---

       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, January 13, 2025, Vol. 26, No. 9

                           Headlines



F R A N C E

KAPLA HOLDING: Moody's Affirms 'B1' CFR, Outlook Remains Stable
TEREOS FINANCE I: Fitch Assigns 'BB(EXP)' Rating to EUR300MM Notes


G E R M A N Y

FISCHBACH TOPCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable
FLINT GROUP: KKR Income Marks EUR576,000 Loan at 78% off
FRESENIUS MEDICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings


I R E L A N D

HAYFIN EMERALD XIV: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
NORDIC AVIATION: Moody's Puts 'B2' CFR on Review for Upgrade
PROVIDUS CLO XI: Fitch Assigns 'B-sf' Final Rating to Two Notes
VOYA EURO VIII: Fitch Assigns 'B-sf' Final Rating to Class F Notes
VOYA EURO VIII: S&P Assigns B- (sf) Rating to Class F Notes



I T A L Y

GENERALI: Egan-Jones Retains BB+ Senior Unsecured Ratings


N E T H E R L A N D S

AEGON LTD.: Egan-Jones Retains BB+ Senior Unsecured Ratings


T U R K E Y

TURKIYE IS BAKANSI: Fitch Publishes 'B-(EXP)' Rating on AT1 Notes


U N I T E D   K I N G D O M

INTERNATIONAL CONSOLIDATED: Egan-Jones Ups Sr. Unsec. Ratings to B+
INTERNATIONAL GAME: Egan-Jones Retains B+ Senior Unsecured Ratings
JUPITER MORTGAGE NO.1: Fitch Lowers Rating on Cl. X Notes to 'CCsf'
MARK & SPENCER: Egan-Jones Cuts Senior Unsecured Ratings to BB-
SIG PLC: Egan-Jones Retains B+ Senior Unsecured Ratings



X X X X X X X X

[*] BOND PRICING: For the Week January 6 to January 10, 2025

                           - - - - -


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

KAPLA HOLDING: Moody's Affirms 'B1' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings has affirmed KAPLA HOLDING S.A.S.' (Kiloutou or the
company) B1 corporate family rating, B1-PD probability of default
rating, and B1 instrument ratings of the backed senior secured
notes due 2026 and 2030. The outlook remains stable.

At the same time Moody's assigned a B1 instrument rating to
Kiloutou's proposed backed senior secured notes of EUR350 million
due 2031. This is part of a EUR500 million proposed backed senior
secured notes issuance by Kiloutou, to be split on an indicative
basis between a minimum of EUR350 million backed senior secured
notes due 2031 and EUR150 million tap on the existing backed senior
secured floating rate notes due 2030. Proceeds from the notes
issuance will be used to repay the EUR460 million senior secured
notes due in 2026, the EUR14 million senior term loan facility and
all drawings under the EUR180 million revolving credit facility
(RCF), the maturity of which will be extended to 2028 from 2026 as
part of the transaction.

RATINGS RATIONALE

The rating action reflects the company's good operating performance
in 2023 and year to date 2024 (first nine months to September 30,
2024) driven by price increases and fleet increase despite soft
market conditions across most of Kiloutou's markets in Europe.
Leverage (Moody's adjusted debt/EBITDA) has remained stable at 4.0x
for the last twelve months (LTM) period to September 2024 from 4.1x
as of the end of 2023. Moody's adjusted free cash flow (FCF) to
debt has been negative at -3.9% as of LTM September 2024 due to
fleet related capital spending to support organic growth. Higher
investment in fleet was also due to the increased size of the
company following its acquisition of GSV in 2022.

Moody's expect Kiloutou will sustain growth in operating
performance and earnings in the next 24 months, albeit at a slower
pace as demand for construction activity remains weak. Despite this
slowdown, Kiloutou's geographic exposure to high growth regions
such as Southern Europe and end market diversification should help
mitigate any decline in volumes in some of its markets. Moody's
expect Kiloutou to continue growing its top line in
low-single-digit percentage in the next two years. As a result,
Moody's project Moody's adjusted EBITDA at around EUR480-500
million during the period resulting in a Moody's adjusted gross
leverage of around 3.8x-4.0x in 2025 and 2026. Moody's forecast
that the company's FCF/debt will turn positive in 2025 due to
reduced capex investments before a ramp-up again in 2026 to support
growth. However, Moody's consider that the company will maintain
ample flexibility to reduce capex should market demand be lower
than expected. The rating also reflects Kiloutou's financial policy
and intention to maintain leverage (as measured by net debt/EBITDA
as reported by the company) at around 4x with an objective of
deleveraging over time.

LIQUIDITY

Moody's consider Kiloutou's liquidity to be adequate and supported
by: (i) EUR60 million of cash on balance sheet as of September 30,
2024 pro forma for the refinancing transaction; (ii) EUR180 million
of undrawn RCF pro forma for the refinancing transaction; (iii) a
certain level of capex flexibility and a history of maintaining
positive EBITDA-capex through the cycle; and (iv) no meaningful
debt amortization before July 2030.

As part of the documentation, the super senior RCF contains a
springing financial covenant based on net leverage set at 7.2x and
tested on a quarterly basis only when the RCF is drawn by more than
40%.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Kiloutou will
maintain a strong operating performance such that Moody's adjusted
debt/EBITDA will remain below 4.0x in the next 12-18 months. It
also includes Moody's expectation for an improved free cash flow
generation from FY2025 onwards after a period of elevated levels of
growth capex. Moody's assume that the company will not execute any
additional major debt-funded acquisitions or shareholder
distributions.

STRUCTURAL CONSIDERATIONS

Kiloutou's PDR is B1-PD, in line with the CFR, reflecting Moody's
assumption of a 50% recovery rate as is customary for capital
structures including bonds and bank debt. The backed senior secured
notes are rated B1 in line with the CFR due to a limited amount of
super senior RCF ranking ahead in the structure.

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

Upgrade is unlikely in light of the company's current financial
policy of maintaining leverage of around 4.0x though there is an
objective to delever over time.

Ratings could be upgraded if: (i) the company continues to
strengthen its business profile through diversification and builds
a track record of continuous deleveraging; (ii) Moody's adjusted
leverage is maintained at below 3.5x on a sustainable basis; (iii)
FFO/debt is well above 20%; and (iv) liquidity is at least good.
For an upgrade, Moody's would also like the company to demonstrate
a track record of prudent liquidity and capex management through
the cycle.

Ratings could be downgraded if: (i) the company's operational
performance deteriorates; (ii) its Moody's-adjusted Debt/EBITDA
remains above 4.5x on a sustained basis; (iii) FFO/debt declines
towards mid-teens or if (iv) liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental published in December 2024.

COMPANY PROFILE

Founded by Franky Mulliez in 1981, Kiloutou is the number two
operator in the French equipment rental market and the number three
in Europe. In February 2018, HLD and Dentressangle acquired a
majority stake in Kiloutou alongside its management and Franky
Mulliez and family continue to hold a minority stake. The company
serves more than 400,000 customers through a network of 600
branches across seven countries. Kiloutou has a focus on tools and
light equipment, construction equipment, access equipment and
services. As of LTM September 2024, Kiloutou generated around
EUR1.2 billion of revenue and EUR485 million of Moody's adjusted
EBITDA.

TEREOS FINANCE I: Fitch Assigns 'BB(EXP)' Rating to EUR300MM Notes
------------------------------------------------------------------
Fitch Ratings has assigned Tereos SCA's announced EUR300 million
senior unsecured notes issue an expected 'BB(EXP)' rating with a
Recovery Rating of 'RR4'. The notes will be issued by Tereos
Finance Groupe I SA (FinCo).

Tereos plans to use the proceeds to repay its French
state-guaranteed term loan facility and other debt on and ahead of
their maturities. The assignment of the final rating is contingent
on the placement of the notes with final documents materially
conforming with the information already received by Fitch.

The rating reflects Tereos's resilient market position as the
second-largest sugar producer globally, with an asset-heavy
business model. The rating also reflects its pricing mechanism for
sugar beet supply that protects the group's profitability from
sugar price fluctuations. Constraints are its moderate product
diversification and a mid-sized scale versus that of global
commodity traders.

The Positive Outlook reflects Fitch's expectations that Tereos will
maintain its readily marketable inventories (RMI)-adjusted reduced
leverage under 3.0x over FY25-FY28 (year-end March).

Key Rating Drivers

Average Bond Recovery Prospects: The notes are rated in line with
other senior unsecured debt outstanding at Finco and in line with
Tereos's 'BB' Long-Term Issuer Default Rating (IDR). The moderate
share of prior-ranking debt adjusted for RMI at Tereos operating
entities at 41% (FY24: 1.2x consolidated EBITDA) and the share of
secured debt at below 17% of total debt indicate limited impact on
recovery prospects for the unsecured debt raised by FinCo.

Fitch expects some further reduction in the share of structurally
prior-ranking debt, given the company's plans to further reduce
debt at operating subsidiaries in the medium term to streamline its
debt structure and lower the cost of debt.

Profit Peaks in FY24: Tereos reported record profit again in FY24,
with EBITDA remaining at EUR1.1 billion, equal to an 15% EBITDA
margin, due to persistently high sugar prices, the execution of its
sales and hedging strategy, cost management, and
operating-efficiency gains. Further, sugar and ethanol prices were
kept high due to high oil prices, because of ethanol's use as a
competitively priced input to be blended with gasoline, and because
sugar cane is used to produce both sugar and ethanol. Ethanol
prices in Brazil also benefit from favourable legislation for
customers using ethanol as fuel for vehicles.

Sugar Price Correction: Sugar prices have moderated in 2024 (down
5% YTD), due to growing exports from Brazil and easing risks about
tight supplies in key Asian markets that were facing domestic
production shortfalls amid an El Niño weather phenomenon. Its
updated market assumption still includes higher-than-historical
average sugar prices over FY25-FY28 as global sugar supply is
likely to remain tight, due to a reduction of sugar plant areas
against continued demand growth and increasing production of
ethanol.

Profits to Normalise: Fitch expects EBITDA to decline towards
EUR800 million in FY25 based on its assumption of a 13% sugar price
fall, and a further moderation to EUR720 million during FY26-FY28.
Fitch expects Tereos to maintain some profitability gains achieved
in FY23-FY24 via its optimised industrial set-up, recent savings
from operating efficiency and decarbonisation initiatives. Improved
visibility on the Fitch-defined EBITDA margin consistently
exceeding 12% through the cycle is one of the factors that could
lead to an upgrade over the next 18-24 months.

Improved FCF Generation: Fitch expects free cash flow (FCF) to
remain resilient at around 1% of revenue over FY25-FY28 as
working-capital requirements normalise alongside moderating sugar
prices. Fitch expects sufficient operating cash flow to fund a
planned increase in capex for FY25-FY26, linked to sustainability
and efficiency projects, before capex normalises to 6.5% of revenue
from FY27. Sustainably positive FCF suggests scope for further debt
reduction in the next three years, toward EUR2.3 billion of
Fitch-calculated net debt, including factoring.

Conservative Financial Policy: Fitch projects RMI-adjusted EBITDA
net leverage at around 2.5x in FY25, up from 1.9x in FY24, rising
further to 2.7x-3.0x by FY27, which is still strong for the rating.
Tereos's public commitment to a conservative financial policy is an
important factor supporting its Positive Outlook. It maintains its
target of reducing net debt towards EUR2 billion (excluding EUR287
million factoring, which Fitch adds back to its debt calculation),
which should translate into RMI-adjusted leverage of below 3.0x.
This target, set in January 2021, has good support from farmer
members of the cooperative.

Cost-Structure Flexibility; Resilient Margin: Since 2020, Tereos
has been supplying sugar beet from its members in France at prices
based on a formula linked to sugar prices in the region, which
helps soften the EBITDA impact from low market prices. It also
allows flexibility to adjust input beetroot prices, avoiding sharp
swings in EBITDA. In Brazil, cost-structure flexibility is also
aided by around 50% of sugar cane being farmed in-house. This,
together with an ability to switch between sugar and ethanol
production according to the products' varying profitability, also
supports resilient profit margins.

Strong Market Position: Tereos's through-the-cycle business profile
is commensurate with the mid-to-high end of the 'BB' rating
category. This reflects its large operational scope and strong
position in a commodity market, and its moderate long-term growth
prospects. Diversified production in the EU and Brazil, a presence
in starches and sweeteners, and expansion in protein products,
reduce its reliance on sugar and ethanol operations.

Derivation Summary

Tereos's 'BB' IDR is three notches below those of larger and
significantly more diversified commodity traders and processors
like Viterra Limited (BBB/Rating Watch Positive) and Bunge Global
SA (BBB+/Stable). The two peers, however, have lower EBITDA
margins, of around 3%, than Tereos, which Fitch estimates at around
12% through the cycle in FY24.

Fitch rates Tereos at the same level as Andre Maggi Participacoes
S.A. (Amaggi; BB/Stable), an integrated agribusiness company based
in Brazil. Both companies have an asset-heavy business model.
Tereos now has higher EBITDA and better geographic diversification
in commodity sourcing, whereas Amaggi is heavily reliant on one
region. Tereos's rating further benefits from a conservative
financial policy.

Despite its expectations for lower leverage and comparable product
concentration, Tereos is rated two notches above Aragvi Holding
International Limited (B+/Stable), as it has greater business
scale, wider sourcing markets and lower operating-environment risk,
as well as a stronger asset base and a longer operating record.
Raizen S.A. (BBB/Stable), the leading sugar and ethanol producer in
Brazil, benefits from implicit support from shareholders, a much
bigger scale, and lower leverage, which explain the three-notch
rating differential with Tereos.

Key Assumptions

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

- US dollar/euro at 0.9 and dollar/Brazilian real at 5.7 over
FY25-FY28

- Revenue decline of 14% in FY25 and 5% in FY26, mainly driven by
its assumption of contracting sugar prices

- International No.11 sugar price averaging at USD0.195/lb in FY25
and USD0.18/lb over FY26-FY28

- Fitch-adjusted EBITDA margin of 13% in FY25 and around 12% to
FY28, translating into EBITDA at a sustainable level of above
EUR700 million

- Annual average capex of around EUR400 million in FY25-FY28

- Dividends per share (including price compliments to cooperative
members) paid to cooperative members of EUR70 million in FY25,
EUR47 million in FY26, EUR44 million in FY27 and EUR39 million in
FY28

- No asset divestments or M&As over FY25-FY28

- Credit lines used to finance operations are renewed

RATING SENSITIVITIES

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

- Reduced financial flexibility, as reflected in EBITDA interest
coverage (RMI-adjusted) falling permanently below 3.0x, or an
inability to maintain adequate availability under committed
medium-term credit lines

- Liquidity ratio (cash and marketable securities plus RMI plus
account receivables/total short-term liabilities) below 0.7x on a
sustained basis

- EBITDA dropping below EUR600 million on a sustained basis

- Consolidated (RMI-adjusted) EBITDA net leverage above 4.0x on a
sustained basis

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

- Greater diversification of operations by sourcing and processing
region or by commodity

- Maintenance of an EBITDA margin of at least 12%, reflecting
benefits of vertical integration

- Strict financial discipline and positive FCF on a sustained
basis

- Consolidated (RMI-adjusted) EBITDA net leverage, consistently
below 3x and (RMI-adjusted) EBITDA/net interest coverage of at
least 4.5x

- Liquidity ratio (cash and marketable securities plus RMI plus
account receivables/total short-term liability) improving towards
1.0x on a sustained basis

Liquidity and Debt Structure

Tereos's internal liquidity score slightly improved to 0.7x at
FYE24 (FYE23: 0.6x; defined as unrestricted cash plus RMI plus
accounts receivables divided by total current liabilities). The
company has sufficient resources of EUR706 million of undrawn
committed revolving credit facilities and EUR601 million in cash
balance, which, together with its projection of positive FCF of
EUR159 million, should be more than sufficient to cover debt due in
FY25 and other liquidity needs.

Issuer Profile

Tereos is the world's second-largest sugar, alcohol and ethanol
producer, and the third-largest starch producer in Europe. The
company is a cooperative, with around 10,700 cooperative farmer
shareholders, who are based in France and supply sugar beet to the
group.

ESG CONSIDERATIONS

Tereos has an ESG credit relevance score of '4' for Waste &
Hazardous Materials Management as the volumes of its sugar
production in France are affected by regulation that restrains the
use of nicotinoid-based insecticides in beetroot farming. This has
a negative impact on the credit profile and is relevant to the
rating in conjunction with other factors.

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

Date of Relevant Committee

06 June 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

   Entity/Debt             Rating                  Recovery   
   -----------             ------                  --------   
Tereos Finance
Groupe I SA

   senior unsecured    LT BB(EXP)  Expected Rating   RR4



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

FISCHBACH TOPCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit ratings
to Fischbach TopCo GmbH and Fischbach GmbH (formerly Blitz 24-151
GmbH and Blitz 24-120 GmbH, respectively). S&P also assigned a 'B'
issue rating and a '3' recovery rating to the senior secured TLB
and the senior secured DDTL.

The stable outlook reflects S&P's expectation that Fischbach GmbH's
S&P Global Ratings-adjusted debt to EBITDA will remain at about 5x
in the next 12 months, with free operating cash flow (FOCF) of
EUR10 million–EUR15 million.

Private equity firm Onex Partners now controls 90% of plastic
cartridges producer Fischbach GmbH.  Existing shareholders and the
management team retain a 10% stake in the group. To fund this
transaction, Fischbach GmbH raised a EUR350 million seven-year
senior secured TLB and a EUR75 million 6.5-year RCF (EUR15 million
drawn at the transaction's close). It also raised a EUR70 million
delayed drawn TLB, which was undrawn at closing and available for
drawings for two years. While its primary purpose is to fund
possible earnouts to the sellers, it will also be available to fund
acquisitions, investments, and the refinancing of existing debt.

Fischbach GmbH's business risk profile is supported by its
above-average EBITDA margins and leading niche market position.
S&P said, "We view Fischbach GmbH's business risk at the weaker end
of our fair category. We believe Fischbach GmbH's EBITDA margins of
about 30% reflect its strong pricing power and leading positions in
plastic cartridges in Europe and North America. Fischbach GmbH's
high profitability is underpinned by low production costs,
supported by its technical know-how, and low logistic costs, given
that manufacturing facilities are close to customers. Fischbach
GmbH's production footprint also results in shorter lead times. Our
assessment also takes into account the group's well-invested asset
base, limited substitution risk, longstanding customer relations,
proprietary printing technology, and ability to pass raw material
(mainly resin) price fluctuations on to customers, albeit with a
three- to four-month average lag."

S&P said, "Our business risk assessment is constrained by Fischbach
GmbH's limited size, narrow product range, customer concentration,
and some cyclicality in its end markets, including construction and
home renovation.  Fischbach GmbH's scale is small, especially
compared with peers in the packaging industry. We estimate revenues
of about EUR220 million and adjusted EBITDA of roughly EUR71
million in 2024. We believe the group's size and our view of the
discretionary nature of home renovations make Fischbach GmbH
vulnerable to unforeseen high-impact events. The group is present
in the niche and mature European and North American plastic
cartridges markets, where it already has significant market shares
(60% and 66%, respectively). With its main customer accounting for
11% of sales and its 10 top customers for 53% of sales, we view
Fischbach GmbH's customer base as relatively concentrated. This
reflects the concentration in the adhesives and sealants industry.

"We assess Fischbach GmbH's financial risk profile as highly
leveraged, given its credit metrics and financial-sponsor
ownership.  We anticipate that leverage will remain at about 5x and
funds from operations (FFO) to debt at about 9% over the near term.
Together with the 90% ownership by Onex Partners, which we view as
a financial sponsor, this results in a highly leveraged financial
risk assessment. For 2024, we estimate FOCF of about EUR10
million-EUR15 million. We forecast a similar FOCF for 2025 because
lower transaction costs (EUR20 million in 2024 and zero in 2025)
are offset by higher interest payments, given that the Onex
Partners-led leveraged buyout only occurred in October 2024.

"We treat the preference shares, which are part of the capital
structure, as equity.  The preference shares are fully subordinated
to Fischbach GmbH's existing and future debt. They are unsecured
and unguaranteed instruments with no maturity date, are
subordinated to all other liabilities, and are aligned with the
financial owners' economic incentives.

"The stable outlook reflects our expectations that Fischbach GmbH's
adjusted debt to EBITDA will remain at about 5x over the next 12
months and that FOCF will be EUR10 million–EUR15 million over the
same period."

S&P could lower its ratings on Fischbach GmbH and its subsidiaries
if the group's operating performance deteriorated or credit metrics
weakened due to a more aggressive financial policy, for example due
to debt-funded acquisitions, investments, or shareholder returns,
such that:

-- FOCF generation was sustainably weaker than expected;

-- EBITDA interest coverage sustainably declined below 2x; or

-- Leverage exceeded 7x.

S&P believes an upgrade is unlikely over the next 12 months, given
Fischbach GmbH's financial sponsor ownership and the
transformational nature of this change in ownership. However, over
time, S&P could raise its rating if:

-- Fischbach GmbH established a track record of strong EBITDA
margins and FOCF under this new ownership structure;

-- S&P's view of the group's business risk profile improved; and

-- Adjusted debt to EBITDA sustainably declined toward 4x, while
Fischbach GmbH's financial policy supported such credit metrics.


FLINT GROUP: KKR Income Marks EUR576,000 Loan at 78% off
--------------------------------------------------------
KKR Income Opportunities Fund has marked its EUR576,000 loan
extended to Flint Group GmbH to market at EUR125,000 or 22% of the
outstanding amount, according to the KKR Income's Form N-CSRS for
the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.

KKR Income is a participant in Second Lien Term Loan B  (6.90%
Payment In Kind, EURIBOR + 0.10%) to Flint Group GmbH. The loan
matures on December 30, 2027.

KKR Income was organized on March 17, 2011 as a statutory trust
under the laws of the State of Delaware. The Fund is a closed-end
registered management investment company, which commenced
operations on July 25, 2013. The Fund seeks to generate a high
level of current income, with a secondary objective of capital
appreciation. The Fund is diversified for purposes of the
Investment Company Act of 1940, as amended.

KKR Income is led by Rudy Pimentel, President; and Thomas Murphy,
Treasurer, Chief Accounting Officer & Chief Financial Officer. The
Fund can be reached through:

       Rudy Pimentel
       KKR Income Opportunities Fund        
       555 California Street, 50th Floor
       San Francisco, CA 94104
       Telephone: (415) 315-3620

            - and -
        
       Lori Hoffman
       KKR Credit Advisors (US) LLC
       555 California Street, 50th Floor
       San Francisco, CA 94104
       Telephone: (415) 315-3620

Flint Group GmbH manufactures products for printing and packaging.
The Company offers flexography, washout solvents, commercial
coatings, heatset inks, offset blankets, pigments, letterpress,
and
digital printing products. The Company's country of domicile is
Germany.

FRESENIUS MEDICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on December 6, 2024, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Fresenius Medical Care AG. EJR also withdrew its
rating on commercial paper issued by the Company.

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
offers kidney dialysis services and manufactures equipment and
products used in the treatment of dialysis patients.



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

HAYFIN EMERALD XIV: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Hayfin Emerald CLO XIV DAC reset notes
expected ratings.

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

   Entity/Debt              Rating           
   -----------              ------           
Hayfin Emerald
CLO XIV DAC

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

Transaction Summary

Hayfin Emerald CLO XIV DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds will be used to fund a portfolio with a target par of
EUR375 million. The portfolio will be actively managed by Hayfin
Emerald Management LLP. The CLO has a two-year reinvestment period
and a six-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B+'/'B' category. The
Fitch weighted average rating factor of the current portfolio is
23.3.

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

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits, including a top 10 obligor
concentration limit at 20%, a maximum fixed-rate asset limit of
12.5% and maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

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

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis is eligible for a 12-month haircut, subject to a
six-year floor. This is to account for the strict reinvestment
conditions envisaged after the reinvestment period. These
conditions include passing the coverage tests, the Fitch 'CCC'
maximum limit after reinvestment and a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. In its opinion, these conditions would
reduce the effective risk horizon of the portfolio during stress
periods.

As the maximum WAL in the transaction is six years, the modelled
WAL was also six years.

RATING SENSITIVITIES

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

Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, D and E notes display a
rating cushion of two notches and the class F notes three notches.
The class A notes are already at the highest achievable 'AAAsf'
rating.

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to three notches, except for the
'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

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

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

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

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

NORDIC AVIATION: Moody's Puts 'B2' CFR on Review for Upgrade
------------------------------------------------------------
Moody's Ratings has placed on review for upgrade the B2 corporate
family rating of Nordic Aviation Capital Designated Activity
Company (NAC), a Limerick, Ireland based commercial aircraft
leasing company, and the backed B2 backed senior secured and backed
senior secured bank credit facility ratings of NAC Aviation 29
Designated Activity Company (NAC 29). Previously, the outlook was
stable. The action follows the announcement by Dubai Aerospace
Enterprise (DAE) Ltd (DAE; Baa2 stable), a Dubai-based aviation
services company, that it has entered into an agreement to acquire
NAC.

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

Moody's are reviewing NAC's ratings for upgrade to reflect that the
company's acquisition by DAE will likely reduce the repayment risks
of NAC's creditors, given DAE's stronger credit profile, including
its ample liquidity position. While terms of the transaction have
not been disclosed, DAE has said that it has the internal resources
and committed debt financing to fund its acquisition of NAC. As of
September 2024, NAC had a fleet of 252 owned and committed
turboprop, regional jet and narrowbody passenger aircraft and other
aviation assets leased to about 60 airlines in approximately 40
countries. The acquisition will increase DAE's fleet to
approximately 750 owned, managed and committed aircraft leased to
about 170 airlines in approximately 70 countries.

NAC's B2 CFR reflect the company's well managed capital and
liquidity positions and the company's able execution of its ongoing
fleet and business transformation, led by its experienced
management team. The ratings also consider the company's credit
challenges, including its shorter average remaining lease term that
lessens revenue transparency, its high reliance on secured debt
sources that encumber its aircraft and contributes to debt maturity
concentrations in 2026, and high exposure concentrations with
certain airlines. The ratings also reflect NAC's board of directors
ongoing evaluation of strategic alternatives to maximize
shareholder value, which since announced in early 2024 has led to
uncertainty regarding NAC's continuity of ownership, strategy, and
financial priorities.

NAC's strategy since 2022 has been to improve its fleet composition
by divesting certain non-core regional aircraft and investing in
narrow-body jets. The company has a strong position as a lessor of
turboprop and regional jet aircraft, but its ongoing plan to gain
share in the leasing of narrow-body aircraft, while positive for
both fleet and customer diversity, nevertheless has exposed it to
strong competition from well-established and able competitors that
have solid financial standing and lower cost of funding.

The B2 backed senior secured and backed senior secured bank credit
facility ratings assigned to NAC 29's $1.8 billion secured term
debt (split between fixed-rate senior secured notes and floating
rate term loan B) reflects the senior secured priority of these
obligations in NAC's organizational hierarchy and capital stack,
their adequate asset coverage and the guarantee provided by parent
NAC.

NAC's ratings could be upgraded if the company reduces financial
risks as a result of executing the proposed acquisition by DAE.

NAC's ratings could be downgraded if the company's financial or
governance risks rise as a result of either not executing the DAE
acquisition or an alternate proposal.

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

PROVIDUS CLO XI: Fitch Assigns 'B-sf' Final Rating to Two Notes
---------------------------------------------------------------
Fitch Ratings has assigned Providus CLO XI DAC notes final ratings,
as detailed below.

   Entity/Debt                     Rating           
   -----------                     ------           
Providus CLO XI DAC

   A-Loan                      LT AAAsf  New Rating
   A-Notes XS2934527925        LT AAAsf  New Rating
   B XS2934530713              LT AAsf   New Rating
   C XS2934534038              LT Asf    New Rating
   D XS2934536249              LT BBB-sf New Rating
   E XS2934540514              LT BB-sf  New Rating
   F-1 XS2934616512            LT B-sf   New Rating
   F-2 XS2948504142            LT B-sf   New Rating
   Subordinated XS2934616868   LT NRsf   New Rating

Transaction Summary

Providus CLO XI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
were used to fund a portfolio with a target par of EUR400 million
that is actively managed by Permira Credit Group Holdings Limited.

The collateralised loan obligation (CLO) has a 4.3-year
reinvestment period and a 7.5-year weighted average life test (WAL)
at closing.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 63.9%.

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

WAL Test Step-Up Feature (Neutral): The transaction can extend its
weighted average life (WAL) by one year on the step-up date, which
is one year after closing. The WAL extension is subject to
conditions including satisfaction of collateral-quality tests, plus
the collateral principal amount (treating defaulted obligations at
their Fitch collateral value) being at least equal to the
reinvestment target par balance.

Portfolio Management (Neutral): The transaction includes six Fitch
matrices. Four are effective at closing, corresponding to a
7.5-year WAL and an extended 8.5-year WAL with a target par
condition at EUR400 million. Another two are effective 18 months
after closing, corresponding to a seven-year WAL with a target par
condition at EUR398 million. Each matrix set corresponds to two
different fixed-rate asset limits at 10% and 5%. All matrices are
based on a top-10 obligor concentration limit at 20%.

The transaction has a 4.3-year reinvestment period, which is
governed by reinvestment criteria that are similar to those of
other European transactions. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Analysis (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio is 12 months less than the WAL covenant to
account for structural and reinvestment conditions after the
reinvestment period, including the satisfaction of the coverage
tests and Fitch 'CCC' limit, together with a consistently
decreasing WAL covenant. These conditions would in Fitch's opinion
reduce the effective risk horizon of the portfolio during stress
periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of one notch for
the class B to D notes, to below 'B-sf' for the class F notes and
would not affect the class A notes.

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

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

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

VOYA EURO VIII: Fitch Assigns 'B-sf' Final Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Voya Euro CLO VIII DAC final ratings, as
detailed below.

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

   Class A XS2925020872   LT AAAsf  New Rating   AAA(EXP)sf

   Class B XS2925021094   LT AAsf   New Rating   AA(EXP)sf

   Class C XS2925021417   LT Asf    New Rating   A(EXP)sf

   Class D XS2925021680   LT BBB-sf New Rating   BBB-(EXP)sf

   Class E XS2925021847   LT BB-sf  New Rating   BB-(EXP)sf

   Class F XS2925022068   LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS2925022225           LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Voya Euro CLO VIII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, and high-yield bonds. Note proceeds
were used to fund the portfolio with a target par of EUR550
million. The portfolio is actively managed by Voya Alternative
Asset Mangament LLC. The transaction has an approximately five-year
reinvestment period and a nine-year weighted average life (WAL)
test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 24.8.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) of the identified portfolio is 62.3%.

Diversified Portfolio (Positive): The transaction includes six
Fitch matrices. Two are effective at closing, corresponding to a
nine-year WAL, while two are effective one year after closing,
corresponding to an eight-year WAL with a target par condition at
EUR550 million. Another two are effective two years after closing,
corresponding to a seven-year WAL with a target par condition at
EUR548 million. Each matrix set corresponds to two different
fixed-rate asset limits at 5% and 10%. All matrices are based on a
top-10 obligor concentration limit at 20%.

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

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

Cash Flow Modelling (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio and matrix analysis is 12 months less than
the WAL covenant at the issue date. This is to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include passing the coverage, Fitch
WARF and Fitch ´CCC´ tests, together with a progressively
decreasing WAL covenant. These conditions, in Fitch's opinion,
reduces the effective risk horizon of the portfolio during stress
periods.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

VOYA EURO VIII: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Voya Euro CLO
VIII DAC's class A to F European cash flow CLO notes. At closing,
the issuer 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 switch to semiannual payments.

The transaction has a two-year non-call period and the portfolio's
reinvestment period will end approximately five 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    2,859.21
  Default rate dispersion                                 368.81
  Weighted-average life (years)                             4.66
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            5.02
  Obligor diversity measure                               154.55
  Industry diversity measure                               23.43
  Regional diversity measure                                1.19

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                          0.00
  Actual target 'AAA' weighted-average recovery (%)       37.48
  Actual target weighted-average spread (net of floors; %) 3.98
  Actual target weighted-average coupon (%)                4.02

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the target weighted-average spread (3.98%), the covenanted
weighted-average coupon (4.02%), and the target weighted-average
recovery rates at all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Until the end of the reinvestment period on Jan. 15, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

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

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

"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 we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A 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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds and is managed by Voya Alternative Asset
Management LLC.

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including but not limited to, the following:
tobacco, controversial weapons, thermal coal production, and
pornography or prostitution. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

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

  A      AAA (sf)   341.00      3mE +1.28%     38.00

  B      AA (sf)     61.90      3mE +1.95%     26.75

  C      A (sf)      31.60      3mE +2.35%     21.00

  D      BBB- (sf)   38.50      3mE +3.10%     14.00

  E      BB- (sf)    24.70      3mE +5.85%      9.50

  F      B- (sf)     16.50      3mE +8.68%      6.50

  Sub    NR          47.70      N/A              N/A

*The ratings assigned to the 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 Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.




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

GENERALI: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on December 5, 2024, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Generali. EJR also withdrew its rating on
commercial paper issued by the Company.

Headquartered in Trieste, Italy, Generali provides insurance and
asset management services.



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

AEGON LTD.: Egan-Jones Retains BB+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on December 2, 2024, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Aegon Ltd. EJR also withdrew its rating on
commercial paper issued by the Company.

Headquartered in The Hague, Netherlands, Aegon Ltd. offers life and
health insurance, and related pension, savings, and investment
products in Europe and North America.





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

TURKIYE IS BAKANSI: Fitch Publishes 'B-(EXP)' Rating on AT1 Notes
-----------------------------------------------------------------
Fitch Ratings has published Turkiye Is Bankasi A.S.'s (Isbank;
BB-/Stable) planned additional Tier 1 (AT1) notes' expected rating
of 'B-(EXP)'.

The assignment of the final rating is subject to the receipt of the
final documentation conforming to information already received by
Fitch.

Key Rating Drivers

The rating on the AT1 capital notes is three notches below Isbank's
'bb-' Viability Rating (VR), in accordance with Fitch's Bank Rating
Criteria. The notching comprises two notches for loss severity,
given the notes' deep subordination, and one notch for incremental
non-performance risk, given their full discretionary,
non-cumulative coupons.

Fitch has only applied three notches from Isbank's VR, instead of
the baseline four notches, due to rating compression, as Isbank's
VR is at the 'bb-' threshold under the agency's criteria.

The notes are perpetual, deeply subordinated, fixed-rate resettable
AT1 debt securities, with fully discretionary, noncumulative
coupons and, subject to certain limited exceptions, have a call
option from, and including, the fifth anniversary of their issue
date up to, but excluding, the first coupon reset date and,
thereafter, on each subsequent interest payment date. The notes are
subject to full or partial principal write-down if Isbank's common
equity Tier 1 (CET1) on a bank-only or group-basis ratio falls
below 5.125%.

The notes are also subject to permanent partial or full write-down,
on the occurrence of a non-viability event (NVE). A NVE is when
Isbank incurs a loss (on a consolidated or non-consolidated basis)
and the bank becomes, or it is probable that the bank will become,
nonviable as determined by the local regulator, the Banking and
Regulatory Supervision Authority (BRSA). The bank will be deemed
non-viable should it reach the point at which the BRSA determines
its operating license is to be revoked and the bank liquidated, or
the rights of the bank's shareholders (except to dividends), and
the management and supervision of the bank, are transferred to the
Savings Deposit Insurance Fund (SDIF) on the condition that losses
are deducted from the capital of existing shareholders.

At end-3Q24, Isbank's 13.2% consolidated CET1 ratio (including
forbearance), 14% Tier 1 capital ratio (including forbearance), and
its 16.8% consolidated total capital adequacy ratio (including
forbearance), were above their 8.6%, 10.1%, and 12.1% regulatory
requirements, respectively, including a capital conservation buffer
of 2.5%, a counter cyclical buffer of 0.1%, and a domestic
systemically important bank buffer of 1.5%.

Rating Sensitivities

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

The rating of the notes is primarily sensitive to a downgrade of
the VR.

The notes rating is also sensitive to an unfavourable revision in
Fitch's assessment of the notes' incremental non-performance risk.
This may result, for example, from a significant decline in capital
buffers relative to regulatory requirements.

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

The rating of the notes is sensitive to an upgrade of the VR but
the notching of the notes' ratings could be widened to four should
Isbank's VR be upgraded above the 'bb-' threshold.

Date of Relevant Committee

17 December 2024

ESG Considerations

Isbank has an ESG Relevance Score for Management Strategy of '4',
reflecting an increased regulatory burden on all Turkish banks.
Management ability across the sector to determine their own
strategy is constrained by the regulatory burden and also by the
operational challenges of implementing regulations at the bank
level. This has a moderately negative impact on banks' credit
profiles and is relevant to banks' ratings in combination with
other factors.

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

   Entity/Debt                Rating           
   -----------                ------           
Turkiye Is Bankasi A.S.

   junior subordinated     LT B-(EXP)  Publish



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

INTERNATIONAL CONSOLIDATED: Egan-Jones Ups Sr. Unsec. Ratings to B+
-------------------------------------------------------------------
Egan-Jones Ratings Company on December 5, 2024, upgraded the local
currency senior unsecured ratings on debt issued by International
Consolidated Airlines Group S.A. to B+ from B. EJR also withdrew
its rating on commercial paper issued by the Company.

Headquartered in London, United Kingdom, International Consolidated
Airlines Group S.A. provides transportation services.

INTERNATIONAL GAME: Egan-Jones Retains B+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on December 2, 2024, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by International Game Technology. EJR also withdrew its
rating on commercial paper issued by the Company.

Headquartered in London, United Kingdom, International Game
Technology designs and manufactures computerized casino gaming
systems.

JUPITER MORTGAGE NO.1: Fitch Lowers Rating on Cl. X Notes to 'CCsf'
-------------------------------------------------------------------
Fitch Ratings has downgraded Jupiter Mortgage No.1 PLC's class F
and X notes and affirmed the others. The Outlooks on the class C, D
and E notes have been revised to Negative from Stable.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Jupiter Mortgage
No.1 PLC

   A XS2737623459      LT AAAsf  Affirmed    AAAsf
   B XS2737623376      LT AAsf   Affirmed    AAsf
   C XS2737623533      LT A-sf   Affirmed    A-sf
   Class A Loan Note   LT AAAsf  Affirmed    AAAsf
   D XS2737623889      LT BBBsf  Affirmed    BBBsf
   E XS2737623616      LT B+sf   Affirmed    B+sf
   F XS2737623707      LT CCCsf  Downgrade   B-sf
   X XS2737624267      LT CCsf   Downgrade   CCCsf

Transaction Summary

The notes were issued to refinance Jupiter Mortgage No.1 PLC - a
securitisation of loans originated by multiple lenders.

KEY RATING DRIVERS

Asset Performance Deterioration: One-month plus and three-month
plus arrears have increased since closing, reaching 23.6% and
17.9%, respectively as of the October 2024 interest payment date
(17.6% and 11.1% based on the October 2023 pool tape at closing).
This rise in arrears has led us to the application of a higher
weighted average (WA) foreclosure frequency (FF) in its analysis.
Despite a decline in the total number of loans in arrears from 12
months ago, suggesting a stabilisation in arrears build-up, the
risk of migration to late-stage arrears remains a significant
rating driver.

Negative Outlooks: The risk of roll to late-stage arrears could
elevate the WAFF at future reviews. The notes' model-implied
ratings (MIR) could face lower recovery rates than those calculated
by Fitch's ResiGlobal model. At closing, Fitch conducted a
forward-looking analysis, assuming increased losses across all
rating levels to address asset performance deterioration beyond its
standard criteria assumptions, with a 5% recovery rate (RR) haircut
assumed. However, Fitch has observed lower than expected recovery
rates in the pool. Consequently, the ratings consider a 10%
reduction in the RR, reflected in the Negative Outlooks.

Class F, X Notes Downgraded: The downgrade of the class F notes
reflects deteriorated asset performance and higher pool loss
levels. There is currently no principal deficiency ledger (PDL) on
the notes, but the class Z PDL stands at nearly 19% of its balance
after three interest payment dates, indicating that credit
enhancement has not built up to support the class F notes. This has
resulted in the notes being downgraded to their model-implied
rating of 'CCCsf'.

The class X notes have been deferring interest since closing due to
insufficient revenue from the asset pool to cover the interest
rate. No principal or interest payments will be made to the excess
spread notes from the step-up date. Fitch considers the likelihood
of default for the class X notes as probable, with the notes
reflecting a credit risk more aligned with a 'CCsf' rating.

GRF Below Target: The transaction benefits from a general reserve
fund (GRF), which provides liquidity to the class A to F notes. As
of the October 2024 payment date, the GRF was at 75.2% of the
target amount. This shortfall is due to its depletion on the first
interest payment date by larger issuer fees than the succeeding
interest payment dates, and it has not yet been fully replenished.

RATING SENSITIVITIES

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

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

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating action, depending on the extent of the decline in
recoveries. Fitch found that a 15% WAFF increase and a 15% WARR
decrease would result in downgrades of two notches for the class A
notes, three notches for the class B and C notes and five notches
for the class D notes. This sensitivity would result in the
downgrade of the class E notes to the distressed rating category,
while the class F and X notes would remain at distressed ratings.

Around 28.7% of the mortgage borrowers in the pool have paid a
relatively high standard variable rate over the last decade despite
low interest rates in this period. Some borrowers in the UK, most
likely including some in this pool, have joined a pressure group
(UK Mortgage Prisoners) to achieve a lower interest rate, a change
of lender/product offering or compensation. Fitch understands that
to date, they have been largely unsuccessful in court actions but
continue to lobby for government action or legal redress. Fitch
notes that widespread remedial actions, set-offs, or further
relevant legislative or regulatory changes are difficult to
quantify at this stage, and each could lead to negative rating
action.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement levels and
potentially upgrades. Fitch tested an additional rating sensitivity
scenario by applying a decrease in the FF and an increase in the RR
of 15% each. The results indicate up to two-notch upgrades for the
class B notes, up to four notches for the class C and D notes, up
to five notches for the class E notes, and up to one notch for the
class F notes.

This sensitivity has no impact on the class A and X notes'
ratings.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Jupiter Mortgage No.1 PLC has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy& Data Security due to
the high proportion of interest-only loans in legacy owner-occupied
mortgages, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

Jupiter Mortgage No.1 PLC has an ESG Relevance Score of '4' for
Human Rights, Community Relations, Access & Affordability due to a
large proportion of the pool containing owner-occupied loans
advanced with limited affordability checks, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Jupiter Mortgage No.1 PLC has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to the high proportion of borrowers
in the pool that have already reverted to a floating rate and are
currently paying a high standard variable rate. These borrowers may
not be in a position to refinance. This has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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

MARK & SPENCER: Egan-Jones Cuts Senior Unsecured Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company on December 16, 2024, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Marks & Spencer Group Plc to BB- from B+. EJR also
withdrew its rating on commercial paper issued by the Company.

Headquartered in London, United Kingdom, Marks & Spencer Group Plc
is a holding company.

SIG PLC: Egan-Jones Retains B+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on December 31, 2024, maintained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by SIG plc. EJR also withdrew its rating on
commercial paper issued by the Company.

Headquartered in Sheffield, United Kingdom, SIG plc distributes
specialty building products.



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

[*] BOND PRICING: For the Week January 6 to January 10, 2025
------------------------------------------------------------
Issuer               Coupon  Maturity Currency Price
------               ------  -------- -------- -----
Altice France Holdin  10.500  5/15/2027  USD    30.776
Turkiye Government B  10.400 10/13/2032  TRY    47.000
Ferralum Metals Grou  10.000 12/30/2026  EUR    29.350
IOG Plc               12.231  9/22/2025  EUR     0.436
NCO Invest SA         10.000 12/30/2026  EUR     0.152
Marginalen Bank Bank  12.039             SEK    12.061
Cabonline Group Hold  12.487  4/19/2026  SEK    40.000
Fastator AB           12.500  9/25/2026  SEK    40.074
Fastator AB           12.500  9/26/2025  SEK    39.188
NCO Invest SA         10.000 12/30/2026  EUR     0.152
Sidetur Finance BV    10.000  4/20/2016  USD     0.784
Saderea DAC           12.500 11/30/2026  USD    48.741
Tinkoff Bank JSC Via  11.002             USD    42.875
Bilt Paper BV         10.360             USD     1.110
Altice France Holdin  10.500  5/15/2027  USD    30.080
Privatbank CJSC Via   10.250  1/23/2018  USD     3.601
Phosphorus Holdco PL  10.000   4/1/2019  GBP     0.216
Plusplus Capital Fin  11.000  7/29/2026  EUR     8.629
Privatbank CJSC Via   11.000   2/9/2021  USD     0.502
Kvalitena AB publ     10.067   4/2/2024  SEK    45.750
Elli Investments Ltd  12.250  6/15/2020  GBP     0.380
UkrLandFarming PLC    10.875  3/26/2018  USD     1.618
Transcapitalbank JSC  10.000             USD     1.450
Avangardco Investmen  10.000 10/29/2018  USD     0.186
Privatbank CJSC Via   10.875  2/28/2018  USD     4.524
Oscar Properties Hol  11.270   7/5/2024  SEK     0.077
Bulgaria Steel Finan  12.000   5/4/2013  EUR     0.216
Fastator AB           12.500  9/24/2027  SEK    40.066
Societe Generale SA   11.000  7/14/2026  USD    15.730
R-Logitech Finance S  10.250  9/26/2027  EUR     4.095
Societe Generale SA   23.500   3/3/2025  USD    47.250
UniCredit Bank GmbH   12.250  2/28/2025  EUR    43.490
Corner Banca SA       18.800  6/26/2025  CHF    43.160
Societe Generale SA   20.000  7/21/2026  USD     4.500
UBS AG/London         17.500   2/7/2025  USD    46.550
Societe Generale SA   16.000  3/18/2027  USD    49.060
UBS AG/London         25.000 10/20/2026  USD    10.910
Bank Vontobel AG      13.500   1/8/2025  CHF     4.500
UBS AG/London         10.000  3/23/2026  USD    37.190
Societe Generale SA   23.110  2/17/2025  USD    45.550
Societe Generale SA   15.000  9/29/2025  USD    13.000
Barclays Bank PLC     21.500 12/26/2025  USD    22.470
Barclays Bank PLC     14.250 12/18/2025  USD    36.912
Tonon Luxembourg SA   12.500  5/14/2024  USD     2.216
Societe Generale SA   21.000 12/26/2025  USD    21.157
Bilt Paper BV         10.360             USD     1.110
BLT Finance BV        12.000  2/10/2015  USD    10.500
Banco Espirito Santo  10.000  12/6/2021  EUR     0.058
Elli Investments Ltd  12.250  6/15/2020  GBP     0.380
NTRP Via Interpipe L  10.250   8/2/2017  USD     1.002
Bank Vontobel AG      14.000  7/16/2025  CHF    50.700
Swissquote Bank SA    12.720  1/15/2025  CHF    48.330
Vontobel Financial P  18.500  6/27/2025  EUR    48.580
DZ Bank AG Deutsche   20.400  3/28/2025  EUR    20.550
Bank Vontobel AG      15.000 10/14/2025  USD    47.500
BNP Paribas Emission  15.000  9/25/2025  EUR    43.390
Bank Vontobel AG      13.000  6/30/2025  USD    47.900
Leonteq Securities A  18.000  5/27/2025  CHF    36.150
DZ Bank AG Deutsche   17.600  6/27/2025  EUR    22.430
Leonteq Securities A  22.600  6/24/2025  CHF    47.240
Leonteq Securities A  17.200  9/24/2025  CHF    44.860
DZ Bank AG Deutsche   18.500  3/28/2025  EUR    22.480
Raiffeisen Schweiz G  18.000  7/15/2025  CHF    46.010
Leonteq Securities A  16.400 10/15/2025  CHF    47.910
Vontobel Financial P  11.750  3/28/2025  EUR    50.680
Swissquote Bank Euro  20.280  3/11/2025  USD    50.670
Leonteq Securities A  20.000  3/11/2025  CHF    11.020
Vontobel Financial P  23.250  6/27/2025  EUR    45.080
Bank Vontobel AG      11.000  4/11/2025  CHF    21.600
Bank Vontobel AG      14.500   4/4/2025  CHF    25.000
Bank Julius Baer & C  18.500   7/2/2025  CHF    44.150
Bank Vontobel AG      12.000  4/11/2025  CHF    24.500
Leonteq Securities A  15.400   7/1/2025  CHF    41.320
Bank Julius Baer & C  14.000   6/4/2025  CHF    34.450
Societe Generale SA   18.320  2/26/2026  USD    40.800
Societe Generale SA   11.140   4/2/2026  USD    47.600
Basler Kantonalbank   16.000 10/15/2025  CHF    48.090
Swissquote Bank SA    14.960   7/1/2025  CHF    38.620
Raiffeisen Schweiz G  16.000   7/8/2025  CHF    48.590
Swissquote Bank Euro  19.340   8/5/2025  USD    46.810
Basler Kantonalbank   14.200  9/17/2025  CHF    38.290
Swissquote Bank SA    24.070   5/6/2025  CHF    37.680
Bank Vontobel AG      14.000  6/23/2025  CHF    40.200
Vontobel Financial P  29.200  1/17/2025  EUR    22.968
Swissquote Bank Euro  17.590  4/22/2025  USD    41.830
Landesbank Baden-Wue  10.500  4/28/2025  EUR    15.720
Landesbank Baden-Wue  16.500  4/28/2025  EUR    14.620
Bank Vontobel AG      26.000   3/5/2025  CHF    38.200
Leonteq Securities A  10.500  5/15/2025  CHF    48.210
Landesbank Baden-Wue  19.000  4/28/2025  EUR    14.540
Bank Vontobel AG      16.000  2/10/2025  CHF    26.100
Bank Vontobel AG      14.000   3/5/2025  CHF    10.000
Bank Vontobel AG      14.250  5/30/2025  USD    33.900
Leonteq Securities A  14.000 10/15/2025  CHF    37.000
Bank Vontobel AG      15.000  4/29/2025  CHF    27.600
Landesbank Baden-Wue  11.500  4/24/2026  EUR    19.480
Bank Vontobel AG      11.000  4/29/2025  CHF    31.200
Landesbank Baden-Wue  10.500  4/24/2026  EUR    18.710
Landesbank Baden-Wue  13.000  4/24/2026  EUR    20.940
Swissquote Bank Euro  18.530   3/5/2025  CHF    31.830
Landesbank Baden-Wue  19.000  2/28/2025  EUR    11.670
Leonteq Securities A  24.000  4/23/2025  CHF    45.970
Corner Banca SA       18.400  7/22/2025  CHF    36.160
Landesbank Baden-Wue  10.500  2/28/2025  EUR    48.850
Landesbank Baden-Wue  11.500  2/28/2025  EUR    14.290
Bank Vontobel AG      12.000   3/5/2025  CHF    24.900
Bank Julius Baer & C  19.400  1/30/2025  CHF    25.850
Landesbank Baden-Wue  15.000  2/28/2025  EUR    12.640
Landesbank Baden-Wue  12.000  2/27/2026  EUR    17.820
Zurcher Kantonalbank  14.000  6/17/2025  USD    34.070
Swissquote Bank SA    20.060  5/22/2025  CHF    42.240
Raiffeisen Schweiz G  14.500  1/29/2025  CHF    30.500
Swissquote Bank Euro  20.300  1/29/2025  USD    46.680
Raiffeisen Schweiz G  15.000  3/18/2025  CHF    31.090
Bank Vontobel AG      12.000  3/19/2026  CHF    38.400
Bank Julius Baer & C  12.000  5/28/2025  USD    37.550
Bank Vontobel AG      22.000  3/14/2025  CHF    51.300
Swissquote Bank Euro  19.380  3/18/2025  USD    49.760
Vontobel Financial P  26.450  1/24/2025  EUR     9.584
Raiffeisen Schweiz G  13.000  3/25/2025  CHF    27.440
Bank Julius Baer & C  17.100  3/19/2025  CHF    29.700
Bank Vontobel AG      16.000  6/24/2025  USD    46.200
Raiffeisen Schweiz G  16.000  2/19/2025  CHF    32.060
Raiffeisen Switzerla  13.000  3/11/2025  CHF    28.440
Raiffeisen Switzerla  16.500  3/11/2025  CHF    11.640
Vontobel Financial P  16.000  3/28/2025  EUR    14.800
Landesbank Baden-Wue  16.000   1/2/2026  EUR    19.870
Landesbank Baden-Wue  13.000  6/27/2025  EUR    15.150
Zurcher Kantonalbank  23.000   3/5/2025  CHF    32.890
Landesbank Baden-Wue  16.000  6/27/2025  EUR    14.970
UBS AG/London         15.000   4/7/2025  USD    40.000
DZ Bank AG Deutsche   15.000  3/28/2025  EUR    19.410
DZ Bank AG Deutsche   21.200  3/28/2025  EUR    36.770
Zurcher Kantonalbank  11.350  2/21/2025  CHF    49.020
DZ Bank AG Deutsche   18.900  3/28/2025  EUR    40.410
DZ Bank AG Deutsche   23.600  3/28/2025  EUR    33.970
DZ Bank AG Deutsche   10.500  3/28/2025  EUR    46.010
DZ Bank AG Deutsche   13.200  3/28/2025  EUR    40.230
DZ Bank AG Deutsche   18.300  3/28/2025  EUR    18.080
Raiffeisen Schweiz G  16.000   7/4/2025  CHF    29.860
Vontobel Financial P  14.750  3/28/2025  EUR    47.710
Landesbank Baden-Wue  11.000   1/2/2026  EUR    16.860
Swissquote Bank Euro  25.320  2/26/2025  CHF    23.450
Bank Julius Baer & C  18.690   3/7/2025  CHF    27.000
Swissquote Bank Euro  16.030  1/16/2025  USD    47.170
Leonteq Securities A  24.000  1/16/2025  CHF    24.170
Landesbank Baden-Wue  14.000  6/27/2025  EUR    13.010
Landesbank Baden-Wue  16.000  6/27/2025  EUR    13.090
UBS AG/London         14.000  7/31/2025  USD    47.850
EFG International Fi  13.000  6/26/2025  USD    51.030
Leonteq Securities A  20.000  3/21/2025  CHF    32.990
Erste Group Bank AG   14.500  5/31/2026  EUR    41.150
Leonteq Securities A  23.000   1/9/2025  CHF    28.180
Leonteq Securities A  21.000   1/9/2025  CHF    47.850
Leonteq Securities A  24.000   1/9/2025  CHF    13.250
Erste Group Bank AG   10.750  3/31/2026  EUR    35.200
Leonteq Securities A  11.000   1/9/2025  CHF    36.960
Leonteq Securities A  14.000   7/3/2025  CHF    50.160
Landesbank Baden-Wue  19.000  6/27/2025  EUR    13.810
Landesbank Baden-Wue  21.000  6/27/2025  EUR    14.200
UBS AG/London         21.600   8/2/2027  SEK    18.260
Landesbank Baden-Wue  10.500   1/2/2026  EUR    14.020
Leonteq Securities A  12.000   7/2/2025  USD    49.250
Leonteq Securities A  24.000  1/13/2025  CHF     4.410
Leonteq Securities A  16.000  1/15/2025  EUR    46.970
UniCredit Bank GmbH   16.550  8/18/2025  USD    17.940
DZ Bank AG Deutsche   10.300  3/28/2025  EUR    46.390
Bank Vontobel AG      10.250   5/6/2025  EUR    49.000
UniCredit Bank GmbH   11.200 12/28/2026  EUR    47.680
Corner Banca SA       11.000  7/14/2025  EUR    46.770
Leonteq Securities A  12.200  1/15/2025  EUR    36.630
UBS AG/London         10.500   5/2/2025  CHF    49.000
Societe Generale SA   23.510  6/23/2026  USD     6.625
Raiffeisen Switzerla  10.500   4/2/2025  EUR    42.160
Zurcher Kantonalbank  10.000  3/27/2025  EUR    40.780
Finca Uco Cjsc        13.000  5/30/2025  AMD     0.000
Leonteq Securities A  20.000  1/22/2025  CHF    11.960
Raiffeisen Schweiz G  15.000  1/22/2025  CHF    23.620
UniCredit Bank GmbH   10.700  2/17/2025  EUR    10.700
UniCredit Bank GmbH   10.700   2/3/2025  EUR    10.400
Finca Uco Cjsc        12.000  2/10/2025  AMD     0.000
Societe Generale SA   17.800  2/12/2026  USD    45.466
Landesbank Baden-Wue  11.000  2/27/2026  EUR    17.080
Leonteq Securities A  11.000   1/9/2025  EUR    44.960
UBS AG/London         11.000  1/20/2025  EUR    44.150
Landesbank Baden-Wue  15.000  3/28/2025  EUR    10.020
Landesbank Baden-Wue  11.000  3/28/2025  EUR    11.280
Landesbank Baden-Wue  13.000  3/28/2025  EUR    10.510
Corner Banca SA       13.000   4/2/2025  CHF    43.110
Inecobank CJSC        10.000  4/28/2025  AMD     0.000
UBS AG/London         11.750  4/29/2025  EUR    47.250
DZ Bank AG Deutsche   12.100  3/28/2025  EUR    44.290
Leonteq Securities A  20.000  1/22/2025  CHF    32.690
Landesbank Baden-Wue  14.000  1/24/2025  EUR    10.750
Bank Vontobel AG      24.000  4/14/2025  CHF    50.000
Leonteq Securities A  16.000   3/4/2025  CHF    32.230
Raiffeisen Switzerla  16.000   3/4/2025  CHF    12.250
Leonteq Securities A  12.000   8/5/2025  CHF    34.390
Leonteq Securities A  20.800   2/5/2025  CHF    32.940
Basler Kantonalbank   10.000   2/3/2025  EUR    39.110
HSBC Trinkaus & Burk  15.900  3/28/2025  EUR    19.280
HSBC Trinkaus & Burk  15.000  3/28/2025  EUR    19.790
HSBC Trinkaus & Burk  13.300  6/27/2025  EUR    23.150
HSBC Trinkaus & Burk  11.300  6/27/2025  EUR    24.530
Societe Generale SA   20.000  9/18/2026  USD     5.200
Armenian Economy Dev  10.500   5/4/2025  AMD     0.000
HSBC Trinkaus & Burk  13.400  3/28/2025  EUR    21.510
Landesbank Baden-Wue  10.000  6/27/2025  EUR    14.310
Landesbank Baden-Wue  14.000  6/27/2025  EUR    13.250
HSBC Trinkaus & Burk  11.600  3/28/2025  EUR    23.190
Raiffeisen Switzerla  10.250  1/21/2025  EUR    40.030
Leonteq Securities A  10.000  1/21/2025  EUR    39.950
Basler Kantonalbank   10.000  1/20/2025  EUR    46.910
Leonteq Securities A  10.000  1/20/2025  CHF    45.580
UniCredit Bank GmbH   10.500   4/7/2026  EUR    26.900
Leonteq Securities A  10.000  5/26/2025  CHF    39.540
Ameriabank CJSC       10.000  2/20/2025  AMD    10.100
HSBC Trinkaus & Burk  22.250  6/27/2025  EUR    11.660
HSBC Trinkaus & Burk  10.250  6/27/2025  EUR    47.040
HSBC Trinkaus & Burk  15.500  6/27/2025  EUR    49.320
HSBC Trinkaus & Burk  12.750  6/27/2025  EUR    10.620
Raiffeisen Switzerla  10.300  6/11/2025  CHF    42.460
ACBA Bank OJSC        11.500   3/1/2026  AMD     0.000
Evocabank CJSC        11.000  9/27/2025  AMD     0.000
Banque International  10.000  3/19/2025  EUR    39.740
BNP Paribas Issuance  19.000  9/18/2026  EUR     5.430
National Mortgage Co  12.000  3/30/2026  AMD     0.000
BNP Paribas Issuance  20.000  9/18/2026  EUR    25.950
Bank Vontobel AG      10.500  5/12/2025  EUR    36.500
Goldman Sachs Intern  16.288  3/17/2027  USD    24.340
UniCredit Bank GmbH   10.500 12/22/2025  EUR    32.230
Leonteq Securities A  10.340  8/31/2026  EUR    46.730
Corner Banca SA       20.000   3/5/2025  USD    43.660
ACBA Bank OJSC        11.000  12/1/2025  AMD     0.000
HSBC Trinkaus & Burk  11.000  3/28/2025  EUR    23.670
HSBC Trinkaus & Burk  13.400  6/27/2025  EUR    23.400
HSBC Trinkaus & Burk  16.300  3/28/2025  EUR     8.800
HSBC Trinkaus & Burk  15.100  3/28/2025  EUR    20.190
HSBC Trinkaus & Burk  11.500  6/27/2025  EUR    25.140
HSBC Trinkaus & Burk  16.000  3/28/2025  EUR    19.640
HSBC Trinkaus & Burk  14.400  3/28/2025  EUR     9.150
Armenian Economy Dev  11.000  10/3/2025  AMD     0.000
Swissquote Bank SA    14.080  2/20/2025  CHF    50.880
Leonteq Securities A  18.000  2/20/2025  CHF    46.430
UBS AG/London         10.250  3/10/2025  EUR    34.400
DZ Bank AG Deutsche   18.600  3/28/2025  EUR    42.300
Corner Banca SA       10.000  2/25/2025  CHF    40.410
Leonteq Securities A  10.000  2/25/2025  CHF    39.970
HSBC Trinkaus & Burk  17.500  6/27/2025  EUR    10.450
HSBC Trinkaus & Burk  11.750  6/27/2025  EUR    46.450
Landesbank Baden-Wue  12.000  1/24/2025  EUR    10.660
Landesbank Baden-Wue  15.500  1/24/2025  EUR     8.560
Zurcher Kantonalbank  10.500   2/4/2025  EUR    43.360
Citigroup Global Mar  25.530  2/18/2025  EUR     0.010
Bank Julius Baer & C  12.720  2/17/2025  CHF    16.050
UniCredit Bank GmbH   11.500  2/28/2025  EUR    46.570
Landesbank Baden-Wue  10.000 10/24/2025  EUR    14.710
Landesbank Baden-Wue  14.000 10/24/2025  EUR    15.750
Teksid Aluminum Luxe  12.375  7/15/2011  EUR     0.619
Tonon Luxembourg SA   12.500  5/14/2024  USD     2.216
KPNQwest NV           10.000  3/15/2012  EUR     1.153
Serica Energy Chinoo  12.500  9/27/2019  USD     1.500
Phosphorus Holdco PL  10.000   4/1/2019  GBP     0.216
Privatbank CJSC Via   10.875  2/28/2018  USD     4.524
PA Resources AB       13.500   3/3/2016  SEK     0.124
UkrLandFarming PLC    10.875  3/26/2018  USD     1.348
Lehman Brothers Trea  10.000  6/11/2038  JPY     0.100
Lehman Brothers Trea  16.000  10/8/2008  CHF     0.100
Lehman Brothers Trea  10.000  2/16/2009  CHF     0.100
Lehman Brothers Trea  13.000 12/14/2012  USD     0.100
Lehman Brothers Trea  11.750   3/1/2010  EUR     0.100
Lehman Brothers Trea  16.200  5/14/2009  USD     0.100
Lehman Brothers Trea  10.000  5/22/2009  USD     0.100
Lehman Brothers Trea  11.000  2/16/2009  CHF     0.100
Lehman Brothers Trea  16.000 10/28/2008  USD     0.100
Lehman Brothers Trea  12.400  6/12/2009  USD     0.100
Lehman Brothers Trea  11.000   7/4/2011  USD     0.100
Lehman Brothers Trea  13.432   1/8/2009  ILS     0.100
Lehman Brothers Trea  13.150 10/30/2008  USD     0.100
Lehman Brothers Trea  12.000   7/4/2011  EUR     0.100
Lehman Brothers Trea  16.800  8/21/2009  USD     0.100
Lehman Brothers Trea  14.100 11/12/2008  USD     0.100
Lehman Brothers Trea  14.900 11/16/2010  EUR     0.100
Lehman Brothers Trea  11.250 12/31/2008  USD     0.100
Lehman Brothers Trea  10.442 11/22/2008  CHF     0.100
Lehman Brothers Trea  17.000   6/2/2009  USD     0.100
Lehman Brothers Trea  13.500   6/2/2009  USD     0.100
Lehman Brothers Trea  23.300  9/16/2008  USD     0.100
Lehman Brothers Trea  16.000 12/26/2008  USD     0.100
Lehman Brothers Trea  13.000  2/16/2009  CHF     0.100
Lehman Brothers Trea  10.000 10/22/2008  USD     0.100
Lehman Brothers Trea  12.000  7/13/2037  JPY     0.100
Lehman Brothers Trea  18.250  10/2/2008  USD     0.100
Petromena ASA         10.850 11/19/2018  USD     0.622
Lehman Brothers Trea  10.000 10/23/2008  USD     0.100
Lehman Brothers Trea  10.600  4/22/2014  MXN     0.100
Lehman Brothers Trea  16.000  11/9/2008  USD     0.100
Lehman Brothers Trea  15.000   6/4/2009  CHF     0.100
Lehman Brothers Trea  10.000  6/17/2009  USD     0.100
Lehman Brothers Trea  11.000   7/4/2011  CHF     0.100
Sidetur Finance BV    10.000  4/20/2016  USD     0.784
Lehman Brothers Trea  14.900  9/15/2008  EUR     0.100
Lehman Brothers Trea  13.500 11/28/2008  USD     0.100
Bulgaria Steel Finan  12.000   5/4/2013  EUR     0.216
Lehman Brothers Trea  13.000  7/25/2012  EUR     0.100
Lehman Brothers Trea  10.500   8/9/2010  EUR     0.100
Lehman Brothers Trea  10.000  3/27/2009  USD     0.100
Lehman Brothers Trea  11.000  6/29/2009  EUR     0.100
Lehman Brothers Trea  11.000 12/19/2011  USD     0.100
Lehman Brothers Trea  15.000  3/30/2011  EUR     0.100
Credit Agricole CIB   29.699 12/29/2031  EUR    45.486



                           *********


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 2025.  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.


                * * * End of Transmission * * *