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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, October 14, 2024, Vol. 25, No. 206

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

NASA BANKA: S&P Assigns B-/B Issuer Credit Ratings, Outlook Stable


D E N M A R K

WINTERFELL FINANCING: Moody's Cuts CFR to B3, Outlook Stable


F R A N C E

BOOST HOLDINGS 2: Moody's Affirms 'B1' CFR, Outlook Remains Stable


G E R M A N Y

BLITZ 24-119: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Stable
FORTUNA CONSUMER 2024-2: Fitch Assigns 'BB-sf' Rating on F Notes
NIDDA HEALTHCARE: Moody's Rates New Senior Secured Notes 'B3'
SCHAEFFLER AG: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
SPEEDSTER BIDCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable

SPEEDSTER BIDCO: Moody's Alters Outlook on 'B2' CFR to Negative
SPEEDSTER BIDCO: S&P Affirms 'B-' LT ICR on AutoTrader Acquisition


G R E E C E

MELTEN ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


I R E L A N D

ARES EUROPEAN X: Moody's Ups Rating on EUR13.5MM Cl. F Notes to B1
CVC CORDATUS V: Moody's Affirms B3 Rating on EUR13MM Cl. F-R Notes
PROVIDUS CLO II: S&P Assigns Prelim. B-(sf) Rating on F-R Notes
PROVIDUS CLO VIII: Fitch Assigns B-(EXP)sf Rating on Cl. F-R Notes
TRINITAS EURO IV: Fitch Assigns B-sf Final Rating on Cl. F-R Notes

TRINITAS EURO IV: S&P Assigns B-(sf) Rating on Class F-R Notes


I T A L Y

GOLDEN GOOSE: S&P Affirms 'B+' ICR, Off CreditWatch Positive


N E T H E R L A N D S

BRASKEM NETHERLAND: Fitch Rates Sr. Unsecured Notes Due 2034 'BB+'


P O R T U G A L

LUSITANO MORTGAGES 4: Moody's Ups Rating on EUR24MM D Notes to Ba2


R O M A N I A

DIGI COMMUNICATIONS: S&P Affirms BB- ICR & Alters Outlook to Stable


S P A I N

BANCO DE SABADELL: Moody's Affirms 'Ba1' Subordinated Debt Ratings
BBVA CONSUMER 2018-1: Moody's Affirms Caa1 Rating on EUR4MM Z Notes


S W E D E N

HEIMSTADEN AB: S&P Assigns 'B-' Issuer Credit Rating, Outlook Neg.
POLYGON GROUP: Fitch Alters Outlook on 'B' LongTerm IDR to Stable


T U R K E Y

[*] Fitch Hikes Viability Ratings on 4 Turkish Participation Banks


U N I T E D   K I N G D O M

ADVANZ PHARMA: Moody's Upgrades CFR to B2, Outlook Remains Stable
FORMENTERA ISSUER: Fitch Affirms 'Bsf' Rating on Class F Notes
PG POLARIS: $325MM Loan Add-on No Impact on Moody's 'Ba3' CFR


X X X X X X X X

[*] BOND PRICING: For the Week October 7 to October 11, 2024

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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NASA BANKA: S&P Assigns B-/B Issuer Credit Ratings, Outlook Stable
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S&P Global Ratings assigned its 'B-/B' long- and short-term issuer
credit ratings to Nasa Banka a.d. Banja Luka. The outlook is
stable.

Nasa Banka a.d. Banja Luka is a small universal bank in Bosnia and
Herzegovina (BiH) that has total assets of konvertibilna marka
(BAM) 329 million (EUR168 million).

Nasa Banka was recapitalized after changing ownership and
management in 2019, although, in S&P's view, the bank is still
undergoing restructuring.

Profitability and operating efficiency have improved, but are still
significantly below the market average, partly because of its small
scale.

Concentrations in the loan portfolio are likely to remain a
weakness in the medium term, mainly reflecting Nasa Banka's small
size.

S&P views Nasa Banka's small scale and regional concentration as a
rating weakness. Nasa Banka is very small by global standards. It
had total assets of konvertibilna marka (BAM) 329 million (EUR168
million) as of June 2024. It is solely active in Republika Srpska,
one of the two regions of BiH, and with its market share of about
3%-4% it ranks last among the eight banks licensed to operation in
Republika Srpska. It has about 30,000 retail customers, who are
concentrated in and near the two biggest cities in Republika Srpska
(Banja Luka and Bijeljina).

Nasa Bank's growth plans carry execution risks. S&P said, "Based on
the growth targets set by Nasa Bank's management, we project loan
growth of at least 10% annually over the next few years, as the
bank increases its scale. We also understand that Nasa Banka plans
to invest more in digitalization and aims to become a more
retail-oriented bank that relies less on the corporate business."
The bank's profitability and operating efficiency lag those of
local peers. For instance, Nasa Banka's return on equity (ROE) was
9.4% at year-end 2023, which is significantly below the 15%
systemwide average in BiH. Similarly, the cost-to-income ratio was
77% at year-end 2023, well above the systemwide average of 53%. S&P
said, "Longer term, if the management plans prove successful, we
believe that Nasa could improve its metrics closer to the peer
average. However, in the medium term, we forecast that Nasa Banka's
ROE will average about 7% and its cost-to-income ratio to 80%,
still lagging most of its peers."

S&P said, "We expect capitalization to keep pace with loan growth.
Specifically, we forecast that Nasa Banka's risk-adjusted capital
(RAC) ratio of 6.0% in June 2024 will remain broadly stable over
the next few years. Our RAC forecast is underpinned by the
expectation that Nasa Banka will retain its earnings and that the
ultimate owner would provide further capital injections to support
growth, if needed. That said, Nasa Banka's earnings buffer, which
measures the capacity for a bank's pre-provision earnings to cover
its normalized credit losses, is weak, indicating a strong negative
gap. In the medium term, we do not expect earnings to be able to
cover normalized losses, as calculated by S&P Global Ratings.
Moreover, about 20% of Nasa Banka's total adjusted capital (TAC)
comprises hybrid capital, in the form of preferred shares, which we
view as having a weaker loss absorption capacity than common
equity.

"In our view, Nasa Bank's asset quality is likely to remain
vulnerable to economic downturns and sector concentrations. The
bank has higher single-name concentrations than peers due to its
small size, local focus, and focus on corporate lending. About 60%
of the loan book is geared toward corporates. It is particularly
vulnerable to adverse scenarios in the commercial real estate
sector, which comprises 20% of its corporate loan book. On a
positive note, we think Nasa Banka has improved its underwriting
standards since the change in management in 2019. It had improved
its nonperforming asset (NPA) ratio to 5.5% at year-end 2023, from
21.1% at year-end 2020, through write-offs and the sale of
nonperforming assets (NPAs), combined with a better loan approval
process. In addition, loan-loss reserves covered 107% of NPAs at
year-end 2023, indicating active provisioning for credit losses.
Nasa Bank's top 20 corporate exposures account for about 1.5x of
its TAC, which is not unusual for small banks. We also acknowledge
that most of these single-name concentrations are mitigated by
collateral and guarantees.

Customer deposits are the key pillar of Nasa Banka's funding base,
similar to most peers in developing countries. As of June 2024,
customer deposits represented about 90% of the funding base. Of
these deposits, 70% are sourced from local retail customers, which
S&P generally assess as stable funding. The customer
loan-to-deposit ratio was 68% in June 2024, indicating that loans
are adequately covered by available deposits. S&P said, "Although
we see some concentrations in the deposit base, especially for
corporate deposits, we consider it positive that Nasa Banka did not
experience above-average deposit outflows in early 2022, when the
two local Sberbank subsidiaries in BiH had to be taken over by
local banks to preserve the stability of the banking system. Nasa
Banka's high liquidity ratios are comparable with those of local
peers and reflect the monetary set-up in BiH. Under the existing
currency board arrangement in BiH, which pegs the local currency to
the euro, the central bank cannot act as a lender of last resort.
Therefore, local banks typically hold additional liquidity as a
precaution. At year-end 2023, Nasa Banka's broad liquid assets
represented about 37% of total assets and covered short-term
wholesale funding by 27x. At the same time, the regulatory
liquidity coverage ratio stood at 388%. We view these high ratios
as necessary to run a banking business in BiH, and not as a
strength."

S&P said, "The stable outlook mainly indicates that we expect Nasa
Banka to maintain capital commensurate with its business growth
over the next 12 months. We do not expect it to compromise on its
risk standards for the sake of rapid growth to gain scale and
efficiency. In our base case, we assume that the bank does not face
risks related to the commercial real estate activities of the
owner's extended family and that Nasa Bank's related-party exposure
is unlikely to grow by a material amount. We anticipate that the
bank will continue to refrain from business relations with
politically exposed persons, which might damage its standing.

"We could lower the rating in the next 12 months if we see material
risks that endanger the viability of Nasa Banka's business.
Although not in our base case, this could occur, for example, if
its capital buffer decreased. We will monitor the bank's lending
standards and the development of its asset quality indicators to
gain confidence that the bank will not compromise on its risk
appetite.

"We do not expect to raise the ratings within the next 12 months,
because the bank will need longer to transform itself and gain
sufficient scale and efficiency to generate tangible and
sustainable benefits. Over the longer term, we could consider a
positive rating action if Nasa Banka can significantly improve its
position in the local market without undermining its risk profile
and capitalization, and can materially and sustainably improve its
risk-adjusted profitability and efficiency to levels comparable
with peers."




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D E N M A R K
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WINTERFELL FINANCING: Moody's Cuts CFR to B3, Outlook Stable
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Moody's Ratings has downgraded Winterfell Financing S.a.r.l.
(Stark)'s corporate family rating to B3 from B2 and the probability
of default rating to B3-PD from B2-PD. Concurrently, Moody's have
downgraded the EUR1.795 billion senior secured term loan B due 2028
and the EUR371 million senior secured revolving credit facility
(RCF) due 2027 to B3 from B2. The outlook has changed to stable
from negative.

RATINGS RATIONALE

The rating action reflects:

-- Stark's weaker than expected credit metrics due to a sharp
deterioration in construction activities, mainly driven by the new
build segment. Weak demand coupled with deflationary pressure has
delayed the deleveraging path compared to Moody's expectations,
positioning the company more appropriately in the B3 rating
category.

-- Moody's expectation that credit metrics will improve over the
next 12-18 months, supporting the stable outlook. This includes
Moody's adjusted gross debt/EBITDA declining below 7.0x, after
peaking to around 10.0x in fiscal 2024 ending in July (up from 6.5x
in fiscal 2023). The improvement will be supported by cost-saving
initiatives, lower restructuring charges and the turnaround of the
UK business (SGBDUK) acquired in fiscal 2023, as well as gradually
improving market conditions, albeit from very low levels. Moody's
forecast assumes that volumes will grow in the low single digit
percentage in 2025, mainly supported by better market conditions in
the UK and the Nordics, and will show a more meaningful recovery
from 2026.

-- Moody's expectations of negative free cash flow (FCF) of around
EUR190 million in fiscal 2024 mainly due to material investments
across the business and restructuring in the UK. This has weakened
the company's liquidity profile, weakly positioning the company in
the current rating. Moody's expect FCF will remain negative in
fiscal 2025 and 2026, around negative EUR100 million and EUR50
million respectively. However, the stable outlook assumes that the
negative FCF generation will be offset by proceeds from non-core
asset disposals (e.g. properties) in excess of EUR100 million over
the next two years, resulting in the maintenance of an adequate
liquidity profile. Liquidity is further supported by the absence of
imminent refinancing risk, with the term loan due in 2028.

The B3 rating remains supported by Stark's well diversified
geographical presence, which has improved with the addition of the
UK business; management's track record of integrating acquired
businesses, proven also through the acquisition of the German
business in 2019; and a high share of renovation activities (70% of
gross profit). The rating remains constrained by Stark' low
profitability, typical of this business model, and its acquisitive
strategy that can increase leverage over time. At the same time,
Moody's expect that given the negative FCF generation over the next
12-18 months, Stark will decelerate its pace of acquisitions,
focusing on deleveraging and preserving cash.

LIQUIDITY

Stark's liquidity is adequate supported by around EUR87 million of
cash and around EUR255 million available under its EUR371 million
RCF as of April 2024. Moody's expect Stark to release working
capital in Q4 of fiscal 2024 (May to July), improving the liquidity
position by the end of fiscal 2024. Liquidity is further supported
by the sizeable portfolio of unencumbered owned real estate assets,
which are valued at over EUR1.18 billion. Moody's expect Stark will
continue to dispose of part of non-core real estate portfolio,
offsetting Moody's expectations of negative FCF over the next two
years. These sources of liquidity, together with internally
generated funds from operations, are sufficient to cover intra-year
working capital swings with a peak in working capital consumption
generally between Q1 and Q3. Other uses include annual capital
spending of around 1% of sales, lease payments and spending on
bolt-on M&A.

The RCF is subject to a springing first-lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%, net
of cash balances. Given the earnings deterioration the headroom
under the covenant has reduced, but Moody's expect Stark to remain
compliant.

STRUCTURAL CONSIDERATIONS

Stark's EUR1,795 million senior secured TLBs and EUR371 million
senior secured RCF are both rated in line with the CFR. The TLBs
and RCF rank pari passu and guaranteed by subsidiaries accounting
for about 80% of total consolidated EBITDA. The facilities are
secured mainly by share pledges, significant bank accounts and
certain intercompany receivables. The B3-PD PDR is at the same
level as the CFR, reflecting the use of a standard 50% recovery
rate as is customary for capital structures with bank loans and a
covenant-lite documentation.

OUTLOOK

The stable outlook reflects Moody's expectations that Moody's
adjusted gross leverage will reduce below 7.0x over the next 12-18
months and EBITA / interest coverage will increase to around 1.0x
over the same period. The stable outlook also reflects Moody's
expectations that liquidity will remain adequate as negative FCF
generation will be offset by asset disposals. A failure or delay in
proceeding with non-core asset disposals as planned would increase
negative rating pressure.

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

The ratings could be upgraded if strong earnings growth results in
sustained improvement in credit metrics, including:

-- Moody's-adjusted debt/EBITDA remaining sustainably below 6.0x,

-- FCF remaining sustainably positive;

-- EBITA / Interest sustainably above 1.5x

The ratings could be downgraded if earnings trajectory does not
improve over the next 12-18 months resulting in:

-- Moody's-adjusted debt/EBITDA not declining towards 6.5x,

-- Moody's-adjusted EBITA/Interest remaining sustainably below
1.0x,

--  If the amount of asset disposal is not enough to offset the
negative FCF generation, further weakening the liquidity profile.

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in February 2023.

COMPANY PROFILE

Headquartered in Frederiksberg, Denmark, Stark is a leading
distributor of building materials in DACH, the Nordics and the UK,
and the largest distributor of heavy building materials in Northern
Europe. Stark reported EUR7.9 billion in the LTM ending April 2024.
The company is owned by CVC, which acquired it from Lone Star in
2021.




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F R A N C E
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BOOST HOLDINGS 2: Moody's Affirms 'B1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has affirmed Boost Holdings 2's (Bruneau or the
company) B1 corporate family rating and B1-PD probability of
default rating. At the same time, Moody's affirmed the issuer's B1
ratings on the EUR305 million backed senior secured term loan B
(TLB) and EUR60 million backed senior secured revolving credit
facility (RCF). The outlook remains stable.

"Moody's decision to affirm Bruneau's ratings reflects its solid
credit metrics and resilient performance despite a subdued
macroeconomic context in France, where ongoing political
uncertainty has resulted in a weaker business sentiment and weak
demand in the office equipment supply industry" says Guillaume
Leglise, a Moody's Ratings Vice President-Senior Analyst and lead
analyst for Bruneau. "Although revenue growth prospects are very
sluggish for the next 12 to 18 months, Bruneau's margins and free
cash generation remain very healthy, and the company has the
capacity to absorb temporary weaker revenues and earnings" adds Mr.
Leglise.

RATINGS RATIONALE

The rating action reflects Bruneau's resilient performance so far
in 2024, in a difficult macroeconomic context in France, and its
very solid credit metrics for the rating category. As at end-August
2024, the company's leverage (Moody's-adjusted gross debt/EBITDA)
stood at 2.9x, broadly stable compared to December 2023 (2.8x).
Bruneau's interest coverage ratio (Moody's-adjusted EBITA/interest
expenses) also remains strong, at around 4.0x, benefiting from
resilient earnings and lower interest charges, following a debt
repayment last year.

Bruneau's sales and EBITDA (as reported by the company) declined by
5.7% and 6.1% respectively in the first eight months this year
because of subdued demand and weak business confidence indicator in
France. Corporate demand for office supplies tends to be highly
cyclical because corporate fundamentals are closely linked to
general economic conditions. In this regard, Bruneau faces limited
growth prospects and its activities are highly reliant on the
economic conditions in France, its main market, and especially the
health of SMEs, its core customer base. Moody's forecast GDP growth
in France in 2025 to decelerate, which will likely weigh on the
company's sales, as seen in recent months. Moody's nevertheless
expect Bruneau's earnings and margins to remain broadly stable
despite lower volumes, translating into a leverage hovering around
3.0x in the next 12-18 months.

The B1 CFR continues to reflect (1) Bruneau's established position
in the Business-to-Business (B2B) office equipment supply markets
in France and Benelux, supported by a distinct customer approach
and large product offering, (2) its strong digital platform and
logistic infrastructure, (3) its good track record of customer
acquisition and retention, (4) its strong credit metrics for the
rating category, supported by high margins of around 18.8%
(Moody's-adjusted EBIT margin) expected for 2024 and low leverage,
and (5) its strong liquidity and good free cash flows (FCF)
expected to be sustained in the next 12-24 months.

At the same time, the rating is constrained by (1) Bruneau's
intrinsic exposure to macroeconomic cycles and to French SMEs, (2)
its small size compared with global office supply distributors or
specialized retailers, (3) its limited geographical reach, and (4)
the highly fragmented and competitive nature of the industry, which
also faces declining demand for traditional office products owing
to the increased work-from-home, digitalization and more
sustainable consumption.

Governance considerations were an important driver of the rating
action. Moody's believe that the company's maintenance of a modest
leverage since 2021 evidences a balanced financial policy, with
shareholder distributions being mitigated by debt reduction.
Bruneau made a large shareholder distribution of EUR66 million in
June 2024, which was used to repay a convertible bond outside of
the restricted banking group. Despite this dividend, Bruneau
retains a strong liquidity, with cash balance of EUR50 million at
end-August 2024 and full availability under its EUR60 million RCF.
Bruneau has a good track record of positive FCF because of its
asset-light profile, with higher margins than traditional
distributors and limited capital spending. Moody's expect the
company's FCF to remain healthy in the next two years, with at
least EUR40 million generated per year, before dividends (or 15% of
Moody's-adjusted gross debt). Moody's expect the company will
maintain a modest leverage and will continue to use internally
generated cash flows to reduce debt, pay dividends or finance
potential acquisitions.

LIQUIDITY

Bruneau's liquidity is strong, supported by a cash balance of EUR50
million and full access to its EUR60 million RCF as of 31 August
2024. Moody's expect Bruneau to continue to generate positive FCF
over the next 18 months, as seen historically, which reflects the
company's high margins, low working capital requirements and low
capital spending needs. The TLB and the RCF are subject to a
maintenance senior net leverage covenant, with ample capacity,
despite some testing step-downs every quarter. Bruneau's TLB is due
in October 2028, while its RCF is due in April 2028.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectations that
Bruneau will sustain its current credit metrics despite very soft
revenue growth, and broadly stable operating margins, leading to
Moody's-adjusted gross leverage hovering around 3.0x in the next
12-18 months. Moody's also expect the company to continue to
generate positive FCF and maintain at least adequate liquidity.
Finally, the stable outlook incorporates Moody's assumption that
the company will maintain a modest leverage and will not make any
significant debt-financed acquisitions.

STRUCTURAL CONSIDERATIONS

Boost Holdings 2's capital structure consists of a senior secured
TLB for a total outstanding amount of EUR284 million and a EUR60
million senior secured RCF. The TLB and RCF benefit from the same
maintenance guarantor package, including upstream guarantees from
guarantor subsidiaries, representing around 85% of the company's
consolidated EBITDA. Both instruments are secured, on a
first-priority basis, by share pledges in each of the guarantors;
security assignments over intercompany receivables; and security
over material bank accounts. However, there are significant
limitations on the enforcement of the guarantees and collateral
under Belgian and French laws.

The senior secured bank debt instruments are rated B1, in line with
the CFR, reflecting the fact that these represent the only
financial debt in the company's capital structure. Bruneau's PDR is
B1-PD, reflecting the use of a 50% family recovery rate, consistent
with a debt structure which is composed of senior bank debt only
with a relatively weak financial maintenance covenant.

The capital structure also includes a shareholder loan (unrated) of
around EUR40 million, which matures in April 2029, six months after
the TLB. This shareholder loan is treated as equity for the purpose
of Moody's metrics calculations.

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

Positive rating pressure is currently limited mainly by Bruneau's
low growth prospects, limited scale and geographic concentration.
As the company has already good credit metrics, any positive rating
migration in a longer term would be a function of Bruneau's ability
to gain scale through customer acquisition, increase business
diversification outside France, while maintaining current margins
and building a further track record of a business model resilient
to market troughs. In addition to the qualitative improvements
mentioned above any further upward pressure should be supported by
sustained growth in sales and earnings, Moody's-adjusted
debt/EBITDA ratio of below 3.0x and Moody's-adjusted FCF/Debt ratio
of at least mid-teens (in percentage terms). An upgrade would also
require Bruneau to display a good liquidity profile while
demonstrating balanced and transparent financial policies.

Conversely, negative pressure on the rating could materialise if
Moody's adjusted debt/EBITDA ratio exceeds 4.0x on a sustained
basis, and/or the company's operating or financial performance –
including margins and customer base - contracts meaningfully.
Downward ratings pressure could also arise if FCF or Bruneau's
interest cover weaken significantly or if the company does not
maintain at least adequate liquidity at all times or displays
aggressive financial policies.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in February 2023.

COMPANY PROFILE

Headquartered in Villebon-sur-Yvette, France, Boost Holdings 2
(Bruneau) is an online distributor of office supplies. The company
primarily focuses on the B2B market in France and Benelux,
targeting mostly SMEs. In 2023, Bruneau reported EUR504 million in
net sales and EUR88 million in EBITDA (company-adjusted, pre-IFRS
16). In 2023, France accounted for around 66% of group net sales,
with the rest generated in Benelux (18%), Italy (12%) and Spain
(4%).

In September 2021, Towerbrook, a private equity firm, acquired
Bruneau from Equistone in a leveraged buyout. Towerbrook owns a
majority stake in Bruneau (57%), while Equistone retains a 17%
stake, and management and employees own the remainder (26%).




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G E R M A N Y
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BLITZ 24-119: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Blitz 24-119 GmbH (Fischbach) an
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook. Fitch has also assigned Blitz 24-120 GmbH's
proposed EUR350 million senior secured term loan B and EUR70
million senior secured delayed draw term loan B 'B(EXP)' expected
ratings with Recovery Ratings of 'RR4'.

The 'B(EXP)' IDR reflects Fischbach's leading market position in
the growing niche cartridge packaging market for adhesives and
sealants (A&S). The company also has strong technology capabilities
and long-term partnerships with customers that support strong
profitability through-the-cycle. The rating is constrained by the
company's Fitch-estimated EBITDA gross leverage of about 5x
post-transaction and by its limited size and product
diversification.

The Stable Outlook reflects Fitch's expectations for Fischbach to
maintain strong operating profitability, supported by limited capex
requirements and strong FCF. However, increased gross debt from the
delayed-draw term loan facility will likely keep leverage stable
through 2027.

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

Key Rating Drivers

Deleveraging Capacity Limited by Earnout: Fischbach's rating is
limited by its expected EBITDA gross leverage of about 5x
post-transaction, which Fitch views as commensurate with a 'B'
category packaging company. Deleveraging capacity is supported by
expected mid-single digit organic nominal EBITDA growth over
2024-2027. However, Fischbach's deleveraging profile will also be
dependent on potential upcoming earn-out payments over 2025-2026,
partially financed via a delayed-draw term loan facility.

Its rating case assumes a full drawdown of the group's EUR70
million delayed-draw TLB by 2026 (for earnout payments) leading to
a broadly stable leverage profile over the next four years.

Limited Size and Product Diversification: The company's business
profile is mainly limited by its small size relative to most
packaging peers and focus on the niche plastic cartridges packaging
market used in the A&S sector. However, this is somewhat mitigated
by expected solid growth of its reference markets, its
well-entrenched market position with moderate-to-high barriers to
entry and additional exposure to sale of filling machinery (about
5% of 2023 revenue).

Sound Business Profile: Fischbach's business profile is supported
by its leading global market position in cartridge packaging
solutions for the A&S market, strong technical capabilities,
long-term partnerships with customers, a sound geographic footprint
mainly focused in the US and Germany, as well as moderate customer
diversification.

Cyclical End-Market: The business profile is mainly constrained by
its limited size and product diversification. The company's high
exposure to the cyclical building and construction sector is
another limitation. However, this is somewhat mitigated by its
primary focus on the more resilient renovation end-market as well
as its more limited exposure to other sectors including automotive,
aerospace and marine applications.

Strong Market Position: Fischbach is the leading global provider of
cartridge packaging solutions for A&S. This position is supported
by its longstanding customer relationships. It is further
reinforced by a strategically located footprint, comprising seven
manufacturing sites, and by strong technical capabilities. These
include expertise in thin wall injection molding and strong product
design and decoration capabilities. The group increasingly uses
cartridges with a high proportion of post-consumer recycled (PCR)
content, which is a clear differentiator from its competitors.

Cost Pass-Through Ability: Fischbach is exposed to raw material
price volatility mainly related to resin costs (about 80% of
material costs), especially high-density polyethylene. This
exposure is partly mitigated by the company's solid record of cost
pass-through abilities supported by contractual pass-through
clauses and by its long-term customer relationships. Short project
lead times also limit the impact from any potential lag in passing
on cost inflation to its customers.

Strong Profitability Through-the-Cycle: Fitch expects Fischbach
will generate a mid-to-high single digit FCF margin
through-the-cycle. The group's forecasted strong EBITDA margin of
above 30% is further complemented by a fairly limited capex
requirement of about 6%-6.5% of revenue. This is partly offset by
an expected increased interest rate burden post-transaction. The
company's strong operating profitability is underpinned by its
leading market position and strong technical capabilities.

Derivation Summary

Fischbach's size is broadly in line with Bormioli Pharma S.p.A.
(B/RWP) and smaller than other Fitch-rated 'B' category peers such
as Ardagh Metal Packaging S.A. (AMP; B-/Negative), Titan Holdings
II B.V. (B+/RWP), Fiber Bidco S.p.A. (B+/Stable) and Reno de Medici
S.p.A. (B+/Stable).

Fischbach's financial profile is supported by the highest operating
profitability and FCF margin generation among Fitch-rated 'B'
category packaging peers. The company's EBITDA margin of above 30%
is significantly above the 10% to 20% peers' average. The company's
expected post-transaction EBITDA leverage of 5x is broadly in line
with Bormioli Pharma and Titan Holdings.

Key Assumptions

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

- Mid-single digit average annual compounded revenue growth in
2024-2027

- Broadly stable EBITDA margin of about 33-34% in 2024-2027

- Working capital requirement of about EUR5-8 million annually

- Capex at 6%-6.5% of revenue in 2024-2027

- No acquisitions and disposals in 2024-2027

- No dividends in 2024-2027

- Full drawdown on the group's delayed draw TLB by 2026 to finance
additional earn-out payments (actual payment is linked to the
future performance)

Recovery Analysis

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

- A 10% administrative claim.

- For the purpose of the recovery analysis, Fitch assumed that
post-transaction debt comprises the proposed EUR350 million senior
secured term loan B, EUR70 million senior secured delayed draw term
loan B (assumed full drawdown) an EUR75 million senior secured
revolving credit facility (RCF; assumed fully drawn).

- The GC EBITDA estimate of EUR55 million reflects Fitch's view of
a sustainable, post-reorganisation EBITDA level upon which Fitch
bases the group's enterprise valuation (EV). This scenario
incorporates a loss of a major customer and a failure to broadly
pass on raw material cost inflation to customers. The assumption
also reflects corrective measures taken in reorganisation to offset
the adverse conditions that trigger its default.

- An EV multiple of 5.0x EBITDA is applied to the GC EBITDA to
calculate a post-re-organisation EV. It mainly reflects Fischbach's
leading position in its growing niche markets supported by strong
long-term customer relationships balanced by the group's fairly
small size and limited product diversification.

- Its waterfall analysis generated a waterfall-generated recovery
computation (WGRC) in the 'RR4' band, indicating a 'B(EXP)'
instrument rating. The WGRC output percentage on current metrics
and assumptions is 50%

RATING SENSITIVITIES

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

- EBITDA leverage below 4.5x

- EBITDA interest coverage ratio above 3.0x

- Mid-single-digit FCF margin

- Improvement in diversification and scale of the business

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

- EBITDA leverage above 5.5x

- EBITDA interest coverage below 2.0x

- Neutral to negative FCF

Liquidity and Debt Structure

Sufficient Liquidity: Liquidity at the closing is expected to
mainly consist of an EUR75 million 6.5-year Revolving Credit
Facility (RCF), drawn at EUR15 million, and EUR13 million readily
available cash (excluding about EUR3 million restricted by Fitch
for intra-year working capital swings). Fitch expects mid-to-high
single digit FCF generation in 2024-2027. There will be no
significant short-term debt maturities as the new debt structure
will be dominated by the proposed EUR350 million senior secured
seven-year term loan B and EUR70 million senior secured seven-year
delayed draw term loan (no drawdown at the closing).

Issuer Profile

Fischbach is a German-based leading provider of plastic cartridge
packaging solutions for A&S . Its products are mainly used in used
in building repair, renovation & construction, aftermarket
automotive, marine weather & water-sealing applications, and
aerospace bonding applications.

Date of Relevant Committee

September 26, 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Blitz 24-119 GmbH has an ESG Relevance Score of '4' for Financial
Transparency due to lack of consolidated historical audited
accounts, 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   
   -----------              ------                   --------   
Blitz 24-119 GmbH     LT IDR B(EXP)  Expected Rating

Blitz 24-120 GmbH

   senior secured     LT     B(EXP)  Expected Rating   RR4


FORTUNA CONSUMER 2024-2: Fitch Assigns 'BB-sf' Rating on F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Fortuna Consumer Loan ABS 2024-2
Designated Activity Company's class A to F notes final ratings.

The class F notes' final rating is one notch above the expected
rating due to a lower final fixed rate under the swap.

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

   A XS2887887581       LT AAAsf  New Rating   AAA(EXP)sf
   A2 XS2888507717      LT WDsf   Withdrawn    AAA(EXP)sf
   B XS2887887664       LT AA-sf  New Rating   AA-(EXP)sf
   C XS2887887748       LT A-sf   New Rating   A-(EXP)sf
   D XS2887888043       LT BBB-sf New Rating   BBB-(EXP)sf
   E XS2887889793       LT BBsf   New Rating   BB(EXP)sf
   F XS2887890882       LT BB-sf  New Rating   B+(EXP)sf
   G XS2887891005       LT NRsf   New Rating   NR(EXP)sf
   X XS2887891427       LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

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

Fitch has withdrawn Fortuna Consumer Loan ABS 2024-2's class A2
notes' expected rating as it is no longer expected to convert to a
final rating.

KEY RATING DRIVERS

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

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

Increase default rate by 25%:
'AAsf'/'A+sf'/'BBBsf'/'BBsf'/'Bsf'/'CCCsf'

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

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

Reduce recovery rates by 10%:
'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'BB-sf'

Reduce recovery rates by 25%:
'AA+sf'/'AA-sf'/'A-sf'/'BB+sf'/'BBsf'/'B+sf'

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

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

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

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

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


NIDDA HEALTHCARE: Moody's Rates New Senior Secured Notes 'B3'
-------------------------------------------------------------
Moody's Ratings has assigned a B3 rating to the proposed EUR1,250
million backed senior secured notes due in 2030 to be issued by
Nidda Healthcare Holding GMBH and split between fixed rate and
floating rate tranches. The remaining instrument ratings of Nidda
Healthcare Holding GMBH, as well as the corporate family rating of
Nidda BondCo GmbH (STADA or the company), are not affected by this
rating action and remain at B3. The outlook is positive.

STADA intends to use the proceeds of the new notes issuance to
partially refinance existing debt, including its existing backed
senior secured notes due 2026 and senior secured term loan due
2026. Moody's expect that credit metrics will remain largely
unchanged with the contemplated refinancing transaction.

RATINGS RATIONALE

The B3 rating of the new senior secured notes reflect their pari
passu ranking with STADA's existing senior secured debt. Moody's
view positively that the company continues to proactively address
its debt maturities well ahead of maturity.

STADA's B3 CFR reflects the company's good business profile with a
well-diversified small-molecule generics portfolio; its good
geographical diversification in both developed and emerging
European markets; its strong over-the-counter (OTC) portfolio of
consumer health products, with leading market positions across
various therapeutic areas, and increasing exposure to biosimilars;
and Moody's expectation of positive and growing Moody's-adjusted
free cash flow (FCF) over the next 12-18 months.

The rating also takes into consideration STADA's highly leveraged
capital structure, with Moody's-adjusted gross leverage of about
6.8x for the 12 months to June 2024, although with good leverage
reduction prospects on an organic basis; the relatively
commoditised nature of its generics portfolio; price erosion in
generics drugs; and the company's exposure to foreign-currency
fluctuations, which can cause volatility in earnings.

RATING OUTLOOK

The positive outlook primarily reflects Moody's expectation that
STADA will maintain strong operating performance that will lead to
continued improvement in key credit metrics over the next 12
months, as well as the continued focus on deleveraging. Moody's
expect the company to continue to address its debt maturities
proactively well-ahead of their due date, including the remaining
portion of its debt due in 2026. More visibility on the potential
change in ownership and related governance considerations would
also be factored in any potential change of the ratings.

LIQUIDITY

STADA has adequate liquidity, supported by a cash balance of EUR209
million as of June 30, 2024 and access to its EUR365 million
revolving credit facility (RCF) due in May 2026, of which EUR70
million were drawn at the end of June 2024, pro forma its most
recent refinancing transaction. Liquidity is also supported by
Moody's expectation that its Moody's-adjusted (FCF) will improve
over the next 12-18 months, supported by strong earnings,
normalisation of inventory levels, which should reduce working
capital requirements, and capital spending that Moody's estimate at
about 7% of total revenue.

The RCF is subject to a total debt leverage covenant of 8.5x,
tested quarterly if more than 35% of the facility is drawn; Moody's
expect the company to have sufficient capacity for this covenant,
if tested.

STRUCTURAL CONSIDERATIONS

STADA's debt structure consists of senior secured term loans,
senior secured notes and a senior secured RCF, which share a
security package consisting of shares from operating subsidiaries
accounting for at least 80% of group EBITDA and which are all rated
B3 in line with the CFR. The security package of STADA's debt
instruments is considered weak because it consists of a pledge on
the shares and not on the assets of the operating subsidiaries.

In light of the mixed capital structure, which includes both bank
debt and bonds, Moody's applied a recovery rate of 50% for the
corporate family.

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

Ratings could be upgraded if STADA continues to deliver solid
operating performance, and maintains conservative and predictable
financial policies, including visibility into M&A strategy and
shareholder distributions, and a continued prudent approach in
managing debt maturities well-ahead of due date. Numerically, this
would translate into the company operating with Moody's-adjusted
gross debt/EBITDA below 6.5x and Moody's-adjusted EBITA/interest
expense above 2x, both on a sustained basis.

Conversely, downward pressure could develop if STADA's operating
performance deteriorates or its financial policy becomes more
aggressive than in the recent past, leading to its Moody's-adjusted
gross debt/EBITDA increasing above 7.5x on a sustained basis or its
Moody's-adjusted FCF turning negative. Downward pressure could also
develop if liquidity deteriorates, including if the company fails
to address its debt maturities at least 12 months before their due
date.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

STADA is a Germany-based pharmaceutical company specialised in the
production and marketing of small-molecule generics, OTC
pharmaceutical products and specialties such as biosimilars. During
the 12 months that ended June 2024, STADA generated revenue of
EUR3.9 billion and company-adjusted pro forma EBITDA of EUR927
million. The company is fully owned by funds managed by Bain
Capital Private Equity (Europe), LLP and Cinven Partners LLP.


SCHAEFFLER AG: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Schaeffler AG's Long-Term Issuer Default
Rating (IDR) at 'BB+' with a Stable Outlook and senior unsecured
rating at 'BB+' with a Recovery Rating of 'RR4'. Fitch has also
affirmed Schaeffler's immediate parent IHO Verwaltungs GmbH's (IHO)
IDR at 'BB' with a Stable Outlook and senior secured rating at 'BB'
with a Recovery Rating of 'RR4'.

The affirmations reflect Fitch's expectation that IHO's
consolidated leverage profile should benefit from the merger of
Vitesco Technologies Group AG into Schaeffler. Schaeffler's
business profile will also improve from larger scale with a wider,
growth-oriented product offering.

Vitesco was merged into Schaeffler on 1 October 2024. As a result,
Schaeffler's EBITDA net leverage will increase to 2.4x at end-2024
before dropping to 1.7x at end-2025. Fitch expects that challenging
market conditions for Schaeffler's industrial business and dilutive
margin effects from the Vitesco consolidation will result in an
EBIT margin of 6% in 2024 and 6.2% in 2025. Fitch expects
progressive margin improvement in 2026-2027 when synergies will
start to be visible.

The Stable Outlooks reflect Schaeffler's established M&A record and
solid strategic rationale behind the takeover, despite execution
risks. IHO's IDR reflects its consolidated profile while
Schaeffler's IDR is constrained at one notch above IHO's IDR
reflecting parent and subsidiary links.

Key Rating Drivers

Industrial Business Weighs on Earnings: Schaeffler reduced its 2024
guidance for EBIT margin and free cash flow (FCF) due to a higher
than anticipated Vitesco dilutive margin impact in 4Q24 and
challenging conditions in the bearings and industrial solutions
business. The industrial business reported weaker 1H24 margins due
to negative demand trends in Europe and China, with wind and
industrial automation the most affected by lower sales. Operating
profit was also affected by inventory write-off, driven by lower
sales and warranty claims.

Fitch forecasts Schaeffler's EBIT margin at around 6% in 2024, a
level still consistent with the rating, with moderate improvements
in 2025 as it expects that actions to restore industrial business
profitability and demand recovery should support earnings.

Business Profile Enhanced: Fitch believes the merger with Vitesco
will strengthen Schaeffler's market and strategic position,
creating a top 10 worldwide auto supplier based on 2023 pro-forma
revenue. Complementary technology and knowledge will improve
Schaeffler's value proposition alongside the automotive value
chain, particularly given the move towards electrification, which
requires fewer parts but more integration of modules.

The new group has good geographical and customer diversification,
with the industrial business and aftermarket business providing
exposure to different customers, business cycles and higher margins
than auto original equipment manufacturers (OEMs) business.

Potential Synergies: Schaeffler expects to accrue EUR600 million of
annual synergies from 2029 (EUR500 million of costs and EUR100
million revenues) with 50% to be achieved by 2026, and
integration-related expenses of EUR665 million between 2024 and
2026. As well as procurement savings, Schaeffler sees saving
potential in expenses in research and development, selling, general
and administrative costs and overheads, with possible staff
adjustments. Nevertheless, Fitch conservatively expects synergies
to have an incremental 60bp impact on the EBIT margin by 2027.

Minority Voting Rights: In February 2024, Schaeffler's shareholder
meeting resolved to convert its non-voting shares into common
voting shares at a ratio of 1:1. After the merger, free float
shareholders will hold about 21% of Schaeffler, which Fitch
considers positive in terms of corporate governance. Fitch expects
free float and institutional investors to have representation in
Schaeffler's governing bodies, reducing pre-merger voting rights
concentration.

Room for Deleveraging at IHO: Fitch expects IHO's consolidated
financial profile to benefit from the takeover, although this will
be subject to successful integration of Vitesco into Schaeffler.
Despite more challenging market conditions and reduced
profitability expectation, Fitch expects that Vitesco consolidation
could push IHO's leverage metrics towards its positive rating
sensitivities from 2026.

Derivation Summary

Schaeffler's business profile compares adequately with auto
suppliers in the 'BBB' rating category. With Vitesco's acquisition,
Schaeffler has become a global electric vehicle powertrain supplier
with a one-stop shop proposition for OEMs, while maintaining strong
market positions in the traditional internal combustion engine,
automotive aftermarket and industrial businesses. As a result, the
company benefits from stronger business and customer
diversification than peers in Fitch's portfolio of publicly rated
auto suppliers, outranked only by Robert Bosch GmbH (A/Stable) and
Continental AG (BBB/Positive).

Like other large and global suppliers, including Continental and
Aptiv PLC (BBB/Stable), Schaeffler has a broad and diversified
exposure to large international OEMs. However, the share of its
aftermarket business is smaller than pure play tyre manufacturers,
such as Compagnie Generale des Etablissements Michelin (A-/Stable)
and Pirelli & C. S.p.A. (BBB/Stable).

Schaeffler also has stronger operating margins than typical auto
suppliers. However, its FCF and financial structure is moderately
weaker than peers in the 'BBB' category. Schaeffler's Standalone
Credit Profile is higher than its IDR, because the IDR is
constrained by Schaeffler's weaker parent IHO under Fitch's Parent
and Subsidiary Linkage Rating Criteria.

IHO's 'BB' IDR reflects its consolidated group profile and
Schaeffler's IDR is constrained one notch higher at 'BB+'. IHO's
secured debt Recovery Rating of 'RR4' reflects its structural
subordination. No Country Ceiling or operating environment aspects
affect the ratings.

Key Assumptions

- Vitesco full consolidation from 4Q24.

- Fitch models 2023-2027 sales CAGR of 12.6% driven by the Vitesco
acquisition. Organically Fitch assumes 1.4% CAGR over the same
period.

- Fitch-calculated EBIT margin dropping to 6% in 2024 mostly on
industrial business challenges and Vitesco full consolidation in
4Q24. Fitch expects Vitesco's lower margin business to lead to an
average 50bp EBIT margin dilution between 2025-2027, albeit Fitch
expects the margin to return above 7% by 2027 from synergy
accruals.

- Dividends received from Continental averaging EUR159 million a
year to 2027.

- Net working capital needs between 0.5% and 1% of sales per year
to 2027.

- Capex to average 5.7% of sales a year in 2024-2027.

- Schaeffler dividend payout of 50% between 2025-2027.

- IHO cumulative dividend payout of about EUR450 million between
2024 and 2027.

RATING SENSITIVITIES

IHO

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

- EBITDA net leverage below 2.5x.

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

- EBITDA net leverage above 3.5x.

- Weakening of formal linkage ties between Schaeffler and IHO
without adequate deleveraging.

- A reduction in IHO's stake in Continental AG without adequate
deleveraging.

Schaeffler AG

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

- Positive rating action on IHO or weakening of formal ties with
IHO combined with an EBIT margin above 8%, FCF margin of more than
1.5% and EBITDA net leverage below 2.0x.

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

- Negative rating action on IHO or strengthening of formal ties
between Schaeffler and IHO.

- EBIT margin below 6%.

- FCF neutral to negative.

- EBITDA net leverage above 2.5x.

Liquidity and Debt Structure

Healthy Liquidity: At end-2023, Schaeffler's liquidity was
supported by reported available cash of slightly less than EUR769
million. Fitch considers EUR358 million (about 2.5% of annual
sales) not immediately available for debt repayment. The company
has EUR2 billion committed and mostly undrawn revolving credit
facilities (RCFs) and bilateral credit lines of EUR286 million. In
addition, Schaeffler has an uncommitted commercial paper programme
of EUR1 billion (EUR90 million utilisation at end-2023), and a
factoring programme of EUR200 million (drawn EUR150 million at
end-2023 and EUR175 million at 30 June 2024).

To refinance a bridge loan of EUR1.1 billion drawn to acquire
Vitesco shares, Schaeffler issued EUR1.1 billion bonds in 1H24
split in two tranches (EUR500 million and EUR600 million) maturing
in 2026 and 2029. The company also raised EUR850 million to partly
refinance a EUR370 million drawdown under its bridge loan facility
and a bond maturing in 2024. Reported available cash dropped to
EUR596 million as a result of seasonal net working capital impact
and cash outflows for Vitesco's shares. Schaeffler signed an
amendment agreement to increase the RCF to EUR3 billion, which
became effective at the merger completion (1 October 2024).

IHO's liquidity is also healthy. The company recently announced the
issuance of EUR2.2 billion bonds to refinance the 2026/2027 bond
maturities. IHO has a committed credit line of EUR800 million,
EUR120 million of which was drawn at end-2023 (undrawn at 30 June
2024). IHO's debt is secured by a pledge on Schaeffler and
Continental shares.

Issuer Profile

Schaeffler is a leading global automotive and industrial supplier.
The group currently divides its business activities into three
divisions. The automotive technologies division delivers
high-precision components and systems in engine, transmission and
chassis applications for combustion engines and E-mobility. The
vehicle lifetime solutions manages the distribution of spare parts
to repair shops. The bearings and industrial solutions supplies
bearings, drive technology and components and services to a variety
of industrial firms.

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

IHO Verwaltungs GmbH has an ESG Relevance Score of '4' for
Governance Structure due to the limited number of independent
directors as a constraining factor for board independence and
effectiveness, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.

Schaeffler AG has an ESG Relevance Score of '4' for Governance
Structure due to concentrated ownership and the lack of clarity
about independent/minority elected directors after the merger with
Vitesco, which has a negative impact on the credit profile, and is
relevant to the rating 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   Prior
   -----------               ------         --------   -----
Schaeffler AG          LT IDR BB+  Affirmed            BB+

   senior unsecured    LT     BB+  Affirmed   RR4      BB+

IHO Verwaltungs GmbH   LT IDR BB   Affirmed            BB

   senior secured      LT     BB   Affirmed   RR4      BB


SPEEDSTER BIDCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Speedster Bidco GmbH's (AutoScout24;
AS24) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlook is
Stable. Fitch has also affirmed AS24's first- and second-lien term
loans' senior secured ratings at 'B+' and 'CCC+' with Recovery
Ratings of 'RR3' and 'RR6', respectively.

Fitch has assigned AS24's prospective EUR1,500 million senior
secured term loan B and USD1,060 million senior secured term loan B
expected ratings of 'B+(EXP)' with a Recovery Rating of 'RR3'. The
proceeds will be used to repay AS24' existing debt and to finance
the Trader Corporation (Trader) acquisition. The assignment of
final ratings is contingent on the completion of the transaction
and the receipt of final documents conforming to information
already received.

The affirmation reflects the near-term completion of the
acquisition of Trader, the leading online automotive marketplace in
Canada. Following the Trader acquisition, AS24 will almost double
its revenue and EBITDA, become more geographically diversified and
have a higher proportion of revenues from the markets where it has
the number one position.

The Stable Outlook reflects its expectation that most credit
metrics will improve within the sensitivities for the rating by
end-2026, with EBITDA leverage declining to 7.2x from around 8.7x
proforma expected at end-2024, supported by strong, yet gradually
improving profitability. A deterioration in operating performance
or slow progress with synergy extractions may lead to negative
rating action, given the low rating headroom.

Key Rating Drivers

Market Leadership: AS24 (pre-Trader acquisition) is a pan-European
automotive classifieds group operating in Germany, Italy, the
Netherlands, Belgium and Austria. It occupies the top position in
all of its markets except Germany, where it is second only to
mobile.de. Following the Trader acquisition the share of AS24's
revenues with number one positions will increase to around 70% from
around 50% currently.

Trader Standalone Profile: Fitch views Trader's standalone
operating profile as slightly weaker than that of AS24 standalone.
Trader's classifieds business has overall stronger market positions
in Canada than the blended AS24 positions across its existing
markets. However, AS24 is more geographically diversified even
pre-Trader acquisition and has slightly stronger EBITDA margins.

Apart from online classifieds, which contribute around half of
Trader's revenue, the company also generates revenue from car
dealership software solutions, such as customer relationship
management, inventory management software and website solutions. It
also operates a DealerTrack portal, connecting dealers originating
loans to banks. Fitch views these parts of the business as
significantly weaker than the classifieds albeit complementary to
its strong classifieds business.

'Winner-takes-it-all' Paradigm: In classifieds business number one
and number two players normally take disproportionally large
revenue market shares and sustain a significant pricing premium
compared with smaller competitors. This results in a positive
feedback loop for market leaders, with more listings that generate
greater traffic as consumers gravitate towards channels offering a
better selection, and increasing leads and listings as a result.
This 'winner-takes-it-all' paradigm protects leaders against
smaller competitors even in the absence of significant barriers to
entry.

High Leverage, Deleveraging Capacity: Fitch expects AS24's
Fitch-defined EBITDA leverage pro-forma for the Trader acquisition
to increase to 8.7x by end-2024. Its rating case envisages leverage
quickly declines to 7.7x in 2025 and to 7.2x in 2026, supported by
EBITDA growth and assuming no new debt-funded acquisitions. In
isolation, these leverage metrics are not consistent with the 'B'
rating. However, cash flow from operations (CFO) less capex to debt
trending above 2.5% beyond 2025 would be adequate for the rating.

EBITDA Growth: Fitch expects the EBITDA margin for the combined
business to grow to around 52% in 2027 from 47% in 2024. Improved
profitability will be supported by the mid-to-high single digit
revenue increase Fitch anticipates in 2024-2027. Management also
expects to extract around EUR20 million of cost synergies post
acquisition, driven by consolidation of some of the duplicated
functions and moving Trader's marketplace platforms onto AS24's
systems.

The automotive classifieds market continues to recover in some
geographies following the sharp decline during the pandemic due to
car shortages, which supported revenue growth in 2024. Fitch
expects growth to decelerate from 2025 as car sales volumes reach
below pre-pandemic levels and will be driven primarily by pricing
and new product introduction. Increased revenue normally leads to
stronger EBITDA growth for the classifieds business, given the high
fixed-cost based of the business.

Used-Car Market Counter-cyclical: Car dealers are
capital-constrained, as they must fund the holding of inventory
prior to sale. This incentivises them to drive turnover and
increase profitability. In a downturn, dealers initially increase
listings to try and sell inventory more quickly. Together with a
consumer tendency to purchase used (rather than new) cars during a
recession or downturn such as the pandemic, this protects AS24 from
a cyclical decline, especially as online classifieds spend is a
small portion of dealers' monthly expenses.

Temporary FCF Weakening: Its current rating case envisages AS24's
free cash flow (FCF) margin to weaken to around 4% in 2025 from
7%-14% in 2022-2023 (21% in 2021). The decrease in the FCF margins
will be primarily driven by still high interest costs accompanied
by growth in non-recurring expenses, including the expenses to
achieve synergies. However, Fitch expects the FCF margin will
improve to around 10% in 2027. AS24's asset-light business model
with EBITDA margins of around 50% and capex of around 5% of revenue
leads to strong unlevered cash flow.

Aggressive Financial Policy: Following its high starting leverage
in 2020, AS24 debt-funded acquisitions of LeasingMarkt in 2020 and
AutoProff in 2022, with leverage staying above the downgrade
sensitivity. It also voluntarily prepaid a significant portion of a
subordinated shareholder loan in 2021, using proceeds from the sale
of a Finanzcheck subsidiary. The repayment was permitted under loan
documentation. Fitch treats this payment as an equity repurchase,
as the shareholder loan is classified as equity. The Trader
acquisition will be supported by a capital injection from the
equity partners, but will lead to leverage above the downgrade
sensitivity.

Derivation Summary

Compared with media peer Traviata B.V. (B/Stable), an investment
holding company used by KKR to fund its 48.5% ownership stake in
Axel Springer, AS24 has higher leverage, smaller scale and limited
diversification, as its revenue is derived mainly from online auto
classifieds, compared with Axel Springer's more complete offering
of job and real-estate classifieds, marketing media and news.
However, AS24 is exposed to potentially less cyclical end-markets,
providing solid profitability, stability in cash flows and a high
FCF margin.

Adevinta ASA, which owns AS24's German competitor mobile.de and
eBay Classifieds, has larger scale and greater diversification and
therefore would have higher debt capacity than AS24 for any given
rating category.

Key Assumptions

- Revenue (pro-forma for Trader acquisition) of EUR780 million in
2024, growing by about 5-6% in 2025-2027

- Fitch-defined EBITDA margin (pro-forma for Trader acquisition) at
47% in 2024, gradually increasing to about 52% in 2027

- Cash tax of about EUR60 million in 2024, gradually increasing to
about EUR91 million in 2027

- Capex at around 4% of revenue per year in 2024-2027

- Cash outflow related to non-recurring items at EUR45 million in
2024, EUR40 million in 2025, decreasing to EUR20 million in 2026

- M&A of EUR2,680 million in 2024, EUR15 million in 2025 and EUR20
million in 2026 including earn outs related to AutoProff
acquisition

- Working-capital requirements at EUR5 million per year in
2024-2027

- Capital injection at about EUR760 million in 2024

- No dividends

Recovery Analysis

- The recovery analysis assumes that AS24 would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated

- A 10% administrative claim

- GC EBITDA estimate of EUR300 million (post-refinancing) reflects
Fitch's view of a sustainable post-reorganisation EBITDA, upon
which Fitch bases the valuation of the company. In a restructuring
scenario, the stress on EBITDA could result from a loss of market
share, increase in competitive pressure or a higher churn rate (for
example, due to unsuccessful price increases to dealers).

- An enterprise value multiple of 6x is used to calculate a
post-reorganisation valuation. This reflects AS24's leading market
positions in several countries, and its resilient and highly
cash-generative business.

- Fitch calculates the recovery prospects for the new senior
secured instruments (post-refinancing), including a EUR1,500
million first-lien term loan B facility, USD1,060 million
first-lien term loan B facility and a fully drawn revolving credit
facility (RCF) of EUR350 million at 58%, which implies a one-notch
uplift from the IDR to arrive at a 'B+' senior secured rating with
a Recovery Rating of 'RR3'.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- Fitch-defined EBITDA gross leverage below 5.5x on a sustained
basis, accompanied by a corresponding change in the company's
financial policy and target leverage

- Fitch-defined EBITDA interest cover above 3.0x

- Good progress with Trader integration and synergy extraction
evidenced by growth in EBITDA margins

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- Slow progress with Trader integration and synergy extraction
evidenced by flat EBITDA margins, especially exacerbated by
deterioration in operating performance

- Fitch-defined EBITDA gross leverage above 7.0x on a sustained
basis

- CFO less capex to gross debt below 2.5%

- Fitch-defined EBITDA interest cover below 2.0x

Liquidity and Debt Structure

Comfortable Liquidity: AS24's liquidity post-refinancing will be
supported by access to a EUR350 million RCF maturing in 6.5 years
post-refinancing and positive FCF generation Fitch expects from
2025. This compares well with long-dated maturities
post-refinancing, with the first-lien debt maturing in seven years
and second-lien debt maturing in eight years after refinancing.

Issuer Profile

AS24 is one of the largest European digital automotive classifieds
platforms that offers listing platforms for used and new cards,
motorcycles and commercial vehicles to dealers and private sellers.
It operates in Germany, Italy, the Netherlands, Belgium and
Austria. AS24 occupies the top position in all of its markets
except Germany, where it is second only to mobile.de.

The company also operates number one leasing platform in Germany
and has B2B online auction business (AutoProff) in Denmark, Nordics
and Germany.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt            Rating                  Recovery   Prior
   -----------            ------                  --------   -----
Speedster
Bidco GmbH          LT IDR B      Affirmed                   B

   senior secured   LT     B+(EXP)Expected Rating    RR3

   senior secured   LT     B+     Affirmed           RR3     B+

   Senior Secured
   2nd Lien        LT     CCC+   Affirmed            RR6     CCC+


SPEEDSTER BIDCO: Moody's Alters Outlook on 'B2' CFR to Negative
---------------------------------------------------------------
Moody's Ratings has affirmed the B2 long term corporate family
rating and the B2-PD probability of default rating of Speedster
Bidco GmbH, the owner of AutoScout24 ("AS24"). Moody's have
assigned a B1 rating to the proposed EUR1.5 billion backed senior
secured first lien term loan B due 2031 to be raised by Speedster.
Moody's have also assigned a B1 rating to the proposed EUR350
million backed senior secured first lien revolving credit facility
(RCF) due 2031 and to the proposed $1,060 backed senior secured
first lien term loan B due 2031, issued by Speedster and
co-borrowed by Thunderbird Canada Holdings, Inc. Concurrently,
Moody's have changed the outlook to negative from stable.          


Proceeds from the debt issuance along with an unrated pre-placed
second lien term loan due 2032 of CAD1,125 million (EUR754 million
equivalent) to be raised by Thunderbird Canada Holdings, Inc. and
EUR762 million of equity from the shareholders will be used (1) to
acquire Trader Corporation (Trader Canada), Canada's leading online
classifieds provider for the car segment, (2) to fully refinance
AS24's current capital structure, (3) to pay related fees and
expenses and (4) for general corporate purposes. Moody's took no
action on the ratings of the existing EUR927 million senior secured
first lien term loans due March 2027, EUR225 million senior secured
second lien term loan due March 2028, EUR85 million additional
senior secured first lien term loan due March 2027, and EUR83.5
million senior secured first lien revolving credit facility due
September 2026, all borrowed by Speedster, as these will be
withdrawn upon repayment of the existing facilities.

"The rating action reflects the significant re-leveraging of
Speedster's capital structure following the acquisition of Trader
Canada with Moody's adjusted gross debt-EBITDA projected at 8.5x as
of the end of 2024 on a pro forma basis from around 6.0x estimated
as of the same date before to the transaction", says Agustin
Alberti, a Moody's Ratings Vice President -- Senior Analyst and
lead analyst for Speedster.

"While the rating is weakly positioned, Moody's believe that this
transformative acquisition will improve the company's business
profile, with sustained revenue and EBITDA growth prospects
supporting Moody's deleveraging expectations towards the thresholds
set for the B2 CFR over the next 18-24 months" adds Mr. Alberti

The company's tolerance for high leverage as demonstrated by the
significant additional amount of debt raised to fund the
acquisition of Trader Canada is a governance consideration,
captured under the financial strategy and risk management factor
under Moody's General Principles for Assessing Environmental,
Social and Governance Risks Methodology.

RATINGS RATIONALE      

The acquisition will improve Speedster's scale and diversification,
enhancing its business profile. Trader Canada operates Canada's
leading online automotive marketplaces, English-language
AutoTrader.ca and French-language AutoHebdo.net, with 26 million
monthly visits, more than 450,000 vehicle listings and 5,000 dealer
partners.

The company will almost double its current size and will expand
outside Europe with Canada becoming its largest market, followed by
Germany and Italy. Speedster will incorporate an asset that
benefits from its domestic leadership position, which Moody's
consider a competitive advantage in the online classifieds market.

The combined entity will hold number one position in countries
generating around 70% of the total revenue and a number two
position in Germany, which will generate the remaining 30%.
Additionally, Trader Canada will bring business segment
diversification since it also provides several automotive dealer
software solutions under the AutoSync brand; and operates fintech
businesses under DealerTrack, the leading portal connecting
automotive dealers and lenders and under Collateral Management
Solutions, a provider of lien and registration services, recovery
services, and insolvency management solutions to Canadian Lenders.
These businesses increases the overall value proposition to dealers
while creating cross selling opportunities.

Moody's estimate that pro forma gross revenue for the combined
group will be around EUR800 million in 2024 (compared to around
EUR405 million prior to this transaction) and Moody's adjusted
EBITDA will reach EUR385 million (compared to EUR205 million), with
margin dilution to levels around 48% (compared to c.57%) since
Trader Canada carries lower margins than AS24.

Moody's project that Speedster will maintain a strong operating
performance over the next 18-24 months, with annual organic revenue
growth at mid to high single digit rate driven by a combination of
price increases, robust car leasing demand, continued recovery in
listings and advertising, and cross selling opportunities arising
from the combination of both entities capabilities. The company
will also keep investing in its platforms and products to enhance
user experience, increase lead generation and conversion, which are
key to support growth.

Moody's anticipate Moody's adjusted EBITDA margin to significantly
improve to above 50% within the next 18-24 months driven by revenue
growth as well as efficiency measures. This forecast includes EUR19
million in cost synergies from general and administrative
efficiencies and integrating the Trader Canada platform into AS24's
systems, with one-time costs of EUR30 million evenly distributed
between 2025 and 2026.

Moody's-adjusted pro forma gross debt/EBITDA ratio will be high at
around 8.5x in 2024 (from 6.2x estimated before the transaction)
but Moody's forecast it will improve to around 7.5x in 2025 and
towards 6.5x in 2026. Moody's base case scenario does not factor in
any distribution to shareholders or any debt-financed acquisitions,
which could delay the deleveraging path during that period.

Moody's forecast  pro forma annual free cash flow (FCF as adjusted
by Moody's) will improve from EUR50 million in 2024 to around EUR75
million in 2025 and EUR115 million 2026, with a Moody's adjusted
FCF/debt ratio at between 1%-4% during the period. FCF generation
is supported by the combined group's high margins and moderate
capital spending requirements.

Additionally, Speedster's ratings are supported by (1) the
company's established brand and good position in the automotive
online classified marketplace, (2) its large customer base with low
churn rates, and (3) the high level of recurring subscription-based
revenues which supports revenue visibility.

Conversely, the ratings are constrained by (1) the company's
narrowly-focused business, (2) the highly competitive environment
and embedded threat of new disruptive technologies and business
models, (3) the exposure to the cyclical automotive sector and
discretionary marketing spending of the dealers, and (4) the
company's track record of debt-funded acquisitions.

LIQUIDITY

The company's liquidity is good, supported by (1) opening cash and
cash equivalents of EUR30 million pro forma for the transaction as
of October 2024; (2) projected positive FCF generation, and (3) the
EUR350 million undrawn RCF that matures in 2031.

The RCF is subject to a net leverage springing covenant of 10.25x,
with ample headroom at closing, tested only in case the RCF is
drawn by more than 40%.

STRUCTURAL CONSIDERATIONS

The capital structure primarily consists of a EUR1,500 million
senior secured first lien term loan due in 2031, a $1,060 million
senior secured first lien term loan due in 2031, a CAD1,125 million
senior secured second lien term loan due in October 2032, and a
EUR350 million senior secured first lien revolving credit facility
due in 2031.

The B2-PD probability of default rating is at the same level as the
long term CFR reflecting the assumption of a 50% family recovery
rate as typical for structures including a mix of first lien and
second lien facilities and a springing financial maintenance
covenant. The senior secured first lien term loans and the senior
secured first lien RCF are rated B1, one notch higher than the CFR
because of the cushion provided by the subordinated position in the
capital structure of the senior secured second lien term loan.

RATING OUTLOOK

The negative outlook reflects that the rating is weakly positioned
because of the high pro forma leverage levels resulting from the
Trader Canada acquisition, with very limited room for deviation
from Moody's deleveraging expectations.

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

Moody's have adjusted by 0.25x the leverage tolerance level for
downwards pressure for the rating category to recognize the
benefits of Speedster's larger scale, geographic and business
diversification as well as its track record of solid operating
performance.

An upgrade of the ratings is unlikely in the near term in view of
the high leverage. The rating could be upgraded if (1) the company
continues to report steady revenue growth while maintaining high
margins and leading market shares after the successful integration
of Trader Canada; (2) improves its credit metrics on a sustainable
basis such that its Moody's-adjusted debt/EBITDA ratio remains
below 5.0x, and generates positive FCF such that its FCF/Debt ratio
(Moody's adjusted) improves towards 10%; and (3) it maintains a
good liquidity position.

The rating could be downgraded if: (1) the company under-performs
its business plan following Trader Canada's acquisition, such that
its Moody's-adjusted debt/EBITDA ratio does not fall below 6.5x
within the next 18-24 months; (2) its competitive profile weakens,
for example, as a result of a material erosion in the company's
market share, (3) its FCF/debt is maintained at low single-digit
rates or turns negative, or (4) its liquidity weakens. The rating
could also be downgraded if the company undertakes debt funded
acquisitions or makes distribution to shareholders which delay
Moody's deleveraging expectations.

COVENANTS

Moody's have reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of guarantor jurisdictions
EBITDA (determined in accordance with the agreement). Only
companies incorporated in Austria, Belgium, Canada, Italy, Germany,
the Netherlands, the USA are required to provide guarantees.
Security will be granted over key material assets, shares, material
bank accounts and key receivables of certain Canadian, German and
US borrowers.

Incremental facilities are permitted up to the greater of EUR440
million and 100% consolidated EBITDA. Unlimited pari passu debt is
permitted up to a senior secured net leverage ratio of 5.75x and
unlimited unsecured debt is permitted subject to a 1.75x fixed
charge coverage ratio and total net leverage ratio of 7.75x.

Restricted payments are permitted if senior secured net leverage is
5.25x or lower, and restricted investments are permitted if senior
secured net leverage ratio is 5.75x or lower. Asset sale proceeds
are only required to be applied in full (subject to exceptions)
where senior secured net leverage ratio is 5.5x or greater.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, uncapped with no deadline for
realization.

The proposed terms, and the final terms may be materially
different.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Founded in 1998, AS24 is the largest online car marketplace in
Europe. In 2023, the company reported EUR363 million of revenues
and EUR180 million of company adjusted EBITDA. Speedster is owned
by funds advised by Hellman & Friedman since 2020.


SPEEDSTER BIDCO: S&P Affirms 'B-' LT ICR on AutoTrader Acquisition
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on Speedster Bidco GmbH, as well as the existing 'B-' and 'CCC'
issue ratings on the existing first- and second-lien facilities,
respectively. S&P has also assigned 'B' issue ratings to the
proposed euro- and U.S. dollar-denominated first-lien term loans
due 2031, one notch above its expectation of the combined group's
issuer credit rating and reflecting a recovery rating of '2'
(rounded estimate: 70%) for this proposed debt.

S&P said, "The stable outlook indicates our expectation that over
the next 12 months, Speedster will acquire Trader Corp. and
materially increase its scale, but leverage will remain very high.
We expect the group's pro forma adjusted leverage in 2024 will be
9.5x and will gradually reduce below 9x by the end of 2025. The
stable outlook also assumes that the company will generate positive
FOCF and maintain adequate liquidity.

"The affirmation reflects that the proposed acquisition will
enhance Speedster's business position but leverage will be very
high. We expect the combined group will benefit from an improved
business, reflecting its materially enhanced scale and diversity of
operations, with a near-doubling of revenue and EBITDA, and
improved geographic and product diversity; while maintaining
leading competitive positions in several markets, above-average
profitability margins, and sound organic growth prospects. At the
same time, we anticipate our rating on Speedster will remain
constrained by very high leverage (at about 9.5x on an S&P Global
Ratings-adjusted basis at the closing of the transaction, up from
our previous expectation of 7.6x at the end of 2024) and positive,
but thin FOCF, depressed by large interest payments. We expect to
improve our assessment of Speedster's business profile once the
transaction closes in fourth-quarter 2024. At that point, the S&P
Global Ratings-adjusted debt to EBITDA threshold for an upgrade to
'B' would be below 8x, compared with below 7x currently."

The Trader Corp. acquisition will enhance Speedster's business
strengths. S&P views the acquisition of AutoTrader Canada as a
positive addition to Speedster's business scope, as it will
significantly enhance its geographic diversity (51% of revenue will
come from Europe and 49% from Canada) and product suite (into
software and financial technology), while holding leadership
positions in its main markets (about 70% of its revenue will be
generated in markets where Speedster will be the No. 1 player).

AutoTrader Canada is the largest auto classifieds group in the
country. It has a significant lead over competitors Kijiji and
CarGurus, and benefits from a well-developed product suite
including software products and financing solutions that enhance
the dealer experience and lead to significantly higher revenue per
lead compared with Speedster's existing European business,
AutoScout24 (AS24). While AutoTrader Canada presents somewhat more
moderate growth and profitability margins relative to AS24, we
anticipate the combined group will retain healthy organic growth
prospects (we forecast 6%-7%) and above-average S&P Global
Ratings-adjusted EBITDA margins of about 43%-45% over the next two
years.

The acquisition is not exempt from execution risk, but
complementarity and limited management consolidation should lead to
a smooth integration. S&P understands AutoTrader Canada presents
similar competitive and market dynamics as AS24's core markets,
albeit with a somewhat more concentrated dealer base. This should
lead to ample opportunities to share best practices in the key
marketplace segments between the two geographies, and potentially
introduce cross-selling opportunities over the longer term, given
their complementary ancillary product suites (customer relationship
management, fintech, wholesale, leasing).

S&P said, "We also understand Speedster intends to keep a local
AutoTrader Canada management team, which should help avoid client
turnover in a relationship-driven business. Speedster intends to
achieve cost synergies of at least EUR19 million over the next two
years, mostly stemming from overlapping central functions (IT,
research and development, finance, etc.). We consider cost
synergies will be moderate given the size of the combined group
(revenue of EUR782 million expected in 2024), which we believe
should lead to a smooth integration.

"We anticipate very high leverage and low FOCF over the next 12-24
months, despite Speedster's strong cash conversion. We estimate pro
forma S&P Global Ratings-adjusted leverage of about 9.5x at the
closing of the acquisition, falling toward 8.8x by the end of 2025.
This reflects Speedster's high cash interest paying debt burden at
about EUR3.2 billion, materially up from AS24's current EUR1.2
billion. We forecast FOCF will be positive, but low compared with
the quantum of debt, at about EUR50 million in 2024 (pro forma),
growing toward EUR100 million in 2026, translating into FOCF to
debt of 2%-3% over the forecast period. This is partly because
Speedster will incur materially higher cash interest on the new
capital structure of about EUR220 million per year over the
forecast period. This is in contrast to our forecast of EUR350
million-EUR400 million S&P Global Ratings-adjusted EBITDA and very
limited capital expenditure (we expense capitalized development
costs) over the next 12-24 months."

A stronger business and contractual seniority will strengthen
recovery prospects for first-lien lenders. Speedster's larger scale
and sound operating fundamentals, as well as the presence of
substantial (about EUR748 million equivalent) second-lien debt in
the event of default, should enhance recovery prospects for
first-lien lenders. It also supports a higher enterprise valuation
at default for the pro forma group, leading S&P's to rate
Speedsters' proposed first-lien term loans one notch above our
long-term issuer rating on the combined group.

S&P said, "The stable outlook indicates our expectation that over
the next 12 months, Speedster will acquire Trader Corp. and
materially increase its scale, but leverage will remain very high.
We expect the group's pro forma adjusted leverage in 2024 will be
9.5x and will gradually reduce below 9x by the end of 2025. The
stable outlook also assumes that the company will generate positive
FOCF and maintain adequate liquidity."

Downside scenario

S&P could lower the rating over the next 12 months if the group's
capital structure became unsustainable. This could happen if
Speedster faces issues in the integration of AutoTrader Canada or
weaker organic revenue growth, coming from structurally lower car
listings or a weaker macroeconomic environment, resulting in weaker
EBITDA generation, negative FOCF, and a deterioration in
liquidity.

Upside scenario

Following the closing of the proposed transaction, S&P could raise
its ratings on Speedster Bidco if the group integrates AutoTrader
Canada and delivers solid revenue and earnings growth, such that
adjusted debt to EBITDA falls below 8x and FOCF to debt approaches
5% on a consistent basis.




===========
G R E E C E
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MELTEN ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Greece's Metlen Energy & Metal S.A.'s
(former Mytilineos S.A.) Long-Term Issuer Default Rating (IDR) at
'BB+'. The Outlook is Stable.

The affirmation reflects expected sustained EBITDA growth, despite
a challenging price scenario for metals and energy, and moderate
EBITDA net leverage through the rating horizon, with a peak that
Fitch deems manageable in 2025, driven by the planned large capex
and working-capital outflows. Fitch expects free cash flow (FCF) to
be under pressure during 2024-2025 due to the execution of large
build-own-transfer (BOT) renewable projects and owned renewable
capacity growth in Greece, but to turn positive from 2026. Fitch
views the group's expansion into the less cyclical electricity
business as credit positive.

Metlen's IDR reflects its diversified business profile and
integrated business model, with self-sufficient metallurgy
operations and low unit costs. The rating also reflects its growing
market share in domestic electricity generation and increasing
integration with the retail supply, which provides the group with
sustainable cash flow.

Key Rating Drivers

Expansion to Energy: Metlen Group has bolstered its Energy division
significantly by completing an 826MW combined cycle gas turbine
(CCGT) power plant in 2023 and advancing renewable energy projects
- primarily solar - in Greece and abroad. It is also focusing on
expanding its retail customer base to enhance vertical integration
within the Energy division. This expansion will improve the
business mix towards the more sustainable and resilient utilities
sector. Energy (excluding energy (renewable and conventional))
construction projects for third parties and BOT projects) will
remain the main contributor to the group until 2027 at around 37%
of total consolidated EBITDA.

Profitable Metallurgy Business: The Metallurgy division remains
profitable, supported by favorable margins and market prices.
Metlen acquired Imerys Bauxites in 1H24, becoming the largest
vertically integrated bauxite, alumina, and aluminum producer in
Europe. Fitch expects this acquisition to reduce costs and support
margins. Fitch projects the division's EBITDA to increase in 2024
(+14%) due to significant sales volumes hedged at favourable
prices. However, Fitch expects its EBITDA contribution to decline
to around 20% of total group's EBITDA from 2025 to 2027 (2023: 24%)
due to anticipated lower aluminum prices based on Fitch's price
deck, subdued premiums and increased CO2 costs.

Growing Appetite for BOT Projects: Metlen is actively developing
its BOT renewable projects and has earned profits on these
projects' development since 2021. The group's strategy incorporates
further expansion of BOT activity, and at Metlen will should have a
portfolio of projects of about 5GW at mature stages of development
by end-2024. Fitch expects BOT to remain at an average of around
20% of total group EBITDA during 2024-2027 (17% in 2023 and 10% in
2022).

Riskier BOT Exposure: Fitch sees BOT as a riskier activity compared
with contracted electricity generation, as earnings depend on
market demand and asset valuations. However, Metlen mitigates its
risk exposure through pre-agreed sales of the assets or securing
long-term electricity sales contracts, which makes the following
sale proceeds more predictable. Funding is non-recourse for Metlen,
and the board has set a EUR1 billion cap to limit net capital
exposure (excluding assets pre-sold and non-recourse funding).

Current projects under development are largely pre-sold (eg a
framework agreement with PPC to develop solar parks
internationally) or with already secured non-recourse funding.
Higher net exposure to this activity than Fitch expects could lead
us to lower debt capacity.

EPC and Concessions Activity: Metlen is also involved in
constructing solar projects and conventional electricity generation
and energy-transition projects for third parties. Moreover since
2023, the group has entered infrastructure project concessions,
primarily in the domestic market under public-private partnerships
or for private counterparties (eg 'Flyover', eastern ring road in
Tessaloniki). These concessions will provide stable
post-construction income, however they will have a minimal impact
for now, and could add diversification and the potential for
recurring dividends only from 2H27.

Working-Capital Volatility; Pressured FCF: Metlen had significant
negative working capital in 2023, with a EUR800 million outflow
related to BOT projects. Fitch expects this trend to continue into
2024 and then to stabilise in subsequent years with the sale of BOT
projects. FCF has therefore been deeply negative in 2023, and Fitch
expects it to remain so in 2024-2025 due to further BOT and
EPC-related working-capital outflows, higher planned capex, and
ongoing dividend payments. Over 60% of the growth capex from 2024
to 2027 is allocated to the energy segment with a primary focus on
renewables expansion during 2024-2026, which should increase EBITDA
generation.

Rising Leverage: Fitch deconsolidates non-recourse debt for
international BOT projects and reduces EBITDA accordingly, as Fitch
considers BOT projects non-strategic compared with domestic
investments which could be owned in the long term. EBITDA net
leverage rose to 1.7x (adjusted) in 2023, up from 1.1x in 2022, and
Fitch forecasts a peak of 2.1x in 2025 before a normalization to
1.8x in 2026. As a reference, EBITDA net leverage on a consolidated
basis stood at 2.0x in 2023, and would peak at 2.7x in 2025.

The Stable Outlook is supported by management's commitment to the
current rating, conservative budgeting and financial flexibility to
defer discretionary capex.

Diversified Business Profile: The group's operations across several
different sectors provides diversification and strengthens the
overall business profile. The group's end-markets have different
growth and cyclicality drivers, supporting the sustainability of
EBITDA generation. In addition, synergies within the group's
diversified business units provide certain cost-competitive
advantages. Fitch expects consolidated EBITDA to grow at a CAGR of
3% over 2024-2027.

Small-Scale, Low-Cost Aluminum Unit: Metlen is a small,
single-plant aluminum producer, which operates across the value
chain. Its own alumina production covers more than 100% of its
aluminum smelter needs and its self-sufficiency in bauxite is about
55% of its total alumina refining needs. CRU estimates that
Metlen's alumina refinery and aluminum smelter are positioned in
the first quartile of the global cost curve.

Leading Greek Energy Company: Metlen is the second-largest
electricity producer in Greece after state-owned Public Power
Corporation (BB-/Stable). With the launch of its new CCGT power
plant, the group has enhanced its market position and continues to
benefit from the high efficiency of its power-generation fleet. The
group also holds a solid position - although far from that of
Public Power Corporation - in the retail electricity segment, with
market share staying at 16.7% by end-1H24, and aims to cover over
25% of domestic consumption in the medium term.

Derivation Summary

Fitch compared the group's separate business units with the most
relevant companies that operate in the metallurgy, utilities and
construction industries, due to the diversified nature of Metlen's
operations.

Metallurgy: Metlen's metallurgy business benefits from a
competitive cost base in the first quartile of the global aluminum
cost curve, partial self-sufficiency in bauxite, in-house anode
production, and a captive power plant that produces steam for
alumina production. However, its small scale in comparison with
Alcoa Corporation (BB+/Stable) and China Hongqiao Group Limited
(BB+/Stable), single-asset base and low exposure to value-added
products constrain the group's business-profile assessment.

Utility (Energy Excluding BOT Projects and EPC): Metlen is the
largest independent power producer in Greece. It operates
high-quality assets that are strongly positioned at the front end
of the merit order. Metlen benefits from gas-fired plants of the
highest efficiency in Greece, and from available installed capacity
of renewables, which it continues to expand.

Expected material capex over 2024-2026 and a less mature energy
market in Greece compared with eastern Europe are key constraining
factors. Despite Metlen's leading market position, its business
profile is weaker than that of Public Power Corporation S.A.
(BB-/Stable) in Greece, and Spain's Naturgy Energy Group, S.A.
(BBB/Stable), due to a lower total installed base and lack of
integration to more stable networks. A more leveraged capital
structure explains the two-notch rating differential with Public
Power Corporation.

Construction, Including BOT Projects: Metlen has a healthy position
in the niche segment of energy-project construction, with a long
record and historically solid order backlog, which provides revenue
visibility over the medium term. However, the business-profile
assessment remains constrained by its small scale compared with
Webuild S.p.A. (BB/Positive) and Kier Group Plc (BB+/Stable), and
by a concentrated project portfolio and customer base.

Fitch views significantly reduced exposure to developing markets as
credit positive. Metlen's continued expansion into solar power and
growing presence in infrastructure projects should improve
diversification by business segment and increase the predictability
of results once the projects are successfully delivered.

Key Assumptions

- Metallurgy:

- Fitch's aluminium price deck at USD2,300/tonne (t) in 2024,
USD2,400/t in 2024, and USD2,300/t thereafter

- US dollar/euro at 0.93 over the next four years

- Aluminium production remaining stable at 243,000t during
2024-2026 until a planned ramp-up to 280,000t in 2027

- Energy

- Declining European electricity price environment; for renewable
capacity, prices at around EUR60/MWh are supported by signed power
purchase agreements with third parties for the international
operations and with an intercompany power purchase agreement (with
the supply arm) for domestic production

- Renewables (RES) capacity installed reaching 2GW by end-2027 from
1.3GW; full contribution to EBITDA from the new CCGT power plant
over the period

- Increased volumes in electricity and gas supply, supported by
increased market share in retail to around 20% by 2027 (from 13.5%
in 2023 and 30% target from management) and international expansion
for B2B; unitary margins stable over the period

- Sustained contribution to EBITDA from EPC projects and gradual
decrease in BOT sales profitability (margins at around 20% from 32%
in 2023) to capture current market trends

- Consolidated:

- EBITDA margin at about 16% in 2024 and decreasing towards 13% by
2027

- Working-capital volatility driven primarily by BOT investments
over the period; outflow of about EUR780 million in 2024, followed
by working-capital reversal in 2026-2027 due mainly to the
execution of BOT sales

- High capex in 2024-2025, primarily reflecting the development of
RES projects and investments in metallurgy; total capex at about
EUR1.8 billion during 2024-2027 (6% over revenue on average)

- Dividends payment of about EUR200 million in 2024, followed by
pay-out ratio of 35% to 2027

RATING SENSITIVITIES

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

- Sustained EBITDA net leverage below 1.0x, excluding non-recourse
net debt and EBITDA attributed to International BOT projects

- Sustained EBITDA net leverage below 1.5x, on a consolidated
basis

- Neutral to positive FCF

- Publicly stated commitment to a conservative financial policy in
line with its sensitivities for the upgrade

- Improvement of the group's business mix towards more stable
businesses or better revenue visibility could lead to higher debt
capacity

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

- Sustained EBITDA net leverage above 2.0x, excluding non-recourse
net debt and EBITDA attributed to International BOT projects

- Sustained EBITDA net leverage above 2.5x on a consolidated basis

- Materially negative FCF

- Net exposure to BOT projects (excluding pre-sold assets, assets
with signed power purchase agreements and non-recourse project
finance) above EUR1 billion

- In general, deterioration of the business mix as forecast by
Fitch towards riskier business with lower revenue visibility, which
could lead to lower debt capacity

Liquidity and Debt Structure

Healthy Liquidity: At end-2023, MYTIL had EUR875 million of
Fitch-defined readily available cash and available undrawn and
committed credit facilities (including capex facilities) for around
EUR1.2 billion, which was more than sufficient to cover its
short-term debt repayments of EUR815 million and expected negative
FCF of around EUR660 million in 2024 (all figures on a consolidated
basis).

Issuer Profile

Metlen is a Greek-domiciled diversified industrial group that
operates in several business areas. It is involved in power
generation, electricity retail, construction of renewables (mostly
solar plants and wind plants), aluminum production, infrastructure
projects construction and concessions (primarily in Greece).

Summary of Financial Adjustments

Fitch deconsolidates non-recourse project financing related to
international BOT projects for the purpose of EBITDA net leverage
calculation. Accordingly, Fitch also deconsolidates the related
EBITDA and cash from the ratio.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
Metlen Energy &
Metals S.A.           LT IDR BB+  Affirmed            BB+

   senior unsecured   LT     BB+  Affirmed   RR4      BB+

   senior unsecured   LT     BB+  Affirmed   RR4      BB+

Mytilineos Financial
Partners S.A.

   senior unsecured   LT     BB+  Affirmed   RR4      BB+




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ARES EUROPEAN X: Moody's Ups Rating on EUR13.5MM Cl. F Notes to B1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Ares European CLO X DAC:

EUR31,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Apr 8, 2024
Upgraded to Aa3 (sf)

EUR25,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A3 (sf); previously on Apr 8, 2024
Affirmed Baa2 (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to B1 (sf); previously on Apr 8, 2024
Affirmed B2 (sf)

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

EUR274,500,000 (current outstanding amount EUR204,392,981) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Apr 8, 2024 Affirmed Aaa (sf)

EUR30,250,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Apr 8, 2024 Upgraded to Aaa
(sf)

EUR17,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Apr 8, 2024 Upgraded to Aaa (sf)

EUR26,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Apr 8, 2024
Affirmed Ba2 (sf)

Ares European CLO X DAC, issued in September 2018 and refinanced in
June 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Ares European Loan Management LLP ("AELM").
The transaction's reinvestment period ended in April 2023.

RATINGS RATIONALE

The rating upgrades on the Class C notes, the Class D notes and
Class F notes are primarily a result of the deleveraging of the
senior notes following amortisation of the underlying portfolio
since the last rating action in April 2024.

The affirmations on the ratings on the Class A notes, Class B-1
notes, Class B-2 notes and Class E notes are primarily a result of
the expected losses on the notes remaining consistent with their
current rating levels, after taking into account the CLO's latest
portfolio, its relevant structural features and its actual
over-collateralisation ratios.

The Class A notes have paid down by approximately EUR43.4 million
(15.8%) since the last rating action in April 2024 and EUR0.1
million (25.5%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated Sept 2024 [1] the
Class A/B, Class C, Class D and Class E OC ratios are reported at
150.1%, 133.4%, 122.3% and 112.8% compared to April 2024 [2] levels
of 143.1%, 129.3%, 120.0% and 111.6%, respectively.

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

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

Performing par and principal proceeds balance: EUR380,788.631

Defaulted Securities: EUR0.86m

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3204

Weighted Average Life (WAL): 3.8 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.95%

Weighted Average Coupon (WAC): 4.38%

Weighted Average Recovery Rate (WARR): 44.2%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assume have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.

-- Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels. Moody's analysed the impact of
assuming the worse of reported and covenanted values for weighted
average rating factor, weighted average spread, weighted average
coupon and diversity score. However, as part of the base case,
Moody's considered spread and coupon levels higher than the
covenant levels because of the large difference between the
reported and covenant levels.

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


CVC CORDATUS V: Moody's Affirms B3 Rating on EUR13MM Cl. F-R Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the rating on the following notes
issued by CVC Cordatus Loan Fund V Designated Activity Company:

EUR30,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Sep 13, 2023
Upgraded to A1 (sf)

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

EUR263,000,000 (Current outstanding amount EUR205,200,362.41)
Class A Senior Secured Floating Rate Notes due 2030, Affirmed Aaa
(sf); previously on Sep 13, 2023 Affirmed Aaa (sf)

EUR32,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Sep 13, 2023 Upgraded to Aaa
(sf)

EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aaa (sf); previously on Sep 13, 2023 Upgraded to Aaa (sf)

EUR23,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa1 (sf); previously on Sep 13, 2023
Upgraded to Baa1 (sf)

EUR28,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Sep 13, 2023
Affirmed Ba2 (sf)

EUR13,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B3 (sf); previously on Sep 13, 2023
Affirmed B3 (sf)

CVC Cordatus Loan Fund V Designated Activity Company, issued in May
2015 and refinanced in July 2017 and in October 2019, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CVC Credit Partners European CLO Management LLP. The
transaction's reinvestment period ended in July 2021.

RATINGS RATIONALE

The rating upgrade on the Class C-R notes is primarily a result of
the deleveraging of the Class A notes following amortisation of the
underlying portfolio and the improvement in over-collateralisation
ratios since the last rating action in September 2023.

The affirmations on the ratings on the Class A, B-1-R, B-2, D-R,
E-R and F-R notes are primarily a result of the expected losses on
the notes remaining consistent with their current rating levels,
after taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation ratios.

The Class A notes have paid down by approximately EUR30.0 million
(11.4% of the initial balance) since the last rating action in
September 2023, or 22.0% since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated August
2024 [1] the Class A/B, Class C, Class D, Class E and Class F OC
ratios are reported at 143.95%, 129.42%, 120.12%, 110.46% and
106.49% compared to July 2023 [2] levels of 139.13%, 126.69%,
118.57%, 109.98% and 106.40%, respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Some of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

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

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

Performing par and principal proceeds balance: EUR382.3 million

Defaulted Securities: EUR9.8 million

Diversity Score: 43

Weighted Average Rating Factor (WARF): 2904

Weighted Average Life (WAL): 3.41 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.74%

Weighted Average Coupon (WAC): 3.85%

Weighted Average Recovery Rate (WARR): 43.22%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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


PROVIDUS CLO II: S&P Assigns Prelim. B-(sf) Rating on F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Providus
CLO II DAC's class X, A-R, B-R, C-R, D-R, E-R, and F-R reset notes.
At closing, the issuer will have unrated subordinated notes
outstanding from the existing transaction.

This transaction is a reset of the already existing transaction
which closed in December 2018. The issuance proceeds of the
refinancing debt will be used to redeem the refinanced debt (the
original transaction's class A, B-1, B-2, C, D, E, and F notes),
and pay fees and expenses incurred in connection with the reset.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end two years after the
reset date, while the non-call period will end one year after the
reset date.

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

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  CURRENT

  S&P Global Ratings' weighted-average rating factor    2,862.28

  Default rate dispersion                                 592.51

  Weighted-average life(years)                              3.41

  Obligor diversity measure                               112.43

  Industry diversity measure                               16.63

  Regional diversity measure                                1.39


  Transaction key metrics

  CURRENT

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

  'CCC' category rated assets (%)                           1.39

  Target 'AAA' weighted-average recovery (%)               36.04

  Target weighted-average coupon                            3.75

  Target weighted-average spread (net of floors; %)         3.64


S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR325 million target par
amount, the targeted weighted-average spread (3.64%), and the
targeted weighted-average coupon (3.75%) as indicated by the
collateral manager. We have assumed the targeted weighted-average
recovery rates at all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Our credit and cash flow analysis shows that the class B-R to E-R
notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our
preliminary ratings on the notes. The class X and A-R notes can
withstand stresses commensurate with the assigned preliminary
ratings.

"The class F-R notes' current BDR cushion is negative at the
current rating level. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and recent economic outlook, we
believe this class is able to sustain a steady-state scenario, in
accordance with our criteria."

S&P's analysis further reflects several factors, including:

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 17.27% (for a portfolio with a
weighted-average life of 3.41 years) versus 10.56% if it was to
consider a long-term sustainable default rate of 3.1% for 3.41
years.

-- Whether the tranche is vulnerable to non-payment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

Following this analysis, S&P considers that the available credit
enhancement for the class F-R notes is commensurate with the
assigned preliminary 'B- (sf)' rating.

Until the end of the reinvestment period on Oct. 15, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

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

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X to F-R notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class X to E-R notes based on
four hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit obligors associated with
the following industries: biological and chemical weapons, weapons
of mass destruction, anti-personnel land mines, cluster munitions,
depleted uranium, nuclear weapons, blinding laser weapons, weapons
using non-detectable fragments, incendiary weapons, radiological
weapons, white phosphorus weapons, tobacco production, electrical
utilities with a carbon intensity exceeding 100gCO2/kWh, physical
or land-based casinos, betting establishments, and online gambling
platforms."

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
S&P's ESG benchmark for the sector, no specific adjustments have
been made in its rating analysis to account for any ESG-related
risks or opportunities.

  Ratings list

          PRELIM.  PRELIM. BALANCE     CREDIT
  CLASS   RATING*   (MIL. EUR)    ENHANCEMENT(%) INTEREST RATE§

  X       AAA (sf)       1.00     N/A     Three/six-month EURIBOR
                                          plus 0.70%

  A-R     AAA (sf)     201.50     38.00   Three/six-month EURIBOR
                                          plus 1.16%

  B-R     AA (sf)       35.70     27.02   Three/six-month EURIBOR
                                          plus 1.90%

  C-R     A (sf)        19.50     21.02   Three/six-month EURIBOR
                                          plus 2.30%

  D-R     BBB- (sf)     22.80     14.00   Three/six-month EURIBOR
                                          plus 3.20%

  E-R     BB- (sf)      13.00     10.00   Three/six-month EURIBOR
                                          plus 6.15%

  F-R     B- (sf)       11.30      6.52   Three/six-month EURIBOR
                                          plus 8.00%

  Sub.    NR            36.20       N/A   N/A

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

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
Sub.--Subordinated.


PROVIDUS CLO VIII: Fitch Assigns B-(EXP)sf Rating on Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Providus CLO VIII 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
VIII DAC

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

Transaction Summary

Providus CLO VIII 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 a
portfolio with a target par of EUR425 million that is actively
managed by Permira Credit Group Holdings Limited.

The CLO has a 4.5-year reinvestment period and a 7.5-year weighted
average life test (WAL) at closing.

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 of the identified portfolio is 26.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62%.

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.

WAL Test Step-Up Feature (Neutral): The transaction can extend its
WAL by one year on the step-up date, which is one year after
closing. The WAL extension is subject to conditions including
satisfaction of collateral-quality tests, plus the collateral
principal amount (treating defaulted obligations at their Fitch
collateral value) being at least equal to the reinvestment target
par balance.

Portfolio Management (Neutral): The transaction has a 4.5-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 transaction's
Fitch-stressed portfolio is 12 months less than the WAL covenant to
account for structural and reinvestment conditions after the
reinvestment period, including the satisfaction of the coverage
tests and Fitch 'CCC' limit, together with a consistently
decreasing WAL covenant. In Fitch's opinion, these conditions would
reduce the effective risk horizon of the portfolio during stress
periods.

RATING SENSITIVITIES

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

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 downgrades of two notches
for the class B-R, C-R and E-R notes, one notch for the class D-R
notes, and to below 'B-sf' for the class F-R notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class D-R, E-R and F-R notes have
a two-notch cushion and the class B-R and C-R notes have a
one-notch cushion. The class A-R 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, except for the class E-R and F-R notes,
which would be downgraded to below 'B-sf'.

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, 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 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
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 Providus CLO VIII
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.


TRINITAS EURO IV: Fitch Assigns B-sf Final Rating on Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Trinitas Euro CLO IV DAC Reset final
ratings.

   Entity/Debt              Rating               Prior
   -----------              ------               -----
Trinitas Euro
CLO IV DAC

   A XS2585854024       LT PIFsf  Paid In Full   AAAsf
   A-R XS2901889977     LT AAAsf  New Rating
   B-1-R XS2901890041   LT AAsf   New Rating
   B-2-R XS2901890553   LT AAsf   New Rating
   B1 XS2585854370      LT PIFsf  Paid In Full   AAsf
   B2 XS2585854537      LT PIFsf  Paid In Full   AAsf
   C XS2585854883       LT PIFsf  Paid In Full   Asf
   C-R XS2901890397     LT Asf    New Rating
   D XS2585854966       LT PIFsf  Paid In Full   BBB-sf
   D-R XS2901890470     LT BBB-sf New Rating
   E XS2585855260       LT PIFsf  Paid In Full   BB-sf
   E-R XS2901890801     LT BB-sf  New Rating
   F XS2585855344       LT PIFsf  Paid In Full   B-sf
   F-R XS2901890637     LT B-sf   New Rating

Transaction Summary

Trinitas Euro CLO IV DAC is a securitisation of mainly senior
secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine and second-lien loans.

Note proceeds have been used to redeem the existing notes (except
the subordinated notes) and to fund the existing portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Trinitas Capital Management, LLC. The CLO has an approximately
4.8-year reinvestment period and 8.5-year weighted average life
(WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.4.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.9%.

Diversified Asset Portfolio (Positive): The transaction includes
six Fitch matrices. Two are effective at closing, corresponding to
an 8.5-year WAL. Two are effective one year after closing,
corresponding to a 7.5-year WAL with a target par condition at
EUR400 million, and another two effective 18 months after closing,
corresponding to a seven--year WAL with a target par condition at
EUR399 million. Each matrix set corresponds to two different
fixed-rate asset limits at 7.5% and 12.5%. All matrices are based
on a top-10 obligor concentration limit at 23.0%.

The transaction has a maximum exposure to the three largest
Fitch-defined industries in the portfolio at 40%, among others.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction will have a
reinvestment period of about 4.8-years 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.

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would not lead to downgrades of the class
A-R and C-R notes and would lead to no more than one-notch
downgrades of the remaining 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. Owing to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-R to F-R notes
demonstrate a cushion of up to three notches. The class A-R notes
display no rating cushion as they are already at the highest rating
level.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to four notches across the notes.

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

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

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

DATA ADEQUACY

Trinitas Euro CLO IV DAC

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 Trinitas Euro CLO
IV 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.


TRINITAS EURO IV: S&P Assigns B-(sf) Rating on Class F-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Trinitas Euro CLO
IV DAC's class A-R to F-R European cash flow CLO notes. The issuer
has unrated subordinated notes outstanding from the existing
transaction and has issued additional subordinated notes.

The transaction is a reset of the already existing transaction
which closed in March 2023. The issuance proceeds of the
refinancing notes were used to redeem the refinanced notes (the
original transaction's class A, B-1, B-2, C, D, E, and F notes) and
the ratings on the original notes have been withdrawn.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.

The transaction has a two-year non-call period and the portfolio's
reinvestment period will end approximately 4.75 years after
closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor      2,693.01

  Default rate dispersion                                   587.62

  Weighted-average life (years)                               4.52

  Weighted-average life (years) extended to cover
  the length of the reinvestment period                       4.75

  Obligor diversity measure                                 147.54

  Industry diversity measure                                 23.32

  Regional diversity measure                                  1.25


  Transaction key metrics

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

  'CCC' category rated assets (%)                             1.66

  Target 'AAA' weighted-average recovery (%)                 36.59

  Actual target weighted-average spread (net of floors; %)    3.94

  Actual target weighted-average coupon (%)                   4.68

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.85%),
the covenanted weighted-average coupon (4.25%), and the covenanted
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Until the end of the reinvestment period on July 8, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes." This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the assigned ratings are
commensurate with the available credit enhancement for the class
A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to F-R notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-R to E-R notes based on
four hypothetical scenarios.

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

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and is managed by Trinitas Capital
Management LLC.

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including but not limited to, the following:
weapons of mass destruction, illegal drugs or narcotics, opioids,
pornographic or prostitution, child or forced labor, payday
lending, electrical utility limitations, oil and gas, tobacco,
civilian firearms, hazardous chemicals, private prisons, soft
commodities limitations, and trading coal limitations. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."

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

  A-R     AAA (sf)    244.00     3mE + 1.30%      39.00

  B-1-R   AA (sf)      36.00     3mE + 2.00%      26.75

  B-2-R   AA (sf)      13.00     5.25%            26.75

  C-R     A (sf)       23.00     3mE + 2.45%      21.00

  D-R     BBB- (sf)    28.00     3mE + 3.25%      14.00

  E-R     BB- (sf)     18.00     3mE + 6.15%       9.50

  F-R     B- (sf)      11.00     3mE + 8.40%       6.75

  Sub     NR           32.34     N/A               N/A

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




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

GOLDEN GOOSE: S&P Affirms 'B+' ICR, Off CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' ratings on Italy-based luxury
footwear company Golden Goose SpA and its EUR480 million first-lien
senior secured notes due in 2027 and removed them from CreditWatch
positive.

The stable outlook reflects S&P's expectation that Golden Goose
will continue to generate solid revenue growth outperforming its
addressable market, with adjusted EBITDA margins of 32%-34% in
2024, adjusted debt-to-EBITDA ratios of 3.0x-3.5x, and free
operating cash flow (FOCF) after leases of EUR40 million-EUR60
million over 2024 and 2025, enabling the company to self-fund its
expansion strategy.

On June 7, 2024, S&P placed S&P's 'B+' ratings on Italy-based
luxury footwear company Golden Goose SpA and its debt on
CreditWatch with positive implications in view of the company's
planned IPO, announced May 30, 2024.

According to Golden Goose's management, the IPO plan has been
suspended because of unfavorable market conditions, as announced on
June 18, 2024.

S&P said, "Consequently, we have affirmed our 'B+' ratings and
removed them from CreditWatch, where we had placed them with
positive implications on June 7, 2024. The positive CreditWatch
related to the expected finalization of the IPO in the month
following the company's announcement on May 30, that it had started
an IPO process. The positive CreditWatch was also associated with
an expected reduction of debt as a result of the planned IPO, with
a forecast material improvement in S&P Global Ratings-adjusted
leverage to about 2.5x. Moreover, as part of IPO transaction, we
anticipated a minimum free float of 25% of the company's share
capital, coupled with the relinquishment of control of the existing
private-equity owner Permira over the medium term. We understand
the IPO has not been cancelled, but that all IPO activities are
currently suspended and there are no immediate prospects for the
IPO process to resume.

"We expect Golden Goose's operating performance to remain solid
over the next 12-18 months supported by volume growth and its
direct-to-customer (DTC) channel. In the first half of 2024 (ended
June 30), the company reported year-on-year sales growth of about
11% (about 12% on a constant currency basis). This strong
performance was particularly supported by the DTC channel (up 18%
year on year on a constant currency basis), boosted by a higher
customer conversion rate, positive contribution from new store
openings, and ongoing momentum in the digital channel. The Americas
(accounting for 38% of sales in first-half 2024) and Europe, the
Middle East, and Africa (EMEA; 48%) contributed to the positive
growth, while there were temporary negative market dynamics in
Asia-Pacific (14%) due to a decline in customer traffic. Over the
same period, adjusted EBITDA (according to the company's
calculations) grew by about 12% year on year to almost EUR110
million as of June 30, 2024, primarily thanks to the positive
effects of the internalization of certain suppliers. We expect S&P
Global Ratings-adjusted EBITDA margins to remain stable at 32%-34%,
supported by expansion of the company's DTC business, which now
represents about 73% of sales, up from 46% in 2019. Excluding the
planned IPO transaction, we now expect S&P Global Ratings-adjusted
debt to EBITDA to remain in the 3.0x-3.5x range over the next 12
months. Moreover, we think the company maintains a good liquidity
cushion to continue to support its expansion, with total cash of
about EUR184 million as of June 30, 2024, and a fully undrawn EUR65
million revolving credit facility."

Outlook

S&P said, "The stable outlook reflects our expectation that Golden
Goose will continue to generate solid revenue growth outperforming
peers in its addressable market, while achieving an adjusted EBITDA
margin of 32%-34% in 2024, compared with 33.2% the previous year.
We forecast the company will maintain an adjusted debt-to-EBITDA
ratio of 3.0x-3.5x and generate FOCF after leases of EUR40
million-EUR60 million annually over 2024 and 2025, which would
enable it to self-fund its expansion strategy."

Downside scenario

S&P could take a negative rating action if it believes Golden
Goose's S&P Global Ratings-adjusted leverage would increase and
remain above 5.0x or if FOCF fell substantially short of its
base-case scenario. This could occur if, for example, financial
policy were to become more aggressive than anticipated, leading to
higher discretionary spending and weaker credit metrics, or the
company faced an unexpected and material adverse shift in demand.

Upside scenario

S&P could consider an upgrade if Golden Goose completed its IPO as
previously envisaged, with a clear commitment to keeping S&P Global
Ratings-adjusted debt to EBITDA well below 4.0x, coupled with
diversification of its shareholder base and tangible prospects of
the private equity shareholder relinquishing control over the
medium term.




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

BRASKEM NETHERLAND: Fitch Rates Sr. Unsecured Notes Due 2034 'BB+'
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to proposed senior
unsecured notes due in 2034 to be issued by Braskem Netherland
Finance B.V. and guaranteed by Braskem S.A. (Braskem). Proceeds
from the issuance will be used for the repayment of debt, which may
include the repurchase of the 2081 notes validly tendered and
accepted for purchase in the Tender Offer, as well as the
remainder, if any, for general corporate purposes. Fitch currently
rates Braskem S.A. Foreign Currency (FC) and Local Currency (LC)
Issuer Default Ratings (IDRs) 'BB+'/Negative and National Scale
Long-Term Rating 'AAA(bra)'/Stable.

Braskem's ratings underscore its dominant market position and
global operations in the cyclical and volatile petrochemical
industry. A competitive cost structure and feedstock
diversification play an important role in sustaining Braskem's
business profile. The ratings also incorporate the company's strong
liquidity profile and the expectation that FCF will be positive
from 2025 on.

The Negative Outlook on Braskem S.A.'s ratings reflect Fitch's
expectation that petrochemical spreads will remain below midcycle
conditions, causing leverage to be above the rating triggers longer
than anticipated. Tightened margins and additional nonrecurring
cash disbursements not accounted for in its base case scenario
could result in a negative rating action.

Key Rating Drivers

Prolonged Petrochemical Sector Downturn: The industry faces
unprecedented adversities due to a slow global economy, uncertain
geopolitical events and excess production. With China's heavy
investments altering the balance the market is oversupplied,
leading to continuously low or even negative profit margins. This
threatens the viability of numerous facilities, especially in Asia
and Europe, where costs are high. Spreads could remain tightened
until 2027, deterring new investments, and as supply growth
outpaces demand the industry will be pressured to consolidate and
rationalize.

Medium-Term Leverage Above Triggers: Fitch forecasts net leverage
of about 5.5x in 2024 and 4.0x in 2025, excluding Braskem Idesa. As
spreads improve slightly, despite remaining below midcycle
conditions, Fitch expects leverage to decrease to about 3.0x in the
following years. Braskem needs to preserve cash and reduce debt,
which can be done by postponing strategic investments, reducing
costs and optimizing working capital, or by divesting noncore
business.

FCF Constrained by Non-Recurring Cash Outlays: Braskem's operating
cash flows remained positive despite compressed spreads, but
payments provisioned for the geological event in Alagoas and the
leniency agreement will still affect FCF in 2024 and 2025. In the
base case scenario, consolidated EBITDA should range between BRL6.0
billion and BRL7.0 billion (USD 1.24 billion and USD1.4 billion),
while operating cash flow generation will remain pressured by high
interest expenses.

Projections consider annual maintenance capex of approximately
BRL2.0 billion (USD400 million), with an additional BRL1.0 billion
(USD200 million) in 2024 to finalize the construction of the ethane
terminal in Mexico, all of which when combined with the
nonrecurring disbursements resulted in negative FCF of BRL3.0
billion in 2024 and positive BRL1.0 billion in 2025. Additional
provisions for Alagoas were not considered going forward.

Solid Business Profile: Braskem continues to have a leading market
position with robust operations throughout the globe, conferring
important competitive advantages such as cost leadership, feedstock
diversification and autonomy to any specific economic segments. It
lies on the second quartile of the global petrochemical cost curve
and is a reference in sustainable developments, being the first
company to produce green PE.

Fitch acknowledges that the petrochemical sector is highly volatile
and that Braskem possesses the resilience and strategic capability
to manage its challenges effectively. In its projections, a 2.5%
change in PE and PP average prices, while keeping everything else
the same, could result in a 1.0x change in net leverage.

Derivation Summary

Braskem's leading position in the Americas in its core products, PE
and PP, is a key credit strength, mitigating the commodity nature
of its products which are characterized by volatile raw material
prices and price-driven competition. Braskem has medium scale
compared with global chemical peers such as Dow Chemical Company
(BBB+/Stable) and Westlake Corporation (BBB/Stable), but it is well
positioned relative to Latin American peers such as Orbia Advance
Corporation, S.A.B de C.V. (BBB/Stable) and Alpek, S.A.B. de C.V.
(BBB-/Stable) in terms of scale and geographic diversification.

Around 35% of Braskem's EBITDA was generated outside Brazil in the
past six years. The company has strong local market share, allowing
it to better withstand higher raw material prices and commercial
strategies.

Braskem's leverage, excluding Braskem Idesa, under Fitch's base
case is expected to be around 5.5x in 2024 and 4.0x in 2025, but
decline close to 3.0x in the following years. This is higher than
its petrochemical peers, such as Orbia at 3.0x, Alpek at 2.0x and
Westlake at 0.7x. All of these players maintain strong cash
positions, long-term debt-amortization profiles, and strong access
to local and international debt markets.

Westlake's higher degree of cyclical exposure relative to its
larger, more integrated peers highlights the company's need to
operate with lower levels of leverage at a given rating category.
Nevertheless, it is the third-largest global chlor-alkali and PVC
producer, having added scale to its PVC resin and vinyl-based
building products through recent acquisitions. The company's
cost-advantaged feedstock and a generally strong pricing
environment has led to historically stronger EBITDA margins than
Braskem.

Key Assumptions

- Brazil PE realized revenue of USD3.6 billion, USD3.6 billion and
USD3.5 billion during 2024-2026;

- Brazil PP realized revenue of USD2.0 billion USD 2.1 billion and
USD2.2 billion during 2024-2026;

- Brazil vinyls realized revenue of USD640 million, USD660 million
and USD820 million during 2024-2026;

- Brazil ethylene/propylene realized revenue of USD810 million,
USD1.1 billion and USD1.2 billion during 2024-2026;

- U.S. and Europe PP realized revenue of USD3.7 billion, USD3.6
billion and USD3.9 billion during 2024-2026;

- Mexico PE realized revenue of USD1 billion, USD1.1 billion and
USD1.2 billion during 2024-2026;

- PE-ethane reference spreads of USD920/ton in 2024, USD850/ton in
2025 and USD850/ton in 2026;

- PE-naphtha reference spreads of USD440/ton in 2024, USD420/ton in
2025 and USD390/ton in 2026;

- PP-propylene reference spreads of USD460/ton in 2024, USD470/ton
in 2025 and USD480/ton in 2026;

- PVC reference spreads of USD360/ton in 2024, USD350/ton in 2025
and USD530/ton in 2026;

- Annual maintenance capex of approximately BRL2.0 billion (USD400
million) with an additional BRL1.0 billion (USD 200 million) to
finalize the ethane terminal in Mexico in 2024;

- No dividends paid to shareholders during the analysis horizon.

RATING SENSITIVITIES

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

- Additional material contingent claims for the geological event in
Alagoas;

- Net debt/EBITDA above 3.5x, on average through the cycle,
excluding Braskem Idesa;

- Sustained negative FCF at the bottom of the cycle that results in
incurring additional debt;

- Sustained EBITDA interest coverage below 1.0x;

- Material financial support to Braskem Idesa.

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

- Net debt/EBITDA below 2.5x on average through the cycle,
excluding Braskem Idesa;

- Sustained consolidated net debt of less than USD5 billion on
average through the cycle.

Liquidity and Debt Structure

Adequate Liquidity: Braskem adopts a conservative financial
strategy to limit the risks associated with its exposure to the
cyclical and capital-intensive nature of the petrochemical
business. The company has a strong cash position, with USD2.8
billion of readily available cash and marketable securities as of
June 30, 2024, excluding Braskem Idesa (USD309 million). Gross
debt, excluding Braskem Idesa, stands at USD8.3 billion, USD306
million of which is due in the second half 2024 and USD127 million
in 2025.

The company's financial flexibility is enhanced by a USD1 billion
unused revolving credit facility due in 2026. Fitch expects Braskem
to remain committed to preserving its liquidity by maintaining a
conservative dividend policy, particularly while leverage is above
2.5x. The company has the ability to reduce capex and fixed costs,
optimize working capital and monetize tax credits if market
conditions remain worse than anticipated.

Issuer Profile

Braskem S.A. produces and sells chemicals, petrochemicals, fuels,
steam, water, compressed air and industrial gases. The company has
plants in Brazil, the U.S., Germany and Mexico that produce
thermoplastic resins such as polyethylene, polypropylene and
polyvinyl chloride.

Date of Relevant Committee

04 June 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

   Entity/Debt             Rating           
   -----------             ------           
Braskem Netherlands
Finance B.V.

   senior unsecured    LT BB+  New Rating




===============
P O R T U G A L
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LUSITANO MORTGAGES 4: Moody's Ups Rating on EUR24MM D Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of four notes in Lusitano
Mortgages No. 4 plc (Lusitano 4) and Lusitano Mortgages No. 6
Designated Activity Company (Lusitano 6). The rating action
reflects better than expected collateral performance and the
increased levels of credit enhancement for all the affected notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement commensurate with the current ratings.

Issuer: Lusitano Mortgages No. 4 plc

EUR1134M Class A Notes, Affirmed Aaa (sf); previously on Nov 23,
2023 Upgraded to Aaa (sf)

EUR22.8M Class B Notes, Affirmed Aaa (sf); previously on Nov 23,
2023 Upgraded to Aaa (sf)

EUR19.2M Class C Notes, Upgraded to Aa2 (sf); previously on Nov
23, 2023 Upgraded to Aa3 (sf)

EUR24M Class D Notes, Upgraded to Ba2 (sf); previously on Nov 23,
2023 Upgraded to Ba3 (sf)

Issuer: Lusitano Mortgages No. 6 Designated Activity Company

EUR943.25M Class A Notes, Affirmed Aaa (sf); previously on Nov 23,
2023 Upgraded to Aaa (sf)

EUR65.45M Class B Notes, Affirmed Aaa (sf); previously on Nov 23,
2023 Upgraded to Aaa (sf)

EUR41.8M Class C Notes, Upgraded to Aaa (sf); previously on Nov 23,
2023 Upgraded to Aa1 (sf)

EUR17.6M Class D Notes, Upgraded to Baa3 (sf); previously on Nov
23, 2023 Affirmed Ba3 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches and decreased key collateral assumptions,
namely the portfolio Expected Loss (EL) assumption due to better
than expected collateral performance.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolios reflecting the collateral
performance to date.

The performance of Lusitano 4 has continued to be stable since last
year. Delinquencies have continued to be stable in the past year,
with 90 days plus arrears currently standing at 0.18% of current
pool balance. Cumulative defaults currently stand at 7.43% of
original pool balance slightly up from 7.42% a year earlier.

Moody's slightly decreased the expected loss assumption to 1.88% as
a percentage of current pool balance from 2.06%. The revised
expected loss assumption corresponds to 2.85% as a percentage of
original pool balance and down from previous assumption of 3.25%.

For Lusitano 6, the performance has continued to be stable.
Delinquencies have continued to be stable in the past year, with 90
days arrears currently standing at 0.23% of current pool balance.
Cumulative defaults currently stand at 11.71% of original pool
balance slightly up from 11.68% a year earlier.

Moody's decreased the expected loss assumption to 2.60% as a
percentage of current pool balance from 3.28%. The revised expected
loss assumption corresponds to 5.27% as a percentage of original
pool balance and down from previous assumption of 6.58%.

Moody's have also assessed loan-by-loan information as a part of
Moody's detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's have maintained the MILAN Stressed
Loss assumption for Lusitano 4 at 7.0%, and decreased the
assumption in Lusitano 6 to 8.4% from 10.1%.

Moody's note the steady flow of recoveries received in both
transactions, approximately EUR0.5M quarterly, beneficial for
payments to Class D notes. However, Moody's expect recoveries
collections to slow down in absence of new or limited defaults.

Increase in Available Credit Enhancement

For Lusitano 4, a non-amortizing reserve fund led to the increase
in the credit enhancement available in this transaction. Notes are
amortising pro-rata, subject to several performance triggers. The
credit enhancement for Classes C and D Notes has increased to 9.31%
and 3.46% respectively from 8.81% and 2.96% since last rating
action.

For Lusitano 6, sequential amortization and a non-amortizing
reserve fund led to the increase in the credit enhancement
available in this transaction. Notes are amortising sequentially,
given the reserve fund is only at 34.6% of its target level but
increasing. The credit enhancement for Classes C and D Notes has
increased to 22.84% and 15.80% respectively from 20.01% and 13.76%
since last rating action.

Methodology Underlying the Rating Action

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

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.




=============
R O M A N I A
=============

DIGI COMMUNICATIONS: S&P Affirms BB- ICR & Alters Outlook to Stable
-------------------------------------------------------------------
S&P Global Ratings revised to stable from negative its outlook on
Romanian telecoms service provider Digi Communications N.V. and its
subsidiary Digi Romania S.A. At the same time, S&P affirmed its
'BB-' long-term ratings on these entities and their outstanding
senior secured debt.

S&P said, "The stable outlook indicates that we expect Digi's
revenue and EBITDA to grow, primarily based on fixed and mobile
expansion in Spain, and continued growth in revenue generating
units (RGUs) in Romania. We also expect high capital expenditure
(capex) to mean negative FOCF and S&P Global Ratings-adjusted debt
to EBITDA of about 3.4x-3.5x in 2024-2025.In our view, selling part
of its Spanish FTTH network was positive for Digi's liquidity, but
neutral for leverage." In April 2024, this network was the subject
of an asset purchase agreement between Digi and Sota Investments
Spain OpCo S.L.U., a consortium consisting of Maquire Capital,
abrdn, and Arjun Infrastructure Partners. Digi's FTTH network
extends over 12 Spanish provinces and passes 6 million homes; it is
to be sold for a total price of EUR750 million. On Sept. 5, Digi
completed the first stage of the sale, related to an area that
passes 4.4 million homes, and received the first instalment (EUR502
million). The remaining portion of the network, which passes 1.6
million homes, will be sold over the next three years. Over this
period, the remaining installments (totaling EUR248 million) will
be paid to Digi.

The asset purchase agreement also includes an access
agreement--Digi has committed to leasing a minimum amount of lines
on the network for at least the next 25 years. S&P said, "We
consider that this minimum commitment represents a future
obligation and treat it as a sale-and-lease back, whereby we
capitalize the future commitments and add them to our adjusted
leverage metric. Specifically, we add the net present value of
future commitments to debt and add back the one-year minimum
commitment to EBITDA. As a result, the transaction will be largely
leverage-neutral on an S&P Global Ratings-adjusted basis as the
cash received reduces reported leverage by about 1.0x, while
adjusted leverage increases by about the same amount."

Digi used the first instalment from Sota and EUR230 million of
proceeds from drawings under its senior facilities agreement to
strengthen its cash position. Thereafter, on Sept. 27, the company
repaid its EUR450 million bond due February 2025, as well as
short-term debt issued by its Spanish subsidiary, which
significantly improved the company's liquidity position. S&P said,
"We now estimate that liquidity sources will cover uses by 1.2x.
Therefore, we revised our liquidity assessment to adequate from
less than adequate. Our liquidity assessment incorporates the
flexibility in Digi's future capex, as we consider two-thirds of
our capex forecast in 2024-2025 to be discretionary growth capex
(in particular, growth investments in Spain and Portugal, which
represents more than 50% of capex, could be reduced if needed)."

Digi has solid potential for continued revenue expansion in Spain,
following the 23% revenue growth during the first half of 2024.
Although its share of the Spanish market is still small, it has
expanded as it has broadened its customer base to include both the
convergent (fixed-mobile), and mobile postpaid segments. In 2018,
Digi had a 1% share of the mobile market in Spain; this had risen
to about 8% of both the mobile and fixed-line telephony markets by
year-end 2023. To a lesser extent, we also expect to see further
growth of about 4%-5% in Romania, based on continued RGU expansion.
Digi has demonstrated a strong growth trajectory over the past
decade and has materially increased its scale and diversification.
As a result, S&P regard its business risk profile as stronger than
before and have loosened its leverage threshold for the 'BB-'
rating to 3.0x-4.0x, from 2.5x-3.5x.

The company's growth prospects were boosted by the recent remedy
package imposed by the European competition authorities. Following
the approval of the joint venture between Orange and Masmovil, the
latter agreed to divest spectrum to Digi. Digi has also renewed its
national roaming agreement with Telefonica for a further 16 years,
and to strengthen its fixed proposition, it has also signed a
10-year broadband wholesale agreement with Telefonica. That said,
Digi is much smaller than its competitors in Spain. At year-end
2023, S&P estimates that Telefonica had a fixed subscriber market
share of 34%, Orange 22%, Masmovil 21% and Vodafone 15%. At the
same time, Telefonica had a mobile subscriber market share of 27%,
Orange 22%, Vodafone 22%, and Masmovil 21%. Digi has a market share
of about 8% in both markets.

Pursuing these growth opportunities will require capex, which will
weigh on Digi's FOCF and leverage. S&P said, "We forecast that Digi
will post capex to sales of about 35%-45% in 2024-2025, similar to
the 41% it invested in 2023. Building out its fixed network in
Spain is likely to take up about half of Digi's 2024-2025 capex.
The company is also increasing the density of its mobile network in
Romania, as part of its strategy to increase 5G coverage. Although
this is expected to be the second-largest use of capex until end
2025, the buildout of Digi's fixed network in Romania has reached
maturity. The company now leads the Romanian market, with a 70%
market share. Therefore, we anticipate that its capex needs in
Romania will decline over time--instead, it will invest in new
markets." For example, the company plans to launch mobile and fixed
services in Portugal and Belgium in the coming quarters.

Acquisitions may offer further growth opportunities for Digi. This
year, it has agreed two acquisitions, pending regulatory approval:
Nowo Communications, the fourth-largest mobile player in Portugal,
and Telekom Romania, the fourth-largest mobile player in Romania.
Despite its EBITDA growth, we forecast that Digi will report
negative free cash flow until 2026 at the earliest and that
adjusted leverage will increase to about 3.5x in 2024, remaining at
this level through at least 2025.

By acquiring Telekom Romania from OTE, Digi could strengthen its
mobile position in Romania, while maintaining its dominant
fixed-market position. Digi is the clear market leader in the
Romanian fixed market, with a share of 70% on Sept. 30, 2023. Digi
offers fast internet speeds of between 500 megabits per second and
1 gigabit per second, which gives it a competitive edge. However,
in mobile it ranks No. 3, behind Orange (34% in June 2023) and
Vodafone (29%). The company has already increased its market share
to 23%, from 15% in 2020. The acquisition of Telekom Romania, which
ranks No.4, could also make Digi one of the leading players in the
mobile market.

S&P said, "The stable outlook indicates that we expect Digi's
revenue and EBITDA to continue to grow, primarily based on fixed
and mobile expansion in Spain, and continued RGU growth in Romania.
High capex is predicted to result in negative FOCF and adjusted
debt to EBITDA of about 3.4x-3.5x in 2024-2025.

"We could lower the rating if leverage reached 4.0x on a
sustainable basis. We could also lower the rating if operational
issues, rather than growth-related capex, caused FOCF to remain
negative. This could occur if fierce competition causes Digi to
lose market share or forces it to lower prices. We could also take
a negative action if Digi's liquidity position weakened.

"We could raise the rating if the company is able to consistently
maintain adjusted debt to EBITDA below 3.0x, funds from operations
(FFO) to debt above 30%, and FOCF to debt above 5%. This would
likely occur if margins improved because of increasing scale across
markets, coupled with declining capex intensity."




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

BANCO DE SABADELL: Moody's Affirms 'Ba1' Subordinated Debt Ratings
------------------------------------------------------------------
Moody's Ratings has affirmed the Baa1 long-term deposit ratings of
Banco de Sabadell, S.A. (Banco Sabadell) and the Baa2 backed senior
unsecured debt rating of its funding vehicle CAM Global Finance.
The outlook on both ratings remains positive. At the same time,
Moody's have affirmed Banco Sabadell's Ba1 subordinated debt
ratings and Baa3 junior senior unsecured debt rating as well as the
A3 long-term Counterparty Risk Ratings (CRR), the A3(cr) long-term
Counterparty Risk Assessment (CR Assessment) and the bank's baa3
Baseline Credit Assessment (BCA). Moody's have also affirmed all
the bank's short-term ratings and assessments.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=V369iN

RATINGS RATIONALE

-- RATIONALE FOR AFFIRMING THE BCA

The affirmation of Banco Sabadell's BCA reflects the strength of
the bank's credit profile, supported by a solid asset quality and
profitability performance during the first half of 2024, balanced
against its relatively weak capital and leverage ratios.

Banco Sabadell's profitability has substantially benefited from the
increase in interest rates initiated in late 2022, which has led to
a  widening of its customer margin – by almost 100 bps between Q2
2022 and Q2 2024 – and net interest income which, in Q2 2024, was
40% above that reported in Q2 2022. Despite the central bank's
ongoing policy easing which will likely lead to a gradual margin
contraction, Moody's expect the bank's profitability to remain
resilient given  improving business dynamics, with lending volumes
initiating a recovery already in 1H 2024.

The rating affirmation is also underpinned by the bank's good asset
quality performance. Despite pressures stemming from the high cost
of living and more elevated debt burden since 2022, Banco Sabadell
has been able to reduce its problem loan ratio in the 12 months to
June 2024 by around 25 bps (to 3.24%), with asset quality improving
both in its domestic and UK business. The bank's liquidity position
remains solid as well, with a loan-to-deposit ratio which remains
well below 100% despite some recent deterioration because of loans
growing above customer deposits.

In contrast, Banco Sabadell's credit profile remains constrained by
the entity's relatively weak capitalization, weighed down by a high
exposure to deferred tax assets which amounted to 54% of the bank's
Common Equity Tier 1 (CET1) capital as of June 2024. Moody's expect
Moody's key capital and leverage ratios, tangible common equity
(TCE)/risk-weighted assets and TCE/tangible assets, to stand close
to 10% and 4% respectively over the outlook period, ranking below
its domestic peers. From a regulatory perspective, Banco Sabadell
shows a more comfortable capital position, with a CET 1 (fully
loaded) ratio of 13.5% as of end-June 2024, but the bank has
committed to distribute to shareholders any capital in excess of a
fully-loaded CET1 ratio of 13% (post implementation of Basel  III
). The difference between the bank's CET1 ratio and the TCE ratio
is mainly explained by the treatment of convertible deferred tax
assets (DTA) (i.e. guaranteed by the Spanish government), which
regulators do not deduct from the capital base, while Moody's
include as a capital component only part of them; and the more
conservative risk weighting that Moody's apply to the sovereign
exposure compared with regulators' risk weighting of 0%.

Banco Sabadell's BCA does not incorporate any impact at this stage
associated with its potential acquisition by Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA), after BBVA launched an offer to Banco
Sabadell's shareholders to acquire 100% of the bank's shares on May
9, 2024. Given the hostile nature of the takeover bid, which faces
the clear opposition of Banco Sabadell's board, Moody's believe
there is currently a high level of uncertainty on the success of
the transaction even though a number of authorisations have already
been obtained. Key approvals still pending are those from the
Spain's National Securities Market Commission (CNMV) and Antitrust
Authority (CNMC), which could delay the operation for several
months and, in the case of the CNMC, could impose conditions making
the acquisition possibly less attractive for BBVA. The Spanish
government has also expressed its opposition to the deal, citing
negative implications for competition, financial inclusion and
employment, and it could eventually veto    the merger of both
entities in the case of a successful acquisition by BBVA. In
Moody's view, the eventual acquisition  by BBVA would be positive
for Banco Sabadell's creditors, which would benefit from BBVA's
more solid credit profile.

-- RATIONALE FOR AFFIRMING THE BACKED SENIOR UNSECURED DEBT AND
DEPOSIT RATINGS

The affirmation of Banco Sabadell's Baa1 long-term deposit and the
Baa2 backed senior unsecured debt rating of CAM Global Finance
reflects: (1) the affirmation of the bank's standalone BCA at baa3;
(2) the unchanged outcome of Moody's Advanced Loss Given Failure
(LGF) analysis that results in two notches of uplift for the
deposit ratings and one notch of uplift for the senior unsecured
debt rating; and (3) Moody's unchanged assumption of moderate
government support, which results in no further uplift.

-- RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook on the long-term deposit ratings of Banco
Sabadell and on the backed senior unsecured debt rating of CAM
Global Finance is driven by the positive outlook of Spain's
sovereign debt rating, as these instruments could benefit from
government support uplift in case the sovereign debt rating is
upgraded.

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

Banco Sabadell's BCA could be upgraded principally as a result of
stronger Moody's-calculated capital and leverage ratios. A material
change in the bank's funding profile towards lower use of market
funding could also trigger a BCA upgrade. Banco Sabadell's Adjusted
BCA could also be upgraded in the case the bank is eventually
acquired by BBVA, through the incorporation of affiliate support.

Banco Sabadell's deposit ratings and CAM Global Finance's backed
senior unsecured debt ratings could be upgraded if Spain's
sovereign rating is upgraded, given Moody's assumption of a
moderate probability of government support for these instrument
types. While, at the current sovereign debt rating level, these
instrument ratings do not benefit from uplift from government
support, upward pressure would develop in case the sovereign debt
rating is upgraded and the notching difference between the
sovereign debt rating and those of the instruments widens.
Nevertheless, the application of such uplift is less certain in
scenarios where government support leads bank ratings to be in line
with the sovereign debt rating.

The bank's BCA could be downgraded if there were an increase in
problem loans significantly above Moody's current expectations. A
weakening in the bank's risk-absorption capacity as a result of
lower capital ratios could also trigger a BCA downgrade.

Any downward pressure on the bank's deposit and senior unsecured
debt ratings, stemming from a BCA downgrade or changes in the
liability structure that indicate a higher loss-given-failure for
these instruments, will likely be offset by the incorporation of
government support.


BBVA CONSUMER 2018-1: Moody's Affirms Caa1 Rating on EUR4MM Z Notes
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of the Notes in BBVA
CONSUMER AUTO 2018-1 FONDO DE TITULIZACION and Bumper FR 2022-1.
The rating action reflects increased levels of credit enhancement
and better than expected collateral performance for the affected
Notes.

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain their current ratings.

Issuer: BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION

EUR728M Class A Notes, Affirmed Aa1 (sf); previously on Dec 11,
2023 Affirmed Aa1 (sf)

EUR23.2M Class B Notes, Affirmed Aa1 (sf); previously on Dec 11,
2023 Affirmed Aa1 (sf)

EUR32.8M Class C Notes, Upgraded to Aa1 (sf); previously on Dec
11, 2023 Affirmed Aa3 (sf)

EUR10M Class D Notes, Upgraded to A3 (sf); previously on Dec 11,
2023 Affirmed Baa2 (sf)

EUR6M Class E Notes, Affirmed B3 (sf); previously on Dec 11, 2023
Downgraded to B3 (sf)

EUR4M Class Z Notes, Affirmed Caa1 (sf); previously on Dec 11,
2023 Downgraded to Caa1 (sf)

Issuer: Bumper FR 2022-1

EUR500M Class A Notes, Affirmed Aaa (sf); previously on Apr 7,
2022 Definitive Rating Assigned Aaa (sf)

EUR32.5M Class B Notes, Upgraded to Aaa (sf); previously on Apr 7,
2022 Definitive Rating Assigned Aa2 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches. For BBVA CONSUMER AUTO 2018-1 FONDO DE
TITULIZACION, the rating action also reflects better than expected
collateral performance.

Increase in Available Credit Enhancement

In BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION, the credit
enhancement of Classes C and D increased to 21.50% and 7.59% in
July 2024 from 13.52% and 4.77%, respectively, since the previous
rating action in December 2023. Class C benefits from the liquidity
provided by the reserve fund while Class D does not.

In Bumper FR 2022-1, the credit enhancement of Class B increased to
34.73% in August 2024 from 21.70% in April 2023, when the revolving
period ended. The tranche benefits from the liquidity provided by
the reserve fund.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

In BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION, the pool
performance has remained stable since the previous rating action in
December 2023. The 60 days plus delinquencies decreased to 1.18%
from 1.36% and the 90 days plus delinquencies remained relatively
flat, increasing slightly to 0.46% from 0.43%. Cumulative defaults
increased marginally to 2.97% from 2.89%. Consequently, Moody's
decreased the default probability assumption to 4.0% from 4.5% of
the current portfolio balance corresponding to 3.24%  of the
original pool balance. The recovery rate assumption remains
unchanged at 35% and the portfolio credit enhancement also remains
unchanged at 15%.

In Bumper FR 2022-1, the pool performance remains relatively
stable. Cumulative defaults currently stand at 1.27% up from 0.58%
in April 2023. In the same period, the pool factor decreased to 62%
from 100%. Consequently, Moody's maintained the default probability
assumption unchanged at 2.75% of the current portfolio balance
corresponding to 2.36% of the original pool balance. The recovery
rate assumption remains unchanged at 50% and the portfolio credit
enhancement also remains unchanged at 13%.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties, and (4) a decrease in sovereign risk in
the case of BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the Notes' available credit enhancement, and
(4) deterioration in the credit quality of the transaction
counterparties.




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

HEIMSTADEN AB: S&P Assigns 'B-' Issuer Credit Rating, Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
Heimstaden AB.

S&P said, "We also assigned our 'B' issue-level rating and '2'
recovery rating to the company's senior unsecured notes, with the
'2' recovery rating indicating our expectation of about 85%
recovery in the event of a payment default; a 'CC' rating to the
company's euro hybrid subordinated notes with no equity content;
and a 'D' rating to its Swedish krona (SEK) hybrid subordinated
notes with an intermediate equity content.

"The negative outlook on the issuer credit rating on Heimstaden AB
reflects our expectation of likely materially weaker EBITDA
interest and dividend coverage and tightening liquidity headroom,
especially absent asset disposals, as well as the limited ability
for Heimstaden Bostad to resume paying dividends.

"Our rating on Heimstaden AB is primarily based on its 35.6% stake
in Heimstaden Bostad (BBB-/Negative/--) as of June 30, 2024, with a
limited influence over its investee. We rate Heimstaden AB using
our noncontrolling equity interest criteria, which we use to rate
debt instruments issued by entities that own shares in one or more
other entities with no direct control. As per this methodology, our
'B-' issuer credit rating on Heimstaden AB is six notches below our
'BBB-' issuer credit rating on Heimstaden Bostad, the investee."
The notching differential reflects the structural subordination of
the distributions Heimstaden AB receives from Heimstaden Bostad,
which it does not directly control owing to the protections in the
shareholder agreement. It also reflects differences between
Heimstaden AB and Heimstaden Bostad regarding cash flow stability,
corporate governance and financial policy, and financial ratios, as
well as Heimstaden AB's low ability to liquidate its investments.

S&P said, "Heimstaden AB's uncertain cash flow stability is a clear
weakness under our criteria. Heimstaden Bostad suspended the
dividend on all its share class since February 2024 to protect its
'BBB-' rating, thereby materially reducing cash flow for Heimstaden
AB. We also note there is a limited chance that dividends will
resume in the next 12 months given it remains fully dependent on
Heimstaden Bostad restoring headroom under its current credit
rating ratio triggers. Therefore, we forecast Heimstaden AB will
post weak EBITDA interest and dividend coverage of well below 1.0x
for 2024 and 2025 following the suspension of dividends from
Heimstaden Bostad. In our forecast we assume dividends will remain
suspended over the medium term and that cash inflow should
therefore remain weak."

Heimstaden AB's corporate governance and financial policy are
credit negative. Heimstaden Bostad is jointly controlled by
Heimstaden AB and large institutional shareholders and pension
funds, with Heimstaden AB owning only 35.6% of share capital and
50.1% of voting rights with no direct control as of June 30, 2024.
Heimstaden Bostad's governance structure and financial policies are
stipulated in a shareholders agreement and as a result, the
agreement prevent Heimstaden AB from directing the cash flows,
business strategy, and dividend distributions without the support
of majority joint shareholders. Also, under the agreement,
amendments to dividend distributions and substantial asset sales
require the consent of majority institutional shareholders, which
should limit Heimstaden AB's potential influence on Heimstaden
Bostad and access to its cash flow and assets.

Heimstaden AB's financial ratios are weak for the rating.
Heimstaden AB's interest coverage ratio was 2.5x-3.0x and its debt
to EBITDA was 4.0x-4.5x in 2023 before dividends were suspended.
S&P said, "However, we forecast EBITDA interest coverage will fall
well below 1.0x and debt to EBITDA (debt divided by dividend
received minus operating and administrative expenses) will be
significantly higher than 4.0x during 2024-2025 due to suspension
of dividends from Heimstaden Bostad. This level of interest
coverage is very weak, in our view, but it is partly mitigated by
Heimstaden AB's plans to dispose assets at the Heimstaden AB level
over the next 6-12 months and its accumulated cash to service its
interest and debt repayment for the next 12 months. We think
Heimstaden AB will dispose its directly held Danish and Swedish
real estate assets to further increase its capacity to service debt
or its associated payments beyond 12 months."

Heimstaden AB's ability to liquidate investments is subject to
execution risk. The majority of Heimstaden AB's investment in
Heimstaden Bostad shares is privately held, so it could be
difficult to ascertain the future asset value relative to debt.
Also, we think the joint control over the investment suggests a
longer liquidation process.

S&P said, "We reflect these assessments in a six-notch differential
from our 'BBB-' issuer credit rating on Heimstaden Bostad and
therefore our rating on Heimstaden AB is 'B-'.

"We view the preference shares of SEK1.87 billion as 100% debt-like
under our criteria and treat its coupon payments as interest costs.
A penalty rate of 10% accruing on unpaid dividend conflicts with
our requirement for intermediate equity content and could
ultimately worsen Heimstaden AB's creditworthiness. The
documentation also includes early redemption provisions for the
holder and exit rights after any time at certain prices that may
undermine the instruments' permanency in the capital structure.
Still, we note that Heimstaden AB announced deferral of dividend on
its preference shares in April 2024 to conserve cash, which will
benefit cash flow over the next 12 months and with the instruments
duly acting as loss absorbing instruments."

Heimstaden AB is ultimately controlled by Fredensborg, which owns
around 70.8% of share capital and 96% of voting rights and fully
consolidates Heimstaden AB in its accounts. S&P said, "We therefore
assess the whole group's creditworthiness. Since our view of
Fredensborg's credit quality is broadly similar and it has a high
reliance on Heimstaden dividend, we see no rating differential
between the two entities currently. Heimstaden AB represents a
significant majority of Fredensborg's total assets and will remain
an important investment. We therefore see Heimstaden AB as a core
entity for Fredensborg."

S&P said, "We assigned 'B' issue ratings to Heimstaden AB's senior
unsecured debt and 'CC' and 'D' issue ratings to the subordinated
hybrid debts. We assigned an issue rating of 'B' (recovery rating
of '2') to the outstanding unsecured notes. Our recovery analysis
on Heimstaden AB shows a numerical recovery outcome close to 145%
but we cap the recovery rating on the notes at '2' with an
estimated 85% recovery in the event of a payment default, in line
with our criteria.

"We assigned a 'D' rating to the SEK subordinated hybrid notes
because the company announced deferral of dividend in April 2024 to
conserve cash and this qualifies as missed interest payment and
default under our criteria. We assess the hybrid instruments as
having intermediate equity content, reflecting our expectation that
the issuer is willing to use the instruments to absorb losses or
conserve cash and it has long residual time to the effective
maturity date. We consider hybrids rated in the 'B' category or
below to have intermediate equity content if there are at least 10
years before their effective maturity date.

"We assigned a 'CC' rating to the euro subordinated hybrid notes
based on our belief that there is a high likelihood the company
will defer hybrid coupon payments on its euro notes within the next
six months, especially after the deferral of coupon on the SEK
subordinated hybrid notes. We assign no equity content because the
effective maturity has reduced to less than 10 years, making the
notes ineligible for intermediate equity content in our view.

"The negative outlook on Heimstaden AB reflects our expectation of
materially weaker EBITDA interest and dividend coverage and
tightening liquidity headroom. It also reflects the company's
limited ability to resume dividends from Heimstaden Bostad under
the shareholders agreement, given that Heimstaden Bostad is under
pressure to protect its investment-grade rating."

S&P could lower the rating on Heimstaden AB if:

-- It is unable to dispose assets over next six months, creating a
liquidity shortfall; or

-- Its liquidity come under pressure so that it was unable to
refinance or repay its debt maturities after 12 months;

-- A negative rating action on Heimstaden Bostad would not
necessarily trigger a downgrade of Heimstaden AB, given the cap at
existing material notching difference according to S&P's
noncontrolling equity interest methodology.

S&P could revise the Heimstaden AB's outlook to stable following a
similar change in our outlook on Heimstaden Bostad if Heimstaden AB
maintains following:

-- Dividends from Heimstaden Bostad resumed with certain
predictability of flow over next few years; and

-- Heimstaden AB were able to maintain good headroom under its
stand-alone liquidity.


POLYGON GROUP: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Polygon Group AB's
Long-Term Issuer Default Rating (IDR) to Stable from Negative and
affirmed the IDR at 'B'. Fitch has also affirmed the company's
EUR490 million first-lien term loan B1 (TLB), EUR55 million delayed
draw first-lien term loan B2 (TLB2) and EUR90 million revolving
credit facility (RCF) ratings at 'B' with Recovery Ratings of
'RR4'.

The revision of the Outlook reflects its expectation of
deleveraging over the next 12-18 months, driven by an expected
increase in operating profitability. Fitch expects that the
recovery will continue to be supported by strong activity levels,
subsiding employee-related supply-side challenges and resolution of
local operational challenges in some countries.

Polygon's IDR continues to reflect its solid business profile,
satisfactory liquidity supported by a long-dated debt maturity
profile and structurally resilient demand supporting consistent
organic revenue growth. The rating remains constrained by high -
albeit sustainable - leverage, weak interest coverage and still
limited scale.

Key Rating Drivers

Leverage Limits Rating Headroom: The group's high leverage
currently leaves no rating headroom. However, Fitch expects
deleveraging over the next 12-18 months. Fitch forecasts sustained
high EBITDA gross leverage at around 7.4x at end-2024, due to
subdued operating profitability, followed by deleveraging towards
around 6.5x in 2025 and 5.5x by end-2027, mainly on improving
margins and continued solid revenue growth. Any delay to EBITDA
improvement or deleveraging trends would result in negative rating
action.

Strong EBITDA Growth: Fitch expects low teens CAGR of nominal
Fitch-defined EBITDA in 2023-2027 on strong revenue growth and
increasing operating margins. Fitch forecasts revenue growth of
over 10% in 2024 and high-single-digit growth in 2025-2027,
benefiting from mid-to-high single digit organic growth and revenue
contribution from assumed bolt-on acquisitions. Fitch forecast the
Fitch-defined EBITDA margin to improve to 6.3% in 2024 and about 7%
in 2025-2026 following a subdued 6% in 2022-2023.

Operating Margin Recovery: Fitch expects that operating margin
recovery will be supported by a combination of strong activity
levels, subsiding employee-related supply-side challenges
(including moderating wage inflation), improving availability of
employees and resolution of local operational challenges in some
countries. In particular, the group has already increased its order
backlog in Denmark and is progressing with efficiency plans in the
UK and France.

Neutral to Positive FCF: Fitch expects neutral to positive free
cash flow (FCF) in 2025-2027 following negative FCF of about 1% of
revenue in 2024. Fitch expects improving Fitch-defined EBITDA
margins in 2025-2027 to be partly offset by continued high albeit
decreasing interest costs, as well as consistent significant growth
capex and working-capital investments to support Polygon's expected
mid-single-digit organic growth.

Strong Activity Levels: Fitch expects continued solid revenue
growth in 2024-2027 from the buoyant property damage restoration
(PDR) business as well as acquisitions. Polygon benefits from a
high share of long-term contracts with customers and a favourable
geographic footprint focused on Germany and the Nordics. In 2Q24,
it recorded about 19% organic revenue growth (vs 2Q23), supported
by improving demand in most of its 18 geographic markets.

Polygon's expected mid-single-digit organic growth is mainly driven
by sector characteristics, such as an increasing number of
restorable residential and commercial properties, ageing building
stock and the increasing value of properties, which in turn results
in more claims for damages.

Sound Business Profile: Fitch views Polygon's business profile as
solid, with market-leading positions in niche market with low
cyclicality and a contract-based income structure which is
consistent with a 'BB' rating. It has operations in 18 countries,
providing healthy geographic diversification, albeit with some
dependence on Germany.

Polygon's service offering is well-diversified, which should
attract larger insurance company customers as it enters new
markets. Fitch views the company's dependence on insurance
companies, which generate close to two-thirds of total revenue, as
a manageable concentration risk for a 'B' category business
services company. Relationships are generally balanced (albeit with
some mismatch between Polygon's cost inflation and contractual
revenue escalation), based on multi-year contracts with a very high
retention rate.

Leading Position in Niche Market: Polygon is the dominant
participant in the European PDR market with a leading position in
Germany, the UK, Norway and Finland. Polygon estimates its share in
the key German market at 10%-13%. The sector is highly fragmented,
with many smaller and often family-owned businesses. Size is an
important competitive advantage in the PDR market in winning
framework agreements with large insurance companies. Additionally,
larger participants provide a comprehensive offer with add-on
services, which is an increasingly common requirement from
insurance companies.

Continued Acquisitive Strategy: Fitch expects Polygon to continue
its M&A-driven growth strategy and to gain market share in selected
geographies as it broadens its services scope. Fitch assumes it
will spend about EUR20 million on M&A per year in 2025-2027. The
group has a successful integration record and policy of acquiring
companies with a clear strategic fit at sound valuation multiples.
Nevertheless, the M&A pipeline, deal parameters and post-merger
integration remain important rating drivers.

Derivation Summary

Polygon is the market leader in the European PDR sector and has no
direct peers in Fitch's rating universe. Its framework agreements
with major property insurance providers and leading market
positions in Germany, the UK and the Nordics limit volatility of
profitability, provide some barriers to entry and enhance operating
leverage.

Polygon's business profile is broadly in line with than that of
Sweden-based leading provider of installation and service solutions
Assemblin Caverion Group AB (B/Stable). Assemblin Caverion's larger
scale of operation is offset by Polygon's broader geographic
footprint and lower direct exposure to the cyclical construction
end-market. Both companies have leading market positions, a large
number of customers and a high share of contract revenue and an
active M&A-driven strategy. Polygon is smaller in size than Nordic
building products distributors Quimper AB (Ahlsell, B+/Stable) and
Winterfell Financing S.a.r.l. (Stark Group, B/Stable).

Fitch expects Polygon's financial profile to be weaker than that of
Assemblin Caverion, mainly due to higher leverage. Both companies
have broadly similar Fitch-defined EBITDA margins and generate
neutral to positive FCF through the cycle.

Key Assumptions

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

- Total revenue of about EUR1.4 billion in 2024, followed by
mid-single-digit organic revenue growth in 2025-2027

- Total acquisition expenditure (including earn-outs related to
prior acquisitions) of about EUR36 million in 2024 and EUR25
million annually in 2024-2026 at a 0.5x enterprise value (EV)/sales
multiple

- Fitch-defined EBITDA margin at 6.3% in 2024, gradually increasing
to 7.3% in 2027

- Working-capital outflow at about 1% of revenue in 2024-2027

- Capex at 2.5%-2.6% of revenue annually in 2024-2027

- No dividends in 2023-2026

Recovery Analysis

The recovery analysis assumes that Polygon would be restructured as
a going concern (GC) rather than liquidated in a default. It mainly
reflects Polygon's strong market position and customer
relationships as well as the potential for further consolidation in
the fragmented PDR sector.

For the purpose of the recovery analysis, Fitch assumes that
post-transaction debt mainly comprises the first-lien EUR90 million
RCF (assumed full drawdown), EUR430 million TLB, EUR55 million
delayed draw TLB2, EUR60 million TLB add-on and a second-lien
EUR120 million term loan.

Fitch applies a distressed EV/EBITDA multiple of 5.0x to calculate
a GC EV, reflecting Polygon's market-leading position, strong
operating environment, loyal customer base and potential for growth
via the consolidation of the PDR sector. The multiple is limited by
Polygon's small size and significant reliance on insurance
companies in Germany.

The GC EBITDA estimate of EUR65 million reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level on which Fitch bases
the EV. In such a scenario, stress on EBITDA would most likely
result from M&A integration issues negatively affecting
profitability, effectively representing a post-distress cash flow
proxy for the business to remain a GC. The increase in GC EBITDA to
EUR65 million from EUR61 million reflects the structural impact of
new M&A bolt-on acquisitions.

After deducting 10% for administrative claims, its waterfall
analysis generates a ranked recovery for the senior first-lien
secured debt in the Recovery Rating 'RR4' band, indicating a 'B'
instrument rating for the group's TLB, TLB2, and RCF. The waterfall
analysis output percentage on current metrics and assumptions is
46%.

RATING SENSITIVITIES

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

- Increasing scale with EBIT margin above 6% on a sustained basis

- Positive FCF post acquisitions

- EBITDA gross leverage below 5.0x on a sustained basis

- EBITDA interest coverage above 3.0x on a sustained basis

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

- Failure to reduce EBITDA gross leverage to below 7.0x and EBITDA
interest coverage above 2.0x from 2025

- Problems with integration of acquisitions leading to pressure on
margins

- Negative FCF generation

Liquidity and Debt Structure

Satisfactory Liquidity: As at 30 June 2024, liquidity mainly
comprised an undrawn EUR90 million committed RCF and EUR11 million
readily available cash. Polygon has no significant short-term debt
maturities as the debt structure is concentrated on a EUR545
million senior secured TLB due in 2028 (including EUR55 million
delayed draw TLB2) and a EUR120 million second-lien credit facility
due in 2029. Fitch estimates negative FCF of around 1% of revenue
in 2024 and forecast neutral to positive FCF in 2025-2027.

Issuer Profile

Polygon is a Sweden-based leading provider of PDR and control
services with a presence in 18 countries. Its service offering is
focused on water and fire damage restoration and its key direct
customers are mainly insurance companies.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating       Recovery   Prior
   -----------             ------       --------   -----
Polygon Group AB     LT IDR B  Affirmed            B

   senior secured    LT     B  Affirmed   RR4      B




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

[*] Fitch Hikes Viability Ratings on 4 Turkish Participation Banks
------------------------------------------------------------------
Fitch Ratings has upgraded the Viability Ratings (VR) of three
Turkish participation banks (Turkiye Finans Katilim Bankasi A.S.
(TFKB), Vakif Katilim Bankasi A.S. (Vakif Katilim) and Ziraat
Katilim Bankasi A.S. (Ziraat Katilim)) to 'b' from 'b-'. Fitch has
also upgraded Kuveyt Turk Katilim Bankasi A.S.'s (Kuveyt Turk) VR
to 'b+' from 'b-' and affirmed Turkiye Emlak Katilim Bankasi A.S.'s
(Emlak Katilim) VR at 'b-'. Fitch has removed all VRs from Rating
Watch Positive.

Fitch has upgraded Vakif Katilim's Long-Term Local-Currency (LC)
and Foreign-Currency (FC) Issuer Default Ratings ex-government
support (LT IDR (xgs)) to 'B(xgs)' from 'B-(xgs)'and affirmed the
LT IDRs(xgs) of Emlak Katilim at 'B-(xgs)', and removed both banks'
LT IDRs(xgs) from RWP. Their Short Term (ST) IDRs(xgs) have been
affirmed at 'B(xgs)'.

The banks' other ratings are unaffected by these actions.

Key Rating Drivers

The upgrades of the four banks' VRs reflect its view that the
improvement in operating environment conditions will strengthen
their standalone creditworthiness and support financial metrics.
This reflects the reduction in macro-economic and financial
stability risks and external financing pressures on banks'
standalone credit profiles, supported by policy normalisation and
greater exchange-rate stability, investor confidence and external
market access, notwithstanding still-high inflation, slowing
economic growth, high interest-rates and a still challenging
macroprudential environment.

Kuveyt Turk's 'b+' VR reflects its stronger business profile
relative to its peers, evident in its leading participation banking
franchise, strong profitability and ordinary support in the case of
FC liquidity. It also reflects its concentrations in the
challenging Turkish operating environment, high risk appetite and
only adequate capitalisation.

TFKB's 'b' VR reflects the bank's overall small but reasonable
franchise within the niche participation banking segment, only
adequate asset quality, ordinary support in the case of FC
liquidity and also only adequate capitalisation.

The 'b' VRs of Vakif Katilim and Ziraat Katilim reflect their
growing participation-banking franchises, high risk appetite,
adequate asset quality, Vakif Katilim's only adequate
capitalisation and Ziraat Katilim's weak capitalisation.

Emlak Katilim's 'b-' VR reflects its small franchise, untested
business model and its view of higher risk appetite compared with
its peers due to a high share of non-resident deposits. It also
reflects the bank's reasonable financial metrics and adequate
performance. The VR is one notch below the 'b' implied VR due to
its business profile.

Rating Sensitivities

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

The banks' VRs are sensitive to a weakening in the operating
environment. They are also sensitive to a sovereign downgrade,
although this is not its base case.

Kuveyt Turk's VR is primarily sensitive to the Turkish operating
environment and the erosion of its capital buffers, most likely due
to asset-quality weakening or pressure on profitability and FC
liquidity positions, if not offset by shareholder support on a
timely basis.

The VRs of TFKB, Vakif Katilim and Ziraat Katilim are primarily
sensitive to a weakening in the operating environment. Ziraat
Katilim and Vakif Katilim's VRs are also potentially sensitive to
government influence over their management of balance sheets,
particularly if this increased pressure on their risk profiles. The
VRs could be downgraded due to a material erosion of the banks' FC
liquidity buffers, or of their capital buffers, if not offset by
shareholder support (TFKB) or government support (Vakif Katilim and
Ziraat Katilim) on a timely basis.

Emlak Katilim's VR could be downgraded due to an erosion of the
bank's capital buffers resulting in capital ratios close to
regulatory minimum or worsening of its FC liquidity position,
potentially due to volatility of non-resident deposits, if not
offset by government support on a timely basis.

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

Kuveyt Turk's VR could be upgraded following a sovereign upgrade
and an upgrade of the operating environment, particularly if
combined with a strengthening in the bank's capital buffers and
business profile.

The VRs of TFKB, Vakif Katilim and Ziraat Katilim are primarily
sensitive to improvement of their business profiles in the context
of a stronger operating environment, combined with a strengthening
of its capital buffers (Ziraat Katilim), earnings and funding
profiles in the case of Vakif Katilim and Ziraat Katilim.

Emlak Katilim's VR could be upgraded if Fitch believes its risk
profile has improved, potentially due to improving risk appetite
and improvement of its business profile.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Emlak Katilim and Vakif Katilim's 'xgs' ratings are driven by their
VRs.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Emlak Katilim and Vakif Katilim's 'xgs' ratings are sensitive to
changes in their VRs.

VR ADJUSTMENTS

The operating-environment score of 'b+' for Turkish banks is below
the 'bb' category implied score due to the following adjustment
reason: macroeconomic volatility (negative), which reflects high
inflation, high dollarisation and high risk of FX movements in
Turkiye.

Emlak Katilim's asset quality score of 'b' is below the category
implied score of 'bb', due to the following adjustment reason:
underwriting standards and growth (negative).

Emlak Katilim's earnings and profitability score of 'b' is below
the category-implied score of 'bb', due to the following adjustment
reason: earnings stability (negative).

Kuveyt Turk's earnings and profitability score of 'b' is below the
category-implied score of 'bb', due to the following adjustment
reason: risk-weight calculation (negative).

The funding and liquidity scores of 'bb-' Kuveyt Turk and TFKB are
above the 'b' category implied scores, due to the following
adjustment reason: liquidity access and ordinary support
(positive).

Public Ratings with Credit Linkage to other ratings

Kuveyt Turk and TFKB have ratings that are linked to their
respective parent banks' ratings.

Emlak Katilim and Vakif Katilim's ratings are linked to the Turkish
sovereign rating.

Ziraat Katilim's ratings are driven by support from its parent.

ESG Considerations

The ESG Relevance Score for Management Strategy of '4' reflects an
increased regulatory burden on all Turkish banks. Management
ability across the sector to determine their own strategy and price
risk is constrained by regulatory burden and also by the
operational challenges of implementing regulations at the bank
level. This has a moderately negative impact on the banks' credit
profiles and is relevant to the banks' ratings in combination with
other factors.

Islamic banks' ESG Relevance Score of '4' for Governance Structure
reflects their Islamic banking nature where their operations and
activities need to comply with sharia principles and rules, which
entails additional costs, processes, disclosures, regulations,
reporting and sharia audit. This has a negative impact on their
credit profiles and is relevant to the ratings in conjunction with
other factors.

Islamic banks have an ESG Relevance Score of '3' for Exposure to
Social Impacts, above sector guidance for an ESG Relevance Score of
'2' for comparable conventional banks, which reflects that Islamic
banks have certain sharia limitations embedded in their operations
and obligations, although this only has a minimal credit impact on
Islamic banks.

Emlak Katilim, Vakif Katilim and Ziraat Katilim

In addition, the state-owned participation banks - Emlak Katilim,
Vakif Katilim and Ziraat Katilim - have ESG Relevance Scores of '4'
for Governance Structure due to potential government influence over
their boards' effectiveness and management strategy in the
challenging Turkish operating environment, which has a negative
impact on the banks' credit profiles, and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt                      Rating              Prior
   -----------                      ------              -----
Kuveyt Turk Katilim
Bankasi A.S           Viability       b+     Upgrade    b-

Ziraat Katilim
Bankasi A.S.          Viability       b      Upgrade    b-

Turkiye Emlak
Katilim Bankasi A.S.  Viability       b-     Affirmed   b-
                      LT IDR (xgs)    B-(xgs)Affirmed   B-(xgs)
                      ST IDR (xgs)    B(xgs) Affirmed   B(xgs)
                      LC LT IDR (xgs) B-(xgs)Affirmed   B-(xgs)
                      LC ST IDR (xgs) B(xgs) Affirmed   B(xgs)

Vakif Katilim
Bankasi A.S.          Viability       b      Upgrade    b-
                      LT IDR (xgs)    B(xgs) Upgrade    B-(xgs)
                      ST IDR (xgs)    B(xgs) Affirmed   B(xgs)
                      LC LT IDR (xgs) B(xgs) Upgrade    B-(xgs)
                      LC ST IDR (xgs) B(xgs) Affirmed   B(xgs)

Turkiye Finans
Katilim Bankasi A.S.  Viability       b      Upgrade    b-




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

ADVANZ PHARMA: Moody's Upgrades CFR to B2, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded the long term corporate family rating
of ADVANZ PHARMA Holdco Limited to B2 from B3, and upgraded the
company's probability of default rating to B2-PD from B3-PD.
Moody's have also upgraded to B2 from B3 the ratings of the senior
secured bank credit facilities, including the existing senior
secured first lien term loan B and senior secured revolving credit
facility upsized to up to EUR214 million, and backed senior secured
notes issued by the company's subsidiary, Cidron Aida Finco S.a
r.l. Concurrently Moody's have assigned B2 instrument ratings to
the new EUR725 million senior secured first lien term loan B to be
issued by Cidron Aida Finco S.a r.l. The outlook remains stable for
both entities.

The rating action reflects:

-- The termination of discussions between the company's current
shareholders and a prospective new consortium of investors which
would have led to a releveraging transaction

-- Moody's expectation that leverage will remain in the range 5.0
– 5.5x over the next 12-18 months

-- Continued high uncertainty over future sales of the Advanz's
largest drug, Ocaliva, which may face withdrawal of marketing
authorisations

-- Solid organic growth prospects for the rest of the business
driven by modestly declining base portfolio and strong pipeline

The company is refinancing its existing senior secured term loan B
with upsized facilities (by EUR420 million), with the proceeds used
to fund an acquisition for EUR157 million, and EUR255 million
retained as cash on balance sheet after transaction costs.
Concurrently, the existing RCF is being extended and upsized to up
to EUR214 million as part of this transaction. The rating on the
existing EUR305 million senior secured first lien term loan B will
be withdrawn on completion of the transaction.

RATINGS RATIONALE

The B2 CFR reflects the company's: (1) good diversification by
therapeutic area and formulation; (2) positive organic revenue
growth excluding Ocaliva taking account of pipeline launches; (3)
relatively high profitability with Moody's-adjusted EBITDA margin
above 40%; (4) strong cash conversion before new acquisition
spending; and (5) good track record of acquisition execution and
deleveraging.

The ratings also reflect the company's: (1) potential for
substantial reduction in Ocaliva revenue and EBITDA contribution,
with potential for marketing withdrawals and competition from new
drugs; (2) degree of geographic concentration in the UK; (3)
levered capital structure with Moody's-adjusted debt/EBITDA
expected to remain around 5.0-5.5x; (4) acquisitions and investment
in drug pipeline necessary to generate growth; and (5) fines and
potential damages relating to historic UK Competition and Markets
Authority (CMA) investigations.

Advanz's largest-selling drug, Ocaliva, representing around 15% of
total group sales in 2023, is at high risk of sales reduction. In
September 2024 the European Commission revoked the drug's
conditional marketing authorisation in the European Economic Area
(EEA). This decision has been temporarily suspended and the
revocation could be annulled if Advanz's appeal is successful.
Ocaliva could also face competition this year from Ipsen's Iqirvo
and, by early 2025, from Gilead Sciences, Inc.'s (A3 stable)
Livdelzi.

Sales in the EEA represent around 75% of total Ocaliva sales, with
a very high EBITDA contribution, and some further risks that
conditional approvals are withdrawn in other countries. The
relatively high diversity of the company's drug portfolio and solid
pipeline serve to mitigate these pressures. There is potential
upside if the company wins its appeal or if it secures material
sales from managed access programmes for existing patients or
compassionate use programmes.

Advanz has generated strong performance since its LBO by Nordic
Capital in 2021. It has transitioned to positive organic revenue
growth, supported by new product launches, particularly Lanreotide
(Mytolac) and Paliperidone. Excluding these launches and the effect
of recent acquisitions, the base business continues to experience a
modest organic revenue decline in the low single-digit
percentages.

The company has generated substantial free cash flow since 2021
which has been largely reinvested in new drug acquisitions. As a
result and supported by additional equity, the company limited the
amount of additional debt raised for acquisitions, and alongside
organic growth, delevered from 6.2x at December 2020
(Moody's-adjusted, pro forma for the LBO financing) to 3.8x as at
June 2024. Moody's expect adjusted leverage to increase to around
4.7x following the transaction, and to remain at around 5.0 –
5.5x over the next 12-18 months, depending in particular on the
evolution of Ocaliva sales.

Advanz has been subject to three investigations by the UK's
Competition and Markets Authority, alongside other parties, into
alleged anti-competitive conduct from 2008- 2018. The CMA has
issued fines to Advanz of around GBP65 million and potential damage
claims could be a similar amount. Advanz has been appealing the
decisions and was successful in one case, with the remaining cases
subject to  around GBP56 million fine. The potential liabilities in
these cases are relatively clear-cut, and can be funded from
existing resources and cash flows without materially increasing
leverage. There is no indication of any expansion to the basis of
litigation, although product liability claims and competition
litigation remain relatively high risks within the pharmaceutical
sector as a whole.

LIQUIDITY

Advanz has good liquidity. As of June 30, 2024, the company had a
cash balance of GBP139 million, and GBP123 million available under
its GBP144 million revolving credit facility (RCF). An additional
EUR255 million (GBP216 million equivalent) cash will be retained on
balance sheet following the transaction and the RCF will be upsized
to up to EUR214 million. The RCF is subject to a springing net
leverage covenant, tested when the facility is drawn for more than
40%, with ample headroom expected.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the new EUR725 million senior secured first lien
term loans, existing EUR650 million backed senior secured notes,
GBP335 million backed senior secured notes and upsized senior
secured RCF of up to EUR214 million are in line with the corporate
family rating, and reflect the company's all-senior debt structure
and their pari passu ranking.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations were a key driver of the rating action.
Nordic Capital and Ontario Teachers' Pension Plan Board have
terminated negotiations for a new equity transaction which would
have led to a material increase in leverage, and Moody's ratings
previously expected this to proceed. The new upsizing transaction
increases leverage to a much lower degree, and does not involve any
sponsor dividend. Substantial additional cash is being retained
which Moody's expect to be deployed for earnings enhancing
acquisitions. The shareholders have demonstrated equity support for
acquisitions and delivered strong deleveraging since the LBO.

OUTLOOK

The stable outlook reflects Moody's expectations that growth from
the company's core portfolio and pipeline will partially offset
declines in Ocaliva, leading to leverage being maintained at around
5.0 - 5.5x over the next 12-18 months. It also assumes that the
company will continue to generate stable or growing organic
revenues. The outlook also assumes that there are no materially
releveraging transactions such as dividend capitalisations or
debt-funded acquisitions, and that the company will maintain at
least adequate liquidity.

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

The ratings could be upgraded if the company (1) maintains positive
organic revenue and EBITDA growth and (2) reduces its
Moody's-adjusted leverage below 4.5x on a sustainable basis; and
(3) generates free cash flow (FCF) / debt above 10% on a
sustainable basis; and (4) maintains at least adequate liquidity.
An upgrade would also require the company to demonstrate adherence
to a financial policy consistent with the above metrics.

The ratings could be downgraded if (1) revenues or margins from the
company's drug portfolio excluding Ocaliva decline organically; or
(2) the company's Moody's-adjusted gross debt/EBITDA increases
sustainably above 5.5x, or (3) Moody's-adjusted FCF / debt reduces
below 5% on a sustained basis; or (4) liquidity concerns arise.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Headquartered in London, UK, Advanz is a pharmaceutical company
marketing a portfolio of more than 170 branded drugs and generics
in over 90 countries and across various therapeutic areas. In the
last twelve months ended June 2024, Advanz reported revenue of
GBP690 million and EBITDA (before exceptional items) of around
GBP305 million. The company is owned by funds ultimately controlled
and advised by private equity firm Nordic Capital.


FORMENTERA ISSUER: Fitch Affirms 'Bsf' Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Formentera Issuer PLC's notes.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Formentera Issuer PLC

   Class A XS2434843756   LT AAAsf  Affirmed   AAAsf
   Class B XS2434846692   LT AA+sf  Affirmed   AA+sf
   Class C XS2434846858   LT A+sf   Affirmed   A+sf
   Class D XS2434846932   LT Asf    Affirmed   Asf
   Class E XS2434847153   LT BBB-sf Affirmed   BBB-sf
   Class F XS2434847237   LT Bsf    Affirmed   Bsf

Transaction Summary

The transaction refinanced two Fitch-rated transactions that
contained a mix of first-lien residential non-conforming and
buy-to-let (BTL) assets - Residential Mortgage Securities 23 plc
and Uropa Securities 2008 plc - that were originated pre-global
financial crisis in the UK and securitised in 2008 and 2009,
respectively.

KEY RATING DRIVERS

Increasing Late-Stage Arrears, Foreclosures: Late-stage arrears
have increased since the last review in October 2023. The reported
level of loans in arrears by more than six months has increased to
14.5% from 7.1%. Outstanding defaults and foreclosures have also
increased over the past year (the average default rate has been
2.48%). However, early stage arrears have been stable.

The increase in total arrears results in a higher weighted average
foreclosure frequency (WAFF) applied in its analysis. The FF at
'AAAsf' and 'Bsf' have increased to 47.0% from 40.8% and to 13.1%
from 10.4%, respectively.

Higher Interest Rates: The portfolio only contains floating-rate
loans (linked to SONIA, Bank of England base rate or standard
variable rate loans). As a result of increasing rates, the weighted
average debt-to-income of owner-occupied (OO) borrowers has
increased to 31.5% in 2024 from 29.4% at its last review. The
weighted average interest coverage ratio of BTL borrowers has
decreased by 7.9pp to 78.1% in 2024 from 86.0% in 2023. This has
also contributed to the increase in the WAFF.

Increasing CE Despite PDL: The notes amortise sequentially, which
has led to a build-up of credit enhancement (CE) since its last
review. This is despite excess spread being insufficient to fully
cover the principal deficiency ledger (PDL). As of June 2024,
GPB395,556 was outstanding on a PDL. Increasing CE mitigates the
higher WAFF and has resulted in the affirmation of the notes.

Ratings Lower than MIR: The ratings are sensitive to increased
arrears. A further build-up in late stage arrears could result in a
higher WAFF at future reviews. Fitch also observes that the notes'
model-implied ratings (MIR) may be sensitive to lower recovery
rates (RR) than calculated by ResiGlobal model: UK. Fitch has
observed lower RR than expected so far in this transaction, similar
to some other non-conforming transactions recently. As a result,
the class C and F notes' ratings have been maintained below their
MIR.

Seasoned Non-Prime Loans: The asset pool contains seasoned loans
that were typical of UK pre-credit crisis non-conforming
origination. The pool contains a high proportion of borrowers that
had adverse credit histories and early-stage arrears. In addition,
the OO sub-pool contains a high proportion of interest-only loans
and borrowers that self-certified their income. Both sub-pools
contain loans in arrears but the BTL sub-pool has a materially
lower proportion. Fitch considered the historical arrears
performance and the average annualised constant default rate of
both sub-pools in setting the lender adjustments at closing.

Fitch analysed the OO portion of the pool under its non-conforming
criteria assumptions with a lender adjustment of 1.0x. It analysed
the BTL portion of the pool under its BTL criteria assumptions with
a lender adjustment of 1.2x. Due to the short seasoning of the
transaction, limited repossessions have been reported to date and
Fitch did not apply a performance adjustment factor in its analysis
in line with its UK RMBS Rating Criteria, but maintained the lender
adjustments applied at closing.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated with increasing levels of delinquencies and
defaults that could reduce credit enhancement 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 base-case FF and RR assumptions, and examining the
rating implications for all classes of issued notes. A 15% increase
in the WAFF and a 15% decrease in the WARR indicate downgrades of
up to three notches for the class D notes and four notches for the
class E notes. There would be an up to two-notch impact on the
other notes apart from the class A notes.

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 credit enhancement levels and
potentially upgrades. Fitch tested an additional rating sensitivity
scenario by decreasing the FF by 15% and increasing the RR by 15%.
The class C, D, E and F notes could be upgraded by a category.

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

Formentera Issuer PLC

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.

Prior to the transaction closing, Fitch sought to receive a third
party assessment conducted on the asset portfolio information, but
none was available for this transaction.

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

Formentera Issuer PLC has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
accessibility to affordable housing, which has a negative impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

Formentera Issuer PLC has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to
accessibility to affordable housing, which has a negative impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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


PG POLARIS: $325MM Loan Add-on No Impact on Moody's 'Ba3' CFR
-------------------------------------------------------------
Moody's Ratings says PG Polaris BidCo S.a.r.l.'s (d/b/a Rosen)
ratings, including its Ba3 corporate family rating, Ba3-PD
probability of default rating and Ba3 senior secured 1st lien term
loan (TLB) due in 2031, are unaffected by the proposed $325 million
add-on to the existing TLB. The rating outlook remains stable.

"While the proposed transaction is credit negative, Rosen has
exceeded Moody's expectations through the first half of 2024,
reporting an EBITDA that was already approaching Moody's 2025 year
end forecast. Such result continues to support Moody's view of the
company having a very strong business profile with entrenched
customer relationships and a management team continuing to deliver
solid organic revenue growth. The proposed TLB add-on is
effectively resetting leverage in line with the opening level
Moody's assessed in February 2024." says Stefano Cavalleri, Vice
President - Senior Analyst and lead analyst for Rosen.

The proposed transaction is credit negative as proceeds will be
used to pay a dividend to shareholders and Moody's adjusted
leverage would increase to 5.6x on a pro-forma basis, from 4.4x
based on the last twelve months to end of June (June -LTM) 2024.
Moody's now expect Moody's adjusted leverage to reduce to 5.2x by
end of 2024 and to 4.9x in 2025. Whilst the transaction is
effectively postponing Moody's prior expected deleverage by 12
months, an additional dividend recapitalization in the next 2 years
would be considered evidence of a more aggressive financial policy
and likely to lead to a weakened governance assessment.

On the other hand, both revenue and EBITDA margins visibility have
improved since the initial TLB issuance earlier this year; the
price increases introduced on advanced diagnostics (ADIA) are now
largely secured across the customer base. Moody's expect a Moody's
adjusted EBITDA for the full year 2024 of $290 million, or 17.7%
above Moody's February 2024 forecast. Additionally, the company has
made good progress in improving its cash conversion rates following
the implementation of working capital initiatives.

Lastly, Moody's expect the proposed repricing of the existing
$1,150 TLB and the decline in 3m SOFR rates to largely offset the
increased debt quantum; Moody's now project Moody's adjusted EBITA
to interest expenses ratio of 2.4x in 2025, effectively unchanged
from Moody's prior guidance.

Rosen's Ba3 CFR reflects its (1) good revenue visibility, supported
by recurring stringent regulatory maintenance requirements for all
pipeline operators; (2) established leading market position in the
pipeline testing, inspection and certification (TIC) market and own
the majority of electro-magnetic acoustic transducer (EMAT)
available in the market, the most advanced testing equipment
available worldwide; (3) better-than-peer in-house technology
capabilities in advanced testing equipment, and (4) a more
conservative financial profile and governance than other primary
leverage buy-out (LBO), combined with potential rapid deleveraging
and the founder/owner retaining significant ownership in the
business.

Rosen's CFR, however, is constrained by (1) its significant
necessary annual investments and developments to maintain its
leading edge technology and reputation; (2) estimated negative
Moody's adjusted free cash flow (FCF) in 2023 and 2024 because of
working capital outflow and dividend distribution; (3) customer
concentration, which is inherent to its business model of being a
niche player serving oil & gas pipelines largely located in North
America; (4) its technology differentiation being focused on a
rather small subsegment of the pipeline inspection service market;
and, (5) a financial policy that leaves open to the possibility to
a future re-leveraging event, a risk that has already materialized
in less than a year from the initial buy-out by Partners Group.

Rosen's liquidity remains adequate. Liquidity has improved since
the buy-out by Partners Group because of the working capital
optimization and faster collection of receivables. The company
reported $60 million of cash available at the end of June 2024. The
company's liquidity is further supported by a $300 million
revolving credit facility, which is currently undrawn.

The stable rating outlook reflects Moody's expectations that the
company will maintain its technological leadership, a conservative
financial policy and will not engage in sizeable merger and
acquisition activity. Moody's expect Rosen to deleverage the
balance sheet with a Moody's adjusted debt to EBITDA below 4.5x,
and to retain cash generated within the business to improve its
liquidity.

A ratings upgrade would require a commitment by the company to a
leverage target consistent with sustained credit metric, including
(1) Moody's adjusted debt to EBITDA below 3.75x; (2) Moody's
adjusted Retained Cash Flow to Net Debt above 15%; and, (3) Moody's
adjusted EBITA margins trending towards 30%. An upgrade would also
require the company to have good liquidity.

A rating downgrade could occur if Moody's adjusted debt to EBITDA
remain sustainably above 5.0x or the Moody's adjusted Retained Cash
Flow to Net Debt falls below 10%. Negative pressure on the rating
could also develop if the company will execute an additional
dividend recapitalization in the next 2 years, if Moody's assess
that Rosen's financial policy has become more aggressive, or its
Moody's adjusted free cash flow turns negative.

Rosen offers mission critical diagnostic services to pipeline
operators and energy suppliers which are integral to the asset
owners' compliance to regulatory and safety standards. Rosen
reported for the year ending June 2024 revenue of $793 million.




===============
X X X X X X X X
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[*] BOND PRICING: For the Week October 7 to October 11, 2024
------------------------------------------------------------
Issuer                 Coupon  Maturity Currency Price
------                 ------  -------- -------- -----
Altice France Holding  10.500  5/15/2027  USD   31.558
NCO Invest SA          10.000 12/30/2026  EUR    0.346
AFE SA SICAV-RAIF      11.131  7/15/2030  EUR   45.028
NCO Invest SA          10.000 12/30/2026  EUR    0.138
Turkiye Government Bo  10.400 10/13/2032  TRY   47.750
Ferralum Metals Group  10.000 12/30/2026  EUR   30.000
Fastator AB            12.500  9/26/2025  SEK   37.963
Codere Finance 2 Luxe  12.750 11/30/2027  EUR    0.682
Fastator AB            12.500  9/25/2026  SEK   32.915
Codere Finance 2 Luxe  11.000  9/30/2026  EUR   44.041
Oscar Properties Hold  11.270   7/5/2024  SEK    0.109
IOG Plc                12.679  9/22/2025  EUR    4.917
Avangardco Investment  10.000 10/29/2018  USD    0.186
UkrLandFarming PLC     10.875  3/26/2018  USD    1.913
Tinkoff Bank JSC Via   11.002             USD   42.875
Marginalen Bank Banka  12.695             SEK   40.002
Codere Finance 2 Luxe  13.625 11/30/2027  USD    1.000
Saderea DAC            12.500 11/30/2026  USD   49.458
Altice France Holding  10.500  5/15/2027  USD   30.977
Privatbank CJSC Via U  11.000   2/9/2021  USD    0.500
Plusplus Capital Fina  11.000  7/29/2026  EUR    7.247
Immigon Portfolioabba  10.055             EUR   15.562
Bilt Paper BV          10.360             USD    0.676
Fastator AB            12.500  9/24/2027  SEK   41.853
Privatbank CJSC Via U  10.250  1/23/2018  USD    3.588
Codere Finance 2 Luxe  13.625 11/30/2027  USD    1.000
R-Logitech Finance SA  10.250  9/26/2027  EUR   16.433
Codere Finance 2 Luxe  11.000  9/30/2026  EUR   44.858
UkrLandFarming PLC     10.875  3/26/2018  USD    1.913
Elli Investments Ltd   12.250  6/15/2020  GBP    1.115
Sidetur Finance BV     10.000  4/20/2016  USD    0.852
Ilija Batljan Invest   10.007             SEK   10.000
Phosphorus Holdco PLC  10.000   4/1/2019  GBP    0.145
Kvalitena AB publ      10.067   4/2/2024  SEK   45.000
Transcapitalbank JSC   10.000             USD    1.450
Societe Generale SA    22.750 10/17/2024  USD   26.800
JP Morgan Structured   15.500  11/4/2024  USD   49.290
Societe Generale SA    20.000 11/28/2025  USD   11.530
Goldman Sachs Interna  16.288  3/17/2027  USD   23.220
Societe Generale SA    26.640 10/30/2025  USD    1.300
NTRP Via Interpipe Lt  10.250   8/2/2017  USD    1.002
Bulgaria Steel Financ  12.000   5/4/2013  EUR    0.216
Privatbank CJSC Via U  10.875  2/28/2018  USD    4.936
Societe Generale SA    23.500   3/3/2025  USD   43.410
AFE SA SICAV-RAIF      11.131  7/15/2030  EUR   45.028
KPNQwest NV            10.000  3/15/2012  EUR    0.823
Ukraine Government Bo  11.000  4/24/2037  UAH   38.688
Leonteq Securities AG  19.000 11/22/2024  CHF   35.740
UBS AG/London          17.500   2/7/2025  USD   17.800
Evocabank CJSC         11.000  9/27/2025  AMD    0.000
Societe Generale SA    11.000  7/14/2026  USD   16.800
Citigroup Global Mark  25.530  2/18/2025  EUR    0.010
Societe Generale SA    21.000 12/26/2025  USD   26.860
Codere Finance 2 Luxe  12.750 11/30/2027  EUR    0.682
Deutsche Bank AG/Lond  12.780  3/16/2028  TRY   46.301
Deutsche Bank AG/Lond  14.900  5/30/2028  TRY   48.109
Lehman Brothers Treas  10.000  6/11/2038  JPY    0.100
Serica Energy Chinook  12.500  9/27/2019  USD    1.500
Tonon Luxembourg SA    12.500  5/14/2024  USD    2.216
Bulgaria Steel Financ  12.000   5/4/2013  EUR    0.216
Petromena ASA          10.850 11/19/2018  USD    0.622
Ukraine Government Bo  11.000  3/24/2037  UAH   35.920
Bank Vontobel AG       20.000  7/31/2025  CHF   45.000
Bank Vontobel AG       16.000  2/10/2025  CHF   43.500
Bank Vontobel AG       14.500   4/4/2025  CHF   40.300
Raiffeisen Schweiz Ge  16.000   7/4/2025  CHF   45.730
Vontobel Financial Pr  19.250  6/27/2025  EUR   47.900
Landesbank Baden-Wuer  11.500  2/28/2025  EUR   31.800
DZ Bank AG Deutsche Z  18.500  3/28/2025  EUR   38.570
DZ Bank AG Deutsche Z  17.600  6/27/2025  EUR   34.480
Raiffeisen Switzerlan  11.000   1/3/2025  CHF   46.770
Landesbank Baden-Wuer  13.000  4/24/2026  EUR   28.460
Landesbank Baden-Wuer  11.500  4/24/2026  EUR   26.960
Landesbank Baden-Wuer  10.500  4/24/2026  EUR   26.320
Bank Vontobel AG       11.000  4/29/2025  CHF   25.500
Raiffeisen Schweiz Ge  15.000  3/18/2025  CHF   49.670
Bank Vontobel AG       12.000  4/11/2025  CHF   39.300
DZ Bank AG Deutsche Z  10.500  1/22/2025  EUR   23.600
Landesbank Baden-Wuer  15.000  2/28/2025  EUR   29.360
Landesbank Baden-Wuer  19.000  2/28/2025  EUR   27.990
Bank Vontobel AG       12.000  6/17/2025  CHF   32.400
DZ Bank AG Deutsche Z  18.600  3/28/2025  EUR   46.550
BNP Paribas Emissions  24.000 12/30/2024  EUR   45.500
DZ Bank AG Deutsche Z  23.100 12/31/2024  EUR   29.180
Landesbank Baden-Wuer  14.000  6/27/2025  EUR   25.910
Landesbank Baden-Wuer  21.000  6/27/2025  EUR   24.500
Landesbank Baden-Wuer  13.000  6/27/2025  EUR   30.120
Landesbank Baden-Wuer  15.000   1/3/2025  EUR   36.010
Landesbank Baden-Wuer  11.000   1/2/2026  EUR   27.360
Landesbank Baden-Wuer  16.000   1/2/2026  EUR   28.080
Landesbank Baden-Wuer  16.000  6/27/2025  EUR   29.300
DZ Bank AG Deutsche Z  12.700 12/31/2024  EUR   43.820
DZ Bank AG Deutsche Z  22.800  3/28/2025  EUR   46.790
DZ Bank AG Deutsche Z  20.400  3/28/2025  EUR   37.430
Landesbank Baden-Wuer  10.500   1/2/2026  EUR   20.610
Bank Vontobel AG       11.000  4/11/2025  CHF   18.600
Bank Vontobel AG       12.000   3/5/2025  CHF   40.400
DZ Bank AG Deutsche Z  11.500 12/31/2024  EUR   26.850
Bank Vontobel AG       15.000  4/29/2025  CHF   44.800
Bank Julius Baer & Co  18.690   3/7/2025  CHF   44.300
Bank Vontobel AG       14.000   3/5/2025  CHF   10.600
Landesbank Baden-Wuer  16.000   1/3/2025  EUR   28.220
Landesbank Baden-Wuer  19.000   1/3/2025  EUR   26.180
Landesbank Baden-Wuer  22.000   1/3/2025  EUR   24.660
Landesbank Baden-Wuer  25.000   1/3/2025  EUR   23.540
Landesbank Baden-Wuer  16.000  6/27/2025  EUR   25.590
Landesbank Baden-Wuer  19.000  6/27/2025  EUR   26.260
Landesbank Baden-Wuer  18.000   1/3/2025  EUR   44.130
Swissquote Bank SA     24.070   5/6/2025  CHF   51.490
Landesbank Baden-Wuer  16.500  4/28/2025  EUR   30.850
BNP Paribas Emissions  15.000  9/25/2025  EUR   35.810
Leonteq Securities AG  11.000   1/9/2025  CHF   40.600
Landesbank Baden-Wuer  19.000  4/28/2025  EUR   30.680
Leonteq Securities AG  24.000   1/9/2025  CHF   20.370
BNP Paribas Emissions  17.000  3/27/2025  EUR   49.140
BNP Paribas Emissions  19.000  3/27/2025  EUR   50.000
BNP Paribas Emissions  16.000  3/27/2025  EUR   50.240
BNP Paribas Emissions  18.000  3/27/2025  EUR   48.140
BNP Paribas Emissions  20.000  3/27/2025  EUR   49.000
BNP Paribas Emissions  22.000  3/27/2025  EUR   47.270
BNP Paribas Emissions  21.000  3/27/2025  EUR   48.090
Swissquote Bank Europ  25.320  2/26/2025  CHF   35.100
DZ Bank AG Deutsche Z  13.200  3/28/2025  EUR   44.600
DZ Bank AG Deutsche Z  18.900  3/28/2025  EUR   48.140
DZ Bank AG Deutsche Z  21.200  3/28/2025  EUR   44.670
DZ Bank AG Deutsche Z  12.500 12/31/2024  EUR   45.460
DZ Bank AG Deutsche Z  23.600  3/28/2025  EUR   42.110
DZ Bank AG Deutsche Z  16.400  3/28/2025  EUR   44.210
Leonteq Securities AG  20.000  1/22/2025  CHF   22.930
Raiffeisen Schweiz Ge  15.000  1/22/2025  CHF   34.500
Swissquote Bank SA     15.740 10/31/2024  CHF    4.950
Vontobel Financial Pr  16.500 12/31/2024  EUR   28.900
Vontobel Financial Pr  11.250 12/31/2024  EUR   31.950
Vontobel Financial Pr  13.000 12/31/2024  EUR   30.770
Vontobel Financial Pr  14.750 12/31/2024  EUR   29.820
Bank Julius Baer & Co  19.400  1/30/2025  CHF   43.700
Vontobel Financial Pr  18.500 12/31/2024  EUR   28.190
Vontobel Financial Pr  20.250 12/31/2024  EUR   27.520
DZ Bank AG Deutsche Z  16.500 12/27/2024  EUR   38.720
DZ Bank AG Deutsche Z  23.400 12/31/2024  EUR   34.160
Vontobel Financial Pr  26.450  1/24/2025  EUR   31.918
Raiffeisen Schweiz Ge  14.500  1/29/2025  CHF   49.000
Vontobel Financial Pr  10.000  3/28/2025  EUR   46.160
Leonteq Securities AG  24.000  1/16/2025  CHF   29.280
DZ Bank AG Deutsche Z  19.900 12/31/2024  EUR   48.270
Vontobel Financial Pr  20.250 12/31/2024  EUR   33.900
Landesbank Baden-Wuer  12.000  2/27/2026  EUR   25.080
DZ Bank AG Deutsche Z  10.500  3/28/2025  EUR   47.500
Landesbank Baden-Wuer  11.000  2/27/2026  EUR   24.400
Landesbank Baden-Wuer  10.500  4/28/2025  EUR   32.550
Bank Vontobel AG       13.500   1/8/2025  CHF    3.900
DZ Bank AG Deutsche Z  19.000 12/31/2024  EUR   32.990
DZ Bank AG Deutsche Z  17.600 12/31/2024  EUR   48.040
DZ Bank AG Deutsche Z  14.200 12/31/2024  EUR   23.050
DZ Bank AG Deutsche Z  11.400 12/31/2024  EUR   42.110
DZ Bank AG Deutsche Z  12.800 12/31/2024  EUR   39.700
DZ Bank AG Deutsche Z  14.200 12/31/2024  EUR   37.620
DZ Bank AG Deutsche Z  15.700 12/31/2024  EUR   35.840
DZ Bank AG Deutsche Z  17.300 12/31/2024  EUR   34.310
Raiffeisen Switzerlan  16.000   3/4/2025  CHF   21.460
Vontobel Financial Pr  16.000  3/28/2025  EUR   41.590
Vontobel Financial Pr  15.750  3/28/2025  EUR   48.290
DZ Bank AG Deutsche Z  14.300 12/31/2024  EUR   41.770
Bank Julius Baer & Co  17.100  3/19/2025  CHF   47.850
Landesbank Baden-Wuer  14.000  1/24/2025  EUR   27.030
Leonteq Securities AG  20.000  3/11/2025  CHF   20.490
Raiffeisen Switzerlan  16.500  3/11/2025  CHF   20.660
Raiffeisen Switzerlan  13.000  3/11/2025  CHF   45.600
Bank Vontobel AG       14.250  5/30/2025  USD   48.700
Raiffeisen Schweiz Ge  13.000  3/25/2025  CHF   44.080
BNP Paribas Emissions  13.000 12/30/2024  EUR   41.510
UniCredit Bank GmbH    16.600 12/31/2024  EUR   45.520
HSBC Trinkaus & Burkh  15.200 12/30/2024  EUR   22.720
HSBC Trinkaus & Burkh  13.100 12/30/2024  EUR   24.360
HSBC Trinkaus & Burkh  11.100 12/30/2024  EUR   26.510
HSBC Trinkaus & Burkh  11.600  3/28/2025  EUR   27.810
Landesbank Baden-Wuer  16.000 11/22/2024  EUR   30.350
Vontobel Financial Pr  12.750 12/31/2024  EUR   48.480
Landesbank Baden-Wuer  11.000  3/28/2025  EUR   25.690
Landesbank Baden-Wuer  15.000  3/28/2025  EUR   23.380
UniCredit Bank GmbH    19.800 12/31/2024  EUR   46.330
Landesbank Baden-Wuer  10.000  6/27/2025  EUR   28.940
Landesbank Baden-Wuer  14.000  6/27/2025  EUR   26.400
HSBC Trinkaus & Burkh  18.100 12/30/2024  EUR   17.080
HSBC Trinkaus & Burkh  15.700 12/30/2024  EUR   18.620
HSBC Trinkaus & Burkh  16.300 12/30/2024  EUR   22.040
HSBC Trinkaus & Burkh  13.400  3/28/2025  EUR   26.310
Landesbank Baden-Wuer  13.000  3/28/2025  EUR   24.280
UniCredit Bank GmbH    15.700 12/31/2024  EUR   47.170
Landesbank Baden-Wuer  15.000   1/3/2025  EUR   26.590
DZ Bank AG Deutsche Z  19.100 12/31/2024  EUR   39.600
DZ Bank AG Deutsche Z  13.400 12/31/2024  EUR   39.760
DZ Bank AG Deutsche Z  21.300 12/31/2024  EUR   36.400
Leonteq Securities AG  21.000 10/30/2024  CHF   27.690
Landesbank Baden-Wuer  10.500 11/22/2024  EUR   38.360
Leonteq Securities AG  25.000   1/3/2025  CHF   38.700
Landesbank Baden-Wuer  10.000 11/22/2024  EUR   39.910
Leonteq Securities AG  21.000   1/3/2025  CHF   19.390
UBS AG/London          12.000  11/4/2024  EUR   43.500
DZ Bank AG Deutsche Z  10.500 12/27/2024  EUR   41.020
BNP Paribas Emissions  14.000 12/30/2024  EUR   44.990
UniCredit Bank GmbH    18.600 12/31/2024  EUR   44.110
UniCredit Bank GmbH    19.500 12/31/2024  EUR   42.460
BNP Paribas Emissions  16.000 12/30/2024  EUR   29.310
DZ Bank AG Deutsche Z  14.000 12/20/2024  EUR   43.870
BNP Paribas Emissions  13.000 12/30/2024  EUR   48.730
BNP Paribas Emissions  17.000 12/30/2024  EUR   41.770
BNP Paribas Emissions  17.000 12/30/2024  EUR   28.390
DZ Bank AG Deutsche Z  11.000 12/20/2024  EUR   48.910
Armenian Economy Deve  11.000  10/3/2025  AMD    0.000
Finca Uco Cjsc         13.000  5/30/2025  AMD    9.700
Corner Banca SA        20.000   3/5/2025  USD   49.630
UniCredit Bank GmbH    19.100 12/31/2024  EUR   36.600
HSBC Trinkaus & Burkh  12.500 12/30/2024  EUR   46.830
HSBC Trinkaus & Burkh  11.100 12/30/2024  EUR   25.170
HSBC Trinkaus & Burkh  13.300  6/27/2025  EUR   27.710
HSBC Trinkaus & Burkh  11.300  6/27/2025  EUR   28.900
HSBC Trinkaus & Burkh  15.600 11/22/2024  EUR   20.810
HSBC Trinkaus & Burkh  12.600 11/22/2024  EUR   23.020
HSBC Trinkaus & Burkh  15.100 12/30/2024  EUR   41.610
HSBC Trinkaus & Burkh  15.000  3/28/2025  EUR   24.730
HSBC Trinkaus & Burkh  10.400 10/25/2024  EUR   24.610
HSBC Trinkaus & Burkh  10.300 11/22/2024  EUR   25.340
HSBC Trinkaus & Burkh  16.100 12/30/2024  EUR   21.600
HSBC Trinkaus & Burkh  15.900  3/28/2025  EUR   24.340
HSBC Trinkaus & Burkh  12.800 10/25/2024  EUR   22.110
UniCredit Bank GmbH    10.700  2/28/2025  EUR   30.910
UniCredit Bank GmbH    11.700  2/28/2025  EUR   29.880
UniCredit Bank GmbH    20.000 12/31/2024  EUR   35.270
DZ Bank AG Deutsche Z  22.500 12/31/2024  EUR   46.280
Landesbank Baden-Wuer  14.000 10/24/2025  EUR   26.190
Landesbank Baden-Wuer  10.000 10/24/2025  EUR   26.200
UBS AG/London          11.000  1/20/2025  EUR   49.950
HSBC Trinkaus & Burkh  11.250  6/27/2025  EUR   47.090
HSBC Trinkaus & Burkh  10.250  6/27/2025  EUR   34.950
Zurcher Kantonalbank   10.500   2/4/2025  EUR   48.820
Bank Vontobel AG       20.500  11/4/2024  CHF   25.000
Leonteq Securities AG  10.340  8/31/2026  EUR   45.470
UniCredit Bank GmbH    12.800  2/28/2025  EUR   28.770
UniCredit Bank GmbH    14.500 11/22/2024  EUR   42.180
UniCredit Bank GmbH    14.500  2/28/2025  EUR   43.730
UniCredit Bank GmbH    13.800  2/28/2025  EUR   45.280
Landesbank Baden-Wuer  11.500 10/25/2024  EUR   57.110
Landesbank Baden-Wuer  13.000 10/25/2024  EUR   52.540
HSBC Trinkaus & Burkh  14.800 12/30/2024  EUR   45.200
HSBC Trinkaus & Burkh  11.400 12/30/2024  EUR   25.880
HSBC Trinkaus & Burkh  15.100  3/28/2025  EUR   25.190
HSBC Trinkaus & Burkh  13.400  6/27/2025  EUR   28.030
HSBC Trinkaus & Burkh  14.400  3/28/2025  EUR   12.740
HSBC Trinkaus & Burkh  13.100 10/25/2024  EUR   22.720
HSBC Trinkaus & Burkh  12.800 11/22/2024  EUR   23.620
HSBC Trinkaus & Burkh  10.000 11/22/2024  EUR   26.820
HSBC Trinkaus & Burkh  13.900 12/30/2024  EUR   46.170
HSBC Trinkaus & Burkh  12.800  3/28/2025  EUR   47.810
HSBC Trinkaus & Burkh  14.100 12/30/2024  EUR   23.480
HSBC Trinkaus & Burkh  11.500  6/27/2025  EUR   29.610
HSBC Trinkaus & Burkh  15.200 12/30/2024  EUR   15.670
HSBC Trinkaus & Burkh  10.200 10/25/2024  EUR   26.110
HSBC Trinkaus & Burkh  15.700 11/22/2024  EUR   21.270
HSBC Trinkaus & Burkh  12.750  6/27/2025  EUR   15.830
HSBC Trinkaus & Burkh  11.750  6/27/2025  EUR   48.960
HSBC Trinkaus & Burkh  15.500  6/27/2025  EUR   39.620
UniCredit Bank GmbH    19.700 12/31/2024  EUR   33.350
HSBC Trinkaus & Burkh  22.250  6/27/2025  EUR   17.780
HSBC Trinkaus & Burkh  17.500  6/27/2025  EUR   15.940
BNP Paribas Emissions  17.000 12/30/2024  EUR   46.890
HSBC Trinkaus & Burkh  14.500 12/30/2024  EUR   26.990
Vontobel Financial Pr  13.000 12/31/2024  EUR   33.900
Vontobel Financial Pr  16.750 12/31/2024  EUR   31.510
Landesbank Baden-Wuer  16.000 10/25/2024  EUR   45.400
DZ Bank AG Deutsche Z  15.500 12/31/2024  EUR   35.460
Vontobel Financial Pr  20.000 12/31/2024  EUR   44.530
DZ Bank AG Deutsche Z  17.100 12/31/2024  EUR   43.770
Leonteq Securities AG  24.000  1/13/2025  CHF    7.310
DZ Bank AG Deutsche Z  18.200  3/28/2025  EUR   48.460
Vontobel Financial Pr  17.250 12/31/2024  EUR   46.680
Vontobel Financial Pr  14.250 12/31/2024  EUR   32.480
Vontobel Financial Pr  12.500 12/31/2024  EUR   33.790
Vontobel Financial Pr  10.750 12/31/2024  EUR   35.280
HSBC Trinkaus & Burkh  13.400 12/30/2024  EUR   48.120
HSBC Trinkaus & Burkh  16.000  3/28/2025  EUR   24.760
HSBC Trinkaus & Burkh  11.000  3/28/2025  EUR   28.230
HSBC Trinkaus & Burkh  16.300  3/28/2025  EUR   12.790
Raiffeisen Schweiz Ge  20.000 10/16/2024  CHF   20.050
Vontobel Financial Pr  11.000 12/31/2024  EUR   35.350
Vontobel Financial Pr  14.750 12/31/2024  EUR   32.600
Corner Banca SA        10.000  11/8/2024  CHF   43.530
HSBC Trinkaus & Burkh  17.400 12/30/2024  EUR   21.610
UniCredit Bank GmbH    18.500 12/31/2024  EUR   40.710
UniCredit Bank GmbH    19.300 12/31/2024  EUR   39.330
Leonteq Securities AG  25.000 12/11/2024  CHF   31.300
BNP Paribas Issuance   19.000  9/18/2026  EUR    0.980
Landesbank Baden-Wuer  12.000  1/24/2025  EUR   26.500
UniCredit Bank GmbH    18.800 12/31/2024  EUR   34.220
HSBC Trinkaus & Burkh  10.250 12/30/2024  EUR   35.030
HSBC Trinkaus & Burkh  17.500 12/30/2024  EUR   35.250
Leonteq Securities AG  25.000 12/18/2024  CHF   36.980
Landesbank Baden-Wuer  15.500  1/24/2025  EUR   22.980
BNP Paribas Issuance   20.000  9/18/2026  EUR   31.500
Vontobel Financial Pr  11.000 12/31/2024  EUR   28.570
Landesbank Baden-Wuer  18.000   1/3/2025  EUR   24.830
DZ Bank AG Deutsche Z  10.750 12/27/2024  EUR   27.910
DZ Bank AG Deutsche Z  20.500 12/31/2024  EUR   47.060
Landesbank Baden-Wuer  14.500 11/22/2024  EUR   31.860
Landesbank Baden-Wuer  12.000   1/3/2025  EUR   30.880
Vontobel Financial Pr  18.000 12/31/2024  EUR   49.330
HSBC Trinkaus & Burkh  12.900 12/30/2024  EUR   49.040
Landesbank Baden-Wuer  11.000 11/22/2024  EUR   38.300
Landesbank Baden-Wuer  18.000 11/22/2024  EUR   27.610
HSBC Trinkaus & Burkh  19.600 12/30/2024  EUR   19.980
Landesbank Baden-Wuer  15.000   1/3/2025  EUR   49.820
UniCredit Bank GmbH    11.000 11/22/2024  EUR   45.510
UniCredit Bank GmbH    14.200 11/22/2024  EUR   23.680
UniCredit Bank GmbH    10.900 11/22/2024  EUR   31.540
UniCredit Bank GmbH    10.200 11/22/2024  EUR   47.120
UniCredit Bank GmbH    10.000 11/22/2024  EUR   33.350
UniCredit Bank GmbH    11.900 11/22/2024  EUR   29.960
UniCredit Bank GmbH    10.400  2/28/2025  EUR   40.450
UniCredit Bank GmbH    13.900 11/22/2024  EUR   46.380
UniCredit Bank GmbH    19.300 12/31/2024  EUR   37.940
UniCredit Bank GmbH    13.000 11/22/2024  EUR   28.550
Bank Vontobel AG       15.500 11/18/2024  CHF   30.600
UniCredit Bank GmbH    14.700 11/22/2024  EUR   44.230
UniCredit Bank GmbH    12.900 11/22/2024  EUR   24.670
Ameriabank CJSC        10.000  2/20/2025  AMD    0.000
Leonteq Securities AG  24.000 12/27/2024  CHF   37.900
Leonteq Securities AG  23.000 12/27/2024  CHF   32.360
UniCredit Bank GmbH    18.000 12/31/2024  EUR   31.140
UniCredit Bank GmbH    18.800 12/31/2024  EUR   30.440
UniCredit Bank GmbH    10.700 11/22/2024  EUR   38.130
UniCredit Bank GmbH    11.600  2/28/2025  EUR   38.430
ACBA Bank OJSC         11.000  12/1/2025  AMD    0.000
Leonteq Securities AG  10.000 11/12/2024  CHF   44.900
Bank Vontobel AG       10.000  11/4/2024  EUR   45.700
Bank Vontobel AG       12.000 11/11/2024  CHF   48.600
HSBC Trinkaus & Burkh  13.500 12/30/2024  EUR   44.660
Inecobank CJSC         10.000  4/28/2025  AMD    0.000
Bank Julius Baer & Co  12.720  2/17/2025  CHF   28.750
UBS AG/London          10.000  3/23/2026  USD   34.060
UniCredit Bank GmbH    17.200 12/31/2024  EUR   31.890
UniCredit Bank GmbH    19.600 12/31/2024  EUR   29.790
ACBA Bank OJSC         11.500   3/1/2026  AMD    0.000
National Mortgage Co   12.000  3/30/2026  AMD    0.000
UniCredit Bank GmbH    10.500   4/7/2026  EUR   31.230
UniCredit Bank GmbH    10.500 12/22/2025  EUR   37.610
Finca Uco Cjsc         12.000  2/10/2025  AMD    0.000
UniCredit Bank GmbH    16.550  8/18/2025  USD   19.990
Raiffeisen Schweiz Ge  10.000 12/31/2024  CHF   48.610
Landesbank Baden-Wuer  11.000   1/3/2025  EUR   21.940
Landesbank Baden-Wuer  13.000   1/3/2025  EUR   20.240
UBS AG/London          15.750 10/21/2024  CHF   29.680
UBS AG/London          21.600   8/2/2027  SEK   22.080
UBS AG/London          11.750  12/9/2024  EUR   48.250
Erste Group Bank AG    14.500  5/31/2026  EUR   32.750
UBS AG/London          14.500 10/14/2024  CHF   31.050
Leonteq Securities AG  13.000 10/21/2024  EUR   46.050
UBS AG/London          20.000 11/29/2024  USD   17.810
Armenian Economy Deve  10.500   5/4/2025  AMD    0.000
Landesbank Baden-Wuer  10.000 10/25/2024  EUR   27.660
Landesbank Baden-Wuer  11.500 10/25/2024  EUR   24.390
UniCredit Bank GmbH    10.700   2/3/2025  EUR   16.850
UniCredit Bank GmbH    10.700  2/17/2025  EUR   17.140
Credit Agricole Corpo  10.200 12/13/2027  TRY   48.271
Finca Uco Cjsc         13.000 11/16/2024  AMD    0.000
EFG International Fin  11.120 12/27/2024  EUR   42.720
Lehman Brothers Treas  13.500 11/28/2008  USD    0.100
Lehman Brothers Treas  15.000  3/30/2011  EUR    0.100
Lehman Brothers Treas  14.900  9/15/2008  EUR    0.100
Teksid Aluminum Luxem  12.375  7/15/2011  EUR    0.619
Lehman Brothers Treas  11.000 12/19/2011  USD    0.100
Sidetur Finance BV     10.000  4/20/2016  USD    0.852
Lehman Brothers Treas  10.500   8/9/2010  EUR    0.100
Lehman Brothers Treas  10.000  3/27/2009  USD    0.100
Lehman Brothers Treas  11.000  6/29/2009  EUR    0.100
Lehman Brothers Treas  12.000  7/13/2037  JPY    0.100
BLT Finance BV         12.000  2/10/2015  USD   10.500
Bilt Paper BV          10.360             USD    0.676
Banco Espirito Santo   10.000  12/6/2021  EUR    0.058
Lehman Brothers Treas  16.800  8/21/2009  USD    0.100
Lehman Brothers Treas  11.250 12/31/2008  USD    0.100
Lehman Brothers Treas  10.600  4/22/2014  MXN    0.100
Lehman Brothers Treas  16.000  11/9/2008  USD    0.100
Lehman Brothers Treas  10.442 11/22/2008  CHF    0.100
Lehman Brothers Treas  17.000   6/2/2009  USD    0.100
Lehman Brothers Treas  23.300  9/16/2008  USD    0.100
Lehman Brothers Treas  11.000   7/4/2011  USD    0.100
Lehman Brothers Treas  12.000   7/4/2011  EUR    0.100
Lehman Brothers Treas  14.100 11/12/2008  USD    0.100
Lehman Brothers Treas  13.000 12/14/2012  USD    0.100
Lehman Brothers Treas  11.000 12/20/2017  AUD    0.100
Lehman Brothers Treas  11.000 12/20/2017  AUD    0.100
Phosphorus Holdco PLC  10.000   4/1/2019  GBP    0.145
Privatbank CJSC Via U  10.875  2/28/2018  USD    4.936
PA Resources AB        13.500   3/3/2016  SEK    0.124
Tonon Luxembourg SA    12.500  5/14/2024  USD    2.216
Elli Investments Ltd   12.250  6/15/2020  GBP    1.115
Ukraine Government Bo  11.000   4/1/2037  UAH   35.909
Ukraine Government Bo  11.000   4/8/2037  UAH   35.901
Ukraine Government Bo  11.000  4/20/2037  UAH   36.043
Lehman Brothers Treas  13.000  7/25/2012  EUR    0.100
Lehman Brothers Treas  18.250  10/2/2008  USD    0.100
Lehman Brothers Treas  14.900 11/16/2010  EUR    0.100
Lehman Brothers Treas  16.000  10/8/2008  CHF    0.100
Lehman Brothers Treas  11.000  2/16/2009  CHF    0.100
Lehman Brothers Treas  10.000  2/16/2009  CHF    0.100
Lehman Brothers Treas  13.000  2/16/2009  CHF    0.100
Lehman Brothers Treas  11.000 12/20/2017  AUD    0.100
Lehman Brothers Treas  10.000 10/23/2008  USD    0.100
Lehman Brothers Treas  10.000 10/22/2008  USD    0.100
Lehman Brothers Treas  16.000 10/28/2008  USD    0.100
Lehman Brothers Treas  12.400  6/12/2009  USD    0.100
Lehman Brothers Treas  11.750   3/1/2010  EUR    0.100
Lehman Brothers Treas  16.200  5/14/2009  USD    0.100
Lehman Brothers Treas  10.000  5/22/2009  USD    0.100
Lehman Brothers Treas  15.000   6/4/2009  CHF    0.100
Lehman Brothers Treas  13.500   6/2/2009  USD    0.100
Lehman Brothers Treas  10.000  6/17/2009  USD    0.100
Lehman Brothers Treas  11.000   7/4/2011  CHF    0.100
Lehman Brothers Treas  16.000 12/26/2008  USD    0.100
Lehman Brothers Treas  13.432   1/8/2009  ILS    0.100
Lehman Brothers Treas  13.150 10/30/2008  USD    0.100
Ukraine Government Bo  11.000  2/16/2037  UAH   35.988
Ukraine Government Bo  11.000  4/23/2037  UAH   35.887



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

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

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

This material is copyrighted and any commercial use, resale or
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members of the same firm for the term of the initial subscription
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                * * * End of Transmission * * *