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

                          E U R O P E

          Tuesday, January 14, 2025, Vol. 26, No. 10

                           Headlines



F R A N C E

ALTICE FRANCE: Eaton Vance Marks $1.1MM Loan at 20% off
FINANCIERE LABEYRIE: EUR455MM Bank Debt Trades at 15% Discount
GINKGO AUTO 2022: Fitch Hikes Rating on Class F Notes to 'BB-sf'
SOLINA GROUP: $185MM Term Loan Add-on No Impact on Moody's B2 CFR


G E R M A N Y

GHD VERWALTUNG: EUR360MM Bank Debt Trades at 35% Discount


I R E L A N D

APPLEGREEN LIMITED: S&P Assigns Prelim 'B-' LT ICR, Outlook Stable
CAUSEWAY CONSORTIUM: Fitch Assigns 'B-(EXP)' IDR, Outlook Stable
PENTA CLO 7: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
PENTA CLO 7: S&P Assigns B- (sf) Rating to Class F-R Notes
TIKEHAU CLO IV: Fitch Hikes Rating on Class E Notes to 'BB+sf'

TIKEHAU CLO VIII: Fitch Assigns B-sf Final Rating to Cl. F-R Notes
TIKEHAU CLO VIII: S&P Assigns B- (sf) Rating to Class F-R Notes
VOYA EURO V: Fitch Hikes Rating on Class E Notes to 'BB+sf'


I T A L Y

BORMIOLI PHARMA: S&P Withdraws 'B-' Long-Term Issuer Credit Rating


L U X E M B O U R G

TRINSEO MATERIALS Calamos CSQ Marks $907,566 Loan at 25% Off
TRINSEO MATERIALS: Calamos CHI Marks $729,911 Loan at 25% Off
TRINSEO MATERIALS: Calamos CHY Marks $774,400 Loan at 25% Off
TRINSEO MATERIALS: Calamos CPZ Marks $133,166 Loan at 25% Off


N E T H E R L A N D S

BRIGHT BIDCO: Eaton Vance Marks $445,000 Loan at 51% off
HUNTER DOUGLAS: S&P Affirms 'B' ICR on Refinancing, Outlook Stable


S W E D E N

HEIMSTADEN AB: Fitch Lowers LongTerm IDR to B-, Placed on Watch Neg


U N I T E D   K I N G D O M

AZULE ENERGY: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
CLOUD KUBED: FRP Advisory Named as Joint Administrators
CONTOURGLOBAL LIMITED: Fitch Affirms 'BB-' IDR, Outlook Stable
CREDIT REPAIR: Interpath Ltd Named as Joint Administrators
DECHRA TOPCO: S&P Assigns 'B-' Long-Term ICR, Outlook Stable

EASI-DRIVE LIMITED: Interpath Ltd Named as Joint Administrators
EDAM GROUP: Interpath Ltd Named as Administrators
GOODY BURRETT: Leonard Curtis Named as Joint Administrators
PLATFORM NINE: Quantuma Advisory Named as Administrators
SNOWDONIA HOTEL: Begbies Traynor Named as Administrators

VUE INTERNATIONAL: Eaton Vance Marks EUR271,000 Loan at 33% off

                           - - - - -


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F R A N C E
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ALTICE FRANCE: Eaton Vance Marks $1.1MM Loan at 20% off
-------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $1,174,000
loan extended to Altice France SA to market at $938, 953 or 80% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.

Eaton Vance is a participant in Term Loan to Altice France SA. The
loan accrues interest at a rate of 10.147%, (SOFR + 5.50%) per
annum. The loan matures on August 15, 2028.

Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.

Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:

      Kenneth A. Topping
      Eaton Vance Senior Floating-Rate Trust
      One Post Office Square
      Boston, MA 02109
      Tel.: (617) 482-8260

           - and -

      Deidre E. Walsh
      Eaton Vance Senior Floating-Rate Trust
      One Post Office Square,
      Boston, MA 02109
      Tel.: (617) 482-8260

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

FINANCIERE LABEYRIE: EUR455MM Bank Debt Trades at 15% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Financiere Labeyrie
Fine Foods SASU is a borrower were trading in the secondary market
around 84.7 cents-on-the-dollar during the week ended Friday,
January 10, 2025, according to Bloomberg's Evaluated Pricing
service data.

The EUR455 million Term loan facility is scheduled to mature on
July 30, 2026. The amount is fully drawn and outstanding.

Financiere Labeyrie Fine Foods sells seafood products. The Company
prepares shrimp, duck items, salmon, sushi, trout, and foie gras.
Labeyrie Fine Foods serves customers worldwide. The Company's
country of domicile is France.

GINKGO AUTO 2022: Fitch Hikes Rating on Class F Notes to 'BB-sf'
----------------------------------------------------------------
Fitch Ratings has upgraded Ginkgo Auto Loans 2022's class B and
class F notes and affirmed the others, as detailed below.

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Ginkgo Auto Loans 2022

   Class A FR00140099T3   LT AAAsf Affirmed   AAAsf
   Class B FR00140099U1   LT AAsf  Upgrade    AA-sf
   Class C FR00140099V9   LT Asf   Affirmed   Asf
   Class D FR00140099W7   LT BBBsf Affirmed   BBBsf
   Class E FR00140099X5   LT BBsf  Affirmed   BBsf
   Class F FR00140099Y3   LT BB-sf Upgrade    Bsf

Transaction Summary

Ginkgo Auto Loans 2022 is a securitisation of unsecured consumer
loans originated in France by CA Consumer Finance (CACF;
A+/Stable/F1). The securitised portfolio consists of
specific-purpose loans advanced to individuals to finance the
purchase of new and used vehicles including motorcycles. All the
loans bear a fixed interest rate and are amortising with constant
monthly instalments.

KEY RATING DRIVERS

High Credit Risk Expected: Fitch analysed obligor credit risk by
forming base-case default expectations (7.5%) and recovery
assumptions (42.6%), stressing these assumptions according to the
rating of each class of notes. The agency reviewed default and
recovery data on the originator's total loan book.

Increasing Credit Enhancement: Since the revolving period ended in
March 2024, the class A notes have been amortising, generating
higher credit enhancement for all classes. This led to the upgrades
of the class B and F notes.

Hybrid Pro-Rata Redemption: The transaction has hybrid pro-rata
redemption. The transaction will amortise sequentially until the
class A notes reach their targeted subordination ratio. The notes
will then amortise at their targeted subordination ratio,
calculated as a percentage of the performing and delinquent
balance. If no sequential amortisation event occurs, all the notes
will amortise pro rata.

Servicing Continuity Risk Mitigated: CACF is the transaction's
servicer. No back-up servicer was appointed at closing. However,
servicing continuity risks are mitigated by, among other things, a
monthly transfer of borrowers' notification details and a reserve
fund to cover liquidity on the class A and B notes, and the
management company being responsible for appointing a substitute
servicer within 30 calendar days upon a servicer termination event

Class C to F Capped at 'A+sf': Payment interruption risk (PIR) is
mitigated by dedicated liquidity reserves for the class A and B
notes, but the class C to F notes do not benefit from dedicated
liquidity protection. Fitch considers that for these notes, PIR is
mitigated by the commingling reserve, which becomes available if
the servicer is downgraded below 'BBB'/'F2'. Under Fitch's
criteria, these rating triggers are commensurate with ratings up to
the 'Asf' category when PIR is considered a primary risk driver. As
a result, the class C, D, E and F notes' ratings are capped at
'A+sf'.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce larger losses than expected in
Fitch's base case and could result in negative rating action on the
notes.

Current ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'BB-sf'

Expected impact on the notes' rating of increased defaults (class
A/B/C/D/E/F):

Increase defaults by 10%: 'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/
'BB-sf'

Increase defaults by 25%: 'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BBsf'/
'Bsf'

Expected impact on the notes' rating of decreased recoveries (class
A/B/C/D/E/F):

Decrease recoveries by 10%:
'AAAsf'/'AAsf'/'A-sf'/'BBB-sf'/'BBsf'/'BB-sf'

Decrease recoveries by 25%: 'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'/
'CCCsf'

Expected impact on the notes' rating of increased defaults and
decreased recoveries (class A/B/C/D/E/F):

Increase defaults and decrease recoveries each by 10%:
'AA+sf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'/'B-'

Increase defaults and decrease recoveries each by 25%:
'AAsf'/'Asf'/'BBBsf'/'BB-sf'/'CCCsf'/'NR'

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

The class A notes' 'AAAsf' rating is the highest level on Fitch's
scale and cannot be upgraded. The class C to F notes' rating are
capped at 'A+sf' and therefore cannot be upgraded above this.

Expected impact on the notes' rating of decreased defaults and
increased recoveries (class A/B/C/D/E/F):

Decrease defaults by 10% and increase recoveries by 10%:
AAAsf'/'AA+sf'/'A+sf'/'A-sf'/'BBB-sf'/'BB+sf'

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

Ginkgo Auto Loans 2022

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.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

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.

SOLINA GROUP: $185MM Term Loan Add-on No Impact on Moody's B2 CFR
-----------------------------------------------------------------
Moody's Ratings announced that Solina Group Holding's ratings,
including its B2 long term Corporate Family Rating, and stable
outlook, are not affected by the proposed issuance of approximately
a $185 million add-on to its term-loan B maturing in March 2029 and
borrowed by its subsidiary Saratoga Food Specialties LLC. In
addition, Solina is also seeking a repricing of both its EUR and
USD denominated TLB, which will reduce interest costs, a credit
positive.

Solina plans to use the proceeds from this additional tranche under
the existing term loan to support its M&A strategy. Specifically,
the group aims to acquire two small companies in the US: a
manufacturer of savory and sweet sauces, and a producer of food
solutions (functional dry, wet and precoat solutions). These
acquisitions align with Solina's strategy to pursue selective M&A
to strengthen its market positions or expand into new geographies.
Moody's estimate that this transaction will have a limited impact
on the group's credit metrics. Moody's anticipate Solina's
Moody's-adjusted gross debt/EBITDA to be at 6.0x in 2024 (pro-forma
for 2024 acquisitions) and to decrease towards 5.5x in 2025, which
comfortably sustains the current rating level.

Solina's rating benefits from its solid position in the savory food
seasoning sector, characterized by a large and loyal customer base,
good end-market diversification, and improved geographical
diversification, supported by acquisitions in North America since
2021. However, Solina's rating is constrained by its modest size
compared with some of its global competitors and by the mature
nature of the food industry, particularly in Europe, which requires
constant innovation. The company is also exposed to commodity price
volatility, although it has a good track record is passing through
raw material cost increases.



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G E R M A N Y
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GHD VERWALTUNG: EUR360MM Bank Debt Trades at 35% Discount
---------------------------------------------------------
Participations in a syndicated loan under which GHD Verwaltung
Gesundheits GmbH Deutschland is a borrower were trading in the
secondary market around 64.8 cents-on-the-dollar during the week
ended Friday, January 10, 2025, according to Bloomberg's Evaluated
Pricing service data.

The EUR360 million Term loan facility is scheduled to mature on
August 17, 2026. The amount is fully drawn and outstanding.

GHD Verwaltung Gesundheits GmbH Deutschland provides healthcare
services. The Company offers rehabilitation, wound care,
orthopedics, pediatrics, pain management, and other services. GHD
Verwaltung Gesundheits conducts its business in Germany.



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

APPLEGREEN LIMITED: S&P Assigns Prelim 'B-' LT ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' long-term issuer
credit rating to Causeway Consortium Holdings Ltd. and its
preliminary 'B-' issue rating to the proposed TLB, subject to the
successful closure of the transaction.

Causeway is the holding company of Applegreen group, a motorway
service area (MSA), trunk road service area (TRSA), and
petrol-filling station (PFS) operator in Ireland, the U.K., and the
U.S.

S&P said, "The stable outlook reflects our expectation that the
group will maintain adequate liquidity and refinance upcoming debt
maturities in a timely manner, while its adjusted debt to EBITDA
will stay elevated, at 8.0x-9.0x, in the next 12 months and FOCF
after leases remain negative over our forecast period as the group
continues to invest heavily in its estate and develop new sites
that will eventually enhance revenue and EBITDA."

Applegreen's highly leveraged structure and weak cash generation
profile due to expansionary capex, represent a major rating
constraint.   S&P said, "We expect the new business and
expansionary capital investments to bolster revenue growth,
especially in the U.S. and at Welcome Break. We project that this
large capex will lead to negative FOCF after leases through to 2026
while the company continues to raise debt, to fund the new projects
and refinance existing debt, including at Welcome Break. As a
result, we expect S&P Global Ratings-adjusted debt to EBITDA to
remain elevated at 8.0x-9.0x over the next 12-24 months, with
moderate deleveraging after 2026 when we anticipate that the group
will have ramped up some of the new sites in the U.S. and the
U.K."

S&P said, "Our preliminary rating reflects the captive nature of
the group's MSA and TRSA operations, as well as the length of the
company's leases and concessions.   Applegreen benefits from the
captive nature of its offering, with a strong presence on motorways
and highways (210 sites). The group enters long lease and
concession contracts with local authorities and private landlords,
allowing it to benefit from a stronghold on the sites where it
operates. Moreover, regulatory restrictions limit new sites opening
prospects in Applegreen's markets and contracted routes. This acts
as a large barrier to entry to other players and reduces the risk
of escalating price competition from new entrants and existing
players. This also provides the ability to pass through cost
inflation via price increases thanks to the relatively inelastic
nature of the demand for its services. We also acknowledge the
group's wide portfolio of brand offerings of quick service
restaurants (QSRs) and convenience stores in its different
locations, as well as the solid partnerships with those brands,
which contributes to customer traffic added to the captive nature
of MSAs and TRSAs.

"We assess Applegreen's profitability as comparable with that of
rated peers.   The group benefits from a solid mix of QSRs and
convenience stores that partially mitigates the weaker margins on
fuel sales, as well as the price volatility intrinsic to fuel. We
acknowledge the company's strategy to increase the mix of QSR and
convenience store sales, as the group is selling its U.K. PFS
business and has new MSA and TRSA projects in the U.S. in the
pipeline, which could help to raise margins further, as the new
sites ramp up. We expect S&P Global Ratings-adjusted EBITDA margins
to improve as the group continues its trajectory away from fuel
sales in its business mix, to 8.8% in 2024 from 7.4% in 2023 and
6.5% in 2022. We forecast S&P Global Ratings-adjusted EBITDA
margins to consistently exceed 10% from 2025, following the sale of
the lower-margin U.K. PFS business, which is due for completion in
the first quarter of 2025.

"The rating is constrained by the group's ambitious growth
investment plans exceeding its established and mature earnings base
that is smaller than rated peers.   Among rated peers, Applegreen's
scale of operations is considerably smaller (by revenue, EBITDA,
and number of sites). Moreover, cash generation from its mature
operations falls short of covering in full the continual sizable
investments in expansionary projects. While we view the company's
ambitious growth strategy as positive overall, to the extent the
company will achieve adequate returns on capital in due course,
these expansionary projects give rise to intrinsic execution risk
during the ramp-up period and were the reason for the company's
heavily negative FOCF (after leases) in 2022 and 2023, which will
continue to be the case over the forecast period. The extent of the
negative impact that the investment phase of these few projects has
on consolidated cash generation is less common among our rated
peers. However, we expect the company to advance in gaining scale,
as it continues this investment phase through to 2026 in line with
its growth strategy.

"Our assessment is based on the fully consolidated financials of
Causeway Consortium Holdings Ltd., Applegreen's holding company.  
This includes the operations in the U.K., Ireland, and the U.S.,
including 100% of Welcome Break, project finance entities in the
U.S. (including 100% of Project Service LLC and new fully owned
projects from 2025) and electric vehicle (EV) operations. While we
understand that the debt documentation contains some restrictions
limiting the recourse of the lenders of the debt of Welcome Break
and each of the project finance businesses to the rest of the group
and vice versa, our credit analysis does not consider them
insulated; instead, we consider them core to the overall group
operations and the group structure. In the case of Welcome Break,
Applegreen has effective control over the company and relies on the
dividends from Welcome Break to service its debt. We view it as a
key operation to the group, generating more than 50% of the EBITDA
during the forecast period, so we would not expect the group to
dispose of this asset, but rather continue to fund its share of the
substantial investment needs outlined through to 2026. Similarly,
Applegreen has integral operational links to the U.S. project
finance entities and as we understand the group will fund capex
requirements exceeding the projects' internally generated cash
flow. We view these entities as integral to the expansion of the
group in the U.S.

"We consider Applegreen financial sponsor-owned given that
Blackstone Infrastructure Partners is the majority shareholder,
alongside the founders of Applegreen.   Blackstone Infrastructure
Partners is an investment vehicle of the global alternative asset
manager Blackstone Inc. We consider the fund akin to a financial
sponsor, notwithstanding its long-term investment horizon. Since
taking Applegreen private in 2021, alongside with the founders,
Robert Etchingham and Joe Barrett, the owners have cumulatively
invested more than EUR800 million in the company's equity. As part
of the proposed transaction, Blackstone will inject another EUR210
million, reinforcing its long-term commitment and ongoing support.
This will increase its ownership to 65% pro forma the transaction,
with the founders retaining the remaining stake and their
significant role in the company's corporate governance and
decision-making. We nevertheless consider Applegreen's leverage
commensurate with both the financial policy typical for a financial
sponsor ownership and with the long-term nature of the
concessionary business.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation.   Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final documentation
within a reasonable time frame, or if final documentation departs
from materials reviewed, we reserve the right to withdraw or revise
our ratings. Potential changes include, but are not limited to, use
of loan proceeds, maturity, size and conditions of the loans,
financial and other covenants, security, and ranking.

"Our stable outlook reflects our expectation that Applegreen will
continue to invest in its estate and will develop new sites that
will enhance revenue and EBITDA in due time. Its high capex will
lead to negative FOCF after leases over the foreseeable future and
we expect S&P Global Ratings-adjusted debt to EBITDA to be
elevated, at 8.0x-9.0x over the next 12 months. We also anticipate
that the group will refinance the debt at Welcome Break in a timely
manner and maintain adequate liquidity, supported by equity
injections as well as further debt issuances at Welcome Break and
U.S. subsidiaries."

Downside scenario

S&P said, "We could lower our ratings if the group faced execution
issues or experienced setbacks in its growth strategy, such that
its performance was weaker than our base case. This could result in
a more negative FOCF after leases and higher leverage than
expected, leading to the risk of its long-term capital structure
becoming unsustainable. A more aggressive financial policy than
anticipated or weaker liquidity resulting from an inability to
raise funds on a timely basis to fund its large cash outflows could
also result in a negative rating action."

Specifically, S&P would consider the following as not commensurate
with the rating on the group:

-- If Applegreen underperformed operationally versus the business
plan reflected above, with earnings and profitability growth
lagging S&P's expectations;

-- If S&P saw weakness in cash flow generation resulting in annual
FOCF after lease payments remaining heavily negative or the group
failed to refinance its debt maturities, including Welcome Break's,
in a timely manner, depleting the company's liquidity position; or

-- If S&P Global Ratings-adjusted debt to EBITDA remained
elevated, above 9.0x, over the next two years without a clear path
to deleverage.

S&P could also review the rating if the shareholders pursued a more
aggressive financial policy or if the credit profile of Welcome
Break or any other subsidiaries deteriorated, leading to higher
cash leakage than expected to minority shareholders, or if it
required higher-than-anticipated support funding.

Upside scenario

S&P could raise the ratings on Applegreen if:

-- FOCF after lease payments returns to positive territory
sustainably; and

-- S&P Global Ratings-adjusted debt to EBITDA falls below 7.5x,
also sustainably.

A positive rating action would be contingent on the group
maintaining ample liquidity and headroom under its maintenance
financial covenants and a financial policy commensurate with
sustaining the above-indicated credit metrics.

A positive rating action would also require the group to refinance
its debt maturities in a timely manner, including Welcome Break's,
and to be able to raise debt in capital markets as required to fund
the expansive capital expense, in line with management
expectations.


CAUSEWAY CONSORTIUM: Fitch Assigns 'B-(EXP)' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Causeway Consortium Holdings Limited
(Applegreen) an expected Long-Term Issuer Default Rating (IDR) of
'B-(EXP)' with a Stable Outlook. Fitch has also assigned an
expected senior secured rating of 'B-(EXP)' with a Recovery Rating
of 'RR4' to its planned term loan B issued by Applegreen Finance
(Ireland) DAC and Applegreen Ireland Investments Finance Limited.
Fitch will assign the final rating on receipt of final terms
conforming to information already received.

The rating reflects Applegreen's robust business model and high
barriers to entry as a motorway service area (MSA) operator against
its modest scale, high initial leverage, large capex, and a weak
fixed-charge cover ratio. Fitch believes the company's growth
strategy carries moderate execution risk while supporting mild
deleveraging.

The IDR mainly reflects the credit quality of the prospective
restricted borrowing group under a new capital structure. Fitch
deconsolidates ring-fenced subsidiaries with their own non-recourse
debt but incorporate their dividends, in particular from its 53.5%
owned Welcome Break (WB).

Key Rating Drivers

Focus on MSAs, Stable Business: Applegreen is a leading MSA
operator whose 120 sites in Ireland and the US offer franchised
quick-service restaurants with well-known brands, retail stores,
fuel and electric vehicle (EV) charging facilities. Applegreen's
business model benefits from stable operating cash flows, driven by
a captive audience seeking essential services such as food and
restrooms at conveniently located sites. It also benefits from
regulatory protection, long-term lease agreements and an ability to
charge higher prices at MSAs compared with off-highway operators.

Limited Exposure to Fuel: Despite declining footfall, the switch to
more efficient cars and EV, Fitch believes Applegreen's service
areas will continue to attract demand as re-fuelling is just one of
many reasons for stopping. Exposure to declining fuel demand is
limited as fuel accounts for less than 20% of gross profit.
Applegreen does not hedge fuel prices but has a short inventory
holding period, limiting the risk of price fluctuations.

Applegreen is planning to invest about EUR100 million in EV
charging facilities across the wider group over the next five
years. Fitch does not expect any meaningful direct contribution to
earnings from the EV business within the restricted group.

Modest Scale of Restricted Group: Fitch-derived 2023 EBITDAR is
modest at around EUR110 million, mapping to the 'b' category under
its Non-food Retail Navigator, despite Applegreen being the largest
MSA operator in Ireland and the US. Fitch excludes WB's business,
the second largest MSA business in the UK, which generated about
EUR150 million of EBITDAR in 2023.

Moderate Execution Risk: Fitch forecasts adjusted EBITDA to grow to
EUR90 million by 2027 from an estimated EUR37 million in 2024.
Fitch sees execution risk to increasing earnings, but this is
partly mitigated by Applegreen's founder-led management's record of
operating MSAs and growing earnings. The company expects most of
the growth to come from new sites and redevelopments in the US, in
particular from the redevelopment of 27 sites across New York
state, most of which are now completed.

Improving EBITDA Margin: A recovery in trading for the US business
under Welcome Centres, in combination with a better business mix
with higher store margins, should also boost growth. Fitch expects
improving EBITDA margin towards 5% by 2027 over the rating horizon,
a level that is aligned with peers', as higher-margin non-fuel
income grows.

Higher US Rents: Operating costs are higher in the US than in other
countries with a 11.5% variable rent structure compared with fixed,
CPI-linked rents for WB in the UK. But US sites benefit from lower
competition, which enables them to generate higher gross profit
margins. Fitch expects that some operating cost efficiencies can be
achieved on non-rental site costs, which along with higher US
revenues, should help improve margins.

High Upfront Growth Capex: The large capex needed to construct or
redevelop MSAs, which requires significant upfront funding, acts as
a barrier to entry. It can take up to five years before earnings
fully ramp up. Fitch expects Applegreen's ambitious investment
plans to result in negative free cash flow (FCF) over 2024-2026.
However, excluding discretionary capex (70% of total capex in
2026), Fitch forecasts positive underlying FCF from 2026, driven by
received dividends. Most of Applegreen's growth capex is funded by
equity, which mitigates the impact of negative FCF on credit
quality.

High Leverage, Dividend Reliance: Fitch expects high, albeit
gradually declining, EBITDAR leverage at 7x-8x in 2024-2025, and
below 7.0x in 2026, mapping to the 'ccc' rating category. Its
calculation includes EUR30 million-EUR45 million of dividends
received, mostly from WB. Dividend distribution relies on
subsidiaries adhering to debt covenants and payment restrictions,
as well as maintaining sufficient cash balances. Its analysis
implies its dividends should be sustainable. Leverage at its US
property companies exceeds that of the restricted group, while it
is lower at WB currently.

Complex Group: Applegreen's group structure is complex with four
different ring-fenced groups and cash flows between them that are
eliminated on consolidation. Fitch has deconsolidated WB,
comprising two separate ring-fenced debt groups. Fitch has also
deconsolidated Empire State Thruway Partners LLC (BBB-/Negative),
one of two US property companies, which has a long-term lease on 27
sites. The other company, CT Service Plazas US Holdings Inc, with
23 sites, is not yet fully consolidated but Applegreen plans to
increase its stake to 100% from 40%, which Fitch will then
deconsolidate.

US Operating Company Structure: The US operating companies, part of
the restricted group, operate retail or food services on two
ring-fenced property company sites and pay them variable rents,
while the debt-laden property companies pay lower external rents
and service their own ring-fenced debt from rental income streams.
The complexity is due to past acquisitions and debt structuring to
fund the construction or redevelopment of sites.

Restricted Group: The rating reflects the prospective restricted
borrowing group, which in addition to existing operations in
Ireland and the US, will also include the Welcome Centres' US
business, with its USD225 million debt to be refinanced as part of
the transaction.

Derivation Summary

EG Group Limited (B/Stable), rated one notch above Applegreen, is
larger (EBITDAR USD1.5 billion) and more geographically diversified
with exposure to the US, Europe and Australia. This is partially
offset by Applegreen's focus on MSAs with more stable demand in
captive spaces and a lower reliance on gradually declining fuel
sales. Fuel contributes only around 20% of gross profit to
Applegreen versus 50% for EG Group. EG Group has lower EBITDAR
leverage (6.5x in 2024) than Applegreen (8.6x in 2023).

Applegreen is slightly smaller than Moto Ventures Limited, a UK MSA
group, though it is better geographically diversified. Both cater
to the less discretionary nature of motorway customers with
networks of MSAs. Both are investing in higher-margin convenience
and foodservice operations with a limited exposure to fuel. Moto
generates higher EBITDAR of GBP122 million with a higher margin of
11% versus 5.7% for Applegreen.

Applegreen is rated at the same level as The Very Group Limited
(TVG, B-/Negative). Despite TVG's larger scale as the
second-largest UK pure online retailer, Applegreen has a better
business profile, with lower exposure to discretionary spending and
stronger geographic diversification. However, TVG's financial
profile is slightly stronger due to its more profitable business,
with a similar leverage to Applegreen, with the latter relying on
the continued upstreaming of dividends.

Key Assumptions

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

- Revenue to decline by nearly 6% in 2024 and 3% in 2025, due to
lower fuel prices and volumes, and disposals in the US. This should
be partially offset by Marks & Spencer store conversions in Ireland
and robust food sales growth from redeveloped sites

- Low single-digit revenue growth in 2026-2027, as growth in food
and store revenues is partly offset by gradually declining fuel
volumes and prices

- Gradual increase in EBITDA towards EUR50 million in 2025 and
EUR90 million by 2027

- Improvement in EBITDA margin towards 5% in 2027 from 2.1% in
2024

- Limited working capital inflow at 0.3% of sales for 2025-2027;
repayment of EUR20 million outstanding under its supply chain
facility for the UK petrol filling stations (PFS) business after
its disposal, which is captured below FCF

- Capex of EUR145 million in 2024, EUR104 million in 2025, before
reducing to EUR75 million in 2026 and near EUR40 million in 2027.
Average annual maintenance capex is nearly EUR30 million. Total
growth capex is EUR250 million over 2024-2027

- Equity contribution of EUR210 million in 2024 as part of the
refinancing, to support growth capex

- M&A includes disposal of UK PFS (98 sites) for around EUR200
million, and acquisition of the remaining 60% in CT Service Plazas
US Holdings Inc

- Investment in ring-fenced subsidiaries of EUR210 million in total
over 2024-2026 to fund growth capex and lease extension payment for
WB sites

- Received dividends total nearly EUR150 million over 2024-2027

- No dividends paid by the restricted group

Recovery Analysis

According to its bespoke recovery analysis, higher recoveries would
be realised through reorganisation as a going-concern (GC) in
bankruptcy rather than liquidation. Fitch has assumed a 10%
administrative claim.

Applegreen's GC EBITDA captures additional earnings from sites that
are under redevelopment or recently redeveloped, and allows for
ramp-up over the next three years. Fitch expects GBP50 million of
this would be available to creditors post-restructuring. Fitch has
used a 6.0x multiple to the GC EBITDA to calculate a
post-reorganisation EV. This multiple reflects the focus on MSAs
compared with the 5.5x multiple used for EG Group.

Additionally, Fitch attributes to Applegreen's waterfall half of
its estimated EUR110 million value from Welcome Break and CT
Service Plazas US Holdings Inc, which is calculated after deducting
their debt. Fitch assumes a sustainable EBITDA of EUR85 million for
WB at a 10.0x trading multiple, and EUR23 million for CT Service
Plazas with a 7.0x trading multiple. This reflects their different
business models with higher multiple for MSA operators based on a
mix of its trading peers, and lower multiples for property
companies that mostly derive their revenue from rents.

Fitch assumes Applegreen's new EUR150 million revolving credit
facility (RCF) is fully drawn on default. The RCF ranks equally
with the new EUR535 million term loan B.

Its waterfall analysis generated a ranked recovery for the term
loan B in the 'RR4' band, indicating a 'B-(EXP)' instrument rating.
The waterfall analysis output percentage on current assumptions is
46%.

RATING SENSITIVITIES

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

- Tightening liquidity position due to an inability to refinance,
to manage growth capex or to achieve revenue and profit uplift from
capex

- Potential for lower up-streamed dividends due to more limiting
covenants post refinancing at the Welcome Break business

- EBITDAR gross leverage remaining consistently above 7.5x, due to
a lack of delivery of strategy or constraints on upstreaming
dividends from Welcome Break

- EBITDAR coverage consistently below 1.3x

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

- Growth in scale of the restricted business with EBITDA rising
towards EUR150 million

- Sufficient positive FCF generation to fund growth capex

- EBITDAR coverage sustained above 1.5x

- EBITDAR gross leverage sustained below 6.5x

Liquidity and Debt Structure

Applegreen expects to have around EUR214 million of pro-forma cash
post-completion of the transaction, supplemented by an EUR150
million undrawn RCF. Fitch believes liquidity is adequate and,
despite a heavy capex plan, the company can manage any constraints
by postponing discretionary growth capex, drawing on RCF, or
accessing its supportive and long-term oriented shareholders.

The new EUR535 million term loan, EUR210 million equity injection,
EUR44 million from the unwinding of interest-rate swaps will repay
existing EUR531 million term debt, clear the RCF, pay fees and add
to cash. The cash, UK PFS disposal proceeds of around EUR200
million and received dividends of EUR150 million should support
EUR270 million investments outside of the restricted group and
EUR250 million growth capex over 2024-2027. However, available
liquidity will decline over time, relying on continued dividends
flow, while EBITDAR coverage is weak, which Fitch expects to exceed
1.5x only in 2027.

WB is the largest contributor of dividends, with WB's dividend
policy established by an Applegreen-controlled by board. The entity
has its own debt covenants and restrictions on payments, although
dividends have historically been paid, and Fitch expects planned
capex to be funded with some additional debt. WB's existing debt
facilities mature in 2026, and Fitch assumes successful refinancing
with no more restrictive terms. Otherwise, dividends to the
restricted group may come under pressure.

Issuer Profile

Causeway Consortium Holdings (wider group) is an established
service area operator of motorway service areas (MSAs), trunk road
service areas and PFS. The group has number one market positions in
Ireland and the US, and it is second largest in the UK (58 sites).
The Fitch-rated Applegreen restricted group comprises operations in
Ireland (184 sites) and the US (175 sites), of which 120 are large
MSAs, and around 240 are smaller PFS and dealer sites.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating                   Recovery   
   -----------               ------                   --------   
Causeway Consortium
Holdings Limited       LT IDR B-(EXP) Expected Rating

Applegreen Ireland
Investments Finance
Limited

   senior secured      LT     B-(EXP) Expected Rating   RR4

Applegreen Finance
(Ireland) DAC

   senior secured      LT     B-(EXP) Expected Rating   RR4

PENTA CLO 7: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 7 DAC final ratings, as
detailed below.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
Penta CLO 7 DAC

   A-R XS2957487965     LT AAAsf  New Rating   AAA(EXP)sf

   B-R XS2957488005     LT AAsf   New Rating   AA(EXP)sf

   C-R XS2957488187     LT Asf    New Rating   A(EXP)sf

   D-R XS2957488260     LT BBB-sf New Rating   BBB-(EXP)sf

   E-R XS2957488344     LT BB-sf  New Rating   BB-(EXP)sf

   F-R XS2957488427     LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS2106030005         LT NRsf   New Rating   NR(EXP)sf

   X-R XS2957487882     LT AAAsf  New Rating   AAA(EXP)sf

Transaction Summary

Penta CLO 7 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 EUR450 million
and to redeem existing notes, except the subordinated notes.

The portfolio is actively managed by Partners Group (UK) Management
Ltd. The collateralised loan obligation (CLO) has a reinvestment
period of about 4.5 years and a 7.5-year weighted average life
(WAL) test limit.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the current portfolio at
'B'/'B-'. The Fitch weighted average rating factor (WARF) of the
current portfolio is 24.9.

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 current portfolio is 62%.

Diversified Asset Portfolio (Positive): The transaction includes
two matrices at closing and two forward matrices that are effective
six months after closing. Each set has fixed-rate limits of 5% and
12.5%. The manager can switch to the forward matrices if the
portfolio balance (with defaults at the Fitch collateral value) is
greater than, or equal to, target par.

The transaction includes various concentration limits in the
portfolio, including a top 10 obligor concentration limit at 20%
and a maximum exposure to the three largest Fitch-defined
industries at 40%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.5-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.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 7.5 years, on the step-up date, which can be one
year after closing. The WAL extension will be automatic subject to
conditions including satisfying the collateral-quality tests,
coverage tests and the adjusted collateral principal amount being
at least equal to the reinvestment target par balance.

Cash Flow Modelling (Neutral): The WAL used for the Fitch-stressed
portfolio was 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limitation tests, and a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. In Fitch's opinion, these conditions reduce the effective
risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on the class X-R and A-R notes, but would lead
to downgrades of one notch each for the class B-R to E-R notes, and
to below `B-´sf for the class F-R notes.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio, the class B-R to E-R notes
display a rating cushion of two notches and the class F-R notes
have a cushion of four notches.

Should the cushion between the current 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 four notches
for the class A-R to C-R notes, three notches for the class D-R
notes and to below `B-´sf for the class E-R and F-R notes.

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Penta CLO 7 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.

PENTA CLO 7: S&P Assigns B- (sf) Rating to Class F-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 7 DAC's
class X-R, A-R, B-R, C-R, D-R, E-R, and F-R reset notes. The issuer
has unrated subordinated notes outstanding from the existing
transaction.

This transaction is a reset of the already existing transaction
which closed in March 2020. The issuance proceeds of the
refinancing debt were used to redeem the refinanced debt (the
original transaction's class A, B-1, B-2, C, D, E, and F notes),
and pay fees and expenses incurred in connection with the reset.

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

The portfolio's reinvestment period will end 4.54 years after
closing, while the non-call period will end 1.50 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     2,800.19
  Default rate dispersion                                  536.30
  Weighted-average life (years)                              3.91
  Weighted-average life including reinvestment (years)       4.54
  Obligor diversity measure                                143.75
  Industry diversity measure                                20.20
  Regional diversity measure                                 1.17
  
  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            2.36
  Target 'AAA' weighted-average recovery (%)                36.21
  Target floating-rate assets (%)                           96.00
  Target weighted-average coupon (%)                         4.95
  Target weighted-average spread (net of floors; %)          3.83

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

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.70%), and the
covenanted weighted-average coupon (4.50%) as indicated by the
collateral manager. We have assumed the targeted weighted-average
recovery rates at all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

"Until the end of the reinvestment period on July 25, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

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

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

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

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class X-R to E-R notes based on
four hypothetical scenarios.

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

Penta CLO 7 DAC securitizes a portfolio of primarily senior secured
leveraged loans and bonds. Partners Group (UK) Management Ltd.
manages the transaction.

Environmental, social, and governance

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

*When company revenues are above a threshold.

Accordingly, since the exclusion of assets from these industries
and areas does not result in material differences between the
transaction and S&P's ESG benchmark for the sector, no specific
adjustments have been made in its rating analysis to account for
any ESG-related risks or opportunities.

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

  X-R     AAA (sf)     4.00    N/A      Three-month EURIBOR
                                        plus 0.98%

  A-R     AAA (sf)   279.00    38.00    Three-month EURIBOR
                                        plus 1.30%

  B-R     AA (sf)     48.40    27.24    Three-month EURIBOR
                                        plus 2.05%

  C-R     A (sf)      27.00    21.24    Three-month EURIBOR
                                        plus 2.45%

  D-R     BBB- (sf)   31.50    14.24    Three-month EURIBOR
                                        plus 3.30%

  E-R     BB- (sf)    21.10    9.56     Three-month EURIBOR
                                        plus 5.75%

  F-R     B- (sf)     13.50    6.56     Three-month EURIBOR
                                        plus 8.43%

  Sub.    NR          47.20    N/A      N/A

*The ratings assigned to the class X-R, A-R, and B-R notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C-R, D-R, E-R, and F-R notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


TIKEHAU CLO IV: Fitch Hikes Rating on Class E Notes to 'BB+sf'
--------------------------------------------------------------
Fitch Ratings has upgraded Tikehau CLO IV DAC class B to E notes,
and affirmed the rest as detailed below.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Tikehau CLO IV DAC

   A-1 XS1850277838     LT AAAsf  Affirmed   AAAsf
   A-2 XS1857740077     LT AAAsf  Affirmed   AAAsf
   B-1 XS1850278133     LT AA+sf  Upgrade    AAsf
   B-2 XS1850278992     LT AA+sf  Upgrade    AAsf
   B-3 XS1857740408     LT AA+sf  Upgrade    AAsf
   C-1 XS1850279610     LT A+sf   Upgrade    Asf
   C-2 XS1857740820     LT A+sf   Upgrade    Asf
   D XS1857935164       LT BBB+sf Upgrade    BBBsf
   E XS1850280204       LT BB+sf  Upgrade    BBsf
   F XS1850280469       LT B-sf   Affirmed   B-sf

Transaction Summary

Tikehau CLO IV DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. The portfolio is actively managed by Tikehau
Capital Europe Limited and exited its reinvestment period in
January 2023.

KEY RATING DRIVERS

Stable Performance: Since Fitch's last review in January 2024, the
portfolio's performance has remained stable. According to the last
trustee report dated 29 November 2024, the transaction is breaching
two of its collateral quality tests, the weighted average life
(WAL) test and the weighted average spread (WAS) test.

The transaction is currently 0.7% below its target par. Exposure to
assets with a Fitch-derived rating of 'CCC+' and below is 5.2%,
according to the trustee, compared with a limit of 7.5%. The
portfolio has approximately EUR3.4 million of defaulted assets, but
total par loss remains well below its rating-case assumptions. This
supports the rating actions.

Deleveraging Transaction: The transaction has started to repay its
class A-1 and A-2 notes, which increases credit enhancement across
the senior notes. This supports the upgrades of the senior
classes.

Manageable Refinancing Risk: The transaction has manageable
exposure to near- and medium-term refinancing risk, in view of
large default-rate cushions for each class of notes. The CLO has
2.3% of portfolio assets maturing in 2025 and 8.6% maturing in
2026, as calculated by Fitch. The transaction's comfortable
break-even default-rate cushions supports the Stable Outlook.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor (WARF) of the current portfolio is 24.9 as calculated by
Fitch under its latest criteria.

High Recovery Expectations: Senior secured obligations comprise
98.7% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 60.8%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 16.3%, and no obligor
represents more than 2% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 30.4%, as calculated by
the trustee. Fixed-rate assets reported by the trustee are
currently at 8.2% of the portfolio balance against a maximum of
10%.

Outside Reinvestment Period: The manager can reinvest unscheduled
principal proceeds and sale proceeds from credit improved/impaired
obligations after the reinvestment period, subject to compliance
with the reinvestment criteria. As the transaction is currently
failing its WAS and WAL tests the manager can only reinvest subject
to these two tests being improved or maintained.

Given the manager ability to reinvest Fitch's analysis is based on
a portfolio where Fitch stressed the transaction's covenants to
their limits, with a WAL test floored at four years, under its
criteria. Fitch tested the notes' achievable ratings across the
Fitch test matrix as the portfolio can still migrate to different
collateral quality tests.

RATING SENSITIVITIES

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

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.

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

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

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.

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Tikehau CLO IV
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.

TIKEHAU CLO VIII: Fitch Assigns B-sf Final Rating to Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Tikehau CLO VIII DAC Reset final
ratings, as detailed below.

   Entity/Debt               Rating                Prior
   -----------               ------                -----
Tikehau CLO VIII DAC

   A XS2553539938        LT PIFsf  Paid In Full    AAAsf
   A-R XS2959499968      LT AAAsf  New Rating      AAA(EXP)sf     
   B-1 XS2553540191      LT PIFsf  Paid In Full    AAsf
   B-1-R XS2959500138    LT AAsf   New Rating      AA(EXP)sf
   B-2 XS2553540431      LT PIFsf  Paid In Full    AAsf
   B-2-R XS2959500302    LT AAsf   New Rating      AA(EXP)sf
   C XS2553540605        LT PIFsf  Paid In Full    Asf
   C-R XS2959500567      LT Asf    New Rating      A(EXP)sf
   D XS2553540860        LT PIFsf  Paid In Full    BBB-sf
   D-R XS2959500724      LT BBB-sf New Rating      BBB-(EXP)sf
   E XS2553541082        LT PIFsf  Paid In Full    BB-sf
   E-R XS2959501029      LT BB-sf  New Rating      BB-(EXP)sf    
   F XS2553541249        LT PIFsf  Paid In Full    B-sf
   F-R XS2959501375      LT B-sf   New Rating      B-(EXP)sf

Transaction Summary

Tikehau 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
have been used to redeem the original rated notes and purchase a
portfolio with a target par of EUR400 million. The portfolio is
actively managed by Tikehau Capital Europe Limited.

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 of the identified portfolio is 24.7.

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 of the identified portfolio is 61.6%.

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

Portfolio Management (Neutral): The transaction includes two
matrices effective from closing with fixed-rate limits of 5% and
10%. The matrices correspond to an eight-year weighted average life
(WAL) test and a largest 10 obligor limit at 20%.

The transaction has reinvestment criteria governing the
reinvestment 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.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by nine months on or after the WAL step-up date, which is one year
after closing. The WAL step-up is subject to conditions including
the collateral quality tests and coverage tests being satisfied and
the aggregate collateral balance (including defaulted assets at
collateral value) being at least equal to the reinvestment target
par balance.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant, subject to a floor of six years, to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include passing the coverage tests
and the Fitch 'CCC' bucket limit test post reinvestment, as well as
a WAL covenant that progressively steps down over time, both before
and after the end of the reinvestment period.

Fitch believes these conditions would reduce the effective risk
horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A-R and B-R notes,
would lead to downgrades of one notch each for the class C-R to E-R
notes and to below `B-sf´ for the class F-R 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-R to E-R notes have a
two-notch cushion and the class F-R notes have a three-notch
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 two notches
each for the class A-R notes, of three notches each for the class
B-R and D-R notes, of four notches for the class C-R notes, and to
below `B-sf´ for the class E-R and F-R notes.

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

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

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

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.

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Tikehau CLO VIII
DAC.

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

TIKEHAU CLO VIII: S&P Assigns B- (sf) Rating to Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Tikehau CLO VIII
DAC's class A-R to F-R European cash flow CLO notes. The issuer has
unrated subordinated notes outstanding from the existing
transaction.

The transaction is a reset of the already existing transaction
which closed in December 2022. The issuance proceeds of the
replacement notes were used to redeem the refinanced notes (the
original transaction's class A, B-1, B-2, C, D, E, and F notes).
The ratings on the original notes have been withdrawn.

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
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,788.65
  S&P Global Ratings' weighted-average rating factor
  with defaulted assets                                 2,819.34
  Default rate dispersion                                 549.69
  Weighted-average life (years)                             4.36
  Weighted-average life (years) extended
  to match reinvestment period                              5.00
  Obligor diversity measure                               152.75
  Industry diversity measure                               22.87
  Regional diversity measure                                1.21

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.36
  Target 'AAA' weighted-average recovery (%)               36.28
  Actual target weighted-average spread (net of floors; %)  4.09
  Actual target weighted-average coupon (%)                 6.38

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (4.00%), the
covenanted weighted-average coupon (4.30%), the covenanted
weighted-average recovery rates at 'AAA' and the actual
weighted-average recovery rate at all other rating levels. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Until the end of the reinvestment period on Jan. 10, 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, if the initial ratings are
maintained.

"Under our structured finance sovereign risk criteria, we consider
that 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-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to F-R 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-R to E-R notes based on
four hypothetical scenarios.

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

"The transaction securitizes a portfolio of primarily senior
secured leveraged loans and bonds and will be managed by Tikehau
Capital Europe Ltd."

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. The
transaction documents prohibit assets from being related to certain
activities, including but not limited to, the following: weapons of
mass destruction, illegal drugs or narcotics, pornography or
prostitution, tobacco, and civilian firearms. Accordingly, since
the exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, we have not made any specific adjustments in our
rating analysis to account for any ESG-related risks or
opportunities."

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

  A-R     AAA (sf)     40.00     3mE + 1.32%      40.00
  B-1-R   AA (sf)      43.00     3mE + 2.00%      28.00
  B-2-R   AA (sf)       5.00     4.70%            28.00
  C-R     A (sf)       28.00     3mE + 2.50%      21.00
  D-R     BBB- (sf)    28.00     3mE + 3.50%      14.00
  E-R     BB- (sf)     18.00     3mE + 6.00%       9.50
  F-R     B- (sf)      12.00     3mE + 8.44%       6.50
  Sub     NR           39.90     N/A                N/A

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


VOYA EURO V: Fitch Hikes Rating on Class E Notes to 'BB+sf'
-----------------------------------------------------------
Fitch Ratings has upgraded Voya Euro CLO V DAC's class C and E
notes, while affirming the rest, as detailed below.

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

   A XS2372435797      LT AAAsf  Affirmed   AAAsf
   B-1 XS2372435953    LT AAsf   Affirmed   AAsf
   B-2 XS2372436845    LT AAsf   Affirmed   AAsf
   C XS2372436092      LT A+sf   Upgrade    Asf
   D XS2372436258      LT BBB+sf Affirmed   BBB+sf
   E XS2372436175      LT BB+sf  Upgrade    BBsf
   F XS2372436332      LT B-sf   Affirmed   B-sf

Transaction Summary

Voya Euro CLO V DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction closed in September 2021, is
actively managed by Voya Alternative Asset Management LLC, and will
exit its reinvestment period in April 2026.

KEY RATING DRIVERS

Asset Performance Better Than Expected: Since Fitch's last rating
action in March 2024, the portfolio's performance has been stable.
According to the last trustee report of 4 December 2024, the
transaction was passing all of its collateral quality and portfolio
profile tests. The transaction is currently 0.4% above its target
par.

Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is 5.8%, according to the trustee, versus a limit of 7.5%. The
portfolio has approximately EUR1 million of defaulted assets, but
its performance is exceeding its rating-case assumptions, which
supports the rating actions.

Large Cushion Supports Stable Outlooks: All notes have large
default-rate buffers to support their ratings and should be capable
of absorbing further defaults in the portfolio. The ratings also
reflect sufficient credit protection to withstand potential
deterioration in the credit quality of the portfolio in their
associated stress scenarios.

Limited Refinancing Risk: The transaction has limited exposure to
near- and medium-term refinancing risk, in view of the large
default-rate cushions for each class of notes. The CLO has no
portfolio assets maturing in 2025, and a total of 1% maturing
before June 2026, as calculated by Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor (WARF) of the current portfolio is 25.7 as calculated by
Fitch under its latest criteria. For the portfolio including
entities with Negative Outlooks that are notched down by one level
under its criteria, the WARF was 27.4 as of 4 January 2025.

High Recovery Expectations: Senior secured obligations comprise
99.6% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio was 62.7% as of 4 January
2025.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 10.4%, and no obligor
represents more than 1.1% of the portfolio balance. Its exposure to
the three-largest Fitch-defined industries is 24.3%, as calculated
by the trustee.


RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.

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

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

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.

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Voya Euro CLO V
DAC.

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



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

BORMIOLI PHARMA: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its ratings on Italy-based glass and
plastic packaging manufacturer Bormioli Pharma SpA at the request
of the company, including the 'B-' long-term issuer credit rating,
'B-' issue rating on the senior secured notes, and 'B+' issue
rating on the revolving credit facility. The ratings were on
CreditWatch with positive implications at the time of withdrawal.




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

TRINSEO MATERIALS Calamos CSQ Marks $907,566 Loan at 25% Off
------------------------------------------------------------
Calamos Strategic Total Return Fund ("CSQ") has marked its $907,566
loan extended to Trinseo Materials Operating SCA to market at
$680,561 or 75% of the outstanding amount, according to a
disclosure contained in Calamos CSQ's Amended Form N-CSR for the
six-month period ended October 31, 2024, filed with the Securities
and Exchange Commission.

Calamos CSQ is a participant in a Bank Loan to Trinseo Materials
Operating SCA. The Loan accrues interest at a rate of 7.819% (3 mo.
SOFR + 2.50%) per annum. The loan matures on May 3, 2028.

Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.

Calamos CSQ is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:

     John P. Calamos, Sr.
     Calamos Advisors LLC
     2020 Calamos Court
     Naperville, IL 60563-2787
     Tel. No.: (630) 245-7200

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

TRINSEO MATERIALS: Calamos CHI Marks $729,911 Loan at 25% Off
-------------------------------------------------------------
Calamos Convertible Opportunities and Income Fund ("CHI") has
marked its $729,911 loan extended to Trinseo Materials Operating
SCA to market at $547,342 or 75% of the outstanding amount,
according to a disclosure contained in Calamos CHI's Amended Form
N-CSR for the six-month period ended October 31, 2024, filed with
the Securities and Exchange Commission.

Calamos CHI is a participant in a Bank Loan to Trinseo Materials
Operating SCA. The Loan accrues interest at a rate of 7.819 % (3
mo. SOFR + 2.50%) per annum. The loan matures on May 3, 2028.

Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.

Calamos CHI is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:

     John P. Calamos, Sr.
     Calamos Advisors LLC
     2020 Calamos Court
     Naperville, IL 60563-2787
     Tel. No.: (630) 245-7200

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

TRINSEO MATERIALS: Calamos CHY Marks $774,400 Loan at 25% Off
-------------------------------------------------------------
Calamos Convertible and High Income Fund ("CHY") has marked its
$774,400 loan extended to Trinseo Materials Operating SCA to market
at $580, 704 or 75% of the outstanding amount, according to a
disclosure contained in Calamos CHY's Amended Form N-CSR for the
six-month period ended April 30, 2024, filed with the Securities
and Exchange Commission.

Calamos CHY is a participant in a Bank Loan to Entercom Media Corp.
The Loan accrues interest at a rate of 7.819% (3 mo. SOFR + 2.50%)
per annum. The loan matures on May 3, 2024.

Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.

The fiscal year ends October 31.

Calamos CHY is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:

     John P. Calamos, Sr.
     Calamos Advisors LLC
     2020 Calamos Court
     Naperville, IL 60563-2787
     Tel. No.: (630) 245-7200

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

TRINSEO MATERIALS: Calamos CPZ Marks $133,166 Loan at 25% Off
-------------------------------------------------------------
Calamos Long/Short Equity & Dynamic Income Trust ("CPZ") has marked
its $133,166 loan extended to Trinseo Materials Operating SCA to
market at $99,858 or 75% of the outstanding amount, according to a
disclosure contained in Calamos CPZ's Amended Form N-CSR for the
six-month period ended April 30, 2024, filed with the Securities
and Exchange Commission.

Calamos CPZ is a participant in a Bank Loan to Trinseo Materials
Operating SCA. The Loan accrues interest at a rate of 7.819 % (3
mo. SOFR + 2.50%) per annum. The loan matures on May 3, 2028.

Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.

The fiscal year ends October 31.

Calamos CPZ is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:

     John P. Calamos, Sr.
     Calamos Advisors LLC
     2020 Calamos Court
     Naperville, IL 60563-2787
     Tel. No.: (630) 245-7200

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



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

BRIGHT BIDCO: Eaton Vance Marks $445,000 Loan at 51% off
--------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $445,000 loan
extended to Bright Bidco BV to market at $219, 902 or 49% of the
outstanding amount, according to the Eaton Vance's Form N-CSRS for
the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.

Eaton Vance is a participant in Term Loan to Bright Bidco BV. The
loan accrues interest at a rate of 12.585%, (SOFR + 8.00%), 4.585%
cash, 8.00% Payment in Kind)) per annum. The loan matures on
October 31, 2027.

Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.

Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:

      Kenneth A. Topping
      Eaton Vance Senior Floating-Rate Trust
      One Post Office Square
      Boston, MA 02109
      Tel.: (617) 482-8260

           - and -

      Deidre E. Walsh
      Eaton Vance Senior Floating-Rate Trust
      One Post Office Square,
      Boston, MA 02109
      Tel.: (617) 482-8260

Amsterdam, The Netherlands-based Bright Bidco B.V. designs and
manufactures discrete semiconductor devices and circuits for light
emitting diodes (LEDs).

HUNTER DOUGLAS: S&P Affirms 'B' ICR on Refinancing, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on custom
window coverings manufacturer Hunter Douglas Finance B.V. S&P also
assigned its 'B' issue rating and 3' recovery rating to its
proposed term loans, indicating our expectation of meaningful
(50%-70%; rounded estimate: 55%) recovery in the event of default.
S&P will withdraw the ratings on the company's existing term loans
once the transaction closes.

The stable outlook reflects S&P's expectation that Hunter Douglas
will maintain S&P Global Ratings-adjusted leverage of approximately
6.2x over the next 12 months and continue to generate free
operating cash flow (FOCF) of at least $200 million in the next 12
months, despite a weaker macroeconomic environment.

S&P said, "We view the paydown as credit positive, offsetting
leverage pressure from the challenging environment and recent
growth investments. Year-to-date third-quarter revenue increased 1%
from the prior-year period as strong growth in Hunter Douglas'
international segment (including its e-commerce and shop-at-home
channels) helped offset persistent demand softness in the Americas
and Europe. However, S&P Global Ratings-adjusted EBITDA margin has
declined sequentially each quarter in 2024 to approximately 15% in
the last 12 months ended Sept. 30, 2024, from almost 17% in the
prior-year period. As a result, S&P Global Ratings-adjusted
leverage remained high at 7.2x. We see the paydown reducing
leverage to approximately 6.9x pro forma for the transaction."

Hunter Douglas continues to increase pricing to combat volume
declines and higher material/labor costs as the windows covering
market remains challenging. S&P said, "Although the company has
made progress toward its cost-savings goal, it has not yet brought
EBITDA to where we had expected for this fiscal year. Hunter
Douglas reinvested cost savings to fund selling expenses for key
businesses to support its strategic growth priorities. We expect
the benefits of its recent growth investments to begin affecting
2025, improving margin to 16.2% and leverage approaching 6x by the
end of the year. However, these levels remain under our previously
forecasted margin improvement to 18%, underpinning our view that
further near-term improvement will continue to depend on the
company's ability to both sustain top line growth and streamline
costs. Additionally, we maintain a softer volume outlook for the
next year as sluggish home sales and limited consumer discretionary
spending on larger-ticket items persist, with near-term revenue
growth from continued expansion in its international e-commerce
business."

S&P said, "Hunter Douglas' sizable liquidity and healthy cash flow
generation offset the risk of despite high leverage somewhat in our
view. The company maintained a cash balance of $783 million as of
Sept. 30, pro forma for its $200 million debt paydown. This
liquidity position is supported by free operating cash flow of
about $250 million for the 12 months ended Sept. 30. Despite tough
operating conditions, with higher input costs and interest burden,
Hunter Douglas remains a good cash flow generator, as its products
are mostly custom and made-to-order, which limits inventory and
working capital requirements. However, we note that despite our
healthy forecast for at least $200 million of FOCF each of the next
two years, the inflationary climate and other factors have reduced
that from $600 million when demand peaked in 2022.

"We believe Hunter Douglas will continue to utilize excess cash to
fund acquisitions, looking for opportunities to enter new channels
and adjacent product categories. Additionally, such cash flow and
liquidity will support its large debt service requirements and
growth investment needs as the operating environment remains weak
through 2025. The company also recently extended the maturity of
its $800 million revolving credit facility to November 2028 from
February 2027. We expect Hunter Douglas' revolver usage to remain
minimal; it has historically been undrawn at quarter-end.

"The stable outlook reflects our expectation Hunter Douglas will
maintain leverage approaching 6x and continue to generate FOCF of
at least $200 million over the next 12 months, despite a weaker
macroeconomic environment."

S&P could lower its ratings if Hunter Douglas sustains leverage
above 7x and FOCF materially contracts. This could occur if:

-- The macroeconomic environment continues to worsen and consumer
discretionary household spending on furnishings, including window
coverings, declines further from our base expectations;

-- The company cannot effectively manage input cost pressures from
either its inability to pass those on to customers or to manage its
operations to offset cost increases;

-- It incurs sizable cash costs to achieve its cost-saving targets
but fails to achieve them; and

-- Its financial policy becomes more aggressive and it undertakes
debt-funded acquisitions or shareholder returns above S&P's
expectations.

While unlikely within the next 12 months, S&P could raise its
ratings if Hunter Douglas sustains leverage below 5x or it
favorably reassess its competitive position. This could occur if
the company:

-- Expands EBITDA following successful realization of expected
synergies and lower costs as inflationary pressures on fuel and
labor subside, and demand recovers alongside consumer discretionary
spending; or

-- Continues to prioritize utilizing cash flow for debt reduction
instead of acquisitions or shareholder returns.




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

HEIMSTADEN AB: Fitch Lowers LongTerm IDR to B-, Placed on Watch Neg
-------------------------------------------------------------------
Fitch Ratings has downgraded Heimstaden AB's Long-Term Issuer
Default Rating (IDR) to 'B-' from 'B'. Its senior unsecured rating
has been downgraded to 'B' from 'B+', while its Recovery Rating
remains at 'RR3'. These ratings have been put on Rating Watch
Negative (RWN).

The IDR downgrade reflects Heimstaden AB's lack of regular
rental-derived income and continued suspension of cash dividends
from Heimstaden Bostad AB (IDR: BBB-/Stable). Heimstaden AB will
use its existing finite cash to service its unsecured debt until
cash dividends are restored, probably after 2026.

Heimstaden AB's RWNs reflect the execution risk of its bond
issuance planned for 1Q25, together with today's tender offer to
repay bonds maturing in 2025 and 2026. Assuming a successful
refinancing of these maturities, the funding required from the new
bonds will total at least SEK5.3 billion. A unsuccessful bonds
issuance will result in refinancing risk for its October 2025 bond,
pointing to a rating downgrade. A successful bonds issuance leading
to sufficient liquidity until its March 2027 refinancing risk, may
result in an affirmation of the IDR with a Negative Outlook.

Key Rating Drivers

New Bonds Address Debt Maturities: The planned new 1Q25 unsecured
bonds will be used to repay tendered, at par, Heimstaden AB's
existing April 2025, October 2025 and March 2026 bond maturities,
totalling SEK5.3 billion, and extend these debt maturities to 2028
and beyond. On a standalone basis, Heimstaden will rely on cash
(end-3Q24: SEK0.9 billion) and management fee profit, net of costs,
of about SEK0.3 billion a year to service its around SEK0.6 billon
annual cash interest on unsecured bonds, depending on the size and
coupons of the 1Q25 new bonds.

Disposal Receipts Enhance Liquidity: With the disposal of the
near-completed Danish residential developments including net
proceeds of SEK0.6 billion, which are being advanced upfront by
Fredensborg 32 AS (related to Heimstaden AB's parent Fredensborg
AS), and expected to be received in 1Q25, alongside the refinanced
2025 and 2026 bond maturities and continued hybrids' coupon
deferrals, Fitch calculates that Heimstaden AB's cash is sufficient
to service debt until its bond maturity in March 2027.

Unsecured creditors are ultimately reliant on monetisation (in full
or in part) of Heimstaden AB's 35.7% (end-3Q24) equity stake in
Heimstaden Bostad and resumption of dividends. Fitch estimates that
the existing and prospective unsecured bonds' quarterly covenant
ratio of 'available liquidity reserves' (as defined in bond
documents) relative to 12 months of non-hybrid cash interest
expense is above 1.5x until end-2026.

Distant Resumption of Dividend: Shareholders' decision to not
declare Heimstaden Bostad's 2023 dividend payable in 2024 serves to
preserve its investment-grade rating. Heimstaden Bostad may not
resume dividends until 2027. If cash dividends are resumed, the
accrued dividends on Heimstaden AB-held preference A shares of
around SEK0.66 billion a year will be paid first, then any declared
dividends on its preference B and common shares. Remuneration is
determined by the shareholders' agreement, which Heimstaden
Bostad's second-largest shareholder, Alecta, has highlighted that
it wants to re-visit.

Ultimate Recourse to Equity Investment: The end-3Q24 attributed
value of Heimstaden Bostad's net asset value, after its hybrids,
was SEK125.3 billion, of which Heimstaden AB's portion was SEK44.9
billion. Heimstaden AB's corresponding unsecured debt is SEK10.5
billion.

Preserving Heimstaden Bostad's Rating: Heimstaden Bostad instigated
the non-payment of dividends and a sizeable privatisation disposal
plan to help protect its investment-grade ratings. Heimstaden
Bostad's financial profile is hampered by regulated residential
rent with inflation-linked rent increases phased over multiple
years relative to more immediate interest expense increases. Lower
leverage, primarily from privatisation disposal receipts prepaying
debt, and measured interest rate cost increases, has, however,
alleviated pressure from its tight interest cover.

Enhancing Heimstaden AB's Profile: Similarly, as the group's
founding holding company, the suspension of dividends from
Heimstaden Bostad helps protect Heimstaden AB's equity investment
in the subsidiary. Correspondingly, Heimstaden AB has deferred
coupon payments under its hybrids, its preference shares and its
own dividends, and sold assets.

IHC Criteria Approach: Fitch rates Heimstaden AB using its
Investment Holding Companies (IHC) Rating Criteria, reflecting
reliance on its main subsidiary's dividends, finite liquidity and
its key asset (the equity stake in Heimstaden Bostad) to help
mitigate refinancing risk.

No Notching Impact from Shareholder: Fitch has not factored any
financial support from Heimstaden AB's main shareholder,
Fredensborg AS, into the rating. Fredensborg has added certainty to
Heimstaden AB's liquidity by Fredensborg 32 AS bringing forward the
Danish developments' disposal receipts (this transaction's arms'
length considerations were assessed by third parties), as it did
for the sale of the Iceland residential assets in 2023.

Derivation Summary

There are no relevant publicly rated real estate holding company
peers to compare Heimstaden AB with.

Key Assumptions

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

- No further cash dividends from Heimstaden Bostad, until possibly
2027. Management fee, not routed through dividends, continues,
which net of Heimstaden AB's operational expenses, results in
EBITDA of SEK0.3 billion in 2025

- Heimstaden AB defers interest under its Swedish krona- and
euro-denominated hybrids, and its preference shares

- Net disposal proceeds of SEK0.6 billion from the Danish property
developments received in 1Q25

- In the Recovery Rating calculations Fitch uses end-3Q24's
Heimstaden Bostad's adjusted net asset value (from the published
accounts) of SEK44.9 billion, representing Heimstaden AB's 35.7%
equity stake in Heimstaden Bostad (before any form of dilution)

Recovery Analysis

Under its IHC Criteria, senior unsecured debt is rated the same as
the IDR with a Recovery Rating capped at 'RR4' to reflect the lower
predictability of recovery prospects. Given the high recovery
estimates detailed above and the predictability and stability of
residential-for-rent (some regulated) rents and values, Fitch has
applied a criteria variation to rate Heimstaden AB's senior
unsecured rating one notch above the IDR at 'B' with a 'RR3'.

Under Fitch's hybrid criteria, the activated deferral of interest
makes the Swedish krona- and euro-denominated hybrids
non-performing. Fitch rates the hybrids 'CCC', reflecting that loss
absorption has been triggered although the instrument is expected
to return to performing status with only very low economic losses.
The euro-denominated hybrid has been downgraded to 'CCC' from
'CCC+' as loss absorption will be activated on 15 January 2025 when
interest will be deferred.

RATING SENSITIVITIES

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

- The ratings could be removed from RWN and affirmed on a
successful 1Q25 new bond issuance to refinance Heimstaden AB's
existing 2025 and 2026 bond maturities

- Actions pointing to a potential renegotiation of debt's terms and
conditions, including any material reduction in lenders' terms
sought to avoid a default, pointing to a distressed debt exchange

- Cessation of asset management fee (0.2% of Heimstaden Bostad's
gross asset value) that is not routed through dividends

- Use of existing cash for non-debt service purposes

- Twelve-month liquidity score below 1.0x and not addressing the
March 2027 bond maturity 12 months in advance

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

- Restoration of dividends on cash-pay preference A, preference B
and common shares

- Heimstaden AB's standalone EBITDA, including restored cash
dividends/cash interest expense (including hybrids), coverage above
1.0x

Liquidity and Debt Structure

Fitch calculates that Heimstaden AB's cash should increase to above
SEK1 billion by end-2025 from SEK0.9 billion at end-3Q24. This will
be driven by the SEK0.6 billion proceeds from the disposal of the
near-completed Danish residential developments (net proceeds
advanced up-front by Fredensborg) received in 1Q25, refinanced 2025
and 2026 bond maturities due to the planned 1Q25 new bond issuance
as part of the tender offer, and continued hybrid coupon
deferrals.

Heimstaden AB's next refinancing risk will be in March 2027 when
its SEK4.6 billion unsecured bond matures, if not refinanced in
advance. Fitch expects hybrids' coupons to continue to be
deferred.

With little net profit from management fees, minimal recurrent
rental income, Heimstaden AB is reliant on finite cash to service
2025 and 2026 interest expense of SEK0.6 billion a year, including
the 1Q25 new bonds.

Criteria Variation

Criteria Variation on Recovery Rating: The IHC Criteria guide
senior debt to be the same as the IDR, with a Recovery Rating
capped at 'RR4' to reflect the lower predictability of recovery
prospects. Given the high recovery estimates detailed above under
various scenarios and the predictability and stability of
residential-for-rent (some regulated) rents and values, Fitch has
applied a criteria variation to rate Heimstaden AB's senior
unsecured debt one notch above the IDR at 'B' with a 'RR3' recovery
estimate.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Heimstaden AB has an ESG Relevance Score of '4' for Governance
Structure due to its approximate 94% ownership (96% of votes) by
Fredensborg AS, itself owned by family interests, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt              Rating          Recovery   Prior
   -----------              ------          --------   -----
Heimstaden AB         LT IDR B-  Downgrade             B

   Subordinated       LT     CCC Downgrade    RR6      CCC+

   senior unsecured   LT     B   Downgrade    RR3      B+

   subordinated       LT     CCC Affirmed     RR6      CCC



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

AZULE ENERGY: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned Azule Energy Holdings Limited a
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+' with
a Stable Outlook. Fitch has also assigned Azule Energy Finance
Plc's proposed notes an expected senior unsecured 'B+(EXP)' rating.
The Recovery Rating is 'RR4'.

The rating reflects Azule Energy's medium-size oil and gas
production, good reserve life, strong financial profile and
supportive shareholding structure as a joint venture between BP plc
(A+/Stable) and Eni SpA (A-/Stable). The company primarily operates
in deep water offshore Angola. Its production costs are higher than
some peers, but Fitch expects them to decline from late 2025 as
output grows. The rating also takes into account the weak operating
environment in Angola (B-/Stable).

Fitch rates the company two notches above Angola's 'B-' Country
Ceiling due to strong offshore enhancements, including sales
proceeds collected in a UK bank and cash held therein resulting in
a high debt service coverage ratio.

Key Rating Drivers

Scale, Low Leverage Support Ratings: Azule Energy's credit profile
is supported by the scale of operations, good record of operating
the assets, strong credit position of oil offtakers, good liquidity
and low leverage. Key rating constraints relate to the lack of
geographical diversification and Angola's weak operating
environment.

Production to Grow: Azule Energy's key Angolan growth projects
include the Agogo and New Gas Consortium (NGC) developments. The
Agogo project is expected to achieve first oil in late 2025, with
full field production starting in early 2026. The NGC project will
commence gas production in early 2026. Fitch expects these projects
to increase Azule's consolidated production to around 220 kboe/d by
2026 from 176 kboe/d in 2023 (excluding Angola LNG; ALNG).

Sales to Partners: Azule Energy markets its oil through long-term
offtake contracts expiring in 2029 with BP Oil International
Limited (BPOI) and Eni Trade & Biofuels S.p.A (ETB), which are
trading arms of BP and Eni, respectively. The oil pricing is
aligned with market conditions and based on Brent crude, with the
average realised crude price for 2023 USD82.6/boe. The strong
credit position of Azule Energy's offtakers is positive for the
credit profile.

Strong Offshore Enhancements: Azule's export revenues are deposited
into Standard Chartered Bank in the UK. A portion of the proceeds
is directed to the pre-export facility debt service account held at
the bank, where Azule must maintain debt service for the next six
months. The remaining proceeds are transferred to Azule's central
account at Standard Chartered. In Angola, Azule only retains the
cash necessary to cover current payments to employees and
contractors.

High Debt Service Coverage Ratio: Angola does not have repatriation
requirements for export revenues held abroad. Consequently, Fitch
calculated a debt service coverage ratio taking 50% of export
EBITDA, cash held abroad and the revolving credit facility for 2025
against upcoming principal and interest payments. The calculated
ratio was significantly above 1.5x in 2024-2027, resulting in the
rating being two notches above Angola's Country Ceiling. Even if
Fitch takes into account only offshore cash, the coverage ratio is
solid at around 1.5x on average over 2024-2027.

Three-pillar Strategy: Azule Energy's strategy focuses on three key
pillars: organic production growth, exploration opportunities, and
lower carbon initiatives. The company aims to grow its business
mainly in Angola with additional production in new areas such as
Namibia. Azule invests in reducing carbon emissions and supports
Angola's energy transition through gas projects and renewable
energy, including the Caraculo photovoltaic plant.

Rating on a Standalone Basis: Fitch rates Azule Energy on a
standalone basis despite it being 50/50 owned by BP and Eni. Azule
Energy operates and funds its operations independently. However,
the expertise and strong exploration and production credentials
brought by BP and Eni enhance Azule Energy's credit profile.

Derivation Summary

Azule Energy's closest peers include Ithaca Energy plc (BB-/Stable)
and Energean plc (BB-/Stable).

As a joint venture between BP and Eni, Azule Energy distinguishes
itself as a leading oil and gas producer in Angola, with a
production level of 176kboe/d in 2023, significantly surpassing
Ithaca's approximately 100kboe/d and Energean's 123kboe/d. Azule's
2023 production was majority oil-based.

Following its merger with Eni UK's business, Ithaca has increased
its scale and reserve base, gaining operational diversification and
a balanced liquids and gas mix, despite a reserve life of around
six years. The company emphasises maintaining low leverage and a
flexible dividend policy for financial stability, although it
encounters challenges from high operating costs on the UK
Continental Shelf.

Energean is primarily focused on Israel and presents a strong
gas-weighted production profile backed by substantial long-term
contracts, despite limited geographic diversification. Its
competitive production costs and focus on Israeli assets improve
cash flow visibility. However, geopolitical risks and evolving
dividend policies create uncertainties.

Key Assumptions

Oil and gas price assumptions in line with Fitch's price deck

Consolidated oil and gas production rising to around 220kboe/d by
2026

Capex in line with management's assumptions

Dividend payments from USD650 million to USD1 billion allowing a
healthy liquidity buffer

Recovery Analysis

KEY RECOVERY RATING ASSUMPTIONS

- The recovery analysis assumes that Azule Energy would be a going
concern (GC) in bankruptcy and that the company would be
reorganised rather than liquidated

- A 10% administrative claim

- A GC EBITDA estimate of USD1.5 billion reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level on which Fitch bases
the valuation of the company

- An enterprise value multiple of 4x

- Taking into account Fitch's Country-Specific Treatment of
Recovery Ratings Criteria, its waterfall analysis generated a
waterfall-generated recovery computation (WGRC) in the 'RR4' band,
indicating an expected 'B+(EXP)' senior unsecured rating. The WGRC
output percentage on current metrics and assumptions was 50%. The
Recovery Rating for corporate issuers in Angola is capped at
'RR4'.

RATING SENSITIVITIES

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

- A downgrade of Angola's Country Ceiling

- An increase in EBITDA net leverage to above 3.5x on a consistent
basis

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

- An upgrade of Angola's Country Ceiling coupled with EBITDA net
leverage below 2.5x on a sustained basis and debt service coverage
ratio well above 1.5x on a consistent basis

Liquidity and Debt Structure

Azule Energy's cash balance at end-September 2024 was USD834
million against short-term debt of USD195 million. Liquidity was
further supported by a USD500 million revolving credit facility
maturing in April 2026.

Issuer Profile

Azule Energy is a JV between BP and Eni with a portfolio across
eight offshore producing blocks in Angola and a 27.2% stake in
ALNG. 1P reserves were 459mmboe at end-2023 (480mmboe at end-2024)
with a reserve life of 7.4 years (excluding ALNG).

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating                   Recovery   
   -----------              ------                   --------   
Azule Energy
Holdings Limited      LT IDR B+      New Rating

Azule Energy
Finance Plc

   senior unsecured   LT     B+(EXP) Expected Rating   RR4

CLOUD KUBED: FRP Advisory Named as Joint Administrators
-------------------------------------------------------
Cloud Kubed Ltd was placed into administration proceedings in the
Business and Property Courts in Manchester, Insolvency & Companies
List (ChD), Court Number: CR-2024-MAN-1675, and Kelly Burton and
Emma Dowd of FRP Advisory Trading Limited, were appointed as joint
administrators on Dec. 20, 2024.  

Cloud Kubed offers information technology consultancy services.

Its registered office is at C/O FRP Group Sheffield, The Manor
House, 260 Ecclesall Road South, Sheffield, S11 9PS.  Its principal
trading address is at Part Ground Floor (North), Windrush House,
Windrush Industrial Estate, Witney, Oxfordshire, OX29 7AG.

The joint administrators can be reached at:

              Kelly Burton
              Emma Dowd
              FRP Advisory Trading Limited
              The Manor House
              260 Ecclesall Road South, Sheffield
              S11 9PS

Further Details Contact:

             Joint Administrators
             Tel: 01142356780

Alternative contact:

             Daniel Massey
             Email: cp.sheffield@frpadvisory.com


CONTOURGLOBAL LIMITED: Fitch Affirms 'BB-' IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed ContourGlobal Limited's (CG) Long-Term
Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook and
ContourGlobal Power Holdings S.A.'s (CGPH) senior secured notes'
rating at 'BB+' with a Recovery Rating of 'RR2'.

The affirmation and Stable Outlook reflect its view of the slight
improvement in CG's business profile following the recently
announced acquisitions, and holding company (holdco) deconsolidated
leverage that is commensurate with the 'BB-' rating.

Fitch expects funds from operations (FFO) leverage to average 4.2x
in 2025-2027, within the current guidelines, despite forecast
rising holdco debt by 2027. Strategy execution risk is mitigated by
a balanced approach to growth, focused on early-stage in-house
development and co-development agreements, or acquisitions of
ready-to-build or operating projects.

Key Rating Drivers

Growth Strategy Unchanged: CG has an ambitious expansion plan to
add 4GW-5GW of mostly renewable capacity by 2030, which implies
almost doubling current capacity. Fitch anticipates the company
will continue its rapid growth through a mix of M&A, late-stage
development partnerships, repowering, hybridisation, and
repurposing of existing portfolio assets. In 2024, CG spent USD514
million on acquisitions, exceeding its previous expectation of
about USD460 million. Fitch forecasts no material external growth
in 2025 and annual investment of close to USD450 million from 2026
onwards.

Limited Leverage Headroom: Fitch expects leverage headroom to be
exhausted by 2026 due to continued renewables expansion and lower
contribution from repurposed assets under a normalised price
scenario. FFO leverage should increase to 4.4x by 2026 compared
with 2.2x expected in 2024. Fitch expects the company to moderate
investments if needed to maintain a 'BB' category rating, given the
large funding requirements of the investment plan. A more
aggressive than expected approach to growth and leverage could lead
to negative rating action.

Strategy Execution Risk: The growing focus on asset development
entails heightened execution risk, in its view, given the ambitious
target of developing a renewable platform on a global scale by the
end of the decade. Execution risk is mitigated by co-development
agreements, CG's diversified geographical footprint, with growth
mostly focused on developed countries, and growing record of
in-house development.

Acquisitions To Enhance Asset Quality: The acquisition of a 1.5GW
portfolio of primarily solar photovoltaic plants in the US and
Chile in 2024, will increase CG's installed capacity by nearly 30%
upon completion, enhancing asset quality and diversification. The
acquired assets are mainly in late-stage development or under
construction, but Fitch notes some execution risk for longer-dated
projects. The contribution from newly-acquired assets to holdco's
FFO remains limited for the current rating forecasts.

Robust Operating Profile: CG's business model is focused on
long-term inflation-indexed contracted assets, with cost
pass-through clauses where relevant. The company's portfolio is
diversified in terms of geographies and technologies, and focussed
on OECD countries. Close to 90% of 2024 EBITDA was contracted with
an average residual contract life of seven years. The average
credit quality of the offtakers was 'BBB' before political risk
insurance.

Deconsolidated Approach: The main credit metric Fitch uses in its
analysis is holdco-only FFO leverage, which Fitch calculates as
recourse debt (excluding project finance debt at subsidiaries and
midco financing) divided by holdco-only FFO before interest paid
(dividends from subsidiaries, less holdco operating expenses and
taxes). A material deviation from the current financing structure,
with a much higher share of holdco debt or inclusion of
cross-default clauses at the asset level could lead to a change in
its analytical methodology.

No Impact from Parent Linkage: Fitch rates CG on a standalone basis
as it considers its Parent and Subsidiary Linkage Rating Criteria
does not apply to CG, due to its full ownership by a financial
investor. CG is wholly owned by KKR Global Infrastructure Investors
IV, which is part of funds advised by KKR & Co. Inc. (KKR;
A/Stable). This global investment firm is a long-term investor in
CG, with the company part of KKR's infrastructure investments.

Derivation Summary

Fitch rates CG using a deconsolidated approach as the company's
operating assets are largely financed with non-recourse project
debt. CG's operating scale is comparable with that of TerraForm
Power Operating, LLC (TERPO; BB-/Stable), NextEra Energy Partners,
LP (NEP; BB+/Stable) and Atlantica Sustainable Infrastructure Plc
(BB-/Stable).

TERPO and NEP's US-dominated portfolios of renewable assets are
superior to that of CG, which is 30% renewables with the remaining
generation mainly thermal, and carries re-contracting risk and
political and regulatory risks in emerging markets.

Fitch also views Atlantica's portfolio of assets as superior to
that of CG, given its focus on renewables (largely solar, about 70%
of power-generation capacity), longer remaining contracted life (13
years versus seven) and better geographical split (largely North
America and Europe). This is only mitigated by the larger size of
CG's portfolio. CG consequently has lower debt capacity than these
peers, and the two peers with the same IDR have higher leverage.

Key Assumptions

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

- Operational distributions from existing assets averaging USD260
million over 2024-2027, distributions from new assets averaging
USD33 million over 2024-2027

- Distributions from asset sales averaging USD50 million over
2024-2027

- Cash extraction from refinancing at opco level averaging USD80
million a year during 2024-2026

- Midco debt service averaging close to USD45 million a year, with
holdco overheads increasing towards USD50 million in 2026, from
USD30 million in 2024, to support growth ambitions

- Interest rates on new debt averaging 6.5%, with holdco debt
increasing towards USD1.5 billion in 2027, due to the forecast
expansion efforts

- Investments averaging close to USD380 million a year

- No dividends

RATING SENSITIVITIES

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

- Holdco-only FFO leverage above 4.5x on a sustained basis and FFO
interest coverage lower than 3x.

- Major power purchase agreements experiencing unexpected and
material price reduction or termination.

- Material deterioration of the business profile due to materially
worse recontracting terms, major political interference,
significant investment overruns or financial stress at the asset
level, or more speculative investments leading to a share of
contracted revenues below 70%.

- A material increase in the super senior revolving credit facility
and equally ranking letters of credit facilities, or a material
increase in consolidated leverage could be negative for the senior
secured rating.

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

- Holdco-only FFO leverage below 3.5x on a sustained basis and FFO
interest coverage higher than 5x.

- Reduced reliance on top five projects/contributors to cash flows
to holdco leading to a higher diversification.

Liquidity and Debt Structure

CG has no significant maturities at holdco level until 2026, which
Fitch expects to be refinanced during this year. Recent
acquisitions should translate into negative FCF for 2024 around
USD200 million, but CG's liquidity position is supported by its
USD267 million cash balance as of December 2023, EUR40 million
undrawn committed lines at the holdco level, additional committed
facilities at the midco level, and forecasted positive FCF in 2025.
The midco debt is partially amortising and composed of two tranches
with different maturities, which moderates refinancing risk.

Project finance debt maturities at operating subsidiaries,
comprising the majority of consolidated debt, are evenly balanced
due to debt amortisation.

Issuer Profile

CG operates 5.5GW of gross generation capacity with about 130
thermal and renewable power generation assets across 20 countries,
through subsidiaries and affiliates. CG's cash flows in project
companies are supported by long-term contracts, regulated capacity
or regulated cost-of-service payments.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
ContourGlobal Limited   LT IDR BB-  Affirmed            BB-

ContourGlobal
Power Holdings S.A.

   senior secured       LT     BB+  Affirmed   RR2      BB+

CREDIT REPAIR: Interpath Ltd Named as Joint Administrators
----------------------------------------------------------
Credit Repair Ltd was placed into administration proceedings in the
Business and Property Courts in Birmingham, Insolvency and
Companies List (ChD), Court Number: CR-2024-BHM-000732, and Ryan
Grant and Richard John Harrison of Interpath Ltd were appointed as
joint administrators on Jan 6, 2025.  

Credit Repair specializes in the maintenance and repair of motor
vehicles.

Its registered office is at New Acre House, Shentonfield Road,
Manchester, M22 4RW.

The joint administrators can be reached at:

              Ryan Grant
              Interpath Ltd
              2nd Floor, 45 Church Street
              Birmingham, B3 2RT

              -- and --

              Richard John Harrison
              Interpath Ltd
              10th Floor
              One Marsden Street, Manchester
              M2 1HW

Further Details Contact:

              Samuel Henderson
              Tel No: 0121 817 8635

DECHRA TOPCO: S&P Assigns 'B-' Long-Term ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Dechra Topco Ltd. and 'B-' issue rating to the company's
GBP1.325 billion equivalent term loan B (TLB), with a '3' recovery
rating on the debt.

The stable outlook reflects S&P's view that Dechra will post solid
sales and earnings growth over the next 12 months while
implementing cost-control initiatives.

Dechra Topco Ltd. has issued a GBP1.325 billion equivalent senior
secured term loan B (TLB) maturing in 2032 and a GBP215 million
undrawn committed revolving credit facility (RCF) maturing in 2031,
which it used to fully refinance its GBP1.25 billion TLB and cover
transaction fees, with the rest sitting as cash on balance sheet.

Dechra, a global specialist in veterinary pharmaceuticals and
related products focusing on companion animals-related specialty
therapeutics (makes up about 80% of sales), reported sales of
GBP796 million in fiscal 2024 (ended June 30, 2024), and S&P
estimates S&P Global Ratings-adjusted EBITDA of GBP155
million-GBP165 million.

Despite its small scale, Dechra has a track record of solid growth
and profitability supported by favorable trends in the companion
animal product (CAP) market, a diversified portfolio of products in
attractive therapeutic areas, and a strong recognition among
prescribers, all while the company is undergoing a site
optimization and transformation program that creates extraordinary
costs and, in S&P's view, execution risks.

The 'B-' rating reflects Dechra's highly leveraged capital
structure, resultant weak FFO cash interest coverage, and negative
FOCF over the next 12 months.  Under the new capital structure, the
group is operating with an the RCF maturing in 2031 and TLB
maturing in 2032. S&P said, "We assume the RCF will be undrawn in
2025. We anticipate S&P Global Ratings-adjusted debt to EBITDA of
about 7.5x and a weak FFO cash interest coverage of 1.0x-1.5x in
2025. We also anticipate FOCF in 2025 of negative GBP70
million-GBP80 million. This is driven by an expected larger
interest cost burden in 2025 because the old capital structure
carried a higher interest margin and therefore interest costs (the
new capital structure with lower interest margin was implemented in
January 2025) and exceptional costs affecting reported EBITDA.
These costs are associated with restructuring at some manufacturing
sites in 2025 as part of its site optimization program, although we
add these costs into adjusted EBITDA because we view them as a
transformative event. We anticipate capital expenditure (capex)
will decline as the company closes manufacturing sites and assumes
prudent working capital management, although working capital
requirements will expand as the business does. Still, in our base
case, we estimate significant improvements in credit metrics from
fiscal 2026 (starting July 1, 2025) as earnings increase and
extraordinary costs disappear, both at the operating and financing
levels. At the same time, we acknowledge the company's prudent
interest rate management policy, with at least 66% of debt hedged
(75% currently), although cash interest payments will still be
meaningful. We anticipate deleveraging to about 6.5x in 2026, FFO
cash interest coverage of 1.5x-2.0x, and FOCF turning positive at
GBP15 million-GBP25 million. Under our criteria, we view the
ownership by a financial sponsor and the absence of a track record
in maintaining leverage below 5x as a key constraint to the rating.
A consortium led by EQT acquired 74% ownership of Dechra in January
2024, with the rest held by a wholly owned subsidiary of the Abu
Dhabi Investment Authority (ADIA)."

Dechra has implemented a manufacturing site optimization program,
which results in extraordinary costs impairing earnings and cash
flow, although ultimately yielding cost savings.   The company is
optimizing its manufacturing footprint. So far, it has closed two
sites due to facility underuse and expensive cost structures. The
reorganization is expected to take two to three years, including
the technical transfer of products. Production will move in house
and to partnering contract manufacturing organizations (CMOs). The
decision is based on manufacturing capabilities and considering
production cost minimization, with Dechra expecting to generate
significant run-rate savings. At the same time, the company reviews
and continues to bring products from CMOs in house, which it
expects to deliver gross margin improvements. Currently, CMOs
manufacture about 50% of products, but management expects in-house
manufacturing to increase by 5% by 2027. Sites' closure-related
costs amounted to about GBP12 million in 2024 and are budgeted for
about GBP33 million in 2025, hindering reported EBITDA and FOCF.
S&P said, "We assume these costs will disappear from 2026, and,
coupled with the strategic growth plan, we expect an improvement in
credit metrics. One facility is the Cephazone site at Med-Pharmex.
Med-Pharmex is a U.S.-based veterinary pharmaceutical manufacturer
that was acquired in fiscal 2023, providing further product scale
to Dechra's operations in the U.S., the world's largest animal
health market. We believe the optimization program carries
execution risks, which could result in costs in more years than
planned, although we do not account for extraordinary costs from
fiscal 2026 in our base case."

S&P said, "We anticipate acquisitions will continue, with Dechra
focusing on new technologies and innovative CAP pharmaceuticals.  
We think the company is likely to supplement growth with
acquisitions, which is associated with risks. In fiscal 2023, it
completed two material acquisitions--Med-Pharmex and Piedmont--for
a combined $474 million, which has created some near-term
operational challenges. Med-Pharmex's sales growth within the group
has been limited owing to needed quality improvements to products
(Ceftiflex, the largest contributor to sales, has been off the
market since fiscal 2023, with an expected relaunch in 2026) and
supply chain challenges on some products. Notwithstanding these
operational issues, the acquisition should provide some sales boost
and margin benefit from 2026, as per our base case. Dechra also
acquired Piedmont, a U.S.-based product development company with
several products in various stages of development in the CAP
market, in fiscal 2023, recording an intangible impairment of
GBP69.6 million during the year following a negative opinion from
the U.S. Food and Drug Administration relating to one of the
products that resulted in a delay of the project. In July 2024
(fiscal 2025), Dechra acquired Invetx for up to $520 million
(including future earn-outs). Invetx is a pioneer in protein-based
therapeutics with a focus on monoclonal antibodies (mAbs) to treat
chronic and severe diseases in cats and dogs. This was financed
through equity. The acquisition adds capabilities and innovative
products, and provides entry into the large and high-growth mAbs
market. Also in July 2024, Dechra acquired intellectual property
(IP) for the ongoing co-development projects with Akston
Biosciences, developing long-acting insulin treatments for diabetes
in dogs and cats, a once-a-week therapy, representing a significant
improvement from the current once-a-day products. Both innovations
could become Dechra's largest contributors to sales and earnings,
although we acknowledge some short-term risks integrating the new
acquisitions, given the track record with Med-Pharmex and Piedmont.
We only include small bolt-on acquisitions in our base case from
fiscal 2026 because Dechra will focus on developing its in-house
capabilities.

"We forecast an adjusted EBITDA margin of 21.0%-21.5% in fiscal
2025, rising to 23.0%-23.5% in 2026.   For the next two years, we
anticipate 5%-6% revenue growth, mostly thanks to gradual volume
recovery due to the easing of cost-of-living pressures, pets
adopted during COVID-19 aging, and some contribution from
innovative product launches from fiscal 2026, all supported by a
growing number of pet owners and increased willingness to spend on
pets' health and wellbeing. Also, Dechra is optimizing its sales
force via commercial improvements and establishing greater scale in
the U.S. through sales representatives, while increasing
penetration in high-growth regions such as South Korea and Brazil.
Gross margin should improve, owing to site optimization, the shift
to higher-margin innovative products, and the increased mix-shift
toward CAP products. Additionally, the continued in-housing of
production from CMOs will deliver gross margin improvements. Higher
EBITDA margins will flow from gross margin growth, with procurement
efficiencies initiatives and rationalization of unprofitable and
low-margin products contributing to margin expansion. This will be
partly offset by sales force investment, increase in research and
development (R&D) and marketing expense as the company promotes
existing and new products. Still, we expect an improvement of about
100 basis points (bps) in the adjusted EBITDA margin in 2025 and a
further 200 bps in 2026. These translate into adjusted EBITDA of
GBP175 million-GBP180 million in 2025 and GBP203 million-GBP208
million in 2026."

Dechra's leadership position in CAP specialty pharmaceuticals,
coupled with high product quality and sales force differentiation,
partly offsets its small size and scale and potential execution
risks associated with the manufacturing site optimization.   Dechra
is the third-largest player in CAP specialty therapeutics globally,
with a presence mainly in Europe and North America (most developed
markets). In particular, Dechra is the No. 2 player in
endocrinology and anesthesia and No. 3 in dermatology for CAP. The
company's pharmaceuticals are highly differentiated. This, coupled
with a specialized and focused sales force, of which 40% are
qualified veterinarians, supports an established route-to-market
through regular contact with veterinary practitioners. Although
concentrated in specialty therapeutics, the CAP product portfolio
is well diversified in endocrinology, dermatology, and
ophthalmology, among others, with no reliance on one particular
product. Dechra's market leadership means it has a track record of
customer stickiness and inflation pass-through capabilities. Over
2022-2023, gross margins have been stable despite high cost
inflation, with pricing actions offsetting cost increases. At the
same time, gross margins are protected by CAP growth, the launch
and ramp-up of higher-margin novel products, and the bringing of
manufacturing in house, while the market is relatively inelastic in
pricing given medication's low costs of production. Dechra has
invested significantly in innovation, with R&D expense increasing
to 7.5% in 2023 from 4.5% in 2018 and expected to continue rising,
allowing the company to maintain market competitiveness. In S&P's
view, business weaknesses are mainly as follows:

-- Dechra's modest scale of operations within the overall animal
pharmaceuticals market, much smaller than large players like Zoetis
and Elanco;

-- The concentration in small niche animal pharmaceutical
categories. Despite solid growth potential and Dechra's established
position and protective niche strategy, the market is small and the
no-substitutability nature of these pharmaceuticals prevents
growth; and

-- Execution risks associated with the site optimization program
with potential for further extraordinary costs in the next couple
of years, while management needs to execute perfectly its strategic
growth plan to ensure business growth.

The niche CAP specialty therapeutics market benefits from long-term
industry trends, but is limited in size compared with the overall
animal health market.   The animal health market is supported by
robust tailwinds driving growth, including the increasing pet
adoption and ownership (9% increase in pet population from
2019-2021); increased household spending on pets at $3,000-$4,000
per year; improving pet longevity, with average lifespan now
exceeding 10 years; and continued animal health investment and
innovation, according to Dechra. Compared with human pharma, animal
pharma has quicker and easier innovation, quicker access to the
market (shorter regulatory processes), and lesser competition from
generics. According to the company, the global animal health market
has seen 5%-7% annual growth in animal health medication and
vaccines in 2018-2022 and amounted to $147 billion in 2022. Within
animal health, CAP specialty therapeutics is a small niche market
of about $5.4 billion in 2022 (about 3.6% of the animal health),
although it has a track record of strong growth at 10% compound
annual growth rate in 2018-2022. According to Dechra, specialty
therapeutics will increase 7% annually until 2027. In addition, the
market is broadly protected from economic downturns, with pet
owners prioritizing pets' health and wellbeing, resulting in higher
margins than farm animal health, for example. Nevertheless, S&P
sees somewhat limited nominal growth potential in the niche
categories. Positively, given the markets Dechra operates in and
given its niche nature, large players do not usually compete in
these markets, with the company facing mostly smaller competitors
with more limited resources, which allows it to retain and grow
market shares. Dechra does not compete in the very competitive
blockbuster markets, such as the anti-flea segment.

S&P said, "The stable outlook reflects our view that the company
will post solid sales and earnings growth over the next 12 months,
while implementing its cost-control initiatives including the
closure of manufacturing sites, product rationalization, and
procurement efficiencies. Dechra's performance should be supported
by its leadership and expertise in CAP specialty therapeutics and
an increase in the number of pets and their owners' willingness to
spend on their health and wellbeing. We expect adjusted debt to
EBITDA of about 7.5x in fiscal 2025, negative FOCF of GBP70
million-GBP80 million, and weak FFO cash interest coverage of
1.0x-1.5x."

Downside scenario

S&P said, "We could lower the rating if S&P Global Ratings-adjusted
debt to EBITDA significantly increased such that we view Dechra's
capital structure as unsustainable. This would likely combine with
weaker FFO cash interest coverage and a delayed restauration of
positive FOCF. This could come in case of a deterioration in
operating performance with accelerated volume decline in addition
to an inability to maintain profitability or if we saw
significantly higher-than-expected discretionary spending through
large debt-funded mergers or acquisitions or flawed execution of
the plant restructuring."

Upside scenario

S&P said, "We could raise our rating if Dechra generates positive
FOCF continuously while leverage stays below 7x. This would most
likely result from good growth coming from existing and new
products and the manufacturing site optimization program's
implementation with no meaningful unanticipated extraordinary
costs. At the same time, we would expect an improvement in FFO cash
interest coverage approaching 2.0x sustainably."


EASI-DRIVE LIMITED: Interpath Ltd Named as Joint Administrators
---------------------------------------------------------------
Easi-Drive Limited was placed into administration proceedings in
the Business and Property Courts in Birmingham, Insolvency and
Companies List (ChD), No CR-2024-BHM-000734, and Ryan Grant and
Richard John Harrison of Interpath Ltd were appointed as joint
administrators on Jan. 6, 2024.  

Easi-Drive Limited specializes in renting and leasing of cars and
light motor vehicles.

Its registered office is at Interpath Ltd, 2nd Floor, 45 Church
Street, Birmingham, B3 2RT.

The joint administrators can be reached at:

             Ryan Grant
             Interpath Ltd
             2nd Floor
             45 Church Street, Birmingham
             B3 2RT

             -- and --

             Richard John Harrison
             Interpath Ltd
             10th Floor, One Marsden Street
             Manchester, M2 1HW

Further Details Contact:

             Georgia Whitmore
             Tel No: 0121 817 8599


EDAM GROUP: Interpath Ltd Named as Administrators
-------------------------------------------------
Edam Group Limited fka Marplace (Number 743) Limited was placed
into administration proceedings in the Business and Property Courts
in Birmingham, Insolvency and Companies List (ChD), Court Number:
CR-CR-2024-BHM-000733, and Richard Harrison and Ryan Grant of
Interpath Ltd, were appointed as administrators on Jan. 6, 2024.  

Edam Group specializes in renting and leasing of cars and light
motor vehicles.

Its registered office is at Interpath Ltd, 2nd Floor, 45 Church
Street, Birmingham, B3 2RT.

The administrators can be reached at:

           Richard Harrison
           Interpath Ltd
           10th Floor, One Marsden Street
           Manchester, M2 1HW

           -- and --

           Ryan Grant
           Interpath Ltd
           2nd Floor, 45 Church Street
           Birmingham, B3 2RT

For further details, contact:
           
            Sam Henderson
            Tel No: 0121 817 8635

GOODY BURRETT: Leonard Curtis Named as Joint Administrators
-----------------------------------------------------------
Goody Burrett LLP was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD) Court Number: CR-2024-MAN-001631,
and Andrew Poxon and Mike Dillon of Leonard Curtis, were appointed
as joint administrators on Dec. 24, 2024.  

Goody Burrett offers legal practices and advice.

Its registered office and principal trading address is at St
Martin's House, 63 West Stockwell Street, Colchester, Essex CO1
1HE.

The joint administrators can be reached at:

              Andrew Poxon
              Mike Dillon
              Leonard Curtis
              Riverside House
              Irwell Street, Manchester
              M3 5EN

Further Details Contact:

             The Joint Administrators
             Tel: 0161 831 9999
             Email: recovery@leonardcurtis.co.uk

Alternative contact: Sidhra Qadoos

PLATFORM NINE: Quantuma Advisory Named as Administrators
--------------------------------------------------------
Platform Nine Ltd was placed into administration proceedings in the
Business and Property Courts of England and Wales, Court Number:
CR-2024-007682, and Sean Bucknall and Elias Paourou of Quantuma
Advisory Limited, were appointed as administrators on Dec. 30,
2024.  

Platform Nine specializes in letting and operating of conference
and exhibition centres.

Its registered office is at Preston Park House, South Road,
Brighton, BN1 6SB and it is in the process of being changed to 3rd
Floor, 37 Frederick Place, Brighton, BN1 4EA.  Its principal
trading address is at Floor 5 & 6, Tower Point, 44 North Road,
Brighton, BN1 1YR.

The administrators can be reached at:

             Sean Bucknall
             Elias Paourou
             Quantuma Advisory Limited
             3rd Floor, 37 Frederick Place
             Brighton, BN1 4EA

Further Details Contact:

             Billy Poulton
             Tel No: 01273 322400
             Email: Billy.Poulton@quantuma.com


SNOWDONIA HOTEL: Begbies Traynor Named as Administrators
--------------------------------------------------------
Snowdonia Hotel Limited was placed into administration proceedings
in the Business and Property Courts in Manchester, Insolvency &
Companies List (ChD), Court Number: CR-2024-MAN-001619, and Mark
Weekes and Paul Stanley of Begbies Traynor Traynor (Central) LLP,
were appointed as administrators on Dec. 23, 2024.  

Snowdonia Hotel operates in the Hotels and Accommodation industry.

Its registered office is at Oakland House, 21 Hope Carr Road, WN7
3ET.

Its principal trading address is at Conway Rd, Dolgarrog, Conwy
LL32 8QE.

The administrators can be reached at:

              Mark Weekes
              Paul Stanley
              Begbies Traynor (Central) LLP
              340 Deansgate, Manchester
              M3 4LY

Any person who requires further information may contact:

              Abigail Smith
              Begbies Traynor (Central) LLP
              Email: abigail.smith@btguk.com
              Tel No: 0161 837 1700

VUE INTERNATIONAL: Eaton Vance Marks EUR271,000 Loan at 33% off
---------------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its EUR271,000
loan extended to Vue Entertainment International Ltd to market at
EUR182283 or 67% of the outstanding amount, according to the Eaton
Vance's Form N-CSRS for the semi-annual period ended October 31,
2024, filed with the Securities and Exchange Commission.

Eaton Vance is a participant in Term Loan to Vue Entertainment
International Ltd. The loan accrues interest at a rate of 11.446%,
(3 mo. EURIBOR + 8.40%), 3.046% cash, 8.40% Payment in Kind)) per
annum. The loan matures on December 31, 2027.

Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.

Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:

      Kenneth A. Topping
      Eaton Vance Senior Floating-Rate Trust
      One Post Office Square
      Boston, MA 02109
      Tel.: (617) 482-8260

           - and -

      Deidre E. Walsh
      Eaton Vance Senior Floating-Rate Trust
      One Post Office Square,
      Boston, MA 02109
      Tel.: (617) 482-8260

Vue International is a multinational cinema holding company based
in London, England.


                           *********


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,
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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
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *