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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

          Friday, February 7, 2025, Vol. 26, No. 28

                           Headlines



A R M E N I A

ACBA BANK: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
ARMECONOMBANK OJSC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
CJSC EVOCABANK: Fitch Affirms 'B+' Foreign Currency IDR


F R A N C E

BABILOU FAMILY: Moody's Cuts CFR & Senior Secured Term Loan to B3
ELIOR GROUP: Moody's Withdraws 'B3' Corporate Family Rating
LOXAM SAS: S&P Assigns 'BB-' Rating on New Senior Secured Notes


I R E L A N D

TORO EUROPEAN 5: S&P Raises Class F Notes Rating to 'BB-(sf)'
WILLOW PARK CLO: Moody's Ups Rating on EUR13MM Class E Notes to B1


I T A L Y

MEDIOBANCA SPA: Moody's Affirms 'Ba1' Subordinated Debt Rating


L U X E M B O U R G

FWU LIFE: Fitch Lowers LongTerm Issuer Default Rating to 'D'


N E T H E R L A N D S

SELECTA GROUP: Moody's Alters Prob. of Default Rating to 'Ca-PD/LD
SELECTA GROUP: S&P Lowers ICR to 'SD' on Missed Interest Payment
VECHT RESIDENTIAL 2023-1: Moody's Ups Cl. X1 Notes Rating to Ba2
VERSUNI GROUP: S&P Affirms 'B' ICR & Alters Outlook to Stable


S W E D E N

NORION BANK: Nordic Credit Lowers LongTerm Issuer Rating to 'BB+'


U N I T E D   K I N G D O M

ANGLO TECHNICAL: Quantuma Advisory Named as Administrators
AVIANCA MIDCO 2: Fitch Assigns 'B' Rating on $1BB Sr. Secured Notes
CANADA SQUARE 7: S&P Lowers Class E-Dfrd Notes Rating to 'B-(sf)'
CHARWORTH HOMES: CRG Insolvency Named as Administrators
GUNNA DRINKS: Moorfields Named as Administrators

HWSB LIMITED: Interpath Ltd Named as Administrators
JD CLASSICS: Antony Batty Named as Administrators
KENT BLAXILL: Kroll Advisory Named as Administrators
MEADOWHALL FINANCE: Fitch Affirms 'CCCsf' Rating on Class C1 Notes
PAINTWELL LIMITED: Kroll Advisory Named as Administrators

PHI CAPITAL: Arafino Advisory Named as Administrators
PROMAIN (UK): Kroll Advisory Named as Administrators
RA PROJECT: CG&Co Named as Administrators
ST AUGUSTINES COLLEGE: Kreston Reeves Named as Administrators
WARING & CO: Milner Boardman Named as Administrators



X X X X X X X X

[] BOOK REVIEW: The First Junk Bond

                           - - - - -


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A R M E N I A
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ACBA BANK: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has affirmed ACBA Bank OJSC's (ACBA) Long-Term
Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'BB-' and
its Viability Rating (VR) at 'bb-'. The Outlook is Stable.

Key Rating Drivers

ACBA BANK OJSC's LTFC IDR reflects its intrinsic creditworthiness,
as underlined by its 'bb-' VR. The rating also reflects the bank's
notable franchise in high-risk lending to individual farmers, which
is counterbalanced by its solid core capital ratios and robust
profitability.

Solid Economic Growth: The operating environment for Armenian banks
is supported by the country's strong economic growth. Fitch
estimates the country's GDP grew a strong 6% in 2024 (2023: 8.3%)
and forecasts further robust growth of 5% in 2025. Fitch believes
increased business activity will continue to support the sector's
performance above its historical average, providing a reasonable
buffer against asset-quality risks.

Moderate Franchise: ACBA, the fourth-largest Armenian bank, focuses
on agriculture, retail and SMEs, but has limited pricing power and
about 10% loans share in a fragmented and competitive market. The
performance of its traditional-banking franchise is highly
correlated with economic cycles.

Focus on High-Risk Retail: ACBA has a large loan exposure to
inherently high-risk individual farmers and consumer finance (a
combined 35% of gross loans at end-3Q24) and SMEs (35%). ACBA's
heightened risk appetite is mitigated by lower-than-average loan
book dollarisation (end-3Q24: 26%) and high portfolio granularity,
with large corporates making up only 18% of its loan book.

Asset-Quality Metrics Improved: Credit risk mainly stems from
ACBA's loan book (71% of assets at end-3Q24). Its impaired loans
(Stage 3 plus purchased or originated credit-impaired) ratio was a
low 2% at end-3Q24 (end-2023: 2.6%), due to the absence of impaired
loan generation amid moderate growth of the loan book (14%
annualised). Coverage of impaired loans by total loan loss
allowances (LLAs) was a modest 51% at end-3Q24. However, net
impaired loans made up a limited 4% of Fitch Core Capital (FCC),
down 224bp since end-2023.

Performance Strengthened: Annualised operating profit increased to
5% of risk-weighted assets (RWAs) in 2022-9M24, from 2.5% in 2021.
This was mainly driven by better operating efficiency and wider
margins, due to recently higher interest rates. Fitch expects
profitability to remain stronger than the historical average, due
to the improving operating environment, but to moderate closer to
4.5% in 2025-2026 as margins shrink.

Comfortable Capital Buffers: The bank's FCC ratio strengthened to a
solid 20.4% at end-3Q24 (end-2023: 18.7%) on the back of strong
internal capital generation. Fitch expects ACBA to maintain its
capital buffers comfortably above its regulatory minimums,
including additional buffers, resulting in sufficient capital to
sustain future growth.

Stable Funding and Liquidity: ACBA's high 110% loans/deposits ratio
at end-3Q24 reflects a moderate reliance on non-deposit funding
(18% of total liabilities). Liquid assets (including cash, due from
banks, and government securities), net of wholesale funding
repayments scheduled for the next 12 months, covered a healthy 30%
of its customer deposits at end-3Q24, while Fitch believes that
maturing wholesale funding could be at least partly rolled over.

Rating Sensitivities

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

A sovereign downgrade would trigger a downgrade of ACBA's ratings.

A downgrade could also result from a material deterioration in the
operating environment, leading to a sharp increase in problem
assets, which would weigh heavily on profitability and capital. In
particular, the ratings could be downgraded if higher loan
impairment charges consume most of its profits for several
consecutive quarterly reporting periods.

A reduction of the FCC ratio to below 15% on a sustained basis, due
to a combination of weaker earnings, faster loan growth and higher
dividend payouts, could also be credit-negative. Material funding
disruptions could also result in a downgrade if they translate into
serious refinancing issues for the bank, which it is unable to
mitigate with available local- and foreign-currency liquidity.

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

An upgrade of ACBA's ratings would require a sovereign upgrade,
coupled with a large improvement in Fitch's assessment of the local
operating environment. In addition, an upgrade would require a
stronger, more diverse franchise, and a longer period of robust
performance.

ACBA's Government Support Rating (GSR) of 'no support' reflects
Fitch's view that the Armenian authorities (BB-/Stable) have
limited financial flexibility to provide extraordinary support to
the bank, given the banking sector's large foreign-currency
liabilities relative to the country's international reserves.

Upside for the GSR is currently limited and would require a
substantial improvement of sovereign financial flexibility as well
as an extended record of timely and sufficient capital support
being provided to local banks.

VR ADJUSTMENTS

The business profile score of 'bb-' is above the category implied
score of 'b', due to the following adjustment reason: strategy and
execution (positive).

The asset quality score of 'b+' is below the category implied score
of 'bb', due to the following adjustment reason: underwriting
standards and growth (negative)

ESG Considerations

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

   Entity/Debt                      Rating          Prior
   -----------                      ------          -----
ACBA BANK OJSC    LT IDR             BB- Affirmed   BB-
                  ST IDR             B   Affirmed   B
                  Viability          bb- Affirmed   bb-
                  Government Support ns  Affirmed   ns


ARMECONOMBANK OJSC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Armeconombank OJSC's (AEB) Long-Term
Issuer Default Rating (IDR) at 'B+' with a Stable Outlook, and the
bank's Viability Rating (VR) at 'b+'.

Key Rating Drivers

AEB's 'B+' IDR is driven by the bank's standalone credit strength,
which is influenced by the cyclical Armenian operating environment,
and resulting credit risks from a highly dollarised and
concentrated local economy. The IDR also reflects low impaired
loans, moderate earnings and good core capital, which has been
underpinned by recent sizeable injections. The rating is weighed
down by AEB's medium-sized franchise (6% of system loans at
end-3Q24), heavy reliance on wholesale funding, and tight
liquidity.

Solid Economic Growth: The operating environment for Armenian banks
is supported by the country's strong economic growth. Fitch
estimates the country's GDP grew a strong 6% in 2024 (2023: 8.3%)
and forecasts further robust growth of 5% in 2025. Fitch believes
increased business activity will continue to support the sector's
performance above its historical average, providing a reasonable
buffer against asset-quality risks.

Low Impairment Ratios: AEB's asset quality is fundamentally
vulnerable, due to loan concentrations, significant exposure to the
SME and consumer segments (more than half of AEB's loans at
end-2024) and a moderate volume of foreign-currency (FC) loans (23%
of loans). However, its asset-quality metrics are far better than
the sector average. The bank had low shares of Stage 3 (0.4% of
gross loans) and Stage 2 (0.4%) loans at end-2024. Loan impairment
charges have been low, at less than 1% of average loans over the
past decade.

Moderate Profitability: Operating profit improved to 2.5%-2.8% of
risk-weighted assets (RWAs) in 2022-9M24 from below 2% in previous
years, driven by favourable operating conditions. AEB's
profitability, nevertheless, is below peers' and weighed down by
low operating efficiency (cost/income ratio of 56% in 9M24). In its
view, economic growth will continue to support the bank's revenue,
while containing loan impairment charges (LICs).

Sizeable Core Capital Injections: AEB's Fitch Core Capital (FCC)
ratio greatly improved to a healthy 17.2% at end-2024 (end-2023:
13.5%). This was underpinned by Tier 2 debt conversion into core
equity, new equity placement (2.2% of RWAs) and retained earnings.

Large Wholesale Funding: AEB's deposit franchise is modest (3% of
system deposits) relative to the bank's size, and customer accounts
were a low 42% of total liabilities at end-2024. The remainder was
wholesale funding, mainly comprising long-term borrowings from
international financial institutions and the Central Bank of
Armenia (CBA). This translated into a 181% gross loans/deposits
ratio, materially above the sector average (end-3Q24: 99%).

Tight Liquidity: AEB's primary liquidity sources covered an
acceptable 15% of total liabilities at end-2024. These excluded
large mandatory reserves at the CBA (6% of liabilities), which are
inflated by high requirements, while Fitch believes some of these
funds could be made available to AEB during liquidity stress. The
bank's primary liquid assets just cover wholesale funding
repayments within the next 12 months. However, Fitch expects most
of the debt to be rolled over, thus avoiding high pressure on
liquidity.

Rating Sensitivities

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

A downgrade of AEB's ratings could result from a sharp increase in
problem assets, which would weigh significantly on profitability
and capital. In particular, the ratings could be downgraded if
higher LICs consume most of the profits for several consecutive
quarterly reporting periods.

A reduction of the FCC ratio to about 10% on a sustained basis, due
to a combination of weaker earnings, faster loan growth and higher
dividend pay-outs, would also lead to a downgrade.

Material funding disruptions could also result in a downgrade if
they translate into serious refinancing issues for the bank, which
it is unable to mitigate with available local- and foreign-currency
liquidity.

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

An upgrade of the bank's ratings would require a significant
strengthening of the bank's franchise, a record of sound operating
profitability considerably above 3% of RWAs, an FCC ratio
materially above 15% on a sustained basis, and a material
improvement in its funding profile. The latter could be reflected
in the loans/deposits ratio approaching 100%.

AEB's Government Support Rating (GSR) of 'no support' reflects
Fitch's view that the Armenian authorities (BB-/Stable) have
limited financial flexibility to provide extraordinary support to
the bank, given the banking sector's large FC liabilities relative
to the country's international reserves.

Upside for the GSR is currently limited and would require a
substantial improvement of sovereign financial flexibility as well
as an extended record of timely and sufficient capital support
being provided to local banks.

VR ADJUSTMENTS

The asset quality score of 'b+' is below the 'bb' category implied
score, due to the following adjustment reason: underwriting
standards and growth (negative).

The earnings and profitability score of 'b+' is below the 'bb'
category implied score, due to the following adjustment reason:
revenue diversification (negative).

The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score, due to the following adjustment reason:
risk profile and business model (negative).

ESG Considerations

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

   Entity/Debt                         Rating         Prior
   -----------                         ------         -----
Armeconombank OJSC   LT IDR             B+ Affirmed   B+
                     ST IDR             B  Affirmed   B
                     Viability          b+ Affirmed   b+
                     Government Support ns Affirmed   ns


CJSC EVOCABANK: Fitch Affirms 'B+' Foreign Currency IDR
-------------------------------------------------------
Fitch Ratings has affirmed CJSC Evocabank's (Evoca) Long-Term
Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'B+' and its
Viability Rating (VR) at 'b+'. The Outlook is Stable.

Key Rating Drivers

Evoca's LTFC IDR is driven by the bank's intrinsic credit strength,
as captured by its VR. The bank's narrow but rapidly expanding
franchise (4% of system loans) and high loan dollarisation are
counterbalanced by strong capital ratios, reasonable profitability,
and ample liquidity.

Solid Economic Growth: The operating environment for Armenian banks
is supported by the country's strong economic growth. Fitch
estimates the country's GDP grew a strong 6% in 2024 (2023: 8.3%)
and forecasts further robust growth of 5% in 2025. Fitch believes
increased business activity will continue to support the sector's
performance above its historical average, providing a reasonable
buffer against asset-quality risks.

Sharp Growth in Business Volumes: Evoca became one of the main
beneficiaries of a rise in inflows of immigrants and associated
money transfers to Armenia in 2022. Revenues fell afterwards, as
the inflows of immigrants slowed sharply, but remained reasonably
healthy with a return on average equity (ROAE) of 19%-20% in 2023
and 9M24, driven by higher business volumes and a strong economy.
Deposit balances remained stable over 2023-9M24, and Fitch does not
anticipate customer outflows.

High Growth, Above-Average Dollarisation: Above-market loan growth
for a sustained period (CAGR of 17% in 2021-9M24) and high loan
dollarisation (52% of loans at end-3Q24) reflect Evoca's weaker
risk profile than at peers. Rapid loan growth has increased the
seasoning risk of its loan portfolio. The bank also plans to
rapidly expand into the higher-risk consumer finance segment,
albeit from a low base, through digital channels.

Moderate Impairment: The bank's Stage 3 (end-3Q24: 3%) and Stage 2
(1%) loans ratios remained broadly stable in 9M24. Net of specific
provisions, Stage 3 loans made up a modest 7% of Fitch Core Capital
(FCC) at end-3Q24. Despite Evoca's low impaired loans ratio, Fitch
views asset quality as vulnerable due to loan dollarisation, which
Fitch expects to gradually decrease as the bank expands its retail
and SME portfolios, where local currency loans are preferred. Asset
quality may also benefit from the favourable operating
environment.

Improved Earnings: Evoca's operating profit is good - 4% of
risk-weighted assets (RWAs) in 2023 and in 9M24 - albeit down from
an exceptionally strong 12% in 2022. The latter was driven by large
one-off income on currency conversion operations and transaction
banking. Fitch expects the bank's performance to moderate further,
but to remain materially above its 2018-2021 average of 1%.

Moderate Capital Buffers: The FCC ratio decreased to a moderate 16%
at end-3Q24 (end-2023: 17%), due to RWAs expansion (31% annualised
in 9M24) outpacing internal capital generation (ROAE of 20%) and
dividend distribution (a moderate 0.2% of RWAs at end-3Q24). Fitch
believes the ratio may increase to 17%-18% over the next two years,
due to the expected absence of dividend payouts and internal
capital generation (forecast ROAE of 17% in 2025-2026) exceeding
RWAs growth.

Ample Liquidity: Evoca is primarily funded by customer, mainly
retail, accounts (75% of liabilities at end-1H24). Its
loans/deposits ratio (85%) was below the sector average of 99% at
end-3Q24, reflecting the bank's strong liquidity position.
Wholesale funding (a moderate 18% of liabilities) mainly consists
of borrowings from international financial institutions and
domestic debt. Evoca's liquid assets, net of wholesale funding
repayments scheduled for the next 12 months, cover around 60% of
its customer accounts.

Rating Sensitivities

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

The bank's ratings could be downgraded on material asset-quality
deterioration weighing heavily on profitability and capital. A
reduction of the FCC ratio to about 10% on a sustained basis, due
to a combination of weaker earnings, faster loan growth, and fairly
high dividend payouts, would also lead to a downgrade.

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

An upgrade of Evoca's ratings would require a sovereign upgrade,
coupled with a material improvement in Fitch's assessment of the
local operating environment. In addition, an upgrade would require
a stronger, larger and more diverse franchise, and a longer period
of robust performance.

Evoca's Government Support Rating (GSR) of 'no support' reflects
Fitch's view that the Armenian authorities (BB-/Stable) have
limited financial flexibility to provide extraordinary support to
the bank, given the banking sector's large foreign-currency
liabilities relative to the country's international reserves.

Upside for the GSR is currently limited and would require a
substantial improvement of sovereign financial flexibility as well
as an extended record of timely and sufficient capital support
being provided to local banks.

VR ADJUSTMENTS

The asset quality score of 'b+' is below the category implied score
of 'bb', due to the following adjustment reason: underwriting
standards and growth (negative).

The capitalisation and leverage score of 'b+' is below the category
implied score of 'bb', due to the following adjustment reason: risk
profile and business model (negative).

ESG Considerations

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

   Entity/Debt                      Rating          Prior
   -----------                      ------          -----
CJSC Evocabank    LT IDR             B+ Affirmed    B+
                  ST IDR             B  Affirmed    B
                  Viability          b+ Affirmed    b+
                  Government Support ns Affirmed    ns




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

BABILOU FAMILY: Moody's Cuts CFR & Senior Secured Term Loan to B3
-----------------------------------------------------------------
Moody's Ratings has downgraded to B3 from B2 the long-term
corporate family rating and to B3-PD from B2-PD the probability of
default rating of Babilou Family SAS (Babilou or the company), a
France-based international provider of childcare and early
education. Concurrently, Moody's downgraded to B3 from B2 the
ratings on the EUR797 million senior secured term loan (TLB) due
November 2030 and the EUR112 million senior secured revolving
credit facility (RCF), both borrowed by Babilou Family SAS. The
outlook remains stable.

"The downgrade reflects the significant operating underperformance
of the group in 2024, which has led to a material weakening of the
company's key credit metrics and the expectation that they will not
improve over the next 12 to 24 months to levels commensurate with
the existing B2 ratings," says Víctor García Capdevila, a Moody's
Ratings Vice President-Senior Analyst and lead analyst for
Babilou.

RATINGS RATIONALE      

In 2024, operating performance weakened beyond Moody's previous
expectations driven by a combination of factors, including poor
operational execution, intensification of the competitive
landscape-particularly in the business-to-business segment—high
personnel turnover, excessive use of costly external temporary
staff, and regulatory changes.

Moody's estimate that Babilou's Moody's-adjusted EBITDA fell by 8%
to EUR180 million (2023: EUR196 million), despite a revenue
increase of 6% to around EUR920 million in 2024 (2023: EUR865
million). The group's operating underperformance was mainly driven
by challenges in France, with additional impacts in Germany and The
Netherlands.

In France, the business-to-business (B2B) segment underperformed
due to understaffed sales team and increased pricing competition
resulting in the loss of major contracts. In addition, the
business-to-customers (B2C) segment experienced a decline in
occupancy rate, impacted by a lower B2B commercialization and staff
shortages.

Despite the revenue growth, profitability weakened because of
higher interim staff costs, driven by high turnover, absenteeism,
increased salaries, and the need to maintain minimum regulatory
staffing ratios. Limited flexibility to adjust the cost base
further impacted performance.

In Germany, adverse regulatory changes in Munich significantly
impacted operations. The city altered its subsidy scheme to a
"deficit model," which did not allow for sufficient profitability.
As a result, a major part of the centers transitioned to a premium
private model and a few will close in 2025.

Additionally, the Wichtel brand, which operates in the premium
segment, experienced lower occupancy rates. This was primarily due
to a slow restart of seat commercialization, even though the staff
shortage issue had been brought under control.

In the Netherlands, positive top-line development compared to the
prior year was more than offset by abnormally high staffing levels
at nurseries, leading to a year-on-year drop in profits.

Because of the EBITDA decline, the company's key credit metrics
deteriorated significantly. Moody's estimate that the company's
Moody's-adjusted gross leverage increased to 6.6x in 2024, up from
5.8x in 2023. Interest coverage, measured as EBITA/interest,
decreased to 0.8x in 2024 from 1.0x in 2023. Additionally, free
cash flow turned negative by EUR30 million in 2024, compared to
breakeven in 2023.

Moody's base case scenario for 2025 assumes revenue growth of 2% to
around EUR940 million, while Moody's-adjusted EBITDA is expected to
increase to EUR192 million, driven by a global restructuring plan
to reduce HQ costs, increased competitiveness on B2B tenders in
France, and a stronger focus on nursery-by-nursery management.
Additionally, the reinforcement of sales and marketing teams across
geographies should enable prompt action on occupancy and
commercialization at the nursery level. Stricter monitoring of HR
staffing and the use of external staff would also contribute to
these improvements.

Moody's estimate that its Moody's-adjusted gross leverage will
decrease to approximately 6.3x in 2025, with interest coverage
increasing to 1.0x and still negative free cash flow of around
EUR10 million.

Babilou's rating reflects the positive industry dynamics within the
childcare and early education segment, particularly in France, its
core market; limited customer concentration, the favourable
regulatory environment in France, which provides extensive tax
incentives and subsidies to both corporations and parents; and its
track record of growth and increased international
diversification.

The rating, however, is constrained by Babilou's high
Moody's-adjusted gross leverage, weak interest coverage metrics,
negative free cash flow generation; the negative impact of labor
shortages, leading to lower occupancy rates and higher personnel
expenses; pricing pressures from intensified competition in the B2B
segment; exposure to potential adverse changes in the regulatory
environment; and the execution risks tied to a rapid and ambitious
organic and inorganic growth strategy.

LIQUIDITY

Babilou's liquidity is adequate. As of December 2024, the company
had a cash balance of EUR25 million and EUR43 million available
under the EUR112 million RCF and ancillary facility. The RCF is
subject to a consolidated senior secured net leverage springing
covenant of 9.5x when drawings exceed 40%. Moody's expect
comfortable capacity under this covenant for the upcoming 12-18
months.

The company does not have maturities for the RCF and TLB until
November 2030. Moody's base case scenario assumes negative free
cash flow generation of EUR12 million in 2025.

STRUCTURAL CONSIDERATIONS

Babilou's probability of default rating of B3-PD reflects the use
of an expected family recovery rate of 50%, as is consistent with
all first-lien covenant-lite capital structures. The EUR797 million
TLB and the EUR112 million RCF are rated B3, in line with the
company's CFR. All facilities are guaranteed by the company's
material subsidiaries and benefit from a guarantor coverage of not
less than 80% of the group's consolidated EBITDA. The security
package includes shares, bank accounts and intercompany receivables
of significant subsidiaries. The EUR137 million shareholder loan
provided by Antin receives equity credit under Moody's Hybrid
Equity Credit methodology.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation of
stabilization in the group's operating performance, driven by the
successful implementation of the strategic plan to mitigate the
significant challenges faced in 2024, maintaining an adequate
liquidity profile at all times, and a gradual improvement in key
credit metrics over the next 12-18 months.

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

Upward pressure is unlikely in the short term but could develop if
Babilou's Moody's-adjusted gross leverage declines significantly
below 5.5x. Additionally, the company would need to demonstrate a
material and sustained improvement in interest coverage metrics and
ability to generate positive free cash flow generation.

The rating could face downward pressure if the company's operating
performance continues to deteriorate, leading to a further increase
in Moody's-adjusted gross leverage, weakening of the interest
coverage ratio, sustained negative free cash flow generation, or a
material worsening of the company's liquidity profile.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Babilou is a leading international provider of childcare and early
education for infants and children under the age of six years, with
more than 55,000 seats and 1,161 centres across 10 different
countries.

In 2024, Moody's estimate that Babilou generated revenue of around
EUR920 million and Moody's-adjusted EBITDA of around EUR180
million. The group is owned by Antin Infrastructure Partners
(Antin, 57%), the founders (20%), TA Associates (16%), Raise
Investment (5%) and the management team (2%).


ELIOR GROUP: Moody's Withdraws 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Ratings has withdrawn Elior Group S.A.'s ratings, including
its B3 corporate family rating, the B3-PD probability of default
rating and the B3 rating on the EUR550 million backed senior
unsecured notes due July 2026, of which around EUR160 million
remain currently outstanding. Prior to the withdrawal, the outlook
was positive.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

COMPANY PROFILE

Headquartered in France, Elior is a global player in contract
catering and support services. In the fiscal year ended September
2024, the company generated revenue of around EUR6 billion and
EBITA of EUR167 million.


LOXAM SAS: S&P Assigns 'BB-' Rating on New Senior Secured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
proposed senior secured notes to be issued by France-based rental
equipment company Loxam SAS (BB-/Stable/--). The recovery rating on
Loxam's debt, including these new notes, is '3' (50%-70%; rounded
estimate now: 60%). Loxam plans to issue EUR500 million of senior
secured notes and use all the proceeds along with EUR188 million of
cash on balance sheet to repay its existing EUR450 million 3.75%
senior secured notes, due July 2026 and EUR231 million 5.75% senior
unsecured notes, due on July 2027. We view the transaction
positively due to extension of Loxam's debt maturity profile and
slight deleveraging (about EUR181 million lower debt). The issuance
will not affect our issue and recovery ratings on the company. Our
'BB-' long-term issuer credit rating on Loxam is unchanged and the
outlook remains stable.

Loxam's credit metrics are expected to remain comfortably within
the threshold of its current 'BB-' rating and transaction to be
broadly leverage neutral. S&P Global Ratings-adjusted debt to
EBITDA should be less than 5.0x in 2025 and 2026, with good
headroom. We estimate funds from operations cash interest coverage
to remain robust, at about 5.0x-5.2x in 2025 and 5.5x-5.8x in 2026.
Our base case assumes milder sales growth in 2025 on the back of
slower market conditions and weaker residential construction
activity, especially in France and the Nordics. This subdued growth
is being offset by ongoing infrastructure spending to support
economies. We also see favorable construction activity in Southern
Europe, in countries like Spain, Portugal, and Italy, as well as in
Brazil and the Middle East. In our base case, we expect Loxam's
revenues to increase by 1%-3% in 2025. In 2026, growth may
moderately resume, to about 4%-6%, but if this materializes it will
be visible from the market dynamics in the second half of 2025.
Loxam might benefit from local elections that should bump its
performance in the second half of 2025 as local governments resume
infrastructure spending. We also might see the Nordics returning to
growth after the trough period over the last two-three years.

Loxam's S&P Global Ratings-adjusted EBITDA margins should remain
resilient despite lower volumes and be at about 37.5%-37.8% in
2025, and approximately 37.3%-37.5% in 2026. S&P said, "We think
that management will safeguard its profitability despite lower
volumes on the back of cautious cost management. After intense
fleet investment between 2022-2023, we expect that Loxam will
significantly reduce capital expenditure (capex) in 2024, to below
EUR300 million and be broadly flat in 2025 year on year, leading to
positive free operating cash flow in 2024 and 2025. Loxam also
plans to increase its equipment disposal, where utilization rates
are low. This should further support the cash flows and renewal of
the fleet. In 2026, Loxam should gradually start investing into the
new fleet again as demand revives, although we remain cautious with
our assumption predicting capex of about EUR400 million in 2026. We
assume Loxam will continue to pursue rolling bolt-on acquisitions
that are revenue and EBITDA accretive, as well as maintain a
constant dividend policy. Loxam's liquidity remains adequate."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P assigned its 'BB-' issue rating on the proposed EUR500
million senior secured debt. The recovery rating on these new
notes, and Loxam's existing debt, is '3', indicating recovery
prospects of 50%-70% (rounded estimate: 60%).

-- The issue rating on the existing senior unsecured facilities
remains unchanged at 'B'. The '6' recovery rating is unchanged and
indicates recovery prospects of 0%-10% (rounded estimate: 0%).

-- The recovery rating on the facilities is supported by the
company's strong asset base. The rating is constrained by the large
amount of senior secured debt and the presence of priority
obligations.
-- S&P values the business using a discrete asset valuation method
because it thinks that its enterprise value would be closely
correlated with the value of its assets.

-- In its hypothetical scenario, a default is triggered by revenue
deflation due to worsening trading conditions and margin pressure
from competition following the consolidation of other players of
similar size.

-- S&P considers that Loxam would be reorganized, rather than
liquidated, in an event of default.

Stimulated default assumptions

-- Year of default: 2028
-- Jurisdiction: France

Simplified waterfall

-- Net enterprise value after 5% administrative expenses: EUR1.917
billion

-- Priority claims: EUR590 million

-- Value available to senior secured claims: EUR1.328 billion

-- Total secured claims: EUR2.203 billion

    --Recovery range: 50%-70% (rounded estimate: 60%)

-- Value available to unsecured claims: 0

-- Total senior unsecured claims: EUR497 million

    --Recovery range: 0%-10% (rounded estimate: 0%)

Note: All debt amounts include six months of prepetition interest
accrued and assume an 85% draw on the revolving credit facilities.




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

TORO EUROPEAN 5: S&P Raises Class F Notes Rating to 'BB-(sf)'
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Toro European CLO 5
DAC's class B-1 and B-2 notes to 'AAA (sf)' from 'AA+ (sf)', class
C-1 and C-2 notes to 'AAA (sf)' from 'AA- (sf)', class D notes to
'AA+ (sf)' from 'A- (sf)', class E notes to 'BBB+ (sf)' from 'BB
(sf)', and class F notes to 'BB- (sf)' from 'B- (sf)'. At the same
time, S&P affirmed its 'AAA (sf)' rating on the class A notes.

The rating actions follow the application of its global corporate
CLO criteria and its credit and cash flow analysis of the
transaction based on the December 2024 trustee report.

Since S&P's previous review in November 2023:

-- The pool factor has decreased to 41% from almost 90%.

-- The weighted-average rating of the portfolio remains unchanged
at 'B'.

-- The portfolio has become less diversified, as the number of
performing obligors has decreased to 58 from 123.

-- The portfolio's weighted-average life has marginally increased
to 3.5 years from 3.41 years.

-- The percentage of 'CCC' rated assets has decreased to 5.94%
from 6.22% of the performing balance.

-- Following the deleveraging of the senior notes, all classes of
notes benefit from higher levels of credit enhancement compared
with S&P's previous review.

  Credit enhancement

            Current amount
  Class  (mil. EUR)      Current (%)    2023 review (%)

  A             6.83           95.84          44.66
  B-1          34.00           61.21          28.79
  B-2          22.85           61.21          28.79
  C-1          14.50           46.29          21.95
  C-2          10.00           46.29          21.95
  D            21.72           33.06          15.89
  E            23.45           18.78           9.34
  F            11.85           11.56           6.04
  Sub Notes    41.25             N/A            N/A

N/A--Not applicable.

The scenario default rates (SDRs) have increased for all rating
scenarios primarily due to a reduction in the obligor
diversification and a modest increase in weighted-average life of
the portfolio since the previous review.

  Portfolio benchmarks
                                     Current     2023 review

  SPWARF                             2,734.65    2,775.24
  Default rate dispersion              697.79      713.22
  Weighted-average life (years)          3.50        3.41
  Obligor diversity measure             49.61      104.24
  Industry diversity measure            19.12       22.71
  Regional diversity measure             1.21        1.17
  Defaulted assets (mil. EUR)            0.00        1.22
  'AAA' SDR (%)                         60.42       55.90
  'AAA' WARR (%)                        37.06       36.26

SPWARF--S&P Global Ratings' weighted-average rating factor.
SDR--Scenario default rate.
WARR--Weighted-average recovery rate. All figures presented in the
table do not include defaulted assets.

On the cash flow side:

-- The reinvestment period for the transaction ended in April
2022.
-- The class A notes have deleveraged by EUR225.7 million, with
EUR191.4 million occurring since our November 2023 review.

-- No class of notes is currently deferring interest.

-- All coverage tests are passing as of the December 2024 payment
report.

-- The higher credit enhancement available to all classes of notes
is sufficient to mitigate the effect of the increased SDRs. S&P
therefore affirmed its rating on the class A notes and raised its
ratings on all other classes.

-- Considering the continued deleveraging of the senior
notes--which has increased available credit enhancement—S&P
raised its ratings on the class B-1, B-2, C-1, C-2, and F notes, as
their available credit enhancement is now commensurate with higher
levels of stress.

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class D and E notes could
withstand stresses commensurate with higher rating levels than
those assigned. Although the transaction has amortized since the
end of the reinvestment period in 2022, we have also considered the
level of cushion between our break-even default rate (BDR) and SDR
for these notes at their passing rating levels, as well as the
current macroeconomic conditions and these classes of notes'
relative seniority. We have therefore limited our upgrades on these
notes below our standard analysis passing levels. We raised our
ratings on the class D notes by five notches, and class E notes by
four notches.

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

Counterparty, operational, and legal risks are adequately mitigated
in line with S&P's criteria.

Toro European CLO V is a European cash flow CLO transaction that
securitizes loans granted to primarily speculative-grade corporate
firms. The transaction is managed by Chenavari Credit Partners
LLP.


WILLOW PARK CLO: Moody's Ups Rating on EUR13MM Class E Notes to B1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Willow Park CLO Designated Activity Company:

EUR22,750,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Apr 30, 2024
Upgraded to Aa1 (sf)

EUR21,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Apr 30, 2024
Upgraded to A2 (sf)

EUR25,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa3 (sf); previously on Apr 30, 2024
Affirmed Ba2 (sf)

EUR13,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to B1 (sf); previously on Apr 30, 2024
Affirmed B2 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR239,000,000 (Current outstanding amount EUR12,880,628) Class
A-1 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Apr 30, 2024 Affirmed Aaa (sf)

EUR40,750,000 Class A-2A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Apr 30, 2024 Affirmed Aaa
(sf)

EUR12,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Apr 30, 2024 Affirmed Aaa (sf)

Willow Park CLO Designated Activity Company, issued in November
2017, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Blackstone Ireland Limited. The
transaction's reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B, C, D and E notes are primarily
a result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio since the last
rating action in April 2024.

The affirmations on the ratings on the Class A-1, A-2A and A-2B
notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A-1 notes have paid down by approximately EUR90.4 million
(37.8%) since the last rating action in April 2024 and EUR226.1
million (94.6%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated January 2025 [1]
the Class A, Class B, Class C and Class D OC ratios are reported at
200.7%, 163.2%, 138.9% and 118.1% compared to April 2024 [2] levels
of 158.5%, 140.3%, 126.7% and 113.6%, respectively. Moody's note
that the January 2025 principal payments of EUR33.3 million are not
reflected in the reported OC ratios.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

The key model inputs Moody's use in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR167.60m

Defaulted Securities: EUR2.12m

Diversity Score: 34

Weighted Average Rating Factor (WARF): 3344

Weighted Average Life (WAL): 3.1 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.41%

Weighted Average Coupon (WAC): 2.93%

Weighted Average Recovery Rate (WARR): 44.53%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporate these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, using the methodology "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
October 2024. Moody's concluded the ratings of the notes are not
constrained by these risks.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assume have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.




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

MEDIOBANCA SPA: Moody's Affirms 'Ba1' Subordinated Debt Rating
--------------------------------------------------------------
Moody's Ratings has affirmed all ratings and assessments of
Mediobanca S.p.A.'s including its: Baa1/Prime-2 long-term (LT) and
short-term (ST) deposit ratings, Baa1 LT issuer and senior
unsecured debt ratings, (P)Baa1 senior unsecured Euro Medium-Term
Note (MTN) programme ratings, Baa1/Prime-2 LT and ST Counterparty
Risk Ratings (CRR), Baa3 junior senior unsecured debt, (P)Baa3
junior senior unsecured Euro MTN programme ratings, Ba1 and (P)Ba1
subordinated debt and Euro MTN programme ratings respectively,
Prime-2 and (P)Prime-2 commercial paper and Other Short Term
ratings respectively, Baa2(cr)/Prime-2(cr) LT and ST Counterparty
Risk Assessment as well as its baa3 Baseline Credit Assessment
(BCA) and Adjusted BCA.

Moody's also changed the outlook on the LT issuer and senior
unsecured debt ratings to negative from stable. The outlook on the
LT deposit ratings remains stable.

Additionally Moody's affirmed all the ratings of Mediobanca
International (Luxembourg) SA, a fully-owned subsidiary of
Mediobanca, whose issuances are fully guaranteed by Mediobanca: its
Baa1 backed senior unsecured debt ratings, its (P)Baa1 backed
senior unsecured Euro MTN programme ratings, its Prime-2 and
(P)Prime-2 backed commercial paper and backed Other Short Term
ratings respectively.

Finally, Moody's changed the outlook on Mediobanca International
(Luxembourg) SA's backed senior unsecured debt ratings to negative
from stable.

The rating action is prompted by the announcement made by Banca
Monte dei Paschi di Siena S.p.A. (MPS) on January 24, 2025, that it
had launched a voluntary public tender offer fully in shares for
all the shares of Mediobanca.

RATINGS RATIONALE

-- DETAILS OF THE TRANSACTION

The MPS offer involves share swaps valued at EUR13.3 billion, with
the objective of delisting Mediobanca's shares. To finance this
acquisition, MPS will convene an extraordinary shareholders meeting
on April 17, 2025 to approve a capital increase of approximately
EUR13 billion. MPS intends to initiate the exchange offer to
Mediobanca's shareholders in June or July 2025, aiming to finalize
the deal in the third quarter of the year.

The exchange offer is contingent upon obtaining a minimum
acceptance level of 66.67% of Mediobanca's shareholders and all
necessary regulatory approvals.

At this time, it is uncertain whether MPS will proceed with merging
the entities or will keep Mediobanca as a separate subsidiary.

-- AFFIRMATION OF THE BASELINE CREDIT ASSESSMENT

The affirmation of Mediobanca's baa3 BCA reflects the bank's robust
solvency profile, underpinned by strong capitalization and
diversified revenue streams. Those have significantly benefited
from high-margin diversified businesses, including the rapid growth
in consumer finance lending, as well as the solid performance of
its other main business divisions. These strengths are
counterbalanced by asset risks that exceed the Italian average, due
to the concentration in its loan book inherent to its corporate and
investment banking operations and its significant holding in
Assicurazioni Generali S.p.A (Generali, A3 stable). The BCA also
highlights the bank's high reliance on wholesale market funding.

Additionally, the affirmation of the bank's BCA reflects Moody's
assessment that, upon completion of the acquisition, Mediobanca
would become part of a weaker group. This is balanced by the
potential synergies from the business combination, as well as
benefits such as earnings diversification and a stronger retail
deposit base.

-- AFFIRMATION OF LT DEPOSIT, ISSUER AND SENIOR UNSECURED DEBT
RATINGS

The affirmation of Mediobanca's Baa1 LT deposit ratings and LT
issuer and senior unsecured debt ratings takes into account the
bank's baa3 BCA.

Mediobanca's LT deposit ratings are currently constrained at two
notches above the Italian Baa3 sovereign rating.

Furthermore, considering the limited data on the mid-term funding
of the combined entity, Moody's assumptions of loss-given failure
for junior deposits and senior unsecured debt through Moody's
Advanced Loss Given Failure (LGF) analysis remain unchanged. As a
result, Moody's continue to apply two notches of rating uplift for
both the deposits and senior unsecured debt ratings.

In the context of a combined entity, Moody's assess the likelihood
of government support for junior depositors and senior unsecured
bondholders to remain low. Consequently, Moody's do not assign any
additional rating uplift.

-- OUTLOOK

The outlook on Mediobanca's LT deposit ratings remains stable. Any
potential downward pressure on its creditworthiness from a possible
combination with MPS would likely be counterbalanced by an increase
in the rating uplift for this liability class under Moody's
Advanced LGF analysis if the bank's BCA is downgraded. The current
rating uplift from Moody's Advanced LGF analysis is of three
notches, but capped at two notches above the sovereign bond rating,
as per Moody's Banks methodology.

The stable outlook on the LT deposit ratings of Mediobanca is also
in line with the stable outlook on Italy's sovereign rating.

The outlook on the bank's LT issuer and senior unsecured debt
ratings was changed to negative, reflecting the downward pressure
on Mediobanca's creditworthiness that could result from the
combination with a weaker group such as MPS. This would not be off
set by a higher degree of protection provided to senior creditors
from the stock of bail-in-able liabilities.

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

An upgrade of Mediobanca's LT issuer and senior unsecured debt
ratings is unlikely given the negative outlook on these
obligations.

Additionally, an upgrade of Mediobanca's baa3 BCA and Baa1 LT
deposit ratings is unlikely as long as the Italy's government bond
rating is at Baa3.

Mediobanca's LT deposit ratings are unlikely to be downgraded
following a deterioration of its credit profile in the context of
MPS' acquisition, as a one-notch downgrade of its BCA would be
offset by an equal one notch increase under Moody's Advanced LGF
analysis.

Factors that could lead to a downgrade of Mediobanca's LT issuer
and senior unsecured debt ratings include a lower BCA triggered by
significant capital-eroding losses, a deterioration in asset
quality and liquidity, rising governance risks or a weakening in
the bank's business model and earnings profile in case of MPS'
acquisition, less loss absorbing capacity of liabilities
instruments, or a downgrade of the sovereign debt rating below
Baa3.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2024.




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

FWU LIFE: Fitch Lowers LongTerm Issuer Default Rating to 'D'
------------------------------------------------------------
Fitch Ratings has downgraded Luxembourg-based FWU Life Insurance
Lux S.A.'s (FWU Lux) Long-Term Issuer Default Rating (IDR) to 'D'
from 'RD' (Restricted Default). Fitch has also affirmed FWU Lux's
Insurer Financial Strength (IFS) Rating at 'CC'.

The downgrade of the IDR follows the announcement that the
Luxembourg regulator CAA has recently filed a petition for
dissolution and compulsory liquidation against FWU Lux with the
District Court of Luxembourg, after the company failed to meet the
deadline set by the CAA for covering insurance liabilities with
eligible representative assets.

The affirmation of the IFS Rating reflects Fitch's expectation of
'Good' recoveries for policyholder obligations from FWU Lux's
liquidation.

Key Rating Drivers

Liquidation Proceedings Requested: Fitch expects FWU Lux to enter
into liquidation following the CAA filing for a petition for
dissolution and compulsory liquidation against the company on 22
January 2025. The CAA had mandated FWU Lux to restore the coverage
of its insurance liabilities with representative assets by 19
January 2025, which it had failed to meet, according to the
regulator.

Assets Freeze Remains: FWU Lux's assets backing the technical
reserves remain frozen to protect the interest of its policyholders
and beneficiaries, and the suspension of all payments (including
insurance claims) remains unaffected by the CAA petition and in
force until a court decision is made. FWU Lux also suspended the
collection of policyholder premiums with immediate effect from 23
January 2025.

"Good" Recoveries Expected: Fitch has conducted a bespoke recovery
analysis on FWU Lux's insurance liabilities and stressed assets and
liabilities by applying haircuts and allowing for potential reserve
deficiencies. Based on this recovery analysis, Fitch estimates the
recovery rate of policyholder liabilities at between 50% and 70%,
which corresponds to 'Good' recoveries under its Insurance Rating
Criteria.

RATING SENSITIVITIES

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

- The IFS Rating could be downgraded if expected recoveries are
weaker than its expectations. This could be driven by, for example,
asset deterioration or reserve strengthening

- As FWU Lux's IDR is rated at the lowest possible level of 'D', it
cannot be downgraded

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

- The IFS Rating could be upgraded if expected recoveries are
stronger than its expectations

- The IDR could be upgraded if FWU Lux avoids entering liquidation
proceedings and compulsory dissolution, potentially through a
restructuring of its liabilities agreed with creditors.
Additionally, there must be evidence of a regulator-approved plan
that enables FWU Lux to resume fulfilling its financial
obligations

ESG Considerations

FWU Lux has an ESG Relevance Score of '4' for Governance Structure,
due to the CAA's petition for dissolution and liquidation of the
company as well as the insolvency proceedings at its ultimate owner
FWU AG. These have a negative impact on the credit profiles, and
are relevant to the ratings in conjunction with other factors.

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

   Entity/Debt              Rating           Prior
   -----------              ------           -----
FWU Life Insurance
Lux S.A.              LT IDR D   Downgrade   RD
                      LT IFS CC  Affirmed    CC




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

SELECTA GROUP: Moody's Alters Prob. of Default Rating to 'Ca-PD/LD
------------------------------------------------------------------
Moody's Ratings has changed Selecta Group BV's probability of
default rating to Ca-PD/LD from Ca-PD.

All other ratings of Selecta are unaffected, including its Caa3
corporate family rating, its Caa3 rating of the backed senior
secured first lien notes due April 2026, its Ca rating of the
backed senior secured second lien notes due July 2026, and its Caa1
rating of the EUR150 million backed super senior secured revolving
credit facility (SSRCF) due January 2026. The rating outlook is
negative.

RATINGS RATIONALE

Moody's have appended Selecta's PDR of Ca-PD with the "/LD"
indicator following the expiration of the originally applicable
grace period on approximately EUR30.5 million coupon of the EUR760
million senior secured notes that was due on January 02, 2025. In
line with Moody's definition, Moody's consider this a payment
default on the original promise to pay. In line with Moody's
Ratings methodology, the rating action has been taken at the end of
the originally applicable 30-day grace period. Although Selecta
reached an agreement with its lenders to extend its grace period,
Moody's still view this as a limited default pursuant Moody's
default definition.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Selecta's uncertain operating and
financial prospects in light of its increased probability of 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 a downgrade of the current ratings if
recoveries are lower than those assumed in the Caa3 CFR and bond
ratings.

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

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.


SELECTA GROUP: S&P Lowers ICR to 'SD' on Missed Interest Payment
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Selecta Group B.V. to 'SD' (selective default) from 'CCC-'. S&P
also lowered its issue-level rating on its first-lien notes to 'D'
(default) from 'CCC-'. S&P lowered its issue ratings on the super
senior revolving credit facility (RCF) to 'CCC' from 'CCC+' and
second-lien term notes to 'C' from 'CC'.

S&P said, "We will reevaluate our ratings once we have more
information on Selecta's refinancing plans, if the company
announces further restructuring plans, or a distressed exchange on
the remainder of its capital structure.

"Missed interest payments within the original grace period are
tantamount to a default under our criteria.  Selecta's interest of
about EUR30 million on its first-lien notes was originally due on
Jan. 2, 2025. Selecta has now missed the interest payment within
the original grace period of 30 days.

"Based on our criteria, payments under debt obligations must be
made within the stated grace period, or 30 calendar days from the
due date, whichever comes first. We view the missed interest
payment as a default, since creditors will not receive their
initial promised, regardless of the subsequent agreement to amend
the grace period.

"As a result, we lowered our issue-level rating on its first-lien
notes to 'D' (default) from 'CCC-'. We also lowered our issue
ratings on the super senior RCF to 'CCC' from 'CCC+', and on the
second-lien term notes to 'C' from 'CC' because of the increased
likelihood of a distressed exchange.

"We will reevaluate our ratings once we have more information on
Selecta's refinancing plans or if the company announces
restructuring plans or distressed exchange."


VECHT RESIDENTIAL 2023-1: Moody's Ups Cl. X1 Notes Rating to Ba2
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of two notes in Vecht
Residential 2023-1 B.V. The rating action reflects the better than
expected collateral performance for the affected notes.

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

EUR201.5M Class A Notes, Affirmed Aaa (sf); previously on May 30,
2024 Affirmed Aaa (sf)

EUR9.3M Class B Notes, Affirmed Aa2 (sf); previously on May 30,
2024 Affirmed Aa2 (sf)

EUR6.5M Class C Notes, Upgraded to A2 (sf); previously on May 30,
2024 Affirmed A3 (sf)

EUR6.1M Class D Notes, Affirmed Ba2 (sf); previously on May 30,
2024 Affirmed Ba2 (sf)

EUR5.1M Class X1 Notes, Upgraded to Ba2 (sf); previously on May
30, 2024 Upgraded to B3 (sf)

RATINGS RATIONALE

The rating action is prompted by decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) and MILAN
Stressed Loss assumptions due to better than expected collateral
performance.

Revision of Key Collateral Assumptions:

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

The performance of the transaction has been better than Moody's
expectations. None of the loans in the securitized portfolio has
been delinquent more than 30 days since the transaction closed in
May 2023. Consequently, neither a default nor loss has occurred
since closing. The current pool factor is 93%.

Moody's decreased the expected loss assumption to 2.31% as a
percentage of original pool balance from 2.50% due to the better
than expected collateral performance. Moody's maintained the
expected loss assumption at 2.50% as a percentage of the current
pool balance.

Moody's have also assessed loan-by-loan information as a part of
Moody's detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's have decreased the MILAN Stressed Loss
assumption for the transaction to 10.30% from 11.90%.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

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

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


VERSUNI GROUP: S&P Affirms 'B' ICR & Alters Outlook to Stable
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Netherlands-based Versuni
Group B.V. (Versuni) to stable from negative and affirmed its 'B'
long-term ratings on the company and its senior secured debt.

S&P said, "The stable outlook reflects our expectation that the
group's EBITDA margin will continue to benefit from strong momentum
in the domestic appliances market, easing input costs, and
stabilizing non-recurring expenditures. Under our revised base case
we forecast the company will reduce debt to EBITDA to 5.5x-6.5x in
2025 and generate positive free operating cash flow (FOCF) of EUR80
million-EUR100 million.

"The rating action reflects our expectation that Versuni's
deleveraging trend in 2024, with adjusted debt to EBITDA improving
to 7.0x, will continue into 2025. Robust operating performance,
normalizing input costs, and notably lower non-recurring
expenditures will lead to a significant improvement in Versuni's
profitability over 2024 and 2025. Therefore, we have revised our
forecasts. We now expect the adjusted EBITDA margin to expand to
7.5%-8.5% in 2024 and 8.5%-9.5% in 2025, from an estimated 4.2% in
2023 and 1.2% in 2022. This translates into adjusted debt to EBITDA
declining significantly toward 7.0x in 2024 and 5.5x-6.5x in 2025,
from 14.8x in 2023. Our adjusted debt figure includes the EUR650
million senior secured notes and the EUR1.05 billion term loan B
(TLB; both maturing in 2028), EUR25 million-EUR30 million of lease
liabilities, and EUR10 million-EUR15 million of pension
liabilities. We expect the EUR250 million revolving credit facility
(RCF) to remain undrawn. We do not deduct cash from our debt
calculation since we expect generated liquidity will be used to
support the company's operations rather than for debt repayment.

"Geographic diversification, positive market trends, and continuous
innovation should support the company's topline growth, despite
overall soft consumption trends. We expect robust topline growth of
5%-7% in 2024, supported by resilient demand for its coffee
machines and Home Life-related products, including irons, steamers,
heaters, and coolers. The company is reporting double digit growth
in both Europe (which represents 45%-50% of Versuni's total sales),
and local-for-local markets (India and China; 10%-15% of total
sales), where the company follows a premiumization strategy.
Versuni benefits from the Phillips brand's good reputation, which
supports product placement, strong demand for its products, and
selective innovations. We think producers of small domestic
appliances are less affected by consumers' conscious spending
compared to manufacturers of white goods and larger appliances
because they are small-ticket items. As a result, we expect the
group's sales momentum to continue in 2025, where we anticipate
topline growth of about 7%-9% stemming from Kitchen Life-related
products (60%-65% of total sales), especially from sales of
double-basket air friers and coffee machines, and resilient
operations of its Home Life segment (35%-40% of total sales). We
understand Versuni's exposure to North America is limited (below
2.5% of total group's sales), and therefore we expect limited
impact from potentially higher trading tariffs.

"We project significant EBITDA expansion over 2024 and 2025 due to
resilient operations and improving cost position, in particular due
to the reduction in non-recurring expenditures. We expect a
significant improvement in Versuni's adjusted profitability over
2024 and 2025 toward 7%-9% on the back of resilient operations,
easing supply chains, and further cost control, including a
significant reduction in non-recurring expenditures. Versuni's
operations were affected in 2024 following the spike in freight
costs, amid disruptions in key maritime routes. We anticipate the
progressive stabilization in supply chains in 2025 should guarantee
adequate inventory levels and result in additional EBITDA gains.
Moreover, we understand Versuni's profitability over recent years
has been constrained by the high degree of non-recurring costs
linked to major group restructuring and information technology
projects, which are completed. We therefore expect a significant
normalization in exceptional charges toward EUR80-EUR90 million
annually over 2024 and 2025, from about EUR185 million in 2023,
mostly related to value creation and cost optimization initiatives.
Therefore, we expect Versuni's robust operational performance and
cost control to support the recovery in profitability and result in
higher-than-expected adjusted EBITDA of about EUR230 million-EUR250
million in 2024 and EUR280 million-EUR320 million in 2025, from
EUR122 million in 2023.

"We expect Versuni will maintain a comfortable liquidity position
and post significant free cash flow generation. We anticipate
Versuni will generate positive free operating cash flow of EUR40
million-EUR60 million and EUR80 million-EUR100 million in 2024 and
2025, respectively, underpinned by robust topline growth, expanding
EBITDA, and limited discretionary investments. Versuni benefits
from a light asset base since most of the manufacturing is
outsourced, limiting capital expenditure (capex) needs, which we
expect will remain at about 2%-3% of revenues over the next 12
months. We understand recent management initiatives aimed at
accelerating receivables and improving payables terms are already
resulting in positive working capital dynamics, which we expect to
continue into 2025. Moreover, we expect the company to benefit from
an approximately EUR100 million cash position and EUR250 million
fully undrawn RCF as of year-end 2024, ensuring coverage of
intrayear working capital investments and unexpected needs. Also,
the company does not face any major debt maturities until 2028,
when the outstanding EUR650 million bond and EUR1.05 billion TLB
are due.

"The stable outlook reflects our view that Versuni will demonstrate
strong topline growth while progressively improving its EBITDA
margin. This should translate into adjusted debt to EBITDA
decreasing toward 7.0x in 2024 and 5.5x-6.5x in 2025. The stable
outlook also reflects our assumption of positive FOCF of about
EUR40 million-EUR60 million in 2024 and EUR80 million-EUR100
million in 2025. We also anticipate the EBITDA margin to increase
to about 7.5%-9.5% over the next 24 months.

"We could lower our rating if Versuni's profitability and cash flow
do not improve according to our current assumptions, with a high
likelihood of debt to EBITDA staying above 7x on a prolonged basis.
This could stem from higher non-recurring costs than anticipated,
which could potentially further delay deleveraging. We could also
consider a downgrade if the company does not post sufficient FOCF
in 2025."

A downgrade could also result from a significant loss of market
share in the company's flagship categories or unfavorable
consumption trends in its core markets. This would lead to a
reduction in sales volumes, contraction of the EBITDA margins, and
a material deterioration in cash flow conversion.

S&P could raise the rating if Versuni maintains a leverage ratio
below 5.0x on a sustained basis and significant FOCF generation.
This could happen through faster topline and EBITDA expansion
compared with its base case, and the owner's commitment to
maintaining a less leveraged capital structure in the long term.




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

NORION BANK: Nordic Credit Lowers LongTerm Issuer Rating to 'BB+'
-----------------------------------------------------------------
Nordic Credit Rating has lowered its long-term issuer rating on
Sweden-based Norion Bank AB (publ) to 'BB+' from 'BBB-'. The
outlook is stable. The short-term issuer rating has been lowered to
'N4' from 'N3', the senior unsecured issue rating to 'BB+' from
'BBB-', and the Tier 2 issue rating to 'BB-' from 'BB'. The bank
currently has no outstanding Additional Tier 1 instruments, but we
would expect to rate such instruments 'B'.

Rating rationale

The rating action reflects Nordic Credit's increasing concerns
about Norion Bank's management of conflicts of interest, as well as
its high volumes of non-performing corporate loans. In view of this
combination of risk factors, Nordic Credit has  lowered the issuer
and issue ratings by one notch until we see clear signs of
sustainable balance sheet improvement, greater transparency, and
stronger internal limits to manage conflicts of interest.  Nordic
Credit says, "Our view of Norion Bank's risk governance has evolved
following a series of events over the past 12 months involving
associated companies linked to the bank's two largest owners,
Swedish property managers Fastighets AB Balder and Erik Selin
Fastigheter AB, each of which are chaired by Erik Selin, as is the
bank since 2020. We see a risk that the broad and complex ownership
profile of associated holdings related to the two owners could
increase opportunities for related-party lending, as well as risk
of indirect influence, as the bank expands its real estate loan
book."

While Norion Bank maintains a public policy on management of
conflicts of interest and transacts related-party deals on market
terms, wNordic Credit has concerns when the level of such
transactions could rise more rapidly than other types of lending.
In addition, Nordic Credit believes that reputational risk linked
to related-party exposures is heightened by Mr Selin's significant
direct and indirect ownership, which could negatively affect
investor perceptions.  Nordic Credit's concerns are exacerbated by
a lack of transparency around related-party exposures given that
the bank discloses the volumes of such transactions only in its
annual reports. As of end-2023, the volume of related-party lending
was SEK 2bn, equal to 4.5% of net loans. This compares with volumes
averaging closer to SEK 700m in 2020-2022 (about 2% of net lending)
and only SEK 177m in 2019 (0.6%).

Nordic Credit has incorporated a notch of peer adjustment into the
long-term-issuer rating to add additional weight to these risk
factors.

Nordic Credit stated: "In March, we revised the outlook to negative
to reflect a deterioration in asset quality metrics and increased
downside risk associated with a high proportion of Norion Bank's
non-performing loans. We have now revised our assessment of the
bank's loss performance due to the high proportion of corporate net
Stage 3 non-performing loans, which rose to 10.9% as of 30 Sep.
2024 (13.4% gross) from 3.5% at end-2023 (5.7%). Although we
believe that falling interest rates and increasing transaction
volumes could support the overall real estate market, we note that
real estate companies with high leverage and illiquid collateral
face continued problems.

"The long-term issuer rating continues to reflect Norion Bank's
strong earnings, even though year-to-date pre-provision earnings
are tracking somewhat below our expectations for full-year 2024 due
to lower net interest margins and non-accrual of interest income
from Stage 3 non-performing loans. However, the bank's common
equity Tier 1 ratio (16.1% as of 30 Sep. 2024) and return on equity
(15.5% in the year to date) have already exceeded our projections
for full-year 2024 (15.1% and 11.2%, respectively) due to lower
loan-loss provisions (2.2%) than we previously projected (3.5% in
our forecast). We believe that the bank has been making efforts to
improve its regulatory funding and liquidity metrics since the
regulator revised its stance on deposits from distribution
platforms."

Stable outlook

The stable outlook reflects Nordic Credit's base-case view that,
while it expects an increase in loan-loss provisions, Norion Bank
will maintain its capital ratios and reduce the proportion of Stage
3 real estate lending, supported by its strong earnings. The
outlook also reflects Nordic Credit's expectation that the bank
will limit further increases in related-party exposures and focus
on expanding its core business outside the sphere of its ownership
group.

Nordic Credit stated: "We could raise the rating to reflect a
material reduction in downside risk associated with Stage 3 lending
if the bank maintains its capital ratios and improves both
transparency and management of conflicts of interest and
related-party exposures. We could lower the rating to reflect a
reduction in the Tier 1 ratio below 15%, a lasting increase in
loan-loss provisions above 4% of net lending, or a material
expansion of related-party exposures in relation to common equity
Tier 1."




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

ANGLO TECHNICAL: Quantuma Advisory Named as Administrators
----------------------------------------------------------
Anglo Technical Recruitment Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Court Number: CR-2025-000437, and
Andrew Watling and Duncan Beat of Quantuma Advisory Limited were
appointed as administrators on Jan. 27, 2025.  

Anglo Technical engages in employment placement agencies.

Its registered office is at 25 Skylines Village, Limeharbour,
Docklands, London, E14 9TS and it is in the process of being
changed to Quantuma Advisory Limited, Office D, Beresford House,
Town Quay, Southampton, SO14 2AQ

Its principal trading address is at 25 Skylines Village,
Limeharbour, Docklands, E14 9TS

The joint administrators can be reached at:

               Andrew Watling
               Duncan Beat
               Quantuma Advisory Limited
               Office D, Beresford House
               Town Quay,
               Southampton SO14 2AQ

For further details, please contact:

              Stuart Ransley
              Tel No: 02380-336-464
              Email: stuart.ransley@quantuma.com


AVIANCA MIDCO 2: Fitch Assigns 'B' Rating on $1BB Sr. Secured Notes
-------------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating with a Recovery Rating of
'RR4' to Avianca Midco 2 PLC's proposed USD1 billion senior secured
bonds. Avianca Midco 2 PLC is a wholly owned subsidiary of Avianca
Group International Ltd. (Avianca), which will unconditionally and
irrevocably guarantee the issuance. Net proceeds will be used to
redeem the tranche A-2 notes and repay the loans under the
LifeMiles Credit Agreement. Any remaining funds will be, and, if,
any remainder used for debt repayment and general corporate
purposes.

Fitch currently rates Avianca's Long-Term Foreign Currency and
Local Currency Issuer Default Ratings 'B'. The Rating Outlook is
Stable.

Avianca's rating reflects the industry's high cyclicality risks and
the company's solid market position in Latin America, lean cost
structure, moderate leverage and good liquidity position. It has
and access to the credit market but, though it has limited
financial flexibility in terms of an unencumbered asset base.
Medium-term challenges for Avianca's include maintaining strong
operating margins and resuming business growth in a more
competitive environment while maintaining its adequate credit
profile.

Key Rating Drivers

Chapter 11 Debt Reprofiling: Avianca is aiming to refinance its
Chapter 11 exit debt, aiming to improve its financial flexibility.
Fitch also considers this will ultimately restore its ability to
pay dividends. The company is refinancing around USD1 billion of
its tranche A-2 notes and Lifemiles Term Loan B, and is exchanging
its tranche A-1 notes. Fitch expects that Avianca will carefully
manage its capital structure under this scenario of a potential
friendlier shareholder dividend policies and the ongoing merger and
acquisition strategy of its parent Abra Group S.A. (Abra). Any
major deviation in Avianca's credit metrics could pressure its
ratings.

Evolving Business Strategy: Avianca faces challenges in proving its
new business model under varying macroeconomic scenarios, fuel
prices environment and strong competition. Since emerging from
Chapter 11 in 2022, Avianca has been pursuing a more low-cost
model, focusing on a simplified, cost-efficient narrow-body
operation with high aircraft utilization rates and fleet
densification with limited exceptions in terms of complementary
widebody operations.

Recently, while navigating a challenging domestic market in
Colombia, the company has focused on strengthening its
international operations. Avianca has reintroduced business class
services on its narrow-body international routes from Bogota and
Medellin, aiming to capture additional premium revenue with no
material cost increase.

Diversified Regional Market Position: Avianca's business model
combines a solid brand and with large operations in Colombia and,
Central and South America. The company's sound international
routes, cargo operations and a loyalty program support an adequate
business diversification. Avianca's flexible business model has
allowed it to rotate capacity within the region and maintain solid
load factors of 80%-82% over the past few years. During the first
nine months of 2024, 43% of Avianca's revenue distribution was 43%
from Colombia, 20% from North America, 17% from Central America,
15% from other South American countries (excluding Colombia), and
5% from the rest of the world.

Increasing Operations, Good Cost Structure: Fitch expects Avianca's
operating cash flow to continue improving in 2024 due to solid
domestic traffic levels, relatively lower fuel prices, cost
efficiencies and capacity expansion. Fitch forecasts adjusted
EBITDAR around USD1.3 billion in 2024 and USD1.4 billion in 2025,
an increase from USD523 million in 2019 (pre-pandemic). The
efficient cost base is driving solid EBITDAR margins, with Fitch's
base case of 24.5% for 2024 and around 24%-25% in 2025-2026, in a
scenario of less favorable fuel prices and a fiercely competitive
environment.

Growth Appetite to Drive FCF: Avianca's stronger operating cash
flow generation is likely to be consumed by fleet modernization and
ongoing business growth. Fitch forecasts Avianca's FCF generation
at USD51 million in 2024, and negative USD21 million in 2025, after
increasing capex. Fitch also considers that a more efficient
working capital strategy may lead FCF to positive territory during
2025. Fitch considered capex of USD437 million in 2024 and USD550
million in 2025 and 2026, and no dividends distributions. Fitch
expects that Avianca will remain cautious regarding with its
inorganic growth strategy, with Abra leading as many M&A
opportunities led by its parent company.

Manageable Leverage: Fitch's base-case scenario forecasts total and
net-adjusted leverage/EBITDAR at around4.2x and 3.1x, respectively,
during 2024. That is a slight improvement from 4.4x and 3.5x,
respectively in 2023, but significant progress from its Chapter 11
exit year in 2022 (6.2x and 5.0x, respectively). For 2025 and 2026,
total and net leverage should remain near 4.0x and 3.0x,
respectively. Avianca's credit profile will improve if it can
ability to maintain these metrics below that within during the next
12 months while successfully completing LifeMile's Term Loan B
refinancing should benefit its credit profile assessment.

Limited Financial Flexibility: The ability to access new credit
lines and, seeking to refinancing short- to medium-term
obligations, is also a key factor in supporting continuous
improvement in Avianca's credit risk profile. Avianca has a weak,
unencumbered asset base and a large share of secured debt. Fitch
expects Avianca to maintain solid cash balances, with cash/LTM
revenue not below 15%-20%, as it seeks to reduce exposure to
short-term refinancing risks under its industry high volatility.
Avianca's liquidity position is enhanced by an undrawn revolving
credit facility of USD200 million due 2027.

Above-Average Industry Risks: The airline industry is inherently a
high-risk sector given that because it is cyclical and
capital-intensive, due to various structural challenges, as well as
being prone to exogenous shocks. High fixed costs combined with
swings in demand and fuel prices typically translate into volatile
profitability and cash flows. Avianca's international operations
(cash flows in hard currency) helps to mitigate its exposure to
foreign exchange fluctuations since a large part of its costs are
in U.S. dollars.

Derivation Summary

Avianca's 'B' rating reflects its post-restructuring credit
profile, good asset base compared to its regional peers based in
terms of fleet, network and route diversification, and its
important regional market position. The company's past quarters of
continuous improvement of its cost structure and high operating
margins are also incorporated into the analysis.

Avianca's rating is below LATAM Airlines Group S.A. (BB-/Positive)
due to relatively higher leverage and weaker business
diversification and financial flexibility. Compared to Azul S.A.
(C), Avianca's business and credit profile is stronger, reflecting
greater business diversification, stronger capital structure and
manageable medium-term refinancing risks. Avianca's limited
financial flexibility due to its unencumbered asset base and the
industry's high risks remain rating constraints.

Key Assumptions

- Fitch's base case during 2024 and 2025 includes an increase in
ASK by 21% and 31%;

- Load factors around 81% during 2024-2025;

- Steady cargo operations;

- Oil prices average USD85/barrel through the forecast;

- Capex of USD437 million in 2024 and USD550 million in 2025;

- No dividend distributions.

Recovery Analysis

Key Recovery Rating Assumptions

The recovery analysis assumes Avianca would be considered a going
concern in bankruptcy and the company would be reorganized rather
than liquidated. Fitch has assumed a 10% administrative claim.

Avianca's going-concern EBITDA is USD500 million which incorporates
EBITDA post-pandemic, adjusted by lease expenses, plus a discount
of 20%. This correlates to an average of USD561 million during
2016-2019, reflecting intense volatility in the airline industry in
Latin America. The going-concern EBITDA estimate reflects Fitch's
view of a sustainable, post-reorganization EBITDA level, upon which
Fitch bases the valuation of the company. The enterprise value
(EV)/EBITDA multiple applied is 5.5x, reflecting Avianca's strong
market position in Colombia.

Fitch applies a waterfall analysis to the post-default enterprise
valuation based on the relative claims of the debt in the capital
structure. The debt waterfall assumptions consider the company's
total debt. These assumptions result in a Recovery Rate for the
secured debt within the 'RR1' range, but due to the soft cap of
Colombia at 'RR4', Avianca's senior secured debt is rated at
'B'/'RR4'.

RATING SENSITIVITIES

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

- Liquidity deterioration or difficulty continuing to access credit
lines;

- Gross and net leverage ratios consistently above 5.0x and 4.0x;

- EBITDA fixed-charge coverage sustained at or below 1.5x;

- Competitive pressures leading to severe loss in market-share or
yield deterioration;

- Aggressive growth strategy leading to a consolidation movement
financed with debt.

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

- Sound business strategy within Avianca's main markets' air
traffic, supported by healthy yields and load factors;

- Successful refinancing of LifeMiles' Term Loan B;

- Maintenance of a strong liquidity position (cash/LTM revenue
consistently above 15%), and a well-spread debt amortization
profile with no major refinancing risks in the medium term;

- Ability to maintain strong cost structure, with adjusted EBITDAR
margin above 22% on a sustainable basis;

- EBITDAR fixed-charge coverage sustained at or above 2.5x;

- Total and net leverage below 4.3x and 3.5x, on a sustainable
basis.

Liquidity and Debt Structure

Avianca has a track record of a solid liquidity position. As of
Sept. 30, 2024, Avianca had around USD1.1 billion in cash and cash
equivalents, compared with USD504 million of short-term debt.
During the same period, Avianca's total debt was USD5.2 billion,
and was mainly composed of USD2.7 billion of leasing obligations,
USD1.7 billion of tranche A1 and A2 (exit-financing) due 2028,
LifeMiles' Term Loan B (USD378 million) due 2026, and USD322
million of credit card securitization.

Avianca's cash position of USD1.1 million was sufficient to cover
maturities until mid-2026. Avianca's liquidity position is further
strengthened by an undrawn revolving credit facility due 2027 in
the amount of USD200 million.

Avianca Midco 2 PLC was previously considered Avianca Midco 2
Limited by Fitch.

Issuer Profile

Avianca is the leading airline in Colombia, Ecuador and Central
America, with one of the largest operations in Latin America. As of
Sept. 30, 2024, its fleet included 163 aircraft (151 passenger and
12 freighters: 145 Airbus, 18 Boeing). LifeMiles, Avianca's loyalty
program, is the top program in Colombia, Ecuador and Central
America.

Date of Relevant Committee

10 December 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Avianca has an ESG Relevance Score of '4' for Group Structure due
to its relatively new and larger airline operational group (ABRA),
which has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.

Avianca has an ESG Relevance Score of '4' for Governance Structure
due to its relatively new operational group (ABRA) that has lately
demonstrated aggressive financial policies, which has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

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

   Entity/Debt             Rating         Recovery   
   -----------             ------         --------   
Avianca Midco 2
Limited

   senior secured       LT B  New Rating    RR4


CANADA SQUARE 7: S&P Lowers Class E-Dfrd Notes Rating to 'B-(sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered to 'B- (sf)' from 'B+ (sf)' its credit
rating on Canada Square Funding 7 PLC's class E-Dfrd notes. At the
same time, S&P affirmed its 'AAA (sf)', 'AA- (sf)', 'A- (sf)', and
'BBB (sf)' ratings on the class A loan note, B-Dfrd, C-Dfrd, and
D-Dfrd notes.

The rating actions reflect the transaction's deterioration in
performance since closing. The transaction has seen a high level of
prepayments, driven by a high proportion of loans reverting from
fixed to floating since closing. This has eroded excess spread and
weighed on liquidity, resulting in interest shortfalls on the class
E-Dfrd notes and principal deficiency ledgers (PDLs) on the class
D-Dfrd and E-Dfrd notes being recorded.

Under the transaction documents, the issuer can defer interest
payments on the class B-Dfrd to E-Dfrd notes should it have
insufficient funds. Any deferred interest accrues at the
note-specific coupon rate. The cumulative deferred interest on the
class D-Dfrd notes was cleared on the November 2024 interest
payment date, however there remained a current unpaid interest
balance of GBP333,455 on the class E-Dfrd notes. Furthermore, PDLs
have been recorded on the class D-Dfrd and E-Dfrd notes after the
issuer used principal to pay interest. As of November 2024, the
PDLs on the class D-Dfrd and E-Dfrd notes stood at GBP1.54 million
and GBP1.69 million, respectively.

As of November 2024, total arrears stood at 7.19%, up from zero at
closing. Arrears greater than or equal to 90 days stood at 3.92%,
compared with zero at closing. Both metrics are above our U.K.
buy-to-let RMBS index for post-2014 originations, where total
arrears currently stand at 2.51% and 90+ day arrears stand at
1.28%.

The transaction's cumulative losses remain low and stood at
GBP36,002 as of November 2024, which represents 0.02% of the
closing pool.

S&P said, "Since closing, the weighted-average foreclosure
frequency (WAFF) has increased at all rating levels, reflecting the
higher arrears and our raised originator adjustment, which we
adjusted considering the transaction's performance and our view of
a future deterioration in arrears. The elevated arrears also reduce
the seasoning benefit that the pool receives, which further
increases the WAFF."

Since closing, the weighted-average loss severity has decreased at
all rating levels, reflecting a steady increase in U.K. house
prices.

As such, the required credit coverage is now lower at the 'AAA' to
'BBB' rating levels, higher at the 'BB' rating level, and unchanged
at 'B' compared to closing.

  Portfolio WAFF and WALS

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

  AAA           20.05     42.05       8.43
  AA            14.81     32.79       4.86
  A             12.19     19.30       2.35
  BBB            9.56     11.59       1.11
  BB             6.94      6.78       0.47
  B              6.29      3.14       0.20
  
  WAFF--Weighted average foreclosure frequency.
  WALS--Weighted average loss severity.

S&P said, "Considering these factors, we believe that the available
credit enhancement is commensurate with a lower rating on the class
E-Dfrd notes. We believe excess spread may be constrained further,
given the interest shortfall on this tranche, its fully booked PDL
balance, and vulnerability to high prepayments. The class E-Dfrd
notes face shortfalls under our standard cash flow analysis at the
'B' rating level. Under a steady state scenario (based on expected
prepayments with actual fees and no commingling stress), the issuer
can meet its payment obligations under this class of notes. In line
with our 'CCC' criteria, we therefore lowered the rating on the
class E-Dfrd notes to 'B- (sf)' from 'B+ (sf)', given that they do
not rely on favorable economic and financial conditions to service
their debt obligations and remain current.

"Our credit and cash flow results indicate that the available
credit enhancement for the class A loan note, B-Dfrd, C-Dfrd, and
D-Dfrd notes remains commensurate with the assigned ratings.

"Under our credit and cash flow analysis, the class B-Dfrd and
C-Dfrd notes can withstand our stresses at higher rating levels
than those currently assigned. However, our ratings also consider
the deferable nature of the notes, the potential for arrears to
increase, and for prepayments to continue to erode excess spread.
We therefore affirmed our ratings on these notes."

Macroeconomic forecasts and forward-looking analysis

S&P expects U.K. inflation to remain above the Bank of England's 2%
target in 2025, even though inflation has been moving back toward
the target quicker than expected. The year-on-year change in house
prices in Q4 2024 in the U.K. was 3.5%. Although high inflation is
overall credit negative for all borrowers, inevitably some
borrowers will be more negatively affected than others, and to the
extent inflationary pressures materialize more quickly or more
severely than currently expected, risks may emerge.

This transaction is a buy-to-let transaction and although
underlying tenants may be affected by inflationary pressures and
cost-of-living pressures, the borrowers in the pool are generally
considered to be professional landlords and will benefit from
diversification of properties and rental streams.

Given S&P's current macroeconomic forecasts and forward-looking
view of the U.K. residential mortgage market, it has performed
sensitivities related to higher levels of defaults due to increased
arrears and extended recovery timing due to observed delays to
repossession owning to court backlogs in the U.K. and the
repossession grace period announced by the U.K. government under
the Mortgage Charter. The class A loan note and class B-Dfrd
through D-Dfrd notes remained robust to these sensitivities.

Canada Square Funding 7 is backed by a pool of prime buy-to-let
mortgage loans secured on properties in the U.K.


CHARWORTH HOMES: CRG Insolvency Named as Administrators
-------------------------------------------------------
Charworth Homes Limited was placed into administration proceedings
in the High Court of Justice, Court Number: CR-2024-LDS-001290, and
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial Recovery
was appointed as administrators on Fev. 2, 2025.  

Charworth Homes engages in the construction of domestic buildings.

Its registered office is at Alexandra Dock Business Centre,
Fishermans Wharf, Grimsby, DN31 1UL

Ita principal trading address is at 82 Oswald Road, Scunthorpe,
DN15 7PA

The joint administrators can be reached at:

               Charles Howard Ranby-Gorwood
               CRG Insolvency & Financial Recovery
               Alexandra Dock Business Centre
               Fisherman's Wharf, Grimsby
               North East Lincolnshire, DN31 1UL

Contact information for Administrators: 01472 250001

Alternative contact: Mark Fletcher


GUNNA DRINKS: Moorfields Named as Administrators
------------------------------------------------
Gunna Drinks Limited was placed into administration proceedings in
the The High Court of Justice, Business and Property Courts of
England and Wales, Court Number: CR-2025-000396, and Andrew Pear
and Milan Vuceljic of Moorfields were appointed as administrators
on Jan. 24, 2025.  

Gunna provides craft soda drinks with less sugar and low calories.


Its registered office and principal trading address is at Ward
House 6, Ward Street, Guildford, GU1 4LH.

The joint administrators can be reached at:

                Andrew Pear
                Milan Vuceljic
                Moorfields
                82 St John Street
                London EC1M 4JN
                Tel No: 020 7186 1144

For further information, contact:

                Laura Robinson
                Moorfields
                82 St John Street
                London, EC1M 4JN
                Email: laura.robinson@moorfieldscr.com
                Tel No: 020-7186-1158


HWSB LIMITED: Interpath Ltd Named as Administrators
---------------------------------------------------
HWSB Limited was placed into administration proceedings in the High
Court of Justice, Business and Property Courts of England and
Wales, Insolvency and Companies List (ChD), No CR-2025-000287, and
Christopher Robert Pole and William James Wright of Interpath Ltd
were appointed as administrators on Jan. 16, 2025.  

HWSB Limited is into the restaurant and cafe business.

Its registered office is at Interpath Ltd, 10 Fleet Place, London,
EC4M 7RB

Its principal trading address is at Building 1 Imperial Place,
Elstree Way, Borehamwood, Herts, WD6 1JN

The joint administrators can be reached at:

               William James Wright
               Christopher Robert Pole
               Interpath Ltd
               10 Fleet Place
               London, EC4M 7RB


JD CLASSICS: Antony Batty Named as Administrators
-------------------------------------------------
JD Classics Autos Ltd was placed into administration proceedings
and William Antony Batty and Hugh Jesseman of Antony Batty &
Company LLP were appointed as administrators on Jan. 27, 2025.  

JD Classics, fka JD Classics Holdings Limited, engages in the sale
of motor vechicles.

Its registered office is at Unit 3, Cumberland Business Park, 17
Cumberland Avenue, London, NW10 7RT

Its principal trading address is at 8 Wycke Hill Business Park,
Maldon, Essex, CM9 6UZ

The joint administrators can be reached at:

               William Antony Batty
               Hugh Jesseman
               Antony Batty & Company LLP
               Swan House
               9 Queens Road, Brentwood
               Essex, CM14 4HE

Any person who requires further information may contact:

               Paul McFarlane
               Email: paul@antonybatty.com
               Tel No:  01277 230347


KENT BLAXILL: Kroll Advisory Named as Administrators
----------------------------------------------------
Kent Blaxill & Co Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency and Companies List (ChD)
Court Number: CR-2025-000658, and Benjamin John Wiles and Philip
Joseph Dakin of Kroll Advisory Ltd were appointed as administrators
on Feb. 3, 2025.  

Kent Blaxill are agents involved in the sale of timber and building
materials.

Its registered office and principal trading address is at 129-139
Layer Road, Colchester, Essex, CO2 9JY.

The joint administrators can be reached at:

               Benjamin John Wiles
               Philip Joseph Dakin
               Kroll Advisory Ltd
               The Shard
               32 London Bridge Street
               London SE1 9SG

For further details, contact:

               The Joint Administrators
               Email: Samuel.Warlow@kroll.com
               Tel: 020-7089-4797


MEADOWHALL FINANCE: Fitch Affirms 'CCCsf' Rating on Class C1 Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Meadowhall Finance PLC's (Meadowhall)
class B notes and a Rating Outlook of Positive has been assigned
following the upgrade. All other notes have been affirmed and the
Rating Outlook on the class A notes have been revised to Positive
from Stable.

   Entity/Debt                Rating               Prior
   -----------                ------               -----
Meadowhall Finance PLC

   Class A1 Tap Issue
   XS0278325476           LT   A+sf     Affirmed    A+sf

   Class A2 Floating
   Notes Tap Issue
   XS0278327415           LT   A+sf     Affirmed    A+sf

   Class B Tap Issue
   XS0278326441           LT   BBB+sf   Upgrade     BBB-sf

   Class C1 Floating
   Rate Tap Issue
   XS0278329890           LT   CCCsf    Affirmed    CCCsf

   Class M1 Floating
   Notes XS0278328496     LT   CCCsf    Affirmed    CCCsf

Transaction Summary

The transaction is a 2006 securitisation of a loan backed by the
Meadowhall Shopping Centre located near Sheffield. The shopping
centre was previously held in a 50:50 joint venture between The
British Land Company PLC (BL) and Norges Bank Investment Management
(Norges). In July 2024, Norges acquired BL's stake. The long-dated
loan financing is tranched into four series (two undrawn),
featuring a mix of bullets and scheduled amortisation arranged
non-sequentially and mirrored by the CMBS.

Fitch assumes that the (unissued) Class M1 and C1 notes are in
issue only for their rating analysis. By assuming that the
corresponding financing is undrawn in the rating cases associated
with the Class A and B notes, its analysis calibrates projected
drawdowns of the liquidity facility according to the differing cash
flow scenarios assumed. Issuing the M1 and C1 notes is subject to
rating confirmation of all the notes.

KEY RATING DRIVERS

Improving Asset Performance: Meadowhall's operating performance has
gradually improved since the end of the pandemic, with current
sales volumes above pre-pandemic levels and occupancy above 95%. As
of the most recent reporting date in September 2024, the estimated
rental value (ERV) has risen by 6.4% over the past 12 months.
During the same period, passing rent has decreased to GBP64.7
million from GBP67.1 million, which reflects a decline in occupancy
to 96.3% from 99.4%. This decrease is due to the centre gradually
eliminating short-term, under-rented leases that were signed under
more challenging conditions.

Like other prime shopping centres such as the Trafford Centre in
Manchester and Westfield Stratford in London, Meadowhall's reported
market value increased by 4% in the year prior to September 2024.
Higher ERV and solid performance support the positive rating
actions.

Reducing Leverage: In the year leading up to September 2024, the
reported loan-to-value (LTV) ratio decreased to 57.0% from 65.5%.
This decline was driven by GBP37.7 million in amortisation, GBP7.9
million added to the excess cashflow reserve account, and a 4.3%
increase in reported market value to GBP699 million. As LTV remains
above 50%, the transaction continues to trap excess cash. However,
the trapped amounts can be released once LTV is below 50% and the
interest coverage ratio exceeds 120% for two consecutive quarters.
Given the centre's improving performance, ongoing amortisation and
current LTV, Fitch does not give any credit to trapped cash.

Projected Lower Reliance on Liquidity: From April 2026, scheduled
amortisation for the class A1 notes will reduce to GBP4.1 million
per quarter. As a result, Fitch projects a reduced reliance on the
liquidity facility in its rating cases, with sufficient income in
the 'A' rating case to avoid liquidity drawings for subsequent
class A debt service. Consequently, Fitch expects the rating on the
class A notes will no longer be restricted by the rating of the
liquidity facility provider, Lloyds Bank Corporate Markets Plc
(AA-/Stable/F1+), supporting a Positive Outlook.

RATING SENSITIVITIES

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

Increases in retail property yields, which reduce collateral value,
could result in negative rating action.

A change in model output that would apply with cap rate assumptions
1pp higher produces the following ratings:

'Asf' / 'Asf' / 'BB+sf' / 'CCCsf' / 'CCCsf'

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

Increases in collateral value driven by falling retail property
yields could result in positive rating action.

A change in model output that would apply with cap rate assumptions
1pp lower produces the following ratings:

'A+sf' / 'A+sf' / 'A-sf' / 'BBsf' / 'B-sf'

KEY PROPERTY ASSUMPTIONS

ERV: GBP59.8 million

Non-Recoverable Operating Expense: GBP12.0 million

Depreciation: 7.5% - reflecting strong green credentials (BREEAM
Outstanding "in use");

'Bsf' cap rate: 8.00%

'Bsf' structural vacancy: 14%

'Bsf' rental value decline: 2%

'BBsf' cap rate: 8.13%

'BBsf' structural vacancy: 15%

'BBsf' rental value decline: 4%

'BBBsf' cap rate: 8.26%

'BBBsf' structural vacancy: 17%

'BBBsf' rental value decline: 6%

'Asf' cap rate: 8.40%

'Asf' structural vacancy: 18%

'Asf' rental value decline: 9.3%

'AAsf' cap rate: 8.81%

'AAsf' structural vacancy: 19%

'AAsf' rental value decline: 17.2%

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's (Meadowhall
Finance PLC) initial closing. The subsequent performance of the
transaction over the years is consistent with the agency's
expectations given the operating environment and Fitch is therefore
satisfied that the asset pool information relied upon for its
initial rating analysis was adequately reliable.

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

ESG Considerations

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


PAINTWELL LIMITED: Kroll Advisory Named as Administrators
---------------------------------------------------------
Paintwell Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency and Companies List (ChD), Court Number:
CR-2025-000659, and Benjamin John Wiles and Philip Dakin of Kroll
Advisory Ltd were appointed as administrators on Feb. 3, 2025.  

Paintwell Limited engages in the retail of sale of hardware, paints
and glass in specialised stores.

Its registered office and principal trading address is at 38
Bromborough Village Road, Bromborough, Wirral, Merseyside, CH62
7ET

The joint administrators can be reached at:

               Benjamin John Wiles
               Philip Dakin
               Kroll Advisory Ltd
               The Shard
               32 London Bridge Street
               London, SE1 9SG

For further details contact:

               The Joint Administrators
               Email: Samuel.Warlow@kroll.com
               Tel No: 020-7089-4797


PHI CAPITAL: Arafino Advisory Named as Administrators
-----------------------------------------------------
PHI Capital Investments Limited, fka Phi Real Estate Ltd and
trading as SimplyPhi, was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales Insolvency and Companies, No 000208 of 2025, and Simon
Bonney and James Varney of Arafino Advisory Limited were appointed
as administrators on Jan. 30, 2025.  

Its registered office is c/o Arafino Advisory Limited, at Central
Court, 25 Southampton Buildings, London, WC2A 1AL

Its principal trading address is at Chertsey House, 61 Chertsey
Road, Woking, Surrey, GU21 5BN

The joint administrators can be reached at:

                James Varney
                Simon Bonney
                Arafino Advisory Limited
                Central Court
                25 Southampton Buildings
                London, WC2A 1AL

For further information, contact:

                Tom Maker
                Arafino Advisory Limited
                Email: tom.maker@arafino.com


PROMAIN (UK): Kroll Advisory Named as Administrators
----------------------------------------------------
Promain (UK) 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-2025-000655, and Benjamin John Wiles and Philip Dakin of Kroll
Advisory Ltd were appointed as administrators on Feb. 3, 2025.  

Promain (UK) specialized in retail sale via mail order houses or
via Internet.

Its registered office is at Promain House, Knowl Piece Business
Park, Wilbury Way, Hitchin, Hertfordshire, SG4 0TY

Its principal trading address is Promain House, Knowl Piece
Business Park, Wilbury Way, Hitchin, Hertfordshire, SG4 0TY

The joint administrators can be reached at:

               Benjamin John Wiles
               Philip Dakin
               Kroll Advisory Ltd
               The Shard
               32 London Bridge Street
               London, SE1 9SG

For further details, contact:

               The Joint Administrators
               Tel no: +44 (0)20-7089-4797
               Email: Samuel.Warlow@kroll.com


RA PROJECT: CG&Co Named as Administrators
-----------------------------------------
RA Project 5x Limited was placed into administration proceedings in
the High Court of Justice Property Courts of England & Wales,
Insolvency and Companies List, No CR-2025-MAN-000105, and Edward M
Avery-Gee, Nick Brierley, and Daniel Richardson of CG&Co were
appointed as administrators on Jan. 31, 2025.  

RA Project 5x engages in the buying and selling of own real
estate.

Its registered office is at 42 Hale Road, Altrincham WA14 2EX

Its principal trading address is at 22 St John Street, Manchester
M3 4EB

The joint administrators can be reached at:

               Edward M Avery-Gee
               Nick Brierley
               Daniel Richardson
               CG&Co
               27 Byrom Street
               Manchester M3 4PF

For further details, contact:

               Matthew Bannon
               Tel No: 0161-358-0210
               Email: info@cg-recovery.com


ST AUGUSTINES COLLEGE: Kreston Reeves Named as Administrators
-------------------------------------------------------------
St Augustines College Ltd was placed into administration
proceedings in the High Court of Justice Business and Property
Court in Manchester Company and Insolvency List, No 609 of 2025,
and James Hopkirk and Andrew Tate of Kreston Reeves LLP were
appointed as administrators on Jan. 31, 2025.  

St Augustines is into the restaurant business.

Its registered office and principal trading address is at 125
Canterbury Road, Westgate On Sea, Kent, CT8 8NL

The joint administrators can be reached at:

               James Hopkirk
               Andrew Tate
               Kreston Reeves LLP
               Montague Place
               Quayside, Chatham Maritime
               Kent ME4 4QU

For further information, contact:

               Martin Brylka
               Kreston Reeves LLP
               Tel No: 01634 899800
               Email: Martin.Brylka@krestonreeves.com


WARING & CO: Milner Boardman Named as Administrators
----------------------------------------------------
Waring & Co Legal Ltd was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency and Companies List Court Number:
CR-2025-MAN-000092, and Darren Brookes of Milner Boardman &
Partners was appointed as administrators on Jan. 29, 2025.  

Waring & Co is a solicitor company.  Its registered office is at
1-3 The Courtyard, Calvin Street, Bolton, BL1 8PB.  Its principal
trading address is at 1-3 The Courtyard, Calvin Street, Bolton, BL1
8PB.

The joint administrators can be reached at:

               Darren Brookes
               Milner Boardman & Partners
               Grosvenor House
               22 Grafton Street
               Altrincham WA14 1DU

For further details, contact:

               Antonia Pettener
               Tel No: 0161-927-7788
               Email: Antoniap@milnerboardman.co.uk




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

[] BOOK REVIEW: The First Junk Bond
-----------------------------------
Author: Harlan D. Platt
Publisher: Beard Books
Softcover: 236 pages
List Price: $34.95
http://www.beardbooks.com/beardbooks/the_first_junk_bond.html   

Only one in ten failed businesses is equal to the task of
reorganizing itself and satisfying its prior debts in some
fashion.

This engrossing book follows the extraordinary journey of Texas
International, Inc. (known by its New York Stock Exchange stock
symbol, TEI), through its corporate growth and decline, debt
exchange offers, and corporate renaissance as Phoenix Resource
Companies, Inc. As Harlan Platt puts it, TEI "flourished for a
brief luminous moment but then crashed to earth and was consumed."

TEI's story features attention-grabbing characters, petroleum
exploration innovations, financial innovations, and lots of risk
taking.

The First Junk Bond was originally published in 1994 and received
solidly favorable reviews. The then-managing director of High Yield
Securities Research and Economics for Merrill Lynch said that the
book "is a richly detailed case study. Platt integrates corporate
history, industry fundamentals, financial analysis and bankruptcy
law on a scale that has rarely, if ever, been attempted." A retired
U.S. Bankruptcy Court judge noted, "[i]t should appeal as
supplementary reading to students in both business schools and law
schools. Even those who practice.in the areas of business law,
accounting and investments can obtain a greater understanding and
perspective of their professional expertise."

"TEI's saga is noteworthy because of the company's resilience and
ingenuity in coping with the changing environment of the 1980s, its
execution of innovative corporate strategies that were widely
imitated and its extraordinary trading history," says the author.

TEI issued the first junk bond. In 1986 it achieved the largest
percentage gain on the NYSE, and in 1987 suffered the largest
percentage loss. It issued one of the first bonds secured by a
physical commodity and then later issued one of the first PIK
(payment in kind) bonds. It was one of the first vulture investors,
to be targeted by vulture investors later on. Its president was
involved in an insider trading scandal. It innovated strip
financing. It engaged in several workouts to sell off operations
and raise cash to reduce debt. It completed three exchange offers
that converted debt in to equity.

In 1977, TEI, primarily an oil production outfit, had had a
reprieve from bankruptcy through Michael Milken's first ever junk
bond. The fresh capital had allowed TEI to acquire a controlling
interest of Phoenix Resources Company, a part of King Resources
Company. TEI purchased creditors' claims against King that were
subsequently converted into stock under the terms of King's
reorganization plan. Only two years later, cash deficiencies forced
Phoenix to sell off its non-energy businesses. Vulture investors
tried to buy up outstanding TEI stock. TEI sold off its own
non-energy businesses, and focused on oil and gas exploration. An
enormous oil discovery in Egypt made the future look grand. The
value of TEI stock soared. Somehow, however, less than two years
later, TEI was in bankruptcy. What a ride!

All told, the book has 63 tables and 32 figures on all aspects of
TEI's rise, fall, and renaissance. Businesspeople will find
especially absorbing the details of how the company's bankruptcy
filing affected various stakeholders, the bankruptcy negotiation
process, and the alternative post-bankruptcy financial structures
that were considered. Those interested in the oil and gas industry
will find the book a primer on the subject, with an appendix
devoted to exploration and drilling, and another on oil and gas
accounting.

Dr. Harlan D. Platt is a professor of Finance at D'Amore-McKim
School of Business at Northeastern University. He is a member of
the Board of Directors of Millennium Chemicals Inc. and is on the
advisory board of the Millennium Liquidating Trust. He served as
the Associate Editor-Finance for the Journal of Business Research.
He received a Ph.D. from the University of Michigan, and holds a
B.A. degree from Northwestern University.

This book may be ordered by calling 888-563-4573 or by visiting
www.beardbooks.com or through your favorite Internet or local
bookseller.




                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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