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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

          Wednesday, September 18, 2024, Vol. 25, No. 188

                           Headlines



G R E E C E

GREECE: Moody's Affirms Ba1 Issuer Rating & Alters Outlook to Pos.


I R E L A N D

ARES EUROPEAN XX: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
MONTMARTRE EURO 2020-2: Fitch Affirms 'B-sf' Rating on F-R Notes
OCP EURO 2017-2: Fitch Assigns 'B-sf' Final Rating on Class F Notes
ST. PAUL'S III-R: Moody's Affirms B2 Rating on EUR16.2MM F-R Notes


L U X E M B O U R G

DELTA 2 (LUX): Fitch Assigns 'BB+EXP' Rating on Sr. Secured Debt


M A C E D O N I A

SKOPJE: S&P Lowers LongTerm ICR to 'B+' on Liquidity Pressures


N E T H E R L A N D S

NOBIAN HOLDING 2: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


S P A I N

GRUPO EMBOTELLADOR: Fitch Affirms BB LongTerm IDRs, Outlook Stable


U K R A I N E

UKRAINE: S&P Affirms 'CCC+/C' Sovereign Credit Ratings


U N I T E D   K I N G D O M

AILSA HOMES: CG Recovery Named as Joint Administrators
BRACCAN MORTGAGE 2024-1: Moody's Assigns B2 Rating to Cl. X Notes
CARPETRIGHT: PricewaterhouseCoopers Named as Joint Administrators
CAVIAR HOUSE: Insolvency and Recovery, RTS Named as Administrators
CITIPOINT LTD: CRG Insolvency Named as Administrators

CT RECOVERIES: KRE Corporate Named as Administrators
DIGITAL HOME: Statement of Proposals Available
GALLANT ENGINEERING: Smith, PKF Smith Named as Joint Administrators
GCL HIRE: RSM UK Named as Administrators
HILIGHT RESEARCH: Opus Restructuring Named as Administrators

PENDULUM IT: Creditors Meeting Set for Oct. 8
PRESTON EV: KRE Corporate Named as Administrators
PYROCORE LIMITED: FRP Advisory Named as Administrators
RANDALL & QUILTER II: Teneo Financial Named as Administrators
TRIRX SPEKE: FTI Consulting Named as Joint Administrators

VK RECYCLING: Leonard Curtis Named as Administrators

                           - - - - -


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G R E E C E
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GREECE: Moody's Affirms Ba1 Issuer Rating & Alters Outlook to Pos.
------------------------------------------------------------------
Moody's Ratings has the changed the outlook on the Government of
Greece to positive from stable and affirmed the Government of
Greece's Ba1 long-term issuer and senior unsecured debt ratings.
Moody's have also affirmed the foreign currency senior unsecured
shelf and MTN programme ratings at (P)Ba1, and the foreign currency
other short-term rating at (P)NP.

The outlook change to positive reflects an increased likelihood of
sustained strengthening in banking sector health, which reduces
contingent liability risks to the government. In addition, with the
possibility of economic growth and fiscal performance exceeding
Moody's expectations, Greece's fiscal strength could improve faster
than currently expected.

The affirmation of Greece's Ba1 ratings reflects the significant
improvements in the past years regarding structural reform
implementation and fiscal consolidation balanced against continued
challenges in areas such as improving judicial efficiency, reducing
macroeconomic imbalances, and the very high government debt
burden.

Greece's local currency and foreign currency country ceilings
remain unchanged at A1. For euro area countries a six-notch gap
between the local currency ceiling and the local currency issuer
rating, as well as a zero-notch gap between the local currency
ceiling and foreign currency ceiling is typical, reflecting
benefits from the euro area's strong common institutional, legal
and regulatory framework, as well as liquidity support and other
crisis management mechanisms. It also reflects Moody's view of de
minimis exit risk from the euro area.

RATINGS RATIONALE

RATIONALE FOR CHANGING THE OUTLOOK TO POSITIVE

PROSPECTS OF SUSTAINED IMPROVEMENTS IN BANKING SECTOR HEALTH

Moody's see an increased likelihood of sustained strengthening in
banking sector health, which reduces contingent liability risks to
the government.

The health of the Greek banking system has already significantly
improved over recent years, and Greek banks are now closer to the
EU average in many financial soundness indicators.

According to data from the European Banking Authority (EBA) for the
first quarter of 2024, capitalization ratios are now close to the
EU average, with a CET-1 ratio for the Greek banking system of
15.5% versus 16% for the EU-wide average. Profitability is stronger
for Greek banks, and they show the lowest cost-income ratio in the
EU.

While the non-performing loan (NPL) ratio is still above the EU
average, prospects are good that it will be closer to the 1.9%
EU-wide average over the next one to two years. The potential
further reduction in the NPL ratio will benefit from the announced
extension of the Hellenic Asset Protection Scheme (HAPS) by EUR1
billion (from the original EUR2 billion).

Signs of improved banking sector health and thus reduced contingent
liability risks for the sovereign are also visible from the sale of
the Hellenic Financial Stability Fund's (HFSF) stake in Piraeus
Bank S.A. in March 2024, and plans to divest most of its stakes in
National Bank of Greece S.A. before the end of the year.

Improved financial health for banks, if sustained, would position
them better to face potential future shocks without raising
contingent liability risks for the sovereign.

UPSIDE RISKS TO FISCAL PERFORMANCE

The Greek government has shown strong commitment to fiscal prudence
and has implemented a set of fiscal reforms that have strengthened
the revenue base over the past years, which could lead to higher
primary surpluses and a faster decline in Greece's public debt
burden than Moody's currently anticipate.

Completed and ongoing revenue side reforms aim at improving tax
collection efficiency, and reducing tax avoidance in the areas of
personal and corporate income tax, as well as reducing the
value-added tax (VAT) gap. Implemented measures include, among
others, digitalization initiatives in the revenue collection
authority, as well as electronic invoicing and real-time
point-of-sale reporting.

During January to July this year, the State Budget showed strong
increases in revenues, particularly for income taxes and VAT,
underpinning the effectiveness of recent tax reforms. For the
general government, the primary surplus in cash terms reached
EUR5.2 billion (2.2% of GDP), up from EUR3.7 billion (1.7% of GDP)
for the same period in 2023, as revenues grew faster than
expenditures.

Moody's project fiscal deficits of around 1% of GDP for the general
government for 2024 to 2026, a further improvement from a deficit
of 1.6% of GDP in 2023. Moreover, Moody's expect primary surpluses
of 2.2% of GDP between 2024 and 2026, outperforming the targets
outlined in Greece's Stability Programme. Moody's currently expect
the debt burden to decline to below 150% of GDP by 2025 and to less
than 140% of GDP by 2027.

Given the government's track record of outperforming its fiscal
targets and the likelihood of further gains from revenue-side
reforms, Moody's see upside risks to fiscal performance. Higher
primary surpluses – potentially in combination with stronger real
and nominal GDP growth – would in turn support a faster reduction
in the government's debt burden, albeit from very high levels.

RATIONALE FOR AFFIRMING THE Ba1 RATINGS

Greece's Ba1 ratings are supported by a solid reform track record,
which has led to visible improvements to institutions and
governance, stronger investment and a healthier banking sector. In
addition, the government is strongly committed to fiscal prudence.

Moderate economic strength reflects higher wealth levels than
similarly-rated peers and robust growth prospects in the next three
to five years, as substantial European Union (EU, Aaa stable) funds
as well as private investment will support growth. For instance,
under the EU's Recovery and Resilience Facility (RRF), Greece has
access to EUR36 billion (about 16.3% of GDP in 2023) in grants and
loans, of which almost half have been received so far from the
European Commission and close to EUR6 billion have been disbursed
to firms and projects.

These strengths are balanced by Greece's moderate economic size,
and an economic model that relies heavily on consumption and
services. Greece has potential for diversifying and growing the
higher-tech manufacturing sector and exports, but progress will
take time, and Moody's expect comparatively large current account
deficits of around 4-5% of GDP for the coming five years, as the
recovery in investment will lead to strong import growth for
capital and intermediate goods, and households' savings rate will
only gradually improve.

Longer term challenges to potential growth arise from adverse
demographics, which will only be partially compensated by the
expected positive impact from RRF investments and reforms on
productivity growth.

Despite Moody's expectation of a further significant decline in
Greece's debt burden, debt-to-GDP will remain above 120% well into
the 2030s, a high level compared to sovereigns globally. That said,
the favourable debt structure marked by long average term to
maturity of around 20 years and concessionally low interest rates
strongly support debt affordability metrics. The large cash buffer
of around EUR35 billion (15% of GDP) is an important mitigant,
too.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Greece's CIS-3 indicates that ESG considerations have a limited
impact on the current rating, with potential for greater negative
impact over time. In particular, this reflects exposure to social
and environmental risks, such as adverse demographics and physical
climate risks, with constrained financial capacity to fully
mitigate these risks. However, Greece's governance and institutions
have been improving over the past several years and the
authorities' capacity to respond to shocks has been solid in the
context of the coronavirus pandemic and the energy crisis.

Greece's E-3 environmental issuer profile score reflects Greece's
exposure to various environmental risks. Elevated physical climate
risk is mainly due to high exposure to wildfires, heat and water
stress.

Greece's S-4 social issuer profile score reflects predominantly an
adverse demographic profile, which will weigh on the economy's
long-term potential output growth.

Greece's G-2 governance issuer profile score reflects limited risks
from governance considerations. Greece's scores in global
governance surveys have been improving in the recent past, in
particular with regards to regulatory quality and rule of law.
Fiscal credibility has improved significantly, too.

GDP per capita (PPP basis, US$): 39,395 (2023) (also known as Per
Capita Income)

Real GDP growth (% change): 2% (2023) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.8% (2023)

Gen. Gov. Financial Balance/GDP: -1.6% (2023) (also known as Fiscal
Balance)

Current Account Balance/GDP: -6.3% (2023) (also known as External
Balance)

External debt/GDP: [not available]

Economic resiliency: baa1

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On September 10, 2024, a rating committee was called to discuss the
rating of the Greece, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer has become less
susceptible to event risks.

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

Upward pressure on Greece's Ba1 ratings could emerge under a
scenario of continued improvements in banking system financial
soundness indicators, accompanied by indications of a faster
work-out of NPLs at servicers than Moody's currently assume.
Continued outperformance of fiscal targets compared with Moody's
expectations that lead to a faster reduction in the government debt
burden than currently anticipated would also support a positive
rating action. Moody's acknowledge that significant improvements in
areas like strengthening the judicial system's efficiency or
diversifying the economy are unlikely over the outlook period,
however, signs of accelerated reform implementation would be
credit-positive.

The positive outlook signals that the ratings are unlikely to be
downgraded in the near term. That said, downward pressures could
emerge if the policy path seen over the past years was to be
reversed, or if there were indications that past reforms are not
delivering the boost to growth and fiscal accounts currently
expected. In particular, signs of a sustained, material
deterioration of the government's fiscal position, possibly
combined with a sharp worsening of the banking sector's health
would trigger a negative rating action. An escalation in the
geopolitical situation in Europe involving NATO, although not
Moody's baseline, would also lead to downward pressure on the
rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Sovereigns
published in November 2022.




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I R E L A N D
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ARES EUROPEAN XX: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Ares European CLO XX DAC final ratings.

   Entity/Debt               Rating           
   -----------               ------           
Ares European
CLO XX DAC

   A                     LT AAAsf  New Rating
   B                     LT AAsf   New Rating
   C                     LT Asf    New Rating
   D                     LT BBB-sf New Rating
   E                     LT BB-sf  New Rating
   F                     LT B-sf   New Rating
   Subordinated Notes    LT NRsf   New Rating

Transaction Summary

Ares European CLO XX DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund a portfolio with a target par of
EUR425 million. The portfolio is actively managed by Ares
Management Limited.

The collateralised loan obligation (CLO) has about 4.6-year
reinvestment period and a seven-year weighted average life (WAL)
test at closing. The transaction can extend the WAL by one and a
half years on the step-up date, one and a half years after closing
and subject to conditions.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.8.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 63.2%.

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

WAL Step-Up Feature (Neutral): The WAL test covenant can step up
one and half years, one and half years from the closing date,
subject to the collateral quality tests being passed and the
aggregate collateral balance (defaults at Fitch-calculated
collateral value) being no less than the reinvestment target par
balance.

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

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of four notches
for the class B notes, a downgrade of three notches for the class A
and C notes, two notches for class D notes and to below 'B-sf' for
the class E and F notes.

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

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

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 Fitch's stress portfolio
would lead to upgrades of up to two notches for classes B to D, an
upgrade of one notch for the class F notes and no change for the
'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Ares European CLO
XX 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.


MONTMARTRE EURO 2020-2: Fitch Affirms 'B-sf' Rating on F-R Notes
----------------------------------------------------------------
Fitch Ratings has upgraded Montmartre Euro CLO 2020-2 DAC's class
B-R to D-R notes and affirmed the rest. The Outlooks are Stable.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Montmartre Euro
CLO 2020-2 DAC

   A-1-R XS2363072047   LT  AAAsf   Affirmed   AAAsf
   A-2-R XS2363072716   LT  AAAsf   Affirmed   AAAsf
   B-R XS2363073284     LT  AA+sf   Upgrade    AAsf
   C-R XS2363073797     LT  A+sf    Upgrade    Asf
   D-R XS2363074175     LT  BBB+sf  Upgrade    BBBsf
   E-R XS2363074506     LT  BBsf    Affirmed   BBsf
   F-R XS2363075651     LT  B-sf    Affirmed   B-sf

Transaction Summary

Montmartre Euro CLO 2020-2 DAC is a securitisation of mainly senior
secured obligations with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. The portfolio is
actively managed by Carlyle CLO Management Europe, LLC and will
exit its reinvestment period in January 2026.

KEY RATING DRIVERS

Performance Better than Expected: Since Fitch's last rating action
in November 2023, the portfolio's performance has been stable. The
transaction was passing all its tests based on the most recent
trustee report dated 2 August 2024. The transaction was 1.5% below
par and had no defaulted assets. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is 4%, with a limit of
7.5%. The transaction performance exceeds its rating-case
assumptions and supports the upgrades of the notes.

Limited Refinancing Risk: The transaction has manageable exposure
to near- and medium-term refinancing risk, in view of the large
default-rate cushions for each class of notes. The CLO has no
assets maturing in 2024 or in 2025, and 3.8% maturing before
end-2026, as calculated by Fitch. The transaction's comfortable
break-even default-rate cushions support the Stable Outlooks.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor (WARF) of the current portfolio is 24.9 under
its latest criteria.

High Recovery Expectations: Senior secured obligations make up all
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 as reported by the trustee was
63.5%, based on outdated criteria. Under the current criteria, the
Fitch-calculated WARR is 63.4%.

Well-Diversified Portfolio: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 13.8% and no obligor
represents more than 1.7% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 25.8% as calculated by
the trustee. Fixed-rate assets reported by the trustee are at 11.7%
of the portfolio balance, compared with a limit of 12.5%.

Transaction Inside Reinvestment Period: Given the manager's ability
to reinvest, Fitch's analysis is based on a stressed portfolio and
tested the notes' achievable ratings across all Fitch test
matrices, since the portfolio can still migrate to different
collateral quality tests and the level of fixed-rate assets could
change. Fitch has modelled the current portfolio at below par.

Deviation from Model-Implied Ratings: The class E-R notes are one
notch below their model-implied rating (MIR). The deviation
reflects limited default-rate cushion at their MIR under the
Fitch-stressed portfolio.

RATING SENSITIVITIES

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

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

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

Upgrades may result from stable portfolio credit quality and
amortisation of notes leading to higher credit enhancement across
the structure.

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch, other nationally
recognised statistical rating organizations or ESMA-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 Montmartre Euro CLO
2020-2 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.


OCP EURO 2017-2: Fitch Assigns 'B-sf' Final Rating on Class F Notes
-------------------------------------------------------------------
Fitch has assigned OCP Euro CLO 2017-2 DAC reset final ratings.

   Entity/Debt                     Rating           
   -----------                     ------           
OCP Euro CLO 2017-2 DAC

   A-Loan                      LT AAAsf  New Rating
   A-Note XS2883294196         LT AAAsf  New Rating
   B XS2883294352              LT AAsf   New Rating
   C XS2883294519              LT Asf    New Rating
   D XS2883294782              LT BBB-sf New Rating
   E XS2883294949              LT BB-sf  New Rating
   F XS2883295169              LT B-sf   New Rating
   Subordinated XS1577946392   LT NRsf   New Rating

Transaction Summary

OCP CLO 2017-2 DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to fund the portfolio with a target par of EUR400
million, and to redeem the outstanding notes excluding the
subordinated notes.

The portfolio is actively managed by Onex Credit Partners Europe
LLP. The collateralised loan obligation (CLO) has an approximately
4.6 year reinvestment period and a 8.5-year weighted average life
(WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 24.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 62.4%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch test matrices, of which two are effective at closing.
The matrices correspond to a top 10 obligor concentration limit at
20% and fixed-rate obligation limits at 5% and 12.5%. It has two
forward matrices corresponding to the same top-10 obligors and
fixed-rate asset limits, which will be effective 12 months after
closing, provided that the collateral principal amount (defaults at
Fitch-calculated collateral value) is at least at the reinvestment
target balance and subject to rating agency confirmation from
Fitch.

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

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

The Fitch 'CCC' test condition can be altered to a
maintain-or-improve basis, but only if the manager switches back to
the closing matrix (subject to satisfying the collateral quality
tests and rating agency confirmation from Fitch) from the forward
matrix, effectively unwinding the benefit from the one-year
reduction in the Fitch-stressed portfolio WAL. If the manager has
not switched to the forward matrix, which includes satisfying the
target par condition and rating agency confirmation from Fitch, it
will not be able to switch back and move to a Fitch 'CCC' test
maintain-or-improve basis. Fitch believes the strict satisfaction
of the Fitch 'CCC' test is more effective at preventing the manager
from reinvesting and extending the WAL than maintaining and
improving the Fitch 'CCC' test.

RATING SENSITIVITIES

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

A 25% increase in the mean default rate (RDR) across all ratings
and a 25% decrease in the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A to
class F notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed owing to
unexpectedly high levels of default and portfolio deterioration.
Owing to the fact the identified portfolio has better metrics and a
shorter life than the Fitch-stressed portfolio, the class B, D and
E notes display a rating cushion of two notches, the class C notes
three notches and the class F displays five notches. The class A
notes display no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded, either due to manager trading
or negative portfolio credit migration, a 25% increase in the mean
RDR across all the ratings, and a 25% decrease in the RRR across
all the ratings of the Fitch-stressed portfolio, would lead to a
downgrade of up to four notches for the class A to D notes and to
below 'B-sf' for the class E and F notes.

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for OCP Euro CLO 2017-2
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.


ST. PAUL'S III-R: Moody's Affirms B2 Rating on EUR16.2MM F-R Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by St. Paul's CLO III-R Designated Activity Company:

EUR48,800,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Mar 29, 2022 Upgraded to
Aa1 (sf)

EUR18,400,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Upgraded to Aaa (sf); previously on Mar 29, 2022 Upgraded to
Aa1 (sf)

EUR30,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Mar 29, 2022
Upgraded to A1 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR330,100,000 (Current outstanding amount EUR260,895,587) Class
A-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Mar 29, 2022 Affirmed Aaa (sf)

EUR27,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa1 (sf); previously on Mar 29, 2022
Upgraded to Baa1 (sf)

EUR40,800,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Mar 29, 2022
Affirmed Ba2 (sf)

EUR16,200,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Mar 29, 2022
Affirmed B2 (sf)

St. Paul's CLO III-R Designated Activity Company, issued in
February 2018, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European and US
loans. The portfolio is managed by Intermediate Capital Managers
Limited. The transaction's reinvestment period ended in January
2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R, B-2-R and C-R notes are
primarily a result of the deleveraging of the Class A-R notes
following amortisation of the underlying portfolio since the last
review in February 2024.

The affirmations on the ratings on the Class A-R, D-R, E-R and F-R
notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A-R notes have paid down by approximately EUR66.8 million
(20.2% of original balance) since January 2024 and EUR69.2 million
(21.0% of original balance) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased for classes
A-R, B-1-R, B-2-R, C-R and D-R. According to the trustee report
dated August 2024 [1] the Class A/B, Class C and Class D-R OC
ratios are reported at 138.38%, 126.50% and 117.50% compared to
January 2024 [2] levels of 134.56%, 124.83% and 117.25%,
respectively. The deleveraging and OC improvements primarily
resulted from high prepayment rates of leveraged loans in the
underlying portfolio. Most of the prepaid proceeds have been
applied to amortise the liabilities. All else held equal, such
deleveraging is generally a positive credit driver for the CLO's
rated liabilities.

The key model inputs Moody's use in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR455.25 million

Defaulted Securities: EUR17.43 million

Diversity Score: 44

Weighted Average Rating Factor (WARF): 3217

Weighted Average Life (WAL): 3.36 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.07%

Weighted Average Coupon (WAC): 4.70%

Weighted Average Recovery Rate (WARR): 43.42%

Par haircut in OC tests and interest diversion test: 1.60%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporate these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
concluded the ratings of the notes are not constrained by these
risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assume have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.




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

DELTA 2 (LUX): Fitch Assigns 'BB+EXP' Rating on Sr. Secured Debt
----------------------------------------------------------------
Fitch Ratings has assigned Delta 2 (Lux) S.a.r.l.'s (Formula 1)
planned term loan B (TLB) refinancing and upsizing an expected
senior secured rating of 'BB+(EXP)' with a Recovery Rating of
'RR2'.

Upon completion, Fitch will withdraw the senior secured rating of
'BB+' on the existing TLB following its full repayment. Fitch will
assign final ratings on completion of the refinancing and on
receipt of final documentation conforming to the information
reviewed. Delta Topco Limited's Long-Term Issuer Default Rating
(IDR) of 'BB' with Stable Outlook is unaffected by the
refinancing.

The 'BB' IDR factors in its expectation of deleveraging to under
3.8x in 2025, largely from 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 a 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

Stable Rating Outlook: Fitch anticipates an increase in
Fitch-calculated EBITDA leverage to 4.3x due to a material
distribution of cash to fund Liberty Media Corporation's
acquisition of Dorna Sports, S.L. (MotoGP), relative to its
previous expectations of material deleveraging by 2025. The
acquisition is expected to close by end-2024.

Funding for MotoGP Acquisition: USD 850 million of the USD 2.55
billion TLB will form some of the planned USD1 billion of
incremental debt raised at Formula 1 as part of USD2.5 billion cash
upstream to pre-fund Liberty Media's USD4.5 billion acquisition of
MotoGP. Fitch expects Formula 1 to upsize the existing term loan A
(TLA) by USD150 million to further support the transaction. The
rest of the funding will be through 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: As a result of the upsized TLB and expected TLA
increase, Fitch estimates that Fitch-defined EBITDA leverage will
rise to 4.3x, breaching its negative sensitivity of 3.8x in 2024
before it returns to 3.7x in 2025 and reduces further subsequently.
The new maturities of the existing TLA of 2029 and upsized TLB of
2031 should provide Formula 1 sufficient time to deleverage and
rebuild liquidity headroom.

Solid Operating Outlook: Fitch forecasts 9% growth across all
revenue streams to USD3.5 billion, based on the 2024 24-race
calendar. 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 revenue visibility.
Further, the growing popularity of the sport offers opportunities
for revenue uplifts on renewals and 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% from strong operating cash flows and low run-rate
capex. In addition to EBITDA growth, Fitch expects capex to reduce
to about USD40 million annually from 2025 following a period of
significant investments on the refurbishment of Formula 1's UK
Media &Technology Centre and launch of the self-promoted Las Vegas
Grand Prix (LVGP). Cash interest costs will rise but about 65% of
its pro-forma debt has long term interest-rate hedges, which should
keep 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 margins, which are 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. Eleven races
are now contracted to 2030 or beyond. Formula 1's media rights and
sponsorship contract renewal requirements are also staggered, with
none of the more material contracts requiring renewal for 2025, and
only a few for 2026.

Robust Fan Engagement: Attendance has continued to grow with 10 of
the 14 races reported as sold out by race promoters as at end-July,
with 7 of them hitting record attendance. Revenue will also be
boosted by the return of the Chinese and Emilia Romagna races. This
has also translated into continued demand for the Paddock Club,
with 8 of 12 locations sold out through end-July despite wider
macroeconomic and geopolitical challenges. In 2023 global TV reach
averaged 67 million views per race and social media subscribers
reached around 87 million across all platforms.

Narrow Product Diversification: The competitive dynamics within
Formula 1 racing and against other sports are key to maintaining
popularity. The introduction of the sport's cost cap in 2021 and
revision of technical regulations are resulting in greater
competition, as is being seen this this season. However, it is not
uncommon to have periods with multiple-repeat champions and
predictability could weaken the appeal to fans and media partners.
With limited product diversification beyond racing, 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 Media &Technology Centre refurbishment and
LVGP project in 2024

- Total payment of USD2.5 billion to Liberty Media, including
USD150 million dividend, USD1 billion of debt incurred and USD1.5
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 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. The refinancing of TLB will extend the
largest single debt maturity until 2031.

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, with 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.

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.

Date of Relevant Committee

02 September 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.

   Entity/Debt              Rating                   Recovery   
   -----------              ------                   --------   
Delta 2 (Lux) S.a r.l.

  senior secured        LT BB+(EXP)  Expected Rating   RR2




=================
M A C E D O N I A
=================

SKOPJE: S&P Lowers LongTerm ICR to 'B+' on Liquidity Pressures
--------------------------------------------------------------
S&P Global Ratings, on Sept. 13, 2024, lowered its long-term issuer
credit rating on the Municipality of Skopje, the capital of North
Macedonia, to 'B+' from 'BB-'. The outlook is stable.

Outlook

The stable outlook balances the risks from Skopje's constrained
liquidity, elevated stock of payables, and uncertain and
confrontational political dynamics against the low stock of direct
debt with modest related annual principal and interest repayments,
which S&P expects Skopje to meet on time and in full.

Downside scenario

S&P could lower the rating if Skopje's financial management
weakened or budgetary outcomes turned out to be less favorable than
it anticipates, putting further pressure on liquidity and
preventing the accumulated payables from gradually decreasing,
contrary to our baseline scenario.

Upside scenario

S&P could raise the ratings if Skopje's liquidity strengthened
while accumulated overdue payables fell significantly from stronger
budgetary performance, improvements in financial management, and
more cohesive local political dynamics. The latter in particular
should allow the city to regain the ability to borrow and implement
its capital expenditure (capex) program.

Rationale

The downgrade primarily reflects the risks posed by Skopje's
continued accumulation of supplier payment arrears and pressures on
its liquidity. S&P said, "In our view, this is taking place against
the background of weaker financial management and persistent
tensions between the city administration and council. We now think
the local political environment could remain confrontational at
least until the next municipal elections (due 2025) with adverse
implications for the municipality's ability to borrow and fully
implement its public investment program."

Skopje's financial performance weakened over 2020-2022 with the
city posting recurrent deficits (after accounting for capex)
compared with typical surpluses pre-pandemic. In parallel, in
contrast to past reliance on debt to finance its capex program,
Skopje has not borrowed since 2021, partially owing to political
disagreements between the mayor and city council. The council has
not authorized new borrowing, although it has been budgeted for
both 2023 and 2024.

Consequently, Skopje's readily available liquidity has been
steadily decreasing, further pressured by ongoing repayments on
debt contracted in the past, and reaching MKD45 million at the end
of 2023--the lowest level in years. Although reported liquidity
subsequently strengthened to MKD400 million by the end of July
2024, we consider that this has to a large extent been driven by
delaying payments to private sector suppliers and public companies.
The amount of city payables due but yet to be settled has risen to
about MKD700 million at the end of June from MKD450 million at
end-2023 (as well as MKD54 million at end-2022 and typically lower
before this). S&P considers this sustained rise in payables
indicates continued liquidity pressure and weaker payment
discipline.

Under S&P's baseline scenario for Skopje, it expects the tensions
between the city administration and council, which is controlled by
a coalition centered on the nationalist VMRO-DPMNE (VMRO) party,
will persist until the municipal elections in 2025 and possibly
beyond. Consequently, Skopje will not borrow until then relying on
operating surpluses of around 17% of operating revenues on average
over 2024-2025 to finance capex and upcoming debt maturities.

Importantly, Skopje's direct debt remains low in an international
comparison--we project it will amount to just under 10% of
operating revenue at end-2024. The debt principal repayments the
city faces over 2024-2026 are therefore also contained at about
MKD170 million annually (or 3% of total spending).

S&P said, "Despite the risks from the tighter liquidity position,
we view the likelihood of Skopje not meeting its debt obligations
on time and in full as remote. We expect that a slight surplus
after capital accounts over 2024-2025, available cash, and keeping
overdue payables at higher-than-historical levels will provide
enough room to meet upcoming debt maturities. Should operating
performance turn out to be weaker than anticipated, we expect
Skopje to prioritize payments on its debt, possibly at the expense
of implementation of its capex program."

Shortcomings in North Macedonia's institutional framework for
municipalities weigh down the rating

S&P said, "We forecast North Macedonia's economy will grow by 2.5%
in 2024, accelerating from a weak 1% in 2023, which was the lowest
outturn among the five Western Balkan countries aspiring to join
the EU. We expect faster growth this year on domestic consumption
and investments, but risks reflect the more uncertain outlook for
the EU economy, where most North Macedonia's trade partners are. We
expect growth in the capital to be in line with the national growth
trend."

Skopje is the country's financial and administrative center,
contributing to more than 40% of North Macedonia's total GDP. It
also hosts a range of production facilities and the national
headquarters of foreign companies. Although Skopje's per capita GDP
is about 35% larger than the national average, at $11,000 it still
remains fairly modest in an international context.

S&P's rating on Skopje remains constrained by the shortcomings of
the institutional framework under which the municipality operates.
Discussions for further decentralization have continued for a long
time, with the goal of broadening local and regional governments'
responsibilities and increasing their fiscal autonomy, but progress
remains slow and uneven. Effective implementation of changes to the
municipal system has been limited in recent years, partly due to
political fragmentation at the local and central government level.

Municipalities in North Macedonia are not allowed to set the main
tax rates (such as property taxes) but can choose the rate from a
given range, which gives them some room to increase their revenue.
Other communal fees can be set individually. Still, fees and tax
rates are typically set at the lower end of the range due to
political considerations.

Under the existing arrangements, North Macedonian municipalities
receive a fraction of the personal income tax (PIT) and value-added
tax (VAT) across the country. Based on prior decisions, the
percentage of VAT collections allocated to municipalities rose to
6.0% in 2024 from 5.5% in 2023, while for PIT, it increased to 6.0%
from 5.0%. We don't expect these changes on their own to have a
pronounced impact on Skopje's revenue performance.

Beyond the slightly higher allocation of nationwide taxes, further
steps in the decentralization as well as broader relations between
Skopje and the central government of North Macedonia remain
unclear. North Macedonia held parliamentary and presidential
elections in May 2024, both of which were won by the nationalist
VMRO party, marking a shift after seven years of Social Democratic
Party of Macedonia-led administration. Although the VMRO party
supported the independent candidacy of Danela Arsovska when she
became Skopje mayor in 2021, relations between her and the party
have turned increasingly confrontational. In particular, the
VMRO-dominated city council has not adopted decisions proposed by
the mayor, including purchasing new buses to improve transport in
the city as well as authorization to borrow. Following the May 2024
general elections, the incumbent mayor also publicly confronted
North Macedonia's new prime minister, Hristijan Mickoski. The next
municipal elections are due in 2025 and S&P thinks political
confrontation between the mayor and central government could
persist throughout that period.

S&P said, "Skopje lacks reliable long-term financial planning and
effective liquidity and debt policies, which we consider a rating
weakness. While budget approval is usually relatively smooth,
annual budget outcomes, especially on the capital side, often
differ markedly from plans. The municipality's efforts to expand
its property tax base and to better control operating expense have
gained only mild success so far, partly because of political
disagreements. The mayor faces obstacles in approving policy
decisions within the city council, including debt intake, which
further reduces the predictability of the city's budgetary
trajectory, in our view. We think the absence of formal debt and
liquidity policies has contributed to the city's increasing
payables and reduced cash levels. Meanwhile, we view the oversight
and management of the municipal companies sector as loose. In our
view, the weak financial performance of key municipal companies and
the stock of accumulated payables could present a contingent
liability risk for Skopje."

Skopje has a low debt level in an international comparison, but
weaker post-pandemic budgetary performance and an inability to
borrow strain liquidity

In 2023, Skopje recorded an operating surplus equivalent to 18% of
operating revenue. Taking capital spending into account, the city
also posted a slight overall surplus of just under 2% of total
revenue. Compared to budgeted amounts, both revenue and expenditure
were significantly lower than planned, a frequent outcome in
Skopje.

In the first six months of 2024, Skopje posted an operating surplus
of almost 24% of operating revenue and a surplus after capital
accounts of just under 14% of total revenue. S&P said,
"Nevertheless, arrears to suppliers have continued rising,
indicating that actual expenditure is likely higher than the
published cash-based accounts show. Consequently, we expect the
operating surplus to significantly decrease by year-end to 17%, on
rising operating spending and accelerating capex (only 15% of the
full-year budgeted amount was actually spent in the first six
months). We expect the overall capital spending to still remain
well below budgeted amounts in 2024 and project a minor surplus
after capital accounts of 1.3%. Ongoing capex projects mostly
involve reconstruction of several streets in the city center."

S&P said, "We expect the operating surplus to edge up to 19% of
operating revenue on average over 2025-2026, which will be weaker
than budgetary outcomes recorded before the pandemic (when
operating surpluses averaged 24% over 2016-2019). We base our
forecast on the expectation of strengthening economic growth and
improving tax collections, including in the real estate sector,
against the city exercising control over spending, which we expect
to rise broadly in line with inflation.

"Substantial pressure stems from subsidies to the municipal
companies, particularly for public transportation. At the same
time, we think the city could continue to defer some due
obligations to keep expenditure lower. This would indicate that
actual expenditure is higher than the published cash-based accounts
show."

Despite strained cash reserves, we expect the municipality to
resume borrowing only toward the end of 2025. New borrowing is
subject to lengthy approval processes, and authorizations to borrow
appear unlikely given the continuing disagreements between the city
administration and VMRO party, including its representatives in the
city council.

Positively, we forecast Skopje's tax-supported debt will remain
close to 15% of consolidated operating revenue through 2026, which
is low in an international comparison, thanks to revenue increases,
no additional borrowing by the city until end-2025 and only limited
new borrowing for key public enterprises Public Transport Company
and Communal Hygiene. The city has started repaying its largest
commercial loan of a total of MKD717 million (about EUR11.5
million) from a local commercial bank with MKD537 million remaining
to be repaid through 2027. It has only two other active loans from
the World Bank (on-lent via the Ministry of Finance). The city's
debt is long term and amortizing, in local currency, and carries a
floating interest rate.

S&P said, "We view Skopje's liquidity position as weak. Given
reduced cash holdings, the municipality's estimated available cash
covers less than 100% of the cost of debt servicing for the next 12
months, after accounting for the forecast budgetary results. We
expect Skopje's liquidity position to remain under pressure in the
near future, but it should gradually strengthen toward the end of
the forecast horizon as the balance after capital accounts remains
in surplus while borrowing ultimately restarts. We consider the
municipality's access to external liquidity limited by the
comparatively underdeveloped local banking system and capital
markets for municipal debt."

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

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

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

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

  Ratings List

  DOWNGRADED  
                                    TO           FROM
  SKOPJE (MUNICIPALITY OF)

  Issuer Credit Rating        B+/Stable/--    BB-/Negative/--




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

NOBIAN HOLDING 2: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Nobian Holding 2 B.V.'s Long-Term Issuer
Default Rating (IDR) at 'B' with a Stable Outlook. The senior
secured ratings of instruments issued by Nobian Finance B.V. were
also affirmed at 'B+'. The Recovery Rating is 'RR3'.

The IDR reflects Nobian's high EBITDA gross leverage and exposure
to the volatility of caustic soda prices as well as chemical
demand. It also captures the company's strong position in the
European high-purity salt, chlor-alkali and chloromethanes markets
and the big barriers to entry. Nobian benefits from a robust cost
position, demonstrates strong pass-through capabilities and
maintains high margins.

The Stable Outlook reflects its view that Nobian's EBITDA gross
leverage will increase to 4.8x in 2024 but remain well below the
rating's negative sensitivity. This is underpinned by Nobian's
profitability and cash flow generation resilience in spite of an
adverse market environment. Moreover, Nobian's EBITDA recovery in
2025 and 2026 will be supported by its salt capacity expansion.

Key Rating Drivers

Resilient Business Model: Nobian has a strong ability to pass on
energy costs fluctuations due to its position as leading
high-purity salt producer in the region and over-the-fence supplier
of major raw materials to strong chemical clusters. The company's
profitability is largely influenced by the prices of caustic soda,
but it has maintained a robust EBITDA margin of 23% over the last
12 months, despite falling prices and weak chemical demand. The
strength of its customers allowed Nobian to maintain higher
operating rates than the industry average in an adverse
environment.

Structural Salt Improvement: Although Nobian does not disclose
EBITDA, rising salt segment profitability mitigates the declining
performance of chlor-alkali. Fitch believes the salt segment's
contribution to EBITDA will be structurally more important. Nobian
raised the base price of salt (excluding the energy component) to
its large customers, leveraging its leading position in Western
Europe. Moreover, volumes are no longer constrained by the force
majeure declared by a customer in 2023, and will further increase
from 2025, as Nobian expands its capacity to fulfill customers'
expansion projects.

Soft Environment: European chemical demand is recovering modestly
from the very depressed levels of 2023. High interest rates
continue to weigh on demand from the construction sector, while
most value chains face global overcapacities and downstream
customers are not restocking. Moreover, the European chemical
industry is affected by higher energy costs than other regions,
which has led many companies to re-evaluate their footprint in the
region and consider asset closures. The weak prospects for Europe
are reflected in a prudent modelling of volume recovery for
Nobian.

Leverage Rising, Rating Headroom: Fitch expects Nobian's
Fitch-adjusted EBITDA to fall by 20%, to EUR313 million, in 2024,
as caustic soda prices fell greatly from their 1H23 peak. However,
Nobian's EBITDA will improve from the current lows, with limited
downside risks. Therefore, EBITDA gross leverage will bottom at
4.8x in 2024, before improving to 4.5x in 2025, and to about 4x by
2026-2027, assuming that capex also falls from the 2024 peak and
debt remains stable. This places Nobian comfortably in the current
rating.

Strong Cash Generation: Nobian's cash flow from operations
consistently covers maintenance capex, despite an increasing
interest burden, with double-digit funds from operations (FFO)
margins and contained working capital fluctuations. Its forecast of
negative free cash flow (FCF) in 2024 coincides with its capex
peak, that Fitch forecasts at EUR190 million, due to its salt
expansion project. The company made a EUR200 million distribution
to its shareholder in 2023, based on strong cumulative FCF since
mid-2021 and no increase in debt, leaving a robust cash position of
EUR236 million at year-end.

European Chlor-Alkali Leader: Nobian's large share of the European
merchant salt market for chemical transformation provides pricing
power, especially since a switch to membrane technology in the
region in 2017 - a process that requires higher-purity salt. The
company is also the largest and second-largest merchant producer,
respectively, for chlorine and caustic soda in Europe and the
largest chloromethane producer. Capacity increases will reinforce
its regional leadership in markets that are already highly
concentrated.

Decarbonization Opportunities: Nobian has a number of projects that
could be supported by national net-zero strategies. It is well
positioned to provide salt caverns for energy storage, given its
expertise, which could provide big incremental EBITDA over the
medium term. Other projects may be more capex-intensive but are
still not at the stage of being investment decisions and,
therefore, have not been included in its projections.

Derivation Summary

Nobian competes in the chlor-alkali value chain with INEOS Quattro
Holdings Limited (BB/Negative) and Lune Holdings S.a.r.l. (Kem One,
B/Stable).

INEOS Quattro is far larger, more diversified in activity and
geography. Its EBITDA leverage is currently higher than Nobian's
due to acquisitions and a fall in profitability, but Fitch expects
it to return to below 4x.

Kem One's regional focus is similar to Nobian's and its operations
are also vertically integrated. However, the former is smaller, has
a weaker cost position, given that one of its two chlor-alkali
plants is not yet using the membrane technology, and has yet to
establish a record of continuous high utilisation rates. Moreover,
Nobian's leading position in European high purity salt merchant has
higher barriers to entry than Kem One's PVC activities.

Compared with Nouryon Holding B.V. (B+/Stable), from which it was
separated, Nobian is smaller, with exposure to more commoditised
chemicals and lacks the former's global presence. Nouryon has
higher EBITDA gross leverage but its EBITDA is far more stable than
Nobian's.

Italmatch Chemicals S.p.A. (B/Stable) is more diversified than
Nobian and focuses on specialty chemicals. However, it generates
weaker EBITDA margins, has smaller scale and higher leverage.

Key Assumptions

- Chlor-alkali and salt volumes increasing from 2024 on demand
recovery and capacity expansion, marginally declining in 2027.

- Fitch-adjusted EBITDA margin of 23% in 2024, before rising to 25%
by 2027.

- Fitch expects capex to peak in 2024.

- No dividends payments.

- No equity contributions towards partnerships or projects.

Recovery Analysis

The recovery analysis assumes that Nobian would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated.

Its GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level on which Fitch bases the
enterprise valuation (EV).

Fitch has revised the GC EBITDA to EUR250 million (net of lease
charges), from EUR230 million, to better reflect its view that
improved salt pricing results in stronger profitability, as
evidenced by the current level of profitability despite adverse
market conditions.

The GC EBITDA of EUR250 million reflects a combination of low
caustic soda prices and demand, and pressure on sales volumes, as
seen in 2020-2021, but also considers corrective measures taken to
offset adverse conditions.

Fitch uses a multiple of 5x to estimate a GC EV for Nobian because
of its leadership position, solid sector growth trends as well as
higher barriers to entry and profit margins than peers', but also
the volatile cash flow of its commodity-like products as well as
its concentrated exposure to Europe.

Fitch assumes that Nobian's factoring facility would be replaced by
a super senior facility in a distressed scenario.

Fitch assumes its revolving credit facility (RCF) to be fully drawn
and to rank equally with its term loan B (TLB) and its senior
secured notes.

After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation (WGRC) for
the senior secured instruments in the 'RR3' band, indicating a 'B+'
instrument rating. The WGRC output percentage on current metrics
and assumptions was 61%.

RATING SENSITIVITIES

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

- EBITDA gross leverage below 4.5x on a sustained basis.

- EBITDA margin sustained above 20%, and positive free cash flow
(FCF).

- EBITDA interest coverage above 3x.

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

- EBITDA gross leverage above 6.5x on a sustained basis.

- EBITDA interest cover below 1.5x on a sustained basis.

- EBITDA margin below 15% and negative FCF.

Liquidity and Debt Structure

Comfortable Liquidity: As of 30 June 2024, Nobian had EUR365
million of liquidity, consisting of EUR165 million of cash and cash
equivalents and full availability under its EUR200 million RCF. In
addition, Nobian obtained an additional receivable financing
facility of EUR100 million in 2024.

Its RCF is due in January 2026 and its term loans and bonds in July
2026. Based on Nobian's performance in an adverse economic
environment, Fitch assumes that its debt would be refinanced ahead
of maturity, although at a higher cost of debt.

Issuer Profile

Nobian is a fully vertically integrated European leader in the
production of salt, chlor-alkali (chlorine and its co-product
caustic soda) and chloromethanes.

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
   -----------                ------       --------   -----
Nobian Holding 2 B.V.   LT IDR B  Affirmed            B

Nobian Finance B.V.

   senior secured       LT     B+ Affirmed   RR3      B+




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

GRUPO EMBOTELLADOR: Fitch Affirms BB LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Grupo Embotellador Atic, S.A. 's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB'. The Rating Outlook is Stable.

Atic's ratings reflect its business position as a player in the
non-alcoholic beverage industry with geographic diversification in
Latin America, Indonesia and Thailand. The ratings also reflect the
company's diversified product portfolio in the 'B' brand segments,
solid financial position, and participation in the resilient
beverage industry. The ratings are constrained by Atic's limited
market position and weak governance practices.

Key Rating Drivers

Limited Market Share Position: Atic's ratings reflect its weaker
brand recognition compared to well-known non-alcoholic beverages
brands. The company faces strong competition from large
international bottlers and non-branded product producers in the 'B'
brand segment. In Fitch's view, Atic has a lower sales price point
and passes cost pressures to consumers more gradually than its
competitors. Additionally, Atic relies on more third-party
distributors in some countries than its peers, though it has
strengthened its distribution network in core markets like Peru.

Geographic and Product Diversification: Atic's geographically
diversified operations mitigate the exposure to cash flow
generation from a single market. The company's operations are
primarily in Latin America, with a smaller presence in Asia. As of
YE 2023, Atic's EUR1.4 billion in revenues came from Peru (30%),
Central America (25%), Mexico (16%), Ecuador (12%), Colombia (11%),
Thailand (6%) and Indonesia (0.4%). Atic's product portfolio is
balanced between carbonated soft drinks (CSD) and non-carbonated
beverages (NCB). In 2023, approximately 39% of revenues as of YE
2023 came from CSD, while 61% came from NCB, including citrus,
water, isotonic, energy drinks, tea and nectar.

Low Leverage: Fitch expects Atic to maintain gross and net leverage
metrics below 1.0x over the the next 18 to 24 months. EBITDA growth
and modest debt reduction will support these metrics. The company's
total reported debt declined EUR54 million in 2023 to EUR201.4
million (EUR174.2 million excluding financial leases), compared to
EUR255.7 million (EUR235.4 million excluding financial leases) at
YE 2022. Fitch believes Atic will focus on executing its organic
growth strategy and manage its gross leverage metrics profile below
2.0x in case of M&A activity.

Positive FCF: Atic's FCF is forecasted to be around USD85 million
in 2024-2025, driven mainly by annual cash flow from operations
(CFO) of around USD170 million, capex of USD65 million and
dividends of USD20 million. Over the last four years, the company
has generated a strong FCF margin. In 2023, strong EBITDA and CFO
generation, coupled with low capex needs, resulted in USD95 million
in FCF. Fitch also incorporates that Atic may use a portion of its
FCF generation for other investing and financing activities.

Stable Profitability: Fitch's base case projections incorporate an
EBITDA margin of around 16% in 2024-2025. This trend will be
supported by stable raw material cost environment, mid to high
single digit revenue growth and commercial and operating
efficiencies. Atic's operating results in 2023 benefited from a
favorable raw material cost environment, cost reduction initiatives
and efficiencies, as well as better pricing across its markets.

Derivation Summary

Atic's geographical diversification in Latin America and its stable
position in the B brand segment support its business profile. The
company's 'BB' ratings are below or similar to other regional
beverage peers like The Central America Bottling Corporation
(BB/Stable), or Embotelladora Andina, S.A. (BBB+/Stable). This is
due to Atic's relatively smaller size and scale, weaker brand
recognition, and lower market shares in key markets compared to
Coca-Cola or PepsiCo. Atic's exposure to low-rated countries like
Ecuador and mostly non-investment-grade countries in Central
America, except Panama, is similar to that of CBC.

Atic's financial profile in terms of profitability margins is
comparable to CBC (EBITDA margin 13%) but lower than Andina (EBITDA
margin 18%). Atic's projected net leverage of around 1.0x is
stronger than CBC's (3.0x) and Andina's (1.5x). However, Atic's
ratings are tempered by the company's corporate governance
practices.

Key Assumptions

- Mid-single digit sales growth in 2024-2027;

- EBITDA margin around 16% in 2024-2027;

- Annual capex averaging around EUR57 million in 2024-2027.

RATING SENSITIVITIES

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

- Fitch does not anticipate positive ratings actions in the
mid-term, but the perception of a stronger track record of good
corporate governance practices would be viewed as positive for its
credit quality.

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

- Sustained deterioration of its operating performance due to
adverse competition and industry dynamics;

- Sustained negative FCF margins that materially affect its
liquidity position;

- Debt/EBITDA above 2x on a sustained basis;

- Perception of a negative trend in corporate governance
practices.

Liquidity and Debt Structure

Manageable Liquidity: As of June 30, 2024, Atic had EUR104 million
of cash and cash equivalents and EUR59.2 million of short-term debt
(EUR48.3 million excluding financial leases). The total debt is
mainly bank debt allocated at the subsidiary level, notably in
Central America and Peru. The primary source of liquidity is the
company's available cash and positive FCF.

During 2023, Atic's cash position was also supported by EUR44
million from divestitures of some non-strategic subsidiaries and
EUR95 million of FCF generation, that were used to pay down debt
(EUR54 million) and shares repurchases (EUR77 million).

Issuer Profile

Grupo Embotellador Atic, S.A. produces and markets soft drinks
through its flagship brand "BIG Cola." The company also produces
juices, iced tea, energy drinks, mineral water and others products.
The company's products are targeted toward middle-to-low-income
consumers by providing them with a lower price point than its
competitors.

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

Grupo Embotellador Atic, S.A. has an ESG Relevance Score of '4' for
Group Structure due to the existence of related-party transactions,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Grupo Embotellador Atic, S.A. has an ESG Relevance Score of '4' for
Financial Transparency due to timing and disclosure of financial
information, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

Grupo Embotellador Atic, S.A. has an ESG Relevance Score of '4' for
Governance Structure due to ownership concentration and strong
influence of Atic's owners upon its management, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Grupo Embotellador
Atic, S.A.           LT IDR    BB  Affirmed   BB
                     LC LT IDR BB  Affirmed   BB




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

UKRAINE: S&P Affirms 'CCC+/C' Sovereign Credit Ratings
------------------------------------------------------
S&P Global Ratings, on Sept. 13, 2024, affirmed its 'SD/SD'
(selective default) long- and short-term FC and 'CCC+/C' long- and
short-term local currency sovereign credit ratings on Ukraine. The
outlook on the long-term local currency rating remains stable.

S&P said, "At the same time, we assigned our 'CCC+' issue ratings
to the two series of Ukraine's post-restructuring bonds: Series A
maturing in 2029, 2034, 2035, and 2036; and Series B maturing in
2030, 2034, 2035 and 2036."

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Ukraine are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the reason for the
deviation is the issuance of new bonds upon completion of Ukraine's
debt restructuring. The next scheduled publication on the sovereign
rating on Ukraine will be in the first half of 2025.

Outlook

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

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

Downside scenario

S&P could lower the local currency ratings if it sees indications
that hryvnia-denominated obligations could go unpaid or face
restructuring.

Upside scenario

S&P said, "We could raise our long-term FC rating if Ukraine
completes the restructuring of the remaining commercial debt,
including rated GDP-linked securities. Our analysis will
incorporate the sovereign's post-restructuring credit factors,
including the new terms and conditions of its external debt.

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

Rationale

S&P assigned its 'CCC+' foreign currency issue rating to Ukraine's
Eurobond A and B series following the completion of the
government's distressed debt exchange. The exchange offer received
the consent of the required majority of Ukraine's Eurobond holders.
The restructuring aimed to ease external debt-service pressure and
restore public debt sustainability as part of the ongoing Extended
Fund Facility (EFF) arrangement with the IMF.

The debt exchange offer implies a nominal haircut of 37%, interest
payment relief, and the extension of maturity dates, which have
provided significant relief to the government from a foreign
currency debt-service perspective. The restructuring has resulted
in a 90% reduction in debt-service payments on Ukraine's Eurobonds
compared with the prerestructuring level until the IMF program
expires in 2027. The total debt-service relief will amount to $11.4
billion until 2027 and $22.8 billion until 2033. The first
principal payment on the newly issued bonds is due in 2029. This
has further improved the profile of government debt. Over 55% of
government debt pertains to long-term low-interest loans from
multilateral and official creditors and only 12% represents foreign
commercial debt. That said, we expect the government's debt to
remain high, increasing to 99.5% of GDP by year-end 2027 from 92.5
of GDP at year-end 2024.

S&P said, "As per our rating definitions, our 'CCC+' rating
suggests the creditworthiness of an issuer is vulnerable and
dependent upon favorable financial and economic conditions, but the
issuer does not face a near term payment crisis.

"We affirmed our long- and short-term 'SD' credit ratings because
we understand that Ukraine's government intends to initiate the
restructuring of the remaining foreign commercial debt that was not
included in the completed exchange offer. This includes GDP-linked
Eurobonds, a foreign commercial bank loan, and a
sovereign-guaranteed Eurobond of the state-owned power utility
company. These obligations, taken together, account for about 7% of
Ukraine's total commercial debt. The next debt-service payments on
these obligations fall due in the next few months.

"To this end, Ukraine's government announced (and adopted a
corresponding decree) that it will not make payments on the three
obligations during future restructuring negotiations. We understand
the government did not make a payment on the foreign bank loan that
was due on Sept. 3, 2024. The visibility on the timeline and
details of the additional restructuring is low at this point."

Hryvnia-denominated debt is primarily held by the National Bank of
Ukraine and domestic banks, half of which are state owned. A
default on these local currency obligations would likely
destabilize the banking sector. This would increase the likelihood
that the government would have to provide banks with financial
support, thereby limiting the benefits of debt relief.
Hryvnia-denominated debt is outside the existing restructuring
effort.




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

AILSA HOMES: CG Recovery Named as Joint Administrators
------------------------------------------------------
Ailsa Homes Ltd was placed in administration proceedings in the
High Court of Session, Court Number: No P787-24; and Edward M
Avery-Gee and Daniel Richardson of CG Recovery Limited were
appointed as administrators on Sept 6, 2024.  

Ailsa Homes specialized in buying and selling of own real estate
services.  Its registered office and principal trading address is
at 11-13 York Lane, Edinburgh, EH1 3HY.

The administrators can be reached at:

          Edward M Avery-Gee
          Daniel Richardson
          CG Recovery Limited
          27 Byrom Street, Manchester
          M3 4PF

For further information, contact:
           
           Natalie Clark
           E-mail: info@cg-recovery.com
           Tel No: 0161 358 0210
          

BRACCAN MORTGAGE 2024-1: Moody's Assigns B2 Rating to Cl. X Notes
-----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to Notes issued by
Braccan Mortgage Funding 2024-1 Plc:

GBP492.25M Class A Mortgage Backed Floating Rate Notes due
February 2067, Definitive Rating Assigned Aaa (sf)

GBP31.63M Class B Mortgage Backed Floating Rate Notes due February
2067, Definitive Rating Assigned Aa1 (sf)

GBP16.50M Class C Mortgage Backed Floating Rate Notes due February
2067, Definitive Rating Assigned A2 (sf)

GBP9.63M Class D Mortgage Backed Floating Rate Notes due February
2067, Definitive Rating Assigned Baa3 (sf)

GBP13.75M Class X Mortgage Backed Floating Rate Notes due February
2067, Definitive Rating Assigned B2 (sf)

Moody's has not assigned a rating to the GBP2.75M Class Z Notes due
February 2067.

RATINGS RATIONALE

The Notes are backed by a static portfolio of UK buy-to-let and UK
non-conforming residential mortgage loans originated by Paratus AMC
Limited ("Paratus" as originator and seller, NR). The securitized
portfolio consists of 2,115 mortgage loans with a current balance
of GBP435.2 million as of August 31, 2024 pool cut-off date. There
will be a pre-funding period between the issue date up to the first
interest payment date, which could see the pool increase up to
GBP550.0 million, in line with pre-funding criteria.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

The transaction benefits from a non-amortising general reserve
sized at 0.5% of the Classes A to D notes and a liquidity reserve
fund which is equal to 1.30% of the outstanding balance of Classes
A and B and will amortise together with Classes A and B. The
general reserve fund will be part of available revenue receipts
while the liquidity reserve fund will be available to cover senior
fees and costs, and Class A and B interest (in respect of the
latter, if it is the most senior class outstanding and otherwise
subject to a PDL condition).

Paratus is the servicer and U.S. Bank Global Corporate Trust
Limited is the cash manager in the transaction. In order to
mitigate the operational risk, CSC Capital Markets UK Limited (Not
rated) will act as the back-up servicer facilitator. To ensure
payment continuity over the transaction's lifetime the transaction
documents incorporate estimation language whereby the cash manager
can use the three most recent servicer reports to determine the
cash allocation in case no servicer report is available.

Moody's determined the portfolio lifetime expected loss of 1.6% and
MILAN Stressed Loss of 8.70% related to borrower receivables. The
expected loss captures Moody's expectations of performance
considering the current economic outlook, while the MILAN Stressed
Loss captures the loss Moody's expect the portfolio to suffer in
the event of a severe recession scenario. Expected loss and MILAN
Stressed Loss are parameters used by Moody's to calibrate its
lognormal portfolio loss distribution curve and to associate a
probability with each potential future loss scenario in the ABSROM
cash flow model to rate RMBS.

Portfolio expected loss of 1.6%: This is in line than the UK
buy-to-let sector average and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (1) the
portfolio characteristics, including a weighted-average current LTV
of 69.5%; (2) the good performance of the seller's precedent
transactions as well as the historical performance of the seller's
loan book; (3) benchmarking with comparable transactions in the UK
RMBS market; and (4) the current economic conditions in the UK.

MILAN Stressed Loss for this pool is 8.7%, which is lower than the
UK BTL RMBS sector average and follows Moody's assessment of the
loan- by-loan information, taking into account (1) the portfolio
characteristics including the weighted-average current LTV of 68.7%
for the pool; (2) 70.3% of the portfolio has BTL loans and 29.7% of
the portfolio has owner occupied loans with 76.7% interest-only and
9.2% HMO/MUFB loans; (3) the potential changes to the initial pool
due to product switches; and (4) benchmarking with comparable
transactions in the UK RMBS market as well as with the previous
transactions of Paratus

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in May 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see Residential Mortgage-Backed Securitizations
methodology for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions; and (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses.

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.


CARPETRIGHT: PricewaterhouseCoopers Named as Joint Administrators
-----------------------------------------------------------------
Carpetright of London Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales Insolvency and Companies List (ChD), No
CR-2024-005251, and Peter David Dickens, Adam Seres and Zelf
Hussain of PricewaterhouseCoopers LLP were appointed as joint
administrators on Sept. 10, 2024.  

Carpetright of London specializes in letting and operating its own
or leased real estate services.

Its registered office is at Arrow Valley, Claybrook Drive,
Redditch, England, B98 0FY.

The joint administrators can be reached at:

          Peter David Dickens
          Adam Seres
          Zelf Hussain
          PricewaterhouseCoopers LLP
          1 Hardman Square
          M3 3EB

For further details, contact:
           
           E-mail:uk_carpetrightoflondon@pwc.com
           Tel No: 0113 289 400

CAVIAR HOUSE: Insolvency and Recovery, RTS Named as Administrators
------------------------------------------------------------------
Caviar House Airport Premium (UK) Limited, trading as Caviar House,
was placed into administration proceedings in the High Court of
Justice, Business and Property Courts of England and Wales,
Insolvency and Companies, Court Number: CR-2024-005003, and Ken
Touhey of Insolvency and Recovery Limited, and Marco Piacquadio of
RTS Recovery Limited were appointed as administrators on Sept. 6,
2024.  

Caviar House owns retail premises that sells food and beverages.  

Its registered office is at Building 253 Ely Road, London Heathrow
Airport, Hounslow, England, TW6 2RF which is soon to be changed to
Baird House, Seebeck Place, Knowlhill, Milton Keynes,
Buckinghamshire, MK5 8FR. Its principal trading address is at
Building 253 Ely Road, London Heathrow Airport, Hounslow, England,
TW6 ZRF.

The administrators can be reached at:

           Ken Touhey
           Insolvency and Recovery Limited
           Chatsworth House
           39 Chatsworth Road
           Worthing, West Sussex
           BN11 1LY

           -- and --

           Marco Piacquadio
           RTS Recovery Limited
           Baird House
           Seebeck Place
           Knowlhill, Milton Keynes
           MK5 8FR

For further details, contact:

          The Administrators
          Ken Touhey
          E-mail: ktouhey@irluk.co.uk
          Marco Piacquadio
          E-mail: marco.piacquadio@ftsrecovery.co.uk.

Alternative contact:

          Nayem Noor
          E-mail nayem.noor@ftsrecovery.co.uk
          Tel No: 01908 754666

CITIPOINT LTD: CRG Insolvency Named as Administrators
-----------------------------------------------------
Ccitipoint Ltd was placed in administration proceedings in the High
Court of Justice, Court Number: CR-2024-LDS-0008763; and Charles
Howard Ranby-Gorwood and Arabella Jane Ranby-Gorwood of CRG
Insolvency & Financial Recovery, were appointed as administrators
on Sept. 10, 2024.  

Ccitipoint Ltd owns specialized in the buying and selling of own
real estate.  Its registered office and principal trading address
is at 2b Sandown Lane, Liverpool, L15 8HY.

The administrators can be reached at:

           Charles Howard Ranby-Gorwood
           Arabella Jane Ranby-Gorwood
           CRG Insolvency & Financial Recovery
           Alexandra Dock Business Centre
           Fisherman's Wharf, Grimsby, DN31 1UL

Contact information for Joint Administrators: 01472 250001

Alternative contact: Mark Fletcher


CT RECOVERIES: KRE Corporate Named as Administrators
----------------------------------------------------
CT Recoveries Ltd was placed in administration proceedings in the
Royal Court of Justice, Court Number: CR-2024-005266; and Rob Keyes
and David Taylor of KRE Corporate Recovery Limited were appointed
as administrators on Sept. 11, 2024.  

CT Recoveries is a tax consultancy firm.  Its registered office is
at C/O KRE Corporate Recovery Ltd, Unit 8, The Aquarium, 1-7 King
Street, Reading, RG1 2AN.  Its principal trading address is at
Milestone House, 18 Nursery Court, Kibworth Harcourt, Leicester,
LE8 0EX.

The administrators can be reached at:

          Rob Keyes
          David Taylor
          KRE Corporate Recovery Limited
          Unit 8, The Aquarium
          1-7 King Street, Reading
          RG1 2AN

For further information, contact:

         The Joint Administrators
         Email: info@krecr.co.uk
         Tel No: 01189 977355.

Alternative contact: Email: Vikki.claridge@krecr.co.uk


DIGITAL HOME: Statement of Proposals Available
----------------------------------------------
Pursuant to Paragraph 49(6), Schedule B1 of the Legislation
Insolvency Act 1986 (as amended), the administrators of Digital
Home Visits Ltd undertake to provide a copy of their statement of
proposals free of charge to any member of the company who applies
in writing to the postal address of the office holders or to the
email address given below.

Digital Home Visits Ltd was placed into administration proceedings
in the High Court of Justice, Insolvency & Companies Lis, No 003922
of 2024, and Alistair Wardell and Richard J Lewis of Grant Thornton
UK LLP were appointed as joint administrators on July 16, 2024.  

Digital Home operates in the healthcare industry.  

Its registered office is at c/o Grant Thornton UK LLP, 11th Floor,
Landmark St Peter's Square, 1 Oxford St, Manchester, M1 4PB.  Its
principal trading address is at 5 Tancred Close, Leamington Spa,
Warwickshire, CV31 3RZ.

The joint administrators can be reached at:

          Alistair Wardell
          Grant Thornton UK LLP
          6th Floor, 3 Callaghan Square
          Cardiff, CF10 5BT
          Tel No: 029 2023 5591

          -- and --
          
          Richard J Lewis
          Grant Thornton UK LLP
          2 Glass Wharf, Temple Quay
          Bristol, BS2 0EL
          Tel No: 0117 305 7600.

For further information, contact:

           CMU Support
           Grant Thornton UK LLP
           6th Floor, 3 Callaghan Square
           Cardiff, CF10 5BT
           E-mail: cmusupport@uk.gt.com
           Tel No: 0161 953 6906cmusupport@uk.gt.com

GALLANT ENGINEERING: Smith, PKF Smith Named as Joint Administrators
-------------------------------------------------------------------
Gallant Engineering Limited was placed into administration
proceedings in the High Court of Justice, Business and Properties
Courts, Court Number: 5116 of 2024, and Dean Anthony Nelson of
Smith Cooper, and Nicholas Charles Osborn Lee of PKF Smith Cooper
were appointed as joint administrators on Sept. 5, 2024.  

Its registered office and principal trading address is at Unit 3
The Willows, Ransom Woods Business Park, Mansfield, NG21 0HJ.

The joint administrators can be reached at:

           Dean Anthony Nelson
           Smith Cooper
           Prospect House, 1 Prospect Place
           Pride Park, Derby
           DE24 8HG
           Tel No: 01332 332021

           -- and --

          Nicholas Charles Osborn Lee
          PKF Smith Cooper
          158 Edmund Street
          Birmingham, B3 2HB
          Tel No: 0121 236 6789

For further information, contact:

          Kieran Marshall
          Smith Cooper
          Prospect House, 1 Prospect Place
          Pride Park, Derby, DE24 8HG
          Tel No: 01332 332021
          E-mail: kieran.marshall@pkfsmithcooper.com

GCL HIRE: RSM UK Named as Administrators
----------------------------------------
GCL Hire Limited was placed in administration proceedings in the
High Court of Justice, Business and Property Courts in Leeds,
Insolvency and Companies List (ChD), Court Number: CR-2024-000881;
and Gareth Harris of RSM UK Restructuring Advisory LLP and Paul
Dounis of RSM UKK LLP were appointed as administrators on Sept. 6,
2024.  

GCL Hire is a civil engineering firm.  

Its registered office is at 5th Floor, Central Square, 29
Wellington Street, Leeds LS1 4DL.  Its principal trading address is
at Allens Farm Wivenhoe Road, Crockleford Heath, Colchester, Essex,
United Kingdom, CO7 7BN.

The administrators can be reached at:

          Gareth Harris
          RSM UK Restructuring Advisory LLP
          Central Square, 5th Floor
          29 Wellington Street
          Leeds, LS1 4DL

          -- and --

          Paul Dounis
          RSM UK Restructuring Advisory LLP
          Third Floor, 2 Semple Street
          Edinburgh, EH3 8BL

Correspondence Address & Contact Details of Case Manager:

          Ross Taylor
          RSM UK Restructuring Advisory LLP
          5th Floor, Central Square
          29 Wellington Street
          Leeds, LS1 4DL
          Tel No: 0113-285-5000

For further details, contact:

          The Joint Administrators
          Tel No: 0113-285-5000
                  0131-659-8312


HILIGHT RESEARCH: Opus Restructuring Named as Administrators
------------------------------------------------------------
Hilight Research Ltd was placed into administration proceedings in
the High Court of Justice, Court Number: CR-2024-005044, and Paul
Davis and Trevor John Binyon of Opus Restructuring LLP were
appointed as administrators on Sept. 6, 2024.  

Hilight Research offers engineering design services for industrial
processes.

Its registered office and principal trading address is at Parkers
Cornelius House, 178-180 Church Road, Hove, East Sussex, England,
BN3 2DJ.

The administrators can be reached at:

          Paul Davis
          Trevor John Binyon
          Opus Restructuring LLP
          1 Radian Court, Knowlhill
          Milton Keynes
          MK5 8PJ

For further details, contact:

           The Joint Administrators
           E-mail: mark.percival@opusllp.com

Alternative contact: Mark Percival

PENDULUM IT: Creditors Meeting Set for Oct. 8
---------------------------------------------
Andrew R Bailey and Martin C Armstrong of Turpin Barker Armstrong,
administrators of Pendulum IT Ltd, formerly known as Aqbell Systems
Limited, disclosed that a virtual meeting of the creditors of
Company will be held at Allen House, 1 Westmead Road, Sutton, SM1
4LA on October 8, 2024 at 11:00 a.m.

Pendulum IT was placed in administration proceedings in the High
Court of Justice, Court Number: CR-2024-2092, in April 2024.

The purpose of the Oct. 8 meeting is, to form a Creditors'
Committee, and if one is not formed to fix the basis of Messrs.
Bailey and Armstrong's fees for acting as Joint Administrators and
certain other costs.

In order for their votes to be counted, creditors must attend the
virtual meeting and vote either personally or by proxy, and must
also have submitted proof of their debt (if not already lodged)
at:

      Turpin Barker Armstrong
      5 Park Court, Pyrford Road
      West Byfleet,
      Surrey, KT14 6SD

by no later than 4 p.m. on the business day before the meeting and
their proxy in advance of the meeting. Failure to do so will lead
to their vote(s) being disregarded.

Pendulum IT is a global IT solutions and services company focused
on lifecycle services and optimisation services across public,
private and hybrid cloud infrastructures.  Its principal trading
address is at 30 Moorgate, London, EC2R 6DN.

The administrators can be reached at:

      Andrew Richard Bailey
      Martin C Armstrong
      Turpin Barker Armstrong
      Allen House, 1 Westmead Road
      Sutton, Surrey
      SM1 4LA

For further details, contact:

      Vedeena Haulkhory
      Email: vedeena.haulkhory@turpinba.co.uk
      Tel No: 01932-336149


PRESTON EV: KRE Corporate Named as Administrators
-------------------------------------------------
Preston EV Limited was placed in administration proceedings in the
High Court of Justice, Court Number: CR-2024-005236; and Paul
Ellison and Chris Errington of KRE Corporate Recovery Limited were
appointed as administrators on Sept. 12, 2024.  

Preston EV is involved in the development of an "open" electric
vehicle, the StreetDrone, to enable companies and educational
entities to learn and test electric, connected and autonomous
transport platforms.

The Company's principal trading address is at Unit 3, Roger House,
Osney Mead, Oxford OX2 0ES.

The administrators can be reached at:

             Paul Ellison
             Chris Errington
             KRE Corporate Recovery Limited
             Unit 8, The Aquarium, 1-7 King Street
             Reading, RG1 2AN

For further details, contact:

            The Joint Administrators
            Email: info@krecr.co.uk
            Tel No: 01189-479090

Alternative contact: Kelly Rumsam


PYROCORE LIMITED: FRP Advisory Named as Administrators
------------------------------------------------------
Pyrocore Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number:
CR-2024-005172, and Jonathan Dunn and Matthew Whitchurch of FRP
Advisory Trading Limited were appointed as administrators on Sept.
5, 2024.  

Pyrocore Limited manufactures special-purpose machinery.

Its registered office is at 203c Burcott Road, Avonmouth, Bristol,
BS11 8AP in the process of being changed to c/o FRP Advisory
Trading Limited, Kings Orchard, 1 Queen St., Bristol, BS2 0HQ.  Its
principal trading address is at 203c Burcott Road, Avonmouth,
Bristol, BS11 8AP.

The administrators can be reached at:

          Jonathan Dunn
          Matthew Whitchurch
          FRP Advisory Trading Limited
          Kings Orchard, 1 Queen Street
          Bristol, BS2 0HQ

For further details, contact:

           The Joint Administrators
           Tel No: 0117 203 3700
           E-mail: cp.bristol@frpadvisory.com

Alternative contact:  Dan Slater

RANDALL & QUILTER II: Teneo Financial Named as Administrators
-------------------------------------------------------------
Randall & Quilter II Holdings Limited was placed in administration
proceedings in the High Court of Justice, the Business and Property
Courts of England & Wales, Court Number: CR-2024-005114; and David
Philip Soden and Michael John Summersgill of Teneo Financial
Advisory Limited were appointed as administrators on Sept 11, 2024.


Randall & Quilter provides financial services for holding
companies.  Its principal trading address is at 71 Fenchurch
Street, London, EC3M 4BS.

The administrators can be reached at:

           David Philip Soden
           Michael John Summersgill
           Teneo Financial Advisory Limited
           The Colmore Building
           20 Colmore Circus Queensway
           Birmingham, B4 6AT

For further details, contact:
           
            The Joint Administrators
            Tel No: +44-113-396-0164

Alternative contact:

            Alia Khan
            E-mail: Alia.Khan@teneo.com


TRIRX SPEKE: FTI Consulting Named as Joint Administrators
---------------------------------------------------------
Trirx Speke Ltd was placed in administration proceedings in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency and Companies List (ChD), Court Number:
CR-2024-005084; and Oliver Stuart Wright, Christopher Jon Bennett,
and Matthew Callaghan of FTI Consulting LLP were appointed as
administrators on Sept. 12, 2024.  

Trirx Speke, trading as TriRx Pharmaceutical Services, is a
veterinarian pharmaceutical manufacturing firm.  Its registered
office is at Fleming Rd, Liverpool, L24 9LN.

The administrators can be reached at:

           Oliver Stuart Wright
           Christopher Jon Bennett
           Matthew Callaghan
           FTI Consulting LLP
           200 Aldersgate,
           Aldersgate Street
           London, EC1A 4HD

For further details, contact:

           Jack Barnes
           Email: Jack.Barnes@fticonsulting.com
           Tel No: +44 20 3077 0180  


VK RECYCLING: Leonard Curtis Named as Administrators
----------------------------------------------------
VK Recycling Limited was placed in administration proceedings in
the High Court of Justice, Business and Property Courts in
Manchester, Company & Insolvency List, Court Number:
CR-2024-MAN-001113; and Rochelle Schofield and Christopher Knott of
Leonard Curtis were appointed as administrators on Sept. 11, 2024.


VK Recycling specializes in the recovery of sorted materials.

Its registered office and principal trading address is at Plasma
Estate, Neachells Lane, Willenhall, West Midlands, WV11 3QG.

The administrators can be reached at:

          Rochelle Schofield
          Christopher Knott
          Leonard Curtis
          Riverside House
          Irwell Street
          Manchester M3 5EN

For further details, contact:

           The Joint Administrators
           E-mail: recovery@leonardcurtis.co.uk
           Tel: 0161-831-9999  

Alternative contact: Sidhra Qadoos



                           *********


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

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

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

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