/raid1/www/Hosts/bankrupt/TCREUR_Public/250127.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, January 27, 2025, Vol. 26, No. 19
Headlines
F R A N C E
ALTICE FRANCE: $2.15BB Bank Debt Trades at 15% Discount
ALTICE FRANCE: $2.50BB Bank Debt Trades at 15% Discount
ALTICE FRANCE: $4.28BB Bank Debt Trades at 16% Discount
ALTICE FRANCE: EUR1.72BB Bank Debt Trades at 16% Discount
BANIJAY ENTERTAINMENT: Fitch Gives BB-(EXP) Rating on EUR400MM Loan
G E R M A N Y
DEUTSCHE LUFTHANSA: Fitch Rates EUR500MM Notes Due 2055 'BB'
I R E L A N D
BLUEMOUNTAIN EUR 2021-2: Fitch Hikes Rating on Cl. E Notes to BBsf
CARLYLE GLOBAL 2014-2: Fitch Affirms Bsf Rating on Class E-R Debt
SUTTON PARK: Fitch Affirms 'B+sf' Rating on Class E Notes
L U X E M B O U R G
ALTISOURCE SARL: $412MM Bank Debt Trades at 50% Discount
N E T H E R L A N D S
GREENKO DUTCH: Fitch Affirms BB Foreign Currency IDR, Outlook Neg.
R U S S I A
TRUSTBANK: Fitch Affirms & Then Withdraws 'B' Issuer Default Rating
S P A I N
PORTAVENTURA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
S W E D E N
POLESTAR AUTOMOTIVE: New Strategy Targets 35% Sales Growth by 2027
POLESTAR AUTOMOTIVE: Q3 2024 Revenue Down 10% to US$551-Mil.
POLESTAR AUTOMOTIVE: Restate Financials Due to Accounting Errors
T U R K E Y
EMLAK KATILIM: Fitch Affirms 'B+/BB-' LongTerm IDRs, Outlook Stable
U N I T E D K I N G D O M
AVEBURY AVENUE: Rushtons Insolvency Named as Administrators
CLIFFORD JONES: Xeinadin Corporate Named as Administrators
IMMODULON THERAPEUTICS: Quantuma Advisory Named as Administrators
LYDNEY PALLETS: FRP Advisory Named as Administrators
SMARTHUB LOGISTICS: FRP Advisory Named as Administrators
[*] Geoff O'Dea Joins Goodwin Proctor's London Restructuring Dept.
X X X X X X X X
[*] BOND PRICING: For the Week January 20 to January 24, 2025
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F R A N C E
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ALTICE FRANCE: $2.15BB Bank Debt Trades at 15% 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 85
cents-on-the-dollar during the week ended Friday, January 24, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $2.15 billion Term loan facility is scheduled to mature on
February 2, 2026. About $546 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.
ALTICE FRANCE: $2.50BB Bank Debt Trades at 15% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 84.8
cents-on-the-dollar during the week ended Friday, January 24, 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 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.
ALTICE FRANCE: $4.28BB Bank Debt Trades at 16% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 84.2
cents-on-the-dollar during the week ended Friday, January 24, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $4.28 billion Term loan facility is scheduled to mature on
August 31, 2028. About $4.22 billion 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.
ALTICE FRANCE: EUR1.72BB Bank Debt Trades at 16% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Friday, January 24, 2025,
according to Bloomberg's Evaluated Pricing service data.
The EUR1.72 billion Term loan facility is scheduled to mature on
August 31, 2028. About EUR1.70 billion 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.
BANIJAY ENTERTAINMENT: Fitch Gives BB-(EXP) Rating on EUR400MM Loan
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Fitch Ratings has assigned Banijay Entertainment SAS's proposed
EUR400 million senior secured term loan B (TLB) due 2032 an
expected rating of 'BB-(EXP)' with a Recovery Rating of 'RR3'.
The proceeds will be used to repay Banijay's remaining EUR229
million senior unsecured notes, EUR63 million of its USD TLB and
part of a shareholder loan. Fitch expects the transaction to be
broadly leverage neutral. The assignment of a final rating is
subject to the receipt of final documentation conforming to the
information reviewed. Fitch will withdraw the senior unsecured
'B-'/'RR6' rating on full repayment of these notes.
Banijay SAS's (Banijay) 'B+' Issuer Default Rating (IDR) reflects
Fitch's stronger parent (Banijay Group) and weaker subsidiary
(Banijay) analytical approach with a single-notch uplift from
Banijay's Standalone Credit Profile (SCP) of 'b'. Banijay's SCP
reflects its strong market position and higher revenue and cash
flow visibility, balanced by high leverage and low coverage
metrics.
Key Rating Drivers
Liability Management Exercise Underway: The refinancing transaction
will remove the EUR229 million senior unsecured notes due 2026 and
EUR63 million of the USD TLB due 2028, thereby improving the
maturity profile of Banijay's debt whilst maintaining a manageable
refinancing risk. Banijay is seeking to reprice the remaining EUR
and USD TLB's with a margin reduction of 0.25-0.5%, respectively.
This will generate a saving of about EUR6 million annually on
interest costs.
Hedging arrangements should keep cash interest costs and interest
coverage stable at about 2.5x over the next four years as rates
fall. However, this remains relatively weak for the rating level.
Leverage Aligned with 'b' SCP: Banijay's sound business risk
profile is balanced by high leverage (gross and net) and weak
interest coverage metrics, reflective of a 'b' standalone credit
profile (SCP). The transaction is broadly leverage neutral. Fitch
expects leverage to be around 5.4x in 2024 (5.7x in 2023) and to
remain at about 5.5x, or decline slightly, depending on
opportunistic debt repayments, M&A and the payment of earn-outs.
Further deleveraging may be funded from additional shareholder
funds.
Robust Business Model: Banijay's 'b' SCP reflects a robust business
model with increasing scale and revenue-stream diversification.
Fitch expects low-single-digit pro-forma revenue growth and a
Fitch-defined EBITDA margin around 12% from 2024-2027. This
reflects stable overall demand for unscripted content and a higher
contribution from scripted production (to reach 27% of production
and distribution revenue in 2025). Fitch forecasts that earnings
and pre-dividend free cash flow (FCF) will remain resilient through
the economic cycle.
Stable Operating Cash Flow: Fitch believes Banijay's stable EBITDA
margin and manageable working-capital outflow and capex
requirements should help absorb higher interest payments over the
short term, mitigated by opportunistic repricing and liability
management. Fitch forecasts Banijay to pay around EUR70 million
dividends in 2024 and make payments of about EUR65 million on a
run-rate basis, resulting in an average Fitch-defined FCF margin
after dividends of 0.5%. The company has some flexibility to reduce
dividends if needed, as Banijay Group itself has no debt. However,
there could be rating pressure if FCF turns negative combined with
weaker interest coverage.
Underlying Secular Shifts: Banijay is poised for grow with
streamers and digital platforms of broadcasters as traditional
broadcast declines. Over-The-Top (OTT) now account for 22% of its
production and distribution revenues (up from 13% in 2021). Digital
broadcasters increasingly use non-scripted content to enhance their
catalogues and engage users. Banijay's focus on strong local
content benefits media broadcasters facing European local content
regulation. The rise in OTT providers supports demand for Banijay's
original content and extensive library of successful shows.
M&A Focus Shift: Banijay has been highly acquisitive in recent
years with M&A targeted towards diversifying revenue streams to
allied media segments and expanding bolt-on production
capabilities, with a focus on localised and scripted content. While
Banijay will remain opportunistic in these areas, Fitch believes
there will be a greater focus on acquiring talent and intellectual
property to enhance quality and reach, with the global content
production spend already supporting the current level of demand.
Opportunities with AI: Fitch believes there are opportunities for
content producers to benefit from ongoing developments in
automation and artificial intelligence. Application in areas such
as post-production editing, data analysis and curated content
production will open up new revenue sources and cost efficiencies.
Streamlining manual and time-consuming processes offers an
immediate opportunity, whereas high-quality content generation is
likely to unfold over time. However, to benefit from cost
efficiencies, Banijay must retain a portion of any savings
realised.
PSL Approach: In applying its Parent-Subsidiary Linkage (PSL)
Criteria, Fitch assesses the legal and operational incentives for
Banijay Group to support Banijay as 'Low' with no operational
overlap between the parent and subsidiary. There are no cross
defaults or guarantees between Banijay Group and Banijay. Fitch
views strategic incentives to support as 'Medium', as Banijay
represents around two-thirds of Banijay Group's consolidated EBITDA
and reflected by the partial equitisation of the shareholder loan
from Banijay Group. This assessment leads to an overall bottom-up
approach where Banijay's 'B+' IDR is lifted one notch above its 'b'
SCP.
Stronger Parent/Weaker Subsidiary: Fitch views the consolidated
business profile of Banijay Group as broadly corresponding to the
low 'bb' range. Banijay Group's larger scale and business
diversification is partly constrained by material regulatory
oversight in the online gaming subsidiary, Betclic. However, the
consolidated profile benefits from a stronger financial structure
and financial flexibility. In its view, deleveraging is sensitive
to Banijay Group's dividend policy. Banijay Group's financial
policy is to be at below 3.0x group-defined net debt/EBITDA in the
medium term.
Derivation Summary
Banijay is the largest independent TV production firm globally. Its
peers include Mediawan Holding SAS (Mediawan; B/Stable), Lions Gate
Entertainment Corp. (Lions gate; B-/Stable) and All3Media as well
as integrated media businesses ITV Studios, part of ITV plc
(BBB-/Stable) and Fremantle Limited (part of RTL Group).
Banijay benefits from a larger scale, better geographic
diversification and tailored local content with a greater
proportion of non-scripted content than its Studio peers,
supporting lower operating volatility and stable cash flow. Lions
Gate has higher hit-driven volatility from its film business and
higher leverage. Mediawan has a smaller scale and higher share of
scripted content. Its leverage thresholds are set lower at the same
SCP.
ITV Studios is comparable to Banijay although it produces a higher
share of scripted content. The wider group has weaker geographic
diversification and is directly exposed to secular headwinds in
linear broadcasting. This is balanced by a strong market position
in the UK as a public service broadcaster, stronger financial
flexibility and significantly lower leverage.
Fitch covers several other peers in the diversified media industry
such as Warner Bros. Discovery, Inc. (BBB-/Stable), Paramount
Global (BBB-/Negative), The Walt Disney Company (A-/Stable) and
Comcast Corp. (A-/Stable). These companies are much larger, more
diversified and have stronger competitive positions in the value
chain than Banijay, allowing for higher leverage thresholds at any
given rating.
Fitch views Banijay's business profile as stronger than
Spanish-based sports and media entertainment group Subcalidora 1
S.a.r.l. (Mediapro, B/Stable), owing to the latter's smaller scale,
weaker FCF and high dependence on key accounts. Mediapro has lower
leverage than Banijay for the same SCP.
Key Assumptions
- Revenue growth of around 2% in 2024, followed by 6% in 2025 and,
2% in 2026-2027
- Fitch-defined EBITDA margin 12.4% in 2024, and remaining around
12% in 2025-2027 (Fitch adjusts for leases and around EUR30 million
of recurring outflows related to staff incentive programmes and
restructuring costs)
- Working-capital outflows below 1% of revenue in 2024-2027
- Capex at around 2.4% of revenue in 2024, declining to 2% in
2025-2027
- Common dividends of around EUR60 million per year from 2024
onwards
- No further M&A excluding earn-outs
Recovery Analysis
Fitch assumes Banijay would be reorganised as a going concern in
distress or bankruptcy rather than liquidated.
Post-restructuring EBITDA estimated at EUR337 million (including
acquired EBITDA), in the event of weaker demand for non-scripted
formats and increasing price pressure from both broadcasters and
streaming platforms. A distressed enterprise value multiple of 5.5x
to calculate a post-restructuring valuation.
Fitch deducts 10% for administrative claims and allocates the
residual value according to the liability waterfall. Fitch first
deducts EUR152 million of value derived from EUR170 million of
factoring, after applying a haircut, and EUR188 million of local
facilities ranking prior to Banijay's senior secured debt. Fitch
expects its EUR170 million revolving credit facility (RCF) to be
fully drawn in a default, ranking equally with its senior secured
notes and senior secured term loans, including the new proposed
EUR400 million TLB.
Upon completion of the transaction, Fitch expects to affirm the
recovery band at 'RR3' and lower the recovery percentage to 53%
from 66% currently for the senior secured loans and notes,
indicating a 'BB-' senior secured instrument rating. An improvement
in future recovery rate will depend on potential further repayment
of the existing TLB, assuming no new debt will be incurred.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Total EBITDA net leverage above 5.8x (or greater divergence
between gross and net leverage metrics) on a sustained basis
- EBITDA interest coverage sustained below 2.8x
- Deterioration of EBITDA because of failure to renew leading
shows, increase in competition or inability to control costs
- Weaker linkages between Banijay Group and Banijay, with reduced
incentives to support Banijay's SCP
- An overall weaker consolidated credit profile of Banijay Group,
so that the parent's consolidated credit profile is no longer
stronger than Banijay's SCP
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA net leverage below 4.8x on a sustained basis, together
with visibility of the use of high cash balances (and less
divergence between gross and net leverage metrics), will be a key
consideration for an upgrade
- Continued growth of EBITDA and FCF, with continued demand for
non-scripted and scripted content without a significant increase in
competitive pressure
- Stronger legal, strategic or operational incentives for
consolidated Banijay Group to support Banijay's credit profile
- EBITDA interest coverage sustained above 3.3x
Liquidity and Debt Structure
Banijay had cash and cash equivalents of EUR214 million at
end-3Q24. In addition, Banijay has access to a EUR170 million
undrawn revolving credit facility (RCF). Fitch forecasts mildly
positive FCF post-dividends in 2025-2027, which, combined with its
cash position, provides satisfactory liquidity for working-capital
requirements, earn-outs and M&A opportunities.
Following the refinancing of the remaining EUR229 million unsecured
notes, the next debt maturity will be in March 2028, when its
senior secured term loans mature.
Issuer Profile
Banijay is the largest independent content producer and distributor
globally. It includes over 130 production companies across 23
territories and has a multi-genre catalogue with over 200,000 hours
of original programming.
Date of Relevant Committee
22 April 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
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Banijay Entertainment
SAS
senior secured LT BB-(EXP) Expected Rating RR3
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G E R M A N Y
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DEUTSCHE LUFTHANSA: Fitch Rates EUR500MM Notes Due 2055 'BB'
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Fitch Ratings has assigned Deutsche Lufthansa AG's (Lufthansa;
BBB-/Stable) EUR500 million subordinated notes due 2055 a final
rating of 'BB'. This follows the receipt of final bond
documentation conforming to the information reviewed earlier.
The subordinated notes qualify for 50% equity credit and are rated
two notches below Lufthansa's Long-Term Issuer Default Rating (IDR)
and senior unsecured rating of 'BBB-' and aligned with its
outstanding subordinated instruments.
The notes will be used for general corporate purposes including the
refinancing of the existing EUR500 million unsecured subordinated
notes due 2075 callable from 12 February 2026. The hybrid rating
and assignment of equity credit are based on Fitch's "Corporate
Hybrids Treatment and Notching Criteria".
Key Rating Drivers
KEY RATING DRIVERS FOR THE NOTES
Equity Treatment and Notching: The issue qualifies for 50% equity
credit and is rated two notches below Lufthansa's Long-Term IDR as
it meets Fitch's criteria for subordination compared with senior
unsecured instruments. This is based on the notes' remaining
effective maturity of at least five years, discretion to defer
coupons, no event of default, and coupon step-ups within Fitch's
aggregate threshold of 100bp.
Cumulative Coupon Limits Equity Treatment: Interest deferrals are
cumulative for a maximum five years and must be settled in cash,
which limits the equity credit to 50%. Despite the 50% equity
credit, Fitch treats coupon payments as 100% interest. Lufthansa is
obligated to make a mandatory settlement of deferred interest under
certain circumstances, including the declaration of a cash
dividend, calls on equally ranking junior obligations, or at the
fifth anniversary of the first missed interest payment.
Same Rating as Outstanding Hybrids: The rating of the subordinated
notes is aligned with the existing hybrid notes' rating, although
the new subordinated notes are legally senior to the existing
hybrids, a feature that Fitch expects will be removed over time as
Fitch expects the existing subordinated notes to be refinanced
shortly (next call in February 2026). Fitch also note that total
hybrids in Lufthansa's overall debt structure remain relatively
small, at around 13% as of end-2023 proforma for the notes.
KEY RATING DRIVERS FOR LUFTHANSA
Robust Business Profile: Lufthansa has a worldwide leading market
position, supported by a diverse multi-brand network and multi-hub
strategy across major European cities. Its world-leading cargo and
maintenance, repair, and overhaul (MRO) segments provide
significant synergies and help mitigate market cyclicality. In
particular, Lufthansa Technik (MRO) continues to benefit from
delayed aircraft deliveries and ongoing issue with Pratt &
Whitney's geared turbofan (P&W GTF) engines.
Profit Hit in 2024: Lufthansa Airlines' performance was
particularly hit in 2024 by a labour dispute (mostly in 1Q24), some
weakness in yields (potentially an ongoing issue) and operational
inefficiencies due to delayed aircraft deliveries. This led the
company to revise its 2024 EBIT guidance to EUR1.4 billion-EUR1.8
billion compared with EUR2.7 billion in 2023 and initial 2024
guidance of stable EBIT against 2023.
Its 2024 EBITDAR forecast is EUR3.7 billion (EUR4.6 billion in
2023), but Fitch expects 2025 EBITDAR to partially recover, despite
its assumption of slightly weaker yields in 2025 and unchanged fuel
price expectations. The expected improvement will mostly come from
the company's cost-cutting measures along with profit growth at
Cargo and Technik. Historically weaker profitability for Lufthansa
compared with its main peers has been sufficiently offset by a more
conservative capital structure, in its view.
Temporary Leverage Spike: Lufthansa's Fitch-adjusted EBITDAR gross
and net leverage was comfortably within the sensitivity at end-2023
at 2.9x and 1.3x, respectively. However, the profit decline in 2024
will lead to EBITDAR gross leverage spiking at 3.7x, exceeding its
negative sensitivity of 3.5x, while net leverage will remain
comfortably within the sensitivity. Fitch anticipates that EBITDAR
gross leverage will return within the sensitivity in 2025, with net
leverage in the range of 1.8-2.0x during 2024-2026 (vs. 2.5x
threshold).
Prudent Financial Policy: Lufthansa is committed to maintaining its
adjusted net debt (including net pension liability) to adjusted
EBITDA (as reported by the company) ratio below 3.5x and in general
to retaining its investment-grade rating. Management has
successfully maintained this ratio well below the target, achieving
1.7x in 2023 and 1.9x by end-September 2024. The company's target
leverage broadly translates into Fitch's negative sensitivity for
EBITDAR net leverage for the 'BBB-' rating.
Wider Industry Risks Remain: Its forecasts include conservative
assumptions to account for risks related to operational constraints
(delays in aircrafts deliveries and slower capacity uptick), demand
fatigue and slightly increasing unit costs (driven largely by staff
costs following signed CLAs, emission reduction costs and general
inflation). Lufthansa is not meaningfully affected by the P&W GTF
engine issues.
Derivation Summary
Lufthansa is the largest EMEA airlines group by fleet size and
revenues. It benefits from a strong position in cargo and MRO,
mainly in Europe and North America. As a multi-brand group,
Lufthansa compares well with IAG and Air France-KLM (AFKLM;
BBB-/Stable) due to its diversified hub structure and extensive
route network.
AFKLM is Lufthansa's closest peer due to its strong respective hub
positions with geographic proximity. Both companies operate
passenger, cargo and MRO businesses, but Lufthansa remains the
leader in each. However, AFKLM has reported a faster recovery from
the pandemic, better profitability and higher geographic
diversification globally. Fitch views its business profiles as
comparable.
British Airways Plc (BA; BBB-/Stable, SCP bb+) compares well with
Lufthansa in terms of its strong hub position in Europe and
diversified network. Fitch views Lufthansa's overall business
profile as stronger because of its larger size and better business
mix. Along with Lufthansa's more robust financial profile, with
lower leverage and higher liquidity, this leads to its IDR being
one notch above BA's Standalone Credit Profile (SCP).
Turk Hava Yollari Anonim Ortakligi (Turkish Airlines; BB-/Stable)
also operates passenger, cargo and MRO businesses but remains a
smaller player than the German airline. Lufthansa has a stronger
business profile thanks to its more favourable geographic position
with a better operating environment. Turkish Airlines is currently
rated at the same level as Turkiye's Country Ceiling.
Key Assumptions
See "Fitch Affirms Deutsche Lufthansa AG at 'BBB-'; Outlook Stable"
dated 30 October 2024.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDAR margin falling consistently below 11%
- EBITDAR net leverage above 2.5x and EBITDAR leverage above 3.5x
- EBITDAR fixed charge coverage sustainably below 2.8x
- Weaker than expected business recovery or aggressive external
growth materially beyond its current expectations
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDAR margin sustained above 15%
- EBITDAR net leverage below 1.5x and EBITDAR leverage below 2.5x,
also backed by a financial policy commensurate with these ratios.
Liquidity and Debt Structure
As of 30 September 2024, Lufthansa had EUR8 billion of
Fitch-adjusted available liquidity, which included EUR1.4 billion
of cash and equivalents and EUR6.6 billion of Fitch-adjusted
securities. This is complemented by a EUR2.5 billon undrawn
sustainability-linked revolving credit facility signed in February
2024 for a five-year tenor with two one-year extension options.
Available liquidity is sufficient to cover short-term debt
repayment and Fitch-expected moderately negative free cash flow.
Lufthansa has a prudent liquidity policy that aims to maintain
between EUR8 billion to EUR10 billion of liquidity.
Issuer Profile
Lufthansa is the largest aviation group in Europe and operates the
biggest fleet in Europe with 731 aircraft at end-September 2024.
Lufthansa's businesses include one of the largest cargo businesses
in Europe and the world's leading MRO business.
Date of Relevant Committee
03 January 2025
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 Prior
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Deutsche Lufthansa AG
Subordinated LT BB New Rating BB(EXP)
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I R E L A N D
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BLUEMOUNTAIN EUR 2021-2: Fitch Hikes Rating on Cl. E Notes to BBsf
------------------------------------------------------------------
Fitch Ratings has upgraded BlueMountain EUR 2021-2 CLO DAC class D
and E notes and affirmed the rest. The Outlooks are Stable.
Entity/Debt Rating Prior
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BlueMountain EUR
2021-2 CLO DAC
A XS2395961779 LT AAAsf Affirmed AAAsf
B-1 XS2395962074 LT AAsf Affirmed AAsf
B-2 XS2395962157 LT AAsf Affirmed AAsf
C XS2395962231 LT Asf Affirmed Asf
D XS2395962314 LT BBBsf Upgrade BBB-sf
E XS2395962405 LT BBsf Upgrade BB-sf
F XS2395962587 LT B-sf Affirmed B-sf
Transaction Summary
BlueMountain EUR 2021-2 CLO DAC is a cash flow CLO comprising
mostly senior secured obligations. The transaction is actively
managed by Sound Point Capital Management, LP and will exit its
reinvestment period in July 2026.
KEY RATING DRIVERS
Strong Performance: The portfolio's performance has been strong.
According to the last trustee report dated 3 January 2025, the
transaction was passing all of its collateral-quality and
portfolio-profile tests. The transaction has no defaulted assets.
Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is 5.2% calculated by trustee, versus a limit of 7.5%. The
transaction is 0.02% above its target par, which also contributes
to strong cushions to support the upgrade of the class D and E
notes by one notch.
Large Cushion Supports Stable Outlooks: All notes have large
default-rate buffers to support their ratings and should be capable
of absorbing further defaults in the portfolio. The ratings also
reflect sufficient credit protection to withstand potential
deterioration in the credit quality of the portfolio associated
with their stresses.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor (WARF) of the current portfolio is 25.5, as calculated by
Fitch under its latest criteria.
High Recovery Expectations: Senior secured obligations comprise
98.1% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 61.6%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 10.1%, and no obligor
represents more than 1.2% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 30.7% as reported by the
trustee. Fixed-rate assets reported by the trustee are currently at
7.3% of the portfolio balance, which compares favourably with the
maximum of 10%.
Transaction Inside Reinvestment Period: The transaction is in its
reinvestment period until July 2026, and the manager can reinvest
unscheduled principal proceeds and sale proceeds from
credit-improved obligations and credit-risk obligations after the
reinvestment period, subject to compliance with the reinvestment
criteria. Given the manager's ability to reinvest, Fitch's analysis
is based on a stressed portfolio where it tested the notes'
achievable ratings across the Fitch matrix, since the portfolio can
still migrate to different collateral quality tests.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Downgrades may 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.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Fitch does not provide ESG relevance scores for BlueMountain EUR
2021-2 CLO 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.
CARLYLE GLOBAL 2014-2: Fitch Affirms Bsf Rating on Class E-R Debt
-----------------------------------------------------------------
Fitch Ratings has upgraded Carlyle Global Market Strategies Euro
CLO 2014-2 DAC 's class A-2A-RRR and A-2B-RRR notes, while
affirming the rest. The Outlooks on the class A-2A-RRR and A-2B-RRR
notes are Positive.
Entity/Debt Rating Prior
----------- ------ -----
Carlyle Global Market
Strategies Euro
CLO 2014-2 DAC
A-1-RRR XS2339018223 LT AAAsf Affirmed AAAsf
A-2A-RRR XS2339019460 LT AA+sf Upgrade AAsf
A-2B-RRR XS2339020476 LT AA+sf Upgrade AAsf
B-1-R XS1898112922 LT A+sf Affirmed A+sf
B-2-R XS1898113227 LT A+sf Affirmed A+sf
C-R XS1898113656 LT BBB+sf Affirmed BBB+sf
D-R XS1898116162 LT BBsf Affirmed BBsf
E-R XS1898116246 LT Bsf Affirmed Bsf
Transaction Summary
Carlyle Global Market Strategies Euro CLO 2014-2 DAC is a cash flow
CLO comprising mostly senior secured obligations. The transaction
closed in June 2014, is actively managed by CELF Advisors LLP, and
exited its reinvestment period in May 2023.
KEY RATING DRIVERS
Asset Performance Better Than Expected: Since Fitch's last rating
action in April 2024, the portfolio's performance has been stable.
According to the last trustee report dated 10 December 2024, the
transaction was failing its weighted average life (WAL) test, the
Fitch 'CCC' and another rating agency's 'CCC' limits. The
transaction is currently 3.6% below par (calculated as the current
par difference over the original target par).
Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is at the transaction's 7.5% limit, according to the trustee. The
portfolio has no defaulted assets. Total par loss remains below its
rating-case assumptions. This supports the upgrade of the class
A-2A-RRR and A-2B-RRR notes.
Deleveraging Transaction: The transaction continues to repay its
class A-1-RRR notes, increasing credit enhancement for the
remaining notes. This supports the Positive Outlook on the class
A-2A-RRR and A-2B-RRR notes.
Limited Refinancing Risk: The transaction has manageable near- and
medium-term refinancing risk, in view of large default-rate
cushions for each class of notes. The CLO has no portfolio assets
maturing in 2025, and a total of 0.9% maturing before June 2026, as
calculated by Fitch. The transaction's comfortable break-even
default-rate cushions support the Stable Outlook on class A-1-RRR
and B-R through D-R notes.
Negative Outlook Reflects Limited Cushion: The Negative Outlook on
the class E-R notes reflects a limited default rate cushion against
credit quality deterioration. The Negative Outlook indicates the
potential for a downgrade should losses erode the default rate
cushion in the current portfolio.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor (WARF) of the current portfolio is 27 as calculated by Fitch
under its latest criteria. For the portfolio including entities
with Negative Outlooks that are notched down one level under its
criteria, the WARF was 28.4 as of 11 January 2025.
High Recovery Expectations: Senior secured obligations comprise
99.8% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 62.3%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 14.4%, and no obligor
represents more than 1.7% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 23.5%, as calculated by
the trustee. Fixed-rate assets reported by the trustee were 9.1% of
the portfolio balance, versus a limit of 10%
Transaction Outside Reinvestment Period: Although the transaction
exited its reinvestment period in May 2023, the manager can
reinvest unscheduled principal proceeds and sale proceeds from
credit-risk obligations after the reinvestment period, subject to
compliance with the reinvestment criteria. However, the manager is
currently restricted as the transaction is failing the Fitch and
another agency's 'CCC' tests. If the failing collateral-quality
tests are cured, the manager would be able to reinvest. Fitch's
analysis is therefore based on a portfolio where Fitch stresses the
transaction's covenants to their limits.
Deviation from MIR: The class A-2A-RRR and A-2B-RRR notes'
model-implied ratings (MIR) are one notch above their current
ratings, reflecting limited default rate cushion at their MIRs.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Fitch does not provide ESG relevance scores for Carlyle Global
Market Strategies Euro CLO 2014-2 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.
SUTTON PARK: Fitch Affirms 'B+sf' Rating on Class E Notes
---------------------------------------------------------
Fitch Ratings has upgraded Sutton Park CLO DAC's class A2-A and
A2-B notes.
Entity/Debt Rating Prior
----------- ------ -----
Sutton Park CLO DAC
A1-A XS1875399278 LT AAAsf Affirmed AAAsf
A1-B XS1879555990 LT AAAsf Affirmed AAAsf
A2-A XS1875401603 LT AAAsf Upgrade AA+sf
A2-B XS1875401942 LT AAAsf Upgrade AA+sf
B XS1875402247 LT A+sf Affirmed A+sf
C XS1875402676 LT BBB+sf Affirmed BBB+sf
D XS1875403054 LT BB+sf Affirmed BB+sf
E XS1875402916 LT B+sf Affirmed B+sf
Transaction Summary
Sutton Park CLO DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is outside the reinvestment
period and the portfolio is actively managed by Blackstone Ireland
Limited.
KEY RATING DRIVERS
Deleveraging Increases Credit Enhancement: The upgrades reflect the
transaction's deleveraging and resilient performance with portfolio
losses below rating cases. They also reflect manageable near- and
medium-term refinancing risk, with no assets in the portfolio
maturing before 2025, and 11% maturing in 2026.
The class A notes have deleveraged by EUR112.3 million since the
last review on April 2024, leading to increased credit enhancement
(CE) for all notes. The total par loss is at 0.4% of target par,
due mainly to defaulted assets and the manager making some trading
losses on selling weaker assets, is also materially below its
rating case assumptions.
Increasing Concentration: The transaction is failing its single
obligor concentration and its largest 10 obligor tests, according
to the last trustee report of December 2024, signaling increasing
concentration following deleveraging. It is also failing the
weighted average life (WAL) test, Moody´s WA rating factor (WARF)
and diversity tests, as well as Fitch's WARF and WA recovery rate
(WARR) tests. The portfolio's maturity profile is also moving
closer to the legal final maturity date of the notes. However, this
is mitigated by the increased CE.
The Positive Outlook on the class B and C notes reflects the
potential for upgrade, if the deleveraging continues and the
maturity risk does not increase.
Large Cushion Supports Stable Outlooks: All notes have comfortable
default-rate buffers to support their ratings and should be capable
of absorbing further defaults in the portfolio. The ratings also
reflect that the notes have sufficient levels of credit protection
to withstand deterioration in the credit quality of the portfolio
at their associated stress scenarios.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/'B-'. The WARF as
calculated by Fitch is 26.6.
High Recovery Expectations: Senior secured obligations comprise
98.3% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated WARR of the current
portfolio is 62.1%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration of 20.5% is slightly above its limit of 20%, and no
obligor represents more than 3.2% of the portfolio balance, which
is also above its 2.5% limit, as calculated by Fitch.
Transaction Outside Reinvesting Period: As the transaction exited
its reinvestment period in May 2023, the manager cannot reinvest
since it is failing its 'CCC' tests and Moody´s WARF. As a result,
Fitch's analysis is based on stressing the current portfolio by
downgrading by one notch all portfolio entities on Negative
Outlook, with a WAL floored at four years under its criteria.
Entities on Negative Outlook as of 11 January 2025 accounted for
16.9% of the portfolio.
Deviation from MIR: The class B and C notes' ratings are three
notches below their model-implied ratings (MIR), reflecting
insufficient default-rate cushions and refinancing risk that can
erode the cushion at their MIRs.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Fitch does not provide ESG relevance scores for this transaction.
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.
===================
L U X E M B O U R G
===================
ALTISOURCE SARL: $412MM Bank Debt Trades at 50% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Altisource Sarl is
a borrower were trading in the secondary market around 49.9
cents-on-the-dollar during the week ended Friday, January 24, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $412 million Payment in kind Term loan facility is scheduled to
mature on April 2, 2025. About $220 million of the loan has been
drawn and outstanding.
Altisource Solutions S.a.r.l. specializes in developing and
providing services and technology solutions for real estate,
mortgage, and asset recovery and customer relationship management.
The Company's country of domicile is Luxembourg.
=====================
N E T H E R L A N D S
=====================
GREENKO DUTCH: Fitch Affirms BB Foreign Currency IDR, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Greenko Energy Holdings' Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB'. The Outlook
remains Negative. The agency has also affirmed the 'BB' ratings on
the senior notes issued by Greenko Dutch B.V, Greenko Power II
Limited and Greenko Wind Projects (Mauritius) Ltd. These issuers
are subsidiaries of Greenko, which guarantees all their notes.
The Negative Outlook reflects Greenko's low headroom within its
EBITDA net interest cover against the 1.5x negative sensitivity,
over the next 12-18 months. This would be due to its proposed
acquisition of a 60.08% stake in the Teesta III hydro project,
associated restoration works, and lack of clarity on insurance
compensation for the damage to the project caused by flash floods
in October 2023. Fitch expects to get clarity on the extent of the
damage, details of the restoration work required and potential
recovery from insurance over the next 6-9 months.
Fitch's rating case assumes a 50% haircut to management's
expectation of the insurance proceeds. Nevertheless, Greenko
believes its shareholders may consider providing additional
financial support if the insurance proceeds are materially lower
than its expectation, which could result in better EBITDA net
interest coverage than in Fitch's rating case.
Key Rating Drivers
Teesta Acquisition: Greenko expects to complete the acquisition of
the Teesta stake before end-March 2025 and has received the
necessary regulatory and lender approvals. It is in the process of
appointing consultants for the restoration work. Fitch expects the
project to resume operations at 60% capacity by January 2026 and
achieve full restoration by the financial year ending March 2029
(FY29). Greenko estimates total acquisition and restoration costs
of around USD1.5 billion, including around USD1 billion in existing
debt on Teesta's balance sheet.
Any material variation in restoration costs or recovery from
insurance, as compared with current expectations, could affect cash
flow from Teesta and its assessment of Greenko's EBITDA net
interest cover in the near to medium term. Teesta had a strong
operating record of more than six years before the flash floods
stalled operations in 2023. The project has generated more than 6
million kWh of electricity per year since FY20 and around USD330
million in EBITDA in FY23.
Improving Cash Flow Predictability: Fitch expects the higher
contribution from availability-based power storage facility pumped
hydro storage projects (PSPs) will reduce Greenko's exposure to
wind and solar resource risk, which is affected by seasonal and
climatic patterns. Fitch estimates PSPs will account for about 22%
of Greenko's FY26 EBITDA and 48% of FY28 EBITDA. Greenko aims to
fully commission its first PSP in Andhra Pradesh and an associated
1.5GW solar project by March 2025.
Fitch forecasts the group's net interest coverage to rise to around
1.5x in FY26, albeit with low rating headroom (FY25 estimate: 1.1x,
FY24: 1.3x). The improvement will be driven by a full year of
operation for the Andhra Pradesh PSP and 1.5GW solar project, along
with its expectation of three months of operations at Teesta at a
reduced capacity of 60%.
High Near-Term Capex: Fitch expects Greenko's capex to remain high
at around USD1.5 billion in FY26 (FY25 estimate: USD1.4 billion,
excluding Teesta acquisition costs) before coming down to USD750
million in FY27. Capex in FY26 will be largely on three PSPs under
construction in the states of Madhya Pradesh, Karnataka and
Rajasthan. The company aims to commission these projects by FY28,
starting with the Madhya Pradesh project by March 2026.
Better Counterparty Profile, Lower Receivables: Fitch expects
Greenko's exposure to weaker counterparties in state utilities to
decline to around 40% in FY26 from 72% currently, as it plans to
tie up most of the PSPs' capacity with customers that pay on time.
Payments from state utilities have improved under late payment
surcharge rules since August 2022. As a result, Greenko's
receivable days improved to 162 in FY24 from above 340 days in FY21
and FY22, and Fitch estimates that this will decrease further to
124 days by FY25.
Support from GIC: Greenko's rating is underpinned by consistent
financial support and strategic appraisal from Singapore sovereign
wealth fund GIC, which owns a 58% stake and holds four of the 13
board seats. GIC's involvement in the group's strategy includes
investment plan approval, oversight of operations and risk
management. Greenko's capex and investment plans, including the
Teesta acquisition, are supported by shareholder equity commitments
of around USD930 million over FY25-FY27, or 25% of costs. Fitch
believes any material reduction in GIC's involvement would weigh on
ratings.
Consolidated Credit Assessment: Fitch takes a consolidated view of
the Greenko group, driven by observed fungibility of cash within
the group. The US dollar note indentures of the issuing entities in
the group restrict the outflow of cash if it leads to higher
leverage or reduces the restricted groups' (RGs) debt-servicing
capability beyond covenant levels. However, debt-free unrestricted
assets may be dropped into RGs in exchange for cash, allowing
Greenko to access RG-level cash. Fitch believes this mitigates the
holding company's cash flow subordination.
Foreign-Exchange Risk Largely Hedged: Foreign-exchange risk arises
as the earnings of Greenko's assets are in Indian rupees, while the
notes are denominated in US dollars. The group's policy requires
Greenko to hedge substantially the principal of its US dollar notes
over the tenor of the bonds. The coupons are usually hedged until
the no-call period ends and are then rolled over, based on market
dynamics.
Derivation Summary
Fitch regards ReNew Energy Global Plc (REGP, BB-/Stable) and
Concord New Energy Group Limited (CNE, BB-/Negative) as Greenko's
close peers. REGP, like Greenko, is one of India's leading power
producers, with a focus on renewable energy. However, REGP's
operating capacity has increased above Greenko's in recent years as
Greenko is constructing PSPs, which have a longer gestation period
than wind and solar power generation projects.
Greenko's better credit assessment than REGP's is supported by its
stronger financial access due to strong support from its key
shareholders, including GIC. This enables Greenko to rely on fresh
equity for investments and acquisitions while using cash generated
from operations to deleverage.
REGP's resource risk is lower, with higher exposure of 53% to
solar-based projects, compared with Greenko's exposure of 28% to
solar and 14% to hydro. REGP's counterparty risk is also lower,
with 51% of capacity contracted with sovereign-owned entities and
the balance with state-owned distribution companies (33%) and
direct sales (16%). Nevertheless, Greenko's resource risk and
counterparty profile will improve as it commissions PSPs and the
1.5GW solar project.
CNE, a renewable power operator in China, has guarantees for
roughly half of its power generated to be purchased by power grids
at fixed tariffs, while the rest is sold to markets with manageable
volume and price volatility. In comparison, most of Greenko's
capacity is sold under long-term power purchase agreements with
better price certainty. However, CNE's counterparty risks are lower
than those of Greenko, as its off-takers are mainly 'A+' rated
power grid companies.
Greenko is assessed at one notch above CNE due to its stronger
funding access due to shareholder support and a more diversified
resource mix. Both ratings are on Negative Outlook, reflecting
pressure on their financial metrics in the near term.
Key Assumptions
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Plant load factors of operating wind and solar assets to remain
in line with the historical average
- Tariffs in line with power purchase agreements
- Average receivable days to decrease to 104 in FY26 (FY24: 162,
FY25 estimate: 124)
- Capex, mainly on PSPs, to remain high at around USD1.5 billion in
FY26 (FY24: USD666 billion, FY25 estimate: USD1.4 billion) before
coming down to USD750 million in FY27
- Andhra Pradesh PSP and associated 1.5GW solar project to start
commercial operations by March 2025
- Teesta to restart operations by January 2026 at 60% of operating
capacity and reach 100% from FY29
- Cash accruals from operations to be used to deleverage, with
growth capex financed by external funds, supported by equity
injections of around USD930 million in total over FY25 to FY27
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA/net interest expense sustained below 1.5x beyond FY25;
- Significant adverse developments related to Teesta acquisition
and/or storage projects, which may include rising construction or
restoration costs or changes diluting the economics of the
investments;
- Any shareholder changes that affect the company's risk profile,
including its liquidity and refinancing, risk-management policies
or growth risk appetite;
- Failure to mitigate foreign-exchange risk adequately.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The Outlook will be revised to Stable if the negative sensitivities
are not met.
Liquidity and Debt Structure
Greenko had a readily available cash balance of around USD940
million at end-September 2024, against current debt maturities of
USD1.76 billion. However, Greenko has repaid the USD1.035 billion
notes of Greenko Solar (Mauritius) Limited (USD500 million maturing
in January 2025 and balance in July 2026) through onshore
refinancing. It is in the process of refinancing the USD750 million
notes of Greenko Wind Projects (Mauritius) Ltd, due in April 2025.
Fitch expects Greenko to refinance its maturities in a timely
manner.
Fitch expects Greenko to generate negative free cash flow in the
medium term due to its high capex and investments, which will be
funded by a mix of additional debt and equity. However, the company
benefits from committed equity investments and solid financial
access, supported by its strong shareholders.
Issuer Profile
Greenko is one of India's leading renewable energy companies, with
an operating capacity of 5.5GW that is diversified by wind (58%),
solar (28%), hydro and other (14%) assets across 14 states. Greenko
is developing PSPs with a total capacity of around 7GW and a 1.5GW
solar project asset.
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 Prior
----------- ------ -----
Greenko Energy Holdings LT IDR BB Affirmed BB
Greenko Wind Projects
(Mauritius) Ltd
senior unsecured LT BB Affirmed BB
Greenko Dutch B.V
senior unsecured LT BB Affirmed BB
Greenko Power II
Limited
senior unsecured LT BB Affirmed BB
===========
R U S S I A
===========
TRUSTBANK: Fitch Affirms & Then Withdraws 'B' Issuer Default Rating
-------------------------------------------------------------------
Fitch Ratings has affirmed Private Joint Stock Bank Trustbank's
Long-Term Issuer Default Ratings (IDRs) at 'B' with a Stable
Outlook and its Viability Rating (VR) at 'b'. Fitch has
simultaneously withdrawn all of the bank's ratings.
Fitch has chosen to withdraw the ratings of Trustbank for
commercial reasons. Fitch will no longer provide ratings or
analytical coverage of Trustbank.
Key Rating Drivers
Prior to the withdrawal, Trustbank's ratings were driven by its
intrinsic credit strength, as expressed by its VR. The bank's 'b'
VR was one notch below the 'b+' implied VR, due to a negative
adjustment for the business profile score. This reflects the bank's
modest franchise in the concentrated Uzbek banking sector, and a
business model lacking diversification, given still high, albeit
reduced, reliance on related- party funding. Despite its small
absolute size, such funding has continued to support the bank's
above-sector-average profitability and capital metrics, thereby
underpinning its VR.
Prior to withdrawal, the bank's Government Support Rating (GSR) of
'No Support' reflected Trustbank's private ownership and limited
systemic importance.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Not applicable as the ratings have been withdrawn.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Not applicable as the ratings have been withdrawn.
VR ADJUSTMENTS
Prior to the withdrawal, the earnings and profitability score of
'b+' was below the implied 'bb' category score due to the following
adjustment reason: revenue diversification (negative).
ESG Considerations
Before the rating withdrawal, Trustbank had an ESG Relevance Score
of '4' for Governance Structure due to high reliance on funds from
its related party, which had a negative impact on the credit
profile, and was relevant to the ratings in conjunction with other
factors.
Except for the matter discussed above, the highest level of ESG
credit relevance was a score of '3'. This 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. Following the
withdrawal of the ratings, Fitch will no longer provide the
associated ESG Relevance Scores for Trustbank.
Entity/Debt Rating Prior
----------- ------ -----
Private Joint Stock
Bank Trustbank LT IDR B Affirmed B
LT IDR WD Withdrawn
ST IDR B Affirmed B
ST IDR WD Withdrawn
LC LT IDR B Affirmed B
LC LT IDR WD Withdrawn
LC ST IDR B Affirmed B
LC ST IDR WD Withdrawn
Viability b Affirmed b
Viability WD Withdrawn
Government Support ns Affirmed ns
Government Support WD Withdrawn
=========
S P A I N
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PORTAVENTURA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
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Fitch Ratings has affirmed Spanish theme park and resort operator
International Park Holdings B.V.'s (PortAventura) Long-Term Issuer
Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also
affirmed its senior secured rating at 'B+' with a Recovery Rating
of 'RR3'.
PortAventura's rating reflects its small size versus wider peers'
and its limited diversification as a single-location theme park and
resort with a high exposure to the Spanish market. This is balanced
by a strong brand in Spain and other parts of Europe, as well as
its well-invested asset base consisting of three theme parks,
on-site hotels and other attractions, which represent fairly high
barriers to entry.
Fitch expects PortAventura to deliver a steady performance over the
next three years, despite some underperformance in 2024, improving
headroom under the 'B' rating. Fitch expects this also to support
the refinancing of its term loan B (TLB) due in December 2026.
Key Rating Drivers
Mild Deterioration in 2024 Performance: PortAventura underperformed
its expectations in 2024, due to reduced footfall during the
European Football Cup and the Olympics - both occurring in the peak
summer months - and following floods in Valencia. This, together
with subdued consumer spending in Europe, led to a 3% fall in
attendance at the parks to 5.3 million and flat per visitor spend
year-on-year.
Fitch estimates that the company achieved Fitch-adjusted EBITDA of
around EUR115 million in 2024, EUR5 million lower than the prior
year. Given these pressures, Fitch estimates negative free cash
flow (FCF) of EUR12 million and EBITDAR leverage at 6.2x at
end-2024, slightly above its 6x negative sensitivity.
Stable Performance Expected in 2025: Fitch expects Portaventura to
grow sales and EBITDA modestly in 2025, supported by capacity
expansion in their newly opened hotel, pricing initiatives for the
theme parks and a stable economic backdrop. Fitch projects EBITDA
at EUR120 million in 2025, which combined with limited expansionary
capex, should allow for positive FCF. Fitch expects EBITDAR
leverage to fall to 6.0x in 2025, supporting its Stable Outlook.
Limited Rating Headroom: PortAventura's rating headroom
deteriorated in 2024, as earnings and FCF underperformance led to
weaker credit metrics. Earnings growth in 2025 is key to
deleveraging to within its sensitivities and restoring positive
FCF. Any further underperformance would likely result in a negative
rating action.
Expansionary Capex Cut: Fitch expects PortAventura's capex to fall
in 2025, following highs in 2022-2024 that were driven by
investments in new attractions, its new solar power plant, and
digitalisation initiatives. Fitch assumes that the company will cut
capex to EUR35 million, with minimal expansionary capex, allowing a
return to positive FCF as interest costs also decline.
Leading Spanish Family Destination Resort: The rating benefits from
PortAventura's market position and strong brand as it is the most
visited theme park in Spain and the fourth-largest in Europe, with
good air and road connections to the resort. The business is
well-invested, with continued capex since its inception in 1995 for
expansion and regular refurbishments across its hotel base. Fitch
views barriers to entry as fairly high, given the large initial
capex required to build a theme park resort and as well as to
ensure stringent safety and regulatory standards.
Low Diversification: Fitch assesses PortAventura's diversification
as limited, which reflects the high concentration of the business
in a single asset located in Costa Daurada, Spain. However, the
single site location allows for multiple cost efficiencies across
the various parks and hotels on site and supports high EBITDA
margins of over 35%. Over half of PortAventura's visitors are
Spanish, although this is slowly diversifying and should continue,
due to marketing efforts.
Moderate Cyclicality: Fitch judges PortAventura's end-market demand
as moderately cyclical, given the discretionary nature of spending,
with exposure to international travel. However, it is more
protected than leisure peers, by its economical price offering of
around EUR30 for an average day pass.
Derivation Summary
Fitch rates PortAventura using its Hotels Navigator, due to
similarities in key performance indicators and demand drivers. In
addition, PortAventura now generates around 40% of revenue from its
hotels and convention centre, and its strategy is based on
increasing the number of rented hotels to drive attendance at its
theme parks.
PortAventura has a similar business scale, EBITDAR margin and
diversification to asset-heavy luxury hotel operators, Sani/Ikos
Group Newco S.C.A. (B-/Stable) and FIVE Holdings (BVI) Limited
(B+/Stable). PortAventura is rated one notch higher than Sani Ikos,
due to its lower leverage and better FCF profile. Its strategy also
has lower execution risk, as Sani Ikos invests heavily on new hotel
developments. PortAventura is rated one notch lower than FIVE, as
Fitch expects the latter to materially reduce its leverage in 2025
with divestment proceeds and as its new hotel becomes operational.
Key Assumptions
Fitch's Key Assumptions Within its Rating Case for the Issuer
- Revenue growth of 1.5% in 2025, accelerating to 4%-5% in
2026-2027
- Fitch-adjusted EBITDA margin to remain steady at 37.5% until
2027
- Working capital outflows of around 1% of sales per year
- Lower capex of around EUR35 million in 2025, before rising to
EUR50 million per annum in 2026-2027
- No dividends or M&A
Recovery Analysis
Fitch assumes that PortAventura would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated.
In its bespoke recovery analysis, Fitch estimates GC EBITDA
available to creditors of around EUR90 million. This reflects
Fitch's view of a sustainable, post-reorganisation EBITDA, after
some corrective measures, on which Fitch bases the enterprise
valuation (EV). At this level of GC EBITDA, Fitch estimates the
company would be able to generate minimal earnings to remain a GC,
following a debt restructuring.
Fitch has applied a 5.5x multiple to the GC EBITDA to calculate a
post-reorganisation EV. This multiple reflects the company's strong
brand, well-invested asset base, strong profitability, and high
barriers of entry, which are balanced by its small scale and
geographic concentration. This is in line with Pure Gym and 0.5x
lower than David Lloyd Leisure, with the latter benefitting from a
more-diversified portfolio alongside an affluent membership base
that is less sensitive to an economic downturn.
PortAventura's EUR640 million senior secured TLB ranks pari passu
with its EUR52.5 million revolving credit facility (RCF), which
Fitch assumes to be fully drawn in a default. Fitch treats
unsecured debt, including its Institute of Official Credit loan and
reverse factoring, as ranking below the TLB and RCF.
Its waterfall analysis generates a ranked recovery for
PortAventura's senior-secured EUR640 million TLB in the 'RR3' band,
indicating a 'B+' instrument rating, one notch above the IDR. The
waterfall analysis output percentage on current metrics and
assumptions is 64%.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Prolonged decline in key performance indicators, leading to a
deterioration in profitability
- EBITDAR leverage above 6.0x and EBITDAR fixed-charge coverage
below 2.0x on a sustained basis
- Negative FCF generation on a sustained basis
- Absence of tangible refinancing plans 12-18 months ahead of its
EUR640 million TLB maturity in December 2026
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Structural strengthening of the business profile, highlighted by
higher EBITDA and a reduced reliance on cash flow generation from
summer operations and admission tickets
- EBITDAR leverage below 5.0x and EBITDAR fixed-charge coverage
above 2.5x on a sustained basis
- FCF margin in mid to high single digits on a sustained basis
Liquidity and Debt Structure
PortAventura had Fitch-adjusted cash on its balance sheet of around
EUR27 million at end-September 2024 and a fully undrawn EUR52.5
million RCF. Fitch expects PortAventura's liquidity to remain
satisfactory, on the back of stable operating cash flow generation
and flexible capex, of which about EUR20 million-EUR25 million is
related to maintenance.
Fitch restricts EUR10 million of year-end cash for working capital
purposes.
PortAventura's RCF and TLB mature in June and December 2026,
respectively. Fitch believes that its attractive business profile,
with a well-invested asset base, and strong underlying FCF and
profitability, will support its ability to refinance in a timely
manner.
Summary of Financial Adjustments
Fitch computes PortAventura's lease liability by multiplying
Fitch-defined lease expense by 8x, reflecting the long-term nature
of rent contracts in the hotel sector and a discount rate typical
for a developed European country, such as Spain.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
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International
Park Holdings B.V. LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
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S W E D E N
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POLESTAR AUTOMOTIVE: New Strategy Targets 35% Sales Growth by 2027
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Polestar presented an updated strategy as the Company starts its
next chapter with significant changes being made to improve
operational, commercial and financial performance.
The updated business plan targets a compound annual retail sales
volume growth of 30-35% for 2025 to 2027 and a positive adjusted
EBITDA in 2025. Gaining commercial and operational momentum,
further margin, fixed costs and working capital improvements are
expected from 2026 onwards, with a positive free cash flow after
investments expected in 2027.
"We expect 2025 to be the strongest year in Polestar's history"
Michael Lohscheller, Polestar CEO, says: "With Scandinavian design,
performance and a premium brand, Polestar has successfully
positioned itself in the global automotive market. We have three
outstanding cars on the road and a growing, passionate customer
base."
"We are building on the strong Polestar brand with design and
performance at its core. But significant changes are needed to make
this well-respected progressive brand a successful and viable
business. We are speeding up our retail expansion and commercial
transformation, whilst adjusting our future model line-up and
significantly reducing our cost base. Both in terms of volumes and
financials, we expect 2025 to be the strongest year in Polestar's
history."
Daniel Donghui Li, Geely Holding Group CEO and Polestar Board
Member, says: "Geely will continue to support Polestar's
development and strategy implementation, including working with
Polestar to secure additional equity and debt funding. Polestar
remains an important global asset for Geely and the new leadership
team is taking the right actions to transform it from an iconic
brand into a successful global business."
Product portfolio: Polestar 5 to come this year, Polestar 7 planned
to be produced in Europe
After the global success of Polestar 2 and ramp-up of deliveries of
Polestar 3 and Polestar 4, the second half of 2025 will see the
planned start of sales of Polestar 5, the performance 4-seat
grand-tourer based on Polestar's in-house developed
bonded-aluminium platform. It will also be the first Polestar to
use 800-Volt technology.
Polestar announced Polestar 7 will be a premium compact SUV,
targeting the world's fastest growing and most profitable premium
segment. With its growing portfolio, Polestar reaffirms its
position as a truly global, premium EV brand.
Reinforcing the value of Polestar's asset-light business model,
Polestar 7 is planned to be manufactured in Europe. With production
already in place in the USA, South Korea and China, Polestar
continues to strengthen its global position with a well-balanced
international manufacturing network. Over time, from Polestar 7
onwards, the Company will gradually move from a multi-platform
approach to one single architecture, reducing complexity, costs,
and investments.
Philipp Römers, Polestar Head of Design, says: "Polestar is known
for its progressive design, with each car standing out and creating
its own buzz – so too will Polestar 7. It is incredibly exciting
to bring Polestar's design ethos to a new segment. Polestar 7 will
be everything our customers expect from us, both in terms of design
and performance."
Active sales model and commercial expansion:
Polestar is accelerating its shift to an active selling model, with
new retail partners and more retail spaces. Together with its
partners, Polestar plans to expand from 70 to 130 and from 36 to 57
retail spaces in Europe and North America. The established
direct-to-consumer online sales channel will remain, giving
customers a choice in how they want to buy their Polestar.
The changes being made to Polestar's commercial operations are
already having a positive impact with a 5.3% increase in retail
sales in Q4 2024 and a 37.2% increase in order intake in Q4 2024
compared to the same quarter last year. Polestar 3 and Polestar 4
represent 56% of order intake in Q4 2024, creating a strong
momentum as we enter 2025.
Polestar's new market expansion will now focus on France, with
sales starting in 2025. France is one of the largest and fastest
growing EV markets in Europe and a natural fit for a premium brand
like Polestar. Additional expansion, across Eastern Europe, Asia
and Latin America, is planned from 2026 onwards.
Additional revenue streams: Increasing sales of CO2 credits:
Moving forward, Polestar expects significantly increased revenue
contribution from the sales of CO2 credits. With traditional OEMs
struggling to transition to EVs, the demand for these credits is
expected to increase in the coming years, to a three-digit
million-dollar amount per year, from 2025. Polestar has already
created an EU CO2 pool with four OEMs for 2025.
New customer offer: Launch of innovative energy business:
Polestar is launching Polestar Energy in several key markets in
Europe. This new customer offer makes home charging smarter, more
efficient, and cheaper. Through the service, customers can reduce
their home charging costs by up to 30%, using the Polestar Energy
app. The more Polestar customers charge and support the grid
through Polestar Energy, the more benefits they get. The service is
to be launched in several additional markets during the second half
of the year, with the launch of bidirectional charging capabilities
in Polestar's line-up making the offer even more attractive.
Global access to high-performing charging services:
Owning a Polestar continues to be made more convenient not just
through better home charging, but also on the road. With Polestar
Charge, customers in Europe have access to over 850,000 charging
points, including Tesla Superchargers. In North America, customers
have access to over 17,800 Tesla Superchargers with a NACS
adaptor.
About Polestar Automotive
Polestar Automotive Holding UK PLC manufactures and sells premium
electric vehicles. The company was founded in 2017 and is
headquartered in Gothenburg, Sweden.
As of December 31, 2023, the Company had $4.1 billion in total
assets, $5.4 billion in total liabilities, and $1.3 billion in
total deficit.
Gothenburg, Sweden-based Deloitte AB, the Company's auditor since
2021, issued a 'going concern' qualification in its report dated
August 14, 2024, citing that the Company requires additional
financing to support operating and development activities that
raise substantial doubt about its ability to continue as a going
concern.
POLESTAR AUTOMOTIVE: Q3 2024 Revenue Down 10% to US$551-Mil.
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Polestar Automotive Holding UK PLC presented selected preliminary
unaudited results for the third quarter and first nine months of
2024.
For the nine months ended September 30, 2024:
* Revenue decreased by USD389.8 million or 21%, mainly due to
lower global vehicle sales of Polestar 2, higher discounts in a
competitive market and a delay in sales ramp up of new carlines.
* Gross margin decreased by 3.4 pts to a gross loss of 2.4%
with increased discounts for Polestar 2 and negative impact from IP
related to the Polestar 2 previously depreciated into Research and
Development and now capitalised into inventory and released into
cost of sales upon inventory sales.
* Adjusted EBITDA increased by USD 74.5 million or 11%
reflecting continuous management actions reducing selling,
administrative and general expenses, as well as impact of
reclassification of IP depreciation related to Polestar 2 offset by
lower gross margin.
* Cash balance reduced by USD 450 million to USD 501 million,
impacted by a negative operating cashflow and cashflow from
investing activities.
For the three months ended September 30, 2024:
* Revenue decreased by USD57.9 million or 10% mainly due to
lower global vehicle sales of Polestar 2, higher discounts in a
competitive market and a delay in sales ramp up of new carlines.
* Gross margin decreased by 0.8 pt to a gross loss of 1.4%
with increased discounts for Polestar 2 and IP impact related to
the Polestar 2 (see above), slightly offset by the start of new
carline sales at the end of the quarter, improving margins.
* Adjusted EBITDA increased by USD 71.8 million reflecting
continuous management actions reducing selling, administrative and
general expenses in addition to positive margin impact of new car
lines sales.
Key Loan facilities / funding highlights:
Given market conditions and the Company's anticipated performance
in 2024, the Company, alongside Geely, has engaged in constructive
dialogue with its USD 950 million club loan lenders, who remain
supportive. The club-loan lenders have agreed to amend the revenue
covenant for 2024 to ensure its compliance and have also agreed to
waive testing of the year end 2024 and Q1 2025 debt ratio covenant.
The Company expects to continue having a constructive dialogue with
lenders regarding its future club loan obligations.
In December, the Company secured over USD 800 million in 12-month
term facilities, provided by several banks. The Company is working
on securing an additional 12-month loan facility of over USD 400
million. This proposed new facility is approved by the lender's
credit committee and is expected to be available to the Company
later this month.
Approximately one fourth of proceeds from the new secured
facilities are expected to be used to repay other loans, with
remaining proceeds being available to support the Company's working
capital needs going forward. The Company is still at a comfortable
debt level in relation to its loan covenants.
Financial guidance:
As a result of continued adverse market conditions, Polestar
updated its guidance for 2024 and the fourth quarter. Prior
expectations were for revenue in the year to be similar to that in
2023, and for a positive gross profit margin in the fourth quarter.
For full year 2024 the Company now expects a mid-teens percentage
decline in revenue and a negative gross margin around the same
level as full year 2023, as the fourth quarter product mix was
negatively impacted by fewer than expected Polestar 3 and Polestar
4 sales. Other one-time events also contributed to a difficult Q4,
including a market value adjustment of inventory as well as
continuing market pressure from discounting. A solid order intake
for new models in late Q4 signals an encouraging start to 2025.
To better position the Company for future fundraising and lower
transaction costs, Polestar is exploring the possibility of
conducting a change of the ratio of its American Depositary Shares
to its ordinary shares, which is currently 1:1.
Key recent developments:
* Michael Lohscheller appointed President and CEO, effective
from October 2024
* Jean-Francois Mady appointed as Chief Financial Officer,
effective from October 2024
* Jonas Engström appointed as Chief Operating Officer,
effective from December 2024
* Board strengthened through appointment of two new
independent directors, Christine Gorjanc (who also serves as chair
of the audit committee) and Xiaojie (Laura) Shen, as well as
another director, Francesca Gamboni, who also serves as Volvo Cars'
Chief Manufacturing & Supply Chain Officer
Key business and operational highlights:
* Polestar 3 long-range single motor starts production in USA,
with a certified WLTP range of 706 km
* Polestar drivers in North America now have access to Tesla
Superchargers
* Plug and Charge capability announced for Polestar 3
* New retail partners and active selling model implemented
across major markets
A full-text copy of the Company's report filed on Form 6-K with the
Securities and Exchange Commission is available at:
https://tinyurl.com/2f8xnft6
About Polestar Automotive
Polestar Automotive Holding UK PLC manufactures and sells premium
electric vehicles. The company was founded in 2017 and is
headquartered in Gothenburg, Sweden.
As of December 31, 2023, the Company had $4.1 billion in total
assets, $5.4 billion in total liabilities, and $1.3 billion in
total deficit.
Gothenburg, Sweden-based Deloitte AB, the Company's auditor since
2021, issued a 'going concern' qualification in its report dated
August 14, 2024, citing that the Company requires additional
financing to support operating and development activities that
raise substantial doubt about its ability to continue as a going
concern.
POLESTAR AUTOMOTIVE: Restate Financials Due to Accounting Errors
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Polestar Automotive Holding UK PLC disclosed in a Form 6-K Report
filed with the U.S. Securities and Exchange Commission that the
management, in consultation with the Audit Committee of the Board
of Directors, concluded that the Company's previously issued
audited financial statements included within Annual Reports on Form
20-F for the years ended December 31, 2022 and December 31, 2023
and the unaudited interim financial information included within
Current Reports on Form 6-K for the quarterly periods ending on and
falling between September 30, 2022 and June 30, 2024, contain
errors that warrant restatement of the Audited Affected Financials
and the interim financial information for the six-month periods
ended June 30, 2023, and June 30, 2024.
The primary reason for this restatement decision relates to balance
sheet errors concerning the Company's unique tooling, which have
resulted in an underreporting of assets and accrued liabilities in
matching amounts for the periods referenced above. The correction
of these balance sheet errors will have no impact on previously
reported revenue, operating loss, net loss, adjusted EBITDA or net
assets, nor do these corrections affect the Company's underlying
business operations, cash position, or liquidity.
As previously disclosed, the Company owns unique tooling which is
used in the manufacturing of its vehicles. This unique tooling has
previously been recognized as property plant and equipment once
either the production standard part process test is conducted or
production utilizing the unique vendor tools has occurred.
Management has determined that certain unique tooling should have
instead been recognized as assets under construction according to
the progression of work, resulting in a material understatement of
AUC and a corresponding understatement of accrued liabilities in
the Affected Financials. The reconsideration of AUC recognition
will change the timing of recognizing AUC but will not change the
expected total amount of AUC recognized.
A reclassification of cash flows between operating and investing
activities and other smaller errors that have been identified will
also be corrected as part of this restatement process.
As a result of the above noted accounting errors, the Audit
Committee, based on the recommendation of, and after consultation
with, the Company's management, have further concluded that the
Affected Financials should no longer be relied upon, including the
associated report of the Company's independent registered public
accounting firm, Deloitte AB. Similarly, any quarterly results
issued during the aforementioned periods, press releases,
shareholder communications, investor presentations or other
communications describing relevant portions of the Affected
Financials should no longer be relied upon.
The Company is in the process of finalizing the restatement
adjustments and evaluating the impact of the above accounting
errors on its assessment of the effectiveness of internal control
over financial reporting. The Company intends to restate the
Audited Affected Financials in an amendment to its Annual Report on
Form 20-F for the year ended December 31, 2023. Regarding the
Unaudited Affected Financials, the Company intends to restate the
interim financial information for the six-month periods ended June
30, 2023, and June 30, 2024, through an amendment to its Current
Report on Form 6-K filed with the U.S. Securities and Exchange
Commission on September 30, 2024. Except as described in the
preceding sentence, the Company does not expect to restate the
quarterly Unaudited Affected Financials.
About Polestar Automotive
Polestar Automotive Holding UK PLC manufactures and sells premium
electric vehicles. The company was founded in 2017 and is
headquartered in Gothenburg, Sweden.
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T U R K E Y
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EMLAK KATILIM: Fitch Affirms 'B+/BB-' LongTerm IDRs, Outlook Stable
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Fitch Ratings has affirmed Turkiye Emlak Katilim Bankasi A.S.'s
(Emlak Katilim) Long-Term Foreign-Currency (LTFC) Issuer Default
Rating (IDR) at 'B+' and Long-Term Local-Currency (LTLC) IDR at
'BB-'. The Outlooks are Stable. Fitch has also affirmed the bank's
Viability Rating (VR) at 'b-' and National Rating at 'AA(tur)' with
a Stable Outlook.
Key Rating Drivers
Sovereign Support Drives IDRs: Emlak Katilim's LTFC IDR is driven
by its 'b+' Government Support Rating (GSR), reflecting its full
state-ownership and the strategic importance of participation
banking to the authorities. Still, the bank's GSR remains one notch
below the sovereign's LTFC IDR, despite a high propensity to
provide support due to the sovereign's still moderate, though
improved, reserves position relative to the state-owned banks'
material sizes. The LTLC IDR, also driven by government support,
remains one-notch above the LTFC IDR, reflecting the government's
stronger ability to provide support in LC.
The bank's VR reflects its small franchise, untested and volatile
business model and its view of a higher risk appetite compared with
its peers due to a high share of non-resident deposits and rapid
financing growth. It also reflects the bank's reasonable financial
metrics and adequate performance. The VR is one notch below the 'b'
implied VR due to its business profile, reflecting the volatility
of its business model and strategy.
Improving Operating Environment: Emlak Katilim's operations are
concentrated in the improving, but challenging, Turkish operating
environment. The normalisation of monetary policy has reduced
near-term macro-financial stability risks and external financing
pressures, but banks remain exposed to high inflation, potential
further Turkish lira depreciation, slowing economic growth and
multiple macroprudential regulations, despite simplification
efforts.
Small, Growing Franchise: Emlak Katilim is a growing state-owned
participation bank. It has grown rapidly from a small base since
its establishment. However, its franchise remains limited (market
shares below 1% of banking sector assets, financing and deposits),
which results in limited competitive advantages.
Rapid Growth: Emlak Katilim's financing growth has outperformed the
sector significantly in 9M24 (49%, FX-adjusted; sector: 22%),
albeit from a low base, creating seasoning risks. Its small size
results in high concentration. The bank's role in facilitating
trade between Turkiye and Russia results in additional
concentration in terms of revenue and may create additional risks,
although the bank has implemented adequate controls to avoid such
risks.
Asset-Quality Risks: Emlak Katilim's impaired and Stage 2 financing
ratios were low at 0.8% and 1.4%, respectively, at end-3Q24,
supported by financing growth. Asset-quality risks remain high,
given concentrations and seasoning risks amid higher lira rates and
slower expected GDP growth. In addition, FC financing (end-3Q24:
41%), above the sector average (37%), remains a risk as not all
borrowers will be hedged against lira depreciation. Fitch expects
the impaired financing/gross financing ratio to increase to about
2% at end-2025.
Boosted Profitability: The bank's operating profit/average total
assets increased to 6.2% in 9M24 (2023: 5.6%), supported by higher
net trading income and net fee and commission, while net profit
income remained strong. Net income/average total equity remained
very strong at 66.6% (2023: 60.5%), despite significant free
provisions set aside in 9M24 (18% of pre-impairment profit). Fitch
expects the operating profit/average assets ratio to be about 3.5%
in 2025.
High Leverage; Ordinary Support: The bank's common equity Tier 1
(CET1) ratio decreased slightly to 13.0% at end-3Q24 (10.0%
excluding forbearances) from 13.8% at end-2023 due to high
financing growth despite strong internal capital generation. The
bank benefits from a 50% risk-weighting on exposures from
participation pools (end-3Q24: 404bp uplift to the CET1 ratio).
Fitch considers core capitalisation as weak, given the bank's high
leverage, growth and sensitivity to lira depreciation, despite the
benefit of ordinary state support. Fitch expects the CET1 ratio to
decrease slightly to about 12.5% at end-2025.
High Non-Resident Deposits: Emlak Katilim is mainly funded by
customer deposits (end-3Q24: 87% of non-equity funding). Wholesale
FC funding is limited (5%), mostly additional Tier 1 provided by
the government, which limits refinancing risk. However, an
above-sector-average 67% of deposits were in FC, and a high share
of 22% of FC deposits were non-resident deposits, which heightens
the risks for FC liquidity should there be deposit instability.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Emlak Katilim's LT IDRs are primarily sensitive to a downgrade of
the sovereign's LT IDRs, and also a change in the ability or
propensity of the authorities to provide support.
The bank's VR is sensitive to a weakening operating environment
beyond its base case. It is also sensitive to a sovereign
downgrade, although this is not its base case. The VR is also
potentially sensitive to government influence over its management
of the balance sheet, particularly if this leads to increased
pressure on the bank's risk profile. The VR could also be
downgraded due to an erosion of the bank's capital buffers
resulting in capital ratios close to regulatory minimum or a
worsening of its FC liquidity position, potentially due to the
volatility of non-resident deposits, if not offset by government
support on a timely basis.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Emlak Katilim's LT IDRs would be upgraded following an upgrade of
its GSR, which would likely come from a positive change in the
sovereign's LT IDRs. The bank's GSR and LTFC IDR could also be
upgraded if Fitch considers the government's ability to support the
bank in FC to have strengthened.
Emlak Katilim's VR could be upgraded if Fitch believes its business
profile has improved, potentially due to a more stable business
model, combined with an improvement in its risk profile, while
maintaining its adequate financial profile and reasonable FC
liquidity.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Emlak Katilim's Long-Term IDRs (xgs) of 'B-(xgs)' are in line with
its VR. Its 'B(xgs)' Short-Term IDR (xgs) is the only option
mapping to its Long-Term IDRs (xgs).
The Short-Term IDRs of 'B' are the only possible option mapping to
LT IDRs in the 'B' category.
The 'AA(tur)' National Long-Term Rating reflects its view of Emlak
Katilim's creditworthiness in LC relative to that of other Turkish
issuers, and is in line with other state-owned deposit banks. The
National Rating is underpinned by its view of government support in
LC.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Emlak Katilim's ex-government support ratings are sensitive to
changes in its VR.
Emlak Katilim's Short-Term IDRs are sensitive to changes in its LT
IDRs.
The National Rating is sensitive to changes in Emlak Katilim's LTLC
IDR and its creditworthiness relative to other Turkish issuers.
VR ADJUSTMENTS
The operating environment score of 'b+' for Turkish banks is lower
than the category implied score of 'bb', due to the following
adjustment reason: macroeconomic stability (negative). The
adjustment reflects heightened market volatility, high
dollarisation and a high risk of foreign-exchange movements in
Turkiye.
The asset quality score has been assigned below the implied score
due to the following adjustment reason(s): Underwriting Standards
and Growth (negative).
The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason(s): Earnings
Stability (negative).
Public Ratings with Credit Linkage to other ratings
Emlak Katilim's ratings are linked to the Turkish sovereign
rating.
ESG Considerations
Emlak Katilim's ESG Relevance Scores of '4' for Governance
Structure and Management Strategy due to potential government
influence over its board's effectiveness and management strategy in
the challenging Turkish operating environment, which has a
moderately negative impact on the bank's credit profile, and is
relevant to the ratings in conjunction with other factors.
The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management strategy,
constrains management ability to determine strategy and price risk
and creates an additional operational burden for banks. This has a
moderately negative credit impact on the bank's rating in
combination with other factors.
Emlak Katilim's ESG Relevance Governance Structure Score of '4'
also takes into account its status as an Islamic bank. Its
operations and activities need to comply with sharia principles and
rules, which entails additional costs, processes, disclosures,
regulations, reporting and sharia audit. This results in a negative
impact on the bank's credit profile and is relevant to the rating
in combination with other factors.
In addition, Islamic banks have an ESG Relevance Score of '3' for
Exposure to Social Impacts (above sector guidance for an ESG
Relevance Score of '2' for comparable conventional banks), which
reflects that Islamic banks have certain sharia limitations
embedded in their operations and obligations, although this only
has a minimal credit impact on the entities.
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 Prior
----------- ------ -----
Turkiye Emlak
Katilim
Bankasi A.S. LT IDR B+ Affirmed B+
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Natl LT AA(tur) Affirmed AA(tur)
Viability b- Affirmed b-
Government Support b+ Affirmed b+
LT IDR (xgs) B-(xgs) Affirmed B-(xgs)
ST IDR (xgs) B(xgs) Affirmed B(xgs)
LC LT IDR (xgs) B-(xgs) Affirmed B-(xgs)
LC ST IDR (xgs) B(xgs) Affirmed B(xgs)
===========================
U N I T E D K I N G D O M
===========================
AVEBURY AVENUE: Rushtons Insolvency Named as Administrators
-----------------------------------------------------------
Avebury Avenue Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts,
Insolvency and Companies List (ChD), Court Number: CR-2024-007451,
and Nicola Baker of Rushtons Insolvency Limited was appointed as
administrators on Dec. 5, 2024.
Avebury Avenue is into the development of building projects.
Its registered office is at The Stables, 23b Lenten Street, Alton,
Hampshire, GU34 1HG.
The joint administrators can be reached at:
Nicola Baker
Rushtons Insolvency Limited
6 Festival Building
Ashley Lane
Saltaire, BD17 7DQ
For further details, contact:
The Administrator
Tel No: 01274 598 585
Alternative contact:
Dominic Wolski
Email: dwolski@rushtonsifs.co.uk
CLIFFORD JONES: Xeinadin Corporate Named as Administrators
----------------------------------------------------------
Clifford Jones Timber Limited was placed into administration
proceedings in the High Court of Justice, No. 007253 of 2024, and
Alan Fallows and Allan Cadman of Xeinadin Corporate Recovery
Limited were appointed as administrators on Dec. 10, 2025.
Clifford Jones engages in the debarking process of timber.
Its registered office and principal trading address is at
Brickfield Lane, Ruthin, Denbighshire, LL15 2TN.
The joint administrators can be reached at:
Alan Fallows
Allan Cadman
Xeinadin Corporate Recovery Limited
100 Barbirolli Square
Manchester M2 3BD
Tel No: 0161 832 6221
For further details, contact:
Alex Fallows
Xeinadin Corporate Recovery Limited
Tel No: 01612128419
Email: alex.fallows@xeinadin.com
100 Barbirolli Square
Manchester M2 3BD
IMMODULON THERAPEUTICS: Quantuma Advisory Named as Administrators
-----------------------------------------------------------------
Immodulon Therapeutics Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales No CR-2024-007586, and Brian Milne and
Craig Morrison of Quantuma Advisory Limited were appointed as
administrators on Dec. 13, 2024.
Immodulon Therapeutics engages in research and experimental
development on natural sciences and engineering.
Its registered office is at 6-9 The Square, Stockley Park,
Uxbridge, UB11 1FW and it is in the process of being changed to c/o
Quantuma Advisory Limited, 7th Floor, 20 St Andrew Street, London,
EC4A 3AG.
Its principal trading address is at 6-9 The Square, Stockley Park,
Uxbridge, UB11 1FW.
The joint administrators can be reached at:
Brian Milne
Craig Morrison
Quantuma Advisory Limited
Third Floor Turnberry House
175 West George
St Glasgow G2 2LB
For further details, contact:
The Joint Administrators
Tel No: 0114 285 9500
Alternative contact:
Susan McArthur
Tel No: 0131 659 9965
Email: susan.mcarthur@quantuma.com
LYDNEY PALLETS: FRP Advisory Named as Administrators
----------------------------------------------------
Lydney Pallets & Cases 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-2024-001245, and Rajnesh Mittal and Benjamin Neil Jones of FRP
Advisory Trading Limited, were appointed as administrators on Dec.
13, 2024.
Lydney Pallets is a manufacturer of pallets.
Its registered office is at 6 Elm Grove, Eastbourne, BN22 9NW.
Its principal trading address is at 2nd Floor 120 Colmore Row
Birmingham B3 3BD.
The joint administrators can be reached at:
Rajnesh Mittal
Benjamin Neil Jones
FRP Advisory Trading Limited
2nd Floor, 120 Colmore Row
Birmingham, B3 3BD
Further details, contact:
The Joint Administrators
Tel No: 0121 710 1680
Email: cp.birmingham@frpadvisory.com
Alternative contact: Abbie Lenihan
SMARTHUB LOGISTICS: FRP Advisory Named as Administrators
--------------------------------------------------------
Smarthub Logistics Ltd was placed into administration proceedings
in the Business & Property Courts in Manchester, Insolvency &
Companies List (ChD), Court Number: CR-2024-MAN-001560, and Kelly
Burton and Joseph Fox FRP Advisory Trading Limited were appointed
as administrators on Dec. 12, 2025.
Smarthub Logistics is into logistics.
Its registered office is at Gable House, 40 High Street,
Rickmansworth, WD3 1ER to be changed to FRP Advisory Trading Ltd,
The Manor House, 260 Ecclesall Road South, Sheffield, S11 9PS.
Its principal trading address is at Unit 6 SERGO Park, Consul
Avenue, Rainham, RM13 8HY.
The joint administrators can be reached at:
Kelly Burton
Joseph Fox
FRP Advisory Trading Limited
The Manor House
260 Ecclesall Road South
Sheffield, S11 9PS
Further details, contact:
The Joint Administrators
Tel No: 01142356780
Alternative contact:
Matt Thompson
Email: cp.sheffield@frpadvisory.com
[*] Geoff O'Dea Joins Goodwin Proctor's London Restructuring Dept.
------------------------------------------------------------------
Fried Frank announced on Jan. 23 that Geoff O'Dea will join the
firm as a partner in the Restructuring Department in London. He
will join from Goodwin Procter.
Mr. O'Dea's clients include private equity, family office and
special situations investors, direct lenders, banks, security
agents, insolvency practitioners, corporations, boards and
independent directors. His practice primarily focuses on advising
clients on restructuring and insolvency, acquisition and
complicated financings. Mr. O'Dea is also the editor and primary
author of a leading textbook on restructuring and insolvency law.
"Geoff's impressive experience in advising stakeholders on
restructurings and in finance transactions will further strengthen
Fried Frank's offerings for our clients in Europe and beyond," said
Steven Epstein, Fried Frank's managing partner and co-head of the
firm's M&A and Private Equity Practice. "We are thrilled to have
Geoff join the firm in London as we continue to grow our global
restructuring department."
"Geoff is a highly skilled and seasoned restructuring attorney and
a key addition to our global restructuring practice," said Rachel
C. Strickland, global chair of Fried Frank's Restructuring
Department. "Geoff will be integral to helping our clients navigate
complex cross-border and UK restructurings."
"Geoff is a terrific addition to our team of skilled corporate and
transactional advisors in London," added Ashar Qureshi, managing
partner of Fried Frank's London office. "We look forward to
welcoming him to our growing London office."
Fried Frank is expanding its London office space at 100 Bishopsgate
in the City of London. This expansion will result in a total of
43,866 contiguous square feet, once completed.
Fried Frank's global Restructuring Department handles complex,
high-stakes distressed matters with creativity and efficiency. The
practice manages intricate cross-border transactions and leverages
the team's extensive expertise to maximize value from distressed
businesses and assets, through both out-of-court restructurings and
formal court proceedings. Attorneys in Fried Frank's global
Restructuring Department represent a broad spectrum of clients,
including Chapter 11 debtors and investors and strategics who both
invest in and acquire distressed businesses. The group leads large
and complex transactional assignments and provides counsel to
clients with respect to the myriad of insolvency, creditors' rights
and commercial law issues that arise in complex corporate and real
estate acquisitions, divestitures and financings.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week January 20 to January 24, 2025
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Altice France Hol 10.500 5/15/2027 USD 29.992
Turkiye Governmen 10.400 10/13/2032 TRY 49.000
Ferralum Metals G 10.000 12/30/2026 EUR 29.350
Cabonline Group H 11.937 4/19/2029 SEK 40.000
NCO Invest SA 10.000 12/30/2026 EUR 0.152
NCO Invest SA 10.000 12/30/2026 EUR 0.152
Bilt Paper BV 10.360 USD 2.247
Tinkoff Bank JSC 11.002 USD 42.875
Fastator AB 12.500 9/26/2025 SEK 37.250
IOG Plc 12.204 9/22/2025 EUR 0.355
Fastator AB 12.500 9/25/2026 SEK 40.000
Marginalen Bank B 11.457 SEK 13.525
Kvalitena AB publ 10.067 4/2/2024 SEK 45.750
Societe Generale 23.500 3/3/2025 USD 47.250
UkrLandFarming PL 10.875 3/26/2018 USD 1.778
Avangardco Invest 10.000 10/29/2018 USD 0.186
Privatbank CJSC V 11.000 2/9/2021 USD 0.500
Privatbank CJSC V 10.250 1/23/2018 USD 3.583
Sidetur Finance B 10.000 4/20/2016 USD 0.784
Oscar Properties 11.270 7/5/2024 SEK 0.077
Transcapitalbank 10.000 USD 1.450
Fastator AB 12.500 9/24/2027 SEK 39.917
R-Logitech Financ 10.250 9/26/2027 EUR 4.136
Altice France Hol 10.500 5/15/2027 USD 30.261
Bulgaria Steel Fi 12.000 5/4/2013 EUR 0.216
UkrLandFarming PL 10.875 3/26/2018 USD 1.778
Plusplus Capital 11.000 7/29/2026 EUR 8.490
Swissquote Bank E 20.300 1/29/2025 USD 48.110
Phosphorus Holdco 10.000 4/1/2019 GBP 0.467
Ameriabank CJSC 10.000 2/20/2025 AMD 0.000
Phosphorus Holdco 10.000 4/1/2019 GBP 0.467
Societe Generale 17.800 2/12/2026 USD 45.466
Societe Generale 20.000 7/21/2026 USD 4.500
Tonon Luxembourg 12.500 5/14/2024 USD 2.216
Serica Energy Chi 12.500 9/27/2019 USD 1.500
UniCredit Bank Gm 12.250 2/28/2025 EUR 44.710
Societe Generale 20.000 9/18/2026 USD 5.200
Elli Investments 12.250 6/15/2020 GBP 0.337
Bilt Paper BV 10.360 USD 2.247
Privatbank CJSC V 10.875 2/28/2018 USD 4.548
Privatbank CJSC V 10.875 2/28/2018 USD 4.548
Corner Banca SA 18.800 6/26/2025 CHF 45.240
Bank Vontobel AG 26.000 3/5/2025 CHF 30.700
UBS AG/London 10.000 3/23/2026 USD 40.450
Societe Generale 11.000 7/14/2026 USD 15.730
BNP Paribas Issua 20.000 9/18/2026 EUR 23.800
KPNQwest NV 10.000 3/15/2012 EUR 0.705
NTRP Via Interpip 10.250 8/2/2017 USD 1.002
Lehman Brothers T 23.300 9/16/2008 USD 0.100
Elli Investments 12.250 6/15/2020 GBP 0.337
Societe Generale 18.320 2/26/2026 USD 40.800
Societe Generale 11.140 4/2/2026 USD 47.600
Vontobel Financia 23.250 6/27/2025 EUR 43.450
Leonteq Securitie 22.600 6/24/2025 CHF 46.410
Vontobel Financia 18.500 6/27/2025 EUR 46.810
Corner Banca SA 16.800 1/12/2026 USD 44.070
Bank Vontobel AG 15.000 10/14/2025 USD 38.600
Bank Vontobel AG 14.250 5/30/2025 USD 27.600
Vontobel Financia 14.750 3/28/2025 EUR 48.690
BNP Paribas Emiss 15.000 9/25/2025 EUR 40.800
Vontobel Financia 16.000 3/28/2025 EUR 12.270
Raiffeisen Schwei 18.000 7/15/2025 CHF 43.480
Leonteq Securitie 16.400 10/15/2025 CHF 45.790
Swissquote Bank S 24.070 5/6/2025 CHF 36.640
DZ Bank AG Deutsc 15.000 3/28/2025 EUR 6.430
DZ Bank AG Deutsc 23.600 3/28/2025 EUR 34.140
DZ Bank AG Deutsc 18.300 3/28/2025 EUR 6.430
DZ Bank AG Deutsc 18.900 3/28/2025 EUR 41.010
DZ Bank AG Deutsc 21.200 3/28/2025 EUR 37.140
Zurcher Kantonalb 11.350 2/21/2025 CHF 50.240
DZ Bank AG Deutsc 23.600 3/28/2025 EUR 46.410
DZ Bank AG Deutsc 10.500 3/28/2025 EUR 47.110
Swissquote Bank S 14.960 7/1/2025 CHF 32.890
Bank Julius Baer 18.500 7/2/2025 CHF 45.400
Raiffeisen Schwei 16.000 7/8/2025 CHF 46.810
Basler Kantonalba 16.000 10/15/2025 CHF 45.970
Swissquote Bank E 25.320 2/26/2025 CHF 22.630
DZ Bank AG Deutsc 13.200 3/28/2025 EUR 36.810
Bank Julius Baer 14.000 6/4/2025 CHF 35.500
Swissquote Bank E 19.340 8/5/2025 USD 41.150
Basler Kantonalba 14.200 9/17/2025 CHF 33.100
Swissquote Bank E 17.590 4/22/2025 USD 31.360
Bank Vontobel AG 11.000 8/11/2025 CHF 52.600
Bank Vontobel AG 14.500 8/15/2025 USD 46.400
Bank Vontobel AG 11.000 4/11/2025 CHF 25.500
Bank Vontobel AG 12.000 4/11/2025 CHF 24.700
Bank Vontobel AG 14.500 4/4/2025 CHF 25.100
Bank Vontobel AG 15.000 4/29/2025 CHF 28.900
Bank Vontobel AG 11.000 4/29/2025 CHF 37.200
Zurcher Kantonalb 14.000 6/17/2025 USD 29.240
Landesbank Baden- 13.000 6/27/2025 EUR 15.100
Landesbank Baden- 11.000 1/2/2026 EUR 16.690
Leonteq Securitie 15.400 7/1/2025 CHF 43.330
Landesbank Baden- 16.000 1/2/2026 EUR 19.440
Landesbank Baden- 16.000 6/27/2025 EUR 14.760
Bank Vontobel AG 12.000 3/5/2025 CHF 25.700
Bank Vontobel AG 14.000 3/5/2025 CHF 11.500
Basler Kantonalba 17.000 9/5/2025 USD 46.250
Bank Julius Baer 18.690 3/7/2025 CHF 27.650
Landesbank Baden- 10.500 4/24/2026 EUR 18.520
Landesbank Baden- 11.500 4/24/2026 EUR 19.230
Landesbank Baden- 13.000 4/24/2026 EUR 20.630
Swissquote Bank E 18.530 3/5/2025 CHF 32.470
UBS AG/London 15.000 4/7/2025 USD 32.750
Vontobel Financia 11.750 3/28/2025 EUR 51.260
Raiffeisen Switze 16.500 3/11/2025 CHF 11.740
Leonteq Securitie 20.000 3/11/2025 CHF 11.120
Leonteq Securitie 16.000 3/4/2025 CHF 33.000
Raiffeisen Switze 16.000 3/4/2025 CHF 12.200
DZ Bank AG Deutsc 20.400 3/28/2025 EUR 17.920
Raiffeisen Switze 13.000 3/11/2025 CHF 29.940
DZ Bank AG Deutsc 16.000 6/27/2025 EUR 48.120
DZ Bank AG Deutsc 21.900 6/27/2025 EUR 51.420
Leonteq Securitie 17.200 9/24/2025 CHF 46.760
DZ Bank AG Deutsc 18.500 3/28/2025 EUR 19.520
DZ Bank AG Deutsc 17.600 6/27/2025 EUR 19.980
Zurcher Kantonalb 23.000 3/5/2025 CHF 33.710
Raiffeisen Schwei 15.000 3/18/2025 CHF 32.710
Leonteq Securitie 14.500 2/27/2025 CHF 10.300
Landesbank Baden- 11.000 2/27/2026 EUR 16.890
Landesbank Baden- 12.000 2/27/2026 EUR 17.550
Leonteq Securitie 19.000 7/15/2025 USD 41.450
Leonteq Securitie 14.000 10/15/2025 CHF 35.000
Raiffeisen Schwei 16.000 7/4/2025 CHF 31.150
Swissquote Bank E 19.380 3/18/2025 USD 51.000
Bank Julius Baer 19.400 1/30/2025 CHF 26.500
Bank Julius Baer 17.100 3/19/2025 CHF 30.500
Bank Julius Baer 12.000 5/28/2025 USD 29.900
Bank Vontobel AG 16.000 2/10/2025 CHF 26.900
Bank Vontobel AG 14.000 6/23/2025 CHF 41.600
Societe Generale 16.000 3/18/2027 USD 49.060
UBS AG/London 15.000 8/21/2025 USD 47.850
Swissquote Bank S 20.060 5/22/2025 CHF 41.970
UBS AG/London 14.000 7/31/2025 USD 48.500
Raiffeisen Schwei 14.500 1/29/2025 CHF 32.090
Leonteq Securitie 12.000 8/5/2025 CHF 35.900
Finca Uco Cjsc 12.000 2/10/2025 AMD 0.000
Leonteq Securitie 20.800 2/5/2025 CHF 33.740
Raiffeisen Schwei 16.000 2/19/2025 CHF 32.840
Leonteq Securitie 18.000 5/27/2025 CHF 37.870
Landesbank Baden- 10.500 2/28/2025 EUR 49.860
Landesbank Baden- 11.500 2/28/2025 EUR 14.490
Raiffeisen Schwei 13.000 3/25/2025 CHF 28.890
Landesbank Baden- 19.000 2/28/2025 EUR 11.420
Landesbank Baden- 15.000 2/28/2025 EUR 12.610
Bank Vontobel AG 13.000 6/30/2025 USD 49.100
Bank Vontobel AG 12.000 3/19/2026 CHF 39.300
Bank Vontobel AG 16.000 6/24/2025 USD 39.700
Swissquote Bank E 20.280 3/11/2025 USD 51.850
Erste Group Bank 10.750 3/31/2026 EUR 40.950
Landesbank Baden- 14.000 10/24/2025 EUR 15.430
Leonteq Securitie 20.000 1/22/2025 CHF 32.610
Landesbank Baden- 14.000 1/24/2025 EUR 10.780
Erste Group Bank 14.500 5/31/2026 EUR 45.300
UniCredit Bank Gm 10.700 2/3/2025 EUR 7.980
Landesbank Baden- 10.500 4/28/2025 EUR 15.940
Landesbank Baden- 10.000 10/24/2025 EUR 14.630
UniCredit Bank Gm 16.550 8/18/2025 USD 17.400
Inecobank CJSC 10.000 4/28/2025 AMD 0.000
Landesbank Baden- 11.000 3/28/2025 EUR 11.320
Landesbank Baden- 13.000 3/28/2025 EUR 10.410
Raiffeisen Switze 10.500 4/2/2025 EUR 46.690
UniCredit Bank Gm 10.700 2/17/2025 EUR 8.310
Landesbank Baden- 16.500 4/28/2025 EUR 14.470
Landesbank Baden- 19.000 4/28/2025 EUR 14.260
UBS AG/London 21.600 8/2/2027 SEK 18.420
Societe Generale 23.110 2/17/2025 USD 45.550
Basler Kantonalba 10.000 1/20/2025 EUR 47.880
Landesbank Baden- 15.500 1/24/2025 EUR 8.460
Leonteq Securitie 10.000 1/20/2025 CHF 48.260
Landesbank Baden- 12.000 1/24/2025 EUR 10.750
HSBC Trinkaus & B 16.000 3/28/2025 EUR 19.710
HSBC Trinkaus & B 11.000 3/28/2025 EUR 24.120
HSBC Trinkaus & B 11.500 6/27/2025 EUR 25.530
HSBC Trinkaus & B 16.300 3/28/2025 EUR 7.200
HSBC Trinkaus & B 14.400 3/28/2025 EUR 7.500
HSBC Trinkaus & B 15.100 3/28/2025 EUR 20.320
Leonteq Securitie 10.000 1/21/2025 EUR 40.980
HSBC Trinkaus & B 13.400 6/27/2025 EUR 23.620
Raiffeisen Switze 10.250 1/21/2025 EUR 41.050
Raiffeisen Schwei 15.000 1/22/2025 CHF 24.100
Leonteq Securitie 20.000 1/22/2025 CHF 12.560
UBS AG/London 11.000 1/20/2025 EUR 45.250
Leonteq Securitie 24.000 4/23/2025 CHF 39.780
Corner Banca SA 18.400 7/22/2025 CHF 32.970
UBS AG/London 17.500 2/7/2025 USD 46.550
Bank Vontobel AG 24.000 4/14/2025 CHF 36.800
DZ Bank AG Deutsc 12.100 3/28/2025 EUR 48.710
Barclays Bank PLC 21.500 12/26/2025 USD 22.470
Landesbank Baden- 19.000 6/27/2025 EUR 13.340
Landesbank Baden- 10.500 1/2/2026 EUR 13.800
Leonteq Securitie 12.000 7/2/2025 USD 50.510
EFG International 13.000 6/26/2025 USD 52.410
Leonteq Securitie 20.000 3/21/2025 CHF 32.140
BNP Paribas Issua 19.000 9/18/2026 EUR 5.210
Leonteq Securitie 10.000 2/25/2025 CHF 44.190
UBS AG/London 10.250 3/10/2025 EUR 37.850
HSBC Trinkaus & B 13.300 6/27/2025 EUR 23.360
Landesbank Baden- 16.000 6/27/2025 EUR 12.760
Landesbank Baden- 21.000 6/27/2025 EUR 13.650
Armenian Economy 10.500 5/4/2025 AMD 0.000
Landesbank Baden- 15.000 3/28/2025 EUR 9.800
Societe Generale 21.000 12/26/2025 USD 21.157
UniCredit Bank Gm 10.500 12/22/2025 EUR 32.830
Credit Agricole C 29.699 12/29/2031 EUR 45.603
HSBC Trinkaus & B 15.900 3/28/2025 EUR 19.340
HSBC Trinkaus & B 15.000 3/28/2025 EUR 19.910
HSBC Trinkaus & B 11.300 6/27/2025 EUR 24.900
Basler Kantonalba 10.000 2/3/2025 EUR 43.280
Zurcher Kantonalb 10.500 2/4/2025 EUR 47.320
Corner Banca SA 10.000 2/25/2025 CHF 44.680
UniCredit Bank Gm 10.500 4/7/2026 EUR 27.180
Banque Internatio 10.000 3/19/2025 EUR 43.990
HSBC Trinkaus & B 12.750 6/27/2025 EUR 8.710
HSBC Trinkaus & B 11.750 6/27/2025 EUR 44.720
HSBC Trinkaus & B 15.500 6/27/2025 EUR 48.620
Leonteq Securitie 10.500 5/15/2025 CHF 38.190
DZ Bank AG Deutsc 15.400 3/28/2025 EUR 49.190
DZ Bank AG Deutsc 12.100 3/28/2025 EUR 48.710
DZ Bank AG Deutsc 18.600 3/28/2025 EUR 40.370
Corner Banca SA 20.000 3/5/2025 USD 48.510
Leonteq Securitie 14.000 7/3/2025 CHF 51.340
HSBC Trinkaus & B 22.250 6/27/2025 EUR 10.110
HSBC Trinkaus & B 17.500 6/27/2025 EUR 8.830
HSBC Trinkaus & B 10.250 6/27/2025 EUR 44.010
Leonteq Securitie 10.340 8/31/2026 EUR 47.860
Leonteq Securitie 18.000 2/20/2025 CHF 46.140
Swissquote Bank S 14.080 2/20/2025 CHF 52.160
Swissquote Bank E 20.000 2/20/2025 USD 53.060
UniCredit Bank Gm 11.500 2/28/2025 EUR 49.980
HSBC Trinkaus & B 13.400 3/28/2025 EUR 21.780
Landesbank Baden- 10.000 6/27/2025 EUR 14.390
Landesbank Baden- 14.000 6/27/2025 EUR 13.080
HSBC Trinkaus & B 11.600 3/28/2025 EUR 23.610
Goldman Sachs Int 16.288 3/17/2027 USD 24.220
Citigroup Global 25.530 2/18/2025 EUR 0.010
Bank Julius Baer 12.720 2/17/2025 CHF 16.000
Raiffeisen Switze 10.300 6/11/2025 CHF 46.700
UBS AG/London 25.000 10/20/2026 USD 10.910
ACBA Bank OJSC 11.500 3/1/2026 AMD 0.000
Evocabank CJSC 11.000 9/27/2025 AMD 0.000
Finca Uco Cjsc 13.000 5/30/2025 AMD 0.000
Societe Generale 15.000 9/29/2025 USD 13.000
National Mortgage 12.000 3/30/2026 AMD 0.000
Bank Vontobel AG 10.500 5/12/2025 EUR 40.200
Barclays Bank PLC 14.250 12/18/2025 USD 36.912
UniCredit Bank Gm 11.200 12/28/2026 EUR 48.430
Landesbank Baden- 14.000 6/27/2025 EUR 12.790
Corner Banca SA 13.000 4/2/2025 CHF 47.610
Zurcher Kantonalb 10.000 3/27/2025 EUR 45.140
Armenian Economy 11.000 10/3/2025 AMD 9.233
ACBA Bank OJSC 11.000 12/1/2025 AMD 8.550
Leonteq Securitie 10.000 5/26/2025 CHF 43.500
Lehman Brothers T 10.500 8/9/2010 EUR 0.100
Lehman Brothers T 10.000 3/27/2009 USD 0.100
Tonon Luxembourg 12.500 5/14/2024 USD 2.216
Teksid Aluminum L 12.375 7/15/2011 EUR 0.619
Sidetur Finance B 10.000 4/20/2016 USD 0.784
Bulgaria Steel Fi 12.000 5/4/2013 EUR 0.216
Lehman Brothers T 14.900 9/15/2008 EUR 0.100
Lehman Brothers T 16.800 8/21/2009 USD 0.100
Lehman Brothers T 11.250 12/31/2008 USD 0.100
Lehman Brothers T 18.250 10/2/2008 USD 0.100
Lehman Brothers T 14.900 11/16/2010 EUR 0.100
Lehman Brothers T 16.000 10/8/2008 CHF 0.100
Petromena ASA 10.850 11/19/2018 USD 0.622
Lehman Brothers T 10.000 2/16/2009 CHF 0.100
Lehman Brothers T 13.000 2/16/2009 CHF 0.100
Lehman Brothers T 11.000 2/16/2009 CHF 0.100
Lehman Brothers T 11.000 6/29/2009 EUR 0.100
Lehman Brothers T 11.000 12/19/2011 USD 0.100
Lehman Brothers T 15.000 3/30/2011 EUR 0.100
Lehman Brothers T 13.500 11/28/2008 USD 0.100
Lehman Brothers T 12.400 6/12/2009 USD 0.100
Lehman Brothers T 13.432 1/8/2009 ILS 0.100
Lehman Brothers T 14.100 11/12/2008 USD 0.100
Lehman Brothers T 13.000 12/14/2012 USD 0.100
Lehman Brothers T 11.750 3/1/2010 EUR 0.100
Lehman Brothers T 10.000 10/23/2008 USD 0.100
Lehman Brothers T 16.000 10/28/2008 USD 0.100
Lehman Brothers T 16.000 11/9/2008 USD 0.100
Lehman Brothers T 10.000 5/22/2009 USD 0.100
Lehman Brothers T 15.000 6/4/2009 CHF 0.100
Lehman Brothers T 10.442 11/22/2008 CHF 0.100
Lehman Brothers T 10.000 6/17/2009 USD 0.100
Lehman Brothers T 11.000 7/4/2011 USD 0.100
Lehman Brothers T 11.000 7/4/2011 CHF 0.100
Lehman Brothers T 12.000 7/4/2011 EUR 0.100
Lehman Brothers T 16.000 12/26/2008 USD 0.100
BLT Finance BV 12.000 2/10/2015 USD 10.500
Banco Espirito Sa 10.000 12/6/2021 EUR 0.058
Lehman Brothers T 10.000 6/11/2038 JPY 0.100
Lehman Brothers T 12.000 7/13/2037 JPY 0.100
Lehman Brothers T 10.000 10/22/2008 USD 0.100
Lehman Brothers T 16.200 5/14/2009 USD 0.100
Lehman Brothers T 10.600 4/22/2014 MXN 0.100
Lehman Brothers T 17.000 6/2/2009 USD 0.100
Lehman Brothers T 13.500 6/2/2009 USD 0.100
Lehman Brothers T 13.150 10/30/2008 USD 0.100
Lehman Brothers T 13.000 7/25/2012 EUR 0.100
PA Resources AB 13.500 3/3/2016 SEK 0.124
Vontobel Financia 26.450 1/24/2025 EUR 7.277
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN 1529-2754.
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