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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

          Thursday, September 26, 2024, Vol. 25, No. 194

                           Headlines



G E R M A N Y

FORTUNA CONSUMER 2024-2: DBRS Gives Prov. B Rating on F Notes


I R E L A N D

AVOCA CLO XII: Fitch Hikes Rating on Class F-R-R Notes to 'B+sf'
DUBLIN BAY 2018-MA1: DBRS Confirms BB(low) Rating on Class Z1 Notes
EURO-GALAXY VII: Fitch Hikes Rating on Class F-R Notes to 'Bsf'
PALMER SQUARE 2024-2: DBRS Finalizes BB Rating on E Notes
PROVIDUS CLO II: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F-RR Notes

SONA FIOS III: Fitch Assigns 'B-sf' Final Rating on Class F2 Notes


I T A L Y

BELVEDERE SPV: DBRS Cuts Class A Notes Rating to 'CCsf'
BRIGNOLE CQ 2024: DBRS Gives Prov. B(low) Rating on X Notes


N E T H E R L A N D S

BRIGHT BIDCO: $300MM Bank Debt Trades at 50% Discount
FLAMINGO GROUP: EUR236.5MM Bank Debt Trades at 16% Discount


P O L A N D

BANK OCHRONY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


S P A I N

AUTO ABS SPANISH 2024-1: DBRS Gives Prov. BB(low) Rating on E Notes
CAIXABANK LEASINGS 3: DBRS Hikes Series B Notes Rating to BB(High)


T U R K E Y

[*] Fitch Corrects Sept. 18 Release on 5 Turkish Companies


U N I T E D   K I N G D O M

EVOKE PLC: Fitch Alters Outlook on 'B+' LongTerm IDR to Negative
GEMGARTO 2021-1: Fitch Affirms 'CCCsf' Rating on Class E Notes
HERA FINANCING 2024-1: DBRS Finalizes BB Rating on F Notes
INDIVIOR FINANCE: Moody's Lowers CFR & First Lien Term Loan to 'B2'
N. R. BURNETT: Westgates Restructuring Named as Administrators

NAUNTON DOWNS: Monahans Named as Administrators
OEG GLOBAL: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
PLAYTECH PLC: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable
PRAESIDIAD: EUR290MM Bank Debt Trades at 8% Discount

                           - - - - -


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G E R M A N Y
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FORTUNA CONSUMER 2024-2: DBRS Gives Prov. B Rating on F Notes
-------------------------------------------------------------
DBRS Ratings GmbH assigned provisional credit ratings to the
following classes of notes (collectively, the Rated Notes) to be
issued by Fortuna Consumer Loan ABS 2024-2 Designated Activity
Company (the Issuer):

-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (high) (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (high) (sf)
-- Class F Notes at B (sf)

Morningstar DBRS did not assign a provisional credit rating to the
Class G or Class X Notes (together with the Rated Notes, the Notes)
also expected to be issued in this transaction.

The credit ratings of the Class A1, Class A2, and Class B Notes
address the timely payment of scheduled interest and the ultimate
repayment of principal by the legal final maturity date. The credit
ratings of the Class C, Class D, Class E, and Class F Notes address
the ultimate payment of interest (but timely when as the most
senior class outstanding) and the ultimate repayment of principal
by the legal final maturity date.

CREDIT RATING RATIONALE

Morningstar DBRS credit ratings of the Rates Notes are based on the
following analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cashflow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued

-- The credit quality of auxmoney GmbH's (auxmoney) portfolio, the
diversification of the collateral, its historical performance, and
Morningstar DBRS projected performance under various stress
scenarios

-- Morningstar DBRS operational risk review of auxmoney's
capabilities with regard to the origination and underwriting

-- The capabilities of CreditConnect GmbH (CreditConnect) with
respect to the servicing

-- The transaction parties' financial strength with regard to
their respective roles

-- The expected consistency of the transaction's structure with
Morningstar DBRS "Legal Criteria for European Structured Finance
Transactions" and "Derivative Criteria for European Structured
Finance Transactions" methodologies, and

-- Morningstar DBRS long-term sovereign credit rating on the
Federal Republic of Germany, currently at AAA with a Stable trend

TRANSACTION STRUCTURE

The transaction is a securitization of fixed-rate, unsecured,
amortizing consumer loans granted to individuals domiciled in
Germany and brokered through auxmoney in co-operation with
Süd-West-Kreditbank Finanzierung GmbH as the nominal originator
and payment services provider. CreditConnect, a fully owned
affiliate of auxmoney, is the initial servicer.

The transaction has a scheduled revolving period of [12] months
with separate interest and principal waterfalls for the available
distribution amount. After the end of the scheduled revolving
period, the Rated Notes will enter into a pro rata redemption
period if no sequential amortization trigger event occurs: for
example, when the Class G principal deficiency ledger (PDL) exceeds
0.25% of the outstanding principal balance of the receivables or
when the cumulative default ratio is higher than pre-determined
thresholds. The pro rata amortization amounts are based on the
percentages of the outstanding amount of each class of Rated Notes
minus the related class PDL divided by the aggregate amount. After
the breach of a sequential redemption trigger, the Notes (excluding
the Class X Notes) will be repaid sequentially.

On the other hand, the Class X Notes will start the redemption
immediately after closing in the interest waterfalls until a
post-enforcement event occurs.

The transaction benefits from an amortizing liquidity reserve
expected to be fully funded at closing by the Notes' issuance
proceeds. The liquidity reserve is available to the Issuer only in
scenarios where the interest and principal collections are not
sufficient to cover the shortfalls in senior expenses, senior swap
payments, interest payments on the Class A1 and Class A2 Notes,
and, if not deferred, on the other classes of the Rated Notes.

The principal available funds may be used to cover certain senior
expenses and interest shortfalls, which would be recorded in the
transaction's PDL in addition to the defaulted receivables. In
addition, the transaction includes in the interest waterfalls a
mechanism of PDL-debit curing and interest deferral triggers on the
subordinated classes of Notes (excluding the Class X Notes),
conditional on the PDL debit amount and the seniority of the
Notes.

The transaction is expected to have an interest rate swap to
mitigate the interest rate mismatch risk between the fixed-rate
collateral and the floating-rate Rated Notes (excluding the Class X
Notes) and unrated Class G Notes. The swap notional amount is based
on a scheduled amount derived from certain prepayment assumptions.

TRANSACTION COUNTERPARTIES

Deutsche Bank AG is the account bank for the transaction.
Morningstar DBRS has a Long-Term Issuer Rating of "A" on Deutsche
Bank, which meets the Morningstar DBRS criteria to act in such
capacity. The transaction documents contain downgrade provisions
largely consistent with Morningstar DBRS' criteria.

BNP Paribas is the interest rate swap provider for the transaction.
Morningstar DBRS has a Long-Term Issuer Rating of AA (low) on BNP
Paribas, which meets the Morningstar DBRS criteria to act in such
capacity. The transaction documents also contain downgrade
provisions largely consistent with Morningstar DBRS' criteria.

PORTFOLIO ASSUMPTIONS

As auxmoney's portfolio data history continues to lengthen,
Morningstar DBRS updated the expected defaults of some score
classes and set the portfolio expected gross default at 10.6% based
on the estimated score class compositions at the end of the
scheduled revolving period. On the other hand, Morningstar DBRS
maintained the expected recovery unchanged at 27.5% or the expected
loss given default (LGD) at 72.5%.

Morningstar DBRS credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
Interest Amounts and the Initial Note Principal Amount.

Morningstar DBRS credit ratings on the Rated Notes also addresses
the credit risk associated with the increased rate of interest
applicable to the Rated Notes if the Rated Notes are not redeemed
on the first optional redemption date as defined in and in
accordance with the applicable transaction documents.

Morningstar DBRS credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




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I R E L A N D
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AVOCA CLO XII: Fitch Hikes Rating on Class F-R-R Notes to 'B+sf'
----------------------------------------------------------------
Fitch Ratings has upgraded Avoca CLO XII DAC's class F-R-R notes
and affirmed the others.

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

   A Loan                  LT AAAsf  Affirmed   AAAsf
   A-R-R XS2315802392      LT AAAsf  Affirmed   AAAsf
   B-1-R-R XS2315802558    LT AA+sf  Affirmed   AA+sf
   B-2-R-R XS2315802715    LT AA+sf  Affirmed   AA+sf
   C-R-R XS2315802988      LT A+sf   Affirmed   A+sf
   D-R-R XS2315803101      LT BBB+sf Affirmed   BBB+sf
   E-R-R XS2315803366      LT BB+sf  Affirmed   BB+sf
   F-R-R XS2315803523      LT B+sf   Upgrade    Bsf

Transaction Summary

The transaction is a cash flow CLO mostly comprising senior secured
obligations. It is actively managed by KKR Credit Advisors
(Ireland) Unlimited Company and will exit its reinvestment period
in October 2025.

KEY RATING DRIVERS

Stable Performance; Low Refinancing Risk: The rating actions
reflect the stable asset performance. The transaction is slightly
above par (by 0.03%) and the portfolio has no defaulted assets. The
transaction is passing all collateral quality, portfolio profile
and coverage tests.

Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is 4.8%, according to the trustee report as of 31 July 2024, versus
a limit of 7.5%. In addition, the notes are not vulnerable to near-
and medium-term refinancing risk, as no assets in the portfolio
mature, before 2024 and 0.33% in 2025. The large break-even default
rate cushions at the current ratings support the Stable Outlook.

Reinvesting Transaction: As the transaction is still in the
reinvestment period, its analysis is based on a stressed portfolio
testing the Fitch-calculated weighted average life,
Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread, weighted average coupon and fixed-rate asset share
to their covenanted limits.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/ 'B-'. The WARF, as
calculated by Fitch under its latest criteria, is 25.6.

High Recovery Expectations: Senior secured obligations comprise
98.5% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch as of 7
September 2024, is 61.7%.

Diversified Portfolio: The portfolio is well diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch as of 7 September 2024, is
11.1%, and no obligor represents more than 1.7% of the portfolio
balance. The exposure to the three largest Fitch-defined industries
is 35.4% as calculated by Fitch. The transaction includes four
Fitch matrices corresponding to top 10 obligor concentration limits
at 16% and 20% and fixed-rate assets limits at 0% and 10%.
Fixed-rate assets reported by the trustee are at 5.0% of the
portfolio balance.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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


DUBLIN BAY 2018-MA1: DBRS Confirms BB(low) Rating on Class Z1 Notes
-------------------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the bonds issued
by Dublin Bay Securities 2018-MA1 DAC (the Issuer) as follows:

-- Class A1 at AAA (sf)
-- Class A2A at AAA (sf)
-- Class A2B at AAA (sf)
-- Class S at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (high) (sf)
-- Class D at A (sf)
-- Class E at BBB (high) (sf)
-- Class F at BB (high) (sf)
-- Class Z1 at BB (low) (sf)

The credit ratings for Classes A1 through S address the timely
payment of interest and ultimate payment of principal by the final
legal maturity date in September 2053. The credit ratings for the
other classes of notes address the ultimate payment of interest and
principal by the final legal maturity date. The Class B notes were
tested for timely payment of interest once it becomes the most
senior class of notes in this transaction.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the June 2024 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the notes to cover the
expected losses at their respective credit rating levels.

The Issuer is a bankruptcy-remote special-purpose vehicle (SPV)
incorporated in the Republic of Ireland (Ireland). The Issuer used
the proceeds of the notes to fund the purchase of Irish residential
mortgage loans originated by Bank of Scotland plc (Bank of
Scotland) and secured by properties in Ireland. In September 2018,
the Bank of Scotland sold the mortgage portfolio to Erimon Home
Loans Ireland Limited, a bankruptcy-remote SPV wholly owned by
Barclays Bank PLC. Pepper Finance Corporation acts as the servicer
of the mortgage portfolio during the life of the transaction, while
CSC Capital Markets (Ireland) Limited acts as the replacement
servicer facilitator.

PORTFOLIO PERFORMANCE

As of the June 2024 payment date, loans that were 30 to 60 days
delinquent and 60 to 90 days delinquent represented 3.3% and 1.3%
of the outstanding portfolio balance, respectively, while loans
more than 90 days delinquent amounted to 11.6%, representing a
significant increase compared to 6.8% twelve months prior. There
have not been any realized losses reported to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 13.9% and 15.0%, respectively.

CREDIT ENHANCEMENT

As of the June 2024 payment date, credit enhancement for the Class
A1, Class A2A, and Class A2B notes was 33.4%, up from 26.9% in June
2023. In the same period, the credit enhancements for the Class B,
Class C, Class D, Class E, Class F, and Class Z1 notes were 27.7%,
24.0%, 19.6%, 16.6%, 13.6%, and 12.6%, respectively, up from 22.2%,
19.1%, 15.4%, 12.9%, 10.4%, and 9.6%, respectively. The
considerable increases in credit enhancement as compared to twelve
months prior are driven by the switch from pro rata to sequential
amortization of the notes, since the occurrence and continuation of
the sequential amortization trigger event starting from the
December 2022 payment date.

The Class S notes are excess spread notes (i.e., they are not
collateralized and do not have any credit enhancement). The Class S
notes are redeemed through the pre-enforcement revenue priority of
payments, though principal receipts can also be used to cure
shortfalls in the required payments for the Class S notes.

The protected amortization reserve fund in the amount of EUR 8.0
million initially provided credit and liquidity support to the
Class A2A and Class A2B notes during the pro rata amortization
period. This reserve was fully released after the occurrence of the
sequential amortization trigger event.

The transaction benefits from a liquidity reserve fund currently
equal to EUR 1.85 million, which is available to provide liquidity
support to the senior fee and interest payments on the Class A and
Class S notes.

Citibank, N.A., London Branch (Citibank) is the Issuer Account
Bank, Paying Agent, and Cash Manager. Based on Morningstar DBRS'
private rating on Citibank, the downgrade provisions outlined in
the transaction documents, and other mitigating factors inherent in
the transaction structure, Morningstar DBRS considers the risk
arising from the exposure to Citibank to be consistent with the
credit ratings assigned to the notes, as described in Morningstar
DBRS' "Legal Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.


EURO-GALAXY VII: Fitch Hikes Rating on Class F-R Notes to 'Bsf'
---------------------------------------------------------------
Fitch Ratings has upgraded Euro-Galaxy VII CLO DAC's class B-R to
F-R notes and affirmed the rest. The Outlooks are Stable.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Euro-Galaxy VII
CLO DAC

   A-R XS2337236140     LT AAAsf  Affirmed   AAAsf
   B-1-R XS2337236223   LT AA+sf  Upgrade    AAsf
   B-2-R XS2337236496   LT AA+sf  Upgrade    AAsf
   C-R XS2337236579     LT A+sf   Upgrade    Asf
   D-R XS2337236652     LT BBB+sf Upgrade    BBBsf
   E-R XS2337236736     LT BB+sf  Upgrade    BBsf
   F-R XS2337236819     LT Bsf    Upgrade    B-sf

Transaction Summary

Euro-Galaxy VII CLO DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is actively managed by
PineBridge Investments Europe Limited and will exit its
reinvestment period in January 2026.

KEY RATING DRIVERS

Reinvesting Transaction: The manager can reinvest unscheduled
principal proceeds and sale proceeds from credit-impaired and
credit-improved obligations during its reinvestment period, which
ends in January 2026. Given this, its analysis is based on a
Fitch-stressed portfolio.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance and the rating actions reflect larger break-even
default-rate cushions since the last review in October 2023 and low
refinancing risk. The transaction is 0.4% above target par and is
passing all collateral-quality, portfolio-profile and coverage
tests.

Exposure to assets with a Fitch-derived rating of 'CCC+' is 4.4%,
according to the latest trustee report, versus a limit of 7.5%.
Near- and medium-term refinancing risk is also low, with 0.6% of
the assets in the portfolio maturing before end-2025 and 6.9%
before end-2026, as calculated by Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/'B-'. The weighted
average rating factor (WARF), as calculated by Fitch under its
latest criteria, is 25.1.

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 WARR is 62.6%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 12%, and the largest
obligor represents 1.5% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 26.5%, as calculated by
the trustee. Fixed-rate assets as reported by the trustee are 4.6%
of the portfolio balance, versus a limit of 7.5%.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating 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 Euro-Galaxy VII CLO
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.


PALMER SQUARE 2024-2: DBRS Finalizes BB Rating on E Notes
---------------------------------------------------------
DBRS Ratings Limited finalized its provisional credit ratings on
the following classes of notes issued by Palmer Square European
Loan Funding 2024-2 DAC (the Issuer):

-- Class A Senior Secured Floating Rate Notes (Class A Notes) at
AAA (sf)

-- Class B Senior Secured Floating Rate Notes (Class B Notes) at
AA (sf)

-- Class C Senior Secured Deferrable Floating Rate Notes (Class C
Notes) at A (sf)

-- Class D Senior Secured Deferrable Floating Rate Notes (Class D
Notes) at BBB (sf)

-- Class E Senior Secured Deferrable Floating Rate Notes (Class E
Notes) at BB (sf) and, together with the Class A Notes, the Class B
Notes, the Class C Notes, and the Class D Notes, the Rated Notes)

Morningstar DBRS did not assign a credit rating to the Subordinated
Notes.

The credit ratings on the Class A Notes and the Class B Notes
address the timely payment of interest and ultimate payment of
principal by the legal final maturity date. The credit ratings on
the Class C Notes, the Class D Notes, and the Class E Notes address
the ultimate payment of principal and interest by the final
maturity date (May 15, 2034).

CREDIT RATING RATIONALE

The Issuer is a static cash flow collateralized loan obligation
(CLO) transaction collateralized by a EUR 625 million portfolio of
primarily floating-rate senior-secured loans and bonds to
high-yield corporate borrowers. The portfolio is serviced by Palmer
Square Europe Capital Management LLC.

The portfolio consists of 209 loans and bonds granted to 187
borrowers across Europe, the United States, Singapore, and Canada.
The majority of the portfolio (91.0% by par balance) consists of
senior-secured loans, including 3.5% (by par balance) of cov-lite
loans. The remaining consist of high-yield secured bonds (7.5%) and
high-yield unsecured bonds (1.5%).

Morningstar DBRS determined its credit ratings based on the
principal methodology and the following considerations:

(1) The transaction's capital structure and the form and
sufficiency of available credit enhancement to withstand projected
collateral loss rates under various cash flow stress scenarios and
repay the Issuer's financial obligations according to the terms
under which the notes are issued.

(2) The static nature of the portfolio which, coupled with the
sequential amortization structure, will allow the transaction to
deleverage quicker than transactions with a reinvestment period.

(3) Morningstar DBRS' assessment of the portfolio quality,
including:

-- The weighted-average risk score (WARS) of 21.75% equivalent to
an obligor average credit quality of B;

-- The weighted-average life (WAL) of 4.45 years;

-- The high percentage of senior-secured loan obligations (98.48%
of the portfolio) leading to high recovery rate expectations; and

-- The portfolio diversification: the top three industries
represent 37.8% of the portfolio balance while the top one, five,
and 10 borrowers represent 0.9%, 4.4%, and 8.4% of the portfolio
balance, respectively.

(4) Liquidity support: The transaction benefits from a EUR 5.6
million interest reserve account as well as an interest smoothing
account mechanism among other features that aim to mitigate
liquidity risk to the transaction.

(5) The exposure to the transaction account bank and the downgrade
provisions outlined in the transaction documents.

(6) Morningstar DBRS' assessment of Palmer Square Capital
Management's CLO management capabilities.

COUNTERPARTIES

Citibank N.A., London Branch (Citibank London) has been appointed
as the Issuer's account bank and custodian for the transaction.
Morningstar DBRS privately rates Citibank London and publicly rates
its parent, Citibank, N.A., at AA (low) with a Stable trend. The
transaction documents contain downgrade provisions relating to the
account bank that are consistent with Morningstar DBRS' criteria.

Morningstar DBRS' credit rating on the Rated Notes addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are the related interest payment amounts and
the related class balances.

Notes: All figures are in euros unless otherwise noted.


PROVIDUS CLO II: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F-RR Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Providus CLO II DAC reset notes expected
ratings. The assignment of final ratings is contingent on the
receipt of final documents conforming to information already
reviewed.

   Entity/Debt        Rating           
   -----------        ------           
Providus
CLO II DAC

   X-RR           LT AAA(EXP)sf  Expected Rating
   A-RR           LT AAA(EXP)sf  Expected Rating
   B-RR           LT AA(EXP)sf   Expected Rating
   C-RR           LT A(EXP)sf    Expected Rating
   D-RR           LT BBB-(EXP)sf Expected Rating
   E-RR           LT BB-(EXP)sf  Expected Rating
   F-RR           LT B-(EXP)sf   Expected Rating

Transaction Summary

Providus CLO II 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 refinance the original rated notes and to fund its
existing portfolio with a target par of EUR325 million that is
actively managed by Permira Credit Group Holdings Limited.

The collateralised loan obligation (CLO) has a two-year
reinvestment period and a six-year weighted average life test
(WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.7%.

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits in the portfolio, including a
fixed-rate obligation limit at 12.5%, a top 10 obligor
concentration limit at 20%, and a maximum exposure to the three
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has a two-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 Analysis (Neutral): The WAL used for the Fitch-stressed
portfolio and matrices analysis is six years, which is in line with
its WAL covenant. While strict reinvestment conditions after the
reinvestment period are envisaged in this transaction, such as
meeting over-collateralisation tests and Fitch's 'CCC' limit tests,
along with a progressively decreasing WAL covenant, Fitch would not
shorten the modelled risk horizon below six years, according to its
CLO Criteria.

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 two notches
on the class B-RR and C-RR notes, one notch on the class D-RR and
E-RR notes, to below 'B-sf' for the class F-RR notes and have no
impact on the class X-RR and A-RR 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 than
the Fitch-stressed portfolio, the class D-RR, E-RR and F-RR notes
have a two-notch cushion and the class B-RR and C-RR notes have a
one-notch cushion, while the class X-RR and A-RR notes have no
rating cushion.

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Providus CLO II
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.


SONA FIOS III: Fitch Assigns 'B-sf' Final Rating on Class F2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to SONA FIOS CLO III DAC.

   Entity/Debt                 Rating             Prior
   -----------                 ------             -----
SONA FIOS CLO III DAC

   Class A XS2871501990    LT AAAsf  New Rating   AAA(EXP)sf

   Class B XS2871502295    LT AAsf   New Rating   AA(EXP)sf

   Class C XS2871502618    LT Asf    New Rating   A(EXP)sf

   Class D XS2871502881    LT BBB-sf New Rating   BBB-(EXP)sf

   Class E XS2871503004    LT BB-sf  New Rating   BB-(EXP)sf

   Class F1 XS2871503269   LT B+sf   New Rating   B+(EXP)sf

   Class F2 XS2873189448   LT B-sf   New Rating   B-(EXP)sf

   Class X XS2871501644    LT AAAsf  New Rating   AAA(EXP)sf

   Subordinated Notes
   XS2871503426            LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

SONA FIOS CLO III 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 purchase a portfolio with a target par of EUR450
million. The portfolio is actively managed by Sona Asset Management
(UK) LLP. The CLO has a 4.5-year reinvestment period and a 7.5-year
weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B+/B' category.
The Fitch WA rating factor of the identified portfolio is 23.0.

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 WA recovery
rate of the identified portfolio is 61.7%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including the maximum
exposure to the three largest Fitch-defined industries at 40%. It
has a maximum top 10 obligor concentration limit at 20% and a
maximum fixed-rate asset limit at 12.5%. These covenants ensure
that the asset portfolio will not be exposed to excessive
concentration.

WAL Extension (Neutral): The deal could extend the WAL test by a
year, 12 months after closing, if the aggregate collateral balance
(defaulted obligations at the lower of their market value and Fitch
recovery rate) is at least at the reinvestment target par balance
and if the transaction is passing all its tests.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines. The transaction has two Fitch matrices, both effective
at closing and corresponding to a top 10 obligor concentration
limit at 20%, a fixed-rate asset limit at 5% and 12.5%, and a
7.5-year WAL test.

Cash Flow Modelling (Positive): The WAL used for the transaction
stress portfolio is reduced by 12 months from the WAL covenant.
This reduction to the risk horizon accounts for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' test post-reinvestment as well as a WAL
covenant that progressively steps down. Fitch believes these
conditions would reduce the effective risk horizon of the portfolio
during the stress period.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B to F2 notes have a rating
cushion of up to three notches. The class 'AAAsf' rated notes have
no rating cushion as they are at the highest level on Fitch's scale
and cannot be upgraded.

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

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

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

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

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

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

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch, other nationally
recognised statistical rating organizations 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 its rating
analysis according to its applicable rating methodologies indicates
that it is adequately reliable.

ESG CONSIDERATIONS

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




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

BELVEDERE SPV: DBRS Cuts Class A Notes Rating to 'CCsf'
-------------------------------------------------------
DBRS Ratings GmbH downgraded its credit rating on the Class A notes
issued by Belvedere SPV S.r.l. (the Issuer) to CC (sf) from CCC
(sf) and removed the Negative trend on the credit rating.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the notes). The credit rating on the
Class A notes addresses the timely payment of interest and the
ultimate repayment of principal. Morningstar DBRS does not rate the
Class B or Class J notes.

At issuance, the notes were backed by a EUR 2.5 billion portfolio
by gross book value (GBV) consisting of a mixed pool of Italian
nonperforming loans sold by Gemini SPV S.r.l., Sirius SPV S.r.l.,
Antares SPV S.r.l., SPV Project 1702 S.r.l., and Adige SPV S.r.l.
to the Issuer. Bayview Global Opportunities Fund S.C.S. SICAV-RAIF
operates as sponsor and indemnity provider in the transaction. As
of May 2024, the portfolio's GBV totaled EUR 2.1 billion.

The receivables are serviced by Prelios Credit Servicing S.p.A.
(Prelios) and Bayview Italia 106 S.p.A. (Bayview; formerly Bayview
Italia S.r.l.), which act as the special servicers. Prelios also
operates as the master servicer in the transaction while Banca
Finanziaria Internazionale S.p.A. (Banca Finint; formerly
Securitization Services S.p.A.) operates as the backup servicer.

CREDIT RATING RATIONALE

The credit rating action follows a review of the transaction and is
based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of May 2024, focusing on (1) a comparison between actual
collections and the special servicers' initial business plan
forecast, (2) the collection performance observed over recent
months, and (3) a comparison between the current performance and
Morningstar DBRS' expectations.

-- Portfolio characteristics: Loan pool composition as of May 2024
and the evolution of its core features since issuance.

-- Transaction liquidating structure: The fully sequential
amortization of the notes according to the order of priority (i.e.,
the Class B notes will begin to amortize following the full
repayment of the Class A notes, and the Class J notes will amortize
following the repayment of the Class B notes). Additionally,
interest payments on the Class B notes are fully subordinated to
principal payments on the Class A notes.

-- Performance ratios and underperformance events: First-level and
second-level underperformance events may occur if the cumulative
collection ratio (CCR) and the present value cumulative
profitability ratio (PVCPR) are both lower than 90% and 75%,
respectively. These events had not occurred on the June 2024
interest payment date, and the actual figures were a CCR of 27.0%
and a PVCPR of 108.5% for Prelios and a CCR of 58.5% and a PVCPR of
91.9% for Bayview, according to the latest information from the
special servicers.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure, covering
potential interest shortfall on the Class A notes and senior costs.
The cash reserve target amount is equal to 4% of the Class A notes'
principal outstanding and is currently fully funded. However,
Morningstar DBRS notes that, in the absence of a trigger notice,
the amortizing mechanism for the reserve defined as the Class J
Notes Early Amortization Amount creates a leakage of funds towards
the junior notes.

-- Interest rate risk: The transaction is exposed to high interest
rate risk in a rising interest rate environment because of the
material under hedging of the Class A notes, which is a result of
the underperformance in terms of collections.

TRANSACTION AND PERFORMANCE

According to the latest investor report from June 2024, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were EUR 217.9 million, EUR 70.0 million, and EUR 95.0
million, respectively. As of the June 2024 payment date, the
balance of the Class A notes had amortized by 31.9% since issuance,
and the current aggregated transaction balance was EUR 382.9
million.

As of May 2024, the transaction was performing below the special
servicers' business plan expectations. The actual cumulative gross
collections equaled EUR 204.2 million, whereas the special
servicers' initial business plan estimated cumulative gross
collections of EUR 429.8 million for the same period. Therefore, as
of May 2024, the transaction was underperforming by EUR 225.6
million (52.5%) compared with the initial business plan
expectations. By special servicer, the performance split would be
as follows: Prelios is underperforming by EUR 135.9 million
(-70.9%) compared with its initial expectations and Bayview is
underperforming by EUR 89.7 million (-37.6%) compared with its
initial expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 286.9 million at the BBB
(low) (sf) stressed scenario. Therefore, as of May 2024, the
transaction was performing below Morningstar DBRS' initial stressed
expectations.

In November 2022, Bayview provided Morningstar DBRS with a revised
business plan as of December 2021. In this updated business plan,
Bayview assumed lower recoveries compared with initial
expectations. The total cumulative gross collections from the
updated business plan account for EUR 242.0 million, which is 20.7%
lower than the EUR 305.1 million expected in the initial business
plan. Morningstar DBRS notes that also based on the updated
business plan, the portfolio has underperformed since 2022. Prelios
provided the required updated business plan to the monitoring
agent, but it has not been released yet as the monitoring agent's
approval and the authorization for release have not been received
so far.

The special servicers' total expected collections, considering the
latest officially approved business plans (the executed business
plan and the 2022 updated business plan with regard to the pool
managed by Prelios and Bayview, respectively), are now EUR 470.5
million. Excluding actual collections, the special servicers'
expected future collections from June 2024 account for EUR 69.5
million, which is less than the current aggregated outstanding
balance of the Class A notes. In Morningstar DBRS' CCC (sf)
scenario, the special servicers' updated forecast was only adjusted
in terms of the actual collections to date and the timing of future
expected collections. Considering senior costs and interest due on
the notes, Morningstar DBRS believes the full repayment of the
Class A principal is increasingly unlikely, but considering the
transaction structure, a payment default on the bonds would likely
only occur a few years from now.

The final maturity date of the transaction is in December 2038.

Notes: All figures are in euros unless otherwise noted.


BRIGNOLE CQ 2024: DBRS Gives Prov. B(low) Rating on X Notes
-----------------------------------------------------------
DBRS Ratings GmbH assigned provisional credit ratings to the
following classes of notes to be issued by Brignole CQ 2024 S.r.l.
(the Issuer):

-- Class A Notes at AA (low) (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (high) (sf)
-- Class D Notes at BBB (sf)
-- Class X Notes at B (low) (sf)

Morningstar DBRS did not rate the Class R Notes also expected to be
issued in the transaction.

The credit rating of the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal on or
before the legal final maturity date. The credit ratings of the
Class B, Class C, and Class D Notes address the ultimate payment of
interest but the timely payment of scheduled interest when they
become the senior-most tranche and the ultimate repayment of
principal on or before the legal final maturity date. The credit
rating of the Class X Notes addresses the ultimate payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date.

The transaction represents the issuance of Class A, Class B, Class
C, Class D, and Class X Notes (collectively, the Rated Notes), as
well as the Class R Notes (together with the Rated Notes, the
Notes) backed by a pool of approximately EUR 175.54 million of
fixed-rate receivables related to Italian salary- and
pension-assignment loans as well as payment delegation loans
granted by Creditis Servizi Finanziari S.p.A. (Creditis; the
Originator and Servicer) to individuals residing in Italy. The
transaction is static.

The Class X Notes are not collateralized by receivables and rely
entirely on excess spread to pay interest and repay principal.
Their amortization with interest funds is expected to be completed
in 25 instalments.

CREDIT RATING RATIONALE

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

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued.

-- The credit quality and the diversification of the collateral
portfolio, its historical performance, and the projected
performance under various stress scenarios.

-- The operational risk review of Creditis with regard to its
originations, underwriting, and servicing.

-- The appointment of a backup servicer facilitator upon closing.

-- The transaction parties' financial strength with regard to
their respective roles.

-- Morningstar DBRS sovereign credit rating on the Republic of
Italy, currently at BBB (high) with a Stable trend.

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

TRANSACTION STRUCTURE

The transaction is static and allocates collections through
separate interest and principal priority of payments and benefits
from a cash reserve initially funded at closing with the Class X
Notes' issuance proceeds. The cash reserve will amortize to a
target amount equal to 1.2% of the outstanding principal balance of
the Class A, Class B, Class C, and Class D Notes with a floor at
0.6% of the initial portfolio principal amount at closing and can
be used to cover senior expenses, senior swap costs, interest on
the Class A Notes, and, if not deferred, interest payments on the
Class B, Class C, and Class D Notes. The cash reserve also provides
credit enhancement to the Rated Notes (excluding the Class X Notes)
through its excess amount that is debited to the principal
deficiency ledger and diverted to the principal waterfall, thus
available to pay down principal on the notes.

After the transaction closing, the Class A, Class B, Class C, and
Class D Notes will be redeemed pro rata in the principal waterfalls
based on the relative tranche thickness at closing (i.e., 81.0%,
10.5%, 7.4%, and 1.1% for the Class A, Class B, Class C, and Class
D Notes, respectively) until a sequential redemption event occurs,
after which the nonreversible, fully sequential redemption of the
Class A, Class B, Class C, and Class D Notes will start. On the
other hand, the Class X Notes will also begin to amortize
immediately after the transaction closing in the interest
waterfalls according to a fixed scheduled amortization in 25
instalments until full redemption.

The collateralized Notes pay interest indexed to one-month Euribor
plus a margin and the interest rate risk arising from the mismatch
between the floating-rate notes and the fixed-rate collateral is
expected to be reduced through an interest rate swap with an
eligible counterparty.

TRANSACTION COUNTERPARTIES

Crédit Agricole Corporate and Investment Bank, Milan branch
(CA-CIB) is the account bank for the transaction. Morningstar DBRS
has a private credit rating on CA-CIB, which meets Morningstar
DBRS' criteria to act in such capacity. The transaction documents
contain downgrade provisions consistent with Morningstar DBRS'
criteria with respect to CA-CIB's role as account bank.

Natixis S.A. (Natixis) is the swap counterparty for the
transaction. Morningstar DBRS does not publicly rate Natixis, but
maintains a private rating on the entity and concluded that Natixis
meets the minimum requirements to act in this capacity in relation
to the ratings assigned. The transaction documents include
downgrade provisions compliant with Morningstar DBRS' criteria.

Notes: All figures are in euros unless otherwise noted.




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

BRIGHT BIDCO: $300MM Bank Debt Trades at 50% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Bright Bidco BV is
a borrower were trading in the secondary market around 49.6
cents-on-the-dollar during the week ended Friday, Sept. 20, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $300 million Payment in kind Term loan facility is scheduled to
mature on October 31, 2027. About $298.5 million of the loan is
withdrawn and outstanding.

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

FLAMINGO GROUP: EUR236.5MM Bank Debt Trades at 16% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Flamingo Group
International Ltd is a borrower were trading in the secondary
market around 83.8 cents-on-the-dollar during the week ended
Friday, Sept. 20, 2024, according to Bloomberg's Evaluated Pricing
service data.

The EUR236.5 million Term loan facility is scheduled to mature on
August 1, 2028. The amount is fully drawn and outstanding.

Flamingo Group International Limited is a business combination
created in February 2018 between Flamingo Horticulture Ltd
(Flamingo UK), a supplier of cut flowers and premium vegetables to
the UK premium and value retailers, and Afriflora, a supplier of
sweetheart roses to major European retailers such as Lidl, Aldi and
Edeka. The company runs farming operations primarily in Kenya and
Ethiopia. Flamingo is owned by private equity funds managed and
advised by Sun Capital Partners, Inc. and its affiliates. The
Company's country of domicile is the Netherlands.



===========
P O L A N D
===========

BANK OCHRONY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Bank Ochrony Srodowiska S.A.'s (BOS)
Long-Term Issuer Default Rating (IDR) at 'BB-' and Viability Rating
(VR) at 'bb-'. The Outlook on the IDR is Stable.

Key Rating Drivers

Standalone Profile Drives IDRs: The affirmation of BOS' ratings
reflects the bank's weaker franchise and less stable business model
than larger peers', higher-than-average risk appetite and weak
asset quality. The ratings are underpinned by BOS's moderate
capital buffers, strengthened but below peers' profitability,
generally stable funding and liquidity position.

The Short-Term IDR of 'B' is the only option corresponding to the
Long-Term IDR. The National Ratings of 'BBB-(pol)'/'F3(pol)'
reflect BOS' lower creditworthiness relative to Polish peers'.

Narrow Franchise, Volatile Performance: BOS has increasingly
focused on specialised 'green' lending, which strengthens its niche
franchise and underlines a more consistent and less opportunistic
strategy than historically. Fitch's assessment of the bank's
business profile also reflects BOS's small market shares in sector
loans and deposits, and weaker and more volatile through-the-cycle
performance than peers'. The bank has less than 1% market share in
lending, which is dominated by non-retail loans, and about 1%
market share in deposits dominated by retail clients.

Above-Average Risk Appetite: BOS's risk profile is higher than the
industry average due to risks inherent in its specialisation in
green financing, high single-name loan book concentrations and
meaningful appetite for the real estate and construction sectors.
The bank remains exposed to legal risks from its foreign-currency
mortgage loans. However, good provision coverage of the portfolio
and improved profitability due to higher interest rates provide a
reasonable cushion against further negative impacts.

High Impaired Loans: Fitch expects BOS' impaired loans ratio
(end-1H24: 13.1%) to gradually improve, as the bank progresses in
cleaning up its legacy loan book and modestly grows its lending.
Fitch expects high interest rates to continue to moderately weigh
on Fitch qualities, but credit losses should be largely contained
as the economy rebounds. BOS' impaired loans ratio remains the
weakest of Fitch-rated Polish banks.

Weak Profitability: Fitch expects BOS' operating profit to
risk-weighted assets (RWAs; 1H24: 1.4%) ratio to decline over the
next two years from the peak years of 2023 and 2024, reflecting
modest expected loan growth and declining interest rates (from
2H25). Operating expense pressure will persist, even as the charges
for the bank's Swiss franc loan portfolio should decline from 2025.
BOS' profitability remains more vulnerable to interest and credit
cycles than domestic peers', which weighs on its assessment.

Moderate Capitalisation: BOS's common equity Tier 1 ratio of 16.7%
at end-1H24 has increased due to improved internal capital
generation and low RWA growth. However, Fitch views the bank's
capitalisation as only moderate for its risk profile, given high
single-name loan book concentrations, sizable encumbrance of
capital by unprovisioned impaired loans and volatile
through-the-cycle performance.

Generally Stable Deposit Funding: BOS's fairly granular deposit
base, modest loans-to-deposits ratio (69% at end-1H24) and
substantial liquidity buffers underpin its funding and liquidity
profile. However, BOS's weaker-than-peers' deposit franchise,
reflected in its meaningful reliance on price-sensitive term
deposits, and less reliable access to wholesale funding markets
weigh on its assessment of its funding profile.

Rating Sensitivities

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

The ratings could be downgraded on a substantial and prolonged
deterioration of asset quality (the impaired loans ratio
sustainably above 18%) that would put pressure on the bank's
profitability or capitalisation (common equity Tier 1 ratio below
12% without credible plans to restore it).

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

The VR and Long-Term IDR could be upgraded over the medium term, if
the bank lowers its risk appetite and substantially improves its
asset quality through healthy new loan origination, legacy loan
book clean-up and reduced single-name concentrations. This would
have to be combined with a sustainable improvement in
profitability, while keeping stable its capital buffers, and
funding and liquidity. In particular, an upgrade would require the
impaired loans ratio to fall below 8% and the operating
profit-to-RWAs ratio to sustainably exceed 1%, even after it exits
the rehabilitation program.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The National Long-Term Rating of BOS' subordinated debt is notched
down twice from its National Long-Term Rating for loss severity to
reflect poor recovery prospects. No notching is applied for
incremental non-performance risk because write-down of the notes
will only occur once the point of non-viability is reached, and
there is no coupon flexibility before non-viability.

Government Support Rating Reflects Limited Support Probability

BOS' Government Support Rating (GSR) of 'b' reflects Fitch's view
of a limited probability of extraordinary sovereign support for the
bank, given that the Polish resolution framework constrains
provision of public support for troubled banks, in line with EU
state-aid rules. Fitch believes the state would endeavour to act
pre-emptively to avoid BOS breaching regulatory capital adequacy
requirements, due to the state's indirect long-term ownership of
the bank and its niche role in financing environmental projects in
Poland.

The state-owned National Fund for Environment Protection and Water
Resource Management (the fund) remains BOS' majority shareholder
with a 58% stake, while state-related entities jointly hold an
estimated 72% share. Fitch believes that it would be difficult for
the fund to increase capital at BOS without triggering state-aid
and bail-in considerations if private investors are unwilling to
participate in the capital injection.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

BOS's National Ratings are sensitive to adverse changes to its
Long-Term IDR and its credit profile relative to Polish peers'.

BOS's GSR could be downgraded if the state's indirect ownership in
the bank falls below 50% or if Fitch believes that the state's
propensity to support the bank has weakened.

An upgrade of the bank's GSR would be contingent on a positive
change in the sovereign's propensity to support the bank. While not
impossible, this is highly unlikely in Fitch's view, due to the
Polish resolution framework and EU state-aid considerations.

VR ADJUSTMENTS

The earnings and profitability score of 'b+' is below the 'bb'
implied category score due to the following adjustment reason:
earnings stability (negative).

The capitalisation and leverage score of 'bb-' is below the 'bbb'
implied category score due to the following adjustment reason: risk
profile and business model (negative).

The funding and liquidity score of 'bb' is below the 'bbb' implied
category score due to the following adjustment reason: deposit
structure (negative).

ESG Considerations

BOS has an ESG Relevance Score of '4' for Management Strategy,
which reflects its view of heightened government intervention risk
in the Polish banking sector. This intervention risks affects the
banks' operating environment and their ability to define and
execute their strategies, and has a negative implication for its
ratings in combination with other factors.

The score also incorporates its view of heightened execution risk
of BOS' business plan given high management turnover. These are not
key rating drivers but have a negative impact on the bank's credit
profile and are relevant to the ratings in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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
   -----------                     ------              -----
Bank Ochrony
Srodowiska S.A.   LT IDR             BB-    Affirmed   BB-
                  ST IDR             B      Affirmed   B
                  Natl LT          BBB-(pol)Affirmed   BBB-(pol)
                  Natl ST            F3(pol)Affirmed   F3(pol)
                  Viability          bb-    Affirmed   bb-
                  Government Support b      Affirmed   b

   Subordinated   Natl LT            BB(pol)Affirmed   BB(pol)




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

AUTO ABS SPANISH 2024-1: DBRS Gives Prov. BB(low) Rating on E Notes
-------------------------------------------------------------------
DBRS Ratings GmbH assigned provisional credit ratings to the
following classes of notes (the Rated Notes) to be issued by Auto
ABS Spanish Loans 2024-1 FT (the Issuer):

-- Class A Notes at AA (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (high) (sf)
-- Class E Notes at BB (low) (sf)

Morningstar DBRS did not assign a provisional credit rating to the
Class F Notes (together with the Rated Notes, the Notes) also
expected to be issued in this transaction.

The provisional credit rating on the Class A Notes addresses the
timely payment of scheduled interest and the ultimate repayment of
principal by the final maturity date. The provisional credit
ratings on the Class B Notes, Class C Notes, Class D Notes, and
Class E Notes address the ultimate payment of interest (timely when
they are the most senior class of Notes outstanding) and the
ultimate repayment of principal by the final maturity date.

CREDIT RATING RATIONALE

The Rated Notes are backed by a portfolio of fixed-rate receivables
related to amortizing and balloon auto loans granted by Stellantis
Financial Services España, E.F.C., S.A (SFSE; the Originator or
the Seller) to private individuals residing in Spain for the
acquisition of new or used vehicles. SFSE will also service the
portfolio (the Servicer). The Class F Notes are not collateralized
and are expected to be issued to fund the cash reserve at closing.

The balloon loans include a component related to guaranteed future
values (GFV). The GFV afford the borrower an option to hand back
the underlying vehicle at contract maturity as an alternative to
repaying or refinancing the final balloon payment. Morningstar DBRS
understands that this feature directly exposes the Issuer to
residual value (RV) risk.

Morningstar DBRS' provisional credit ratings are based on the
following analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are expected to be
issued;

-- The credit quality of SFSE's portfolio, the characteristics of
the collateral, its historical performance, and Morningstar
DBRS-projected behavior under various stress scenarios;

-- SFSE's capabilities with respect to originations, underwriting,
servicing, and its position in the market and financial strength.

-- The operational risk review of SFSE, which Morningstar DBRS
deems to be an acceptable Servicer;

-- The transaction parties' financial strength with regard to
their respective roles;

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal Criteria for European Structured
Finance Transactions" methodology;

-- The expected consistency of the transaction's hedging structure
with Morningstar DBRS' "Derivative Criteria for European Structured
Finance Transactions" methodology; and,

-- The sovereign rating on the Kingdom of Spain, currently rated
"A" with a Positive trend by Morningstar DBRS.

TRANSACTION STRUCTURE

The transaction allocates payments on separate interest and
principal priorities of payments and benefits from an amortizing
cash reserve funded at closing to an amount equal to 1.0% of the
Rated Notes' outstanding balance and floored at 0.425% of the Rated
Notes' initial balance. The cash reserve is part of the available
funds and covers senior costs, swap payments, and interest payments
on the Rated Notes, as long as there is no interest deferral.

The transaction includes a three-month revolving period. The
repayment of the Rated Notes will start on the first amortization
payment date in January 2025 on a pro rata basis unless certain
events, such as a breach of performance-related triggers or
replacement of the Servicer, occur. Under these circumstances, the
principal repayment of the Rated Notes will become fully
sequential, and the switch is not reversible.

All underlying contracts are fixed rate while the Notes pay a
floating rate. The Notes are indexed to one-month Euribor. The
interest rate risk is mitigated through an interest rate swap for
the Rated Notes.

COUNTERPARTIES

Societe Generale, Sucursal en España (SG) is expected to be
appointed as the Issuer's account bank for the transaction.
Morningstar DBRS holds a private rating on SG and has a Long-Term
Issuer Rating of A (high) with a Stable trend on Société
Générale, S.A. Morningstar DBRS has concluded that SG meets the
minimum criteria to act in its capacity as account bank. The
transaction documents are expected to contain downgrade provisions
related to the account bank consistent with Morningstar DBRS'
criteria.

Banco Santander S.A. (Banco Santander) is expected to be appointed
as the swap counterparty. Morningstar DBRS' public Long Term
Critical Obligations Rating on Banco Santander is AA (low) with a
Stable trend, which meets Morningstar DBRS' criteria to act in its
capacity as swap counterparty. The hedging documents are expected
to contain downgrade provisions consistent with Morningstar DBRS'
criteria.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. For the Rated
Notes, the associated financial obligations are the related
interest payments amounts and the related principal outstanding
balances.

Notes: All figures are in euros unless otherwise noted.


CAIXABANK LEASINGS 3: DBRS Hikes Series B Notes Rating to BB(High)
------------------------------------------------------------------
DBRS Ratings GmbH upgraded to BB (high) (sf) from BB (low) (sf) its
credit rating on the Series B Notes issued by Caixabank Leasings 3,
FT (the Issuer).

The credit rating on the Series B Notes addresses the ultimate
payment of interest and principal on or before the legal final
maturity date in December 2039.

The credit rating upgrade follows an annual review of the
transaction and is based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the June 2024 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the Series B Notes to
cover the expected losses at the BB (high) (sf) credit rating
level.

The transaction is a static securitization of Spanish lease
contracts granted by CaixaBank, S.A. (CaixaBank) to enterprises and
self-employed individuals based in Spain. CaixaBank also acts as
the servicer of the portfolio. At closing, the EUR 1,830.0 million
portfolio consisted of equipment leases (38.9%), vehicle leases
(36.5%), and real estate leases (24.6%). The transaction closed in
June 2019.

PORTFOLIO PERFORMANCE

As of May 31, 2024, loans that were up to 30 days delinquent
represented 0.5% of the outstanding collateral balance, with no
loans 30 to 90 days delinquent. Loans more than 90 days delinquent
amounted to 0.8%. Gross cumulative defaults, defined as receivables
in 12 or more months of arrears, amounted to 0.8% of the original
portfolio balance, with cumulative recoveries of 27.0% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 5.7% and 56.0%, respectively, compared to 6.3% and
55.5%, respectively, at the time of the last annual review 12
months ago.

CREDIT ENHANCEMENT

Following the full repayment of the Series A Notes, now the cash
reserve provides credit enhancement to the Series B Notes. As of
the June 2024 payment date, credit enhancement to the Series B
Notes decreased slightly to 5.4% from 5.5% at the time of the last
annual review, due to the amortization of the cash reserve, the
only source of credit enhancement to the Series B Notes.

The transaction benefits from an amortizing cash reserve available
to cover senior expenses and all payments due on the senior-most
class of notes outstanding at the time. The cash reserve was funded
to EUR 89.7 million at closing through a subordinated loan granted
by CaixaBank, and, starting from the September 2020 payment date,
has been amortizing to its target level of 4.9% of the outstanding
principal balance of the notes. As of the June 2024 payment date,
the cash reserve was at its target balance of EUR 12.0 million.

CaixaBank acts as the account bank for the transaction. Based on
the account bank reference credit rating of A (high) on CaixaBank
(which is one notch below the Morningstar DBRS public Long Term
Critical Obligations Rating of AA (low)), the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, Morningstar DBRS considers
the risk arising from the exposure to the account bank to be
consistent with the credit ratings assigned to the notes, as
described in Morningstar DBRS' "Legal Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.




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

[*] Fitch Corrects Sept. 18 Release on 5 Turkish Companies
----------------------------------------------------------
Fitch Ratings issued a correction of a release published September
18, 2024, on five Turkish Corporates.  It adds Rating Sensitivities
for Erdemir and a description of Ulker Biskuvi Sanayi's ESG
Relevance Score.

The amended release is as follows:

Fitch Ratings has upgraded five Turkish Corporates' Long-Term
Foreign-Currency (LTFC) Issuer Default Ratings (IDR).

The rating actions follow the upgrade of Turkiye's Long-Term
Foreign-Currency IDR on September 6, 2024.

The issuers' high exposure to the Turkish economy means their
Foreign-Currency IDRs are influenced by the Turkish Country
Ceiling, which Fitch has also raised to 'BB-'. The upgrade reflects
the likely correlation of rating actions on some corporates with
changes to the sovereign rating, assuming the Country Ceiling moves
in line with the sovereign IDR.

Key Rating Drivers

For full key ratings drivers and ESG considerations for each
issuer, see the rating action commentary (RAC) listed below.

Turk Telekomunikasyon A.S.: "Fitch Affirms Turk Telekom at 'B';
Stable Outlook", dated 7 November 2023

Turkcell Iletisim Hizmetleri A.S: "Fitch Affirms Turkcell at 'B';
Stable Outlook", dated 7 November 2023

Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir): "Fitch Assigns
Erdemir's New Notes Final 'B+' Rating, dated 19 July 2024

Bosphorus Pass-Through Certificates Series 2015-1A: "Fitch Affirms
Turk Hava Yollari Anonim Ortakligi (Turkish Airlines) at
'B+'/Stable'", dated 8 February 2024

Ulker Biskuvi Sanayi A.S.: "Fitch Assigns Ulker's Unsecured Notes
'BB-' Final Rating" dated 8 July 2024

Derivation Summary

See relevant RAC for each issuer.

Key Assumptions

See relevant RAC for each issuer.

RATING SENSITIVITIES

Turk Telekomunikasyion A.S.

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

EBITDA net leverage above 3.2x on a sustained basis

Material deterioration in pre-dividend free cash flow (FCF) margin,
or in the regulatory or operating environments

Negative action on Turkiye's Country Ceiling or LTLC IDR, which
could lead to a corresponding action on TT's LTFC or LTLC IDRs

Sustained increase in FX mismatch between TT's net debt and cash
flows

Excessive reliance on short-term funding, without adequate
liquidity over the next 12-18 months

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

Positive rating action on Turkiye would lead to a corresponding
action on TT, provided that TT's SCP is at the same level as or
higher than the sovereign rating, and the links between the
government and TT remain strong

The Below Factor Could Lead to a Positive Revision of the SCP but
Not Necessarily the IDR:

Better visibility on the renewal of the concession agreement ending
in 2026, and decreased FX mismatch between TT's net debt and cash
flows or more effective hedging

Turkcell Iletisim Hizmetleri A.S

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

- An upgrade of Turkiye's Country Ceiling, assuming no change in
Tcell's underlying credit quality

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

- EBITDA net leverage above 3.2x on a sustained basis

- Material deterioration in pre-dividend FCF margins, or in the
regulatory or operating environments

- Sustained increase in FX mismatch between net debt and cash
flows

- A downgrade of Turkiye's Country Ceiling - Excessive reliance on
short-term funding, without adequate liquidity over the next 12-18
months

Eregli Demir ve Celik Fabrikalari T.A.S.(Erdemir)

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

Sustained EBITDA net leverage below 2.0x

EBITDA margins sustained above 16%

An upward revision of Turkiye's country ceiling

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

Deterioration of the macro and financial environment in Turkiye
leading to a negative rating action on the sovereign

Weakness of the steel market, inability to implement investment
programme and/or shareholder-friendly actions resulting in EBITDA
net leverage above 3.0x on a sustained basis

A deterioration in liquidity to fund operations and meet short-term
maturities

Bosphorus Pass Through Certificates Series 2015-1A

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

- An upgrade of Turkiy's Country Ceiling

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

- A downgrade of Turkiye's Country Ceiling

Ulker Biskuvi Sanayi A.S.

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

- Stable market shares in Turkiye or internationally translating
into resilient operating margins and further growth and scale
EBITDA net leverage remaining below 2.5x, supported by healthy
operating performance and a consistent financial and
cash-management policy

- Consistently positive FCF

- Evidence of robust contractual ring-fencing from the Yildiz Group
and improved financial flexibility with confirmed record of
adherence to the stated financial policy

- Upgrade of Turkiye's Country Ceiling together with Ulker
maintaining the hard currency external debt service ratio
sustainably at above 1x over the next 18 months

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

- Downgrade of Turkiye's Country Ceiling to below 'BB-'

- Deteriorated liquidity position with an inability to repay or
refinance debt maturing in 2025 on a timely basis

- EBITDA net leverage above 3.5x due to M&As, investments in
high-risk securities or related-party transactions leading to
significant cash leakage outside Ulker's scope of consolidation

- Increased competition or consumers trading down that erode
Ulker's share in key markets and leading to deteriorating operating
margins

- Neutral-to-negative FCF on a sustained basis

For the sovereign rating of Turkiye, Fitch outlined the following
sensitivities in its rating action commentary of 6 September 2024:

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

- Macro: Premature policy easing or a return to an unconventional
policy mix that reignite inflationary pressures and risks to
macroeconomic and financial stability.

- External: A rapid decline in international reserves or a
significant deterioration in reserves' composition, for example,
due to a wider current account deficit and/or reduced market
confidence.

- Structural: Deterioration of the domestic political or security
situation or international relations that affects the economy and
external finances.

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

Macro: Sustained decline in inflation that reduces the gap with
rating peers underpinned by the rebuilding of monetary policy
credibility.

External: Significant strengthening of the sovereign's external
buffers, especially if combined with a sustained reduction in
external financing requirements.

Structural: Implementation of reforms that that contribute to
rebuilding institutional strength and governance.

Liquidity and Debt Structure

See relevant RAC for each issuer.

Issuer Profile

See relevant RAC for each issuer.

Public Ratings with Credit Linkage to other ratings

See relevant RAC for each issuer.

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

Ulker Biskuvi Sanayi A.S. has an ESG Relevance Score of '4' for
Group Structure due to complexity of the structure of the wider
Yildiz Group and material related party transactions, 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         Recovery   
   -----------                   ------         --------   
Turk Telekomunikasyon
A.S.                    LT IDR    BB-  Upgrade
                        LC LT IDR BB-  Upgrade

   senior unsecured     LT        BB-  Upgrade    RR4

Turkcell Iletisim
Hizmetleri A.S          LT IDR    BB-  Upgrade

   senior unsecured     LT        BB-  Upgrade    RR4

Ulker Biskuvi
Sanayi A.S.             LT IDR    BB   Upgrade

   senior unsecured     LT        BB   Upgrade    RR4

Eregli Demir ve Celik
Fabrikalari T.A.S.      LT IDR    BB-  Upgrade

   senior unsecured     LT        BB-  Upgrade    RR4

Bosphorus Pass
Through Certificates
Series 2015-1A

   senior secured       LT        BB+  Upgrade




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

EVOKE PLC: Fitch Alters Outlook on 'B+' LongTerm IDR to Negative
----------------------------------------------------------------
Fitch has revised the Outlook on evoke plc's Long-Term Issuer
Default Rating (IDR) to Negative from Stable and affirmed the IDR
at 'B+'.

The Negative Outlook reflects increased execution risks to evoke's
growth and structural profitability improvement plans, which may
affect its free cash flow (FCF) and deleveraging profile, amid a
tight competitive environment in its core market of the UK and
continued regulatory pressure.

The rating affirmation reflects its view that evoke's business
profile is commensurate with a higher rating than its 'B+' IDR,
including a strong brand portfolio, an omnichannel presence in its
UK core market as well as some geographical diversification. It is
offset by weaker profitability and higher EBITDAR net leverage than
its closest peers and, consequently, a higher interest burden that
limits FCF generation. At the same time, the IDR assumes strict
budget discipline and a conservative financial policy with no
dividends or debt-funded acquisitions, as evoke focuses on
deleveraging by 2026.

Key Rating Drivers

Slower Deleveraging Forecast: Its revised forecasts assume that
leverage will unlikely reduce to the level of its negative
sensitivities until 2027. The 2024 EBITDAR net leverage is forecast
to peak at 6.8x, before reducing to 6.3x by end-2025. Deleveraging
will remain contingent on evoke's ability to build up operating
profitability and deliver sustained revenue growth, as Fitch does
not forecast any of the FCF to be used for reducing its GBP 1.8
billion balance sheet debt. The pace of evoke's deleveraging led by
the quality of operational improvements will drive its ratings in
the near term, which Fitch has reflected in the Negative Outlook.

Weak 1H24; Reduced 2024 Expectations: Evoke's 1H24 trading results
were below Fitch's forecasts as the management's initiatives to
improve market share through higher marketing investments did not
meet expectations. Consequently, Fitch revised its revenue and
EBITDAR forecast for 2024 and now expect 2024 revenue to not exceed
GBP1.7 billion, and EBITDAR margin is forecast at just above 17%,
90bp lower than Fitch-calculated EBITDAR margin of 2023.

Fitch assumes that more moderate marketing expenditures and cost
optimisation efforts should help evoke improve its operating
profitability in 2025 by 100bp-150bp. However, Fitch takes into
account the execution risk in returning to growth, expanding
profitability and restoring the market share, which Fitch captures
in its Negative Outlook.

Mild Impact from Upcoming Regulation: Fitch assumes a limited
impact from the upcoming introduction of online spin limits in the
UK from October 2024, as the existing spin limit at William Hill
(evoke's brand) is only GBP5. However, 888 (evoke's brand) has yet
to implement the GBP5 spin limit, and Fitch assumes some negative
financial impact from a GBP2 limit implementation for young
adults.

Recreational Players Affecting Profitability: An increasing focus
on a recreational player base provides higher visibility of revenue
over the long term, in its view, as this revenue is less likely to
be hit by regulatory policies. However, Fitch views higher-spending
players as yielding higher profitability, and, therefore, Fitch
believes that shifting to a more recreational-based structure of
active players will likely lead to lower profitability, partially
offsetting the synergies achieved with the acquisition of William
Hill.

Low FCC: Fitch's rating case forecasts fixed-charge cover (FCC) to
remain at 1.6x-1.7x in 2024 and 2025, driven by a high interest
burden and sizeable lease expense. This limits available cash flow
to support growing operations and capex that partially consists of
less discretionary labour costs related to software development.
Fitch forecasts FCC to improve to 1.8x by 2027 on some EBITDAR
growth and lower variable interest payments under Fitch's rating
case.

Derivation Summary

Evoke's business profile is weaker than those of Flutter
Entertainment Plc (Flutter, BBB-/Stable) and Entain Plc
(BB/Stable), given its similar portfolio of strong brands, but
smaller scale and slightly weaker geographical diversification with
no sizeable US presence. Fitch also projects evoke to have higher
leverage and lower profitability over 2024-2026, which translates
into its rating differentials with Flutter and Entain.

All three entities have a high exposure to the UK market and are
vulnerable to regulatory risk, which is factored into their
ratings. Of the three, evoke has the highest exposure to the UK and
highest share of online gaming revenue, making it more vulnerable
to adverse regulations.

Post-acquisition, evoke is also more leveraged than Allwyn
International a.s. (BB-/Stable). Its organic growth potential of
online gaming and betting is offset by a higher regulatory risk
than Allwyn's lottery business. Allwyn's strong FCF generation and
lower leverage translate into a one-notch rating differential,
which is only partially mitigated by a more aggressive forecast
financial policy and a more complex group structure.

Key Assumptions

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

- Flat revenue development in 2024, followed by low single-digit
growth in 2025-2027

- EBITDAR margin at about 17% in 2024, improving gradually towards
19.4% in 2027

- Non-recurring expenses of about GBP100 million in 2024-2025

- Capex at about 4.5% of revenue to 2027

- No dividends in 2024-2027

Recovery Analysis

Fitch assumes that evoke would be considered a going-concern (GC)
in bankruptcy and that it would be reorganised rather than
liquidated.

The GC EBITDA estimate reflects its view of a sustainable,
post-reorganisation EBITDA level on which Fitch bases the
enterprise valuation (EV). In its bespoke GC recovery analysis,
Fitch considered an estimated post-restructuring EBITDA available
to creditors of about GBP220 million.

Fitch applied a distressed EV/EBITDA multiple of 6.0x, within the
higher range of multiples Fitch uses for the corporate portfolio
outside of the US. In its view, the high intangible value of
evoke's brands and historical multiples of B2C brand acquisitions,
including William Hill International, support an above-average
multiple. This multiple is higher than the 5.0x one Fitch uses for
Inspired Entertainment, Inc. (B/Stable) and 5.5x Fitch uses for
Meuse Bidco SA (B+/Stable).

As per its criteria, evoke's GBP13 million operating company debt
ranks ahead of all holding company debt of GBP1,947 million,
including senior secured debt and upsized GBP200 million senior
secured revolving credit facility (RCF), assumed fully drawn at
default.

After deducting 10% for administrative claims, its principal
waterfall analysis generated a ranked recovery in the 'RR3' band,
indicating a 'BB-' instrument rating. The waterfall analysis output
percentage on current metrics and assumptions is 60% for the term
loans and senior secured notes, resulting in a 'BB-'/'RR3' rating
for the senior secured debt of 888 Acquisitions Limited and 888
Acquisitions LLC.

RATING SENSITIVITIES

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

- A return to stable organic revenue growth and consistent
improvement of EBITDAR margins

- Sustained low single-digit FCF margins

- Adjusted net debt/EBITDAR trending below 4.5x

- EBITDAR FCC above 2.0x on a sustained basis

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

- Persisting execution challenges due to regulatory pressures in
core markets or inability to stabilise and grow revenue and
profitability sufficient to support EBITDAR net leverage trending
below 6.0x in 2025 and below 5.5x in the longer term

- EBITDAR FCC below 1.6x on a sustained basis

- Negative FCF

Liquidity and Debt Structure

Comfortable Liquidity, Concentrated Maturities: As of 30 June 2024,
evoke had sufficient liquidity with Fitch-calculated readily
available cash of about GBP56 million (excluding GBP127 million
customer deposit balances and GBP60 million adjustment for
working-capital swings) and a GBP200 million RCF, GBP175 million of
which was undrawn.

Extended Debt Maturity Profile: The 2024 refinancing has improved
evoke's debt maturity profile with most debt, except for its GBP11
million legacy William Hill International bonds, maturing between
2027 and 2030. As a result, its 2028 debt maturity concentration
remains material, even though it reduced to less than 50% from
around 70% pre-refinancing. Therefore, Fitch assumes that the
majority of existing capital structure will likely need to be
refinanced before 2027 debt matures.

Issuer Profile

Gibraltar-based gaming operator evoke plc is a global online gaming
and sports betting operator focused on casino and poker, with
retail operations in the UK.

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

Evoke has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy & Data Security due to increasing regulatory
scrutiny of the sector, particularly in the UK, greater awareness
around social implications of gaming addiction and an increasing
focus on responsible gaming. Its forecasts reflect its conservative
assumptions for UK online revenue and profitability, but a greater
impact-than-envisaged from the legislation could put the ratings
under pressure, given evoke's high leverage. This has a negative
impact on evoke's credit profile, and is relevant to the ratings in
conjunction with other factors.

Evoke has an ESG Relevance Score of '4' for Governance Structure-
Board Independence and Effectiveness, Ownership Concentration due
to recent unanticipated top management rotations, which have a
negative impact on the credit profile, and are relevant to the
ratings in conjunction with other factors. The regulator's recent
concerns over the suitability of one of its minority shareholders
have resulted in a license review that concluded in 2024 with no
license conditions, remedies or penalties imposed on evoke.

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
   -----------               ------        --------   -----
888 Acquisitions
Limited

   senior secured      LT     BB- Affirmed   RR3      BB-

evoke plc              LT IDR B+  Affirmed            B+

888 Acquisitions LLC

   senior secured      LT     BB- Affirmed   RR3      BB-


GEMGARTO 2021-1: Fitch Affirms 'CCCsf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings for all of Gemgarto 2021-1
PLC's notes.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Gemgarto 2021-1 PLC

   A XS2279559889     LT AAAsf  Affirmed   AAAsf
   B XS2279560119     LT AAAsf  Affirmed   AAAsf
   C XS2279560382     LT A+sf   Affirmed   A+sf
   D XS2279560622     LT A+sf   Affirmed   A+sf
   E XS2279560978     LT CCCsf  Affirmed   CCCsf

Transaction Summary

Gemgarto 2021-1 PLC is a securitisation of owner-occupied mortgages
originated by Kensington Mortgage Company Limited (KMC) and backed
by properties in the UK.

KEY RATING DRIVERS

Increasing CE: Credit Enhancement (CE) has increased since the last
rating action in October 2023 due to the sequential amortisation of
the notes and the availability of the static reserve fund. The
higher CE supports the affirmation of the notes.

Worsening Asset Performance: Asset performance has deteriorated
since the previous review due to high interest rates and
cost-of-living pressures. The proportion of loans in arrears by
more than a month increased to 13.0% as of August 2024 from 7.8% in
August 2023. However, the rise in arrears has been offset by the
build-up of CE.

Liquidity Access Constrains Ratings: The transaction features a
dedicated liquidity reserve to mitigate payment interruption risk.
However, the liquidity reserve only covers interest shortfalls on
the class A and B notes. As a result, the ratings of the class C
and D notes have been capped at 'A+sf'.

Self-Employed Borrowers: KMC may lend to self-employed borrowers
based on only one year's income verification. In Fitch's view, this
practice is less conservative than that of prime, high street
lenders. Loans extended to self-employed borrowers comprise 47% of
the pool. Fitch raised the foreclosure frequency (FF) by 30% for
self-employed borrowers with verified income instead of the typical
20% increase, in line with its criteria.

RATING SENSITIVITIES

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

The transaction's performance may be affected by adverse changes in
market conditions and economic environment. Weakening economic
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to negative rating action, depending on the extent of
the decline in recoveries. Fitch conducts sensitivity analyses by
stressing both a transaction's FF and recovery rate (RR)
assumptions, and examining the rating implications on all classes
of issued notes. Fitch tested a 15% increase in the weighted
average FF (WAFF) and a 15% decrease in the WARR, and this had no
impact on the model-implied ratings (MIRs).

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potentially
upgrades. Fitch tested an additional rating sensitivity by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%,
which had no impact on the MIRs.

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

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

DATA ADEQUACY

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

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

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

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

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

ESG Considerations

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


HERA FINANCING 2024-1: DBRS Finalizes BB Rating on F Notes
----------------------------------------------------------
DBRS Ratings Limited finalized its provisional credit ratings to
the following classes of notes issued by Hera Financing 2024-1 DAC
(the Issuer):

-- Class A notes at AAA (sf)
-- Class B notes at AA (high) (sf)
-- Class C notes at A (sf)
-- Class D notes at BBB (high) (sf)
-- Class E notes at BBB (low) (sf)
-- Class F notes at BB (sf)

CREDIT RATING RATIONALE

The transaction is the partial securitization of a GBP 520.0
million senior commercial real estate (CRE) loan (the Facility A
Loans) granted to refinance the acquisition of a portfolio of 19
freehold and long leasehold flexible office assets (the Initial
Property Portfolio), owned and operated by Fora, the largest
operator of high-quality flexible offices in central London. The
portfolio totaling 721,000 square feet (sf) offers high quality
amenities and collaborative workspaces in key sub-markets across
London; with two additional office assets in Bristol and Oxford in
the UK.

At closing, GBP 520 million were advanced to 12 borrowers through a
GBP 220 million securitized Facility A2 Loan, representing 42.3% of
the total Facility A Loans, whereas the remaining GBP 300 million
Facility A1 Loan was advanced by third-party lenders. The borrower
group comprises 10 borrowing entities incorporated in Guernsey and
two entities registered in England and Wales. The portfolio was
established in 2022 from the merger of The Office Group (TOG) and
Fora and is now operated as the owned portfolio under the Fora
brand, which is directly controlled by Blackstone (51%) and
Brockton Capital (49%).

The portfolio securing the loan comprises 17 high-grade flexible
office assets located in central London, with two additional
properties in Bristol and Oxford. The Bristol asset operates as a
fully flexible workspace whilst the Oxford asset is not operational
and currently houses retail units. The London assets are all
centrally located (Zone 1), in areas such as the West End, Soho,
King Cross, Southbank, Shoreditch, and Farringdon.

The borrowers can make a delayed draw on additional funding (either
through notes issued by the Issuer or a bank loan under the same
facility agreement as the one used for the original senior loan)
for the purposes of refinancing an additional property, Chancery
House, Chancery Lane, London. Consequently, the Issuer may, after
the closing date, issue additional notes [in each class], in each
case subject to satisfaction of the further issuance conditions to
fund all or a part of the Chancery House loan.

Valuations prepared for each property by Knight Frank in August
2024 concluded an aggregate portfolio market value (MV) of the
collateral at GBP 867.0 million and with the inclusion of Chancery
House, GBP 1.094 billion, based on the assumption of a corporate
sale with no stamp duty land tax (SDLT) hence an assumption of 1.8%
purchasers costs. The loan-to-value ratio (LTV) based on this value
equals 60.0%; with the inclusion of the risk-retention Class R
notes of GBP 11.58 million (see further below) the LTV is 61.3%.

The initial property portfolio has an occupancy rate of 75.1% (or
78% including Chancery House) as of 30 June 2024, the cut-off date.
Occupancy is expected to increase to 79% in September 2024 pro
forma. The in-place vacancy is largely concentrated in five
properties, which are ramping up following an occupier vacating
recently and some spaces requiring minor refurbishment. Following
the merger of TOG and Fora the business has been able to realize
synergies within the portfolio and benefits from a vertically
integrated platform operating under a single brand, Fora. The
sponsors have committed to a strategy of achieving an energy
performance certificate (EPC) rating of at least C by 2027; as
such, they have indicated a maintenance capex budget of GBP 14.5
million over the next five years to assist with incorporating these
upgrades.

The portfolio including Chancery House generates revenue from
license fees from 534 occupiers (or 456 occupiers excluding
Chancery House) and rental income from full repairing and insuring
(FRI) leases to more than 16 tenants (excluding The Silver Vaults
and deposit boxes). The portfolio generates additional income from
ancillary services and revenue streams, but the license revenue
(flex office) and rental income (FRI) represent 90.2% of total
revenues (excluding Chancery House from FY23 management accounts),
with typical contracts ranging from three months to 24 months (and
sometimes longer). The average contract length in the initial
property portfolio is approximately 15.3 months (or 15.9 months
including Chancery House) for the flexible office leases and the
weighted-average (WA) unexpired lease term for the FRI leases for
the FRI space is 9.1 years (or 8.3 years including Chancery House).
In aggregate, the initial property portfolio occupier base is
highly granular with the top 10 occupiers accounting for 22% of the
flexible office revenue (or 18% including Chancery House).

As of the June 30, 2024 cut-off date, the portfolio (excluding
Chancery House) generated GBP 60.3 million in flexible office
revenue, which will likely increase to GBP 61.9 million in
September 2024 pro forma, with an additional FRI income of GBP 2.9
million. Unless specified otherwise, portfolio data is based on the
sponsor rent roll as at June 30, 2024 (the cut-off date) with a pro
forma adjustment to September 2024 (taking into account license fee
agreements signed but not yet started as 2024, churn of occupiers
to September 30, 2024, and not the pipeline of potential
occupiers.). The initial property portfolio will generate GBP 44.9
million in net operating income (NOI) in September 2024 pro forma,
resulting in a day-one debt yield (DY) of 8.6%. Morningstar DBRS'
long-term sustainable net cash flow (NCF) assumption for the
initial property portfolio is GBP 42.5 million per annum,
representing a haircut of 1.0% to in-place income and in line with
the trailing 12-month NOI of the portfolio. The corresponding
Morningstar DBRS value of GBP 582.0 million represents a haircut of
32.9% to the Knight Frank valuation. With the inclusion of the
Chancery House property, the Morningstar DBRS cash flow would be
GBP 54.0 million and the portfolio value would be GBP 734.0
million, implying a haircut of 32.4% to the Knight Frank
valuation.

There are no senior loan financial covenants prior to a permitted
change of control (PCOC); however, cash trap covenants are
applicable with respect to LTV and DY both prior to and post PCOC.
The cash trap event occurs if, on any loan payment date (15
February, 15 May, 15 August, and 15 November) the LTV ratio is
greater than 60% or the DY is less than 12.5% and 13% following the
additional funding of Chancery House. The financial covenants,
following a PCOC on the LTV and the DY are set, respectively, at
the LTV ratio being greater than 75% and the DY being less than
10.5% before the additional funding for the Chancery House property
and 11.05% following the additional funding for the Chancery House
property and will be tested on each interest payment date falling
on or after the PCOC Date. At day-one the loan is not compliant
with the cash trap covenant; however, this is largely because of
the refurbishment of the five properties, which are yet to reach
stabilization.

The initial loan maturity date will be November 2027; however, two
extension options are available and if the first extension option
is exercised the loan maturity would extend to November 2028; the
loan maturity would finally extend to November 2029 if the second
extension option is exercised.

The senior loan is interest-only prior to a PCOC and carries a
floating rate, which is referenced to the sterling overnight index
average (Sonia; floored at 0%) plus a margin, which, with respect
to the securitized Facility A2 loan, is a function of the WA of the
aggregate interest amounts payable on the notes capped at 3.5% per
annum, and in respect to the Facility A1 Loan, a margin of 3.5%.
The borrowers must hedge against increases in the interest payable
under the loan by purchasing an interest rate cap with a cap strike
rate on any day of no more than the maximum hedging rate. The
maximum hedging rate with respect to year one is 1.95% per annum;
for year two it is 2.0% per annum; and for year three and
thereafter the higher of 3.0% per annum and the rate that ensures
that as at the date on which the relevant hedging transaction is
contracted, the hedged interest coverage ratio (ICR) is not less
than 1.5 times (x), until loan maturity.

The transaction is structured with a five-year tail period where
the final note maturity date shall be automatically extended to
ensure that the final note maturity date falls five years after the
final loan repayment date.

On the closing date, the Issuer benefits from a liquidity facility
provided by Bank of America. The liquidity facility covers the
interest payments on the Class A, Class B, Class C, and Class D
notes. No liquidity withdrawal can be made to cover shortfalls in
funds available to the Issuer to pay any amounts in respect of the
interest due on the Class E, Class F, and Class R notes. The Class
F notes are subject to an available funds cap where the shortfall
is attributable to an increase in the WA margin of the notes. Based
on a WA cap strike rate of 2.7% and a Sonia cap of 5.0%,
Morningstar DBRS understands that the liquidity facility covers no
less than15 months and 11 months of interest payments,
respectively, assuming standard senior-ranking Issuer costs and
that the Issuer does not receive any revenue. Following the
introduction of Chancery House, the liquidity facility will be
upsized accordingly so there will be no loss of coverage with
respect to interest payments on the notes.

To satisfy risk-retention requirements, The Office Group Securities
Limited, an entity within the sponsor group, retains a residual
interest consisting of no less than 5% of the nominal and fair MV
of the overall capital structure by subscribing to the unrated and
junior-ranking GBP 11.58 million Class R notes. This retention note
ranks junior in relation to interest and principal payments to the
senior-ranking loan facility and consequently all rated notes in
the transaction.

Morningstar DBRS' credit ratings on the Class A, Class B, Class C,
Class D, Class E, and Class F notes issued by the Issuer address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
The associated financial obligations are the Stated Interest
Amounts and Principal Amounts.

Notes: All figures are in GBP unless otherwise noted.


INDIVIOR FINANCE: Moody's Lowers CFR & First Lien Term Loan to 'B2'
-------------------------------------------------------------------
Moody's Ratings downgraded the ratings of Indivior Finance S.ar.l.,
an indirect wholly-owned subsidiary of Indivior PLC and RBP Global
Holdings Ltd (collectively "Indivior"), including the Corporate
Family Rating to B2 from B1, the Probability of Default Rating to
B2-PD from B1-PD, and the rating of company's backed senior secured
first lien term loan to B2 from B1. The Speculative Grade Liquidity
Rating remains unchanged at SGL-1. The outlook remains stable.

The ratings downgrade reflects Indivior's operational headwinds
including discontinuation of Perseris, which will result in
significant reliance on a single drug, Sublocade. Furthermore,
Moody's believe Sublocade will face growing competition from
Braeburn's drug Brixadi, over the next 12-18 months. Finally, the
downgrade reflects Moody's view of a more aggressive financial
policy, reflected in a recently announced $100 million share
repurchase program, to be executed at accelerated pace, which
Moody's believe was driven by significant decline in company's
equity valuation.

The stable outlook reflects Moody's expectation that Indivior's
financial leverage will remain modest, in the 2.5-3.0x range, on
Moody's adjusted basis (which includes the settlement payout
adjustment), over the next 12 months. While Moody's expect the
company's earnings growth to soften over the next year due to
higher competition, the progress in resolution of key litigation
issues will allow the company to execute on its strategic
priorities. Furthermore, Moody's expect that Indivior's combination
of free cash flow, and cash balance will provide sufficient
liquidity for operations and legal liabilities payouts.

Governance risk factors are material to the rating action.
Governance risk considerations are driven by the company's
financial policies including history of shareholder distributions
and acquisitive posture, despite an established track record in
operating with a modest financial leverage while maintaining very
good liquidity.

RATINGS RATIONALE

Indivior's B2 Corporate Family Rating reflects moderate absolute
scale, and material revenue concentration in buprenorphine-based
products, which represent the substantial majority of the company's
revenue. Moody's expect Sublocade to exceed 70% of company's annual
revenues over the next 12-18 months. Moody's expect gross
debt/EBITDA to remain moderate with Moody's adjusted pro forma
debt/EBITDA 2.1x (including the settlement payout adjustment), for
the twelve months ended June 30, 2024. Settlement payments, while
manageable, will be a drag on cash flow through 2027. While the
company recently resolved the multidistrict Suboxone antitrust
litigation, it resulted in meaningful reduction in cash position,
additionally there is ongoing litigation with parties not
participating in the MDL. Supporting the ratings is Indivior's
leadership in the growing market to treat opioid dependence,
including recently approved Opvee to counter overdoses caused by
fentanyl and other opioids. Indivior also benefits from solid
liquidity supported by a significant cash balance and an
expectation for meaningful free cash flows.

Moody's expects that Indivior will maintain very good liquidity
(reflected in the SGL-1 Speculative Grade Liquidity Rating) over
the next 12 months. This is highlighted by the cash balance of
approximately $302 million as of June 30, 2024, which is well in
excess of upcoming cash needs. High cash levels help buffer the
company during periods of cash burn, especially as Moody's expect
cash flow from operations to be impacted by working capital
fluctuations as well as significant investments to support inhouse
manufacturing of Sublocade, as well as commercialization of Opvee.
The company's liquidity is further bolstered by Moody's expectation
of meaningful free cash flow generation, over the next 12 months.
External liquidity is minimal, since Indivior does not maintain a
revolving credit facility. The majority of the company's assets are
encumbered by lien from its senior secured term loan. The company's
liquidity is further bolstered by roughly $103 million in
investments in fixed-income securities.

The $250 million senior secured first lien term loan due 2026 is
rated B2, the same as the Corporate Family Rating, since it
represents the preponderance of the debt in the capital structure.
The term loan is guaranteed by material subsidiaries (both US and
UK). Security consists of an all-asset pledge of the borrowers and
the guarantor subsidiaries.

ESG CONSIDERATIONS

Indivior's CIS-4 (previously CIS-3) indicates the rating is lower
than it would have been if ESG risk exposures did not exist. This
reflects social risk (S-5) considerations related to ongoing
antitrust litigation alleging attempt to delay generic entry of
alternatives to Suboxone, as well as 2020 settlement related to
charge of fraudulent marketing, which will result in constrained
future cash flows for years. The company is also engaged in civil
opioid litigation which may result in a significant cash outflow
over the next several years. Indivior's sales are largely generated
from branded products in the US exposing it to regulatory and
legislative efforts aimed at reducing drug prices, such as the
Inflation Reduction Act. These dynamics relate to demographic and
societal trends that are pressuring government budgets because of
rising healthcare spending. Among governance risk (G-4, previously
G-3) considerations are company's history of shareholder
distributions and acquisitive posture, despite established track
record in operating with modest financial leverage while
maintaining very good liquidity.

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

Factors that could lead to an upgrade of Indivior's ratings include
further increase in scale, along with improved revenue diversity
and greater confidence in the company's ability to sustain
long-term growth. Maintaining conservative financial policies,
reflected in debt/EBITDA sustained below 3.0x along with strong
liquidity would support a rating upgrade.

Factors that could lead to a downgrade in Indivior's ratings
include material erosion in core product revenues, significant
weakening in profitability, or incurrence of material incremental
cash outflows related to various ongoing legal matters. A shift
towards more aggressive financial policies, reflected in additional
share repurchases or debt-financed acquisitions could also result
in a downgrade.

UK-based RBP Global Holdings Ltd is a subsidiary of publicly-traded
Indivior PLC (collectively with other subsidiaries "Indivior"), a
global specialty pharmaceutical company headquartered in Richmond,
Virginia. Indivior is focused on the treatment of opioid addiction
and closely related mental health disorders. Reported revenue for
the twelve months ended June 30, 2024 approximated $1.15 billion.

The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.


N. R. BURNETT: Westgates Restructuring Named as Administrators
--------------------------------------------------------------
N. R. Burnett Limited was placed in administration proceedings in
the High Court of Justice Business and Property Court in
Manchester, Company and Insolvency List, Court Number:
CR-2024-1176, and Frazer Ulrick of Westgates Restructuring Limited
was appointed as administrators on Sept. 12, 2024.  

N. R. Burnett specializes in the wholesale of wood, construction
materials and sanitary equipment.

Its registered office and principal trading address is at West Carr
Lane, Sutton Fields Industrial Estate, Hull, East Yorkshire, HU7
0AW.

The administrators can be reached at:

            Frazer Ulrick
            Westgates Restructuring Limited
            Ferriby Hall
            2 High Street
            North Ferriby
            East Riding of Yorkshire
            HU14 3JP

For further details, contact:

            Frazer Ulrick
            Tel No: 01482 427175

Alternative contact: Josh Lutkin


NAUNTON DOWNS: Monahans Named as Administrators
-----------------------------------------------
Naunton Downs Debentures Limited was placed in administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Court Number: CR-2024-886, and Steve Elliott and Gareth Buckley of
Monahans were appointed as administrators on Sept. 10, 2024.  

Naunton Downs specializes in letting and operating own or leased
real estate.

Its registered office is at Unit 20G Bourton Industrial Park,
Bourton-On-The-Water, Cheltenham GL54 2HQ.

The administrators can be reached at:

           Steve Elliott
           Gareth Buckley
           Monahans
           Hermes House, Fire Fly Avenue
           Swindon, SN2 2GA

For further details, contact:

            Paul Beecham
            Email: Paul.Beecham@monahans.co.uk
            Tel No: 01793 818300


OEG GLOBAL: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned OEG Global Limited (OEG) a Long-term
Issuer Default Rating (IDR) of 'B+' with a Stable Outlook. It has
also assigned an expected senior secured rating of 'BB-(EXP)' to
the proposed EUR440 million 2029 secured notes to be issued by OEG
Finance PLC. The Recovery Rating is 'RR3'. The notes are jointly
and severally guaranteed by OEG and certain subsidiaries that make
up 91% of the group's EBITDA.

OEG's rating reflects its market leadership in the cargo carrying
units (CCUs) market for offshore oil and gas, good revenue
visibility based on low customer churn rates, and its forecast of
EBITDA gross leverage of 3.8x in 2024 declining towards 3x by 2027.
It also reflects its overall small scale, exposure to cyclical end
markets and meaningful execution risks in achieving M&A
driven-growth.

Key Rating Drivers

Market Leader in Niche Market: OEG is the market leader by fleet
size in the consolidated CCUs market for offshore oil and gas. It
holds top-three positions in most regions such as Europe, APAC, and
the Middle East and Africa. Its large fleet allows it to extract
economies of scale from its largely fixed-cost base but also meet
orders from large multi-national energy companies and therefore
form long-term partnerships.

In the fragmented offshore wind market OEG has presence in most key
hubs such as the UK, northwest Europe and Taiwan. Overall its
product offering is relatively standard with no opportunities to
cross-sell or offer new services to customers but Fitch expects
this to improve as the services-focused renewables segment grows
over 2024-2027.

Comfortable Leverage; Small Scale: The rating is supported by OEG's
moderate leverage profile. Fitch forecasts Fitch-adjusted EBITDA
gross leverage at 3.8x for 2024 and to trend towards 3x by 2027
driven mainly by inorganic EBITDA growth. Fitch forecasts EBITDA
for CCUs segment to grow by around 12% between 2024 and 2027 aided
by stable volumes and growth in rental rates of 2%-3%. For
renewables Fitch forecasts EBITDA to grow by around 25% between
2024 and 2027 supported by revenue growth of 7%-9% a year. OEG's
scale remains modest compared to peers despite forecast growth and
is a constraint for its rating.

Supportive Financial Policy: Fitch views management's target EBITDA
net leverage (company definition) of 2.5x-3.5x as fairly
conservative compared to similarly rated peers. Fitch understands
from management that inorganic growth through bolt-on acquisitions
will be prioritized over shareholder distributions.

Meaningful Execution Risks: Fitch believes there are meaningful
execution risks to management's plan of scaling up its renewables
segment. This is due to the current uncertain status of the
offshore wind industry, with developers facing several structural
issues such as high cost of capital and equipment and supply chain
issues.

The services industry for offshore wind is also fragmented,
potentially exposing OEG to increased competition. Fitch thinks
this is mitigated by long-term positive fundamentals for the
industry underpinned by the energy transition and management's long
track record of M&A-driven growth. OEG's more established CCUs
segment should also support the consolidated business in 2024-2027
as oil and gas is still a big part of the global energy mix.

Good Revenue Visibility: Fitch assesses 50%-75% of OEG's EBITDA as
recurring. This reflects very low customer churn in the CCUs
segment but lower revenue visibility in the largely project based
renewables segment. In the CCUs segment customer churn for large
customers is in the low single digits due to customers' preference
for quality and timeliness of services over cost; often the cost of
leased assets reflects a very small share of customers opex/capex.

In renewables, OEG is less shielded from competition but Fitch
believes its strong presence in key hubs such as the UK should help
it form long-term partnerships with large utilities and energy
groups, especially as developers also prioritize execution over
price.

Cyclical End-Markets: OEG predominantly caters to two volatile
end-markets: the offshore oil and gas (O&G) industry; and wind
industry, although Fitch believes there are some mitigants. In the
CCUs market OEG's leased unit demand is driven by the number of
offshore rigs and platforms with a focus on maintenance, making it
less exposed in the short term to volatile oil prices. The leased
units are used for transport of food, equipment or waste. In the
renewables markets where the sector is facing some structural
issues Fitch believes long-term fundamentals remain positive,
driven by the energy transition.

Service Offering Embedded in Rental Offering: Although rental
dominates EBITDA (about 75%), Fitch expects the share to decline to
around 70% by 2027. There are limited instances where OEG provides
a pure rental-only offering. The service offering is well embedded
into the rental offering including design, manufacturing,
installation, maintenance, inspection required for certification,
and disposal.

Derivation Summary

Fitch compares OEG to other business services peers with strong
competitive positions and high visibility over recurring revenues
including French telecoms provider Circet Europe SAS (B+/Positive),
reusable packaging container (RPC) pooling solutions provider Irel
BidCo S.a.r.l. (IFCO; B+/Stable), German sanitary/toilet cabins,
containers and ancillary products and services provider TTD Holding
III GmbH (B/Stable) and Albion HoldCo Limited (BB-/Stable), owner
of UK-based temporary power and energy supply provider, Aggreko
plc.

Fitch views Circet's business profile as stronger than OEG's due to
its larger scale and strong FCF generation capacity. Circet is more
of regional leader whereas OEG is a leader in several regions
(Europe, Australia/New Zealand, Southeast Asia), with cross-border
customers. While both are exposed to one or two end-markets
Circet's telecom end markets are less cyclical than OEG's energy.
Fitch thinks this is partly offset by OEG's better customer
diversification. Both benefit from similar revenue visibility
supported by recurring EBITDA of 50%-75%.

Fitch sees IFCO's market position, diversification and revenue
visibility as comparable to that of OEG; both are leaders in their
markets and derive a large share of their revenues from standard
product offerings on a rental basis. However, Fitch expects OEG's
product offering to become increasingly more complex as its
services-focused renewables segment grows.

As for OEG, IFCO's food-related end markets are limited to one or
two applications but Fitch believes they are less cyclical than
OEG's energy end-markets. Conversely, OEG benefits from better
customer and geographical diversification as IFCO is concentrated
in one region (Europe 70% of revenues) and its top 10 customers
represent 50% of volumes. Fitch expects OEG to maintain stronger
leverage metrics than IFCO in 2024-2025.

OEG's scale is similar to TTD's as measured by EBITDA and the
latter is also exposed to cyclical end-markets (construction). TTD
is less geographically diversified than OEG but has better customer
diversification and stronger market position. Fitch expects OEG to
maintain stronger leverage metrics than TTD.

Fitch views Albion's business profile as stronger than OEG's, aided
by the former's significantly larger scale, leading global market
position and diversification with mixed end markets and no reliance
on any single customer.

Key Assumptions

Key Assumptions Within Its Rating Case for the Issuer:

- CCUs revenue to grow by 6% in 2024 and average 3% in 2025-2027

- Renewables revenue to grow by 27% in 2024 and average 8% in
2025-2027

- Fitch EBITDA margins excluding M&A stable at around 28%

- Capex in line with management guidance

- No common dividends

- M&A spending of USD20 million on average a year in 2024-2027

Recovery Analysis

The recovery analysis assumes that OEG would be considered a going
concern in bankruptcy and that it would be reorganised rather than
liquidated.

Post-restructuring going-concern EBITDA of USD80 million reflects a
potential loss of top one to two customers in each of OEG's
segments, and margin erosion in renewables projects. It also
assumes moderate market recovery after restructuring and management
efforts to improve performance.

Fitch used a distressed enterprise value multiple of 5.0x to
calculate a post-reorganisation valuation, reflecting OEG's small
size and exposure to cyclical end markets but also its leading
market position in the CCUs market, good revenue visibility and
moderate barriers to entry stemming from its market position and
long customer relationships.

Fitch assumes the super senior revolving credit facility of USD40
million is fully drawn at default. Fitch includes around USD32
million of existing pari passu debt to the prospective notes.

After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation (WGRC) for
the senior secured notes in the 'RR3' band, indicating an expected
'BB-(EXP)' instrument rating. The WGRC output percentage on current
metrics and assumptions was 63%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade

- Successful implementation of the expansion strategy leading to an
increase in scale while maintaining EBITDA gross leverage below 4x

- EBITDA interest coverage above 4x on a sustained basis

- Positive FCF generation on a sustained basis

Factors that could, individually or collectively, lead to negative
rating action/downgrade

- EBITDA gross leverage above 5x on a sustained basis

- EBITDA interest coverage below 3x on a sustained basis

- Operating under-performance resulting from a loss of large
customers, significant pricing or cost pressure or margin-dilutive
debt-funded acquisitions leading to negative free cash flow on a
sustained basis

Liquidity and Debt Structure

Good Liquidity: OEG's capital structure will consist of the
contemplated secured notes with minimal other amortizing debt
outstanding of around USD30 million as of end-2023. Liquidity is
further supported by a USD40 million revolving corporate facility
maturing in 2029 and positive FCF before acquisitions and
divestitures in 2024-2027.

Issuer Profile

OEG is a UK-based leading provider of rental cargo carrying units
to the offshore oil and gas industry, and a service provider to the
renewables industry.

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  
   -----------              ------                   --------   
OEG Finance PLC

   senior secured     LT     BB-(EXP)Expected Rating   RR3

OEG Global Limited    LT IDR B+      New Rating


PLAYTECH PLC: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings has affirmed the Ba2 long term corporate family
rating of Playtech Plc (Playtech or the company), as well as the
company's Ba2-PD probability of default rating, the Ba2 rating on
the EUR350 million backed senior secured notes due 2026 and the
EUR300 million backed senior secured notes due 2028.

The outlook remains stable.

Playtech announced on the September 17, 2024 that it had entered
into a definitive agreement for the sale of SNAITECH S.p.A.
(Snaitech) for a total enterprise value of EUR2,300 million in
cash. Management has indicated that the majority of the cash
proceeds will be used to repay the EUR350 million backed senior
secured notes due 2026 and a proposed special dividend to
Playtech's shareholders between EUR1,700 million and EUR1,800
million. Management has also indicated that the transaction is
likely to close in the second quarter of 2025.

"The sale of Snaitech is credit negative, however, Moody's rating
assessment already included such risk potential. On the other hand,
the Playtech team has successfully reached a positive conclusion on
the Caliplay dispute earlier than Moody's anticipated, removing the
uncertainty around future revenue generation of the B2B operations"
says Stefano Cavalleri, Vice President - Senior Analyst and lead
analyst for Playtech.

RATINGS RATIONALE

The ratings affirmation reflects Moody's assessment of Playtech's
business after the completion of the sale of Snaitech and in line
with the terms disclosed by the company. The sale of Snaitech is
credit negative, as this business contributed more than 50% of the
group EBITDA and generated a steady free cash flow, albeit Moody's
expected a low single digit revenue growth and EBITDA margin
erosion going forward.

The Ba2 rating continue to be supported by Playtech's (1) strong
market position in the regulated gambling markets in Europe,
combined with growth from newly regulated and still-developing
markets in the Americas; (2) embedded software platforms with
large, established and diversified gaming operators; (3)
well-positioned to tap into gaming operators' increasing interest
to outsource product development and content creation, and
compliance and affordability check processes required by applicable
regulation; and (4) conservative debt management, with
Moody's-adjusted gross leverage expected at 1.6x on a pro-forma
basis in 2025 and strong pro-forma Moody's retained cash flow
metrics.

However, the rating also reflects (1) a high degree of customer
concentration with about one-third of revenue from top three
clients and some exposure to unregulated markets in Asia; (2) a
highly competitive operating environment, with new companies and/or
technologies as well as the risk that insourcing could become
attractive the larger the gaming operator becomes; (3) the ongoing
risk of more stringent regulatory requirements; (4) the risk of
departure of key senior management after the windfall payments
obtained from the Snaitech sale and (5) the enterprise value based
on current market capitalisation that is almost entirely
represented by the value assigned to the investment in Caliplay,
which could be exited in the coming years.

LIQUIDITY

Playtech's liquidity position is good. Management indicated that
the disposal of Snaitech would add about EUR120 million of net
proceeds to an already material amount of cash on balance sheet
(EUR289 million of pro-forma cash as of end of 2023). Additionally,
in September 2024, the business benefitted from Caliplay paying
Playtech more than EUR150 million of previously unpaid fees, with
the rest, currently in escrow, to be released on closing of the
revised arrangements in early 2025.

Liquidity is further supported by Moody's expectations that
Moody's-adjusted FCF generation post transaction will remain
positive and an EUR277 million RCF facility fully available.

The RCF facility has financial covenants which that have
significant headroom, with 3.5x Net Debt/Adjusted EBITDA and 4.0x
Adjusted EBITDA/Interest cover.

ESG CONSIDERATIONS

Governance considerations are a key driver for the rating action
given the significant shareholder distribution expected to take
place in 2025; however, Moody's do not expect Moody's adjusted debt
to EBITDA to increase from its current level, after the proposed
repayment of the EUR350 million backed senior secured notes.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that, after
disposal of Snaitech, the company will continue to grow revenue at
high-single-digit percentages, albeit Moody's understand there will
be a one-off impact on revenue and EBITDA because of the new
partnership agreement with Caliente in 2025. Moody's expect revenue
growth and margin expansion to be achieved from new service
offerings, investments in new structured agreements/partnerships
with local operators in markets soon to be locally regulated, and
organic growth in North America. Leverage is also likely to remain
low and below the company's target net leverage of 1-2x.

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

A rating upgrade is unlikely over the next 12-18 months because it
Moody's do not expect the company could achieve organic growth
sufficient to add EBITDA and cash flows previously generated by
Snaitech which also provided good business diversification through
its B2C operations. However, the ratings could be upgraded in the
future if the company continues to record revenue and EBITDA growth
while improving its EBIT margin and customer concentration. A
rating upgrade would also require Playtech to have at least good
liquidity and maintain a conservative financial policy.

The rating could be downgraded if Playtech's profitability
deteriorates because of competitive, regulatory and fiscal pressure
or the company operates at higher leverage than its stated target
for longer than 12-15 months. A rating downgrade could also occur
if Playtech reinstates dividend payments leading to retained cash
flow/net debt of less than 20%; the company undertakes share
buybacks that strain its liquidity profile; or its Moody's-adjusted
leverage increases above 2.5x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Moody's have changed the applicable rating methodology used to rate
the company from "Gaming" published in June 2021 to reflect that as
result of the announced disposal of Snaitech, the company will no
longer derive the bulk of its earnings from B2C gambling
activities.

COMPANY PROFILE

Headquartered in the Isle of Man, Playtech is a leading technology
company in the gambling industry and the world largest online
gambling software and services supplier. Founded in 1999, it has
grown through a combination of organic growth and acquisitions.
Employs around 7,000 people across 20 countries. Listed on the
London Stock Exchange in 2012, it has a market capitalisation of
about GBP2.2 billion. In 2023, Playtech generated about EUR670
million of revenue and EUR182 million of company adjusted EBITDA on
a pro forma basis excluding Snaitech.


PRAESIDIAD: EUR290MM Bank Debt Trades at 8% Discount
----------------------------------------------------
Participations in a syndicated loan under which Praesidiad Ltd is a
borrower were trading in the secondary market around 91.5
cents-on-the-dollar during the week ended Friday, Sept. 20, 2024,
according to Bloomberg's Evaluated Pricing service data.

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

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


                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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