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

                          E U R O P E

          Monday, December 16, 2024, Vol. 25, No. 251

                           Headlines



F I N L A N D

AMER SPORTS: S&P Places 'BB' ICR on CreditWatch Positive


F R A N C E

ALTICE FRANCE: DoubleLine ISF Marks $1.3MM Loan at 25% Off
ALTICE FRANCE: S&P Downgrades ICR to 'CCC', Outlook Developing
EMERIA SASU: S&P Affirms 'B-' ICR, Alters Outlook to Negative


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: Moody's Cuts CFR & Sr. Secured Debt to B3
STANDARD PROFIL: Moody's Cuts CFR to Caa3, Alters Outlook to Neg.


I R E L A N D

ACCUNIA EUROPEAN III: Moody's Affirms B1 Rating on Class F Notes
FORTRESS CREDIT 2024-1: Fitch Puts B-sf Final Rating to Cl. F Notes
FORTRESS CREDIT 2024-1: S&P Assigns B- (sf) Rating to Cl. F Notes
MAN GLG VI: Moody's Affirms B3 Rating on EUR8.54MM Class F Notes
SHAMROCK RESIDENTIAL 2024-1: S&P Assigns B- (sf) Rating to F Notes



N E T H E R L A N D S

LEALAND FINANCE: DoubleLine ISF Marks $780,622 Loan at 62% Off


S P A I N

GRIFOLS SA: S&P Upgrades ICR to 'B+' on Successful Deleveraging


T U R K E Y

ZORLU YENILENEBILIR: S&P Withdraws 'B-' LT Issuer Credit Rating


U N I T E D   K I N G D O M

PRA WORLD: Parker Walsh Named as Administrators
PROPERTY FINANCE: FRP Advisory Named as Administrators
VALLEY FUNDING: S&P Assigns Prelim B+ (sf) Rating to F-Dfrd Notes


X X X X X X X X

[*] BOND PRICING: For the Week December 9 to December 13, 2024

                           - - - - -


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F I N L A N D
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AMER SPORTS: S&P Places 'BB' ICR on CreditWatch Positive
--------------------------------------------------------
S&P Global Ratings placed its 'BB' long-term issuer credit rating
on sportswear and sports equipment company Amer Sports Inc., and
its 'BB' issue rating on the company's $800 million senior secured
notes due 2031, and $434 million and EUR700 million term loan Bs
(TLBs) due 2031, on CreditWatch with positive implications.

S&P said, "We aim to resolve the CreditWatch placement after Amer
Sports repays its TLBs as planned. We expect a material improvement
in S&P Global Ratings-adjusted debt to EBITDA that could lead us to
upgrade the company."

On Dec. 4, 2024 Amer Sports announced pricing of its upsized public
offering of 46.9 million ordinary shares at $23.00 per share.

The group plans to use the net proceeds to repay the group's
borrowing under its $434 million and EUR700 million term loan Bs
(TLBs) due 2031. We expect the transaction's conclusion before the
end of 2024.

The CreditWatch placement follows Amer Sports' announcement that it
plans to prepay a portion of its borrowings under its term loan
facilities with net cash proceeds from its recent public offering
of ordinary shares.   As a result of the public offering, the group
has realized total proceeds of close to $1.1 billion and will use
them to repay its TLBs. S&P said, "Assuming the company uses all
net cash proceeds from the public offer to repay its financial
debt, we estimate a material improvement in Amer Sports' S&P Global
Ratings-adjusted debt to EBITDA ratio to about 2.0x at
transaction-close compared to our previous expectation of 3.4x in
2024. We then expect adjusted debt to EBITDA to approach 1.5x and
below over the next couple of years, supported by EBITDA
improvements. In fact the company continues to benefit from strong
business momentum. We project the group's revenue will increase
15%-16% in 2024 and 2025, on strong performance across brands, with
Arc'teryx brand leading the growth also through an ongoing increase
in store openings (17 net store openings in first-half 2024);
continued strong demand in the premium sports and outdoor market in
Asia-Pacific; and growth opportunities in Salomon footwear. We also
forecast Amer Sports' adjusted EBITDA margin to expand to
13.0%-13.5% in 2024 and 2025 from 12.3% in 2023, reflecting a shift
toward high-margin brands, channels, and regions, as well as lower
sourcing costs."

S&P said, "We aim to resolve the CreditWatch placement when Amer
Sports repays its TLBs as planned. The magnitude of the rating
upside would depend on our evaluation of the company's final
capital structure after the transaction closes. If the company uses
all or a vast majority of net cash proceeds to pay down its
financial debt translating in a material improvement in S&P Global
Ratings-adjusted debt to EBITDA, we could upgrade the company."




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F R A N C E
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ALTICE FRANCE: DoubleLine ISF Marks $1.3MM Loan at 25% Off
----------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $1,382,997 loan
extended to Altice France SA to market at $1,140,706 or 75% of the
outstanding amount, according to a disclosure contained in
DoubleLine ISF's Amended Form N-CSR for the six-month period ended
September 30, 2024, filed with the U.S. Securities and Exchange
Commission.

DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to Altice France SA. The loan accrues interest at a rate of
10.80% (3 Month term SOFR+ 5.50%) per annum. The loan matures on
August 31, 2028.

DoubleLine ISF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.

DoubleLine ISF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:

     Ronald R. Redell
     President and Chief Executive Officer
     c/o DoubleLine Capital LP
     2002 North Tampa Street, Suite 200
     Tampa, FL 33602
     Tel. No.: (813) 791-7333

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: S&P Downgrades ICR to 'CCC', Outlook Developing
--------------------------------------------------------------
S&P Global Ratings lowered its issuer and issue credit ratings on
Altice France S.A. and its secured debt to 'CCC' from 'CCC+'. At
the same time, S&P assigned a public issuer credit rating of 'CCC-'
to Altice France Holding S.A. and affirmed our issue credit rating
on Altice France Holding's unsecured debt at 'C'.

S&P said, "The developing outlook on the rating on Altice France
S.A. indicates that we could lower the rating if the risk of a
conventional default or of senior lenders participating in a
distressed debt exchange further rises. Conversely, we could raise
the rating if the company deleverages by using disposal proceeds or
equity injection, along with a debt restructuring that we would not
assess as distressed.

"The negative outlook on Altice France Holding S.A. reflects our
view of a high probability of a distressed unsecured debt
restructuring absent favorable developments in the next weeks.

"We think that the risk of Altice France S.A.'s senior secured
lenders participating in a distressed debt exchange is increasing.
Altice France's issuance of a Cleansing Statement officially
confirmed that the company and a group of senior secured lenders
have engaged in negotiations contemplating several exchange offer
proposals. These proposals considered a cash payment of EUR2.6
billion, new senior secured debt instruments, and an equity stake.
We also understand the proposals included enhanced documentary
terms (including a material tightening of various negative
covenants), and enhanced collateral, details of which have not been
disclosed. While Altice France confirmed, as part of the issuance
of the Cleansing Statement, that it has not reached any agreement
with these senior secured lenders, we think that the company will
continue discussing with them. We therefore think Altice France
could reach a debt exchange agreement within the next 12 months
with its senior lenders, which we may assess as distressed and
tantamount to a default. In such a case, we would lower our issue
credit rating on Altice France's debt to 'D' (default) and our
issuer credit rating on Altice France S.A. to 'D' or 'SD'
(selective default) upon closing of such a transaction.

"However, the ratings effect on Altice France S.A. depends on
whether we assess the exchange transaction as distressed.   While
an exchange offer for the senior secured debt appears to be under
negotiation, it is not clear yet if we would assess such a
transaction as distressed as final terms are not known yet. Per our
criteria, we consider the circumstances (including the discount
level), the materiality of the debt being exchanged, the existing
rating levels, the risk of a conventional default if the exchange
offer is not accepted, and offered compensations. Should we assess
compensations offered to senior secured lenders as sufficient to
offset the discounted debt repurchase, we may not assess such
transaction as tantamount to a default.

"The company has enough liquidity and management is, in our view,
willing to repay the January and February 2025 maturities.   With
about EUR1.08 billion of cash on balance sheet--including net
proceeds from the sale of a 49.99% stake in La Poste Telecom of
EUR533 million received at closing and EUR51 million differed
proceeds to be cashed-in in January 2025--and EUR300 million
availability under its revolving credit facility (RCF), Altice
France has sufficient funds to repay its EUR440 million senior
secured notes due in January 2025, and its EUR390 million senior
secured notes due in February 2025. We also think that management
is willing to repay these maturities at par, absent any broader
agreement with lenders on the group's debt structure, to avoid a
technical default while negotiating with lenders."

However, subdued operating performance and still high capital
expenditure (capex) requirement constrain the company's liquidity
after February 2025.   Over the first nine months of 2024, a
contraction in the fixed and mobile customer base and in
construction revenue from XpFibre underpinned the company's
recorded decline in total reported revenues of about 4.6%. Reported
EBITDA after leases declined by 8.2% year on year as some operating
costs and rental expenses increased faster than the top line. S&P
said, "We think that revenue and reported EBITDA after leases for
the full year 2024 will trend largely in line with current trading
performance. Management also guided for capex of approximately
EUR2.0 billion for the full-year 2024, about EUR300 million less
than in 2023, which does not compensate for planned
underperformance. We therefore continue to forecast negative FOCF
after leases in 2024. This further constrains the group's liquidity
beyond its February 2025 maturities and absent any contribution of
proceeds from asset sales (which total about EUR3.4 billion to
date) back to the restricted group."

S&P said, "We think that a distressed exchange offer on Altice
France Holding S.A.'s unsecured debt is more likely.   Our 'CCC-'
long-term issuer credit ratings and 'C' issue credit ratings on
Altice France Holding and its senior unsecured debt reflect our
view that the likelihood of a tender or an exchange offer that we
could consider distressed is higher for this issuer and class of
debt than for Altice France S.A. and its senior secured debt. This
is because Altice France Holding's senior unsecured debt is
currently trading at a heavy discount and residual equity value in
the event of a default would be minimal for this class of debt. We
therefore view Altice France Holding's credit quality as weaker
than that of the operating company and senior secured borrower,
Altice France S.A. Finally, given that both entities are separate
issuers, an exchange limited to the unsecured debt of Altice France
Holding that we viewed as distressed and tantamount to a default
would not affect our rating on Altice France S.A."

Altice France S.A.

S&P said, "The developing outlook on the rating on Altice France
indicates that we could lower the rating if the risk of a
conventional default or of senior lenders participating in a
distressed debt exchange further rises. Conversely, we could raise
the rating if the company deleverages by using disposal proceeds or
equity injection, along with a debt restructuring that we would not
assess as distressed."

S&P could lower its rating on Altice France S.A. to 'CCC-' or lower
if:

-- The risk of a conventional default increases;

-- Secured lenders participate in a debt exchange or Altice France
launches tender offers for secured debt at prices that translate
into distressed transactions; or

-- Altice France's liquidity position deteriorates. This could
happen if the company is unwilling to use proceeds from asset sales
to address current maturities.

S&P could raise its rating on Altice France S.A. 'CCC+' if:

-- Secured lenders participate in a debt exchange that we would
not consider as distressed because S&P thinks that they are
adequately compensated; but

-- S&P forecasts subdued performance and no immediate return to
more sustainable cash flows, which would offset any deleveraging by
using a combination of proceeds from asset sales or equity
injections, and discounted debt repurchases or restructuring.
Altice France Holding S.A.

-- The negative outlook on the rating on Altice France Holding
reflects S&P's view of a high probability of a distressed unsecured
debt restructuring absent favorable developments in the next
weeks.

S&P said, "We could lower the rating on Altice France Holding if we
see a default on the unsecured debt as a virtual certainty, for
example if Altice France Holding launches tender offers for
unsecured debt or announces an agreement with unsecured lenders to
undertake a broader restructuring. We would most likely classify
these transactions on the unsecured debt as distressed and
tantamount to a default given the heavily discounted trading level
and the minimal residual value at risk at Altice France Holding in
the event of a default."

S&P thinks that an upside is remote at this stage.


EMERIA SASU: S&P Affirms 'B-' ICR, Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' ratings on France-based real
estate services company Emeria SASU (previously Foncia Management;
the sole operating company of Flamingo II Lux GP S.a.r.l.) and
Emeria and its senior secured debt instruments, and its 'CCC' issue
rating on the junior subordinated notes. S&P's '3' recovery rating
on the senior secured debt is unchanged, indicating its expectation
for meaningful (50%-70%; rounded estimate: 50%) recovery in a
simulated default scenario. S&P's '6' recovery rating on the junior
subordinated debt is also unchanged, indicating its expectation for
negligible recovery (0%-10%; rounded estimate: 0%) in a simulated
default scenario.

S&P said, "The negative outlook indicates that we could lower the
rating if Emeria cannot sustainably generate FOCF due to persistent
high exceptional costs, or if it maintains leverage above 10x on a
sustained basis, which could lead us to consider Emeria's capital
structure as unsustainable in the long term.

"The outlook revision reflects Emeria's operating underperformance
due to higher-than-expected nonrecurring costs. We previously
anticipated a reduction in nonrecurring costs in 2024 as a result
of management's more disciplined merger and acquisition (M&A)
spending and the gradual phasing out of transformation expenses in
relation with Millenium, the group's new enterprise resource
planning (ERP) system, and its "Agency of the Future" project, a
new organizational model. While the group indeed scaled back M&A
spending in 2024, resulting in somewhat lower integration costs,
Emeria incurred additional exceptional expenses relating to
restructuring initiatives in Germany and Switzerland. As a result,
we now expect total exceptional costs of about EUR140 million in
2024, which continues to impair Emeria's profitability and cash
generation. From 2025, we expect a mechanical reduction in
nonrecurring costs as M&A activity remains minimal and
transformation projects come to an end and start delivering cost
efficiencies. However, we believe, based on the group's track
record, that other nonrecurring expenses, including restructuring,
could still weigh on EBITDA margins and FOCF. Although we forecast
that S&P Global Ratings-adjusted EBITDA margins will improve to
about 23.0%-23.5% in 2025, from about 18.0%-18.5% in 2024, we
project that FOCF after lease payments will not turn positive until
2026.

"The group's leverage and cash flow improvement will be slower than
we previously expected. We forecast that S&P Global
Ratings-adjusted debt to EBITDA will remain very high, at about
13.5x, in 2024, and will moderately reduce to about 10.0x in 2025.
This compares with our previous expectation of about 10x in 2024
and 8x-9x in 2025. In addition, our view of Emeria's financial risk
profile is also constrained by a high interest burden due to
elevated debt levels and the high interest rate environment. As a
result, funds from operations (FFO) cash interest coverage will
remain close to 1.0x in 2024 and slowly improve to about 1.5x in
2025, while we previously expected an improvement to 1.5x-2.0x in
2024-2025.

"We observe early signs of improvement in the French real estate
market, which will gradually support a recovery in the group's
"flow" business. Interest rate cuts by the European Central Bank
(ECB) have started to encourage housing demand, as mortgage loan
production has increased slightly year on year in the third quarter
of 2024. But France's housing activity still lags other European
countries, and there remains uncertainty with regard to the pace of
further interest rate cuts by the ECB, and on how quickly this
would translate into a more significant increase in real estate
transactions, which would benefit Emeria's business-to-consumer
sales business, in particular real estate brokerage (REB), in 2025.
We therefore forecast a prudent stabilization or 1%-3% increase in
REB revenue in 2025. The group's revenue performance remains
supported by the stable and resilient residential real estate
services (RRES) business, including lease management and lettings,
as well as by a more dynamic market in the U.K. supported by the
combination of Firstport and Chestertons acquired in 2022 and
2023."

Emeria's liquidity will remain adequate over the next 12 months,
but the liquidity position has tightened due to weaker earnings and
higher seasonal working capital outflows. As of Sept. 30, 2024,
about 80% of the company's EUR437.5 million committed revolving
credit facility (RCF), including committed overdrafts, was drawn
and the group had EUR23 million cash on the balance sheet. The high
RCF drawing was predominantly caused by the increased working
capital needs in first-quarter 2024, given several one-off effects
including cash collection delays in the U.K., U.K. perimeter
evolution, and higher levels of cash collection in the last quarter
of 2023 for Assurimo, the group's insurance brokerage business. S&P
said, "For the next 12 months, we expect gradually growing earnings
and cash flows, reflecting abating restructuring and exceptional
cost of about EUR75 million-EUR80 million for 2025 (versus
approximately EUR140 million in 2024). This, in combination with
limited capital expenditure (capex) requirements and the absence of
any significant debt maturities over the next 12 months, supports
liquidity, in absence of more material intra-year working capital
swings than the company incurs in the normal course of business.
Nevertheless, risks over the group's liquidity position could arise
if Emeria failed to reduce exceptional costs, if it resumed M&A
activity earlier than we expect, or if its working capital needs
increase."

S&P said, "The negative outlook indicates that we could lower the
rating if Emeria cannot sustainably generate positive FOCF due to
persistent high exceptional costs, or maintains leverage above 10x
on a sustained basis, which could lead us to consider the company's
capital structure unsustainable in the long term."

S&P could lower its rating on Emeria if:

-- The company proves unable to reduce exceptional expense, or to
deliver long-awaited synergies from its operating efficiency
programs, translating into weak EBITDA and FFO, persistently
negative FOCF, and no material deleveraging, which could make us
consider the capital structure as unsustainable; or

-- The company's liquidity tightens, reflecting weak earnings,
unexpected intrayear working capital outflows, or further drawings
under the company's RCF.

-- S&P could revise the outlook to stable if Emeria's operating
performance improved, with substantial EBITDA margin expansion,
showing a path to leverage reduction and positive FOCF on a
sustainable basis. A stable outlook would also require Emeria to
maintain adequate liquidity.




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G E R M A N Y
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CHEPLAPHARM ARZNEIMITTEL: Moody's Cuts CFR & Sr. Secured Debt to B3
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Moody's Ratings has downgraded Cheplapharm Arzneimittel GmbH's
(Cheplapharm or the company) corporate family rating to B3 from B2,
its probability of default rating to B3-PD from B2-PD, and the
ratings on its backed senior secured notes, its senior secured
notes and on its senior secured bank credit facilities to B3 from
B2. The outlook remains stable.  

RATINGS RATIONALE

The downgrade to B3 reflects the operational issues that
Cheplapharm has been facing over the past year and which have
recently expanded, resulting in a decline of its EBITDA and
significant weakening of its credit metrics. While Cheplapharm has
started to implement some remediation measures, Moody's expect
these to take time to materialize and its credit metrics to remain
weak in the next 12-18 months. Governance considerations related to
Cheplapharm's highly acquisitive strategy and integration track
record were drivers of the rating action.

Cheplapharm has been facing widening operational issues over the
past year, impacting a significant number of its products, and it
reported a substantially larger decline in its EBITDA in Q3 2024,
both on a year-over-year and sequential basis. These issues are
primarily the result of the company's exceptionally rapid growth
through multiple acquisitions in recent years. This rapid growth
has strained the company's organization and processes and notably
led to product availability issues and delays in technical
transfers from recent acquisitions. Cheplapharm has reported that
these operational issues resulted in a EUR156 million, or 17%,
decline in its adjusted EBITDA in the 12 months that ended
September 2024. The company has also decided that it would focus on
integration of recent acquisitions and limit new M&A until its
operational situation has stabilized.

Moody's project that Cheplapharm's leverage (Moody's-adjusted
debt/EBITDA) will reach about 6.5x in 2024 and stay elevated in the
next 12-18 months, at levels in line with a B3 rating. Moody's
expect free cash flow (FCF) to be positive in 2025 in the EUR100
million-EUR150 million range, considering no new acquisitions are
undertaken.

Cheplapharm's B3 rating continues to reflect its good therapeutic
and geographical diversification and solid cash flow generation,
supported by its asset light business model, although it is
currently depressed by its operational issues.

The B3 rating remains constrained by the company's structural
earnings decline in its existing off-patent product portfolio,
prompting it to make product acquisitions to maintain or grow
revenue, and an aggressive financial policy, with multiple
debt-funded acquisitions undertaken in recent years, which
increased its gross debt sharply to EUR4.4 billion as of September
30, 2024 from EUR0.9 billion at the end of 2018.

LIQUIDITY

Moody's expect Cheplapharm's liquidity to remain adequate in the
next 12-18 months. The company had a cash balance of EUR399 million
as of September 30, 2024 and Moody's expect it to generate FCF of
EUR100 million-EUR150 million in the next year. Cheplapharm's next
large debt maturity is its EUR500 million senior secured notes due
February 2027.

Cheplapharm has a EUR695 million senior secured revolving credit
facility (RCF) which has a springing maturity, dependent on the
timing of refinancing of existing senior secured notes due 2027 and
2028 and ensuring that the senior secured RCF always matures before
the remaining senior secured debt. Earliest maturity date for the
senior secured RCF is November 2026.

The senior secured RCF is also subject to a springing covenant,
which requires the company to maintain net senior secured
debt/EBITDA of less than 6.0x if at least 40% of the senior secured
RCF is drawn. The RCF was drawn at EUR365 million as of September
30, 2024 and the covenant therefore tested. Cheplapharm's meets the
covenant limit, with a covenant ratio at 5.1x, although leeway has
been reducing. Moody's expect the company to have sufficient
sources of liquidity to be able to reduce the drawing on its RCF to
below 40%, but caution that if its net senior secured debt/EBITDA
further increases, this could limit the access to its RCF to 40% of
its size.

ESG CONSIDERATIONS

Cheplapharm's G-4 score reflects financial policies with a
tolerance for leverage, and a track record of rapid growth through
acquisitions, which has resulted in a sharp increase in debt in
recent years. Recent widespread operational challenges stem from
the company's aggressive M&A strategy, which has strained
organisational and management resources, leading to challenges and
bottlenecks in integration of recent acquisitions.

Cheplapharm has a moderately negative (S-3) exposure to social
risks. Its product portfolio essentially comprises off-patent drugs
that have been on the market for many years, which reduces the risk
of product safety issues and of abrupt price declines from
regulatory changes.

STRUCTURAL CONSIDERATIONS

Cheplapharm's debt comprises a senior secured term loan B, senior
secured notes, as well as a senior secured RCF, all rated B3 in
line with the CFR. All these debt instruments have been issued by
Cheplapharm, which is also the main operating company of the group,
and they share the same collateral, which includes a first-priority
pledge over Cheplapharm's shares as well as pledges over bank
accounts and intercompany receivables. Moody's view this security
package as relatively weak and therefore consider these debt
instruments as unsecured in Moody's loss given default analysis.
Moody's use a family recovery rate of 50% appropriate for a debt
structure comprising bank and bond debts. Cheplapharm's capital
structure also comprises EUR500 million of shareholder loan which
Moody's treat as equity.

RATIONALE FOR THE OUTLOOK

The stable rating outlook reflects Moody's expectation that
Cheplapharm will be able to stabilize its operating performance
within the next 12-18 months but that its credit metrics will
meanwhile remain in line with a B3. The stable outlook also
considers the maintenance of an adequate liquidity.

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

Moody's could upgrade Cheplapharm's rating if it is able to resolve
its operational issues and stabilise its business, returning to the
revenue trends it used to have, namely an organic revenue decline
of about 3-5% per annum, and normalise its working capital needs.
Quantitatively, Moody's would upgrade the rating if Cheplapharm
maintains its Moody's-adjusted debt/EBITDA ratio below 5.5x and its
cash flow from operations (CFO)/debt ratio above 10% on a sustained
basis. An upgrade would also require the company to demonstrate a
more cautious acquisition strategy.

Conversely, Moody's could downgrade Cheplapharm's rating if it is
not able to resolve its operational issues and its revenues
continue to decline at higher rates than in the past.
Quantitatively, Moody's could downgrade Cheplapharm's rating if it
does not maintain a Moody's-adjusted debt/EBITDA ratio comfortably
below 7.0x, or if its CFO/debt ratio remains below 5% for a
prolonged period. Failing to maintain adequate liquidity, including
a well spread debt maturity profile and timely refinancing of
upcoming maturities, or a material deterioration in interest
coverage metrics could also trigger negative pressure on the
rating.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Greifswald, Germany, Cheplapharm is a company
focused on the marketing of off-patent, branded, prescription and
niche drugs. Its business model relies on its ability to buy
products with sufficient earnings potential at the right price, and
the outsourcing of its production and distribution to reliable
third parties. Cheplapharm's asset-light operations enable it to
generate high cash flow, which it reinvests into new products,
offsetting the structural earnings decline in its existing
portfolio. In the 12 months that ended September 2024, the company
generated EUR1.5 billion in revenue and EUR713 million in EBITDA
(on a reported basis). Cheplapharm is 50:50 owned by Sebastian
Braun (Co-CEO of the group) and Bianca Juha (Chief Scientific
Officer).  

STANDARD PROFIL: Moody's Cuts CFR to Caa3, Alters Outlook to Neg.
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Moody's Ratings has downgraded the long term corporate family
rating of the automotive parts supplier Standard Profil Automotive
GmbH (Standard Profil) to Caa3 from Caa1. Concurrently, Moody's
have downgraded the probability of default rating to Caa3-PD from
Caa1-PD, and the backed senior secured instrument rating to Caa3
from Caa1. The outlook was changed to negative from stable.

"The rating downgrade was prompted by Standard Profil's recent
material profit revision, with an expectation for the full year
EBITDA of only EUR55 million - EUR58 million compared to more than
EUR87 million - EUR92 million EBITDA guided in early June this
year", says Matthias Heck - a Moody's Ratings Vice President –
Senior Credit Officer and Lead Analyst for Standard Profil. "The
deteriorating operating performance and weakening liquidity makes
the capital structure more unsustainable and leads to a higher
probability of default", adds Mr.  Heck. "The negative outlook
reflects the increasing pressure and uncertainty around the
refinancing of the fully drawn revolving credit facility (RCF)
maturing April 2025 and the senior secured notes due April 2026 and
the continued challenging market environment for auto suppliers",
continues Mr. Heck.

RATINGS RATIONALE

On December 04, Standard Profil has revised its full year guidance
for the second time this year, given the current challenging market
environment with unclear prospects of recovery. The company now
expects to generate EUR55 million - EUR58 million EBITDA compared
to more than EUR87 million - EUR92 million EBITDA guided in early
June this year, which was revised to approximately EUR80 million on
July 16. At the same time, the company expects to spend relatively
high capex of around EUR45 million - EUR48 million this year.

The company has also commenced a process to evaluate potential
financing options for the mid- to long term, given the maturity
profile of the group's existing indebtedness. This process, started
just a few months prior to the maturity of the RCF, indicates a
relatively aggressive financial strategy and risk management, while
the company's management credibility and track record have suffered
from the profit warnings and two changes at the CFO level this
year. Moody's rating downgrade is therefore also driven by the
relatively weak governance of the company.

Based on the revised guidance, Moody's now expect Standard Profil's
EBITA margin (Moody's-adjusted) to just around 1% this year,
leading to a debt/EBITDA (Moody's adjusted) of more than 8.5x the
end of 2024. The EBITA interest coverage will be well below 0.5x,
which indicates an unsustainable capital structure. As a result,
the probability of default has increased further, which has driven
the downgrade of Moody's ratings.

In the first nine months of 2024 (9M 2024), Standard Profil'
revenue declined by 4% (compared to the proforma 9M 2023 revenue)
to EUR350 million because of adverse volume development at its
largest customers. The company's profitability also suffered from
high salary inflation. The company-reported normalized EBITDA
declined by 15.6% to EUR47 million in 9M 2024. As a result,
Standard Profil's liquidity profile has weakened further.

OUTLOOK

The negative outlook reflects the weak liquidity and increasing
uncertainty around the refinancing of the short-term maturities,
including the RCF in April 2025 and the backed senior secured notes
maturing in April 2026 and the continued challenging market
environment for auto suppliers, which reduces the likelihood of a
performance turnaround in the short term. The negative outlook also
reflects the possibility of lower recoveries than those implied by
the current rating, in the case of a debt restructuring.

LIQUIDITY

Moody's consider Standard Profil's liquidity to be weak. At the end
of September 2024, the company's cash balance amounted to EUR29.8
million, and the company's EUR30 million RCF was fully drawn. On a
regional level, banks provide bilateral facilities as well as
factoring lines, totalling to around EUR16.4 million, which are not
included in Moody's liquidity assessment due to their short-term
and uncommitted nature. The unexpected reduction of one of the
factoring facilities by EUR7 million in Q3 supports Moody's
approach.

Cash sources currently do not cover cash uses for the next 12
months, comprising of minimum working cash needs (estimated at 3%
of sales or EUR14 million), short-term debt maturities of around
EUR36 million, including EUR30 million RCF maturing in April 2025,
and still negative free cash flows, reflective of high interest
expenses and capex requirements.

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

The ratings could be downgraded further if the company's
performance or liquidity weakened further, bringing the company
even closer to a default situation with additional uncertainty in
terms of recovery prospects. Furthermore, a reduction in Moody's
recovery estimates in the event of default or a distressed exchange
could result in another downgrade.

A ratings upgrade would require a successful refinancing, leading
to an improvement of the liquidity situation to more adequate
levels. Ratings could also be upgraded if the upcoming refinancing
is structured to ensure greater recoveries for the debtholders.

Furthermore, a rating upgrade would  require (1) positive FCF
generation, (2) Moody's-adjusted EBITA/interest expense improving
to more than 1.0x on a sustained basis, (3) Moody's-adjusted
debt/EBITDA falling sustainably below 7.5x, as well as (4) a
meaningful and sustained improvement of profitability, leading to
Moody's-adjusted EBITA margins in the low single-digits at least.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Suppliers published in December 2024.

COMPANY PROFILE

Headquartered in Eschborn, Germany, Standard Profil Automotive GmbH
is a tier 1 supplier to the automotive industry. The company is
offering static and dynamic sealing solutions to global automotive
manufacturers. In 2023 the company generated revenues of EUR512
million and a company adjusted normalized EBITDA of EUR84.4
million. Since 2013, the company is owned by Actera, a private
equity firm with offices in Jersey and Turkiye.



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

ACCUNIA EUROPEAN III: Moody's Affirms B1 Rating on Class F Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Accunia European CLO III Designated Activity Company:

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa2 (sf); previously on Feb 23, 2024
Affirmed A1 (sf)

EUR19,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A3 (sf); previously on Feb 23, 2024
Affirmed Baa2 (sf)

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

EUR216,000,000 (Current outstanding amount EUR132,185,021) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Feb 23, 2024 Affirmed Aaa (sf)

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Feb 23, 2024 Upgraded to Aaa
(sf)

EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Feb 23, 2024 Upgraded to Aaa (sf)

EUR21,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Feb 23, 2024
Affirmed Ba2 (sf)

EUR10,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B1 (sf); previously on Feb 23, 2024
Affirmed B1 (sf)

Accunia European CLO III Designated Activity Company, issued in
August 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Accunia Fondsmæglerselskab A/S. The
transaction's reinvestment period ended in August 2022.

RATINGS RATIONALE

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

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

The Class A notes have paid down by approximately EUR62.9 million
(29.2%) since the last rating action in February 2024 and EUR83.8
million (38.8%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased. According to the trustee
report dated October 2024 [1] the Class A/B, Class C, Class D,
Class E and Class F OC ratios are reported at 156.56%, 135.87%,
123.18%, 111.55% and 106.82% compared to February 2024 [2] levels
of 142.23%, 128.13%, 118.93%, 110.12% and 106.42%, respectively.

Key model inputs:

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: EUR256.8m

Defaulted Securities: EUR8.2m

Diversity Score: 37

Weighted Average Rating Factor (WARF): 3276

Weighted Average Life (WAL): 3.64 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.09%

Weighted Average Coupon (WAC): 3.36%

Weighted Average Recovery Rate (WARR): 44.27%

Par haircut in OC tests: 0.72%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
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.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assume that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values 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.

FORTRESS CREDIT 2024-1: Fitch Puts B-sf Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Fortress Credit Europe BSL 2024-1 DAC
final ratings, as detailed below.

   Entity/Debt                     Rating           
   -----------                     ------           
Fortress Credit Europe
BSL 2024-1 DAC

   Class A XS2910514301        LT AAAsf  New Rating
   Class B-1 XS2910514483      LT AAsf   New Rating
   Class B-2 XS2929972565      LT AAsf   New Rating
   Class C XS2910514640        LT Asf    New Rating
   Class D XS2910514723        LT BBB-sf New Rating
   Class E XS2910514996        LT BB-sf  New Rating
   Class F XS2910515290        LT B-sf   New Rating
   Subordinated XS2910515373   LT NRsf   New Rating

Transaction Summary

Fortress Credit Europe BSL 2024-1 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, second-lien loans and high-yield bonds. Note
proceeds were used to fund a portfolio with a target par of EUR450
million. The portfolio is actively managed by FCFE CM LLC.

This is the first collateralised loan obligation (CLO) managed by
the collateral manager in Europe. The 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 assesses the
average credit quality of obligors to be in the 'B' category. 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 63.1%.

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices corresponding to an 8.5- year WAL covenant that are
effective at closing and two Fitch forward matrices corresponding
to a seven-year WAL covenant that can be selected by the manager
from one year and a half after closing. Each matrix set corresponds
to two different fixed-rate asset limits at 5% and 10%. All
matrices are based on a top 10 obligor concentration limit at 20%

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

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio is reduced by 12 months from the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
include, among others, passing both the coverage tests and the
Fitch 'CCC' test post reinvestment as well a WAL covenant that
progressively steps down over time. Fitch believes 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) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A notes, would lead to
downgrades of one notch each for the class B to E notes and to
below `B-sf´ for the class F notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B to F notes have a
two-notch cushion each.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of three notches
for the class A notes and of four notches each for the class B 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 of the mean RDR 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, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
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
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for this transaction.

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

FORTRESS CREDIT 2024-1: S&P Assigns B- (sf) Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Fortress Credit
Europe BSL 2024-1 DAC's class A, B-1, B-2, C, D, E, and F notes.
The issuer also issued unrated subordinated notes.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,728.61

  Default rate dispersion                                 514.40

  Weighted-average life (years)                             4.87

  Weighted-average life extended to cover
  the length of the reinvestment period (years)             4.87

  Obligor diversity measure                               107.11

  Industry diversity measure                               23.39

  Regional diversity measure                                1.13

  Transaction key metrics

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

  'CCC' category rated assets (%)                           1.11

  Target 'AAA' weighted-average recovery (%)               37.15
  
  Target weighted-average spread (%)                        3.99
  
  Target weighted-average coupon (%)                        4.63

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.6 years after
closing.

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

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.85%), the
covenanted weighted-average coupon (4.50%), the covenanted
weighted-average recovery rate at the 'AAA' level (36.00%), and the
target weighted-average recovery rates calculated in line with our
CLO criteria for all the other classes of 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.

"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 July 20, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

"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.

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

"For the class F notes, our credit and cash flow analysis indicate
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 class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that have
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 24.72% (for a portfolio with a weighted-average
life of 4.87 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.87 years, which would result
in a target default rate of 15.10%.

-- 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.

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

"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 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 (and or for some of these
activities revenue limits apply, or they cannot be the primary
business activity) assets from being related to certain activities.
These activities include, but are not limited to: The extraction of
thermal coal, controversial weapons, the production of or trade or
involvement in tobacco or tobacco products, hazardous chemicals and
pesticides, production or trade in endangered wildlife,
pornography, and payday lending. 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."

Fortress Credit Europe BSL 2024-1 is a cash flow CLO securitizing a
portfolio of primarily European senior secured leveraged loans and
bonds. The transaction is managed by FCFE CM LLC.

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

  A      AAA (sf)   279.00      3mE + 1.45         38.00

  B-1    AA (sf)     36.50      3mE + 2.30         27.00

  B-2    AA (sf)     13.00      5.25               27.00

  C      A (sf)     25.875      3mE + 2.65         21.25

  D      BBB- (sf)  32.625      3mE + 3.74         14.00

  E      BB- (sf)   19.125      3mE + 6.67          9.75

  F      B- (sf)    14.625      3mE + 8.99          6.50

  Sub    NR          35.50      N/A                  N/A

*The ratings assigned to the class A, B-1, and B-2 notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, and 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.

3mE--Three-month EURIBOR.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


MAN GLG VI: Moody's Affirms B3 Rating on EUR8.54MM Class F Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by MAN GLG Euro CLO VI Designated Activity Company:

EUR33,235,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Apr 16, 2024 Affirmed Aa1
(sf)

EUR5,265,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aaa (sf); previously on Apr 16, 2024 Affirmed Aa1 (sf)

EUR20,125,000 Class C Deferrable Mezzanine Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Apr 16, 2024 Affirmed A1
(sf)

EUR23,625,000 Class D Deferrable Mezzanine Floating Rate Notes due
2032, Upgraded to Baa2 (sf); previously on Apr 16, 2024 Affirmed
Baa3 (sf)

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

EUR217,000,000 (current outstanding amount EUR136,359,500) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Apr 16, 2024 Affirmed Aaa (sf)

EUR17,710,000 Class E Deferrable Junior Floating Rate Notes due
2032, Affirmed Ba3 (sf); previously on Apr 16, 2024 Affirmed Ba3
(sf)

EUR8,540,000 Class F Deferrable Junior Floating Rate Notes due
2032, Affirmed B3 (sf); previously on Apr 16, 2024 Downgraded to B3
(sf)

MAN GLG Euro CLO VI Designated Activity Company, issued in March
2020, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by GLG Partners LP. The transaction's
reinvestment period ended in April 2022.

RATINGS RATIONALE

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

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

The Class A notes have paid down by approximately EUR64.1 million
(29.5%) since the last rating action in April 2024. As a result of
the deleveraging, over-collateralisation (OC) has increased.
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 149.35%, 133.94%, 119.46%, 110.51% and 106.66% compared to March
2024 [2] levels, on which the last rating action was based, of
137.98%, 127.26%, 116.63%, 109.75% and 106.72%, respectively.

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

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

Performing par and principal proceeds balance: EUR263.6m

Defaulted Securities: EUR500k

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3096

Weighted Average Life (WAL): 3.25 years

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

Weighted Average Coupon (WAC): 4.47%

Weighted Average Recovery Rate (WARR): 42.97%

Par haircut in OC tests and interest diversion test: 1.05%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" 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.

SHAMROCK RESIDENTIAL 2024-1: S&P Assigns B- (sf) Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned ratings to Shamrock Residential 2024-1
DAC's (Shamrock 2024-1) class A to F-Dfrd Irish RMBS notes. At
closing, the issuer also issued unrated class RFN, Z1-Dfrd,
Z2-Dfrd, X, and Y notes.

The pool for Shamrock 2024-1 contains EUR303.9 million first-lien
residential mortgage loans located in Ireland. The loans were
originated by multiple lenders—primarily Permanent TSB PLC,
Allied Irish Banks PLC, EBS DAC, and Ulster Bank, which account for
over 80% of the pool. The pool comprises 77% owner-occupied
properties, 13% buy-to-let loans, and 10% of commercial loans.

There are EUR5.2 million of warehoused loans that are subject to
future write-off. We have conducted our analysis net of this amount
and have not given credit to these loans in S&P's cashflow
analysis.

The assets comprise a mix of assets that were never securitized and
loans that were previously securitized in various non-performing
loan transactions. All assets were positively identified on pay
rate percentage and cash collected metrics over recent periods.

Of the loan pool, 35.2% are currently at least one month in
arrears, with 23.4% of these borrowers more than three months in
arrears.

25.8% of the loans are interest-only loans or part-and-part loans.
In S&P's view, interest-only loans on owner-occupied properties
have historically exhibited a higher default probability than
otherwise similar loans that pay full principal and interest.

S&P said, "Our rating on the class A notes addresses the timely
payment of interest and the ultimate payment of principal. Our
ratings on the class B to F-Dfrd notes address the ultimate payment
of interest and principal.

"Our ratings on the class D-Dfrd, E-Dfrd, and F-Dfrd notes also
address the payment of interest based on the lower of the stated
coupon and the net weighted-average coupon."

The capital structure provides 29.67% of available credit
enhancement for the class A notes through subordination and the
non-liquidity reserve fund. A fully funded liquidity reserve fund
is available to meet revenue shortfalls on the class A notes, and
the non-liquidity reserve fund is available to meet revenue
shortfalls and provide credit enhancement to all rated notes.

Mars Capital Finance (Ireland) DAC and BCMGlobal ASI Ltd., the
administrators, are responsible for the day-to-day servicing.

  Ratings

  Class    Rating     Amount (mil. EUR)   Class size (%)

  A AAA (sf) 215.00 70.74

  B-Dfrd AA- (sf) 16.00 5.26

  C-Dfrd A- (sf) 10.50 3.45

  D-Dfrd* BBB (sf) 10.00 3.29

  E-Dfrd* BB (sf) 9.00 2.96

  F-Dfrd* B- (sf) 10.00 3.29

  RFN NR 4.26 1.40

  Z1-Dfrd NR 4.60 1.51

  Z2-Dfrd NR 9.06 2.98

  X NR 2.00 0.66

  Y NR 2.00 0.66

  Yield supplement
  overcollateralization (YSO) § NR 19.76 6.50

*S&P's ratings on the class D-Dfrd, E-Dfrd, and F-Dfrd notes also
address the payment of interest based on the lower of the stated
coupon and the net weighted-average coupon.
§The transaction benefits from 6.50% overcollateralization at
closing that supports the available yield. The figures do not show
any credit that may accrue due to unused yield supplement
overcollateralization.
NR--Not rated.
N/A--Not applicable.




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

LEALAND FINANCE: DoubleLine ISF Marks $780,622 Loan at 62% Off
--------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $780,622 loan
extended to Lealand Finance Co. BV to market at $298,978 or 38% of
the outstanding amount, according to a disclosure contained in
DoubleLine ISF's Amended Form N-CSR for the six-month period ended
September 30, 2024, filed with the U.S. Securities and Exchange
Commission.

DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to Lealand Finance Co. BV. The loan accrues interest at a rate
of 5.96% (3 Month term SOFR+ 1%) per annum. The loan matures on
December 31, 2027.

DoubleLine ISF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.

DoubleLine ISF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:

     Ronald R. Redell
     President and Chief Executive Officer
     c/o DoubleLine Capital LP
     2002 North Tampa Street, Suite 200
     Tampa, FL 33602
     Tel. No.: (813) 791-7333

Lealand Finance is an affiliate of CB&I Holdings B.V. and Chicago
Bridge & Iron Company B.V. The Company’s country of domicile is
the Netherlands.



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

GRIFOLS SA: S&P Upgrades ICR to 'B+' on Successful Deleveraging
---------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Spanish pharmaceutical group Grifols S.A. to 'B+' from 'B'.

S&P said, "Consequently, we increased our issue ratings on all of
the group's senior secured debt to 'B+' from 'B', based on an
unchanged recovery rating of '3' with lower recovery prospects (60%
versus 65%) given the secured nature of the new debt.

"We also raised our issue rating on the unsecured debt to 'B-' from
'CCC+', based on '6' recovery ratings and unchanged recovery
prospects (zero percent estimated) in the event of default.

"The stable outlook reflects our view that Grifols will continue
improving its operating performance over 2024-2025 on the back of
strong demand tailwinds for plasma-derived medicines and gradual
profitability improvements."

The proposed transaction follows a series of liability management
exercises that will effectively remove short-term refinancing
concerns while strengthening Grifols' liquidity position.  Grifols
has privately placed EUR1.3 billion of senior secured notes to term
out its EUR343 million outstanding senior secured bonds due in
February 2025, fully repay the drawn amounts under its RCF, and use
the remainder to strengthen its cash position. The new notes mirror
existing EUR1.3 billion senior secured debt issued earlier this
year. In parallel, the company partially extended and upsized its
$1 billion RCF due in November 2025 by 18 months to May 2027. S&P
views this transaction as Grifols' final step to relieve the
pressure on its liquidity position; the next meaningful debt
maturities will be pushed to 2027 and the company benefits from a
fully undrawn RCF, allowing management to shift its focus toward
more strategic goals. Earlier during the year, Grifols redeemed its
May 2025 EUR1 billion senior unsecured notes, and repaid EUR495
million of its February 2025 senior secured bonds and EUR1.065
billion of its 2027 term loan B (TLB) with the EUR1.56 million
proceeds from the 20% sale of Shanghai RAAS and the EUR1.3 billion
senior secured notes issued.

S&P said, "Grifols is on track to outperform our previous base
case, thanks to strong operating performance, leading to debt to
EBITDA comfortably decreasing below 7x by Dec. 31, 2024, our
expectations.  Grifols' successful commercial execution and
effective implementation of its operational improvement plan (OIP)
underpin a strong operating performance in 2024. So far in 2024 it
reported 9.1% revenue growth at constant currency (c.c.) over the
first nine months of 2024 with a last-12-months reported EBITDA of
EUR1.518 billion. This was mainly driven by a strong performance in
biopharma (+9.9% at c.c.) thanks to the ramp-up of new products in
Europe, notably Xembify, and continuing strong demand across
intravenous immunoglobulins in the U.S. Moreover, albumin continued
growing as demand from China increases, while alpha 1 and specialty
proteins rebounded after the impact from a U.S. distributor change.
Company-reported EBITDA margin (after exceptional costs) jumped 360
basis points (bps) over the same period on the back of positive
operating leverage, normalizing restructuring costs as main
investments for the OIP were deployed last year and continuing to
decrease cost per liter (CPL) of plasma. The latter is the result
of increasing plasma supply and a successful implementation of
Grifols' OIP, which included several initiatives aimed at
rationalizing donor fees, increasing plasma yields, optimizing
costs across the entire plasma center network, and streamlining
staffing to increase plasma collections per full-time employee. We
see revenue growth landing around 9% for full-year 2024, versus our
previous expectations of 5.5%-6.0%, and adjusted S&P Global
Ratings-adjusted EBITDA of around EUR1.55 billion-EUR1.60 billion,
versus around EUR1.40 billion previously, as the aforementioned
trends continue into the last quarter of 2024. This is comparable
with company-adjusted EBITDA (before one-offs) just shy of Grifols'
publicly stated guidance of around EUR1.80 billion.

"Positive industry trends in biopharma should continue driving
sales and EBITDA growth into 2025.  We forecast around 8%-9%
revenue growth will continue into 2025, mainly driven by biopharma
on the back of new products, price increases, continued sustainable
plasma supply, and growing demand for key proteins across key
markets. In our view, Grifols is well positioned to continue
tapping into secular tailwinds for immunoglobin (IG) treatments,
which we expect to continue growing by 7%-9% over the coming years,
supported by higher prevalence of immunodeficiencies on the back of
aging population and rising penetration of immunosuppressive
therapies, for which IG is the preferred option. Moreover, we
expect demand for albumin to continue growing strongly, mainly
driven by the biggest market, China, based on improved access to
advanced medical care and growing prevalence of conditions treated
with albumin such as cirrhosis and end-stage liver disease. S&P
Global Ratings-adjusted EBITDA margin should grow slightly to
around 23% in 2025 from around 22% in 2024, thanks to the positive
operating leverage, improving gross margin as CPL continues
trending down, and normalizing one-off costs assuming restructuring
investments and notably lower transaction costs considering no
additional refinancing activity over the short term.

"Under our revised base-case we see leverage decreasing toward 5x
and FOCF growing to 400 million in 2025  In line with the company's
guidance, we forecast relatively neutral FOCF for 2024, improving
versus negative EUR87.1 million in 2023, as the increase in EBITDA
and the decrease in working capital investments are almost fully
absorbed by substantially higher extraordinary capex linked to
committed payments to Immunotek. For 2025, continuing EBITDA growth
and normalizing capex should support FOCF's strong growth to EUR400
million. This assumes committed payments under the Immunotek
agreement to reduce by half and the positive impact from Grifols'
inventory optimization initiatives. That said, we still predict
around EUR300 million outflow annually over 2024-2025 as the
company secures plasma stock to satisfy expected increase in demand
for plasma-derived therapies in an industry with a relatively long
inventory cycle. S&P Global Ratings-adjusted leverage is decreasing
strongly throughout 2024 thanks to the debt repayments from the
Shanghai RAAS proceeds and EBITDA growth, and we forecast it to
land around 6.0x by year-end 2024, from 9.2x in 2023. We see the
company further deleveraging toward 5.0x in 2025 on the back of
EBITDA and FOCF improving.

"The stable outlook reflects our view that Grifols' credit metrics
will continue improving over 2024-2025 on the back of growing
demand for plasma-derived therapies and gradual profitability
improvements supporting company sales and EBITDA growth. This
should lead to strongly rebounding FOCF to EUR300 million-EUR500
million and S&P Global Ratings-adjusted leverage declining to about
5x by year-end 2025."

Downside scenario

S&P said, "We could lower the rating if Grifols' operating
performance weakens, causing a significant deviation to the
deleveraging path toward 5x, or the company fails to generate
positive FOCF without signs of a rapid improvement. This could
mainly come from unforeseen headwinds impacting the overall
industry or operational missteps disrupting the company's biopharma
division. We could also lower the rating if the company pursues a
more aggressive financial policy linked to large debt-financed
acquisitions, or sizable discretionary spending."

Upside scenario

S&P could raise the rating if Grifols outperforms its base case
such that leverage decreases sustainably below 5x and FOCF grows
beyond its expectations. This could mainly come from a successful
commercial execution and continuing positive industry trends
driving strong top-line growth, while profitability rebounds to
pre-COVID-19 levels faster than expected as the operational
improvement plan continues to bear fruit.




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

ZORLU YENILENEBILIR: S&P Withdraws 'B-' LT Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on Zorlu Yenilenebilir Enerji A.S. at the company's request.

The company repaid all its outstanding debt following the completed
issuance by Zorlu Enerji Elektrik Uretim A.S., on Oct. 23, 2024, of
two tranches of notes totaling US$800 million; a total later
increased to US$1 billion on Nov. 7, 2024. Zorlu Enerji Elektrik
Uretim A.S. is an integrated utility company and the parent company
of Zorlu Yenilenebilir Enerji A.S.

At the time of the withdrawal, the outlook on the issuer credit
rating was stable.




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

PRA WORLD: Parker Walsh Named as Administrators
-----------------------------------------------
PRA World Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number: CR-2024-001551,
and Molly Monks of Parker Walsh, was appointed as administrator on
Nov. 28, 2024.  

PRA World is a provider of independent testing, product
development, training and market intelligence services.

Its registered office and principal trading at Pera Business Park,
Nottingham Road, Melton Mowbray, LE13 0PB.

The administrator can be reached at:

              Molly Monk
              Parker Walsh
              Suite C, Victoria House
              Bramhall, Cheshire
              SK7 2BE

Further Details Contact:

              Molly Monks
              Email: info@parkerwalsh.co.uk
              Tel No: 0161 546 8143

PROPERTY FINANCE: FRP Advisory Named as Administrators
------------------------------------------------------
Property Finance and Law Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2024-007250, and Gary Hargreaves and Anthony Collier of FRP
Advisory Trading Limited, were appointed as administrators on Nov.
27, 2024.  

Property Finance specializes in Real Estate.

Its registered office is at 902 Eastern Avenue, Ilford, Essex, IG2
7HZ (to be changed to FRP Advisory Trading Limited, Derby House, 12
Winckley Square, Preston, PR1 3JJ). Its principal trading address
is at 43 Old Gloucester Street, London, WC1N.

The joint administrators can be reached at:

              Gary Hargreaves
              Anthony Collier
              FRP Advisory Trading Limited
              Derby House, 12 Winckley Square
              Preston, PR1 3JJ

Contact details for Joint Administrators:

              Tel: 01772 440700

Alternative contact:

              Matthew Williams
              Email: Matthew.williams@live.co.uk


VALLEY FUNDING: S&P Assigns Prelim B+ (sf) Rating to F-Dfrd Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Valley
Funding PLC's class A and B-Dfrd to F-Dfrd notes. At closing,
Valley Funding will also issue unrated class Z and R notes,
residual certificates, and a VRR loan note.

The portfolio comprises £1.088 billion first-lien nonconforming
residential mortgage loans located in England, Scotland, Wales, and
Northern Ireland.

The loans were originated by Bank of Scotland PLC under the Halifax
(53.6%) and Birmingham Midshires (46.4%) brands between 1999 and
2024.

79.4% of the pool is owner-occupied and 20.6% is buy-to-let. 39.5%
of the pool refers to owner-occupied loans that are interest-only.

The pool has significant exposure to past maturity loans (11.9%)
and high levels of arrears (53.5%, with 34.5% of the pool in
arrears of greater than or equal to 90 days). Asset performance has
deteriorated significantly since origination, largely due to
one-off life events where borrowers have incurred historical
arrears that have not been cleared.

The weighted average pay rate for the portfolio currently stands at
97.0% and the weighted average pay rate for the loans in severe
arrears currently stands at 80.1%.

The pool is well-seasoned with a weighted-average seasoning of 14
years.

The liquidity reserve fund in this transaction is relatively small
(sized at 2% of the class A notes' outstanding balance) and can
only be used for the senior expenses and class A notes. The credit
reserve fund, which is a general reserve fund available for all
asset-backed notes for liquidity and credit enhancement, will be
unfunded at closing and has a required amount of 1% of the
outstanding class A to F-Dfrd notes' balance less the required
amount of the liquidity reserve fund.

Bank of Scotland is the servicer. It has significant experience in
servicing residential mortgage loans, and we believe its team is
experienced and has well-established and fully-integrated servicing
systems and policies.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria.

  Ratings

  Class    Prelim. Rating  Prelim. class size (%)*

  A           AAA (sf)       73.10

  B-Dfrd      AA (sf)         5.75

  C-Dfrd      A (sf)          6.00

  D-Dfrd      BBB (sf)        3.10

  E-Dfrd      BB+ (sf)        2.00

  F-Dfrd      B+ (sf)         1.10

  Z           NR              8.95

  R           NR              1.46

  Residual certs   NR          N/A

  VRR loan note    NR         5.00

*For the class A to R notes, class size is as a percentage of 95%
of the structure, excluding the VRR loan note.
NR--Not rated.
N/A--Not applicable.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week December 9 to December 13, 2024
--------------------------------------------------------------
Issuer               Coupon     Maturity  Currency Price
------               ------     --------  -------- -----
Altice France Holdin  10.500    5/15/2027  USD     28.973
Ferralum Metals Grou  10.000   12/30/2026  EUR     30.500
Turkiye Government B  10.400   10/13/2032  TRY     46.000
Saderea DAC           12.500   11/30/2026  USD     47.675
NCO Invest SA         10.000   12/30/2026  EUR      0.152
NCO Invest SA         10.000   12/30/2026  EUR      0.152
Marginalen Bank Bank  12.039               SEK      7.001
IOG Plc               12.343    9/22/2025  EUR      1.193
Fastator AB           12.500    9/26/2025  SEK     37.250
R-Logitech Finance S  10.250    9/26/2027  EUR     16.419
Bilt Paper BV         10.360               USD      1.312
UBS AG/London         17.500     2/7/2025  USD     46.550
Fastator AB           12.500    9/25/2026  SEK     40.107
Tinkoff Bank JSC Via  11.002               USD     42.875
Kvalitena AB publ     10.067     4/2/2024  SEK     45.750
Avangardco Investmen  10.000   10/29/2018  USD      0.186
Altice France Holdin  10.500    5/15/2027  USD     28.917
Societe Generale SA   17.800    2/12/2026  USD     45.466
Sidetur Finance BV    10.000    4/20/2016  USD      0.784
Plusplus Capital Fin  11.000    7/29/2026  EUR      8.877
Fastator AB           12.500    9/24/2027  SEK     40.142
Privatbank CJSC Via   10.250    1/23/2018  USD      3.666
Bulgaria Steel Finan  12.000     5/4/2013  EUR      0.216
Societe Generale SA   21.000   12/26/2025  USD     21.157
Immigon Portfolioabb  10.055               EUR     14.251
Transcapitalbank JSC  10.000               USD      1.450
UkrLandFarming PLC    10.875    3/26/2018  USD      1.659
Oscar Properties Hol  11.270     7/5/2024  SEK      0.077
Privatbank CJSC Via   11.000     2/9/2021  USD      0.503
Societe Generale SA   23.110    2/17/2025  USD     45.550
Banco Espirito Santo  10.000    12/6/2021  EUR      0.058
Societe Generale SA   20.000    7/21/2026  USD      4.500
Turkiye Ihracat Kred  12.540    9/14/2028  TRY     49.552
Elli Investments Ltd  12.250    6/15/2020  GBP      1.042
UniCredit Bank GmbH   12.250    2/28/2025  EUR     41.990
Swissquote Bank Euro  18.530     3/5/2025  CHF     35.970
Privatbank CJSC Via   10.875    2/28/2018  USD      4.614
Societe Generale SA   18.320    2/26/2026  USD     40.800
JP Morgan Structured  20.000   12/31/2024  EUR      1.008
JP Morgan Structured  20.000   12/31/2024  EUR      1.007
Societe Generale SA   23.500     3/3/2025  USD     39.277
Raiffeisen Schweiz G  15.000    3/18/2025  CHF     41.740
Landesbank Baden-Wue  16.000     1/2/2026  EUR     21.230
UBS AG/London         10.000    3/23/2026  USD     39.720
Societe Generale SA   11.000    7/14/2026  USD     18.620
Societe Generale SA   23.510    6/23/2026  USD      6.625
Societe Generale SA   26.640   10/30/2025  USD      1.300
Societe Generale SA   20.000   11/28/2025  USD     11.530
KPNQwest NV           10.000    3/15/2012  EUR      1.154
Goldman Sachs Intern  16.288    3/17/2027  USD     24.380
Ukraine Government B  11.000    4/24/2037  UAH     35.656
Ukraine Government B  11.000     4/1/2037  UAH     32.898
Ukraine Government B  11.000    4/20/2037  UAH     32.876
Tonon Luxembourg SA   12.500    5/14/2024  USD      2.216
Deutsche Bank AG/Lon  14.900    5/30/2028  TRY     48.732
Sidetur Finance BV    10.000    4/20/2016  USD      0.784
Lehman Brothers Trea  13.500     6/2/2009  USD      0.100
Lehman Brothers Trea  10.442   11/22/2008  CHF      0.100
BLT Finance BV        12.000    2/10/2015  USD     10.500
Bilt Paper BV         10.360               USD      1.312
Elli Investments Ltd  12.250    6/15/2020  GBP      1.042
UkrLandFarming PLC    10.875    3/26/2018  USD      1.659
Phosphorus Holdco PL  10.000     4/1/2019  GBP      0.147
Serica Energy Chinoo  12.500    9/27/2019  USD      1.500
DZ Bank AG Deutsche   18.500    3/28/2025  EUR     22.020
DZ Bank AG Deutsche   17.600    6/27/2025  EUR     22.300
Raiffeisen Switzerla  11.000     1/3/2025  CHF     14.150
UBS AG/London         15.000     4/7/2025  USD     41.250
Swissquote Bank Euro  17.590    4/22/2025  USD     42.260
DZ Bank AG Deutsche   20.400    3/28/2025  EUR     20.430
Swissquote Bank SA    14.960     7/1/2025  CHF     42.780
JP Morgan Structured  10.000   12/31/2024  EUR      1.003
JP Morgan Structured  20.000   12/31/2024  EUR      1.007
Basler Kantonalbank   14.200    9/17/2025  CHF     38.660
Bank Vontobel AG      14.500     4/4/2025  CHF     31.300
Bank Vontobel AG      16.000    2/10/2025  CHF     32.600
BNP Paribas Emission  15.000    9/25/2025  EUR     43.620
Bank Vontobel AG      14.250    5/30/2025  USD     35.100
DZ Bank AG Deutsche   16.000    6/27/2025  EUR     47.050
Landesbank Baden-Wue  19.000    2/28/2025  EUR     13.930
Bank Julius Baer & C  14.000     6/4/2025  CHF     42.400
Raiffeisen Schweiz G  16.000     7/4/2025  CHF     39.390
Landesbank Baden-Wue  11.500    2/28/2025  EUR     16.600
Leonteq Securities A  10.500    5/15/2025  CHF     48.540
Landesbank Baden-Wue  15.000    2/28/2025  EUR     14.870
Zurcher Kantonalbank  14.000    6/17/2025  USD     34.330
Bank Vontobel AG      15.000   10/14/2025  USD     47.900
Swissquote Bank Euro  25.320    2/26/2025  CHF     21.510
Raiffeisen Switzerla  13.000    3/11/2025  CHF     34.830
Raiffeisen Switzerla  16.500    3/11/2025  CHF     10.690
Vontobel Financial P  18.500   12/31/2024  EUR     37.190
Vontobel Financial P  20.250   12/31/2024  EUR     35.640
UBS AG/London         14.000    7/31/2025  USD     48.300
Swissquote Bank SA    20.060    5/22/2025  CHF     45.990
Raiffeisen Schweiz G  16.000    2/19/2025  CHF     35.880
Vontobel Financial P  14.750    3/28/2025  EUR     47.940
Vontobel Financial P  16.000    3/28/2025  EUR     15.280
Leonteq Securities A  20.000    3/11/2025  CHF     10.120
Swissquote Bank Euro  16.030    1/16/2025  USD     47.050
Vontobel Financial P  20.250   12/31/2024  EUR     10.130
Leonteq Securities A  24.000    1/16/2025  CHF     21.560
Bank Julius Baer & C  18.690     3/7/2025  CHF     34.050
Swissquote Bank Euro  19.340     8/5/2025  USD     47.050
Landesbank Baden-Wue  16.500    4/28/2025  EUR     16.450
Landesbank Baden-Wue  19.000    4/28/2025  EUR     16.440
Corner Banca SA       18.400    7/22/2025  CHF     41.930
Landesbank Baden-Wue  10.500    4/28/2025  EUR     17.470
DZ Bank AG Deutsche   18.900    3/28/2025  EUR     39.440
DZ Bank AG Deutsche   21.200    3/28/2025  EUR     36.150
DZ Bank AG Deutsche   23.600    3/28/2025  EUR     33.670
DZ Bank AG Deutsche   12.500   12/31/2024  EUR     48.670
Zurcher Kantonalbank  11.350    2/21/2025  CHF     49.050
Bank Vontobel AG      12.000    4/11/2025  CHF     30.700
Bank Vontobel AG      11.000    4/11/2025  CHF     21.700
Leonteq Securities A  14.000   10/15/2025  CHF     39.550
Landesbank Baden-Wue  12.000    2/27/2026  EUR     18.950
Landesbank Baden-Wue  11.000    2/27/2026  EUR     18.200
Landesbank Baden-Wue  11.500    4/24/2026  EUR     20.640
Landesbank Baden-Wue  10.500    4/24/2026  EUR     19.870
Landesbank Baden-Wue  13.000    4/24/2026  EUR     22.150
Bank Vontobel AG      14.000     3/5/2025  CHF     10.500
Vontobel Financial P  26.450    1/24/2025  EUR     10.712
Raiffeisen Switzerla  16.000     3/4/2025  CHF     11.050
Vontobel Financial P  11.250   12/31/2024  EUR     44.650
Vontobel Financial P  14.750   12/31/2024  EUR     40.550
Leonteq Securities A  16.000     3/4/2025  CHF     36.100
Vontobel Financial P  16.500   12/31/2024  EUR     38.740
Vontobel Financial P  13.000   12/31/2024  EUR     42.490
Zurcher Kantonalbank  23.000     3/5/2025  CHF     36.670
Swissquote Bank SA    24.070     5/6/2025  CHF     34.830
DZ Bank AG Deutsche   22.800    3/28/2025  EUR     39.320
DZ Bank AG Deutsche   19.900   12/31/2024  EUR     47.260
DZ Bank AG Deutsche   23.400   12/31/2024  EUR     27.110
UniCredit Bank GmbH   15.200   12/31/2024  EUR     43.430
Bank Julius Baer & C  12.000    5/28/2025  USD     40.450
UniCredit Bank GmbH   13.300   12/31/2024  EUR     45.300
Vontobel Financial P  29.200    1/17/2025  EUR     23.790
Bank Vontobel AG      12.000     3/5/2025  CHF     31.400
Leonteq Securities A  18.000    5/27/2025  CHF     43.270
Raiffeisen Schweiz G  14.500    1/29/2025  CHF     37.310
Inecobank CJSC        10.000    4/28/2025  AMD      0.000
DZ Bank AG Deutsche   14.300   12/31/2024  EUR     32.820
DZ Bank AG Deutsche   13.200    3/28/2025  EUR     35.870
DZ Bank AG Deutsche   17.100   12/31/2024  EUR     35.290
Landesbank Baden-Wue  12.000     1/3/2025  EUR     14.840
Bank Vontobel AG      12.000    3/19/2026  CHF     45.500
Raiffeisen Schweiz G  13.000    3/25/2025  CHF     36.840
Landesbank Baden-Wue  15.000     1/3/2025  EUR     12.100
Landesbank Baden-Wue  18.000     1/3/2025  EUR     10.890
Vontobel Financial P  11.000   12/31/2024  EUR     40.000
BNP Paribas Emission  10.000   12/30/2024  EUR     39.910
BNP Paribas Emission  11.000   12/30/2024  EUR     38.410
BNP Paribas Emission  14.000   12/30/2024  EUR     36.430
HSBC Trinkaus & Burk  11.600    3/28/2025  EUR     22.700
UniCredit Bank GmbH   11.200   12/28/2026  EUR     46.780
DZ Bank AG Deutsche   14.900   12/31/2024  EUR     49.570
DZ Bank AG Deutsche   17.300   12/31/2024  EUR     48.810
DZ Bank AG Deutsche   17.600   12/31/2024  EUR     45.830
DZ Bank AG Deutsche   14.200   12/31/2024  EUR      9.190
HSBC Trinkaus & Burk  15.200   12/30/2024  EUR     17.460
Landesbank Baden-Wue  10.000    6/27/2025  EUR     15.780
Landesbank Baden-Wue  14.000    6/27/2025  EUR     14.700
HSBC Trinkaus & Burk  13.400    3/28/2025  EUR     21.220
HSBC Trinkaus & Burk  16.300   12/30/2024  EUR     16.740
HSBC Trinkaus & Burk  11.100   12/30/2024  EUR     21.280
HSBC Trinkaus & Burk  13.100   12/30/2024  EUR     19.240
HSBC Trinkaus & Burk  18.100   12/30/2024  EUR     10.150
HSBC Trinkaus & Burk  15.700   12/30/2024  EUR     11.560
Leonteq Securities A  18.000   12/27/2024  CHF     37.120
Leonteq Securities A  12.000     8/5/2025  CHF     40.870
Leonteq Securities A  20.800     2/5/2025  CHF     36.690
Bank Vontobel AG      11.000    4/29/2025  CHF     31.000
DZ Bank AG Deutsche   11.050    5/23/2025  EUR     47.850
Corner Banca SA       11.000    7/14/2025  EUR     48.350
Finca Uco Cjsc        13.000    5/30/2025  AMD      0.000
Swissquote Bank Euro  20.300    1/29/2025  USD     46.570
DZ Bank AG Deutsche   16.500   12/27/2024  EUR     11.170
Bank Julius Baer & C  19.400    1/30/2025  CHF     33.100
Erste Group Bank AG   10.750    3/31/2026  EUR     37.600
Landesbank Baden-Wue  13.000    3/28/2025  EUR     12.270
HSBC Trinkaus & Burk  14.500   12/30/2024  EUR     18.170
Landesbank Baden-Wue  16.000    6/27/2025  EUR     14.550
Landesbank Baden-Wue  19.000    6/27/2025  EUR     15.370
Landesbank Baden-Wue  11.000     1/2/2026  EUR     18.120
Landesbank Baden-Wue  15.000     1/3/2025  EUR     17.850
Bank Julius Baer & C  17.100    3/19/2025  CHF     37.200
Bank Vontobel AG      15.000    4/29/2025  CHF     35.000
Landesbank Baden-Wue  13.000    6/27/2025  EUR     16.740
Landesbank Baden-Wue  16.000    6/27/2025  EUR     16.590
BNP Paribas Emission  13.000   12/30/2024  EUR     40.020
Leonteq Securities A  20.000    3/21/2025  CHF     38.510
Corner Banca SA       13.000     4/2/2025  CHF     48.080
Leonteq Securities A  21.000     1/3/2025  CHF     14.890
Leonteq Securities A  25.000     1/3/2025  CHF     29.000
Raiffeisen Switzerla  10.500     4/2/2025  EUR     46.440
Leonteq Securities A  20.000    1/22/2025  CHF     38.620
Landesbank Baden-Wue  14.000    1/24/2025  EUR     13.150
Leonteq Securities A  12.200    1/15/2025  EUR     46.920
Leonteq Securities A  20.000    1/22/2025  CHF     11.170
Raiffeisen Schweiz G  15.000    1/22/2025  CHF     21.450
Vontobel Financial P  16.750   12/31/2024  EUR     42.620
Vontobel Financial P  13.000   12/31/2024  EUR     47.170
Vontobel Financial P  14.750   12/31/2024  EUR     44.770
Leonteq Securities A  21.000   12/18/2024  CHF     36.830
DZ Bank AG Deutsche   11.500   12/31/2024  EUR     10.990
DZ Bank AG Deutsche   23.100   12/31/2024  EUR     37.490
Leonteq Securities A  12.000     1/2/2025  EUR     44.260
Zurcher Kantonalbank  10.000    3/27/2025  EUR     44.910
Vontobel Financial P  10.000   12/31/2024  EUR     46.820
DZ Bank AG Deutsche   10.750   12/27/2024  EUR      9.990
UniCredit Bank GmbH   10.700     2/3/2025  EUR     11.650
Erste Group Bank AG   14.500    5/31/2026  EUR     44.300
UniCredit Bank GmbH   16.550    8/18/2025  USD     18.480
Bank Vontobel AG      21.000   12/23/2024  CHF     36.700
UniCredit Bank GmbH   20.000   12/31/2024  EUR     47.500
UniCredit Bank GmbH   10.700    2/17/2025  EUR     11.960
Landesbank Baden-Wue  10.000   10/24/2025  EUR     15.980
Landesbank Baden-Wue  14.000   10/24/2025  EUR     17.040
HSBC Trinkaus & Burk  13.500   12/30/2024  EUR     43.250
Vontobel Financial P  18.000   12/31/2024  EUR     43.430
UBS AG/London         21.600     8/2/2027  SEK     18.840
Bank Vontobel AG      13.500     1/8/2025  CHF      4.400
Vontobel Financial P  11.000   12/31/2024  EUR     45.180
Vontobel Financial P  12.500   12/31/2024  EUR     43.280
Vontobel Financial P  14.000   12/31/2024  EUR     41.540
Leonteq Securities A  24.000     1/9/2025  CHF     11.990
Leonteq Securities A  23.000     1/9/2025  CHF     33.010
Landesbank Baden-Wue  10.500     1/2/2026  EUR     15.020
Leonteq Securities A  11.000     1/9/2025  CHF     39.040
Leonteq Securities A  11.000     1/9/2025  EUR     46.000
Landesbank Baden-Wue  11.000    3/28/2025  EUR     13.090
UBS AG/London         10.250    3/10/2025  EUR     36.450
Landesbank Baden-Wue  16.000     1/3/2025  EUR     12.970
Landesbank Baden-Wue  19.000     1/3/2025  EUR     11.560
Landesbank Baden-Wue  22.000     1/3/2025  EUR     10.850
Societe Generale SA   16.000    3/18/2027  USD     49.060
Bank Vontobel AG      18.000   12/31/2024  USD     45.700
Landesbank Baden-Wue  25.000     1/3/2025  EUR      9.370
Landesbank Baden-Wue  14.000    6/27/2025  EUR     14.430
Landesbank Baden-Wue  21.000    6/27/2025  EUR     15.830
Landesbank Baden-Wue  15.000    3/28/2025  EUR     11.490
Corner Banca SA       10.000    2/25/2025  CHF     42.070
Leonteq Securities A  10.000    2/25/2025  CHF     41.700
DZ Bank AG Deutsche   19.100   12/31/2024  EUR     31.420
DZ Bank AG Deutsche   16.800   12/31/2024  EUR     45.380
DZ Bank AG Deutsche   12.100    3/28/2025  EUR     46.750
DZ Bank AG Deutsche   10.300    3/28/2025  EUR     48.840
Vontobel Financial P  12.750   12/31/2024  EUR     47.200
Vontobel Financial P  12.000   12/31/2024  EUR     48.120
Citigroup Global Mar  25.530    2/18/2025  EUR      0.010
Zurcher Kantonalbank  10.500     2/4/2025  EUR     47.150
Landesbank Baden-Wue  15.500    1/24/2025  EUR     10.460
DZ Bank AG Deutsche   21.300   12/31/2024  EUR     28.350
DZ Bank AG Deutsche   20.900   12/31/2024  EUR     37.940
UniCredit Bank GmbH   10.500     4/7/2026  EUR     26.740
Leonteq Securities A  11.000     1/3/2025  EUR     41.650
Leonteq Securities A  24.000    1/13/2025  CHF      4.090
Vontobel Financial P  12.500   12/31/2024  EUR     47.160
Leonteq Securities A  10.000    1/20/2025  CHF     47.540
UBS AG/London         25.000   10/20/2026  USD     10.910
Ameriabank CJSC       10.000    2/20/2025  AMD      0.000
Armenian Economy Dev  11.000    10/3/2025  AMD      0.000
Leonteq Securities A  10.000    5/26/2025  CHF     41.020
HSBC Trinkaus & Burk  19.600   12/30/2024  EUR     12.140
HSBC Trinkaus & Burk  17.400   12/30/2024  EUR     13.610
Bank Vontobel AG      10.000   12/23/2024  EUR     39.400
HSBC Trinkaus & Burk  16.100   12/30/2024  EUR     16.380
HSBC Trinkaus & Burk  15.000    3/28/2025  EUR     19.700
Basler Kantonalbank   10.000     2/3/2025  EUR     40.670
DZ Bank AG Deutsche   18.600    3/28/2025  EUR     44.070
ACBA Bank OJSC        11.000    12/1/2025  AMD      0.000
Landesbank Baden-Wue  12.000    1/24/2025  EUR     12.250
DZ Bank AG Deutsche   22.500   12/31/2024  EUR     38.880
Armenian Economy Dev  10.500     5/4/2025  AMD      0.000
BNP Paribas Issuance  19.000    9/18/2026  EUR      4.680
BNP Paribas Issuance  20.000    9/18/2026  EUR     24.000
UBS AG/London         17.400    4/14/2027  SEK     48.280
HSBC Trinkaus & Burk  10.250   12/30/2024  EUR     28.720
HSBC Trinkaus & Burk  17.500   12/30/2024  EUR     46.000
Bank Julius Baer & C  12.720    2/17/2025  CHF     18.850
HSBC Trinkaus & Burk  11.100   12/30/2024  EUR     20.120
HSBC Trinkaus & Burk  13.300    6/27/2025  EUR     22.920
HSBC Trinkaus & Burk  11.300    6/27/2025  EUR     24.070
Leonteq Securities A  10.340    8/31/2026  EUR     45.030
Vontobel Financial P  14.250   12/31/2024  EUR     44.700
Raiffeisen Switzerla  10.300    6/11/2025  CHF     44.100
Finca Uco Cjsc        12.000    2/10/2025  AMD      0.000
HSBC Trinkaus & Burk  15.900    3/28/2025  EUR     19.340
Landesbank Baden-Wue  13.000     1/3/2025  EUR      8.440
Leonteq Securities A  25.000   12/18/2024  CHF     27.530
Bank Julius Baer & C  10.160   12/30/2024  CHF     49.400
Leonteq Securities A  23.000   12/27/2024  CHF     39.130
HSBC Trinkaus & Burk  11.750    6/27/2025  EUR     47.920
HSBC Trinkaus & Burk  10.250    6/27/2025  EUR     46.770
BNP Paribas Emission  17.000   12/30/2024  EUR     39.630
ACBA Bank OJSC        11.500     3/1/2026  AMD      0.000
Evocabank CJSC        11.000    9/27/2025  AMD      0.000
HSBC Trinkaus & Burk  17.500    6/27/2025  EUR     10.800
HSBC Trinkaus & Burk  12.750    6/27/2025  EUR     10.430
National Mortgage Co  12.000    3/30/2026  AMD      0.000
HSBC Trinkaus & Burk  22.250    6/27/2025  EUR     12.400
Leonteq Securities A  24.000   12/27/2024  CHF     24.920
UniCredit Bank GmbH   10.500   12/22/2025  EUR     31.670
Banque International  10.000    3/19/2025  EUR     43.800
Bank Vontobel AG      10.500    5/12/2025  EUR     37.900
BNP Paribas Emission  14.000   12/30/2024  EUR     43.320
BNP Paribas Emission  16.000   12/30/2024  EUR     38.980
BNP Paribas Emission  13.000   12/30/2024  EUR     47.380
BNP Paribas Emission  17.000   12/30/2024  EUR     37.360
BNP Paribas Emission  13.000   12/30/2024  EUR     38.480
Societe Generale SA   20.000    9/18/2026  USD      5.200
Barclays Bank PLC     21.500   12/26/2025  USD     22.470
UBS AG/London         11.000    1/20/2025  EUR     48.900
HSBC Trinkaus & Burk  11.400   12/30/2024  EUR     20.700
HSBC Trinkaus & Burk  16.000    3/28/2025  EUR     19.630
HSBC Trinkaus & Burk  13.400    6/27/2025  EUR     23.150
HSBC Trinkaus & Burk  14.100   12/30/2024  EUR     18.270
HSBC Trinkaus & Burk  15.100    3/28/2025  EUR     20.080
HSBC Trinkaus & Burk  15.200   12/30/2024  EUR      9.440
HSBC Trinkaus & Burk  16.300    3/28/2025  EUR      9.080
HSBC Trinkaus & Burk  14.400    3/28/2025  EUR      9.260
Raiffeisen Switzerla  10.250    1/21/2025  EUR     41.640
HSBC Trinkaus & Burk  11.000    3/28/2025  EUR     23.190
HSBC Trinkaus & Burk  11.500    6/27/2025  EUR     24.660
Leonteq Securities A  10.000    1/21/2025  EUR     41.540
Raiffeisen Schweiz G  10.000   12/31/2024  CHF     46.930
Landesbank Baden-Wue  10.000     1/3/2025  EUR     39.910
Landesbank Baden-Wue  11.000     1/3/2025  EUR      9.410
HSBC Trinkaus & Burk  15.500    6/27/2025  EUR     49.670
Teksid Aluminum Luxe  12.375    7/15/2011  EUR      0.619
Deutsche Bank AG/Lon  12.780    3/16/2028  TRY     47.534
EFG International Fi  11.120   12/27/2024  EUR     45.690
Corner Banca SA       12.000   12/16/2024  CHF     41.020
DZ Bank AG Deutsche   11.000   12/20/2024  EUR     48.760
DZ Bank AG Deutsche   14.000   12/20/2024  EUR     43.040
Ukraine Government B  11.000     4/8/2037  UAH     32.879
Ukraine Government B  11.000    3/24/2037  UAH     32.923
Ukraine Government B  11.000    4/23/2037  UAH     32.840
Ukraine Government B  11.000    2/16/2037  UAH     33.057
Credit Agricole CIB   29.699   12/29/2031  EUR     48.129
Tonon Luxembourg SA   12.500    5/14/2024  USD      2.216
Lehman Brothers Trea  18.250    10/2/2008  USD      0.100
Lehman Brothers Trea  16.000    10/8/2008  CHF      0.100
Lehman Brothers Trea  10.000    2/16/2009  CHF      0.100
Petromena ASA         10.850   11/19/2018  USD      0.622
Lehman Brothers Trea  14.900   11/16/2010  EUR      0.100
Lehman Brothers Trea  10.000   10/22/2008  USD      0.100
Lehman Brothers Trea  16.000   10/28/2008  USD      0.100
Lehman Brothers Trea  16.200    5/14/2009  USD      0.100
Lehman Brothers Trea  10.600    4/22/2014  MXN      0.100
Lehman Brothers Trea  16.000    11/9/2008  USD      0.100
Lehman Brothers Trea  12.400    6/12/2009  USD      0.100
Lehman Brothers Trea  10.000    6/17/2009  USD      0.100
Lehman Brothers Trea  11.000     7/4/2011  CHF      0.100
Lehman Brothers Trea  12.000     7/4/2011  EUR      0.100
Lehman Brothers Trea  16.000   12/26/2008  USD      0.100
Lehman Brothers Trea  16.800    8/21/2009  USD      0.100
Lehman Brothers Trea  14.100   11/12/2008  USD      0.100
Lehman Brothers Trea  13.000    7/25/2012  EUR      0.100
Phosphorus Holdco PL  10.000     4/1/2019  GBP      0.147
Credit Agricole Corp  10.200   12/13/2027  TRY     48.090
Lehman Brothers Trea  11.750     3/1/2010  EUR      0.100
Lehman Brothers Trea  10.000   10/23/2008  USD      0.100
Lehman Brothers Trea  11.000    2/16/2009  CHF      0.100
Lehman Brothers Trea  13.000    2/16/2009  CHF      0.100
Lehman Brothers Trea  10.000    3/27/2009  USD      0.100
Lehman Brothers Trea  10.500     8/9/2010  EUR      0.100
Lehman Brothers Trea  11.000    6/29/2009  EUR      0.100
Lehman Brothers Trea  11.000   12/19/2011  USD      0.100
NTRP Via Interpipe L  10.250     8/2/2017  USD      1.002
Lehman Brothers Trea  14.900    9/15/2008  EUR      0.100
Lehman Brothers Trea  13.500   11/28/2008  USD      0.100
Lehman Brothers Trea  15.000    3/30/2011  EUR      0.100
Bulgaria Steel Finan  12.000     5/4/2013  EUR      0.216
Lehman Brothers Trea  17.000     6/2/2009  USD      0.100
Lehman Brothers Trea  11.000     7/4/2011  USD      0.100
Lehman Brothers Trea  13.432     1/8/2009  ILS      0.100
Lehman Brothers Trea  13.150   10/30/2008  USD      0.100
Lehman Brothers Trea  13.000   12/14/2012  USD      0.100
Lehman Brothers Trea  12.000    7/13/2037  JPY      0.100
Lehman Brothers Trea  10.000    6/11/2038  JPY      0.100
Lehman Brothers Trea  10.000    5/22/2009  USD      0.100
Lehman Brothers Trea  15.000     6/4/2009  CHF      0.100
Lehman Brothers Trea  23.300    9/16/2008  USD      0.100
Lehman Brothers Trea  11.250   12/31/2008  USD      0.100
Privatbank CJSC Via   10.875    2/28/2018  USD      4.614
PA Resources AB       13.500     3/3/2016  SEK      0.124



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

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

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

This material is copyrighted and any commercial use, resale or
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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