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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 21, 2025, Vol. 26, No. 15

                           Headlines



F R A N C E

ALTICE FRANCE: $2.50BB Bank Debt Trades at 17% Discount
BISCUIT HOLDING: Fitch Assigns 'B-' First-Time IDR, Outlook Stable
TEREOS FINANCE I: Fitch Rates EUR300MM Notes 'BB'


G E R M A N Y

GRUNENTHAL PHARMA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


I R E L A N D

ARMADA EURO IV: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
ARMADA EURO IV: S&P Assigns B-(sf) Rating on Class F-R Notes
AVOCA CLO XVIII: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
AVOCA CLO XVIII: S&P Assigns B-(sf) Rating on Class F-R Notes
CVC CORDATUS XXVI: Fitch Assigns B-sf Final Rating on Cl. F-R Notes

CVC CORDATUS XXVI: S&P Assigns B-(sf) Rating on Class F-R Notes
FR FLOW 1: Moody's Withdraws 'B3' CFR on Debt Repayment
GOLDENTREE LOAN 8: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
GOLDENTREE LOAN 8: S&P Assigns B-(sf) Rating on Class F Notes


I T A L Y

IREN SPA: Fitch Gives 'BB+(EXP)' Rating on Subordinated Notes
IREN SPA: S&P Assigns 'BB+' Rating on Proposed Hybrid Instrument


L U X E M B O U R G

CLAUDIUS FINANCE: S&P Affirms 'B+' ICR & Alters Outlook to Negative
EUROPORTS: Fitch Lowers Long-Term IDR to 'B+', Outlook Negative
MATTERHORN TELECOM: Fitch Gives BB+(EXP) Rating on EUR350MM Notes


S P A I N

GERIAVI SL: EUR100MM Bank Debt Trades at 22% Discount


S W E D E N

SBB - SAMHALLSBYGGNADSBOLAGET: Fitch Affirms 'CCC' LongTerm IDR


U N I T E D   K I N G D O M

AUSTIN FRASER: Begbies Traynor Named as Administrators
COAST HOTELS: RSM UK Named as Administrators
ERC CONTRACTORS: Rushtons Insolvency Named as Administrators
FREE TO LEARN: Leigh Consultancy Named as Administrators
ISO ENERGY: Begbies Traynor Named as Administrators

KEEPSAFE REALISATIONS: Xeinadin Corporate Named as Administrators
LONG EATON SCAFFOLDING: SFP Restructuring Named as Administrators
NEW WAYS: Carter Clark Named as Administrators
PERFORMER FUNDING 1: Moody's Ups Rating on GBP68.3MM F Notes to B2
PROJECT OFFSET: Begbies Traynor Named as Administrators

QH PARK: Oury Clark Named as Administrators
SHAKEAWAY WORLDWIDE: FRP Advisory Named as Administrators

                           - - - - -


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F R A N C E
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ALTICE FRANCE: $2.50BB Bank Debt Trades at 17% Discount
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Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 82.7
cents-on-the-dollar during the week ended Friday, January 17, 2025,
according to Bloomberg's Evaluated Pricing service data.

The $2.50 billion Term loan facility is scheduled to mature on
August 14, 2026. About $580.0 million of the loan has been drawn
and outstanding.

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

BISCUIT HOLDING: Fitch Assigns 'B-' First-Time IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Biscuit Holding SAS (Biscuit
International) a first-time Long-Term Issuer Default Rating (IDR)
of 'B-' with a Stable Outlook. Fitch has also assigned a senior
secured rating of 'B' with a Recovery Rating of 'RR3' to the
company's EUR696 million term loan B and a rating of 'CCC' with a
Recovery Rating of 'RR6' to the company's EUR150 million second
lien facility.

The ratings reflect high starting leverage and still recovering
profitability, which is subject to sales volumes recovery and
execution of the group's cross-selling initiatives and expansion
towards less penetrated countries and product categories. These
risks are mitigated by the company's moderate scale as a leading
European private label producer in the bakery food segment, with a
diversified retail customer base, long-standing customer
relationships and adequate profitability for a private-label
food-processing company. The Stable Outlook reflects its
expectations of EBITDA margin recovery toward 12% in 2025.

Key Rating Drivers

High Leverage: The rating is mainly under pressure from the high
debt burden, with EBITDA gross leverage estimated at 7.8x in 2024
(8.8x in 2023), which Fitch projects will improve to under 7.5x
from 2025. Its expectations of deleveraging are based on the
recovery in profitability the company already achieved in
2023-2024. Fitch views execution risks around the group's ongoing
initiatives to support margin resilience and sales volumes
normalisation as moderate. A lack of visibility of leverage
reducing in the next 12-18 months will put the ratings under
pressure.

EBITDA Margin Recovery: Fitch projects Biscuit International's
EBITDA margin will improve to 11.4% in 2024 from 9.6% in 2023 and
to 12%-13% in 2026-27 once sales volumes stabilise, following
declines after significant price increases in 2023. Fitch also
expects profitability to benefit from the planned optimisation of
capacity utilisation and automation investments, as well as
sourcing and procurement consolidation projects. Fitch assumes that
2025 EBITDA will benefit from the acquisition of Patisserie
Casteleijn, a Netherlands-based industrial bakery operation, which
will be effective from 1 January 2025.

Sustainability of EBITDA Margins Critical: The company's ability to
sustain its EBITDA margins at around 12%-13% following a weak
performance in 2022-23 is key for its rating. The group benefits
from a variable costs structure and its profitability resilience is
supported by a high level of hedging for its key raw materials and
cost items. It also uses pricing mechanisms indexed to key
materials in its sales contracts, albeit to a varying extent. In
2024 the group demonstrated its ability to maintain contract
relationships and recover margins, thanks to more frequent pricing
terms negotiation, which also helped address the surge in cocoa
prices.

FCF to Fund Growth: Fitch estimates the group's free cash flow
(FCF) will turn consistently positive from 2024 as the operating
profit margin improves and working capital requirement normalises.
This should lead to a sustained FCF margin of 2% to 3% over
2024-2027. Fitch expects most FCF to be reinvested in the business
as inorganic growth remains part of the company's growth strategy,
with the likely continuation of bolt-on M&A, which Fitch assumes at
around EUR20 million a year from 2026. Fitch also assumes a gradual
repayment of the drawn revolving credit facility (RCF) over
2025-26.

No Headroom for Debt Increase: Fitch notes that the company's
permissive debt documentation allows for a further debt increase.
This could be detrimental for the existing creditors' recovery
prospects and result in leverage increasing to levels above the
rating thresholds if not mitigated by material business growth.

Moderate Scale, Single Product Category: Biscuit International's
rating reflects its moderate scale with EBITDA projected to be
under EUR200 million in 2025-27, but with strong market positions
in France, Germany, Sweden and Benelux countries. It operates in a
single product category of sweet and savoury bakery products,
mainly biscuits, but has a wide offering within the segment, often
a critical factor for customers. As a producer of predominantly
private label products (around 90% of revenue in 2024), the group
also develops co-manufacturing and own brands divisions, providing
additional sales and profit growth opportunities in the longer
term.

Supportive Growth Fundamentals: Biscuit International's exposure to
sweet and savoury bakery products, including to the higher growing
''free-from" category, suggests steady demand even during economic
downturns. Together with continued investments and expansion of
retail chains to the private label goods, this offers healthy
growth fundamentals for private label producers. The company is
well positioned to benefit from this trend, given its wide,
diversified production facilities across Europe and broad product
offering. Investment in innovation will remain important to capture
market trends and withstand competition from branded foods in the
long term.

Derivation Summary

Biscuit International's rating is aligned with the that of Platform
Bidco Limited (Valeo Foods; B-/Stable). The companies have similar
financial profiles with comparable profitability and high leverage
metrics. Valeo Foods' rating also benefits from stronger brand
portfolio and broader product category diversification.

Biscuit International is similar in size, product offerings (long
shelf life) and geographic diversification to La Doria S.p.A.
(B/Positive). Nevertheless, La Doria's credit profile benefits from
higher profitability, and to some extent, lower exposure to
commodity price volatility. The rating deferential is also
supported by La Doria's lower leverage.

Biscuit International has a larger scale and similar geographical
diversification as Sammontana Italia S.p.A.(B+/Stable). However,
Sammontana's higher rating reflects its more diversified product
portfolio with strong brands in its key categories. Sammontana's
financial profile is also more robust because of higher operating
margins and lower leverage.

Biscuit International is much smaller in size than Sigma HoldCo BV
(B/Stable). Despite Sigma's narrower product offering, it holds a
stronger market position as the largest plant-based spreads
producer. Sigma's financial profile also benefits from a higher
operating margin of around 20%, robust FCF in the mid-single digits
of revenue and lower leverage.

Key Assumptions

- Decline in revenue in 2024 by 4% due mainly to volume reduction,
followed by growth of 6% in 2025 and 2026

- EBITDA margin at 11.4%-12.5% over 2024-2027

- FCF margins in low single digits over 2024-2027

- Capex of 2% of sales over the rating horizon

- M&As of about EUR20 million in 2025, 2026 and 2027.

Recovery Analysis

Its recovery analysis assumes that Biscuit International would be
considered a going concern (GC) in bankruptcy, and that it would be
reorganised rather than liquidated. This is because most of its
value lies within its wide production and logistic network in
Europe, as well as and established customer relationships.

Fitch assumed a 10% administrative claim, which is unavailable
during restructuring and hence deducted from the enterprise value
(EV).

Fitch assesses GC EBITDA at EUR130 million, which includes recent
and announced acquisitions and reflects the level of earnings
required for the company to sustain operations as a GC in
unfavourable market conditions, material customer loss or reduced
ability to pass on cost inflation to customers. The GC EBITDA
assumes corrective measures and the restructuring of the capital
structure for the company to be able to remain a GC.

Fitch applies a recovery multiple of 5x, reflecting Biscuit's
operational scale and market positions, at about the mid-point of
its multiple distribution in EMEA and in line with sector peers.
This EV/EBITDA multiple is in line with La Doria, which has
comparable scale and operates in related packaged food categories,
within the private label space. The multiple is below that of
Sammontana and Valeo Foods of 5.5x due to their ownership of
well-recognised brands in the product portfolio and the somewhat
bigger scale of Valeo Foods.

Based on these assumptions, its waterfall analysis generates a
ranked recovery in the Recovery Rating 'RR3' band, leading to a
first-lien secured rating of 'B' for the EUR696 million term loan
B, one notch above the IDR, with a waterfall-generated recovery
computation of 66%. Fitch treats EUR80 million 18% payment in kind
pari passu notes as ranking in line with the term loan B and the
RCF. Fitch also includes accumulated interest estimated at end-2024
of EUR31 million in the recovery waterfall calculation for the
senior secured instrument rating.

The ranked recovery for the EUR150 million second-lien facility
corresponds to a Recovery Rating of 'RR6', leading to a second lien
rating of 'CCC', two notches below the IDR, with a
waterfall-generated recovery computation of 0%.

Its estimates of creditor claims include the fully drawn EUR85
million RCF. Fitch expects Biscuit International's existing EUR50
million factoring line will remain available during and
post-distress, given the strong credit quality of the company's
client base.

RATING SENSITIVITIES

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

Failure to reduce EBITDA gross leverage to below 7.5x from 2025
through lack of profitability improvement or new material debt
funded acquisitions;

- EBITDA margin below 11.5% and volatile FCF margins due to
additional working-capital requirements;

- EBITDA interest coverage weakening below 1.8x on a sustainable
basis;

- Reducing liquidity headroom.

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

- EBITDA gross leverage remaining below 6.5x through organic growth
and integration of non-debt-funded bolt-on targets;

- EBITDA margin sustainably above 12.5%, sustaining FCF margin
above 2%;

- EBITDA interest coverage rising towards 2.5x.

Liquidity and Debt Structure

Fitch assesses the company's liquidity as limited, with a cash
balance that Fitch estimates at around EUR100 million at end-2024.
Liquidity is also supported by the company's access to an EUR85
million RCF (EUR32million drawn down as of September 2024) together
with its expectations of FCF before acquisitions turning positive
to EUR40 million-EUR70 million a year from 2024. This should be
sufficient to cover near term debt service.

Issuer Profile

Biscuit Holding is a EUR1.2 billion revenue, France-based private
label biscuit and bread substitute manufacturer, with broad
production footprint across Europe and sales to more than 40
markets. France, DACH and Benelux generated almost 70% revenue in
2023.

Date of Relevant Committee

20 December 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

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   
   -----------                     ------           --------   
Biscuit Holding SAS          LT IDR B-   New Rating

   senior secured            LT     B    New Rating   RR3

   Senior Secured 2nd Lien   LT     CCC  New Rating   RR6

TEREOS FINANCE I: Fitch Rates EUR300MM Notes 'BB'
-------------------------------------------------
Fitch Ratings has assigned Tereos Finance Groupe I SA's (FinCo)
senior unsecured new EUR300 million notes (guaranteed by Tereos
SCA; BB/Positive) a final 'BB' rating with a Recovery Rating of
'RR4'.

The final rating is in line with the expected rating that Fitch
assigned on January 7, 2025 and follows the pricing and receipt of
the final documentation of the new issue, which conforms to the
information already received.

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

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

Key Rating Drivers

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

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

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

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

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

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

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

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

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

Derivation Summary

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

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

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

Key Assumptions

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

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

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

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

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

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

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

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

- Credit lines used to finance operations are renewed

RATING SENSITIVITIES

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

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

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

- EBITDA dropping below EUR600 million on a sustained basis

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

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

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

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

- Strict financial discipline and positive FCF on a sustained
basis

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

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

Liquidity and Debt Structure

Tereos's internal liquidity score - defined as unrestricted cash
plus RMI plus accounts receivables divided by total current
liabilities - slightly improved to 0.7x at FYE24 from 0.6x at
FYE23. The company has sufficient resources of EUR655 million of
undrawn committed revolving credit facilities and EUR601 million in
cash balance, which, together with its projection of positive FCF
of EUR159 million, should be more than sufficient to cover debt due
in FY25 and other liquidity needs.

Issuer Profile

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

Date of Relevant Committee

June 6, 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

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

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

   senior unsecured    LT BB  New Rating   RR4      BB(EXP)




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G E R M A N Y
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GRUNENTHAL PHARMA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Grunenthal Pharma GmbH & Co.
Kommanditgesellschaft's Long-Term Issuer Default Rating (IDR) at
'BB' with a Stable Outlook. The senior secured rating has also been
affirmed at 'BB+' with a Recover Rating of 'RR2'.

Grunenthal 's rating reflects a satisfactory business risk profile
and a conservative financial policy leading to modest leverage
below 3.5x Fitch-defined EBITDA leverage. Its business risk profile
balances a strong niche position in a growing non-cyclical market,
resilient margins and healthy free cash flow (FCF) with a
concentrated product portfolio and its expectation of a low-single
digit organic decline of the sales of its base portfolio.

The Stable Outlook reflects Fitch's expectation that Grunenthal
will adhere to its conservative financial policy and maintain a
disciplined approach to acquisitions, with the organic sales
decline of its base portfolio offset by inorganic growth from
acquisitions of cash-generative established drugs with low
integration risk.

Key Rating Drivers

Resilient Business Model: Grunenthal has progressively diversified
and repositioned its portfolio and business model through
acquisitions, complementing its R&D-focused niche position as a
leading pain medicines specialist with a cash-generative portfolio
of established drugs. It has a good mix of mature off-patent drugs
and growing patented drugs, leading to adequate margins. Grunenthal
also benefits from an integrated business model, with strong
manufacturing and distribution capabilities in Europe and Latin
America.

The predictability of established drugs mitigates the impact of
potential R&D failures. The group has demonstrated efficient
capital deployment and diligence in integrating cash generative
low-risk drug rights on its own manufacturing and distribution
networks.

Mild Decline Offset by Acquisitions: Its rating case conservatively
assumes low-single digit organic sales decline from 2024 to 2027,
mainly driven by generic erosion of its drugs Palexia and Nebido
and partly offset by growth from Qutenza. Its rating case does not
incorporate the potentially contribution of its late-stage drug
candidates.

Fitch notes that the negative impact of Palexia's decline will
significantly diminish, as its contribution to the group's sales
has reduced from 22% in 2022 to 9% in 9MFY24 and Fitch expects its
decline to gradually moderate from 2025. Fitch expects acquisitions
of established drugs to more than offset the organic contraction.

Margin Subdued Until 2026: Palexia's patent expiry led to
Fitch-defined EBITDA margins declining to 22.6% in 2023 from 25.6%
in 2022. Fitch expects margins to remain stable around this level
in 2024 and 2025, increasing towards 25% in 2026 after the company
acquires the remaining stake in its joint venture with Kyowa
Kirin.

Conservative Financial Policy: The rating is predicated on
Grunenthal's adherence to stated financial policies, covenanted
leverage levels and deleveraging, particularly after any
debt-funded M&A. Fitch factors in the commitment of Grunenthal's
founding-family shareholders, as reflected in their target of
reported EBITDA net leverage below 2.5x, which is unlike
sponsor-backed leveraged buyouts with an opportunistic financial
approach. Departure from the stated target leverage would signal
increased risk appetite and put the ratings under pressure.

Adherence to Disciplined M&A: Fitch highlights the importance of
Grunenthal's disciplined selection of M&A targets, including
acquisition economics and asset integration, especially in light of
increasing competition from off-patent branded pharmaceuticals,
rising asset valuations and cost of capital. Grunenthal's M&A
pattern, operating needs and financial policy means Fitch projects
opportunistic M&A averaging EUR300 million a year over 2024-2027,
funded by a revolving credit facility (RCF) and FCF.

Derivation Summary

Fitch rates Grunenthal using its Ratings Navigator for
pharmaceutical companies. The 'BB' IDR is supported by its
integrated cash-generative business model with a portfolio of
patented and generic drugs with strong financial credit metrics,
reflecting a commitment to conservative financial policies. This
stance offsets the operating risks arising from Grunenthal's
concentrated product portfolio exposed to generic market
pressures.

Grunenthal is rated above asset-light scalable specialist
pharmaceutical companies focused on lifecycle management of
off-patent branded and generic drugs such as CHEPLAPHARM
Arzneimittel GmbH (B/Stable), Pharmanovia Bidco Limited (B+/Stable)
and ADVANZ Pharma Holdco Limited (B/Stable).

It also has a higher rating than asset-intensive pharmaceutical
companies such as Roar BidCo AB (B/Stable) and European Medco
Development 3 S.a.r.l. (B-/Stable), mainly due to its much stronger
leverage metrics, with EBITDA leverage below 3.5x versus 5.0x-8.0x
for the peers.

Grunenthal's stronger leverage profile is embedded in its
considerably more conservative financial policy and less aggressive
M&A strategy. Grunenthal is larger than most of these peers, but
product concentration remains a risk for most non-investment-grade
pharmaceutical credits given their niche.

Key Assumptions

- Volatile revenue profile, with inorganic growth from acquisitions
offsetting the organic portfolio decline at low single-digits due
to generic and payor pressure.

- Acquisitions of EUR280 million in 2024, followed by acquisitions
averaging EUR300 million over 2025-2027

- EBITDA margin at around 22.5% in 2024-2025, gradually improving
towards 24.5% in 2026 and 25.5% in 2027

- Working capital outflows of EUR70 million in 2024 and around
EUR20 million over 2025-2027

- Sustained maintenance capex around 3% of sales, in addition to
milestone payments related to previous acquisitions over the next
four years

- Dividend payments of EUR40 million a year from 2024 to 2027

- Flexible use of RCF to support organic and inorganic growth

RATING SENSITIVITIES

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

- Volatile revenue, EBITDA and FCF margins, signalling challenges
in addressing market pressures or poorly executed M&A with
increased execution risks

- Departure from conservative financial policies and commitment to
deleveraging, leading to EBITDA leverage above 3.5x (3.0x net of
readily available cash)

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

- An upgrade to 'BB+' is unlikely at this stage as it would require
an improved business risk profile through increased visibility over
positive organic growth combined with improving EBITDA and
continued strong FCF margins

- A more conservative financial policy with EBITDA leverage
trending towards 1.5x (1.0x net of readily available cash) on a
sustained basis

Liquidity and Debt Structure

Fitch projects total liquidity being maintained at satisfactory
levels, supported by sustained positive FCF generation, albeit
subject to fluctuations in trade working capital, plus
performance-related and milestones payments, which Fitch treats as
regular capital commitments as they relate to the existing product
portfolio.

Fitch expects the company will make flexible use of its upsized
EUR600 million RCF due November 2029 to top up liquidity or fund
M&A, based on its record and financial policies. Grunenthal's
liquidity profile benefits from its upsized RCF with extended
maturity and recently executed refinancing, with its senior secured
notes due in 2026 (pre-funded with cash), 2028, 2030 and 2031.

Issuer Profile

Grunenthal is a German family-owned vertically integrated
pharmaceutical company focused on pain therapies and established
off-patent drugs.

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

Grunenthal has an ESG Relevance Score of '4' for exposure to social
impact, due to the company's reliance on reimbursement policies in
its countries of operations, which has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors.

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

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
Grunenthal Pharma
GmbH & Co.
Kommanditgesellschaft   LT IDR BB  Affirmed             BB

Grunenthal GmbH

   senior secured       LT     BB+ Affirmed    RR2      BB+




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

ARMADA EURO IV: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Armada Euro CLO IV DAC's reset final
ratings.

   Entity/Debt              Rating               Prior
   -----------              ------               -----
Armada Euro CLO IV DAC

   A XS2066869368       LT PIFsf  Paid In Full   AAAsf
   A-R XS2966423985     LT AAAsf  New Rating
   B XS2066870291       LT PIFsf  Paid In Full   AA+sf
   B-R XS2966425097     LT AAsf   New Rating
   C XS2066870887       LT PIFsf  Paid In Full   A+sf
   C-R XS2966424363     LT Asf    New Rating
   D XS2066871422       LT PIFsf  Paid In Full   BBB+sf
   D-R XS2966425253     LT BBB-sf New Rating
   E XS2066873394       LT PIFsf  Paid In Full   BB+sf
   E-R XS2966424793     LT BB-sf  New Rating
   F XS2066872404       LT PIFsf  Paid In Full   B+sf
   F-R XS2966424876     LT B-sf   New Rating
   X XS2066869442       LT PIFsf  Paid In Full   AAAsf
   X-R XS2966423803     LT AAAsf  New Rating

Transaction Summary

Armada Euro CLO IV 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 fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Brigade Capital
Europe Management LLP. The CLO has an approximately five-year
reinvestment period and an 8.5 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 indicative portfolio in
the 'B' category. The Fitch weighted average rating factor of the
identified portfolio is 24.2.

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 indicative portfolio is 64.9%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch matrices, two effective at closing and two forward
matrices with a maximum 8.5-year WAL test and 7.5-year WAL test,
respectively. They all correspond to a top 10 obligor concentration
limit at 23% and fixed-rate asset limits of 5% and 10%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest Fitch-defined industries
in the portfolio at 40%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

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

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

Cash Flow Modelling (Neutral): The WAL used for the stressed-cased
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 the stress period.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics of the identified portfolio than the Fitch-stressed
portfolio, the notes display rating cushions to downgrades of up to
two notches.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would result in downgrades of four notches
for the class A, B and C notes, three notches for the class D
notes, and to below 'B-sf' for the class F notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolios would lead to upgrades of no more than four notches for
the notes, except for the 'AAAsf' notes, which are at the highest
level on Fitch's scale and cannot be upgraded.

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

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

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

DATA ADEQUACY

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
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for Armada Euro 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.


ARMADA EURO IV: S&P Assigns B-(sf) Rating on Class F-R Notes
------------------------------------------------------------
S&P Global Ratings assigned ratings to Armada Euro CLO IV DAC's
class X-R to F-R European cash flow CLO notes. The issuer has
unrated class Z and subordinated notes outstanding from the
existing transaction.

The transaction is a reset of the existing transaction, which
closed in December 2019. The existing classes of notes were fully
redeemed with the proceeds from the issuance of the replacement
notes on the reset date. At the same time, S&P withdrew its ratings
on the redeemed notes.

Under the transaction documents, the rated notes 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   2,705.32
  Default rate dispersion                                601.02
  Weighted-average life (years)                            3.86
  Weighted-average life (years) extended
  to cover the length of the reinvestment period           5.00
  Obligor diversity measure                               78.66
  Industry diversity measure                              17.50
  Regional diversity measure                               1.28

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          1.47
  Actual target 'AAA' weighted-average recovery (%)       37.71
  Actual target weighted-average spread (net of floors; %) 3.76
  Actual target weighted-average coupon (%)                3.67

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), and the
covenanted weighted-average recovery rates at all rating levels. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

"Under our structured finance sovereign risk criteria, 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
X-R, A-R, B-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-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 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."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and is managed by Brigade Capital Europe
Management LLP.

Environmental, social, and governance

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

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

  X-R    AAA (sf)      2.50     3mE +0.85%      N/A

  A-R    AAA (sf)    248.00     3mE +1.34%      38.00

  B-R    AA (sf)      44.00     3mE +2.05%      27.00

  C-R    A (sf)       24.00     3mE +2.50%      21.00

  D-R    BBB- (sf)    28.00     3mE +3.40%      14.00

  E-R    BB- (sf)     16.50     3mE +5.90%       9.88

  F-R    B- (sf)      12.50     3mE +8.36%       6.75

  Z      NR            4.00     N/A              N/A

  Subordinated   NR   36.10     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 Euro Interbank Offered Rate when a frequency
switch event occurs.
3mE--Three-month Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


AVOCA CLO XVIII: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XVIII DAC final ratings.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
Avoca CLO XVIII DAC

   A-1 XS2954183468         LT AAAsf  New Rating   AAA(EXP)sf
   A-2 XS2954183625         LT AAAsf  New Rating   AAA(EXP)sf
   B XS2954183971           LT AAsf   New Rating   AA(EXP)sf
   C-R XS2954184516         LT Asf    New Rating   A(EXP)sf
   D-R XS2954184607         LT BBB-sf New Rating   BBB-(EXP)sf
   E-R XS2954184789         LT BB-sf  New Rating   BB-(EXP)sf
   F-R XS2954185083         LT B-sf   New Rating   B-(EXP)sf
   Sub Notes XS1813268916   LT NRsf   New Rating   NR(EXP)sf
   X XS2954183385           LT AAAsf  New Rating   AAA(EXP)sf

Transaction Summary

Avoca CLO XVIII DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to redeem the existing notes except the subordinated
notes and to fund the portfolio with a target par of EUR500
million. The portfolio is actively managed by KKR Credit Advisors
(Ireland). The CLO has a 4.5-year reinvestment period and an 8.5
year weighted average life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch-calculated weighted average rating factor of the identified
portfolio is 25.0.

High Recovery Expectations (Positive): At least 96% 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-calculated
weighted average recovery rate of the identified portfolio is
62.7%.

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

Portfolio Management (Neutral): The transaction has two matrices
that are effective at closing and two that are effective 18 months
post-closing and based on a reduced target par, all with fixed-rate
limits of 5.0% and 12.5%. All four matrices are based on a top-10
obligor concentration limit of 20%. The closing matrices correspond
to an 8.5-year WAL test while the forward matrices correspond to a
7.0-year WAL test.

The transaction has a reinvestment period of about 4.5 years and
includes reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Neutral): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant at issue date, to account for post-reinvestment period
structural and reinvestment conditions, including the coverage
tests and Fitch 'CCC' limitation passing. This ultimately reduces
the maximum possible risk horizon of the portfolio when combined
with loan pre-payment expectations.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels would have no
impact on the class A debt and lead to downgrades of one notch for
the class B to E-R notes and to below 'B-sf' for the class F-R
notes. Downgrades may also occur if the build-up of the notes'
credit enhancement following amortisation does not compensate for a
larger loss expectation 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, D-R and E-R display
a cushion of two notches, the class C-R notes of one notch, and F-R
notes of three 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 stressed
portfolio would lead to downgrades of four notches for the class
A-2, B and C-R debt, three notches for the class A-1 and 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 reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to three
notches for all notes, except for the 'AAAsf' rated notes, which
are at the highest level on Fitch's scale and cannot be upgraded.

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

Avoca CLO XVIII DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Avoca CLO XVIII
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.


AVOCA CLO XVIII: S&P Assigns B-(sf) Rating on Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Avoca CLO XVIII
DAC's class X, A-1-R, A-2-R, B-R, C-R, D-R, E-R, and F-R notes. The
issuer also has unrated subordinated notes outstanding from the
original transaction.

This transaction is a reset of the already existing transaction.
The existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date. At
the same time, S&P's withdrew its ratings on the redeemed notes.

The ratings assigned to Avoca CLO XVIII's reset notes reflect our
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     2,770.01
  Default rate dispersion                                  531.78
  Weighted-average life (years)                              4.04
  Weighted-average life (years) extended
  to cover the length of the reinvestment period             4.50
  Obligor diversity measure                                179.94
  Industry diversity measure                                21.32
  Regional diversity measure                                 1.34

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            1.01
  Target 'AAA' weighted-average recovery (%)                37.48
  Actual weighted-average spread (net of floors; %)          3.79
  Actual weighted-average coupon (%)                         3.77

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR500 million
target par amount, the covenanted weighted-average spread (3.79%),
the covenanted weighted-average coupon (3.77%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Until the end of the reinvestment period on July 15, 2029, the
collateral manager may substitute assets in the portfolio as 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, we consider
the transaction's exposure to country risk 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."

KKR Credit Advisors (Ireland) Unlimited Co. manages the
transaction, and the maximum potential rating on the liabilities is
'AAA' under our operational risk criteria.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe the ratings
are commensurate with the available credit enhancement for the
class X to F-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-R to F-R
notes could withstand stresses commensurate with higher ratings
than those 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 on the notes.

"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for all the
rated classes of 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 A-1-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."

Environmental, social, and governance

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. The transaction documents prohibit assets from being
related to the following industries: anti-personnel mines, cluster
weapons, depleted uranium, nuclear weapons, white phosphorus,
biological or chemical weapons; civilian firearms; tobacco; thermal
coal or coal extraction; payday lending; thermal coal production,
speculative extraction of oil and gas, oil sands and associated
pipelines industry; endangered or protected wildlife; marijuana;
pornography or prostitution; opioid; and illegal drugs or
narcotics. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

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

  X      AAA (sf)     5.00  Three/six-month EURIBOR    N/A
                          plus 0.93%

  A-1-R  AAA (sf)   304.00  Three/six-month EURIBOR    39.20
                          plus 1.28%

  A-2-R  AAA (sf)    13.50  Three/six-month EURIBOR    36.50
                          plus 1.75%

  B-R    AA (sf)     47.50  Three/six-month EURIBOR    27.00
                          plus 1.95%

  C-R    A (sf)      30.00  Three/six-month EURIBOR    21.00
                          plus 2.25%

  D-R    BBB- (sf)   35.00  Three/six-month EURIBOR    14.00
                          plus 3.05%

  E-R    BB- (sf)    22.50  Three/six-month EURIBOR     9.50
                          plus 5.75%

  F-R    B- (sf)     15.00  Three/six-month EURIBOR     6.50
                          plus 8.28%

  Sub notes   NR     45.65  N/A                         N/A

*The ratings assigned to the class X, A-1-R, A-2-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.


CVC CORDATUS XXVI: Fitch Assigns B-sf Final Rating on Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XXVI DAC reset
notes final ratings, as detailed below.

   Entity/Debt                    Rating             Prior
   -----------                    ------             -----
CVC Cordatus Loan
Fund XXVI DAC

   Class A-1-R XS2958383452   LT AAAsf  New Rating   AAA(EXP)sf
   Class A-2-R XS2958383619   LT AAAsf  New Rating   AAA(EXP)sf
   Class B-1-R XS2958383882   LT AAsf   New Rating   AA(EXP)sf
   Class B-2-R XS2958384005   LT AAsf   New Rating   AA(EXP)sf
   Class C-R XS2958384344     LT Asf    New Rating   A(EXP)sf
   Class D-R XS2958384690     LT BBB-sf New Rating   BBB-(EXP)sf
   Class E-R XS2958384856     LT BB-sf  New Rating   BB-(EXP)sf
   Class F-R XS2958385077     LT B-sf   New Rating   B-(EXP)sf

Transaction Summary

CVC Cordatus Loan Fund XXVI DAC is a securitisation of mainly
senior secured obligations (at least 96%) with a component of
senior unsecured, mezzanine, second lien loans and high-yield
bonds. Note proceeds have been used to redeem the existing notes
(except the subordinated notes) and to fund the existing portfolio
with a target par of EUR500 million.

The portfolio is actively managed by CVC Credit Partners Investment
Management Limited. The CLO has a 4.5-year reinvestment period and
a seven-year weighted average life (WAL) test at closing, which can
be extended one year after closing, subject to conditions.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor of the identified portfolio is 25.2.

High Recovery Expectations (Positive): At least 96% 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 58.7%.

Diversified Portfolio (Positive): The transaction includes two
matrices that are effective at closing, corresponding to a
seven-year WAL and two different fixed-rate asset limits at 5% and
12.5%. The transaction also has various concentration limits,
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.

WAL Step-Up Feature (Neutral): From one year after closing, the
transaction can extend the WAL test by one year. The WAL extension
is at the option of the manager, but subject to conditions
including passing the Fitch collateral quality tests and the
aggregate collateral balance with defaulted assets at their
collateral value being equal to or greater than the reinvestment
target par.

Portfolio Management (Neutral): The transaction has a 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.

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis and matrices analysis is 12
months less than the WAL covenant. This is to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period, which include passing the coverage test
and the Fitch 'CCC' bucket limitation test after reinvestment as
well as a WAL covenant that gradually steps down, 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) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A-1-R,
A-2-R and B-R notes and would lead to downgrades of one notch for
the class C-R and D-R notes, two notches for the class 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, C-R, D-R, E-R and F-R
notes each display a rating cushion of two notches.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
three notches for the class A-1-R, A-2-R, B-R, C-R and 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 mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to two notches for the
notes, except the 'AAAsf' notes, which are at the highest level on
Fitch's scale and cannot be upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the remaining life of
the transaction. After the end of the reinvestment period, upgrades
may 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
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for CVC Cordatus Loan
Fund XXVI 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.


CVC CORDATUS XXVI: S&P Assigns B-(sf) Rating on Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan
Fund XXVI DAC's class A-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R, E-R,
and F-R notes. There are also unrated subordinated notes from the
original transaction.

This transaction is a reset of the already existing transaction.
The existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date and
the ratings on the original notes were withdrawn.

The target par amount has increased to EUR500 million from EUR
423.50 million. The additional assets were purchased from a
special-purpose entity (SPE) set up for the purpose of warehousing
such assets.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,868.32
  Default rate dispersion                                 508.58
  Weighted-average life (years)                             4.38
  Weighted-average life extended to cover
  the length of the reinvestment period (years)             4.50
  Obligor diversity measure                               155.05
  Industry diversity measure                               20.89
  Regional diversity measure                                1.16

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.19
  Target 'AAA' weighted-average recovery (%)               35.18
  Target weighted-average spread (%)                        3.95
  Target weighted-average coupon (%)                        4.23

Liquidity facility

This transaction has a EUR1.5 million liquidity facility, provided
by The Bank of New York Mellon, with a maximum commitment period of
four years and an option to extend for a further one or two
additional one-year periods. The margin on the facility is 2.50%
and drawdowns are limited to the amount of accrued but unpaid
interest on collateral debt obligations. The liquidity facility is
repaid using interest proceeds in a senior position of the
waterfall or repaid directly from the interest account on a
business day earlier than the payment date. For S&P's cash flow
analysis, it assumes that the liquidity facility is fully drawn
throughout the six-year period and that the amount is repaid just
before the coverage tests breach.

Rating rationale

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

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

"In our cash flow analysis, we used the EUR500 million target par
amount, the covenanted weighted-average spread (3.90%), the
covenanted weighted-average coupon (4.30%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

"Until the end of the reinvestment period on July 15, 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 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.

"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 ratings are
commensurate with the available credit enhancement for the class
A-1-R, A-2-R, and E-R notes. Our credit and cash flow analysis
indicates that the available credit enhancement for the class B-1-R
to D-R notes could withstand stresses commensurate with higher
rating levels 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.

"For the class F-R notes, our credit and cash flow analysis
indicate that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, we have applied
our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."

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

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that have
recently been issued in Europe.

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 23.67% (for a portfolio with a weighted-average
life of 4.5 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.5 years, which would result
in a target default rate of 13.95%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F-R notes is commensurate with the
assigned 'B-(sf)' rating.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-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."

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit (and or for some of these
activities revenue limits apply, or they cannot be the primary
business activity) assets from being related to certain activities.
These activities include, but are not limited to: The extraction of
thermal coal, extraction of oil and gas, controversial weapons,
non-certified palm oil production, the production of or trade or
involvement in tobacco or tobacco products, hazardous chemicals and
pesticides, production or trade in endangered wildlife, pornography
or prostitution, and payday lending. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and is managed by CVC Credit Partners
Investment Management Ltd.

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

  A-1-R  AAA (sf)   305.00    Three/six-month      39.00
                              EURIBOR + 1.28       

  A-2-R  AAA (sf)    10.00    Three/six-month      37.00
                              EURIBOR + 1.62

  B-1-R  AA (sf)     33.45    Three/six-month      27.75
                              EURIBOR + 2.00

  B-2-R  AA (sf)     12.80    4.90                 27.75

  C-R    A (sf)      30.00    Three/six-month      21.75
                              EURIBOR + 2.45

  D-R    BBB- (sf)   35.00    Three/six-month      14.75
                              EURIBOR + 3.35

  E-R    BB- (sf)    26.25    Three/six-month       9.50
                              EURIBOR + 5.75

  F-R    B- (sf)     15.00    Three/six-month       6.50
                              EURIBOR + 8.34

  Sub    NR          30.00    N/A                   N/A

*The ratings assigned to the class A-1-R, A-2-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 EURIBOR
when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


FR FLOW 1: Moody's Withdraws 'B3' CFR on Debt Repayment
-------------------------------------------------------
Moody's Ratings has withdrawn FR Flow Control Luxco 1 S.a r.l.'s
(Flow Control) ratings including the B3 Corporate Family Rating,
the B3-PD Probability of Default Rating and the B3 ratings on the
company's senior secured multi-currency revolving credit facility
and senior secured term loan B. Prior to the withdrawal the outlook
was stable. This action follows Flow Control's full repayments of
its previously rated debts after a refinancing.

RATINGS RATIONALE

Moody's have withdrawn the ratings as a result of the repayments of
the rated senior secured multi-currency revolving credit facility
due in December 2025 and term loan B due in June 2026.

FR Flow Control Luxco 1 S.a r.l. (Flow Control) is the financing
subsidiary for FR Flow Control Midco Limited (U.K.), doing business
as Trillium Flow Technologies. The company designs and manufactures
highly engineered valves and pumps and provides specialist support
services to several industries. These include global nuclear power
generation, industrial, oil and gas, waste and wastewater treatment
and other aftermarket oriented process industries. Flow Control is
controlled by private equity firm First Reserve Corporation.


GOLDENTREE LOAN 8: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned GoldenTree Loan Management EUR CLO 8 DAC
final ratings.

   Entity/Debt                     Rating           
   -----------                     ------           
GoldenTree Loan Management
EUR CLO 8 DAC

   A XS2948486498              LT AAAsf  New Rating
   B XS2948486654              LT AAsf   New Rating
   C XS2948486811              LT Asf    New Rating
   D XS2948487033              LT BBB-sf New Rating
   E XS2948487207              LT BB-sf  New Rating
   F XS2948487546              LT B-sf   New Rating
   Subordinated XS2948487975   LT NRsf   New Rating
   X XS2948486142              LT AAAsf  New Rating

Transaction Summary

GoldenTree Loan Management EUR CLO 8 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 purchase a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
GLM III, LP. The CLO has a 4.5-year reinvestment period and an
8.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor of the identified portfolio is 24.6.

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 63.1%.

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

Portfolio Management (Neutral): The transaction has four matrices.
Two are effective at closing with fixed-rate limits of 5.0% and
12.5%, and two will be effective one year after closing with
fixed-rate limits of 5.0% and 12.5%. All four matrices are based on
a top 10 obligor concentration limit of 20%. The closing matrices
correspond to an 8.5-year WAL test, while the forward matrices
correspond to a 7.5-year WAL test.

The switch to the forward matrices is subject to the aggregate
collateral balance (with defaults carried at Fitch collateral
value) being at least at the target par.

Cash Flow Modelling (Positive): The WAL for the transaction's
stress portfolio analysis is 12 months less than the WAL covenant.
This is to account for the strict reinvestment conditions envisaged
by the transaction after its reinvestment period.

These conditions include passing the coverage tests and the Fitch
'CCC' bucket limitation test after reinvestment, as well as a WAL
covenant that gradually steps down, before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during the stress
period.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the stressed-case portfolio, except for the 'AAAsf' rated notes,
the rated notes have a cushion of two notches.

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the stressed-case
portfolio would lead to an upgrade of to two notches for the class
B, C and D notes, three notches for the class E notes and four
notches for the class F notes.

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

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

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

DATA ADEQUACY

GoldenTree Loan Management EUR CLO 8 DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for GoldenTree Loan
Management EUR CLO 8 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.


GOLDENTREE LOAN 8: S&P Assigns B-(sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to GoldenTree Loan
Management EUR CLO 8 DAC's class X, A, B, C, D, E, and F notes. The
issuer also issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.51 years after
closing, and the portfolio's maximum average maturity date is 8.5
years after closing.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, S&P has conducted its credit and cash
flow analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,781.06
  Default rate dispersion                                 478.98
  Weighted-average life (years)                             4.72
  Obligor diversity measure                               131.75
  Industry diversity measure                               18.50
  Regional diversity measure                                1.29

  Transaction key metrics

  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  CCC rated assets ('CCC+','CCC', and 'CCC-' [%])           1.71
  Number of performing obligors                              154
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  Target 'AAA' weighted-average recovery (%)               38.68
  Modelled 'AAA' weighted-average recovery (%)             37.18
  Target weighted-average spread (no credit to floors [%])  3.77

S&P said, "In our cash flow analysis, we modeled the EUR400 million
target par amount, the covenanted weighted-average spread of 3.70%,
the covenanted weighted-average coupon of 5.00%, and the covenanted
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

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

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

"The operational risk associated with key transaction parties (such
as the collateral manager) that provide an essential service to the
issuer is in line with our operational risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class X
to F notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B to F notes is
commensurate with higher ratings than those assigned. However, as
the CLO will have a reinvestment period, during which the
transaction's credit risk profile could deteriorate, we have capped
our assigned ratings on these notes.

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

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

Environmental, social, and governance

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

GoldenTree Loan Management EUR CLO 8 is a European cash flow CLO
securitization of a revolving pool, comprising primarily
euro-denominated senior secured loans and bonds. GLM III, LP
manages the transaction.

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

  X      AAA (sf)     2.00    N/A     Three/six-month EURIBOR
                                      plus 0.50%

  A      AAA (sf)   248.00    38.00   Three/six-month EURIBOR
                                      plus 1.28%

  B      AA (sf)     42.00    27.50   Three/six-month EURIBOR
                                      plus 1.95%

  C      A (sf)      24.00    21.50   Three/six-month EURIBOR
                                      plus 2.25%

  D      BBB- (sf)   30.00    14.00   Three/six-month EURIBOR
                                      plus 3.10%

  E      BB- (sf)    18.00     9.50   Three/six-month EURIBOR
                                      plus 5.75%

  F      B- (sf)     12.00     6.50   Three/six-month EURIBOR
                                      plus 8.42%

  Sub. Notes  NR     27.30     N/A    N/A

*S&P's ratings address payment of timely interest and ultimate
principal on the class X, A, and B notes and ultimate interest and
principal on rest of the notes.
§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.




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

IREN SPA: Fitch Gives 'BB+(EXP)' Rating on Subordinated Notes
-------------------------------------------------------------
Fitch Ratings has published Iren S.p.A.'s (BBB/Stable) proposed
perpetual subordinated notes' expected rating of 'BB+(EXP)'. The
assignment of the final rating is contingent on the receipt of
final documents conforming to information already received by
Fitch.

The proposed hybrid notes qualify for 50% equity credit, as
interest payments are deferrable at the company's discretion.
Additionally, the notes' subordinated ranking provides loss
absorption for Iren's more senior debt, as the notes rank senior
only to shares and any other class of share capital.

IREN's IDR and Stable Outlook reflect its well-integrated and
balanced business mix, which is mainly exposed to regulated and
quasi-regulated activities. Following the hybrid issue, Fitch
expects Iren to enhance its financial flexibility and maintain its
strong financial profile, with funds from operations (FFO) net
leverage skewed towards its positive rating sensitivity over
2024-2028, even when accounting for the earlier-than-expected
consolidation of EGEA S.p.A.

Key Rating Drivers

The Proposed Notes:

Rating Reflects Deep Subordination: The proposed hybrid notes are
rated two notches below Iren's senior unsecured rating of 'BBB',
given their deep subordination and loss-absorption features and,
consequently, lower recovery prospects. The notes only rank senior
to the claims of common equity and other class of share capital.

Equity Treatment: The securities will qualify for 50% equity credit
as they meet Fitch's 'Corporate Hybrids Treatment and Notching
Criteria' with regard to deep subordination, limited events of
default, full discretion to defer coupons for at least five years,
and optional call dates. These are equity-like characteristics, but
equity credit is limited to 50%, due to the cumulative interest
coupon, a feature that is more debt-like in nature.

Cumulative Coupon Limits Equity Treatment: The interest coupon
deferrals are cumulative, resulting in a 50% debt treatment of the
hybrid notes by Fitch. Despite the 50% equity treatment, Fitch
treats coupon payments as 100% cash interest. Iren will be obliged
to make a mandatory settlement of deferred interest payments under
certain circumstances, including the declaration of a cash
dividend. This is a feature similar to debt-like securities and
reduces its financial flexibility.

Effective Maturity Date: While the new hybrid is perpetual, Fitch
deems its effective remaining maturity as 2050, the date from which
the issuer will no longer be subject to replacement language, which
discloses Iren's intention to replace the instrument with the
proceeds of a similar instrument or with equity on redemption or
repurchase. The cumulative coupon step-ups are limited to 25bp in
10.25 years and 100bp (cumulative) in 25.25 years. Under Fitch's
criteria, the equity credit of 50% falls to 0% five years before
the effective maturity date.

Iren S.p.A

Strong Leverage Metrics, Ample Headroom: Iren remains committed to
its 'BBB' rating, with solid rating headroom allowing high
financial flexibility. Fitch expects FFO net leverage to average
4.3x over 2024-2028, including the proposed hybrid issue, EGEA
S.p.A. consolidation and some conservative assumptions on
regulations, energy prices, and supply profitability. Fitch
projects EBITDA at slightly more than EUR1.4 billion in 2028, while
net debt will increase by EUR1.2 billion from 2023 to near EUR5.1
billion in 2028, primarily driven by its investment plan and
increasing dividends.

Synergies Acceleration from EGEA Acquisition: Iren is now expected
to step up its ownership of EGEA S.p.A to 55%. While Fitch expects
the consolidation of EGEA to modestly affect Iren's net leverage
trajectory, in light of the Alba-based utility's EUR55
million-EUR60 million EBITDA and EUR170 million net debt, Fitch
believes it will substantially accelerate synergies. This is due to
its proximity to Iren in the Piedmont region, its strong
recognition in the Cuneo Province, and the complementary services
it provides, such as district heating, water and gas distribution
networks, and waste collection and supply.

Positive Trading & Governance Evolution: Iren's EBITDA performance
in 9M24 was solid and marginally better than its forecast, yielding
a year-end 2024 company-defined net debt/EBITDA of 3.3x versus its
3.4x expectations. This is attributable to higher hydroelectric
production and higher-than-expected electricity volumes sold to
final clients during 2H24. Iren's appointment of the veteran head
of the market business unit, Gianluca Bufo, as CEO in September
2024, confirms the shareholders' alignment with the 2024-2030
business plan update that is grounded in disciplined organic
growth.

Resilient Business Mix: Iren's business mix is defensive, with
regulated activities (electricity, gas and water distribution,
waste management, and district heating) expected to contribute 66%
of EBITDA until 2028. Quasi-regulated activities (incentive and
long-term contracted generation, some waste treatment activities,
and capacity market contributions) will add another 11%, minimising
Iren's volume and price risks. The Italian regulated network is
fully protected from high inflation and interest rates.

Well-Balanced Merchant Exposure: Iren's merchant activities are
largely naturally hedged, providing overall stability even in a
volatile energy environment. In waste management, the company shows
a willingness to maintain a balance between collection and
treatment activities. Additionally, Iren's hedging policy is sound
and balanced, in its view.

Instrument Uplift Dependent on Sovereign: Fitch currently do not
apply the one-notch uplift for higher expected recoveries on debt
instruments issued by utilities with more than 50% of earnings from
regulated activities under its Corporates Recovery Ratings and
Instrument Ratings Criteria. This is because doing so would result
in Iren's senior unsecured instrument rating exceeding Italy's
sovereign IDR of 'BBB'/Positive. However, a sovereign rating
upgrade on Italy would allow the uplift and would be positive for
IREN's instrument ratings.

Derivation Summary

Iren has a comparable business profile with other Italian
multi-utilities rated by Fitch, such as Acea SpA (BBB+/Stable) and
Alperia SpA (BBB/Stable), and international peers such as EDP, S.A
(BBB/Stable) and Naturgy Energy Group, S.A. (BBB/Stable). For Acea,
the rating differential largely reflects a higher 85% contribution
of fully regulated activities, versus Iren's 66%, notwithstanding
its slightly higher leverage.

Alperia has a lower debt capacity than Iren, due to a lower 30%
contribution of regulated and quasi-regulated activities, which is
partially offset by its 100% fuel cost-free asset base. The larger
EDP is rated at the same level as Iren with similar leverage
metrics, but has slightly lower debt capacity, due to its lower
share of regulated activities. Naturgy has a similar leverage
profile but a moderately weaker business risk profile, due to its
higher exposure to volatile gas activities, which is partially
offset by its slightly larger share in regulated businesses.

Key Assumptions

- Electricity prices normalising at EUR85/MWh by 2027

- Lower weighted average cost of capital of 5.9% for gas and 5.6%
for electricity distribution from 2025 onwards

- EBITDA to rise to EUR1.4 billion by 2028

- Cumulative net investments of almost EUR6 billion in 2024-2028

- Cumulative dividends of more than EUR910 million in 2024-2028

RATING SENSITIVITIES

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

- FFO net leverage above 5.0x (2023: 3.4x), and FFO interest
coverage below 4.0x (2023: 11.6x) over a sustained period, for
instance as a result of lower-than expected operating cash flow and
lack of capex and dividend flexibility

- Growing exposure to unregulated activities or material
debt-funded acquisitions beyond its expectation

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

- Clear commitment to structural FFO net leverage below 4.3x and
FFO interest coverage sustained above 5.0x, assuming an unchanged
business risk profile

- An upgrade of the Italian sovereign rating to 'BBB+' will trigger
an upgrade of Iren's senior unsecured debt and the proposed
subordinated notes ratings

Liquidity and Debt Structure

At end-September 2024, Iren had cash and cash equivalents of around
EUR1.3 billion and current available long-term committed facilities
of almost EUR0.7 billion. This is adequate for its short-term debt
maturities until December 2025 of around EUR1.1 million and its
expectation of negative free cash flow of under EUR0.7 billion
after acquisitions and divestitures in the next 15 months.

Issuer Profile

Iren is the fourth largest Italian multi-utility by revenues.

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           
   -----------          ------           
Iren S.p.A.

   Subordinated     LT BB+(EXP) Publish


IREN SPA: S&P Assigns 'BB+' Rating on Proposed Hybrid Instrument
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to the
proposed undated, optionally deferrable, and subordinated hybrid
capital securities to be issued by Italy-based multiutility Iren
SpA (BBB/Stable/--). The transaction remains subject to market
conditions. S&P expects Iren's issuance to be a single tranche of
at about EUR500 million, and anticipate that overall, the amount of
outstanding hybrids with intermediate equity content will equal
about 6.4% of the company's capitalization (estimated at about
EUR7.8 billion at end-2024).

S&P said, "We consider the proposed instrument will have
intermediate equity content until the first reset date, which we
understand will fall no earlier than five years and three months
from issuance. During this period, the instrument meets our
criteria in terms of ability to absorb losses or conserve cash if
needed."

S&P derives its 'BB+' issue rating on the proposed instrument by
notching down from its 'BBB' issuer credit rating on Iren." As per
its methodology, the two-notch differential reflects:

-- A one-notch deduction for subordination because the rating on
Iren is higher than 'BBB-'.

-- An additional one-notch deduction to reflect payment
flexibility, given the deferral of interest is optional.

S&P said, "The number of notches deducted reflects our view that
Iren is relatively unlikely to defer interest. Should our view
change, we may deduct additional notches to derive the issue
rating. Furthermore, to capture our view of the intermediate equity
content of the proposed instrument, we allocate 50% of the related
payments as a fixed charge and 50% as equivalent to a common
dividend, in line with our hybrid capital criteria. The 50%
treatment of principal and accrued interest also applies to our
adjustment of debt."

Iren can redeem the securities for cash at any time in the three
months immediately before the first reset date, then on every
interest payment date. The company has underscored its willingness
to maintain or replace the instrument, despite the loss of the
preferential treatment. This statement of intent narrows the
likelihood that the issuer will repurchase the instrument on the
open market. S&P said, "We also do not believe that the presence of
a make-whole clause creates an expectation that the proposed
instrument will be redeemed before its effective maturity. Although
the proposed instrument is perpetual, it can be called at any time
for events we consider to be external or remote (such as a change
in tax, a rating event, or an accounting event)."

S&P said, "We understand that the interest on the proposed
instrument will increase by 25 basis points (bps) five years after
the first reset date, then by an additional 75 bps at the second
step-up, 20 years after the first reset date. We view any step-up
above 25 bps as presenting an economic incentive to redeem the
instrument, and therefore treat the date of the second step-up as
the instrument's effective maturity date."

Key factors in S&P's assessment of the instrument's deferability:  


S&P said, "In our view, Iren's option to defer payment on the
proposed instrument is discretionary. This means that the issuer
may elect not to pay accrued interest on an interest payment date
because doing so is not an event of default. However, any deferred
interest payment will have to be settled in cash if Iren declares
or pays a dividend on shares or interest on equally ranking
securities, and if the issuer redeems or repurchases shares or
equally ranking securities. Nevertheless, this condition remains
acceptable under our methodology because, once the issuer has
settled the deferred amount, it can still choose to defer on the
next interest payment date."

Key factors in S&P's assessment of the instrument's subordination


The proposed instrument and coupon are intended to constitute
Iren's direct, unsecured, and subordinated obligations, ranking
senior to their common shares.




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

CLAUDIUS FINANCE: S&P Affirms 'B+' ICR & Alters Outlook to Negative
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Claudius Finance Parent
S.a.r.l. (operating company: Cegid) to negative from stable and
affirmed its 'B+' ratings on the company and its term loans Bs
(TLBs). The recovery rating is unchanged at '3', indicating its
expectation of about 65% recovery (rounded estimate) in a default
scenario.

The negative outlook indicates that S&P will lower the ratings if
the company does not actively reduce debt over the near term,
in-line with its plans, or undertakes another debt-funded
acquisition, which would result in no headroom under our 6.5x debt
to EBITDA rating trigger.

Cegid plans to issue a EUR500 million first-lien term loan to fund
strategic acquisitions, and S&P forecasts the proposed transaction
will lead to S&P Global Ratings-adjusted debt to EBITDA of about
7.5x (5.8x excluding the payment-in-kind) in 2025 versus its
previous expectation of a reduction to 6.1x.

The announced transaction follows the debt-funded acquisition of
EBP in July 2024 and the dividend recapitalization in September
2023, which combined, have kept Cegid's leverage elevated since
2023.

S&P said, "Nevertheless, we expect solid organic growth of about
8%-10% in 2025-2026 and strong cash flow generation, allowing Cegid
to accumulate cash for early prepayments, and we understand that
Cegid's private equity owners plan to reduce debt by prepayments in
early 2026, which would help reduce debt to EBITDA to about 6x in
2026."


EUROPORTS: Fitch Lowers Long-Term IDR to 'B+', Outlook Negative
---------------------------------------------------------------
Fitch Ratings has downgraded EP BCo S.A.'s (Euroports) Long-Term
Issuer Default Rating (IDR) to 'B+' from 'BB-'. The Outlook is
Negative.

Fitch has also downgraded the company's first-lien EUR515 million
term loan B (TLB) and second-lien EUR73 million TLB to 'B+' from
'BB-'. Their Recovery Ratings remain at 'RR2' and 'RR6',
respectively. Fitch has downgraded EP BCo's revolving credit
facility (EUR35 million) to 'B+' from 'BB-'. The Recovery Rating
remains at 'RR2'.

RATING RATIONALE

The downgrade reflects EP BCo's slower-than-expected deleveraging,
with gross leverage remaining above 6.5x until 2025 in the Fitch
rating case (FRC).

The Negative Outlook considers its expectation that EP BCo will
remain negative in free cash flow (FCF) over the next two years,
with limited visibility over its medium-term strategy, due to the
ongoing restructuring of its ownership structure.

Euroports' 'B+' rating reflects its diversified portfolio of mature
terminals in the commodity sector, but also its exposure to the
more volatile freight forwarding business (MPL) and the refinancing
risk linked to its bullet debt structure.

KEY RATING DRIVERS

Revenue Risk - Volume - High Midrange

Diversified Portfolio of Commodity Terminals: Euroports' portfolio
of about 50 terminals is strategically located close to production
and consumption centres, and benefits from good hinterland and
multi-modal connectivity. Customer concentration is moderate.

Cargo primarily involves origin and destination activities and is
concentrated in the commodity sector. However, its wide range of
cargo types shows low correlation, which partly hedges against the
volatility of Euroports' volumes. Competition is limited by its
proximity to port end-users and a lower share of standardised cargo
volume than a port container operator. The broadening of services
into MPL may increase customer retention overall, but it also
exposes Euroports to lower margins and higher volatility than at
its terminals.

Revenue Risk - Price - Midrange

Pricing Tracks Inflation: Euroports has longstanding relationships
with a diversified customer base, with predominantly long-term
contracts in the terminals' division. Take-or-pay clauses underpin
about a quarter of the terminals division's revenues. The terminal
operator benefits from full price flexibility across all regions.
However, tariff increases tend to be limited by contractual
arrangements that are generally indexed to inflation to varying
degrees.

Infrastructure Dev. & Renewal - Midrange

Self-Funded Capex Plan: Euroports is well-equipped to deliver its
investment programme, given its record of implementation of large
maintenance and expansionary investments in its network. Its capex
plan is largely flexible, self-funded, and focuses on projects such
as new warehouses, backed by long-term contracts with group clients
and short payback periods of up to six years.

Debt Structure - 1 - Weaker

Refinance Risk and Floating-Rate Debt: Euroports' debt is secured,
exposed to variable rates and looser covenants than a pure project
finance (PF) debt structure. The structure provides limited
protection against re-leveraging risk, and excess cash flow sweep
and lock-up features are less protective than typical PF
transactions.

The significant refinancing risk of the bullet structure weighs on
its assessment. However, Euroports has a history of extending
concession tenors ahead of its legal maturity, which supports their
refinancing capacity. As in the existing debt documentation, Fitch
believes the first- and second-lien TLBs have a similar probability
of default, as second-lien creditors can undertake enforcement
actions in an event of default, and collapse the entire debt
structure once the standstill period lapses.

Recovery Considerations

Following the downgrade to 'B+', Fitch applies the bespoke analysis
framework of the Recovery Ratings.

The recovery analysis assumes that EP BCo would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated. The GC
EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA, on which Fitch bases the enterprise
valuation (EV).

Fitch has assumed a 20% discount over the last 12 months to
September 2024 consolidated pro-forma EBITDA, as calculated under
the financial documentation, net of lease charges and minority
interests. The discount is based on an infrastructure asset with
fairly stable cash flow generation.

Fitch uses a multiple of 6.5x to estimate EP BCo's GC EV, which is
the midpoint of the regional band under its Infrastructure and
Project Finance Criteria, because of the strategic location and
diversification of its assets.

Fitch assumes that its revolving credit facility (RCF), that ranks
pari passu with its first-lien, will be fully drawn on
reorganisation. Finally, Fitch deducts 10% for administrative
claims.

The estimated recovery for first-lien and RCF lenders is within the
'RR2' band. Subsequently, second-lien lenders' recovery prospects
fall within the 'RR6' band.

Country caps are not applicable, since more than 85% of EBITDA and
assets are generated and located in 'A' and 'B' grouping countries
(Belgium, Germany, Finland, Spain), and the headquarters are
located in Belgium.

Financial Profile

Under the FRC, gross debt/EBITDA is estimated to have increased to
6.9x in 2024, before decreasing to 6.5x in 2025. The average gross
debt/EBITDA is 6.5x over 2024-2026. Euroports' financial profile is
highly sensitive to variations in EBITDA margins.

PEER GROUP

Fitch compares Euroports with DP World Limited (BBB+/Stable). DP
World has lower leverage, is much larger in size, and its
operations are more geographically diversified, supporting its
higher rating.

RATING SENSITIVITIES

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

- Failure to maintain gross debt/EBITDA below 6.5x on a sustained
basis

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

- A clear deleveraging trend, with gross debt/ EBITDA below 6.5x on
a sustained basis, combined with better visibility on the new
shareholder structure and business plan, could lead to the Outlook
being revised to Stable

Summary of Financial Adjustments

Finance and operating leases are captured as an operating expense,
reducing EBITDA.

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
   -----------               ------         --------   -----
EP BCo S.A.            LT IDR B+  Downgrade            BB-

   EP BCo S.A./
   Port Revenues –
   First Lien/1 LT     LT     B+  Downgrade   RR2      BB-

   EP BCo S.A./Port
   Revenues - Second
   Lien/2 LT           LT     B+  Downgrade   RR6      BB-


MATTERHORN TELECOM: Fitch Gives BB+(EXP) Rating on EUR350MM Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Matterhorn Telecom S.A.'s (Salt)
proposed EUR350 million senior secured notes (SSNs) due 2030 an
expected senior secured rating of 'BB+(EXP)' with a Recovery Rating
of 'RR2'. The assignment of a final rating is subject to the
receipt of final documentation conforming to the information
reviewed.

The SSN proceeds, together with a new term loan facility, will be
used to refinance its remaining EUR361 million 2027 SSNs and
partially repay its term loan facility B (TLB) due 2026. Fitch
expects the transaction to be neutral to leverage but to help
improve Salt's debt maturity profile, while the slightly higher
funding costs will not affect materially its cash flow metrics.

Matterhorn Telecom Holding S.A.'s 'BB-' Long-Term Issuer Default
Rating (IDR) reflects its stable position in the Swiss mobile
market, above-sector average EBITDA margin and manageable leverage
offsetting a lower, albeit slightly increasing, market share and
smaller scale than peers. The rating also incorporates solid
prospects for fibre broadband growth.

Key Rating Drivers

Stable Mobile Market Position: The Swiss mobile market is dominated
by the incumbent operator, Swisscom, which competes on service and
product quality. It has one of the western European telecoms
sector's highest mobile (56%) and fixed-broadband (46.5%) market
shares. The mobile market is structurally stable, with three
network operators. Salt has a mobile market share of around 17%,
which is at the lower end of its European alternative operator peer
group, but has been slightly increasing over the past five to six
years, resulting in good revenue stability.

Lean Business Model: Salt's low customer market share has not
impeded its ability to generate EBITDA margins that are similar to
its larger European peers'. At end-2023 Salt had a 43.3%
Fitch-defined EBITDA margin, which is above average for its
alternative operator peer group. This reflects strong execution and
a lean cost structure.

While Fitch estimates Fitch-defined EBITDA margins to have declined
by around 1pp in 2024, due to interconnect, roaming and commercial
costs that support growth, Fitch believes retaining a Fitch-defined
margin above 42% is sustainable, even with a continued increase in
revenue contribution from its lower-margin fixed broadband over the
next four years.

Fibre Broadband Growth Opportunity: At end-2023 Salt had around
223,000 fixed broadband subscribers, equating to a national market
share of 5%. Fitch's base case projects that Salt will double its
market share over the next four to five years. Assuming stable
pricing for the product at CHF49.95 over this period, Salt should
see broadband revenue CAGR of 10%-15% (CHF200 million-CHF250
million) compared with 2023. This growth will improve cash flow
diversification and reduce dependency on mobile services.

Attractive Fibre Supply Agreements: Salt has secured contracts with
Swisscom nationally and with regional utilities for the supply of
fibre network infrastructure for fixed-broadband services. The
contracts enable Salt to gain 20-year fibre network access through
the purchase of indefeasible rights of use (IRU), providing
economics similar to owning the fibre. The contracts enable Salt to
generate infrastructure-like margins, with high upfront deployment
costs phased over 10 years on average.

IRU Reduces Risks: The IRU payment is only due on the successful
acquisition of a new customer. This significantly reduces
operational and financial risks in relation to fibre-to-the-home
deployments and improves visibility on returns. Compared with
deploying its own network, the purchase of IRUs gives Salt faster
access to local fibre infrastructure, reduces own-network
deployment risks and removes the uncertainty of product uptake
risks, which are key to the return of fibre deployments. The
ability to port customers' lines within regions and nationally
improves utilisation scope in the long run.

Building IRU Liability: The phased payment terms for IRUs improve
Salt's free cash flow (FCF) profile, reduce peak funding
requirements and improve payback for the project. However, the
favourable payment terms over 10 years lead to a liability on
Salt's balance sheet. At end-2023 this liability was CHF496 million
based on a discounted approach. As Salt has increased its broadband
subscriber base, its revised estimates indicate that this liability
could increase and peak at over CHF600 million over the next four
to five years, assuming a doubling in Salt's broadband market
share.

Fitch's IRU Treatment: Fitch treats the annual IRU cash costs as
cash capex, which is in line with its approach across the western
European telecoms sector. The liability, however, contributes
towards a lower EBITDA net leverage threshold of the rating by
about 0.4x-0.5x relative to its peers'. This is broadly equivalent
to the impact of treating the IRU cost as operating expenditure,
where the total asset base is amortised over the 20-year life of
the asset.

Leverage Remains Within Thresholds: Over the past three to four
years Salt has managed adjusted EBITDA leverage of 3.5x-4.0x (based
on the company's definition that excludes IFRS 15 and IFRS 16).
Continuing to do this will place Salt comfortably within the
leverage thresholds of its rating. Fitch's base case forecasts that
Salt will retain some discretion in managing its credit profile
through flexible dividend payments. Fitch projects pre-dividend FCF
to fall to CHF100 million at end-2027 from CHF146 million at
end-2024, due to increases in IRU payments.

Derivation Summary

Salt's rating is in line with that of its alternative European
telecom operator peers such as competitor The Sunrise Holding Group
(BB-/Positive), Telenet Group Holding N.V. (BB-/Stable), and VMED
O2 UK Ltd (BB-/Negative). However, Salt has a lower leverage
capacity at each rating band. This reflects its competitive
position, market share, higher dependency on mobile service
revenue, and IRU payable liabilities. These factors are partially
offset by its lean, cash-generative business model and growth
prospects in fixed broadband.

Lower-rated peers such as eircom Holdings (Ireland) Limited or
VodafoneZiggo Group B.V. (both B+/Stable) have wider rating
thresholds compared with Salt. However, they manage leverage at
higher levels or have sold a stake in their fixed-line network, and
face structural revenue decline from legacy voice calls or
declining market shares.

Key Assumptions

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

- Revenue of around CHF1.15 billion in 2024, growing 2.5%-3.5% per
year over the next three years

- Fitch-defined EBITDA margin of 42.7% in 2024 and remaining stable
over the next three years

- Cash tax of CHF49 million in 2024, with a broadly stable
effective tax rate over the next three years

- Capex at 20% of revenue in 2024, before gradually increasing to
22.5% by 2027

- Dividend payment of CHF150 million per year for 2024-2027,
resulting in broadly stable Fitch-defined EBITDA net leverage of
3.3x

RATING SENSITIVITIES

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

- Fitch-defined EBITDA net leverage above 4.2x on a sustained
basis

- A material decline in EBITDA or FCF on a sustained basis, driven
by competitive or technology-driven pressures in core businesses

- A financial policy that results in reduced financial flexibility,
higher long-term leverage targets or related-party transactions

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

- Cash flow from operations less capex/total debt trending above
7.5% on a sustained basis

- Fitch-defined EBITDA net leverage below 3.3x on a sustained
basis

- Significant increase in broadband market share and continued
stable or improving mobile service revenue leading to improved cash
flow diversification

Liquidity and Debt Structure

At end-3Q24, Salt had CHF295 million of cash and cash equivalents
and an undrawn CHF60 million super revolving credit facility. This
provides sufficient cover for near-term cash requirements. Along
with the refinancing of the 2026 TLB and 2027 notes, Fitch expects
Salt to also refinance, this year, its EUR656 million notes
maturing in September 2026.

Fitch rates Salt's senior secured rating at 'BB+' in accordance
with Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria, under which Fitch applies a generic approach to
instrument notching for 'BB' rated issuers. Fitch labels Salt's
debt as 'Category 2 first lien' according to its criteria, thus
resulting in a Recovery Rating of 'RR2', with a two-notch uplift
from the IDR to 'BB+'.

Date of Relevant Committee

27-Jun-2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

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   
   -----------                ------                   --------   
Matterhorn Telecom S.A.

   senior secured         LT BB+(EXP)  Expected Rating   RR2




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

GERIAVI SL: EUR100MM Bank Debt Trades at 22% Discount
-----------------------------------------------------
Participations in a syndicated loan under which GeriaVi SL is a
borrower were trading in the secondary market around 78.1
cents-on-the-dollar during the week ended Friday, January 17, 2025,
according to Bloomberg's Evaluated Pricing service data.

The EUR100 million Term loan facility is scheduled to mature on
November 27, 2034. The amount is fully drawn and outstanding.

The Company's country of domicile is Spain.





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

SBB - SAMHALLSBYGGNADSBOLAGET: Fitch Affirms 'CCC' LongTerm IDR
---------------------------------------------------------------
Fitch Ratings has affirmed SBB - Samhällsbyggnadsbolaget i Norden
AB's (SBB Parent) Long-Term Issuer Default Rating (IDR) at 'CCC'
and its senior unsecured debt rating at 'CC' with a Recovery Rating
of 'RR6'. Both ratings have been removed from Rating Watch Negative
(RWN).

The rating actions follow the withdrawal of a formal claim by a
sole bondholder of an interest coverage covenant breach tested in
2022. This removes the risk of SBB Parent defending an event of
default (EofD) claim, had UK courts ruled against SBB Parent.

SBB Parent's ratings continue to reflect its weakened credit
profile, following the transfer of most of its assets to
Samhällsbyggnadsbolaget i Norden Holding AB (SBB Holding; IDR:
'CCC+') as part of a tender and exchange offer of bonds in December
2024. SBB Parent's remaining SEK3.2 billion of assets cannot
meaningfully support its SEK19 billion of retained debt, including
hybrids. These assets are attached to its secured debt and are not
available to SBB Parent's predominantly unsecured bondholders.

Key Rating Drivers

EofD Claim Ended: The relevant bondholder, who initially held EUR46
million of SBB Parent bonds, participated in the December 2024
tender and exchange offer and now holds SEK86 million (EUR7.5
million), has discontinued its legal proceedings in the UK courts
related to an EofD claim. As Fitch had placed SBB Parent's ratings
on RWN reflecting the scheduled 1Q25 court hearing, the short-term
risk associated with the RWN is no longer relevant to the ratings.

Insufficient Unsecured Creditor Assets: About SEK3.2 billion of
income-producing assets retained at SBB Parent are pledged to
specific SEK2.4 billion of secured debt. To fund its retained 2025
debt maturities, an intergroup instrument exists with SBB Holding,
who holds the bulk of group cash and income-producing assets.

Rental income is insufficient to service SBB Parent's retained debt
and will rely on cash upstreamed from SBB Holding to help meet its
interest payments and redeem debt maturities due in 2026 and
beyond. Headroom exists under SBB Holding's unsecured bond
covenants to allow upstreaming of cash (or restricted
distributions, as defined in bond documentation) to SBB Parent.

Weak Credit Profile: SBB Parent's ratings are driven by its small
asset base and insufficient rental income generation, which
translates into less than 1x EBITDA net interest cover, despite the
continuing deferral of its hybrids' interest coupons. Fitch
differentiates SBB Parent's weakened credit profile from its
stronger subsidiary, SBB Holding, and the structural subordination
of its bondholders by rating SBB Parent one notch below SBB
Holding's IDR.

Options to Raise Liquidity: SBB Parent, on a standalone basis, does
not have many options to raise cash to repay bonds maturing in 2026
and beyond. It is reliant on liquidity being upstreamed from SBB
Holding whose various options include asset sales, sale of retained
joint-venture stakes, raising external capital on its remaining
wholly-owned community service portfolio, possibly through
asset-backed transactions similar to the Castlelake JVs, forming
another strategic partnership, or undertaking an IPO.

SBB Holding Cash Services Debt: The dividends or other forms of
upstreamed cash from SBB Holding to help service SBB Parent's
interest payments are subject to available covenant headroom in SBB
Holding's newly issued bonds, primarily its consolidated solvency
ratio of 65%. The existing SEK6 billion intergroup instrument
covers the repayment of its 2025 bonds, including about SEK4
billion expiring on 14 January 2025. An inability to upstream
sufficient cash from SBB Holding to help SBB Parent repay its bonds
maturing in 2026 and beyond, will lead to a further downgrade of
SBB Parent's ratings.

Derivation Summary

The SBB group's stable Nordic property portfolio is supported by
the education and community service properties' stable tenant base
with long-term indexed leases. This is tempered by the regional
location of some assets within the group's portfolio. The SBB group
also owns residential-for-rent assets, including 56% of
Sveafastigheter AB, which owns SEK27.8 billion of residential
assets.

Within the community service portfolio, Assura plc (A-/Negative)
builds and owns modern general practitioners' facilities in the UK,
with approved rents indirectly paid by the state National Health
Service and a similar 11.2 years weighted average unexpired lease
term (WAULT). At GBP2.7 billion (EUR3.2 billion), its portfolio is
much smaller than the SBB group's. Reflecting Assura's community
service activities, its net initial yield as of September 2023 was
5% versus the SBB group's 5.3% for its Nordic community service
assets at end-2023. Assura has a 99% occupancy rate and
specific-use assets. Assura's downgrade rating sensitivity to
'BBB+' includes net debt/EBITDA greater than 9x.

The smaller EUR0.8 billion portfolio of higher-rated
Norwegian-based Public Property Invest ASA (PPI; BBB/Stable) is
community service-focused, also with public-sector tenants. PPI's
business profile is, however, paired with a stronger balance sheet
with net debt/EBITDA below 8x, loan-to-value around 45% and an
interest cover around 2x.

Under Fitch's EMEA Real Estate Navigator, many of the SBB group's
portfolio-focused factors are investment-grade.

Key Assumptions

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

- Moderate rental growth of 3.5% per year, driven by CPI-indexation
and rental uplifts

- Stable net rental income margins

- Hybrid interest deferred

Recovery Analysis

Its recovery analysis assumes that SBB Parent would be liquidated
rather than restructured as a going-concern (GC) in a default.

Recoveries are based on an independent valuation of its investment
property portfolio at end-3Q24. Fitch has used SBB Parent's
retained property's values of around SEK3.2 billion, to which it
has applied a standard 20% discount. Fitch has used SBB Parent's
retained unsecured and subordinated hybrid debt amounts, after some
bonds were exchanged into bonds at SBB Holding.

Fitch assumes no cash is available for recoveries. This analysis
attributes zero value to various investments in equity stakes,
including the SEK1.9 billion attributable value of Public Property
Invest AS's equity.

After deducting a standard 10% for administrative claims, Fitch
assumes that no unencumbered investment property assets are
available to unsecured creditors. Its existing directly-held
investment property is dedicated to SEK2.4 billion secured
creditors who rank ahead of SBB Parent's unsecured creditors.

Fitch's principal waterfall analysis generates a ranked recovery
for senior unsecured debt of 'RR6', which is equivalent to a
waterfall-generated recovery computation output percentage of 0%,
based on current metrics and assumptions. The 'RR6' indicates a
'CC' unsecured debt instrument rating.

Given the structural subordination of SBB Parent's hybrids, Fitch
estimates a ranked recovery of 'RR6' with 0% expected recoveries.
As loss absorption has been triggered with the deferral of coupons,
the instrument rating is 'C', three notches below SBB Parent's
IDR.

RATING SENSITIVITIES

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

- Failure to execute, or provide visibility, of a plan to address
the retained euro-denominated (SEK465 million-equivalent) September
2026 debt maturity at least 12 months in advance

- Actions pointing to a widespread potential renegotiation of SBB
Parent's debt's terms and conditions, including a material
reduction in lenders' terms sought to avoid a default

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

- Evidence that refinancing risk has eased, including improved
capital markets receptivity to the SBB group

- A material reduction in leverage

Liquidity and Debt Structure

SBB Parent's available liquidity at end-3Q24 was SEK1.5 billion.
Most of SBB Parent's group cash including SEK3.1 billion
Sveafastigheter IPO proceeds, is now held at SBB Holding. SBB
Parent will use an intergroup loan to repay its 2025 debt
maturities with cash at SBB Holding. SBB Parent also has access to
an undrawn SEK2.5 billion asset asset-backed facility held at SBB
Holding. It has no revolving credit facilities available for
drawdown.

The next material debt maturity, following the potential repayment
of its retained 2025 bonds, is its euro-denominated (SEK465
million-equivalent) bond in September 2026. SBB Parent's average
cost of debt at end-3Q24 was 2.3%, excluding hybrids (averaging
3.3%) and the higher-coupon (13%) Morgan Stanley preference shares
in SBB Residential Property AB.

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

SBB Parent has an ESG Relevance Score of '4' for Governance
Structure to reflect previous key person risk (the previous CEO)
and continuing different voting rights among shareholders affording
greater voting rights to the key person. SBB Parent has an ESG
Relevance Score '4' for Financial Transparency, reflecting an
ongoing investigation by the Swedish authorities into the
application of accounting standards and disclosures. Both these
considerations have a negative impact on the credit profile, and
are relevant to the ratings in conjunction with other factors.
These factors are, however, improving under the new management
within the SBB group.

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
   -----------                 ------        --------   -----
SBB –
Samhallsbyggnadsbolaget
i Norden AB              LT IDR CCC Affirmed            CCC
                         ST IDR C   Affirmed            C

   Subordinated          LT     C   Affirmed   RR6      C

   senior unsecured      LT     CC  Affirmed   RR6      CC

   senior unsecured      ST     C   Affirmed            C

SBB Treasury Oyj

   senior unsecured      LT     CC  Affirmed   RR6      CC




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

AUSTIN FRASER: Begbies Traynor Named as Administrators
------------------------------------------------------
Austin Fraser International Limited was placed into administration
proceedings in the the High Court of Justice Business and Property
Court in Manchester Company and Insolvency List Court Number:
CR-2024-MAN-001598, and Mark Weekes and Paul Stanley of Begbies
Traynor were appointed as administrators on Nov. 26, 2024.  

Austin Fraser is a tech recruitment agency based in London.  Its
registered office is at 2nd Floor, 82 King Street, Manchester, M2
4WQ.

The joint administrators can be reached at:

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

For further details, contact:

             Jack Priestley
             Begbies Traynor (Central) LLP
             Email: jack.priestley@btguk.com
             Tel No: 0161-837-1700


COAST HOTELS: RSM UK Named as Administrators
--------------------------------------------
Coast Hotels and Leisure Limited was placed in administration
proceedings in the High Court of Justice, Business & Property
Courts of England & Wales, Insolvency & Companies List (ChD), Court
Number: CR-2025-000089, and Glen Carter and Damian Webb of RSM UK
Restructuring Advisory LLP were appointed as administrators on Jan.
8, 2025.  

Coast Hotels and Leisure trading as Ibis Styles Bournemouth engages
in hotels and similar accommodation.

Its registered office is at Windover House, St. Ann Street,
Salisbury, SP1 2DR.  Its principal trading address is at 16 Gervis
Rd, Bournemouth, BH1 3EQ.

The joint administrators can be reached at:

            Glen Carter
            RSM UK Restructuring Advisory LLP
            Highfield Court, Tollgate
            Chandlers Ford, Eastleigh
            SO53 3TY

            -- and --

            Damian Webb
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London EC4A 4AB

Correspondence address & contact details of case manager:

            Nick Talbot
            RSM Restructuring Advisory LLP
            RSM UK Restructuring Advisory LLP
            2nd Floor, 1 The Square
            Temple Quay, Bristol
            BS1 6DG
            Tel No: 0117 945 2000

For further details, contactz:

             Glen Carter
             Email: restructuring.southampton@rsmuk.com
             Tel No: 023 8064 6464

             -- and --

             Damian Webb
             Email: restructuring.london.core@rsmuk.com
             Tel No: 020 3201 8000


ERC CONTRACTORS: Rushtons Insolvency Named as Administrators
------------------------------------------------------------
ERC Contractors Ltd was placed in administration proceedings in
Business and Property Courts in Leeds, Insolvency & Companies List
(ChD) Court Number: CR-2025-000033, and Nicola Baker of Rushtons
Insolvency Limited were appointed as administrators on Jan. 14,
2025.  

ERC Contractors engages in scaffolding erector activities.

Its registered office is at 6 Festival Building, Ashley Lane,
Saltaire, BD17 7DQ.  Its principal trading address is at Garnett
Street, Bradford, BD3 9HB.

The joint administrators can be reached at:

             Nicola Baker
             Rushtons Insolvency Limited
             6 Festival Building, Ashley Lane
             Saltaire, BD17 7DQ

Contact details for Administrators:
  
             Tel: 01274 598585

Alternative contact:

             Rhys Wordsworth
             Email: rwordsworth@rushtonsifs.co.uk


FREE TO LEARN: Leigh Consultancy Named as Administrators
--------------------------------------------------------
Free to Learn Ltd was placed into administration proceedings in the
Hight Court of Justice, The Business & Property Courts of England &
Wales, Insolvency and Companies List (ChD), Court Number:
CR-2024-007745, and Daniel Leigh and Mark Reynolds of Begbies
Traynor were appointed as administrators on Dec. 17, 2024.  

Free to Learn is a training provider of vocational training in key
industry areas.

Its registered office is at 75 Maygrove Road, West Hampstead,
London, NW6 2EG.  Its principal trading address is at 81-84 Chalk
Farm Road, London, NW1 8AR.

The joint administrators can be reached at:

              Daniel Leigh
              Leigh Consultancy Limited
              9 Brickfield Cottages
              Borehamwood Enterprise Centre
              Theobald Street
              Borehamwood WD6 4SD

                 -- and --

              Mark Reynolds
              Valentine & Co.
              Galley House, Moon Lane
              Barnet, EN5 5YL

For further details, contact:

              Faigy Glejser
              Tel No: 02084556611


ISO ENERGY: Begbies Traynor Named as Administrators
---------------------------------------------------
ISO Energy Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in Leeds,
Insolvency & Companies List (ChD) Court Number: CR-2024-001236, and
Robert Alexander Henry Maxwell and Julian N R Pitts of Begbies
Traynor (Central) LLP were appointed as administrators on Dec. 17,
2024.  

ISO Energy specializes in business support service.

Its registered office is at Rutland House, Trevithick Road,
Willowsbrook East Industrial Estate, Corby, NN17 5XY.  Its
principal trading address is at the Stables, Meath Green Lane,
Horley, Surrey RH6 8JA.

The joint administrators can be reached at:

               Robert Alexander Henry Maxwell
               Julian N R Pitts
               Begbies Traynor (Central) LLP
               Floor 2, 10 Wellington Place
               Leeds, LS1 4AP

Any person who requires further information may contact:

               Chloe Fletcher
               Begbies Traynor (Central) LLP  
               Email: chloe.fletcher@btguk.com
               Tel No: 0113 244 0044


KEEPSAFE REALISATIONS: Xeinadin Corporate Named as Administrators
-----------------------------------------------------------------
Keepsafe Realisations Limited Formerly Cc33 Fs Limited was placed
in administration proceedings in Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number: 000025
of 2025, and Charles Brook and Alan Fallows of Xeinadin Corporate
Recovery Limited were appointed as administrators on Jan. 10, 2025.


Keepsafe Realisations, fka CC33 FS Limited, engages in activities
of other holding companies.

Its principal trading address is at the Portergate, 257 Ecclesall
Road, Sheffield, S11 8NX.

The joint administrators can be reached at:

               Charles Brook
               Xeinadin Corporate Recovery Limited
               100 Barbirolli Square
               Manchester, M2 3BD
               Tel No: 0161-832-6221

For further information, contact:

               Nicola Melling
               Xeinadin Corporate Recovery Limited
               Tel No: 0161-212-8421
               Email: nicola.melling@xeinadin.com
               100 Barbirolli Square
               Manchester M2 3BD


LONG EATON SCAFFOLDING: SFP Restructuring Named as Administrators
-----------------------------------------------------------------
Long Eaton Scaffolding Limited was placed in administration
proceedings in the High Court of Justice Business and Property
Courts in Manchester Court Number: CR-2025-000002, Court Number:
CR-2024-001479, and David Kemp and Richard Hunt of SFP
Restructuring Limited were appointed as administrators on Jan. 15,
2025.  

Long Eaton engages in Scaffold erection.

Its registered office is at SFP, 9 Ensign House, Admiral's Way,
Marsh Wall, London, E14 9XQ.  Its principal trading address is at 6
Nottingham Road, Long Eaton, Nottingham, NG10 1HP.

The joint administrators can be reached at:

             David Kemp
             Richard Hunt
             SFP Restructuring Limited
             9 Ensign House
             Admirals Way, Marsh Wall
             London, E14 9XQ

For further details, contact:

             David Kemp
             Tel No: 0207-538-2222


NEW WAYS: Carter Clark Named as Administrators
----------------------------------------------
New Ways Construction Limited was placed into administration
proceedings in the High Court of Justice ChD, Court Number:
CR-2024-007824, and Alan J Clark of Carter Clark was appointed as
administrator on Dec. 19, 2024.  

New Ways Construction engages in the construction of apartment
blocks and steel frames.

Its registered office and principal trading address is at Unit 8
Carnival Park, Carnival Close, Basildon, SS14 3WN.

The joint administrators can be reached at:

               Alan J Clark
               Carter Clark
               Recovery House
               15-17 Roebuck Road
               Hainault Business Park Ilford
               Essex, IG6 3TU

For further details, contact

               Carter Clark
               Email: jenny.poleykett@carterclark.co.uk


PERFORMER FUNDING 1: Moody's Ups Rating on GBP68.3MM F Notes to B2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 5 notes in Performer
Funding 1 plc. The rating action reflects the increased levels of
credit enhancement for the affected notes.

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

GBP2275.4M Class A Notes, Affirmed Aaa (sf); previously on Dec 14,
2023 Definitive Rating Assigned Aaa (sf)

GBP227.5M Class B Notes, Upgraded to Aaa (sf); previously on Dec
14, 2023 Definitive Rating Assigned Aa1 (sf)

GBP159.3M Class C Notes, Upgraded to Aa1 (sf); previously on Dec
14, 2023 Definitive Rating Assigned A1 (sf)

GBP106.2M Class D Notes, Upgraded to A3 (sf); previously on Dec
14, 2023 Definitive Rating Assigned Baa3 (sf)

GBP45.5M Class E Notes, Upgraded to Ba1 (sf); previously on Dec
14, 2023 Definitive Rating Assigned Ba3 (sf)

GBP68.3M Class F Notes, Upgraded to B2 (sf); previously on Dec 14,
2023 Definitive Rating Assigned Caa1 (sf)

GBP50.1M Class R Notes, Affirmed Ca (sf); previously on Dec 14,
2023 Definitive Rating Assigned Ca (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Performer Funding 1 plc is a static cash securitisation of
unsecured consumer loan agreements extended by Lloyds Bank plc to
individuals located in the UK.

Revision of Key Collateral Assumptions:

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

The performance of the transaction has continued to be in line with
Moody's expectations. Total delinquencies have increased in the
past year, with 90 days plus arrears currently standing at 0.57% of
current pool balance. Cumulative losses currently stand at 1.82% of
original pool balance. The current pool factor of the transaction
is 52.42%

For Performer Funding 1 plc, the current default probability
assumption is 5.5% of the current portfolio balance, corresponding
to a default probability assumption of 5.08% of the original
portfolio balance, and the assumption for the fixed recovery rate
is 10%.

Moody's also maintained the portfolio credit enhancement assumption
at 18%.

Increase in Available Credit Enhancement

Sequential amortization and trapping of excess spread led to the
increase in the credit enhancement available in this transaction.

The credit enhancement has increased for tranches affected by the
rating action:

For Class B, the credit enhancement increased to 31.95% from 19.15%
since closing.

For Class C, to 22.15% from 13.90% since closing.

For Class D, to 15.62% from 10.40% since closing.

For Class E, to 12.82% from 8.9% since closing.

For Class F, to 8.62% from 6.65% since closing.

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

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

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

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


PROJECT OFFSET: Begbies Traynor Named as Administrators
-------------------------------------------------------
Project Offset Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
Bristol Companies Courts (CH) Court Number: CR2024-BRS000135, and
Paul Wood and Simon Robert Haskew of Begbies Traynor (Central) LLP
were appointed as administrators on Dec. 10, 2024.  

Project Offset, trading as COCO+, provides business travel agency
services.

Its registered office is at c/o Begbies Traynor, 3rd Floor
Castlemead, Lower Castle Street, Bristol, BS1 3AG.  

The joint administrators can be reached at:

            Paul Wood
            Simon Robert Haskew
            Begbies Traynor (Central) LLP
            3rd Floor Castlemead
            Lower Castle Street
            Bristol BS1 3AG

Any person who requires further information may contact

             Clive Hobbs
             Begbies Traynor (Central) LLP
             Email: bristol@btguk.com  
             Tel No: 0117 937 7130


QH PARK: Oury Clark Named as Administrators
-------------------------------------------
QH Park Lane Ltd was placed into administration proceedings in the
High Court of Justice Court Number: CR-2025-000215, and Nick Parsk
of Oury Clark Chartered Accountants were appointed as
administrators on Jan. 14, 2025.  

QH Park Lane trading as The Queen's Head is a licensed restaurant.

Its registered office is c/o Oury Clark Chartered Accountants,
Herschel House, 58 Herschel Street, Slough, Berkshire, SL1 1PG.
Its principal trading address is at The Queen's Head, Park Lane,
Congleton, Cheshire, CW12 3DE.

The joint administrators can be reached at:

             Nick Parsk
             Oury Clark Chartered Accountants
             Herschel House
             58 Herschel Street
             Slough, Berkshire, SL1 1PG

Contact Email for Administrators: IR@ouryclark.com

Alternative contact: Ben Briscoe


SHAKEAWAY WORLDWIDE: FRP Advisory Named as Administrators
---------------------------------------------------------
Shakeaway Worldwide Limited was placed into administration
proceedings in In the High Court of Justice, Court Number:
CR-2024-006867, and Glyn Mummery and Julie Humphrey of FRP Advisory
Trading Limited were appointed as administrators on Dec. 10, 2024.


Shakeaway Worldwide specialized in retail sale of beverages in
specialised stores.

The company's registered office is at 8 St. Stephens Court, 15-17
St. Stephens Road, Bournemouth, BH2 6LA to be changed to FRP
Advisory Trading Limited, Jupiter House, Warley Hill Business Park,
The Drive, CM13 3BE.  It's principal trading address is at 8 St.
Stephens Court, 15-17 St. Stephens Road, Bournemouth, BH2 6LA.

The joint administrators can be reached at:

               Glyn Mummery
               Julie Humphrey
               FRP Advisory Trading Limited
               Jupiter House
               Warley Hill Business Park
               The Drive, Brentwood
               Essex CM13 3BE

For further details, contact:

               The Joint Administrators
               Email: cp.brentwood@frpadvisory.com
               Tel: 01277 50 33 33

Alternative contact:

               Jason Catley
               Email: cp.brentwood@frpadvisory.com



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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