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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 23, 2024, Vol. 25, No. 256

                           Headlines



A Z E R B A I J A N

PASHA INSURANCE: S&P Upgrades ICR to 'BB+', Outlook Stable


B E L G I U M

INFINITY BIDCO 1: S&P Alters Outlook to Neg., Affirms 'B' LT Rating


F R A N C E

ATOS SE: S&P Upgrades ICR to 'B-' on Completed Debt Restructuring
EUTELSAT SA: S&P Lowers Long-Term ICR to 'B-', Outlook Stable
FINANCIERE GROUP: S&P Withdraws 'B' Long-Term Issuer Credit Rating


I R E L A N D

BARINGS EURO 2024-2: S&P Assigns B- (sf) Rating to Class F Notes
PENTA CLO 18: S&P Assigns B- (sf) Rating to Class F Notes
PURPLE FINANCE 1: S&P Raises Class F Notes Rating to 'B+ (sf)'


I T A L Y

AGRIFARMA SPA: Moody's Ups CFR & EUR550MM Sr. Secured Notes to B1


L U X E M B O U R G

ALTISOURCE: Amends Term Loans, Extends Maturity Date to April 2030


N E T H E R L A N D S

BME GROUP: S&P Downgrades ICR to 'B-' on Persistent High Leverage


S P A I N

GRUPO ANTOLIN-IRAUSA: S&P Affirms 'B-' ICR, Outlook Now Negative


S W I T Z E R L A N D

GATEGROUP HOLDING: Moody's Upgrades CFR to Caa1, Outlook Positive


U N I T E D   K I N G D O M

BANNA RMBS: S&P Affirms 'CCC (sf)' Rating on Class E-Dfrd Notes
PAYSAFE LTD: S&P Affirms 'B' LT ICR, Alters Outlook to Positive
PERMANENT TSB Group: S&P Withdraws 'BB+/B' Issuer Credit Ratings
PROJECT GRAND: S&P Assigns 'B' Long-Term ICR, Outlook Stable
VALLEY FUNDING: S&P Assigns B+ (sf) Rating to Class F-Dfrd Notes

VENATOR MATERIALS: Moody's Downgrades CFR to Caa3, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week December 16 to December 20, 2024

                           - - - - -


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A Z E R B A I J A N
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PASHA INSURANCE: S&P Upgrades ICR to 'BB+', Outlook Stable
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S&P Global Ratings upgraded its long-term issuer credit and
financial strength ratings on PASHA Insurance OJSC (PASHA
Insurance) to 'BB+' from 'BB'. The outlook is stable.

S&P said, "We expect PASHA Insurance's capital adequacy will remain
sustainably above 99.8% according to our capital model in
2024-2026.   This will be supported by solid profitability with
return on equity exceeding 30%, and retention of at least part of
its net profit (up to 20%-25%). We factor a moderation of average
growth rates of 10%-15% per year in 2025-2026 into our analysis, in
terms of insurance revenue, which should support capitalization. We
consider that according to local accounting standards, the
company's gross written premium (GWP) increased by only 4% over the
first 11 months of 2024 compared to a substantial 34% expansion in
2023. We also view that in 2024 the company started managing its
capital adequacy in accordance with Solvency II directive (for
internal capital management purposes), which will support its
capital buffers build up, in our view. The absolute size of capital
remains moderate in the international context (below $100 million
in the forecast horizon). That said, the company mitigates its
single-event losses exposure via a high-quality reinsurance panel,
which provides substantial capacity. We think that the company's
forecast capital adequacy is now less prone to potential volatility
associated with higher-than-expected growth or dividend payouts.
Therefore, we eliminated one negative capital and earnings
adjustment notch and revised our capital and earnings assessment to
strong from satisfactory.

"We anticipate that PASHA Insurance will maintain its asset mix and
'BB+' credit quality of investments, while improving
diversification.  As of Nov. 30, 2024, about 67% of the company's
investments were presented by sovereign and quasi-sovereign bonds,
including government bonds of the Republic of Azerbaijan
(BB+/Stable/B) and a minor portion of international government
bonds of 'AA' credit quality. We view the company decreasing its
single-counterparty concentration in its investment portfolio to
about 10% as of Nov. 30, 2024, from historically 14%-15%, as
positive, while its investments in related-party banks have
declined to below 20% in 2024 from about 25% in 2023 and from above
40% in 2021. Sector concentrations, with about 30%-35% of
investments being in the local banking sector, are in line with
other local and regional market players. We expect that the
company's exposure to real estate and equity instruments, which we
consider as high risky assets, will remain limited. We think that
risks will drive potential volatility of capital and earnings,
which are not incorporated in our capital adequacy projection is
manageable for PASHA Insurance, and therefore, we revised our risk
exposure assessment to moderately high from high."

S&P Global Ratings expects that PASHA Insurance will maintain its
strong competitive position in Azerbaijan's property/casualty (P/C)
insurance market in the next two years.  PASHA Insurance is the
clear market leader, benefiting from its expertise, brand
awareness, and diversified business mix. It also benefits from
strong distribution networks that facilitate direct sales. With
Azerbaijani new manat (AZN) 264 million (approximately $155
million) of GWP over the first 10 months of 2024 based on local
accounting standards, PASHA Insurance ranks No. 1 in the country's
P/C market. It has about a 53% market share in 2024 (up from 49% in
2023), which S&P expects it will maintain over the next two years.
Nevertheless, country- and industry-related risks weigh on PASHA
Insurance's business risk profile, given the pressured economy, low
P/C insurance sector penetration, moderate growth prospects, and
still-developing sector regulations.

The ratings on PASHA Insurance are currently one notch lower than
its stand-alone credit profile ('bbb-').   S&P said, "According to
our methodology for ratings above the sovereign rating, we apply a
hypothetical sovereign local and foreign currency default stress
test when rating an entity above our sovereign local and foreign
currency ratings. We think that PASHA Insurance is unlikely to pass
the stress test and therefore our ratings on it are constrained by
the sovereign ratings on Azerbaijan (BB+/Stable/B), given that more
than 90% of its invested assets are concentrated in the country."

S&P said, "The stable outlook indicates our expectation that PASHA
Insurance will maintain its solid competitive position and current
asset quality over the next 12 months, while its capital adequacy
will remain above the 99.8% level.

"We could consider a negative rating action if we take one on
Azerbaijan, or if we consider that there is material deterioration
of the insurer's capitalization, profitability, or risk
exposures."

The likelihood of a positive rating action is remote over the next
12 months, owing to PASHA Insurance's lack of scale relative to
higher-rated peers, and the almost full exposure of its insurance
and investment portfolios to the domestic market.

However, S&P could take a positive rating action thereafter, if the
company builds up its capital while increasing the diversification
of its insurance and investment operations to foreign markets to
pass our sovereign stress test.

A positive rating action on the sovereign rating on Azerbaijan
could also trigger a positive rating action on PASHA Insurance.




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B E L G I U M
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INFINITY BIDCO 1: S&P Alters Outlook to Neg., Affirms 'B' LT Rating
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S&P Global Ratings revised its outlook to negative from stable on
Belgium-based Infinity Bidco 1 Ltd.'s (Corialis) intermediate
parent company Infinity Bidco 1 Ltd., and affirmed its 'B'
long-term ratings.

The negative outlook indicates that S&P could lower the ratings by
one notch if Corialis is unable to deleverage toward 6.5x from
fiscal year 2025.

Corialis, a leading European manufacturer of aluminum systems,
underperformed our EBITDA expectations in 2024, primarily due to
the prolonged downturn in residential property markets.

S&P Global Ratings forecasts limited recovery for Corialis in 2025,
since the building market remains weak. Sales have decreased by 5%
so far this year compared to last year and by 16% compared to the
peak in 2022, following the weakening of the building materials
sector in 2023. Almost all regions show negative development in
2024. Systems' sales (68.5% of group sales) decreased by 3%, due to
lower top line sales in France (-10.6%) and in Benelux (Belgium,
the Netherlands, and Luxembourg; -8.4%). Engineered Solutions'
sales (31.5% of group sales) decreased by 9.0%, driven by lower
third-party sales prices and lower-than-expected spreads due to
overall market dynamics. S&P said, "Overall, we expect sales to
decline by 5% in 2024 before recovering by a low single digit
percentage in 2025, and we forecast a limited recovery of demand
toward the second half of 2025. We forecast Corialis' EBITDA
margins to contract to about 17.4% in 2024 from 18.2% in 2023,
mostly due to lower top line sales, before improving to 17.5%-18.0%
in 2025 and 18.0%-18.5% in 2026. We anticipate the rebound to be
very gradual, starting in the second half of 2025." The building
materials sector is still suffering from the downturn in
residential construction, housing permits remain depressed, and
renovation activity should see an uptick only by the end of 2025.

S&P said, "We expect our adjusted debt-to-EBITDA metric for
Corialis to peak at about 6.9x in 2024 and remain elevated at 6.7x
in 2025. Corialis' S&P Global Ratings-adjusted debt to EBITDA is
already higher than 6.5x, and no longer commensurate with a 'B'
rating. We expect adjusted leverage to increase to 6.9x in 2024
from 6.3x in 2023, owing to weaker EBITDA. We forecast the first
half of 2025 to remain challenging, due to low demand for building
materials, and we expect adjusted leverage to remain elevated until
midyear 2025. We also anticipate some recovery in the second part
of 2025. Overall, we forecast adjusted EBITDA at EUR135
million-EUR140 million in 2025 and adjusted debt to EBITDA at
6.5x-7.0x. The company's debt consists mainly of term loans of
EUR629 million and GBP224 million. We make limited adjustments for
leases, factoring, pension liabilities, and financial guarantees.
We do not net cash in our adjusted debt calculation due to the
company's private-equity ownership.

"In our view, Corialis can generate positive free operating cash
flow (FOCF) and maintain adequate liquidity. We forecast limited
FOCF of about EUR5 million-EUR15 million in 2024 before improving
to EUR20 million-EUR30 million in 2025. Capital expenditure (capex)
will reduce to about EUR25.5 million in 2024 from EUR77 million in
2022 and EUR53 million in 2023, since the company has completed its
growth projects. As of Oct. 31, 2024, the revolving credit facility
(RCF) of EUR150 million was fully undrawn, supporting Corialis'
liquidity. In addition, the company has no imminent refinancing
risks because the next maturity is the term loan due in 2028."

The negative outlook indicates the risks that end-market recovery
may be delayed, and Corialis' performance could remain weak, with
financial leverage remaining consistently above 6.5x over 2025.

S&P could lower the ratings if:

-- Operating performance remains subdued, leading to continuously
elevated leverage, higher than 6.5x;

-- FOCF turns negative, leading to weakening liquidity; or

-- Corialis undertakes material debt-funded acquisitions or
shareholder returns that translate into further weaker credit
metrics.

S&P could revise the outlook to stable, if it was to anticipate
that Corialis' leverage would decline and be sustainably below
6.5x, while the company generated positive FOCF.




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F R A N C E
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ATOS SE: S&P Upgrades ICR to 'B-' on Completed Debt Restructuring
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
France-based IT service provider Atos SE to 'B-' from 'SD'
(selective default).

S&P said, "We also assigned our 'B+' issue rating to the group's
new first-lien senior secured notes due 2029, assigned our 'CCC'
issue rating to its new 1.5- and second-lien senior secured notes
due 2030 and 2032, respectively, and withdrew our 'D' (default)
issue ratings on the group's old senior unsecured notes because
they have been exchanged for equity and new debt.

"The stable outlook reflects our view that Atos will preserve
adequate liquidity over the next 12 months despite our expectation
of free cash outflows after leases of about EUR360 million, before
returning to positive free operating cash flow (FOCF) from 2026
onward.

"The 'B-' issuer credit rating reflects our view of Atos' improved
capital structure and healthy liquidity position, but is
constrained by the group's high leverage and weak free cash flow,
as well as our view of turnaround risk.   Atos' recent
comprehensive restructuring efforts resulted in a materially
reduced debt burden, which should lead to gradual improvement in
leverage metrics (about 5x in 2026, potentially falling toward 4x
in 2027). We also consider that the group has sufficient liquidity,
including a healthy cash balance of EUR1.15 billion, full
availability under the new EUR440 million revolving credit facility
(RCF), and the expected proceeds relating to the agreed sale of
Worldgrid to fund the ongoing restructuring and withstand temporary
free operating cash outflow. Still, the company will show very high
leverage and material free cash outflow in the next 12 months,
hampered by another round of operational restructuring efforts that
will carry material exceptional costs. As a result, we anticipate
that profitability will remain low and free operating cash flow
will be negative in that time. While we consider that these
initiatives should help Atos reach a healthier profitability and
free cash flow profile beyond then, we think that its turnaround
plan is subject to some execution risk, especially on stabilizing
revenue after a decline over the past three years, and increasing
the proportion of higher-margin contracts with clients.

"Atos' aim is to stabilize revenue in 2025 before potentially
returning to growth in 2026.   We forecast reported revenue to
contract by 4.5% in 2025, from our expectation of a 9% decline in
2024 and 5.7% in 2023, before returning to 2%-3% growth in 2026 and
3%-4% thereafter. Reported revenue will be affected by the
termination of low- or negative-margin contracts, which should have
a positive impact on the group's profitability; and the disposal of
Worldgrid, which contributed about EUR170 million in revenue until
2024. The emergence from restructuring and its improved financial
picture should help Atos pitch for long-term contracts, especially
in the digital solutions segment, which we anticipate could grow
about 5% a year from 2026 onward. Tech Foundations' journey to
revenue growth will likely take more time given its material
exposure to long-term legacy infrastructure services that continue
to face secular pressures. We forecast the Big Data and Security
(BDS) division will continue to grow 10%-12% as it is much better
positioned to continue capitalizing on strong demand for
cybersecurity, high performance computing, and artificial
intelligence products among corporate and government clients."

New management could lead to further shifts in Atos' strategic
direction.  Chairman Philippe Salle will step in as CEO of the
group in February 2025, less than 12 months after Jean Pierre
Mustier entered the role on an interim basis. S&P said, "Atos has
faced significant management turnover over the past two years,
which in our view exacerbated its sharp deterioration in credit
metrics and the lead-up to the recent restructuring transaction.
Atos' plan is for Mr. Salle to provide stability and a cohesive
strategic direction for the group once he becomes CEO next year. We
expect Atos will focus on the operational turnaround of its two
main divisions, operating TFCo and Eviden as largely stand-alone
businesses, although with a thin layer of commercial overlap to
facilitate cross-selling opportunities across divisions. We are
aware that Atos received a nonbinding offer from the French state
to acquire its Advanced Computing activities (about 5% of revenue)
for up to EUR625 million, including earn-outs. Beyond this, we do
not expect further changes to its business perimeter."

Further restructuring should help fix Atos' cost structure and
improve profitability, although it will carry additional
exceptional costs over the next two years.  S&P said, "We forecast
S&P Global Ratings-adjusted EBITDA margins will improve to 5% in
2025, 7% in 2026, and toward 10% in 2027, from about 2% over the
past two years. As such, we view the new operational turnaround
plan as positive for the sustainability of its profitability
profile (assuming the top line stabilizes), and its strong focus on
costs should lead to steady improvements in EBITDA and FOCF.
Nevertheless, our forecast reflects weaker profitability and cash
flow metrics and for longer than our previous forecast (to some
extent, this reflects the reputational damages that Atos faces in
2024 as it went through a financial restructuring). We also think
the plan is subject to turnaround risk, especially to stabilize the
top line, because this depends on the success of Atos' commercial
efforts while competing against better-capitalized and
reputationally stronger global peers such as Accenture, Capgemini,
DXC Technologies, or Kyndryl."

Atos' revised turnaround plan aims to improve its operating profit
by up to EUR1 billion from 2025-2027, and includes actions that
could lead to over EUR650 million in savings.   A large share of
these savings will come from headcount reduction, as the group was
left with lower-than-average usage rates following recent top line
pressure. Other initiatives include ending loss-making contracts,
increased offshoring in the core infrastructure and digital
workplace segments, revamped pricing, and a refocus of its product
offering. This will mean continued material (albeit gradually
declining) exceptional costs from 2025-2027, which will continue to
weigh on the group's profitability and cash flow metrics.

Sound opening liquidity will fully fund the turnaround, with some
headroom for underperformance.  Liquidity sources of about EUR1.59
billion at the close of the transaction, including EUR1.15 billion
of cash on balance sheet and full availability under the EUR440
million RCF, should provide ample headroom to cover our forecast of
FOCF burn of about EUR360 million in 2025 and reduced working
capital seasonality (at about EUR250 million, compared with over
EUR1 billion historically). S&P also thinks Atos' opening liquidity
should cover potential operating underperformance and further
negative FOCF in 2026, also supported by EUR227 million in proceeds
from selling Worldgrid to ALTEN and potential the sale of its
Advanced Computing activities in 2025, although we have not
incorporated this into our base-case scenario. Under its new debt
documentation, the group will be subject to a minimum liquidity
covenant of EUR650 million, tested from first-quarter 2025, on
which we forecast the group will maintain comfortable headroom.

S&P said, "The stable outlook reflects our view that Atos will
preserve adequate liquidity over the next 12 months despite our
expectation of free cash outflow of about EUR360 million, before
returning to positive FOCF from 2026 onward. The outlook also
reflects our expectation that leverage will fall to 7x in 2025,
from our estimate of 9.2x in 2024.

"We could lower our ratings on Atos in the next 12 months if the
group fails to execute its operational turnaround plan such that
revenue declines are larger than forecast or booking indicators do
not improve; or if exceptional outlays are above our projections.
These would lead to higher-than-expected free operating cash
outflow (after leases) and reduced liquidity and covenant
headroom.

"Although unlikely in the next 12 months, we could raise our
ratings on Atos if reported FOCF after leases turns materially
positive, resulting in material deleveraging to below 6x. We
anticipate this would happen if the group returns to top-line
growth and improves its EBITDA margin toward 10%, indicating a
successful operational turnaround.

"Governance factors have moderately negative influence on our
credit rating analysis of Atos. The group has experienced
significant management turnover in recent years, which resulted in
several changes in the group's strategic direction and ultimately
hampered its ability to refinance debt instruments ahead of
maturity, resulting in the recent restructuring. We understand the
group has a new CEO, effective February 2025, and that the board of
Directors will remain stable given 70% of Atos' current owners are
previous lenders who support the proposed operational turnaround
plan; this should help the company navigate the plan."


EUTELSAT SA: S&P Lowers Long-Term ICR to 'B-', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its long-term ratings on France-based
satellite operator Eutelsat S.A. and Eutelsat Communications S.A.
to 'B-' from 'B'. S&P also lowered its issue rating on Eutelsat
S.A.'s debt to 'B' from 'B+' and that on Eutelsat Communications'
debt to 'B-' from 'B'.

The stable outlook reflects S&P's expectation that the group's
liquidity will remain adequate over the next 12 months, despite
significant cash outflows, and that it will ensure it has adequate
funding before it fully commits to the $4 billion next-generation
LEO constellation.

Competitive pressures from LEO competitors will continue to rise,
leading to heightened uncertainties for future revenue and margins.
S&P said, "We anticipate a fast expansion of Starlink's LEO
services into B2B markets like inflight connectivity, maritime, and
government services, particularly outside the EU. This is
disrupting a significant part of the global satellite sector,
weakening the competitive position of established service providers
like Eutelsat and, in our view, significantly reducing earnings
predictability. Overall, the global satellite industry is evolving
rapidly and execution risks are meaningful. Thus, our revised
revenue and EBITDA forecasts for the group in 2025 are 8% and 13%
lower respectively, compared with our forecasts earlier this year,
reflecting the impact of the delayed ground network rollout. We
also think competitive pressures could increase further in the
coming years, due to the expected entry of Amazon Kuiper in 2025
and other upcoming deep-pocketed competitors, which could further
weigh on Eutelsat's revenue growth potential in the LEO segment and
on its profitability. At the same time, the company's very
profitable video segment (about 51% of the group's revenue) is in a
secular decline, despite its relatively good position in Europe,
the Middle East, and Africa, with revenue down 5%-10% annually, due
to ongoing substitution by over-the-top media services. Reflecting
the combination of those various challenges, we therefore revised
our assessment of Eutelsat's business risk profile to weak from
fair."

Eutelsat's cash flow will remain significantly negative in the
coming years.   S&P said, "We expect the company's loss-making LEO
segment and large capex to expand its LEO constellation will weigh
on cash flow in the next three-to-five years. We think the company
has a certain amount of flexibility in terms of capex and,
potentially, significant funding from IRIS², the EU's planned
multi-orbital constellation combining medium earth orbit and LEO
satellites. However, we believe Eutelsat will still need to partly
fund the constellation expansion (back-end loaded) with internal
cash flow and debt, which will likely lead to a sustained negative
cash flow."

The group has sufficient liquidity in the next 12 months and
ability to access debt market through Eutelsat S.A.   S&P said, "We
forecast the group will have a comfortable liquidity position in
the coming 12 months. This will be supported by Eutelsat's
significant cash balance of more than EUR700 million, untapped
EUR550 million revolving credit facility (RCF), reaffirmed
financial policy, and relatively prudent approach to capex, since
we understand management is unwilling to commit to new investments
before a sustainable funding structure is in place. At the same
time, the company has demonstrated its ability to continue to tap
the debt market, albeit at significantly higher costs than in the
past. This is through its cash-generative geostationary orbit (GEO)
segment--Eutelsat SA--which issued EUR600 million of senior
unsecured notes and a EUR550 million RCF, replacing the maturing
EUR650 million RCF, in April 2024. We think this reduces the
company's short-term liquidity risks despite its significantly
negative cash flow."

The stable outlook reflects S&P's expectation that the group's
liquidity will remain adequate over the next 12 months, despite
significant cash outflows, and Eutelsat will ensure it has secured
a substantial amount of funding before it commits to the $4 billion
next-generation LEO constellation.

Downside scenario

S&P could lower the rating if the group has a higher free operating
cash outflow linked to OneWeb than it expects in its base case,
without sufficient prefunding, or a weaker liquidity position and
reduced ability to access the debt market to refinance.

Upside scenario

S&P said, "We see limited rating upside at this stage, considering
the uncertainties about revenue from LEO services and the company's
cash flows. We could, however, raise the rating if the company
significantly outperforms our base case, supported by the ramp-up
of its LEO services, leading to a credible path toward consistently
positive free operating cash flow."


FINANCIERE GROUP: S&P Withdraws 'B' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B' long-term issuer credit
rating on Financiere Group Proxiserve and its 'B' issue-level
rating on the company's term loan at the company's request,
following the full repayment of its rated debt. 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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BARINGS EURO 2024-2: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Barings Euro CLO
2024-2 DAC's class A to F European cash flow CLO notes. The issuer
also issued unrated subordinated notes.

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

The portfolio's reinvestment period will end approximately 4.6
years after closing, while the non-call period will end 1.5 years
after closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,687.86
  Default rate dispersion                                 616.71
  Weighted-average life (years)                             4.66
  Obligor diversity measure                               136.42
  Industry diversity measure                               20.03
  Regional diversity measure                                1.23

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.50
  Target 'AAA' weighted-average recovery (%)               37.35
  Target weighted-average coupon (%)                        4.25
  Target weighted-average spread (net of floors; %)         4.01

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We understand that 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 EUR400 million target par
amount, the covenanted weighted-average spread (3.90%), the
covenanted weighted-average coupon (4.00%), the covenanted
weighted-average recovery rates at the 'AAA' rating level (36.50%),
and target weighted-average recovery rates at other rating levels.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Our credit and cash flow analysis show that the class B-1, B-2, C,
D, E, and F notes benefit from break-even default rate and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes. The class A notes can withstand stresses commensurate
with 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.

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

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

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

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we 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.

"For this transaction, the documents prohibit assets from being
related to certain activities, including but not limited to, the
following: trade of illegal drugs or narcotics; the sale or the
extraction of oil sands; production or extraction of fossil fuels
threatening bio-diversity or creating an adverse environmental
impact; transportation or financing of weapons of mass destruction,
including radiological, nuclear, biological and chemical weapons;
production of alcohol or the production or sale of e-cigarettes,
tobacco and tobacco-related products including e-cigarettes; one
whose any revenue is from pornography, prostitution, or payday
lending; in violation of "The Ten Principles of the UN Global
Compact". Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

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

  A       AAA (sf)    248.00     38.00    Three/six-month EURIBOR
                                          plus 1.29%

  B-1     AA (sf)      34.50     26.88    Three/six-month EURIBOR
                                          plus 1.90%

  B-2     AA (sf)      10.00     26.88    5.00%

  C       A (sf)       23.00     21.13    Three/six-month EURIBOR
                                          plus 2.20%

  D       BBB- (sf)    28.50     14.00    Three/six-month EURIBOR
                                          plus 3.89%

  E       BB- (sf)     17.00      9.75    Three/six-month EURIBOR
                                          plus 6.79%

  F       B- (sf)      13.00      6.50    Three/six-month EURIBOR
                                          plus 8.99%

  Sub. Notes   NR      32.70      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.

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


PENTA CLO 18: S&P Assigns B- (sf) Rating to Class F Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 18
DAC's class A-1 and A-2 loans and class A, B, C, D, E, and F notes.
The issuer has also issued unrated subordinated notes.

Under the transaction documents, the rated loans and notes will pay
quarterly interest unless a frequency switch event occurs, upon
which the loans and notes will pay semiannually.

This transaction has a 1.50-year non-call period, and the
portfolio's reinvestment period will end approximately 4.73 years
after closing.

The ratings reflect S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated loans and notes through collateral
selection, ongoing portfolio management, and trading assessed under
our operational risk framework.

-- 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    2,800.92
  Default rate dispersion                                 492.87
  Weighted-average life (years)                             4.73
  Obligor diversity measure                               112.16
  Industry diversity measure                               20.92
  Regional diversity measure                                1.16
  Transaction key metrics (modeled assumptions)
  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              128
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.09
  Target 'AAA' weighted-average recovery (%)               37.19
  Covenanted weighted-average spread (%) *                  3.80
  Covenanted weighted-average coupon (%) *                  4.70

*As a percentage of target par.

Rating rationale

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

"In our cash flow analysis, we modeled the EUR400 million par
amount, the covenanted weighted-average spread of 3.80%, and the
covenanted weighted-average coupon of 4.70%, and the targeted
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

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

"The transaction's legal structure 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 to F notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO is still in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
have capped our ratings on these notes. The class A-1 and A-2 loans
and class A notes can withstand stresses commensurate with the
assigned ratings.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-1 and A-2 loans and class A to F 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-1 and A-2
loans and class A to E notes based on four hypothetical scenarios.


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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector." Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries: controversial weapons; nuclear weapon
programs; illegal drugs or narcotics; thermal coal; tobacco
production; pornography; payday lending; prostitution; gambling and
gaming companies; food ("soft") commodities and agricultural or
marine commodities; oil and gas from unconventional sources*;
opioids*; palm oil; tar and oil sands*; and illegal logging.

*When company revenues are above a threshold.

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, S&P has not made any specific
adjustments in its rating analysis to account for any ESG-related
risks or opportunities.

Penta CLO 18 is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured and
unsecured loans and bonds issued mainly by speculative-grade
borrowers.

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

  A         AAA (sf)     57.00    38.00    Three/six-month EURIBOR

                                           plus 1.28%

  A-1 loan  AAA (sf)    108.00    38.00    Three/six-month EURIBOR

                                           plus 1.28%

  A-2 loan  AAA (sf)  83.00    38.00    Three/six-month EURIBOR
                                           plus 1.28%

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

                                           plus 2.05%

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

                                           plus 2.35%

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

                                           plus 3.20%

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

                                           plus 6.00%

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

                                           plus 8.35%

  Sub.      NR           34.50      N/A    N/A

*The ratings assigned to the class A-1 and A-2 loans and class A
and B 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.

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


PURPLE FINANCE 1: S&P Raises Class F Notes Rating to 'B+ (sf)'
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Purple Finance CLO
1 DAC's class C notes to 'AAA (sf)' from 'AA+ (sf)', class D notes
to 'AAA (sf)' from 'A (sf)', class E notes to 'A+ (sf)' from 'BB+
(sf)', and class F notes to 'B+ (sf)' from 'B- (sf)'.

The upgrades follow the application of its global corporate CLO
criteria and its credit and cash flow analysis of the transaction
based on the November 2024 trustee report.

S&P's rating on the class C notes addresses the payment of timely
interest and ultimate principal, now that this class has become the
controlling class, and the payment of ultimate interest and
principal on the class D to F notes.

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

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

-- The portfolio has become less diversified since the CLO began
its amortization phase (number of performing obligors has decreased
to 25 from 80).

-- The portfolio's weighted-average life decreased to 3.19 years
from 3.37 years.

-- The percentage of 'CCC' rated assets increased to 9.31% from
4.26%.

-- The scenario default rate increased for all rating scenarios,
primarily due to a more concentrated portfolio and the reduced
credit quality of the portfolio.

  Portfolio benchmarks
                                   Current   Previous review

  SPWARF                           3,226.82    2,7200.00
  Default rate dispersion            610.62       702.00
  Weighted-average life (years)        3.19         3.37
  Obligor diversity measure           20.57        66.69
  Industry diversity measure           6.29        19.31
  Regional diversity measure           1.00         1.11

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

On the cash flow side:

-- The reinvestment period for the transaction ended in January
2022. The class A and B notes have fully deleveraged, and the class
C notes have deleveraged by EUR11.88 million.

-- Credit enhancement has increased due to deleveraging.

-- No class of notes is currently deferring interest.

-- All coverage tests are passing as of the November 2024 trustee
report.

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

  Transaction key metrics
                                       Current   Previous review

  Total collateral amount (mil. EUR)*    58.29       200.34
  Defaulted assets (mil. EUR)                0         0.97
  Number of performing obligors             25           80
  Portfolio weighted-average rating          B            B
  'CCC' assets (%)                        9.31         4.26
  'AAA' SDR (%)                          76.22        58.06
  'AAA' WARR (%)

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

S&P said, "In our view, the portfolio is now becoming concentrated
across obligors, industries, and asset characteristics. This is due
to the redemption, unscheduled proceeds, and sold assets leading to
the deleveraging of the transaction, so overall it has become more
concentrated (in comparison with our previous review). There are
now 25 obligors and the aggregate exposure to the top 10 obligors
is now 59.76%, compared with 20.90% at the previous review, while
the weighted-average life of the portfolio is 3.19 years. Hence, we
have used our CLO criteria as the starting point to our analysis
and performed additional scenario analysis.

"Considering the continued deleveraging of the senior notes,
including the full paydown of class A and B since our previous
review and the partial paydown of class C, which has increased
available credit enhancement, we raised our ratings on all classes
of notes. Their available credit enhancement is now commensurate
with higher levels of stresses.

The cash flow analysis indicated higher ratings than those
currently assigned to the class E and F notes (without the
abovementioned additional sensitivity analysis). However, the
rating actions address concentration risk and the effect this has
had on the weighted-average life and may have on the
weighted-average spread and recovery generated on the portfolio.
S&P said, "We also look at our supplement tests, which cap the
ratings at the assigned rating levels. Additionally, we considered
the portion of notes outstanding, the current macroeconomic
environment, and the class's seniority along with sensitivity
analysis when classes become the controlling class (and are not
able to defer interest)."

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

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

Purple Finance CLO 1 is a European cash flow CLO transaction that
securitizes loans granted to primarily speculative-grade corporate
firms. The transaction is managed by MV Credit Partners LLP




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

AGRIFARMA SPA: Moody's Ups CFR & EUR550MM Sr. Secured Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded Agrifarma S.p.A's (Arcaplanet or the
company) corporate family rating to B1 from B2 as well as the
probability of default rating to B1-PD from B2-PD. Concurrently
Moody's upgraded to B1 from B2 the EUR550 million backed senior
secured notes due 2028. The outlook on the ratings is stable.

The rating action reflects Moody's expectation that, following
Fressnapf Holding SE (Ba3 stable)'s acquisition, the company will
refrain from any releveraging transactions going forward. The
upgrade reflects also Arcaplanet's solid financial performance in
recent years and Moody's expectation that the company will
successfully maintain solid financial metrics.

RATINGS RATIONALE

Governance considerations were an important driver of the rating
action. In particular, the upgrade reflects Moody's expectation
that Arcaplanet will maintain a prudent financial policy following
Fressnapf's acquisition, announced on December 5, 2024. Moody's
expect the new owner, with a track record of conservative financial
policies, to refinance or repay Arcaplanet's debt well before
maturity, avoiding additional debt at Arcaplanet. Funds to
refinance debt or support acquisitions are likely to be raised at
Fressnapf's level rather than at Arcaplanet.  

The upgrade reflects also the improvement in Arcaplanet's credit
metrics with Moody's-adjusted debt/EBITDA declining to 4.9x in the
12 months that ended September 2024 (from 5.5x a year earlier) and
Moody's expectation that Arcaplanet will continue to grow revenues
and EBITDA in line with its historic track record, reducing
leverage towards 4.5x in the next 12 to 18 months, while continuing
to generate annual free cash flow of around EUR50 million, before
dividends. Moody's expect Arcaplanet to pay excess cash to
Fressnapf through dividends, while maintaining good liquidity to
run the business.      

Arcaplanet's B1 CFR continues to reflect the company's attractive
business profile, which benefits from the increasing pet care
spending in Italy because of the rising demand for premium products
and a growing pet population; and its strong brand and loyal
customer base, which generate repeat revenue. The rating is also
supported by the company's store rollout strategy, which drives
earnings growth and leverage reduction.

The rating is constrained by the company's small size; limited
geographical and product line diversification; and execution risks
related to its store rollout programme and greater upstream
integration into food production.

RATING OUTLOOK

The stable outlook reflects Moody's view that Arcaplanet's revenue
and profitability will improve over the next 12-18 months and that
Arcaplanet will continue to generate significant positive cash flow
before dividend payments. The stable outlook also incorporates the
assumption that any cash dividends paid to shareholders will be
funded by operating cash flow, with no releveraging transactions.

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

The ratings could be upgraded if Arcaplanet continues to record
growth in revenue and Moody's-adjusted EBITDA; its Moody's-adjusted
leverage declines below 3.5x on a sustained basis and its Moody's
Adjusted FCF/Debt increases towards 10%, while maintaining a good
liquidity and following a disciplined financial policy.

The ratings could be downgraded if there is any evidence of more
aggressive financial policies, resulting for example in an increase
in the company's debt or a deterioration of the company's
liquidity. Negative rating pressure could also materialise if the
company fails to maintain its positive earnings trajectory or
Moody's-adjusted leverage rises towards 5.0x or FCF, before
dividends, decreases sustainably from current levels.

LIQUIDITY

Moody's consider Arcaplanet's liquidity good, supported by EUR25
million of cash and cash equivalents as of September 2024, as well
as its access to a EUR80 million intercompany revolving credit
facility (RCF) from Fressnapf, which is fully undrawn.

The EUR80 million super senior secured revolving credit facility
issued by Arcaplanet was fully repaid and cancelled at closing of
the Fressnapf's acquisition. Concurrently Fressnapf provided a
EUR80 million intercompany revolving credit facility to Arcaplanet
maturing 2029.

Moody's also expect liquidity to continue to be supported by
significant underlying FCF generation. There are no maintenance
covenants on any of the debt facilities.

STRUCTURAL CONSIDERATIONS

The capital structure includes EUR550 million of senior secured
notes due 2028, as well as the new EUR80 million intercompany RCF,
which is due in 2029. The security package provided to senior
secured notes holders is ultimately limited to pledges over shares,
bank accounts and intercompany receivables.

The B1 rating assigned to the senior secured notes is in line with
the CFR. The B1-PD probability of default rating is at the same
level as the CFR, reflecting Moody's assumption of a 50% family
recovery rate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in November 2023.

COMPANY PROFILE

Established in 1995, Arcaplanet is Italy's leading specialty pet
care retail chain.

Arcaplanet operated in 560 retail locations as of December 2024 (up
from 526 as of June 2023). For the 12 months that ended September
2024, the group recorded revenue of EUR673 million and
Moody's-adjusted EBITDA of EUR170 million.



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

ALTISOURCE: Amends Term Loans, Extends Maturity Date to April 2030
------------------------------------------------------------------
Altisource Portfolio Solutions S.A., a leading provider and
marketplace for the real estate and mortgage industries, announced
on December 16, 2024, that it entered into a binding transaction
support agreement with lenders holding approximately 99% of the
Company's term loans that set forth the principal terms of, among
other things, a proposed exchange, amendment and maturity extension
transaction of the Company's Existing Term Loans.

The Company also executed a commitment letter and term sheet for a
$12.5 million super senior credit facility to fund transaction
costs and for general corporate purposes. The Company is engaged in
outreach with the remaining lenders seeking to obtain their consent
to the Agreement.

The key anticipated benefits of the transactions contemplated by
the Agreement would be as follows:

     * Reduces the Company's current outstanding debt obligations
by an aggregate of $58 million, or 25%, to $172.5 million (at
transaction closing), comprised of:

     (i) an up to $110 million interest-bearing first lien loan
(the "New Debt"),
    (ii) an up to $50 million non-interest-bearing exit fee
associated with the New Debt to be paid at maturity or any
voluntary or mandatory prepayment of the New Debt, and
   (iii) a $12.5 million super senior credit facility; any
prepayments of the New Facility are applied on a pro rata basis to
the New Debt and the Exit Fee

     * Reduces the Company's annual cash and paid-in-kind interest
on outstanding debt obligations by approximately $18 million1; cash
interest reduced by approximately $9 million and PIK interest
reduced by approximately $9 million1; the interest rate on the New
Debt and the Super Senior Facility is SOFR + 6.50% (approximately
10.9% today2); the interest rate on the Existing Term Loans is SOFR
+ 8.75%

     * Extends the maturity date under the New Facility by five
years to April 30, 2030 (compared to the April 30, 2025 maturity
date under the Existing Term Loans, with a possible extension by 12
months, subject to certain conditions)

     * Provides lenders under the New Facility with approximately
57.9 million common shares of Altisource, representing 63.5% of the
pro forma outstanding shares of Altisource immediately following
the transaction

     * Grants pre-transaction Altisource shareholders, penny
warrant holders, and restricted stock unit holders, as of a defined
record date preceding the closing of the transactions, warrants to
purchase approximately 115 million common shares of Altisource at
an exercise price of $1.20 per share, potentially reducing dilution
from the common shares to be granted to the lenders under the
Agreement; Stakeholders are expected to receive warrants to
purchase approximately 3.25 shares of Altisource common stock for
each share of or right to common stock held.

"I am pleased that we executed the Transaction Support Agreement to
exchange, amend and extend our senior secured term loan facility.
We have improved Altisource's Net Cash Used in Operating Activities
by more than $55 million since 20213. The transactions contemplated
by the Agreement would significantly strengthen Altisource's
balance sheet which, combined with the Company's improving
financial performance, is aimed to stabilize the Company and
position it for sustainable long-term growth and value creation,"
said Chairman and Chief Executive Officer William B. Shepro.

Paul Hastings LLP served as counsel to Altisource and Cantor,
Fitzgerald & Co served as investment banker to Altisource on the
transactions. Davis Polk & Wardwell LLP served as counsel to an ad
hoc group of lenders.

     1. Reduction in annual cash interest is based on SOFR of 4.36%
as of December 12, 2024 and the anticipated outstanding balance on
the Existing Term Loans as of December 31, 2024. Reduction in
annual PIK interest is based on anticipated PIK interest expense in
2025 under the Existing Term Loans, which includes quarterly
compounding of PIK interest. Actual cash interest reduction versus
existing loan terms will vary based on actual SOFR rate.

     2. Based on SOFR of 4.36% as of December 12, 2024.

     3. Based on annualized year-to-date September 2024 Net Cash
Used in Operating Activities compared to 2021 Net Cash Used in
Operating Activities

A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission with further information is
available at:

                  https://tinyurl.com/msya6an3

                         About Altisource

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. --
https://www.Altisource.com/ -- is an integrated service provider
and marketplace for the real estate and mortgage industries.
Combining operational excellence with a suite of innovative
services and technologies, Altisource helps solve the demands of
the ever-changing markets it serves.

                             *   *   *

Egan-Jones Ratings Company, on September 27, 2024, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Altisource Portfolio Solutions S.A. to CCC from
CCC+.



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

BME GROUP: S&P Downgrades ICR to 'B-' on Persistent High Leverage
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on The Netherlands-based building material distributor BME
Group Holding B.V. (BME) to 'B-' from 'B'.

The negative outlook reflects S&P's expectation that BME would
maintain very high S&P Global Ratings-adjusted leverage and the
negative free operating cash flow (FOCF) after lease payment could
rapidly consume the liquidity headroom.

S&P anticipates that BME will deliver weaker-than-expected results
in 2024-2025, mainly due to delayed market recovery. BME reported
weaker-than-anticipated results as of Sept. 30, 2024, where
year-to-date revenue dropped by 9.2% to EUR3.7 billion and
company-adjusted EBITDA of EUR83 million, driven by weak demand
coupled with a downward trend in prices. Most markets remained down
compared to 2023, with declines in both volumes and prices in all
segments where BME operates in the first nine months of 2024. In
the third quarter of 2024, revenue in Germany and Austria declined
by 15.4%, in the Netherlands and Belgium by 1.9%, and in
Southwestern Europe by 5.9%.

S&P said, "We expect the prolonged weaker demand in the underlying
construction market to drive BME's S&P Global Ratings-adjusted
EBITDA to decline to about EUR200 million-EUR205 million in 2024.
This is despite the execution of a cost-reduction program realizing
about EUR48.5 million of cost savings over the first nine months of
2024. We anticipate that the market environment will only begin to
recover in late 2025 in Germany and Austria and expect BME's
adjusted EBITDA to slightly improve to about EUR245 million-EUR250
million in 2025 and approximately EUR330 million-EUR350 million in
2026. Our revised assumptions are significantly lower compared with
our previous expectations for adjusted EBITDA of about EUR290
million-EUR300 million in 2024 and EUR350 million-EUR360 million in
2025.

"The business outlook in Germany remains gloomy. We anticipate that
subdued volumes in Germany are likely to continue for the third
consecutive year in 2025, driven mostly by persistently weak
business and consumer confidence because of challenging conditions
in some industries, and limited fiscal support to households to
promote residential building renovation. We note that the
cumulative volume downturn in 2023-2025 in the German building
material sector is higher than during the 2008 financial crisis.
Any further delays in the German market recovery would constrain
BME's ability to improve results in 2026.

"BME's high operating leverage constrains current cash flow
generation. In our view, BME, like other building material
distributors, maintains a sizable operating network, aiming to
preserve its physical presence in the underlying markets. Given our
expectation of limited volume recovery in 2025, particularly due to
the weak German market, we think that BME's fixed cost base could
pressure the company's ability to generate positive operating cash
flow. We will also monitor how the company manages its capital
structure and working capital to finance the business recovery
beyond 2025.

"Therefore, we anticipate BME's leverage will remain elevated over
the next couple of years. Weaker-than-expected EBITDA should
translate into S&P Global Ratings-adjusted debt to EBITDA to worsen
to about 12.2x-12.6x in 2024, from 8.3x in 2023. We expect that
market recovery in some markets like the Netherlands and Belgium
should have started in the fourth quarter of 2024; while for
others, such as Germany, Austria, and Switzerland, we anticipate a
more challenging market environment with little recovery likely
toward end of 2025. Therefore, we think that BME's overall improved
performance would be limited in the short term, and we anticipate
that the company's leverage will remain elevated at about
10.3x-10.7x in 2025 and about 7.6x-8.1x in 2026, thus above our
6.5x downgrade threshold for a 'B' rating. We do not net the cash
as part of our leverage calculation because of the private equity
sponsor ownership.

"We anticipate continued negative adjusted FOCF after lease
payments in both 2025 and 2026. Our revised EBITDA assumptions,
point to a negative adjusted FOCF after lease payments of about
EUR145 million-EUR150 million in 2025 and about EUR95
million-EUR105 million in 2026, which follows EUR150 million-EUR155
million in 2024. We note that BME remains focused on cost
discipline and further optimization of working capital, driven by
efficient inventory management focusing on releasing unhealthy
stocks, which in our expectations would alleviate negative adjusted
FOCF before leases by about EUR40 million-EUR50 million in 2024 and
EUR30 million-EUR40 million in 2025. Given the company's high
financial debt, adjusted FOCF will likely remain negative until the
business recovery is very substantial, which constraints the
company's liquidity. Our base case assumes approximately EUR140
million-EUR150 million of annual capex lease payments in
2025-2026.

"We expect BME to have sufficient liquidity to cover its needs over
the next 12 months, though availability under the existing
revolving credit facility (RCF) is currently constrained by
covenants. We expect BME to have sufficient liquidity to cover its
needs over the next 12 months, reflecting a still adequate cash on
balance sheet. However, we note that there would be partial
availability under the RCF to bridge operating cash flow shortfall
and face other liquidity needs. This is because subdued operating
performance during the first nine months of 2024 led to much higher
financial leverage.

"In our view, BME has a track record of tolerating higher leverage
than rated building material peers. S&P Global Ratings-adjusted
debt to EBITDA has remained consistently above 6.5x in the past
four years (except for 2022, when the company benefited from
significant sector recovery after the pandemic), largely reflecting
debt-funded acquisitions , thus leaving the company with limited
headroom to face current business downturn.

"The negative outlook reflects our expectation that BME would
maintain very high S&P Global Ratings-adjusted leverage and the
negative FOCF after lease payment would consume the liquidity
headroom."

S&P could lower the rating if:

-- The company's leverage remained elevated for a long period,
such that we view the company's capital structure as no longer
sustainable. This could occur if business recovery is not
sufficient and does not lead to BME's operating cash flow
generation significantly improving, and the company therefore
further drains liquidity, and

-- The financial policy is not supportive of the current rating
level.

S&P could revise the outlook to stable if BME's leverage sizably
improved and the FOCF after lease payments turned positive. This
would most likely reflect improved market conditions in Germany and
in other core markets of BME. A stable outlook would also require
the company successfully refinance its EUR177 million term loan B
(TLB1) maturing in October 2026.




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

GRUPO ANTOLIN-IRAUSA: S&P Affirms 'B-' ICR, Outlook Now Negative
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Grupo Antolin-Irausa
S.A.U. (Grupo Antolin) to negative from stable and affirmed its
'B-' ratings on the company and its senior secured notes, with the
recovery rating remaining at '3', indicating S&P's expectation of
about 55% recovery (rounded estimate) in a default scenario.

S&P said, "We withdrew our 'B-' rating on Grupo Antolin's EUR329.5
million term loan A maturing in 2029 at the company's request.

The negative outlook indicates that we could downgrade Grupo
Antolin if continued weak industry conditions or operating setbacks
impair its ability to turn FOCF positive, resulting in
higher-than-expected leverage, weaker liquidity, increasing
likelihood of a covenant breach, or funds from operations (FFO)
cash interest coverage falling below 1.5x.

"We see a risk that negative FOCF will reduce Grupo Antolin's
deleveraging prospects at a time when industry conditions remain
weak.  Despite some expected margin improvement, driven by Grupo
Antolin's transformation plan, we forecast S&P Global
Ratings-adjusted leverage at about 8x for 2024 and 2025. We
forecast FOCF to remain negative (as much as -EUR8 million) in
fiscal 2024 and potentially also in 2025 (about -EUR4 million). We
estimate that FOCF might not return to positive territory before
2026. This negative cash flow stems from weak industry conditions,
ongoing restructuring costs, elevated working capital needs, and
higher interest expenses. We forecast working capital needs of
10.0%-11.0% of revenue in 2024-2025 as the group launches new
projects. We note that, because of the refinancing of senior
secured notes at higher interest rates and the amendment and
extension of its senior facilities agreement (SFA) at higher
margins, Grupo Antolin will have to shoulder interest costs of up
to EUR95 million in 2024-2025, up from about EUR78 million in
2023.

"Despite benefitting from a good amount of cash on the balance
sheet, the revolving credit facility (RCF) remains drawn, with
covenant headroom staying thin.  We continue to view Grupo
Antolin's liquidity position as adequate, estimating that sources
will continue to cover uses by more than 1.2x in the 12 months from
Sept. 30, 2024. We note as positive that Grupo Antolin had about
EUR145 million of cash on the balance sheet as of Sept. 30, 2024,
after deducting about EUR55 million that we view as not readily
available for debt repayment and about EUR14 million classified as
held for sale. However, we also note that its EUR194 million RCF is
drawn by about EUR133 million, and the group has debt of about
EUR140 million maturing in the coming 12 months, of which EUR65
million is earmarked as a mandatory amortization using the proceeds
from asset sales. The company has already contracted divestment
proceeds of EUR85 million under its EUR150 million divestment plan.
We also note as positive that, after the recent refinancing, the
group has no major debt repayments until 2028, when its EUR390
million senior secured notes are due. We anticipate some
improvement in Grupo Antolin's 3.5x net debt to EBITDA covenant
headroom on Dec. 31, 2024, versus the 3.4x level on Sept. 30, 2024,
thanks to seasonal working capital inflows. However, we estimate
that headroom will likely stay below 15% through first-quarter
2025.

"Industry conditions remain depressed.  We estimate that light
vehicle production will decline by 1%-3% in 2024 and we forecast a
flattish increase in 2025 from 90.5 million units in 2023. Many
auto original equipment makers (OEMs) such as Volkswagen and
Stellantis (each accounting for about 20% of Grupo Antolin's
revenue) are experiencing subdued demand due to fierce competition
from Chinese automakers, the slow transition to electric vehicles
(particularly in Europe and the U.S.), and geopolitical and
regulatory uncertainty. In this scenario, Grupo Antolin's results
for the first nine months of 2024 included a downward revision of
its guidance. Revenue had decreased 10.2% to EUR3.175 billion
compared to the same period of 2023, mainly due to market
performance, production delays, and the end of projects, among
other factors. However, the reported EBITDA margin improved to
about 8.4% from about 7.0%. We believe that persisting tough
automotive industry conditions are likely to continue to weigh on
Grupo Antolin's revenue and EBITDA growth, despite the group's
recent profitability improvements.

"We anticipate a gradual increase of Grupo Antolin's EBITDA margins
to 5.5%-6.0% in 2026 on the ongoing execution of its transformation
plan, despite tough market conditions.  Revenue in 2025 will be
affected by the full-year impact of the sale of a 45% stake in
Grupo Antolin's Turkish joint venture ("Ototrim") and by the
disposal of its trunk trim business. We expect growth in North
America to pick up, although we note additional ramp-up costs from
new projects could introduce risks to our base case. We forecast
the group's S&P Global Ratings-adjusted EBITDA to improve to
5.0%-6.0% in 2024-2026 on management's continued execution of its
transformation plan and the replacement of lower-margin projects
with new, higher-margin ones. Furthermore, we expect capitalized
development costs linked to new car platforms, which we deduct from
our adjusted EBITDA figure, to decrease to 2.1%-2.2% of revenue in
2024-2026 from 2.3% in 2023. We also expect one-off restructuring
costs will stay high at about EUR46 million in 2024 and EUR36
million in 2025 after EUR32 million in 2023, offsetting the
transformation plan's positive impact on profitability.

"We believe that measures taken by management will contribute to an
FOCF recovery in 2026.   We see as positive management's execution
of the transformation plan, mainly through footprint optimization,
workforce rightsizing, automation, and operational efficiency
improvements. We expect this will mitigate the impact of weak
market conditions. In addition, the group is executing on its
divestment plan as originally scheduled. Although not included in
our base case, further asset sales and proceeds used to reduce debt
will improve the group's leverage and liquidity.

"The negative outlook indicates that we could downgrade Grupo
Antolin if continued weak industry conditions or operating setbacks
impair its ability to turn FOCF positive, resulting in
higher-than-expected leverage, weaker liquidity, increasing
likelihood of a covenant breach, or FFO cash interest coverage
falling below 1.5x.

"We could lower our rating on Grupo Antolin if adjusted FOCF
remains negative, with little prospects for positive FOCF due to
persisting weak industry conditions and lower-than-expected
volumes, delays in starting production from new projects, or
prolonged working capital outlays, leading to a liquidity
assessment of less than adequate or to FFO cash interest coverage
ratio below 1.5x.

"We could also lower our rating if Grupo Antolin breaches its
covenants or if we see an increasing probability of a covenant
breach under the company's debt facilities that is not swiftly
addressed.

"We could revise our outlook to stable within the next 12 months if
we expect Grupo Antolin can generate positive FOCF while
maintaining adequate liquidity. Such a scenario could stem from a
stronger-than-anticipated recovery in auto production coupled with
successful working capital management, cost management, or
structural operating efficiencies."




=====================
S W I T Z E R L A N D
=====================

GATEGROUP HOLDING: Moody's Upgrades CFR to Caa1, Outlook Positive
-----------------------------------------------------------------
Moody's Ratings has upgraded global airline catering and food
service provider gategroup Holding AG's (gategroup) corporate
family rating to Caa1 from Caa2. Concurrently, Moody's upgraded the
company's probability of default rating to Caa1-PD from Caa2-PD.
The outlook remains positive.              

The rating actions reflect:

-- Significant progress towards achieving a sustainable capital
structure

-- Supportive growth outlook

-- Good liquidity

RATINGS RATIONALE

In the year-to-date September 2024, gategroup continued its trading
recovery following the coronavirus pandemic. Revenue growth slowed
but remained over 10%, slightly above global air passenger growth.
The company's Moody's-adjusted EBITDA grew by about 50% to CHF341
million thanks to multiple cost efficiencies and increased capacity
utilisation. As a result, Moody's-adjusted gross debt/EBITDA
reduced to 7.7x at the end of September 2024 from 11.4x in 2023.

Cash generation remained positive and continued to improve.
Moody's-adjusted free cash flow (FCF, after interest, dividend and
lease payments) reached CHF141 million in the 12 months to
September 30, 2024 versus CHF55 million in 2023, despite larger
working capital outflows this year. Payment-in-kind interest
features on most of gategroup's debt lend tremendous support to
cash generation. Moody's estimate FCF would be slightly negative if
all of the group's debt was subject to cash-pay interest.

Moody's project a step down in revenue growth towards a run-rate
level around a mid-single digit percentage. Nevertheless, Moody's
expect gategroup to increase its EBITDA at a faster rate, yielding
at least a 100 basis points improvement by 2026, thanks to higher
growth in higher margin businesses (e.g. gatesolutions), associated
scale benefits and ongoing cost efficiencies.

As a result, Moody's expect that gategroup's adjusted leverage will
reduce to around 6.5x in 2025 and below in 2026. At the current
debt quantum and market interest rates, achieving deleveraging
towards 6.0x is essential for the capital structure to be
sustainable.

The Caa1 CFR also reflects gategroup's (i) leading position as an
independent global airline caterer, with long-standing customer
relationships and good geographic diversification, (ii) broadly
flexible cost base, (iii) significant liquidity and (iv) the
absence of significant debt maturities in the next two years.

Conversely, the Caa1 CFR incorporates credit constraints,
including: (i) gategroup's dependence on air passenger traffic and
exposure to macroeconomic downturns and geopolitical tensions, (ii)
the competitive, low margin and price sensitive industry in which
the company operates and (iii) a degree of customer concentration
and lingering inflationary pressures.

LIQUIDITY

gategroup's liquidity is good. The company had CHF326 million of
unrestricted cash on balance sheet at September 30, 2024 and CHF30
million undrawn under the convertible term loan facility from its
shareholders. However, gategroup's EUR415 million revolving credit
facility (RCF) due in October 2026 remains fully drawn. The company
only has a CHF25 million minimum liquidity test on the RCF and term
loan, for which Moody's expect very large headroom. gategroup's
next significant maturities are in October 2026 on the EUR RCF and
EUR term loan for CHF758 million equivalent.

STRUCTURAL CONSIDERATIONS

gategroup's debt capital structure consists of CHF758 million euro
equivalent outstanding on its unsecured term loan and RCF, CHF445
million drawn under a subordinated convertible loan and CHF350
million unsecured bonds due 2027, all of which are unrated. The
convertible loan is subordinated to the claims of the term loan,
RCF and the bonds.

RATING OUTLOOK

The positive outlook reflects Moody's expectation of continued
solid growth in the company's profit, leading to sustainable
deleveraging and positive FCF generation. In addition, the positive
outlook incorporates prospects that the capital structure could
become sustainable in the next 12-18 months.

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

Moody's could upgrade gategroup's ratings if:

-- gategroup continues to build a track record of sustained
recovery in organic revenue and EBITDA, such that the likelihood of
a successful refinancing increases. In quantitative terms Moody's
would expect this to translate into Moody's-adjusted gross
debt/EBITDA reducing below 6.0x on a sustainable basis, and

-- gategroup generates sustainably positive FCF, including paying
full cash interest on its third party debt, and maintains adequate
liquidity.

Conversely, downward pressure on gategroup's ratings could
materialise if:

-- Trading performance weakens such that recent improvements in
credit metrics reverse materially, or

-- Cash generation and liquidity deteriorate substantially, or

-- The risk of a distressed exchange increases as Q4 2026 debt
maturities approach

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

COMPANY PROFILE

Headquartered near Zurich, Switzerland, gategroup is a leading
global independent airline catering and food solutions provider,
operating more than 200 facilities in 60 countries for over 300
aviation customers. In the 12 months ended September 30, 2024, the
company had CHF5.1 billion in revenue and EBITDA of CHF341 million.
gategroup is owned by private equity investors RRJ Capital (based
in Hong Kong) and by investment company Temasek (based in
Singapore), which each hold approximately 50% of the company's
shares.



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

BANNA RMBS: S&P Affirms 'CCC (sf)' Rating on Class E-Dfrd Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its 'AAA (sf)', 'A+ (sf)', 'BBB (sf)',
'B- (sf)', and 'CCC (sf)' credit ratings on Banna RMBS DAC's class
A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes, respectively.

S&P's review reflects the application of our relevant criteria and
its full analysis of the most recent transaction information, and
considers the transaction's current structural features.

The overall transaction performance is driven by two trends:

-- The transaction's continued weak credit performance since our
previous review. Since our previous review, the performing
proportion (current assets plus loans in arrears up to 90 days) of
the total pool has fallen to 54.6% from 60.5%. In addition,
defaulted loans and loans more than 720 days in arrears now account
for 31.75% of the total pool (up from 28.00% at our previous
review).

-- The total portfolio amortized to GBP35.8 million as of August
2024, from GBP47.0 million at our previous review, due to a high
level of prepayments and the sales proceeds from the receivership
pipeline.

The prepayment rate has been strong historically (with a one-year
average of 27.7%). S&P expects the weak credit performance to
continue as dynamic arrears will rise due to the reduction in the
total current balance (arising from a high prepayment rate) at a
faster pace than loans in arrears will be resolved either through a
positive roll rate (loans in mild arrears) or legal resolution
(loans in severe arrears). The servicer's consensual sales strategy
has gradually progressed even though expected receivership pipeline
proceeds were not as high as initially estimated. Out of 68
properties in the receivership pipeline at our previous review,
GBP4.0 million in sale proceeds were received (our estimate was
GBP5.5 million) on 45 properties. The remaining properties are
still in this pipeline and the proceeds are yet to be realized as
they are still unsold. In other words, the issue lies in monetizing
the entire receivership pipeline much more than realizing the
expected price for the sales. Despite the marked progress compared
with last year, servicing remains difficult. The receivership
pipeline is now GBP3.6 million. S&P's analysis considered these
factors.

S&P said, "Of the 68 loans that reported a loss as of August 2024,
we calculated an average loss severity rate of 15.5%. We regard
this as relatively high, and to be inconsistent with the
transaction-level current loan-to-value (LTV) ratio of 30%. Hence,
we applied a 20% valuation haircut to all properties and a greater
valuation haircut of 40% for properties backing loans in arrears
for more than 720 days. The calibration of this higher haircut is
the same as that used by the servicer to estimate the receivership
pipeline proceeds. We understand that it is based on previous sales
(versus the original valuation at closing)."

S&P's servicing fees assumptions are roughly stable at 0.70%.

S&P expects the overall pay rate of the transaction to gradually
fall, before the positive effect of lower interest rates is felt.

The excess spread has become further negative over the past year
because of the higher cost of funding following the amortization of
the most senior class of notes and the step-up margins (since June
2024), which is further exacerbated by the undercollateralization.

S&P has updated its credit analysis using the August 2024 pool. The
weighted-average foreclosure frequency (WAFF) assumptions for the
performing subpool have slightly decreased (below 'AAA' stress
level) primarily due to a lower effective LTV ratio. However, the
weighted-average loss severity (WALS) has dropped due to the growth
in the house price index.

  WAFF and WALS levels

  Rating level    WAFF (%)   WALS (%)

  AAA             44.89      3.88
  AA              32.47      2.18
  A               25.88      2.00
  BBB             19.27      2.00
  BB              12.67      2.00
  B               11.01      2.00

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

Credit enhancement has significantly increased due to the
sequential priority of payments and the breach of the gross
cumulative default trigger in September 2023 (currently at 31.04%,
with a trigger of 30.00%), providing further protection against
losses primarily to the class A and B-Dfrd notes. Since our
previous review, the credit enhancement based on the performing
pool for the class A and B-Dfrd notes is now 64.4% and 24.6%, up
from 32.7% and 5.3%, respectively. At our previous review, the
gross cumulative default percentage was below the trigger level.
Consequently, the principal borrowing mechanism was being used to
pay interest on the mezzanine classes of notes, diverting funds
away from principal repayment on the most senior class of notes.

Since the trigger breach, principal is used to repay the most
senior class of notes. The class C-Dfrd, D-Dfrd, and E-Dfrd notes
currently have unpaid interest of GBP232,900, GBP599,900, and
GBP394,500, respectively.

S&P said, "In our cash flow analysis, we excluded 13 loans whose
properties have been sold and are de facto unsecured. In addition,
we modeled the estimated receivership pipeline proceeds, which will
flow to the issuer in the coming quarters for a total amount of
GBP3.6 million." To put these proceeds amounts into perspective,
the average quarterly principal receipts since the fourth quarter
of 2022 have been GBP3.2 million.

The reserve fund has been fully depleted since May 2021 and the
liquidity facility equals GBP0.9 million, equal to 10 months of
interest payments on the class A notes and fees. The principal
deficiency ledger (PDL) on the class Z notes continues to rise and
is currently GBP4.1 million (out of GBP10.1 million). S&P does not
expect the PDL to be cured in the medium term given the lack of
excess spread.

S&P said, "The application of our updated credit analysis of the
August 2024 pool and our cash flow analysis indicate that the
available credit enhancement is commensurate with the rating on the
class A notes. We therefore affirmed our 'AAA (sf)' rating on the
class A notes.

"The standard cash flow results on the class B-Dfrd, C-Dfrd, and
D-Dfrd notes achieve higher ratings than those currently assigned.
We also performed some additional cash flow runs capturing
potential higher servicing fees, the uncertainty related to the
receivership pipeline proceeds, and higher default rates. Based on
these and our assessment of the difficulties related to the
servicing of these loans, the overall credit deterioration, and the
disconnect between our calculated loss severity and the low current
LTV ratio of the loans, we affirmed our 'A+ (sf)', 'BBB (sf)', and
'B- (sf)', ratings on the class B-Dfrd, C-Dfrd, and D-Dfrd notes,
respectively.

"We consider the repayment of the class E-Dfrd notes to be highly
dependent upon interest rates, the generation of excess spread (or
lack thereof), and favorable economic and financial conditions and
we therefore affirmed our 'CCC (sf)' rating on the class E-Dfrd
notes. We applied our 'CCC' category rating criteria."

Macroeconomic forecasts and forward-looking analysis

S&P said, "We expect U.K. inflation to gradually normalize for the
rest of 2024 and forecast the year-on-year change in house prices
in the fourth quarter of 2024 to be 1.4% and 2.3% in both 2024 and
2025. Although high inflation is overall credit negative for all
borrowers, inevitably some borrowers will be more negatively
affected than others, and to the extent inflationary pressures
materialize more quickly or more severely than currently expected,
risks may emerge.

"Given our current macroeconomic forecasts and forward-looking view
of the U.K. residential mortgage market, we have run sensitivities
as outlined above."

Banna RMBS is a U.K. RMBS transaction that securitizes a portfolio
of well-seasoned U.K. buy-to-let mortgages originated by KBC Bank
Ireland PLC, IIB Finance DAC, and Premier Homeloans Ltd. to their
Irish clients.


PAYSAFE LTD: S&P Affirms 'B' LT ICR, Alters Outlook to Positive
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Paysafe Ltd. to positive
from stable and affirmed its 'B' long-term issuer credit and issue
ratings on the company's first-line debt facilities.

S&P said, "The positive outlook reflects that we will likely raise
our ratings on Paysafe within 12 months if the company delivers on
our forecasts with adjusted leverage trending down to sustainably
less than 5.5x and FOCF to debt comfortably above 5%.

"We expect Paysafe Ltd.'s initiatives to expand its sales team and
optimize its portfolio will temporarily weigh on its profitability
but will support profitable revenue growth in the midterm.  Robust
e-commerce volumes, growth from online gambling merchant accounts,
initiatives to expand enterprise-wide sales capabilities, and
investments in cross-selling opportunities and consumer engagement
will, in our view, translate into revenue growth of 7%-8% in 2024
and 2025. We expect S&P Global Ratings-adjusted EBITDA margin will
temporarily reduce to about 22.5% in 2024 from 23% in 2023, as
planned revenue growth is hampered by incremental hiring and
transformation costs in line with the company's strategic sales
initiatives. Our expectation is supported by Paysafe reporting 8.3%
year-on-year revenue growth and an EBITDA margin contraction of 130
basis points in the first nine months of 2024. However, we
anticipate profitability will sustainably improve to 23.0%-23.5% in
2025 as Paysafe completes its strategic initiatives and associated
transformation costs reduce, while the company increasingly focuses
on cross-selling opportunities and more profitable growth.

"We anticipate that Paysafe will continue to strengthen credit
metrics beyond our rating upside triggers.   We forecast Paysafe to
reduce its adjusted debt to EBITDA to about 5.2x in 2025, from our
expectations of 5.8x-6.0x in 2024, spurred by our forecast of
absolute EBITDA growth and solid cash flow generation, and further
supported by the company's public leverage target of 3.5x (about
4.5x S&P Global Ratings-adjusted) by the end of 2026. We assume
Paysafe will generate FOCF of $100 million-$120 million in 2024,
largely stable from $108.1 million in 2023 as the company invests
in its strategic plans to increase revenue, then strengthening to
about $150 million in 2025. We anticipate that the merchant
portfolios acquiring fees, which we include in our adjusted capital
expenditure (capex), will increase to $45 million-$55 million in
2024 and 2025, from $30.7 million in 2023 due to increased
investment in new merchants. We expect working capital outflows of
$30 million-$40 million in 2024 and 2025, fueled by sustained
growth in the digital wallet segment and merchant solutions
segment, where additional volumes will increase working capital
outflows until payments are settled. This will translate into FOCF
to debt of close to 5.0% in 2024 and above this level from 2025,
from 4.6% in 2023.

"We expect the company will continue to opportunistically buy back
debt and maintain a prudent shareholder remuneration policy.  
Paysafe bought back debt of $81.9 million over the first nine
months of 2024, $167.4 million in 2023, and $45.5 million in 2022,
including both U.S. dollar- and euro-denominated senior secured
notes. We view these debt buybacks as opportunistic in nature given
their small size relative to the company's total debt of about $2.4
billion, the long maturities of four-to-five years, and the
attractive prices at the time of repurchasing. We anticipate that
Paysafe will continue to opportunistically buy back debt from the
fourth quarter of 2024, on the back of the company's large cash
balance of $241 million as of September 2024 and accruing FOCF.
These debt repurchases reduce Paysafe's interest burden and
therefore support the forecast FOCF improvement. We also think that
Paysafe's financial policy is geared toward investing in profitable
organic growth and deleveraging. Apart from a small share buy-back
envelope of $50 million over 2024-2025, Paysafe does not distribute
dividend and we do not forecast any dividend payment over the
forecast horizon at least not until the 3.5x net leverage target is
reached.

"The positive outlook reflects that we could upgrade Paysafe within
12 months if the company delivers on our forecasts with adjusted
leverage trending down to sustainably less than 5.5x and FOCF to
debt comfortably above 5%.

"We could revise the outlook to stable if Paysafe's adjusted
leverage stays above 5.5x or its FOCF to debt does not improve to
more than 5% because the company underperforms our base case due to
lower demand or weaker business environment or departs from its
stated leverage target of 3.5x net reported debt to EBITDA by the
end of 2026."

S&P could raise its ratings on Paysafe if:

-- It delivered on its transformative plan, supporting revenue
growth of about 7% and adjusted EBITDA margin improving to about
23% in 2025, from our expectations of 22.4% in 2024; and

-- It continued managing its debt portfolio to reduce leverage and
associated cash interest burden.

This would translate into Paysafe displaying adjusted debt to
EBITDA sustainably below 5.5x and FOCF to debt comfortably above
5%.


PERMANENT TSB Group: S&P Withdraws 'BB+/B' Issuer Credit Ratings
----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+/B' and 'BBB+/A-2' long- and
short-term issuer credit ratings on Permanent TSB Group Holdings
PLC and Permanent TSB PLC, respectively, at the company's request.
The outlook was positive at the time of the withdrawal.


PROJECT GRAND: S&P Assigns 'B' Long-Term ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit to
Project Grand Bidco (UK) Ltd. and its 'B' issue rating to the
upsized EUR480 million sustainability-linked senior secured
fixed-rate notes issued by Project Grand (UK) PLC, with a '4'
recovery rating, indicating average recovery (about 45% recovery
prospects).

S&P said, "The stable outlook reflects our expectation that from
2025 Purmo's S&P Global Ratings-adjusted debt to EBITDA will remain
sustainably below 5.5x, that the group will generate positive free
operating cash flow (FOCF), and that margins will remain above
10%."

Financial sponsor Apollo Global Management and Finland-based Rettig
Ltd. through Project Grand Bidco (UK) Ltd. have almost concluded
the take private transaction of Finland-based climate solutions
provider Purmo, and the company has applied for the delisting which
will be completed as soon as the minorities are squeezed out, whose
final price determination is expected at the beginning of January.

S&P said, "We expect Purmo's adjusted debt to EBITDA will continue
to stay below 5.5x from 2025 onward, as the new capital structure
is now in place, although with a relatively thin rating leeway.
The company has recently issued a EUR50 million fully fungible
add-on raising the senior secured bond to EUR430 million from
EUR380 million before. As a result, we now anticipate Purmo's S&P
Global Ratings-adjusted debt will be about EUR520 million at the
end of 2024 from about EUR470 million expected in our previous base
case. In addition, less supporting demand drivers owing to a still
subdued demand of construction products for new builds led us to
revise our base case, entailing somewhat a lower level of revenue
for 2025 of about EUR760 million from about EUR790 million in our
previous base case and relatively lower EBITDA of about EUR100
million versus about EUR115 million in our previous base case."

The realization of the benefits from the recently launched
restructuring program and integration of recent acquisition should
offset the persistent challenges from underlying markets,
translating into an EBITDA margin above 10% in 2025-2026.  The
demand for Purmo's products has been weak in the first nine months
of 2024 due to subdued residential construction spending in Europe
owing to the high interest rates and persistent inflation in
construction inputs. S&P said, "We expect challenging, although
stabilizing, market conditions in 2025 to translate into a flattish
demand for Purmo's products. Nevertheless, thanks to the full
realization of the synergies from the cost-saving initiatives and
lower input costs, as well as the full contribution of the recently
announced acquisition in the Climate Solutions division, top-line
expansion of about 5% as well as S&P Global Ratings-adjusted EBITDA
margin improvements to about 13% in 2025 (up from about 9% expected
in 2024 on fully S&P Global adjusted basis) should result. We then
forecast a recovery in the underlying markets in 2026, based on the
expectations of more favorable financing conditions and tamed
inflation, which should benefit residential construction spending.
In this context, we expect the top line to increase by 7% and the
EBITDA margin to keep improving by more than 100 basis points
(bps)."

S&P said, "We expect Purmo's FOCF to be positive in 2025 after
exceptionally turning negative in 2024 owing to several one-off
items linked to the take-private transaction.  Purmo has a track
record of positive FOCF, thanks to a high reliance of cash flow
generation from recurring and stable replacement activities (about
60% of revenue in 2023). In addition, Purmo's cost structure is
flexible, since about 30% of total costs in 2023 were related to
raw materials, in particular steel (35% of total procurement spend
in 2023) and plastics, and about 50% of total costs were linked to
labor, consumables, and other variable costs. We forecast the
company will generate positive FOCF in 2025 of about EUR30 million,
reflecting improved operating performance, lower costs from steel
components, and more disciplined inventory management thanks to the
reorganizational initiatives. We expect capital expenditure (capex)
requirements to be low in 2025 and in line with historical figures
of about 2.5% of sales or about EUR20 million.

"We continue to believe that Purmo's products and services will
benefit from current sustainability megatrends; however, the small
size of operations and high customer concentration constrain our
business risk assessment.   We expect demand for Purmo's
energy-efficient products and services to be robust after the
recovery of the construction market, fueled by the general public
shift toward sustainable practices, as well as support from EU
regulations. Purmo's radiators are able to be equipped both with
modern and more efficient heating systems such as heat pumps and
traditional boilers. European institutions have recently launched a
set of initiatives under the EU Green Deal 2030 which targets an
18% reduction in energy consumption from housing and a 60%
reduction in buildings' greenhouse gas emissions. To achieve these
objectives, we expect a gradual shift toward more energy-efficient
heating systems, which should sustain the demand for the
replacement of radiators. At the same time, our assessment reflects
the limited scale and the high consumer concentration of the
business. The three top customers accounted for about 30% of
Purmo's revenue in 2023 as the group generates the majority of its
sales by selling its products to large distributors (about 80%),
while the remaining 20% is generated by selling directly to
installers. The high dependency on a few large customers brings
volatility in the group's top line and earnings, as
difficult-to-predict destocking dynamics could severely impact the
group's operating performance, as occurred in 2023, when revenue
was down by 17.8%.

"Our rating on Purmo is constrained by the group's private equity
ownership.   Although we forecast that adjusted leverage will be
below 5.5x from 2025, we also factor in our assessment that the
group is owned by a financial sponsor. Even though Purmo is less
leveraged than other private equity buyout deals, we cannot rule
out potential incremental debt because the debt documentation is
relatively loose and also because the fragmented market could offer
new mergers or acquisitions (M&A).

"We consider the take private transaction virtually concluded as
Project Grand Bidco (U.K.) Ltd. commands about 98.1% of the capital
of Purmo.   We note that Project Grand Bidco (U.K.) Ltd. has
applied to the delisting for the totality of the outstanding shares
of Purmo, after acquiring 98.1% of the share capital across two
fundings on Aug. 16 and Sept. 9. We expect the minority squeeze-out
and delisting to be completed in the first quarter of 2025. The
transaction has been funded by EUR425 million equity, without
quasi-equity or shareholder loans, as well as the rated and
recently upsized EUR430 million facility of senior secured debt.
Project Grand Bidco's sole liability is the EUR430 million notes.
In addition, the company has access to a EUR100 million super
senior revolving credit facility (RCF) which we do not anticipate
will be drawn. We expect debt to EBITDA to remain below 5.5x in
2025. Despite relatively low leverage, we believe Purmo's high
concentration on the residential market (about 80% of the group's
sales in 2023) which is still suffering from high interest rates
and inflation, and lack of track record in reaching and keeping its
margins well above historical levels are key risks for Purmo. In
addition, the financial sponsor ownership means we cannot rule out
that incremental debt could be added for both acquisitions or
shareholder remuneration, which could impair the company's
deleveraging prospects.

"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.

"Our stable outlook reflects our expectations that from 2025
Purmo's debt to EBITDA will remain sustainably below 5.5x, that the
group will generate positive FOCF, and that margins will remain
above 10%."

S&P could lower the rating if it sees:

-- Purmo's revenue falling short of our expectations and S&P
Global Ratings-adjusted EBITDA margin declining well below 10% with
no prospects for a swift recovery amid unfavorable market
conditions;

-- Large customer distributors abruptly destocking and
lower-than-expected benefits from the restructuring program that
materially deviate from our base case;

-- Debt to EBITDA above 5.5x over a prolonged period, significant
additional M&A, weaker underlying end markets, or dividend
distributions;

-- FOCF generation turning negative; or

-- Funds from operations (FFO) cash interest coverage falling
below 2x.

S&P said, "We could raise the rating if the group managed to
increase its scale and footprint significantly, thanks to further
gains in market shares, while maintaining S&P Global
Ratings-adjusted EBITDA margins above 10%. At the same time, we
would expect Purmo to build a track record of maintaining adjusted
debt to EBITDA sustainably below 5x, supported by a committed
financial policy to deliver constantly positive FOCF, translating
into FOCF to debt sustainably between 5% and 10% and an interest
coverage ratio well above 3x."


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

The portfolio comprises GBP1.088 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, is
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 S&P believes its team is
experienced and has well-established and fully-integrated servicing
systems and policies.

There are no rating constraints in the transaction under its
counterparty, operational risk, or structured finance sovereign
risk criteria.

  Ratings

  Class     Rating    Class size (mil. GBP)

  A         AAA (sf)    755.41
  B-Dfrd    AA (sf)      59.42
  C-Dfrd    A (sf)       62.00
  D-Dfrd    BBB (sf)     32.04
  E-Dfrd    BB+ (sf)     20.67
  F-Dfrd    B+ (sf)      11.37
  Z         NR           92.49
  R         NR           15.09
  Residual certs  NR       N/A
  VRR loan note   NR     55.18

  NR--Not rated.
  N/A--Not applicable.


VENATOR MATERIALS: Moody's Downgrades CFR to Caa3, Outlook Stable
-----------------------------------------------------------------
Moody's Ratings has downgraded Venator Materials plc's (NEW)
(Venator) Corporate Family Rating to Caa3 from Caa1 and Probability
of Default Rating to Caa3-PD from Caa1-PD. At the same time,
Moody's have downgraded the company's backed Senior Secured
First-Out Term Loan to Caa1 from B3 and the backed Senior Secured
Exit Term Loan issued by Venator Materials LLC and Venator Finance
S.A R.L. (NEW) to Caa3 from Caa1. The rating outlook is stable.

RATINGS RATIONALE

The rating downgrade reflects Venator's inadequate liquidity,
continuing cash consumption and a decline in expected recovery on
outstanding debt compared to a year ago.

Venator's weak liquidity raises concern about its capacity to
sustain ongoing business operations. Total liquidity was $94
million cash on hand as of September 30, 2024. Its revolver was
terminated in July 2024 after the divesture of its 50% interest in
Louisiana Pigment Company, L.P. ("LPC"). The $100 million First-Out
Term Loan will be due in July 2026. A minimum liquidity of $40
million is required pursuant to the Exit Term Loan agreement. For
the first nine months, the company has consumed a large amount of
cash for business restructuring and due to weak operating
performance. External funding will be needed to continue as a going
concern, before a meaningful recovery in the TiO2 market.

Venator's operating performance has been trailing Moody's
expectations since its emergence from Chapter 11 in October 2023.
Although overall demand for TiO2 has bottomed out and began to
slowly improve, Venator's sales and earnings remain depressed and
behind peers due to business restructuring, asset divesture and
facility closures. Venator now operates four production facilities
after the closure of Duisburg TiO2 and Scarlino facilities and the
divesture of its 50% stake in LPC. High energy costs in Europe,
elevated interest rates in the US and property sector sluggishness
in China continue to weigh on TiO2 demand and keep prices low,
despite some relief from the EU's anti-dumping duties on Chinese
TiO2.

The Caa3 CFR also reflects the expected loss for lenders should a
distressed exchange or default be pursued. As of September 30,
2024, Venator had nearly $310 million in total debt, including $100
million First-Out Term Loan due in July 2026 and $175 million Exit
Term Loan due in Oct 2028, and $19 million of operating leases. It
also had about $115 million other non-current liabilities, mainly
comprising pensions. The company's operating facilities have
inherent asset value, though negative EBITDA and cash consumption
weigh on asset valuation. Its current assets include about $700
million in inventory and receivables, which well exceeded about
$300 million in trade payables.

Venator's First-Out Term Loan is rated Caa1, two notches above the
CFR and ahead of its Caa3 rated Exit Term Loan, given the super
priority priming liens and guarantees on all Exit Term Loan
collateral and first out repayment on all asset sale proceeds. The
Exit Term Loan is supported by first lien positions on most
assets.

The stable outlook reflects management efforts to restructure the
business, reduce cash consumption and raise additional funding,
along with an expected improvement in TiO2 demand in the next 12
months.

ESG Considerations

Venator's Credit Impact Score of CIS-5 indicates its rating could
have been higher without the consideration of ESG factors. Its CIS
mainly reflects the governance risks including a history of
operating performance below expectations and its elevated debt
leverage, weak interest coverage and cash consumption, as well as
environmental-related risks during TiO2 production.

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

A rating upgrade could be considered, if the company reduces cash
consumption and improves its liquidity, or improves its EBITDA to
at least cover interest expenses and capital expenditures.

A downgrade could be triggered if liquidity continues to decline or
the company pursues a default or distressed exchange.

Headquartered in the United Kingdom, Venator Materials plc (NEW) is
one of the world's largest producer of titanium dioxide pigments
used in paint, paper, and plastics, and a producer of performance
additives for a variety of end markets. Venator completed a
financial restructuring as a part of Chapter 11 in October 2023.

The principal methodology used in these ratings was Chemicals
published in October 2023.



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

[*] BOND PRICING: For the Week December 16 to December 20, 2024
---------------------------------------------------------------
Issuer                  Coupon  Maturity Currency Price
------                  ------  -------- -------- -----
Altice France Holding S  10.500  5/15/2027  USD   29.319
IOG Plc                  12.272  9/22/2025  EUR    0.439
Ferralum Metals Group S  10.000 12/30/2026  EUR   30.000
Saderea DAC              12.500 11/30/2026  USD   48.873
Turkiye Government Bond  10.400 10/13/2032  TRY   45.700
Marginalen Bank Bankakt  12.039             SEK    7.001
Fastator AB              12.500  9/26/2025  SEK   40.015
NCO Invest SA            10.000 12/30/2026  EUR    0.152
NCO Invest SA            10.000 12/30/2026  EUR    0.152
Fastator AB              12.500  9/25/2026  SEK   40.003
Tinkoff Bank JSC Via TC  11.002             USD   42.875
Bilt Paper BV            10.360             USD    1.157
Kvalitena AB publ        10.067   4/2/2024  SEK   45.750
Altice France Holding S  10.500  5/15/2027  USD   28.960
Avangardco Investments   10.000 10/29/2018  USD    0.186
R-Logitech Finance SA    10.250  9/26/2027  EUR   16.419
Privatbank CJSC Via UK   10.250  1/23/2018  USD    3.677
Oscar Properties Holdin  11.270   7/5/2024  SEK    0.077
Fastator AB              12.500  9/24/2027  SEK   40.000
Privatbank CJSC Via UK   11.000   2/9/2021  USD    0.502
Sidetur Finance BV       10.000  4/20/2016  USD    0.784
Transcapitalbank JSC Vi  10.000             USD    1.450
Societe Generale SA      15.000  9/29/2025  USD   13.000
UkrLandFarming PLC       10.875  3/26/2018  USD    1.598
Plusplus Capital Financ  11.000  7/29/2026  EUR    9.163
Privatbank CJSC Via UK   10.875  2/28/2018  USD    4.626
Bulgaria Steel Finance   12.000   5/4/2013  EUR    0.216
UBS AG/London            25.000 10/20/2026  USD   10.910
Elli Investments Ltd     12.250  6/15/2020  GBP    0.533
Elli Investments Ltd     12.250  6/15/2020  GBP    0.533
UBS AG/London            15.000   4/7/2025  USD   39.300
UBS AG/London            17.500   2/7/2025  USD   46.550
Societe Generale SA      20.000  7/21/2026  USD    4.500
Banco Espirito Santo SA  10.000  12/6/2021  EUR    0.058
Societe Generale SA      21.000 12/26/2025  USD   21.157
Barclays Bank PLC        21.500 12/26/2025  USD   22.470
Turkiye Ihracat Kredi B  12.540  9/14/2028  TRY   50.216
Phosphorus Holdco PLC    10.000   4/1/2019  GBP    0.215
Societe Generale SA      18.320  2/26/2026  USD   40.800
Societe Generale SA      16.000  3/18/2027  USD   49.060
Landesbank Baden-Wuertt  16.000   1/2/2026  EUR   20.540
Raiffeisen Schweiz Geno  16.000   7/8/2025  CHF   48.250
Societe Generale SA      23.500   3/3/2025  USD   39.277
UniCredit Bank GmbH      12.250  2/28/2025  EUR   40.030
Swissquote Bank Europe   18.530   3/5/2025  CHF   30.660
Societe Generale SA      17.800  2/12/2026  USD   45.466
Bank Vontobel AG         13.500   1/8/2025  CHF    4.800
Leonteq Securities AG/G  13.500  1/13/2025  GBP   50.290
Societe Generale SA      23.110  2/17/2025  USD   45.550
Societe Generale SA      11.000  7/14/2026  USD   18.620
UBS AG/London            10.000  3/23/2026  USD   37.800
Societe Generale SA      23.510  6/23/2026  USD    6.625
JP Morgan Structured Pr  20.000 12/31/2024  EUR    1.004
Ukraine Government Bond  11.000   4/1/2037  UAH   37.226
Ukraine Government Bond  11.000  4/20/2037  UAH   37.182
Ukraine Government Bond  11.000  4/24/2037  UAH   39.923
JP Morgan Structured Pr  20.000 12/31/2024  EUR    1.004
Tonon Luxembourg SA      12.500  5/14/2024  USD    2.216
UkrLandFarming PLC       10.875  3/26/2018  USD    1.598
Serica Energy Chinook L  12.500  9/27/2019  USD    1.500
KPNQwest NV              10.000  3/15/2012  EUR    0.824
Bilt Paper BV            10.360             USD    1.157
BLT Finance BV           12.000  2/10/2015  USD   10.500
Deutsche Bank AG/London  14.900  5/30/2028  TRY   49.125
Lehman Brothers Treasur  10.442 11/22/2008  CHF    0.100
Lehman Brothers Treasur  13.500   6/2/2009  USD    0.100
NTRP Via Interpipe Ltd   10.250   8/2/2017  USD    1.002
DZ Bank AG Deutsche Zen  22.800  3/28/2025  EUR   44.080
Bank Vontobel AG         14.000  6/23/2025  CHF   40.400
Bank Vontobel AG         14.000  7/16/2025  CHF   49.400
Leonteq Securities AG/G  22.600  6/24/2025  CHF   47.270
DZ Bank AG Deutsche Zen  18.500  3/28/2025  EUR   20.340
Swissquote Bank Europe   17.590  4/22/2025  USD   40.760
Leonteq Securities AG/G  15.400   7/1/2025  CHF   44.890
Corner Banca SA          18.800  6/26/2025  CHF   47.520
DZ Bank AG Deutsche Zen  16.000  6/27/2025  EUR   44.750
Swissquote Bank SA       12.720  1/15/2025  CHF   48.180
Raiffeisen Schweiz Geno  18.000  7/15/2025  CHF   45.740
Leonteq Securities AG/G  16.400 10/15/2025  CHF   47.640
Swissquote Bank Europe   19.340   8/5/2025  USD   45.590
Swissquote Bank SA       24.070   5/6/2025  CHF   37.790
Vontobel Financial Prod  29.200  1/17/2025  EUR   21.137
Basler Kantonalbank      14.200  9/17/2025  CHF   37.360
Landesbank Baden-Wuertt  11.000  2/27/2026  EUR   17.570
Landesbank Baden-Wuertt  12.000  2/27/2026  EUR   18.340
Leonteq Securities AG/G  17.200  9/24/2025  CHF   44.540
DZ Bank AG Deutsche Zen  17.600  6/27/2025  EUR   20.930
Bank Julius Baer & Co L  18.500   7/2/2025  CHF   44.500
DZ Bank AG Deutsche Zen  20.400  3/28/2025  EUR   18.850
Bank Julius Baer & Co L  14.000   6/4/2025  CHF   34.700
Raiffeisen Schweiz Geno  15.000  3/18/2025  CHF   30.910
Raiffeisen Switzerland   11.000   1/3/2025  CHF   10.930
Landesbank Baden-Wuertt  11.000   1/2/2026  EUR   17.370
Landesbank Baden-Wuertt  13.000  6/27/2025  EUR   15.740
Landesbank Baden-Wuertt  15.000   1/3/2025  EUR   16.420
Landesbank Baden-Wuertt  16.000  6/27/2025  EUR   15.650
Swissquote Bank Europe   19.380  3/18/2025  USD   47.610
Bank Julius Baer & Co L  17.100  3/19/2025  CHF   30.100
Zurcher Kantonalbank Fi  23.000   3/5/2025  CHF   31.710
Leonteq Securities AG/G  18.000  5/27/2025  CHF   35.940
BNP Paribas Emissions-   15.000  9/25/2025  EUR   43.260
Basler Kantonalbank      16.000 10/15/2025  CHF   47.750
Vontobel Financial Prod  23.250  6/27/2025  EUR   45.370
Raiffeisen Schweiz Geno  16.000   7/4/2025  CHF   33.680
Bank Vontobel AG         15.000 10/14/2025  USD   47.000
Bank Vontobel AG         14.250  5/30/2025  USD   33.500
DZ Bank AG Deutsche Zen  18.900  3/28/2025  EUR   37.760
DZ Bank AG Deutsche Zen  21.200  3/28/2025  EUR   34.580
Zurcher Kantonalbank Fi  11.350  2/21/2025  CHF   47.040
Swissquote Bank SA       20.060  5/22/2025  CHF   43.120
DZ Bank AG Deutsche Zen  23.600  3/28/2025  EUR   32.170
DZ Bank AG Deutsche Zen  10.500  3/28/2025  EUR   47.180
Bank Vontobel AG         12.000  4/11/2025  CHF   24.800
Bank Vontobel AG         11.000  4/11/2025  CHF   25.200
Landesbank Baden-Wuertt  13.000  4/24/2026  EUR   21.510
Leonteq Securities AG/G  19.000  7/15/2025  USD   50.770
Landesbank Baden-Wuertt  10.500  4/24/2026  EUR   19.200
Landesbank Baden-Wuertt  11.500  4/24/2026  EUR   19.990
Bank Vontobel AG         11.000  4/29/2025  CHF   36.000
Bank Vontobel AG         15.000  4/29/2025  CHF   27.900
Leonteq Securities AG/G  14.000 10/15/2025  CHF   34.050
Raiffeisen Schweiz Geno  16.000  2/19/2025  CHF   30.820
Vontobel Financial Prod  14.750  3/28/2025  EUR   45.770
Vontobel Financial Prod  16.000  3/28/2025  EUR   13.860
Swissquote Bank Europe   25.320  2/26/2025  CHF   23.550
DZ Bank AG Deutsche Zen  13.200  3/28/2025  EUR   33.920
Bank Julius Baer & Co L  19.400  1/30/2025  CHF   26.350
Basler Kantonalbank      17.000   9/5/2025  USD   50.970
Leonteq Securities AG/G  24.000  4/23/2025  CHF   46.860
Corner Banca SA          18.400  7/22/2025  CHF   35.970
UBS AG/London            14.000  7/31/2025  USD   46.350
Bank Vontobel AG         14.500   4/4/2025  CHF   25.300
Zurcher Kantonalbank Fi  14.000  6/17/2025  USD   33.080
Bank Vontobel AG         12.000   3/5/2025  CHF   25.100
Bank Vontobel AG         14.000   3/5/2025  CHF   11.900
SG Issuer SA             11.800  3/13/2025  EUR   48.380
Vontobel Financial Prod  26.450  1/24/2025  EUR    9.415
Swissquote Bank SA       14.960   7/1/2025  CHF   41.380
Bank Vontobel AG         13.000  6/30/2025  USD   49.200
Leonteq Securities AG/G  16.000   3/4/2025  CHF   31.010
Raiffeisen Switzerland   16.000   3/4/2025  CHF   10.880
Leonteq Securities AG    24.000  1/16/2025  CHF   23.720
Landesbank Baden-Wuertt  10.500  4/28/2025  EUR   16.380
Landesbank Baden-Wuertt  16.500  4/28/2025  EUR   15.330
Swissquote Bank Europe   16.030  1/16/2025  USD   45.260
Landesbank Baden-Wuertt  19.000  4/28/2025  EUR   15.330
Bank Julius Baer & Co L  12.000  5/28/2025  USD   36.600
Leonteq Securities AG/G  20.800   2/5/2025  CHF   31.690
Leonteq Securities AG/G  12.000   8/5/2025  CHF   34.230
DZ Bank AG Deutsche Zen  11.050  5/23/2025  EUR   46.030
Landesbank Baden-Wuertt  12.000   1/3/2025  EUR   13.650
Landesbank Baden-Wuertt  15.000   1/3/2025  EUR   11.110
Landesbank Baden-Wuertt  18.000   1/3/2025  EUR    9.720
DZ Bank AG Deutsche Zen  18.600  3/28/2025  EUR   41.830
DZ Bank AG Deutsche Zen  16.500 12/27/2024  EUR   10.900
DZ Bank AG Deutsche Zen  12.100  3/28/2025  EUR   49.700
UniCredit Bank GmbH      11.200 12/28/2026  EUR   44.990
Leonteq Securities AG    25.000   1/3/2025  CHF   25.720
Leonteq Securities AG/G  16.000  6/27/2025  USD   50.560
Leonteq Securities AG    20.000  3/21/2025  CHF   31.710
Corner Banca SA          13.000   4/2/2025  CHF   46.380
Leonteq Securities AG    21.000   1/3/2025  CHF   16.180
Leonteq Securities AG/G  12.000   1/2/2025  EUR   42.590
Landesbank Baden-Wuertt  10.500   1/2/2026  EUR   14.470
Bank Vontobel AG         18.000 12/31/2024  USD   43.800
Leonteq Securities AG    23.000   1/9/2025  CHF   28.030
Raiffeisen Schweiz Geno  13.000  3/25/2025  CHF   30.530
Zurcher Kantonalbank Fi  10.000  3/27/2025  EUR   43.300
Leonteq Securities AG    18.000 12/27/2024  CHF   36.920
Leonteq Securities AG/G  12.000   7/2/2025  USD   50.300
Leonteq Securities AG    21.000   1/9/2025  CHF   50.400
Leonteq Securities AG    24.000   1/9/2025  CHF   13.300
UBS AG/London            11.750   5/2/2025  CHF   49.850
Bank Vontobel AG         21.000 12/23/2024  CHF   35.800
Bank Vontobel AG         10.250   5/6/2025  EUR   49.400
UBS AG/London            10.500   5/2/2025  CHF   49.400
UniCredit Bank GmbH      16.550  8/18/2025  USD   18.670
Erste Group Bank AG      10.750  3/31/2026  EUR   35.200
Finca Uco Cjsc           12.000  2/10/2025  AMD    0.000
Leonteq Securities AG/G  12.000  5/13/2025  EUR   50.030
Banque Internationale a  10.000  3/19/2025  EUR   39.720
Basler Kantonalbank      10.000  1/20/2025  EUR   49.380
UBS AG/London            11.000  1/20/2025  EUR   47.050
Corner Banca SA          10.000  2/25/2025  CHF   40.460
UBS AG/London            21.600   8/2/2027  SEK   15.560
BNP Paribas Issuance BV  19.000  9/18/2026  EUR    5.140
Leonteq Securities AG/G  10.000  2/25/2025  CHF   40.060
BNP Paribas Issuance BV  20.000  9/18/2026  EUR   24.620
HSBC Trinkaus & Burkhar  15.000  3/28/2025  EUR   18.820
HSBC Trinkaus & Burkhar  11.300  6/27/2025  EUR   23.130
HSBC Trinkaus & Burkhar  15.900  3/28/2025  EUR   18.410
HSBC Trinkaus & Burkhar  13.300  6/27/2025  EUR   22.030
Raiffeisen Switzerland   10.250  1/21/2025  EUR   40.040
HSBC Trinkaus & Burkhar  12.750  6/27/2025  EUR    9.350
HSBC Trinkaus & Burkhar  10.250  6/27/2025  EUR   46.510
HSBC Trinkaus & Burkhar  15.500  6/27/2025  EUR   47.190
HSBC Trinkaus & Burkhar  22.250  6/27/2025  EUR   11.540
Leonteq Securities AG/G  10.000  1/21/2025  EUR   39.950
HSBC Trinkaus & Burkhar  17.500  6/27/2025  EUR    9.880
HSBC Trinkaus & Burkhar  11.750  6/27/2025  EUR   45.600
HSBC Trinkaus & Burkhar  11.000  3/28/2025  EUR   22.130
HSBC Trinkaus & Burkhar  16.300  3/28/2025  EUR    8.210
HSBC Trinkaus & Burkhar  14.400  3/28/2025  EUR    8.350
Landesbank Baden-Wuertt  19.000  6/27/2025  EUR   14.580
Landesbank Baden-Wuertt  21.000  6/27/2025  EUR   15.040
Leonteq Securities AG/G  11.000   1/9/2025  EUR   44.240
Bank Vontobel AG         12.000  3/19/2026  CHF   38.700
Landesbank Baden-Wuertt  16.000   1/3/2025  EUR   11.900
Landesbank Baden-Wuertt  19.000   1/3/2025  EUR   10.590
Landesbank Baden-Wuertt  25.000   1/3/2025  EUR    8.620
Landesbank Baden-Wuertt  16.000  6/27/2025  EUR   13.760
Leonteq Securities AG/G  11.000   1/9/2025  CHF   36.650
Landesbank Baden-Wuertt  22.000   1/3/2025  EUR    9.370
Landesbank Baden-Wuertt  14.000  6/27/2025  EUR   13.610
Bank Vontobel AG         16.000  2/10/2025  CHF   26.400
Vontobel Financial Prod  11.750  3/28/2025  EUR   48.620
Raiffeisen Switzerland   13.000  3/11/2025  CHF   28.270
Bank Julius Baer & Co L  18.690   3/7/2025  CHF   27.500
Landesbank Baden-Wuertt  11.000  3/28/2025  EUR   12.230
Landesbank Baden-Wuertt  15.000  3/28/2025  EUR   10.630
Landesbank Baden-Wuertt  13.000  3/28/2025  EUR   11.160
DZ Bank AG Deutsche Zen  10.750 12/27/2024  EUR    9.770
UBS AG/London            11.750  4/29/2025  EUR   47.650
Landesbank Baden-Wuertt  11.500  2/28/2025  EUR   14.960
Leonteq Securities AG/G  12.200  1/15/2025  EUR   37.020
Leonteq Securities AG/G  20.000  1/22/2025  CHF   10.670
Raiffeisen Schweiz Geno  15.000  1/22/2025  CHF   23.770
Swissquote Bank Europe   20.280  3/11/2025  USD   48.430
Leonteq Securities AG/G  20.000  3/11/2025  CHF    9.950
Raiffeisen Switzerland   16.500  3/11/2025  CHF   10.470
Leonteq Securities AG/G  20.000  1/22/2025  CHF   31.280
Landesbank Baden-Wuertt  14.000  1/24/2025  EUR   11.880
Leonteq Securities AG/G  16.000  1/15/2025  EUR   45.660
Raiffeisen Schweiz Geno  14.500  1/29/2025  CHF   30.330
Bank Vontobel AG         16.000  6/24/2025  USD   44.800
HSBC Trinkaus & Burkhar  13.400  6/27/2025  EUR   22.250
Bank Vontobel AG         10.500  5/12/2025  EUR   36.500
UniCredit Bank GmbH      10.500   4/7/2026  EUR   25.610
Leonteq Securities AG/G  10.000  1/20/2025  CHF   45.650
ACBA Bank OJSC           11.500   3/1/2026  AMD    9.065
National Mortgage Co RC  12.000  3/30/2026  AMD    0.000
Evocabank CJSC           11.000  9/27/2025  AMD    0.000
Corner Banca SA          20.000   3/5/2025  USD   45.350
Bank Vontobel AG         10.000 12/23/2024  EUR   39.200
Leonteq Securities AG/G  11.000   1/3/2025  EUR   40.080
Raiffeisen Switzerland   10.300  6/11/2025  CHF   42.490
Landesbank Baden-Wuertt  12.000  1/24/2025  EUR   11.700
Landesbank Baden-Wuertt  15.500  1/24/2025  EUR    9.200
Armenian Economy Develo  11.000  10/3/2025  AMD    0.000
Leonteq Securities AG/G  10.500  5/15/2025  CHF   46.330
Swissquote Bank Europe   20.300  1/29/2025  USD   44.840
Swissquote Bank Europe   20.000  2/20/2025  USD   49.580
Leonteq Securities AG/G  18.000  2/20/2025  CHF   47.410
Swissquote Bank SA       14.080  2/20/2025  CHF   48.910
EFG International Finan  13.000  6/26/2025  USD   48.950
Landesbank Baden-Wuertt  15.000  2/28/2025  EUR   13.840
Landesbank Baden-Wuertt  19.000  2/28/2025  EUR   12.990
Raiffeisen Switzerland   10.500   4/2/2025  EUR   44.760
Leonteq Securities AG    24.000 12/27/2024  CHF   24.880
HSBC Trinkaus & Burkhar  16.000  3/28/2025  EUR   18.740
BNP Paribas Emissions-   14.000 12/30/2024  EUR   43.320
HSBC Trinkaus & Burkhar  15.100  3/28/2025  EUR   19.190
HSBC Trinkaus & Burkhar  11.500  6/27/2025  EUR   23.710
Leonteq Securities AG    23.000 12/27/2024  CHF   37.910
Landesbank Baden-Wuertt  14.000  6/27/2025  EUR   13.860
HSBC Trinkaus & Burkhar  11.600  3/28/2025  EUR   21.730
Finca Uco Cjsc           13.000  5/30/2025  AMD    0.000
Leonteq Securities AG/G  12.000  1/13/2025  EUR   50.150
Corner Banca SA          11.000  7/14/2025  EUR   46.720
Leonteq Securities AG/G  10.000  1/13/2025  CHF   49.760
HSBC Trinkaus & Burkhar  13.400  3/28/2025  EUR   20.300
Landesbank Baden-Wuertt  10.000  6/27/2025  EUR   14.800
Landesbank Baden-Wuertt  10.000 10/24/2025  EUR   15.190
Landesbank Baden-Wuertt  14.000 10/24/2025  EUR   16.340
Leonteq Securities AG    20.000   1/3/2025  CHF   48.090
Leonteq Securities AG/G  10.340  8/31/2026  EUR   47.140
UniCredit Bank GmbH      11.500  2/28/2025  EUR   48.700
DZ Bank AG Deutsche Zen  10.300  3/28/2025  EUR   46.670
DZ Bank AG Deutsche Zen  12.100  3/28/2025  EUR   44.650
Ameriabank CJSC          10.000  2/20/2025  AMD    0.000
UBS AG/London            10.250  3/10/2025  EUR   34.800
UBS AG/London            17.400  4/14/2027  SEK   46.060
Leonteq Securities AG/G  10.000  5/26/2025  CHF   39.530
Basler Kantonalbank      10.000   2/3/2025  EUR   39.120
Zurcher Kantonalbank Fi  10.500   2/4/2025  EUR   45.700
Erste Group Bank AG      14.500  5/31/2026  EUR   41.550
ACBA Bank OJSC           11.000  12/1/2025  AMD    8.550
Inecobank CJSC           10.000  4/28/2025  AMD    0.000
EFG International Finan  11.120 12/27/2024  EUR   45.420
Armenian Economy Develo  10.500   5/4/2025  AMD    9.065
UniCredit Bank GmbH      10.500 12/22/2025  EUR   30.110
Societe Generale SA      20.000  9/18/2026  USD    5.200
Landesbank Baden-Wuertt  10.000   1/3/2025  EUR   38.470
Landesbank Baden-Wuertt  13.000   1/3/2025  EUR    7.800
Landesbank Baden-Wuertt  11.000   1/3/2025  EUR    8.730
Bank Julius Baer & Co L  12.720  2/17/2025  CHF   15.900
UniCredit Bank GmbH      10.700  2/17/2025  EUR   11.530
UniCredit Bank GmbH      10.700   2/3/2025  EUR   11.270
Citigroup Global Market  25.530  2/18/2025  EUR    0.010
Raiffeisen Schweiz Geno  10.000 12/31/2024  CHF   48.940
Goldman Sachs Internati  16.288  3/17/2027  USD   24.410
JP Morgan Structured Pr  20.000 12/31/2024  EUR    1.003
DZ Bank AG Deutsche Zen  12.500 12/31/2024  EUR   44.750
UniCredit Bank GmbH      13.300 12/31/2024  EUR   41.650
UniCredit Bank GmbH      15.200 12/31/2024  EUR   39.900
HSBC Trinkaus & Burkhar  10.250 12/30/2024  EUR   27.140
HSBC Trinkaus & Burkhar  17.500 12/30/2024  EUR   42.750
BNP Paribas Emissions-   12.000 12/30/2024  EUR   47.700
BNP Paribas Emissions-   13.000 12/30/2024  EUR   44.760
BNP Paribas Emissions-   17.000 12/30/2024  EUR   37.330
BNP Paribas Emissions-   16.000 12/30/2024  EUR   38.190
BNP Paribas Emissions-   17.000 12/30/2024  EUR   36.570
BNP Paribas Emissions-   13.000 12/30/2024  EUR   36.530
HSBC Trinkaus & Burkhar  19.600 12/30/2024  EUR   10.880
HSBC Trinkaus & Burkhar  17.400 12/30/2024  EUR   12.270
HSBC Trinkaus & Burkhar  16.300 12/30/2024  EUR   15.680
HSBC Trinkaus & Burkhar  15.200 12/30/2024  EUR   16.380
HSBC Trinkaus & Burkhar  13.100 12/30/2024  EUR   18.020
HSBC Trinkaus & Burkhar  11.100 12/30/2024  EUR   20.060
DZ Bank AG Deutsche Zen  14.900 12/31/2024  EUR   46.770
DZ Bank AG Deutsche Zen  17.600 12/31/2024  EUR   43.190
DZ Bank AG Deutsche Zen  14.200 12/31/2024  EUR    8.350
DZ Bank AG Deutsche Zen  17.100 12/31/2024  EUR   33.290
BNP Paribas Emissions-   13.000 12/30/2024  EUR   37.780
DZ Bank AG Deutsche Zen  11.500 12/31/2024  EUR   10.070
DZ Bank AG Deutsche Zen  23.100 12/31/2024  EUR   36.570
DZ Bank AG Deutsche Zen  14.600 12/31/2024  EUR   45.550
HSBC Trinkaus & Burkhar  18.100 12/30/2024  EUR    9.070
HSBC Trinkaus & Burkhar  15.700 12/30/2024  EUR   10.410
BNP Paribas Emissions-   10.000 12/30/2024  EUR   37.940
BNP Paribas Emissions-   11.000 12/30/2024  EUR   36.500
BNP Paribas Emissions-   14.000 12/30/2024  EUR   34.560
UniCredit Bank GmbH      15.800 12/31/2024  EUR   49.540
HSBC Trinkaus & Burkhar  14.100 12/30/2024  EUR   17.160
HSBC Trinkaus & Burkhar  11.400 12/30/2024  EUR   19.500
HSBC Trinkaus & Burkhar  15.200 12/30/2024  EUR    8.440
Bank Julius Baer & Co L  10.160 12/30/2024  CHF   49.750
Ukraine Government Bond  11.000  2/16/2037  UAH   37.395
Ukraine Government Bond  11.000   4/8/2037  UAH   37.203
Ukraine Government Bond  11.000  3/24/2037  UAH   37.253
Ukraine Government Bond  11.000  4/23/2037  UAH   37.160
HSBC Trinkaus & Burkhar  14.500 12/30/2024  EUR   16.520
UniCredit Bank GmbH      20.000 12/31/2024  EUR   44.260
DZ Bank AG Deutsche Zen  23.400 12/31/2024  EUR   29.080
DZ Bank AG Deutsche Zen  19.500 12/31/2024  EUR   48.800
DZ Bank AG Deutsche Zen  14.300 12/31/2024  EUR   30.230
DZ Bank AG Deutsche Zen  20.700 12/31/2024  EUR   46.370
JP Morgan Structured Pr  10.000 12/31/2024  EUR    1.002
DZ Bank AG Deutsche Zen  22.500 12/31/2024  EUR   41.790
DZ Bank AG Deutsche Zen  19.100 12/31/2024  EUR   29.590
DZ Bank AG Deutsche Zen  21.300 12/31/2024  EUR   26.630
DZ Bank AG Deutsche Zen  16.800 12/31/2024  EUR   40.060
DZ Bank AG Deutsche Zen  20.900 12/31/2024  EUR   33.400
HSBC Trinkaus & Burkhar  16.100 12/30/2024  EUR   15.340
HSBC Trinkaus & Burkhar  11.100 12/30/2024  EUR   18.970
UniCredit Bank GmbH      15.200 12/31/2024  EUR   47.880
HSBC Trinkaus & Burkhar  13.500 12/30/2024  EUR   40.840
Credit Agricole Corpora  10.200 12/13/2027  TRY   48.378
Tonon Luxembourg SA      12.500  5/14/2024  USD    2.216
Teksid Aluminum Luxembo  12.375  7/15/2011  EUR    0.619
Lehman Brothers Treasur  12.000  7/13/2037  JPY    0.100
Lehman Brothers Treasur  10.000  6/11/2038  JPY    0.100
Credit Agricole CIB Fin  29.699 12/29/2031  EUR   47.175
Privatbank CJSC Via UK   10.875  2/28/2018  USD    4.626
Phosphorus Holdco PLC    10.000   4/1/2019  GBP    0.215
PA Resources AB          13.500   3/3/2016  SEK    0.124
Deutsche Bank AG/London  12.780  3/16/2028  TRY   47.988
Sidetur Finance BV       10.000  4/20/2016  USD    0.784
Lehman Brothers Treasur  10.000  3/27/2009  USD    0.100
Lehman Brothers Treasur  11.000  6/29/2009  EUR    0.100
Lehman Brothers Treasur  11.000 12/19/2011  USD    0.100
Lehman Brothers Treasur  15.000  3/30/2011  EUR    0.100
Lehman Brothers Treasur  10.500   8/9/2010  EUR    0.100
Lehman Brothers Treasur  13.500 11/28/2008  USD    0.100
Bulgaria Steel Finance   12.000   5/4/2013  EUR    0.216
Lehman Brothers Treasur  14.900  9/15/2008  EUR    0.100
Lehman Brothers Treasur  10.000 10/23/2008  USD    0.100
Lehman Brothers Treasur  10.000 10/22/2008  USD    0.100
Lehman Brothers Treasur  16.200  5/14/2009  USD    0.100
Lehman Brothers Treasur  10.600  4/22/2014  MXN    0.100
Lehman Brothers Treasur  16.000  11/9/2008  USD    0.100
Lehman Brothers Treasur  10.000  5/22/2009  USD    0.100
Lehman Brothers Treasur  17.000   6/2/2009  USD    0.100
Lehman Brothers Treasur  10.000  6/17/2009  USD    0.100
Lehman Brothers Treasur  16.000 12/26/2008  USD    0.100
Lehman Brothers Treasur  13.432   1/8/2009  ILS    0.100
Lehman Brothers Treasur  13.150 10/30/2008  USD    0.100
Lehman Brothers Treasur  18.250  10/2/2008  USD    0.100
Lehman Brothers Treasur  16.000  10/8/2008  CHF    0.100
Lehman Brothers Treasur  13.000  2/16/2009  CHF    0.100
Lehman Brothers Treasur  11.250 12/31/2008  USD    0.100
Lehman Brothers Treasur  13.000 12/14/2012  USD    0.100
Petromena ASA            10.850 11/19/2018  USD    0.622
Lehman Brothers Treasur  14.900 11/16/2010  EUR    0.100
Lehman Brothers Treasur  11.000  2/16/2009  CHF    0.100
Lehman Brothers Treasur  10.000  2/16/2009  CHF    0.100
Lehman Brothers Treasur  11.750   3/1/2010  EUR    0.100
Lehman Brothers Treasur  16.000 10/28/2008  USD    0.100
Lehman Brothers Treasur  23.300  9/16/2008  USD    0.100
Lehman Brothers Treasur  12.400  6/12/2009  USD    0.100
Lehman Brothers Treasur  12.000   7/4/2011  EUR    0.100
Lehman Brothers Treasur  15.000   6/4/2009  CHF    0.100
Lehman Brothers Treasur  11.000   7/4/2011  USD    0.100
Lehman Brothers Treasur  11.000   7/4/2011  CHF    0.100
Lehman Brothers Treasur  16.800  8/21/2009  USD    0.100
Lehman Brothers Treasur  14.100 11/12/2008  USD    0.100
Lehman Brothers Treasur  13.000  7/25/2012  EUR    0.100
Vontobel Financial Prod  12.750 12/31/2024  EUR   43.860
Vontobel Financial Prod  11.000 12/31/2024  EUR   47.990
Vontobel Financial Prod  13.000 12/31/2024  EUR   45.360
Vontobel Financial Prod  14.750 12/31/2024  EUR   43.010
Vontobel Financial Prod  16.750 12/31/2024  EUR   40.900
Vontobel Financial Prod  20.000 12/31/2024  EUR   49.320
Vontobel Financial Prod  16.500 12/31/2024  EUR   37.190
Vontobel Financial Prod  18.500 12/31/2024  EUR   35.610
Vontobel Financial Prod  20.250 12/31/2024  EUR   34.170
Vontobel Financial Prod  11.250 12/31/2024  EUR   42.950
Vontobel Financial Prod  13.000 12/31/2024  EUR   40.840
Vontobel Financial Prod  14.750 12/31/2024  EUR   38.930
Vontobel Financial Prod  20.250 12/31/2024  EUR    8.650
Vontobel Financial Prod  11.000 12/31/2024  EUR   42.860
Vontobel Financial Prod  12.500 12/31/2024  EUR   41.030
Vontobel Financial Prod  14.000 12/31/2024  EUR   39.350
Vontobel Financial Prod  12.000 12/31/2024  EUR   45.590
Vontobel Financial Prod  12.500 12/31/2024  EUR   45.350
Vontobel Financial Prod  10.750 12/31/2024  EUR   47.980
Vontobel Financial Prod  14.250 12/31/2024  EUR   43.000
Vontobel Financial Prod  18.000 12/31/2024  EUR   42.830
Vontobel Financial Prod  10.000 12/31/2024  EUR   44.410
Vontobel Financial Prod  11.000 12/31/2024  EUR   38.430



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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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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