---

       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

          Tuesday, September 3, 2024, Vol. 25, No. 177

                           Headlines



F R A N C E

SEQUANS COMMUNICATIONS: Issues Prelim Q2 2024 Financial Results
SEQUANS COMMUNICATIONS: To Sell 4G IoT Tech to Qualcomm for $200MM


I R E L A N D

AB CARVAL II-C: S&P Assigns B- (sf) Rating to Class F Notes


L U X E M B O U R G

4FINANCE HOLDING: S&P Affirms Then Withdraws 'B-' Long-Term ICR


M O N T E N E G R O

MONTENEGRO: S&P Raises Long-Term SCR to 'B+', Outlook Stable


N E T H E R L A N D S

NOURYON LTD: S&P Assigns 'B+' Long-Term Issuer Credit Rating


S W E D E N

CASTELLUM AB: Moody's Affirms 'Ba2' Subordinate Debt Rating


U K R A I N E

UKRAINE: S&P Affirms 'SD/SD' FC Sovereign Credit Ratings


U N I T E D   K I N G D O M

SATUS 2021-1: S&P Affirms 'B- (sf)' Rating on Class F-Dfrd Notes
UNIQUE PUB: S&P Raises Class A4 Notes Rating to 'BB+ (sf)'
UROPA SECURITIES 2007-1B: S&P Lowers B2a Notes Rating to 'CCC(sf)'

                           - - - - -


===========
F R A N C E
===========

SEQUANS COMMUNICATIONS: Issues Prelim Q2 2024 Financial Results
---------------------------------------------------------------
Sequans Communications S.A. announced preliminary financial results
for the second quarter ended June 30, 2024, reporting:

Revenue of $9.7 million, an increase of 60.5% compared to the first
quarter of 2024 and an increase of 5.6% compared to the second
quarter of 2023. Product revenue was $2.4 million, flat compared to
the first quarter of 2024 and an increase of 144.5% compared to the
second quarter of 2023. License and services revenue was $7.2
million, largely driven by the Monarch 2 manufacturing license
agreement announced on June 18, 2024, and offsetting lowered
licensing revenue from our Chinese strategic partner.

Net loss was $0.9 million, or ($0.01) per diluted ADS, compared to
$11.8 million, or ($0.19) per diluted ADS, in the first quarter of
2024 and $9.1 million, or ($0.16) per diluted ADS, in the second
quarter of 2023. Net loss in the second quarter of 2024 includes a
gain of $13.6 million related to the impact of the debt extension,
a gain of $39,000 on the change in fair value of the convertible
debt derivative compared to a loss of $36,000 in the first quarter
of 2024 and a gain of $0.3 million in the second quarter of 2023.

Cash and cash equivalents at June 30, 2024 totaled $13.1 million
compared to $0.5 million at March 31, 2024. This amount includes $5
million from issuance of an unsecured promissory note in April 2024
and the $15 million upfront payment from the licensing agreement
received in June 2024.

"Our second quarter revenue was $9.7M, representing a 5.4% increase
year-over-year and a 60.5% sequential increase. License and
services revenue accounted for 75% of it, largely driven by the
Monarch 2 manufacturing license agreement that we announced on June
18, 2024, which we can now disclose was with Qualcomm. Note
however, that our Q2 2024 results presented here are subject to
change based on the final allocation of the purchase price of the
new Qualcomm deal," said Georges Karam, CEO of Sequans.

A joint press release issued announced that Qualcomm Technologies,
Inc., a subsidiary of Qualcomm Incorporated, will acquire Sequans'
4G IoT technologies. Sequans, in addition to retaining full
ownership of 5G intellectual property, will retain the right to
sell, support, maintain and enhance its existing 4G product
portfolio and develop new generations of chips and modules using
such technologies. This deal enables Sequans to advance its Monarch
(LTE-M/NB-IoT), Calliope (LTE Cat-1/Cat-1bis), and Cassiopeia (LTE
Cat-4/Cat-6) lines, along with 5G RedCap and eRedCap product
developments. This transaction will not affect Sequans' existing
contractual obligations or operations with customers, suppliers,
and industry partners. It is expected to close by the end of
October 2024, and is subject to customary closing conditions,
including French regulatory approval.

Karam continued, "We are excited to enter into this transaction
with Qualcomm. This transaction validates our LTE-M/NB-IoT and Cat
1bis technologies and strengthens our balance sheet. Retaining
ownership of our 5G technology and a perpetual 4G license allows us
to continue selling the Monarch and Calliope products families and
expand towards 5G RedCap and eRedCap, enabling our continued growth
and innovation."

Under the terms of the agreement with Qualcomm, Sequans will
receive $185 million in cash, with $175 million payable at closing
and up to an additional $10 million following the completion of a
one-year warranty period. The remaining $15 million was paid under
the pre-transaction manufacturing license agreement that was
executed in June 2024 and will be credited toward the $200 million
purchase price.

                   About Sequans Communications

Colombes, France-based Sequans Communications S.A. is a fabless
semiconductor company that designs, develops, and markets
integrated circuits and modules for 4G and 5G cellular IoT
devices.

Paris-La Defense, France-based Ernst & Young Audit, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated May 15, 2024, citing that the Company has suffered
recurring losses from operations, has a working capital deficiency,
and has stated that substantial doubt exists about the Company's
ability to continue as a going concern.

Sequans Communications incurred net losses of $9 million and $41
million in 2022 and 2023, respectively. As of December 31, 2023,
the Company had $109.2 million in total assets, $115.2 million in
total liabilities, and $6.1 million in total deficit.

SEQUANS COMMUNICATIONS: To Sell 4G IoT Tech to Qualcomm for $200MM
------------------------------------------------------------------
Sequans Communications S.A. disclosed in a Form 6-K Report filed
with the U.S. Securities and Exchange Commission that the Company
entered into an asset purchase agreement to sell its 4G technology
portfolio to Qualcomm Technologies, Inc., a subsidiary of Qualcomm
Incorporated, for $200 million, in an all-cash transaction. Sequans
will retain full rights to use the acquired technology
commercially, via a perpetual, license, allowing Sequans to
continue developing its 4G business.

Under the terms of the Agreement, QTI will acquire Sequans' 4G
technology, specifically LTE-M/NB-IoT and LTE Cat 1bis products
technology, marketed by Sequans as Monarch 2 and Calliope 2.
Sequans will retain the ownership of all its 5G technology,
trademarks, domain names and patents and a 4G license which
includes the right to sell, support, maintain and enhance these
existing products on a royalty-free basis. The Company also has the
right to develop new generations of 4G products using the acquired
technology, subject to payment of royalties to QTI under certain
circumstances. This transaction will not affect Sequans' existing
business and its contractual obligations or operations with
customers, suppliers and industry partners. QTI will assume certain
liabilities arising out of, or relating to, the ownership and use
of the purchased assets and hired employees, from and after the
closing. Sequans will retain all other liabilities, other than the
expressly assumed liabilities.

In connection with the sale of the 4G technology portfolio, Sequans
will license, royalty-free to QTI its complete patent portfolio and
its Taurus 5G technology, granting QTI the rights to develop,
manufacture and sell QTI products based on this technology. Also,
in connection with this transaction, approximately 74 employees of
Sequans' engineering team are expected to transfer to QTI. Sequans
and QTI will enter into a transition services agreement at closing
pursuant to which Sequans and QTI will provide reciprocal technical
services to ensure a smooth transition of the transaction, along
with facilities and IT support.

The Agreement contains representations, warranties and covenants of
the Company and Purchaser that are customary for a transaction of
this nature, including among others, covenants regarding the
conduct of the Company's business before closing, prohibiting the
Company from engaging in certain kinds of activities during such
period without the consent of Purchaser, the use of commercially
reasonable efforts to cause the conditions to the transaction to be
satisfied, a one year post-closing employee non-solicitation, and
no liquidation of Sequans prior to distribution of the escrow fund.
The Company has agreed to an exclusive dealing covenant restricting
its ability to solicit alternative proposals from third parties and
to provide non-public information to third parties regarding
alternative proposals. In addition, the Company has agreed to
indemnify the Purchaser for certain damages, subject to certain
caps.

The Agreement contains certain termination rights for each of the
Company and Purchaser, including if (i) the closing has not
occurred on or prior to October 31, 2024 and (ii) any
non-appealable final judgment permanently prohibits completion of
the transactions. Either party can terminate the Agreement upon a
breach of any representation, warranty, covenant, or obligation
made by the other party (subject to certain procedures and
materiality exceptions).

The transaction is expected to close by mid October 2024, subject
to customary closing conditions, French regulatory approval and the
acceptance of employment offers by certain key employees and at
least 90% of the identified employees. If French regulatory
approval is the only remaining closing condition, the termination
date shall be automatically extended from October 31, 2024 to
December 31, 2024. Upon closing of the transaction, the Monarch 2
license executed in June 2024 between Sequans and QTI shall
terminate, and the $15 million license fee paid to the Company in
June 2024 will be credited against the $200 million purchase price.
The remaining $185 million cash consideration will be paid by QTI
upon closing, of which $10 million will be paid directly into an
escrow fund to cover indemnification obligations. The balance of
the escrow fund, if any, will be released at the end of the
12-month warranty period. The proceeds from this transaction will
be used to repay outstanding debt and for general operating
purposes.

                   About Sequans Communications

Colombes, France-based Sequans Communications S.A. is a fabless
semiconductor company that designs, develops, and markets
integrated circuits and modules for 4G and 5G cellular IoT
devices.

Paris-La Defense, France-based Ernst & Young Audit, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated May 15, 2024, citing that the Company has suffered
recurring losses from operations, has a working capital deficiency,
and has stated that substantial doubt exists about the Company's
ability to continue as a going concern.

Sequans Communications incurred net losses of $9 million and $41
million in 2022 and 2023, respectively. As of December 31, 2023,
the Company had $109.2 million in total assets, $115.2 million in
total liabilities, and $6.1 million in total deficit.



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

AB CARVAL II-C: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to AB Carval Euro CLO
II-C DAC's class A-1 and A-2 loans and class A, B-1, B-2, C, D, E,
and F notes. At closing, the issuer also issued subordinated
notes.

This transaction features a class A-2 loan with a zero balance at
closing. The class A-2 loan is not funded on the closing date but
will be (up to a maximum amount of EUR50 million) if the initial
class A-2 lender elects to convert all of the class A notes they
hold into a class A-2 loan. The terms of the class A notes and the
class A-2 loan are the same.

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

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

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

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

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

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

  Portfolio Benchmarks
                                                         CURRENT

  S&P Global Ratings' weighted-average rating factor    2,754.67

  Default rate dispersion                                 568.61

  Weighted-average life including reinvestment (years)      4.47

  Obligor diversity measure                               131.74

  Industry diversity measure                               23.06

  Regional diversity measure                                1.25


  Transaction Key Metrics
                                                         CURRENT

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

  'CCC' category rated assets (%)                              0

  Covenanted 'AAA' weighted-average recovery (%)           37.30

  Covenanted weighted-average spread (%)                    4.10

  Covenanted weighted-average coupon (%)                    4.30


Rating rationale

Under the transaction documents, the rated loans and notes will pay
quarterly interest unless a frequency switch event occurs.
Following this, the loans and notes will switch to semiannual
payments. The portfolio's reinvestment period will end
approximately 4.5 years after closing.

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

"In our cash flow analysis, we used the EUR350 million target par
amount, the covenanted weighted-average spread (4.10%), the
covenanted weighted-average coupon (4.30%), and the Covenanted
portfolio's 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 rating.

"Until the end of the reinvestment period on Feb. 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 our current counterparty criteria.

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

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

"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 loans and
notes.

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


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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to the following:
develops, produces, maintains or trades controversial weapons; any
borrower which derives more than 10% of its revenue from the payday
lending and gambling; any borrower that is an oil and gas producer
that derives more than 5% of its revenue from mining of thermal
coal.

"Accordingly, since the exclusion of assets from these industries
and areas does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in 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)   152.00     Three/six-month     38.00
                                  EURIBOR + 1.38%



  A-1 loan  AAA (sf)    65.00     Three/six-month     38.00
                                  EURIBOR + 1.38%

  A-2 loan† AAA (sf)     0.00     Three/six-month     38.00
                                  EURIBOR + 1.38%

  B-1       AA (sf)     30.20     Three/six-month     26.51
                                  EURIBOR + 2.05%

  B-2       AA (sf)     10.00     5.40%               26.51

  C         A (sf)      19.20     Three/six-month     21.03
                                  EURIBOR + 2.50%  

  D         BBB- (sf)   24.60     Three/six-month     14.00
                                  EURIBOR + 3.75%

  E         BB- (sf)    14.00     Three/six-month     10.00
                                  EURIBOR + 6.34%

  F         B- (sf)     10.50     Three/six-month      7.00
                                  EURIBOR + 8.39%

  Sub       NR          35.00     N/A                   N/A

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

†The class A-2 loan has an initial notional balance of zero but
on any business day the initial class A-2 lender may elect to
convert all of the class A notes they hold into a class A-2 loan of
up to EUR50 million.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




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

4FINANCE HOLDING: S&P Affirms Then Withdraws 'B-' Long-Term ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on 4finance Holding S.A. S&P then withdrew the rating at the
company's request. The outlook was stable at the time of the
withdrawal.

S&P said, "The rating reflected our view on 4finance's vulnerable
competitive position and the high regulatory risks coming from the
implementation of the Second Consumer Credit Directive in European
countries. The rating also reflected the potential volatility that
could come from entering new markets such as the Philippines and
Mexico. We also incorporated that, absent TBI Bank's dividend
inflows, 4finance would maintain high leverage ratios."





===================
M O N T E N E G R O
===================

MONTENEGRO: S&P Raises Long-Term SCR to 'B+', Outlook Stable
------------------------------------------------------------
On Aug. 30, 2024, S&P Global Ratings raised its long-term foreign
and local currency sovereign credit ratings on Montenegro to 'B+'
from 'B'. The outlook is stable.

At the same time, S&P affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on Montenegro.

Outlook

The outlook is stable because we expect potential further
improvements in Montenegro's external position will balance risks
posed by possible medium-term fiscal slippages stemming from higher
spending, including on public wages and pensions.

Upside scenario

S&P said, "We could raise our ratings over the next 12 months if
Montenegro's fiscal performance proved stronger than we currently
forecast, underpinning a further reduction of net general
government debt over the medium term. This could happen, for
example, if the country shows stronger economic growth or the
government exercises prudent expenditure control. Additionally, we
could raise the ratings if Montenegro's external position
strengthened beyond our current base-case forecast."

Downside scenario

S&P could lower the ratings if Montenegro's fiscal performance were
materially weaker than it expects, with an unchecked material
increase in net general government debt over the medium term.

Rationale

The upgrade reflects Montenegro's strengthened balance-of-payments
position, underpinned by a continuing rebound in the key tourism
sector. The sector has fueled sustained growth in overall goods and
services exports, which increased by more than 50% in U.S. dollar
terms between 2021 and 2023. Although we expect the current account
deficit to average a high 12% of GDP through 2027, we note that it
is predominantly financed by a continued inflow of FDI rather than
debt.

S&P said, "In addition, we observe significant sustained
improvements in Montenegro's fiscal position since the COVID-19
pandemic, despite the subsequent adverse effects of the
Russia-Ukraine war, in particular on energy prices. Montenegro's
nominal GDP rose by 18% on average over 2021-2023 and fiscal
deficits have narrowed. We forecast net general government debt at
53% of GDP by the end of 2024, down from a peak of almost 78% of
GDP in 2020. We also note that Montenegro's net general government
debt is currently below the pre-pandemic level of 58% of GDP.

"We forecast that fiscal deficits will average 3% of GDP through
2027, implying only a slight increase in net general government
debt through 2027. Debt-servicing costs remain low, and we expect
interest spending to average close to 5% of government revenue,
which is contained in an emerging market comparison." Although the
authorities plan to continue the construction of further sections
of the Bar-Boljare highway, to a significant extent this will be
funded by grants and concessional loans from the EU and
international financial institutions, reducing the strain on public
finances.

Overall, S&P's ratings on Montenegro remain supported by the
country's favorable growth prospects, long-term advantages from
structural reforms associated with the EU accession process, and
comparatively low government debt-servicing costs.

The ratings are constrained by Montenegro's general government
debt, lack of independent monetary policy, and, despite recent
improvements, a still vulnerable balance-of-payments position,
which remains significantly dependent on the performance of the
tourism sector.

Institutional and economic profile: Sustained growth and gradual
progress on EU accession negotiations

-- S&P forecasts growth will decelerate to 3.7% in 2024, owing to
a slowdown in consumption.

-- S&P considers that political stability in Montenegro has
recently improved compared to the turbulence exhibited in the past,
including the alleged 2016 coup attempt.

-- EU membership negotiations continue, and the EU has recently
confirmed that Montenegro has met interim benchmarks for key
"chapters of the acquis" 23 and 24, potentially paving the way for
provisionally closing these chapters later this year.

S&P said, "We forecast that Montenegro's economic growth will slow
to 3.7% in 2024 from a robust 6.0% in 2023. This is largely
attributed to a decline in consumption, led by a decrease in the
number of migrants from Ukraine and Russia. Despite this, we expect
investments to remain a significant contributor to economic growth.
Ongoing projects in the real estate, energy, and hospitality
sectors continue to attract capital, underpinning growth.

"Beyond 2024, we project that Montenegro's economic growth will
average about 3% annually through 2027. The country's growth
trajectory will remain closely linked to developments in the
tourism sector, which represents more than one-quarter of nominal
GDP. The sector's contribution would likely be even higher if
indirect economic linkages are taken into account. Yet, such heavy
reliance on tourism makes Montenegro's economy particularly
vulnerable to external shocks, as shown by the dramatic downturn in
tourism activity in 2020 due to the pandemic.

"We understand the authorities are working to diversify the small
and concentrated economy, which we expect will happen only
gradually." A key focus of these efforts is the expansion of
renewable energy initiatives, including investments in wind, solar,
and hydroelectric power. At close to $12,000, Montenegro's per
capita GDP remains modest in a global comparison.

Over the past year, Montenegro has shown improvements in political
stability, in contrast to previous years characterized by frequent
no-confidence votes and government collapses. A new government took
office following early parliamentary elections in mid-2023, and was
subsequently reshuffled in June 2024. Under Prime Minister Milojko
Spajic, the coalition government--comprising the centrist "Europe
Now!" movement, pro-Serbian and center-liberal parties, and
minority groups--currently enjoys a stable parliamentary majority.
Key government goals include advancing EU accession negotiations
and intensifying the fight against corruption.

Recently, the EU has confirmed that Montenegro has met interim
benchmarks for chapters 23 and 24 for EU accession, which encompass
crucial areas such as the rule of law, judiciary reforms, and
fundamental rights. In our opinion, this achievement positions
Montenegro to potentially start closing these chapters later this
year, provided it continues to meet the necessary criteria. The
successful closure of these fundamental chapters could pave the way
for progress in opening and closing other negotiation chapters.

However, it is important to note that overall progress on EU
accession has been slow. Montenegro began EU accession negotiations
in June 2012 and, to date, only three chapters have been
provisionally closed, the last in 2017 under a previous
administration. Despite this, there is a somewhat increased
likelihood of closing key chapters this year, signaling potential
momentum in the accession process.

Montenegro's institutional characteristics also continue to suffer
from shortcomings, including in the areas of combating corruption,
ensuring judicial independence, and the rule of law.

Flexibility and performance profile: Despite recent improvements,
fiscal headroom remains limited while Montenegro has almost no
monetary policy flexibility

-- The authorities have drafted a new long-term fiscal strategy
targeting an average deficit of 3.2% of GDP for 2025-2027.

-- S&P projects Montenegro's net general government debt will edge
up slightly, to 56.5% of GDP, by 2027.

-- Montenegro lacks an independent monetary policy due to its
unilateral adoption of the euro, limiting its ability to influence
domestic monetary conditions.

Montenegro recorded a slight fiscal surplus of 0.4% of GDP over the
first half of 2024, in contrast to its target of a 3.1% of GDP
deficit under the adopted 2024 budget law. This stronger half-year
result is attributed to revenue exceeding the budget plan by 6%, on
the back of a broad-based increase in tax receipts. Meanwhile,
expenditures were 8% below the planned levels, primarily due to
lower-than-expected transfers and underspending in the capital
budget. We expect spending to pick up during the remainder of the
year, with the annual general government deficit at 2.9% of GDP,
slightly lower than forecast under the budget plan.

The government has outlined a draft 2024-2027 fiscal strategy
targeting an average fiscal deficit of 3.2% of GDP annually, with
key expenditure increases in wages (5.5% annually), pensions (7-8%
annually), and infrastructure investments. To fund these increases,
the strategy includes introducing a third value-added-tax of 15% on
the tourism sector, raising excise duties on products like tobacco
and alcohol, and improving tax compliance to reduce the shadow
economy (estimated at about 30% of GDP). The fiscal framework
explicitly avoids additional borrowing for recurrent expenditure,
but allows targeted borrowing for capital projects, so that new
debt finances growth-enhancing investments. However, S&P believes
fiscal performance could surpass targets, bolstered by factors like
potentially higher-than-expected tourism revenue and additional EU
grants accompanying Montenegro's accession process.

The government is seeking to proceed with constructing the second
section of the Bar-Boljare highway from Mateševo to Andrijevica,
at an estimated cost of about EUR600 million (8.1% of 2023 GDP),
after completing the first section in 2022. In contrast to the
fully debt-financed first section, which cost 16.6% of 2022 GDP and
took six years to complete, the authorities now plan to fund the
second section through a EUR200 million grant from the EU, a EUR200
million loan from the European Bank for Reconstruction and
Development, and the remainder from the state budget. In S&P's
view, this combination of financing, including a sizable grant,
should help mitigate the fiscal risks of the project.

S&P said, "Under our base case, we project general government
deficits averaging 3% of GDP through 2027. Including the cost of
highway construction, this implies Montenegro's net general
government debt will likely increase to 56% of GDP by 2027 from 53%
of GDP in 2024. We note that this is well below the peak debt of
almost 78% of GDP in 2020 and also below the pre-pandemic level of
58% of GDP at end-2019."

Despite the recent improvement in Montenegro's fiscal position and
the authorities' focus on more prudent public finances, fiscal
risks persist. A significant portion of general government debt is
owed to foreign creditors, which increases the country's dependence
on external financing. Additionally, state guarantees amount to
approximately EUR769 million (10.6% of GDP) and could increase
government debt if some were called. The guarantees relate mainly
to infrastructure projects. In the 2024 budget, the government has
issued guarantees for projects considered essential, particularly
those related to infrastructure development.

Montenegro's economy depends significantly on tourism, which
accounts for an estimated 44% of total goods and services exports.
Tourist numbers hit a new high in 2023, with 1.4 million arrivals,
an 11% increase over 2019 pre-pandemic figures. We expect growth in
tourism arrivals to moderate over the next two to three years
following the rapid post-pandemic recovery. The 25% of GDP services
surplus in 2023 was more than offset by a large 44% of GDP trade
deficit, resulting in a large full-year 2023 current account
deficit of 11.6% of GDP. S&P expects the current account deficit
will average 12.0% of GDP annually over the medium term.

Headline current account deficits in Montenegro may overstate the
country's balance-of-payments vulnerabilities, since they are
largely financed by net FDI inflows rather than debt. Over the past
three years, FDI has accounted for more than 90% of the cumulative
current account deficit, and we anticipate that this funding
structure will continue in the coming years. The primary
destinations for FDI are the tourism, real estate, and energy
sectors. Additionally, Montenegro consistently reports large
positive net errors and omissions, averaging 9% of GDP from 2021 to
2023. These figures likely capture unrecorded receipts and inflows
from Russian and Ukrainian immigrants.

S&P said, "Inflationary pressures in Montenegro have continued to
ease, with inflation falling to 4.1% in June 2024 from 7.5% a year
earlier. For 2024, we expect inflation to stabilize at 4.3% on
average, largely due to base effects and diminishing price
pressures. However, several factors could cause inflation to pick
up, in particular a tight labor market, which may contribute to
wage increases and, subsequently, higher consumer prices."

Montenegro's unilateral adoption of the euro limits its central
bank's ability to conduct independent monetary policy, including
setting interest rates and controlling the money supply. This
constraint restricts the bank's capacity to manage inflation, act
as a lender of last resort, and stabilize the economy during
crises. Despite these limitations, Montenegro's banking sector
shows strong capital adequacy and liquidity. As of March 31, 2024,
nonperforming loans had decreased to below 5.8%, and the Tier 1
capital ratio stood at approximately 19.3%. The sector is largely
composed of branches of international banking groups, enhancing its
stability. The domestic banking system also remains predominantly
funded by domestic deposits, with only a limited amount of foreign
debt.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  UPGRADED; RATINGS AFFIRMED  
                                           TO          FROM
  MONTENEGRO

  Sovereign Credit Rating              B+/Stable/B   B/Positive/B

  Transfer & Convertibility Assessment      AAA         AAA

  Senior Unsecured                          B+          B




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

NOURYON LTD: S&P Assigns 'B+' Long-Term Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Nouryon Ltd., the new consolidating entity and ultimate parent
company of the group.

S&P said, "At the same time, we withdrew our 'B+' issuer credit
rating on Nouryon Holding B.V. at the request of the issuer.

"We also affirmed our 'B+' issue rating on the senior secured term
loans and revolving credit facility (RCF), issued by the finance
subsidiary Nouryon Finance B.V.

"The stable outlook reflects our view that Nouryon will maintain
comfortable headroom (adjusted gross debt to EBITDA of 5.8x-6.1x)
under its leverage ratios, despite the still challenging market
environment in 2024, and that it will maintain strong liquidity.

"The 'B+' rating assigned to Nouryon Ltd. mirrors the rating we
have withdrawn on Nouryon Holding B.V., a core subsidiary of the
group. Headquartered in Ireland, Nouryon Ltd. has been incorporated
by the sponsors as the new holding company and the consolidating
entity of the Nouryon group, in preparation for listing its shares
on a public stock exchange in the U.S. The reorganization has not
resulted in any significant change in the economic substance of the
consolidated financial accounts.

"Our view of Nouryon's business risk reflects its long-term
customer relationships of 15-25 years and good customer retention.
We view favorably Nouryon's close relationships with customers,
supported by shared sites and collaboration in product development.
Business strength is also driven by the company's focus on product
groups with above-average growth potential compared with GDP
growth. The company claims that about 75% of sales are from such
product groups. Nouryon expects new business trends like energy
efficiency requirements (in the paints and coating division),
sustainable solutions (in the home and personal care division),
growing packaging needs, and regulatory changes, will be growth
drivers.

"We consider Nouryon's profitability to be healthy for its
specialty and commodity products mix." The company's profitability
benefits from above-average growth in its core markets where it
generates about 75% of revenue and various ongoing efficiency
initiatives, leading to improved operating leverage. In addition,
partial self-sufficiency in the energy production provides
additional support to profitability.

Business constraints include potential volatility stemming from
some exposure to cyclical end markets and the relatively
commoditized nature of a significant portion of Nouryon's product
portfolio. After the spin-off of Nobian, Nouryon's size is somewhat
smaller compared with other specialty chemical peers with
satisfactory business risk profile assessments. S&P said,
"Moreover, we estimate the company generates about 35%-40% of its
revenue from cyclical and volatile end markets (like auto,
construction, industrial, oil and gas, pulp, and packaging). We
understand that there is about one-three month lag in the
pass-through of raw material price changes, which might also lead
to some volatility." In addition, the business profile is
constrained by some weakness in the medium term, due to a low
organic growth environment in Europe and the U.S., both of which
remain major contributors to the group revenue.

S&P said, "We view Nouryon's capital structure as highly
leveraged.Given our estimate of a 9%-13% increase in S&P Global
Ratings-adjusted EBITDA in 2024, we expect adjusted gross debt to
EBITDA will improve to 5.8x-6.1x from 6.6x in 2023. This indicates
comfortable headroom compared with the 5.5x-7.0x commensurate with
the current rating. We expect earnings growth to stem from modestly
higher volumes, lower raw material and energy costs compared with
2023, and cost savings from implemented efficiency measures, $60
million-$70 million as targeted by Nouryon. These will more than
offset wage inflation and other increases in operating expenses,
leading to our adjusted EBITDA strengthening to about $1.05
billion-$1.15 billion in 2024 from $998 million in 2023.

"We expect Nouryon to maintain solid free operating cash flow
generation (FOCF) of above $100 million per year. Despite a roughly
15% EBITDA decline in 2023, Nouryon boosted its FOCF to $160
million driven by a large working capital unwinding of $193
million. We forecast FOCF to be comfortably above $100 million in
2024, supported by higher EBITDA and normalizing capital
expenditure (capex), given that most large growth projects have
been completed." Nouryon's capex guidance is about $235 million in
2024, compared with the peak level of $392 million (as reported)
last year.

Aside from its highly leveraged credit metrics, Nouryon's financial
risk profile is constrained by its private-equity ownership and the
potential for the sponsor's high tolerance for leverage. S&P's
understand that the private equity sponsor, Carlyle, does not
intend to upstream further dividends from Nouryon in the near term
following the $500 million dividends paid in 2023. The shareholder
contemplates an IPO in the U.S., which is the main exit option for
the sponsors.

Outlook

S&P said, "The stable outlook reflects our view that Nouryon will
maintain comfortable headroom under its leverage ratios despite the
still challenging market environment in 2024, as reflected in our
forecast of adjusted gross debt to EBITDA of 5.8x-6.1x. We expect
the company to improve adjusted EBITDA margin to above 20%,
supported by lower raw material and energy costs and operating
efficiencies.

"Under our base-case scenario, Nouryon should generate annual FOCF
of above $100 million. We view adjusted gross debt to EBITDA of
5.5x-7.0x as commensurate with the 'B+' rating. The stable outlook
also factors in our view that Nouryon's liquidity will remain
strong."

Downside scenario

S&P could lower the rating if Nouryon's adjusted gross debt to
EBITDA approached 7.0x and EBITDA cash interest about 2.5x, with no
prospects of recovery. It could happen if the group increased its
capex or dividends, engaged in debt-financed acquisitions, or if
its reported EBITDA margin materially declined below 18%.

Upside scenario

S&P could take a positive rating action if Nouryon's adjusted
EBITDA margins increased sustainably above 21%-22%, leading to
steady deleveraging to sustainably below 5.5x on a gross adjusted
basis. Upside potential would also depend on Nouryon's growth
strategy and the private equity shareholders' strong commitment to
support a higher rating and keep adjusted leverage below 5.5x.

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

"Environmental factors have no material influence on our credit
rating analysis of Nouryon. The company targets a 40% reduction in
Scope 1 and 2 greenhouse gas emissions by 2030 compared with 2019,
and it achieved a 14% reduction in 2023. We understand that a key
driver for Nouryon is transitioning to renewable electricity
through investing in long-term power purchase agreements. In 2023,
54% of the total electricity Nouryon used globally was sourced from
renewable and/or low carbon electricity. In addition, we note the
company is developing new products with sustainability
characteristics such as bio-based and biodegradable products, as
well as those made from circular raw materials. This could support
business prospects over the medium term, considering 32% of 2023
sales came from eco premium solutions (down from 38% in 2022)."




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

CASTELLUM AB: Moody's Affirms 'Ba2' Subordinate Debt Rating
-----------------------------------------------------------
Moody's Ratings has May affirmed the Swedish real estate company
Castellum AB's (Castellum or the company) long-term issuer rating
of Baa3, its senior unsecured medium term note (MTN) ratings of
(P)Baa3, its senior unsecured euro medium term notes rating at Baa3
and its subordinate debt rating Ba2. Concurrently, Moody's have
also affirmed Castellum Helsinki Finance Holding ABP's backed
senior unsecured euro medium term notes at Baa3 and its backed
senior unsecured medium term note programme (MTN) ratings of
(P)Baa3. The outlook for Castellum is changed to positive from
stable.

RATINGS RATIONALE

"The ratings affirmation and the change of outlook to positive
reflects the continued good operating performance visible in a
solid rental income growth combined with the expectation of further
credit metrics improvements going forward, supported by capital
preservation measures and decreasing interest rates", says Maria
Gillholm, a Moody's Vice President - Senior Credit Officer, and
Lead Analyst for Castellum. " Moody's positively recognize that
Castellum has taken several of proactive measures to improve its
credit quality such as divesting assets, cutting cost and dividend
as well as an equity issue. Moody's expect the company to further
improve its credit metrics, with EBITDA interest coverage to 3.5x,
gross debt to assets ratio close to 40% and net debt to EBITDA
around 10x", adds Mrs. Gillholm. "The action furthermore
incorporates Moody's expectation that Castellum continues to
proactively address its debt maturities and increases its
unencumbered asset base", Mrs. Gillholm continues.

Castellum's Baa3 issuer rating is also reflecting the company's
large diversified position in the Swedish real estate market with a
presence in the Government of Denmark (Aaa stable) and the
Government of Finland (Aa1 stable); its strong positions in the
office markets in which it operates, including significant holdings
in Stockholm and Gothenburg, while most of the warehouse/logistics
assets are in some of Sweden's largest logistic hubs, including
Gothenburg, Stockholm and Örebro; its significant exposure (25%)
to government tenants, which provide for a stable cash-flow stream
on a long-term basis; and its adequate short-term liquidity and
good track record of access to local and international capital
markets, which helped increase the share of unencumbered assets and
access to equity capital.

Counterbalancing these strengths are Castellum's short dated debt
maturity profile of 4.2 years as of Q2 2024, with a susceptibility
to rising interest rates. The company has hedged 65% of the
company's interest rate exposure. Given the increasing reliance on
secured debt, the ratio of unencumbered assets to total assets has
decreased, however Moody's expect that Castellum will gradually
reverse this trend, supported by an increasing reliance on
unsecured debt instruments.

Furthermore, Moody's identified several event risks for Castellum
related to its significant (33%) stake in Entra ASA (Entra, Baa3
stable), raising the question as to the longer term strategy, risk
of conflicts of interest and reduced transparency, which is a
credit negative for the company albeit Moody's recognize the
monetary value that could provide for alternate liquidity (SEK6.6
billion as of end Q2 2024).

OUTLOOK

The positive outlook reflects Moody's expectation that Castellum
will continue to deliver solid operational performance, improve its
occupancy rate, resulting in stable cash flow, good liquidity on a
sustained basis and supporting a further improvement of its debt
metrics. Moody's expect Castellum to further improve its effective
leverage towards 40% and EBITDA interest coverage above  3.5x.
Moody's expect the company to continue to divest assets, follow a
prudent cost management and execute a balanced dividend policy. The
central bank's potential interest rate reductions could further
bolster this trajectory, enhancing the company's interest coverage
capacity and overall financial health. Net debt/EBITDA is expected
to hover close to 10x.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS:

-- Effective leverage towards 40%, as measured by Moody's-adjusted
gross debt/assets, together with a declining trend from net debt to
EBITDA to 10x and financial policies that support the lower
leverage

-- Fixed charge coverage is above 3.5x on a sustained basis

-- Increasing senior unsecured borrowing led to an increase of the
pool of unencumbered assets to above 55% whilst at the same time
further improves liquidity and the average length of its debt
maturity profile

-- Reduced reliance on short-term funding and extend debt
maturities
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS:

-- There is a deterioration in operating performance or if
property market fundamentals weaken sharply

-- Effective leverage not maintained well below 50% or if EBITDA
fixed-charge coverage is sustainably falling below 2.75x
-- Net debt/EBITDA above 13x

-- Decreasing senior unsecured borrowing leading to a decrease of
the pool of unencumbered assets to significantly below 40%.

-- Liquidity and access to capital remains sustainably weaken or
if large debt maturities in 2024-2025 are not addressed proactively
schedule is shortened.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Castellum's governance sub scores board structure and financial
policy have improved. Reduced concentrated ownership and the
largest owner has switched to a supportive owner. Castellum has a
moderate leverage with a commitment to maintain this level.
Castellum has during last year done a guaranteed SEK10 billion
equity raise in addition to several other credit protection
measures to safeguard its credit profile. Governance risks also
consider Castellum's large scale investment in Norwegian company
real estate company Entra ASA (Baa3 stable). This increases the
risk of anticompetitive behavior and conflicts of interest and the
risk that companies will not be able to support each other with
liquidity. The cross-ownership also increases the complexity and
creates varying degrees in transparency of assets quality and
performance.

LIQUIDITY

Castellum's liquidity is good. The liquidity is supported by
committed and available credit lines of about SEK26 billion, cash
of SEK 739 million, and expected cash flow of 6.0 billion which
cover uses over the next six quarters.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in February 2024.



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

UKRAINE: S&P Affirms 'SD/SD' FC Sovereign Credit Ratings
--------------------------------------------------------
On Aug. 30, 2024, S&P Global Ratings affirmed its 'SD/SD'
(selective default) long- and short-term foreign currency and
'CCC+/C' long- and short-term local currency sovereign credit
ratings on Ukraine. The outlook on the long-term local currency
rating remains stable.

At the same time, S&P lowered to 'D' (default) from 'CC' the issue
ratings on the following Eurobonds, which are included in the
agreed exchange offer:

-- $1.355 billion 7.75% notes due September 2024;

-- $1.355 billion 7.75% notes due September 2025;

-- $1.315 billion 7.75% notes due September 2026;

-- $1.306 billion 7.75% notes due September 2027;

-- EUR1 billion 6.75% notes due June 2028;

-- $1.295 billion 7.75% notes due September 2028;

-- $1.286 billion 7.75% notes due September 2029;

-- $1.6 billion 9.75% notes due November 2030;

-- $1.25 billion 6.876% notes due May 2031;

-- EUR1.25 billion 4.375% notes due January 2032;

-- $3 billion 7.375% notes due September 2034;

-- $2.6 billion 7.253% notes due March 3035; and

-- Sovereign-guaranteed $0.7 billion 6.25% notes issued by the
State Agency for Restoration and Development of Infrastructure
(Ukravtodor).

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Ukraine are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the reason for the
deviation is the confirmation of Ukraine's debt restructuring. The
next scheduled publication on the sovereign rating on Ukraine is
Sept. 6, 2024.

Outlook

S&P does not assign an outlook to its long-term FC rating on
Ukraine, since the rating is 'SD'.

The stable outlook on the long-term LC rating balances significant
fiscal pressures against the government's incentives to service
Ukrainian-hryvnia-denominated debt to avoid distress to domestic
banks, the primary holders of the government's LC bonds.

Downside scenario

S&P could lower the LC ratings if it sees indications that
hryvnia-denominated obligations could suffer nonpayment or
restructuring.

Upside scenario

S&P said, "We could raise our long-term FC rating on Ukraine after
the debt restructuring has been completed. We could also take into
account our expectation of a further debt restructuring, including
of rated GDP-linked securities. Our analysis will incorporate the
sovereign's post-restructuring credit factors, including the new
terms and conditions of its external debt.

"We could raise the LC ratings if Ukraine's security environment
and medium-term macroeconomic outlook improve."

Rationale

The rating action follows the consent of the required majority of
Ukraine's Eurobond holders to the government's exchange offer made
Aug. 9, 2024. The offer implies bond exchange with a nominal
haircut of 37%, interest payment relief, and the extension of
maturity dates. S&P considers this debt restructuring as
distressed, according to our ratings definitions.

The restructuring aims to ease external debt service pressure and
restore public debt sustainability as part of the ongoing Extended
Fund Facility (EFF) arrangement with the IMF. Upon completion, the
offer will result in the reduction of Ukraine's government debt
stock by $8.7 billion and of government debt repayments through
2033 by $22.8 billion.

S&P understands that the parameters of restructuring have been
endorsed by the Group of Creditors of Ukraine, the group of
official creditors from G7 nations and Paris club members. The
Group of Creditors earlier extended the deferral of payments on
official bilateral debt until the end of the IMF program in 2027.
Their participation in an additional debt restructuring is subject
to private external creditors agreeing to a debt restructuring that
is at least as favorable.

S&P also understands that Ukraine's government intends to initiate
the restructuring of the remaining foreign commercial debt that was
not included in the exchange offer. This includes GDP-linked
Eurobonds, a foreign commercial bank loan, and a
sovereign-guaranteed Eurobond of the state-owned power-utility
company. The next debt service payments on these obligations fall
due in the next few months, including the payment on the foreign
bank loan in early September 2024. To this end, Ukraine's
government announced (and adopted a corresponding government
decree) that it will not make debt service on the three obligations
during future restructuring negotiations. The visibility on the
timeline and details of this additional restructuring is low at
this point.

S&P said, "Once Ukraine's FC commercial debt restructuring comes
into effect, and depending on our expectations of further
restructuring, we could raise the rating from 'SD'. We tend to rate
most sovereigns emerging from default in the 'CCC' or 'B'
categories depending on post-default credit factors, including the
new terms of government debt.

"In our view, the government's ability and medium-term incentives
to meet its financial commitments in LC are somewhat higher than
those relating to FC debt." Hryvnia-denominated debt is primarily
held by the National Bank of Ukraine (NBU) and domestic banks, half
of which are state-owned. A default on these LC obligations would
amplify banking sector distress, increasing the likelihood that the
government would have to provide the banks with financial support
and limiting the benefits of debt relief. Hryvnia-denominated debt
is outside the existing restructuring effort.




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

SATUS 2021-1: S&P Affirms 'B- (sf)' Rating on Class F-Dfrd Notes
----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Satus 2021-1 PLC's
class C notes to 'AAA (sf)' from 'AA+ (sf)', class D-Dfrd notes to
'AA+ (sf)' from 'AA (sf)', and class E-Dfrd notes to 'AA (sf)' from
'A (sf)'. At the same time, we affirmed our 'B- (sf)' rating on the
F-Dfrd notes.

The rating actions follow S&P's review of the transaction's
performance and the application of our current criteria, and
reflect its assessment of the payment structure according to the
transaction documents.

S&P analyzed the transaction's credit risk under its global auto
asset-backed securities (ABS) criteria.

The transaction has amortized strictly sequentially since closing
in November 2021. This has resulted in increased credit enhancement
for the outstanding notes, most notably for the mezzanine notes.

The class B notes were fully redeemed on the interest payment date
in April 2024. The class C notes are now the most senior class of
notes outstanding, meaning that the payment of interest can no
longer be deferred. Our rating on the class C notes now addresses
the timely payment of interest and ultimate payment of interest.

Available credit enhancement comprises subordination and a
replenishable cash reserve, with a senior liquidity reserve fund
and a junior liquidity reserve fund, each with a floor expressed as
a percentage of the closing balance.

As of the July 2024 servicer report, the pool factor had declined
to 13.3% (for non-defaulted receivables), and the available credit
enhancement for the class C, D-Dfrd, and E-Dfrd notes had increased
to 86.6%, 56.4, and 34.1%, respectively, compared with 11.5%, 7.5%,
and 4.5% at closing. As the class F-Dfrd notes are only backed by
the junior liquidity reserve, there is no increase in credit
enhancement for this class. The class A notes, class B notes, and
the uncollateralized class Z notes have now been redeemed.

Given the current pool factor, the pool's seasoning, and the fact
that the observed gross losses were lower than S&P's initial
expectations, it has revised its base-case voluntary termination
assumption to 1.5% from 2.5% at closing.

The purchased loan receivables arise from used car financing,
predominantly in the near-prime market. The collateral backing the
notes comprises U.K. fully amortizing fixed-rate auto loan
receivables arising from hire purchase agreements, so the
transaction is not exposed to residual value risk.


  Credit assumptions

  Parameter              AAA     AA     A     BBB     BB      B

  HT base case (%)       6.00   6.00   6.00   6.00   6.00   6.00

  HT multiple
(at rating level)       4.00   3.00   2.00   1.50   1.25   1.00

  VT base case (%)       1.50   1.50   1.50   1.50   1.50   1.50

  VT multiple
(at rating level)       2.00   1.75   1.50   1.25   1.10   1.00

  Recoveries base
  case (%)              60.00  60.00  60.00  60.00  60.00  60.00

  Recoveries haircut
  (at rating level) (%) 35.00  31.00  30.00  23.00  17.00  14.00

  Stressed recovery
  rate (at rating
  level) (%)            39.00  41.40  42.00  46.20  49.80  51.60

  Residual value loss
(at rating level) (%)    N/A    N/A    N/A    N/A    N/A    N/A

HT--Hostile terminations.
VT--Voluntary terminations.
N/A--Not applicable.


S&P said, "We performed our cash flow analysis to test the effect
of the amended credit assumptions and deleveraging in the
structure.

"Our cash flow analysis indicates that the available credit
enhancement for the class C notes is sufficient to withstand the
credit and cash flow stresses that we apply at the 'AAA' rating
level. We therefore raised our rating on the class C notes to 'AAA
(sf)' from 'AA+ (sf)'.

Given the significant increase in credit enhancement on the class
"D-Dfrd and E-Dfrd notes, we raised our ratings on the class D-Dfrd
notes to 'AA+ (sf)' from 'AA (sf)' and the class E-Dfrd notes to
'AA (sf)' from 'A (sf)'. The class D-Dfrd and E-Dfrd notes achieve
higher cash flow outputs under our standard cash flow analysis than
the currently assigned ratings. This is because the assigned
ratings also consider the subordination of each tranche.

"We also affirmed our 'B- (sf)' rating on the class F-Dfrd notes as
they do not withstand stresses commensurate with a 'B' rating.
However, considering the transaction's stable performance to date,
we believe that the issuer will be able to repay its obligations
under these notes in a steady state scenario.

"We observe some small failures in the steady state scenario, where
the current level of stress shows little to no increase and
collateral performance remains steady. However, the shortfalls are
relatively small (1% or lower) and are technical failures.
Therefore, in our view, the payment of interest and principal on
the class F-Dfrd notes does not depend on favorable business,
financial, and economic conditions.

“We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and
recoveries, to determine our forward-looking view. In our view, the
ability of the borrowers to repay their auto loans will be highly
correlated with macroeconomic conditions, particularly the
unemployment rate, and, to a lesser extent, consumer price
inflation and interest rates.

"The forecast for unemployment rates in the U.K. is 4.4% in 2024,
an increase from 4.0% in 2023. Furthermore, a decline in
second-hand car values typically affects the level of realized
recoveries. While used car prices may decline moderately in the
U.K. in 2024, we do not expect them to fall significantly.

"We therefore ran additional scenarios where we increased gross
defaults by up to 30% and reduced expected recoveries by 30%." The
results of this sensitivity analysis indicate no deterioration in
the current ratings on the class C and D-Dfrd notes. The class
E-Dfrd notes face a deterioration of a maximum of two notches from
the current rating. The results of these sensitivities are within
our credit stability thresholds.

Sovereign, counterparty, and operational risks do not constrain the
ratings. Legal risks continue to be adequately mitigated, in our
view.

Satus 2021-1 PLC securitizes a portfolio of auto loan receivables
that Startline Motor Finance Ltd. granted to its U.K. clients.


UNIQUE PUB: S&P Raises Class A4 Notes Rating to 'BB+ (sf)'
----------------------------------------------------------
S&P Global Ratings raised to 'BB+ (sf)' from 'BB (sf)' its credit
rating on Unique Pub Finance Co. PLC (The)'s class A4 notes. At the
same time, S&P raised to 'BB- (sf)' from 'B- (sf)' its rating on
the class N notes and placed it on CreditWatch positive.

Transaction Structure

Unique Pub Finance is a corporate securitization of the U.K.
operating business of the leased and tenanted (L&T) pub estate
operator Unique Pub Properties Ltd. (UPP or the borrower). It
originally closed in June 1999 and was last tapped in February
2005.

The transaction featured three classes of notes (A4, M, and N), the
proceeds of which have been on-lent by Unique Pub Finance to UPP
via issuer-borrower loans. The operating cash flows generated by
UPP are available to repay its borrowings from the issuer, which,
in turn, uses those proceeds to service the notes, alongside any
amounts available under the liquidity facility and cash reserve.
Since S&P's previous review in August 2023, the class M notes have
been fully repaid, in March 2024, from cash flows generated by UPP
rather than the liquidity facility.

Stonegate, the parent company of UPP, has announced plans to repay
the class A4 notes by the September 2024 interest payment date. S&P
said, "As a result, the structure will deleverage significantly,
and we do not expect the real estate size to be materially
different following the prepayment of these notes. The class N
notes will remain outstanding and will only start to amortize after
September 2027, in line with the existing predefined schedule."

S&P said, "We have placed our 'BB (sf)' rating on Unique Pub
Finance's class N notes on CreditWatch positive in anticipation of
the expected redemption of the class A4 debt. We expect to resolve
the CreditWatch placement after the redemption of the class A4
notes. The outcome of the resolution of our CreditWatch placement
will depend on our revised cash flow projections. We think that the
deleveraging could lead us to raise our rating on these notes by
two or more notches."

In S&P's opinion, the transaction would qualify for the appointment
of an administrative receiver under the U.K. insolvency regime. An
obligor default would allow the noteholders to gain substantial
control over the charged assets prior to an administrator's
appointment without necessarily accelerating the secured debt, both
at the issuer and borrower levels.

Rating Rationale

S&P said, "Our ratings address the timely payment of interest and
principal due on the class A4 notes and the ultimate payment of
interest and principal on the deferrable class N notes. They are
based primarily on our ongoing assessment of the borrowing group's
underlying business risk profile (BRP), the integrity of the
transaction's legal and tax structure, and the robustness of the
operating cash flows supported by structural enhancements.

"As part of our analysis, we assess whether the operating cash
flows generated by the borrower are sufficient to make the payments
required under the notes' loan agreements by using a debt service
coverage ratio (DSCR) analysis under a base-case and a downside
scenario. Our view of the borrowing group's potential to generate
cash flows is informed by our base-case operating cash flow
projection and our assessment of its BRP, which we derive using our
corporate methodology."

Business risk profile

S&P said, "We continue to assess the borrower's BRP as fair,
supported by the sizable scale of the group's operations as part of
the consolidated Stonegate Pub Company, the largest pub operator in
the U.K.; its higher-than-average profitability; and the earnings
stability provided by the L&T model. We believe that the group is
in a good position to continue to benefit from resilient demand in
the industry despite inflationary pressures. We believe that the
group would be able to absorb any potential shocks thanks to its
position in the market and its stable earnings base."

Recent performance and events

Since the end of financial 2023, UPP has disposed of 18 pubs,
ending the nine-month period to June 2024 with a securitized estate
of 1,730 pubs. Despite the reduction, it is still the largest
estate in S&P's rated U.K. pub universe.

Most of UPP's estate is community pubs, which are less exposed to
the reduced footfall in city centers following the COVID-19
pandemic. In financial 2023, UPP reported total revenues of
GBP157.1 million, an 18% increase from financial 2022. Reported
EBITDA of GBP132.6 million was about 17% above the reported
financial 2022 results, with margins remaining stable above 84%.

In 2023, the group had already reached the pre-pandemic 2019 levels
of GBP147.6 million of revenues and GBP125 million EBITDA. The
overall improvement in performance in financial 2023 compared with
the previous year is predominantly due to resilience to
macroeconomic pressures as consumers traded down from traditional
restaurants and largely absorbed price increases. In the case of
UPP, publicans face most of the cost pressures that S&P has seen
over the last 12 months, including higher labor costs. UPP
therefore benefits from a low cost base.

Macroeconomic pressures have started to ease compared to a year
ago, but some constrains remain. These include an impact on
consumer discretionary spending that could affect demand, and
stubbornly high costs, especially in relation to labor and the
increasing minimum wage in the U.K.

Given UPP's L&T business model, the company itself is less directly
exposed to increasing inflationary costs as these are largely borne
by the publicans. UPP generates revenue mostly from rent and
tied-in drink supply agreements. Although we recognize that the
recovery in earnings and cash generation is faster in the L&T
model, economic conditions remain challenging and may still affect
publicans' ability to pay their rent. This could pressurize UPP's
ability to collect payments from the publicans.

S&P believes that UPP is well positioned to weather any potential
macroeconomic shocks and we expect revenue and EBITDA generation to
remain resilient.

Issuer's liquidity position

The cash reserve remains fully depleted and its account balance
after the June 2024 payment date is nil, GBP65 million below its
target level. S&P does not expect the cash reserve target to be
replenished to the GBP65 million target level. Instead, this target
will be reduced following the repayment of the class A4 notes in
September 2024.

The committed liquidity facility remains fully undrawn, with GBP38
million available to the issuer as of June 2024. The liquidity
facility's available commitment is amortizing and will reduce
progressively to GBP37 million in September 2024.

Amounts available to the class N notes are capped at GBP32.5
million while the class A4 notes are outstanding. The amounts fell
to GBP12.5 million for the class N notes following the repayment of
the class M notes in March 2024 and ahead of the expected repayment
of the class A4 notes in September 2024.

S&P said, "We rate the class N notes on a deferrable basis in line
with the transaction documents. This means that if there are
insufficient funds available to the issuer to pay principal and
interest on the class N notes, the unpaid amounts could be deferred
and ultimately due in March 2032, along with accrued interest on
the deferred amounts. Nonpayment of the class N notes prior to
March 2032 will not lead to an issuer event of default.

"The issuer's liquidity position will start improving as the class
M notes are fully repaid. We expect the reserve fund to be
replenished to its target level two-to-three years after the class
M notes' repayment in March 2024."

DSCR analysis

S&P's cash flow analysis serves to both assess whether cash flows
will be sufficient to service debt through the transaction's life,
and to project minimum DSCRs in our base-case and downside
scenarios.

Base-case forecast

S&P said, "Our base-case EBITDA and operating cash flow projections
in the short term and the company's satisfactory BRP rely on our
corporate methodology. We give credit to growth through to the end
of financial 2026. Beyond that, our base-case projections are based
on our methodology and assumptions for corporate securitizations,
to which we then apply assumptions for capital expenditure (capex)
and taxes to arrive at our projections for the cash flow available
for debt service."

UPP's earnings depend largely on general economic activity and
discretionary consumer demand. Considering the economic outlook,
and UPP's financial 2023 results, S&P has revised its forecasts of
Unique Pub Finance's business performance through to 2026. S&P's
current macroeconomic assumptions are:

-- The effect of higher interest rates on investment is starting
to fade and terms of trade are improving. U.K. economic activity
therefore beat its expectations at the start of the year, leading
S&P to raise its forecast for 2024.

-- However, the labor market remains tight, with wage inflation
remaining high, supported by recurrent increases in the minimum
living wage in the U.K. despite some cooling off over the past
months.

-- S&P thinks that the Bank of England will continue lowering
interest rates through 2024, bearing in mind the long lags that
monetary policy changes can have and the uncertainty over how the
economy will develop. S&P expects 200 basis points of cuts through
to the end of 2025.

S&P said, "Considering our macroeconomic outlook and UPP's signs of
recovery, we have revised our operating cash flow forecasts upward
slightly through to financial 2026.

"We expect overall revenues in financial 2024 to be about 10%
higher than the previous year's levels and relatively flat
thereafter. This is despite the marginal increase in revenues per
pub, and is the result of a lower number of pubs due to the
business' future disposal profile.

"We expect RPI-linked rental income, which has already exceeded
pre-pandemic levels, to support revenue growth. Drink and food
income has also recovered to pre-pandemic levels, and we expect it
to continue to grow, supported by resilient demand and high
prices.

"We typically do not give any credit to disposal proceeds in our
cash flow analysis as we do not consider them to be internal cash
generated by the assets. Equally, we do not consider the buildup of
disposal proceeds in the disposal account as a source of cash for
debt service as we cannot discount the possibility that the
borrower could apply the disposal proceeds to nondebt service
payments."

S&P established an anchor of 'bb' for the class A4 notes and an
anchor of 'b' for the class N notes, based on:

-- S&P's assessment of UPP's fair BRP, which it associates with a
business volatility score of 4.

-- The minimum DSCR achieved in our base-case analysis.

-- No credit given to issuer-level structural features (such as
the liquidity facility).

Downside DSCR analysis

S&P said, "Our downside DSCR analysis tests whether the
issuer-level structural enhancements improve the transaction's
resilience under a moderate stress scenario. UPP falls within the
pubs, restaurants, and retail industry. Considering U.K. pubs'
historical performance during the financial crisis of 2007-2008, in
our view, a 25% decline in EBITDA from our base case is appropriate
for the tenanted pub subsector.

"We applied the decline to the base case at the point when we
believe the stress on debt service would be greatest.

"Our downside DSCR analysis resulted in a satisfactory resilience
score for the class A4 and N notes, unchanged for the class A4
notes, and higher than the score in our previous review for the
class N notes.

"This reflects the headroom above a 1.3:1.0 DSCR threshold that is
required under our criteria to achieve a satisfactory resilience
score after considering the level of liquidity support available to
the class A4 notes."

The class N notes have limits on the amount of the liquidity
facility they may use to cover liquidity shortfalls. This is due to
their deferrable feature, which means that the notes cannot default
before their legal final maturity date of March 2032.

S&P said, "The combination of a satisfactory resilience score and
the 'bb' anchor that we derive in our base case results in a
resilience-adjusted anchor of 'bbb-' for the class A4 notes.
Similarly, the combination of a satisfactory resilience score and
the 'b+' anchor derived in our base case results in
resilience-adjusted anchors of 'bb-' for the class N notes."

Liquidity facility adjustment

Currently, the liquidity facility amount available to the issuer
for the class A4 notes represents a significant level of liquidity
support, measured as a percentage of their total current
outstanding balance. Considering the class A4 notes' targeted
amortization schedule and the liquidity facility's amortizing
profile, S&P expects liquidity support available to the class A4
notes to be about 26.0%. However, it will remain above the 10%
threshold in its corporate securitization criteria.

S&P said, "Thereafter, we expect the liquidity facility amount
available to class A4 notes to improve. We have therefore
maintained a one-notch increase of the resilience-adjusted anchor
to account for the size of the available liquidity support relative
to the class A4 notes balance.

"We did not adjust the class N notes' resilience-adjusted anchors.
These are unchanged from our previous review and in line with our
corporate securitization criteria."

Modifiers analysis

S&P said, "We have not applied a one-notch downward adjustment to
the class N notes to reflect their subordination and weaker access
to the security package compared to the class M notes following the
redemption of the class M notes in March 2024. We applied a
two-notch downward adjustment to the class A4 notes to reflect the
weak effectiveness of the two main covenant tests (the financial
covenant and the restricted payment condition covenant). This is
unchanged since our Nov. 22, 2019 review."

Comparable rating analysis

S&P said, "Based on our corporate securitization criteria, the
rated notes should benefit from liquidity provisions at the
securitization issuer level to cover for disruption of cash flows
arising from an insolvency of the operating company. We typically
expect 12-18 months of the debt service coverage for a sufficient
liquidity position. Under the transaction structure, a GBP65
million cash reserve at the borrower level, combined with an
amortizing tranched liquidity facility at the issuer level, aims to
cover about 18 months of debt service (including deferrable notes)
and constitutes strong liquidity support for the class A4 notes.

"Previously, we applied a one-notch negative adjustment on the
expectation that the liquidity facility would be drawn to repay the
concurrent debt service under the class A and class M notes.
However, on the back of the borrower's better-than-expected
performance, the liquidity facility remains undrawn. While the cash
reserve remains fully drawn, this represents a stronger liquidity
position than a year ago.

"We have therefore not applied any adjustments as result of the
comparable rating analysis."

Counterparty risk

S&P's ratings on the notes are not currently constrained by the
long-term issuer credit ratings on any of the counterparties,
including the liquidity facility provider (Barclays Bank PLC) and
bank account providers (National Westminster Bank PLC and Barclays
Bank PLC).

Outlook

S&P said, "We expect the pub sector's earnings growth to remain
resilient over the next 12-24 months as the sector benefits from
continued demand despite the macroeconomic situation in the U.K.,
where high inflation and pressures on discretionary income could
further pressurize publicans. An improvement in UPP's profitability
in 2023, paired with debt repayments as per the targeted
amortization schedule, have helped to continue reducing leverage,
but will also affect liquidity over the next 12 months.

"Our expectation of a continuous improvement in profitability and
credit metrics in the remainder of 2024 and 2025, as well as the
improvement in the group's liquidity profile and debt service, will
be key in shaping our view of the issuer's underlying credit
quality, and will be the main reason for any future rating
actions.

"For many rated pub operators, their significant freehold property
portfolios have offered substantial operational and financial
flexibility, but we have yet to see meaningful large-scale
valuation support from conversions or alternative uses for pub
properties. Rather, we expect that their quality of earnings will
be more of a defining factor in the credit profile compared with
the quantum of real estate ownership.

"We expect the L&T model to show more resilience than the managed
model. This is because under the latter, the pub is directly
exposed to increasing costs, which creates higher earnings
volatility and pressure."

Downside scenario

S&P said, "We may consider lowering our rating on the class A4
notes if the minimum projected DSCRs in our downside scenario have
a material adverse effect on the respective class A4 notes'
resilience-adjusted anchor.

"We may also consider lowering our rating on the class A4 notes if
the respective minimum forecast DSCR weakens in our base-case
scenario."

Upside scenario

S&P said, "We could raise our rating on the class A4 notes if our
minimum DSCR improves to the upper end of the 1.80x-1.30x range in
our base-case scenario. Alternatively, we could take a positive
rating action if UPP's BRP were to increase, although this is
unlikely over the near-to-medium term."

CreditWatch resolution

S&P said, "If class A4 notes are repaid in September 2024 as per
management's expectations, we will review the security package for
the class N notes and evaluate whether adjustments to our base-case
and downside projections are appropriate. Changes in our
projections could positively affect our DSCR estimates, which, in
turn, could lead us to raise our rating on the class N notes. We
expect to resolve the CreditWatch placement within the next 90 days
when we have a clearer view of the repayment's overall effect on
the company's liquidity.

"We could raise our rating on the class N notes if our minimum DSCR
improves to the lower end of the 1.80x-1.30x range in our base-case
scenario. The repayment of class A4 notes could drive this.
Nonrepayment of class A4 notes could limit possible rating upside
on the class N notes."


UROPA SECURITIES 2007-1B: S&P Lowers B2a Notes Rating to 'CCC(sf)'
------------------------------------------------------------------
S&P Global Ratings raised to 'A (sf) from 'A- (sf)' its credit
rating on Uropa Securities PLC's series 2007-1B class M2a notes. At
the same time, S&P lowered to 'CCC (sf)' from 'B- (sf)' its rating
on the class B2a notes and affirmed its 'A+ (sf)' ratings on the
class A3a, A3b, M1a, and M1b notes and its 'BB- (sf)' ratings on
the class B1a and B1c notes.

S&P said, "Since our previous review April 2023, the transaction's
performance has deteriorated. According to the July 2024 investor
report, arrears have increased to 27.75% from 19.37%. This mostly
reflects the reduced pool size, rather than the actual increase in
arrears. Cumulative losses have remained stable at 2.95% since our
previous review.

"Our weighted-average foreclosure frequency assumptions have
increased at all rating levels, reflecting higher arrears. This has
been partially offset by lower weighted-average loss severity
assumptions, stemming from a decrease in the current loan-to-value
ratio following house price index growth. However, considering the
transaction's historical loss severity levels, the latest available
data suggests that the portfolio's underlying properties may have
only partially benefited from rising house prices, and we have
therefore applied a haircut to property valuations to reflect
this."


Weighted-average foreclosure frequency and weighted-average loss
severity

                WAFF (%)    WALS (%)    CREDIT COVERAGE (%)

  AAA           49.03       32.35       15.86

  AA            44.72       24.97       1117

  A             42.27       13.87       5.86

  BBB           39.53       7.99        3.16

  BB            36.55       4.72        1.73

  B             35.8        2.76        0.99

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.


The reserve fund has been drawn at various times throughout the
transaction's life and has a shortfall of GBP25,434. This is mainly
due to higher third-party fees and the repayment of the B2a notes'
principal deficiency ledger by GBP54,506. It is not amortizing,
following breached 90+ days arrears and cumulative loss triggers.
Given the transaction's sequential amortization, credit enhancement
has increased since S&P's previous review, which offsets the
deterioration in other areas.

Like other nonconforming transactions, both fixed- and
floating-rate fees for this transaction have exceeded their
historical averages. These high expenses reflect legal complexities
arising from the LIBOR transition. Consequently, S&P expects fees
to decline, and have incorporated various fee scenarios into our
cash flow analysis.

S&P said, "Our cash flow modeling shows that the class A3a to M1b
notes pay timely interest and repay principal at rating levels
above 'A+'. However, our counterparty criteria cap the notes'
maximum achievable rating at our 'A+' resolution counterparty
rating on NatWest Markets PLC. We therefore affirmed our 'A+ (sf)'
ratings on these classes of notes.

"Our cash flow modeling shows that the class B1a and B1b notes pay
timely interest and repay principal at rating levels above 'BB-'.
However, given the sensitivity to rising arrears (resulting in
higher defaults and longer recoveries), the profile of the
borrowers, high interest rates, and tail-end risk associated with
the small pool size, we affirmed our 'BB- (sf)' ratings on these
classes of notes.

"The upgrade of the class M2a notes to 'A (sf)' from 'A- (sf)'
reflects our cash flow results and considers increasing credit
enhancement and improved performance of the tranche, despite
increasing arrears (resulting in higher defaults and longer
recoveries). However, this class benefits from significantly lower
hard credit enhancement than the more senior classes.

"The class B2a notes do not achieve any rating in our standard or
steady state scenario (actual fees, expected prepayment, no spread
compression, and no commingling stress) cash flow runs. Moreover,
given low credit enhancement and significant principal shortfalls
in our steady state scenario, we believe these notes are vulnerable
to nonpayment, and are dependent upon favorable business,
financial, and economic conditions for the obligor to meet its
financial commitment on the obligation. We therefore lowered to
'CCC (sf)' from 'B- (sf)' our rating on this class of notes.

"We consider the transaction's resilience to additional stresses by
accounting for some key variables, in particular defaults and loss
severity, to determine our forward-looking view. We assessed the
sensitivity of the ratings to increased defaults, extended
recoveries, and higher interest rates, and the ratings remain
robust. Given its high seasoning (209 months), the transaction has
a low pool factor (19.72%), which tends to amplify arrears
movements. Our analysis reflects the tail-end risk associated with
the low pool factor."

Macroeconomic forecasts and forward-looking analysis

S&P said, "We expect U.K. interest rates to be higher for longer
than previously expected.

"We consider the borrowers in this transaction to be nonconforming
and as such generally less resilient to higher interest rates than
prime borrowers as all the borrowers are currently paying a
floating rate of interest and so will be affected by higher rates.

"In our view, the ability of the borrowers to repay their mortgage
loans will be highly correlated to macroeconomic conditions and the
complex profile of nonconforming borrowers. Our forecast on policy
interest rates for the U.K. is 4.5% in 2024 and our forecasts for
unemployment for 2024 and 2025 are 4.4% and 4.6%, respectively.

"Given our current macroeconomic forecasts and forward-looking view
of the U.K. residential mortgage market, we have performed
additional sensitivities related to higher levels of defaults due
to increased arrears and house price declines. We have also
performed additional sensitivities with extended recovery timings
due to observed repossession delays from court backlogs in the U.K.
and the repossession grace period announced by the U.K. government
under the Mortgage Charter."

The notes are backed by a pool of first-ranking mortgages secured
over freehold and leasehold properties in England and Wales. The
transaction closed in 2007 and was originated by three different
entities--GMAC – RFC Ltd., Kensington Mortgage Co. Ltd., and
Money Partners Ltd.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
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 * * *