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

                          E U R O P E

          Tuesday, December 17, 2024, Vol. 25, No. 252

                           Headlines



F R A N C E

ALTICE FRANCE: DoubleLine YOF Marks $547,229 Loan at 25% Off


G E R M A N Y

BRANICKS GROUP: S&P Affirms 'CCC' ICR on Still Tight Liquidity
SC GERMANY 2022-1: Moody's Cuts Rating on EUR26MM F Notes to Caa1
TAKKO HOLDING: S&P Assigns 'B-' ICR, Outlook Stable


H U N G A R Y

MBH INVESTMENT: S&P Withdraws 'BB+/B' issuer Credit Ratings


I R E L A N D

BAIN CAPITAL 2018-1: Moody's Cuts EUR11.2MM F Notes Rating to Caa1
BASTILLE EURO 2020-3: S&P Assigns Prelim 'B-' Rating to E-R Notes
JAZZ PHARMACEUTICALS: Moody's Ups Rating on Sr. Secured Debt to Ba1


I T A L Y

CEME SPA: S&P Assigns 'B' ICR on New Capital Structure
LOTTOMATICA SPA: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating


L U X E M B O U R G

ARMORICA LUX: Moody's Affirms Caa1 CFR, Alters Outlook to Positive
FOUNDEVER GROUP: EUR1BB Bank Debt Trades at 30% Discount


N O R W A Y

B2 IMPACT: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable


U N I T E D   K I N G D O M

AFAAD INVESTMENT: MHA Named as Administrators
AGE UK: Azets Named as Administrators
HARLAND & WOLFF: Teneo Financial Named as Joint Administrators
MARSH MOTORCYCLES: Westcotts Business Named as Administrators
MOTOR FUEL GROUP: S&P Affirms 'B' Long-Term ICR, Outlook Stable

STENN ASSETS: Interpath Named as Joint Administrators
STENN INTERNATIONAL: Interpath Named as Joint Administrators

                           - - - - -


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F R A N C E
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ALTICE FRANCE: DoubleLine YOF Marks $547,229 Loan at 25% Off
------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $547,229 loan
extended to Altice France SA to market at $411,790 or 75% of the
outstanding amount, according to a disclosure contained in
DoubleLine YOF's Amended Form N-CSR for the six-month period ended
September 30, 2024, filed with the U.S. Securities and Exchange
Commission.

DoubleLine YOF 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%, 0% FLOOR) per annum. The loan
matures on August 31, 2028.

DoubleLine YOF 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.

The fiscal year ends September 30.

DoubleLine YOF 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.



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G E R M A N Y
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BRANICKS GROUP: S&P Affirms 'CCC' ICR on Still Tight Liquidity
--------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' long-term issuer credit
rating on Germany-based landlord Branicks Group AG (Branicks) and
its 'CCC' issue rating on the company's senior unsecured bond. The
recovery rating remains at '3'.

The negative outlook reflects the possibility that S&P could lower
its ratings on Branicks if the company does not secure sufficient
liquidity to address the debt maturities of 2025 or if the company
enters a new debt restructuring framework in the next 9-12 months.

Despite successfully refinancing debt maturities in 2024, material
debt maturities pressure Branicks' liquidity over the next 9-12
months. For 2025, Branicks' debt maturities amount to EUR448
million, mainly composed of EUR293 million of SSD maturing between
June and July 2025 and about EUR155 million of secured mortgage
debt. With an expected cash position of about EUR200 million at
end-2024, including disposal proceeds completed in the fourth
quarter of 2024, its liquidity position remains weak. S&P said, "We
understand that the company is actively seeking further asset sale
opportunities, continuing its asset disposal program and we
estimate it will need about EUR200 million-EUR250 million of sales
in 2025 to serve the upcoming SSD maturities. In 2024, Branicks
completed approximately EUR558 million of asset sales at a
discount, reaching its disposal target for the year. We note an
improvement in the transaction market and expect the company to
continue selling assets to address its liquidity needs. While we
assume bank debt to be rolled over successfully, a failure to raise
sufficient liquidity over the upcoming months could likely lead us
to take a negative action. We further note that the headroom under
its EBITDA interest maintenance covenant of 1.8x is improving but
remains tight (2.0x as of Sept. 30, 2024). A covenant breach would
lead to an event of default under the company's bond documentation,
leaving bondholders with an acceleration right in such a scenario
that could eventually exacerbate liquidity risks. We currently do
not anticipate a covenant breach."

S&P said, "We expect stable operating performance for Branicks in
2025, despite our expectations of slightly increasing vacancies for
its office properties in Germany. As of Sept. 30, 2024, the company
reported like-for-like rental income to decrease by about 0.4% in
its EUR3.6 billion commercial portfolio, of which approximately 46%
belong to office assets. We understand that this was mainly driven
by tenant move outs, and a decrease of the occupancy rate to 93%
from 95% in December 2023. We think the office segment could
continue to see some pressure on occupancy rates because of slowing
tenant demand and macroeconomic challenges in the German market and
downsizing of office space. We forecast occupancy levels to drop
slightly further to 92% for 2025 and a like-for-like rental income
decrease of about 0.5% to 1% in 2024 remaining broadly flat in
2025. While its absolute EBITDA base will contract by disposal
activities, Branicks' interest burden should benefit from an
overall reduced gross debt position. We expect Branicks' S&P Global
Ratings-adjusted EBITDA interest coverage to remain low at about
1.1x in 2024, increasing to 1.5x in 2025. Our calculation includes
noncash amortization refinancing costs of around EUR20 million in
2024.

"Our rating on Branicks' senior unsecured bond remains at 'CCC'. We
maintained our recovery rating on the outstanding senior unsecured
bond of EUR400 million at '3', indicating our expectation of
50%-70% recovery (rounded estimate: 60%) in the event of a payment
default. Recovery prospects have improved slightly from 55%
previously, following the repayment of the bridge loan. Our issue
rating remains aligned with our long-term issuer credit rating on
Branicks at 'CCC'.

"The negative outlook reflects the possibility that we could lower
our ratings on Branicks if the company does not secure sufficient
liquidity--for example through assets disposals or signing new debt
transactions--to address the debt maturities of 2025 or if the
company enters a debt restructuring framework, to address the
maturity of its promissory notes that we could view as tantamount
to a default over the next 9-12 months."

S&P could lower the rating if:

-- The company were unable to address its debt maturities of 2025
with disposal proceeds as planned;

-- The company would pursue a distressed debt exchange, or other
form of restructuring that could be considered as a default under
S&P's criteria; or

-- S&P assesses a breach of financial covenants as unavoidable.

S&P could take a positive action if the company successfully
proceeds with its disposal plan to pay down any upcoming debt
maturities, including its promissory notes, and improves its
liquidity position such that immediate near-term ratings pressure
is alleviated. Rating upside would also hinge on increased headroom
under the financial covenants.


SC GERMANY 2022-1: Moody's Cuts Rating on EUR26MM F Notes to Caa1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of the Class B and C Notes
in SC Germany S.A., Compartment Consumer 2022-1. The upgrade action
reflects the increased levels of credit enhancement for the
affected Notes following the irreversible switch from pro rata to
sequential amortization of the Notes. Moody's also downgraded the
rating of the junior ranking Class F Notes due to the switch to
sequential amortization of the Notes, limited availability of
excess spread to repay Class F Notes and worse than expected
collateral performance.

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

EUR756M Class A Notes, Affirmed Aaa (sf); previously on Oct 27,
2022 Definitive Rating Assigned Aaa (sf)

EUR44M Class B Notes, Upgraded to Aaa (sf); previously on Oct 27,
2022 Definitive Rating Assigned Aa1 (sf)

EUR55M Class C Notes, Upgraded to Aa3 (sf); previously on Oct 27,
2022 Definitive Rating Assigned A1 (sf)

EUR40M Class D Notes, Affirmed Baa3 (sf); previously on Oct 27,
2022 Definitive Rating Assigned Baa3 (sf)

EUR51M Class E Notes, Affirmed Ba3 (sf); previously on Oct 27,
2022 Definitive Rating Assigned Ba3 (sf)

EUR26M Class F Notes, Downgraded to Caa1 (sf); previously on Oct
27, 2022 Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for Class B and C Notes following the irreversible switch from pro
rata to sequential amortization of the Notes. For the Class F
Notes, the rating action is prompted by the switch to sequential
amortization of the Notes, limited availability of excess spread to
repay Class F Notes and worse than expected collateral
performance.

Increase in Available Credit Enhancement following a change in the
Allocation of Principal Payments

The Notes principal payments waterfall changed irreversibly to
sequential from the previous pro rata payment due to the occurrence
of a Sequential Payment Trigger Event, linked to the cumulative net
loss ratio exceeding 3.25% as of the payment date in October 2024.

Sequential amortization led to the increase in credit enhancement
available for the affected Notes.

For instance, the credit enhancement of the Class B Notes increased
to 23.8% from 22.1% and for the Class C Notes to 18.0% from 16.6%
as a percentage of the current pool balance, since closing,
respectively.

At the same time, the switch to sequential payment and limited
availability of excess spread had a detrimental effect on future
cash flows expected to be paid on the Class F Notes.  

Revision of Key Collateral Assumptions

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

The performance of the transaction has continued to deteriorate
since closing. Total delinquencies have increased in the past year,
with 90 days plus arrears currently standing at 0.85% of current
pool balance. Cumulative defaults, as of November 2024 payment
date, stand at 3.59% of original pool balance up from 1.42% a year
earlier.

Moody's increased Moody's default probability assumption to 6.5%
from 5.65% of the current portfolio balance, which translates into
a 6.8% default probability assumption based on the original
portfolio balance, up from 4.3% at closing. The assumption for the
fixed recovery rate is unchanged at 15%.

Moody's have also reassessed the credit support consistent with
target rating levels and the volatility of future losses. As a
result, Moody's have increased the portfolio credit enhancement to
16% from 15%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

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

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

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

TAKKO HOLDING: S&P Assigns 'B-' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Takko Holding Luxembourg 2 Sarl (Takko), and a 'B-' issue
rating, with a '3' recovery rating to the group's EUR350 million
senior secured notes due 2030. The '3' recovery rating on the notes
indicates its expectation of meaningful recovery (50%-70%; rounded
estimate: 55%) in the event of a payment default.

The stable outlook reflects S&P's view that the group will perform
in line with its base case for 2025 and 2026, posting robust S&P
Global Ratings-adjusted EBITDA margins of 22.0%-22.5%, while
managing working capital volatility and generating free operating
cash flow (FOCF) of EUR30 million-EUR60 million, with adjusted
leverage at 4.0x-4.5x.

The final issuer credit and issue ratings on the notes are in line
with the preliminary ratings S&P assigned Oct. 24, 2024. The final
amount of the issued senior secured notes is in line with the
EUR350 million originally proposed. The margin on the EUR350
million fixed rates notes is 10.25%. There are no material changes
to the final debt documentation or to our forecasts since its
original review.

Takko partly refinanced its EUR66 million super senior facility due
in May 2026 and EUR308 million senior secured facility due in
November 2026 (both include accrued interests), by issuing EUR350
million of senior secured fixed-rate notes due 2030.   The group
also used roughly EUR49.5 million of available cash to contribute
to the debt repayment and pay transaction fees. As part of the
transaction, Takko signed a EUR28 million super senior secured RCF
that we expect will remain undrawn, alongside a EUR175 million
super senior secured LOC facility. S&P said, "We acknowledge that
Takko's capital structure also includes a 15% payment-in-kind (PIK)
loan amounting to EUR138.4 million at the end of fiscal year ended
Jan. 31, 2024 (fiscal 2024), which was issued outside the notes'
restricted group, by the parent company Takko Fashion Sarl. The PIK
loan currently matures in December 2026. However, we understand
that the maturity date of at least 90% of the PIK loan was extended
beyond the notes' 2030 maturity date, and the remainder is expected
to mature in December 2028."

After the refinancing, Takko's capital structure is expected to be
more sustainable thanks to a longer maturity profile and lower
debt, leading to S&P Global Ratings-adjusted debt to EBITDA of 4.3x
in fiscal 2025.  S&P said, "We estimate total adjusted debt at
about EUR1.22 billion as of fiscal year-end 2025, including the
EUR350 million bond, EUR160.8 million PIK loan including accrued
interest, and EUR679 million of lease liabilities. We also adjust
our debt calculation to account for the company's LOCs. Although
the LOCs serve as a guarantee for Takko's bank for
off-balance-sheet debt, they share features with reverse factoring
because payments are made to suppliers through financial
intermediaries after 90 days. So, we assume an extension of payment
terms to 120 days from 90 days, which we judge as a common payment
term with suppliers. Therefore, we adjust Takko's debt by roughly
EUR30 million-EUR35 million (out of about EUR130 million-EUR142
million LOCs outstanding) in 2025."

S&P said, "Despite being well positioned in the discount segment of
the apparel and footwear market, Takko still faces fierce
competition, which constrains our view of its business risk
profile.   We see Europe's apparel market as highly competitive due
to the presence of other value retailers that embed fashion content
in their product offerings, such as Shein, H&M, or Uniqlo. In our
view, those retailers enjoy greater visibility and awareness in the
European market due to their solid online presence (Shein) or
consumer proximity (H&M and Uniqlo), since their store networks are
mainly in central locations and more accessible than Takko's, which
are primarily in retail parks, accounting for 66% of Takko's stores
in 2024. However, Takko ranks No. 3 in the discount segment of the
apparel and footwear market in its main location, Germany, where it
enjoys good brand awareness due to its consistent product offering
of basic wear and mainstream products, encompassing low fashion
risk.

"We view as positive the new management team's plan to refocus
Takko's presence on its core markets and invest in data science
initiatives to elevate the brand, enabling moderate revenue growth
of 2.0%-4.0% from fiscal 2026.  As part of Takko's new strategy,
the group is implementing measures to reposition the brand in core
markets, notably Germany where it generates more than 60% of sales,
and Western Europe. This also entails gradually closing points of
sale located in less profitable markets such as Eastern Europe.
Takko nonetheless remains present in 17 countries in Europe, which
supports good geographic diversification. The group has also
invested in data science initiatives (IT and customer relationship
management) to better leverage its consumer base, which shows a
relatively high frequency of repeat purchases of core products.
This will enable the group to manage its clothes assortment
accordingly, reduce inventory risk, and improve working capital
management, which has shown some degree of volatility in recent
years. As a result of these efforts, the company, will likely
report annual revenue growth of 2.0%-4.0% in fiscal 2026, up from a
stable topline in fiscal 2025 compared with 2024. For our forecast,
we also assume about 10 to 40 net store openings per year from
fiscal 2026."

Takko enjoys above-average S&P Global Ratings-adjusted EBITDA
margins, forecast at 22.2% in fiscal 2025, thanks to a revision of
promotions and good purchase price conditions with suppliers.  As
an apparel discount retailer, Takko tends to offer generous
discounts to attract store traffic, which the group is currently
reviewing to make more efficient use of markdowns. S&P said,
"However, we also believe demand from Takko's targeted consumer
base, mothers with relatively low net family income, could show
high elasticity with such a revision in markdowns. This was the
case in the past few years when we observed volume declines due to
higher prices, as households compensated for elevated inflation.
Nonetheless, Takko's solid profitability is supported by its
economies of scale because its orders from suppliers are generally
placed in bulk and well in advance. We expect these actions will
result in S&P Global Ratings-adjusted EBITDA of EUR285 million in
fiscal 2025 and EUR292 million in fiscal 2026, leading to an
adjusted EBITDA margin of 22.0%-22.5%. However, we anticipate
profitability could slightly decline in the next few years to
21.0%-21.5% because we believe don't believe Takko can pass through
all of the higher costs, notably those related to staff increases
and logistic costs."

S&P said, "FOCF after leases is robust at about EUR30 million-EUR60
million per year, but we see a limited track record of successfully
managing working capital volatility.  The company has limited
capital expenditure (capex) requirements, due to its simple
in-store and storefront design and outsourced manufacturing
activity. These, coupled with a solid EBITDA base, will likely
translate into good FOCF of EUR57 million in fiscal 2025 and EUR34
million in fiscal 2026 after lease payments. However, there is a
limited track record of the group effectively managing working
capital volatility and achieving structurally positive FOCF after
leases. This is because of severe volatility in working capital in
recent years leading to weakened cash flow generation and
restructuring of Takko's capital structure through a debt-to-equity
swap in 2023. In addition, reliance on suppliers in Asia could
adversely affect Takko's procurement during disruptions or
challenging market conditions. This is currently the case in
Bangladesh (Takko's second-largest supply country after China) due
to social and political unrest in the country hampering many
economic activities, including apparel production and logistics
activities. Positively, we understand Takko does not depend on fast
delivery, which enables the company to manage short-term
disruptions. Also, the group has some capacity to change its
suppliers or choose a different shipping route in case of need. We
also take into consideration Takko's material amount of lease
payments, since the group leases all of its 1,939 stores. According
to our assumptions, we forecast Takko's EBITDA plus rent (EBITDAR)
coverage ratio at 1.4x-1.5x over fiscal 2025 and fiscal 2026.

"The stable outlook reflects our expectation that the group will
perform in line with our base case, reporting robust EBITDA margins
at 22.0%-22.5% over fiscal 2025 and fiscal 2026 as the new
management team executes its strategy. Under our base case, we
assume the company can manage working capital volatility and post
resilient FOCF of EUR30 million-EUR60 million in fiscal 2025 and
fiscal 2026, while S&P Global Ratings-adjusted leverage remains at
4.0x-4.5x over the same period."

Downside scenario

S&P could take a negative rating action if the company's price and
product offering strategy does not resonate well with its consumer
base or if Takko is unable to successfully refocus on its main
geographies, meaning that the top line and EBITDA will decline,
raising uncertainties about the sustainability of its business
model and capital structure. This would typically arise in case of
higher-than-expected working capital outflows leading to a material
deterioration of FOCF and liquidity.

Upside scenario

A positive rating action would hinge on an improvement of Takko's
business model, implying that the group has successfully executed
its strategic initiatives, including streamlining the store
network, improving inventory management, achieving more stable
working capital throughout the year, and generating solid stable
profitability resulting in resilient FOCF after leases and an
EBITDAR coverage ratio approaching 2.0x.





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H U N G A R Y
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MBH INVESTMENT: S&P Withdraws 'BB+/B' issuer Credit Ratings
-----------------------------------------------------------
S&P Global Ratings has withdrawn its 'BB+/B' long- and short-term
issuer credit ratings on MBH Investment Bank Co. Ltd. at the
company's request. The outlook was stable at the time of the
withdrawal.




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I R E L A N D
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BAIN CAPITAL 2018-1: Moody's Cuts EUR11.2MM F Notes Rating to Caa1
------------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Bain Capital Euro CLO 2018-1 Designated
Activity Company:

EUR20,300,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Jul 3, 2024
Upgraded to A2 (sf)

EUR11,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Downgraded to Caa1 (sf); previously on Jul 3, 2024
Affirmed B3 (sf)

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

EUR207,600,000 (Current outstanding amount EUR52,974,247) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Jul 3, 2024 Affirmed Aaa (sf)

EUR22,800,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jul 3, 2024 Affirmed Aaa
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Jul 3, 2024 Affirmed Aaa (sf)

EUR25,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Aaa (sf); previously on Jul 3, 2024
Upgraded to Aaa (sf)

EUR23,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jul 3, 2024
Affirmed Ba2 (sf)

Bain Capital Euro CLO 2018-1 Designated Activity Company, issued in
May 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Bain Capital Credit, Ltd. The transaction's
reinvestment period ended in April 2022.

RATINGS RATIONALE

The upgrade on the rating on the Class D notes is primarily a
result of the significant deleveraging of the Class A notes
following amortisation of the underlying portfolio since the last
rating action in July 2024.

The Class A notes have paid down by approximately EUR60.5 million
(29.1% of original balance) since the last rating action in July
2024 and EUR154.6 million (74.5%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased for Class A
to D notes. According to the trustee report dated November 2024 [1]
the Class A/B, Class C and Class D OC ratios are reported at
190.24%, 149.03% and 126.81% compared to June 2024 [2] levels of
157.71%, 135.26% and 121.30%, respectively.

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

The downgrade to the rating on the Class F notes is due to
deterioration of the credit quality and the deterioration in Class
F over-collateralisation ratio since the last rating action in July
2024.

The credit quality has deteriorated as reflected in the
deterioration in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF) and an
increase in the proportion of securities from issuers with ratings
of Caa1 or lower. According to the trustee report dated November
2024 [1], the WARF was 3,348, compared with 3,155 in June 2024 [2]
report as of the last rating action. Securities with ratings of
Caa1 or lower currently make up approximately 14.2% of the
underlying portfolio, versus 11.7% in June 2024 [2].

In addition, the OC of the Class F notes further deteriorated since
the rating action in July 2024. According to the trustee report
dated November 2024 [1] the Class F OC ratio is reported at 100.88%
compared to June 2024 [2] level of 102.97%, respectively.

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

The 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: EUR176.2 million

Defaulted Securities: EUR12.7 million

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3,475

Weighted Average Life (WAL): 3.2 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.8%

Weighted Average Coupon (WAC): 4.1%

Weighted Average Recovery Rate (WARR): 43.8%

Par haircut in OC tests and interest diversion test: 4.07%

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.

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.

BASTILLE EURO 2020-3: S&P Assigns Prelim 'B-' Rating to E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Bastille
Euro CLO 2020-3 DAC's class X, A-1-R, A-2A-R, A-2B-R, B-R, C-R,
D-R, and E-R notes. The unrated subordinated notes are still
outstanding since the original issuance.

This transaction is a reset of the already existing transaction.
The existing notes will be fully redeemed with the proceeds from
the issuance of the replacement notes on the reset date.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings weighted-average rating factor     2,833.45

  Weighted-average life (years)                             3.94

  Weighted-average life (years) extended
  to match reinvestment period                              5.07

  Obligor diversity measure                               118.11

  Industry diversity measure                               20.81

  Regional diversity measure                                1.29

  Weighted-average rating                                      B

  'CCC' category rated assets (%)                           2.56

  Actual 'AAA' weighted-average recovery rate              36.59

  Actual weighted-average spread (net of floors; %)         3.89

  Actual weighted-average coupon (%)                        4.41

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.

Rationale

S&P said, "At closing, we expect the target portfolio to be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans. 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 modelled the EUR300 million target
par amount, the covenanted weighted-average spread of 3.85%, and
the covenanted weighted-average coupon of 4.25%. We have assumed
identified weighted-average recovery rates at all rating levels, in
line with the recovery rates of the actual portfolio presented to
us. 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 expect
the transaction's exposure to country risk to be sufficiently
mitigated at the assigned preliminary ratings.

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

"We expect the transaction's legal structure and framework to be
bankruptcy remote. The issuer is expected to be a special-purpose
entity that meets our criteria for bankruptcy remoteness."

The CLO will be managed by Carlyle CLO Management Europe LLC. Under
S&P's operational risk criteria, the maximum potential rating on
the liabilities is 'AAA'.

S&P said, "Until the end of the reinvestment period on Jan. 15,
2030, the collateral manager can 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 default potential of the current portfolio plus par
losses to date." As a result, until the end of the reinvestment
period, the collateral manager may, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

S&P said, "Our credit and cash flow analysis show that the class
A-2A-R, A-2B-R, and B-R notes benefit from break-even default rate
(BDR) and scenario default rate cushions that we would typically
consider to be in line with higher preliminary ratings than those
assigned. However, as the CLO will have a reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our preliminary ratings on the notes."

The class X, A-1-R, C-R, and D-R notes can withstand stresses
commensurate with the assigned preliminary ratings.

For the class E-R notes, our credit and cash flow analysis indicate
that the available credit enhancement could withstand stresses
commensurate with a lower preliminary rating.

However, S&P has applied its 'CCC' rating criteria, resulting in a
preliminary 'B- (sf)' rating on this class of notes.

The ratings uplift for the class E-R notes reflects several key
factors, including:

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

-- S&P's model generated BDR at the 'B-' rating level of 26.65%
(for a portfolio with a weighted-average life of 5.08 years),
versus if it was to consider a long-term sustainable default rate
of 3.1% for 5.08 years, which would result in a target default rate
of 15.75%.

-- 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 E-R notes is commensurate with the
assigned preliminary 'B- (sf)' rating.

-- Following S&P's analysis of the credit, cash flow,
counterparty, operational, and legal risks, it believes its
preliminary ratings are commensurate with the available credit
enhancement for each class of notes.

S&P said, "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 preliminary ratings on
the class X to D-R notes, based on four hypothetical scenarios.

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

Environmental, social, and governance factors

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.

"For this transaction, the documents prohibit assets from being
related to certain activities, including but not limited to, the
following: endangered wildlife, prostitution related activities,
trade of illegal drugs or narcotics, including recreational
cannabis; one whose revenues are more than 25% from predatory
lending, civilian firearms; one whose revenues are more than 10%
derived from oil sands, controversial weapons; one whose revenues
are more than 5% derived from tobacco-related products; one whose
any revenue is from activities in violation of "The Ten Principles
of the UN Global Compact"."

Since the exclusion of assets related to these activities does not
result in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities.

  Ratings list

           Prelim. Prelim. amount Credit
  Class    rating*  (mil. EUR)    enhancement (%)  Interest rate§

  X        AAA (sf)  3.00       N/A      3M EURIBOR + 0.98%
  
  A-1-R    AAA (sf)    186.00      38.00     3M EURIBOR + 1.32%

  A-2A-R   AA (sf)      19.00      28.33     3M EURIBOR + 2.15%

  A-2B-R   AA (sf)      10.00      28.33     4.70%

  B-R      A (sf)       20.25      21.58     3M EURIBOR + 2.75%

  C-R      BBB- (sf)    21.25      14.50     3M EURIBOR + 3.70%

  D-R      BB- (sf)     13.50      10.00     3M EURIBOR + 6.00%

  E-R      B- (sf)       9.75       6.75     3M EURIBOR + 8.59%

  Sub notes   NR        37.10        N/A     N/A

*S&P's preliminary ratings on the class X, A-1-R, A-2A-R, and
A-2B-R notes address timely payment of interest and ultimate
payment of principal, while our preliminary ratings on the class
B-R to E-R notes address the ultimate payment of interest and
principal.
§ The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


JAZZ PHARMACEUTICALS: Moody's Ups Rating on Sr. Secured Debt to Ba1
-------------------------------------------------------------------
Moody's Ratings upgraded the ratings of senior secured credit
facilities of Jazz Pharmaceuticals plc (collectively referred to as
"Jazz") and related subsidiaries, including Jazz Financing Lux
S.a.r.l.'s senior secured credit facility rating, to Ba1 from Ba2,
and Jazz Securities Designated Activity Company's senior secured
notes rating to Ba1 from Ba2. Concurrently, Moody's affirmed Jazz
Pharmaceuticals plc's Corporate Family Rating at Ba2, and
Probability of Default Rating at Ba2-PD. The Speculative Grade
Liquidity Rating remains unchanged at SGL-1. The outlook is
stable.

The upgrade of the senior secured facilities ratings to Ba1 from
Ba2 is driven by the recent issuance of $1.0 billion of unsecured
convertible notes (unrated) due September 2030, along with ongoing
prepayment of the senior secured term loan B due 2028. As a result,
the size of the unsecured debt relative to the total quantum of
debt has meaningfully increased, providing loss absorption to the
senior secured debt, and lifting senior secured debt instruments
one notch above the Ba2 CFR.

The affirmation of Ba2 CFR reflects Moody's expectation for ongoing
improvement in operational performance driven by Xywav, Epidiolex,
Rylaze and Zepzelca franchises. Additionally, Moody's expect Jazz
to benefit from contributions from the company's pipeline of drugs,
in particular Ziihera which was approved by US Food and Drug
Administration for treatment of biliary tract cancer, in November
2024.

RATINGS RATIONALE

Jazz's Ba2 corporate family rating reflects its position as a
specialized pharmaceutical company with nearly $4.0 billion of
revenue. The rating is supported by Jazz's strong presence in sleep
disorder drugs with the Xyrem/Xywav franchise, and a growing
oncology business anchored by Zepzelca and Rylaze and a pipeline
opportunity in zanidatamab. The 2021 acquisition of GW
Pharmaceuticals established Jazz as a leader in cannabinoids, with
solid growth prospects in Epidiolex for treating seizures.

These strengths are constrained by high revenue concentration in
Xywav, and Epidiolex, which Moody's estimate will represent
approximately 60% of 2024 revenue. Expansion of authorized generics
for Xyrem will continue to erode sales of the drug, but the risk is
mitigated by ongoing uptake of Xywav, the only low-sodium product
currently available, and also only approved treatment for
idiopathic hypersomnia. In addition, both Xywav and Epidiolex face
patent challenges. Moody's anticipate gross debt/EBITDA of 4.0 -
4.5x over the next 12 months, with free cash flow likely to be used
for business development.

Jazz's SGL-1 Speculative Grade Liquidity Rating reflects Moody's
view that liquidity will be very good over the next 12-15 months.
As of September 30, 2024, the company had approximately $2.6
billion of cash and short-term investments. Moody's expect Jazz to
generate over $1.0 billion of free cash flow over the next 12
months. The company's liquidity is further bolstered by an undrawn
$885 million revolving credit facility expiring in 2029.

The stable outlook reflects Moody's expectation for ongoing
improvement in operating performance due to strong demand and
volume growth of Xywav, Epidiolex, Rylaze and Zepzelca franchises,
over the next 12-18 months.

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

Factors that could lead to an upgrade include greater revenue
diversity arising from growth in key products, continuation of
patient transition from Xyrem to Xywav, and good pipeline
execution. Quantitatively, debt/EBITDA sustained below 3.5x along
with consistently positive earnings and free cash flow would
support an upgrade.

Factors that could lead to a downgrade include significant
contraction in growth due to pricing pressure or competition.
Specifically, ratings could be downgraded due to weak sales trends
in Xywav, Epidiolex or Rylaze, increased litigation exposures or
costs, or large debt-funded acquisitions. Quantitatively,
debt/EBITDA sustained above 4.5x could lead to a downgrade.

Jazz Pharmaceuticals plc is a global biopharmaceutical company with
a portfolio of products that treat patients with serious diseases
– often with limited or no therapeutic options. Reported revenues
for the 12 months ended September 30, 2024 totaled approximately
$4.0 billion.

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



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

CEME SPA: S&P Assigns 'B' ICR on New Capital Structure
------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Investindustrial's Italian leading manufacturer of valves and
pumps for home coffee machines, Ceme SpA and its 'B' issue rating
to the EUR360 million senior secured floating rate notes, with a
'4' recovery rating, indicating average recovery (about 40%
recovery prospects).

The stable outlook reflects S&P's expectations that Ceme's debt to
EBITDA will improve to sustainably below 6x by 2025, free operating
cash flow (FOCF) will remain positive, margins will improve to
above 20%, and funds from operations (FFO) cash interest coverage
ratio will sustainably stay above 2.0x.

S&P said, "The 'B' rating reflects our expectation that Ceme will
gradually deleverage to 5.7x in 2025 through EBITDA expansion,
thanks to a rebound in sales and an improvement in profitability.
Following an 18% decline in sales in 2023, which reduced revenue to
EUR265 million due to aggressive destocking by key customers in the
home coffee machine segment, we project Ceme will achieve revenue
of EUR335 million in 2024 (pro-forma the consolidation of the U.S.
entities). The 26% revenue growth we anticipate for 2024 will be
largely driven by the integration of U.S. entities, complemented by
a 7% organic growth, mainly supported by the expected rebound in
the home coffee machine segment. We anticipate Ceme's revenue
growth continuing through 2025, with revenue expected to increase
by 6% to EUR355 million. Coupled with the expected improvement in
profitability, driven primarily by the realization of cost
synergies and turnover growth leading to better absorption of fixed
costs, we anticipate a significant expansion in adjusted EBITDA,
reaching EUR78 million by 2025 (EUR44 million in 2023). We forecast
the EBITDA expansion will enable the group to deleverage, with S&P
Global Ratings-adjusted debt to EBITDA expected at 5.7x by 2025
from 7.0x anticipated in 2024 and 6.2x in 2023, as we do not assume
any change in the new capital structure. These level of leverage
are slightly higher if compared to our last publication owing to a
marginally lower EBITDA in 2024 and somewhat higher debt due to our
assumption of some drawings under the RCF. That said, we continue
to anticipate that Ceme's Debt to EBITDA will decrease to below
6.0x by 2025.

The home coffee machine segment, which accounted for 56% of Ceme's
revenue in 2023, represents the backbone of the business, and its
evolution is one of the key drivers of Ceme's revenue growth.   The
gradual market recovery in the home coffee machine segment, coupled
with increasing penetration into the professional coffee, food and
beverage, and specialty application segments, should drive revenue
growth. The home coffee machine segment experienced a significant
slowdown in 2022 and 2023 due to the aggressive destocking
implemented by original equipment manufacturers and brands after
the inventory build-up during the pandemic boom. This resulted in a
top-line contraction of 18% in 2023 for Ceme. S&P expects a demand
normalization over 2024 as the sell-in and sell-out volumes
rebalance. Along with volume recovery, the demand for coffee
machines should continue to benefit from supporting trends, like
growing urban populations in developing regions, the increasing
penetration of full and semi-automatic machines that require an
ever larger number of pumps and valves, as well as the
proliferation of coffee culture and a shift in consumer preferences
toward specialty and gourmet coffee varieties, particularly in
urban areas and among younger consumers. This should translate into
18% organic growth in single serve coffee revenue in 2024, followed
by a normalization to 7% in 2025. S&P expects the rebound in single
serve coffee to be complemented by Ceme's strategic initiatives in
food and beverage, professional coffee, and specialty application,
including identified cross-selling opportunities, and expansion
into new sub-segments, leveraging on an increased product portfolio
after the consolidation of Procon and Micropump.

S&P said, "We anticipate a step-up in profitability over the next
few years, mainly on cost synergies realization and turnover
expansion leading to a better absorption of fixed costs.   As
revenue growth rebounds from the 2023 contraction, operating
leverage is expected to improve significantly. Top-line expansion
is set to create additional economies of scale, further supported
by the realization of cost synergies. The company targets realizing
about EUR14.7 million of run-rate synergies by 2026, based on
initiatives already implemented and executed, such as the
insourcing of plastic components, the introduction of new products
with reduced raw material costs, and the reorganization of
production facilities. This includes streamlining U.S. operations
and partially relocating production to more cost-effective
locations. The results were already partially visible in the first
half of 2024, when Ceme's reported EBITDA margin (based on
unaudited figures), improved to 19.8% from 16.1% in the same period
last year. Overall, we expect the S&P Global Ratings-adjusted
EBITDA margin to expand to 18.6% in 2024 (19.8% without the impact
of transaction costs, and 19.1% in our former base case) from 16.7%
in 2023, with a further increase to 22.0% in 2025 (22.6% in our
former base case).

"We expect Ceme's FOCF to stabilize at around EUR30 million
annually from 2025, following years of volatility due to
substantial expansionary capital expenditure (capex) and unstable
working capital needs.  Between 2020 and 2023, Ceme's FOCF
experienced significant volatility, driven by substantial swings in
working capital linked to clients' stocking and destocking
dynamics, while the company was investing significantly in
expansionary capex. The company invested around EUR70 million of
gross capex between 2019 and 2023, to increase production capacity,
improve energy efficiency of the production facilities of
Tarquinia, Trivolzio, and China, and increase the level of
automation. Reported capex peaked at 6.6% in 2021, before only
slightly declining to 5.2% in 2022 and 4.1% in 2023. As a result,
in the past four years, Ceme cumulatively generated EUR45 million
of FOCF, ranging from a minimum of negative EUR14.7 million in
2021, to a maximum of EUR31.6 million in 2020. For 2024 we
anticipate Ceme's FOCF to be negative for EUR8 million (positive
EUR6 million when excluding the impact of transaction costs), while
for 2025-2026 we expect the FOCF generation to stabilize at around
EUR30 million annually, equivalent to about 8% of revenue." This
stabilization will be supported by expanding margins, normalized
working capital needs after years of fluctuation, and reduced capex
levels to around 2%-3% of revenue.

Ceme's small size of operations and narrow product offering is
offset by a relatively defensive profitability.   With 2023 revenue
of EUR265 million (EUR327 million in the last 12 months to June
2024, including U.S. activities) and 2023 S&P Global
Ratings-adjusted EBITDA of EUR44 million, Ceme is one of the
smallest players we rate in the capital goods sector. The limited
scale is further constrained by a narrow product portfolio, with
about 90% of its sales concentrated in valves and pumps. S&P said,
"Moreover, although we expect the company to grow further in
professional coffee, food and beverage, and specialty application,
we expect the home coffee segment will continue to represent the
backbone of the business, generating about 50% of revenue and
limiting the company's diversification. Despite these limitations,
Ceme is the undisputed market leader in valves and pumps for home
coffee machines, with a market share that is 4x-5x higher than its
closest competitor, resulting in an 85%-90% share of key customers'
related share of wallet, based on the company's data. Ceme also has
significant market share in professional coffee (20%-25%) and food
and beverage (30%-35%). This competitive position helps mitigate
some of the risks tied to its smaller size. Moreover, Ceme benefits
from a relatively resilient profitability. The company's high level
of vertical integration--with 80% of production handled in
house--and substantial investments in automation have provided a
meaningful cost advantage and have helped sustain a resilient S&P
Global Ratings-adjusted EBITDA margin of 17.2% on average during
2022 and 2023, when revenue declined 1% and 18%, respectively.
Although the company's return of capital is relatively low, on
average at 5.2% in 2022-2023, we anticipate an improvement, thanks
to increasing asset utilization, currently at about 60%. Finally,
we believe Ceme benefits from adequate pricing power, supported by
the mission-critical nature of its components and the longstanding
customer relationships with blue chip companies."

Ceme's substantial exposure to the home coffee segment, along with
the short cycle nature of its business, makes the company
vulnerable to fluctuations in stocking and destocking trends.  
This, in turn, creates potential volatility in revenue, EBITDA, and
free cash flow generation. Such volatility was particularly evident
during the COVID and post-COVID periods; volumes peaked in 2021 and
2022, driven by client stocking dynamics in anticipation of a surge
in home coffee consumption that, ultimately, did not materialize as
expected. Consequently, 2022 saw a 48% decline in Ceme's orders,
after the 50% order intake increase recorded in 2021. S&P said,
"Looking ahead, we expect lower volatility in 2024 and 2025, as the
market stabilizes, with a gradual easing of destocking trends and a
re-alignment of sell-in and sell-out volumes. However, due to the
short-term nature of Ceme's customer commitments, as well as the
fluctuation of the stocking cycles, we believe the company's
revenue visibility remains relatively limited and compares
negatively with peers with long order backlogs. We believe this
generally leaves the company exposed to demand volatility in the
event of unexpected shifts in demand patterns or consumer
preferences."

As part of its new capital structure and the consolidation of the
U.S. entities, Ceme issued EUR360 million senior secured floating
rate bond due 2031.   The bond's proceeds, along with EUR43 million
cash on hand, were used to refinance EUR304 million of existing
debt, repay EUR85 million of shareholder loans, and pay EUR14
million fees and expenses related to the transaction. S&P said,
"The company has also established a multicurrency super senior
revolving credit facility (RCF) of EUR67.5 million which we expect
to be partially drawn at year-end by few millions differently from
our initial assumption. Moreover, Ceme acquired in-kind the U.S.
entities Procon and Micropump, already owned by Investindustrial
through Fluid Control Acquisitions Sarl. At year-end 2024 we expect
Ceme's S&P Global Ratings-adjusted debt will reach approximately
EUR440 million, comprising the EUR360 million notes, some drawings
under the RCF, about EUR7 million in bilateral lines not
refinanced, about EUR3 million in outstanding debt at the recently
acquired DTI, about EUR21 million in non-recourse factoring line
outstanding, about EUR34 million for lease liabilities, EUR2
million for pensions and other postretirement deferred
compensations, and about EUR1 million for earn-outs related to the
acquisition of DTI."

S&P said, "Our rating on Ceme is constrained by the group's private
equity ownership.   Although we forecast that adjusted leverage
will be below 6x from 2025, we also factor into our assessment that
the group is owned by a financial sponsor. We cannot rule out
potential incremental debt, also considering a relatively loose
documentation on additional indebtedness (the net leverage ratio
for additional indebtedness is set at 5.0x), and the company's
potential appetite in consolidating further its position in the
coffee-machines segments, while expanding into others through
potential mergers or acquisitions (M&A). A more aggressive
financial policy, demonstrated by a higher leverage tolerance or
debt-funded shareholder returns, would put pressure on our rating.
At the same time, we expect only bolt-on acquisitions over the next
few years, with related cash outflow of about EUR5 million-EUR10
million per year, and we also note that, pro forma the transaction,
Ceme will be less leveraged than other private equity-owned rated
peers.

"The final transaction documentation is in line with our
expectations, with no meaningful changes in key terms.  The key
terms of the executed documentation were in line with our
expectations, including share terms, utilization of the bond
proceeds, maturity, size and conditions of the notes, financial and
other covenants, security, and ranking. In addition, the company
completed the in-kind asset reorganization and the consolidation of
the U.S. entities.

"The stable outlook reflects our expectations that CEME's debt to
EBITDA will improve to sustainably below 6.0x by 2025, that free
operating cash flow (FOCF) will remain positive, that margins will
improve to above 20%, and that the company will maintain adequate
liquidity, with sources covering uses by at least 1.2x,
complemented by FFO cash interest coverage sustainably above
2.0x."

Downside scenario

S&P could lower the rating if:

-- CEME's debt to EBITDA exceeds 6x with no prospect of swift
recovery, due to weaker-than-anticipated operating performance or
lower-than-expected benefits from synergies implementation that
materially deviate from our base case, or in case of material
debt-funded acquisitions or dividend distributions;

-- FOCF turns negative with no prospect of recovery; or

-- FFO cash interest coverage deteriorates to below 2.0x.

Upside scenario

S&P sees limited upside in the next two years considering the
limited scale and scope of Ceme versus higher rated peers and due
to the relatively high indebtedness. S&P could raise the rating
if:

-- Ceme substantially improves its revenue base and end-market
exposure, while maintaining its current margin profile;

-- Debt to EBITDA improves and remains consistently below 5x,
supported by a commensurate financial policy; and

-- FOCF remains positive, translating into FOCF to debt
sustainably between 5% and 10%.


LOTTOMATICA SPA: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
-------------------------------------------------------------------
S&P Global Ratings has withdrawn its 'BB-' long-term issuer credit
rating on Lottomatica SpA. This follows the company's public
announcement that, as of Nov. 1, 2024, Lottomatica SpA has been
incorporated into its parent company, Lottomatica Group SpA. S&P's
existing 'BB-' long-term issuer credit rating on Lottomatica Group
SpA is unaffected.

The outstanding EUR1,965 million senior secured notes, originally
issued by Lottomatica SpA, were assumed by Lottomatica Group SpA,
as publicly communicated to bondholders on Nov. 4, 2024. S&P's
existing 'BB-' issue rating (recovery rating of '3') on the notes
is therefore unaffected.



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

ARMORICA LUX: Moody's Affirms Caa1 CFR, Alters Outlook to Positive
------------------------------------------------------------------
Moody's Ratings has affirmed the Caa1 corporate family rating and
the Caa1-PD probability of default rating of Armorica Lux S.ar.l.
(the company), the parent company of idverde. Concurrently, Moody's
have affirmed the Caa1 rating of the EUR415 million senior secured
first lien term loan B due 2028 and the EUR50 million senior
secured first lien revolving credit facility (RCF) due 2028. The
outlook was changed to positive from stable.

RATINGS RATIONALE

The rating action reflects idverde's improving operating
performance as the new management team focuses on turning around
the business by implementing cost controls, improving commercial
terms of contracts (including but not limited to exiting loss
making contracts) and focusing more on their core maintenance
division. This has resulted in revenue growing to EUR1.1 billion
for the last twelve months (LTM) ending September 30, 2024, up 4 %
compared to LTM September 30, 2023. The company's Moody's adjusted
debt/EBITDA has declined to 7.2x as of LTM September 2024 from the
highs of 10.3x in 2022.

At the same time the company's profitability remains weak and is
not yet sufficient to cover operational needs including organic
capex and elevated interest expense, with EBITA/interest ratio at
0.6x as of LTM September 2024. Free cash flow (FCF) to debt has
improved since 2021, but was still negative as of LTM September
2024.

Over the next 12-18 months Moody's expect idverde's revenue to grow
in low single digits through higher volume of contracts driven by
climate change projects and demand for more green spaces in urban
cities. Price increases will also support revenue growth due to
supply constraints in some segments such as flood and drought
prevention and idverde offering more specialised and premium
services.

Moody's expect the company to achieve EBITDA (Moody's adjusted,
excluding some add-backs) of around EUR90 million in 2024 and
EUR102 million in 2025 which will result in Moody's adjusted
leverage of around 6.8x in 2024 and 6x in 2025. Moody's forecast
FCF/debt to be negative in 2024 and reach breakeven in 2025; and
EBITA/interest to be 0.7x in 2024, improving to 1x in 2025. Moody's
recognize that it will take more time before idverde's metrics
improve substantially.

LIQUIDITY

Moody's considers idverde's liquidity to be adequate, mainly
supported by the cash balance of EUR40 million and EUR20 million
available under the EUR50 million senior secured RCF as of
September 30, 2024. The company also has access to committed
shareholder funding of EUR50 million, of which, EUR30 million is
undrawn. This is in the form of an agreement to support growth
initiatives. In October 2024, the company completed a EUR40 million
tap to its term loan, the proceeds of which were used to repay the
EUR30 million drawings under the senior secured RCF. The senior
secured RCF has a springing senior secured net leverage covenant of
7.4x, when the senior secured RCF is drawn by more than 40%.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's base case expectations that
the company will continue improving its EBITDA and EBITDA margins
from current levels as planned, reduce exceptional costs and
achieve at least breakeven level of FCF by 2025. The positive
outlook assumes that the company will maintain at least an adequate
liquidity.

Moody's would stabilise the outlook if idverde's EBITDA and credit
metrics, including FCF generation do not improve in the next few
quarters.

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

In due course a rating upgrade could be appropriate in the event
idverde: (1) continues to improve its operating performance,
including in the UK; (2) FCF generation turns positive and FCF/debt
starts improving towards 5% ; (3) continues to maintain adequate
liquidity such that its cash EBITDA more than comfortably covers
all fixed cash costs; (4) demonstrates a clear trajectory of
sustainably growing its Moody's adjusted EBITDA margin towards 10%;
(5) reduces Moody's gross adjusted leverage to well below 6x and  
increases EBITA/interest expense sustainably towards 1.5x, as well
as (6) builds a track record of improving credit metrics to be well
positioned for refinancing its 2028 term loan maturity in advance.

Negative pressure on the rating could arise if: (1) the company's
EBITDA does not improve in the next 12 months; (2) there is a risk
of a distressed exchange or liquidity weakens such that the company
will not be able to cover its basic cash needs; or (3) there are
signs of diminished financial support from the shareholder.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Armorica Lux S.ar.l. is the parent company of idverde, a leading
provider of landscaping services in Europe offering a broad range
of services for public or private clients across all segments
(creation and maintenance) and service types (e.g. design, mowing,
gritting). The company has a network of approximately 150 branches
covering France, United Kingdom, Netherlands, Denmark and recently
Germany, employing more than 7,100 employees. Armorica Lux S.ar.l.
has a highly diversified customer base, with approximately 14,000
customers, including both large and small public and private
entities. For LTM September 2024, the company generated EUR1.1
billion of revenue and EUR84 million of Moody's adjusted EBITDA
(excluding some add-backs).

FOUNDEVER GROUP: EUR1BB Bank Debt Trades at 30% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Foundever Group SA
is a borrower were trading in the secondary market around 69.8
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.

The EUR1 billion Term loan facility is scheduled to mature on
August 28, 2028. The amount is fully drawn and outstanding.

Foundever Group S.A., domiciled in Luxembourg, is a leading global
provider of CX products and solutions. Foundever generated $3.7
billion revenue for the twelve months ended March 31, 2024. The
company is owned by the Creadev Investment Fund (Creadev), which is
controlled by the Mulliez family of France.



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

B2 IMPACT: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Ratings has affirmed B2 Impact ASA's Ba2 corporate family
rating and its Ba3 senior unsecured debt rating. The issuer outlook
remains stable.

RATINGS RATIONALE

The affirmation of the Ba2 CFR reflects several factors, notably a
re-assessment of the applicable operating environment within which
B2 Impact operates as a dedicated debt purchaser and debt
collector, as well as the company's solid performance against the
backdrop of the highly cyclical and challenging operating
environment.

Similar to other debt purchasing and debt collection companies B2
Impact's CFR is constrained by the operating environment score,
which Moody's have lowered for all rated debt purchasing companies
to B1. B2 Impact's applicable operating environment score was Ba3
previously. This reflects Moody's view that the sector is highly
cyclical, sensitive to the availability of nonperforming loans, and
affected by changes in collection patterns through economic cycles.
During periods of the credit cycle with high interest rates, access
to capital and cost of capital can represent material challenges as
the debt purchasing business is capital and technology intensive,
while low availability of nonperforming loan supply results in
highly competitive pricing, thus significantly affecting the
profitability of debt purchasers.

At the same time, the affirmation of the Ba2 CFR acknowledges that
B2 Impact continues to demonstrate good profitability while
maintaining moderate leverage, a solid equity cushion and a steady
investment and collection performance. The company has continued to
streamline its operations, focusing on key markets in Northern
Europe and Poland, and continues to implement workforce efficiency
measures. Furthermore, B2 Impact has initiated timely refinancings
of its bonds and its revolving credit facility (RCF), and reduced
total debt volume and interest costs as compared with 2023. The
company has no upcoming debt maturities within the next 24 months.

The Ba3 rating of B2 Impact's senior unsecured notes reflects their
priorities of claims and asset coverage in the company's current
liability structure.

OUTLOOK             

The stable outlook reflects Moody's view that B2 Impact will be
able to maintain its credit profile, including modest leverage and
solid profitability, during the 12-18 month outlook period.

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

B2 Impact's CFR could be upgraded if the company significantly
improves its interest coverage and profitability while maintaining
low leverage and continues to demonstrate strong liquidity
management.

An upgrade of B2 Impact's CFR would likely result in an upgrade of
the Ba3 senior unsecured debt rating or in case of changes in the
liability structure that would decrease the amount of debt
considered senior to the notes or increase the amount of debt
considered junior to the notes.

Downward rating pressure could develop if the company's credit
profile weakens significantly, if for example profitability and
leverage metrics deteriorate substantially or if the improved
liquidity position significantly weakens.

A downgrade of B2 Impact's CFR would likely result in a downgrade
of the Ba3 senior unsecured debt rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in July 2024.



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

AFAAD INVESTMENT: MHA Named as Administrators
---------------------------------------------
Afaad Investment Properties Ltd was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2024-7269, and James Alexander Snowdon and Georgina Marie Eason
of MHA were appointed as administrators on Nov. 28, 2024.  

Afaad Investment works with venture capitalists to acquire
undervalued properties, in need of development.

Its registered office and principal trading address is at 87
Boundary Road, Chatham, ME4 6UQ.

The administrators can be reached at:

           Georgina Marie Eason
           James Alexander Snowdon
           MHA
           6th Floor, 2 London Wall Place
           London, EC2Y 5AU

For further details, contact:
           
            Sam Robinson
            Email: Sam.Robinson@mha.co.uk
            Tel: 0207 429 4100

Alternative contact: Milly Ord

AGE UK: Azets Named as Administrators
-------------------------------------
Age UK Staffordshire was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD), Court Number:
CR-2024-007371, and Robert Young and Blair Milne of Azets, were
appointed as administrators on Dec. 2, 2024.  

Age UK Staffordshire is an independent charity working in Stafford
Borough to offer support and services to older people.

Its registered office is at Haling Dene Centre Cannock Road,
Penkridge, Stafford, ST19 5DT.

The administrators can be reached at:

              Robert Young
              Azets
              2nd Floor, Regis House
              45 King William Street
              London, EC4R 9AN

              -- and --

              Blair Milne
              Azets
              Titanium 1
              King's Inch Place
              Renfrew, Glasgow
              PA4 8WF

Contact details for Administrators:

              Tel: 0207 403 1877

Alternative contact: Hamish.gordon@azets.co.uk

HARLAND & WOLFF: Teneo Financial Named as Joint Administrators
--------------------------------------------------------------
Harland & Wolff (Marine Services) Limited was placed into
administration proceedings in the High Court of Justice Business
and Property Courts of England and Wales, Insolvency and Companies
List (ChD) Court Number: CR-2024-007143, and Gavin George Scott
Park and Clare Boardman of Teneo Financial Advisory Limited were
appointed as joint administrators on Dec. 3, 2024.  

Harland & Wolff specializes in sea and coastal freight water
transport.

Its registered office is at c/o Teneo Financial Advisory Limited,
The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4
6AT.  Its principal trading address is at Riverbank House, 2 Swan
Lane, London, EC4R 3TT.

The joint administrators can be reached at:

               Gavin George Scott Park
               Clare Boardman
               Teneo Financial Advisory Limited
               The Colmore Building
               20 Colmore Circus Queensway, Birmingham
               B4 6AT

Further details contact:

               The Joint Administrators
               Tel: 0121 619 0198

Alternative contact:

                Aaron Banks
                Email: Aaron.Banks@teneo.com

MARSH MOTORCYCLES: Westcotts Business Named as Administrators
-------------------------------------------------------------
Marsh Motorcycles Limited, trading as Plymouth Harley-Davidson;
Southampton Harley-Davidson, was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency and Companies List (ChD),
Court Number: CR-2024-007052, and Jon Mitchell of Westcotts
Business Recovery LLP, was appointed as administrator on Dec. 2,
2024.  

Marsh Motorcycles specializes in the sale, maintenance and repair
of motorcycles and related parts and accessories.

Its registered office is at Unit 5 Merriott House, Hennock Road,
Marsh Barton, Exeter, EX2 8NJ. Its principal trading address at 1
Eagle Road, Plympton, Plymouth, PL7 5JY.

The administrators can be reached at:

              Jon Mitchell
              Westcotts Business Recovery LLP
              26-28 Southernhay East, Exeter
              Devon, EX1 1NS

Further Details Contact:

              Jon Mitchell
              Email: insolvency@westcotts.uk

Alternative contact: Kerry Austin

MOTOR FUEL GROUP: S&P Affirms 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on U.K.-based forecourt operator Motor Fuel Group's (MFG) holding
company, Clayton, Dubilier, & Rice (CD&R) Firefly 4 Ltd., and its
'B' issue rating on the senior secured debt instruments. The
proposed issuance is rated 'B' with a recovery rating of '3',
reflecting its expectation of meaningful recovery (50%-70%; rounded
estimate: 55%) in the event of default.

S&P said, "The stable outlook indicates that we think MFG's
earnings will improve in the next 12 months and that the company
will realize synergies and grow its retail offering further, while
the execution risks associated with the Morrisons' PFS acquisition
dissipate and the path toward deleveraging becomes clearer. Our
forecasts for 2025 show that the group is likely to maintain
adjusted debt to EBITDA of 6.5x-7.0x (5.5x-6.0x, excluding
preference shares); funds from operations (FFO) to cash interest of
over 1.5x; and strong positive free operating cash flow (FOCF)
after leases.

The acquisition of Morrisons' PFS was significant for MFG and its
smooth progress to date has reduced the remaining execution risks,
in S&P's view. Within six months of closing, MFG had upgraded the
infrastructure at all 337 sites and integrated them into its
preferred COFO model without encountering any unexpected issues. It
has already secured about GBP25 million of the previously targeted
GBP40 million in cost synergies and revised its synergy target up
to GBP47 million. Early indications from the refreshed stores show
weekly like-for-like retail sales growing by about 7%.

Meanwhile, MFG's legacy sites performed strongly during the first
nine months of 2024. Fuel margins were higher-than-anticipated at
about 12 pence per litre (ppl) and volumes increased by 4%,
contrary to initial expectations of a volume decline. S&P estimates
that the group's consolidated EBITDA for the 12 months to Sept. 30,
2024, was about GBP532 million (including five months of
contributions from the acquired Morrisons PFS portfolio). Based on
current trading trends, it projects that EBITDA for the full year
will be about GBP640 million in 2024 (pro forma the acquisition)
and will be around GBP660 million in 2025. That said, the interim
road fuel update report from the Competition and Markets Authority
(CMA) expresses the CMA's concerns about the limited price
competition between fuel retailers; this could have implications
for future fuel margins.

The proposed GBP293 million dividend recapitalization will reduce
the group's rating headroom for the next 12 months. S&P said, "We
view the timing of this transaction as aggressive, given that we
calculate adjusted leverage for the group at about 8.3x (7.0x,
excluding preference shares) based on the last 12 months of EBITDA.
Even from the second quarter of 2025, when we include a full-year
contribution from the Morrisons PFS acquisition, this figure is
only forecast to improve to about 6.9x (5.8x excluding preference
shares). This is close to our downside rating trigger for leverage
of above 7.0x." However, MFG has previously demonstrated an ability
to reduce leverage within 12–18 months following a debt-financed
dividend recapitalization. Looking beyond the proposed transaction,
the controlling sponsor has indicated that its focus will shift
toward reducing the group's leverage, ahead of a potential exit in
the medium term.

MFG's strong cash flow generation is still key to its credit
strength. The recent repricing of the term debt, combined with the
hedges placed, offsets the impact of the higher interest costs that
will be incurred after the dividend recap. S&P said, "We forecast
that the group will continue to generate GBP100 million a year in
FOCF, after lease payments, while continuing to direct about 22% of
its EBITDA toward capital expenditure (capex). We estimate that MFG
will budget GBP150 million-GBP160 million a year for capex over the
next two years, most of which will be used to expand retail and
food service offerings (about GBP55 million) and develop EV
charging infrastructure (about GBP60 million)." These investments
are largely discretionary and MFG will have the flexibility to
scale back spending or defer spending if necessary, which will help
it maintain liquidity and credit metrics.

The group currently benefits from access to about GBP730 million in
supply-chain financing facilities, which provide a liquidity buffer
to its working capital needs. If oil prices decline materially, MFG
would be selling fuel at the lower prevailing price, but still
paying creditors based on inventory previously purchased at higher
prices. S&P assumes that the price of Brent oil for 2025 will be
about $75 per barrel, below the $81 per barrel in 2024 to date,
which could introduce some working capital outflows. Nevertheless,
given MFG's discretionary capex profile and its access to
supply-chain financing, it anticipates that the group would be able
to manage these effects and preserve its overall cash flow.

MFG's franchise model enables it to manage its cost pressures
effectively. Although the U.K. government's planned increase to the
minimum wage and employer's National Insurance contributions will
increase staffing costs in the retail sector, the impact should be
less pronounced for MFG. Under its franchise model, site operators
act as contract managers, rather than full-time employees. Although
MFG retains control over fuel economics, franchisees earn a
commission on each liter of fuel sold. Under this arrangement, the
franchisee oversees all retail sales, food-to-go (FTG) offerings,
and ancillary services, while paying MFG a contractually determined
daily fee that varies with site retail sales. This setup secures
MFG a reliable stream of nonfuel retail and FTG revenue, while
still allowing franchisees to enjoy any additional upside.

S&P said, "The stable outlook indicates that we think MFG's
earnings will improve in the next 12 months and that the company
will realize synergies and grow its retail offering further, while
the execution risks associated with the Morrisons' PFS acquisition
dissipate and the path toward deleveraging becomes clearer. Our
forecasts for 2025 show that the group is likely to maintain
adjusted debt to EBITDA of 6.5x-7.0x (5.5x-6.0x, excluding
preference shares); FFO to cash interest of over 1.5x; and strong
positive FOCF, after leases.

"We could downgrade MFG if we no longer forecast that the group
will be able to reduce adjusted debt to EBITDA to below 7.0x in
2025, or if its cash generation weakens, such that FFO cash
interest coverage falls to 1.5x, or either FOCF or liquidity
substantially weakens." This could happen if:

-- Sustained changes to the U.K. fuel market's fundamentals
(including any regulatory intervention) result in lower fuel
margins; or

-- MFG invests more in capital improvements such as the rollout of
EV chargers than we had expected, or does not scale back such
spending to balance an earnings shortfall in a timely manner,
causing an erosion of FOCF.

S&P could also lower the rating if a more-aggressive financial
policy leads to a prolonged decline in the group's credit metrics.
Possible sources of such a deterioration include a decision by the
sponsor to allocate surplus cash toward shareholder payouts, pay
preferred dividends in cash, or engage in sale-and-leaseback
transactions.

Given the limited rating headroom, S&P does not anticipate raising
the rating within the next 12 months. However, S&P could do so if
MFG's cash generation is sufficient to absorb the increase in cash
interest, maintain strong positive FOCF after leases, and sustain
the following credit metrics:

-- Adjusted debt to EBITDA below 5.0x; and
-- FFO to cash interest of at least 2.0x.

Cash generation could improve to this extent if pricing trends
among fuel forecourt operators remained stable, supporting
resilient fuel margins, and MFG expanded its higher-margin, nonfuel
operations without increasing capex beyond S&P's forecast. At the
same time, an upgrade would depend on a strong commitment from the
financial sponsor to maintain the credit metrics commensurate with
a higher rating.


STENN ASSETS: Interpath Named as Joint Administrators
-----------------------------------------------------
Stenn Assets UK Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency and Companies List (ChD), No
CR-2024-007332, and Kristina Kicks, James Robert Tucker and Joshua
James Dwyer of Interpath Advisory, Interpath Ltd, were appointed as
administrators on Dec. 4, 2024.  

Stenn Assets UK operates in the factoring sector.

Its registered office is at Interpath Ltd, 10 Fleet Place, London,
EC4M 7RB.  Its principal trading address is The Bower, The Tower
12th Floor, 207 Old Street, London, EC1V 9NR.

The joint administrators can be reached at:

              Joshua James Dwyer
              James Robert Tucker
              Kristina Kicks
              Interpath Advisory, Interpath Ltd
              10 Fleet Place, London
              EC4M 7RB

Further Details Contact:

             Nusrat Begum
             Stenncreditors@interpath.com

STENN INTERNATIONAL: Interpath Named as Joint Administrators
------------------------------------------------------------
Stenn International Ltd was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency and Companies List (ChD), No
CR-2024-007333, and Joshua James Dwyer, Kristina Kicks and James
Robert Tucker of Interpath Advisory, were appointed as joint
administrators on Dec. 4, 2024.  

Stenn International provides financial services. The Company
specializes in accounts receivable, fund purchase orders, and
pre-shipment finance.

Its registered office is at Interpath Ltd, 9th Floor, 10 Fleet
Place, London, EC4M 7RB. Its principal trading address at The
Tower, 12th Floor, 207 Old Street, London, EC1V 9NR.

The joint administrators can be reached at:

              Joshua James Dwyer
              Kristina Kicks
              James Robert Tucker
              Interpath Advisory
              10 Fleet Place, London
              EC4M 7RB

For further details, contact:

                Francine Pearlman
                Email: Stenncreditors@interpath.com


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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