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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

          Tuesday, September 10, 2024, Vol. 25, No. 182

                           Headlines



A U S T R I A

AMS-OSRAM AG: Fitch Affirms 'B+' IDR, Outlook Stable


B E L G I U M

APOLLO FINCO: EUR348MM Bank Debt Trades at 17% Discount


F R A N C E

ALTICE FRANCE: Eaton Vance Marks $439,000 Loan at 26% Off


G E R M A N Y

FORTUNA CONSUMER 2024-2: Fitch Assigns B+(EXP)sf Rating to F Notes
TELE COLUMBUS: EUR462.5MM Bank Debt Trades at 25% Discount
TK ELEVATOR: Fitch Affirms B LongTerm IDR, Alters Outlook to Stable


I R E L A N D

AVOCA CLO XXXI: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
CARLYLE EURO 2018-2: Fitch Alters Outlook on 'B-sf' Rating to Neg.


I T A L Y

GOLDEN BAR 2024-1: Fitch Assigns 'BB+(EXP)sf' Rating to Cl. D Notes
ILVA SPA: September 20 Expressions of Interest Deadline Set


L U X E M B O U R G

COVIS FINCO: Eaton Vance Marks $181,000 Loan at 59 % Off
NORTHPOLE NEWCO: $395.9MM Bank Debt Trades at 94% Discount


N E T H E R L A N D S

BRIGHT BIDCO: Eaton Vance Marks $206,000 Loan at 52% Off
PETROBRAS GLOBAL: Fitch Assigns 'BB' Rating to New Sr. Unsec. Notes


P O R T U G A L

CONSUMER TOTTA 2: Fitch Assigns 'BB(EXP)sf' Rating to Class D Notes


S P A I N

SABADELL CONSUMO 3: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes


T U R K E Y

PEGASUS HAVA: Fitch Rates USD-Denominated Notes 'BB-(EXP)'


U N I T E D   K I N G D O M

AMPHORA FINANCE: GBP301MM Bank Debt Trades at 58% Discount
DELTA TOPCO: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
DURHAM MORTGAGES B: DBRS Finalizes BB Rating on Class F Notes
PRAESIDIAD LTD: EUR290 Bank Debt Trades at 54% Discount
VUE ENTERTAINMENT: Eaton Vance Marks EUR547,000 Loan at 37% Off

VUE ENTERTAINMENT: EUR648.6MM Bank Debt Trades at 56% Discount

                           - - - - -


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

AMS-OSRAM AG: Fitch Affirms 'B+' IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed ams-OSRAM AG's Issuer Default Rating
(IDR) at 'B+' with a Stable Outlook. Fitch has also downgraded
ams-OSRAM's senior unsecured rating to 'B+'/'RR4' from
'BB-'/'RR3'.

Fitch identified an error in its recovery analysis of ams-OSRAM
that incorrectly led the senior unsecured notes to be rated
'BB-'/'RR3'. Correcting the error has led to the one-notch
downgrade.

Key Rating Drivers

Weak Recovery in Some End-Markets: Fitch expects ams-OSRAM's
revenue for 2024 to be 3% lower than in 2023 due to sluggish demand
in key end-markets such as industrial applications and automotive
and reduced production of some consumer goods. Customer destocking
continues to weigh on demand and is likely to continue at least for
the remainder of 2024. Over the longer term, underlying demand
dynamics remain favourable, and Fitch expects mid-single digit
revenue growth annually from 2025 onwards.

Slow Deleveraging: Lower-than-expected earnings left end-1H24 gross
EBITDA leverage broadly unchanged from end-2023's at around 7x,
considerably outside the downgrade sensitivity of 5.5x. Fitch
expects a considerable improvement in absolute EBITDA over the
coming 18 months, which, alongside some debt repayment, will
improve leverage, although this ratio is still expected to remain
weak for the rating.

Weak Cash Flows to Improve: ams-OSRAM's FCF has been negative for
the past two years, and Fitch expects it to be negative again in
2024, due chiefly to extraordinary capex on capacity expansion. As
capex needs subside in the short term and capex returns to its
long-term levels of around 10% of revenue, FCF should turn positive
on a sustained basis. However, this is also contingent on prudent
working-capital management and the maintenance of a no-dividend
policy in the medium term.

Earnings Margins Rising Gradually: EBITDA margins improved to 13.1%
in 1H24 (from 10.6% in 2023), but remain relatively low as a result
of still low capacity utilisation, the restructuring of the
microLEC- related business and mixed demand from key markets. Fitch
expects recent restructuring, alongside a gradual recovery in
demand, to lift EBITDA margins to close to 14% for 2024 and
gradually to 19% by 2028. This would provide a considerable boost
to the company's deleveraging efforts.

Ownership Structure Rating-Neutral: The rating factors in Fitch's
assumption that ams-OSRAM's ownership stake in OSRAM will not
materially change from the current 86% in the short term. This
means continuing cash leakage from paying fixed dividends to OSRAM
minority shareholders of around EUR30 million per year and
therefore lower margins (impact on EBITDA and funds from operations
(FFO) margin is around 1%). This results in a structurally weaker
financial profile but not sufficiently to have a negative impact on
the rating.

Derivation Summary

ams-OSRAM's business profile is broadly in line with that of
diversified industrial peers rated in the 'BB' category, given the
company's leading share in global automotive and sensor solutions,
reasonable geographic concentration and strong, albeit more
volatile, profitability and cash flow generation. It compares
favourably with US technological 'BB' category peers in
profitability and cash flow margins, but has higher leverage and
customer concentration.

The closest peers in the diversified industrials sector are KION
GROUP AG (BBB/Stable) and GEA Group Aktiengesellschaft
(BBB/Positive), which are larger and more diversified, but have
significantly lower profitability, with EBITDA margins typically
closer to around 10%. Leverage at KION and GEA is usually in the
range of 0.5x-2x, modestly better than at ams-OSRAM, and a key
rating differentiator.

Microchip Technology Inc. (BBB/Stable) and NXP Semiconductors N.V.
(BBB+/Stable) have significantly higher EBITDA margins and FFO
margins than ams-OSRAM. They also all have currently better
leverage profiles at around 2x for NXP Semiconductors and under 1x
at STMicroelectronics. However, Fitch expects ams-OSRAM to move
closer to this range over the medium term.

Key Assumptions

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

- Low single-digit annual revenue growth in 2H24

- Low-to-mid single-digit revenue growth in 2025-2028

- EBITDA margins to continue to improve to 2028, driven by improved
capacity utilisation and cost reduction through restructuring
measures

- Capex at EUR500 million in 2024 and around 10% per year of
revenue for 2025-2028

- Convertible bond due in March 2025 to be repaid using existing
available liquidity

- Buyout of remaining OSRAM shareholders in 2026 for around EUR600
million

Recovery Analysis

Key Recovery Rating Assumptions

- The recovery analysis assumes that ams-OSRAM would be considered
a going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated

- Its GC value available for creditor claims is estimated at about
EUR1.4 billion, assuming GC EBITDA of EUR330 million. GC EBITDA
incorporates a loss of a major customer, deterioration in demand
and a reduced order intake. The assumption also reflects corrective
measures taken in reorganisation to offset the adverse conditions
that trigger default

- Fitch assumes a 10% administrative claim

- Fitch applies an enterprise value (EV) multiple of 5x to GC
EBITDA to calculate a post-reorganisation EV. The multiple is based
on ams-OSRAM's good market position and geographical
diversification, long-term cooperation with customers and sound
supplier diversification. It also factors in expected positive FCF
generation from 2025 after the completion of its large capex
programme in 2024. However, the EV multiple also reflects a rather
limited range of products

- Fitch deducts about EUR130 million from the EV, due to
ams-OSRAM's high use of non-recourse factoring facilities in 2024,
adjusted for a discount, in line with Fitch's criteria

- Fitch estimates the total amount of senior debt claims at EUR3.4
billion (correcting a previous estimate of EUR2.3 billion),
comprising an EUR1 billion senior unsecured notes, a EUR800 million
revolving credit facility (RCF), EUR130 million of reverse
factoring, around EUR350 million of bank loans, and correcting a
prior error in debt classification, EUR 1.1 billion convertible
bonds. Fitch previously classified the convertible bonds as
subordinated to senior debt

- The allocation of value in the liability waterfall results in
recoveries corresponding to 'RR4'/41% for unsecured debt.
Correcting the convertible bond classification reduced the
recoveries by 19%

RATING SENSITIVITIES

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

- FCF margin above 1%

- Improved diversification of the customer base

- Gross debt / EBITDA under 4x

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

- Neutral to negative FCF on a sustained basis

- Gross debt / EBITDA above 5.5x

Liquidity and Debt Structure

Strong Liquidity: At end-2Q24, ams-OSRAM had EUR800 million of
freely available cash, after adjusting for EUR100 million for
working-capital swings and intra-year needs. The company also
benefits from a EUR800 million undrawn committed RCF with a
September 2026 maturity.

ams-OSRAM maintains a high level of cash on its balance sheet and
its RCF as a back-up in the event that the remaining OSRAM
minorities are bought out (around 14% of total OSRAM shares still
outstanding). The value of this minority interest at end-1H24 was
around EUR605 million, although Fitch does not treat the cash for
the potential buyout as restricted, as it does not believe that a
meaningful portion of the minority shares will be put to ams-OSRAM
as long as a related legal action is in progress. ams-OSRAM had
also utilised around EUR120 million under its factoring facility as
at end-June 2024.

Debt Structure: ams-OSRAM's debt structure has materially improved
after its refinancing in late 2023 of a majority of its
short-to-medium term maturities, which also reduced its overall
debt quantum. At end-1H24, it had some small short-term bank debt
maturities as well as its EUR440 million March 2025 convertible
bond, which Fitch believes will be repaid out with existing
liquidity.

Issuer Profile

ams-OSRAM designs and manufactures semiconductor sensor and emitter
components as well as high-performance sensor solutions. The
company also offers a variety of traditional lighting technologies
tailored for automotive, industrial, and medical applications, in
addition to selected high-volume portable consumer device
applications.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
ams-OSRAM AG          LT IDR B+  Affirmed             B+

   senior unsecured   LT     B+  Downgrade   RR4      BB-



=============
B E L G I U M
=============

APOLLO FINCO: EUR348MM Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Apollo Finco BV is
a borrower were trading in the secondary market around 82.6
cents-on-the-dollar during the week ended Friday, Sept. 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

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

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




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

ALTICE FRANCE: Eaton Vance Marks $439,000 Loan at 26% Off
---------------------------------------------------------
Eaton Vance Senior Income Trust has marked its $439,000 loan
extended to Altice France SA to market at $324,030 or 74% of the
outstanding amount, according to a disclosure contained in Eaton
Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024
filed with the Securities and Exchange Commission on August 26,
2024.

Eaton Vance is a participant in a Term Loan to Altice France SA.
The loan accrues interest at a rate of 10.82 9% (SOFR+5.50%) per
annum. The loan matures on August 15, 2028.

Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company.

Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:

     Kenneth A. Topping
     Eaton Vance Senior Income Trust
     One Post Office Square, Boston,
     Massachusetts 02109
     Tel. :( 617) 482-8260

          - and -

     Deidre E. Walsh
     Eaton Vance Senior Income Trust
     One Post Office Square, Boston,
     Massachusetts 02109
     Tel. :( 617) 482-8260

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



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

FORTUNA CONSUMER 2024-2: Fitch Assigns B+(EXP)sf Rating to F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Fortuna Consumer Loan ABS 2024-2 DAC's
class A to F notes expected ratings.

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

   Entity/Debt              Rating           
   -----------              ------           
Fortuna Consumer Loan
ABS 2024-2 Designated
Activity Company

   A1 XS2887887581      LT AAA(EXP)sf  Expected Rating
   A2 XS2888507717      LT AAA(EXP)sf  Expected Rating
   B XS2887887664       LT AA-(EXP)sf  Expected Rating
   C XS2887887748       LT A-(EXP)sf   Expected Rating
   D XS2887888043       LT BBB-(EXP)sf Expected Rating
   E XS2887889793       LT BB(EXP)sf   Expected Rating
   F XS2887890882       LT B+(EXP)sf   Expected Rating
   G XS2887891005       LT NR(EXP)sf   Expected Rating
   X XS2887891427       LT NR(EXP)sf   Expected Rating

Transaction Summary

Fortuna Consumer Loan ABS 2024-2 DAC is a true-sale securitisation
of a 12-month revolving pool of unsecured consumer loans sold by
auxmoney Investments Limited. The securitised consumer loan
receivables are derived from loan agreements entered into between
Süd-West-Kreditbank Finanzierung GmbH (SWK) and individuals
located in Germany, brokered by auxmoney GmbH via its online
lending platform.

KEY RATING DRIVERS

Large Loss Expectations: Some of auxmoney's customers are
higher-risk than those targeted by traditional lenders of German
unsecured consumer loans. Fitch views the credit score calculated
by auxmoney the key asset performance driver.

Fitch assumes a lower weighted average (WA) default base case of
9.4% compared with 11.6% in the predecessor deal. This reflects
substantially lower concentrations at the high-risk end of
auxmoney's score classes, and to a limited extent lower default
expectations for some score classes. Fitch applied a WA default
multiple of 4.0x at 'AAAsf' for the total portfolio. Fitch assumed
a recovery base case of 33% and a recovery haircut of 55% at
'AAAsf'. The resulting loss rates are at the high end of
Fitch-rated German unsecured loans transactions.

Transaction Structure Adds Risk: The transaction features pro-rata
amortisation among the rated notes and a 12-months revolving
period. Both are subject to performance triggers, of which Fitch
views the principal deficiency ledger trigger the most effective.
Replenishment adds some uncertainty to asset performance, which has
been reflected in its asset assumptions. The pro-rata amortisation
can extend the life of the senior notes and expose them to adverse
developments towards the end of the transaction's life. This has
been accounted for in its cash flow modelling.

Hedging Structure Exposed to Mismatches: Interest-rate risk is
hedged using a vanilla interest-rate swap with a fixed schedule, in
line with the predecessor deal's. The actual outstanding amounts of
the portfolio and the hedged notes can differ substantially from
the fixed schedule, depending on default rates, prepayments and the
actual length of the revolving period. High defaults in combination
with high prepayments expose the structure to over-hedging, which
reduces excess spread in a decreasing rate environment.

Bespoke Operational and Servicing Set-Up: CreditConnect GmbH, a
subsidiary of auxmoney, is the servicer, but some of the servicing
duties are performed by SWK. In line with the last two predecessor
transactions, no back-up servicer will be appointed at closing.
Nonetheless, Fitch believes that the current set-up and the
division of responsibilities between the two entities sufficiently
reduce servicing continuity risk. Payment interruption risk is
reduced by a liquidity reserve, which covers more than three months
of senior expenses and interest on the class A to F notes.

auxmoney operates a data- and technology-driven lending platform
that connects borrowers and investors on a fully-digitalised basis.
Fitch conducted an operational review during which auxmoney showed
a robust corporate governance and risk approach.

RATING SENSITIVITIES

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

Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E/F)

Increase default rate by 10%:
'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB-sf'/'Bsf'

Increase default rate by 25%:
'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'/'CCCsf'

Increase default rate by 50%:
'A+sf'/'A-sf'/'BBB-sf'/'BB-sf'/'NRsf'/'NRsf'

Expected impact on the notes' ratings of decreased recoveries
(class A/B/C/D/E/F)

Reduce recovery rates by 10%:
'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'B+sf'

Reduce recovery rates by 25%:
'AA+sf'/'AA-sf'/'BBB+sf'/'BB+sf'/'BBsf'/'Bsf'

Reduce recovery rates by 50%:
'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'/'CCCsf'

Expected impact on the notes' ratings of increased defaults and
decreased recoveries (class A/B/C/D/E/F)

Increase default rates by 10% and decrease recovery rates by 10%:
'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB-sf'/'Bsf'

Increase default rates by 25% and decrease recovery rates by 25%:
'AAsf'/'Asf'/'BBBsf'/'BBsf'/'CCCsf'/'NRsf'

Increase default rates by 50% and decrease recovery rates by 50%:
'Asf'/'BBBsf'/'BB+sf'/'CCCsf'/'NRsf'/'NRsf'

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

- The class A notes are rated at the highest level of Fitch's scale
and cannot be upgraded.

Expected impact on the notes' ratings of decreased defaults and
increased recoveries (class B/C/D/E/F)

Decrease default rates by 10% and increase recovery rates by 10%:
'AA+sf'/'Asf'/'BBBsf'/'BB+sf'/'BBsf'

Decrease default rates by 25% and increase recovery rates by 25%:
'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB+sf'

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

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

DATA ADEQUACY

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

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

ESG Considerations

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

TELE COLUMBUS: EUR462.5MM Bank Debt Trades at 25% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Tele Columbus AG is
a borrower were trading in the secondary market around 75.4
cents-on-the-dollar during the week ended Friday, Sept. 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR462.5 million Term loan facility is scheduled to mature on
October 16, 2028.  The amount is fully drawn and outstanding.

Tele Columbus AG provides cable services. The Company offers cable
television programming, telephone, and internet connection services
to homeowners and the housing industry. Tele Columbus operates
throughout Germany.

TK ELEVATOR: Fitch Affirms B LongTerm IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has revised TK Elevator Holdco GmbH's (TKE) Outlook
to Stable from Negative, while affirming its Long-Term Issuer
Default Rating (IDR) at 'B'.

The Outlook change reflects Fitch's view that TKE strong operating
performance in the first nine months of FY24 (year-end September)
will continue and contribute to gradual deleveraging. Despite that
free cash flow (FCF) will be affected by heavier capex and ongoing
restructuring cash cost in FY24-FY25, Fitch expects continued
operational improvement and reduced interest rates to result in
gradually improving FCF margins of low single digits to FY27.

TKE's gross leverage at FYE24 will remain high at its negative
sensitivity of 7.5x, but Fitch sees stronger deleveraging prospects
than in its previous expectations, as restructuring and additional
cost-cutting are likely to lift EBITDA in the next 18-24 months.

TKE's ratings are supported by its good market position in the
elevator sector, comfortable liquidity, potential for further
profitability improvement and growth of recurring and stable
revenues on maintenance and modernisation services.

Key Rating Drivers

Earnings Growth to Support Deleveraging: Fitch forecasts leverage
improvement in the short-to-medium term on growing EBITDA and FCF
generation, though the latter will be limited. Fitch sees a
reduction in leverage to 7.5x at FYE24 and towards 7.2x in FYE25,
reflecting TKE's manufacturing restructuring measures in Germany as
well as company-wide cost optimisation. Successful deleveraging is
vital for gaining more headroom in the 'B' rating category.

High Leverage Profile: TKE has had high leverage for a 'B' rating
since its spin-off from thyssenkrupp AG in mid-2020. Fitch believes
this ratio will remain high through the medium term versus
similarly rated peers'. Fitch-calculated EBITDA gross leverage was
8.1x at FYE23, and should fall below 7.0x by FYE26. Sustainable
deleveraging to below 7.0x may be constrained by the usage of
factoring and local facilities, despite steady growth in earnings
and its expectations for gradual repayment of its outstanding
revolving credit facility (RCF).

FCF Recovery Protracted: Fitch expects TKE's FCF margins to remain
negative in FY24, before it turns slightly positive in FY25. This
lower-than-expected FCF generation - previously Fitch had
anticipated around 2% of revenue in FY25 - is driven by ongoing
restructuring cash costs and higher capex requirements.

From FY26, Fitch expects FCF margin to trend towards, and later
exceed, 1.5%, driven by a rise in underlying earnings, moderating
capex requirements, no dividend payments and gradually declining
restructuring costs. The improvement in FCF generation will also be
driven by reduced interest expense after its recent
amend-and-extend transaction, as well as an expected decline in
base rate until FY27.

EBITDA Margin Drivers: Fitch expects TKE's cost-cutting measures
and higher pricing for its existing order backlog across all
business lines, but mainly driven by modernisation and services, to
help improve EBITDA margins. Its rating case expects successful
cost-optimisation to drive the improvement in Fitch-adjusted EBITDA
margin to 13.7% in FY24 and to 13.9% by FY25 from 13.1% in FY23,
slightly higher than its prior rating case, while also considering
normalisation of some input prices and likely weaker pricing
power.

Fitch views a successful turnaround of its German manufacturing
business, driven by a product-mix shift towards the EOX elevator
model, and more lean overall production with much lower human
capital, as critical for deleveraging.

Good Market Position: TKE's position, scale and broad service
network provide it with an advantage over many competitors, while
its global footprint aids in streamlining its cost structure. TKE
is number four globally in the elevator industry, with a market
share of around 13%. About two-thirds of the global market is
represented by four global companies.

Limited Business Profile: TKE's business profile is constrained by
its narrow product range and end-customer exposure, relative to
many other diversified industrials companies'. The company makes
and services elevators and is partly dependent on property
construction cycles. This is offset by TKE's strong maintenance
business that is resilient to economic cycles and the good
geographic diversification of its business, which limits the
effects of cyclicality in the property sector.

Derivation Summary

TKE's cash flow has been lower than that of direct peers such as
OTIS Worldwide Corporation, Schindler Holding Limited and KONE Oyj,
which benefit from a more streamlined cost structure. Other
high-yield diversified industrials issuers such as INNIO Group
Holding GmbH (B/Positive) and Ammega Group B.V. (B-/Stable) - which
like TKE, specialise in a fairly narrow range of products - have
also demonstrated better cash flow generation.

TKE's gross leverage is also weaker than most similarly rated
peers' over the medium term, despite Fitch's expectations of
deleveraging. Similarly rated INNIO has estimated leverage of
around 5.1x and Fitch expects deleveraging to below 5.0x, its
upgrade sensitivity, from 2024. For lower-rated Ammega Fitch
expects gross leverage to reduce to 6.3x in 2027 from an estimated
7.7x in 2024, which is currently above its downgrade sensitivity of
7.5x. However, TKE has a superior business profile than these
peers, with much greater scale and global diversification and a
stronger market position. It is also less vulnerable to economic
cycles and shocks, as demonstrated during the recent downturn.

Key Assumptions

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

- Revenue to increase 3.5% in FY24, 2.2% in FY25, and 2.7% in FY26

- EBITDA margin to improve to 13.7% in FY24 and 13.9% in FY25, and
then stabilising at 14% FY26 and FY27, on cost-cutting and price
increases

- Higher capex in FY24 (2.3% of revenue) due to EOX project
implementation, then slightly decreasing to at 2.0%-2.2% to FY27

- No dividend payments

- Gradual RCF repayment over FY24-FY27

Recovery Analysis

Fitch's recovery analysis follows its bespoke analysis for issuers
in the 'B+' and below with a going-concern (GC) valuation yielding
higher realisable values in distress than liquidation. This
reflects the globally concentrated market of elevator
manufacturers, where the top four companies have an almost 70%
total market share. TKE holds the number four position, with a
robust business profile with sustainable cash flow generation
capacity, a defensible market position and products that are
strongly positioned on the global market.

Fitch assumes GC EBITDA of EUR950 million, accounting for a
structural increase in EBITDA as a result of the restructuring
measures implemented so far. The updated GC EBITDA would continue
to result in persistently negative FCF, effectively representing a
post-distress cash flow proxy for the business to remain a GC. In
this scenario, TKE depletes internal cash reserves, due to less
favourable contractual terms with customers, to help rebuild its
order book post-restructuring.

Fitch applies a 6.0x distressed enterprise value (EV)/EBITDA
multiple, leading to a total estimated EV of EUR5.7 billion. This
reflects TKE's leading market position, high recurring revenue base
and international manufacturing and distribution diversification.

Fitch views factoring as super senior financial debt, and therefore
ranks it ahead of senior secured debt. Fitch assumes its EUR992
million RCF is fully drawn in distress while its local facility of
EUR335 million is excluded from the waterfall analysis as it is
cash-collateralised.

Under the current structure its waterfall analysis generated a
ranked recovery in the 'RR3' band, indicating a 'B+' instrument
rating, one notch higher than the IDR, for the senior secured debt,
consisting of a total of EUR7.6 billion term loans B (TLBs) and
senior secured notes (SSNs) issued by TK Elevator Midco GmbH and TK
Elevator U.S. Inc.

Fitch also includes TKE's EUR231 million unsecured
(working-capital) loans in China as priority debt. Fitch also
treats its factoring line as priority debt, which is deducted from
the EV. The EV is further reduced by 10% for administrative claims,
after which the remaining value is distributed to holders of SSNs
totaling EUR8.6 billion, which results in 54% recovery and 'RR3'.

Using the same assumptions, its waterfall analysis output for the
EUR955 million senior unsecured notes issued by TK Elevator Holdco
GmbH generated a ranked recovery in the 'RR6' band, indicating an
instrument rating of 'CCC+'. The waterfall analysis output
percentage on current metrics and assumptions was zero.

RATING SENSITIVITIES

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

- EBITDA leverage below 6.0x

- FCF margin above 3%

- EBITDA interest coverage above 3.0x

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

- EBITDA leverage above 7.5x by FYE25 with a lack of positive
momentum in deleveraging

- EBITDA margin below 12%

- FCF margin consistently neutral to negative

- EBITDA interest coverage below 2.0x

Liquidity and Debt Structure

Comfortable Liquidity: TKE had around EUR739 million of reported
cash and short-term financial investments at end-June 2024, 1% of
which Fitch treats as restricted for intra-year operating needs.
Its EUR992 million RCF maturing in 2027 was drawn down to EUR168
million at end-June 2024.

Fitch assesses TKE's liquidity as comfortable over the forecast
period, based on its expected remaining undrawn RCF, despite a
forecast negative FCF margin of 1.8% in FY24. Fitch forecasts FCF
margins of 0.2%-1.3% in FY25-FY26, lower than previously expected,
driven by still meaningful capex (2.0%-2.3% of revenue) and
ongoing, albeit decreasing restructuring costs. FCF is supported by
lower interest payments after its recent amend-and-extend and
refinancing and lack of dividend payments.

Long-Dated Debt Structure: TKE has a long-term debt maturity
schedule, with part of its SSNs maturing in mid-2027, while its
senior unsecured notes mature in mid-2028. The amend-and-extend in
2024 and new senior secured TLB extended some of its 2027 debt
maturities to 2030, and redeemed some of its 2028 debt. The
remaining debt maturities are longer-term; however, Fitch believes
the company's financial flexibility remains weak due to high bullet
refinancing risk, lower coverage ratios and still high, albeit
recently improved, leverage.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
TK Elevator
Holdco GmbH           LT IDR B    Affirmed            B

   senior unsecured   LT     CCC+ Affirmed   RR6      CCC+

TK Elevator U.S.
Newco, Inc.

   senior secured     LT     B+   Affirmed   RR3      B+

TK Elevator Midco
GmbH

   senior secured     LT     B+   Affirmed   RR3      B+



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

AVOCA CLO XXXI: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XXXI DAC expected ratings.

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

   Entity/Debt             Rating           
   -----------             ------           
Avoca CLO XXXI DAC

   A-1 Notes XS2868166575   LT AAA(EXP)sf  Expected Rating
   A-2 Notes XS2868166732   LT AAA(EXP)sf  Expected Rating
   B-1 Notes XS2868166658   LT AA(EXP)sf   Expected Rating
   B-2 Notes XS2868166815   LT AA(EXP)sf   Expected Rating
   C Notes XS2868167037     LT A(EXP)sf    Expected Rating
   D Notes XS2868166906     LT BBB-(EXP)sf Expected Rating
   E Notes XS2868167110     LT BB-(EXP)sf  Expected Rating
   F Notes XS2868167201     LT B-(EXP)sf   Expected Rating
   Sub Notes XS2868167383   LT NR(EXP)sf   Expected Rating

Transaction Summary

Avoca CLO XXXI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to purchase a portfolio with a target par of EUR400
million. The portfolio is actively managed by KKR Credit Advisors
(Ireland) Unlimited Company. The collateralised loan obligation
(CLO) has a 4.6-year reinvestment period and a 7.5-year weighted
average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF)of the identified portfolio is 25.4.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR)of the identified portfolio is 61.2%.

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

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

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

RATING SENSITIVITIES

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B to F notes show a rating
cushion of two notches each. The class A-1 and A-2 notes have no
rating cushion as they are at the highest achievable rating of
'AAAsf'.

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Avoca CLO XXXI 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.

CARLYLE EURO 2018-2: Fitch Alters Outlook on 'B-sf' Rating to Neg.
------------------------------------------------------------------
Fitch Ratings has upgraded Carlyle Euro CLO 2018-2 DAC's class
A-2A/A-2B/A-2C and B-1 and B-2 notes and affirmed the rest. Fitch
has also revised class E notes Outlook to Negative from Stable.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Carlyle Euro
CLO 2018-2 DAC

   A-1A XS1852487559   LT AAAsf  Affirmed   AAAsf
   A-1B XS1852487807   LT AAAsf  Affirmed   AAAsf
   A-2A XS1852488102   LT AAAsf  Upgrade    AA+sf
   A-2B XS1852488441   LT AAAsf  Upgrade    AA+sf
   A-2C XS1856085813   LT AAAsf  Upgrade    AA+sf
   B-1 XS1852488870    LT AA-sf  Upgrade    A+sf
   B-2 XS1856094997    LT AA-sf  Upgrade    A+sf
   C XS1852489092      LT BBB+sf Affirmed   BBB+sf
   D XS1852486742      LT BB+sf  Affirmed   BB+sf
   E XS1852486312      LT B-sf   Affirmed   B-sf

Transaction Summary

Carlyle Euro CLO 2018-2 DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction is actively managed by
CELF Advisors LLP and exited its reinvestment period in November
2022.

KEY RATING DRIVERS

Deleveraging Increases Buffer: Since Fitch's last rating action in
April 2024, the class A notes have repaid EUR56 million, resulting
in increases in credit enhancement (CE) of 5% for the class
A-2A/A-2B/A-2C notes and 3.3% for the class B-1 and B-2 notes.
According to the last trustee report dated 13 August 2024, the
transaction was breaching some of its collateral-quality tests and
one coverage test. Exposure to assets with a Fitch-derived rating
of 'CCC+' and below is 6.9%, according to the trustee report, up
from 3% in April, but under a limit of 7.5%. The portfolio has no
defaulted assets.

The transaction's deleveraging has resulted in increased
default-rate cushion for the senior notes available to support
their current ratings and to absorb further defaults in the
portfolio. This supports the Stable Outlook on the class A-1A, A-1B
and C notes and the Positive Outlook on the class B-1 and B-2
notes.

Par Erosion; Reduced Refinancing Risk: Since the April 2024 review
the portfolio has seen further erosion of 0.5% of par value, to 6%
below target par, due mainly to sell-trade losses. This has reduced
the default-rate cushions of junior notes, to -2.5% from 0.2% for
the class E notes. However, the transaction's near- and medium-term
refinancing risk has reduced 0.9% of the portfolio for maturities
before 2025 and 13.6% in 2026 (from 9.5% and 24% respectively), as
calculated by Fitch.

The Negative Outlook on the class D and E notes indicates potential
for a downgrade, but Fitch expects the class D notes rating to
remain within its current rating category. Owing to the
deteriorating par position, the Outlook for the class E notes has
been revised to Negative but available CE is sufficient to prevent
an immediate downgrade.

'B'/ 'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor (WARF) of the current portfolio is 26.2 as calculated by
Fitch under its latest criteria.

High Recovery Expectations: Senior secured obligations comprise
99.4% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 60.9%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 23.8%, and no obligor
represents more than 3% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 22.3% as calculated by
the trustee. Fixed-rate assets as reported by the trustee are at
the 10% ceiling.

Deviation from Model-implied Ratings: The class B and C notes'
ratings are two notches below their model-implied ratings (MIR).
The deviation reflects limited cushion on the Fitch-stressed
portfolio at their MIRs or one notch below their MIRs.

Transaction Outside Reinvestment Period: The transaction exited its
reinvestment period in November 2022, and is currently failing
another agency's WARF test that needed to be satisfied for the
manager to reinvest. The manager has not made any purchases since
October 2023. Fitch's stressed analysis is based on the current
portfolio where assets on Negative Outlook are notched down one
level and with the weighted average life stressed to four years to
account for refinancing risk.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for the transaction. In
cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis. For more information on Fitch's ESG Relevance
Scores, visit the Fitch Ratings ESG Relevance Scores page.

ESG Considerations

Fitch does not provide ESG relevance scores for Carlyle Euro CLO
2018-2 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 any ESG factor
that is a key rating driver in the key rating drivers section of
the relevant rating action commentary.



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

GOLDEN BAR 2024-1: Fitch Assigns 'BB+(EXP)sf' Rating to Cl. D Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Golden Bar (Securitisation) S.r.l. -
Series 2024-1's (GB) asset-backed securities expected ratings.

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

   Entity/Debt               Rating           
   -----------               ------           
Golden Bar
(Securitisation)
S.r.l. - Series 2024-1

   Class A               LT AA(EXP)sf   Expected Rating
   Class B               LT A+(EXP)sf   Expected Rating
   Class C               LT BBB(EXP)sf  Expected Rating
   Class D               LT BB+(EXP)sf  Expected Rating
   Class Z               LT NR(EXP)sf   Expected Rating

Transaction Summary

GB is a revolving securitisation of personal and vehicles loans
featuring a standard amortisation (French) or balloon repayment
granted to individuals ("persone fisiche") and individual
entrepreneurs, by Santander Consumer Bank S.p.A. (SCB). SCB is
wholly owned by Santander Consumer Finance, S.A. (SCF;
A-/Stable/F2), the consumer credit arm of Banco Santander, S.A.
(A-/Stable/F2).

KEY RATING DRIVERS

Diverse Portfolio Composition: The provisional portfolio is made up
of personal loans (around 50% by current balance) and vehicles
loans granted to consumer borrowers, with a minimal exposure to
individual entrepreneurs. Fitch's base-case default expectations
are set at 6.5%, 1.5%, 3.0% and 1.3%, respectively, for personal
loans, standard new vehicles, standard used vehicles and balloon
loans.

Pro-rata Amortisation: The class A to C notes will repay pro-rata
until a sequential redemption event occurs. In its base case Fitch
sees a switch to sequential amortisation as unlikely due to the gap
between its portfolio loss expectations and performance triggers.
The mandatory switch to sequential paydown when the outstanding
collateral balance falls below a certain threshold mitigates tail
risk.

Servicer Reserve Reduces Senior Costs: The transaction envisages an
amortising replacement servicer fee reserve (RSFR) that will be
funded on certain triggers being breached. Fitch believes the
reserve will be adequate to cover its stressed servicer fees at the
notes' maximum achievable rating throughout the transaction's life.
Therefore, no servicing fees are modelled in Fitch's cash flow
analysis, resulting in higher excess spread being available to the
structure.

Excess Spread Notes Rating Cap: The class D notes - excess spread
notes - are not collateralised and their interest and principal
will be paid from available excess spread. The class D notes will
start amortising from the issue date and during the three-month
revolving period. Excess spread is highly volatile and sensitive to
underlying loan performance, leading Fitch to cap the rating on
class D notes at 'BB+', in line with its Global Structured Finance
Rating Criteria.

'AAsf' Sovereign Cap: The class A notes are rated at their highest
achievable rating, six notches above Italy's sovereign rating
(BBB/Stable/F2), which is the cap for Italian structured finance
and covered bonds. The Stable Outlook on the rated notes reflects
that of the sovereign.

RATING SENSITIVITIES

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

The class A notes' ratings are sensitive to changes to Italy's
Long-Term IDR. A downgrade of Italy's IDR and the related rating
cap for Italian structured finance transactions, currently 'AAsf',
could trigger a downgrade of the class A notes' ratings.

Unexpected increases in the frequency of defaults or decreases in
recovery rates that could produce larger losses than the base case
could result in negative rating action on the notes. For example, a
simultaneous increase of the default base case by 25% and decrease
of the recovery base case by 25% would lead to downgrades of the
class A to C notes of up to two notches.

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

The class A notes' ratings are sensitive to changes to Italy's
Long-Term IDR. An upgrade of Italy's IDR and the related rating cap
for Italian structured finance transactions, currently 'AAsf',
could trigger an upgrade of the class A notes' ratings if available
credit enhancement is sufficient to withstand stresses associated
to higher ratings.

An unexpected decrease in the frequency of defaults or increase in
recovery rates that would produce smaller losses than the base case
could result in a positive rating action. For example, a
simultaneous decrease in the default base case by 25% and an
increase in the recovery base case by 25% would lead to upgrades of
the class B to C notes of up to three notches.

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

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

DATA ADEQUACY

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

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

ESG Considerations

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

ILVA SPA: September 20 Expressions of Interest Deadline Set
-----------------------------------------------------------
The undersigned Alessandro Danovi, Daniela Savi and Francesco Di
Ciommo, in their capacity as Extraordinary Commissioners of Ilva
S.p.A. in Extraordinary Administration, with registered office in
Milan, via Fabio Filzi no. 8, Tax Code 11435690158, and the
companies belonging to the same group ("Ilva Group in Extraordinary
Administration"), and Giancarlo Quaranta, Giovanni Fiori and Davide
Tabarelli, in their capacity as Extraordinary Commissioners of
Acciaierie d'Italia S.p.A, in Extraordinary Administration, with
registered office in Milan, viale Certosa no. 239, Tax Code
10354890963, and the companies belonging to the same group
("Acciaierie d'Italia Group in Extraordinary Administration"),
invite all interested parties to submit expressions of interest for
the purchase of the Business owned by Ilva Group in Extraordinary
Administration and Acciaierie d'Italia Group in Extraordinary
Administration by 11:59 p.m. (Italian time, CET) of September 20,
2024, with the modalities and according to the terms indicated in
the call for expression of interest published in full on the
website https://www.gruppoacciaierieditaliainas.it and
https://www.gruppoilvainas.it (the "Call").

In accordance with the provisions of the Call, after the expiry of
the deadline, selected parties will be informed about the
subsequent stages of the Sale Procedure.




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

COVIS FINCO: Eaton Vance Marks $181,000 Loan at 59 % Off
--------------------------------------------------------
Eaton Vance Senior Income Trust has marked its $181,000 loan
extended to Covis Finco SARLto market at $73,339 or 41% of the
outstanding amount, according to a disclosure contained in Eaton
Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024
filed with the Securities and Exchange Commission on August 26,
2024.

Eaton Vance is a participant in a Term Loan to Covis Finco SARL.
The loan matures on February 18, 2027.

Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company.

Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:

     Kenneth A. Topping
     Eaton Vance Senior Income Trust
     One Post Office Square, Boston,
     Massachusetts 02109
     Tel.: (617) 482-8260

          - and -

     Deidre E. Walsh
     Eaton Vance Senior Income Trust
     One Post Office Square, Boston,
     Massachusetts 02109
     Tel.: (617) 482-8260

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

NORTHPOLE NEWCO: $395.9MM Bank Debt Trades at 94% Discount
----------------------------------------------------------
Participations in a syndicated loan under which NorthPole Newco
Sarl is a borrower were trading in the secondary market around 6.5
cents-on-the-dollar during the week ended Friday, Sept. 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $395.9 million Term loan facility is scheduled to mature on
March 3, 2025. About $287.0 million of the loan is withdrawn and
outstanding.

Northpole Newco S.a.r.l. is a cybersecurity software provider.  The
Company's country of domicile is Luxembourg.



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

BRIGHT BIDCO: Eaton Vance Marks $206,000 Loan at 52% Off
--------------------------------------------------------
Eaton Vance Senior Income Trust has marked its $206,000 loan
extended to Bright Bidco BV to market at $8,737 or 48% of the
outstanding amount, according to a disclosure contained in Eaton
Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024
filed with the Securities and Exchange Commission on August 26,
2024.

Eaton Vance is a participant in a Term Loan to Bright Bidco BV. The
loan accrues interest at a rate of 14.344%, (SOFR + 9.00%), 6.344%
cash, 8.00% Payment in Kind)) per annum. The loan matures on
October 31, 2027.

Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company.

Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:

     Kenneth A. Topping
     Eaton Vance Senior Income Trust
     One Post Office Square, Boston,
     Massachusetts 02109
     Tel.: (617) 482-8260

          - and -

     Deidre E. Walsh
     Eaton Vance Senior Income Trust
     One Post Office Square, Boston,
     Massachusetts 02109
     Tel.: (617) 482-8260

Amsterdam, The Netherlands-based Bright Bidco B.V. designs and
manufactures discrete semiconductor devices and circuits for light
emitting diodes (LEDs).

PETROBRAS GLOBAL: Fitch Assigns 'BB' Rating to New Sr. Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Petrobras Global
Finance B.V.'s new issuance of senior unsecured notes due 2035. The
proceeds of the notes will be used to prepay existing debt and for
general corporate purposes.

Petrobras' ratings and Outlook are linked to Brazil's sovereign
ratings (BB/Stable) due to the company's strategic importance to
the country and the government's strong ownership and control.
Petrobras' dominant market share in the supply of liquid fuels in
Brazil, coupled with its large hydrocarbon production footprint in
the country, expose the company to government intervention through
pricing policies and investment strategies.

Key Rating Drivers

Sovereign Linkage: Petrobras' ratings are linked to Brazil's
sovereign ratings as a result of the influence the government may
have over the company's strategies and investments. This is despite
material improvements in the company's capital structure and
efforts to isolate itself from government intervention. By law, the
federal government must hold at least a majority of Petrobras'
voting stock and currently owns 50.3% of Petrobras' voting rights,
directly and indirectly. The government has a 36.8% overall
economic stake.

Strong SCP: Petrobras' Standalone Credit Profile (SCP) of 'bbb'
reflects the company's operational scale, proved reserves and
leverage profile, all of which are comparable with investment-grade
international oil companies. Fitch forecasts Petrobras' production
will reach 3.0 mmboed by 2026 compared with 2.7 mmboed in 2023, and
will maintain its 1P reserve life of nearly 11 years.

Gross leverage, as measured by gross financial debt to EBITDA, is
estimated to be 0.5x in 2024, assuming USD24.5 billion in debt,
compared with 0.6x in 2023. Fitch expects the company's leverage to
average 0.7x through 2026 when applying Fitch's price deck.

Strong Cash Flow Generation: Fitch expects Petrobras to continue
reporting positive FCF over the rating horizon while investing
enough to replenish reserves, which will further support its SCP.
Petrobras is the lowest cost producer in the region. In 2023, Fitch
estimated its half-cycle cost was USD14.35/bbl and its full-cycle
cost of production was USD31.35/bbl. Its low cost of production led
to strong cash flow generation in 2023, when the company generated
USD52.4 billion in EBITDA and USD35.4 billion in FFO. The company's
cash flow comfortably covers its capex as laid out in its current
strategic plan.

Vulnerability to Political Interference: Fitch expects political
interference at Petrobras to be significant during President Lula's
administration. Material increases from the announced USD102
billion five-year strategic capex plan will be difficult to fund
absent a concurrent issuance of new debt or a material decrease in
its dividends policy, which is assumed to average 45% of cash flow
from operations (CFFO)-capex for each year.

Petrobras announced that 90% of 2024 and 2025 capex is already
contracted. Changes at the executive and board level had a mild
impact on the company's strategic plan and pricing policy in 2023,
with limited financial implications to the company thus far.

Derivation Summary

Petrobras' linkage to the sovereign is similar in nature to its
peers, namely Petroleos Mexicanos (PEMEX; B+/Stable), Ecopetrol
S.A. (BB+/Stable) and YPF S.A. (CCC-). It also compares with
Empresa Nacional del Petroleo (ENAP; A-/Stable) and Petroleos del
Peru - Petroperu (CCC+). These companies have strong linkages to
their respective sovereigns given their strategic importance and
the potentially significant sociopolitical and financial
implications a default could have for their countries.

Petrobras' SCP is commensurate with a 'bbb' rating, which is
materially higher than PEMEX's 'ccc-', as a result of Petrobras'
positive deleverage trajectory compared with PEMEX's increasing
leverage. Petrobras has reported and is expected to continue to
report positive FCF and production growth, which Fitch expects to
reach approximately 3.0 million boe/d in the next four years. In
contrast, PEMEX's production has declined in recent years and
requires material capex to sustain the production stabilization
trend reported since 2019.

These production trajectories further support the notching
differential between the two companies' SCPs. Petrobras' SCP is in
line with that of Ecopetrol at 'bbb' given both companies' strong
credit metrics and deleveraging trajectories.

Key Assumptions

- Gross production to increase to approximately 3.0 million boe/d
over the next four years;

- Eight production units come online during the next four years;

- Lifting cost average of $6.00bbl over the next four years;

- Brent crude trends toward USD65/bbl by 2026 per Fitch price
deck;

- Average FX rate trends toward BRL5.15/USD;

- Dividends payout are 45% of CFFO-capex;

- No further proceeds of asset sales considered over the rated
horizon.

RATING SENSITIVITIES

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

- A positive rating action on the Brazilian sovereign could lead to
a positive rating action on Petrobras.

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

- A negative rating action on Petrobras could result from a
downgrade of the sovereign and/or the perception of a lower linkage
between Petrobras and the government coupled with a material
deterioration of Petrobras' SCP;

- An increase of gross leverage to 3.5x or above may result in a
downgrade of the SCP.

Liquidity and Debt Structure

Strong Financial Flexibility: Petrobras' liquidity is robust and
provides an added comfort during periods of volatility in
hydrocarbon prices. The company's liquidity is supported by
approximately USD12.1 billion of cash and marketable securities as
of June 30, 2024, compared with current financial debt maturities
of approximately USD4.6 billion. The company also had USD 8.2
billion of revolving facilities available at the end of 2Q24. The
majority of Petrobras' available liquidity is composed of readily
available liquidity held abroad.

Petrobras continues to demonstrate a strong ability to access
domestic and international capital markets. Petrobras has a
manageable debt maturity profile, with 62% of its debt due after
2027.

Issuer Profile

Petrobras is a government-related entity and one of the world's
largest integrated oil and gas companies, operating primarily in
Brazil where it is the dominant participant and the largest liquid
fuels supplier.

Date of Relevant Committee

18 January 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Petroleo Brasileiro S.A. (Petrobras) has an ESG Relevance Score of
'4' for GHG Emissions & Air Quality due to the growing importance
of the continued development and execution of the company's
energy-transition strategy, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.

Petroleo Brasileiro S.A. (Petrobras) has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to the potential impact of social pressures on pricing policy
in the future which has a negative impact on the credit profile,
and is relevant to the rating[s] in conjunction with other
factors.

Petroleo Brasileiro S.A. (Petrobras) has an ESG Relevance Score of
'4' for Governance Structure due to its nature as a majority
government-owned entity and the inherent governance risk that
arises with a dominant state shareholder which has a negative
impact on the credit profile, and is relevant to the rating[s] 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

   Entity/Debt             Rating           
   -----------             ------           
Petrobras Global
Finance BV (PGF)

   senior unsecured    LT BB  New Rating



===============
P O R T U G A L
===============

CONSUMER TOTTA 2: Fitch Assigns 'BB(EXP)sf' Rating to Class D Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Gamma, STC S.A./Consumer Totta 2
expected ratings.

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

   Entity/Debt          Rating           
   -----------          ------           
Consumer Totta 2

   A PTGAMMOM0028   LT AA-(EXP)sf  Expected Rating
   B PTGAMNOM0027   LT A(EXP)sf    Expected Rating
   C PTGAMOOM0026   LT BBB-(EXP)sf Expected Rating
   D PTGAMPOM0017   LT BB(EXP)sf   Expected Rating

Transaction Summary

The transaction is a five-month revolving securitisation of a
portfolio of unsecured consumer loans originated in Portugal by
Banco Santander Totta S.A. (Totta; A-/Stable/F2). Totta is
ultimately owned by Banco Santander, S.A. (A-/Stable/F2).

KEY RATING DRIVERS

Assumptions Reflect Higher-Risk Portfolio: The performance of
recent originations reflects Totta's increased risk appetite.
Base-case lifetime default and recovery rates of 8% and 35%,
respectively, were applied compared with 4% and 40% on the Consumer
Totta 1 transaction, which closed in 2022. The levels are based on
historical data provided by the originator on the consumer loan
book, on Portugal's economic outlook and on the originator's
underwriting and servicing strategy.

Loans to Employees: The initial portfolio will include a portion of
loans (around 5%) granted to Totta employees. The Portuguese legal
framework does not allow set-off on the loans after their
assignment to the securitisation and the seller commits to
indemnify the special-purpose vehicle (SPV) in relation to any
employee loan set-off claims.

But Fitch regards the inclusion as non-standard and increasing
risk, particularly in the short term, as employees may try to raise
claims against the originator, and also in the form of losses if
the originator becomes insolvent. Fitch accounted for the presence
of employee loans when setting its 'AAAsf' default multiple
assumption at 4.75x compared with 4.25x on Totta 1.

Short Revolving Period: The transaction will feature a maximum
five-month revolving period compared with 12 months on the Totta 1
transaction. This will be the transaction's primary protection
against the risk of further deterioration in asset quality as early
amortisation triggers, linked to principal deficiency ledger (PDL),
cumulative defaults and concentration limits, are viewed as loose.

Sequential Amortisation Triggers: The class A to E notes will pay
quarterly and amortise pro-rata from the end of the revolving
period, unless a sequential amortisation event occurs. The switch
to sequential amortisation will occur if the PDL and cumulative
defaults triggers are breached, or when only 10% of the initial
portfolio balance remains. Under its base case a switch to
sequential amortisation is probable in the medium term due to the
triggers and, in particular, because the PDL on the class E notes
that do not benefit from over-collateralisation.

Interest Rate Mismatch Mitigated: Hedging in the form of a
fixed-to-floating interest rate swap is included in the transaction
to address the mismatch between the floating-rate liabilities and
mainly fixed-rate assets (93.7% of the initial portfolio). The SPV
will pay a fixed rate and receive three-month Euribor. The
remaining 6.3% of the assets are linked to 12m Euribor, and while
it is not the same index as for the notes, the two are closely
related. Fitch therefore views basis risk as non-material to the
ratings.

Counterparty Remedies Cap Ratings: The transaction account bank's
(TAB) minimum ratings are set at 'A-' or 'F1', which under Fitch's
Counterparty Rating Criteria can support ratings up to the 'AAsf'
category, which results in a maximum achievable rating for the
transaction of 'AA+sf'.

RATING SENSITIVITIES

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

- Long-term asset performance deterioration such as increased
defaults and delinquencies or reduced portfolio yield, which could
be driven by changes in portfolio characteristics, macroeconomic
conditions, business practices or the legislative landscape.

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

- For the senior notes, modified TAB and derivative provider
minimum eligibility to rating thresholds that are compatible with
'AAAsf' ratings as per Fitch's Structured Finance and Covered Bonds
Counterparty Rating Criteria

- Increases in credit enhancement ratios, allowing the transaction
to absorb credit losses and cash flow stresses at higher ratings

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

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

DATA ADEQUACY

Fitch sought a third-party assessment of asset portfolio
information, but none was available for this transaction.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

ESG Considerations

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



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

SABADELL CONSUMO 3: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Sabadell Consumo 3, FT expected ratings,
as listed below. The assignment of final ratings is contingent on
the receipt of final documents conforming to information already
received.

   Entity/Debt                Rating           
   -----------                ------           
Sabadell Consumo 3, FT

   Class A ES0305838007   LT AA(EXP)sf   Expected Rating
   Class B ES0305838015   LT AA-(EXP)sf  Expected Rating
   Class C ES0305838023   LT A-(EXP)sf   Expected Rating
   Class D ES0305838031   LT BBB-(EXP)sf Expected Rating
   Class E ES0305838049   LT BB+(EXP)sf  Expected Rating
   Class F ES0305838056   LT B(EXP)sf    Expected Rating
   Class G ES0305838064   LT NR(EXP)sf   Expected Rating

Transaction Summary

This transaction is a static securitisation of fully amortising
general-purpose consumer loans originated by Banco de Sabadell,
S.A. (BBB/Stable/F2) to Spanish residents. All the loans are to
existing Sabadell clients.

KEY RATING DRIVERS

Asset Assumptions Reflect Pool Composition: Fitch calibrated
base-case lifetime default and recovery rates for the total
portfolio at 4.75% and 20% respectively, reflecting the bank's
earlier default definition and considering the historical data
provided by Sabadell, Spain's economic outlook and the originator's
underwriting and servicing strategies. For the class A notes'
'AAsf' rating case, the lifetime default and recovery rates
calibrated are 16.2% and 12.0%, respectively.

Performance Triggers Mitigate Pro-Rata: The class A to F notes will
be repaid pro-rata unless a sequential amortisation event occurs
primarily linked to cumulative defaults exceeding certain
thresholds. Fitch views these triggers as robust in preventing the
pro-rata mechanism from continuing on early signs of performance
deterioration. Moreover, Fitch believes that the tail risk posed by
the pro-rata pay-down is mitigated by the mandatory switch to
sequential amortisation when the outstanding collateral balance
(inclusive of defaults) falls below 10% of the initial balance.

Counterparty Arrangements Cap Ratings: The maximum achievable
rating for the notes is 'AA+sf', according to Fitch's counterparty
criteria. The minimum eligibility rating threshold defined for the
transaction account bank (TAB) of 'A-' is insufficient to support
'AAAsf' ratings.

Immaterial Payment Interruption Risk: Payment interruption risk
(PIR) in the event of a servicer disruption is assessed as
immaterial up to 'AA+sf', in line with Fitch's counterparty
criteria, as interest deferability is permitted under transaction
documentation for all rated notes and does not constitute an event
of default. Therefore, the ratings assigned to the notes address
the ultimate payment of interest, which is compatible with 'AAsf'
category ratings in line with Fitch´s updated Global Structured
Finance Rating Criteria, and of principal.

RATING SENSITIVITIES

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

- Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape.

- An increase of defaults and a reduction of recoveries by 10% each
could lead to downgrades of no more than one notch for the class A,
B, D, E and F notes

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

The rating on the senior notes is capped by the documented
counterparty replacement provisions, as per Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria.

A decrease in defaults and an increase in recoveries by 10% each
could lead to upgrades of no more than one notch for the class A,
B, D and E notes, two notches for the class C notes and three
notches for the class F notes.

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

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

DATA ADEQUACY

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

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

ESG Considerations

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



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

PEGASUS HAVA: Fitch Rates USD-Denominated Notes 'BB-(EXP)'
----------------------------------------------------------
Fitch Ratings has assigned Pegasus Hava Tasimaciligi A.S.'s
(BB-/Stable) planned US dollar-denominated notes a senior unsecured
rating of 'BB-(EXP)'.

The upcoming bonds' rating is at the same level as Pegasus'
Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior
unsecured rating, based on its Corporates Recovery Ratings and
Instrument Ratings Criteria. Pegasus intends to use the proceeds
from the notes to repay existing debt including an any-and-all
tender for its USD375million 9.25% notes due April 2026 and for
general corporate purposes. The assignment of the final rating is
contingent on the receipt of final documents conforming to
information already reviewed.

The IDR factors in Pegasus' strong market position in Turkiye
(B+/Positive) with robust growth prospects, an industry-leading
cost base with a young and fuel-efficient fleet and readily
accessible hard-currency liquidity. The Stable Outlook reflects its
expectation that its EBITDAR leverage (both gross and net) will
improve in 2024-2027 compared with 2023. This will allow ample
rating room by 2025 and may provide rating upside thereafter.

Key Rating Drivers

Performance on Track in 2024: Pegasus' business continues to grow
at revenue level, marked by higher passenger numbers, increased
Available Seat Kilometres (ASKs), and a load factor of 87.3% (up
from 82.7% in 1H23). An increase in revenue was limited by weaker
yields from international operations, attributed to post-Covid-19
demand normalisation and capacity growth. EBITDAR for 1H24 fell 7%
year on year (YoY), mainly driven by higher fuel, personnel, and
handling costs, but showed improvement in 2Q24, with a positive
outlook for the rest of the year.

Profitability to Remain Strong: Fitch expects EBITDAR margin to be
broadly stable, driven by a rising load factor and operational
leverage benefits, partially offset by mid-to-high single-digit
increases in unit costs (excluding fuel). Fitch deems Pegasus'
profitability as strong, as reflected in its expectations of the
EBITDAR margin remaining at about 30% in 2024-2027, which remains
one of the strongest among Fitch-rated airlines.

High Leverage: EBITDAR gross leverage increased to 4.6x in 2023
(based on euro-denominated financials) from 3.6x in 2022 due to
higher lease debt, driven by new fleet additions that contributed
to year-end debt without a full EBITDAR contribution. Following the
new bond issue, Fitch forecast EBITDAR gross leverage to remain
high in 2024 at 4.8x before it declines to around 4.3x in 2025. At
the same time, Fitch expects EBITDAR net leverage at 3.5x in 2024
(3.6x in 2023 and 3.0x in 2022). Fitch continues to see
deleveraging potential, supported by its expectations of
consistently positive free cash flow (FCF) in 2024-2027.

Competitive Cost Position: Pegasus' cost base is comparable with
other leading low-cost carriers' (LCC), and lower than that of its
main rivals in the markets in which it competes. Its cost advantage
should help Pegasus withstand competition and support sustainable
growth. Low labour costs (in US dollar terms), high aircraft
utilisation, and a young and fuel-efficient fleet with higher seat
density than peers' underpin its favourable cost position. Fitch
expects deliveries of new and larger aircraft and an increase in
scale to further strengthen Pegasus' cost position.

Lease-Funded Fleet Expansion: Pegasus expects about 50 new aircraft
deliveries in 2024-2027, all A321neos, which are more
fuel-efficient and have a larger capacity (by more than 50 seats)
than A320neos. Pegasus operated 108 aircraft at end-June 2024 with
an average age of 4.5 years, 85% of which were A320/A321neos - one
of the highest proportions of new technology aircraft in EMEA and
globally. Pegasus plans to finance these aircraft through leases,
which will increase lease debt.

The ability to adjust capacity and control costs will be key to
maintaining Pegasus' credit profile in case of demand weakness.
Pegasus' fleet was not affected by Pratt & Whitney (P&W) engine
issues, as its A320/A321neos use ones that are made by CFM
International.

Weak but Improving Operating Environment: Fitch's expectations for
the operating environment in Turkiye have improved as reflected in
the sovereign rating upgrade to 'B+'/Positive in March 2024 from
'B'/Stable. Fitch expects Turkiye's macroeconomic policy to be
consistent with a sharp decline in inflation (albeit significantly
higher than in western Europe countries), and a reduction in
external vulnerabilities.

Challenges Affect Business Profile: Pegasus' ratings still reflect
volatility in the Turkish economy, also due to high inflation and
geopolitical risks. Fitch believes Pegasus could face greater
challenges from demand volatility than other European LCCs, due to
its dependence on Turkiye for domestic and international segments
(excluding international transit), while other European LCCs have
more options due to the European Common Aviation Area, of which
Turkiye is not a member. Pegasus is also smaller with a less
diversified network, but its low-cost base and agility have enabled
rapid growth.

Manageable FX Risk Exposure: All sales on international routes,
which accounted for more than 88% of total revenue in 2023, are in
hard currencies, with the remainder collected in lira. The currency
mix between hard currencies and lira in costs is similar,
mitigating exposure to FX risk, while debt is almost entirely in
hard currencies. As part of Pegasus' FX hedging policy, up to a
quarter of domestic ticket revenue received in lira is exchanged
into US dollars at spot rates. Despite well-managed FX risk due to
a geographically diversified revenue stream, lira fluctuations
could add to demand volatility.

No Constraints from Country Ceiling: Pegasus' LTFC IDR at 'BB-' is
one notch above Turkiye's Country Ceiling of 'B+'. Fitch could
allow the LTFC IDR to be higher than the Country Ceiling by up to
two notches, due to Pegasus' high share of hard-currency revenue
and readily accessible hard-currency liquidity that covers external
hard-currency debt service for two years and by more than 1.5x in
2024, in accordance with Fitch's Corporate Rating Criteria.

Majority Shareholder Supportive of Growth: Key shareholders are
supportive of the airline's organic growth in the long term as they
have not extracted dividends in recent years; Fitch assumes this
will remain unchanged in the near term. Fitch views Pegasus'
corporate governance as effective and adequate, despite the airline
being majority-owned by the Sevket Sabanci family - mostly
indirectly through ESAS Holding. Pegasus is effectively 58.5%-owned
by a single shareholder while the rest is listed on Borsa
Istanbul.

Derivation Summary

Pegasus competes directly with Turk Hava Yollari Anonim Ortakligi
(Turkish Airlines; BB-/Stable). Its financial profile is now more
comparable with that of Turkish Airlines with similar leverage
forecasts. Nevertheless, Fitch views its debt capacity at a given
rating as slightly lower than Turkish Airlines' as its strengths
are more than offset by its smaller scale, a less-diversified
network, and weaker market position than Turkish Airlines.

Pegasus' unit cost base is very strong and comparable with those of
leading LCCs, such as Ryanair Holdings plc (BBB+/Stable) and Wizz
Air Holdings Plc (BBB-/Negative); however, Pegasus is much smaller,
more exposed to a weak and volatile operating environment, and has
higher leverage. Pegasus benefits in the near term from its flights
not being subject to carbon-offsetting requirements under EU ETS
while most of Ryanair's and Wizz Air's flight are.

Key Assumptions

- ASK in 2024 to be about 12% above that in 2023, followed by
mid-teens annual growth in 2025 and 2026

- Load factor at around mid-80s to 2027

- About 7% decline in yield (in US dollar terms and including
ancillaries) in 2024, followed by slight growth to 2027

- Jet fuel price at USD120 a barrel (bbl) in 2024, USD117.5/bbl in
2025 and USD115/bbl to 2027

- No dividends

RATING SENSITIVITIES

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

Total adjusted net debt/EBITDAR below 3.0x and/or total adjusted
gross debt/EBITDAR below 3.5x on a sustained basis. For the LTFC
IDR only, this must be coupled with a high share of hard-currency
revenue and readily accessible hard-currency liquidity that
continue to enable two-notch higher rating above Turkiye's 'B+'
Country Ceiling

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

- Total adjusted net debt/EBITDAR above 3.7x and/or total adjusted
gross debt/EBITDAR above 4.2x on a sustained basis

- Funds from operations (FFO) fixed-charge cover below 2.0x

- A downward revision of Turkiye's Country Ceiling by more than one
notch, especially associated with weaker operating environment and
drivers affecting external tourism demand, could lead to a
downgrade of the LTFC IDR

Liquidity and Debt Structure

Healthy Liquidity: Pegasus' unrestricted Fitch-calculated cash
position of about EUR950 million (including EUR72 million of time
deposits with maturities between three months and a year) at
end-June 2024 is more than sufficient to cover its short-term debt
obligations (excluding leases) of EUR325 million. In addition,
Fitch expects FCF generation in 2024-2027 to be consistently
positive, which will further improve its liquidity profile, while
the upcoming issuance would further strengthen the liquidity
profile.

Issuer Profile

Pegasus is a leading LCC in Turkiye with a fleet size of 108
aircraft at end- June 2024. It served 126 destinations in 47
countries and carried 31.9 million passengers in 2023 and, prior to
the Covid-19 pandemic, 30.8 million in 2019.

Date of Relevant Committee

03 April 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

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           
   -----------            ------           
Pegasus Hava
Tasimaciligi A.S.

   senior unsecured   LT BB-(EXP)  Expected Rating



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

AMPHORA FINANCE: GBP301MM Bank Debt Trades at 58% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 41.9
cents-on-the-dollar during the week ended Friday, Sept. 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

The GBP301 million Term loan facility is scheduled to mature on
June 2, 2025. The amount is fully drawn and outstanding.

Amphora Finance Limited operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company’s country of domicile is the
United Kingdom.

DELTA TOPCO: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has revised Delta Topco Limited's (Formula 1) Outlook
to Stable from Positive, while affirming its Long-Term Issuer
Default Rating (IDR) at 'BB'. It has also affirmed Delta 2 (Lux)
S.a r.l.'s senior secured instrument rating at 'BB+' with a
Recovery Rating of 'RR2'.

Fitch expects Formula 1 to upsize its term loan A (TLA) by USD150
million and raise an incremental term loan B (TLB) of USD850
million. On completion Fitch expects to affirm the BB+ for the
enlarged senior secured debt, subject to receipt of final documents
conforming to information already received.

The revision of the Outlook to Stable reflects an anticipated
increase in Fitch-calculated EBITDA leverage to 4.3x due to a
material distribution of cash to fund Liberty Media Corporation's
(Liberty Media) acquisition of Dorna Sports, S.L. (MotoGP). The
debt funding and the acquisition are expected to close by
end-2024.

The rating factors in its expectation of deleveraging to under 3.8x
in 2025, driven by organic revenue growth across the race calendar
and stable profitability. Fitch also expects liquidity headroom to
be restored swiftly with solid Fitch-defined free cash flow (FCF)
generation. Formula 1 continues to benefit from strong fan
engagement and revenue pipeline with a high proportion of revenue
contracted through to 2026.

There remains a possibility for positive rating action, beyond
2026, subject to clarity over and commitment to Formula 1's
financial policy and a sustainable positive trajectory of credit
metrics. Rating constraints include limited product
diversification, race cancellation risk and some exposure to weak
macro-economic environments affecting certain revenue streams.

Key Rating Drivers

Funding for MotoGP Acquisition: The USD1 billion of incremental
debt will be raised at Formula 1 as part of a EUR2.3 billion cash
upstream to pre-fund Liberty Media's USD4.5 billion acquisition of
MotoGP (which was announced on 1 April 2024), with the rest of the
consideration to be funded through either equity or cash sitting
outside of Formula 1. No EBITDA benefit will accrue from MotoGP,
which will be kept outside of Formula 1.

Increased Leverage: Formula 1 plans to upsize the TLA by USD150
million, raise an incremental TLB of USD850 million, and draw a
portion from its revolving credit facility (RCF). Fitch expects
Fitch EBITDA leverage to rise to 4.3x, breaching its negative
sensitivity of 3.8x in 2024 before it returns to 3.7x in 2025.

The maturities of the existing TLA in 2028 - to be extended to 2029
- and of TLB in 2030, plus extension of the add-ons to 2031 should
provide Formula 1 sufficient time to deleverage and rebuild
liquidity headroom.

Solid Operating Outlook: Fitch forecasts 9% growth to a total of
USD3.5 billion across all revenue streams, based on the 24-race
calendar to be held during 2024. A large portion of revenue across
media rights, race promotion and sponsorship are contracted over
the next three years with built-in price escalators providing good
revenue visibility, while the growing popularity of the sport
offers opportunities for revenue uplifts on upcoming renewals and
the introduction of new partners With a large proportion of the
cost base variable, including team payments, Fitch anticipates
stable Fitch-defined EBITDA margins of 23%-25%, supporting absolute
EBITDA growth.

Robust FCF: Fitch expects pre-dividend FCF margins to remain robust
at around 16%, driven by strong operating cash flows and low
run-rate capex. In addition to EBITDA growth, Fitch expects capex
to reduce to around USD40 million annually from 2025, following a
significant period of investments on the refurbishment of Formula
1's UK Media &Technology (M&TC) Centre and launch of the
self-promoted Las Vegas Grand Prix (LVGP). Cash interest costs will
rise but around 62% of pro-forma debt will benefit from long term
interest-rate hedging keeping EBITDA interest cover within its
sensitivities of 4.5x-5.5x.

Fitch includes estimated dividends into its forecasts due to its
belief that ample cash generation will likely result in cash being
up-streamed to support Liberty Media's activities. This will result
in mid-single digit FCF margin, which is still solid for the
rating.

Contracted Revenue Visibility: Formula 1's business model is built
on revenues from multi-year contracts with media companies, race
promoters, corporate sponsors and others. The majority of its race
revenues come from fixed-fee contracts, which are not directly
exposed to viewership or race attendance volatility. Contracted
revenue pipeline at end-2Q24 was USD13.5 billion from such sources.
However, visibility on revenues earned from LVGP is less clear,
with Formula 1 exposed to ticketing risk and tickets often selling
much closer to the event.

Evenly Balanced Contract Maturities: Across race promotion, all 24
races on the 2025 calendar are under contract and few of the most
material contracts are due for renewal before 2028. Nine races are
now contracted to 2030. Formula 1's media rights and sponsorship
contract renewal requirements are also staggered, with few material
contracts requiring renewal in either 2025 or 2026.

Robust Fan Engagement: Fan attendance at races up to end-July 2024
have been solid with nine of the 14 races during the calendar year
sold out, as reported by race promoters, and strong returns of the
Chinese GP and Emilia Romagna GP. This has also translated into
healthy demand for the Paddock Club, with eight of 12 locations
sold out despite wider macroeconomic and geopolitical challenges.
In 2023 global TV reach averaged 67 million per race and social
media subscribers reached around 87 million across all platforms.

Narrow Product Diversification: As with other sports leagues, the
competitive dynamics within the sport and against other sports are
key to maintaining popularity. The introduction of the sport's cost
cap and revised regulations have narrowed the competitive gap, with
the current season experiencing greater competition. However, it
has not been uncommon for the sport to have periods with
multiple-repeat champions. If win rates become predictable it could
weaken the sport's appeal to fans and media partners. With limited
product diversification beyond the sport, a sustained decline in
the viewership or fan engagement could create negative revenue
pressure.

Derivation Summary

Formula 1's rating benefits from holding the exclusive commercial
rights to one of the most popular sports globally. Formula 1's
operating profile as well as its main product are unique and given
the lack of direct peers Fitch benchmarks it against a wide range
of Fitch-rated media companies.

Higher-rated larger peers such as Informa PLC (BBB/Stable) or
Pearson Plc (BBB/Stable) have lower leverage and stronger product
diversification. Similar to these companies, Formula 1 is exposed
to secular shifts in media consumption and economic cycles via
advertising revenues though its long-term contracts mitigate this.

Formula 1 compares favourably with the broader media peer group in
the non-investment grade range, as the company demonstrated
resilience during the pandemic with its flexible cost structure,
ample liquidity and strong relationships with key partners and
customers. Football rights management company Subcalidora 1 S.a.r.l
(Mediapro; B/Stable) has a low rating, reflecting its customer
concentration risk from a single contract for agency services with
La Liga international.

Key Assumptions

- Twenty-four races to be held in 2024-2027

- Revenue to grow 9% in 2024 followed by mid-single-digit growth to
2027

- Fitch-defined EBITDA margin of around 23% in 2024 and gradually
improving to 25% by 2027

- Capex at 1.1% of revenue in 2024-2027, excluding any one-off
capex related to the M&TC refurbishment and LVGP project in 2024

- Total payment of USD2.7 billion to Liberty Media, including
USD150 million dividend, USD1 billion of debt incurred and USD1.4
billion of cash, to fund Liberty Media's acquisition of MotoGP in
2024

- Excess cash flows to be managed at Formula 1 with dividend
payments to Liberty Media at USD400 million per year between 2026
and 2027

- Full repayment of RCF in 2025

- Shareholder loan from Liberty Media not included in credit
metrics

RATING SENSITIVITIES

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

- Fitch-defined EBITDA leverage below 2.8x on a sustained basis
supported by a clearly communicated financial policy

- Cash flow from operations (CFO) less capex above 10% of total
debt on a sustained basis

- EBITDA interest coverage above 5.5x on a sustained basis

- Increase in average contract length with broadcasters, sponsors
and promoters

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

- Fitch-defined EBITDA leverage above 3.8x on a sustained basis

- Material decline in popularity of the sport driving a loss of (or
significant reduction in terms at renewal) contracts with key
broadcasters or sponsors, in turn leading to material pressure on
revenues

- CFO less capex below 6% of total debt on a sustained basis

- EBITDA interest coverage expected to remain below 4.5x on a
sustained basis

- Change in a future Concorde agreement leading to a reduction in
the proportion of pre-team share EBIT for Formula 1

Liquidity and Debt Structure

Comfortable Liquidity: Fitch forecasts Formula 1's cash balance to
fall to around USD250 million in 2024 from USD1,002 million in 2023
as a result of the funding contribution for Liberty Media's
acquisition of MotoGP. However, its liquidity position should
remain comfortable with pre-dividend FCF margin averaging 16% in
the four years to 2027. Its next large debt maturity is no earlier
than 2028 currently, which Fitch expects to be extended to 2029.

Fitch expects the company to have ample headroom for its upcoming
interest payments and amortisation payments on its TLA. Formula 1
supports its liquidity with a USD500 million RCF and strong FCF
generation. At end-June 2024, USD246 million of cash was held in
the FWON tracker at parent company level, which could provide
support to Formula 1, if required. Additionally, on 26 August 2024,
Liberty Media closed the sale of approximately 12.2 million shares
of its Series C Liberty Formula One Common Stock for approximately
USD949 million in gross proceeds before underwriter's discounts and
offering expenses.

Generic Approach for Debt Ratings: Fitch rates Formula 1's senior
secured rating in accordance with Fitch's Corporates Recovery
Ratings and Instrument Ratings Criteria, under which Fitch applies
a generic approach to instrument notching for 'BB' rated issuers.
Fitch labels Formula 1's debt as "Category 2 first lien" according
to its criteria, thus resulting in a Recovery Rating of 'RR2', with
a one-notch uplift from the IDR to 'BB+'.

Issuer Profile

Formula 1 is responsible for the commercial running and development
of the FIA Formula One World Championship, during which it
coordinates and/or transacts with stakeholders including the FIA,
the teams, race promoters, worldwide media organisations, sponsors
and licensees.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt                Rating        Recovery   Prior
   -----------                ------        --------   -----
Delta Topco Limited     LT IDR BB  Affirmed            BB

Delta 2 (Lux) S.a r.l.

    senior secured      LT     BB+  Affirmed   RR2     BB+

DURHAM MORTGAGES B: DBRS Finalizes BB Rating on Class F Notes
-------------------------------------------------------------
DBRS Ratings Limited finalized its provisional credit ratings on
the residential mortgage-backed notes (the rated notes) issued by
Durham Mortgages B Plc (Durham or the Issuer) as follows:

-- Class A Notes (Reg S ISIN XS2873487206) at AAA (sf)
-- Class B Notes (Reg S ISIN XS2873487388) at AA (sf)
-- Class C Notes (Reg S ISIN XS2873487545) at A (sf)
-- Class D Notes (Reg S ISIN XS2873487628) at BBB (high) (sf)
-- Class E Notes (Reg S ISIN XS2873488279) at BB (high) (sf)
-- Class F Notes (Reg S ISIN XS2873489830) at BB (sf)
-- Class X Notes (Reg S ISIN XS2873490093) at B (low) (sf)

The rating assigned to Class A Notes addresses the timely payment
of interest and the ultimate payment of principal. The rating
assigned to Class B Notes addresses the timely payment of interest
when most senior and the ultimate payment of principal. The ratings
on the Class C, Class D, Class E, Class F, and Class X Notes
address the ultimate payment of interest and principal.

CREDIT RATING RATIONALE

The transaction represents the issuance of residential
mortgage-backed securities (RMBS) backed by first-lien mortgage
loans.

The Issuer is a bankruptcy-remote special-purpose vehicle (SPV)
incorporated in the United Kingdom. The collateralized notes are
backed by a buy-to-let (BTL) residential mortgage portfolio
originated by Mortgage Express, GMAC, Kensington Mortgages Limited,
Bradford & Bingley and plc, and Close Brothers Group plc (together,
the Originators), sold by Cornwall Home Loans Limited (the Seller)
and serviced by Topaz Finance Limited (the Servicer).

As of the end of June 2024, the mortgage portfolio consisted of GBP
1.1 billion of first-lien mortgage loans collateralized by BTL
residential properties in England and Wales, with a concentration
in Scotland (22% of the closing pool), Outer Metro (15%), and the
North West of England (15%). The majority of the pool (82.3%) was
originated before 2008.

Durham is a securitization where the Seller is not the Originator
or Servicer of the loan portfolio. In 2018, the Seller, an entity
that is part of the Barclays Group PLC (Barclays), sold loans to
the Issuer that were granted by the Originators, which had ceased
their lending operations. This poses more risks than a traditional
residential mortgage-backed security (RMBS) transaction where the
originator remains a mortgage lender in the jurisdiction of the
securitized portfolio, services the assets, and consequently has a
contractual duty and commercial incentives to support the
securitizations of its assets. Furthermore, traded portfolio
securitizations usually involve more than one sale of the
underlying portfolio, often through SPVs and limitations to
traditional representations and warranties. Morningstar DBRS has
reviewed legal opinions on the validity of the sales.

IO loans make up 97% of the mortgage portfolio, where the principal
is repaid as a bullet at the loan's maturity. This poses a risk at
loan maturity if the borrower does not have a repayment strategy in
place or is unable to refinance before the maturity date. 3.0% of
the portfolio is composed of IO loans that have matured in the past
and are technically in default status, but still pay their regular
IO instalments in most cases.

The transaction includes both a general reserve fund (GRF) and a
liquidity reserve fund (LRF). The GRF provides credit and liquidity
support to the rated notes (with the exception of Class X Notes).
The GRF can be used to cover interest shortfalls on payments for
the Class A Notes and other rated notes if the relevant principal
deficiency ledger (PDL) condition (no more than 10% debited) is
satisfied. The GRF will be funded at 1.25% of the initial portfolio
balance at closing and will not amortize. The GRF will be released
through the principal waterfall on the payment date Class F notes
are fully redeemed.

The LRF is available to provide liquidity support to the senior
fees payments, Class X certificate payments, and interest on the
Class A Notes. The initial amount of 1.0% of the original Class A
Notes balance will mainly be funded at closing through Class R
Notes proceeds. The LRF will then amortize at the lower of: 1% of
the Class A initial notes balance and 1.5% of Class A Notes
outstanding balance; however, if the GRF is depleted to a level
lower than 1% of the outstanding portfolio balance, then the LRF
replenishment target will be 1.5% of the outstanding Class A notes
balance

Citibank, N.A., London Branch (Citibank London) will hold the
Issuer's transaction account and reserves. Based on our private
rating on Citibank London, the downgrade provisions outlined in the
documents, and the transaction structural mitigants, Morningstar
DBRS considers the risk arising from the exposure to Citibank
London to be consistent with the ratings assigned to the rated
notes as described in our "Legal Criteria for European Structured
Finance Transactions" methodology.

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

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its "European RMBS Insight:
UK Addendum";

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X Notes according to the terms of the
transaction documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- The sovereign credit rating of AA with a Stable trend on the
United Kingdom of Great Britain and Northern Ireland as of the date
of this press release; and

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

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

Morningstar DBRS' credit ratings on the rated notes also address
the credit risk associated with the increased rate of interest
applicable to each of the rated notes if the rated notes are not
redeemed on the Optional Redemption Date (as defined in and) in
accordance with the applicable transaction documents.

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

PRAESIDIAD LTD: EUR290 Bank Debt Trades at 54% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Praesidiad Ltd is a
borrower were trading in the secondary market around 45.9
cents-on-the-dollar during the week ended Friday, Sept. 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR290 million Term loan facility is scheduled to mature on
October 4, 2024. The amount is fully drawn and outstanding.

Praesidiad Limited provides security products and solutions. The
Company offers force protection solutions, perimeter security
systems, industrial mesh, and fencing products that defend and
protect military, commercial, and domestic end-users. The
Company’s country of domicile is the United Kingdom.

VUE ENTERTAINMENT: Eaton Vance Marks EUR547,000 Loan at 37% Off
---------------------------------------------------------------
Eaton Vance Senior Income Trust has marked its EUR547,000 loan
extended to Vue Entertainment International Ltd to market at
$344,603 or 63% of the outstanding amount, according to a
disclosure contained in Eaton Vance's Amended Form N-CSR for the
fiscal year ended June 30, 2024 filed with the Securities and
Exchange Commission on August 26, 2024.

Eaton Vance is a participant in a Term Loan to Vue Entertainment
International Ltd. The loan accrues interest at a rate of 12.428%,
(6 mo. EURIBOR + 8.50%), 4.028% cash, 8.40% Payment In Kind)) per
annum. The loan matures on December 31, 2027.

Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company.

Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:

     Kenneth A. Topping
     Eaton Vance Senior Income Trust
     One Post Office Square, Boston,
     Massachusetts 02109
     Tel.: (617) 482-8260

          - and -

     Deidre E. Walsh
     Eaton Vance Senior Income Trust
     One Post Office Square, Boston,
     Massachusetts 02109
     Tel.: (617) 482-8260

Vue International is a multinational cinema holding company based
in London, England.

VUE ENTERTAINMENT: EUR648.6MM Bank Debt Trades at 56% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Vue Entertainment
International Ltd is a borrower were trading in the secondary
market around 43.8 cents-on-the-dollar during the week ended
Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing
service data.

The EUR648.6 million Term loan facility is scheduled to mature on
December 31, 2027. The amount is fully drawn and outstanding.

Vue International is a multinational cinema holding company based
in London, England.


                           *********


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-
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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.

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Information contained herein is obtained from sources believed to
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