is at Values Academy Grove
Road, Stockingford, Nuneaton, CV10 8JX. Its principal trading
address is at 15 Key Hill, Hockley, Birmingham, B18 5PB.

The administrators can be reached at:

         Margaret Carter
         Andrew Stephen McGill
         Azets
         6th Floor, Bank House
         Cherry Street, Birmingham
         B2 5AL

For further details, contact:

         Joint Administrators
         E-mail: sam.forman@azets.co.uk
         Tel No: 0121 374 0180

Alternative contact: Sam Forman



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

[*] BOND PRICING: For the Week August 26 to August 30, 2024
-----------------------------------------------------------
Issuer                Coupon   Maturity Currency Price
------                ------   -------- -------- -----
Altice France Holding  10.500   5/15/2027  USD   39.400
NCO Invest SA          10.000  12/30/2026  EUR    0.138
Ferralum Metals Group  10.000  12/30/2026  EUR   33.260
NCO Invest SA          10.000  12/30/2026  EUR    0.343
Codere Finance 2 Luxem 11.000   9/30/2026  EUR   44.278
Virgolino de Oliveira  11.750    2/9/2022  USD    0.237
Solis Bond Co DAC       9.990   9/30/2024  EUR   49.834
Fastator AB            12.500   9/25/2026  SEK   35.092
Ilija Batljan Invest A 10.470              SEK    4.250
Virgolino de Oliveira  10.500   1/28/2018  USD    0.010
Codere Finance 2 Luxem 12.750  11/30/2027  EUR    1.000
Oscar Properties Holdi 11.270    7/5/2024  SEK    0.114
Fastator AB            12.500   9/26/2025  SEK   35.664
Turkiye Government Bon 10.400  10/13/2032  TRY   48.750
Saderea DAC            12.500  11/30/2026  USD   49.000
IOG Plc                13.217   9/20/2024  EUR    8.000
Tinkoff Bank JSC Via T 11.002              USD   42.875
Virgolino de Oliveira  10.500   1/28/2018  USD    0.010
Virgolino de Oliveira  11.750    2/9/2022  USD    0.237
Codere Finance 2 Luxem 13.625  11/30/2027  USD    1.001
Fastator AB            12.500   9/24/2027  SEK   35.388
Immigon Portfolioabbau 10.055              EUR   12.071
R-Logitech Finance SA  10.250   9/26/2027  EUR   15.000
Bilt Paper BV          10.360              USD    0.546
Kvalitena AB publ      10.067    4/2/2024  SEK   45.000
Marginalen Bank Bankak 12.695              SEK   40.002
Plusplus Capital Finan 11.000   7/29/2026  EUR    8.736
Codere Finance 2 Luxem 11.000   9/30/2026  EUR   44.278
Codere Finance 2 Luxem 13.625  11/30/2027  USD    1.001
UkrLandFarming PLC     10.875   3/26/2018  USD    2.093
Transcapitalbank JSC V 10.000              USD    1.450
Elli Investments Ltd   12.250   6/15/2020  GBP    1.251
Avangardco Investments 10.000  10/29/2018  USD    0.108
Privatbank CJSC Via UK 10.250   1/23/2018  USD    3.275
Bulgaria Steel Finance 12.000    5/4/2013  EUR    0.216
Altice France Holding  10.500   5/15/2027  USD   39.062
Privatbank CJSC Via UK 11.000    2/9/2021  USD    0.500
Sidetur Finance BV     10.000   4/20/2016  USD    0.678
Societe Generale SA    20.000   7/21/2026  USD    3.400
Hazine Mustesarligi Va 19.580    8/2/2028  TRY
Virgolino de Oliveira  10.875   1/13/2020  USD   36.000
Privatbank CJSC Via UK 10.875   2/28/2018  USD    4.710
Virgolino de Oliveira  10.875   1/13/2020  USD   36.000
Leonteq Securities AG/ 13.500    9/3/2024  CHF   49.650
Codere Finance 2 Luxem 12.750  11/30/2027  EUR    1.000
Societe Generale SA    11.000   7/14/2026  USD   13.900
Societe Generale SA    27.300  10/20/2025  USD    7.720
Societe Generale SA    21.000  12/26/2025  USD   26.000
Ameriabank CJSC        10.000   2/20/2025  AMD    0.000
Citigroup Global Marke 25.530   2/18/2025  EUR    0.010
Deutsche Bank AG/Londo 12.780   3/16/2028  TRY   47.258
Bilt Paper BV          10.360              USD    0.546
Elli Investments Ltd   12.250   6/15/2020  GBP    1.251
Tonon Luxembourg SA    12.500   5/14/2024  USD    2.215
Phosphorus Holdco PLC  10.000    4/1/2019  GBP    0.861
Swissquote Bank SA     15.740  10/31/2024  CHF   20.950
Raiffeisen Switzerland 14.000  11/27/2024  USD   52.830
Societe Generale SA    20.000  11/28/2025  USD   12.920
Raiffeisen Schweiz Gen 20.000   9/11/2024  CHF   35.370
HSBC Trinkaus & Burkha 17.700   9/27/2024  EUR    9.740
Goldman Sachs Internat 16.288   3/17/2027  USD   24.740
Vontobel Financial Pro 21.000   9/27/2024  EUR   26.880
Bank Vontobel AG       15.500  11/18/2024  CHF   33.800
Leonteq Securities AG/ 10.000   9/10/2024  CHF   39.620
HSBC Trinkaus & Burkha 18.900   9/27/2024  EUR   12.410
Ukraine Government Bon 11.000   4/24/2037  UAH   32.132
Credit Agricole Corpor 10.200  12/13/2027  TRY   47.027
Deutsche Bank AG/Londo 14.900   5/30/2028  TRY   49.647
Petromena ASA          10.850  11/19/2018  USD    0.622
NTRP Via Interpipe Ltd 10.250    8/2/2017  USD    1.014
Lehman Brothers Treasu 14.900   9/15/2008  EUR    0.100
Sidetur Finance BV     10.000   4/20/2016  USD    0.678
KPNQwest NV            10.000   3/15/2012  EUR    0.756
Teksid Aluminum Luxemb 12.375   7/15/2011  EUR    0.619
Ukraine Government Bon 11.000    4/8/2037  UAH   29.369
Landesbank Baden-Wuert 16.500   4/28/2025  EUR   15.050
Landesbank Baden-Wuert 10.500   4/28/2025  EUR   12.400
Landesbank Baden-Wuert 19.000   4/28/2025  EUR   16.280
DZ Bank AG Deutsche Ze 20.400   3/28/2025  EUR   22.370
BNP Paribas Emissions- 24.000  12/30/2024  EUR   55.330
BNP Paribas Emissions- 18.000   9/26/2024  EUR   49.260
BNP Paribas Emissions- 24.000   9/26/2024  EUR   46.170
BNP Paribas Emissions- 28.000   9/26/2024  EUR   49.850
UBS AG                 10.000   7/29/2025  USD   34.160
Erste Group Bank AG    14.500   5/31/2026  EUR   32.800
Vontobel Financial Pro 13.000  12/31/2024  EUR   41.140
Vontobel Financial Pro 14.750  12/31/2024  EUR   39.730
Vontobel Financial Pro 17.250  12/31/2024  EUR   48.330
Vontobel Financial Pro 20.000  12/31/2024  EUR   46.500
DZ Bank AG Deutsche Ze 15.500  12/31/2024  EUR   42.670
Landesbank Baden-Wuert 11.500   2/28/2025  EUR   11.490
Landesbank Baden-Wuert 15.000   2/28/2025  EUR   12.280
Landesbank Baden-Wuert 19.000   2/28/2025  EUR   13.520
Leonteq Securities AG  28.000    9/5/2024  CHF   33.500
Leonteq Securities AG/ 10.340   8/31/2026  EUR   44.120
Vontobel Financial Pro 15.500   9/27/2024  EUR   45.260
UniCredit Bank GmbH    12.800   2/28/2025  EUR   37.090
UniCredit Bank GmbH    13.100   2/28/2025  EUR   42.720
UniCredit Bank GmbH    13.800   2/28/2025  EUR   41.570
Leonteq Securities AG/ 25.000    9/5/2024  EUR   38.140
Leonteq Securities AG/ 24.000    9/5/2024  CHF   42.920
Leonteq Securities AG  24.000    9/4/2024  CHF   37.920
UniCredit Bank GmbH    19.100  12/31/2024  EUR   34.450
UniCredit Bank GmbH    20.000  12/31/2024  EUR   33.300
Bank Vontobel AG       11.000   4/11/2025  CHF   21.800
DZ Bank AG Deutsche Ze 13.900   3/28/2025  EUR   14.360
UBS AG/London          10.000   3/23/2026  USD   29.630
Vontobel Financial Pro 11.000  12/31/2024  EUR   42.700
Vontobel Financial Pro 16.750  12/31/2024  EUR   38.590
Leonteq Securities AG  24.000   1/16/2025  CHF   42.150
Vontobel Financial Pro 20.250  12/31/2024  EUR   15.613
DZ Bank AG Deutsche Ze 18.500   3/28/2025  EUR   22.840
Leonteq Securities AG  24.000    9/5/2024  CHF   39.550
Vontobel Financial Pro 12.500   9/27/2024  EUR   45.970
Leonteq Securities AG/ 20.000   3/11/2025  CHF   24.220
Landesbank Baden-Wuert 12.000    1/3/2025  EUR   10.810
Landesbank Baden-Wuert 15.000    1/3/2025  EUR   10.600
Landesbank Baden-Wuert 18.000    1/3/2025  EUR   10.950
DZ Bank AG Deutsche Ze 14.300  12/31/2024  EUR   43.460
Landesbank Baden-Wuert 11.500  10/25/2024  EUR   13.450
Landesbank Baden-Wuert 13.000  10/25/2024  EUR   12.670
Landesbank Baden-Wuert 16.000  10/25/2024  EUR   11.550
DZ Bank AG Deutsche Ze 12.000   9/25/2024  EUR   11.570
HSBC Trinkaus & Burkha 14.500  12/30/2024  EUR    7.890
HSBC Trinkaus & Burkha 14.500   9/27/2024  EUR   16.560
DZ Bank AG Deutsche Ze 10.600   9/27/2024  EUR   51.350
UBS AG/London          13.000   9/30/2024  CHF   15.600
Leonteq Securities AG  24.000    1/9/2025  CHF   27.930
Societe Generale SA    15.600   8/25/2026  USD   39.830
UniCredit Bank GmbH    10.500   9/23/2024  EUR   25.010
UniCredit Bank GmbH    17.300   9/27/2024  EUR   47.140
UniCredit Bank GmbH    13.800   9/27/2024  EUR   36.250
UniCredit Bank GmbH    18.000   9/27/2024  EUR   30.960
Leonteq Securities AG  24.000   1/13/2025  CHF   11.440
UniCredit Bank GmbH    14.800   9/27/2024  EUR   34.740
UniCredit Bank GmbH    15.800   9/27/2024  EUR   33.360
UniCredit Bank GmbH    16.900   9/27/2024  EUR   32.110
UniCredit Bank GmbH    19.100   9/27/2024  EUR   29.900
Vontobel Financial Pro 26.450   1/24/2025  EUR   17.939
Leonteq Securities AG/ 11.000    1/9/2025  CHF   37.260
DZ Bank AG Deutsche Ze 18.500   9/27/2024  EUR   47.140
Bank Vontobel AG       13.500    1/8/2025  CHF    7.500
Raiffeisen Schweiz Gen 10.000   10/4/2024  CHF   36.650
Landesbank Baden-Wuert 22.000    1/3/2025  EUR   11.990
Landesbank Baden-Wuert 10.500    1/2/2026  EUR   15.850
Landesbank Baden-Wuert 14.000   6/27/2025  EUR   14.560
Landesbank Baden-Wuert 19.000   6/27/2025  EUR   17.800
Landesbank Baden-Wuert 27.000   9/27/2024  EUR   10.270
Landesbank Baden-Wuert 16.000    1/3/2025  EUR   11.270
Landesbank Baden-Wuert 19.000    1/3/2025  EUR   11.560
Landesbank Baden-Wuert 25.000    1/3/2025  EUR   12.520
Landesbank Baden-Wuert 16.000   6/27/2025  EUR   15.750
Landesbank Baden-Wuert 21.000   6/27/2025  EUR   19.130
Societe Generale SA    15.110  10/31/2024  USD
UniCredit Bank GmbH    10.300   9/27/2024  EUR   25.550
BNP Paribas Emissions- 15.000   9/26/2024  EUR   47.060
Landesbank Baden-Wuert 10.500   4/24/2026  EUR   19.770
Landesbank Baden-Wuert 11.500   4/24/2026  EUR   21.050
Landesbank Baden-Wuert 13.000   4/24/2026  EUR   23.170
Landesbank Baden-Wuert 11.000   2/27/2026  EUR   18.600
Landesbank Baden-Wuert 12.000   2/27/2026  EUR   19.800
Raiffeisen Switzerland 16.000    3/4/2025  CHF   18.950
DZ Bank AG Deutsche Ze 17.300   6/27/2025  EUR
DZ Bank AG Deutsche Ze 17.600   6/27/2025  EUR   24.510
Landesbank Baden-Wuert 13.000   9/27/2024  EUR   57.020
Vontobel Financial Pro 29.200   1/17/2025  EUR   31.968
Landesbank Baden-Wuert 23.000   9/27/2024  EUR   49.640
Inecobank CJSC         10.000   4/28/2025  AMD    0.000
BNP Paribas Emissions- 20.000   9/26/2024  EUR   49.440
Landesbank Baden-Wuert 11.000    1/2/2026  EUR   17.820
Landesbank Baden-Wuert 16.000    1/2/2026  EUR   23.220
Landesbank Baden-Wuert 16.000   9/27/2024  EUR   57.210
Landesbank Baden-Wuert 18.000   9/27/2024  EUR   16.220
Landesbank Baden-Wuert 25.000   9/27/2024  EUR   14.310
Landesbank Baden-Wuert 13.000   6/27/2025  EUR   14.850
Landesbank Baden-Wuert 16.000   6/27/2025  EUR   16.510
Landesbank Baden-Wuert 15.000    1/3/2025  EUR   12.950
Landesbank Baden-Wuert 18.000    1/3/2025  EUR   53.990
Swissquote Bank Europe 25.320   2/26/2025  CHF   41.530
DZ Bank AG Deutsche Ze 13.200   3/28/2025  EUR   46.130
Bank Vontobel AG       14.000    3/5/2025  CHF   13.000
DZ Bank AG Deutsche Ze 13.200   9/27/2024  EUR   55.800
UniCredit Bank GmbH    15.100   9/27/2024  EUR   47.270
UniCredit Bank GmbH    16.400   9/27/2024  EUR   44.670
Zurcher Kantonalbank F 24.000  11/22/2024  EUR   47.800
DZ Bank AG Deutsche Ze 19.000  12/31/2024  EUR   40.340
DZ Bank AG Deutsche Ze 14.200  12/31/2024  EUR   10.570
DZ Bank AG Deutsche Ze 11.400  12/31/2024  EUR   50.430
DZ Bank AG Deutsche Ze 12.800  12/31/2024  EUR   47.740
DZ Bank AG Deutsche Ze 14.200  12/31/2024  EUR   45.420
DZ Bank AG Deutsche Ze 15.700  12/31/2024  EUR   43.440
DZ Bank AG Deutsche Ze 17.300  12/31/2024  EUR   41.760
UniCredit Bank GmbH    16.550   8/18/2025  USD   21.360
UniCredit Bank GmbH    10.700   2/28/2025  EUR   39.660
UniCredit Bank GmbH    11.700   2/28/2025  EUR   38.400
UniCredit Bank GmbH    14.500  11/22/2024  EUR   38.350
UniCredit Bank GmbH    14.500   2/28/2025  EUR   40.340
UniCredit Bank GmbH    14.800   9/27/2024  EUR   38.070
Raiffeisen Schweiz Gen 20.000  10/16/2024  CHF   24.650
Vontobel Financial Pro 12.500  12/31/2024  EUR   40.960
Vontobel Financial Pro 10.750  12/31/2024  EUR   42.430
Vontobel Financial Pro 14.250  12/31/2024  EUR   39.390
UniCredit Bank GmbH    13.700   9/27/2024  EUR   39.920
DZ Bank AG Deutsche Ze 10.500   1/22/2025  EUR   10.390
UniCredit Bank GmbH    13.900  11/22/2024  EUR   41.880
DZ Bank AG Deutsche Ze 11.500  12/31/2024  EUR   10.990
DZ Bank AG Deutsche Ze 23.100  12/31/2024  EUR   36.170
DZ Bank AG Deutsche Ze 21.500   9/27/2024  EUR   44.290
Landesbank Baden-Wuert 10.000  10/24/2025  EUR   14.950
UniCredit Bank GmbH    13.500   2/28/2025  EUR   45.060
Landesbank Baden-Wuert 13.000   3/28/2025  EUR   10.900
Landesbank Baden-Wuert 15.000   3/28/2025  EUR   11.600
DZ Bank AG Deutsche Ze 10.750  12/27/2024  EUR   11.650
DZ Bank AG Deutsche Ze 20.250   9/25/2024  EUR   11.680
DZ Bank AG Deutsche Ze 10.800   9/27/2024  EUR   41.710
Raiffeisen Schweiz Gen 12.000    9/4/2024  CHF   41.580
Basler Kantonalbank    22.000    9/6/2024  CHF   37.170
Swissquote Bank SA     24.040   9/11/2024  CHF   36.590
Leonteq Securities AG/ 22.000   9/11/2024  CHF   35.710
Leonteq Securities AG  18.000   9/11/2024  CHF    6.040
Landesbank Baden-Wuert 14.000   1/24/2025  EUR   10.720
Leonteq Securities AG/ 20.000   1/22/2025  CHF   17.100
Vontobel Financial Pro 11.000  12/31/2024  EUR   34.710
Vontobel Financial Pro 18.500  12/31/2024  EUR   34.790
Vontobel Financial Pro 16.500  12/31/2024  EUR   35.350
Vontobel Financial Pro 20.250  12/31/2024  EUR   34.000
Vontobel Financial Pro 11.250  12/31/2024  EUR   38.640
Vontobel Financial Pro 13.000  12/31/2024  EUR   37.430
Vontobel Financial Pro 14.750  12/31/2024  EUR   36.380
Societe Generale SA    15.000   9/29/2025  USD    8.400
Societe Generale SA    20.000   9/18/2026  USD   12.500
UniCredit Bank GmbH    10.700  11/22/2024  EUR   49.320
UniCredit Bank GmbH    10.400   2/28/2025  EUR   51.700
UniCredit Bank GmbH    11.600   2/28/2025  EUR   49.210
Landesbank Baden-Wuert 14.000  10/24/2025  EUR   18.270
Leonteq Securities AG  21.000  10/30/2024  CHF   34.220
UniCredit Bank GmbH    12.300   9/27/2024  EUR   44.800
UniCredit Bank GmbH    18.500   9/27/2024  EUR   37.960
UniCredit Bank GmbH    14.200   9/27/2024  EUR   42.200
UniCredit Bank GmbH    10.700   9/27/2024  EUR   48.850
UniCredit Bank GmbH    13.700   9/27/2024  EUR   45.350
UniCredit Bank GmbH    16.300   9/27/2024  EUR   39.940
DZ Bank AG Deutsche Ze 13.100   9/27/2024  EUR   33.490
DZ Bank AG Deutsche Ze 10.000   9/27/2024  EUR   39.200
Vontobel Financial Pro 16.000   3/28/2025  EUR   19.494
DZ Bank AG Deutsche Ze 11.000   9/27/2024  EUR   37.080
ASCE Group OJSC        12.000   6/11/2031  AMD    0.000
DZ Bank AG Deutsche Ze 17.800   9/27/2024  EUR   30.390
Bank Vontobel AG       20.500   11/4/2024  CHF   36.400
DZ Bank AG Deutsche Ze 14.400   9/27/2024  EUR   35.180
Societe Generale SA    20.000   1/29/2026  USD    9.800
Landesbank Baden-Wuert 11.000   3/28/2025  EUR   10.300
Leonteq Securities AG  25.000    1/3/2025  CHF   46.530
Vontobel Financial Pro 13.250   9/27/2024  EUR   49.100
Leonteq Securities AG/ 22.000   10/2/2024  CHF   38.820
Leonteq Securities AG  21.000    1/3/2025  CHF   28.640
Raiffeisen Schweiz Gen 19.000   10/2/2024  CHF   40.460
Vontobel Financial Pro 19.000   9/27/2024  EUR   47.270
Vontobel Financial Pro 22.250   9/27/2024  EUR   44.400
Vontobel Financial Pro 17.000   9/27/2024  EUR   40.360
Vontobel Financial Pro 12.000   9/27/2024  EUR   45.280
Vontobel Financial Pro 10.000   9/27/2024  EUR   48.340
Vontobel Financial Pro 14.500   9/27/2024  EUR   42.660
Vontobel Financial Pro 19.750   9/27/2024  EUR   38.350
DZ Bank AG Deutsche Ze 13.400  12/31/2024  EUR   47.520
DZ Bank AG Deutsche Ze 21.300  12/31/2024  EUR   47.560
Vontobel Financial Pro 10.000   3/28/2025  EUR   54.860
Finca Uco Cjsc         12.000   2/10/2025  AMD    0.000
DZ Bank AG Deutsche Ze 16.500  12/27/2024  EUR   14.320
UBS AG/London          17.500    2/7/2025  USD   12.510
UniCredit Bank GmbH    10.700    2/3/2025  EUR   22.290
UniCredit Bank GmbH    10.700   2/17/2025  EUR   22.540
DZ Bank AG Deutsche Ze 14.000   9/27/2024  EUR   42.170
Armenian Economy Devel 10.500    5/4/2025  AMD    0.000
UniCredit Bank GmbH    12.800  10/10/2024  EUR   49.210
Vontobel Financial Pro 13.250   9/27/2024  EUR   31.170
Leonteq Securities AG  20.000   9/18/2024  CHF   21.220
UniCredit Bank GmbH    18.800  12/31/2024  EUR   32.350
HSBC Trinkaus & Burkha 18.100  12/30/2024  EUR    7.200
HSBC Trinkaus & Burkha 15.700  12/30/2024  EUR    6.800
DZ Bank AG Deutsche Ze 20.400   9/27/2024  EUR   40.100
UniCredit Bank GmbH    17.000  12/31/2024  EUR   48.490
HSBC Trinkaus & Burkha 11.900   9/27/2024  EUR   31.780
HSBC Trinkaus & Burkha 11.100  12/30/2024  EUR   34.350
HSBC Trinkaus & Burkha 13.400   3/28/2025  EUR   33.370
Landesbank Baden-Wuert 14.000   6/27/2025  EUR   14.670
Raiffeisen Schweiz Gen 18.800   9/18/2024  CHF   38.340
UniCredit Bank GmbH    19.700  12/31/2024  EUR   31.730
HSBC Trinkaus & Burkha 16.800   9/27/2024  EUR   26.170
Landesbank Baden-Wuert 10.000   6/27/2025  EUR   12.790
HSBC Trinkaus & Burkha 11.600   3/28/2025  EUR   35.290
UniCredit Bank GmbH    18.000  12/31/2024  EUR   46.430
HSBC Trinkaus & Burkha 16.300  12/30/2024  EUR   28.940
UniCredit Bank GmbH    14.700  11/22/2024  EUR   40.120
UniCredit Bank GmbH    12.900  11/22/2024  EUR   35.760
UniCredit Bank GmbH    14.200  11/22/2024  EUR   34.480
Vontobel Financial Pro 18.000   9/27/2024  EUR   25.120
UniCredit Bank GmbH    19.300  12/31/2024  EUR   35.630
BNP Paribas Emissions- 15.000  12/30/2024  EUR   32.450
BNP Paribas Emissions- 17.000  12/30/2024  EUR   34.610
BNP Paribas Emissions- 12.000  12/30/2024  EUR   32.790
BNP Paribas Emissions- 17.000  12/30/2024  EUR   48.190
UniCredit Bank GmbH    13.400   9/27/2024  EUR   42.050
Landesbank Baden-Wuert 10.000  10/25/2024  EUR    7.110
Landesbank Baden-Wuert 11.500  10/25/2024  EUR    6.660
Evocabank CJSC         11.000   9/28/2024  AMD    0.000
Landesbank Baden-Wuert 10.000  11/22/2024  EUR   48.590
Landesbank Baden-Wuert 10.500  11/22/2024  EUR   10.780
Landesbank Baden-Wuert 16.000  11/22/2024  EUR    9.870
DZ Bank AG Deutsche Ze 10.500  12/27/2024  EUR   49.120
DZ Bank AG Deutsche Ze 18.200   3/28/2025  EUR   49.760
HSBC Trinkaus & Burkha 22.250   6/27/2025  EUR   16.730
HSBC Trinkaus & Burkha 17.500   6/27/2025  EUR   13.310
HSBC Trinkaus & Burkha 12.750   6/27/2025  EUR   10.650
HSBC Trinkaus & Burkha 11.250   6/27/2025  EUR   41.910
HSBC Trinkaus & Burkha 10.250   6/27/2025  EUR   41.250
HSBC Trinkaus & Burkha 15.500   6/27/2025  EUR   36.510
Leonteq Securities AG  24.000  12/27/2024  CHF   41.460
Leonteq Securities AG  23.000  12/27/2024  CHF   29.760
Leonteq Securities AG  24.000   9/25/2024  CHF   40.080
Raiffeisen Schweiz Gen 20.000   9/25/2024  CHF   22.260
Raiffeisen Schweiz Gen 20.000   9/25/2024  CHF   27.040
UniCredit Bank GmbH    17.200  12/31/2024  EUR   30.110
UniCredit Bank GmbH    18.000  12/31/2024  EUR   29.200
UniCredit Bank GmbH    18.800  12/31/2024  EUR   28.710
UniCredit Bank GmbH    19.600  12/31/2024  EUR   28.270
UBS AG/London          12.000   11/4/2024  EUR   47.450
UBS AG/London          11.590    5/1/2025  USD    9.890
Corner Banca SA        10.000   11/8/2024  CHF   47.120
BNP Paribas Emissions- 16.000  12/30/2024  EUR   35.620
UBS AG/London          20.000  11/29/2024  USD   17.810
Raiffeisen Schweiz Gen 10.000  12/31/2024  CHF   49.410
Leonteq Securities AG/ 20.000   9/26/2024  USD   13.890
DZ Bank AG Deutsche Ze 12.000   9/25/2024  EUR   10.900
Landesbank Baden-Wuert 11.000  11/22/2024  EUR   10.890
HSBC Trinkaus & Burkha 19.600  12/30/2024  EUR    8.080
HSBC Trinkaus & Burkha 15.900   9/27/2024  EUR   44.870
HSBC Trinkaus & Burkha 14.400   9/27/2024  EUR   46.970
UniCredit Bank GmbH    10.500  12/22/2025  EUR   45.950
EFG International Fina 11.120  12/27/2024  EUR   38.000
Finca Uco Cjsc         13.000  11/16/2024  AMD    0.000
DZ Bank AG Deutsche Ze 14.000   9/25/2024  EUR   10.120
Vontobel Financial Pro 18.000   9/27/2024  EUR   44.120
HSBC Trinkaus & Burkha 18.000   9/27/2024  EUR   25.130
HSBC Trinkaus & Burkha 15.400   9/27/2024  EUR   27.360
HSBC Trinkaus & Burkha 12.100   9/27/2024  EUR   30.880
HSBC Trinkaus & Burkha 14.100  12/30/2024  EUR   30.630
HSBC Trinkaus & Burkha 11.400  12/30/2024  EUR   33.540
HSBC Trinkaus & Burkha 16.000   3/28/2025  EUR   31.340
HSBC Trinkaus & Burkha 15.100   3/28/2025  EUR   31.890
HSBC Trinkaus & Burkha 11.000   3/28/2025  EUR   35.810
HSBC Trinkaus & Burkha 13.400   6/27/2025  EUR   34.710
HSBC Trinkaus & Burkha 11.500   6/27/2025  EUR   36.880
HSBC Trinkaus & Burkha 17.500   9/27/2024  EUR    8.030
HSBC Trinkaus & Burkha 15.200  12/30/2024  EUR    6.180
HSBC Trinkaus & Burkha 16.300   3/28/2025  EUR    8.830
HSBC Trinkaus & Burkha 14.400   3/28/2025  EUR    7.940
HSBC Trinkaus & Burkha 19.600  11/22/2024  EUR    6.560
HSBC Trinkaus & Burkha 13.100  10/25/2024  EUR   30.260
HSBC Trinkaus & Burkha 10.200  10/25/2024  EUR   34.300
HSBC Trinkaus & Burkha 15.700  11/22/2024  EUR   28.390
HSBC Trinkaus & Burkha 12.800  11/22/2024  EUR   31.130
HSBC Trinkaus & Burkha 10.000  11/22/2024  EUR   35.010
HSBC Trinkaus & Burkha 15.400   9/27/2024  EUR   43.980
HSBC Trinkaus & Burkha 13.900  12/30/2024  EUR   47.260
HSBC Trinkaus & Burkha 12.800   3/28/2025  EUR   48.690
Vontobel Financial Pro 22.500   9/27/2024  EUR   41.700
Vontobel Financial Pro 24.500   9/27/2024  EUR    8.000
Landesbank Baden-Wuert 12.000   1/24/2025  EUR    9.970
Landesbank Baden-Wuert 15.500   1/24/2025  EUR   10.240
Vontobel Financial Pro 18.000   9/27/2024  EUR   45.600
Landesbank Baden-Wuert 11.000    1/3/2025  EUR    8.360
Landesbank Baden-Wuert 13.000    1/3/2025  EUR    8.480
Landesbank Baden-Wuert 15.500   9/27/2024  EUR    8.330
UniCredit Bank GmbH    13.000  11/22/2024  EUR   37.380
UniCredit Bank GmbH    10.900  11/22/2024  EUR   40.990
UniCredit Bank GmbH    10.000  11/22/2024  EUR   43.200
UniCredit Bank GmbH    11.900  11/22/2024  EUR   39.060
Finca Uco Cjsc         13.000   5/30/2025  AMD    9.828
DZ Bank AG Deutsche Ze 14.000  12/20/2024  EUR   46.250
UniCredit Bank GmbH    18.600  12/31/2024  EUR   40.860
UniCredit Bank GmbH    19.500  12/31/2024  EUR   39.550
Vontobel Financial Pro 20.000   9/27/2024  EUR   47.620
Vontobel Financial Pro 18.500   9/27/2024  EUR   49.130
Vontobel Financial Pro 20.500   9/27/2024  EUR   36.700
HSBC Trinkaus & Burkha 17.300   9/27/2024  EUR   35.010
HSBC Trinkaus & Burkha 14.800  12/30/2024  EUR   39.910
HSBC Trinkaus & Burkha 13.400  12/30/2024  EUR   42.180
HSBC Trinkaus & Burkha 11.200  12/30/2024  EUR   47.020
Vontobel Financial Pro 14.100   7/28/2026  EUR
Leonteq Securities AG/ 12.000  10/11/2024  EUR   45.880
Armenian Economy Devel 11.000   10/3/2025  AMD    0.000
UBS AG/London          14.500  10/14/2024  CHF   31.950
Leonteq Securities AG/ 13.000  10/21/2024  EUR   48.710
UBS AG/London          15.750  10/21/2024  CHF   33.500
Bank Julius Baer & Co  12.720   2/17/2025  CHF   31.850
Leonteq Securities AG/ 15.000   9/12/2024  USD    3.710
UniCredit Bank GmbH    10.500    4/7/2026  EUR   37.040
Corner Banca SA        14.000    9/3/2024  EUR   47.340
Leonteq Securities AG/ 10.000  11/12/2024  CHF   48.600
ACBA Bank OJSC         11.500    3/1/2026  AMD    0.000
National Mortgage Co R 12.000   3/30/2026  AMD    0.000
Evocabank CJSC         11.000   9/27/2025  AMD    0.000
DZ Bank AG Deutsche Ze 12.000   9/27/2024  EUR   34.080
ACBA Bank OJSC         11.000   12/1/2025  AMD    0.000
Landesbank Baden-Wuert 11.500   9/27/2024  EUR   10.320
UniCredit Bank GmbH    19.300  12/31/2024  EUR   36.840
UBS AG/London          10.500   9/23/2024  EUR   49.600
HSBC Trinkaus & Burkha 17.600   9/27/2024  EUR   32.200
HSBC Trinkaus & Burkha 15.100  12/30/2024  EUR   36.960
HSBC Trinkaus & Burkha 12.500  12/30/2024  EUR   40.970
HSBC Trinkaus & Burkha 10.800  12/30/2024  EUR   44.520
HSBC Trinkaus & Burkha 17.800   9/27/2024  EUR   24.590
HSBC Trinkaus & Burkha 11.800   9/27/2024  EUR   30.060
HSBC Trinkaus & Burkha 16.100  12/30/2024  EUR   28.340
HSBC Trinkaus & Burkha 11.100  12/30/2024  EUR   32.620
HSBC Trinkaus & Burkha 15.900   3/28/2025  EUR   30.810
HSBC Trinkaus & Burkha 15.000   3/28/2025  EUR   31.320
HSBC Trinkaus & Burkha 13.300   6/27/2025  EUR   34.350
HSBC Trinkaus & Burkha 11.300   6/27/2025  EUR   35.990
HSBC Trinkaus & Burkha 12.800  10/25/2024  EUR   29.500
HSBC Trinkaus & Burkha 10.400  10/25/2024  EUR   32.400
HSBC Trinkaus & Burkha 15.600  11/22/2024  EUR   27.790
HSBC Trinkaus & Burkha 12.600  11/22/2024  EUR   30.350
HSBC Trinkaus & Burkha 10.300  11/22/2024  EUR   33.140
UniCredit Bank GmbH    18.500  12/31/2024  EUR   37.910
DZ Bank AG Deutsche Ze 11.800   9/27/2024  EUR   46.770
BNP Paribas Issuance B 20.000   9/18/2026  EUR   33.190
Landesbank Baden-Wuert 15.000   9/27/2024  EUR   11.860
Landesbank Baden-Wuert 18.500   9/27/2024  EUR   10.470
Vontobel Financial Pro 14.000   9/27/2024  EUR   48.420
HSBC Trinkaus & Burkha 10.250   9/27/2024  EUR   42.780
Landesbank Baden-Wuert 17.000   9/27/2024  EUR   10.960
HSBC Trinkaus & Burkha 10.250  12/30/2024  EUR   45.160
HSBC Trinkaus & Burkha 17.500  12/30/2024  EUR   31.980
HSBC Trinkaus & Burkha 18.750   9/27/2024  EUR   27.830
Vontobel Financial Pro 10.000   9/27/2024  EUR   34.000
Bank Vontobel AG       29.000   9/10/2024  USD   31.000
BNP Paribas Issuance B 19.000   9/18/2026  EUR    0.980
UniCredit Bank GmbH    18.900  12/31/2024  EUR   44.590
UniCredit Bank GmbH    19.800  12/31/2024  EUR   42.950
HSBC Trinkaus & Burkha 14.300   9/27/2024  EUR   28.670
HSBC Trinkaus & Burkha 15.200  12/30/2024  EUR   29.710
HSBC Trinkaus & Burkha 13.100  12/30/2024  EUR   31.690
UBS AG/London          11.250   9/16/2024  EUR   47.100
Bank Vontobel AG       10.000   11/4/2024  EUR   48.200
BNP Paribas Emissions- 10.000  12/30/2024  EUR   35.250
BNP Paribas Emissions- 11.000  12/30/2024  EUR   33.940
Landesbank Baden-Wuert 18.000  11/22/2024  EUR    9.600
HSBC Trinkaus & Burkha 17.400  12/30/2024  EUR    7.760
Bank Vontobel AG       10.000    9/2/2024  EUR   46.300
Landesbank Baden-Wuert 14.500  11/22/2024  EUR    9.970
HSBC Trinkaus & Burkha 20.000   9/27/2024  EUR   11.480
HSBC Trinkaus & Burkha 18.300   9/27/2024  EUR   40.420
DZ Bank AG Deutsche Ze 17.900   9/27/2024  EUR   43.740
Corner Banca SA        18.500   9/23/2024  CHF    5.650
HSBC Trinkaus & Burkha 12.900  12/30/2024  EUR   49.990
DZ Bank AG Deutsche Ze 16.800   9/27/2024  EUR   46.600
DZ Bank AG Deutsche Ze 23.500   9/27/2024  EUR   37.760
Vontobel Financial Pro 18.500   9/27/2024  EUR   47.220
Vontobel Financial Pro 20.500   9/27/2024  EUR   44.310
UniCredit Bank GmbH    18.100    9/5/2024  EUR   28.130
Lehman Brothers Treasu 18.250   10/2/2008  USD    0.100
Lehman Brothers Treasu 14.900  11/16/2010  EUR    0.100
Lehman Brothers Treasu 16.000   10/8/2008  CHF    0.100
Lehman Brothers Treasu 11.000  12/20/2017  AUD    0.100
Lehman Brothers Treasu 11.000  12/20/2017  AUD    0.100
Lehman Brothers Treasu 10.000   2/16/2009  CHF    0.100
Lehman Brothers Treasu 11.750    3/1/2010  EUR    0.100
Lehman Brothers Treasu 10.000  10/23/2008  USD    0.100
Lehman Brothers Treasu 10.000  10/22/2008  USD    0.100
Lehman Brothers Treasu 16.000  10/28/2008  USD    0.100
Lehman Brothers Treasu 10.000   5/22/2009  USD    0.100
Lehman Brothers Treasu 15.000    6/4/2009  CHF    0.100
Lehman Brothers Treasu 13.500    6/2/2009  USD    0.100
Lehman Brothers Treasu 23.300   9/16/2008  USD    0.100
Lehman Brothers Treasu 10.000   6/17/2009  USD    0.100
Lehman Brothers Treasu 11.000    7/4/2011  USD    0.100
Lehman Brothers Treasu 16.000  12/26/2008  USD    0.100
Lehman Brothers Treasu 13.150  10/30/2008  USD    0.100
Lehman Brothers Treasu 14.100  11/12/2008  USD    0.100
Bulgaria Steel Finance 12.000    5/4/2013  EUR    0.216
Lehman Brothers Treasu 12.000   7/13/2037  JPY    0.100
Lehman Brothers Treasu 10.000   6/11/2038  JPY    0.100
Lehman Brothers Treasu 11.000  12/19/2011  USD    0.100
Lehman Brothers Treasu 15.000   3/30/2011  EUR    0.100
Lehman Brothers Treasu 13.500  11/28/2008  USD    0.100
Lehman Brothers Treasu 10.500    8/9/2010  EUR    0.100
Lehman Brothers Treasu 10.000   3/27/2009  USD    0.100
Lehman Brothers Treasu 11.000   6/29/2009  EUR    0.100
Lehman Brothers Treasu 11.250  12/31/2008  USD    0.100
Lehman Brothers Treasu 13.000  12/14/2012  USD    0.100
Lehman Brothers Treasu 16.200   5/14/2009  USD    0.100
Lehman Brothers Treasu 10.600   4/22/2014  MXN    0.100
Lehman Brothers Treasu 16.000   11/9/2008  USD    0.100
Lehman Brothers Treasu 10.442  11/22/2008  CHF    0.100
Lehman Brothers Treasu 17.000    6/2/2009  USD    0.100
Lehman Brothers Treasu 12.400   6/12/2009  USD    0.100
Lehman Brothers Treasu 11.000    7/4/2011  CHF    0.100
Lehman Brothers Treasu 12.000    7/4/2011  EUR    0.100
Lehman Brothers Treasu 13.432    1/8/2009  ILS    0.100
Lehman Brothers Treasu 16.800   8/21/2009  USD    0.100
Lehman Brothers Treasu 13.000   7/25/2012  EUR    0.100
Lehman Brothers Treasu 11.000  12/20/2017  AUD    0.100
Lehman Brothers Treasu 11.000   2/16/2009  CHF    0.100
Lehman Brothers Treasu 13.000   2/16/2009  CHF    0.100
Ukraine Government Bon 11.000   3/24/2037  UAH   29.364
Ukraine Government Bon 11.000   4/20/2037  UAH   29.645
Ukraine Government Bon 11.000   2/16/2037  UAH   29.377
Ukraine Government Bon 11.000    4/1/2037  UAH   29.365
Ukraine Government Bon 11.000   4/23/2037  UAH   29.379
Privatbank CJSC Via UK 10.875   2/28/2018  USD    4.710
UkrLandFarming PLC     10.875   3/26/2018  USD    2.093
PA Resources AB        13.500    3/3/2016  SEK    0.124
Tailwind Energy Chinoo 12.500   9/27/2019  USD    1.500
Tonon Luxembourg SA    12.500   5/14/2024  USD    2.215
BLT Finance BV         12.000   2/10/2015  USD   10.500
Phosphorus Holdco PLC  10.000    4/1/2019  GBP    0.861
Banco Espirito Santo S 10.000   12/6/2021  EUR    0.058
DZ Bank AG Deutsche Ze 20.700  12/31/2024  EUR   39.020



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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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.


                * * * End of Transmission * * *