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

                          E U R O P E

          Tuesday, December 10, 2024, Vol. 25, No. 247

                           Headlines



A U S T R I A

BENTELER INT'L: Moody's Affirms 'Ba3' CFR, Alters Outlook to Stable


F R A N C E

ALTICE FRANCE: $2.50BB Bank Debt Trades at 16% Discount
ALTICE FRANCE: EUR1.72BB Bank Debt Trades at 18% Discount


G E O R G I A

GEORGIA: Fitch Affirms 'BB' LongTerm IDR, Alters Outlook to Neg.


I R E L A N D

ACCUNIA EUROPEAN II: S&P Affirms 'B- (sf)' Rating on Class F Notes
ARINI EUROPEAN IV: S&P Assigns Rating B- (sf) Rating to F Notes
CVC CORDATUS III: Moody's Ups Rating on EUR27.5MM E Notes to Ba1
CVC CORDATUS XXXIII: S&P Assigns B- (sf) Rating to Cl. F-2 Notes
MONUMENT CLO 2: Fitch Assigns 'B+sf' Final Rating on Cl. F-1 Notes

SOUND POINT 12: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
VOYA EURO VIII: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes


I T A L Y

IGD SIIQ: S&P Places 'BB' ICR on Watch Neg. on Liquidity Pressure
OPTICS BIDCO: Fitch Puts 'BB+' Final Rating to Sr. Secured Debt


L U X E M B O U R G

ALTISOURCE SARL: $412MM Bank Debt Trades at 53% Discount
EOS FINCO: EUR475MM Bank Debt Trades at 30% Discount
TRINSEO MATERIALS: $750MM Bank Debt Trades at 38% Discount


N E T H E R L A N D S

SPRINT BIDCO: Fitch Cuts LongTerm IDR to C, Removed from Watch Neg.


N O R W A Y

HURTIGRUTEN NEWCO: S&P Downgrades ICR to 'CC', Outlook Negative


S L O V E N I A

GORENJSKA BANKA: Fitch Affirms & Withdraws 'BB-' LongTerm IDR


S W E D E N

INTRUM AB: Moody's Affirms 'Ca' CFR & Alters Outlook to Negative


U N I T E D   K I N G D O M

MAISON BIDCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
PREMIER INSURANCE: A.M. Best Withdraws B(Fair) FS Rating
SOUTHERN PACIFIC 05-B: S&P Lowers Cl. E Notes Rating to 'BB-(sf)'
TOWD POINT 2024: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
YIELD APP: Dec. 20 Proof of Debt Submission Deadline Set


                           - - - - -


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

BENTELER INT'L: Moody's Affirms 'Ba3' CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings has affirmed Austria-based metal processing
specialist and automotive parts supplier BENTELER International
AG's (BENTELER, or the company) Ba3 long-term corporate family
rating. Concurrently, Moody's affirmed the Ba3-PD probability of
default rating, and Ba3 ratings of the company's backed senior
secured notes. The outlook was changed to stable from positive.

"The outlook change to stable follows BENTELER's weakening
operating performance amid a challenging environment, which Moody's
anticipate will persist through 2025, limiting the company's
ability to improve its credit metrics to levels required for a
higher rating", says Matthias Heck - a Moody's Ratings Vice
President – Senior Credit Officer and Lead Analyst for BENTELER.
"We, however, expect the company will maintain an EBIT margin
(Moody's-adjusted) of at least 4.5% and de-lever (on a
Moody's-adjusted) to around 3.5x over the next 12-18 months while
maintaining a good liquidity profile", adds Mr. Heck.

RATINGS RATIONALE

In the first nine months of 2024, BENTELER's revenue declined by
7.3% to EUR6.2 billion mainly due to negative volume effect driven
by declining global light vehicle production, and a falling demand
from US oil and gas industry after a strong 2023. Despite a
continued implementation of efficiency programs, the lower volume
has reduced the company-adjusted EBITDA margin to 7.6% during this
period from 9.8% in 2023, translating into a Moody's adjusted EBIT
margin of 4.3% for the last 12 months ending September 2024 (LTM
Sep-24).

The weak operating performance has pushed BENTELER's gross leverage
(Moody's-adjusted) to 3.9x in the last 12 months ending LTM Sep-24
from 3.2x at the end of 2023.

BENTELER has revised down its full-year 2024 guidance for revenues
to around EUR8.2 billion and EBITDA margin to around 7%, reflecting
that the challenging environment will continue in the fourth
quarter. Based on the new guidance, Moody's now expect BENTELER to
end this year with around 4.0x debt/EBITDA, which has removed
positive pressure on the rating for the time being. While Moody's
expect global light vehicle production to remain muted in 2025,
continued cost efficiency measures, and price revision in the steel
tube business will help BENTELER maintain its EBIT margin at around
4.5% (as adjusted by Moodys) in 2025, the minimum requirement for
its current Ba3 rating. Moody's also expect the company will
continue to use internally generated cash for the scheduled debt
amortization, which will support a deleveraging towards 3.5x over
the next 12-18 months. Moody's note that the distribution of a
dividend is restricted to a maximum net leverage of 2.0x, so there
is currently no headroom for dividend payments. Therefore, Moody's
expect FCF to be fully available for debt reduction in 2025.

BENTELER's Ba3 CFR is supported by (i) the company's global scale
and strong market position, with expertise in metal processing of
steel and aluminum for automotive and industrial customers, (ii)
the company's strong and differentiated product portfolio, and well
established relationships with OEM customers, (iii) a good level of
diversification due to the steel tube business, and (iv) a
relatively conservative financial policy, and a commitment to
reduce gross debt and maintain a company-defined net leverage of
1.5x through the cycle (2.0x per September 2024).

The rating is constrained by (i) the company's exposure to the
automotive industry, which is highly cyclical and highly
competitive, and its highly concentrated customer portfolio in the
automotive business, (ii) the high sensitivity to the Shreveport
steel tube plant whose performance is highly reliant on the Oil and
Gas industry in the US, (iii) the relatively low group
profitability, and (iv) a history of low and volatile operating
profits.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that BENTELER will
be able to maintain an EBIT margin of at least 4.5% over the next
12-18 months despite being in a challenging operating environment.
The outlook also assumes that the company will continue to generate
positive free cash flow (Moody's-adjusted) supporting its good
liquidity profile, and deleveraging towards 3.5x (Moody's-adjusted)
during this period.

LIQUIDITY

BENTELER's liquidity remains good. Main sources of liquidity are
EUR451 million cash on hand as of September 2024, which comes,
however, at a significant extent from receivables factoring.
BENTELER's liquidity therefore also relies on continued
availability of factoring. The company also has EUR200 million
availability under its EUR250 million revolving credit facility
(RCF). The RCF has sufficient headroom to net leverage covenant
level, which is tested quarterly. Moody's expect funds from
operations (FFO) of approximately EUR400 million for the next 12
months, adding to total liquidity of around EUR1.1 billion.

The liquidity sources are sufficient to meet BENTELER's cash needs,
which include, among others, working cash requirement of around
EUR250 million, an estimated capex requirement of around EUR300
million, and the scheduled amortization of term loan A (EUR114
million). With this, liquidity sources should comfortably cover
cash uses throughout the year, including intra-year working capital
swings of up to EUR150 million.

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

A rating upgrade to Ba2 would require the company to demonstrate
more operational track record following the restructuring measures
taken over the past few years. More specifically, an upgrade would
require EBIT margins (Moody's adjusted) exceeding 6% sustainably,
Debt / EBITDA (Moody's adjusted) sustained below 3.25x, and
maintenance of positive free cash flows and good liquidity.

The rating could be downgraded in case of EBIT margins (Moody's
adjusted) falling below 4.5%, Debt / EBITDA (Moody's adjusted)
exceeding 3.75x, interest coverage (EBITA / interest, Moody's
adjusted) of less than 2.5x, negative free cash flows (Moody's
adjusted), or a deterioration of liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

COMPANY PROFILE

Based in Salzburg (Austria), BENTELER is a metal processing
specialist, which manufactures aluminum and steel applications for
the automotive industry as well as for industrial customers. The
company generated revenues of EUR8.3 billion in LTM Sep-24, of
which 86% relate to the automotive business divided into Automotive
Components (BAC, 52% of group revenue) and Automotive Modules (BAM,
34%) divisions, and 14% to the steel tube division (BST). The
company was founded in 1876 and is owned by Dr. Ing. E.h. Helmut
Benteler GmbH (50%) and CAB Holding GmbH / CAB II GmbH (together
50%) that are ultimately controlled by members of the founder's
family.



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

ALTICE FRANCE: $2.50BB Bank Debt Trades at 16% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Friday, December 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $2.50 billion Term loan facility is scheduled to mature on
August 14, 2026. About $580 million of the loan has been drawn and
outstanding.

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


ALTICE FRANCE: EUR1.72BB Bank Debt Trades at 18% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 81.8
cents-on-the-dollar during the week ended Friday, December 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR1.72 billion Term loan facility is scheduled to mature on
August 31, 2028. About EUR1.70 billion of the loan has been drawn
and outstanding.

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



=============
G E O R G I A
=============

GEORGIA: Fitch Affirms 'BB' LongTerm IDR, Alters Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Georgia's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Negative from
Stable, and affirmed the IDR at 'BB'.

Key Rating Drivers

The revision of the Outlook reflects the following key rating
drivers and their relative weights:

High

Sharply Increased Political Risk: Fitch views political and
societal polarisation to have notably increased following the
disputed parliamentary elections in October, in which the Georgian
Dream party retained power, with 89 out of 120 seats. The
opposition and most Western countries have thus far refused to
formally acknowledge the results, citing malpractices, and the
opposition has pledged to boycott parliament. Changes to the system
of presidential elections (due on 14 December) are also set to be
controversial, with the incumbent pre-emptively refusing to vacate
office in the event of defeat.

In Fitch's view, political risks are likely to remain very high, as
manifested through large protests and legal challenges. A
protracted political crisis could undermine the institutional
framework and affect investor and domestic confidence, exerting
pressure on external liquidity and the exchange rate. Combined with
weakened trust in public institutions, this will likely negatively
affect Georgia's governance indicators, a long-standing strength
relative to peers.

Relations with External Parties: Following the elections, the
Georgian government has announced a postponement of its EU
accession dialogue until at least 2028, which has further
galvanised protests, given an estimated 85% of the population
favours EU membership, and the government is constitutionally
obliged to seek it. If unrest escalates, relations with key Western
countries could be further strained, potentially leading to lower
foreign direct investment (FDI) inflows or multilateral
disbursements.

Risks to Policy Framework: Political tensions may also delay or
complicate reforms such as boosting the independence of the
National Bank of Georgia (NBG) through legislation, or reforming
state-owned enterprises. Fitch does not expect the current
precautionary IMF programme (suspended since 3Q23) to be restored,
weakening the capacity of Georgia's small, open and dollarised
economy to respond to external shocks effectively.

Weaker International Reserve Cover: International reserves fell 13%
month-on-month (USD627.5 million) to USD4.1 billion in October,
equivalent to just 2.1 months of current account payments (CXP;
current 'BB' median: 4.7 months), and the lowest level since 1Q21.
The large drop was driven by the NBG's USD591 million FX sales in
the run-up to the elections (likely to pre-empt large volatility in
the lari exchange rate pre-elections) and increased FX demand from
corporates (mainly through purchase of currency forwards). Reserves
have since marginally risen to USD4.12 billion as of end-November.

Policy Response: The NBG has since affirmed its commitment to a
floating exchange rate and pledged to accumulate FX reserves - the
NBG's Acting Governor has stated that it purchased USD124.5 million
in November, but in Fitch's view, future sales cannot be ruled out.
Effective mid-December, the NBG will increase the FX minimum
reserve requirements for banks by 5pp, which will likely boost FX
reserves. Fitch expects international reserves to remain flat at
around 2.3 months of CXP over 2025-26, given continued large
current account deficits (CAD) (relative to rating peers) and a
weaker outlook for FDI.

Medium

Weak External Finances: Georgia's large, structural CAD is a
consistent credit weakness, and is set to continue. The CAD
averaged 5.9% of GDP in 1H24, with Fitch projecting 5.2% for the
full year and an average of 5.5% in 2025-26. Tourism sector
performance (revenue growth of 5.2% yoy in 1H24) and merchandise
export growth (7.4% yoy in January-October) are the key drivers.
Fitch observes a large increase in the trend of re-exports (which
accounted for 57% of all goods exports in January-October),
primarily of motor cars, mostly to other countries in the region,
emphasising Georgia's continuing role as a transit country for
trade with Russia.

Fitch expects that FDI will likely not fully cover sustained large
CADs over the forecast horizon, given a deterioration in relations
with major Western countries (the largest source of FDI for
Georgia). Inbound FDI contracted by 34% yoy in 1H24, although it is
unclear if this is in direct response to the worsening of relations
between Georgia and the EU/US since the start of the year.
Georgia's net external debt is projected at 44.1% of GDP for 2024
and will remain about 3x the peer median through to 2026.
Georgia's BB IDRs also reflect the following rating drivers:

Solid Economic Growth: Real GDP growth was robust at 10% in
January-October 2024 (2023: 7.8%), driven by strong services sector
performance, notably tourism and information and communications
technology (ICT), construction as well as strong exports. The
relatively well-diversified economy is likely to remain resilient
to the ongoing political crisis. In Fitch's view, there has been a
lasting boost to potential growth (currently estimated at 4.5%)
from the large scale influx of Russian and Ukrainian immigrants
since 2022, which has led to value and capacity addition in the
construction and ICT sectors. Fitch expects growth of 8.7% in 2024,
moderating to 5.3% in 2025 and 5% in 2026.

Inflation & Monetary Policy: Inflation averaged 1% in
January-November 2024, well below the 3% target, mainly owing to
weak domestic price growth. Fitch expects inflation to increase to
2.1% on average in 2025 and 2.3% in 2026, with sharper lari
depreciation providing an upside risk. The NBG has cut rates by a
cumulative 150bp in 2024 to 8% and further cuts are unlikely.
Monetary policy is constrained by relatively high levels of
dollarisation - corporate deposit dollarisation increased by 2.6pp
month-on-month in October to 37.5%, likely indicating increasing
expectations of lari weakening in the run-up to elections. Loan
dollarisation has remained largely stable at 43.3% as of
end-October.

Low Fiscal Deficits: Georgia has a strong record of overperforming
budget targets, owing to stronger than projected revenue
collection. Fitch expects the general government deficit to narrow
from 2.7% of GDP in 2024 to 2.5% in 2025 and 2.3% in 2026, well
below the 3% deficit ceiling.

Moderate Debt Levels: Gross general government debt (GGGD) stood at
38.1% of GDP as of May 2024 (current 'BB' median: 55.2%). Fitch
projects GGGD/GDP to average 38.7% in 2025-26 (well below the 60%
debt ceiling), with exchange rate depreciation a key risk to debt
dynamics. 90% of external debt is owed to bilateral and
multilateral creditors on concessional terms. Fitch expects a
USD500 million Eurobond to be refinanced on the international
markets upon maturity in April 2026.

Georgia has an ESG Relevance Score of '5' for political stability
and rights, and '5[+]' for the rule of law, institutional and
regulatory quality, and control of corruption, respectively. These
scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model
(SRM). Georgia has a medium WBGI ranking at the 61st percentile,
reflecting moderate institutional capacity, established rule of
law, a moderate level of corruption, and political risks associated
with the unresolved conflict with Russia.

RATING SENSITIVITIES

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

- Structural: Substantial worsening of domestic political or
geopolitical risks with adverse consequences for economic
performance, governance or access to external financing.

- External Finances: Continued, sustained decline in international
reserves, e.g., due to large capital outflows or a sharp drop in
FDI.

- Macro: A weakening of Georgia's policy framework that creates
risks for macroeconomic and financial stability.

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

- Structural: A sustained reduction in domestic political risks,
resulting in greater confidence in the policy framework.

- External Finances: A substantial reduction in external
vulnerability, for example, from a recovery in international
reserves and/or narrowing in the current account deficit.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Georgia a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale. In accordance with its rating criteria, Fitch's sovereign
rating committee decided not to adopt the score indicated by the
SRM as the starting point for its analysis because in its view this
is potentially a temporary improvement. Consequently, the committee
decided to adopt 'BB+' as the starting point for its analysis.

Fitch's sovereign rating committee adjusted the output from the
adopted SRM score to arrive at the final LT FC IDR by applying its
QO, relative to SRM data and output, as follows:
- External Finances: -1 notch to reflect Georgia's high net
external debt and the country's vulnerability to external shocks as
a small, open and highly dollarised economy with relatively weak
external buffers.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Country Ceiling

The Country Ceiling for Georgia is 'BBB-', 2 notches above the LT
FC IDR. This reflects strong constraints and incentives, relative
to the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.
Fitch's Country Ceiling Model produced a starting point uplift of
+2 notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG Considerations

Georgia has an ESG Relevance Score of '5' for political stability
and rights as WBGI have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Georgia has a percentile rank below 50 for
the respective governance indicator, this has a negative impact on
the credit profile.
Georgia has an ESG Relevance Score of '5[+]' for rule of law,
institutional, regulatory quality, and control of corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Georgia has a percentile rank above 50 for the
respective governance indicators, this has a positive impact on the
credit profile.

Georgia has an ESG Relevance Score of '4' for human rights and
political freedoms as the voice and accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Georgia has
a percentile rank below 50 for the respective governance indicator,
this has a negative impact on the credit profile.
Georgia has an ESG Relevance Score of '4' for creditor rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Georgia, as for all sovereigns. As Georgia
had a restructuring of public debt in 2004, this has a negative
impact on the credit profile.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                      Rating           Prior
   -----------                      ------           -----
Georgia              LT IDR          BB   Affirmed   BB
                     ST IDR          B    Affirmed   B
                     LC LT IDR       BB   Affirmed   BB
                     LC ST IDR       B    Affirmed   B
                     Country Ceiling BBB- Affirmed   BBB-

   senior
   unsecured         LT              BB   Affirmed   BB

   Senior
   Unsecured-Local
   currency          LT              BB   Affirmed   BB

   Senior
   Unsecured-Local
   currency          ST              B    Affirmed   B



=============
I R E L A N D
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ACCUNIA EUROPEAN II: S&P Affirms 'B- (sf)' Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Accunia European
CLO II DAC's class C notes to 'AAA (sf)' from 'AA (sf)' and class D
notes to 'AA (sf)' from 'A (sf)'. At the same time, S&P affirmed
its 'AAA (sf)' ratings on the class B-1 and B-2 notes, its 'BB+
(sf)' rating on the class E notes, and its 'B- (sf)' rating on the
class F notes.

The rating actions follow the application of S&P's global corporate
CLO criteria and our credit and cash flow analysis of the
transaction based on the October 2024 payment report.

S&P said, "We understand that after the next payment date in
January 2025, a notice of redemption has been issued for February
2025 via liquidation of the portfolio. Our current analysis and
rating actions only consider the data received up to the October
2024 payment report.

"Our ratings on the class B-1 and B-2 notes address the payment of
timely interest and ultimate principal, and the payment of ultimate
interest and principal on the class C to F notes."

Since S&P's previous review in October 2023:

-- The weighted-average rating of the portfolio remains unchanged
at 'B'.

-- The portfolio has become less diversified since the CLO began
its amortization phase (number of performing obligors has decreased
to 41 from 79).

-- The portfolio's weighted-average life increased to 3.58 years
from 2.94 years.

-- The percentage of 'CCC' rated assets decreased to 6.52% from
12.96%.

-- The scenario default rate increased for all rating scenarios,
primarily due to a more concentrated portfolio and increase in the
weighted-average life.

  Portfolio benchmarks
                                  Current   Previous review

  SPWARF                          3,173.98      3,162.75

  Default rate dispersion           523.64        767.68

  Weighted-average life (years)       3.58          2.94

  Obligor diversity measure      31.70         63.87

  Industry diversity measure         18.13         22.62

  Regional diversity measure          1.00          1.23

SPWARF--S&P Global Ratings' weighted-average rating factor.

On the cash flow side:

-- The reinvestment period for the transaction ended in October
2021. The class A notes have fully deleveraged and the class B-1
and B-2 notes have deleveraged by EUR7.88 million.

-- Credit enhancement has increased due to deleveraging, with only
class F decreasing since our previous review. No class of notes is
currently deferring interest.

-- All coverage tests are passing except for the class F
overcollateralization test, which was failing by 94 basis points as
of the October 2024 trustee report.

-- The weighted-average recovery rate has reduced at all rating
levels.

  Transaction key metrics

                                       Current   Previous review

  Total collateral amount (mil. EUR)*   120.91      243.73

  Defaulted assets (mil. EUR)              5.4        1.33

  Number of performing obligors             41          79

  Portfolio weighted-average rating          B           B

  'CCC' assets (%)                        6.57       12.96

  'AAA' SDR (%)                          69.83       60.55

  'AAA' WARR (%)

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.
WARR--Weighted-average recovery rate.

S&P said, "In our view, the portfolio is diversified across
obligors, industries, and asset characteristics. Nevertheless, due
to the CLO entering its amortization phase, it has become more
concentrated (in comparison with our previous review). The
weighted-average life has increased significantly due to
short-dated assets coming out of the portfolio and several
extensions of two and three years. There are 41 obligors and the
aggregate exposure to the top 10 obligors is now 43%. At the same
time, almost 44% of the assets pay semiannually. The CLO has a
smoothing account that helps to mitigate any frequency timing
mismatch risks. Hence, we have performed additional scenario
analysis by applying a spread and recovery compression analysis.

"Considering the continued deleveraging of the senior notes, which
has increased available credit enhancement, we raised our ratings
on the class C and D notes. Their available credit enhancement is
now commensurate with higher levels of stresses. At the same time,
we affirmed our rating on the class B-1, B-2, E, and F notes.

"The cash flow analysis indicated a higher rating than that
currently assigned to the class D notes (without the abovementioned
additional sensitivity analysis). However, the rating actions
address concentration risk and the effect this has had on the
weighted-average life and may have on the weighted-average spread
and recovery generated on the portfolio. This increasing
weighted-average life may delay the repayment of the liabilities,
and may therefore prolong the note repayment profile for the most
senior class. We also considered the portion of senior notes
outstanding, the current macroeconomic environment, and the class's
seniority.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."

The ratings uplift for the class F notes reflects several key
factors, including:

-- The tranche's 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.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 15.37, versus if S&P was to consider a long-term
sustainable default rate of 3.1% for the weighted-average life of
3.85 years, which would result in a target default rate of 11.10%.

-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

-- Counterparty, operational, and legal risks are adequately
mitigated in line with S& criteria.

Following the application of its structured finance sovereign risk
criteria, S&P considers the transaction's exposure to country risk
to be limited at the assigned ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in its criteria.


ARINI EUROPEAN IV: S&P Assigns Rating B- (sf) Rating to F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Arini European
CLO IV DAC's class A-loan and class A, B, C, D, E, and F notes. At
closing, the issuer also issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period will end approximately 4.88 years
after closing. Under the transaction documents, the rated loan and
notes pay quarterly interest unless there is a frequency switch
event. Following this, the loan and notes will switch to semiannual
payment.

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,685.21
  
  Default rate dispersion                                 605.32

  Weighted-average life (years)
  excluding reinvestment period                             4.88

  Weighted-average life (years)
  including reinvestment period                             4.88

  Obligor diversity measure                               136.66

  Industry diversity measure                               24.28

  Regional diversity measure                                1.28


  Transaction key metrics

  Total par amount (mil. EUR)                                400

  Defaulted assets (mil. EUR)                                  0

  Number of performing obligors                              166

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

  'CCC' category rated assets (%)                           2.75

  Target 'AAA' weighted-average recovery (%)               37.83

  Target weighted-average spread net of floors (%)          3.98

  Target weighted-average coupon (%)                        5.59

S&P said, "In our cash flow analysis, we modeled the EUR400 million
target par amount, the target weighted-average spread of 3.85%, the
target weighted-average coupon of 5.00% and the covenanted
weighted-average recovery rates for all rated notes. 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.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk is
sufficiently limited at the assigned ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"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 is bankruptcy remote, in line
with our legal criteria.

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes is commensurate with
higher ratings than those we have assigned. However, as the CLO
will have a reinvestment period, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on these notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A loan and class A to E
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 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 assets from being related
to certain activities, including, but not limited to the following:
controversial weapons; non-sustainable palm oil; coal, thermal
coal, or oil sands; speculative commodities; tobacco; hazardous
chemicals; pornography or prostitution; civilian firearms; payday
lending; private prisons and illegal drugs or narcotics.
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."

Arini European CLO IV is a European cash flow CLO securitization of
a revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Arini
Capital Management Ltd is the collateral manager.

Ratings
                       Amount
  Class    Rating*   (mil. EUR)  Sub (%)   Interest rate§

  A        AAA (sf)    140.90    38.00    Three/six-month EURIBOR
                                          plus 1.30%
  
  A-loan   AAA (sf)    107.10    38.00    Three/six-month EURIBOR
                                          plus 1.30%

  B        AA (sf)      46.00    26.50    Three/six-month EURIBOR
                                          plus 2.15%

  C        A (sf)       22.00    21.00    Three/six-month EURIBOR
                                          plus 2.60%

  D        BBB (sf)     28.00    14.00    Three/six-month EURIBOR
                                          plus 3.50%

  E        BB- (sf)     18.00     9.50    Three/six-month EURIBOR
                                          plus 6.17%

  F        B- (sf)      12.00     6.50    Three/six-month EURIBOR
                                          plus 8.35%

  Sub      NR           29.90      N/A    N/A

*The ratings assigned to the class A-loan, class A, and B notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C to F 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.


CVC CORDATUS III: Moody's Ups Rating on EUR27.5MM E Notes to Ba1
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by CVC Cordatus Loan Fund III Designated Activity Company:

EUR32,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Apr 3, 2024
Upgraded to Aa3 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Apr 3, 2024
Upgraded to Baa1 (sf)

EUR27,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba1 (sf); previously on Apr 3, 2024
Affirmed Ba2 (sf)

EUR13,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to B1 (sf); previously on Apr 3, 2024
Affirmed B2 (sf)

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

EUR250,500,000 (current outstanding amount EUR135,326,201.86)
Class A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa
(sf); previously on Apr 3, 2024 Affirmed Aaa (sf)

EUR20,000,000 (current outstanding amount EUR10,804,487.17) Class
A-2 Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Apr 3, 2024 Affirmed Aaa (sf)

EUR19,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Apr 3, 2024 Upgraded to Aaa
(sf)

EUR16,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Apr 3, 2024 Upgraded to Aaa (sf)

CVC Cordatus Loan Fund III Designated Activity Company, originally
issued in May 2014 and refinanced in December 2016 and June 2018,
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CVC Credit Partners Group Ltd., with CVC Credit Partners
Investment Management Ltd. serving as sub-manager. The
transaction's reinvestment period ended in November 2022.

RATINGS RATIONALE

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

The affirmations on the ratings on the Class A-1, A-2, B-1 and B-2
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-1 and A-2 notes have paid down by approximately
EUR107.7 million (39.8% of the original balance) since the last
rating action in April 2024 and EUR124.4 million (46.0%) since
closing. As a result of the deleveraging, over-collateralisation
(OC) has increased across the capital structure. According to the
trustee report dated November 2024 [1], the Class A/B, Class C,
Class D, Class E and Class F OC ratios are reported at 160.39%,
139.20%, 124.78%, 113.26% and 108.52% compared to February 2024 [2]
levels of 142.59%, 128.98%, 119.04%, 110.66% and 107.10%,
respectively. Moody's note that the November 2024 principal
payments are not reflected in the reported OC ratios.

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

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

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

Performing par and principal proceeds balance: EUR311.2m

Defaulted Securities: EUR2.1m

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3171

Weighted Average Life (WAL): 3.16 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.69%

Weighted Average Coupon (WAC): 4.42%

Weighted Average Recovery Rate (WARR): 42.40%

Par haircut in OC tests and interest diversion test: none

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporate these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability Moody's are 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" published in October 2024. Moody's concluded
the ratings of the notes are not constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

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

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

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

CVC CORDATUS XXXIII: S&P Assigns B- (sf) Rating to Cl. F-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to CVC Cordatus Loan
Fund XXXIII DAC's class A-1 loan and class A-1, A-2, B-1, B-2, C,
D, E, F-1, and F-2 notes. At closing, the issuer also issued
unrated subordinated notes.

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 loan and 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    2,713.46

  Default rate dispersion                                 534.30

  Weighted-average life (years)                             4.68

  Obligor diversity measure                               132.79

  Industry diversity measure                               23.02

  Regional diversity measure                                1.13

  Transaction key metrics

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

  'CCC' category rated assets (%)                           0.93

  Target 'AAA' weighted-average recovery (%)               36.30

  Target weighted-average spread (%)                        3.95

  Target weighted-average coupon (%)                        4.34

Rating rationale

Under the transaction documents, the rated loan and notes will pay
quarterly interest unless a frequency switch event occurs.
Following this, the loan and notes will switch to semiannual
payments. The portfolio's reinvestment period will end
approximately four and half years after closing.

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

S&P said, "In our cash flow analysis, we used the EUR430 million
target par amount, the portfolio's target weighted-average spread
(3.95%), target weighted-average coupon (4.34%), and targeted
weighted-average recovery rates at each rating level. 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.

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

"Until the end of the reinvestment period on June 24, 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 loan and 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.

"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 all classes
of notes and the loan. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1 to F-2
notes could withstand stresses commensurate with higher ratings
than those 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
the assigned ratings.

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our ratings are commensurate with the
available credit enhancement for all the rated classes of notes and
the loan.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 loan and
class A-1 notes to F-1 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-2 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 assets from being related
to certain activities, including, but not limited to the following:
manufacture or, marketing of controversial weapons; tobacco
production; any borrower which derives more than 10 per cent of its
revenue from the mining of thermal coal; any borrower which is an
oil and gas producer which derives less than 40 per cent of its
revenue from natural gas or renewables. 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, we have not made any specific adjustments in our
rating analysis to account for any ESG-related risks or
opportunities."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and it is managed by CVC Credit Partners
Investment Management Ltd.

  Ratings list
                     Amount                        Credit
  Class    Rating*   (mil. EUR)   Interest rate§   enhancement
(%)

  A-1       AAA (sf)    157.00      3mE + 1.29%      38.00

  A-1 loan  AAA (sf)    109.60      3mE + 1.29%      38.00

  A-2       AAA (sf)      8.60      3mE + 1.56%      36.00

  B-1       AA (sf)      29.00      3mE + 1.90%      26.50

  B-2       AA (sf)      11.85      5.00%            26.50

  C         A (sf)       23.65      3mE + 2.20%      21.00

  D         BBB- (sf)    30.10      3mE + 3.15%      14.00

  E         BB- (sf)     20.42      3mE + 5.96%       9.25

  F-1       B+ (sf)       4.30      3mE + 7.65%       8.25

  F-2       B- (sf)       7.55      3mE + 8.57%       6.50

  Sub notes   NR         34.45      N/A              N/A

*The ratings assigned to the class A-1 loan and class A-1, A-2,
B-1, and B-2 notes address timely interest and ultimate principal
payments. The ratings assigned to the class C, D, E, F-1, and F-2
notes address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


MONUMENT CLO 2: Fitch Assigns 'B+sf' Final Rating on Cl. F-1 Notes
------------------------------------------------------------------
Fitch Ratings has assigned Monument CLO 2 DAC final ratings, as
detailed below.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
Monument CLO 2 DAC

   A-1 Loan                 LT AAAsf  New Rating   AAA(EXP)sf

   A-1 Notes XS2905507260   LT AAAsf  New Rating   AAA(EXP)sf

   A-2 XS2905507773         LT AAAsf  New Rating   AAA(EXP)sf

   B XS2905507427           LT AAsf   New Rating   AA(EXP)sf

   C XS2905507930           LT Asf    New Rating   A(EXP)sf

   D XS2905508151           LT BBB-sf New Rating   BBB-(EXP)sf

   E XS2905508318           LT BB-sf  New Rating   BB-(EXP)sf

   F-1 XS2905508581         LT B+sf   New Rating   B+(EXP)sf

   Subordinated Notes
   XS2905508748             LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Monument CLO 2 DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Serone Capital
Management LLP. The collateralised loan obligation (CLO) has a
4.6-year reinvestment period and an 8.5-year weighted average life
(WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 23.8.

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%.

Diversified Portfolio (Positive): The transaction includes six
Fitch matrices. Two are effective at closing, corresponding to an
8.5-year WAL; two are effective one year after closing,
corresponding to a 7.5-year WAL with a target par condition at
EUR400 million, and another two effective 1.5 years after closing,
corresponding to a six-year WAL with a target par condition at
EUR398 million. Each matrix set corresponds to two different
fixed-rate asset limits at 7.5% and 12.5%. All matrices are based
on a top-10 obligor concentration limit at 20%.

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

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

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of one notch for
the class B, C, E and F-1 notes and have no impact on the remaining
notes.

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

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

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

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

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 Monument CLO 2 DAC.
In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.

SOUND POINT 12: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO 12 Funding DAC
expected ratings.

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

   Entity/Debt              Rating           
   -----------              ------           
Sound Point Euro
CLO 12 Funding DAC

   A                    LT AAA(EXP)sf  Expected Rating
   B-1                  LT AA(EXP)sf   Expected Rating
   B-2                  LT AA(EXP)sf   Expected Rating
   C                    LT A(EXP)sf    Expected Rating
   D                    LT BBB-(EXP)sf Expected Rating
   E                    LT BB-(EXP)sf  Expected Rating
   F                    LT B-(EXP)sf   Expected Rating
   Subordinated Notes   LT NR(EXP)sf   Expected Rating

Transaction Summary

Sound Point Euro CLO 12 Funding DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds will be used to fund a portfolio with a target
par of EUR400 million that is actively managed by Sound Point CLO
C-MOA, LLC. The collateralised loan obligation (CLO) will have a
5.1-year reinvestment period and an eight-year weighted average
life test (WAL) at closing, which can be extended by one year if
the WAL test step-up condition is met one year after the closing.

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 25.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.8%.

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

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, back up to eight years, on or after the step-up date,
which will be one year after closing. The WAL extension is
automatic, but subject to conditions being met including the
collateral quality tests and the adjusted collateral principal
balance being at least at the reinvestment target par.

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

Cash Flow Modelling (Neutral): The WAL used for the Fitch-stressed
portfolio and matrices analysis is 12 months less than the WAL
covenant at issue date, to account for structural and reinvestment
conditions post-reinvestment period, including the coverage tests
and Fitch 'CCC' limitation test post reinvestment, among others.
This ultimately reduces the maximum possible risk horizon of the
portfolio when combined with loan pre-payment expectations.

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 and
class F notes, would lead to a downgrade of one notch for the class
C to E notes and of two notches on class B 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.
Owing to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class C notes
display a rating cushion of one notch, the class B, D and E notes a
cushion of two notches, and the class F notes a cushion of four
notches. The class A notes display no rating cushion.

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

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

A 25% reduction in the mean RDR across all ratings and a 25%
increase in the RRR across all the ratings of the Fitch-stressed
portfolio would lead to an upgrade of up to five 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 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 Sound Point Euro
CLO 12 Funding 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.

VOYA EURO VIII: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Voya Euro CLO VIII DAC expected ratings,
as detailed below. The assignment of final ratings is contingent on
the receipt of final documents conforming to information already
reviewed.

   Entity/Debt                Rating           
   -----------                ------           
Voya Euro CLO VIII DAC

   Class A XS2925020955   LT AAA(EXP)sf  Expected Rating

   Class B XS2925021250   LT AA(EXP)sf   Expected Rating

   Class C XS2925021508   LT A(EXP)sf    Expected Rating

   Class D XS2925021763   LT BBB-(EXP)sf Expected Rating

   Class E XS2925021920   LT BB-(EXP)sf  Expected Rating

   Class F XS2925022142   LT B-(EXP)sf   Expected Rating

   Subordinated Notes
   XS2925022498           LT NR(EXP)sf   Expected Rating

Transaction Summary

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

The portfolio will be actively managed by Voya Alternative Asset
Management LLC. The transaction will have an approximately five
-year reinvestment period and a nine-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 24.9.

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

Diversified Portfolio (Positive): The transaction will have a top
10 largest obligors limit at 20% of the portfolio balance and a
fixed-rate asset limit at 5%. The transaction will also include
various concentration limits, including a maximum exposure to the
three largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Positive): The transaction will have a
five-year reinvestment period and include 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 its
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,B,C, E
and F notes, but would lead to one-notch downgrade of the class D
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, D, and E
notes show a rating cushion of two notches each and the class C and
F notes show a rating cushion of three 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
four notches.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to 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 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

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



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

IGD SIIQ: S&P Places 'BB' ICR on Watch Neg. on Liquidity Pressure
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB' ratings on Italian retail
property company IGD Siiq SpA on CreditWatch with negative
implications.

The CreditWatch negative indicates that S&P could lower the ratings
on IGD by at least one notch over the next 90 days if IGD does not
secure sufficient liquidity sources to cover adequately its
liquidity needs for the following 12 months, including an extension
of its debt maturity profile to well above three years.

IGD's liquidity tightened as of Sept. 30, 2024, and will likely
become insufficient cover its needs for the following 12 months in
a few weeks.   IGD's undrawn committed credit lines that mature in
more than 12 months reduced to EUR20 million from EUR60 million
previously. Together with a cash balance of only EUR7 million and
our forecast of cash funds from operations of around EUR37 million
for the next 12 months, its liquidity sources are tight to
adequately cover its needs over the same period, including about
EUR34 million of short-term debt maturities and EUR18 million of
committed capital expenditure. This calculation does not include
potential mandatory dividend payments due to the company's REIT
(Siiq regime). In addition, IGD's EUR20 million available undrawn
credit line will expire at the end of 2025 and therefore be removed
from our liquidity calculation on Jan. 1, 2025. S&P understands
that the company is currently in advanced negotiations with banks
to secure new funding sources over the next couple of weeks, which
will help it cover its funding needs for the following 12 months.
However, if the company does not successfully complete the
negotiations or faces a delay, it would result in a deterioration
of its liquidity profile and a downgrade of at least one notch.

Further shortening of IGD's weighted-average debt maturity profile
will likely increase pressure on its capital structure, which could
weaken its overall creditworthiness.   As of Sept. 30, 2024, IGD's
weighted-average debt maturity was slightly below our three-year
minimum rating requirement, reflecting sizable upcoming debt
maturities in 2027 of around EUR572 million, including its senior
unsecured bond of EUR294 million due in May 2027, as well as other
indebtedness of around EUR278 million due in August 2027,
representing together about 70% of the company's outstanding debt.
S&P understands that the company's current negotiations aim to lead
to an enhancement of its average debt maturity profile to above
five years and should be complete within the next 90 days.

S&P said, "S&P Global Ratings-adjusted EBITDA interest coverage
fell to 1.6x in the 12 months ended June 30, 2024, compared with
1.9x at year-end 2023, and therefore below our 1.8x rating downside
threshold for the 'BB' rating.   Following its refinancing
activities at the end of 2023, the company's financial expense
increased significantly beyond our expected base case. Although we
assumed average cost of debt to increase of 6.0%-7.0% compared with
3.2% before refinancing activities last year, IGD reported over
EUR10 million of noncash financial expense related to bond and bank
debt amortization costs in first-half 2024, which we include in our
S&P Global Ratings-adjusted interest expense. We have therefore
revised our base case for 2024 and 2025 and assume EUR15
million-EUR20 million of noncash financing expense in 2024 and
about EUR10 million in 2025, stemming from these costs. We
therefore expect EBITDA interest coverage to remain low at year-end
2024, at just 1.4x and improve toward 1.6x-1.8x by year-end 2025
(versus 2.0x in our previous assumptions). We also note that the
company's strategy is to sell more noncore assets, including the
Romanian portfolio and development projects in Livorno, Italy. Our
revised forecast includes asset disposals of EUR25 million in 2025
(in 2024, IGD completed an approximately EUR260 million disposal of
a portfolio of hypermarkets and supermarkets, while maintaining a
40% stake in those assets). We further note that the company's cash
interest coverage remains solid at about 2x over our forecast
horizon (it was 2.0x as of June 30, 2024), and our expectations of
debt to debt plus equity close to 45% and debt to EBITDA at 8x-9x
are positioned well for the current rating assessment. We will
update our forecast and its impact on IGD's credit metrics for the
next 12-24 months once its anticipated refinancing activities are
completed in the beginning of 2025 and we have more visibility on
final pricing and related transaction costs.

"We expect IGD's operating fundamentals to remain broadly stable in
the coming 12 months.   IGD's like-for-like net rental income
increased by 4.5% in first half of 2024 (7.1% in 2023) due to
indexation and decreased discounts, as well as slightly improved
occupancy quarter on quarter in Italy to 94.8% from 94.4% while
remaining stable in Romania at 95.5%. We anticipate IGD's operating
performance will remain stable, supported by well-located retail
assets across Italy, with our forecast of like-for-like rental
growth of 2%-3% annually in 2024 and 2025 as inflation eases. In
addition, we anticipate fair value adjustment to stabilize at a
yield of 6.1% and 7.0%, respectively, in Italy and Romania."

The negative CreditWatch reflects the possibility of a downgrade by
at least one notch over the next 90 days if IGD does not secure
sufficient liquidity sources to adequately cover its liquidity
needs for the following 12 months, including the successful
completion of ongoing refinancing negotiations that will extend the
company's average debt maturity profile well above three years.

S&P will resolve the CreditWatch once the company completes its
financing plans, which it expects within the next 90 days.


OPTICS BIDCO: Fitch Puts 'BB+' Final Rating to Sr. Secured Debt
---------------------------------------------------------------
Fitch Ratings has assigned Optics Bidco SPA's (Optics) senior
secured debt a final 'BB+' rating with a Recovery Rating of 'RR2'.
It has also affirmed its Long-Term Issuer Default Rating (IDR) at
'BB' with a Stable Outlook. This follows its completed liability
management transactions with Telecom Italia S.p.A (TIM;
BB/Stable).

Optics' ratings reflect its leading market position as a
mission-critical provider of digital infrastructure in Italy,
against its large capex and limited deleveraging.

The group operates in a structurally supportive market environment
with a wholesale business model that provides enhanced revenue
visibility. Its large capex to build out its fibre network will
keep free cash flow (FCF) negative for an extended period. While a
significant proportion of capex is discretionary, the network
rollout will allow Optics to maintain and strengthen its position.

Key Rating Drivers

Core National Infrastructure: Optics is the leading Italian
wholesale fixed-line network in Italy by connections and
capillarity, with an overall market share of 76% and a total
customer base of around 15.2 million. Its network is
mission-critical digital infrastructure as the incumbent national
provider of wholesale broadband services to the Italian market,
alongside its legacy copper network. Its network covers around 23
million households with fibre-to-the-cabinet (FTTC) technology and
plans to cover about 17 million homes with fibre-to-the-home
(FTTH), of which 59.2% will be passed by end-2024.

Supportive Market Structure: The Italian local access wholesale
market is primarily shaped by competition between Optics and Open
Fiber. Unlike other European markets, Italy has only two operators
that have deployed national FTTH networks. Competition between the
networks exists in high-density areas (Black areas) and in some
mid-density ones (Grey 1 areas), while rural areas (Grey 2, and
White 1 and 2 areas) have exclusive concessionaires. Optics will
cede some market share as Open Fiber rolls out its FTTH network in
rural areas, especially in White 1 and Grey 2 areas.

The risk of new entrants in FTTH is low, due to unfavourable
overbuild economics, with low average revenue per user and high
capex requirements for the network rollout.

Leading Market Position: Fitch expects Optics to remain the leader
by coverage and connections, regardless of market share loss to
Open Fiber in its exclusive areas. Fitch estimates that of the 23.4
million households covered by Optics' network, 37% are in Black
areas, which are already subject to competition. Thirty-five per
cent will face limited competition, apart from fixed-wireless
access, and another 28% may be ceded to Open Fiber in the Grey and
White areas as FTTH adoption increases. Optics' FTTC footprint
partially protects it against the risk of FTTH take-up.

Good Revenue Visibility: Services are regulated on a
cost-orientated model, enhancing Optics' above-sector average
revenue visibility. Around 80% of revenues comes from regulated
activities, underpinned by large anchor tenants and strong demand
in the under-penetrated Italian market. Optics and TIM signed a
15+15 year tenor master service agreement, covering a significant
share of Optics' revenue base. Moreover, broadband penetration in
Italy is relatively low at 71%, versus other European countries -
Fitch expects this to gradually increase, supporting Optics'
revenue growth and partly offsetting competition from Open Fiber.

Significant EBITDA Margin Growth: Fitch expects Optics' EBITDA
margin to improve to 49% in 2027 from about 40% in 2024. This is
supported by the implementation of voluntary early retirement
programmes and lower leasing and facility costs from its copper
decommissioning plan. The group expects these cost savings to
account for 10% of revenues in 2028. Fitch assumes a similar pace
for the realisation of these cost savings, but over a longer
period, Fitch also considers risks to the timely execution of the
network decommissioning and realisation of workforce retirement
savings.

High Capex Limits FCF: Optics' capex deployment would constrain FCF
at least over the next six years, although the group has
flexibility to scale back capex. Its base case assumes capex will
remain EUR1.4 billion-2.4 billion in 2024-2028. Fitch sees a lower
risk of investments in fibre infrastructure than other fibre
build-out in Europe as Optics overbuilds its existing copper
footprint. Further, if fibre take-up is slower than management
projections, it could reduce capex. Its fibre capex carries
execution risks but should allow Optics to benefit from higher
profitability and cash flow conversion once completed.

Moderate Leverage, Limited Deleveraging: Fitch forecasts
Fitch-defined EBITDA net leverage at 5.9x-6.0x in 2024-2027. Fitch
does not expect material net deleveraging in the medium term, due
to high capex, which will be funded by debt and cash generated from
operations. Deleveraging could be faster if EBITDA grows in line
with or above management's expectations. However, the scope of the
capex and its transformative nature, together with Optics'
ambitious margin improvement target, presents high execution risks,
especially given expected negative FCF to 2028.

Derivation Summary

Fitch sees NBN Co Limited (AA+/Stable) as a key peer to Optics. NBN
is Australia's monopolistic provider of wholesale broadband access.
NBN's Standalone Credit Profile, which excludes any government
support, is 'bb'. Optics' business profile is weaker than NBN's,
due to its lower market share, the competitive environment in Italy
and the absence of government support. NBN also has lower exposure
to declining technologies such as copper, where Optics is
dominant.

Other telecom infrastructure peers include CETIN Group N.V
(BBB/Stable) and TDC NET A/S (BB/Stable), which both own fixed and
mobile infrastructure. These two peers either have exposure to
mobile network operations or operate in a more competitive
environment, leading to a lower leverage tolerance for the same
rating.

Integrated telecoms operators such as BT Group plc and Royal KPN
N.V. (both BBB/Stable) have tighter leverage thresholds per rating
band than Optics, due primarily to the impact of their retail
units, which carry higher risks. This is due to their exposure to
changes to sales volumes and pricing, mobile spectrum costs and
market competition.

European tower companies Cellnex Telecom S.A. (BBB-/Stable) and
Infrastrutture Wireless Italiane S.p.A. (BBB-/Stable) have a
stronger operating profile than Optics and therefore also a higher
leverage capacity at the same rating. They benefit from higher cash
flow visibility and stability from long-term contracts, minimal
technology obsolescence risk, greater visibility on capex returns,
higher price indexation and, in many cases, energy cost
pass-through.

Key Assumptions

- Broadband revenue CAGR of 0.8% between 2022 and 2028

- Total revenue CAGR of 1.4% between 2022 and 2028, including the
revenue impact from subsidies accounted for on a depreciation
basis

- Fitch-defined EBITDA to increase to EUR2,033 million in 2027,
from EUR1,660 million in 2023, representing an increase in EBITDA
margin to 48.9% from 41.4%

- Capex (including discretionary elements) to remain EUR1.8
billion-EUR2.4 billion during 2024-2027 or 44%-58% of revenues

- Dividends at EUR20 million a year for the next five years

Recovery Analysis

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

RATING SENSITIVITIES

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

- EBITDA net leverage above 6.8x for an extended period

- Lower-than-expected take-up rates for broadband and deterioration
of Optics' market position leading to slower revenue and EBITDA
growth

- Expectations of negative FCF beyond the fibre rollout programme

- EBITDA interest cover structurally below 2.0x

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

- EBITDA net leverage sustained below 5.8x

- Sustainable competitive positions in the fixed-line segment

- Good visibility that cash flow from operations less capex/gross
debt will trend above 5% in the short- to-medium term

- EBITDA interest cover sustained at above 3.0x

Liquidity and Debt Structure

Optics has healthy liquidity, with an opening cash on balance sheet
of EUR1.2 billion and Fitch forecasts above EUR750 million cash on
balance sheet at end-2024. Optics also has an undrawn five-year
revolving credit facility of EUR2 billion. Fitch's base case
assumes that Optics will need additional cumulative debt of around
EUR3.55 billion between 2025 and 2028.

TIM and Optics finalised the liability management programme in
July, which resulted in a transfer of EUR5.54 billion
euro-equivalent bonds from TIM to Optics, with a spread maturity
schedule beginning in 2026. The first refinancing will be its
EUR697 million bonds in 2026, followed by EUR508 million bonds in
2027 and EUR1.4 billion in 2028.

Issuer Profile

Optics is a leading national fixed-line wholesale network operator
in Italy carved out from previously integrated incumbent mobile
network operator TIM.

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
   -----------             ------          --------   -----
Optics Bidco SPA     LT IDR BB  Affirmed              BB

   senior secured    LT     BB+ New Rating   RR2      BB+(EXP)



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

ALTISOURCE SARL: $412MM Bank Debt Trades at 53% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Altisource Sarl is
a borrower were trading in the secondary market around 46.8
cents-on-the-dollar during the week ended Friday, December 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $412 million Payment in kind Term loan facility is scheduled to
mature on April 2, 2025. About $230.6 million of the loan has been
drawn and outstanding.

Altisource Solutions S.a.r.l. specializes in developing and
providing services and technology solutions for real estate,
mortgage, and asset recovery and customer relationship management.
The Company’s country of domicile is Luxembourg.

EOS FINCO: EUR475MM Bank Debt Trades at 30% Discount
----------------------------------------------------
Participations in a syndicated loan under which EOS Finco Sarl is a
borrower were trading in the secondary market around 70.1
cents-on-the-dollar during the week ended Friday, December 6, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR475 million Term loan facility is scheduled to mature on
October 8, 2029. The amount is fully drawn and outstanding.

EOS US Finco LLC is a hardware technology company based in the
United States. The Company’s country of domicile is Luxembourg.

TRINSEO MATERIALS: $750MM Bank Debt Trades at 38% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Trinseo Materials
Operating SCA is a borrower were trading in the secondary market
around 62.1 cents-on-the-dollar during the week ended Friday,
December 6, 2024, according to Bloomberg's Evaluated Pricing
service data.

The $750 million Term loan facility is scheduled to mature on May
3, 2028. About $723.5 million of the loan has been drawn and
outstanding.

Trinseo is a specialty material solutions provider. The Company’s
country of domicile is Luxembourg.




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

SPRINT BIDCO: Fitch Cuts LongTerm IDR to C, Removed from Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded Sprint Bidco B.V.'s (Accell) Long-Term
Issuer Default Rating (IDR) to 'C' from 'CCC-' and removed it from
Rating Watch Negative. Fitch has also affirmed Accell's senior
secured debt at 'C' with a Recovery Rating of 'RR6'.

The downgrade follows Accell's announcement that it has obtained
sufficient senior secured lender support to restructure its debt
through a UK scheme of arrangement, meeting the conditions for a
distressed debt exchange (DDE) according to Fitch's Corporate
Rating Criteria.

Fitch expects to downgrade Accell to 'Restricted Default' (RD) upon
the execution of the recapitalisation, which is expected to close
in 1Q25. Fitch will then reassess the IDR based on the new capital
structure, business prospects, and liquidity position.

Key Rating Drivers

DDE; UK Scheme of Arrangement: Accell has obtained the required
level of consent from its senior term loan and revolving credit
facility (RCF) lenders, allowing it to proceed with the
court-administered debt restructuring via a UK Scheme of
Arrangement. The transaction is anticipated to be completed by
early 1Q25.

If the transaction is completed as planned, Fitch will downgrade
the IDR to 'RD' before reassessing Accell's restructured profile
and assigning a rating consistent with its forward-looking
assessment of the company's credit profile. Fitch continuously
monitors the company's performance and adherence to its financial
documentation, including timely debt service.

Material Reduction in Terms: 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 40% total debt
reduction. Under Fitch's criteria, this recapitalisation will
materially reduce terms for existing term loan B (TLB) and RCF
lenders and will be classified as a DDE.

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 has
secured interim financing of EUR220 million until March 2025 as a
liquidity bridge until the DDE is completed, which is crucial to
avoid imminent insolvency.

Cash Losses Could Shrink: Fitch expects 2025 to be another year of
cash losses with negative EBITDA, albeit possibly more controlled,
as Accell is attempting to reverse working-capital (WC) cash flows
and will have interest expense savings of about EUR90 million due
to payment-in-kind debt. Until Accell has regained positive
earnings, managing trade WC will be key to arresting its cash
outflows.

ESG - Management Strategy, Uncertain Turnaround Prospects: Fitch
sees substantial operational challenges as Accell overhauls its
product portfolio and business processes around manufacturing,
logistics and procurement. These efforts follow weak implementation
of previous operational initiatives since 2022 amid frequent senior
management changes. Accell's operational difficulties 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.

ESG - Financial Transparency and Disclosure: The rating is
negatively affected by its assessment of Accell's quality and
timing of financial disclosure. Fitch notes the absence of audited
annual accounts for 2023, which form a material part of investors'
credit analysis. Transparent and timely disclosure of Accell's
current economic and financial position is instrumental to its
ability to form a view of the issuer's credit quality.

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, any follow-on growth
will be subject to volume recovery and price-mix effects, which are
unclear at this stage

- Negative EBITDA in 2024, further development unclear at this
stage

- Net WC inflows of around EUR70 million in 2024; further forecasts
not possible at this stage

- Capex at 1%of sales in 2024, further forecasts not possible at
this stage.

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 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 EUR187million. Fitch
views the EUR298 million SHL as prior-ranking to the TLB and RCF,
given its positioning in the group structure and presence of
guarantees and collateral including certain Accell intellectual
property rights, real-estate mortgages and pledges over shares in
some operating subsidiaries.

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 Negative
Rating Action/Downgrade

- Completion of the proposed debt restructuring would lead to a
downgrade to 'RD' followed by a reassessment of the issuer's credit
profile under the revised capital structure

- Failure to pay interest on any financial debt on expiration of
the grace period, cure period or default forbearance period would
result in a downgrade to 'RD'

- Inability to execute the debt restructuring leading to bankruptcy
filings, administration, liquidation or other formal winding-up
procedure would lead to a downgrade to 'D'.

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' with the DDE executed and
the amended capital structure re-rated.

Liquidity and Debt Structure

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.

Accell has fully drawn its EUR180 million RCF. 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

Sprint BidCo B.V. has an ESG Relevance Score of '5' for Management
Strategy due to ineffective and poorly executed corporate strategy
accompanied by several changes in the senior management team since
2022, which has resulted in an unsustainable capital structure
requiring a deep operational overhaul and recapitalisation in order
to secure Accell's ability to remain a GC. This has a negative
impact on the credit profile, is highly relevant to the rating, and
has resulted in the downgrade to 'C'.

Sprint BidCo B.V. has an ESG Relevance Score of '5' for Financial
Transparency due to missing annual audited accounts for 2023. This
has a negative impact on the credit profile, is highly relevant to
the rating, and has resulted in the downgrade to 'C'.

Sprint BidCo B.V. 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.

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 C  Downgrade            CCC-

   senior secured    LT     C  Affirmed    RR6      C



===========
N O R W A Y
===========

HURTIGRUTEN NEWCO: S&P Downgrades ICR to 'CC', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Hurtigruten Newco AS and the issue credit ratings on Facility A at
Hurtigruten Group AS, and on the Explorer II Bond at Explorer II AS
to 'CC' from 'CCC'.

S&P said, "Given the lower relative seniority of Facility B at
Hurtigruten Group AS and the Holdco Facility at Hurtigruten Newco
AS to both Facility A and the Explorer II Bond, we have lowered the
issue ratings on both Facility B and the Holdco Facility to 'C'
with a '6' recovery rating, with 0% recovery prospects.

"The negative outlook indicates our expectation that we will lower
our issuer credit rating on the company and our issue credit
ratings on the existing facilities to 'D' (default) upon execution
of the transaction under the proposed terms."

The downgrade follows Hurtigruten's announcement of its intention
to restructure its debt and corporate structure on Nov. 28, 2024.  
The group is restructuring its capital structure under this
transaction, meaning about EUR1.3 billion of debt will be
written-off and approximately EUR550 million of debt either
refinanced or exchanged into new instruments. Furthermore, the
transaction will allow the group to reduce its outstanding debt
from about EUR1.8 billion to approximately EUR800 million, which
will be located at the two new resulting entities, meaning the
group will receive about EUR250 million of new money. This new
money includes EUR50 million of interim financing that the group
has already secured, which will provide it with sufficient
liquidity to go through the proposed restructuring transaction set
to be executed in January 2025.

The group will also be spined off into two separate legal entities,
one for each of its two main businesses, Hurtigruten Norway (HRN)
and Hurtigruten Expeditions (HX). Each company will be owned by a
group of current debt investors and TDR Capital will completely
exit the group and succeeding entities.

S&P views the announced restructuring transaction as distressed and
tantamount to default.   The proposed restructuring transaction
will result in the write-off of about EUR1.3 billion of debt
existing in the group's structure. All debt instruments sitting at
the holding company level (Hurtigruten Newco AS and its immediate
parent entities), amounting to approximately EUR1 billion of debt,
will be liquidated. Furthermore, the EUR364 million outstanding
senior secured facility (Facility B) at Hurtigruten Group AS will
be exchanged for up to a 5% equity stake in the resulting HRN
business.

In terms of the remaining facilities at the operating companies,
which amount to about EUR550 million of outstanding facilities,
Facility A, sitting at Hurtigruten Group AS, and the Explorer II
Bond, sitting at Explorer II AS (HX), will be refinanced and
exchanged, respectively, for new facilities at each of the HRN and
HX businesses. S&P said, "Through this transaction, the group will
extend the maturities of both facilities without adequate
compensation to debtholders, in our view. Therefore, we consider
these debt exchanges as tantamount to default. We also think that
absent this restructuring transaction, the group would likely enter
a conventional default, considering the group's weak liquidity
profile, the continued challenging operating environment, and the
fact that the Explorer II Bond is due in February 2025."

S&P said, "The negative outlook indicates that we will lower our
ratings on the company and all existing issue ratings to 'D'
(default) if the transaction closes under the proposed terms.

"We would lower the rating if the company executes its announced
restructuring transaction in line with the terms outlined by the
group.

"Though unlikely at this stage, we could raise our issuer credit
rating on Hurtigruten Newco AS and the group's debt facilities if
we no longer expected the group to implement the proposed or an
alternative debt restructuring transaction."




===============
S L O V E N I A
===============

GORENJSKA BANKA: Fitch Affirms & Withdraws 'BB-' LongTerm IDR
-------------------------------------------------------------
Fitch Ratings has affirmed Slovenia-based Gorenjska Banka d.d.,
Kranj's (GBKR) Long-Term Issuer Default Rating (IDR) at 'BB-' with
a Stable Outlook and Viability Rating (VR) at 'bb-' and
simultaneously withdrawn all of the bank's ratings.

Fitch has chosen to withdraw GBKR's ratings for commercial reasons.
Fitch will no longer provide ratings or analytical coverage of the
issuer.

Key Rating Drivers

Prior to their withdrawal, GBKR's IDRs were driven by its
standalone creditworthiness, as expressed by its VR. The ratings
considered the bank's stable business profile and asset quality,
good profitability, moderate core capital buffers, stable funding
and strong liquidity.

The ratings also factored in GBKR's high risk concentrations,
primarily to the construction and real estate segment, and the
limited franchise, given the bank's small overall market share in
the concentrated banking sector of Slovenia. The bank's 'bb-' VR
was one notch below the 'bb' implied VR due to a negative
adjustment for business profile and risk profile.

Prior to withdrawal, the bank's Government Support Rating of 'no
support' reflected Fitch's view that due to the implementation of
the EU's Bank Recovery and Resolution Directive, senior creditors
of GBKR cannot rely on full extraordinary support from the
sovereign if the bank becomes non-viable.

Rating Sensitivities

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

Not applicable as the ratings have been withdrawn.

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

Not applicable as the ratings have been withdrawn.

VR ADJUSTMENTS

Prior to the withdrawal, the following adjustments were made to the
VR:

The business profile score of 'bb-' has been assigned above the 'b'
implied category score, due to the following adjustment reason:
business model (positive).

The asset quality score of 'bb-'has been assigned below the 'bbb'
implied category score, due to the following adjustment:
concentrations (negative).

The earnings and profitability score of 'bb+' has been assigned
below the 'bbb' implied category score due to the following
adjustment: earnings stability (negative).

The capitalisation and leverage score of 'bb-' has been assigned
below the 'bbb' implied category score due to the following
adjustments: size of capital base (negative) and risk profile and
business model (negative).

The funding and liquidity score of 'bb+' has been assigned below
the 'bbb' implied category score due to the following adjustments:
deposit structure (negative).

ESG Considerations

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

   Entity/Debt                     Rating           Prior
   -----------                     ------           -----
Gorenjska Banka
d.d., Kranj      LT IDR             BB- Affirmed    BB-
                 LT IDR             WD  Withdrawn
                 ST IDR             B   Affirmed    B
                 ST IDR             WD  Withdrawn
                 Viability          bb- Affirmed    bb-
                 Viability          WD  Withdrawn
                 Government Support ns  Affirmed    ns
                 Government Support WD  Withdrawn



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

INTRUM AB: Moody's Affirms 'Ca' CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Ratings has affirmed Intrum AB (publ)'s (Intrum) corporate
family rating and its senior unsecured debt rating at Ca and
changed the issuer outlook to negative from developing.

The rating action follows Intrum's announcement [1] that it has
initiated a court-supervised pre-packaged Chapter 11 process in the
United States (US) to implement its recapitalization transaction.
The court hearings, including the hearing of an opposing group of
debtholders, will take place in December 2024. The company expects
the Chapter 11 plan to be approved by the end of 2024 and the
recapitalization transaction to become effective during Q1 2025.

RATINGS RATIONALE

The affirmation of the CFR at Ca reflects Moody's view that the
risk to unsecured debtholders for bearing losses above 35%,
equivalent to Moody's Ca category, remains throughout the
insolvency process.

Intrum's senior unsecured debt rating of Ca reflects the Ca CFR and
the potential loss for debtholders under the Chapter 11
reorganization plan.

OUTLOOK

The change in outlook to negative from developing reflects that
upside potential for the ratings has diminished given that Intrum
did not reach the required consent from debtholders for the
restructuring before the end of the solicitation period and
subsequently initiated the insolvency process. The negative outlook
reflects the uncertainties during the insolvency process and the
risks which might result in higher potential losses for the
debtholders than currently reflected by a Ca rating.

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

Given the current negative outlook, Moody's do not expect any
upward rating pressure for Intrum's CFR or senior unsecured debt
rating.

Intrum's ratings could be downgraded further to C if the firm's
bondholders were to incur losses above 65% of the principal amount.



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

MAISON BIDCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Maison Bidco Limited's (Keepmoat)
Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook. Maison Finco plc's GBP275 million senior secured notes
were also affirmed at 'BB+' with a Recovery Rating of RR2'.

The ratings reflect Keepmoat's capital-light business model and its
exposure to the cyclical UK housing sector. Increased sales to
registered providers (RPs) have bolstered Keepmoat's sales volume,
while private sales have weakened, due to high mortgage rates. In
9MFY24 (financial year end October), RP sales were 50.5% of total
sales (FY23: 45.0%).

Fitch expects EBITDA margins to improve to 11% by FY26, as building
cost inflation normalises and average selling prices (ASPs)
improve. Keepmoat's EBITDA margin declined to 7% in 9MFY24 from 11%
in FY23. Fitch forecasts net debt/EBITDA of 1.5x-1.8x in FY24-FY26,
barring material, unexpected dividend distributions, versus 1.2x at
FYE23. This leaves the group with material headroom to its
downgrade threshold of 3.0x.

Key Rating Drivers

Regional Affordable Homes: Keepmoat focusses on affordable homes in
selected regions of England (north England and the Midlands) and
Scotland, where there is better affordability than London and south
England. Its key customers are RPs and first-time buyers. The
latter accounted for 67% of Keepmoat's open market sales in FY23.
Keepmoat's ASP of GBP212,000 in 9MFY24 was lower than the UK
average of GBP292,000 in September 2024, reflecting the group's
geographical strategy and partnership model.

Capital-Light Model: Keepmoat maintains a capital-light business
model by acquiring cheaper brownfield sites from its land partners
on deferred payment terms. It works closely with Homes England,
local authorities, and RPs from the early stages of a development,
including the identification and sourcing of suitable land and its
project planning. In residential schemes commissioned by RPs,
phased payments enhance the project's cash flow cycle. In addition,
Keepmoat's ability to defer land investments could help reduce its
working-capital requirements, as demonstrated during the pandemic.

RP Sales Proportion Increase: Fitch believes that Keepmoat's
partnership model provides it with some demand resilience. Fitch
expects stable demand from RPs, given their social mission and
access to grant funding. The UK government recently announced
GBP500 million of new funding for the Affordable Housing Programme.
Keepmoat has been increasing its proportion of sales to RPs on top
of its contracted RP sales. The proportion of RP sales rose to
50.5% in 9MFY24 (FY23: 45.0%; FY22: 24.9%).

Weaker FY24 Profits: Keepmoat's EBITDA margin declined to 7% in
9MFY24 from 11% in FY23, due to stagnant ASPs and fewer housing
completions. Fitch expects lower FY24-FY25 volumes at 3,300-3,500
units year (FY23: 4,074 units) before they increase in FY26 once
Keepmoat increases its land investment and mortgage rates decline.
Its open market sales rate was up at 1.03 in 3QFY24, versus 0.8 in
3QFY23. Fitch expects EBITDA margin to improve slightly to 9.5%-11%
in FY24-FY27, as building cost inflation normalises and ASPs
increase.

Established Partnerships: Fitch believes that Keepmoat has a
competitive advantage, amid UK housebuilders' growing shift towards
RP and private rented-sector sales. The price point of Keepmoat's
products makes them immediately suitable for RPs and the group has
long established partnerships with its land and delivery partners.
Other homebuilders have been increasing sales to RPs and the
private rented sector to mitigate declines in private sales.

Under-supplied UK Housing: The UK housing supply has been
consistently below the government's target of 300,000 new homes a
year. The last time England's housing supply exceeded 300,000 homes
in a year was in 1969. Fitch believes this underpins the solid
demand for housing in the UK but affordability remains hampered by
high mortgage rates. Fitch expects demand for Keepmoat's products
to be more stable, given its lower ASP and geographical focus. At
end-July 2024, Keepmoat's order book stood at 2,127 units, which
provides some revenue visibility for FY25.

Sufficient Land Pipeline: Keepmoat has been more cautious in its
land acquisitions, given weakened housing demand, but expects to
increase land investments from FY25. At end-July 2024, Keepmoat's
land pipeline consisted of 23,700 plots, ensuring land security for
about six years based on its current delivery volumes.

Material Leverage Headroom: Fitch expects Keepmoat's net
debt/EBITDA to be 1.5x-1.8x in FY24-FY26 (end-FY23: 1.2x), leaving
a sufficient headroom to the downgrade threshold of 3.0x. Aermont
Capital, Keepmoat's private equity investor, currently has no
intention of regularly extracting dividends from the group, which
Fitch expects will help Keepmoat maintain its healthy cash
position.

Senior Secured Rating Uplift: Keepmoat's senior secured notes
benefit from a two-notch uplift from its 'BB-' Long-Term IDR. Fitch
views the notes as 'category 2 first-lien debt' under Fitch's
Corporate Recovery Ratings and Instrument Ratings Criteria,
resulting in a Recovery Rating of 'RR2'. The notes are guaranteed
by Maison Bidco Limited, Keepmoat Homes Limited and other key
subsidiaries.

Derivation Summary

Keepmoat's closest rated peer is Miller Homes Group (Finco) plc
(B+/Stable). Both UK housebuilders concentrate on north England,
the Midlands, and Scotland, away from London, and mainly offer
standardised single-family homes. Miller Homes' ASP of GBP284,000
in 9M24 is higher than Keepmoat's GBP212,000 in 9MFY24, reflecting
Keepmoat's partnership-focused model targeting the affordable
market. Both companies are sponsor-owned. Miller Homes' net
debt/EBITDA is higher, at 3.9x at end-2023, constraining its IDR to
'B+'.

The Berkeley Group Holdings plc (BBB-/Stable), another UK
housebuilder, focuses on multi-family apartments in London and
southeast England, with a much higher ASP of GBP664,000 in FY24
(April year-end). Berkeley's revenue of GBP2.5 billion in FY24 was
significantly larger than Keepmoat's GBP865 million in FY23 and
Miller Homes' GBP1 billion in 2023. Berkeley holds substantial cash
and was in a net cash position at FYE24.

Spanish housebuilders AEDAS Homes, S.A. (BB-/Stable), Via Celere
Desarrollos Inmobiliarios, S.A.U. (BB-/Stable), and Neinor Homes,
S.A. (B+/Stable) offer mid-to high-value multi-family apartments in
Spain but are smaller in scale than Berkeley.

UK and Spanish housebuilders have similar funding profiles,
requiring funding for land acquisition before marketing and
development costs until completion. Customer deposits are typically
small (5%-10% in the UK and up to 20% in Spain). Spanish land
vendors may offer deferred payment terms, which aids housebuiders'
cash flow. Keepmoat benefits similarly with its land partnerships.
Other UK housebuilders use option rights to reduce upfront land
costs.

Kaufman & Broad, S.A. (BBB-/Stable), a leading French homebuilder,
has the best funding profile with phased customer instalments
through construction and can purchase land post-marketing by
utilising option agreements.

Key Assumptions

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

- Completions of 3,300 - 3,500 units a year in FY24-FY25, before
improving to around 3,700 units in FY27

- ASP of about GBP220,000 for FY24-FY25, followed by 2.5% increases
a year to FY27

- EBITDA margin improving to 11% by FY26

- Change in net working capital at around 7% of revenue

- Disciplined land acquisition

- No dividend payments for FY24 to FY27

RATING SENSITIVITIES

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

- Net debt/EBITDA above 3.0x on a sustained basis

- A change in the partnership model towards an increase in
speculative development or land purchases

- Unexpected distribution to shareholders, leading to a material
reduction in cash flow generation

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

- Net debt/EBITDA below 1.5x on a sustained basis

- Consistently positive free cash flow

Liquidity and Debt Structure

Keepmoat has a healthy liquidity position with cash of GBP69
million at end-July 2024 and an undrawn super senior revolving
credit facility (RCF) of GBP70 million. It has no near-term debt
maturities. Its GBP275 million senior secured notes mature in
October 2027 while its RCF matures in April 2027.

Issuer Profile

Maison Bidco is a vehicle set up by Aermont Capital to acquire
Keepmoat Homes Limited in October 2021. It delivered 4,074 units of
houses in FY23.

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
   -----------               ------         --------   -----
Maison FinCo plc

   senior secured      LT     BB+  Affirmed   RR2      BB+

Maison Bidco Limited   LT IDR BB-  Affirmed            BB-

   senior secured      LT     BB+  Affirmed   RR2      BB+

PREMIER INSURANCE: A.M. Best Withdraws B(Fair) FS Rating
--------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb" (Fair) of Premier
Insurance Company Limited (Premier) (Gibraltar). The outlook of
these Credit Ratings (ratings) is negative. Concurrently, AM Best
has withdrawn these ratings as the company has requested to no
longer participate in AM Best's interactive rating process.

The ratings reflect Premier's balance sheet strength, which AM
Best assesses as adequate, as well as its marginal operating
performance, limited business profile and appropriate enterprise
risk management.

Since 2022, the company has reported material operating losses
every year, which has significantly depleted its reported
shareholders' equity. The negative outlooks reflect AM Best's
expectation of continued pressure on the company's operating
performance and balance sheet strength fundamentals over the near
term. While Premier continues to execute a viable turnaround
strategy, persisting competitive market conditions result in
heightened execution risk.

SOUTHERN PACIFIC 05-B: S&P Lowers Cl. E Notes Rating to 'BB-(sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered to 'BB- (sf)' from 'BB (sf)' its credit
rating on Southern Pacific Financing 05-B PLC's class E notes. At
the same time, S&P affirmed its 'A+ (sf)' ratings on the class B,
C, and D notes.

S&P said, "The rating actions reflect the transaction's
deterioration in performance since our previous review in September
2023. Arrears of greater than or equal to 90 days currently stand
at 29.9%, compared with 21.3%. Loan-level arrears currently stand
at 32.5%, up from 26.2% at our previous review.

"Both metrics are significantly higher than our U.K. nonconforming
RMBS index for pre-2014 originations, where total arrears currently
stand at 27.01%, and severe arrears stand at 19.97%."

Credit enhancement for the senior notes has improved, driven by
prepayments and the transaction's current sequential amortization,
after the pro rata performance trigger was breached. However, the
accumulation of credit enhancement on the class E notes has been
limited and has not been sufficient to offset the significant
increase in severe arrears.

Since S&P's previous review, the weighted-average foreclosure
frequency (WAFF) has increased at all rating levels, driven by the
rise in severe arrears. The increase in arrears also reduces the
pool's seasoning benefit, further elevating the WAFF. At the same
time, the pool's weighted-average loss severity has remained
stable.

Considering the historical loss severity levels registered for the
transaction, the data suggests that the portfolio's underlying
properties may have only partially benefited from rising house
prices, and S&P has therefore applied a valuation haircut to
reflect this.

Overall, since S&P's previous review, the required credit coverage
has increase at all rating levels.

  Table 1

  Portfolio WAFF and WALS
                                           Base foreclosure
                                           frequency component for
  Rating                      Credit       an archetypical U.K.
  level   WAFF (%)  WALS (%)  coverage (%) mortgage loan pool (%)

  AAA     53.97     24.22     13.07        53.97

  AA      50.41     17.05      8.59        50.41

  A       48.56      6.60      3.20        48.56

  BBB     46.59      2.51      1.17        46.59

  BB      44.45      2.00      0.89        44.45

  B       43.92      2.00      0.88        43.92

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

S&P said, "Our credit and cash flow results indicate that the
available credit enhancement for the class B, C, and D notes
continues to be commensurate with the assigned ratings. We
therefore affirmed our ratings on these notes.

"The ratings on the class B, C, and D notes are constrained by the
long- or short-term rating on Barclays Bank PLC (A+/Stable/A-1), in
accordance with our counterparty risk analysis. If a rating on a
counterparty falls below the minimum eligible level and no adequate
replacement mechanisms or remedies are in place, the rating on the
supported security is typically capped at the long- or short-term
rating on the counterparty.

"The class E notes have been affected by weaker transaction
performance since the previous review, driven by higher arrears,
tail-end risk, and a high proportion of interest-only loans. Under
our standard high constant prepayment rate (CPR) assumption of 30%,
the class E notes do not pass all our cash flow scenarios at the
'BB' rating level. However, given the observed CPR in the
transaction of XX% in the last 3 years and our expectations for
prepayments to remain at these levels, we have considered
additional CPR assumptions as part of our analysis.

"Based on the results of our cash-flow analysis, we have lowered
our rating on the class E notes to 'BB- (sf)' from 'BB (sf)'.
Although increasing credit enhancement, a non-amortizing reserve,
and improving macroeconomic conditions for non-conforming borrowers
provide some support, these mitigants are insufficient to offset
the effect of weaker transaction performance."

Macroeconomic forecasts and forward-looking analysis

S&P said, "We expect U.K. inflation to remain above the Bank of
England's 2% target in 2024 and forecast the year-on-year change in
house prices in fourth-quarter 2024 to be 1.4%. We consider the
borrowers in this transaction to be nonconforming and as such
generally less resilient to inflationary pressure than prime
borrowers. At the same time, all the borrowers are currently paying
a floating rate of interest and so have been affected by rate
rises. Given our current macroeconomic forecasts and
forward-looking view of the U.K. residential mortgage market, we
have performed additional sensitivities relating to higher levels
of defaults due to increased arrears.

"We have also performed additional sensitivities with extended
recovery timings due to the delays we have observed in repossession
owing to court backlogs in the U.K. and the repossession grace
period announced by the U.K. government under the Mortgage
Charter.

"We ran eight scenarios with increased defaults and higher loss
severities. The results of the sensitivity analysis indicate a
deterioration that is in line with the credit stability
considerations in our rating definitions.

"We also performed sensitivities with extended recovery timing,
with no impact on the rated notes."

Southern Pacific Financing 05-B is backed by a pool of legacy
nonconforming owner-occupied mortgage loans secured on properties
in the U.K.


TOWD POINT 2024: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Towd Point Mortgage Funding 2024 -
Granite 7 PLC (TPMF - Granite 7) expected ratings.

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

   Entity/Debt            Rating           
   -----------            ------           
Towd Point Mortgage
Funding 2024 –
Granite 7 PLC

   Class A1           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 BBB-(EXP)sf Expected Rating
   Class E            LT BB-(EXP)sf  Expected Rating
   Class F            LT B-(EXP)sf   Expected Rating
   Class XA1          LT CC(EXP)sf   Expected Rating
   Class XA2          LT NR(EXP)sf   Expected Rating
   Class Z            LT NR(EXP)sf   Expected Rating

Transaction Summary

The transaction will be a securitisation of owner-occupied (OO)
residential mortgage assets originated by Northern Rock (now
Landmark Mortgages Limited) and secured against properties in
England, Scotland and Wales. It will also contain a small
proportion of unsecured loans (about GBP12.0 million) linked to the
mortgage products.

Landmark Mortgages Limited will be the legal title holder and
master servicer at close, and in February 2025, the legal titles
and servicing will transfer to Topaz Finance Limited.

KEY RATING DRIVERS

Seasoned Loans: The portfolio consists of seasoned OO mortgage
loans (secured), and unsecured loans (3.5% by current balance),
originated predominantly before 2008 (99.4%). It has benefited from
a considerable degree of indexation with a weighted average (WA)
indexed current loan-to-value (LTV) of 44.5%, leading to a WA
sustainable LTV of 55.6% on the mortgage loans.

The pool contains a relatively high proportion of interest-only
loans and a material proportion of the loans may have been
originated as fast-track loans. Nevertheless, Fitch considered the
originator's lending criteria at the time of origination to be in
line with prime market standards and therefore applied its prime
matrix assumptions.

Weaker Performance: Fitch considered the pool's historical
performance when setting the originator adjustment. Arrears and
default levels have historically been above those typical of prime
UK pools. This underperformance has significantly increased over
the last year as interest rates have risen, with arrears greater
than one month on the total secured pool rising to 21.0%, as at
September 2024 (21.6% for the total pool including the unsecured
loans). The pool has also underperformed Fitch's prime index on
both an arrears and defaults basis. Consequently, Fitch has applied
an originator adjustment of 1.4x, in line with TPMF - Granite 6 and
Curzon Mortgages plc.

Borrowers' Refinancing Challenges Remain: The WA debt-to-income
ratio of 35.2% on the secured pool suggests borrowers may have had
reasonable affordability at origination. However, 89.8% of the
mortgage borrowers are still on the standard variable rate (SVR),
which means refinancing is still an issue for many.

From the available prepayment data for the TPMF - Granite 4
transaction, Fitch notes that since closing prepayment rates have
averaged around 16.6%, peaking at end-2023 at 26.5% before
decreasing to 20.6% at end-February 2024. Prepayments on the TPMF -
Granite 7 pool are likely to have been in line with this. This
partially explains the deterioration in the arrears performance
over the last year and has increased the adverse selection on the
remaining pool.

Deviation from MIR (Criteria Variation): The collateral performance
may worsen and excess spread is likely to be further depressed in
light of the rise in arrears. In addition, recovery rates on
repossessed properties have been lower than suggested by the
seasoning on the assets and could persist due to adverse selection.
Fitch assessed the model-implied ratings (MIR) against a scenario
flooring the WA foreclosure frequency (FF) at the level of the
six-months-plus arrears and reducing the estimated recoveries. The
MIRs were broadly in line with the standard 15% WA recovery rate
(RR) sensitivity reduction, which drove the rating determination.

The assigned ratings are two to four notches below the base MIRs
for the class B to F notes, which constitutes a criteria
variation.

RATING SENSITIVITIES

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

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

In addition, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
potential negative rating action depending on the extent of the
decline in recoveries. Fitch conducts sensitivity analyses by
stressing both a transaction's base-case FF and RR assumptions. For
example, a 15% WAFF increase and 15% WARR indicate downgrades of
one notch for all classes.

Around 89.8% of the mortgage borrowers in the pool have paid a
relatively high SVR over the last decade, despite low interest
rates in this period. Some borrowers in the UK, most likely
including some in this pool, have joined a pressure group (UK
Mortgage Prisoners) to achieve a lower interest rate, a change of
lender/product offering or compensation. Fitch understands that to
date, they have been largely unsuccessful in court actions but they
continue to lobby for government action or legal redress. Fitch
notes that widespread remedial actions, set-offs, or further
relevant legislative or regulatory changes are difficult to
quantify at this stage, and each could lead to negative rating
action.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement and
potential upgrades. Fitch tested an additional rating sensitivity
scenario by applying a decrease in the WAFF of 15%, and an increase
in the WARR of 15%, indicating upgrades of up to two notches for
the class B notes, up to five notches for the class C notes, up to
seven notches for the class D and F notes, and up to eight notches
for the class E notes.

CRITERIA VARIATION

The collateral performance may worsen and excess spread is likely
to be further depressed in light of the rise in arrears. In
addition, recovery rates on repossessed properties have been lower
than suggested by the seasoning on the assets and could persist due
to adverse selection.

Fitch assessed the MIRs against a scenario flooring the WAFF at the
level of the six-months-plus arrears and reducing the estimated
recoveries. The MIRs were broadly in line with the standard 15%
WARR sensitivity reduction, which drove its rating determination.
The assigned ratings are two to four notches below the base MIRs
for the class B to F notes, which constitutes a criteria
variation.

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

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

DATA ADEQUACY

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

Overall, Fitch's assessment of the asset pool information relied on
for the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

TPMF - Granite 7 has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to a high
proportion of IO loans in legacy owner-occupied mortgages, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

YIELD APP: Dec. 20 Proof of Debt Submission Deadline Set
--------------------------------------------------------
Stephen Cork and Hadley Chilton, Joint Liquidators of Yield App
Limited (In Liquidation), announced that they intend to declare a
first interim distribution to creditors.

Creditors who have not already submitted their proof of debt are
required on or before Friday, December 20, 2024, to electronically
submit their proof of debt using the online claim form. All known
creditors were provided instructions, by email on October 29, 2024,
on how to submit their claim form using their unique Access Code.
If you have not received this email and have also checked the
spam/junk folder of the e-mail address associated with your Yield
App account please contact the Joint Liquidators on
yieldapp@corkgully.com

A creditor who has not proved their debt on or before the Bar Date
will not be entitled to disturb the distribution because they have
not participated in it. No further public advertisement or
invitation to prove debts will be given. Creditors requiring
further information, should contact the Joint Liquidators Cork
Gully LLP, 40 Villiers Street London, WC2N 6NJ or by e-mail at
yieldapp@corkgully.com



                           *********


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

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

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