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

                          E U R O P E

          Wednesday, January 29, 2025, Vol. 26, No. 21

                           Headlines



F R A N C E

BANIJAY SAS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
EUTELSAT COMMUNICATIONS: Moody's Cuts CFR to B2, Outlook Stable


G E R M A N Y

SPEEDSTER BIDCO: S&P Affirms 'B-' LongTerm ICR, Outlook Stable


I R E L A N D

AQUEDUCT EUROPEAN 9: S&P Assigns B-(sf) Rating on Class F Notes
CONTEGO CLO VII: S&P Assigns B-(sf) Rating on Class F-R Notes
HAYFIN EMERALD XIV: S&P Assigns B-(sf) Rating on Class F Notes
SEQUOIA LOGISTICS 2025-1: S&P Assigns (P)BB Rating on Cl. E Notes


I T A L Y

GOLDEN BAR 2023-2: DBRS Confirms BB Rating on Class E Notes


N E T H E R L A N D S

JUBILEE PLACE 7: S&P Assigns Prelim. CCC+(sf) Rating on X2 Notes
SIGMA HOLDCO: Moody's Affirms B2 CFR & Cuts Sr. Secured Debt to B2
UNIT4 GROUP: Moody's Raises CFR to B2 & Alters Outlook to Stable


S P A I N

UCI 15: S&P Affirms 'B- (sf)' Rating on Class C Notes
UCI 16: S&P Affirms 'CCC (sf)' Rating on Class D Notes
UCI 17: S&P Affirms 'D(sf)' Rating on Class D Notes


S W I T Z E R L A N D

SELECTA GROUP: Moody's Cuts CFR to Caa3, Outlook Remains Negative


U N I T E D   K I N G D O M

ALBION FINANCING: $300MM Loan Add-on No Impact on Moody's 'B1' CFR
ALBION HOLDCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
COLD STORE: Moorfields Named as Administrators
DOTFIVE LIMITED: UHY Hacker Named as Administrators
GRADUATION BIDCO: Teneo Financial Named as Administrators

HOME CURTAINS (UK): PKF Smith Named as Administrators
INSPIRING LEARNING: Teneo Financial Named as Administrators
INTERACTIVE EDUCATION: SFP Restructuring Named as Administrators
PHARMAKURE LIMITED: KBL Advisory Named as Administrators
PREFIX SYSTEMS: Leonard Curtis Named as Administrators

PREFIX TECHNICAL: Leonard Curtis Named as Administrators
RTT LOGISTIC: Leonard Curtis Named as Administrators
STAR UK MIDCO: S&P Affirms 'B-' ICR, Outlook Stable
TOGETHER ASSET 2024-2ND1: DBRS Confirms BB(low) Rating on F Notes

                           - - - - -


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F R A N C E
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BANIJAY SAS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Ratings has affirmed the B2 long-term corporate family
rating and the B2-PD probability of default rating of Banijay
S.A.S. (Banijay), a leading independent content producer globally.
Concurrently, Moody's assigned a B2 rating to the proposed EUR400
million new senior secured TLB due in January 2032 to be borrowed
by the fully owned subsidiary Banijay Entertainment S.A.S. Moody's
have downgraded to B2 from B1 the ratings of the instruments issued
by Banijay Entertainment S.A.S. which include the EUR540 million
and $400 million backed senior secured notes due in May 2029; the
EUR555 million senior secured term loan (TLB) due in March 2028 and
the EUR170 million senior secured revolving credit facility due in
September 2027. Moody's have also downgraded to B2 from B1 the
rating of the $560 million senior secured term loan due in March
2028, issued by Banijay Group US Holding Inc. The Caa1 rating on
the existing EUR400 million senior unsecured notes due 2026 issued
by Banijay S.A.S. has been reviewed and is unaffected. The outlook
remains stable for all entities.

"The affirmation of the CFR reflects the solid EBITDA growth in
2024, driven by strong performance in the distribution segment
which offset the high leverage " says Víctor García Capdevila, a
Moody's Ratings Vice President-Senior Analyst and lead analyst for
Banijay.

"The transaction is slightly credit positive because it will reduce
the interest costs and extend the debt maturity profile. However,
the downgrade of the senior secured instruments reflects the
repayment of the senior unsecured notes, which eliminates the
presence of junior instruments that would absorb potential losses
within the capital structure," says Víctor García Capdevila, a
Moody's Ratings Vice President-Senior Analyst and lead analyst for
Banijay.

RATINGS RATIONALE      

In December 2024, Banijay repaid EUR171 million of its EUR400
million senior unsecured notes, funded by a shareholder loan which
was then partially converted in equity in January. In January 2025,
Banijay announced the launch of a new EUR400 million term loan B
(TLB) with a seven-year maturity and the repricing of the existing
EUR555 million and $560 million term loans.

The proposed EUR400 million new term loan B (TLB) is earmarked to
repay the remaining EUR229 million of senior unsecured notes, a
portion (EUR63 million) of its USD TLB and the remaining EUR108
million of the shareholder loan. While the transaction is leverage
neutral, it is positive for the liquidity as it will push a near
term debt maturity into 2032.

Moody's estimate that Banijay's proforma revenue in 2024 decreased
by a mid-single digit to approximately EUR3.4 billion, down from
EUR3.5 billion the previous year, mainly due to lower production
revenue. Moody's believe this decline is due to a combination of
factors, including a general softening in industry demand
dynamics—particularly driven by digital platforms prioritizing
cost efficiency and subscriber growth—phasing effects, the
postponement of some large productions to 2025, and weak
performance in the Live Events business segment.

Despite the revenue decline, Moody's estimate that Banijay was able
to grow its Moody's-adjusted EBITDA by nearly 15% to EUR435
million, thanks to strong performance in the licensing and
distribution business. This was also the main driver for the
company's increase in its Moody's-adjusted EBITDA margin to 12.3%
in 2024, up from 10.8% in 2023.

Moody's base case scenario assumes a solid recovery in production
revenue in 2025, along with a strong improvement in the Live Events
business, leading to an overall group revenue growth of around 10%
towards EUR3.7 billion.

Moody's forecast the company Moody's-adjusted EBITDA to be around
EUR420 million in 2025, down from EUR435 million in 2024, primarily
due to changes in the treatment of unusual and non-recurring items.
Previously, Moody's removed these expenses from the EBITDA (EUR38
million in 2024 and EUR39 million in 2023), but Moody's will no
longer do so. Moody's estimate these items to be around EUR30
million in both 2025 and 2026.

Based on that, Moody's expect the company Moody's-adjusted gross
leverage to decrease to 6.2x in 2025 and 6.0x in 2026, from 6.5x in
2024.

Banijay's rating reflects the company's large scale of operations
and global footprint; good geographic diversification; strategic
focus on non-scripted content in highly profitable time slots;
established and proven formats with high and recurring revenue and
earnings visibility; positive free cash flow (FCF) generation; good
track record of operating performance; and management's commitment
to reduce leverage over the next two years.

The rating also factors in the company's high leverage; relatively
high client concentration, risks and costs related to talent
acquisition and retention; and the challenge to continuously
create, refresh and replace formats.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

LIQUIDITY

Banijay's liquidity is adequate. As of December 2024, the company
had a sizeable cash balance of EUR268 million and full availability
under its EUR170 million revolving credit facility. The revolver is
subject to a springing financial covenant of net debt/EBITDA of
6.5x, tested when drawings exceed 40% of the total. Moody's expect
the company to maintain ample flexibility under the financial
covenant.

Following the proposed transaction, the company will not face debt
maturities until September 2027, when the super senior revolving
credit facility matures.

Moody's base case scenario assumes that free cash flow (FCF) will
be slightly negative at approximately EUR15 million in 2024,
primarily due to larger working capital outflows, and then turning
positive to EUR20 million in 2025.

STRUCTURAL CONSIDERATIONS

The B2-PD probability of default rating is in line with the B2
corporate family rating (CFR), reflecting the 50% family recovery
rate used. This is in line with Moody's standard approach for bond
and loan capital structures.

Moody's downgraded the ratings on the senior secured notes and the
senior secured bank credit facilities to B2 from B1 because of the
repayment of the senior unsecured notes, which eliminates the
presence of junior instruments that would absorb potential losses
within the capital structure.

The security package for the senior secured instruments is limited
to share pledges, intercompany receivables and bank accounts.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on Banijay reflects Moody's expectation that the
company will generate steady organic growth. The stable outlook
also reflects Moody's assumption that the company will reduce
Moody's-adjusted gross leverage ratio towards 6.0x over the next
18-24 months. The outlook does not factor in any large debt-funded
acquisition and assumes adequate liquidity at all times.

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

Upward rating pressure could develop if the company continues to
generate positive earnings growth driven by the successful
execution of its content strategy. Quantitatively, it would require
improved credit metrics, including a decrease in its
Moody's-adjusted gross leverage ratio below 5.75x, and stronger
positive free cash flow generation after shareholder distributions,
both on a sustained basis.

Downward rating pressure could build if operating performance
deteriorates, Moody's-adjusted gross leverage increases above 6.75x
on a sustained basis or FCF generation turns negative, leading to a
deterioration in the company's liquidity.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Banijay S.A.S., headquartered in Paris, France, is the world's
largest independent content production group. It creates, develops,
sells, produces and distributes television content worldwide across
a well-diversified network of around 130 production companies in 21
different countries. The group has a strong position in both
scripted and non-scripted content production, and benefits from an
extensive library of more than 200,000 hours of content.


EUTELSAT COMMUNICATIONS: Moody's Cuts CFR to B2, Outlook Stable
---------------------------------------------------------------
Moody's Ratings has downgraded to B2 from Ba3 the long-term
corporate family rating and to B2-PD from Ba3-PD the probability of
default rating of Eutelsat Communications SA (Eutelsat or the
company), a global satellite operator. Concurrently, Moody's have
downgraded to B1 from Ba3 the ratings on the senior unsecured debt
instruments issued by its main operating subsidiary Eutelsat SA,
including the EUR800 million notes due in October 2025 (currently
EUR176.6 million outstanding), the EUR600 million notes maturing in
July 2027, the EUR600 million notes due in October 2028, and the
EUR600 million notes due in April 2029. The outlook for both
entities has been changed to stable from negative.

"The downgrade to B2 reflects Eutelsat's prolonged underperformance
compared to Moody's previous expectations, in light of the
slower-than-expected contribution from OneWeb," says Ernesto
Bisagno, a Moody's Ratings Vice President - Senior Credit Officer
and lead analyst for Eutelsat.

"The action also takes into account the reduced visibility on
Eutelsat's ability to resume earnings growth, the ongoing pressure
on free cash flow given the significant investment needs, and the
significant refinancing needs in 2027 at a time when its cost of
funding has increased materially," adds Mr Bisagno.

RATINGS RATIONALE      

The rating action reflects Eutelsat's weaker operating performance
driven by operational challenges in the sector with the ongoing
decline in the video revenue and a slower ramp-up in the
contribution from the connectivity business.

The action also factors in the expected deterioration in the
interest coverage metrics due to the rising interest costs as the
company will need to refinance the 2027 maturities at higher rates.
As a result of these challenges, Eutelsat has also seen a
significant reduction in market valuation, which may reduce the
access to the equity market if required.

On the other hand, Moody's continue to see the positive
implications of the Infrastructure for Resilience,
Interconnectivity and Security by Satellite (IRIS²) deal
announced in December 2024, which unlocks public funding and is an
important signal of support from the European Union for the space
sector, especially Low Earth Orbit constellations for which
Eutelsat is a key player through OneWeb.

The company expects flat 2025 revenue and adjusted EBITDA margin
slightly below the 2024 level, which implies a significant downward
revision in earnings compared to Moody's previous expectations. In
addition, when Eutelsat provided its 2025 guidance, it did not
mention the previously issued mid-term outlook which had projected
double-digit revenue and EBITDA compound annual growth rates
(CAGRs).

The earnings outlook beyond 2025 remains subdued reflecting a
slower ramp-up of the LEO constellation. This is due to a
combination of weaker pricing due to increased competitive
pressures, and delays in service deployment, with the constellation
now expected to achieve global coverage by the end of 2025, instead
of early 2025.

As a result, Moody's expect Eutelsat's Moody's-adjusted gross
debt/EBITDA ratio to remain high at around 5x over fiscal 2025-26.
In addition, because of increased interest costs and the ongoing
capital spending, free cash flow will remain negative over the same
period.

The revised guidance highlights the ongoing execution risk
associated with the merger with OneWeb, particularly concerning
Eutelsat's ability to scale OneWeb's operations, which is crucial
for achieving EBITDA breakeven at OneWeb and bolstering a recovery
in consolidated EBITDA. Additionally, Moody's anticipate ongoing
pressure on the company's earnings as revenue from the legacy video
segment continues to decline in the mid-single-digit range due to
decreasing demand.

The company plans to partially offset the lower EBITDA by delaying
investments in the next constellation. Although no specific
guidance was provided, Moody's anticipate that the combined capex
over fiscal 2025-27 will be below Moody's previous projections.
However, this strategy also elevates the technological risk for the
company, given the delay in the launch of the Gen 2 constellation.

While demand in the underlying connectivity market is expected to
grow at a healthy rate, there is a risk of market oversupply. This
is due to the continued outpacing of demand by the supply of High
Throughput Satellites, particularly in the consumer broadband
market - a market not targeted by OneWeb. There is a risk that some
of the surplus capacity in consumer broadband could be redirected
to other market verticals where Eutelsat has a solid position, such
as maritime, aviation and government, potentially leading to
overcapacity in those areas. This, in turn, could further reduce
the visibility on the company's earnings. However, EU-based
governments and some maritime and aviation clients tend to have
more specific and regulated requirements which could make them less
flexible in adopting surplus capacity.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Governance risk considerations are material to the rating action
due to Eutelsat's tolerance to operate with high leverage levels.
This factor has led to the company's Financial Strategy and Risk
Management score moving to 4 from 3, the governance issuer profile
score (IPS) to G-4 from G-3, and the Credit Impact Score moving to
CIS-4 from CIS-3.

LIQUIDITY

At June 2024, liquidity was underpinned by cash and cash
equivalents of EUR837 million (EUR661 million pro-forma for the
2025 outstanding maturities). In addition, the company had access
to a EUR450 million revolving credit facility (RCF) at Eutelsat SA
maturing in April 2027 (plus two extension options at lenders
discretion) and to a EUR100 million RCF at Eutelsat Communications
SA due in June 2027, both fully undrawn at December 2024.

The next maturities include the EUR400 million term loan due in
June 2027 and the EUR600 million bond due in July 2027.

Eutelsat SA's access to committed bank facilities is restricted by
a net leverage covenant set at net debt/EBITDA below 4.0x for the
facilities at the Eutelsat SA level; while at the Eutelsat
Communications SA level, the net leverage covenant tightens to 4.5x
until 2025 and 4.0x beyond 2025. While Moody's expect sufficient
headroom over the next 12 months, the cushion at Eutelsat
Communications SA has reduced because of the increased leverage.

In addition, the company will need to raise additional funding to
cover the growth capex requirements, which will continue to exert
pressure on free cash flow. However, Moody's understand that the
majority of the capex related to the next constellation is
uncommitted and can be curtailed if needed.

Liquidity should also benefit from the carve out of Eutelsat's
passive ground infrastructure assets which should bring proceeds of
around EUR600 million in 2026.

STRUCTURAL CONSIDERATIONS

Eutelsat SA is the main operating company of the Eutelsat
Communications SA group, where Moody's have assigned the Corporate
Family Rating (CFR). The bonds issued at Eutelsat SA are rated B1,
one notch higher than the CFR. The higher instrument rating takes
into account the fact that the EUR400 million of debt at Eutelsat
Communication SA level is structurally subordinated to the debt
raised at Eutelsat SA, which is closer to the cash-flow-generating
assets. For a CFR of B2 and considering some reduction in senior
unsecured debt at Eutelsat SA, this is sufficient for a one notch
uplift.

The EUR600 million bond issued in April 2024 at Eutelsat SA
includes certain covenants that restrict the ability of Eutelsat SA
to upstream cash outside its restricted group. This mainly includes
limitation on restricted payments if net leverage is above 2.75x,
with a basket of EUR1.4 billion for OneWeb capex, subject to
meeting a maximum pro-forma leverage of 3.25x.

RATIONALE FOR STABLE OUTLOOK

While the company is weakly positioned within its rating category,
the stable outlook reflects Moody's expectation that EBITDA will
stabilize in 2026 with the contribution from OneWeb, with potential
for an earnings recovery in 2027. The stable outlook also considers
Moody's expectation that the company will proactively start
addressing the refinancing of the 2027 maturities over the next
couple of quarters.

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

Due to the lower earnings visibility, upward rating pressure over
the next 12-18 months is unlikely and would require a substantial
improvement in Eutelsat's operating performance driven by a
combination of revenue and earnings growth, enhanced free cash flow
(FCF) generation, and robust liquidity. Quantitatively, a rating
upgrade would require its Moody's-adjusted EBITDA-Capex/Interest
ratio to improve well above 1.5x.

Downward rating pressure would develop if Eutelsat operating
performance fails to stabilize, causing its Moody's-adjusted gross
debt/EBITDA ratio to trend towards 5.5x on a sustained basis, or if
its liquidity deteriorates given the significant funding needs that
the company will encounter over the next 2 to 3 years.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.

COMPANY PROFILE

Eutelsat SA is the main operating subsidiary of Eutelsat
Communications SA, which was created in 1977 and is headquartered
in Paris (Eutelsat). Eutelsat Communication SA is one of Europe's
leading satellite operators and one of the top-three global
providers of Fixed-satellite services. The company's fleet of 36
geostationary satellites and 634 LEO satellites reaches up to 150
countries in Europe, Africa, Asia and the Americas. In fiscal year
2024, the company generated EUR1.2 billion of revenues and adjusted
EBITDA of EUR698 million.




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G E R M A N Y
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SPEEDSTER BIDCO: S&P Affirms 'B-' LongTerm ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on classifieds group Speedster Bidco. S&P also affirmed its 'B'
issue ratings on the euro- and U.S. dollar-denominated first-lien
term loans due 2031. S&P withdrew its issue ratings on Speedster's
old capital structure following the refinancing transaction.

S&P said, "The stable outlook indicates our expectation that over
the next 12 months Speedster's leverage will remain very high, but
it will generate positive FOCF and maintain adequate liquidity. We
estimate the group's pro forma adjusted leverage was 9.5x in 2024
and we forecast it to gradually reduce below 9.0x by the end of
2025."

In mid-December 2024, auto classifieds group Speedster Bidco closed
the EUR2.7 billion acquisition of Trader Corp., parent of
AutoTrader Canada (the country's leading auto classifieds group) in
line with S&P's expectations.

The combined group is benefiting from an improved scale and
stronger competitive standing, with estimated revenue of EUR782
million in 2024, but also has very high leverage and muted free
operating cash flow (FOCF) generation.

S&P said, "The affirmation reflects that the transaction closed in
line with our expectations. There were no material changes to the
transaction or to its financial documentation compared with our
original review, and the company's operating performance remains
broadly in line with our previous forecast.

"The current ratings balance our view of Speedster's improved
business position with its very high leverage. The combined group's
stronger business stems from its materially enhanced scale and
diversity of operations. At the same time, we estimate S&P Global
Ratings-adjusted leverage was very high at about 9.5x (pro forma)
at the closing of the transaction, and we forecast it to remain
high at 8.8x in 2025 and 7.8x in 2026. Low FOCF to debt of about
2%-3% constrains our rating on the group.

"The stable outlook indicates our expectation that over the next 12
months Speedster's leverage will remain very high, but it will
generate positive FOCF and maintain adequate liquidity. We estimate
the group's pro forma adjusted leverage was 9.5x in 2024 and we
forecast it to gradually reduce below 9.0x by the end of 2025.

"We could lower the rating over the next 12 months if the group's
capital structure became unsustainable. This could happen if
Speedster faces issues related to the integration of AutoTrader
Canada or weaker organic revenue growth stemming from structurally
lower car listings or a weaker macroeconomic environment, resulting
in weaker EBITDA generation, negative FOCF, and a deterioration in
liquidity.

"We could raise our ratings if Speedster integrates AutoTrader
Canada and delivers solid revenue and earnings growth, such that
adjusted debt to EBITDA falls below 8x and FOCF to debt
consistently approaches 5%."




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I R E L A N D
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AQUEDUCT EUROPEAN 9: S&P Assigns B-(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Aqueduct European CLO 9 DAC's class A, B, C, D, E, and F notes. At
closing, the issuer will also issue unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans and bonds. The
portfolio's reinvestment period will end approximately 4.53 years
after closing. Under the transaction documents, the rated notes pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payment.

The preliminary ratings assigned to Aqueduct European CLO 9 DAC's
notes reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,941.75
  Default rate dispersion                                 485.52
  Weighted-average life (years)                             4.40
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.53
  Obligor diversity measure                               130.29
  Industry diversity measure                               22.40
  Regional diversity measure                                1.18

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                         0.50
  Target 'AAA' weighted-average recovery (%)             36.90
  Target weighted-average spread (net of floors; %)       4.00

Rationale

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (4.00%), the
covenanted weighted-average coupon (4.00%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Until the end of the reinvestment period on Oct. 15, 2029, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"The CLO will be managed by HPS Investment Partners CLO (UK) LLP,
and the maximum potential rating on the liabilities is 'AAA' under
our operational risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B to F notes
could withstand stresses commensurate with higher preliminary
ratings than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing -- during which the
transaction's credit risk profile could deteriorate -- we have
capped our preliminary ratings on the notes.

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

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

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

Environmental, social, and governance

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector (see "ESG Industry Report Card:
Collateralized Loan Obligations," published March 31, 2021).
Primarily due to the diversity of the assets within CLOs, the
exposure to environmental and social credit factors is viewed as
below average, while governance credit factors are average. For
this transaction, the documents prohibit or limit assets from being
related to certain industries. Since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

Aqueduct European CLO 9 DAC is a European cash flow CLO
securitization of a revolving pool, comprising mainly
euro-denominated leveraged loans and bonds. It will be managed by
HPS Investment Partners CLO (UK) LLP.

  Ratings list

         Prelim.   Prelim. amount   Indicative            Credit
  Class  rating*  (mil. EUR)      interest rate§  enhancement (%)

  A      AAA (sf)    244.00     Three/six-month EURIBOR    39.00
                                plus 1.25%

  B      AA (sf)      50.00     Three/six-month EURIBOR    26.50
                                plus 2.00%

  C      A (sf)       24.00     Three/six-month EURIBOR    20.50
                                plus 2.45%

  D      BBB- (sf)    26.00     Three/six-month EURIBOR    14.00
                                plus 3.20%

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

  F      B- (sf)      12.00     Three/six-month EURIBOR     6.50
                                plus 8.60%

  Sub notes   NR      31.00     N/A                          N/A

*The preliminary ratings assigned to the class A and B notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.
§Solely for modeling purposes as the actual spreads may vary at
pricing. The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


CONTEGO CLO VII: S&P Assigns B-(sf) Rating on Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Contego CLO VII
DAC's class A-R, A-L-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes.
The original transaction has a portion of subordinated notes
outstanding.

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

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,886.76
  Default rate dispersion                                 546.08
  Weighted-average life (years)                             3.68
  Weighted-average life extended
  to cover the length of the reinvestment period (years)    5.00
  Obligor diversity measure                               133.18
  Industry diversity measure                               20.90
  Regional diversity measure                                1.31

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          2.11
  Actual 'AAA' weighted-average recovery (%)              35.97
  Actual weighted-average spread (%)                       3.87
  Actual weighted-average coupon (%)                       3.99

Rating rationale

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

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

S&P said, "In our cash flow analysis, we used the EUR450 million
target par amount, the covenanted weighted-average spread (3.70%),
the covenanted weighted-average coupon (4.00%), the covenanted
weighted-average recovery rate at the 'AAA' level, and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all the other classes of. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

"Until the end of the reinvestment period on Jan. 23, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to C-R notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes.

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

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

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

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

-- S&P's model generated BDR at the 'B-' rating level of 26.28%
(for a portfolio with a weighted-average life of 3.6 years), versus
if it was to consider a long-term sustainable default rate of 3.1%
for 3.6 years, which would result in a target default rate of
11.16%.

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

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

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

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

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

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

Environmental, social, and governance

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

Contego CLO VII DAC is a cash flow CLO securitizing a portfolio of
primarily European senior secured leveraged loans and bonds. The
transaction is managed by Five Arrows Managers LLP.

  Ratings list

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

  A-R     AAA (sf)   184.00     3mE + 1.33      38.00
  A-L-R   AAA (sf)    95.00     3mE + 1.33      38.00
  B-1-R   AA (sf)     31.00     3mE + 1.95      28.00
  B-2-R   AA (sf)     14.00     4.80            28.00
  C-R     A (sf)      29.50     3mE + 2.35      21.44
  D-R     BBB- (sf)   32.50     3mE + 3.45      14.22
  E-R     BB- (sf)    20.10     3mE + 5.96       9.76
  F-R     B- (sf)     14.60     3mE + 8.36       6.51
  Sub     NR          41.30     N/A              N/A

*The ratings assigned to the class A-R, A-L-R, B-1-R, and B-2-R
notes address timely interest and ultimate principal payments. The
ratings assigned to the class C-R, D-R, E-R, and F-R notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate (EURIBOR).


HAYFIN EMERALD XIV: S&P Assigns B-(sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Hayfin Emerald
CLO XIV DAC's class A, B, C, D, E, and F notes.  At closing, the
issuer also issued unrated subordinated notes.

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

The portfolio's reinvestment period will end on Jan. 22, 2027.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,730.39
  Default rate dispersion                                 572.61
  Weighted-average life (years)                             4.75
  Obligor diversity measure                               124.02
  Industry diversity measure                               17.05
  Regional diversity measure                                1.22

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.27
  Actual 'AAA' weighted-average recovery (%)               37.53
  Actual weighted-average spread (net of floor, %)          3.99
  Actual weighted-average coupon (%)                        3.15

Rating rationale

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

"In our cash flow analysis, we used the EUR375 million target par
amount, the actual target weighted-average spread of 3.99%, the
covenanted weighted-average coupon of 5.00%, and the covenanted
portfolio's weighted-average recovery rates at each rating level.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria at the time of assigning
final ratings.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO is still in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
have capped our ratings on the notes.

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

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

Hayfin Emerald CLO XIV DAC securitizes a portfolio of primarily
senior-secured leveraged loans and bonds. Hayfin Emerald Management
LLP manages the transaction.

Environmental, social, and governance

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

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

  A      AAA (sf)    232.50    38.00    3M EURIBOR + 1.21%
  B      AA (sf)      39.30    27.52    3M EURIBOR + 2.20%
  C      A (sf)       24.40    21.01    3M EURIBOR + 2.60%
  D      BBB- (sf)    25.30    14.27    3M EURIBOR + 3.75%
  E      BB- (sf)     16.90     9.76    3M EURIBOR + 6.06%
  F      B- (sf)      10.30     7.01    3M EURIBOR + 8.38%
  Sub.   NR           30.00      N/A    N/A

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

3M--Three-month.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


SEQUOIA LOGISTICS 2025-1: S&P Assigns (P)BB Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Sequoia Logistics 2025-1 DAC's class A, B, C, D, and E notes.

The transaction is backed by one senior loan, which Barclays Bank
PLC has advanced to Blackstone Real Estate Partners (Blackstone) as
part of its acquisition of a pan-European logistics portfolio.

The loan is secured on a pan-European portfolio of 53 logistic
assets in four European jurisdictions. The portfolio comprises
831,254 square meters of accommodation and is valued at EUR766.6
million as of December 2024. The current loan-to-value (LTV) ratio
is 65.0% for the securitized debt.

The two-year loan has three one-year extension options and is
interest only. While it includes cash trap covenants and debt yield
covenants, there are no default covenants prior to a permitted
change of control.

The loan proceeds will be used to refinance the acquisition of the
logistics assets. Furthermore, payments due under the loan facility
agreement primarily fund the issuer's interest and principal
payments due under the notes.

As part of EU, U.K., and U.S. risk retention requirements, the
issuer and the issuer lender Barclays Bank PLC will enter into a
EUR26.2 million (representing 5% of the securitized senior loan)
issuer loan agreement, which ranks pari passu to the notes of each
class. The issuer lender will advance the issuer loan to the issuer
on the closing date. The issuer will apply the issuer loan proceeds
as partial consideration for the purchase of the securitized senior
loan from the loan seller.

S&P said, "Our preliminary ratings on the class A to D notes
address Sequoia Logistics 2025-1's ability to meet timely interest
payments and principal repayment no later than the legal final
maturity in February 2038. Our preliminary rating on the class E
notes addresses ultimate payment of interest and principal no later
than the legal final maturity date. The legal final maturity date
is initially Feb. 17, 2037. However, the servicer has the option to
extend the loan one time by 12 months beyond the extended loan
maturity date in 2030. Should the servicer choose to exercise this
option, the legal final maturity date will be automatically
extended to February 2038.

"Our preliminary ratings on the notes reflect our assessment of the
underlying loan's credit, cash flow, and legal characteristics, and
an analysis of the transaction's counterparty and operational
risks."

  Preliminary ratings

         Preliminary  Preliminary
  Class    rating*      amount
                      (mil. GBP)

  A      AAA (sf)     247.5
  B      AA- (sf)      67.5
  C      A (sf)        51.5
  D      BBB (sf)      72.5
  E      BB (sf)       59.6

*S&P's ratings address timely payment of interest on the class A,
B, C, and D notes, ultimate payment of interest on the class E
notes, and payment of principal not later than the legal final
maturity on all classes of notes. The legal final maturity date is
initially in February 2037. However, the servicer has the option to
extend the loan one time by 12 months beyond the extended loan
maturity. Should it choose to do so, the legal final maturity will
also be extended by one year. The ratings therefore address
repayment of the principal by February 2038.




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

GOLDEN BAR 2023-2: DBRS Confirms BB Rating on Class E Notes
-----------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the notes
(collectively, the rated notes) issued by Golden Bar
(Securitisation) S.r.l. - Series 2023-2 (the Issuer) as follows:

-- Class A-2023-2 (Class A Notes) at AAA (sf)
-- Class B-2023-2 (Class B Notes) at AA (low) (sf)
-- Class C-2023-2 (Class C Notes) at A (sf)
-- Class D-2023-2 (Class D Notes) at BBB (sf)
-- Class E-2023-2 (Class E Notes) at BB (sf)

The credit rating on the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal on or
before the final maturity date in September 2043. The credit
ratings on the Class B to Class E Notes address the ultimate
payment of scheduled interest (or timely when most senior class
outstanding) and the ultimate repayment of principal by the final
maturity date.

CREDIT RATING RATIONALE

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the December 2024 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the notes to cover the
expected losses at their respective credit rating levels.

The Issuer is a securitization of fixed-receivables related to
standard and balloon auto loans granted and serviced by Santander
Consumer Bank S.p.A. (SCB) to private individuals and sole
proprietors in the Republic of Italy. The transaction closed in
September 2023 with an initial pool balance of EUR 999.85 million
and included a revolving period which ended on the December 2024
payment date, with the amortization of the rated notes starting in
March 2025 on a pro rata basis unless a sequential redemption
trigger event is triggered.

PORTFOLIO PERFORMANCE

As of the December 2024 payment date, loans 0 to 30, 30 to 60, and
60 to 90 days in arrears represented 0.5%, 0.1% and 0.1% of the
outstanding portfolio balance, respectively. Gross cumulative
defaults, defined as loans more than 90 days in arrears, amounted
to 0.6% of the aggregate original portfolio balance, of which 6.2%
has been recovered so far.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS updated its base case PD and LGD assumptions to
2.4% and 54.4%, respectively, based on the actual portfolio
composition given the end of the revolving period.

CREDIT ENHANCEMENT

Portfolio overcollateralization provides credit enhancement to the
rated notes. Due to the revolving period, as of the December 2024
payment date, credit enhancement to the Class A, Class B, Class C,
Class D and Class E Notes remained unchanged since the last review
at 17.0%, 10.5%, 7.3%, 3.9% and 0.0%, respectively.

The transaction benefits from liquidity support provided by a
non-amortizing cash reserve, available to cover senior expenses,
swap payments and interest on the rated notes. As of the December
2024 payment date, the reserve was at its target level of EUR 14.0
million, equal to 1.4% of the Class A to Class E Notes' initial
balance.

The Bank of New York Mellon SA/NV - Milan Branch (BNYM) acts as the
Issuer's account bank for the transaction. Based on Morningstar
DBRS' Long-Term reference rating on BNYM at AA (high), the
downgrade provisions outlined in the transaction documents, and
other mitigating factors inherent in the transaction structure,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be consistent with the credit rating assigned
to the rated notes, as described in Morningstar DBRS's "Legal and
Derivative Criteria for European Structured Finance Transactions"
methodology.

Banco Santander SA (Santander) acts as the swap counterparty for
the transaction. Morningstar DBRS' Long Term Critical Obligations
Rating on Santander at AA (low) is consistent with the first credit
rating threshold as described in Morningstar DBRS's "Legal and
Derivative Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.




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

JUBILEE PLACE 7: S&P Assigns Prelim. CCC+(sf) Rating on X2 Notes
----------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Jubilee Place 7 B.V.'s class A, F, X1 and X2 notes and class B-Dfrd
to E-Dfrd interest deferrable notes. At closing, the issuer will
also issue unrated S1 and S2 certificates and unrated class R
notes.

Jubilee Place 7 is an RMBS transaction that securitizes a portfolio
of buy-to-let (BTL) mortgage loans secured on properties located in
the Netherlands.

The loans in the pool were originated by DNL 1 B.V. (22.28%;
trading as Tulp), Dutch Mortgage Services B.V. (56.53%; trading as
Nestr), and Community Hypotheken B.V. (21.19%; trading as
Casarion).

All three originators are experienced lenders in the Dutch BTL
market. The key characteristics and performance to date of their
mortgage books are similar with peers. Moreover, Citibank N.A.,
London Branch maintains significant oversight in operations, and
due diligence is conducted by an external company, Fortrum, which
completes an underwriting audit of all the loans for each lender
before a binding mortgage offer can be issued.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer will grant security over all its assets in favor of the
security trustee.

The underwriting criteria target prime, professional landlords with
no adverse credit history. S&P views all three originators' lending
standards positively, given their experience in the Dutch BTL
market.

Credit enhancement for the notes will comprise subordination, a
reserve fund, and excess spread. Because the notes pay down
sequentially, credit enhancement is expected to build up over time,
enabling the structure to withstand performance shocks.

A cash advance facility only provides liquidity support to the
class A and B-Dfrd notes once they become the most senior notes
outstanding. The reserve fund is not fully funded at closing, with
the remaining amount to be funded from principal receipts. Hence,
for the other rated notes, there is no liquidity support available
other than principal collections once they become the most senior
note outstanding. Any excess in the liquidity reserve over the
required amount will be released to the principal priority of
payments.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote and
the transaction documents to be compliant with our legal criteria.
However, we still need to complete our review of the legal opinions
and we expect to assign credit ratings on the closing date subject
to a satisfactory review of these opinions."

  Preliminary ratings

  Class   Prelim. Rating   Class size (%)

  A        AAA (sf)         89.75
  B-Dfrd   AA- (sf)          5.00
  C-Dfrd   A (sf)            2.25
  D-Dfrd   BBB (sf)          2.00
  E-Dfrd   BB+ (sf)          0.70
  F        B- (sf)           0.30
  X1       B+ (sf)           1.75
  X2       CCC+ (sf)         0.50
  S1       NR                N/A
  S2       NR                N/A
  R        NR                N/A

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


SIGMA HOLDCO: Moody's Affirms B2 CFR & Cuts Sr. Secured Debt to B2
------------------------------------------------------------------
Moody's Ratings has affirmed the B2 long-term corporate family
rating and the B2-PD probability of default rating of Sigma Holdco
BV (Flora Food or the company), the parent company of Flora Food
Management B.V. (previously known as Upfield B.V.), a global
manufacturer of plant butters and spreads, plant creams, liquids,
and plant cheeses.

Concurrently, Moody's have downgraded the backed senior secured
debt rating to B2 from B1 on the senior secured first lien term
loans (TLBs) due 2028, on the backed senior secured notes due in
2029 and on the backed senior secured first lien revolving credit
facility (RCF) due 2027 all borrowed by Flora Food Management B.V.
Moody's have also affirmed the backed senior unsecured ratings of
Caa1 on the remaining outstanding EUR387 million and the $275
million notes due 2026 issued by Sigma Holdco BV. The outlook on
both entities remains stable.

The proposed EUR250 million senior secured notes will be an add-on
on the existing EUR625 million notes due 2029 issued by Flora Food
Management B.V. and guaranteed by Sigma Holdco BV which is rated
B2, as it ranks pari passu with the senior secured first lien term
loans. Proceeds from the issuance of the new add-on will be used to
partly repay the senior unsecured notes due in 2026 remaining
outstanding.

"Sigma Holdco's CFR rating affirmation reflects the company's
ongoing good performance and the prospect for improving free cash
flow generation and further deleveraging over the next 12 to 18
months. However, the downgrade of the senior secured rating
reflects the ongoing reduction in the junior part of the capital
structure, which previously allowed for a rating uplift of the
senior debt rating compared to the CFR. The reduction in the loss
absorption protection offered by the senior unsecured debt, i.e.,
the junior debt, results in an alignment between the CFR and the
senior secured rating," says Paolo Leschiutta, a Moody's Ratings
Senior Vice President and lead analyst for Flora Food.

"Positively, Sigma Holdco's CFR remains well positioned in the
rating category. The proactive management of the company's debt
maturity profile, along with improving free cash flow generation,
is supporting the liquidity profile of the company," continued Mr.
Leschiutta.

RATINGS RATIONALE      

-- RATIONALE FOR B2 CFR AFFIRMATION --

The rating affirmation of the CFR at B2 reflects the company's good
operating performance since 2023, despite challenging macroeconomic
conditions and the significant pass-through of high raw material
costs to customers in the first half of 2023, which resulted in
only modest volume attrition. Up to September 2024, the company has
demonstrated a good ability to retain most of the price increases
and to contain volume attrition. Although revenues over the nine
months to September were down 5.6% organically, largely due to
higher promotion activity, the company reported EBITDA growth of
6.9% thanks to lower commodity prices, the achievement of some
value creation savings, and lower one-off costs.

Stronger earnings are resulting in improved cash generation, which,
however, is offset by higher interest costs since the company's
refinancing over the last two years. Moody's note that the
company's financial leverage and interest cover remain weak for the
rating, although these are partially compensated by the strong
business profile. The company's Moody's-adjusted financial leverage
was 7.0x as of September 2024, and Moody's estimate it will drop to
below 7.0x by the end of 2024. Moody's expect this improvement to
be driven by ongoing good performance and free cash flow
generation, which should allow for some debt reduction.

The rating remains supported by Flora Food's strong business
profile, highlighted by its significant scale, strong portfolio of
brands, leading global market positions with extensive geographical
diversification, and good growth potential offered by product
innovation and expansion into adjacent plant-food categories like
cheese. The rating is also supported by the company's positive free
cash flow generation. Moody's also note the progress the company
has made in recent years in rejuvenating its product offering from
traditional plant spreads to plant creams and plant cheeses,
focusing on innovation and on products that are experiencing rapid
growth in key markets like the US and the UK.

-- RATIONALE FOR DOWNGRADE OF SENIOR SECURED DEBT TO B2 FROM B1 --

The downgrade of the backed senior secured debt rating to B2 from
B1 reflects the further repayment of junior debt with new senior
debt, resulting in a weakened position for senior debtholders
within the capital structure due to the lower loss absorption
protection offered by the shrinking junior debt. As highlighted
last year, the continuation of additional switches from junior to
senior debt could have led to the senior debt losing the rating
uplift compared to the CFR.

LIQUIDITY

Flora Food's liquidity is good, with cash on balance sheet of
EUR366 million as of December 2024, full availability under its
EUR700 million RCF as of December 2024, as utilization under this
facility were recently repaid, and Moody's expectation of positive
FCF. The company maintains a comfortable covenant capacity, with
net senior secured leverage at 5.3x as of September 2024, against a
maximum level of 8.5x.

The company is addressing the maturity of its senior unsecured
notes due in May 2026. Following the proposed transaction, only a
minor portion of its capital structure will be due in 2026, with
the bulk due in 2028 (EUR4.36 billion of TLB) and part in 2029,
EUR625 million of senior secured bond plus the new add-on.

STRUCTURAL CONSIDERATIONS

The B2-PD probability of default rating, in line with the B2 CFR,
reflects a 50% corporate family recovery assumption applicable for
mixed bank/bond debt structures.

The B2 ratings of the term loans, the RCF and the senior secured
notes reflect the first-lien nature of these facilities with no
structural subordination because of the guarantee structure and the
fact that these instruments represent most of the debt of the
group. However, the security package only covers significant assets
in the UK and the US, and share pledges, intercompany receivables
and some bank accounts in other jurisdictions. The Caa1 rating on
the remaining outstanding senior unsecured notes reflects the
contractual subordination of the notes to the term loans, the RCF
and the senior secured notes.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will sustain its good operating performance and free cash flow
generation which will allow for modest debt reduction, such that
its Moody's-adjusted debt/EBITDA will decline towards 6.5x over the
next 12-18 months. The stable outlook also assumes that the company
will address its upcoming debt maturities in due course.

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

Moody's could upgrade the rating if the company demonstrates solid
top-line growth with improving profitability, leading to
significant positive FCF generation and a reduction in leverage
(Moody's-adjusted gross debt/EBITDA) towards 6.5x, both on a
sustained basis. Before an upgrade, the company will need to reach
and maintain a Moody's-adjusted EBITA interest cover above 2.0x.

Moody's could downgrade the rating if the company fails to maintain
the current level of earnings, leading to negative FCF over the
next 12-18 months, which would weaken liquidity, as illustrated by
reduced availability under its revolving credit facility (RCF) or a
significant deterioration in covenant capacity. Quantitatively,
Moody's can downgrade the rating if the company's leverage, on a
Moody's-adjusted gross debt/EBITDA basis, remains above 7.5x; its
Moody's-adjusted EBITA interest coverage ratio declines below 1.5x;
or it fails to address its maturities in a timely manner.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Flora Food, formely known as Upfield, is global leader in
plant-based foods, operating in four categories of plant butters
and spreads, plant creams, liquids and plant cheeses, with most of
its revenue coming from the sale of plant spreads. In 2023, the
company reported revenue of EUR3.28 billion and company-normalised
EBITDA of EUR831 million. During the nine months to September 2024,
the company reported EUR2.2 billion of revenues and normalised
EBITDA of EUR597 million. The company operates largely in retail
(89% of revenue) and partially in food service. Flora Food is
geographically diversified across both developed and emerging
markets, with no significant concentration in any one market. Its
largest markets are the US, Germany, the UK and the Netherlands.
Flora Food is controlled by funds managed and advised by Kohlberg
Kravis Roberts & Co. Inc. (KKR).


UNIT4 GROUP: Moody's Raises CFR to B2 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings upgraded Unit4 Group Holding B.V. long term
corporate family rating to B2 from B3 and the probability of
default rating to B2-PD from B3-PD. Concurrently, Moody's upgraded
to B2 from B3 the ratings of the senior secured revolving credit
facilities (RCF) due in 2027 and senior secured term loan B due in
2028. The outlook has changed to stable from positive.

The rating action reflects:

-- Unit4's solid performance in 2023 and 2024 that has continued
to pivot the company more clearly towards a software-as-a-service
(SaaS) business model with a leaner cost structure. This led to a
significant improvement in credit metrics, with Moody's-adjusted
leverage and free cash flow (FCF) / debt estimated at around 6.0x
and 8%, respectively, for the fiscal year ended in December 2024.

-- Moody's forecast continued growth, supported by positive market
fundamentals, growth in its customer base due to up- and
cross-selling initiatives and price indexation and, to a lesser
extent, new customers. Moody's expect growth combined with
continued cost control measures will lead to further organic
improvement in debt metrics.

-- Financial policy decisions such as debt-funded distributions,
acquisitions or the repayment of around EUR123 million
pay-if-you-want (PIYW) notes still outstanding outside the Unit4
restricted group may alter the forecast trajectory of debt metrics,
but Moody's expect metrics to broadly remain within expectations
for the B2 rating. Moody's anticipate that the company would use a
significant amount of its current cash in any repayment of the
outstanding PIYW notes.

RATINGS RATIONALE

Unit4's good position in the midmarket segment of its core
geographies; robust operating performance in 2023 and 2024; high
switching costs and relatively low customer churn; significant
recurring maintenance and cloud-based SaaS subscription fees, which
improve revenue predictability; and strong growth in demand for the
company's cloud solutions, which is likely to continue to offset
declining revenue trends in legacy product lines, all support its
B2 CFR.

Concurrently, Unit4's small size and limited geographical and
product line diversification; strong competition in core markets
and the company's significant exposure to midmarket customers; and
the risk of leverage increase from debt-funded acquisitions or
shareholder-friendly actions, including the repayment of around
EUR123 million PIYW notes issued outside the Unit4 restricted
group, all constrain the rating.

RATING OUTLOOK

Unit4's stable rating outlook reflects Moody's expectation that the
company's credit metrics will remain commensurate with the B2
rating guidance over the next 12 to 18 months. The outlook
incorporates Moody's assumption that there will be no significant
increase in leverage from any future debt-funded transaction, and
that the company will maintain at least adequate liquidity.

LIQUIDITY

Unit4's liquidity is good, supported by EUR139 million of cash on
balance sheet as December 2024, a fully undrawn EUR100 million
revolving credit facility (RCF), and Moody's projections of
positive Moody's-adjusted FCF. Moody's expect the company to
maintain significant capacity against the springing senior secured
net leverage covenant, which is tested when the RCF is drawn by
more than 40%. A breach of this covenant would constitute an event
of default.

STRUCTURAL CONSIDERATIONS

The capital structure includes a EUR875 million senior secured Term
Loan B due in 2028, as well as a EUR100 million senior secured RCF
due in 2027. The security package provided to senior secured
lenders is ultimately limited to pledges over shares, bank accounts
and intercompany receivables. The B2 ratings on the senior secured
Term Loan B and senior secured RCF, the only financial debt
instruments in the capital structure (which has few other debt-like
liabilities considered in Moody's priority of claim waterfall), are
in line with the CFR.

PIYW notes in the amount of around EUR123 million issued by (the
immediate parent of Unit4) Dutch Midco 1 B.V. create additional
risk of leverage increase at Unit4.

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

Positive rating pressure could develop if the company continues to
growth its revenue and EBITDA, such that Moody's-adjusted leverage
(R&D capitalised) improves to below 5.0x; Moody's-adjusted FCF/debt
improves towards 10%; and Moody's-adjusted (EBITDA – capital
expenditures) / interest expense improves towards 3.0x, all on a
sustained basis. Adequate liquidity and financial policy clarity
are also important considerations.

Conversely, negative rating pressure could develop if the company's
revenue and EBITDA growth is weaker than expected or financial
policy decisions are such that Moody's-adjusted leverage (R&D
capitalised) is above 6.0x; Moody's-adjusted FCF weakens towards
breakeven, or Moody's-adjusted (EBITDA – capital expenditures)/
interest expenses is below 2.0x, all on a sustained basis; or if
liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
published in June 2022.

COMPANY PROFILE

Unit4 is an enterprise resource planning (ERP) software and
standalone financial management systems (FMS) vendor catering to
midmarket companies with 1,000-10,000 employees and public sector
organisations. Its products are focused on applications such as
finance, procurement, projects, payroll and human resources (HR).
Headquartered in the Netherlands, Unit4 operates in 25 countries
and employs around 2,500 people. The company generated around
EUR420 million of revenue and company-adjusted EBITDA of EUR165
million (including IFRS15/16 adjustments) during the last twelve
months that ended in September 2024, according to management
financials.

In the second quarter of 2021, TA Associates, together with
Partners Group and certain other minority investors, acquired Unit4
from Advent International for around EUR1.8 billion in purchase
consideration. The purchase was partly financed with around EUR1.0
billion of equity provided by the new financial sponsors.




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

UCI 15: S&P Affirms 'B- (sf)' Rating on Class C Notes
-----------------------------------------------------
S&P Global Ratings raised its credit ratings on Fondo de
Titulizacion de Activos UCI 15's class A and B notes to 'AAA (sf)'
and ' A+ (sf)' from 'AA (sf)' and 'BB (sf)', respectively. At the
same time, S&P affirmed its 'B- (sf)' rating on the class C notes.

The rating actions reflect S&P's full analysis of the most recent
information it has received and the transaction's current
structural features.

S&P said, "The overall effect of applying our global RMBS criteria
is a decrease in our expected losses due to reduced
weighted-average foreclosure frequency (WAFF) and weighted-average
loss severity (WALS) assumptions. The WAFF has decreased due to
lower effective loan-to-value (LTV) ratios, higher seasoning, and
proportionally fewer loans with performance agreements. In
addition, our WALS assumptions decreased due to the lower current
LTV ratio, while we kept the same valuation haircuts as in previous
reviews. The valuation haircut reflects the actual data received
from comparable asset sales, where we have seen a risk that
property prices were overvalued at origination.

"The share of loans under performing agreements has reduced since
our previous review. The combined figures stressed in our analysis
that consider restructuring loans or loans more than 90 days past
due within the last five years together with performing agreements
are now down to 10.98% from 20.5% since our last review. This
reflects UCI's updated restructuring policy, as it now seeks
long-term solutions for borrowers foreclosing or novating the
securitized loan in multiple cases. This increased the annual
prepayment rate to 10.25% from 3.06% since our last review. In our
analysis, given that these borrowers pay less compared with their
original schedule, we increased our reperforming adjustment to 5.0x
from 2.5x, as we consider these loans to introduce higher risk."

  Table 1

  Credit analysis results--UCI 15

  Rating   WAFF (%)   WALS (%)  Credit coverage (%)

  AAA      38.73      8.16      3.16
  AA       31.10       6.22      1.93
  A        26.88       3.40      0.91
  BBB      21.87       2.31      0.51
  BB       15.82       2.00      0.32
  B        14.20       2.00      0.28

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

UCI 15's class A and B notes' credit enhancement has increased to
43.4% and 28.5% from 26.2% and 17.8%, respectively, since our
previous review. This is due to the notes' amortization, which is
sequential following the 90+ days arrears trigger breach. This
trigger also prevents the reserve fund from amortizing, which
currently stands at its target level. The class C credit
enhancement has decreased to 2.8% from 3.3%.

Total arrears, as per the September 2024 investor report, have
increased to 8.7% from 4.6% since S&P's last review. Overall
delinquencies are above our Spanish RMBS index. However, the
arrears increase has been offset by the higher available credit
enhancement.

S&P said, "Our operational, rating above the sovereign,
counterparty, and legal risk analyses remain unchanged since our
previous review. Therefore, these criteria do not cap our ratings.
The replacement framework for the collection account does not
satisfy our counterparty criteria, therefore we stress one month of
commingling risk as a loss.

"We raised to 'AAA (sf)' and 'A+ (sf)' from 'AA (sf)' and 'BB (sf)'
our ratings on the class A and B notes, respectively. The class B
notes could withstand our cash flow stresses at higher rating
levels. However, our assigned ratings also consider the the
transaction's historical performance, and the amount of
restructured loans in the portfolio. We also considered the
transaction's low pool factor, available credit enhancement, and
potential tail-end risk.

"The class C notes are still failing our cash flow 'B' stresses.
However, considering the available credit enhancement, in a steady
state scenario the issuer would be able to fulfill its payment
obligations under this class. As such, we believe that the payment
of ultimate interest and principal on the class C notes is not
dependent upon favorable business, financial, and economic
conditions. We therefore affirmed our 'B- (sf)' rating on the class
C notes.

"We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and loss
severity, to determine our forward-looking view.

"In our view, the ability of the borrowers to repay their mortgage
loans will be highly correlated to macroeconomic conditions,
particularly the unemployment rate, consumer price inflation, and
interest rates. Our forecasts for unemployment in Spain for 2025
and 2026 are 11.4% and 11.3%, respectively.

"Furthermore, a decline in house prices typically impacts the level
of realized recoveries. For Spain in 2025 and 2026, we expect them
to increase by 3% and 2.4%, respectively.

"We ran additional scenarios with increased defaults of 1.1x and
1.3x and increased loss severity of 1.3x. Additionally, as a
general downturn of the housing market may delay recoveries, we
have also run extended recovery timings to understand the
transaction's sensitivity to liquidity risk. The results of the
above sensitivity analysis indicate no deterioration."

UCI 15 is a Spanish RMBS transaction that closed in May 2006. It
securitizes a portfolio of residential mortgage loans, which Union
de Creditos Inmobiliarios and Establecimiento Financiero de Credito
originated and service.


UCI 16: S&P Affirms 'CCC (sf)' Rating on Class D Notes
------------------------------------------------------
S&P Global Ratings raised its credit ratings on Fondo de
Titulizacion de Activos UCI 16's class A2, B, and C notes to 'AAA
(sf)', 'BBB+ (sf)', and ' B- (sf)' from 'AA- (sf)', 'BB (sf)', and
'CCC+ (sf)', respectively. At the same time, S&P affirmed its 'CCC
(sf)' and 'D (sf)' ratings on the class D and E notes.

The rating actions reflect S&P's full analysis of the most recent
information S&P has received and the transaction's current
structural features.

S&P said, "The overall effect of applying our global RMBS criteria
is a decrease in our expected losses due to reduced
weighted-average foreclosure frequency (WAFF) and weighted-average
loss severity (WALS) assumptions. The WAFF has decreased due to
lower effective loan-to-value (LTV) ratios, higher seasoning, and
proportionally fewer loans with performance agreements. In
addition, our WALS assumptions decreased due to the lower current
LTV ratio, while we kept the same valuation haircuts as in previous
reviews. The valuation haircut reflects the actual data received
from comparable asset sales, where we have seen a risk that
property prices were overvalued at origination.

"The share of loans under performing agreements has reduced since
our previous review. The combined figures stressed in our analysis
that consider restructuring loans or loans more than 90 days past
due within the last five years together with performing agreements
are now down to 10.5% from 14.6% since our last review. This
reflects UCI's updated restructuring policy, as it now seeks
long-term solutions for borrowers foreclosing or novating the
securitized loan in multiple cases. This increased the annual
prepayment rate to 10.14% from 8.8% since our last review. In our
analysis, given that these borrowers pay less compared with their
original schedule, we increased our reperforming adjustment to 5.0x
from 2.5x, as we consider these loans to introduce higher risk."

  Table 1

  Credit analysis results--UCI 16

  Rating    WAFF (%)  WALS (%)  Credit coverage (%)

  AAA       40.99     12.14      4.98
  AA        32.87      9.86      3.24
  A         28.65      6.08      1.74
  BBB       23.76      4.36      1.04
  BB        17.59      3.33      0.59
  B         15.99      2.52      0.40

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

S&P said, "UCI 16's class A2, B, C, and D notes' credit enhancement
increased to 43.2%, 19.3%, 5.5%, and 2.5% from 32.3%, 14.7%, 4.6%,
and 2.4%, respectively, as of our previous review. This is due to
the notes' amortization, which is sequential following the 90+ days
arrears trigger breach. This trigger also prevents the reserve fund
from amortizing, which currently stands at its target level. The
reserve fund was funded at closing with the issuance of the class E
notes, whose credit enhancement currently stands at -7.0%.

"Total arrears, as per the September 2024 investor report, have
remained stable at 8.7% since our last review. Overall
delinquencies are above our Spanish RMBS index.

"Our operational, rating above the sovereign, counterparty, and
legal risk analyses remain unchanged since our previous review.
Therefore, these criteria do not cap our ratings. The replacement
framework for the collection account does not satisfy our
counterparty criteria, therefore we stress one month of commingling
risk as a loss.

"We raised to 'AAA (sf)', 'BBB+ (sf)', and 'B- (sf)' from 'AA-
(sf)', 'BB (sf)', and 'CCC+ (sf)' our ratings on the class A2, B,
and C notes, respectively. The class B and C notes could withstand
our cash flow stresses at higher rating levels. However, our
assigned ratings also consider the transaction's historical
performance and the amount of restructured loans in the portfolio.
We also considered the transaction's low pool factor, the available
credit enhancement, and potential tail-end risk.

"The class D notes are still failing our cash flow 'B' stresses. We
consider this class still vulnerable to nonpayment and dependent
upon favorable business, financial, or economic conditions to meet
their financial commitments. Therefore, we affirmed our 'CCC (sf)'
rating on the class D notes.

"The class E notes now receives interest in a timely manner.
However, this tranche is not collateralized and is paid after
amortization of the reserve fund. It previously missed a
significant amount of interest payments, and it is uncertain
whether future interest payments will be missed. Given its current
credit enhancement and position in the waterfall, we affirmed our
'D (sf)' rating on the class E notes.

"We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and loss
severity, to determine our forward-looking view.

"In our view, the ability of the borrowers to repay their mortgage
loans will be highly correlated to macroeconomic conditions,
particularly the unemployment rate, consumer price inflation, and
interest rates. Our forecasts for unemployment in Spain for 2025
and 2026 are 11.4% and 11.3%, respectively.

"Furthermore, a decline in house prices typically impacts the level
of realized recoveries. For Spain in 2025 and 2026, we expect them
to increase by 3% and 2.4%, respectively.

"We ran additional scenarios with increased defaults of 1.1x and
1.3x and increased loss severity of 1.3x. Additionally, as a
general downturn of the housing market may delay recoveries, we
have also run extended recovery timings to understand the
transaction's sensitivity to liquidity risk." The results of the
above sensitivity analysis indicate no deterioration.

UCI 16 is a Spanish RMBS transaction that closed in October 2006.
It securitizes a portfolio of residential mortgage loans, which
Union de Creditos Inmobiliarios and Establecimiento Financiero de
Credito originated and service.


UCI 17: S&P Affirms 'D(sf)' Rating on Class D Notes
---------------------------------------------------
S&P Global Ratings raised its credit ratings on Fondo de
Titulizacion de Activos UCI 17's class A2, B, and C notes to 'A+
(sf)', 'B (sf)', and 'CCC (sf)' from 'BBB+ (sf)', 'CCC+ (sf)', and
'D (sf)', respectively. At the same time, S&P affirmed its 'D (sf)'
rating on the class D notes.

The rating actions reflect S&P's full analysis of the most recent
information S&P has received and the transaction's current
structural features.

S&P said, "The overall effect of applying our global RMBS criteria
is a decrease in our expected losses due to reduced
weighted-average foreclosure frequency (WAFF) and weighted-average
loss severity (WALS) assumptions. The WAFF has decreased due to
lower effective loan-to-value (LTV) ratios, higher seasoning, and
proportionally fewer loans with performance agreements. In
addition, our WALS assumptions decreased due to the lower current
LTV ratio, while we kept the same valuation haircuts as in previous
reviews. The valuation haircut reflects the actual data received
from comparable asset sales, where we have seen a risk that
property prices were overvalued at origination.

"The share of loans under performing agreements has reduced since
our previous review. The combined figures stressed in our analysis
that consider restructuring loans or loans more than 90 days past
due within the last five years together with performing agreements
are now down to 10.9% from 30.4% since our last review. This
reflects UCI's updated restructuring policy, as it now seeks
long-term solutions for borrowers foreclosing or novating the
securitized loan in multiple cases. This increased the annual
prepayment rate to 13.1% from 5.9% since our last review. In our
analysis, given that these borrowers pay less compared with their
original schedule, we increased our reperforming adjustment to 5.0x
from 2.5x, as we consider these loans to introduce higher risk."

  Table 1

  Credit analysis results--UCI 17

  Rating   WAFF (%)   WALS (%)   Credit coverage (%)

  AAA      43.67      14.53        6.35
  AA       35.61      12.06        4.29  
  A        31.19       7.86        2.45
  BBB      26.03       5.94        1.55
  BB       19.57       4.73        0.93
  B        17.75       3.75        0.67

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

S&P said, "UCI 17's class A2, B, and C notes' credit enhancement
increased to 39.6%, 11.9%, and 1.2% from 24.0%, 6.3%, and -0.6%,
respectively, as of our previous review. This is due to the notes'
amortization, which is sequential following the 90+ days arrears
trigger breach. This trigger also prevents the reserve fund from
amortizing, which currently stands at its target level. The reserve
fund was funded at closing with the issuance of the class D notes,
whose credit enhancement currently stands at -3.0%.

"Total arrears, as per the September 2024 investor report, have
increased to 10.3% from 6.6% since our last review. Overall
delinquencies are above our Spanish RMBS index. However, the
arrears increase has been offset by the higher available credit
enhancement.

"Our operational, rating above the sovereign, counterparty, and
legal risk analyses remain unchanged since our previous review.
Therefore, the ratings assigned are not capped by any of these
criteria. The replacement framework for the collection account does
not satisfy our counterparty criteria, therefore we stress one
month of commingling risk as a loss.

"We raised to 'A+ (sf)', 'B (sf)', and 'CCC (sf)' from 'BBB+ (sf)',
'CCC+ (sf)', and 'D (sf)' our ratings on the class A2, B, and C
notes, respectively. The class A2 and B notes could withstand our
cash flow stresses at higher rating levels. However, our assigned
ratings also consider the transaction's historical performance, and
the amount of restructured loans in the portfolio. We also
considered the transaction's low pool factor, the available credit
enhancement, and potential tail-end risk."

The class C notes paid all unpaid interest due on the March 2019
interest payment date. Since then, interest on this tranche has
been paid timely. S&P said, "Additionally, this tranche is no
longer undercollateralized and benefits from a fully funded reserve
fund. However, the class C notes are still failing our cash flow
'B' stresses. S&P considers this class still vulnerable to
nonpayment and dependent upon favorable business, financial, or
economic conditions to meet their financial commitments. Therefore,
we raised to 'CCC (sf)' from 'D (sf)' our rating on the class C
notes."

UCI 17's class D notes now receive interest in a timely manner.
However, this tranche is not collateralized and is paid after
amortization of the reserve fund. It previously missed a
significant amount of interest payments, and it is uncertain
whether future interest payments will be missed. Given its current
credit enhancement and position in the waterfall, S&P affirmed its
'D (sf)' rating on the class E notes.

S&P said, "We consider the transaction's resilience in case of
additional stresses to some key variables, in particular defaults
and loss severity, to determine our forward-looking view.

"In our view, the ability of the borrowers to repay their mortgage
loans will be highly correlated to macroeconomic conditions,
particularly the unemployment rate, consumer price inflation, and
interest rates. Our forecasts for unemployment in Spain for 2025
and 2026 are 11.4% and 11.3%, respectively.

"Furthermore, a decline in house prices typically impacts the level
of realized recoveries. For Spain in 2025 and 2026, we expect them
to increase by 3% and 2.4%, respectively.

"We ran additional scenarios with increased defaults of 1.1x and
1.3x and increased loss severity of 1.3x. Additionally, as a
general downturn of the housing market may delay recoveries, we
have also run extended recovery timings to understand the
transaction's sensitivity to liquidity risk. The results of the
above sensitivity analysis indicate a deterioration of no more than
one notch on the class B notes, which is in line with the credit
stability considerations in our rating definitions."

UCI 17 is a Spanish RMBS transaction that closed in May 2007. It
securitizes a portfolio of residential mortgage loans, which Union
de Creditos Inmobiliarios and Establecimiento Financiero de Credito
originated and service.




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

SELECTA GROUP: Moody's Cuts CFR to Caa3, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Ratings has downgraded the long term Corporate Family
Rating of a leading pan European operator of vending machines and
food tech Selecta Group B.V. (Selecta) to Caa3 from Caa1 and the
Probability of Default Rating to Ca-PD from Caa1-PD. Concurrently,
Moody's have downgraded the ratings of the backed senior secured
first lien notes due April 2026 to Caa3 from Caa1, the ratings of
the backed senior secured second lien notes due July 2026 to Ca
from Caa3, and the rating of the EUR150 million backed super senior
secured revolving credit facility (SSRCF) due January 2026 to Caa1
from B1. The outlook remains negative.

This rating action follows Selecta's agreement to extend the grace
period on its first lien notes and Moody's expectation that the
interest payment due on the 2nd of January 2025 will not be paid
before the end of the original 30-day grace period.  This will be
considered a missed payment default under Moody's definition. In
this event, Moody's expect to assign an "/LD" to the PDR at the end
of the original grace period.

RATINGS RATIONALE

The downgrade of Selecta's ratings to Caa3 reflects Moody's
expectation that the company will not make its interest payment of
approximately EUR30.5 million scheduled for the 2nd of January
within the 30-day grace period provided in its indenture for the
EUR760 million equivalent of senior secured first lien notes due in
April 2026. Moody's understand that the company has initiated
discussions with its creditors to address its upcoming maturities
in 2026.

Given Selecta's agreement with its bondholders to extend the grace
period for interest payment on its first lien notes, Moody's
perceive an increased risk of further restructuring ahead of the
debt maturities in 2026. This heightened risk, along with potential
for further losses to the creditors, has contributed to Moody's
decision to downgrade the company's ratings.

Selecta's Caa3 rating reflects the company's weak liquidity (under
Moody's definition) including upcoming maturities, as well as
recently strengthened cash position consisting of EUR73 million at
December 31, 2024 and EUR50 million additional funding and high
risk of default (under Moody's definition) in the near term. The
rating also incorporates (1) the company's leading position as the
largest vending machine operator in Europe with an installed park
of over 231,000 machines spread across 16 countries; and (2) the
progress Selecta has made in improving its business since the
restructuring in October 2020, including exiting unprofitable
contracts, adjusting its cost base and introducing healthier fresh
products that meet changing consumer preferences.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

ESG considerations, particularly governance, were a driver of this
rating action. Selecta's tolerance of material leverage, low
interest coverage, negative free cash flow and relatively short
"runway" to debt maturities point to aggressive financial policies,
which Moody's took into account in Moody's assessment of governance
risks.

LIQUIDITY

Although Selecta bolstered its liquidity with a new EUR50 million
facility from its financing partners, given the company's
persistent negative free cash flow generation, recent weakened
operating performance and debt maturities in 2026, Moody's view
Selecta's liquidity profile as weak. Selecta had access to EUR73
million of liquidity as of December 31, 2024, defined as cash at
bank plus drawing capacity under the EUR150 million SSRCF. The main
demands on cash are working capital and capital spending that
averages around EUR75 million per annum equating to 5.5-6% of
sales, excluding leases. The debt maturities start in 2026 with the
SSRCF in January 2026, first lien notes maturing in April 2026 and
second lien notes due in July 2026. The SSRCF has a senior net
leverage covenant.

STRUCTURAL CONSIDERATIONS

Selecta's debt structure consists of a Caa1 rated EUR150 million
SSRCF and approximately EUR760 million equivalent Caa3 rated backed
senior secured first lien notes, as well as Ca rated EUR341 million
equivalent backed senior secured second lien notes, all issued by
Selecta Group B.V. The SSRCF is rated two notches above the first
lien senior secured notes reflecting its priority ranking. The
second lien is rated one notch below the first lien senior secured
notes reflecting its ranking behind the first lien debt.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on the ratings reflects Selecta's uncertain
operating and financial prospects in light of its likely debt
default, and the uncertainties surrounding the final recoveries for
bondholders in the event of default.

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

Moody's would consider assigning an "/LD" to the PDR if Selecta
does not pay the bond coupon at the end of the 30-day grace period,
on February 01, 2025.

Moody's would consider a downgrade of the current ratings if
recoveries are lower than those assumed in the Caa3 CFR and bond
ratings.

In view of the action and the negative outlook, Moody's do not
currently anticipate upward rating pressure in the near term.
However, positive pressure could develop if the company
successfully addressed its liquidity pressures and moved towards a
more sustainable capital structure.

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

Selecta, Europe's top vending machine operator by revenue, serves
16 countries with a wide range of snack and beverage options for
both private and public sector clients. It manages the entire
vending service process, from securing contracts and machine
placement to stocking and maintenance. Additionally, Selecta sells
machines, parts, and products, and has expanded into food and
non-traditional vending areas. The company is owned by KKR.




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

ALBION FINANCING: $300MM Loan Add-on No Impact on Moody's 'B1' CFR
------------------------------------------------------------------
Moody's Ratings said that the proposed $300 million add-on to
$1,190 senior secured term loan due August 2029, issued by Albion
Financing 3 S.à.r.l., a subsidiary of Albion HoldCo Limited
(Aggreko) does not affect the other ratings of Aggreko and its
subsidiaries. These include Aggreko's corporate family rating at B1
and probability of default rating at B1-PD, as well as the B1
rating of senior secured revolving credit facilities (RCF) due June
2026 issued by Albion Midco Limited, the B1 ratings of backed
senior secured notes issued by Albion Financing 1 S.à.r.l. due
October 2026 and senior secured term loan B issued by Albion
Financing 3 S.à.r.l. due August 2029, along with the B3 rating of
backed senior unsecured notes issued by Albion Financing 2
S.à.r.l. due April 2027. The outlook is stable for all entities.

The proceeds from the proposed add-on will be primarily used to
finance growth capex. Along with the proposed add-on, Aggreko is
planning to reduce the margin on the loan facilities.

RATINGS RATIONALE

The proposed refinancing will have a slightly adverse effect on
Aggreko's credit metrics; however, Moody's anticipate that the
funds raised will be used to expand the business. Aggreko's B1
ratings reflects the company's consistently robust performance,
characterized by revenue growth and improved profit margins,
supported by its dominant position in the mobile modular power,
temperature control, and energy services sectors.

Aggreko maintained its strong performance into 2024, achieving 13%
underlying revenue growth and an 18% rise in adjusted EBITDA during
the first three quarters. Revenue increased across all regions
globally, except in Africa, where the company has been
intentionally moving away from less favorable contracts.
Consequently, Aggreko is concentrating more on North America and
Europe, targeting larger corporate clients and securing longer
contract durations, which enhances the quality of its earnings.

Aggreko's adjusted EBITDA margin rose by 1.4% year-over-year,
reaching roughly 40% in the first three quarters of 2024, driven by
a more lucrative contract portfolio and the company's stringent
cost management. Moody's anticipate that Aggreko will continue to
sustain its robust profitability in the future.

Aggreko decreased its working capital outflows in the first three
quarters of 2024, partly by enhancing cash collections following
the termination of certain contracts. The planned repricing of term
loans will further support Aggreko's cash flow by lowering interest
expenses. Concurrently, Aggreko's capital expenditures, amounting
to $499 million in the first nine months of 2024 (excluding
Eurasia), remain substantial, and Moody's do not foresee a
significant reduction in these expenditures while Aggreko continues
to grow, as the company needs to continuously maintain and
refurbish its fleet.  Still, the capital spending is granular,
involving a number of relatively small expenditures, rather than
large-scale projects, and Aggreko has the flexibility to postpone
some of the capital spending for a period of time as it did during
the pandemic.

Aggreko's Moody's adjusted gross leverage stood at 4.5x for the
twelve months ending on September 30, 2024; with the proposed $300
million add-on, this figure is expected to rise to 4.8x. Moody's
anticipate that Aggreko's ongoing profitable revenue growth, along
with a strong EBITDA margin, will enable the company to reduce its
leverage gradually towards 4.0x over the next 12-18 months.
However, Moody's also expect that Aggreko's capital expenditure
requirements will exert pressure on its free cash flow, making it
slightly negative on a sustained basis. While Moody's believe that
marginally negative free cash flow is manageable during Aggreko's
rapid growth phase, the persistent increases in the free cash flow
deficit could strain the company's liquidity and capital structure,
potentially affecting its ratings.

LIQUIDITY

Aggreko's liquidity remains adequate, with $212 million in cash
(excluding Eurasia) and an undrawn GBP300 million revolving credit
facility (RCF), equivalent to $380 million, as of September 30,
2024. The company has bond maturities coming up in 2026 and 2027,
which Moody's anticipate it will manage appropriately in due
course.

STRUCTURAL CONSIDERATIONS

Aggreko's senior secured debt, issued through its subsidiaries,
carries a B1 rating, consistent with the corporate family rating
(CFR), including the proposed $300 million senior secured add-on.
The company's debt portfolio includes a GBP300 million revolving
credit facility (RCF) issued by Albion Midco Limited, $1,190
million and EUR1,222 million term loan B (TLB) issued by Albion
Financing 3 S.à.r.l., and $565 million and EUR450 million senior
secured notes issued by Albion Financing 1 S.à.r.l. The RCF, TLB
(including the add-on), and secured notes share the same collateral
package and have equal seniority (pari passu). The $450 million
senior unsecured notes issued by Albion Financing 2 S.à.r.l. are
rated B3, reflecting their subordinate position in the capital
structure. The term loan is covenant-lite, while the revolver
includes a springing financial covenant that is tested if it
becomes 40% drawn.

RATING OUTLOOK

The stable outlook indicates Moody's expectation that Aggreko's
ongoing organic growth will result in reduced leverage and a lower
free cash flow burn. Additionally, the stable outlook factors in
Moody's expectation that Aggreko will manage the refinancing of its
2026 and 2027 bond maturities in an orderly fashion.

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

The ratings could be upgraded if Aggreko's leverage, measured as
debt/EBITDA including Moody's standard adjustments, falls below
3.5x, and if its EBITDA/Interest expense rises above 4.5x. Adequate
liquidity would also be necessary for an upgrade.

Conversely, the ratings could be downgraded if Aggreko's
debt/EBITDA exceeds 5.0x or if EBITDA/Interest expense stays below
3.0x for an extended period. Any liquidity issues could also result
in a rating downgrade.

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

COMPANY PROFILE

Based in Glasgow, Albion HoldCo Limited (Aggreko) is a top global
provider of modular power generation and temperature control
equipment, supplying essential equipment rental and energy services
to a wide variety of end-markets, clients, and countries. The
company runs over 216 sales and service centers, serving customers
in approximately 68 countries. During the first nine months of
2024, Aggreko reported revenue of $2.1 billion and an adjusted
EBITDA of $822 million.


ALBION HOLDCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Albion HoldCo Limited's  Long-Term
Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable. Albion
is the owner of UK-based temporary power and energy supply
provider, Aggreko Limited.

The affirmation reflects its view that the recently announced
USD300 million (or equivalent) term loan B (TLB) add-on is neutral
to the ratings as this was already anticipated in its previous
assumptions for 2025. The proceeds will be used to fund near-term
expansionary capex. The TLB add-on will have terms that are in line
with Albion's existing TLBs.

The Stable Outlook reflects its expectation that Albion's revenue
and profitability will continue to increase, supporting EBITDA
growth, which will lead to a gradual decline in gross leverage to
under 4x over 2025-2028. The rating reflects Albion's high, albeit
improving, leverage, and pressure on free cash flow (FCF), balanced
by a strong business profile.

Key Rating Drivers

New Loan to Fund Growth: Albion will use the proceeds from the TLB
add-on to support near-term expansionary activities. The new TLB
will have terms that are in line with existing TLBs that were
repriced last year and had their maturity extended until August
2029. Since the start of 2023, the company has pursued an
aggressive growth strategy, including a large increase in fleet and
seven acquisitions. Fitch expects Albion to continue with this
strategy over the medium term.

Limited Impact on Leverage: The new loan will have limited impact
on leverage as Fitch expects strong EBITDA growth in 2025 to offset
the increase in debt. Fitch estimates EBITDA leverage at 4.3x at
end-2024, before gradually declining to 3.4x at end-2027. Fitch
forecasts debt will continue rising each year to fund the company's
growth strategy, which should lead to higher EBITDA. If the
debt-funded growth does not result in the expected EBITDA increase,
this may lead to downward pressure on the rating.

Consistently Negative FCF a Constraint: Fitch anticipates negative
FCF generation to 2027 as Albion expands its existing fleet while
investing in the latest emissions-compliant engines and renewable
technologies. It has plans for large discretionary capex (around
70%-75% of total) to 2027 to support its expansion, amounting to
average growth capex at 20%-25% of revenue during this period. This
sustained FCF deficit, which Fitch estimates could be as much as
USD1.7 billion during 2025-2027, could reduce liquidity headroom
and put pressure on the rating if forecast growth is not achieved.

Strong Profitability to Continue: Fitch estimates Albion's
Fitch-calculated EBITDA margin at 35%-36% for 2024 and forecast it
improving to 39% over the medium term. Albion's margin has improved
each year in 2021-2024 as a result of tight cost management,
improved pricing, and cost-saving initiatives. Fitch believes that
future margin improvement will be driven by investments in human
resources, economies of scale achieved from an expanded fleet,
synergies from acquisitions, and growth of solar in the energy
transition solutions (ETS) business.

Continued Revenue Growth: Revenue rose 13% year on year in 3Q24 to
USD2.1 billion, primarily led by a 16% growth in North America.
This increase was due to heightened activities in the petrochemical
and refining sectors, and in building services and construction, as
well as benefits from the Resolute acquisition. This extends the
near 14% revenue gain in 2023, which included USD196 million from
recent acquisitions. Fitch anticipates revenue growth to remain
strong while Albion undertakes its expansion plans.

Attractive Underlying Market: Fitch believes that the energy market
has long-term attractive structural drivers, due to ageing
electrical infrastructure, particularly against the backdrop of the
transition to renewable energy. Global demand for power is set to
increase 2.5x by 2050, with the largest growth in demand expected
in data centres. Additionally, the gap between power supply and
demand is widening, as governments remain reluctant to make large
investments in fossil-fuel based power plants during energy
transition.

Derivation Summary

Albion's revenue is slightly higher then Boels Topholding B.V.'s
(BB-/Positive) and BCP V Modular Services Holdings III Limited's
(B/Stable) but less than half of Ashtead Group plc's (BBB/Stable).
Albion's EBITDA margin is in line with Boels' and Modular's.
Allowing for the recent acquisitions, Albion's forecast EBITDA
leverage will be between that of Boels and Modular.

Key Assumptions

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

- Low double-digit revenue growth for 2024-2027, driven by
acquisitions and expansionary capex to meet increasing demand

- Consolidated EBITDA margins to improve to 2027, driven by key
cost-saving initiatives, a focus on pricing, synergies stemming
from acquisitions, and growth in solar in the ETS business

- No dividend distributions to 2027, in line with management
expectations

- Increasing capex to 2027, in line with management's expectation

RATING SENSITIVITIES

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

- EBITDA leverage above 5.0x

- Falling EBITDA margin, due to lower productivity on expansionary
capex, margin-dilutive debt-funded acquisitions, loss of large
customers, or significant pricing pressure

- EBITDA interest coverage below 3.0x

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

- EBITDA leverage below 4.0x on a sustained basis

- EBITDA interest coverage above 5.0x

- Improvement of FCF margin to above 3% on a sustained basis

Liquidity and Debt Structure

Albion reported USD212 million of total cash at end-September 2024.
It also has access to an undrawn GBP300 million revolving credit
facility. Liquidity will be supported by additional debt to cover
the forecast negative FCF while its expansionary capex plan is
underway. Fitch believes Albion has the flexibility to put on hold
expansionary capex to restore FCF.

Issuer Profile

Aggreko Limited is a global leader providing mobile modular power,
temperature control and energy services across more than 60
countries.

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
   -----------             ------             --------   -----


Albion Financing 3
S.a.r.l.

   senior secured       LT      BB+  Affirmed   RR2      BB+

Albion Financing 2
S.a.r.l.

   senior unsecured     LT      BB-  Affirmed   RR4      BB-

Albion HoldCo Limited   LT IDR  BB-  Affirmed            BB-

Albion Financing 1
S.a.r.l

   senior secured       LT      BB+  Affirmed   RR2      BB+


COLD STORE: Moorfields Named as Administrators
----------------------------------------------
Cold Store Group Limited was placed into administration proceedings
in the High Court of Justice, Court Number: 2024-LDS-001183, and
Richard Keley and Andrew Pear of Moorfields were appointed as
administrators on Jan. 17, 2025.  

Cold Store is a cold room supply.  Its registered office and
principal trading address is at Penn Croft Farm, Crondall, Farnham,
GU10 5PX.

The joint administrators can be reached at:

               Andrew Pear
               Richard Keley
               Moorfields
               1 Liverpool Terrace
               Worthingz BN11 1TA
               Tel No: 01903-217712

For further information, contact:

               Chi Ho
               Moorfields
               Tel No: 01903-259881
               Email: chi.ho@moorfieldscr.com
               1 Liverpool Terrace
               Worthing BN11 1TA


DOTFIVE LIMITED: UHY Hacker Named as Administrators
---------------------------------------------------
Dotfive Limited was placed into administration proceedings in the
High Court of Justice, Business & Property Courts of England and
Wales, Court Number: CR-2025-76, and Paraskevi Iacovou and Peter
Kubik of UHY Hacker Young LLP were appointed as administrators on
Jan. 16, 2025.  

Dotfive Limited specialized in Information Technology Consultancy
Activities.

Its registered office and principal trading is at Frontell House,
West Coker Hill, West Coker, Yeovil, Somerset, BA22 9DG.

The joint administrators can be reached at:

                Paraskevi Iacovou
                Peter Kubik
                UHY Hacker Young LLP
                Quadrant House
                4 Thomas More Square
                London, E1W 1YW

For further details, contact:

                The Joint Administrators
                Tel No: 020 7767 2569
                Email: i.kiteley@uhy-uk.com

Alternative contact: Ian Kiteley


GRADUATION BIDCO: Teneo Financial Named as Administrators
---------------------------------------------------------
Graduation Bidco Limited was placed into administration proceedings
in The High Court of Justice Business and Property Courts of
England and Wales, Insolvency and Companies List, Court Number:
CR-2025-000294, and Daniel James Mark Smith and Julian Heathcote of
Teneo Financial Advisory Limited were appointed as administrators
on Jan. 17, 2025.  

Graduation Bidco provides challenging and rewarding outdoor
education and adventure experiences for schools and groups.

Its registered office is at c/o Teneo Financial Advisory Limited,
The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4
6AT

Its principal trading address is at 1 Jubilee Street, 2nd Floor,
Brighton, BN1 1GE

The joint administrators can be reached at:

                Daniel James Mark Smith
                Julian Heathcote
                Teneo Financial Advisory Limited
                The Colmore Building
                20 Colmore Circus Queensway
                Birmingham, B4 6AT

For further details, contact:

                The Joint Administrators
                Tel: 0121 619 0158
                Email: KLLGCreditors@teneo.com

Alternative contact: Jack Crutchley


HOME CURTAINS (UK): PKF Smith Named as Administrators
-----------------------------------------------------
Home Curtains (UK) Limited was placed into administration
proceedings In the Business & Property Court of England & Wales,
Court Number: No 000072 OF of 2025, and Nicholas Charles Osborn Lee
and Dean Anthony Nelson of PKF Smith Cooper were appointed as
administrators on January 17, 2025.  

Home Curtains offer ready made curtains in a huge variety of
different fabrics, designs and colours, and a large range of
sizes.

Its registered office is c/o Brockhurst Davies Ltd at 11 The Office
Village, North Road, Loughborough, LE11 1QJ.  It principal trading
address is at Stoney Street, Sutton in Ashfield, Nottinghamshire,
NG17 4GH.

The joint administrators can be reached at:

        Dean Anthony Nelson
        Nicholas Charles Osborn Lee
        PKF Smith Cooper
        Prospect House
        1 Prospect Place
        Derby, Derbyshire DE24 8HG
        Tel No: 01332-332021

For further information, contact:

        Stanley Bottrill
        PKF Smith Cooper
        Prospect House
        1 Prospect Place Derby
        Derbyshire DE24 8HG
        Tel No: 01332 332021
        Email: stanley.bottrill@pkfsmithcooper


INSPIRING LEARNING: Teneo Financial Named as Administrators
-----------------------------------------------------------
Inspiring Learning Limited was placed into administration
proceedings in The High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Court Number: CR-2025-000299, and Daniel James Mark Smith and
Julian Heathcote of Teneo Financial Advisory Limited were appointed
as administrators on Jan. 17, 2025.  

Inspiring Learning own residential education adventure centres
across the UK and France, providing educationally-rich activity
breaks for schools and groups.

Its registered office is at c/o Teneo Financial Advisory Limited,
The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4
6AT.

Its principal trading address is at 1 Jubilee Street, 2nd Floor,
Brighton, BN1 1GE.

The joint administrators can be reached at:

               Daniel James Mark Smith
               Julian Heathcote
               Teneo Financial Advisory Limited
               The Colmore Building
               20 Colmore Circus Queensway
               Birmingham, B4 6AT

For further details, contact:

                The Joint Administrators
                Tel No: 0121 619 0158
                Email: KLLGCreditors@teneo.com

Alternative contact: Jack Crutchley


INTERACTIVE EDUCATION: SFP Restructuring Named as Administrators
----------------------------------------------------------------
Interactive Education Solutions Limited was placed into
administration proceedings in The High Court of Justice Business
and Property Courts of England and Wales, Court Number:
CR-2025-000348, and David Kemp and Richard Hunt of SFP
Restructuring Limited were appointed as administrators on Jan. 20,
2025.  

Interactive Education engages in information technology service
activities and educational support services.

Its registered office is at SFP, 9 Ensign House, Admirals Way,
Marsh Wall, London, E14 9XQ.  Its principal trading address is at
Ground floor, Lebra House, 2 Upper Zoar Street, Wolverhampton, WV3
0AL.

The joint administrators can be reached at:

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

For further details, please contact:

                David Kemp
                Tel No: 0207-538-2222


PHARMAKURE LIMITED: KBL Advisory Named as Administrators
--------------------------------------------------------
Pharmakure Limited was placed into administration proceedings in
the High Court of Justice Business and Property Court in Manchester
Company and Insolvency List, Court Number: CR-2025-MAN-0047 of
2025, and Steve Kenny and Richard Cole of KBL Advisory Limited were
appointed as administrators on Jan. 17, 2025.  

Pharmakure Limited is into electrical installation.  Its registered
office is c/o Jack Ross, Salford Approach, Manchester, M3 7BX.  Its
principal trading address is at Alderley Park, Open Access Lab
19S6, Congleton Rd, Macclesfield, Cheshire, SK10 4TG.

The joint administrators can be reached at:

               Steve Kenny
               Richard Cole
               KBL Advisory Limited
               Stamford House
               Northenden Road
               Sale, Cheshire, M33 2DH

For further information, contact:

              Jessica Higginson
              KBL Advisory Limited
              Tel No: 0161 637 8100
              Email: Jessica.Higginson@kbl-advisory.com


PREFIX SYSTEMS: Leonard Curtis Named as Administrators
------------------------------------------------------
Prefix Systems (Sw) Ltd was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Company & Insolvency List (ChD), Court Number:
CR-2025-MAN-000043, and  Andrew Knowles and Hilary Pascoe of
Leonard Curtis were appointed as administrators on Jan. 20, 2025.


Prefix Systems is a supplier of conservatory roofs.

Its registered office and principal trading address is at Unit 7
Ystrad Trade Park Ystrad Ro, Fforestfach, Swansea, SA5 4JB.

The joint administrators can be reached at:

               Andrew Knowles
               Hilary Pascoe
               Leonard Curtis
               Riverside House
               Irwell Street
               Manchester, M3 5EN

For further details, contact:

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

Alternative contact: Avery Lewis


PREFIX TECHNICAL: Leonard Curtis Named as Administrators
--------------------------------------------------------
Prefix Technical Services Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Manchester, Insolvency & Companies List (ChD) Court
Number: CR-2025-MAN-000051, and Andrew Knowles (IP No. 24850) and
Hilary Pascoe of Leonard Curtis were appointed as administrators on
Jan. 20, 2025.

Prefix Technical is a supplier of conservatory roofs.  Its
registered office and principal trading address is at Fourth Floor
St James House, St James's Row, Burnley BB11 1DR.

The joint administrators can be reached at:

               Andrew Knowles
               Hilary Pascoe
               Leonard Curtis
               Riverside House
               Irwell Street
               Manchester M3 5EN

For further details, contact:

              The Joint Administrators
              Tel No: 0161-831-9999
              Email: recovery@leonardcurtis.co.uk

Alternative contact: Avery Lewis


RTT LOGISTIC: Leonard Curtis Named as Administrators
----------------------------------------------------
RTT Logistic Solutions Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Manchester, Company & Insolvency List (ChD), Court
Number: CR-2024-MAN-001605, and Conrad Beighton and Mike Dillon of
Leonard Curtis were appointed as administrators on Jan. 17, 2025.


RTT Logistic is into the UK customs clearance business.

Its registered office at Riverside House, Irwell Street,
Manchester, M3 5EN.

Its principal trading address is at Unit 13, The Heathrow Estate,
Silver Jubilee Way, Hounslow, TW4 6NF; Unit A4-A5 Electra Park 7EB,
Electric Ave, Birmingham, B6 7EB.

The joint administrators can be reached at:

               Conrad Beighton
               Mike Dillon
               Leonard Curtis
               Riverside House
               Irwell Street
               Manchester M3 5EN

For further details, contact:

               The Joint Administrators
               Tel No: 0161 831 9999
               Email: recovery@leonardcurtis.co.uk

Alternative contact: Joe Thompson


STAR UK MIDCO: S&P Affirms 'B-' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Star
UK Midco Ltd. (Sundyne) and its 'B-' issue-level rating on the
first-lien credit facilities issued by its subsidiary, Star US
Bidco LLC.

The stable outlook reflects its expectation that the company will
continue to strengthen its credit metrics and refinance its capital
structure well in advance of its term loan's maturity.

S&P said, "We expect Sundyne will refinance its term loan well
before it matures. The company’s capital structure comprises a
$661 million term loan maturing March 2027 and an undrawn revolver
that features a springing maturity date of 91 days prior to the
term loan. We do not expect Sundyne will draw on the revolver,
though it does use the facility to backstop its letters of credit,
including its issuances of performance guarantees." If the term
loan remains outstanding in 2026, this could pressure our rating on
the company.

S&P said, "Solid credit metrics support Sundyne's refinancing
prospects, in our view. Its S&P Global Ratings-adjusted debt to
EBITDA was 5x as of Sept. 30, 2024, and we forecast it will decline
to 4.5x in 2025. We think a solid 3.2% expansion in global GDP,
along with a Brent crude price of $75 per barrel, in 2025 creates
demand for new energy infrastructure and supports the utilization
of existing energy assets globally. Demand for liquefied natural
gas (LNG), in particular, should drive infrastructure investment.
Therefore, we expect the company will increase its new equipment
and aftermarket revenue this year. We anticipate these trends will
support an expansion in both the company's adjusted EBITDA and free
cash flow (FOCF), which will further improve its credit metrics.

"Our view of Sundyne's financial policy limits our rating. In 2022
and 2023, the company funded dividends with incremental debt and
balance sheet cash. This debt kept adjusted leverage in the
5.5x-7.5x range over this period. Although we forecast profit will
continue to expand, we believe the company may continue to issue
debt to pay dividends. We exclude shareholder rewards from our
base-case forecast because their size, timing, and likelihood are
uncertain. Still, our rating incorporates the potential for
debt-funded dividends. Before raising our rating, we would need to
believe that Sundyne had shifted its financial policy to prioritize
maintaining some cushion in its credit metrics over issuing
shareholder returns.

"The stable outlook on Sundyne reflects our expectation that it
will strengthen its S&P Global Ratings-adjusted debt leverage to
4.5x and refinance its term loan well before its March 2027
maturity."

S&P could lower its ratings on Sundyne if:

-- S&P views the company's capital structure as unsustainable
because a decline in its EBITDA significantly increases leverage
and we believe it will experience difficulty refinancing its March
2027 term loan maturity, or

-- S&P forecasts the company will generate sustained negative FOCF
that will increase leverage and weaken liquidity.

S&P could raise its ratings on Sundyne if it:

-- Successfully refinances its capital structure;

-- Adopts a more-conservative financial policy that supports
maintaining S&P Global Ratings-adjusted debt to EBITDA of stay
comfortably below 6.5x, inclusive of all shareholder rewards and
acquisitions; and

-- Continues to generate consistent positive FOCF.


TOGETHER ASSET 2024-2ND1: DBRS Confirms BB(low) Rating on F Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed its credit ratings on the notes
issued by Together Asset Backed Securitization 2024-2ND1 PLC (the
Issuer) as follows:

-- Loan note at AAA (sf)
-- Class A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (high) (sf)
-- Class F at BB (low) (sf)

The credit ratings on the Loan note, Class A (together, the Class A
Debt) and the Class B notes address the timely payment of interest
and ultimate payment of principal on or before the legal final
maturity date in August 2055. The credit ratings on the Class C,
Class D, Class E, and Class F notes address the ultimate payment of
interest and the ultimate payment of principal on or before the
legal final maturity date, and the timely payment of interest when
the senior-most class outstanding.

CREDIT RATING RATIONALE

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of 30 November 2024 (corresponding to the December 2024
payment date);

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective credit rating levels.

The transaction is a securitization of second-lien mortgage loans,
both owner-occupied and buy-to-let, backed by residential
properties in the United Kingdom (UK). The loans are originated and
serviced by Together Personal Finance Limited and Together
Commercial Finance Limited, both belonging to the Together Group of
companies. BCMGlobal Mortgage Services Limited acts as the standby
servicer.

The first optional redemption date is at the January 2028 payment
date and coincides with a step-up of the coupon.

PORTFOLIO PERFORMANCE

Delinquencies show an increasing trend since closing. As of 30
November 2024, 60- to 90-day delinquencies and 90+-day
delinquencies were 1.1% and 2.7% of the outstanding portfolio
balance, respectively, both up from 0.0% at closing.

As of the 30 November 2024, there were no cumulative repossessions
and cumulative principal losses were zero. Loans in Law of Property
Act receivership represented 0.1% of outstanding portfolio
balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) credit rating level to 9.4% and 25.0%,
compared to 6.6% and 27.2% at the closing date. The increase in the
base case PD assumption reflects the continued increase in total
delinquencies since the closing date.

CREDIT ENHANCEMENT AND RESERVES

The credit enhancement consists of the subordination of the junior
notes. As of the December 2024 payment date, the CE increased since
the closing date as follows:

-- CE to the Class A Debt to 32.6% from 25.0%
-- CE to the Class B notes to 20.2% from 15.5%
-- CE to the Class C notes to 14.3% from 11.0%
-- CE to the Class D notes to 7.8% from 6.0%
-- CE to the Class E notes to 4.6% from 3.5%
-- CE to the Class F notes to 3.3% from 2.5%

The transaction benefits from an amortizing liquidity reserve,
which covers senior fees, swap payments, and interest shortfalls on
the Class A Debt and Class B notes. As of the December 2024 payment
date, the liquidity reserve was at its target level of
approximately GBP 3.1 million.

U.S. Bank Europe DAC, UK Branch (U.S. Bank Europe) acts as the
account bank for the transaction. Based on Morningstar DBRS'
private credit rating on U.S. Bank Europe, the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, Morningstar DBRS considers
the risk arising from the exposure to the account bank to be
consistent with the credit ratings assigned to the Class A Debt, as
described in Morningstar DBRS' "Legal and Derivative Criteria for
European Structured Finance Transactions" methodology.

Natixis S.A. (Natixis) act as the swap counterparty for the
transaction. Morningstar DBRS' private credit rating on Natixis is
consistent with the first rating threshold as described in
Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.



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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,
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN 1529-2754.

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