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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 21, 2024, Vol. 25, No. 211

                           Headlines



F R A N C E

GGE OPERATIONS: Moody's Alters Outlook on 'B2' CFR to Negative


G E R M A N Y

A-BEST 23: Fitch Assigns 'BB(EXP)sf' Rating on Class X Notes
FORTUNA CONSUMER 2024-2: DBRS Finalizes B Rating on F Notes
TECHEM VERWALTUNGSGESELLSCHAFT 674: Fitch Affirms 'B' LongTerm IDR


G R E E C E

PIRAEUS BANK: DBRS Hikes LongTerm Issuer Rating to BB(High)


I R E L A N D

ALBACORE EURO V: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
ARMADA EURO III: Fitch Assigns B-sf Final Rating on Cl. F-RR Notes
AVOCA CLO XXVIII: Fitch Assigns B-sf Final Rating on Cl. F-R Notes
DRYDEN 29 EURO 2013: Moody's Affirms B3 Rating on Cl. F Notes
PROVIDUS CLO II: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes

PROVIDUS CLO II: S&P Assigns B-(sf) Rating on Class F-R Notes
TE CONNECTIVITY: October 25 Hearing Set on Special Resolution
VOYA EURO I: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes
VOYA EURO I: S&P Assigns B-(sf) Rating on Class F-R Notes


I T A L Y

BCC NPLS 2018-2: DBRS Cuts Class A Notes Rating to B(low)


L U X E M B O U R G

CULLINAN HOLDCO: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
ODYSSEY EUROPE: Moody's Cuts CFR to Caa1, Outlook Stable


N E T H E R L A N D S

SPRINT BIDCO: Fitch Keeps 'CCC-' LongTerm IDR on Watch Negative


P O L A N D

MLP GROUP: Fitch Rates EUR300MM Sr. Unsecured Bond 'BB+'


S E R B I A

TELEKOM SRBIJA: Fitch Assigns 'B+(EXP)' LT Foreign Currency IDR


S L O V A K I A

365.BANK AS: Moody's Affirms 'Ba1' Issuer & Unsecured Debt Ratings


S P A I N

AUTO ABS 2024-1 FT: DBRS Finalizes BB(low) Rating on E Notes


T U R K E Y

TURKIYE WEALTH: Fitch Assigns 'BB-(EXP)' Rating on Unsec. Certs


U N I T E D   K I N G D O M

A. M. C. (U.K.): Hudson Weir Named as Joint Administrators
CB PRINTFORCE: FRP Advisory Named as Joint Administrators
ELSTREE FUNDING 5: DBRS Gives Prov. BB(low) Rating on F Notes
FNZ GROUP: Fitch Assigns 'B-(EXP)' LongTerm IDR, Outlook Positive
FYLDE FUNDING 2024-1: DBRS Finalizes BB(low) Rating on F Notes

JOHN WILKINS: Azets Holdings Named as Joint Administrators
NEWDAY FUNDING 2024-3: Fitch Assigns 'BB-(EXP)sf' Rating on F Notes
PLUMBS LIMITED: PricewaterhouseCoopers Named as Administrators
PREVAYL LIMITED: Moorfields Named as Joint Administrators
STAMP DUTY: RG Insolvency Named as Joint Administrators

THUNDER ROAD: Azets Holdings Named as Joint Administrators
TOWD POINT 2023: DBRS Hikes Rating on Class F Notes to B
WE SODA: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week October 14 to October 18, 2024

                           - - - - -


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F R A N C E
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GGE OPERATIONS: Moody's Alters Outlook on 'B2' CFR to Negative
--------------------------------------------------------------
Moody's Ratings has changed to negative from stable the outlook on
the ratings of GGE Operations SAS ("GGE" or "Galileo"), Europe's
largest private higher education group.

Concurrently, Moody's have affirmed the company's B2 long term
corporate family rating, the B2-PD probability of default rating,
the B2 rating on the EUR1.3 billion senior secured Term Loans B and
B2 (TLB) due in July 2028 and the B2 rating on the EUR165 million
senior secured revolving credit facility (RCF) due January 2028,
all raised by GGE.

Moody's have also assigned a B2 rating to the proposed EUR350
million new senior secured Term Loan B3 (TLB) fungible add-on due
in July 2028 to be borrowed by GGE.

The proposed EUR350 million Term Loan B3, combined with EUR131
million in available cash at GGE, are earmarked to fund the
company's M&A pipeline (EUR378 million), to buy out minority stakes
in already-owned companies (EUR81 million), and to support a
capital increase in one of the acquisition targets (EUR22
million).

"The outlook change to negative reflects that the planned
debt-funded acquisitions, which will be material in size relative
to M&A activity in prior years, will delay an expected improvement
in credit metrics, at a time when the company is facing operational
challenges in its core French operations," says Víctor Garcia
Capdevila, a Moody's Ratings Vice President-Senior Analyst and lead
analyst for GGE.

"As a result, Galileo's metrics will remain weak for the rating
until at least fiscal year 2026, leaving limited room for deviation
relative to Moody's expectations," adds Mr García.

The company's tolerance for high leverage and its sustained
appetite for debt-funded inorganic growth 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 rating action reflects the sustained increase in GGE's leverage
over the last two years, mainly because of the company's ambitious
and debt-funded inorganic growth strategy, and Moody's expectation
that credit metrics will remain weak for the rating until at least
fiscal 2026 because of the impact of the proposed debt-financed
acquisitions.

GGE has an ambitious M&A strategy, with plans to acquire up to four
different targets in the coming months. These acquisitions are set
to enhance the company's already strong geographic and academic
diversification by expanding its student and revenue base across
Mexico, the UK, South America, and Southern Europe. Altogether,
these acquisitions are expected to add over 70,000 students to
GGE's base, along with an incremental revenue of EUR172 million and
an EBITDA of EUR45 million.

However, due to the substantial size of these acquisitions, there
is a degree of integration risk at a time when performance in the
core French operations has weakened. In fiscal year 2024 (ending in
June 2024), the company's primary business in France encountered
significant challenges. These included lower-than-anticipated
enrollment rates, fueled by heightened competition, adverse
regulatory shifts, execution issues in the apprenticeship segment,
and strategic and operational setbacks in PSB, Hectic, and
Bellecour. These challenges were further exacerbated by a sharp
rise in various operational expenses—spanning student and
acquisition costs, employee expenses, and occupancy
costs—resulting in a significant decline in profit margins.
Although the core international business segment saw an increase in
EBITDA margin to 25.4% in fiscal 2024, up from 24.9% the previous
year, the core French segment experienced a near 5 percentage point
drop in EBITDA margin to 20.2% (from 24.8% in fiscal 2023).
Similarly, the French online segment saw its profit margin decrease
to 18.2% in fiscal 2024, down from 21.4% the year before.

Moody's base case scenario assumes that Galileo will reach revenue
of around EUR1.5 billion in fiscal 2025 through a combination of a
mid-single digit organic revenue growth (to EUR1,330 million) and
revenue of acquired assets (EUR150 million). Moody's organic
revenue growth assumption reflects both enrolment growth of between
2%-3% and price increases of around 3%. Moody's forecast that the
company's Moody's-adjusted EBITDA margin will remain at around 25%,
below the 32% reported back in fiscal 2022.

Moody's estimate that proforma for the acquisitions, Galileo's
Moody's-adjusted gross leverage for the fiscal year ended in June
2025 (fiscal 2025) will increase to 7.0x from 6.8x in 2024,
decreasing towards 6.3x in fiscal 2026. These metrics do not add
back the company reported unusual and non-recurring items, given
their recurring nature, and increasing size overtime. Galileo's
EBITA to interest expense coverage metric will remain weak for the
category, below the 2x threshold for the B2 rating until at least
fiscal 2027.

GGE's B2 CFR reflects the company's large scale of operations;
positive industry demand dynamics; its good track record of
successful organic and inorganic growth; high revenue visibility
and predictability; its strong digital footprint; and the
relatively high barriers to entry in the higher education market
because of strict regulations, access to real estate and brand
reputation.

Galileo's rating also factors in its high Moody's-adjusted gross
leverage; the expenses needed to comply with stringent regulations
and the need to uphold academic credibility and quality standards;
headwinds in its French core market and cost inflation associated
with teaching, student recruitment, administrative and occupancy
expenses; strong appetite for debt-funded M&A in a highly
fragmented industry; reduced profitability margins as a result of
the dilutive effects of new acquisitions; and temporarily negative
free cash flow (FCF) due to high investment programme.

LIQUIDITY

Galileo's liquidity is good. After the transaction closing, the
company will have a cash balance of around EUR200 million and full
access to the committed EUR165 million senior secured revolving
credit facility due in January 2028. The revolving credit facility
is subject to a senior secured net leverage springing covenant test
of 9.25x when drawings exceed 40%. Moody's base case scenario
assumes that Galileo will generate negative FCF of around EUR20
million in fiscal 2025 mainly because of the large expansionary
capital spending program, including the construction of a new
campus in EM Lyon and capacity and campus expansions in France and
Italy; the strengthening of its online content proposition and
infrastructure; and group projects including customer relationship
management and student information systems.

The company's cash flow profile is seasonal and is heavily
influenced by the traditional academic year, with large cash
outflows during the summer months.

Galileo has a comfortable debt maturity profile with no debt
repayments until 2028 when the TLB and RCF mature.

STRUCTURAL CONSIDERATIONS

Following the transaction, Galileo's capital structure includes a
EUR1,300 million senior secured TLB due in July 2028, a new EUR350
million fungible senior secured TLB add-on to the existing TLB and
a EUR165 million senior secured revolving credit facility due in
January 2028, ranking pari passu among themselves. The TLBs and the
senior secured revolving credit facility are rated B2, in line with
the company's CFR. All facilities are guaranteed by the company's
subsidiaries and benefit from a guarantor coverage test of not less
than 80% of the group's consolidated EBITDA. The security package
includes shares, bank accounts and intercompany receivables of
significant subsidiaries.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the sustained weaker than expected
metrics for the rating category owing to its ambitious debt-funded
M&A pipeline, particularly at a time where core operations in
France are experiencing headwinds.

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

Moody's recognise the company's improved business risk profile
owing to its increased scale and diversification since initial
rating assignment in November 2017. As a result, Moody's have
relaxed the leverage thresholds for the rating category.

Upward pressure on Galileo's rating could develop over time if the
company's Moody's-adjusted gross leverage declines well below 5.0x
on a sustained basis and FCF/debt improves above 5% while
maintaining adequate liquidity.

Downward pressure on Galileo's rating could arise if the company's
Moody's-adjusted gross leverage does not decrease towards 6.5x
(previously 6.0x) over the next 18-24 months or the company's
operating performance deviates materially from expectations or a
FCF deteriorates leading to a material weakening of its liquidity.
Further, aggressive debt-funded inorganic growth and large
shareholder distributions could also exert negative pressure on the
rating.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

GGE Operations SAS (GGE) is the parent company of Galileo, a
leading international school group offering tertiary private
education across 19 countries with more than 60 brands and 110
campuses and more than 300,000 enrolled students worldwide. An
equity consortium formed by CPP Investments (36%), Tethys Invest
(35%), Montagu (16%) and Bpifrance (10%), along with the senior
management team (3%), bought Galileo from Providence Private Equity
in May 2020 for an enterprise value of EUR2.3 billion.

In 2023, the group reported revenue and Moody's-adjusted EBITDA of
EUR1,104 million and EUR324 million, respectively.




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

A-BEST 23: Fitch Assigns 'BB(EXP)sf' Rating on Class X Notes
------------------------------------------------------------
Fitch Ratings has assigned Asset-Backed European Securitisation
Transaction Twenty-Three S.à r.l. (A-BEST 23) expected ratings.

   Entity/Debt              Rating           
   -----------              ------           
Asset-Backed European
Securitisation
Transaction
Twenty-Three S.à r.l.

   Class A              LT AAA(EXP)sf  Expected Rating
   Class B              LT AA+(EXP)sf  Expected Rating
   Class C              LT A+(EXP)sf   Expected Rating
   Class D              LT A-(EXP)sf   Expected Rating
   Class E              LT BBB(EXP)sf  Expected Rating
   Class M              LT NR(EXP)sf   Expected Rating
   Class X              LT BB(EXP)sf   Expected Rating

Transaction Summary

A-BEST 23 is a two-month revolving securitisation of fixed-rate
auto loans advanced to German private and commercial obligors by CA
Auto Bank S.p.A. Niederlassung Deutschland (CAAB DE), a branch of
CA Auto Bank S.p.A. (A-/Positive/F1), owned by Crédit Agricole
Consumer Finance, part of Crédit Agricole S.A. (A+/Stable/F1).

KEY RATING DRIVERS

Higher Default Base Case: The recent historical default vintages
have increased compared with pre-2021originations. This can be
attributed to a combination of factors: CAAB DE's shift from
captive to non-captive originations, the economically challenging
period of high inflation and interest rates, as well as a shorter
default definition that the bank started applying, which leads to
earlier recognition of defaults. Fitch has consequently assigned a
base case default rate of 4.5%, which is higher than the previous
German transaction, A-BEST 21. Fitch deemed appropriate a 4.75x
multiple at 'AAA', lower than the predecessor transaction.

Strong Recovery Assumptions: CAAB DE's recovery rates are higher
than those provided in the previous German transaction, which is
explained by the earlier default definition and robust car prices
of recent years. Fitch has recognised this by assigning a higher
base case recovery rate of 70% to the portfolio with an unchanged
45% 'AAA' haircut.

Pro Rata Period Dynamics: The class A to M notes will switch from
sequential to pro rata amortisation six months after closing.
Amortisation will irreversibly switch back to sequential once
default or principl deficiency ledger-related triggers, among
others, are broken. These triggers help ensure that pro rata
periods are limited in a stressed economic environment. In its
modelling, there are no pro rata periods at the driving rating
scenarios of the notes.

Excess Spread Supports Ratings: The portfolio's initial excess
spread is robust as a result of the pool yield being well-above the
weighted average cost of notes, swap rate and servicing fees. This
supports the ratings across the structure, particularly that on the
excess spread class X notes, by enabling amortisation to start
during the revolving period. The class X notes' 'BBsf' rating
reflects its sensitivity to assumptions and the volatile nature of
excess spread.

Servicer and Counterparty-Related Risks: Fitch considers servicer
discontinuity risk reduced even though no back-up servicer is in
place. The assets are standard and the number of suitable servicers
deemed sufficient to allow for a replacement to be signed up in a
reasonable timeframe. A static liquidity reserve provides at least
three months of interest coverage for the class A to E notes to
address potential disruptions to collections during the transfer.
Other counterparty risks are adequately reduced in line with
Fitch's criteria.

The KRDs listed in the applicable sector criteria, but not
mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

Ratings may be negatively affected if defaults are larger than
assumed and/ or recoveries are lower. This could lead to lower
excess spread and produce larger losses than expected, resulting in
negative rating action on the notes. In case of higher defaults and
lower recoveries, the following ratings would apply to classes A/
B/ C/ D/ E/ X respectively:

Defaults higher by 10%: 'AAAsf'/ 'AAsf'/ 'Asf'/ 'BBB+sf'/ 'BBB-sf
'/ 'BBsf'

Defaults higher by 15%: 'AA+sf'/ 'AA-sf'/ 'Asf'/ 'BBB+sf'/ 'BBB-sf
'/ 'BBsf'

Defaults higher by 20%: 'AA+sf'/ 'AA-sf'/ 'Asf'/ 'BBB+sf'/ 'BBB-sf
'/ 'BB-sf'

Recoveries lower by 10%: 'AAAsf'/ 'AAsf'/ 'Asf'/ 'BBB+sf'/ 'BBB-sf
'/ 'BBsf'

Recoveries lower by 15%: 'AAAsf'/ 'AAsf'/ 'Asf'/ 'BBB+sf'/ 'BBB-sf
'/ 'BBsf'

Recoveries lower by 20%: 'AA+sf'/ 'AA-sf'/ 'Asf'/ 'BBB+sf'/ 'BBB-sf
'/ 'BB-sf'

Defaults higher and recoveries lower by 10%: 'AA+sf'/ 'AA-sf'/
'Asf'/ 'BBB+sf'/ 'BBB-sf '/ 'BB-sf'

Defaults higher and recoveries lower by 15%: 'AA+sf'/ 'A+sf'/
'A-sf'/ 'BBBsf'/ 'BB+sf '/ 'B+sf'

Defaults higher and recoveries lower by 20%: 'AAsf'/ 'A+sf'/
'BBB+sf'/ 'BBB-sf'/ 'BB+sf '/ 'Bsf'

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

Ratings may be negatively affected if defaults are lower than
assumed and/ or recoveries are higher. This could lead to higher
excess spread and produce lower losses than expected, resulting in
positive rating action on the notes. For example, a simultaneous
decrease of the default base case by 20% and increase of the
recovery base case by 20% would lead to upgrade of the notes of up
to three notches.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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


FORTUNA CONSUMER 2024-2: DBRS Finalizes B Rating on F Notes
-----------------------------------------------------------
DBRS Ratings GmbH finalized provisional credit ratings on the
following classes of notes (collectively, the Rated Notes) issued
by Fortuna Consumer Loan ABS 2024-2 Designated Activity Company
(the Issuer):

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

Morningstar DBRS did not assign a credit rating to the Class G or
Class X Notes (together with the Rated Notes, the Notes) also
issued in this transaction. Morningstar DBRS also discontinued and
withdrew the provisional credit rating of the Class A2 Notes which
were subsequently cancelled after the transaction announcement.

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

CREDIT RATING RATIONALE

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

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

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

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

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

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

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

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

TRANSACTION STRUCTURE

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

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

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

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

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

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

TRANSACTION COUNTERPARTIES

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

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

PORTFOLIO ASSUMPTIONS

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

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

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

Morningstar DBRS analyzed the transaction structure in Intex
Dealmaker.

Notes: All figures are in euros unless otherwise noted.


TECHEM VERWALTUNGSGESELLSCHAFT 674: Fitch Affirms 'B' LongTerm IDR
------------------------------------------------------------------
Fitch Ratings has affirmed Germany-based heat and water
sub-metering services operator Techem Verwaltungsgesellschaft 674
mbH's (Techem)'s Long-Term Issuer Default Rating (IDR) at 'B' with
a Stable Outlook. Fitch has also affirmed the senior secured
instruments ratings issued by Techem Verwaltungsgesellschaft 675
mbH at 'B+' and senior unsecured instrument rating issued by Techem
at 'CCC+' with Recovery Ratings of 'RR3' and 'RR6', respectively.

The rating actions follow the announcement of the acquisition of
Techem by TPG Rise Climate (TPG) and GIC. The transaction is
expected to close by 1H25 subject to receipt of customary
approvals.

The affirmation reflects the increasing debt resulting from the
transaction, but also the ongoing improvement in operating
performance, which could also result in EBITDA leverage reducing
below its sensitivities for Techem's 'B' rating. Fitch expects
Techem's free cash flow (FCF) to be slightly positive despite
increased interest expenses, high but relatively flexible capex and
slightly negative working capital outflows.

Key Rating Drivers

Capital Structure Under New Shareholders: TPG and GIC recently
agreed to acquire Techem for EUR6.7 billion enterprise value. The
company will largely retain the current capital structure, using
the portability of senior secured notes. The company has already
obtained a waiver regarding the change of control clause on its
senior secured term loan B (TLB) and revolving credit facility
(RCF). However, it will refinance its EUR364 million senior
unsecured notes due 2026 and issue EUR750 million new senior
secured debt (that will rank pari passu with existing senior
secured debt).

Fitch believes that the increase in overall debt (around EUR400
million) is compensated by strong EBITDA growth in FY24-FY25
(financial year ending September), resulting in comfortable
positioning in the rating category.

Leverage Will Depend on Financial Policy: The purchase price at
transaction closing will be EUR2.3 billion (of which EUR2.1 billion
funded through equity contribution from the new shareholders),
while EUR1.6 billion equity consideration will be deferred until
July 2027. This payment is completely non-recourse for Techem, but
Fitch notes that it could create some incentives for shareholders
to re-leverage the company. However, Fitch expects this would only
happen if performance remained strong and consistent with the
current rating. Fitch believes that positive pressure on the rating
could materialise in the medium term in absence of dividends,
debt-funded M&A and re-leveraging.

Margin Expansion Leads Deleveraging: Techem's Fitch-adjusted EBITDA
leverage improved to 6.4x in FY23 (adjusted for one-off severance
costs) from 6.9x in FY22. This was mainly driven by improved
EBITDA, reflecting price increases, new product launches and
cost-saving measures. Further EBITDA growth should allow the
company to deleverage to below its rating sensitivity of 6.0 by
FY25, when Fitch expects Fitch-defined EBITDA of around EUR540
million. However, Techem's leverage may come under pressure in case
of extra debt to finance aggressive growth ambition or
distributions to shareholders.

Solid Coverage Ratios: Despite higher interest as a result of the
recent refinancing, as well as the upcoming refinancing of the
unsecured debt, EBITDA interest coverage will be around or
exceeding 3.0x by FY27, which is strong for a 'B' rating. After a
reduction in interest coverage in FY25 towards 2.6x, also due to
higher debt, Fitch expects the metric to improve from FY26, driven
by a reduction in the base rate as well as continued EBITDA
expansion.

High Capex Spend: Fitch expects Techem to invest EUR200 million per
year for FY25-FY26 in its energy sub-metering and energy
contracting businesses, with the replacement cycle in sub-metering
in FY25 and increasing share of asset-heavy contracting business
driving capex up. Together with expected interest cost increases
and working capital outflows, this will lead to slightly positive
FCF. Fitch assumes capex to be partially discretionary, leaving the
company room to scale back or postpone investments if needed,
although lower capex will limit EBITDA expansion.

Strong Operating Performance Continues: In the nine months to June
2024, Techem's adjusted EBITDA increased 12.7% year-on-year while
revenue rose by 4.8%. This was mainly driven by higher billing and
rental revenues in energy services and higher margins in
energy-efficiency solutions, as well as the positive effect of
cost-saving initiatives.

High Non-Recurring Costs to Reduce: Fitch has adjusted Techem's
FY23 and FY22 EBITDA for around EUR17 million of one-off costs. An
extra EUR20 million of one-off severance costs was recognised by
Fitch for FY23. These costs are non-recurring and relate to the
Energize-T and operational excellence cost-saving programmes. Fitch
expects this amount to reduce to around EUR15 million per year over
FY24-FY27.

Infrastructure-Driven Value Proposition: Fitch expects Techem's
medium-term strategy to target wider coverage of dwellings in
Germany and abroad and to focus on higher-value cash-generative
segments. Together with technological upgrades to smart readers and
product expansions, this may lead to higher cost efficiencies,
potentially covering the full energy value chain for homes. Techem
has historically focused on value enhancement through
infrastructure development versus maximising cash flow generation
in the short term, which Fitch believes is positive for its
long-term growth potential.

Favourable Operating Environment: The adoption of sub-metering is
supported by the EU Energy Efficiency Directive. However, adoption
by member states within the EU is slow and affects the timing of
revenue expansion for operators like Techem. Stricter market
regulations may require additional investments, including potential
technical enhancements to allow inter-operability. Despite the risk
of stricter regulation, Fitch continues to view Techem's operating
environment as stable and supportive in the medium term.

Derivation Summary

Techem's business profile is similar to infrastructural and
utility-like peers and corresponds to the 'BBB' category. It proved
resilient through the pandemic and has shown stable performance
through the cycle. It is constrained by high gross leverage and
pressured FCF generation.

Its focus on the expansion of its smart reader network lends itself
to comparison with pure telecommunication networks, such as Cellnex
Telecom S.A. and Infrastrutture Wireless Italiane S.p.A. (both
BBB-/Stable) and TDC NET A/S (BB/Stable). These entities have
comparable leverage, and their high capex is demand-driven and led
by infrastructural expansion, as is most of Techem's. However,
their sector, scale and tenant stability provide for a higher debt
capacity.

Techem is also comparable with highly-leveraged business services
operators, such as Nexi S.p.A. (BB+/Stable), which has a similar
billing model on a wide portfolio of customers in a favourable
competitive environment. Fitch believes Nexi's secular growth
prospects are stronger than Techem's. Nexi also has lower leverage
and higher FCF conversion.

Key Assumptions

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

- Revenue CAGR of 5.2% for FY24-FY27

- EBITDA margins (as defined by Fitch), improving to around 47% by
FY27, driven by growth in digital services, price revisions and
cost-efficiency programmes

- Working capital outflow of an average EUR45 million over FY24-27

- Capex on average at about 18% of revenue a year until FY27

- M&A averaging around EUR55 million a year up to FY27

- No dividend payments in line with stated financial policy

- Transaction executed in line with the announcement, implying a
debt increase for the company of around EUR400 million

Recovery Analysis

The recovery analysis assumes that Techem would be reorganised as a
going concern in bankruptcy rather than liquidated, based on its
strong cash flow generation through the cycle and asset-light
operations. Its installed base and contractual portfolio are key
intangible assets of the business, which are likely to be operated
post-bankruptcy by competitors with higher cost efficiency. Fitch
has assumed a 10% administrative claim.

Fitch estimates a going-concern EBITDA of EUR300 million, a EUR25
million increase compared with its last review to reflect
improvement in operational performance and executed cost-saving
initiatives. At this level of EBITDA, Fitch expects Techem to
generate mildly positive FCF after corrective measures are taken,
in particular on central costs and capex, in response to financial
distress.

Fitch assumes a distressed multiple of 7.0x, considering Techem's
stable business profile and comparing it with similarly
cash-generative peers with infrastructure and utility-like business
models. Its debt waterfall includes a fully drawn upsized RCF of
EUR398 million. This results in ranked recoveries of 69% in the
'RR3' band for the senior secured debt with the senior unsecured
notes ranking 'RR6' with 0% recovery.

The Recovery Rating of the senior secured debt would be unchanged
at 'RR3', albeit with a lower recovery percentage, even considering
the expected issuance of a new senior secured debt of EUR750
million with the repayment of the existing subordinated debt based
on the pro forma capital structure.

RATING SENSITIVITIES

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

Liquidity and Debt Structure

Satisfactory Liquidity: Fitch assesses Techem's liquidity as
satisfactory. It had a cash balance of about EUR52 million at
end-June 2024 and EUR5 million of its RCF of EUR398 million blocked
by way of guarantees. Techem uses its RCF during the year to
finance intra-year working capital swings. Fitch restricts Techem's
cash by EUR20 million, the estimated minimum operating cash.

Debt Structure: Techem's senior secured TLB and senior secured
notes both mature in 2029. The company has EUR364 million senior
unsecured notes due in 2026. Techem plans to refinance them with
the new EUR750 million senior secured debt.

Issuer Profile

Techem is a Germany-based heat and water sub-metering services
operator active in submetering installation and services in Europe.
The company also has a presence in energy contracting.

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

Techem Verwaltungsgesellschaft 674 mbH has an ESG Relevance Score
of '4' [+] for Energy Management due to {DESCRIPTION OF
ISSUE/RATIONALE}, which has a positive impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

Techem Verwaltungsgesellschaft 674 mbH has an ESG Relevance Score
of '4' [+] for GHG Emissions & Air Quality due to {DESCRIPTION OF
ISSUE/RATIONALE}, which has a positive impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

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

   Entity/Debt                         Rating     Recovery   Prior
   -----------                         ------     --------   -----
Techem Verwaltungsgesellschaft
674 mbH                          LT IDR B  Affirmed          B

   senior unsecured              LT   CCC+ Affirmed   RR6    CCC+

Techem Verwaltungsgesellschaft
675 mbH

   senior secured                LT     B+ Affirmed   RR3    B+




===========
G R E E C E
===========

PIRAEUS BANK: DBRS Hikes LongTerm Issuer Rating to BB(High)
-----------------------------------------------------------
DBRS Ratings GmbH upgraded the credit ratings of Piraeus Bank S.A.
(the Bank), including the Long-Term Issuer Rating to BB (high) from
BB. Concurrently, Morningstar DBRS upgraded the credit rating on
the Bank's Long-Term Deposits to BBB (low), which is one notch
above the Intrinsic Assessment (IA), reflecting the legal framework
in place in Greece, which has full depositor preference in bank
insolvency and resolution proceedings. The trend on all credit
ratings was changed to Positive from Stable. The Bank's IA has been
upgraded to BB (high) from BB and its Support Assessment remains
SA3.

KEY CREDIT RATING CONSIDERATIONS

Piraeus Bank S.A. is the main operating entity of the Piraeus
Financial Holdings Group (Piraeus or the Group), which is one of
the four systemic banking groups in Greece. Since 2020, the Bank is
a 100% subsidiary of Piraeus Financial Holdings S.A.

The upgrade reflects the Group's structurally improved ability to
generate earnings on a recurring basis, supported by higher
interest rates as well as cost control and lower credit costs. The
upgrade also takes into account the continued progress Piraeus has
achieved in de-risking its balance sheet, thanks to a reduction in
the stock of legacy non-performing exposures (NPEs), as well as
limited new NPE inflows and strengthening its loan coverage levels.
The combination of these factors, coupled with additional capital
management actions, has strengthened Piraeus' capital buffers over
its supervisory requirements despite the resumption of dividend
distributions and loan growth.

The credit ratings continue to take into account the Group's robust
domestic franchise in retail and corporate banking, and stable
funding and liquidity position, which relies on a large and sticky
deposit base. Nonetheless, the credit ratings also incorporate the
moderate diversification of Piraeus' business model, revenue
streams, and funding structure as well as the still-high, albeit
reduced, level of deferred tax credits (DTCs) included in the
Group's capital structure.

The Positive trend reflects Morningstar DBRS' view that the Group's
profitability and risk profile will likely remain sound in the
foreseeable future despite some potential deterioration triggered
by interest margin compression, higher investments for
digitalization, and potentially higher loan loss provisions (LLPs)
if asset quality risks materialize in the current still-high
interest-rate environment. The Group's strong operating efficiency
as well as its more robust loan coverage levels and capital buffers
represent key mitigating factors. This, combined with potential
further de-risking, the expected more benign prospects for the
Greek economy relative to the European average, and some support
for credit expansion stemming from the European Recovery and
Resilience Facility (RRF) funds and lower rates should help Piraeus
face any potential downside risk.

CREDIT RATING DRIVERS

An upgrade of the Long-Term Issuer Rating would require further
improvement in Piraeus's quality of capital while maintaining its
improved profitability levels, asset quality and capital buffers on
a sustained basis.

Given the Positive trend, a downgrade of the credit ratings is
unlikely at this time. However, the trend could be changed to
Stable in the event of a material deterioration in Piraeus's
capitalization or asset quality or should Piraeus's profitability
revert to substantially weaker levels.

CREDIT RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate
Piraeus is one of the four systemic banking groups in Greece with
total assets of around EUR 77 billion at end-June 2024 and a
leading domestic market position. Nonetheless, Morningstar DBRS
views the Group's business model as still being constrained by only
moderate diversification. Since March 2024, Piraeus has been fully
privatized following the Hellenic Financial Stability Fund's
disposal of its 27% equity stake. The Group has been investing more
in information and technology infrastructure as well as in
digitalization, and its online bank "snappi" has recently received
a full banking license with the aim to be launched in the next six
to nine months in Greece.

Earnings Combined Building Block (BB) Assessment: Good/Moderate
Piraeus's profitability has improved in recent times, mainly driven
by higher net interest income and net fees as well as cost control
and reduced LLPs. However, in Morningstar DBRS' view, some of the
Group's improved earnings generation will likely be offset by
interest margin compression due to the expected reduction in
interest rates, higher competition for loan volumes, and higher
funding costs, as well as by higher operating expenses because of
digital investments and possibly by higher LLPs in view of new
risks to asset quality. Piraeus reported a net profit of EUR 564
million in H1 2024, up 89% year on year (YOY). Total revenues were
up 6% YOY in H1 2024, reflecting higher interest rates as well as
higher loan and fixed-income security volumes, limited pass-through
of higher rates to deposit funding, and good momentum in most fee
activity segments, also helped by some initiatives and partnerships
in the cards business. The Group's recurring cost-to-income ratio
was 29% in H1 2024, down from 34% in H1 2023. Piraeus' annualized
cost of risk remained at a sizeable 54 basis points (bps) in H1
2024, albeit significantly down from 200 bps in H1 2023.

Risk Combined Building Block (BB) Assessment: Moderate/Weak
Piraeus's asset quality metrics have improved further, and they
compare more favorably with European peers while remaining
relatively weak by international standards. Gross NPEs totaled EUR
1.3 billion at end-June 2024, stable compared with end-2023 but
down 50% since end-2022. The gross NPE ratio was 3.3% at end-June
2024 (or 1.8% net of provisions), down from 5.5% one year earlier.
The Group's NPE cash coverage increased by 2% to 59% in the same
period, based on total loan loss reserves. Stage 2 loans (loans
where credit risk has increased since origination) represented 8%
of gross loans at end-June 2024, down from 9% at end-2023. Unlike
most European peers, Piraeus reported net credit expansion in the
performing loan book of around EUR 1.2 billion in H1 2024,
supported by sustained new loan volumes mainly in the corporate
business, including RRF-related projects, and, despite higher
interest rates, by high corporate repayments and some slowdown in
the economy.

The Group's securities portfolio exceeded EUR 15 billion at
end-June 2024, or 20% of its balance sheet. It mainly consisted of
Greek sovereign bonds and other European sovereign bonds.
Notwithstanding that around 87% of total securities were classified
at Amortized Cost (AC) at end-June 2024, and their fair value was
lower than their carrying value because of the increase in interest
rates, Morningstar DBRS does not expect these unrealized losses to
materialize given Piraeus's solid liquidity position.

Funding and Liquidity Combined Building Block (BB) Assessment:
Good/Moderate

Piraeus's funding and liquidity profile has benefitted from growth
in customer deposits as well as enhanced access to the interbank
and capital markets. Nonetheless, the level of diversification in
the Group's funding mix remains moderate with customer deposits
representing 90% of its total funding at end-June 2024. Deposits
are primarily granular, raised from retail clients, and 77% of
total domestic deposits were savings and sight deposits, flat YOY
as customer demand for products carrying higher remuneration has
gradually stabilized. Debt securities in issue represented around
5% of Piraeus's total funding at end-June 2024 while ECB funding
totaled EUR 1 billion, down 71% compared with end-2023 as a result
of TLTRO III repayments, which compares with EUR 8.8 billion of
cash and balances with central banks. The Group's liquidity
coverage ratio and its net stable funding ratio were 215% and 133%
respectively at end-June 2024, while its net loan-to-deposit ratio
was 63%.

Capitalization Combined Building Block (BB) Assessment: Weak/Very
Weak

Piraeus' capitalization has strengthened further in recent times as
a result of improved earnings generation as well as a stronger
balance sheet and capital management actions, and despite resumed
dividend distributions and loan growth. Nonetheless, the quality of
the Group's capital remains relatively weak considering the still
high, albeit reduced, level of DTCs accounted for in its capital
structure. As of end-June 2024, and including an accrual for a 30%
dividend pay-out, Piraeus's fully loaded CET1 and Total Capital
ratios were 13.9% and 18.6%, respectively (or 14.2% and 19.4% pro
forma), up from 13.2% and 17.8% at end-2023. As a result, the
capital buffers over the 2024 supervisory requirements amounted to
around 400 bps for both CET1 and Total Capital ratios at end-June
2024, or 440 and 480 bps on a pro forma basis. DTCs represented a
still-high 68% of CET1 capital at end-June 2024, albeit down from
76% at end-2023.

Notes: All figures are in euros unless otherwise noted.




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

ALBACORE EURO V: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned AlbaCore Euro CLO V DAC reset notes
final ratings, as detailed below.

   Entity/Debt              Rating               Prior
   -----------              ------               -----
AlbaCore Euro
CLO V DAC

   A Loan-R             LT AAAsf  New Rating

   A Notes-R
   XS2904846859         LT AAAsf  New Rating

   B-1-R XS2904846933   LT AAsf   New Rating

   B-2-R XS2904847071   LT AAsf   New Rating

   C-R XS2904847741     LT Asf    New Rating

   Class A Loan         LT PIFsf  Paid In Full   AAAsf

   Class A Notes
   XS2600113919         LT PIFsf  Paid In Full   AAAsf

   Class B-1 Notes
   XS2600115021         LT PIFsf  Paid In Full   AAsf

   Class B-2 Notes
   XS2600114131         LT PIFsf  Paid In Full   AAsf

   Class C Notes
   XS2600114214         LT PIFsf  Paid In Full   Asf

   Class D Notes
   XS2600115377         LT PIFsf  Paid In Full   BBB-sf

   Class E Notes
   XS2600114560         LT PIFsf  Paid In Full   BB-sf

   Class F Notes
   XS2600114644         LT PIFsf  Paid In Full   B-sf

   D-R XS2904847311     LT BBB-sf New Rating

   E-R XS2904847402     LT BB-sf  New Rating

   F-R XS2904848046     LT B-sf   New Rating

Transaction Summary

AlbaCore Euro CLO V 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.

Net proceeds from the note issuance have been used to refinance the
existing portfolio in AlbaCore Euro CLO V DAC with an upsized
target portfolio of EUR425 million. The portfolio is managed by
AlbaCore Capital LLP. The collateralised loan obligation (CLO) has
a five-year reinvestment period and an eight-year weighted average
life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.3.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.2%.

Diversified Portfolio (Positive): The transaction includes a top 10
obligor concentration limit at 20%, two fixed-rate asset limits at
10% and 15% and an eight-year WAL test. The transaction also has
various concentration limits, including 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 Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, back up to eight years, on the step-up date, which can
be one year after closing at the earliest. The WAL extension is at
the option of the manager but subject to conditions including
passing the Fitch collateral-quality tests and to the reinvestment
target par being met, with defaulted assets at their collateral
value.

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

Additional Matrices: The transaction also includes an additional
set of matrices, which pass Fitch's analysis under an extended WAL
at nine years. These Fitch collateral quality test matrices would
be the same if the deal had started with the extended WAL at
closing and are more conservative than the matrices without the
extended WAL. If the manager elects to work within these more
conservative matrices the WAL extension is not subject to any
conditions but remains at the discretion of the manager.

The manager may switch to the more conservative matrices during the
first year, subject to passing the Fitch collateral quality tests
and the collateral principal amount being equal to, or higher than,
the reinvestment target par.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio and matrices analysis is 12 months less than the WAL
covenant. This is to account for strict reinvestment conditions
after the reinvestment period, including the satisfaction of
overcollateralisation (OC) tests and Fitch's 'CCC' limit tests,
together with a progressively decreasing WAL covenant. In Fitch's
opinion, these conditions 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 have no impact on the A-R loan and
the class A-R notes, class B-R, and class C-R notes but would lead
to a downgrade of no more than one notch for the class D-R and E-R
notes and to below 'B-sf' for the class F-R notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B-R to E-R
notes display a rating cushion of two notches and the class F-R
notes a three-notch rating cushion. The class A notes are already
at the highest achievable 'AAAsf' rating and therefore have no
rating cushion.

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

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

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

During the reinvestment period, upgrades, based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

After the end of the reinvestment period, upgrades may result from
stable portfolio credit quality and deleveraging, leading to higher
credit enhancement and excess spread available to cover losses in
the remaining portfolio.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for AlbaCore Euro CLO V
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.


ARMADA EURO III: Fitch Assigns B-sf Final Rating on Cl. F-RR Notes
------------------------------------------------------------------
Fitch Ratings has assigned Armada Euro CLO III DAC's reset notes
final ratings.

   Entity/Debt               Rating               Prior
   -----------               ------               -----
Armada Euro CLO III DAC

   A-1-R XS2320736247    LT PIFsf  Paid In Full   AAAsf
   A-2-R XS2320736916    LT PIFsf  Paid In Full   AAAsf
   A-Loan                LT AAAsf  New Rating
   A-RR XS2909705555     LT AAAsf  New Rating
   B-R XS2320737641      LT PIFsf  Paid In Full   AAAsf
   B-RR XS2909705712     LT AAsf   New Rating
   C-R XS2320738375      LT PIFsf  Paid In Full   AA-sf
   C-RR XS2909705985     LT Asf    New Rating
   D-R XS2320738961      LT PIFsf  Paid In Full   BBB+sf
   D-RR XS2909706108     LT BBB-sf New Rating
   E XS1913265044        LT PIFsf  Paid In Full   BB+sf
   E-RR XS2909706363     LT BB-sf  New Rating
   F XS1913265390        LT PIFsf  Paid In Full   B+sf
   F-RR XS2909706520     LT B-sf   New Rating

Transaction Summary

Armada Euro CLO III DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to redeem existing notes and to top up the
portfolio with a target par of EUR400 million. The portfolio is
actively managed by Brigade Capital Europe Management LLP. The
collateralised loan obligation (CLO) has a five-year reinvestment
period and an eight-year weighted average life (WAL) test limit.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the identified portfolio in
the 'B' category. The Fitch weighted average rating factor (WARF)
of the identified portfolio is 24.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 66.1%.

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

Portfolio Management (Neutral): The transaction includes four Fitch
matrices, two effective at closing and two forward matrices with a
maximum eight-year WAL test and seven-year WAL test, respectively.
They all correspond to a top 10 obligor concentration limit at
22.5% and fixed-rate asset limits of 5% and 10%. The forward
matrices can be elected two years after closing (or one year after
closing if the WAL step-up condition is not satisfied) subject to
the collateral principal amount (defaulted obligations at
Fitch-calculated collateral value) being at least at the
reinvestment target par balance.

The transaction has an approximately five-year reinvestment period
and includes reinvestment criteria similar to those of other
European transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to eight years, on the step-up date or onwards, which
can be one year after closing at the earliest. The WAL extension is
subject to the satisfaction of the collateral-quality tests and
coverage tests, the adjusted collateral principal amount being at
least equal to the reinvestment target par balance and no more than
7.5% of the collateral principal amount consisting of obligations
rated at 'CCC+' or below, excluding defaults.

Cash Flow Modelling (Neutral): The WAL used for the Fitch-stressed
portfolio was 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limitation tests, and a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. In Fitch's opinion, these conditions 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 have no impact on the class A-R
notes and class B-RR notes, but would lead to downgrades of no more
than one notch for the class C-RR, D-RR and E-RR notes, and to
below 'B-sf' for the class F-RR notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B-RR to E-RR
notes display a rating cushion of two notches each and the class
F-RR notes display a rating cushion of four notches.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase 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 four
notches for the class A-RR debt and B-RR and C-RR notes, of three
notches for the class D-RR notes and to below 'B-sf' for the class
E-RR and F-RR notes.

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

A 25% reduction of the 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 five notches for the rated notes, except
for the 'AAAsf' rated notes.

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Armada Euro CLO III
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


AVOCA CLO XXVIII: Fitch Assigns B-sf Final Rating on Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XXVIII DAC final ratings.

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

   A XS2553950929       LT PIFsf  Paid In Full   AAAsf
   A-Loan               LT AAAsf  New Rating
   A-R XS2902695126     LT AAAsf  New Rating
   B-1 XS2553951067     LT PIFsf  Paid In Full   AAsf
   B-1-R XS2902695472   LT AAsf   New Rating
   B-2 XS2553951141     LT PIFsf  Paid In Full   AAsf
   B-2-R XS2902695555   LT AAsf   New Rating
   C XS2553951224       LT PIFsf  Paid In Full   Asf
   C-R XS2902695985     LT Asf    New Rating
   D XS2553951497       LT PIFsf  Paid In Full   BBB-sf
   D-R XS2902696017     LT BBB-sf New Rating
   E XS2553951570       LT PIFsf  Paid In Full   BB-sf
   E-R XS2902696108     LT BB-sf  New Rating
   F XS2553951653       LT PIFsf  Paid In Full   B-sf
   F-R XS2902696793     LT B-sf   New Rating

Transaction Summary

Avoca CLO XXVIII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to refinance the original rated notes and to a
portfolio with a target par of EUR550 million.The portfolio is
actively managed by KKR Credit Advisors (Ireland) Unlimited
Company. The CLO has a 4.5-year reinvestment period and an 8.5-year
weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor of the identified portfolio is 25.6.

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 60.7%.

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

Portfolio Management (Neutral): The transaction includes four Fitch
test matrices; two effective at closing with fixed-rate limits of
7.5% and 12.5%, and two effective one year after closing with
fixed-rate limits of 7.5% and 12.5%, provided that the portfolio
balance (defaults at Fitch-calculated collateral value) is at least
at reinvestment target par balance. All four matrices are based on
a top-10 obligor concentration limit of 20%.

The closing matrices correspond to an 8.5-year WAL test while the
forward matrices correspond to a 7.5-year WAL test. The transaction
has a 4.5-year reinvestment period and includes reinvestment
criteria similar to those of other European transactions. Fitch's
analysis is based on a stressed-case portfolio with the aim of
testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

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

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels would have no
impact on the class A-R debt, lead to downgrades of one notch for
the class B-R to E-R notes, and to below 'B-sf' for the class F-R
notes. Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.

Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio, the class B-R to E-R notes
display a rating cushion of two notches, and the class F-R notes of
three notches.

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

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

A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to three
notches for all notes, except for the 'AAAsf' rated notes, which
are at the highest level on Fitch's scale and cannot be upgraded.

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its 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 this transaction.
In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


DRYDEN 29 EURO 2013: Moody's Affirms B3 Rating on Cl. F Notes
-------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Dryden 29 Euro CLO 2013 Designated Activity Company:

EUR21,600,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Jun 8, 2023 Affirmed Aa1
(sf)

EUR40,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aaa (sf); previously on Jun 8, 2023 Affirmed Aa1 (sf)

EUR23,600,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Jun 8, 2023
Affirmed A2 (sf)

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

EUR230,000,000 (Current outstanding amount EUR 171,107,000) Class
A Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Jun 8, 2023 Affirmed Aaa (sf)

EUR 20,800,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa2 (sf); previously on Jun 8, 2023
Affirmed Baa2 (sf)

EUR21,600,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jun 8, 2023
Affirmed Ba2 (sf)

EUR12,800,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Jun 8, 2023
Downgraded to B3 (sf)

Dryden 29 Euro CLO 2013 Designated Activity Company, issued in
December 2013, refinanced in January 2017 and reset in January
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by PGIM Limited. The transaction's
reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2 and C notes are primarily
a result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the payment date in
October 2023.

The affirmations on the ratings on the Class A, D, E and F 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 EUR 42.5 million
(18.5%) since the payment date in October 2023. 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 139.66%, 126.80%, 117.28%, 108.80% and
104.33% compared to October 2023 [2] levels of 135.18%, 124.50%,
116.40%, 109.03% and 105.09%, respectively. Moody's note that the
October 2024 principal payments are not reflected in the reported
OC ratios.

The key model inputs Moody's use in its 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: EUR323.56m

Defaulted Securities: EUR6.78m

Diversity Score: 39

Weighted Average Rating Factor (WARF): 2937

Weighted Average Life (WAL): 3.08 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.94%

Weighted Average Coupon (WAC): 3.78%

Weighted Average Recovery Rate (WARR): 40.90%

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.

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: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Providus CLO II DAC reset notes final
ratings

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

   A-R XS2323296298     LT PIFsf  Paid In Full   AAAsf
   A-RR XS2905436734    LT AAAsf  New Rating     AAA(EXP)sf
   B-1-R XS2323296884   LT PIFsf  Paid In Full   AA+sf
   B-2-R XS2323297429   LT PIFsf  Paid In Full   AA+sf
   B-RR XS2905436817    LT AAsf   New Rating     AA(EXP)sf
   C-R XS2323298153     LT PIFsf  Paid In Full   A+sf
   C-RR XS2905437203    LT Asf    New Rating     A(EXP)sf
   D XS1905536980       LT PIFsf  Paid In Full   BBB+sf
   D-R XS2905437468     LT BBB-sf New Rating     BBB-(EXP)sf
   E XS1905537368       LT PIFsf  Paid In Full   BB+sf
   E-R XS2905437625     LT BB-sf  New Rating     BB-(EXP)sf
   F XS1905537525       LT PIFsf  Paid In Full   Bsf
   F-R XS2905438193     LT B-sf   New Rating     B-(EXP)sf
   X XS2905436494       LT AAAsf  New Rating     AAA(EXP)sf

Transaction Summary

Providus CLO II DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to refinance the original rated notes and to fund a
portfolio with a target par of EUR325 million that is actively
managed by Permira Credit Group Holdings Limited. The
collateralised loan obligation (CLO) has a two-year reinvestment
period and a six-year weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 26.1.

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

Diversified Asset Portfolio (Positive): The transaction includes
two Fitch matrices effective at closing, corresponding to a WAL
covenant of six years and two fixed-rate asset limits at 5% and
12.5%. The transaction also includes various concentration limits,
including 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 the asset portfolio will
not be exposed to excessive concentration.

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

Cash Flow Analysis (Neutral): The WAL used for the Fitch-stressed
portfolio and matrices analysis is six years, which is in line with
WAL covenant. While strict reinvestment conditions after the
reinvestment period are envisaged in this transaction, including
the satisfaction of over-collateralisation tests and Fitch's 'CCC'
limit tests, together with a progressively decreasing WAL covenant,
Fitch would not shorten the modelled risk horizon to under six
years according to its CLO criteria.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of two notches
on the class B-RR and C-RR notes, one notch on the class D-R and
E-R notes, to below 'B-sf' for the class F-R notes and have no
impact on the class X and A-RR notes.

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

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

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

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

During the reinvestment period, upgrades, based on the
Fitch-stressed portfolio, 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 available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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


In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.

PROVIDUS CLO II: S&P Assigns B-(sf) Rating on Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned 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 had 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 were 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 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
our counterparty rating framework.

  Portfolio benchmarks
                                                        Current

  S&P Global Ratings' weighted-average rating factor   2,896.50
  Default rate dispersion                                579.34
  Weighted-average life(years)                             3.39
  Obligor diversity measure                              112.20
  Industry diversity measure 16.80
  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 (%)              35.83
  Target weighted-average coupon                           3.81
  Target weighted-average spread (net of floors; %)        3.66

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. At closing the portfolio is well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR325 million target par
amount, the targeted weighted-average spread (3.66%), and the
targeted weighted-average coupon (3.81%) 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 and C-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 ratings
on the notes. The class X, A-R, D-R, and E-R notes can withstand
stresses commensurate with the assigned 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 S&P has rated and that has
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 17.17% (for a portfolio with a
weighted-average life of 3.39 years) versus 10.52% if we were to
consider a long-term sustainable default rate of 3.1% for 3.39
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 'B- (sf)' rating.

S&P said, "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.

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class 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
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

  Ratings list
                     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 ratings assigned to the class X, A-R, and B-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 EURIBOR when a frequency switch event occurs.

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


TE CONNECTIVITY: October 25 Hearing Set on Special Resolution
-------------------------------------------------------------
An Originating Notice of Motion issued out of the High Court of
Ireland on October 1, 2024, seeking the Court's confirmation of a
special resolution passed on September 12, 2024, by way of a
written resolution of the sole member of TE Connectivity plc
entitled to receive notice of, attend, and vote at general meetings
of the Company, approving the reduction of the company capital of
the Company by the cancellation of up to the entire amount standing
to the credit of the Company's share premium account, being a sum
of US$43,186,189,075.00, in accordance with Article 36 of the
Company's Constitution or such lesser amount as the High Court of
Ireland may determine, is directed to be heard in the Commercial
List of the High Court, sitting at the Four Courts, Inns Quay,
Dublin 7, Ireland at 11:00 a.m. (Irish time) on October 25, 2024.

The Hearing will take place in a hybrid manner and details to
enable any interested party to connect to the Hearing remotely will
be available on request from the solicitors for the Company, Arthur
Cox LLP, at the postal address or email address below.

Any interested party that wishes to support or oppose the making of
any order: at the Hearing and/or wishes to obtain a copy of the
Originating Notice of Motion and affidavits, should contact the
solicitors for the Company at the postal address or email address
below.

Any interested party may appear at the Hearing personally or be
represented by a solicitor or by counsel. Any interested party
intending to so appear should give notice in writing to the
solicitors for the Company by no later than 5:30 p.m. (Irish time)
on October 21, 2024, and any affidavit in support of any such
appearance should be filed with the Central Office of the High
Court of Ireland, and served on the solicitors for the Company, by
no later than 5:30 p.m. (Irish time) on October 21, 2024.

The Solicitors for the Company can be reached at:

ARTHUR COX LLP
Ten Earisfort Terrace
Dublin 2
DO2 T380, Ireland
Ref: COS/ZVH/TE108/007
E-mail: Conall.0Shaughnessy@arthurcox.com


VOYA EURO I: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Voya Euro CLO I DAC's reset notes final
ratings.

   Entity/Debt              Rating           
   -----------              ------           
Voya Euro CLO I
DAC - RESET 2024

   A-1-R XS2913981119   LT AAAsf  New Rating

   A-2-R XS2913981465   LT AAAsf  New Rating

   B-1-R XS2913981622   LT AAsf   New Rating

   B-2-R XS2913982190   LT AAsf   New Rating

   C-R XS2913982430     LT Asf    New Rating

   D-R XS2913982604     LT BBB-sf New Rating

   E-R XS2913982869     LT BB-sf  New Rating

   F-R XS2913983081     LT B-sf   New Rating
   Subordinated Notes

   XS1800193598         LT NRsf   New Rating
   Z XS2913983321       LT NRsf   New Rating

Transaction Summary

Voya Euro CLO I DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, and high-yield bonds. Note proceeds
have been used to redeem the existing notes except the subordinated
notes and to fund the portfolio with a target par of EUR350
million, the same as the pre-reset transaction, which was not rated
by Fitch.

The portfolio is actively managed by Voya Alternative Asset
Management LLC. The transaction has a 4.5-year reinvestment period
and a 7.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 25.8.

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

Diversified Portfolio (Positive): The transaction includes one
Fitch matrix effective at closing, corresponding to a top-10
obligor concentration limit at 22.5%, fixed-rate asset limit at 10%
and a 7.5-year WAL test.

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

Portfolio Management (Positive): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio and matrix analysis is 12 months less than
the WAL covenant at the issue date. This is to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include, among others, passing the
coverage tests, Fitch WARF and Fitch ´CCC´ tests, together with a
progressively decreasing WAL covenant. These conditions, in Fitch's
opinion, reduces 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 have no impact on the class A-R
notes, but would lead to a downgrade of no more than one notch on
the class B-R, C-R, D-R and E-R notes, and to below 'B-sf' for the
class F-R notes.

Downgrades, which are based on the identified portfolio, 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 C-R notes
show a rating cushion of one notch while the class B-R, D-R and E-R
show a rating cushion of two notches each and the class F-R notes
show a rating cushion of four notches.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase 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 a downgrade of up to
two notches for the class A-1-R notes, three notches for the class
A-2-R, C-R notes, four notches for the B-R notes, one notch for the
D-R notes and to below 'B-sf' for the class E-R and F-R notes.

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

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

During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may result from better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

After the end of the reinvestment period, upgrades may arise from
stable portfolio credit quality and deleveraging, leading to higher
credit enhancement and excess spread available to cover losses in
the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for this transaction.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


VOYA EURO I: S&P Assigns B-(sf) Rating on Class F-R Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Voya Euro CLO I
DAC's class A-1-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 existing transaction, which
closed in May 2018. The issuance proceeds of the refinancing debt
were used to redeem the refinanced debt (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 1.5 year non-call period and the portfolio's
reinvestment period will end approximately 4.5 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
our counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,909.02

  S&P Global Ratings' weighted-average rating factor
  including defaulted asset                             2,917.51

  Default rate dispersion                                 540.28
  Weighted-average life (years)                            3.65

  Weighted-average life (years) extended
  to cover the length of the reinvestment period           4.50

  Obligor diversity measure                              139.93

  Industry diversity measure                              22.22

  Regional diversity measure                               1.24

  Transaction key metrics

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

  'CCC' category rated assets (%)                          3.24

  Actual target 'AAA' weighted-average recovery (%)       37.19

  Actual target weighted-average spread (net of floors; %) 3.85

  Actual target weighted-average coupon (%)                3.92

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

"In our cash flow analysis, we used the EUR350 million target par
amount, the covenanted weighted-average spread (3.75%), 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 April 14, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"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-1-R, A-2-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 D-1-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-1-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 Voya Alternative Asset
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:
tobacco, controversial weapons, thermal coal production, and
pornography or prostitution. 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-1-R    AAA (sf)     206.50       3mE +1.30%     41.00

  A-2-R    AAA (sf)     10.50        3mE +1.60%     38.00

  B-1-R    AA (sf)      28.50        3mE +1.90%     27.00

  B-2-R    AA (sf)      10.00        5.15%          27.00

  C-R      A (sf)       21.00        3mE +2.30%     21.00

  D-R      BBB- (sf)    22.80        3mE +3.25%     14.49

  E-R      BB- (sf)     16.60        3mE +6.17%      9.74

  F-R      B- (sf)      10.50        3mE +8.41%      6.74

  Z        NR           10.00        N/A              N/A

  Subordinated  NR      38.30        N/A              N/A

*The ratings assigned to the class A-1-R, A-2-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
=========

BCC NPLS 2018-2: DBRS Cuts Class A Notes Rating to B(low)
---------------------------------------------------------
DBRS Ratings GmbH downgraded its credit rating on the Class A Notes
issued by BCC NPLs 2018-2 S.r.l. (the Issuer) as follows:

-- Class A Notes to B (low) (sf) from B (sf)

In addition, Morningstar DBRS confirmed its credit rating on the
Class B Notes as follows:

-- Class B Notes at CC (sf)

The trend on the Class A Notes remains Negative.

The transaction represents the issuance of Class A, Class B, and
Class J Notes (collectively, the notes). The credit rating on the
Class A Notes addresses the timely payment of interest and the
ultimate repayment of principal on or before the final maturity
date in July 2042. The credit rating on the Class B Notes addresses
the ultimate payment of both interest and principal. Morningstar
DBRS does not rate the Class J Notes.

At issuance, the notes were backed by a EUR 2 billion portfolio by
gross book value consisting of a mixed pool of Italian
nonperforming residential mortgage loans, commercial mortgage
loans, and unsecured loans originated by 73 Italian banks.

doValue S.p.A. (doValue or the special servicer) services the
receivables. doNext S.p.A. acts as the master servicer while Banca
Finanziaria Internazionale S.p.A. (Banca Finint) has been appointed
as backup servicer.

CREDIT RATING RATIONALE

The credit rating actions follow a review of the transaction and
are based on the following analytical considerations:

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

-- Updated business plan: The special servicer's updated business
plan as of December 2023, received in March 2024, and the
comparison with the initial collection expectations.

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

-- Transaction liquidating structure: The order of priority's
fully sequential amortization of the notes (i.e., the Class B Notes
will begin to amortize following the full repayment of the Class A
Notes, and the Class J Notes will amortize following the repayment
of the Class B Notes). Additionally, interest payments on the Class
B Notes become subordinated to principal payments on the Class A
Notes if the cumulative net collection ratio or the net present
value cumulative profitability ratio is lower than 80%. The ratios
were at 59.4% and 90.4% as of the July 2024 interest payment date
(IPD), respectively, according to the special servicer. The
cumulative net collection ratio trigger has been breached since the
January 2023 IPD.

-- Liquidity support: The transaction's amortizing cash reserve
providing liquidity to the structure covering potential interest
shortfall on the Class A Notes and senior fees. The cash reserve
target amount is equal to 3.0% of the Class A principal outstanding
and is currently fully funded.

TRANSACTION AND PERFORMANCE

According to the July 2024 investor report, the outstanding
principal amounts of the Class A, Class B, and Class J Notes were
EUR 293.6 million, EUR 60.1 million, and EUR 20.0 million,
respectively. As of the July 2024 IPD, the balance of the Class A
Notes had amortized by 38.6% since issuance and the aggregated
transaction balance was EUR 373.7 million.

As of June 2024, the transaction was performing below the special
servicer's initial business plan expectations. The actual
cumulative gross collections equaled EUR 319.9 million whereas the
special servicer's business plan estimated cumulative gross
collections of EUR 527.7 million for the same period. Therefore, as
of June 2024, the transaction was underperforming by EUR 207.9
million (-39.4%) compared with the initial business plan
expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 405.7 million at the BBB
(low) (sf) stressed scenario and EUR 528.8 million at the CCC (sf)
stressed scenario. Therefore, as of June 2024, the transaction was
performing below Morningstar DBRS' initial stressed expectations
both in the BBB (low) (sf) scenario and the CCC (sf) scenario.

In March 2024, the special servicer delivered an updated portfolio
business plan (the updated business plan) as of December 2023. The
updated business plan, combined with the actual cumulative gross
collections of EUR 303.7 million as of 31 December 2023, resulted
in a total of EUR 714.6 million in expected gross collections,
which is 14.0% lower than the total gross collections of EUR 830.6
million estimated in the initial business plan. Excluding actual
collections, the special servicer's expected future collections
from January 2024 now account for EUR 410.9 million (EUR 367.8
million in the initial business plan); therefore, the special
servicer revised its expectation for collecting on the remaining
portfolio upward by considering that part of the current
underperformance is timing related. Accordingly, the timing of
collections is now expected to be later than initially envisaged.

The updated Morningstar DBRS B (low) (sf) credit rating stress
assumes a haircut of 5.6% to the special servicer's updated
business plan, considering total future expected collections from
July 2024 onward. In the CCC (sf) scenario, Morningstar DBRS
adjusted the special servicer's updated forecast only in terms of
actual collections to date and timing of future expected
collections. Considering senior costs and interest due on the
notes, the full repayment of the Class B principal is increasingly
unlikely but, considering the transaction structure, a payment
default on the Class B Notes would likely occur only a few years
from now.

The final maturity date of the transaction is in July 2042.

Notes: All figures are in euros unless otherwise noted.




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

CULLINAN HOLDCO: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Cullinan Holdco SCSp's (Graanul)
Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook remains
Negative. Fitch has also affirmed Graanul's senior secured rating
at 'B+'. The Recovery Rating is 'RR4'.

The Negative Outlook reflects continued uncertainties related to
the recovery in the wood pellet market, Graanul's ability to
improve EBITDA margins following a sharp decline in earnings in
2023 and only partial recovery Fitch expects in 2024. It also
reflects that Fitch forecasts EBITDA net leverage to remain above
its negative sensitivity in 2024-2025, as well as uncertainties
regarding support for woody biomass in the UK, Graanul's key
market.

A consistent improvement in earnings, coupled with strong contract
renewals and continuation of biomass subsidies in the UK, as well
as successful refinancing of the EUR100 million revolving credit
facility (RCF) and EUR630 million notes due in 2026 would be
important considerations for revising the Outlook to Stable.

The rating reflects Graanul's generally predictable cash flow
underpinned by medium-term take-or-pay contracts with
investment-grade or high sub-investment-grade utilities, and by
cost inflation pass-through or fixed-price escalation provisions.
Fitch expects the company will commit to de-leveraging due to
weaker-than-previously-anticipated growth prospects, forego
dividend payments until substantial deleveraging is achieved and
display a prudent approach to M&A.

Key Rating Drivers

Slow Earnings Recovery: Fitch expects EBITDA to recover to around
EUR94 million in 2024 from a depressed EUR61 million reported at
end-2023. The improvement follows successful renegotiation of a
loss-making contract with Graanul's largest customer, Drax Group
Holdings Limited (BB+/Stable) in December 2023. However, subdued
market conditions and weak sales at the spot market will be a drag
on a more meaningful recovery in profits in 2024. While Fitch
expects EBITDA to recover to around EUR120 million by 2026, the
company's scale is modest.

Leverage to Decrease: EBITDA net leverage spiked to about 10.5x in
2023 from 4.4x in 2022 due to a sharp decline in earnings. Fitch
forecasts an improvement to around 6.3x in 2024 followed by a
reduction to 5.4x in 2025 and below its negative sensitivity of
5.0x in 2026-2027. Fitch expects an improvement in earnings from
2024 from incremental contracted volumes and higher spot sales as
the wood pellet market balances and as use of pellets by industrial
customers rebounds.

Fitch believes market fundamentals for wood pellets in Europe will
remain sound over the medium term as biomass plays important part
in achieving EU's renewable energy targets. However, Fitch believes
Graanul's ability to maximise its capacity is conditional on
winning new long-term contracts, rebound of the spot market and
successful expansion in the premium pellet market.

Regulatory Risk: Fitch views the current regulatory environment as
broadly supportive of pellet producers, although the sustainability
of feedstock faces increased regulatory scrutiny. The revised
Renewable Energy Directive (RED III) adopted in September 2023,
continues to count primary woody biomass as 100% renewable and
zero-rated in the EU Emissions Trading System. The key risk for
Graanul in the short term is extension of subsidies for biomass in
the UK, its largest contracted market. Currently the subsidies run
until 2027 and the government is yet to formally extend the scheme
until 2030.

Upcoming Refinancing: The company's EUR100 million RCF is maturing
in March 2026 and its EUR630 million senior secured notes are due
in October 2026. Fitch assumes that Graanul will proactively
refinance upcoming maturities. Liquidity was adequate as of
end-June 2024 with EUR36 million of cash and EUR95 million
available under the RCF. However, the inability to refinance the
facilities by the end of 1H25 may lead to a negative rating
action.

Excess Cash for Distributions: Fitch forecasts Graanul's free cash
flow (FCF) to recover to about EUR40 million-EUR50 million in
2025-2026. However, Fitch expects the company to maintain only a
moderate cash balance, with excess cash to be used for bolt-on M&A.
In the absence of acquisitions, the company may pay dividends,
which would be negative for the leverage and credit ratios.

Medium-Term Revenue Visibility: About 75% of Graanul's revenue is
contracted on a take-or-pay basis with the balance sold on the spot
market. Graanul targets take-or-pay contracts with a duration of
three to five years. Shorter contracts allow for more frequent
pricing renegotiation, but may reduce long-term earnings
certainty.

Self-Sufficiency Aids Margin Resilience: Graanul's partial
self-sufficiency in the energy and heat production from six owned
combined heat and power plants, combined with its own fleet of four
vessels covering its shipping needs and a predominantly variable
cost base, also support margin resilience.

Concentrated Customer Base: Graanul has a concentrated customer
base with the three largest European offtakers, Drax Group
Holdings, RWE AG (BBB+/Stable) and Orsted A/S (BBB+/Stable), which
account for the majority of its contracted volumes. Customer
concentration is not uncommon among pellet producers, which bid for
large contracts that often result in a significant share of a
single customer in the total revenue mix.

Strong Renewal Rate: Renewal rates have historically been strong
and Graanul has long-lasting relationships of more than 10 years
with its top three customers. In 2Q23, Graanul reported EUR1.1
billion of new contracts with numerous new contracts pending.
Consequently, Fitch assumes that annual contracted revenues will be
around 2 million tonnes per year. The company remains strongly
positioned for future renewals as it is the second-largest European
wood-pellet supplier located in close proximity to its customers,
with the ability to provide sustainable bulk deliveries of
good-quality product.

Derivation Summary

Graanul's closest Fitch rated peers are Sunoco LP (BB+/Stable) and
Puma Energy Holding Pte. Ltd (BB/Stable).

Graanul focuses on the production and distribution of wood pellets
and biomass energy, whereas Puma Energy focuses on traditional
energy logistics and distribution. Graanul's scale is smaller than
Puma Energy, with operations concentrated in Europe and the US,
whereas Puma Energy, offers midstream and downstream operations
globally. Graanul's leverage profile is weaker, with EBITDA net
leverage above 4.5x during the forecast horizon while Puma Energy
is on average 2.1x during 2024-2027.

Sunoco LP is the largest fuel distributor in the US, distributing
about eight billion gallons a year. In addition to distributing
motor fuel, Sunoco also distributes other petroleum products such
as propane and lubricating oil, and about 25% of its volumes is
sold under long-term contracts. Sunoco's scale is larger than
Graanul's and its leverage profile post-acquisition of NuStar
Energy is lower than Graanul's.

Key Assumptions

- Capex on average at EUR13 million per year in 2024-2027

- Volumes of about 2.2 million tonnes in 2024 followed by a gradual
recovery to about 2.6 million tonnes by 2027

- EBITDA margin of about 19% in 2024 and about 21% in 2025-2027

- M&A of EUR30 million in 2025-2027

- No dividends over in 2024-2027

Recovery Analysis

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

- The GC EBITDA reflects its view of a sustainable,
post-reorganisation EBITDA on which Fitch bases the enterprise
valuation (EV).

- The GC EBITDA to EUR85 million (net of lease charges) reflects a
material drop due to the market downturn with modest corrective
actions and no volume sales in the spot market. Post
re-organisation EBITDA calculation assumes production levels of
about 2 million tonnes and corrective actions including the
successful re-negotiation of the disputed contract.

- Fitch uses a multiple of 5.0x to estimate a GC enterprise value
for Graanul due to its position as the second-largest wood-pellet
producer in Europe and contractual nature of its operations.

- The RCF is ranked as super senior to its senior secured notes.

- After deducting 10% for administrative claims, its analysis
generated a waterfall-generated recovery computation (WGRC) in the
'RR4' band, indicating a 'B+' rating for the senior secured notes.
The WGRC output percentage on current metrics and assumptions is
45%.

RATING SENSITIVITIES

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

- The Negative Outlook means positive rating action is unlikely at
least in the short term. Fitch may revise the Outlook to Stable on
leverage returning to below the negative sensitivity, improved
liquidity and continuation of policies supportive of the wood
pellet market

- EBITDA net leverage consistently below 4.3x

- Improvement in the business profile including scale, customer
diversification and contract duration

- A clearly defined financial policy

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

- EBITDA net leverage consistently above 5.0x

- Failure to proactively refinance by the end of 1H25, addressing
notes and RCF maturity

- Supply-chain issues, loss of contracts and/or a material
reduction in share of contracted revenue leading to the
deterioration of the financial profile

- Aggressive financial policy with debt-funded M&A or substantial
dividend distributions

- Adverse developments in regulation related to biomass energy

Liquidity and Debt Structure

Comfortable Liquidity: As of June 2024, the company had EUR36
million cash and EUR95 million available under the EUR100 million
RCF due in March 2026. Its EUR630 million senior secured notes are
due in October 2026.

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
   -----------               ------        --------   -----
Cullinan Holdco SCSp   LT IDR B+  Affirmed            B+

   senior secured      LT     B+  Affirmed   RR4      B+


ODYSSEY EUROPE: Moody's Cuts CFR to Caa1, Outlook Stable
--------------------------------------------------------
Moody's Ratings has downgraded Odyssey Europe Holdco S.a.r.l.'s
(Olympic or the company) long term corporate family rating to Caa1
from B3 and its probability of default rating to Caa1-PD from
B2-PD, as well as the instrument rating of its EUR200 million
senior secured global notes to Caa1 from B3. The outlook remains
stable.

RATINGS RATIONALE

The downgrade of Olympic's ratings to Caa1 reflects the weakened
liquidity, because of the significant refinancing risk, given the
approaching maturity of the company's EUR200 million bond maturing
in December 2025. Moody's anticipate that the bond will still be
outstanding within 12 months of its maturity date, as it is
unlikely that the company will refinance its bond prior to the end
of 2024.

In addition, there is a potential for rising interest costs
post-refinancing, which would increase pressure on the group's free
cash flow (FCF) generation and interest coverage ratio.

Moody's expect ongoing pressure on the company's earnings growth
due to mixed performances in the group's land-based activities,
balanced by Olympic's growth in online operations, supported by
market share improvements in the Baltic region, new products
launched and recent expansion of online activities in new locations
such as Croatia.

Assuming flat EBITDA development in the next 12-18 months, under
current debt terms, Moody's expect Olympic to generate breakeven
FCF. However, any modest earnings decline due to weaker land-based
activities, or higher borrowing costs, could lead to negative FCF
generation.

Despite the downgrade, Olympic's credit profile continues to
reflect its leading market position in the Baltic region, barriers
to entry because of its strong brand recognition and local
knowledge. The rating is constrained by its small scale,
geographical concentration in the Baltic states and exposure to
adverse regulatory and tax measures inherent to the gaming sector.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's consider the company's governance to be a key driver for
the rating action due to Olympic's financial policy associated to
its liquidity management. The company demonstrates a high risk
tolerance in the context of the approaching maturity of the
company's EUR200 million bond maturing in December 2025. This
factor has resulted in the company's Financial Strategy and Risk
Management score moving to 5 from 4, the governance issuer profile
score (IPS) to G-5 from G-4 and the Credit Impact Score moving to
CIS-5 from CIS-4.

LIQUIDITY

Olympic's liquidity is weak given the EUR200 million bond maturing
in December 2025, which the company would not be able to cover with
its cash position of EUR38 million at the end of June 2024 and
Moody's expectation of neutral FCF generation.

STRUCTURAL CONSIDERATIONS

Olympic's Caa1-PD probability of default rating (PDR) is in line
with the CFR, reflecting Moody's assumption of a 50% recovery rate,
as is customary for capital structures that include senior secured
bonds. The Caa1 instrument rating on the senior secured notes is in
line with the CFR.

RATIONALE FOR STABLE OUTLOOK

The stable outlook is based on Moody's assumption that the
company's operating and financial performance will remain broadly
stable.

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

Upward pressure on the ratings could develop if liquidity improves
following the refinancing of the EUR200 million bond due in
December 2025; and the company maintains a sustainable capital
structure with a prudent level of leverage and positive FCF.

The ratings could be downgraded if there are further delays in
refinancing the EUR200 million bond, the risk of default rises, or
Moody's assessment of recovery in a default scenario deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in June 2021.

COMPANY PROFILE

Odyssey Europe Holdco S.a.r.l. (Olympic) is a European gaming group
with leading positions in the Baltic region, in Estonia, Latvia and
Lithuania, and operations in Croatia, Slovakia and to a lesser
extent in Italy, Spain and France. The company had a total of 136
casinos as of the end of June 2024 (24 in Estonia, 35 in Latvia, 12
in Lithuania, 61 in Croatia and four in Slovakia). In addition to
land-based activities, the group operates an online platform under
the brand Olybet. In 2023, Olympic reported EUR221 million in
revenue and close to EUR49 million in company-adjusted EBITDA
(non-IFRS 16 basis).

The stake in Olympic is managed by Treo Capital Advisors since
December 2022, by the team that had managed all the assets in the
former Novalpina Capital fund since its replacement by Berkeley
Research Group. In August 2021, management of the stake in Olympic
was transferred from Novalpina Capital to the consulting firm
Berkeley Research Group. The company had been acquired by funds
managed by Novalpina Capital in 2018 following which it was
delisted from the Tallinn Stock Exchange.




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

SPRINT BIDCO: Fitch Keeps 'CCC-' LongTerm IDR on Watch Negative
---------------------------------------------------------------
Fitch Ratings is maintaining Sprint Bidco B.V.'s (Accell) Long-Term
Issuer Default Rating (IDR) of 'CCC-' on Rating Watch Negative
(RWN). Fitch has also downgraded Accell's senior secured debt to
'C' from 'CC' and removed it from RWN. The Recovery Rating on the
senior secured debt has been revised to 'RR6' from 'RR5'.

The rating action reflects Accell's active pursuit of a debt
restructuring that Fitch will classify as a Distressed Debt
Exchange (DDE). Accell is currently seeking lenders' approval of
its proposed recapitalisation support agreement (RSA). If
consensual lender support is not achieved, Accell intends to
initiate a court-administered scheme of arrangement. The near-term
announcement of either DDE implementation route will lead to a
downgrade to 'C', as signaled by the RWN.

Key Rating Drivers

Launch of DDE Proposal: On 4 October2024, Accell initiated a
consent request for the RSA with its lenders, aiming to secure
interim financing and achieve a more sustainable capital structure
through significant debt reduction. The plan includes EUR235
million in new funding via an asset-based loan (ABL) upsize and new
super senior interim funding, along with a nearly 50% gross debt
reduction at the operational level. Under Fitch's criteria, this
recapitalisation will materially reduce terms for existing term
loan B (TLB) lenders and will be classified as a DDE.

This action follows Sprint's unsustainable leverage and fragile
liquidity due to sustained weak operating performance and product
recall. Sprint is inviting senior lenders to join the RSA by early
November, aiming to complete the debt restructuring by end-2024. If
no agreement is reached, Accell intends to implement a
court-sanctioned scheme of arrangement, aiming to complete by
end-January 2025. The announcement of either DDE implementation
route will result in an IDR downgrade to 'C'.

Interim Funding to Avoid Insolvency: Accell's liquidity is minimal
with EUR45 million on hand as of end- September 2024. Operationally
the company continues to lose cash. Accell's intention to secure an
interim financing of up to EUR220 million until March 2025 as a
liquidity bridge until the DDE funds are received is crucial to
avoid imminent insolvency.

Uncertain Turnaround Prospects: Fitch sees substantial operational
challenges as Accell overhauls its product portfolio and business
processes around manufacturing, logistics and procurement. These
efforts are exacerbated by sell-in challenges in addition to the
costs of its Babboe recall. Fitch expects Accell's performance in
2024 to remain weak on subdued consumer demand and fierce
competition amid industry destocking. It reported 24% annual drop
in sales in 2Q24 and thin profitability of 13% versus 23% in 2Q23.

Cash Losses to Shrink: Fitch expects 2025 to be another year of
cash losses with negative EBITDA, albeit more controlled. This is
due to reversing working-capital (WC) cash flows and interest
expense savings of about EUR90 million due to the presence of
payment-in kind debt. Until Accell has regained positive earnings,
managing trade WC will be key to arresting its cash outflows. Fitch
expects cash outflows to gradually ease in 2025 and 2026 due to a
rigorous operational restructuring and a more supportive trading
environment, but the outlook remains uncertain at this stage.

TLB Downgrade: The solicitation of the RSA consents from lenders
introduces an additional super senior facility before the TLB,
further reducing the recovery prospects for the TLB lenders under
the current capital structure, before the execution of the DDE.
Fitch has consequently downgraded the TLB rating to 'C'/'RR6'.

Derivation Summary

Fitch rates Accell under its Consumer Products Navigator. Accell's
credit profile is weighed down by its fragile liquidity, with a
lack of funding alternatives outside nearly exhausted committed
shareholder support and an unsustainable capital structure. Fitch
anticipates EBITDA leverage to remain excessive, which can only be
reduced via a debt restructuring in addition to an operational
turnaround.

Key Assumptions

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

- Revenue contracting by around 25% in 2024, before growing around
10% to 2026

- Near break-even EBITDA margin in 2026

- Net WC inflows of around EUR70 million-EUR90 million in
2024-2026

- Capex at 1%-2% of sales to 2026

- No bolt-on acquisitions or shareholder distributions to 2026

Recovery Analysis

Its recovery analysis assumes Accell would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated. Fitch
assumes a 10% administrative claim. Fitch estimates GC EBITDA at
EUR100 million, which reflects its view of Accell's underlying
earning capacity, supported by its attractive product offering and
brand value.

Fitch uses an enterprise value (EV)/EBITDA multiple of 5.5x to
calculate a post-reorganisation valuation, which takes into account
Accell's position as an industry leader, with attractive long-term
demand fundamentals. This should allow it to benefit from positive
market trends once its operational challenges are resolved.

Accell's fully drawn revolving credit facility (RCF) of EUR180
million ranks equally with its EUR705million TLB, but is
subordinated to its shareholder loan (SHL) and the new interim
funding of around EUR187 million being put in place. Fitch has
reclassified the EUR298 million SHL as prior-ranking to the TLB and
RCF, from equally ranking, as the SHL is not only guaranteed by
operating subsidiaries, but also secured now by certain Accell
intellectual property rights, real-estate mortgages and pledges
over shares in some operating subsidiaries.

Further, Fitch includes in the recovery analysis the full amount of
EUR298 million committed by shareholders, assuming the remaining
undrawn balance of EUR70 million will be used prior to default, of
which around EUR50 million is earmarked for the Babboe product
recall in the next few months.

Fitch views Accell's EUR100 million securitisation facility and
EUR75 million ABL - which is to be upsized by EUR35 million - as
being available to the company during and post-distress, based on
the record of Accell's continuing access to these asset-backed
facilities during 2023 and in May 2024.

The waterfall analysis generated a ranked recovery for the EUR705
million TLB in the 'RR6' band, indicating a 'C' rating. The
waterfall generated recovery computation output percentage is 1%,
based on current metrics.

RATING SENSITIVITIES

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

- Fitch does not expect to take positive rating action at least
until after the IDR is downgraded to 'RD' (Restricted Default) with
the DDE executed and the amended capital structure re-rated

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

- Announcing required lenders' agreements, including procedures to
cram-down dissenting lenders, and the timeline for a debt
restructuring that will be classified by Fitch as a DDE, will
result in a downgrade of Accell's Long-Term IDR to 'C'. On
completion of the transaction Fitch would downgrade the Long-Term
IDR to 'RD' and subsequently re-rate the company

- Non-payment of any of financial obligations or an uncured
covenant breach under the current capital structure

Liquidity and Debt Structure

Dwindling Liquidity: At end-September 2024, Accell had EUR45million
in cash and equivalents, with its RCF fully utilised. Interim
funding is critical to avoid an immediate liquidity crisis and
payment default.

Exhausted Available Funding: Accell has fully drawn its RCF of
EUR180 million. In addition, it raised a EUR75million ABL in
February 2023 and received a EUR298 million SHL in three tranches.
As of end-1Q24, it had around EUR70 million available under the
SHL. On top of these measures, it has up to EUR100 million
securitisation funding, of which more than EUR60 million was used
as of end-September 2024.

Accell's next maturity is in 2027, when a EUR150 million SHL is
due. The RCF and TLB are due in 2028 and 2029, respectively.

Issuer Profile

Sprint Bidco B.V. is a special purpose vehicle that owns the
Dutch-based bicycle company Accell.

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

Accell has an ESG Relevance Score of '4[+]' for GHG Emissions & Air
Quality, due to the company's products contributing to reducing
greenhouse gas emissions and benefiting from a supportive
regulatory environment, which has a positive impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Accell has an ESG Relevance Score of '4' for Management Strategy,
due to ineffectiveness of the operational restructuring accompanied
by several changes in the senior management team since 2022, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Accell has an ESG Relevance Score of '4' for Financial
Transparency, due to delays in releasing audited annual accounts
for 2023, which increases uncertainty over the company's ability to
remain a GC. This 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   Prior
   -----------        ------                      --------   -----
Sprint BidCo
B.V.            LT IDR CCC- Rating Watch Maintained          CCC-

   senior
   secured      LT     C    Downgrade                RR6     CC




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

MLP GROUP: Fitch Rates EUR300MM Sr. Unsecured Bond 'BB+'
--------------------------------------------------------
Fitch Ratings has assigned MLP Group S.A.'s (MLP; Long-Term Issuer
Default Rating: BB+/Stable) EUR300 million senior unsecured bond a
final rating of 'BB+'.

The assignment of the final rating follows completion of the bond
issue and receipt of documents, which conform to previously
received information.

The ratings reflect MLP's quality portfolio of logistic assets,
primarily in Poland. The portfolio is modern, with good transport
links and mostly green-certified. This has aided tenant demand, as
reflected in the portfolio's low vacancy rate and tenant churn.
Fitch forecasts the group's net debt/EBITDA leverage at about 10x
during 2025-2027 and EBITDA interest cover at 1.7x-2.0x.

MLP's portfolio uses mostly secured funding leaving limited
income-producing unencumbered investment property assets. The
issued unsecured bond is part of MLP's strategy to progressively
fund itself with unsecured debt.

Key Rating Drivers

Poland-Focused Portfolio: MLP's income-producing industrial
portfolio of over 1.1 million sqm, valued at PLN3.9 billion at
end-1H24, is mainly in Poland (85% of value), Germany (13%) and
Romania (2%). The Polish assets are in the five biggest
sub-markets, including Warsaw, Łódź, Poznan and Silesia.
Poland's industrial property stock has rapidly grown to reach over
30 million sqm at end-2023 (over 60% increase from 2019). Within
continental Europe, Poland ranks fourth in size after Germany (100
million sqm), France (50), and the Netherlands (44).

Modern, Concentrated Assets: MLP's portfolio is highly concentrated
with its top 10 logistics parks comprising 89% of total end-1H24
value (the biggest one, in Pruszków near Warsaw, constituting
29%). The portfolio includes generic big boxes (96% by value at
end-1H24) and 'city logistic' (last mile) assets whose share in the
mix the company plans to grow to 30% by end-2028 (city logistics
constituted 61% of under construction asset value at end-1H24).
Assets are predominantly new with 60% no older than five years.
Almost 80% (by space) is certified at least 'BREEAM Very Good' (or
German equivalent).

Development-Led Growth: MLP plans to grow through property
developments. Capex reached almost PLN1 billion in 2022-2023,
including land acquisitions. It had 171,000 sqm (117,000 sqm in
Poland) of space under construction across seven locations at
end-1H24, with contracted capex at about PLN270 million. At
end-1H24, 47% of schemes under construction were pre-let, many
adjacent to existing assets. MLP quotes a rental income
yield-on-cost of 12%. MLP's land bank of 269 hectares (owned and
optioned) is enough to double MLP's asset footprint, including its
expansion in Germany.

Stable Operating Performance: Occupancy decreased to 92% at
end-1H24 (2021-2023: 95%) as a new development was completed. The
weighted average lease length to earliest-break (WALB) of 7.8 years
compares well with Fitch-rated logistics peers. Like-for-like
rental growth was 11% in 2023 (1H24: 5.5%, including 5.4 percentage
points due to inflation-linked indexation under its
euro-denominated tenancy agreements).

Sector-Diversified Tenants: The top 10 tenants represented 38% of
rental income at end-2023 and include a mix of local, mid-sized and
multinational companies. The biggest tenant is L-Shop Team, a
textile wholesaler, generating 7% of rent. MLP is focused on
attracting light industrial tenants with nearshoring requirements.
This sector leased 34% of MLP's gross leasable area followed by
third-party logistics (29%) and retail companies (28%). The share
of e-commerce tenants was 9%, which limits MLP's exposure to
possible lower post-pandemic demand from this sector.

Stable Leverage: Fitch forecasts MLP's net debt/EBITDA to increase
to 10.8x in 2024 (2023: 9.4x) due to capex, land acquisitions and a
slightly lower EBITDA margin affected by lower profits from
utilities services to tenants as energy prices stabilised. Fitch
expects capex and land purchases to continue in 2025-2027. This
should be offset by rent from completed developments and no
dividend payments, leading to leverage at around 10x. Fitch expects
EBITDA interest cover to remain at about 2x (2023: 2.6x) as new
debt is procured or existing debt refinanced under the current
interest rate environment.

Limited FX Risk: MLP leases are euro denominated, as is typical
with property companies in central and eastern Europe. This matches
the currency of the majority of group debt and construction
contracts. As rent is usually a small share of tenants' total
logistics costs (or tenants may earn in euro servicing western
European markets) these entities are less sensitive to the
occupancy cost increases caused by potential depreciation of the
Polish zloty. MLP reports in zloty, so euro fluctuations may
distort the company's financial metrics.

Ownership Structure: MLP biggest shareholder is Israel Land
Development Company Ltd, with a combined 41% economic interest but
its direct control is limited. For relevant matters to be approved
by MLP's supervisory board, Israel Land Development Company needs
four out of six votes (or three with the chair's casting vote),
whereas it has two.

MLP operates independently, including separate financing and
treasury functions. Two independent supervisory board members
nominated by minority shareholders, including pension and mutual
funds that hold together no more than 20% of MLP's shares, also
provide some independent oversight over the company's management.
Fitch rates MLP based on its standalone credit profile.

Derivation Summary

MLP is rated lower than Fitch-rated continental European logistic
peers, including Catena AB (publ) (IDR: BBB-/Stable), Tritax
EuroBox plc (BBB-/Rating Watch Positive), SELP Finance SARL
(BBB/Stable), AXA Logistics Europe Master S.C.A (BBB+/Stable),
Warehouses de Pauw NV/SA (BBB+/Stable) and Montea NV (BBB+/Stable).
Its PLN3.9 billion Poland-focused portfolio of mostly modern
big-box assets is significantly smaller and more concentrated than
the rated peers.

MLP's lease profile with a WALB of almost eight years is similar to
Tritax EuroBox's and AXA's but longer than SELP's (5.7 years) and
Catena's (5.1 years). Like its continental European peers MLP
benefits from contractual indexation-linked annual rental uplifts.
MLP's portfolio's 5% vacancy is comparable with Tritax EuroBox's.
Other portfolios have lower vacancy rates. MLP focuses on
development-led growth, which is also part of the strategy of SEGRO
PLC (BBB+/Stable) and Montea.

Other Fitch-rated peers are CEE property companies. The size and
concentration of MLP's portfolio is similar to the EUR1 billion
retail portfolio of AKROPOLIS GROUP, UAB (BB+/Stable) or Balkans
Real Estate B.V.'s (BB(EXP)/Stable) EUR0.7 billion (fully
consolidated) portfolio of retail (70% of market value) and office
(30%) assets. However, MLP's country risk exposure is materially
lower than Balkans' as most of its assets are in Poland
(A-/Stable).

The portfolios of NEPI Rockcastle N.V. (BBB+/Stable), valued at
EUR6.6 billion, Globalworth Real Estate Investments Limited
(BBB-/Stable) at EUR2.8 billion, and Globe Trade Centre S.A.
(BB+/Stable) at EUR2 billion are bigger and more diversified.

MLP's financial profile, including Fitch-forecast net debt/EBITDA
at around 10x, is comparable with Global Trade Centre's, whose net
debt/EBITDA Fitch expects to decrease to 9.5x in 2027 from 11x in
2024. Akropolis has the most conservative financial profile with
net debt/EBITDA forecast to be lower than 4.0x until 2027 and an
end-2023 LTV below 25%. Balkans' and NEPI's net debt/EBITDA is
expected below 6.0x. Globalworth's financial profile is weaker than
NEPI's.

The financial profiles of the rated logistic peers are not directly
comparable as their assets are mostly in countries with a lower
interest rate environment than Poland.

Key Assumptions

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

- Rent increase of 27% and 41% in 2024 and 2025, respectively,
driven mainly by the completed new developments' rental income
coming on-stream. Like-for-like growth including the CPI indexation
effect, and rent increases on renewals, are limited to 2%-3% per
year

- About PLN2.5 billion of construction capex and PLN715 million
land acquisitions until 2027

- No dividends paid for the next four years

- Average cost of debt in 2024-2027 of about 5%

- Constant EUR/PLN exchange rate at 4.35.

RATING SENSITIVITIES

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

- Expansion of the portfolio reducing asset concentration while
maintaining portfolio quality and above 95% occupancy rate

- Net debt/EBITDA less than 9.5x on a sustained basis

- EBITDA interest cover above 1.7x on a sustained basis

- Unencumbered investment property assets/unsecured debt ratio
trending towards 2x

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

- Net debt/EBITDA consistently above 10.5x

- EBITDA interest cover consistently below 1.5x

- Loan-to-value above 55%

- 12-month liquidity score below 1.0x

- For the senior unsecured rating: unencumbered investment property
assets/unsecured debt ratio below 1x

Liquidity and Debt Structure

Ample Liquidity: MLP held PLN251 million of readily available cash
at end-1H24, which proforma for proceeds from the EUR300 million
bond, would increase cash sources to PLN1.5 billion. This is ample
to cover PLN370 million of debt maturing during the next 12 months
and Fitch-estimated negative free cash flow of over PLN620 million,
including committed and uncommitted capex. MLP does not have
committed revolving credit facilities.

Prospective Unsecured Funding Strategy: MLP's debt is mainly
secured with most of its assets pledged to banks. MLP's new
strategy is to progressively fund itself with unsecured debt. The
proceeds from the issued unsecured bond will be mainly used to
prepay some secured loans and to finance the development of new
unencumbered assets. In a relatively short time this should create
a meaningful unencumbered asset pool. The Fitch-calculated
income-producing investment property assets/unsecured debt ratio,
pro-forma for the bond issuance, is forecast to reach over 1x by
end-1H25.

The bond's documentation has a debt incurrence test subject to a
secured net debt/total assets ratio of maximum 35%.

Date of Relevant Committee

September 27, 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
MLP Group S.A.

   senior unsecured    LT BB+  New Rating   RR4      BB+(EXP)



===========
S E R B I A
===========

TELEKOM SRBIJA: Fitch Assigns 'B+(EXP)' LT Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has assigned Telekom Srbija a.d. Beograd (TS) an
expected Long-Term Foreign-Currency Issuer Default Rating (IDR) of
'B+(EXP)'. The Outlook is Positive. Fitch has also assigned TS's
proposed senior unsecured notes an expected rating of 'B+(EXP)'
with a Recovery Rating of 'RR4'. The assignment of final ratings is
contingent on the successful issuance of senior unsecured notes and
receipt of final documents conforming to information already
reviewed.

TS's ratings are supported by its leading market position in its
domestic market of Serbia and a rational market structure in each
of its core markets where it owns network infrastructure (97% of
1H24 last 12 months EBITDA). The ratings are restrained by a
negative free cash flow (FCF) profile, primarily driven by
investments in content and relatively low interest coverage.

TS's IDR benefits from a one-notch uplift from the company's
Standalone Credit Profile (SCP) of 'b(EXP)'. This reflects the
Serbian government's (Serbia; BB+/Positive) ownership of around 58%
and voting rights of 73% and Fitch's assessment of strong control
and incentives of the sovereign to support the company in case of
distress.

The Positive Outlook reflects Fitch's expectations of leverage
declining below its sensitivity for upgrade of 5.2x in 2026 and
potentially higher than expected FCF growth compared with its base
case forecasts depending on the uptake of content services.

Key Rating Drivers

Incumbent with Strong Market Positions: TS is a fully integrated
telecoms operator in Serbia with leading market positions in all
domestic telecom segments. TS's subscriber market share in Serbia
in 2Q24 was around 72% in fixed voice, 57% in fixed broadband, 44%
in mobile and 54% in multimedia services, according to Serbia's
telecoms regulator. TS also has operations in Republika Srpska
(Bosnia and Herzegovina) and Montenegro, accounting for 27% of its
company-defined EBITDA in 1H24. It holds either first or second
positions in various telecoms segments in these neighbouring
countries.

Rational Market Structure: The telecoms market in Serbia is
represented by three mobile network operators (TS, A1; subsidiary
of Telekom Austria), Yettel; subsidiary of PPF Group) and two main
fixed-line network operators (TS and SBB; subsidiary of United
Group). Fitch views this market structure as stable and likely to
facilitate rational competition between market participants. This
should allow TS to manage churn and grow average revenue per user
through data monetisation, bundled offers and price increases.

High Leverage, Deleveraging Capacity: Its base case envisages that
TS's Fitch-defined EBITDA net leverage will decrease to 6.4x at
end-2024 and 5.1x at end-2026 from 7.7x at end-2023 and a peak of
8.0x at end-2022. This compares with its threshold for an upgrade
of below 5.2x. The spike in leverage in 2022-2023 was mainly driven
by high investments in content, with Fitch treating content cost
amortisation as an operating expense.

The decrease in leverage will be driven by potentially double-digit
revenue growth in 2024-2025 (16.3% reported in 1H24) and
Fitch-defined EBITDA margin expansion to 32% in 2026 from 24% in
2023. It will also be supported by receipt of proceeds from towers
sales, the majority of which was received in 1H24.

Content-Driven Growth Strategy: Part of TS's mid-to-long-term
growth strategy is centered around content-leadership and adoption.
It has invested in content production since 2019 and acquired
broadcast rights for all important sport championships (e.g.
Premier League, Champions League, La Liga, UEFA, NBA, etc.) with
distribution rights covering six Balkan countries. This has helped
TS grow its market share in pay-TV and broadband in the last three
years and will enhance its bundle product offer in its three core
markets.

The company has been generating wholesale revenues from licensing
sports rights in neighbouring countries and offering its own
content to other operators. TS's growth strategy also includes sale
of internally-produced content through its over-the-top (OTT)
platform and offering telecom services as mobile virtual network
operator (MVNO) to ex-Yugoslavian diaspora across the globe. The
company has already been providing MVNO and OTT services in
DACH-countries (Germany, Austria and Switzerland), with further
expansion to the US and Canada expected in 4Q24-2025.

Negative FCF, Improving Trend: TS's FCF has been negative for the
last four years and Fitch expects it to remain negative through
2024-2028 as the company continues investing in content and builds
scale in multimedia. However, Fitch expects the trajectory to
considerably improve in 2027-2028, with the FCF margin improving to
negative 1% in 2028 from negative 36% in 2024. Growing scale in
multimedia will be key for this. Fitch estimates that by end-2024,
TS is likely to reach break-even at a Fitch-defined EBITDA level in
multimedia. In the medium term there are uncertainties about the
pace of adoption and building scale in multimedia.

Well-Developed Network Infrastructure: TS's well-invested networks
support its leadership in Serbia. Its long-term evolution networks
covered 98% by population and 85% by territory of Serbia in 3Q24.
TS has also invested significantly in fibre. It had fibre coverage
of over 1.6 million premises in Serbia as of 3Q24. A major part of
TS's mobile sites are connected with fibre in all its markets. TS
launched 5G in Montenegro in 2022 and its mobile infrastructure in
Serbia is 5G-ready.

FX Mismatch Manageable: TS has a considerable FX mismatch as 69% of
its EBITDA is in Serbian dinars, while a major part of its debt is
euro-denominated. However, the dinar has been broadly stable since
2017. Bosnia Herzegovina's convertible marka has a fixed exchange
rate against the euro, so Fitch assumes that the FX mismatch arises
only from operations in Serbia. This contributes towards tighter
leverage thresholds for the given rating than for European peers.

Neutral Regulatory Environment: Fitch assesses the regulatory
environment in Serbia as broadly neutral to TS's operating profile.
Spectrum costs have historically not been significant and Fitch
expects 5G auction costs planned for 2025 to be manageable. There
is no visibility of a fourth mobile operator entering in the near
future.

Government-Linked Entity: Fitch views TS as a government-related
entity (GRE) of Serbia under its GRE criteria. It rates TS using a
bottom-up approach with a maximum one-notch above the company's SCP
of 'b', which results in an IDR of 'B+(EXP)'. Its assessment of the
overall links under the GRE Rating Criteria is 'Strong' with a
support score of 20 out of a maximum 60. Fitch scores both of the
responsibility-to-support factors as 'Strong' and one of the two
incentive-to-support factors (particularly contagion risk) as
'Strong'.

Derivation Summary

TS's ratings reflect its position as the leading fixed-line and
mobile operator in Serbia, its ownership of its network
infrastructure, its relatively small scale, high leverage and
negative FCF generation. Its peer group includes emerging market
and European telecom operators. TS's business profile compares well
with that of Kazakhtelecom (BBB-/Stable) by size, market position,
infrastructure ownership, and competitive, regulatory and operating
environment. However, Kazakhtelecom has stronger cash flow
generation and lower leverage and does not have such a considerable
FX mismatch as its debt is local-currency denominated.

Compared with European peers such as eircom Holdings (Ireland)
Limited (B+/Stable), VMED O2 UK Limited (VMED; BB-/Negative) and
VodafoneZiggo Group B.V. (B+/Stable), TS has a comparable strong
operating profile supported by a rational competitive environment
in its core markets. However, TS has lower scale, weaker
profitability and EBITDA interest coverage, consistently negative
FCF and an FX mismatch between its debt and cash flow. These
factors result in tighter leverage thresholds for any given rating
compared with its European peer group.

However, the thresholds are looser than those of emerging-market
peers with high FX mismatch and significant local-currency
volatility, such as Turkcell Iletisim Hizmetleri A.S (BB-/Stable)
and Turk Telekomunikasyon A.S. (BB-/Stable).

Key Assumptions

- Revenue to grow by 19% in 2024, 14% in 2025 (on the back of price
increases and increase in subscriber base including outside of TS's
three core markets), with the growth decelerating to mid to high
single digits in 2026-2028

- Fitch-defined EBITDA margin of around 27% in 2024, increasing to
around 34% in 2028

- Fitch-defined capex at 42% of revenue in 2024 and 31% in 2025,
declining to 23%-24% in 2026-2027 and to 18% in 2028

- Dividend payments broadly in line with historical levels

- Negative cash outflow on working capital of around RSD930 million
in 2024; positive cash inflow from working capital averaging
RSD2,770 million a year in 2025-2028

- Proceeds from tower sale of around RSD49.3 billion in 2024,
around RSD3.6 billion in 2025 and RSD5.8 billion in 2028

- Ongoing refinancing as debt maturities come due

Recovery Analysis

KEY RECOVERY RATING ASSUMPTIONS

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

- Fitch assumes a going-concern EBITDA of RSD40 billion, which
reflects its view of a sustainable, post-reorganisation EBITDA
level upon which Fitch bases the valuation of the company.

- A 10% fee for administrative claims.

- Fitch assumes RSD361 billion of total debt, including an expected
revolving credit facility (RCF) and unused credit facilities
totaling RSD51 billion. Fitch treats the RCF and unused credit
facilities as fully drawn for the recoveries calculation.

- An enterprise value multiple of 5.5x is used to calculate a
post-reorganisation valuation and reflects a distressed multiple.

The Recovery Rating for Serbian issuers is capped at 'RR4' and
hence the rating of TS's senior unsecured instrument is equalised
with the Long-Term IDR of 'B+(EXP)' with 'RR4', although the
underlying recovery percentage is higher than the 50% implied by
the 'RR4' rating.

RATING SENSITIVITIES

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

For a 'b' SCP

- Fitch expectation for CFO less capex to debt trending above 3%

- EBITDA net leverage sustainably below 5.2x

- Fitch-defined EBITDA interest cover trending above 3.0x

For GRE-related impact

- Stronger linkage to the government under Fitch's GRE criteria

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

For a 'b' SCP

- EBITDA net leverage sustainably above 6.2x

- Persistently negative FCF and CFO less capex to debt

- Fitch-defined EBITDA interest cover below 2.0x

- Deterioration in competitive or regulatory environment leading to
a material impact on EBITDA or FCF

For GRE-related impact

- Weaker linkage to the government under Fitch's GRE criteria

- If Serbia's rating was downgraded by two notches or more, this
could result in the removal of the one-notch uplift for the IDR.

Liquidity and Debt Structure

Adequate Liquidity Post-Refinancing: TS intends to issue USD750
million bonds and already secured EUR383 million amortising term
loan facility, with the proceeds to be used to refinance it
existing debt.

TS's liquidity post-refinancing will be supported by its access to
RCF of around EUR100 million (RSD11.7 billion) from foreign banks
available for draw down until March 2027, and around EUR106 million
(RSD12.4 billion) from local banks, currently available for draw
down in 2024-2025. Fitch understands that there are already strong
intentions from the banks to extend RCF maturities. TS also has
unused credit facilities totaling EUR273 million (RSD30.7 billion)
with EUR213 million expiring in 2027 and EUR60 million in 2024 and
2025.

This should be sufficient to cover expected negative FCF in
4Q24-2025 and remaining post-refinancing debt maturing with
maturities in 4Q24 and 2025. TS has also flexibility on part of its
capex, which the company assessed at around EUR217 million (RSD25.4
billion) in 2025 and EUR192 million (RSD22.5 billion in 2026).

Date of Relevant Committee

October 11, 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating                   Recovery   
   -----------               ------                   --------   
Telekom Srbija a.d.
Beograd                LT IDR B+(EXP) Expected Rating

   senior unsecured    LT     B+(EXP) Expected Rating   RR4




===============
S L O V A K I A
===============

365.BANK AS: Moody's Affirms 'Ba1' Issuer & Unsecured Debt Ratings
------------------------------------------------------------------
Moody's Ratings has affirmed 365.BANK, A.S.'s (365.bank) Ba1/NP
long- and short-term issuer ratings, its Ba1 long-term senior
unsecured debt rating, its Baa3/P-3 long- and short-term deposit
ratings, as well as its Baa1/P-2 long- and short-term Counterparty
Risk Ratings (CRR). The outlook on the long-term issuer and senior
unsecured debt ratings was changed to positive from stable, while
the outlook on the long-term deposit ratings remains stable.

Concurrently, Moody's have affirmed the bank's ba1 Baseline Credit
Assessment (BCA) and Adjusted BCA, as well as its long- and
short-term Baa1(cr)/P-2(cr) Counterparty Risk (CR) Assessment.

RATINGS RATIONALE

-- AFFIRMATION OF THE BCA

The affirmation of 365.bank's ba1 BCA reflects its strong
capitalisation and profitability, which however are both expected
to moderate from their currently high levels. The bank's
well-balanced funding and liquidity profile, strongly benefiting
from a significant portion of granular deposits as a result of the
bank's strong regional presence, remains a key strength to
365.bank's credit profile.

While the bank continues to reduce its high-risk legacy corporate
loan book in line with its new strategy, asset risks remain high.
The unchanged weak quality of the bank's consumer loans continues
to further amplify these asset risks, while its mortgage loan book
performs very well. The bank's BCA continues to factor in remaining
execution risks related to 365.bank's multi-year transformation
process and a rather limited track record in achieving a
sustainably improved business model.

-- AFFIRMATION OF RATINGS

The affirmation of the bank's long-term deposit, issuer and senior
unsecured debt ratings incorporates the bank's ba1 BCA and Adjusted
BCA, and the results of Moody's Advanced Loss Given Failure (LGF)
analysis, which continues to yield one notch of uplift for the
bank's deposit ratings, and no rating uplift for the bank's Ba1
long-term issuer and senior unsecured debt ratings. Due to Moody's
assessment of a low likelihood of government support given the
bank's small size, these ratings do not benefit from any government
support uplift.

-- OUTLOOK

The stable outlook on 365.bank's long-term deposit ratings reflects
Moody's expectation of a broadly unchanged credit profile of the
bank over the next 12 months and no material reduction in the loss
severity for this instrument class, based on Moody's assumption of
the development of the bank's funding structure.

The positive outlook on the long-term issuer and senior unsecured
debt ratings reflects the potential for an increase in rating
uplift from Moody's Advanced LGF analysis, provided that the
recently achieved higher volumes of senior unsecured debt in the
bank's liability structure prove to be permanent, translating into
a reduced loss severity and higher loss protection for the bank's
senior creditors.

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

365.bank's ratings could be upgraded, if the bank's BCA and
Adjusted BCA were to be upgraded, for example if the bank
demonstrates a proven track record in maintaining its solvency and
liquidity levels under its new, more risk-averse business model.

The bank's issuer and senior unsecured debt ratings could be
upgraded, if the bank maintains or increases its current higher
share of unsecured debt outstanding within its liability
structure.

365.bank's ratings could be downgraded, if its BCA and Adjusted BCA
were to be downgraded due to a deterioration of its overall
financial profile, for example related to a substantial
deterioration in its solvency profile, or if the bank faces
unexpected challenges in its business transformation.

In addition, a downgrade could result from a more pronounced
reduction in the volume of senior unsecured debt within the bank's
liability structure such that it increases the loss severity of its
senior bond holders.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2024.




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

AUTO ABS 2024-1 FT: DBRS Finalizes BB(low) Rating on E Notes
------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional credit ratings on the
following classes of notes (the Rated Notes) issued by Auto ABS
Spanish Loans 2024-1 FT (the Issuer):

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

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

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

CREDIT RATING RATIONALE

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

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

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

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

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

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

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

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

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

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

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

TRANSACTION STRUCTURE

The transaction distributes payments through separate interest and
principal priorities of payments and benefits from an amortizing
cash reserve funded at closing to an amount equal to 1.0% of the
Rated Notes' outstanding balance and floored at 0.425% of the Rated
Notes' initial balance. The cash reserve is part of the interest
available funds, and covers senior costs, swap payments, and
interest payments on the Rated Notes, provided interest is not
deferred for the relevant class of Rated Notes.

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

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

COUNTERPARTIES

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

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

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

Notes: All figures are in euros unless otherwise noted.




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

TURKIYE WEALTH: Fitch Assigns 'BB-(EXP)' Rating on Unsec. Certs
---------------------------------------------------------------
Fitch Ratings has assigned Turkiye Wealth Fund's (TWF: BB-/ Stable)
wholly owned subsidiary TVF IFM Gayrimenkul Insaat ve Yonetim
A.S.'s (TWF IFC) upcoming US dollar-denominated lease certificate
issuance an expected rating of 'BB-(EXP)'.

TWF IFC's payment obligations under the lease certificates (sukuk)
is unconditionally and irrevocably guaranteed by TWF to which it is
a party. The expected rating is therefore equalised with the
ultimate parent (Guarantor) TWF's Long Term Issuer Default Ratings
(IDRs) and senior unsecured debt rating of TWF at 'BB- 'and will
apply only to the senior unsecured lease certificates issued.

The issuance is made on behalf of TWF IFC by TWF's wholly owned
asset leasing company TVF Varlik Kiralama A.S.TVF Varlik Kiralama
A.S. in its capacity is the issuer, seller and the lessor, is an
asset leasing company in the form of a joint stock company
incorporated in Turkiye in accordance with the Founding Law solely
for the purpose of participating in the transactions contemplated
by the transaction documents to which it is a party. TWF IFC is the
obligor, purchaser, lessee and the servicing agent. TWF is the
guarantor.

The proceeds are being used for refinancing TWF IFC's existing debt
and general corporate purposes. The assignment of the final rating
is contingent on the receipt of final documents materially
conforming to information already reviewed.

Key Rating Drivers

Unconditional and Irrevocable Guarantee:

The lease certificate issuance's expected rating is driven solely
by TWF's Long-Term IDR. The payment obligations of TWF IFC as the
obligor (acting in any capacity) under the transaction documents
will be irrevocably and unconditionally guaranteed by TWF in favour
of the issuer, the representative and the agents pursuant to the
deed of guarantee.

The guarantee is on first demand, legally binding and valid through
the tenor of the sukuk. Guaranteed payment obligations under the
guarantee are and will be direct, unconditional, unsubordinated and
(subject to negative pledge provisions) unsecured obligations of
the guarantor. They will at all times rank at least equally with
all other present and future senior unsecured and unsubordinated
obligations of the guarantor from time to time. This reflects
Fitch's view that default of these senior unsecured obligations
would reflect a default of TWF in accordance with Fitch's rating
definitions.

Fitch has given no consideration to any underlying assets or any
collateral provided, as Fitch believes the issuer's' ability to
satisfy payments due on the certificates ultimately depends on TWF
IFC satisfying its unsecured payments obligations to the issuer
under the transaction documents described in the offering
circular.

In addition to TWF IFC's propensity to ensure repayment, TWF IFC is
required to ensure full and timely repayment of TVF Varlik Kiralama
A.S. obligations, due to its various roles and obligations under
the sukuk structure and documentation, especially but not limited
to the below features:

Pursuant to the servicing agency agreement, TWF IFC as servicing
agent, will ensure sufficient funds are available to meet the
periodic distribution amounts payable by the issuer under the
certificates on each periodic distribution date. TWF IFC, through
the deed of guarantee, can prompt TWF to ensure that there is no
shortfall and that the payment of principal and profit are paid in
full, and in a timely manner.

On any dissolution or default event, the issuer will have the right
under the purchase undertaking to require TWF IFC to purchase all
of its rights, titles, interests, benefits and entitlements in, to,
and under the lease assets for an amount equal to the exercise
price. The exercise price payable by TWF IFC, together with the
aggregate amounts of the deferred sale price then outstanding, if
any are intended to fund the dissolution distribution amount, which
should equal the sum of the outstanding face amount of the
certificate; and any due but unpaid periodic distribution amounts.

TWF IFC's payment obligations under the transaction documents will
be direct, unconditional, unsubordinated and unsecured (subject to
negative pledge provisions) obligations and at all times rank at
least equally with all other present and future unsecured and
unsubordinated obligations as well as with those of TWF, as stated
in the deed of guarantee.

Tangibility Ratio:

The sukuk documentation includes an obligation for TWF IFC to
ensure at all times, the tangibility ratio (calculated as the value
of the lease assets to the aggregate of the value of the lease
assets and each deferred sale price outstanding at the relevant
time) is more than 50%. Failure of TWF IFC to comply with this
obligation will not constitute an obligor event.

If the tangibility ratio falls to 50% and below but stays above
33%, the servicing agent will take steps (in consultation with the
Shari'a advisor) required to ensure the tangibility ratio is
restored to more than 50%. If the tangibility ratio falls below 33%
(tangibility event), each certificate holder can exercise a put
option to have their holdings redeemed, in whole or in part, and
the certificates will be delisted from any stock exchange falling
15 days after the put right redemption date. In such an event,
there would be implications on tradability and listing of the
certificates.

Fitch expects TWF IFC to maintain the tangibility ratio above 50%
through the tenor of the sukuk. According to 2023 year-end
financials, TWF IFC has eligible asset (real estate in Istanbul
Finance Center) with a value of USD1.1billion, which provides
substantial headroom within the tangibility ratio. In case of
dilution of headroom Fitch expects timely extraordinary support
from Turkish government for TWF, whose ratings are equalised with
that of the sovereign based on its very strong support
expectations.

If a loss event has occurred (unless the Ijara assets have been
replaced) and there is a shortfall from insurance proceeds, TWF IFC
as obligor will undertake to pay the loss shortfall amount. If the
servicing agent is not in compliance with the obligation to insure
the assets against a loss event, it will immediately deliver a
written notice to the issuer and the representative of such
non-compliance, and this will constitute an obligor event.

TWF IFC's sukuk issuance includes negative pledge, covenants,
including sharia-specific covenants, and cross-default on debt
issuance under the sukuk transaction in relation to any other
senior unsecured debt of TWF exceeding USD40 million, financial
reporting provisions and change of control event.

TWF IFC, as the lessee, agrees to allow the lessor, TVF Varlik
Kiralama A.S., and any person authorised by the lessor at all
reasonable times to inspect and examine the condition of the lease
assets, subject to the lessor having given 15 days' notice in
writing. The lessee further agrees to maintain actual or
constructive possession, custody or control of all of the lease
assets. If the lessee fails to comply, it would constitute a
dissolution event.

Additionally, if the lessee, TWF IFC, fails to keep and maintain
the security or optimum condition of the lease assets (other than
fair wear and tear), the lessor TVF Varlik Kiralama A.S shall be
entitled, but not obliged, on giving 15 business days' notice to
take possession of the lease assets for the purpose of taking all
such necessary steps or measures at the cost and expense of the
lessee to ensure that the lease assets are in suitable condition
for their current or intended use.

Certain aspects of the transaction are governed by English law,
while others are governed by Turkish law. Fitch does not express an
opinion on whether the relevant transaction documents are
enforceable under any applicable law. However, Fitch's rating on
the lease certificates reflects the agency's belief that TWF IFC
would stand behind its obligations.

Fitch does not express an opinion on the lease certificates'
compliance with sharia principles when assigning ratings to the
lease certificates.

Derivation Summary

The upcoming sukuk issuance's rating is derived from TWF's
Long-Term IDR. TWF IFC's payment obligations under the sukuk
structure are guaranteed by TWF and represent TWF's direct,
unconditional, unsubordinated and unsecured obligations. Guaranteed
payment obligations rank equally with TWF's present and future
senior unsecured and unsubordinated obligations.

RATING SENSITIVITIES

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

A downgrade of TWF's Long- Term IDR would be reflected in the
proposed senior unsecured notes' ratings.

The senior unsecured notes' rating may also be sensitive to changes
to the roles and obligations of TWF under the sukuk's structure and
documents.

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

An upgrade of TWF's Long-Term IDR would be reflected in the
proposed senior unsecured note's rating.

Issuer Profile

TWF IFC is a government-related entity and a 100% owned subsidiary
of TWF. It is a real estate company, focusing on developing and
managing properties primarily for the new Istanbul Financial Center
(IFC) but also other properties in line with TWFs' policy mandate.
IFC real estate development is one of the government's strategic
objective to increase Turkiye's financial competitiveness and
strengthen its integration with international financial and capital
markets.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for TWF.

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.

Date of Relevant Committee

11 October 2024

Public Ratings with Credit Linkage to other ratings

TWF IFC's senior unsecured expected rating is credit linked with
that of TWF.

   Entity/Debt               Rating           
   -----------               ------           
TVF IFM Gayrimenkul
Insaat ve Yonetim A.S

   senior unsecured      LT BB-(EXP)  Expected Rating




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

A. M. C. (U.K.): Hudson Weir Named as Joint Administrators
----------------------------------------------------------
A. M. C. (U.K.) Fasteners Limited was placed in administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency and Companies List (ChD),
Court Number: CR-2024-005902, and Nimish Patel and Hasib Howlader
of Hudson Weir Limited were appointed as administrators on Oct. 8,
2024.  

A. M. C. (U.K.) is a manufacturer of fasteners and screw machine
products.  Its registered office is at 62-66 Bermondsey Street,
London, England, SE1 3UD.

The administrators can be reached at:

          Nimish Patel
          Hasib Howlader
          Hudson Weir Limited
          58 Leman Street
          London, E1 8EU

For further details, contact:

           Hudson Weir
           Tel No: 02070996086


CB PRINTFORCE: FRP Advisory Named as Joint Administrators
---------------------------------------------------------
CB Printforce UK Limited was placed in administration proceedings
in the High Court of Justice, Court Number: CR-2024-005679, and
Sarah Cook and Andy John of FRP Advisory Trading Limited were
appointed as administrators on Oct. 11, 2024.  

CB Printforce manufactures articles of paper and paperboard.

Its registered office is at Pegasus Drive, Stratton Business Park,
London Road, Biggleswade, SG18 8TG (in the process of being changed
to c/o FRP Advisory Trading Limited, 4 Beaconsfield Road, St
Albans, Hertfordshire, AL1 3RD).  Its principal trading address is
at Pegasus Drive, Stratton Business Park, London Road, Biggleswade,
SG18 8TG.

The joint administrators can be reached at:

            Sarah Cook
            Andy John
            FRP Advisory Trading Limited
            4 Beaconsfield Road, St Albans
            Hertfordshire
            AL1 3RD

Contact details for Joint Administrators:

            Luke Bambrough
            Email: cp.stalbans@frpadvisory.com


ELSTREE FUNDING 5: DBRS Gives Prov. BB(low) Rating on F Notes
-------------------------------------------------------------
DBRS Ratings Limited assigned provisional credit ratings to the
residential mortgage-backed notes to be issued by Elstree Funding
No. 5 PLC (Elstree 5 or the Issuer) as follows:

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

The credit rating on the Class A notes addresses the timely payment
of interest and the ultimate repayment of principal on or before
the final maturity date in August 2061. The credit ratings on the
Class B, Class C, Class D, Class E, and Class F notes address the
timely payment of interest once they are the senior-most class of
notes outstanding, otherwise the ultimate payment of interest, and
the ultimate repayment of principal on or before the final maturity
date. The credit rating on the Class X notes addresses the ultimate
payment of interest and principal. Morningstar DBRS does not rate
the residual certificates also expected to be issued in this
transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote, special-purpose vehicle
incorporated in England and Wales. The notes to be issued shall
fund the purchase of residential assets originated by West One
Secured Loans Limited (WOSL) part of the Enra Specialist Finance
(Enra) in the UK. WOSL acts as the servicer of the respective loans
in the portfolio. Enra is a UK specialist provider of property
finance. CSC Capital Markets UK Limited will act as the back-up
servicer facilitator.

The initial mortgage portfolio consists of GBP 228.7 million
second-lien owner-occupied and first- and second-lien buy-to-let
mortgages secured by properties in the UK.

The transaction is expected to include a pre-funding mechanism
where the seller has the option to sell recently originated
mortgage loans to the Issuer subject to certain conditions to
prevent a material deterioration in credit quality (the Conditions
for Acquisition of Additional Mortgage Loans). The acquisition of
these assets shall occur before the first interest payment date
using the proceeds standing to the credit of the prefunding
reserves. Any funds that are not applied to purchase additional
loans will flow through the pre-enforcement principal priority of
payments and pay down the rated notes on a pro rata basis.

The Issuer is expected to issue six tranches of collateralized
mortgage-backed securities (the Class A notes as well as the Class
B, Class C, Class D, Class E, and Class F notes) to finance the
purchase of the portfolio and the prefunding principal reserve
ledger at closing. Additionally, the Issuer is expected to issue
one class of noncollateralized notes, the Class X notes, the
proceeds of which the Issuer will use to fully fund the general
reserve fund (GRF) and liquidity reserve fund (LRF).

The transaction is structured to initially provide 14.75% of credit
enhancement to the Class A notes comprising of subordination of the
Class B to Class F notes.

The transaction features a fixed-to-floating interest rate swap,
given the presence of a portion of fixed-rate loans (with a
compulsory reversion to floating in the future) while the
liabilities shall pay a coupon linked to the daily compounded
Sterling Overnight Index Average. The swap counterparty to be
appointed at closing will be Lloyds Bank Corporate Markets PLC
(Lloyds). Based on Morningstar DBRS' credit rating on Lloyds, the
downgrade provisions outlined in the documents, and the transaction
structural mitigants, Morningstar DBRS considers the risk arising
from the exposure to Lloyds to be consistent with the provisional
credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Derivative Criteria for European Structured
Finance Transactions" methodology.

Furthermore, Citibank N.A., London Branch shall act as the Issuer
Account Bank and National Westminster Bank Plc shall be appointed
as the Collection Account Bank. Both entities are privately rated
by Morningstar DBRS, meet the eligible credit ratings in structured
finance transactions, and are consistent with the provisional
credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology.

Credit and liquidity support is provided by a GRF that is funded at
closing from the issuance of the Class X notes. The GRF is
nonamortizing, sized at 1.25% of the collateralized notes balance
at closing (Class A to Class F notes), minus the LRF. It covers
senior fees and expenses, swap payments, interest as well as
principal deficiency ledger (PDL) balances. An amortizing LRF
provides further liquidity support and covers senior fees and
expenses, swap payments as well as interest shortfalls for the
Class A and the Class B notes. The LRF is sized at 1.25% of Class A
and Class B notes. The LRF amortizes in line with these notes with
no triggers. In addition, principal borrowing is also envisaged
under the transaction documentation and can be used to cover for
interest shortfalls of the most senior outstanding class of notes
(except the Class X notes).

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

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

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

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

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

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

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

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

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

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


FNZ GROUP: Fitch Assigns 'B-(EXP)' LongTerm IDR, Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has assigned FNZ Group Limited (FNZ) an expected
Long-Term Issuer Default Rating (IDR) of 'B-(EXP)'. The Rating
Outlook is Positive. Fitch has also assigned an expected senior
secured debt rating of 'B-(EXP)' to the proposed USD2.1 billion
senior secured term loan to be issued by FNZ USA Finco LLC and FNZ
NZ Finco Ltd, with a Recovery Rating of 'RR4'.

FNZ is seeking to refinance its capital structure with a USD2.1
billion term loan and a USD300 million revolving credit facility
(RCF). Proceeds will be used to repay outstanding debt and cover
transaction expenses. The assignment of final ratings is contingent
on the completion of the issue of the rated senior secured debt,
and the receipt of final documents confirming to information
already received.

The 'B-' rating is constrained by FNZ's still negative or limited
free cash flow (FCF) generation over 2024-2025, following deeply
negative FCF over the past three years due to one-time expenses, a
series of acquisitions, geographical expansion costs affecting
EBITDA margins and working capital.

Rating strengths are FNZ's sustainable business model given its
leading position in the UK wealth management market as provider of
end-to-end platform services, growing presence in the Americas,
Europe and APAC, firm growth prospects for the industry, and
increasing scale. Low churn and recurring high-margin asset
servicing revenue streams provide some cash flow stability and
robust deleveraging potential absent growth investments.

The Positive Outlook reflects a potential upgrade over the next
12-18 months on successful execution of the group's business
strategy and EBITDA gross leverage below 6.3x.

Key Rating Drivers

High Leverage: Fitch-defined EBITDA gross leverage was around 11.6x
at end-2023 due to growth investment costs weighing on EBITDA.
Fitch expects it to decline to 7.7x at end-2024, which would align
with a 'B-' rating. FNZ maintains good capacity to organically
deleverage to below 6.3x by end-2025 in its base case, driven by
increasing EBITDA and revenue growth. The pace of deleveraging,
however, could slow in case of material delays in its sales
pipeline and extended delivery timelines.

Leading Position in Growing Market: FNZ had USD1.4 trillion of
assets under administrations (AuA) as of end-2023 with a
substantial market share in the UK and growing presence in Europe,
APAC and the Americas. FNZ is benefiting from strong growth
prospects in the wealth management industry up to 2027.

FNZ benefits from outsourcing trends that Fitch believes will
continue in the coming four years. Banks and other financial
institutions rely on third-parties for technology in order to focus
on their core competencies, streamline processes, and reduce costs.
Regional banks are facing the most pressure to outsource as they
try to keep pace with the technology investments of big banks and
are falling behind community banks that have already made the
decision to outsource.

Opportunities in North America: FNZ sees North America as a key
growth opportunity, with over a third of the revenues expected to
come from the region by 2027, up from 10% in 2024. The region is
highly competitive with established incumbents and start-ups, but
completion of the initial rollout phase in 2024 will spur growth.
However, FNZ faces execution risks and margin pressures if it fails
to implement its sales strategy appropriately or to negotiate
mutually favourable commercial terms. Maintenance of adequate
liquidity while it executes its growth strategy is key for the
rating.

Improving Profitability: Fitch expects Fitch-defined EBITDA margin
to improve to 24% in 2024 and further to 27% by 2026, up from 18%
in 2023. This follows a period of cost pressures due to taking on
client's third-party contracts and staff costs under the
lift-and-shift model to FNZ's platform. Initially these contracts
had very low margins, which diluted overall profitability.

EBITDA was also hit by settlement costs incurred to migrate
customers to a new platform infrastructure (One) aimed at future
operational efficiencies. Fitch expects the impact of new customer
migration to ease as customers onboarded in previous years fully
contribute to profitability. Fitch also assumes, in its base case,
that FNZ would receive upfront cash fees to cover the costs to
maintain legacy systems, under future deals.

FCF Turnaround Expected: Over the last three years, a number of
variables have weighed heavily on FNZ's FCF. It has recently
expanded into 10 new geographic locations and incurred one-off
setup costs. FCF has also been hit by an aggressive
client-acquisition strategy, delay in customer receipts for
implementation and enhancement projects as well as large
exceptional costs. Fitch expects FCF to start trending to
neutral-to-slightly positive in 2026-2027 as these
investments/costs fall while FNZ builds brand recognition and
increases scale.

Revenue Visibility: About 75% of FNZ's revenues are based on
recurring asset-servicing fees with contract lengths varying from
five to 10 years, providing some cash flow stability. FNZ's fees
from these customers can fluctuate based on the market value of AuA
and the number of transactions processed, making them susceptible
to cyclicality. Growth in scale may also not fully offset the
impact of fee fluctations. FNZ has some customer concentration with
its top 10 customers accounting for about 30% of revenues, but
churn levels are negligible.

M&A Growth Strategy: FNZ's revenue has been growing strongly over
the last three years, organically and via acquisitions. Its organic
growth has been in low-to-mid double digits per year over the last
three years. Fitch assumes FNZ will primarily pursue smaller
bolt-on acquisitions, though larger deals cannot be ruled out as
the company seeks to build presence in newly expanded regions.
However, this remains an event risk.

Derivation Summary

FNZ competes with larger and better-capitalised peers such as
Broadridge Financial Solutions, Inc. (BBB+/Stable), Temenos AG
(BBB/Stable) and SEI, which offer a mix of platform-as-a-service
(PaaS), software-only, and asset administration-only solutions.
Fitch also compares FNZ with other 'B' category-rated service
providers.

Apex Structured Intermediate Holdings Limited (B/Stable), a leading
independent global provider of financial services, delivers a broad
range of solutions to alternative asset managers, capital markets,
private clients and family offices. FNZ has tighter leverage
thresholds relative to Apex as FNZ is smaller in scale, has lower
revenue visibility, generates negative FCF (versus positive at Apex
starting from 2024), has lower profitability and is less
geographically diversified.

Vistra Holdings Limited (Thevelia, B+/Stable) is an investment
vehicle providing business, and provides corporate, investor and
other services to corporate customers across Asia. FNZ has tighter
leverage thresholds and is rated lower than Thevelia as FNZ has
smaller scale, negative FCF, lower profitability and is less
geographically diversified. FNZ, however, has better growth
prospects.

Key Assumptions

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

- Revenues to grow 22% in 2024 and 10%-20% for 2025-2027

- Fitch-defined EBITDA margin improving to 23% in 2024 and growing
to 27% by 2027

- Negative working capital changes at 14% of revenue in 2024, and
decreasing gradually from 2025

- Non-operating and extraordinary items of USD200 million in 2024
and USD100 million a year in 2025-2027

- Capex at 17.5% of revenue in 2024, decreasing to mid-single
digits by 2027

- Acquisition spend of USD400 million up to 2027, funded by
institutional investors

- No dividends for 2024-2027

Recovery Analysis

The recovery analysis assumes that FNZ would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated. This is
underscored by the value of its intellectual property and software,
ongoing customer contracts and relationships, and would depend on
the operational viability of its business model. Fitch has assumed
a 10% administrative claim.

Its bespoke GC recovery analysis estimates post-restructuring GC
EBITDA available to creditors at around USD220 million in an
environment with limited growth and higher competitive intensity.
Fitch expects the company to generate neutral-to-mildly positive
FCF at this level of EBITDA and assume that the new capital
structure is sustainable in the absence of growth investments.

An enterprise value (EV) multiple of 5.5x is applied to the GC
EBITDA to calculate a post-reorganisation EV. The multiple is below
the average multiple of 6x of its main peers, reflecting FNZ's
smaller scale and weaker FCF characteristics.

As part of the debt waterfall, Fitch includes FNZ's planned senior
secured debt issue of USD2.1billion and an equally ranking RCF of
USD300 million, assumed fully drawn in the event of default. These
assumptions lead to an instrument rating of 'B-', resulting in a
recovery rate of 45% for the senior secured debt, within the 'RR4'
range.

RATING SENSITIVITIES

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

- EBITDA gross leverage below 6.3x on sustained basis

- EBITDA interest coverage consistently above 2.0x

- Successful execution of business strategy, demonstrated by
increased market scale and share without significant investments in
growth, and leading to improved FCF generation

- Neutral to positive FCF margins, trending towards low-to-mid
single digits

Factors That Could, Individually or Collectively, Lead to a
revision of Outlook to Stable

- EBITDA gross leverage consistently above 7.5x, either due to
failure to expand EBITDA through acquisition growth or continuing
debt-funded mergers and acquisitions

- EBITDA interest coverage remaining below 2.0x

- EBITDA hit by excess lift & shift costs or operational
deterioration, with Fitch-defined EBITDA margin below 20%

- Failure to control operating expenses, resulting in continuing
negative FCF generation, while debt/equity financing remains
accessible

Factors That Could, Individually or Collectively, Lead to a
Downgrade

- Continuing negative FCF, signs of weakening equity funding
support, leverage remaining above 9x, and EBITDA interest coverage
falling below 1.5x

Liquidity and Debt Structure

Adequate Liquidity: Fitch forecasts liquidity in excess of USD1
billion at end-2024, which comprises cash and cash equivalents,
availability of USD300 million under its RCF maturing in 2030 and
commitment from institutional investors.

Maintaining adequate liquidity is essential in light of negative
FCF and for maintaining the Positive Outlook. High debt levels and
related interest costs will weigh on interest coverage metrics, but
the maturity extension of its capital structure as part of its
refinancing and commitment by institutional investors to invest up
to USD1 billion in the business, help underpin financial
flexibility. FNZ's planned term loan matures in 2031.

Issuer Profile

FNZ is an end-to-end wealth management platform that provides
technology, infrastructure, and investment operations to help
companies create bespoke products and services.

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   
   -----------            ------                   --------   
FNZ USA Finco LLC

   senior secured   LT     B-(EXP) Expected Rating   RR4

FNZ NZ Finco Ltd

   senior secured   LT     B-(EXP) Expected Rating   RR4

FNZ Group Limited   LT IDR B-(EXP) Expected Rating


FYLDE FUNDING 2024-1: DBRS Finalizes BB(low) Rating on F Notes
--------------------------------------------------------------
DBRS Ratings Limited finalized its provisional credit ratings on
the following classes of notes issued by Fylde Funding 2024-1 PLC
(the Issuer):

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

The credit rating on the Class A notes addresses the timely payment
of interest and the ultimate repayment of principal. The credit
rating on the Class X notes addresses the ultimate payment of
interest and principal on or before the legal final maturity date.
The credit ratings on the remaining classes of rated notes address
the timely payment of interest once each becomes the most senior
class of notes outstanding and the ultimate repayment of
principal.

The credit ratings of Class F and Class X notes are higher than the
provisional credit ratings previously assigned to those notes
because the final weighted average cost of funding of the notes is
lower than what Morningstar DBRS modelled in its provisional
ratings analysis.

CREDIT RATING RATIONALE

The transaction represents the issuance of United Kingdom of Great
Britain and Northern Ireland (UK) residential mortgage-backed
securities (RMBS) backed by second-lien mortgage loans originated
by Tandem Home Loans Limited (the Originator), a subsidiary of
Tandem Bank Limited (Tandem or the Seller).

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the UK. The notes issued will fund the purchase of
UK second-lien mortgage loans originated and serviced by Tandem
Home Loans Limited.

Tandem is a UK provider of second charge mortgages, home
improvement loans, and motor finance. Tandem was established in
2014 as a digital challenger bank in the UK and subsequently
acquired Harrods Bank in 2018 and Allium Lending Group in 2020.
Tandem merged with Oplo (established in 2009) in 2022 to form a
green digital bank. The company, which is authorized and regulated
by the Financial Conduct Authority (FCA) and the Prudential
Regulation Authority (PRA), held a 20% market share of the UK
second charge market in 2023.

This is the first securitization from Tandem. The provisional
mortgage portfolio as of August 2024 consists of GBP 276.1 million
of second-lien mortgage loans collateralized by a large majority of
owner-occupied (OO) properties (96%) and buy-to-let (BTL)
properties (4%) in the UK. The pool has a short seasoning of 16
months, comprising only mortgages originated in the past 33 months,
and yields a current weighted-average (WA) coupon of 8.05%.

The structure includes a principal deficiency ledger (PDL)
comprising seven subledgers (Class A PDL to Class Z PDL) that
provision for defaulted amounts (equal to or greater than 12 months
in arrears) as well as the use of any principal receipts applied to
meet any shortfall in payment of senior fees and interest. The
losses will be allocated starting from the Class Z PDL and then to
the subledgers of each class of notes in reverse-sequential order.

Liquidity in the transaction is provided by a liquidity reserve
fund (LRF), which shall cover senior costs and expenses as well as
interest shortfalls for the Class A and Class B notes. In addition,
principal borrowing is also envisaged under the transaction
documentation and can be used to cover senior costs and expenses,
including swap payments, as well as interest shortfalls of Classes
A to F. However, the latter is subject to the Principal Deficiency
Ledger (PDL) Condition, which states that if a class of notes is
not the most senior outstanding, in case of a PDL debit of more
than 10% of the respective class outstanding balance, principal
will not be available to cover the aforementioned shortfalls.

The transaction also features a fixed-to-floating interest rate
swap, given the presence of fixed-rate loans (which would revert to
a floating rate in the future), while the liabilities pay a coupon
linked to Sonia. The swap counterparty appointed as of closing is
Citibank Europe plc, UK Branch. Furthermore, Citibank, N.A., London
Branch was appointed as the Issuer Account Bank, and National
Westminster Bank Plc acts as the Collection Account Bank.

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

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

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

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

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

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

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

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


JOHN WILKINS: Azets Holdings Named as Joint Administrators
----------------------------------------------------------
John Wilkins (Motor Engineers) Limited was placed in administration
proceedings in the High Court of Justice, Business and Property
Courts in Leeds Insolvency and Companies List (ChD), Court Number:
CR-2024-000969, and Jonathan Mark Amor and Matthew Richards of
Azets Holdings Limited and Alessandro Sidoli of Xeinadin Corporate
Recovery Limited were appointed as administrators on Oct. 10, 2024.


John Wilkins engages in the sale of new cars and light motor
vehicles, the sale of used cars and light motor vehicles, and the
maintenance and repair of motor vehicles.

Its registered office is at Unit 4, Vernon Court, Cheltenham Road
East, Staverton, Gloucester, Gloucestershire, GL2 9QL.  Its
principal trading address is at 1 Vernon Court, Meteor Business
Park, Cheltenham Road East, Staverton, Gloucestershire, GL2 9QL.

The joint administrators can be reached at:

             Jonathan Mark Amor
             Azets Holdings Limited
             12 King Street, Leeds
             LS1 2HL

             -- and --

             Matthew Richards
             Azets Holdings Limited,
             2nd Floor Regis House
             45 King William Street
             London, EC4R 9AN

             -- and --

            Alessandro Sidoli
            Xeinadin Corporate Recovery Limited
            100 Barbirolli Square, Manchester
            M2 3BD

For further information, contact:

            The Joint Administrators
            Tel No: 0161 224 1000

Alternative contact:

            Matthew Peters
            Email: Matthew.Peters@azets.co.uk


NEWDAY FUNDING 2024-3: Fitch Assigns 'BB-(EXP)sf' Rating on F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding Master Issuer Plc's
series 2024-3's notes expected ratings. The assignment of final
ratings is contingent on the receipt of final documentation
conforming to information already reviewed.

Fitch expects to affirm NewDay Funding's existing series when it
assigns series 2024-3 final ratings.

   Entity/Debt          Rating           
   -----------          ------           
NewDay Funding

   2024-3 Class A   LT AAA(EXP)sf  Expected Rating
   2024-3 Class B   LT AA+(EXP)sf  Expected Rating
   2024-3 Class C   LT A+(EXP)sf   Expected Rating
   2024-3 Class D   LT BBB+(EXP)sf Expected Rating
   2024-3 Class E   LT BB(EXP)sf   Expected Rating
   2024-3 Class F   LT BB-(EXP)sf  Expected Rating

Transaction Summary

The notes issued by NewDay Funding Master Issuer Plc are
collateralised by a pool of non-prime UK credit card receivables
originated by NewDay Limited (NewDay). NewDay is one of the largest
specialist credit card companies in the UK, and offers cards both
under its own brands and in partnership with individual retailers.
Only the cards branded by NewDay, which are targeted at higher-risk
borrowers on average, are included in this transaction. The cards
co-branded with retailers are financed through a separate
securitisation.

KEY RATING DRIVERS

Unchanged Asset Assumptions: Fitch has maintained its asset
assumptions, with the steady-state charge-off rate held at 17% and
monthly payment rate (MPR) at 11%. Fitch changed these levels
earlier this year to reflect (i) NewDay's increasing strategic
focus on acquiring and retaining slightly lower risk borrowers;
(ii) the strength and stability of portfolio performance metrics
during challenging macroeconomic conditions; and (iii) continued
refinements to NewDay's automated credit scoring process.

Charge-off and MPR stresses are unchanged and remain at the low end
of the criteria range (3.5x and 45% at the 'AAAsf' rating case,
respectively). This considers the high absolute level of the
steady-state charge-off rate, the low volatility in the historical
data and the low payment rates typical of the non-prime credit card
sector.

Sound Performance Relative to Steady States: The transaction's
recent performance remains below Fitch's steady-state charge-off
rate. Over the last year, charge-offs and the MPR have averaged
12.3% and 14.2%, respectively. Performance metrics are expected to
fluctuate around its steady states through the economic cycle.

VFN Add Flexibility: The structure includes a separate originator
variable funding note (VFN), purchased and held by NewDay Funding
Transferor Ltd (the transferor), in addition to series VFN-F1 and
VFN-F2 providing the funding flexibility typical and necessary for
credit card trusts. It provides credit enhancement to the rated
notes, adds protection against dilutions by way of a separate
functional transferor interest and meets UK and US risk-retention
requirements.

Key Counterparties Unrated: The NewDay group acts in several
capacities through its various entities, most prominently as
originator, servicer and cash manager. The degree of reliance on
the group is mitigated by the transferable operations, agreements
with established card service providers, a back-up cash management
agreement and a series-specific liquidity reserve. Additionally, a
back-up servicer was appointed in October 2024. Upon the occurrence
of a servicer termination event, the back-up servicer will replace
the existing servicer within 30 days.

RATING SENSITIVITIES

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

Rating sensitivity to increased charge-off rate

Increase steady state by 25% / 50% / 75%:

Series 2024-3 A: 'AA+sf'/ 'AAsf' / 'AA-sf'

Series 2024-3 B: 'AA-sf'/ 'A+sf' / 'Asf'

Series 2024-3 C: 'Asf'/ 'BBB+sf' / 'BBBsf'

Series 2024-3 D: 'BBB-sf'/ 'BB+sf' / 'BB-sf'

Series 2024-3 E: 'B+sf'/ 'Bsf' / N.A.

Series 2024-3 F: 'Bsf'/ N.A. / N.A.

Rating sensitivity to reduced monthly payment rate (MPR)

Reduce steady state by 15% / 25% / 35%:

Series 2024-3 A: 'AA+sf'/ 'AAsf' / 'AA-sf'

Series 2024-3 B: 'AAsf'/ 'A+sf' / 'Asf'

Series 2024-3 C: 'Asf'/ 'A-sf' / 'BBB+sf'

Series 2024-3 D: 'BBBsf'/ 'BBB-sf' / 'BB+sf'

Series 2024-3 E: 'BB-sf'/ 'BB-sf' / 'B+sf'

Series 2024-3 F: 'B+sf'/ 'B+sf' / 'Bsf'

Rating sensitivity to reduced purchase rate

Reduce steady state by 50% / 75% / 100%:

Series 2024-3 D: 'BBBsf'/ 'BBBsf' / 'BBBsf'

Series 2024-3 E: 'BB-sf'/ 'BB-sf' / 'BB-sf'

Series 2024-3 F: 'BB-sf'/ 'B+sf' / 'B+sf'

No rating sensitivities are shown for the class A to C notes, as
Fitch already assumes a 100% purchase rate stress in these rating
scenarios.

Rating sensitivity to increased charge-off rate and reduced MPR

Increase steady-state charge-offs by 25% / 50% / 75% and reduce
steady-state MPR by 15% / 25% / 35%:

Series 2024-3 A: 'AAsf'/ 'Asf' / 'BBB+sf'

Series 2024-3 B: 'A+sf'/ 'BBB+sf' / 'BBB-sf'

Series 2024-3 C: 'BBB+sf'/ 'BBB-sf' / 'BBsf'

Series 2024-3 D: 'BB+sf'/ 'BB-sf' / 'Bsf'

Series 2024-3 E: 'Bsf'/ N.A. / N.A.

Series 2024-3 F: 'Bsf'/ N.A. / N.A.

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

Rating sensitivity to reduced charge-off rate and increased MPR

Reduce steady-state charge-offs by 25% and increase steady-state
MPR by 15%:

Series 2024-3 A: 'AAAsf'

Series 2024-3 B: 'AAAsf'

Series 2024-3 C: 'AAAsf'

Series 2024-3 D: 'Asf'

Series 2024-3 E: 'BBBsf'

Series 2024-3 F: '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

NewDay Funding

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. The last third party
assessment for this master program was received in June 2024.

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

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

ESG Considerations

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


PLUMBS LIMITED: PricewaterhouseCoopers Named as Administrators
--------------------------------------------------------------
Plumbs Limited was placed in administration proceedings in the High
Court of Justice, Business & Property Courts of England & Wales,
Insolvency & Companies List (ChD), Court Number: CR-2024-006033,
and Sarah O'Toole and Jane Steer of PricewaterhouseCoopers LLP were
appointed as administrators on Oct. 15, 2024.  

Plumbs Limited manufactures soft furnishings.  Its registered
office is at Brookhouse Mill, Old Lancaster Lane, Preston,
Lancashire, PR1 7PZ.

The joint administrators can be reached at:

            Sarah O'Toole
            PricewaterhouseCoopers LLP
            1 Hardman Square, Manchester
            M3 3EB

            -- and --

            Jane Steer
            PricewaterhouseCoopers LLP
            Central Square, 29 Wellington Street
            Leeds
            LS1 4DL

For further information, contact:
           
            Email: uk_plumbs_enquiries@pwc.com
            Tel No: 0113 289 4000


PREVAYL LIMITED: Moorfields Named as Joint Administrators
---------------------------------------------------------
Prevayl Limited was placed in administration proceedings in the
High Courts of Justice, Business & Property Courts in Manchester,
Court Number: CR2024 MAN001317, and Andrew Pear and Michael
Solomons of Moorfields were appointed as administrators on Oct. 9,
2024.  

Prevayl Limited engages in activities of other holding companies.
Its registered office and principal trading address is at Suite 3
First Floor, Grove Chambers, 36 Green Lane, Wilmslow, SK9 1LD.

The joint administrators can be reached at:

            Andrew Pear
            Michael Solomons
            Moorfields
            82 St John Street
            London, EC1M 4JN
            Tel No: 01772 500824

For further information, contact:

            Kathryn Valentine
            Moorfields
            82 St John Street
            London, EC1M 4JN
            Email: kathryn.valentine@moorfieldscr.com
            Tel No: 01772-500826


STAMP DUTY: RG Insolvency Named as Joint Administrators
-------------------------------------------------------
Stamp Duty Rebate Ltd was placed in administration proceedings in
the High Court of Justice, Court Number: CR-2024-000607, and Avner
Radomsky and Michael Goldstein of RG Insolvency were appointed as
administrators on Oct. 15, 2024.  

Stamp Duty Rebate processes stamp duty claims.  Its registered
office and principal trading address is at Churchill House, 137-139
Brent Street, London NW4 4DJ.

The joint administrators can be reached at:

            Avner Radomsky
            Michael Goldstein
            RG Insolvency
            Devonshire House, Manor Way
            Borehamwood, Hertfordshire
            WD6 1QQ

For further information, contact:

            The Joint Administrators
            Tel No: 020-36037871

Alternative contact: Kerry Scott-Butler


THUNDER ROAD: Azets Holdings Named as Joint Administrators
----------------------------------------------------------
Thunder Road Motorcycles Ltd was placed in administration
proceedings in the High Court of Justice, Business and Property
Courts in Leeds Insolvency and Companies List (ChD), Court Number:
CR-2024-000970, and Jonathan Mark Amor and Matthew Richards of
Azets Holdings Limited and Alessandro Sidoli of Xeinadin Corporate
Recovery Limited were appointed as administrators on Oct. 10, 2024.


Thunder Road Motorcycles engages in the sale, maintenance and
repair of motorcycles and related parts and accessories.

Its registered office is at Unit 4, Vernon Court, Cheltenham Road
East, Staverton, Gloucester, Gloucestershire, GL2 9QL.  Its
principal trading address is at Tremains Road, Bridgend, CF31 1UA;
4 John Baker Close, Llantarnam Industrial Estate, Cwmbran, NP44
3AX.

The joint administrators can be reached at:

             Jonathan Mark Amor
             Azets Holdings Limited
             12 King Street, Leeds
             LS1 2HL

             -- and --

             Matthew Richards
             Azets Holdings Limited,
             2nd Floor Regis House
             45 King William Street
             London, EC4R 9AN

             -- and --

            Alessandro Sidoli
            Xeinadin Corporate Recovery Limited
            100 Barbirolli Square, Manchester
            M2 3BD

For further information, contact:

            The Joint Administrators
            Tel No: 0161-224-1000

Alternative contact:

            Matthew Peters
            Email: Matthew.Peters@azets.co.uk


TOWD POINT 2023: DBRS Hikes Rating on Class F Notes to B
--------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Towd Point Mortgage Funding 2023 - Vantage 3
plc:

-- Class A1 confirmed at AAA (sf)
-- Class A2 confirmed at AAA (sf)
-- Class B confirmed at AA (low) (sf)
-- Class C upgraded to A (sf) from A (low) (sf)
-- Class D upgraded to BBB (sf) from BBB (low) (sf)
-- Class E confirmed at BB (low) (sf)
-- Class F upgraded to B (sf) from B (low) (sf)

The credit ratings on the Class A1 and A2 notes (together, the
Class A notes) addresses the timely payment of interest and the
ultimate repayment of principal. The credit rating on the Class B
notes addresses the timely payment of interest once they are the
most senior class of notes outstanding and the ultimate repayment
of principal on or before the final maturity date. The credit
ratings on the Class C, Class D, Class E, and Class F notes address
the ultimate payment of interest and principal.

CREDIT RATING RATIONALE

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the July 31, 2024 portfolio cut-off
date;(corresponding to the August 2024 payment date);

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

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

The transaction is a securitization of first lien mortgage loans,
predominantly owner-occupied with a small proportion of buy-to-let,
backed by residential properties located in the United Kingdom.

The mortgages were initially originated by GE Money Home Lending
Limited, First National Bank plc (now GE Money Home Finance
Limited) and Igroup Limited and were subsequently sold; first to
Promontoria (Vantage) Limited, second to Cerberus European
Residential Holdings B.V. and finally to CERH Vantage Holdings
SARL, before being sold to the issuer. The mortgages present in the
transaction were previously securitized in Towd Point Mortgage
Funding 2016-Vantage1 plc and in Towd Point Mortgage Funding
2019-Vantage 2 plc. Capital Home Loans Limited acts as servicer and
Homeloan Management Limited as back-up servicer.

PORTFOLIO PERFORMANCE

The portfolio has historically included a large proportion of loans
in arrears, and delinquencies continue to increase. As of 31 July
2024, loans two to three months in arrears and loans at least three
months in arrears represented 4.8% and 43.5% of the outstanding
portfolio balance, respectively, compared to 5.4% and 38.1% at
closing, respectively. Cumulative losses were 0.1% of the initial
portfolio balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables, and isolated loans considered to have a near
certainty of default. For this portion of the pool, Morningstar
DBRS applied base case PD and LGD assumptions at the B (sf) credit
rating level of 100.0% and 10.2%, respectively, and 34.1% and 7.5%
on the remainder of the pool, respectively.

CREDIT ENHANCEMENT

CE to the notes consists of the subordination of the respective
junior classes of notes. As of the August 2024 payment date, the CE
increased as follows since closing:

-- Class A to 31.2% from 28.0%;
-- Class B to 25.9% from 23.2%;
-- Class C to 20.3% from 18.2%;
-- Class D to 17.0% from 15.2%;
-- Class E to 13.7% from 12.2%; and
-- Class F to 12.0% from 10.7%.

The transaction benefits from a Liquidity Facility (LF) and a
Liquidity Reserve Fund (LRF). The LF was established at closing, is
provided by Wells Fargo Bank N.A., London Branch (privately rated
by Morningstar DBRS), and sized at the maximum between 1.7% of the
principal amount outstanding of the Class A notes and 1.0% of the
principal amount outstanding of the Class B notes. The LF covers
senior fees and interest payments on the Class A notes and Class B
notes once the most senior class of notes outstanding, up to the
Liquidity Facility Cancellation Date.

The LRF is currently unfunded and will cover senior fees and
interest payments on the Class A notes and Class B notes once the
most senior class of notes outstanding, from the Liquidity Facility
Replacement Date in November 2026, and will be funded by available
principal and revenue receipts. It will be sized at the maximum
between 1.7% of the principal amount outstanding of the Class A
notes and 1.0% of the principal amount outstanding of the Class B
notes.

As of the August 2024 payment date, the LF had not been drawn on
and was funded to its required level of ca. GBP 4.6 million.

Elavon Financial Services DAC, U.K. Branch (Elavon) acts as the
account bank for the transaction. Based on the Morningstar DBRS
private credit rating of Elavon, the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, Morningstar DBRS considers the risk
arising from the exposure to the account bank to be consistent with
the credit rating assigned to the Class A notes, as described in
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology.

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


WE SODA: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed WE Soda Ltd.'s Long-Term Issuer Default
Rating (IDR) at 'BB-' with a Stable Outlook. Fitch has also
affirmed the senior secured rating on the notes issued by WE Soda
Investments Holding PLC and guaranteed by WE Soda Ltd. at 'BB-'.
The Recovery Rating is 'RR4', in line with Country-Specific
Treatment of Recovery Ratings Criteria.

The rating reflects industry-leading production costs resulting in
strong through-the-cycle margins and its strong market position as
one of the top three global soda ash producers. It also reflects
increased EBITDA net leverage over 2024-2025, due to the ongoing
downturn in the global soda ash market, which Fitch expects to
normalise below its negative sensitivity of 2.5x by 2026.

Rating constraints are its single commodity exposure, limitations
of corporate governance and a challenging macroeconomic environment
in Turkiye (BB-/Stable), where WE Soda's currently producing assets
are located.

Key Rating Drivers

Market Downturn Hurts Earnings: Global soda ash prices have fallen
towards multi-year lows in 2024. Demand from cyclical applications
such as flat glass used in construction (around 30% of soda ash
demand) is particularly weak given the current slowdown in economic
growth across major customer markets, while meaningful supply
rationalisation across the industry has yet to materialise. Market
conditions are expected to modestly improve in 2025 as supply and
demand fundamentals begin to tighten.

Fitch forecasts EBITDA to bottom out at around USD500 million in
2024, before a gradual recovery towards mid-cycle levels of USD650
million-USD700 million by 2027. Fitch expects the recovery will be
driven by a rebound in cyclical industrial demand and growth in
sustainability-linked end-use applications.

Leverage Increasing: Fitch expects the weak market to cause
Fitch-adjusted EBITDA net leverage to peak at 3.5x this year, up
from 2.2x in 2023, and above its negative leverage sensitivity for
WE Soda of 2.5x. Fitch expects a modest reduction in EBITDA net
leverage to around 2.9x in 2025 and to below 2.5x by 2026,
supported by an expected return to mid-cycle market conditions for
soda ash. The company is prioritising deleveraging below its target
of 2.5x net debt/EBITDA with no further payment of dividends until
it achieves this. Accordingly, Fitch assumes no dividends for the
remainder of 2024 and in 2025.

Profitability Optimisation Programme: WE Soda's management is
implementing a number of measures aimed at improving its
profitability amid a persistently low-price environment. The
company aims to increase EBITDA/tonne to USD112/t in 2025, up from
around USD95-USD100/t this year, mainly by optimising its
logistical channels and adjusting its customer sales mix in regions
where it can achieve higher profitability. Additionally, management
is considering a number of initiatives to improve energy efficiency
and reduce associated costs.

Strong Cost Position: WE Soda's solution-based production of soda
ash is among the lowest cost methods of extraction for this
commodity globally. Fitch expects EBITDA margins to remain above
40% even during the market trough in 2024, due to the company's
industry-leading cost position. This cost advantage allows for
sales volumes - which were up 7% annually in 1H24, to remain
resilient, through the cycle, as low prices will generally affect
higher-cost competitors first.

Growth Capex Ramping Up: WE Soda remains publicly committed to its
key growth projects in Wyoming despite the market downturn. Final
permits for the fully owned West Soda project at an estimated cost
of USD2.5 billion are expected in 4Q24, with a two- to three-year
construction beginning in 2025. A timing decision on development of
the Pacific project (a 40% JV with Sisecam Group, and with an
estimated WE Soda share at USD1.2 billion-USD2 billion) has not yet
been taken, but the JV partners are committed to ensuring that any
new soda ash supply will be balanced with the anticipated growth in
demand.

The company also expects to spend around USD200 million over
2025-2026 to expand capacity at Kazan by around 0.6mt in 2026.
Fitch forecasts capex of over USD860 million from 2024-2027
including growth, maintenance capex and projected equity funding
for greenfield projects.

Country Ceiling: Fitch's recent upgrade of Turkiye's Long-Term
Foreign-Currency IDR and revision of its Country Ceiling to 'BB-'
means that WE Soda's IDR of 'BB-' is at the level of the Turkish
Country Ceiling. If Fitch revised the Turkish Country Ceiling down,
Fitch would reassess whether the company's structural enhancements
are sufficient to rate the IDR above the Country Ceiling.

Derivation Summary

WE Soda has higher EBITDA margins than its peers. WE Soda's rating
also incorporates a weaker operating environment and corporate
governance limitations compared with peers.

Tata Chemicals Limited (TCL, BB+/Stable) is WE Soda's direct peer.
TCL is more diversified with a presence across industrial
chemicals, agri-chemicals and specialty products but the majority
of its earnings come from soda ash. Its production capacity of
4.1mt per annum is slightly lower than WE Soda's 5.2mt per year.
TCL has a mix of natural and synthetic production leading to lower
average profitability than WE Soda. TCL's production footprint is
more diverse and its financial profile is more robust with lower
leverage than WE Soda's.

WE Soda's financial profile is stronger than INEOS Group Holdings
S.A. (IGH; BB/Stable) and INEOS Quattro Holdings Limited
(BB-/Stable). However, both IGH and INEOS Quattro have larger scale
and are more diversified.

WE Soda has a strong financial profile and significantly larger
scale than other European commodity chemical producers like Nobian
Holding 2 B.V. (B/Stable), Lune Holdings S.a r.l. (B/Stable) or its
Turkish commodity chemical peers like Sasa Polyester Sanayi Anonim
Sirketi (B/Negative).

Key Assumptions

Key Assumptions Within Its Rating Case for the Issuer:

- Kazan Soda capacity increasing by around 0.6 million tonnes by
2026

- Soda ash realised prices bottoming in 2024, with a gradual
recovery over 2025-2027

- Capex totalling over USD860 million, including equity injections
into greenfield projects for 2024-2027

- No dividend payout for 2025 in line with company guidance

RATING SENSITIVITIES

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

- Record of a conservative financial policy with EBITDA net
leverage sustained below 1.5x

- A record of improvements of corporate governance

- Upward revision of Turkiye's Country Ceiling

- Commitment to proactive debt management and maintenance of
offshore cash and an undrawn offshore RCF supporting hard currency
debt service coverage ratio of around 1.5x during the forecast
period

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

- EBITDA net leverage above 2.5x on a sustained basis

- Material negative FCF due to larger-than-expected investments or
dividends

- A downward revision of Turkiye's Country Ceiling and a
deterioration of WE Soda's hard-currency debt service coverage
ratio well below 1.5x on a sustained basis

Liquidity and Debt Structure

Strong Liquidity: WE Soda held USD156 million of cash and cash
equivalents and had USD316 million of undrawn revolving credit
facilities (RCF) as at end-June 2024. The RCFs include committed
facilities of USD435 million and USD40 million, both maturing in
2026. Liquidity is bolstered by a long-dated debt profile. Fitch
expects WE Soda to fund its large capex through a combination of
internal cash flow generation and debt.

Issuer Profile

WE Soda is a leading global producer of soda ash (or sodium
carbonate) and sodium bicarbonate with a total capacity of 5.2mt,
sales of USD1.6 billion and Fitch-adjusted EBITDA of USD0.7 billion
in 2023.

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
   -----------               ------         --------   -----
WE Soda Ltd.           LT IDR BB-  Affirmed            BB-

We Soda Investments
Holding PLC

   senior secured      LT     BB-  Affirmed   RR4      BB-




===============
X X X X X X X X
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[*] BOND PRICING: For the Week October 14 to October 18, 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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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                * * * End of Transmission * * *