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

                          E U R O P E

          Wednesday, February 26, 2025, Vol. 26, No. 41

                           Headlines



B E L G I U M

UNITED PETFOOD: Fitch Assigns 'BB+' Rating on EUR1,225MM Term Loan


G E R M A N Y

RENK GROUP: Moody's Assigns 'Ba2' CFR, Outlook Positive
VOITH GMBH: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative


I R E L A N D

FIDELITY GRAND 2023-1: Fitch Assigns B-sf Final Rating on F-R Notes
PENTA CLO 3: Fitch Assigns 'B-sf' Final Rating on Class F-R-R Notes
SONA FIOS IV: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes


I T A L Y

NEOPHARMED GENTILI: Fitch Lowers Rating on Sr. Secured Notes to 'B'


L U X E M B O U R G

ALTISOURCE PORTFOLIO: Nantahala Capital Holds 7.82% Stake
SES SA: Moody's Affirms Ba2 Sub. Ratings & Alters Outlook to Neg.


N E T H E R L A N D S

COLOSSEUM DENTAL: Fitch Assigns B(EXP) LongTerm IDR, Outlook Stable
SKIO BIDCO: Moody's Assigns 'B2' CFR, Outlook Stable


P O L A N D

MLP GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


S P A I N

BANKINTER 13: S&P Affirms 'D(sf)' Rating on Class E Notes


T U R K E Y

ANADOLUBANK AS: Fitch Assigns 'CCC+(EXP)' Rating on Tier 2 Notes


U N I T E D   K I N G D O M

AMPHORA FINANCE: GBP301MM Bank Debt Trades at 66% Discount
BISHOPS LODGE: KRE Corporate Named as Administrators
CHARLTON MILLS: Lines Henry Named as Administrators
EVOKE PLC: Moody's Lowers CFR to B2 & Alters Outlook to Stable
GROSVENOR SQUARE 2023-1: Fitch Lowers Rating on Cl. F Notes to CCC

LITTLE SILVER: FRP Advisory Named as Administrators
METRIKUS LIMITED: Liberata Associates Named as Administrators
TAKUMI INT'L: RSM UK Named as Administrators
TRADELINE UPVC: Leonard Curtis Named as Administrators


X X X X X X X X

[] Fitch Affirms Ratings on Six European Real Estate Companies

                           - - - - -


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B E L G I U M
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UNITED PETFOOD: Fitch Assigns 'BB+' Rating on EUR1,225MM Term Loan
------------------------------------------------------------------
Fitch Ratings has assigned United Petfood Finance's EUR1,225
million senior secured term loan B a final senior secured rating of
'BB+' with a Recovery Rating of 'RR2'.

The final rating is in line with the expected rating Fitch assigned
on 27 January 2025 and follows pricing and receipt of the final
documentation of the term loan, which conforms to the information
already received.

The rating reflects the company's solid position as one of the
leading producers of private label products and third-party brands
in the European pet food industry, with a broad manufacturing
network and strong innovation capabilities, ensuring resilient
relationships with customers.

The Stable Outlook reflects its expectations of the company's
ability to maintain resilient EBITDA and a healthy free cash flow
(FCF) margin over the rating horizon, driven by growing scale and
meaningful earnings expansion stemming from organic and acquisitive
growth.

Key Rating Drivers

Adequate Leverage: Fitch estimates that United Petfood's EBITDA
gross leverage will increase to 4.2x at end-2025 from 1.8x
estimated at end-2024. Fitch projects that the company will
deleverage toward 3.5x over the forecast horizon, building
sufficient headroom under the rating, which is reflected in the
Stable Outlook. The expected deleveraging will be mainly driven by
EBITDA growth, supported by the ramp up of recent acquisitions,
healthy organic revenue growth and its assumption of continuing
bolt-on M&A, mostly financed from internally-generated cash flows.

Strong Profitability Drives Cash Generation: Fitch estimates EBITDA
and FCF margins at 23.8% and 8.9%, respectively, in 2024, which are
strong for the 'bb' rating category for the packaged food sector.
The EBITDA margin was supported by the company's growing scale and
increasing share of more profitable wet food and snacks, stabilised
cost inflation, favourable pricing agreements and operational
improvements from recent acquisitions, despite rising labour costs.
Robust profitability is also underpinned by the company's premium
strategy and low demand elasticity within the pet food industry.

Fitch expects the EBITDA margin to normalise at around 21% in 2025-
2027 due the narrowing price gap between suppliers and customers
and potential margin-dilutive M&A transactions.

Continued Strong Growth Prospects: Fitch projects revenue to
increase by 14% in 2025 due to ramp-up at recently acquired
facilities, including in the US, planned launch of new capacity in
Poland and Romania, new wet petfood production site in Turkiye, and
expanded production lines at existing plants in Spain, France and
Belgium. Fitch estimates revenue CAGR of 10% in 2025-2027,
supported by solid organic growth, due to growing cross-selling,
improved price mix, as well as continued premiumisation trends.
Growth is likely to be aided by bolt-on acquisitions, which are
part of the group's strategy.

Moderate Diversification: Fitch considers the product offering as
limited to dry pet food, which accounted for 84% in 2024 sales. In
terms of geographic diversification, the group remains highly
reliant on Western Europe (75% of sales in 2024). This is offset by
a well-balanced offering across premium, mainstream and economic
price points. Fitch expects diversification to improve due to
ongoing investment in wet and snack production capacity as well as
a growing presence in the Turkish and US markets. The company
intends to increase diversification to APAC and the Middle East in
the long term.

Balanced Customer Base: United Petfood has a balanced client
portfolio of co-manufacturing contracts from brand owners and
private label orders from retailers, and exposure to specialty
customers. Solid exposure to brand owners and premium price segment
underpins strong profitability and high growth potential. The
retail segment ensures resilient sales volumes, while also
benefiting from growing premiumisation and innovations in the
private label goods category. The rating reflects moderate customer
concentration risks and a record of long-lasting relationships,
with a low churn rate of below 2% of revenue per year.

Leading European Pet Food Producer: United Petfood is one of
Europe's largest third-party manufacturers of pet food for retail
chains, small to medium brand owners and specialty retailers. The
company has been growing quickly via M&A and expansion projects in
addition to healthy organic sales growth, increasing its revenue to
an estimated EUR1.4 billion at end-2024 from EUR138 million in
2017.

Derivation Summary

United Petfood is smaller in size than Nomad Foods Limited
(BB/Stable), a frozen food producer, which also benefits from wider
product diversification and stronger market position. The companies
have comparable profitability and leverage, but Nomad Foods has a
stronger FCF margin at above 5%.

United Petfood is rated one notch below Ulker Biskuvi Sanayi A.S.
(BB/Stable), Turkiye's largest confectionary producer, whose rating
is constrained by the Country Ceiling. Ulker has a comparable
business profile, but significantly lower net leverage of below 2x
compared with the post-transaction leverage that Fitch projects for
United Petfood.

United Petfood is larger in size and has wider geographical
diversification than Sammontana Italia S.p.A. (B+/Stable). The
rating differential is supported by United Petfood's stronger
profitability and lower exposure to commodity price volatility, as
well as lower leverage post-transaction.

United Petfood is larger in scale and more profitable than La Doria
S.p.A. (B/Positive), an Italian manufacturer of private-label
tomato, vegetable and fruit derivatives. La Doria's Positive
Outlook is driven by its expectations of its EBITDA leverage
reduction to below 5x in 2025, still higher than its estimates of
below 4.5x for United Petfood after the transaction.

United Petfood is rated two notches above Sigma Holdco BV (Flora
Food; B/Stable) whose rating is weighed down by significantly
higher EBITDA leverage that Fitch projects at around 7x in
2024-2025. Flora Food's rating benefits from a stronger business
profile as a global market leader in plant-based spreads, bigger
size, solid brand portfolio and wider geographical
diversification.

Key Assumptions

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

- Revenue growth by 14% in 2025, remaining at high single digits
over the rating horizon; annual organic revenue growth at
mid-single digits over 2025-2027

- EBITDA margin at around 21% over the rating horizon

- Working capital-related cash outflows in the range of EUR20
million to EUR40 million per year through to 2027

- Capex at around 6.5% of sales in 2025-2026 before normalising
toward 4% in 2027

- Bolt-on acquisitions of about EUR50 million per year from 2025

- No dividend payments

RATING SENSITIVITIES

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

- EBITDA margin falling below 15% and FCF below 5% of sales due to
weakening in operating performance

- Financial policy changes leading to EBITDA leverage sustained
above 4.5x

- EBITDA interest coverage below 4.5x

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

- Strong operating performance with continuing growth in scale, and
increased product diversification while maintaining solid
profitability, combined with increasing EBITDA above EUR400
million

- Maintenance of EBITDA margin above 20%, translating into an FCF
margin in the mid-single digits

- Maintenance of conservative financial policy reflected in EBITDA
leverage consistently below 3.5x

- Sufficient level of financial reporting disclosure, providing a
full set of financial statements and supplementary information

Liquidity and Debt Structure

Fitch estimates United Petfood's freely available cash balance at
end-2025 to be about EUR20 million after restricting EUR15 million
for daily operational purposes. This is complemented by access to a
EUR200 million undrawn committed revolving credit facility (RCF).
Fitch estimates this should be sufficient for operations and debt
servicing in light of positive FCF and no significant debt maturing
before 2032.

The two-notch uplift to the rating of the senior secured EUR1,225
million TLB to 'BB+' reflects its view of above average recovery
prospects. These are supported by moderate leverage and the lack of
material subordinated, or first loss, debt tranche in the capital
structure. The TLB and the RCF share the same collateral and rank
equally among themselves. The TLB is issued by the group's
financing subsidiary United Petfood Finance.

Issuer Profile

United Petfood is the European leader in the private label pet food
manufacturing sector. The product offering primarily includes dry
pet food, which accounts for 84% of sales, followed by wet pet food
and biscuits and snacks.

Date of Relevant Committee

21 January 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
United Petfood Finance

   senior secured         LT BB+  New Rating   RR2      BB+(EXP)




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G E R M A N Y
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RENK GROUP: Moody's Assigns 'Ba2' CFR, Outlook Positive
-------------------------------------------------------
Moody's Ratings has assigned a Ba2 long-term corporate family
rating and a Ba2-PD probability of default rating to the German
gearbox producer RENK Group AG (RENK). Concurrently, Moody's have
withdrawn the Ba3 CFR and the Ba3-PD PDR of RENK GmbH. The outlook
on RENK GmbH before the withdrawal was positive. RENK Group AG is
the ultimate parent that holds all shares of RENK GmbH and is the
top consolidating entity of the group. The outlook on RENK is
positive.

RATINGS RATIONALE

The rating action reflects the continued improvement in RENK's
credit metrics. Moody's expects its Moody's adjusted gross leverage
to have declined to approximately 2.8x–2.9x by the end of 2024,
compared to 3.4x in December 2023, based on preliminary results
announced by the company on January 29, 2025. The company posted
around 23% revenue growth in 2024 year-over-year, driven by
increased defense spending across NATO states, with contributions
from all segments and some margin expansion. Furthermore, Moody's
believes the Moody's adjusted gross leverage ratio will continue to
decline into a 2.0x–2.5x range over the next 12–18 months due
to strong market demand. The company reiterated its mid-term
guidance of around 15% CAGR for revenue and an adjusted EBIT of
EUR300 million in 2027.

RENK has continued to secure new orders (+13% for the full year
2024), with particularly strong growth of order intake in the last
quarter (Q4 2024 +60% year-over-year). Moody's believes that
advance payments related to new orders helped the company reduce
its working capital to around 25% of sales by the year-end 2024, in
line with previous guidance and down from 28.7% in Q3 2024. This
reduction has likely turned Moody's adjusted free cash flow
positive for the full year, a significant improvement from the
negative position earlier in the year. RENK aims to further reduce
working capital to around 20% in the mid-term, although Moody's
caution that working capital can vary greatly during the year,
necessitating strong liquidity to cover these fluctuations.

With approximately EUR1.1 billion in revenue, RENK remains a
relatively small entity compared to most of its Ba-Baa rated peers
in the Aerospace and Defense sector, as well as across the broader
Manufacturing industry. However, the company's strong market
position as the leading supplier of drive systems, with around 70%
revenue exposure to Defense (both land and naval programs),
mitigates this size disadvantage. Additionally, RENK aims to
increase its revenue to EUR2 billion by the end of 2028 through
organic growth, with strategic acquisitions that may lead to a
higher scale. Earlier this year, RENK announced the acquisition of
Cincinnati Gearing Systems, which will strengthen its local
presence in the naval US military market. While the purchase price
was not disclosed, Moody's does not expect this acquisition to have
a meaningful impact on the group's leverage and liquidity position.
Nevertheless, Moody's believes that RENK may consider using some of
its financial flexibility for further inorganic growth and/or
higher shareholder remuneration over time.

The rating is mainly supported by (1) its strong positions in the
market for military tracked vehicle transmissions and naval
gearboxes; (2) its large exposure (about 70% of revenue) to defense
end markets, which benefit from growing defense spending; (3) its
long-standing relationships with ministries of defense and original
equipment manufacturers (OEMs); (4) its good near-term revenue
visibility, supported by a sizable aftermarket business and its
large order backlog (EUR1.8 billion fixed order backlog and EUR4.8
billion total order backlog as of Q3 2024); and (5) Moody's
expectation of a conservative and balanced financial policy going
forward following last year's IPO.

The rating is primarily constrained by (1) RENK's modest scale of
operations relative to rated peers; (2) exposure to raw material
price volatility and supply chain disruptions; (3) intra-year
volatility in net working capital; and (4) a history of growth
through acquisitions that may continue in coming years.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectations that RENK's
credit metrics will continue to improve over the next 12-18 months
and beyond, given supportive market backdrop. The outlook also
assumes that the company will continue to build a track record of
conservative financial management and maintain its good liquidity
profile, especially considering potential inorganic growth
options.

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

Positive rating pressure could arise if:

-- The company demonstrates a track record of commitment to
conservative financial policy, including the dividend policy;

-- Moody's-adjusted gross debt/ EBITDA declining towards 2.0x;

-- Moody's-adjusted RCF/ net debt increasing towards 35%;

-- Continued strong free cash flow generation and a good liquidity
profile.

Conversely, negative rating pressure could arise if:

-- Moody's-adjusted gross debt/ EBITDA sustained above 3.0x;

-- Moody's-adjusted RCF/ net debt sustained below 25%;

-- Reduced free cash flow and deterioration of liquidity profile.

LIQUIDITY

RENK's liquidity is solid. As of September 2024, the company had
EUR70 million of cash on its balance sheet, which Moody's expects
to increase to well over EUR100 million by year-end 2024.
Additionally, RENK has access to a EUR75 million revolving credit
facility (RCF) maturing in 2029, which was increased and extended
during last year's debt refinancing and remains fully undrawn.
Moody's anticipate that RENK will generate EUR40-60 million of free
cash flow p.a. (after dividends, but excluding acquisitions) in
2025-26, further supporting its liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense published in December 2024.

COMPANY PROFILE

Headquartered in Augsburg, Germany, RENK Group AG is a manufacturer
of high-quality gear units, automatic transmissions, slide
bearings, suspension systems, couplings and test systems. The
company operates through three business segments — Vehicle
Mobility Solutions, Marine & Industry and Slide Bearings —
serving a diverse set of end markets, with around 70% of its
revenue coming from the defense sector. In the last 12 months
ending September 2024, the company reported EUR1,051 million in
revenue and its Moody's adjusted EBIT was EUR85 million (8%
margin). Since its IPO in February 2024, the company is publicly
listed with a current market capitalization of around EUR3 billion.
In February 2025, the French-German defense company KNDS exercised
the option to increase its shareholding in RENK to 25% plus one
share, which would make it the company's largest shareholder. Its
second-largest shareholder with around 15% of shares is still the
private-equity firm Triton, which acquired RENK from Volkswagen
Aktiengesellschaft in October 2020.


VOITH GMBH: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Ratings has affirmed the Ba1 long term corporate family
rating and Ba1-PD probability of default rating of German-based
diversified engineering group Voith GmbH & Co. KGaA (Voith). The
outlook has been changed to negative from stable.

RATINGS RATIONALE

With an EBITA margin of 2.4%, a retained cash flow coverage of net
debt of 14.3% and a leverage of 7.0x debt/EBITDA at the end of
fiscal year 2024 (September 30) the rating is currently weakly
positioned. The decision to affirm the Ba1 ratings takes comfort
from the fact that 2024 results have been materially negatively
affected by items booked as non-recurring by the company: EUR110
million relate to provisions built in response to impending calls
for performance warranties and from an arbitration award at Voith
Hydro, EUR134 million relate to the valuation of financial
liabilities due to termination rights of non-controlling interests,
EUR70 million relate to an increase in provisions for legacy
projects at Voith Hydro out of which Moody's only adjust interest
expense for the EUR134 million because it is not of an
interest-like nature and treat the other items as reported.

Looking ahead, there are some indications that Voith's
profitability will materially improve in the current fiscal year.
An all-time high order book at Voith Hydro, further improved
margins at Voith Paper benefiting from strong and sustainable
services and product business and efficiency measures taken at
Voith Turbo indicate that Voith can reach in 2025 credit metrics
exceeding the level shown in 2023. The decision to change the
outlook to negative from stable, however, reflects the fact that
Voith has been below expectations for a couple of years now and
thus is driven by Moody's concern that Voith might actually not be
able to sustainably strengthen its key credit metrics to a level
that is required for the Ba1 rating category.

Voith's Ba1 CFR is supported by (i) market and technology
leadership in many of its relevant markets, such as hydro power
plants and paper machines; (ii) very diversified and well balanced
portfolio, with the group serving many end markets, which typically
follow different cycles in terms of length and timing, backed by
healthy order backlog in excess of one year of sales; (iii)
substantial financial flexibility given cash & cash equivalents in
excess of EUR500 million and (iv) its conservative financial
policy.

The rating is currently constrained by (i) a Moody's adjusted gross
leverage of 7.0x (including pension adjustments) for fiscal year
2024, (ii) persistently lower profitability compared to peers with
EBITA margins only gradually moving towards 5% (Moody's adjusted)
since 2017, (iii) its cyclical nature in most of its end markets
and only moderate revenue growth (4.1% CAGR during 2019 - 2024)
and, (iv) comparably weak FCF/debt (Moody's adjusted) in percentage
terms as a result of its low profitability.

RATIONALE FOR NEGATIVE OUTLOOK

The rating is currently weakly positioned. The negative outlook
reflects Moody's concern that Voith might not be able to
sustainably strengthen its key credit metrics to a level that is
required for the Ba1 rating category.

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

Moody's could upgrade Voith in case of a sustainable strengthening
of its credit profile reflected in a Moody's-adjusted EBITA margin
in the mid-to-high-single digits and Moody's-adjusted debt/EBITDA
improving well below 3.5x as well as Moody's adjusted RCF/net debt
improving towards 25% while preserving FCF/debt in high single
digits in percentage terms.

Moody's could downgrade Voith's ratings, in case of the company's
Moody's-adjusted debt/EBITDA remains sustainably above 4.5x, its
Moody's-adjusted RCF/net debt remains below 15%, free cash flow
turns negative for a prolonged period of time, if its strong
liquidity profile is weakened or in case of sizeable M&A activity.

LIQUIDITY

Moody's views Voith's liquidity as solid. The company's cash
position amounted to EUR516 million per September 2024. This cash
balance is further supported by an undrawn EUR600 million
multicurrency syndicated credit facility, which matures in October
2029. The facility has no repeating material adverse change clause
or financial covenants with the possibility to increase the credit
volume to a maximum of EUR800 million. Voith's liquidity is also
supported by certain bilateral committed credit facilities of
EUR525 million. These sources are sufficient to cover its liquidity
needs, including any intra-year movements of working capital and
short-term debt maturities.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Voith GmbH & Co. KGaA (Voith) is a diversified engineering group,
primarily addressing energy, oil and gas, paper, raw materials, and
transport and automotive markets. Its product offerings hold
leading positions in hydropower generation, paper machine
technology and selected niches of technical services and power
transmission.

Voith employed some 22,958 people in more than 60 countries and
generated sales of EUR5.2 billion in the fiscal year ended
September 30, 2024 (fiscal 2024). The group is privately owned by
descendants of the Voith family, but it has been led by nonfamily
senior managers for decades.




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I R E L A N D
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FIDELITY GRAND 2023-1: Fitch Assigns B-sf Final Rating on F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Fidelity Grand Harbour CLO 2023-1 DAC's
reset final ratings.

   Entity/Debt                Rating               Prior
   -----------                ------               -----
Fidelity Grand
Harbour CLO 2023-1 DAC

   A Loan                 LT AAAsf  New Rating
   A XS2632489709         LT PIFsf  Paid In Full   AAAsf
   A-R XS2991307468       LT AAAsf  New Rating
   B-1 XS2632489535       LT PIFsf  Paid In Full   AAsf
   B-1-R XS2991307625     LT AAsf   New Rating
   B-2 XS2632490038       LT PIFsf  Paid In Full   AAsf
   B-2-R XS2991307971     LT AAsf   New Rating
   C XS2632490202         LT PIFsf  Paid In Full   Asf
   C-R XS2991308193       LT Asf    New Rating
   D XS2632490111         LT PIFsf  Paid In Full   BBB-sf
   D-R XS2991308607       LT BBB-sf New Rating
   E XS2632490624         LT PIFsf  Paid In Full   BB-sf
   E-R XS2991308789       LT BB-sf  New Rating
   F XS2632490970         LT PIFsf  Paid In Full   B-sf
   F-R XS2991309084       LT B-sf   New Rating

Transaction Summary

Fidelity Grand Harbour CLO 2023-1 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to fund a portfolio with a
target par of EUR400 million and to redeem the existing notes
(except the subordinated notes). The portfolio is actively managed
by FMR Investment Management (UK) Limited. The CLO has a 4.5-year
reinvestment period and a 7.5-year weighted average life (WAL)
test.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 61.7%.

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits for the portfolio, including a
fixed-rate obligation limit at 15%, a top 10 obligor concentration
limit of 22.5% and a maximum exposure to the three largest
Fitch-defined industries of 40%. These covenants ensure the asset
portfolio will not be exposed to excessive concentration.

The transaction includes four Fitch matrices. Two are effective at
closing, corresponding to a WAL covenant of 7.5 years with
fixed-rate limits of 5% and 15%. The remaining matrices share the
same limits except the WAL test, which is seven years, and can be
selected by the manager from 12 months after closing if the WAL
step-up does not happen or from 18 months after closing if the WAL
step-up occurs, provided that the aggregate collateral balance
(including defaulted obligations at Fitch-calculated collateral
value) is above the reinvestment target par.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by 12 months, on the step-up determination date, which can occur on
or after 12 months after closing. The WAL extension is subject to
conditions including satisfying the collateral-quality tests,
portfolio profile tests, coverage tests and the aggregate
collateral balance (including defaulted obligations at
Fitch-calculated collateral value) being at least equal to the
reinvestment target par balance.

Portfolio Management (Neutral): The transaction will have an
approximately 4.5 year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' maximum limit, as well as a WAL covenant that
linearly steps down over time, both before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during the stress
period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no rating impact on the class
A-R notes or class A loan, and lead to downgrades of one notch for
the class B-1-R, B-2-R, C-R and D-R notes to below 'B-sf' for the
class F-R notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the notes display a rating cushion to
a downgrade of up to three notches.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of three notches for the class
A-R notes, class A loan, class B-1-R notes, class B-2-R notes and
class E-R notes, two notches for the class C-R notes and to below
'B-sf' for the class F-R notes.

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

A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to five
notches, except for the 'AAAsf' rated notes, which are at the
highest level on Fitch's scale and cannot be upgraded.

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Fidelity Grand
Harbour CLO 2023-1 DAC.

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


PENTA CLO 3: Fitch Assigns 'B-sf' Final Rating on Class F-R-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 3 DAC final ratings.

   Entity/Debt               Rating               Prior
   -----------               ------               -----
Penta CLO 3 DAC

   A-R XS2440088875      LT PIFsf  Paid In Full   AAAsf
   A1-R-R XS2993870893   LT AAAsf  New Rating
   A2-R-R XS2993870547   LT AAAsf  New Rating
   B-R XS2440089410      LT PIFsf  Paid In Full   AAsf
   B-R-R XS2993871271    LT AAsf   New Rating
   C-R XS2440089840      LT PIFsf  Paid In Full   Asf
   C-R-R XS2993871438    LT Asf    New Rating
   D-R XS2440090004      LT PIFsf  Paid In Full   BBB-sf
   D-R-R XS2993871354    LT BBB-sf New Rating
   E-R XS2440090269      LT PIFsf  Paid In Full   BB-sf
   E-R-R XS2993871867    LT BB-sf  New Rating
   F-R XS2440090699      LT PIFsf  Paid In Full   B-sf
   F-R-R XS2993872089    LT B-sf   New Rating
   X-R-R XS2993870463    LT AAAsf  New Rating

Transaction Summary

Penta CLO 3 DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Partners Group (UK)
Management Ltd. The collateralised loan obligation (CLO) has a
reinvestment period of around 4.5 years and a 7.5 year weighted
average life (WAL) test limit.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.1%.

Diversified Asset Portfolio (Positive): The transaction includes
two matrices that are effective at closing and two forward matrices
that are effective six months after closing. Each set has
fixed-rate limits of 5% and 10%. The manager can switch to the
forward matrices if the portfolio balance (with defaults at the
Fitch collateral value) is greater than, or equal to, target par.

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

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

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

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class X-RR, A1-RR and A2-RR
notes, but would lead to downgrades of one notch each for the class
B-RR to E-RR notes, and to below `B-´sf for the class F-RR notes.

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches across the class A1-RR to E-RR notes and to below 'B-sf'
for the class F-RR notes.

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Penta CLO 3 DAC.

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


SONA FIOS IV: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Sona Fios CLO IV DAC expected ratings.
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt              Rating           
   -----------              ------           
Sona Fios CLO IV
Designated Activity Company

   Class A              LT   AAA(EXP)sf    Expected Rating
   Class B              LT   AA(EXP)sf     Expected Rating
   Class C              LT   A(EXP)sf      Expected Rating
   Class D              LT   BBB-(EXP)sf   Expected Rating
   Class E              LT   BB-(EXP)sf    Expected Rating
   Class F              LT   B-(EXP)sf     Expected Rating
   Class X              LT   AAA(EXP)sf    Expected Rating
   Subordinated notes   LT   NR(EXP)sf     Expected Rating

Transaction Summary

Sona Fios CLO IV DAC is a securitisation of mainly senior secured
obligations (at least 90.0%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to purchase a portfolio with a target par of EUR450
million. The portfolio is actively managed by Sona Asset Management
(UK) LLP. The CLO will have a 4.6-year reinvestment period and an
8.5-year weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.2%.

Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including a top 10
obligor concentration limit at 20%, a fixed-rate asset limit of
12.5%, and an 8.5-year WAL test. Additionally, maximum exposure to
the three-largest Fitch-defined industries will be limited to 40%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio is reduced by 12 months from the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
include passing both the coverage tests and the Fitch 'CCC' test,
as well as a WAL covenant that progressively steps down over time.
Fitch believes these conditions would reduce the effective risk
horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to a downgrade of one notch each for the class
B to E notes and to below 'B-sf' for the class F notes. The class A
and X notes' ratings would not be affected.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B to F notes each have a
rating cushion of up to two notches. The 'AAAsf' rated notes have
no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded, due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches each for the class X to D notes and to below 'B-sf' for the
class E and F notes.

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Sona Fios CLO IV
DAC.

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



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

NEOPHARMED GENTILI: Fitch Lowers Rating on Sr. Secured Notes to 'B'
-------------------------------------------------------------------
Fitch Ratings has downgraded Neopharmed Gentili S.p.A.'s senior
secured notes' rating to 'B' with a Recovery Rating of 'RR4' from
'B+'/'RR3'.  Fitch has also affirmed Neopharmed's Long-Term Issuer
Default Rating (IDR) at 'B' with a Stable Outlook.

The issuance downgrade follows the announced placement of the
EUR100 million tap issuance on February 14, 2025, which will be
used to fund the acquisition of metoclopramide products from
Sanofi.

The IDR is affirmed at 'B' and continues to reflect Neopharmed's
well-established position within Italy with its asset-light
business model supporting strong operating profitability and high
cash flow conversion. The rating is constrained by high leverage,
limited business size and exposure to one regulatory authority,
albeit with some diversification across products and therapeutic
area.

The Stable Outlook reflects the group's ability to sustain its
revenue through a combination of organic product portfolio
development and inorganic product additions translating into strong
free cash flow (FCF) generation and EBITDA leverage trending to 5x
by 2028.

Key Rating Drivers

Leverage Headroom Exhausted in 2025: Neopharmed's planned
acquisition of Sanofi's Plasil and Primperan brands make strategic
sense are they are critical medicines with high brand awareness in
Italy and will allow the group to leverage on its sales force to
propel product sales. The additional debt used to fund the
acquisition will increase financial leverage by around 0.5x, with
EBITDA leverage projected to be around 6.3x by end-2025.

The high leverage constrains the IDR at 'B', although the rating is
supported by its estimate of gradual deleveraging towards 5x by
2028. Fitch believes this will be achieved either through
reinvestment of internal funds in portfolio expansion, or through
organic portfolio management supported by in-house product
extensions. Any deviation from its financial risk profile is likely
to put the ratings under pressure.

High Profitability and FCF: Neopharmed's high profitability and FCF
conversion are one of its main rating strengths and its
profitability is at the top end of its peer group, with
Fitch-adjusted EBITDA margins forecast to remain at 43%-44% in
2025-2027. Its asset-light business model with in-house
distribution capabilities and outsourced manufacturing also
supports strong cash generation, with FCF margins likely to be
15%-20%. Fitch assumes this will be fully reinvested into portfolio
expansion, as shareholders pursue an asset-development strategy, as
opposed to deploying funds towards debt prepayment.

Limited Scale and Diversification: Neopharmed is small compared
with Fitch-rated peers, reflecting its concentration on one market
and exposure to one regulatory authority. The group has adequate
diversification by product area with a focus on chronic diseases
and a presence in cardiovascular, neurology and respiratory
therapies. Nevertheless, its assessment is constrained by its
moderate scale and geographic concentration in Italy. Overall,
according to Fitch's Pharmaceuticals Navigator, Fitch assesses the
group's diversification score at 'B'.

Pharma Representatives Aid Organic Growth: Neopharmed has stronger
potential for organic revenue enhancement than its Fitch-rated
industry peers, underpinned by a strong brand portfolio where most
products command top three positions within their market segments,
as well as its large force of representatives, who build
relationships with medical practitioners within Italy. The group
upholds stringent regulatory standards over the conduct of its
representatives, which are in line with industry best practices. To
date, it has not registered any cases of misconduct.

Bolt-on M&A Included: Fitch expects the group to remain committed
to its established acquisition policy to ensure a credit-accretive
impact of new product additions. Fitch factors in EUR40-EUR50
million a year of bolt-on acquisitions over 2025-2028, to be funded
by internal FCF generation and which Fitch expects to aid sales
growth and deleveraging.

Strong Market Fundamentals: Structural volume growth in the Italian
generic and branded drug markets is driven by an ageing population,
the higher prevalence of chronic diseases and an increasing number
of drugs losing patent protection. Large innovative pharmaceutical
companies are increasingly optimising their life-cycle and tail-end
drug management by divesting off-patent drugs to refocus resources
in R&D. Such strategic moves present entities, such as Neopharmed,
with substantial opportunities for inorganic expansion.

Nonetheless, it is anticipated that generic drug penetration and
price pressure will continue to rise across Europe. This is likely
to drive investment towards achieving greater scale, pursuing
diversification, adopting cost-effective production, and focusing
on more niche product lines to safeguard both growth and profit
margins.

Derivation Summary

Fitch rates Neopharmed using its Global Navigator Framework for
Pharmaceutical Companies. Fitch compares its 'B' rating against
other asset-light scalable specialist pharmaceutical companies
focused on off-patent branded and generic drugs such as CHEPLAPHARM
Arzneimittel GmbH (B/Stable), Pharmanovia Bidco Limited (B+/Stable)
and ADVANZ PHARMA HoldCo Limited (B/Stable).

Neopharmed's representative-based business model relies on a
commercial network supported by scientific information to
effectively engage with healthcare providers and promote the
group's products, in turn driving sales and increasing its regional
market penetration.

The group not only focuses on active life-cycle management of
off-patent generic drugs, as is the case for CHEPLAPHARM and
Pharmanovia, but also leverages its in-house capabilities
(co-)development, promotion and marketing of off-patent generics to
sustain the organic growth of its drug portfolio.

Nevertheless, Pharmanovia have a larger scale, a global presence
and conservative leverage profile, resulting in a one-notch rating
difference. ADVANZ is similar to the aforementioned peers, but its
legacy litigation issues are a major rating constraint.

In its wider rated pharmaceutical portfolio, Fitch also compares
Neopharmed with a generic drug manufacturing company, Nidda BondCo
GmbH (Stada; B/Stable) as well as the Italian contract development
and manufacturing organisations (CDMOs) such as F.I.S. Fabbrica
Italiana Sintetici S.p.A.'s (FIS, B/Positive) and Kepler S.p.A.
(Biofarma, B/Stable).

Stada has a much larger scale, strong market position and greater
diversification, but these factors are offset by an aggressive
financial policy and modest EBITDA margin compared with
Neopharmed's.

Key Assumptions

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

- Revenue to reach around EUR360 million in 2027, driven by organic
revenue growth and acquisitions

- Fitch-adjusted EBITDA margin of 42%-43% until 2027

- Capex at 0.5% of sales a year until 2027

- Moderate working-capital outflow at 1%-2% of sales a year over
2025-2028

- Acquisition of Sanofi's metoclopramide products in 2025; annual
bolt-on acquisitions of EUR40 million-EUR50 million a year from
2025 to 2027

- No dividends

Recovery Analysis

The recovery analysis is based on a going-concern (GC) approach.
This reflects Neopharmed's asset-light business model supporting
higher realisable values in financial distress compared with
balance-sheet liquidation.

A potential distress could arise primarily from material revenue
and margin contraction, following volume losses and price pressure,
given its exposure to generic competition. For the GC enterprise
value (EV) calculation, Fitch estimates a post-restructuring EBITDA
of about EUR110 (previously EUR105 million), which incorporates the
add-on from the acquisition of Plasil and Primperan brands,
reflecting earnings post-distress and implementation of possible
corrective measures.

Fitch also applies a 5.5x distressed EV/EBITDA multiple, which
reflects the group's strong business model with revenue
defensibility and high profitability, but also reflects its limited
scale and concentration on one geography.

After deducting 10% for administrative claims, and assuming the
group's super senior committed revolving credit facility (RCF) of
EUR130 million will be fully drawn prior to distress, its principal
waterfall analysis generated a ranked recovery in the 'RR4'/49%
(previously 'RR3'/52%) band for the group's EUR400 million senior
secured floating-rate notes and EUR450 million senior secured
fixed-rate notes, which rank below the super-senior RCF.

RATING SENSITIVITIES

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

- Unsuccessful management of individual pharmaceutical intellectual
property rights leading to material permanent loss of income and
EBITDA margins declining towards 40%

- FCF margins declining to low single digits or zero

- A more aggressive financial policy leading to EBITDA leverage
above 6.5x on a sustained basis

- Prospects of EBITDA interest coverage below 2x on a sustained
basis

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

- An upgrade would require stronger diversification in products or
markets, as well as a resilient operating performance and
double-digit FCF margins that allow the group to finance
in-licensing and M&A

- A conservative leverage policy leading to EBITDA leverage at or
below 5x on a sustained basis

- EBITDA interest coverage above 2.5x on a sustained basis

Liquidity and Debt Structure

Following the debt-funded acquisition of Sanofi's metoclopramide
brands, Fitch continues to view Neopharmed's liquidity as adequate,
based on a Fitch-adjusted readily available cash position of around
EUR43 million pro forma for the acquisition (which already excludes
EUR5 million that Fitch treats as not readily available for debt
service), which is further supported by its fully available EUR130
million RCF.

Neopharmed benefits from consistently positive FCF generation,
which supports its bolt-on acquisitions, as well as a long-dated
capital structure with no debt repayments until 2030.

Issuer Profile

Neopharmed is a specialist pharmaceutical company that focuses on
the distribution and brand management of a portfolio of established
off-patent branded drugs within Italy.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                    Rating         Recovery   Prior
   -----------                    ------         --------   -----
Neopharmed Gentili S.p.A.  LT IDR   B   Affirmed              B

   senior secured          LT       B   Downgrade    RR4      B+




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

ALTISOURCE PORTFOLIO: Nantahala Capital Holds 7.82% Stake
---------------------------------------------------------
Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel
Mack disclosed in a Schedule 13G/A Report filed with the U.S.
Securities and Exchange Commission that as of December 31, 2024,
Nantahala may be deemed to be the beneficial owner of 2,128,284
Shares held by funds and separately managed accounts under its
control, and as the managing members of Nantahala, each of Messrs.
Harkey and Mack may be deemed to be a beneficial owner of those
Shares. The ownership represents 7.82% of the Altisource Portfolio
Solutions shares outstanding.

Nantahala Capital may be reached through:

     Taki Vasilakis / Chief Compliance Officer
     130 Main St.
     2nd Floor
     New Canaan CT 06840
     Tel: 203-404-1172

A full-text copy of Nantahala Capital's SEC Report is available
at:

                  https://tinyurl.com/bddwbpdp

                         About Altisource

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. --
https://www.Altisource.com/ -- is an integrated service provider
and marketplace for the real estate and mortgage industries.
Combining operational excellence with a suite of innovative
services and technologies, Altisource helps solve the demands of
the ever-changing markets it serves.

As of September 30, 2024, Altisource had $144.5 million in total
assets, $293.2 million total liabilities, and $148.7 million in
total deficit.

                             *   *   *

Egan-Jones Ratings Company, on September 27, 2024, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Altisource Portfolio Solutions S.A. to CCC from
CCC+.

In December 2024, S&P Global Ratings lowered its Company credit
rating on Altisource Portfolio Solutions S.A. to 'CC' from 'CCC+'
and its issue rating on the senior secured term loan to 'C' from
'CCC-'.

SES SA: Moody's Affirms Ba2 Sub. Ratings & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Ratings has changed to negative from stable the outlook of
leading global satellite services provider SES S.A. (SES) and its
subsidiary SES AMERICOM, INC.  Moody's have also affirmed SES' Baa3
long-term issuer rating and its ba1 Baseline Credit Assessment
(BCA).  Concurrently, Moody's have affirmed the Baa3 backed senior
unsecured ratings and the (P)Baa3 backed senior unsecured EMTN
programme ratings of SES and its subsidiary SES AMERICOM, INC, the
Ba2 backed junior subordinated (hybrid) ratings of SES, and the
Prime-3 (P-3) short-term backed commercial paper ratings of SES and
SES AMERICOM, INC.

"The outlook change to negative reflects the increased risk in
terms of operating performance and deleveraging path of the
combined SES and Intelsat entity, owing to growing competition and
higher innovation risk in the satellite industry," says Ernesto
Bisagno, a Moody's Ratings Vice President - Senior Credit Officer
and lead analyst for SES.

"These considerations are impacting the business risk of the
combined entity, and as a result, Moody's have tightened the
leverage tolerance for the rating, which further weakens the
company's position within the Baa3 category," adds Mr Bisagno.

RATINGS RATIONALE      

The outlook revision factors in weaker fundamentals of the
satellite industry due to heightened competition and innovation
risks, which will likely lead to sustained pressure on prices.
This, in turn, could increase the risk to the company's ability to
generate earnings growth and to deleverage. As a result of these
challenges, SES has also seen a significant reduction in its equity
market valuation, which may reduce the access to the equity market
if required. Moody's note that the rating was already weakly
positioned in its category following the proposed merger with
Intelsat, with limited headroom for deviation relative to Moody's
expectations.

While demand in the underlying connectivity market is expected to
grow at a healthy rate, there is a risk of market oversupply. This
is due to the continued supply growth from non-Geostationary Orbit
(NGSO) Satellites, particularly in the consumer broadband market -
a market not targeted by SES and Intelsat. Although SES and
Intelsat have no operations in this market, Moody's believes there
is a risk that some of the surplus capacity in consumer broadband
could be redirected to other market verticals where the combined
entity has a solid position, such as maritime, aviation and
government, potentially leading to overcapacity in those areas.

However, some governments, maritime and aviation clients tend to
have more specific and regulated requirements, which could make
them less flexible in adopting surplus capacity. In addition, the
combined entity aims to offset the pressure on its connectivity
business by providing value-added multi-orbit solutions, including
partnerships with LEO operators, while SES' position in multi-orbit
offerings is an important differentiator. SES also remains a
trusted partner for governments, with both the US and Europe
leading efforts to ensure access to secure and resilient space
connectivity.

SES' financial profile has weakened due to the expected increase in
net debt to support the acquisition of Intelsat Holdings S.a.r.l.
for an enterprise value of $5 billion (EUR4.6 billion). Due to the
risk to the company's ability to generate earnings growth, there is
potential for some deterioration in credit metrics in 2025, with
Moody's adjusted gross debt-to-EBITDA ratio for the combined entity
increasing towards 3.8x from 3.5x expected in 2024 (pro-forma for
the Intelsat acquisition). However, there is potential for
deleveraging from 2026, if the combined entity successfully
delivers synergies and earnings growth. Deleveraging could
accelerate in the event of a potential monetization of C-band
spectrum, although the timeline and amount of proceeds are
uncertain at this point.

The Baa3 rating reflects a combination of the company's Baseline
Credit Assessment (BCA) of ba1, which represents Moody's view of
its standalone creditworthiness and a one-notch uplift owing to
Moody's expectation of moderate support from the government of
Luxembourg (Aaa stable) and a low default dependence between the
two entities. The Luxembourg government holds an aggregate stake in
SES of around 20%.

The one notch uplift owing to government support is supported by
the (1) track record of support from the Luxembourg government
towards SES, (2) the increased importance of the company for
Luxembourg and Europe in a more uncertain geopolitical environment,
where SES plays an important role owing to its government business,
and (3) the fact that the combination with Intelsat improves SES'
competitiveness in a challenging sector as well as the long-term
sustainability of its business model.

LIQUIDITY

Despite the expected reduction in the cash balance following the
acquisition of Intelsat, SES's liquidity is good based on the
expectation that the company continues to maintain undrawn
liquidity of EUR1.65 billion comprising a EUR1.2 billion revolving
credit facility due in June 2028, with no financial covenants, and
EUR450 million EIB facilities.

For the Intelsat acquisition, SES has fully secured its financing,
including access to an undrawn bridge facility of EUR1.07 billion
due in April 2027, and an undrawn $1 billion term loan due in June
2029. Excluding the repayment for the Intelsat debt which has been
already prefunded, SES will have refinancing needs of approximately
EUR650 million senior notes and approximately EUR525 million in
hybrid bonds during 2026, while a EUR250 million Schuldschein is
due in December 2025.

Liquidity also factors in that FCF will be marginally negative in
2025 or breakeven at best, and will strengthen significantly in
2026, based on the expectation that the combined entity will reduce
capex.

STRUCTURAL CONSIDERATIONS

The Ba2 rating on the hybrid bonds is two notches below SES' Baa3
issuer rating, primarily because the instruments are deeply
subordinated to other debt instruments in the company's capital
structure.

Moody's expects that any debt at Intelsat level remaining
outstanding after the acquisition will rank pari passu with SES's
senior debt through a mechanism of cross-guarantee.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the more difficult market conditions
for the satellite industry, with increased risk on the combined
entity's ability to generate positive earnings growth over 2025-26.
The negative outlook also reflects Moody's expectations that SES's
adjusted gross leverage will increase towards 3.8x in 2025, and
only return towards 3.0x by 2027.

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

Due to heightened competitive pressures and innovation risks in the
satellite industry, Moody's have lowered Moody's leverage tolerance
by 0.5x for the same rating category.

The rating could be downgraded if competitive dynamics in the
satellite industry drive further pricing pressures such that the
company's operating performance deteriorates relative to Moody's
forecasts; its gross debt/EBITDA (Moody's-adjusted) remains above
3.25x (previously 3.75x) and its FCF turns negative on a sustained
basis; or the Luxembourg government or its wholly owned investment
affiliates reduce their aggregate economic ownership in SES below
the current level of around 20% (leading to SES no longer being
considered a government-related issuer [GRI]), which could result
in a one-notch downgrade.

Conversely, upward pressure on the rating could develop if the
company's operating performance materially improves with steady
growth in its revenue and profit which would allow the company to
generate positive FCF and reduce its leverage (Moody's-adjusted
gross debt/EBITDA) to below 2.75x (previously 3.25x).

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Communications
Infrastructure published in February 2022.

COMPANY PROFILE

Headquartered in Luxembourg, SES S.A. is a leading company in the
fixed-satellite services (FSS) market. The Government of
Luxembourg, together with its wholly owned state banks, Banque et
Caisse d'Epargne de l'Etat (Aa3 stable) and Société Nationale de
Crédit et d'Investissement, owns around 20% of SES. In 2023, the
company generated revenue of EUR2 billion and company-adjusted
EBITDA of EUR1 billion. Following the proposed merger with
Intelsat, the combined entity will be much larger in size and scale
than SES standalone, with revenue increasing towards EUR3.8
billion.




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

COLOSSEUM DENTAL: Fitch Assigns B(EXP) LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Colosseum Dental Finance BV a first-time
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)'. The
Outlook is Stable. Fitch has also assigned Colosseum's new term
loan an expected 'B+(EXP)' senior secured instrument rating with a
Recovery Rating of 'RR3'.

The assignment of final ratings is contingent on successful
completion of the proposed refinancing, with the transaction
materially conforming to its assumptions. This includes an updated
organisational structure and extension of the maturities of the
payment in kind (PIK) debt and shareholder loan outside the
restricted group (at Colosseum AG level) beyond the maturity of the
new term loan.

The ratings balance Colosseum's strong local competitive positions
in defensive European dental care markets, its scale and geographic
diversification with high leverage and weak but improving free cash
flow (FCF) generation. The Stable Outlook reflects Fitch's
expectation that Colosseum is comfortably positioned in the current
rating category.

Key Rating Drivers

Defensive and Diversified Operations: Colosseum's rating is
underpinned by its satisfactory market position as a pan-European
dental care business, with a strong customer focus. Its strategy is
to leverage economies of scale and standardisation, creating
leading regional dental chains across Western Europe through the
acquisition of dental practices, consolidating the highly
fragmented market. The group has strong and highly profitable
operations in Switzerland, Germany and the Nordics, and is
gradually improving the profitability of its large operations in
the Netherlands and relatively smaller operations in Italy, the UK
and France.

Regulation Influences Business Risk: Fitch views Colosseum's
regulatory environments as relatively stable, with a long-term
focus on outcomes and value favouring the development of strong
private health care markets. Dental care reimbursement is less
regulated in many countries than for other healthcare providers,
with an above-average share of private payments/co-payments,
introducing a higher degree of volatility and exposure to consumer
spending power. However, these payments are relatively stable over
the cycle, as necessary treatments may be delayed but are unlikely
to be cancelled.

In the less regulated private pay market, Fitch considers Colosseum
has the opportunity to implement retail and customer relationship
management frameworks to patients by optimising price plans and
creating relationships that are profitable in the long-term.

Improving Margins: Fitch expects Colosseum's EBITDA margin
expansion to continue. It has already improved from 5% in 2020 to
above 10% in 2023. Fitch expects a significant expansion towards
13% in 2024 and 14% in 2025, followed by a gradual improvement
towards 15% by 2027. Fitch expects that this will lead to FCF after
earn-outs from previous acquisitions turning positive in 2025 and
increasing towards the mid-single digits by 2027.

FCF Turning Positive: FCF is supported by modest working capital
inflows and low capital intensity. As the company benefits from
organic growth and operating efficiencies, Fitch expects that the
countries that will contribute the most to increased FCF will be
Germany and the lower margin countries of France, the UK and the
Netherlands. Fitch expects that the company will maintain high
margins in the Nordics and above-group-average margins in
Switzerland.

High Leverage to Moderate: The significant EBITDA expansion over
2021-2024 reduced Fitch's EBITDAR leverage to 7.7x in 2023 and 6.2x
in 2024 pro forma for the transaction. Fitch forecasts further
deleveraging to below its 5.5x positive sensitivity by 2026,
supported by revenue growth and margin improvement. There is
further potential for deleveraging by acquiring dental practices at
low multiples. Fitch's debt does not include the PIK and
shareholder loan outside of the restricted group at Colosseum AG
level, which Fitch treats as equity, subject to the final
documentation after their maturity is extended.

Supportive Shareholder: Fitch views the involvement of Jacobs
Holding AG (JAG), a long-term investor, as positive for Colosseum's
strategic development. JAG has demonstrated its support through
equity and shareholder loan injections since it created the company
in 2017. Fitch does not expect any dividend payments or other
shareholder returns during the four-year rating horizon to 2028.

Consolidation Potential, M&A-Driven Growth: Its rating assumes
Colosseum continues its 'buy-and-build' strategy to consolidate the
fragmented European dental care market. The rating case assumes
EUR350 million of additional acquisitions between 2025 and 2028.
Despite being debt funded, Fitch views the successful
implementation of a buy-and-build strategy with strong discipline
around asset selection and multiples paid as critical to enhance
deleveraging prospects for the wider group. This reflects its
assumption of modest acquisition multiples and the use of
performance earn-outs to partially defer some acquisitions costs.

Derivation Summary

EMEA-based peers rated within the 'B' category tend to be
constrained by weak credit metrics, with EBITDAR leverage averaging
6.0x-7.0x and tight EBITDAR fixed-charge cover metrics around
1.5x-2.0x. Their highly leveraged balance sheets often reflect
aggressive financial policies focused on debt-funded acquisitions,
as their strategies often involve consolidation of fragmented care
markets and generating benefits from scale and standardised
management structures, given the limited room for maximising
organic return.

Fitch rates Colosseum at the same level as veterinary operator IVC
Acquisition Midco Ltd (B/Stable), fertility clinic operator
Inception Holdco S.a.r.l. (B/Stable), French hospital operator
Almaviva Developpement (B/Stable), Finnish social care and private
healthcare provider Mehilainen Yhtyma Oy (B/Stable). Fitch rates it
one notch below Germany hospital operator Schoen Klinik SE
(B+/Stable) and one notch higher than Median B.V. (B-/Stable), a
pan-European healthcare operator.

Fitch compares Colosseum with diagnostic lab-testing companies
including Ephios Subco 3 S.a.r.l. (Synlab, B/Positive), Inovie
Group (B/Negative) and Laboratoire Eimer Selas (B/Negative).
Lab-testing companies tolerate high leverage relative to their
ratings due to strong operating and cash flow margins combined with
non-cyclical revenue patterns, high visibility amid sector
regulation, large business scale and wide geographic footprints.

Key Assumptions

- Organic sales growth averaging 2.5% over 2025-2028

- Fitch-estimated acquisitions of EUR113 million in 2025, followed
by EUR80 million per year until 2028

- M&A assumptions: 6.0x multiple for M&A, 16% EBITDA margin, 75% of
purchase price upfront payment, the balance paid thought earn-outs
in four equal instalments from the year after the acquisition

- EBITDA margin improves from 12.6% 2024 to 13.6% in 2025 on
operating improvements, further increasing towards 15.2% by 2028

- Operating leases at 4.9% of sales. Fitch's lease debt based on a
4.5x implied lease multiple in 2025-2028

- Capex at 5.0% in 2024 and between 3.5% and 4.5% over 2025-2028

- Maintenance capex at 2.5% of sales until 2028, total capex
includes earn-outs until 2028

- No dividends until 2028

Recovery Analysis

Fitch expects that in a bankruptcy Colosseum would most likely be
sold or restructured as a going concern (GC) rather than
liquidated. Fitch estimates a post-restructuring GC EBITDA at about
EUR140 million, which includes the contribution from the recent
acquisitions. Fitch applies a distressed enterprise value/EBITDA
multiple of 6.0x, in line with most healthcare providers that it
rates in EMEA, such as Inception Holdco, Almaviva and Median.

After deducting 10% for administrative claims, the allocation of
value in the liability waterfall results in a Recovery Rating of
'RR3' for the proposed senior secured debt, comprising the proposed
EUR1,050 million term loan B (TLB) and the new EUR175 million RCF.
Fitch assumes the RCF to be fully drawn prior to distress. Fitch
treats shareholder loan and PIK notes as equity. This indicates a
'B+(EXP)' instrument rating with a waterfall-generated recovery
computation of 61%.

RATING SENSITIVITIES

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

- EBITDA margin erosion towards 10% due to operational
underperformance or inability to successfully integrate new
acquisitions

- Adverse regulatory changes resulting in profitability erosion

- EBITDAR leverage sustainably above 7.0x due to operating
underperformance or as a result of opportunistic and aggressively
debt-funded M&A. If the shareholder loan provided by JAG is not
extended beyond the maturity of the term loan, Fitch will start
treating it as debt instead of equity within two years of maturity

- FCF margin neutral to negative on sustained basis

- EBITDAR fixed-charge coverage below 1.5x

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

- Sustainable EBITDA margin improvement towards or above 16% on a
sustainable basis driven by successful execution of the strategic
plan and successful integration of new acquisitions

- Continued supportive regulatory environment on the main markets
of presence

- EBITDAR leverage sustainably below 5.5x. If the shareholder loan
provided by JAG is not extended beyond the maturity of the term
loan, Fitch will start treating it as debt instead of equity within
two years of maturity

- FCF margin constantly trending towards mid-single digit
territory

- EBITDAR fixed-charge coverage sustainably above 2.5x

Liquidity and Debt Structure

Fitch views Colosseum's liquidity as satisfactory. Pro forma for
the proposed refinancing, Fitch expects the company to have EUR122
million of unrestricted cash on balance. Fitch restricts EUR10
million from cash, which it deems restricted for daily operations
and therefore not available for debt service. After the proposed
refinancing, the new EUR175 million RCF due 2031 will be undrawn,
and Fitch expects the company to partially use it over the rating
horizon to finance its M&A activity. Fitch also expects Colosseum
to generate low-to-mid single-digit FCF from 2025, which should
support its liquidity.

Post-refinancing, the company's proposed EUR1.050 billion TLB will
mature in 2032. In its analysis Fitch assumes that the maturity of
the existing EUR136 million PIK notes and the EUR216 million
shareholder loan outside the restricted group will be extended
beyond the proposed maturity of the TLB.

Issuer Profile

Colosseum Dental is Europe's largest pan-European dental care
provider, based in Switzerland.

Date of Relevant Committee

11 February 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Colosseum has an ESG Relevance Score of '4' for Exposure to Social
Impact due to operations in a healthcare market, which is subject
to sector regulation, as well as budgetary and pricing policies
adopted in the markets of operations. Any material adverse
regulatory changes could constrain the companies' ability to
improve operating efficiency. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

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

   Entity/Debt             Rating                   Recovery   
   -----------             ------                   --------   
Colosseum Dental
Finance BV           LT IDR B(EXP)  Expected Rating

   senior secured    LT     B+(EXP) Expected Rating   RR3


SKIO BIDCO: Moody's Assigns 'B2' CFR, Outlook Stable
----------------------------------------------------
Moody's Ratings has assigned a B2 corporate family rating and a
B2-PD probability of default rating to Skio Bidco B.V. (Synthon or
the company). At the same time, Moody's have assigned B2 instrument
ratings to Synthon's proposed EUR775 million senior secured term
loan B due 2032 and the EUR120 million senior secured revolving
credit facility (RCF) due 2031. Consequently, Moody's have
withdrawn the B1 CFR and B1-PD PDR of Stamina BidCo BV, the
previous top entity of Synthon's restricted group, and downgraded
to B2 from B1 the senior secured bank credit facilities, including
an RCF and term loan B maturing in 2028, borrowed by Stamina BidCo
BV. The outlook on all entities remains stable.

Goldman Sachs Asset Management has recently acquired a majority
stake in Synthon from BC Partners for an undisclosed amount.
Moody's will withdraw the instrument ratings of the senior secured
bank credit facilities due 2028 of Stamina BidCo BV upon closing of
the proposed transaction.

RATINGS RATIONALE

The B2 rating balances Synthon's weak credit metrics pro forma the
new capital structure and its strong pipeline of new products,
which includes 56 new projects that it expects to launch between
2024 and 2029 and will add significant earnings and cash flow. From
2027, Moody's notably forecasts earnings and cash flow to increase
significantly with the launch of a generic version of Pfizer Inc.'s
(A2 stable) drug Ibrance (Palbociclib) and another undisclosed
molecule. Synthon, as the sole first-to-file abbreviated new drug
application (ANDA) applicant for three dosages of Palbociclib in
the US, will have 180 days of generic drug exclusivity after the
planned launch in September 2027 and already received regulatory
approval. A licensing and supply agreement with Zydus Lifesciences
Ltd. is already in place to commercialise Palbociclib tablets in
the US.

The rating is currently weakly positioned and constrained by
Synthon's weak credit metrics following the acquisition, which
significantly increases its debt. By the end of 2024,
Moody's-adjusted gross debt/EBITDA (leverage) was 6.8x pro forma
for the new debt and the company's new perimeter, up from 2.3x
previously. Moody's expects leverage to decline to around 6x over
the next 12-18 months, with a Moody's-adjusted EBITA to interest
expense ratio of about 2x and limited Moody's-adjusted free cash
flow (FCF) of around EUR5 million. Under Moody's ESG framework,
Synthon's financial policy and concentrated ownership present key
governance risks and were key to the rating action.

The B2 rating also considers Synthon's leading position in the
niche business-to-business (B2B) segment of development and
manufacture of complex generics, its solid market shares in the
main Western European geographies for its top five products, the
good customer retention resulting from its valuable intellectual
property on developed products, and its history of quality and
reliability leading to established relationships with major
European generic pharmaceutical companies.

The rating is constrained by Synthon's small scale with a degree of
customer and product concentration, with the top three customers
representing 23% of B2B revenue in 2023 (latest available) and the
top three molecules accounting for 44% of B2B revenue in 2024, when
considering all Tamsulosin forms together, although this is partly
mitigated by the company's large number of contracts per customer
and per product and exposure to different therapeutic areas.
Additionally, the rating is also constrained by the risks of
products in development failing to gain approval or future launches
being delayed beyond the originator brand's exclusivity loss,
especially when speed to market is essential to capture market
share, although the company has a good track record in this
respect.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectations that
Synthon's operating performance will remain strong and that it will
continue to successfully launch new pipeline drugs, which will
result in EBITDA growth and an improvement in its credit metrics.
The outlook assumes that the company will not undertake any major
debt-funded acquisitions or shareholder distributions and that its
liquidity will remain good.

LIQUIDITY

Synthon has good liquidity, supported by a cash balance of EUR20
million at the end of 2024, access to its new RCF of EUR120
million, which is expected to be undrawn at closing, and Moody's
estimate of Moody's-adjusted FCF of around EUR5 million over the
next 12-18 months, with no significant debt maturities until 2031.
Over the next 12-18 months, Moody's expects working capital
requirements of about 5% of revenue, and capital spending at about
6% of revenue.

The new RCF includes a springing financial covenant set at a senior
secured net leverage of 10.5x, tested only when the RCF is drawn by
more than 40%. Moody's expects the company to have significant
capacity against this threshold if tested.

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

Upward pressure on the rating could emerge if Synthon is successful
in executing the launch of its pipeline products, notably
Palbociclib, leading to a material improvement in its key credit
metrics. Numerically, this would translate into Moody's-adjusted
leverage declining below 4.5x, Moody's-adjusted FCF to debt
increasing above 10%, and Moody's-adjusted EBITA to interest
expense improving above 3x, all on a sustained basis.

Downward pressure on the rating could emerge if Synthon's operating
performance weakens, notably if it faces failures or material
delays in the development or launch of its pipeline products.
Numerically, downward pressure could emerge if Moody's-adjusted
leverage remains above 6x or Moody's-adjusted EBITA to interest
expense remains below 2x, both for a prolonged period of time, or
if Moody's-adjusted FCF becomes negative or liquidity weakens.
Material debt-funded acquisitions that increase leverage or disrupt
the operations could also cause downward pressure on the rating.

STRUCTURAL CONSIDERATIONS

The B2-PD probability of default rating, in line with the CFR,
reflects Moody's assumption of a 50% family recovery rate, typical
for covenant-lite secured loan structures. The B2 ratings of the
senior secured term loans, and the senior secured RCF reflect their
pari passu ranking, with upstream guarantees from significant
subsidiaries of the Synthon group which account for at least 80% of
consolidated EBITDA.

COVENANTS

Notable terms of the TLB documentation include the below. The
following are proposed terms, and the final terms may be materially
different.

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement). Wholly-owned
companies representing 5% or more of EBITDA incorporated in the
Czech Republic, the Netherlands, Spain and the US are required to
provide guarantees and security. Security will be granted over key
shares, receivables and material bank accounts.

Incremental facilities are permitted up to the greater of EUR135
million and 100% of EBITDA. Unlimited pari passu debt is permitted
up to a senior secured net leverage ratio (SSNLR) of 5.75x or if
the SSNLR is not made worse after the transaction.

Any restricted payment (RP) is permitted up to a SSNLR of 5.25x and
junior debt repayments are permitted if the SSNLR is 5.5x or lower
(in each case, with step-downs if funded from the available
amount). Permitted investments are allowed up to a SSNLR of 5.75x
or if funded from the available amount. Asset sale proceeds are
never required to be applied in full with only 50% of proceeds
required where SSNLR is greater than 5.75x and proceeds up to the
greater of EUR50 million and 35% of EBITDA increase RP capacity if
the SSNLR is 5.75x or less.

Adjustments to consolidated EBITDA include cost savings and
synergies capped at 25% of EBITDA from actions reasonably
anticipated to be achieved within 24 months.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.

COMPANY PROFILE

Founded in 1991, Synthon is a leading company in the niche B2B
pharmaceutical segment, focused on the development, manufacture and
out-licensing of complex generics pharmaceuticals. Although most of
the company's activities are undertaken through business partners,
Synthon operates directly in Chile and Mexico, and has a joint
venture in Argentina. The company generated total revenue of EUR403
million and company-adjusted EBITDA of EUR140 million in 2024, and
has been majority owned by Goldman Sachs Asset Management since
2025.




===========
P O L A N D
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MLP GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings, on Feb. 17, 2025, affirmed nine EMEA logistics real
estate companies' ratings, following the update of the EMEA Real
Estate Ratings Navigator, which was part of the revision of Sector
Navigators in the Corporate Rating Criteria, dated December 6,
2024.  All their ratings and Outlooks are unaffected by the changes
to specific Navigator sub-factors and blended factors.

This Rating Action Commentary or "RAC" covers EMEA logistics
property companies.

The Involved Entities are:

* VGP N.V.  (Belgium)
* SEGRO PLC  (United Kingdom)
* Catena AB (publ)  (Sweden)
* Montea NV. (Belgium)
* SELP Finance SARL. (luxembourg)
* Warehouses De Pauw NV/SA. (Belgium)
* MLP Group S.A.  (Poland)
* AXA Logistics Europe Master S.C.A.  (Luxembourg)
* Titanium Ruth Holdco plc. (United Kingdom)
* SEGRO Capital S.a.r.l.  (Luxembourg)

Sector Navigators provide guidance on how Fitch applies the
Corporate Rating Criteria to issuers within the sector that each
specific Navigator addresses. Fitch's EMEA Real Estate: Ratings
Navigator Companion report, dated February 12, 2025, and the
updated EMEA Real Estate: Logistics Property Companies - Relative
Credit Analysis report, dated February 17, 2025, detail all the
qualitative and quantitative factors and sub-factors for assessing
these companies.

Key Rating Drivers

For full key ratings drivers for each issuer, see the RACs listed
below.

AXA Logistics Europe Master S.C.A.

"Fitch Affirms AXA LEM at 'BBB+'/Stable; Senior Unsecured 'A-'",
dated October 24, 2024

Catena AB (publ)

"Fitch Upgrades Catena AB's IDR to 'BBB'; Outlook Stable", dated
October 16, 2024

MLP Group S.A.

"Fitch Assigns MLP Group First-Time 'BB+' IDR; Outlook Stable",
dated 30 September 2024

Montea NV

"Fitch Assigns Montea NV First-Time 'BBB+'/Stable IDR; Senior
Unsecured 'A-'", dated August 20, 2024

SEGRO PLC

"Fitch Affirms SEGRO on Proposed Tritax EuroBox Acquisition", dated
September 4, 2024

SELP Finance SARL

"Fitch Affirms SELP's IDR at 'BBB'/Stable; Senior Unsecured at
'BBB+'", dated June 6, 2024

Titanium Ruth Holdco plc

"Fitch Affirms Tritax EuroBox at 'BBB-'; Removes Rating Watch
Positive; Outlook Stable", dated
December 10, 2024

VGP N.V.

"Fitch Affirms VGP NV at 'BBB-'; Outlook Stable", dated September
3, 2024

Warehouses De Pauw NV/SA

"Fitch Affirms WDP's IDR at 'BBB+'/Stable; Senior Unsecured at
'A-'", dated July 25, 2024

Derivation Summary

See relevant RAC for each issuer.

Key Assumptions

See relevant RAC for each issuer.

RATING SENSITIVITIES

See relevant RAC for each issuer.

Liquidity and Debt Structure

See relevant RAC for each issuer.

Criteria Variation

See AXA Logistics Europe Master S.C.A.'s and SELP Finance SARL's
RACs for their respective criteria variations.

Sources of Information

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

See relevant RAC for each issuer.

   Entity/Debt           Rating         Recovery   Prior
   -----------           ------         --------   -----
Warehouses De
Pauw NV/SA         LT IDR BBB+ Affirmed            BBB+

   senior
   unsecured       LT     A-   Affirmed            A-

SEGRO Capital
S.a.r.l.

   senior
   unsecured       LT     A-   Affirmed            A-

Titanium Ruth
Holdco plc         LT IDR BBB- Affirmed            BBB-

   senior
   unsecured       LT     BBB  Affirmed            BBB

AXA Logistics
Europe Master
S.C.A.             LT IDR BBB+ Affirmed            BBB+

   senior
   unsecured       LT     A-   Affirmed            A-

SEGRO PLC          LT IDR BBB+ Affirmed            BBB+
                   ST IDR F2   Affirmed            F2

    senior
    unsecured      LT     A-   Affirmed            A-

MLP Group S.A.     LT IDR BB+  Affirmed            BB+

   senior
   unsecured       LT     BB+  Affirmed    RR4     BB+

SELP Finance
SARL               LT IDR BBB  Affirmed            BBB

   senior
   unsecured       LT     BBB+ Affirmed            BBB+

VGP N.V.           LT IDR BBB- Affirmed            BBB-

   senior
   unsecured       LT     BBB- Affirmed            BBB-

Montea NV          LT IDR BBB+ Affirmed            BBB+

   senior
   unsecured       LT     A-   Affirmed            A-

Catena AB (publ)   LT IDR BBB  Affirmed            BBB




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

BANKINTER 13: S&P Affirms 'D(sf)' Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings raised its credit rating on Bankinter 13, Fondo
de Titulizacion de Activos' class D notes to 'AA (sf)' from 'A
(sf)'. At the same time, S&P affirmed its 'AAA (sf)', 'AAA (sf)',
'AA+ (sf)', and 'D (sf)' ratings on the class A2, B, C, and E
notes, respectively.

The rating actions reflect its full analysis of the most recent
information we have received and the transaction's current
structural features.

S&P said, "After applying our global RMBS criteria, our expected
losses for the transaction decreased due to reduced
weighted-average foreclosure frequency (WAFF) and weighted-average
loss severity (WALS) assumptions. The WAFF has decreased due to
lower effective loan-to-value (LTV) ratios and higher seasoning.
Our WALS assumptions declined due to the lower current LTV ratio."

  Table 1

  Credit analysis results

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

  AAA     7.33      2.00        0.15
  AA      4.94      2.00        0.10
  A       3.79      2.00        0.08
  BBB     2.59      2.00        0.05
  BB      1.39      2.00      0.03
  B       1.10      2.00      0.02

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

As per the October 2024 investor report, credit enhancement for the
class A2, B, C, and D notes has increased to 13.2%, 10.3%, 7.2%,
and 4.5% from 12.8%, 9.9%, 6.8%, and 4.1%, respectively, reflecting
the transaction's deleveraging. The reserve fund is at its target
level; therefore, the transaction is currently paying pro rata.
However, it will soon start to repay sequentially given that the
pool factor is close to 10% of the initial pool's balance.

S&P said, "Total arrears have remained low and stable at 0.8% since
our last review. Overall delinquencies are below our Spanish RMBS
index.

"Our operational, rating above the sovereign, counterparty, and
legal risk analyses remain unchanged since our previous review.
Therefore, these criteria do not cap our ratings. Additionally, we
stressed one week of commingling loss during the accumulation
period given the weekly transfer of collections to the transaction
account.

"We raised to 'AA (sf)' from 'A (sf)' our rating on the class D
notes. This tranche could withstand cash flow stresses at higher
rating levels. However, we limited our upgrade, considering the
transaction's low pool factor, the available credit enhancement,
and potential tail-end risk.

"We affirmed our 'AAA (sf)' ratings on the class A2 and B notes.
The notes' available credit enhancement remains commensurate with
the assigned ratings.

"The class C notes could withstand cash flow stresses at higher
rating levels. However, we affirmed our 'AA+ (sf)' rating, which
also reflects the transaction's low pool factor, the available
credit enhancement, and potential tail-end risk."

The class E notes now receive interest in a timely manner. However,
this tranche is not collateralized and will be paid after
amortization of the reserve fund. It previously missed a
significant amount of interest payments, and may face future
interest shortfalls. Additionally, according to the transaction
documents, a clean-up call option can be exercised if the
repurchase price is sufficient to cover accrued interest and the
principal outstanding only on the class A2 to D notes. If the
clean-up call option is exercised, even under favorable economic
conditions the issuer would not have enough funds to pay the
outstanding amounts on the class E notes. S&P therefore affirmed
its 'D (sf)' rating.

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

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

"Furthermore, a decline in house prices typically impacts the level
of realized recoveries. However, for Spain in 2025 and 2026, we
expect them to increase by 4.5% and 3.5%, respectively.

"We ran additional scenarios with increased defaults of 1.1x and
1.3x. The results of the above sensitivity analysis indicate no
deterioration."

Bankinter 13 is a Spanish RMBS transaction that closed in November
2006. It securitizes first-ranking mortgage loans originated and
serviced by Bankinter.




===========
T U R K E Y
===========

ANADOLUBANK AS: Fitch Assigns 'CCC+(EXP)' Rating on Tier 2 Notes
----------------------------------------------------------------
Fitch Ratings has assigned Anadolubank A.S.'s planned issue of
Basel III-compliant Tier 2 capital notes an expected rating of
'CCC+(EXP)'. The Recovery Rating is 'RR6'.

The final rating is subject to the receipt of the final
documentation conforming to information already received by Fitch.

Key Rating Drivers

The Tier 2 notes are rated two notches below Anadolubank's
Viability Rating (VR) of 'b', in accordance with Fitch's Bank
Rating Criteria, for loss severity given the notes' subordinated
status and Fitch's view of a high likelihood of poor recoveries in
the event of default. Fitch has applied zero notches for
incremental non-performance risk, as it believes that write-down of
the notes will only occur once the point of non-viability is
reached, and there is no coupon flexibility prior to
non-viability.

The notes' 'RR6' Recovery Rating reflects poor recovery prospects
in a default.

The notes constitute direct, unsecured, and subordinated
obligations of the bank and rank equally with all its other
subordinated obligations but in priority to junior obligations. The
notes qualify as Basel III-compliant Tier 2 instruments and contain
contractual loss absorption features, which can be triggered at the
point of non-viability of the bank. According to the draft terms,
the notes are subject to permanent partial or full write-down, upon
the occurrence of a non-viability event (NVE). There are no equity
conversion provisions in the terms.

A NVE is determined as occurring once the bank has incurred losses
and has become, or is likely to become, non-viable as determined by
the local regulator, the Banking and Regulatory Supervision
Authority (BRSA). The bank will be deemed non-viable should it
reach the point at which the BRSA determines its operating license
is to be revoked and the bank liquidated, or the rights of
Anadolubank's shareholders (except to dividends), and the
management and supervision of the bank, are transferred to the
Savings Deposit Insurance Fund on the condition that losses are
deducted from the share capital of current shareholders.

The notes have an expected 10-year maturity and a call option after
five years.

At end-3Q24, Anadolubank's 15.8% consolidated common equity Tier 1
and Tier 1 ratios (including forbearance) and its 16.1%
consolidated total capital adequacy ratio (including forbearance),
were above their 7% CET1, 8.5% Tier 1 and 12% total capital
regulatory requirements, respectively, including a capital
conservation buffer of 2.5%.

Rating Sensitivities

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

The notes' rating is primarily sensitive to changes to
Anadolubank's VR, from which they are notched.

The notes would be downgraded if Anadolubank's VR was downgraded.
The notes' rating is also sensitive to changes in Fitch's
assessment of the notes' non-performance relative to the risk
captured in the VR. This may result, for example, from a
significant decline in capital buffers relative to regulatory
requirements.

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

The notes' rating would be upgraded if Anadolubank's VR was
upgraded.

Date of Relevant Committee

06 February 2025

ESG Considerations

Anadolubank A.S. has an ESG Relevance Score for Management Strategy
of '4' reflecting an increased regulatory burden on all Turkish
banks. The management's ability across the sector to determine
their own strategy and price risk is constrained by regulatory
burden and also by the operational challenges of implementing
regulations at the bank level. This has a moderately negative
impact on the banks' credit profiles, and is relevant to the banks'
ratings in combination 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   
   -----------            ------                    --------   
Anadolubank A.S.

   Subordinated       LT CCC+(EXP)  Expected Rating   RR6




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

AMPHORA FINANCE: GBP301MM Bank Debt Trades at 66% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 34.2
cents-on-the-dollar during the week ended Friday, February 21,
2025, according to Bloomberg's Evaluated Pricing service data.

The GBP301 million Term loan facility is scheduled to mature on
June 2, 2025. The amount is fully drawn and outstanding.

Amphora Finance Limited operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company’s country of domicile is the
United Kingdom.


BISHOPS LODGE: KRE Corporate Named as Administrators
----------------------------------------------------
Bishops Lodge Limited was placed into administration proceedings in
the Royal Court of Justice, Court Number: CR-2025-000560, and David
Taylor and Paul Ellison of KRE Corporate Recovery Limited were
appointed as administrators on Feb. 12, 2025.  

Bishops Lodge operated a cardinal clinic.

Its registered office is c/o KRE Corporate Recovery Ltd, at Unit 8,
The Aquarium, 1-7 King Street, Reading, RG1 2AN.  Its principal
trading address is at Oakley Green, Windsor, Berks, SL4 5UL.

The administrators can be reached at:

           David Taylor
           Paul Ellison
           KRE Corporate Recovery Limited
           Unit 8, The Aquarium
           1-7 King Street
           Reading, RG1 2AN

For further information, contact:

           The Joint Administrators
           E-mail: info@krecr.co.uk
           Tel No: 01189-479090

Alternative contact: Alison Young


CHARLTON MILLS: Lines Henry Named as Administrators
---------------------------------------------------
Charlton Mills Advisory Ltd was placed into administration
proceedings In the High Court of Justice, Business and Property
Courts in Manchester, Insolvency & Companies (ChD), No
CR-2024-MAN-000216, and Neil Henry of Lines Henry Ltd was appointed
as administrators on Feb. 18, 2025.  

Charlton Mills is into management consulting.

Its registered office is at 35 Strawberry Lane, Wilmslow, Cheshire,
SK9 6AQ.

Its principal trading address is at 35 Strawberry Lane, Wilmslow,
Cheshire, SK9 6AQ.

The joint administrators can be reached at:

         Neil Henry
         Lines Henry Ltd
         5 Tabley Court
         Victoria Street, Altrincham
         Cheshire, WA14 1EZ

For further details, contact:

         The Joint Administrators
         Tel No: 0161 660 0579
         Email: nvayo@leonardcurtis.co.uk

For further details, contact:

          Andrew Walker
          Tel No: 0161 929 1905
          Email: andrew.w@lineshenry.co.uk


EVOKE PLC: Moody's Lowers CFR to B2 & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Ratings has downgraded Evoke PLC's long term corporate
family rating to B2 from B1 and the Probability of Default Rating
to B2-PD from B1-PD. Concurrently, Moody's downgraded to B2 from B1
all the instrument ratings issued by 888 Acquisitions Limited, 888
Acquisitions LLC and to B3 from B2 the instrument rating of William
Hill Limited (WHL).

The outlook on all entities has changed to stable from negative.   
    

RATINGS RATIONALE

The rating action reflects Evoke's weak cash flow generation and
elevated leverage that has continued since the acquisition of
William Hill International in 2022.

Based on the company's 2024 post close trading update Moody's
expects that EBITDA for the year will be below Moody's prior
expectations of GBP364 million and estimate that the company
generated negative Moody's adjusted free cash flow (FCF).

Evoke has achieved revenue growth in the second half of 2024,
however, Moody's continues to expects FCF to remain under pressure
in 2025 due to on-going restructuring charges and investments to
revamp its retail point of presence on the UK's high-street. The
company has a leverage ratio target (measured by net debt/EBITDA)
of less than 3.5x by year-end 2026, which Moody's views as
increasingly difficult to achieve based on Moody's revised EBITDA
growth expectations. Large UK gaming and gambling operators like
Evoke have broadly aligned to the changes proposed in the
government white paper published in April 2023, however, a number
of consultations are still ongoing and may result in more
restrictive activity than currently permitted. Recently, the Bank
of England has also halved its UK growth forecasts for 2025 and
warned households would face renewed pressure from rising prices;
gaming and gambling activities have proved rather resilient during
past recessions, however, online activity was much lower as well.
Such factors, in addition to continued salary inflation, increase
the risk the company will not be able to meet the medium-term
financial targets of 5-9% revenue growth per year and EBITDA margin
expansion of around 100bps per year.

Evoke's B2 ratings remain supported by the group's established and
popular brands with good market positions in large key gaming
markets (the UK, Italy, Spain); competitive advantage stemming from
Evoke's proprietary technology platform, which also enables the
company to proactively monitor clients' behaviour and provide
players with appropriate safeguarding measures; and the progress
made by new management which has been in place for around a year
and returned the company to revenue growth as well as improving its
cost base.

Evoke's ratings, however, are constrained by the company's
concentration in the mature UK market (almost 70% of group revenue)
and exposure to markets that are not locally regulated (about 5% of
revenue in 2023); its high Moody's-adjusted debt to EBITDA that
Moody's forecasts at about 5.6x as of the end of December 2024,
which has failed to materially improve since closing of the William
Hill International acquisition in 2022; lack of FCF generation to
date, and Moody's expectation of no significant FCF generation also
in 2025; the highly competitive nature of the online betting and
gaming industry; and the ongoing risk of regulatory changes and
gaming tax increases due to social pressure.

LIQUIDITY

Evoke's liquidity position has deteriorated in the past 12 months
but Moody's still consider it to be adequate. The company had about
GBP116 million of unrestricted cash on balance sheet as of June 30,
2024 but it included GBP25 million of drawings from the revolving
credit facility. The company has a GBP150 million revolving credit
facility (RCF) due in January 2028 and an additional GBP50 million
RCF that expires at the end of 2025.

Moody's estimates that cash on balance sheet has continued to
reduce during 2024 and expect this will continue at least into the
first half of 2025; Moody's expects Evoke's Moody's adjusted free
cash flow to be slightly negative or break-even in 2025, largely
due to exceptional costs and sustained capex investments. Liquidity
could further weaken in 2026 with the expiration of the GBP50
million RCF and if the company is not able to increase available
cash on balance sheet through internal cash flow generation.

The RCF has a springing covenant when it is drawn for at least 40%;
the applicable level would be 7.65x net debt leverage with no
step-down, leaving plenty of capacity.

Evoke has no significant debt maturities at least until 2027 (only
GBP11 million of WHL bonds maturing in 2026 remain outstanding).

STRUCTURAL CONSIDERATIONS

The B2 CFR is assigned at the level of the publicly listed entity,
Evoke PLC, which is also the holdco guarantor of the loans. The
facilities benefit from a security package represented mainly by
share pledges, floating charges on UK entities and guarantees from
all substantial subsidiaries of the group, including upstream
guarantees from William Hill Limited subsidiaries.

Only GBP11 million of WHL 2026 bonds remain outstanding after the
change of control put option was exercised by most bondholders.
Moody's rate the WHL bonds B3, one notch lower than Evoke's CFR,
because of a weaker security package and guarantor coverage than
the other debt facilities.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Evoke's
revenues remain on a positive trajectory and EBITDA margins will
continue to improve. Moody's adjusted leverage, however, will
decline below 5.0x only towards the end of 2026. The stable outlook
also assumes no changes to the regulatory environment in the
jurisdictions where Evoke operates and that the company's liquidity
will start to improve.

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

The ratings could be upgraded following a sustained period of
revenue growth combined with no regulatory findings/fines. An
upgrade would also require Evoke to have Moody's adjusted debt to
EBITDA ratio below 5.0x, Moody's adjusted FCF to debt at or above
5% and Moody's-adjusted EBITA to interest above 1.5x.

The ratings could be downgraded if Moody's adjusted FCF continue to
remain negative in 2026 or Moody's-adjusted Debt to EBITDA were to
remain well above 5.5x by the end of 2026. Additionally Moody's
could consider a downgrade due to changes in the company's         
financial policy resulting in greater appetite for leverage or
significantly adverse regulatory actions in one or more of the
larger geographies in which the company operates.

LIST OF AFFECTED RATINGS

Issuer: Evoke PLC

Downgrades:

Probability of Default Rating, Downgraded to B2-PD from B1-PD

LT Corporate Family Rating, Downgraded to B2 from B1

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: 888 Acquisitions Limited

Downgrades:

Backed Senior Secured Bank Credit Facility (Foreign Currency),
Downgraded to B2 from B1

Backed Senior Secured (Foreign Currency), Downgraded to B2 from
B1

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: 888 Acquisitions LLC

Downgrades:

Backed Senior Secured Bank Credit Facility (Local Currency),
Downgraded to B2 from B1

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: William Hill Limited

Downgrades:

Backed Senior Unsecured (Local Currency), Downgraded to B3 from
B2

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in June 2021.

COMPANY PROFILE

Evoke PLC, headquartered in Gibraltar, is a public company listed
on the London Stock Exchange with a market capitalisation exceeding
GBP300 million; the group is the combination of 888 Holdings Plc
and William Hill International operations outside the US, a merger
that closed in July 2022. The company has a strong presence (about
70% of group revenues) in the UK and good market positions in
Italy, Spain and Denmark. The group generated revenue of GBP1.7
billion and adjusted EBITDA of GBP308 million in 2023, as reported
by the company.


GROSVENOR SQUARE 2023-1: Fitch Lowers Rating on Cl. F Notes to CCC
------------------------------------------------------------------
Fitch Ratings has downgraded Grosvenor Square RMBS 2023-1 plc's
(GSQ2023-1) class E and F notes and affirmed the others. The
Outlook on the class D notes has been revised to Negative from
Stable.

   Entity/Debt                Rating            Prior
   -----------                ------            -----
Grosvenor Square
RMBS 2023-1 PLC

   Class A XS2594135084   LT AAAsf  Affirmed    AAAsf
   Class B XS2594135324   LT AAsf   Affirmed    AAsf
   Class C XS2594138005   LT A+sf   Affirmed    A+sf
   Class D XS2594138260   LT BBB+sf Affirmed    BBB+sf
   Class E XS2594138690   LT B-sf   Downgrade   BBsf
   Class F XS2594139078   LT CCCsf  Downgrade   B-sf
   Class G XS2594139235   LT CCsf   Affirmed    CCsf

Transaction Summary

GSQ2023-1 is a refinancing of previous securitisations under
Kensington Mortgage Company Limited's Finsbury Square (FSQ) and
Gemgarto (GMT) RMBS shelf programmes. The loans in the pool are a
mix of seasoned owner-occupied (OO) and buy-to-let loans primarily
originated by Kensington with a small proportion of loans
originated by other lenders, namely Southern Pacific Personal Loans
Limited and Money Partners Limited. The collateral of the GSQ2023-1
pool was previously included in the following transactions: GMT
2018-1, FSQ 2018-2, FSQ 2019-1, FSQ 2019-2, FSQ 2019-3, FSQ 2020-1
and FSQ 2020-2.

KEY RATING DRIVERS

Performance Deterioration Drives Downgrades: The downgrade of the
class E and F notes and revision of the Outlook on the class D
notes to Negative have been driven by asset pool performance
deterioration. Total arrears in GSQ 2023-1 nearly doubled to 27.4%
at December 2024 from 14.1% at December 2023, which is one of the
weakest arrears positions of Fitch-rated prime securitisations.

The performance deterioration was mainly driven by borrowers
rolling through arrears buckets and falling further behind on
mortgages, rather than an increase in the number of loans in
arrears. Arrears concentrated in the late stage arrears buckets
constitute approximately 21.9% of the total current outstanding
balance of the pool. Arrears are also linked to vulnerable
borrowers, which makes timing of the repossession process uncertain
and creates a drag on the transaction cash flows while these assets
remain outstanding. This trend is likely to negatively impact cash
flows available to the mezzanine and junior tranches, which is
reflected in the rating actions.

High Prepayments: Constant prepayment rates for the transaction
have been elevated since closing, averaging 42% annually. The
elevated prepayment rates are exacerbating the arrears position;
resulting in a material increase in arrears as a percentage of the
pool balance. Further fixed-rate assets in the pool are scheduled
to revert to a floating rate during 2025. Fitch expects many of
these loans to either re-mortgage or product switch rather than
reverting to higher floating rates. This will lead to continued
high prepayment rates as product switches are not retained in the
transaction.

CE Accumulation: The transaction has deleveraged substantially
since closing with class A credit enhancement (CE) increasing by
around 23pp to 37% by December 2024. This has made certain tranches
more resilient to the asset performance deterioration. The build-up
in CE supports the affirmation of the class A, B and C notes.

Self-Employed Borrowers: Prime lenders assessing borrower
affordability typically require a minimum of two years of income
information and apply a two-year average, or if income is
declining, the lower income amount. Kensington's underwriting
practices permits underwriters' discretion in using the latest
year's income if it is increasing. Fitch therefore applied an
increase of 30% to the foreclosure frequency (FF) for self-employed
borrowers with verified income instead of the 20% increase
typically applied under its UK RMBS Rating Criteria to the OO
sub-pool only. Self-employed borrowers constitute 47.8% of the OO
sub-pool and 52.8% of the total pool.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated to increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to potential negative rating action depending on the
extent of the decline in recoveries. Fitch conducted sensitivity
analysis by applying a 15% increase in the weighted average (WA) FF
and a 15% decrease in the WA recovery rate (RR). The results
indicate downgrades of one notch for the class B notes, two notches
for the class C notes and three notches for the class D notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF of 15% and an increase in the RR of
15%. The results indicate upgrades of up to four-notches for the
class B, C and D notes.

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

Grosvenor Square RMBS 2023-1 PLC

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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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.


LITTLE SILVER: FRP Advisory Named as Administrators
---------------------------------------------------
Little Silver Country Hotel Limited was placed into administration
proceedings in the The High Court of Justice, Court Number:
CR-2025-000909, and Julie Humphrey and Paul Atkinson of FRP
Advisory Trading Limited were appointed as administrators on Feb.
12, 2025.  

Little Silver, trading as Little Silver Country Hotel, is into the
hotel business.

Its registered office is at Sportsman Farm, St. Michaels,
Tenterden, TN30 6SY to be changed to FRP Advisory Trading Limited,
at Jupiter House, Warley Hill Business Park, The Drive, Brentwood,
Essex, CM13 3BE.

Its principal trading address is at Ashford Road, St Michael's,
Tenterden, TN30 6SP.

The joint administrators can be reached at:

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

For further details, contact:

          The Joint Administrators
          Tel No: 01277-50-3333

Alternative contact:

          Ben Falkingham
          Email: cp.brentwood@frpadvisory.com


METRIKUS LIMITED: Liberata Associates Named as Administrators
-------------------------------------------------------------
Metrikus Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales Insolvency and Companies List, No CR-2025-000769, and
Nicholas Barnett of Liberata Associates was appointed as
administrators on Feb. 12, 2025.  

Metrikus Limited is into software development.

Its registered office is at Three Tuns House, 109 Borough High
Street, London, SE1 1NL.

Its principal trading address is at 10 Arthur Street, London, EC4R
9AY.

The Administrator can be reached at:

          Nicholas Barnett
          Libertas Associates
          3 Chandlers House
          Hampton Mews
          191-195 Sparrows Herne, Bushey
          Hertfordshire, WD23 1FL

One may also contact:

          Craig Humphrey
          Email: chumphrey@libertasassociates.co.uk
          Tel No: 020-8634-5599


TAKUMI INT'L: RSM UK Named as Administrators
--------------------------------------------
Takumi International Limited was placed into administration
proceedings in Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-000126, and Gordon Thomson and Stephanie Sutton of RSM
Restructuring Advisory LLP were appointed as administrators on Feb.
14, 2025.  

Takumi International was engaged in business and domestic software
development.

Its registered office and principal trading address is at 86-90
Paul Street, 3rd Floor, London, EC2A 4NE.

The joint administrators can be reached at:

              Gordon Thomson
              Stephanie Sutton
              RSM Restructuring Advisory LLP
              25 Farringdon Street
              London EC4A 4AB

Correspondence address & contact details of case manager:

              Samir Akram
              RSM Restructuring Advisory LLP
              25 Farringdon Street
              London EC4A 4AB
              Tel No: 020-3201-8000

Alternative contact:

              Joint Administrators
              Gordon Thomson
              Tel No: 020-3201-8173
              Stephanie Sutton
              Tel No: 01482-607309


TRADELINE UPVC: Leonard Curtis Named as Administrators
------------------------------------------------------
Tradeline UPVC Ltd 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-MAN-000201, and  Mike Dillon and Andrew Knowles of Leonard
Curtis were appointed as administrators on Feb. 14, 2025.  

Tradeline UPVC is a supplier of UPVC products.

Its registered office and principal trading address is at St.George
Court, Winnington Avenue, Northwich, Cheshire, CW8 4EE.

The joint administrators can be reached at:

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

For further details, contact:

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

Alternative contact: Helen Hales




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

[] Fitch Affirms Ratings on Six European Real Estate Companies
--------------------------------------------------------------
Fitch Ratings, on Feb. 17, 2025, affirmed eight EMEA central
eastern European (CEE) and Middle-East & Africa (MEA) real estate
companies' ratings and maintained one other on Rating Watch
Negative . This follows the update of the EMEA Real Estate Ratings
Navigator, which was part of the revision of Sector Navigators in
the Corporate Rating Criteria, dated December 6, 2024.  All their
ratings and Outlooks are unaffected by the changes to specific
Navigator sub-factors and blended factors.

This Rating Action Commentaries or "RAC" covers CEE and MEA
property companies.

The Involved Entities are:

* Globe Trade Centre S.A. (Poland)
* AKROPOLIS GROUP, UAB (Lithuania)
* NE Property B.V. (Netherlands)
* MAS Securities B.V. (Netherlands)
* Globalworth Real Estate Investments Limited (Guernsey)
* GTC Aurora Luxembourg S.A. (Luxembourg)

* Arabian Centres Sukuk II Limited (Cayman Islands)
* Arabian Centres Company (Saudi Arabia)
* Growthpoint Properties Ltd (South Africa)
* Emirates REIT (CEIC) PLC (UAE)
* MAF Sukuk Ltd. (UAE)

Sector Navigators provide guidance on how Fitch applies the
Corporate Rating Criteria to issuers within the sector that each
specific Navigator addresses. Fitch's EMEA Real Estate: Ratings
Navigator Companion report, dated February 12, 2025, details all
the qualitative and quantitative factors and sub-factors for
assessing these companies.

Key Rating Drivers

AKROPOLIS GROUP, UAB

"Fitch Affirms Akropolis at 'BB+'; Outlook Stable", dated July 16,
2024

Arabian Centres Company

"Fitch Revises Arabian Centres's Outlook to Negative; Affirms IDR
at 'BB+'", dated July 25, 2024

Emirates REIT (CEIC) PLC

"Fitch Assigns Emirates REIT Final 'BB+' Senior Secured Rating",
dated December 12, 2024

Globalworth Real Estate Investments Limited

"Fitch Revises Globalworth's Outlook to Stable; Affirms IDR at
'BBB-'", dated June 28, 2024

Globe Trade Centre S.A.

"Fitch Revises Globe Trade Centre's Outlook to Negative; Affirms
Ratings at 'BB+'", dated November 25, 2024

Growthpoint Properties Ltd

"Fitch Affirms Growthpoint at 'BB+'; Outlook Stable", dated
February 7, 2025

Majid Al Futtaim LLC

"Fitch Affirms Majid Al Futtaim LLC at 'BBB'; Outlook Stable",
dated November 20, 2024

MAS PLC

"Fitch Downgrades MAS PLC's IDR to 'BB-'; Maintains Rating Watch
Negative", dated November 21, 2024

NEPI Rockcastle N.V.

"Fitch Affirms NEPI Rockcastle at 'BBB+', Outlook Stable", dated
October 18, 2024

Derivation Summary

See relevant RAC for each issuer.

Key Assumptions

See relevant RAC for each issuer.

RATING SENSITIVITIES

See relevant RAC for each issuer.

Liquidity and Debt Structure

See relevant RAC for each issuer.

Sources of Information

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

See relevant RAC for each issuer.

   Entity/Debt           Rating                   Recovery   Prior
   -----------           ------                   --------   -----
MAF Global
Securities Limited

   senior
   unsecured      LT      BBB  Affirmed   BBB

   subordinated   LT      BB+  Affirmed   BB+

MAS PLC           LT IDR  BB- Rating Watch Maintained        BB-

   senior
   unsecured      LT      B+  Rating Watch Maintained  RR5   B+

Majid Al Futtaim
Holding LLC       LT IDR  BBB     Affirmed                   BBB

                  ST IDR  F3      Affirmed                   F3

   senior
   unsecured      LT      BBB     Affirmed                   BBB

Arabian Centres
Sukuk II Limited

   senior
   unsecured      LT      BB+     Affirmed             RR4   BB+

Growthpoint
Properties Ltd    LT IDR  BB+     Affirmed                   BB+

                  Natl LT AAA(zaf)Affirmed               AAA(zaf)

   senior
   unsecured      LT      BB+     Affirmed             RR4   BB+

GTC Aurora
Luxembourg S.A.

   senior
   unsecured      LT     BB+      Affirmed             RR4   BB+

MAF Sukuk Ltd.

   senior
   unsecured      LT     BBB      Affirmed                   BBB

Arabian Centres
Sukuk III Limited

   senior
   unsecured      LT     BB+      Affirmed             RR4   BB+

NEPI Rockcastle
N.V.              LT IDR BBB+     Affirmed                   BBB+

   senior
   unsecured      LT     BBB+     Affirmed                   BBB+

Arabian Centres
Company           LT IDR BB+      Affirmed                   BB+

                  LC LT IDR BB+   Affirmed                   BB+

                  Natl LT A-(sau) Affirmed                A-(sau)

   senior
   unsecured      LT      BB+     Affirmed             RR4   BB+

Arabian Centres
Sukuk IV Limited

   senior
   unsecured      LT      BB+     Affirmed             RR4   BB+

Globalworth
Real Estate
Investments
Limited           LT IDR  BBB-    Affirmed                   BBB-

   senior
   unsecured      LT      BBB-    Affirmed                   BBB-

Emirates REIT
(CEIC) PLC        LT IDR  BB-     Affirmed                   BB-

   senior
   secured        LT      BB+     Affirmed             RR2   BB+

MAS Securities B.V.

   senior
   unsecured      LT      B+ Rating Watch Maintained   RR5   B+

Globe Trade
Centre S.A.       LT IDR BB+      Affirmed                   BB+

   senior
   unsecured      LT     BB+      Affirmed             RR4   BB+

AKROPOLIS
GROUP, UAB        LT IDR BB+      Affirmed                   BB+

   senior
   unsecured      LT     BB+      Affirmed             RR4   BB+

NE Property B.V.

   senior
   unsecured      LT     BBB+     Affirmed                   BBB+



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

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