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

                          E U R O P E

          Tuesday, March 18, 2025, Vol. 26, No. 55

                           Headlines



E S T O N I A

EESTI ENERGIA: S&P Downgrades ICR to 'BB+', Outlook Stable


F I N L A N D

CITYCON OYJ: Moody's Withdraws 'Ba1' Corporate Family Rating


F R A N C E

TSG SOLUTIONS: Moody's Affirms B2 CFR, Rates New Sec. Term Loan B2
VALEO S.E.: S&P Downgrades LT ICR to 'BB' on Low Cash Conversion
VIRIDIEN SA: Fitch Rates USD950MM Sr. Secured Bonds 'BB-(EXP)'
VIRIDIEN SA: Moody's Ups CFR to B2, Rates New $950MM Sec. Notes B2


I R E L A N D

ADAGIO VI: Moody's Ups Rating on EUR17.3MM Cl. E Notes to Ba1
AVOCA CLO XIX: S&P Assigns B- (sf) Rating to Class F-R Notes
DRYDEN 56 2017: Fitch Assigns 'B-(EXP)sf' Rating to Class F-R Notes
PALMER SQUARE 2025-1: S&P Assigns B-(sf) Rating to Class F Notes


L U X E M B O U R G

CURIUM BIDCO: EUR200MM Loan Add-on No Impact on Moody's 'B3' CFR
FS LUXEMBOURG: Moody's Rates New $100MM Sr. Unsecured Notes 'Ba3'
NEPTUNE HOLDCO: Moody's Affirms 'B3' CFR, Rates TLB & RCF 'B3'


N E T H E R L A N D S

ARTISAN NEWCO: Moody's Affirms B2 CFR, Rates New Secured Debt B2


S W E D E N

NORTHVOLT AB: Files Bankruptcy in Sweden; U.S. Units Unaffected


T U R K E Y

TURKIYE SISE: Moody's Cuts CFR to B2 & Alters Outlook to Negative


U N I T E D   K I N G D O M

ALTRIX TECHNOLOGY: FRP Advisory Named as Joint Administrators
ATLAS LEISURE: FRP Advisory Named as Joint Administrators
CD&R GALAXY: Moody's Cuts PDR to D-PD on Debt Revamp Completion
JVS (UK): Leonard Curtis Named as Administrators
MARBANK CONSTRUCTION: FRP Advisory Named as Administrators

MAXX DESIGN: SPK Financial Named as Joint Administrators
MIDLAND LIVINGS: Evelyn Partners Named as Joint Administrators
MUTT MOTORCYCLES: RSM UK Named as Administrators
PARKSIDE GROUP: Forvis Mazars Named as Joint Administrators
PLATFORM BIDCO: EUR100MM Loan Add-on No Impact on Moody's 'B3' CFR

RAPID HIRE: KBL Advisory Named as Administrators
SAWSCAPES PLAY: Oury Clark Named as Joint Administrators
SILCOMS LIMITED: RSM UK Named as Administrators
SOLEUS PEOPLE: FRP Advisory Named as Joint Administrators
TFS HEALTHCARE: FRP Advisory Named as Joint Administrators

WELLESLEY GROUP: RSM UK Named as Joint Administrators
WHEEL BIDCO: Fitch Cuts IDR, Senior Secured Debt Rating to 'CCC+'
YSJ01 LIMITED: CG&Co Named as Joint Administrators

                           - - - - -


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E S T O N I A
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EESTI ENERGIA: S&P Downgrades ICR to 'BB+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Eesti
Energia to 'BB+' from 'BBB-' and the junior subordinated rating on
the EUR400 million hybrid instrument to 'B' from 'B+'.

The stable outlook indicates S&P expects FFO to debt to remain
above 19% in 2025-2027 on average, with sustained 30% EBITDA
contribution from regulated power distribution network activities.

S&P said, "We expect Eesti Energia's adjusted EBITDA to remain at
EUR390 million-EUR430 million on average in 2025-2027, roughly in
line with 2024 because lower shale oil results will be partly
mitigated by higher renewable capacity. The company reported EUR398
million EBITDA for 2024, including a one-off EUR73 million gain on
free carbon dioxide (CO2) emission allowances, which we expect will
not repeat in 2025-2027. The 2025-2027 EBITDA level will be
sustained at around EUR400 million. This is thanks to stable and
slightly increasing power distribution business contributing about
EUR125 million annual EBITDA. It also owes to gradually increasing
renewable power production from 1.9 terawatt hours (TWh) as of
year-end 2024 to about 3 TWh on 2026-2028 with new projects
commissioned, for about EUR140 million-EUR180 million EBITDA on
2025-2027. We assume stable power prices within our base-case
scenario with power prices in the Baltics at around EUR80-EUR90 per
megawatt hour (EUR/MWh) in 2025-2027. Furthermore, due to their
high cost basis and pollution, oil shale units are unprofitable at
below EUR120-EUR140/MWh, we expect Eesti Energia's flexible power
production will remain at about 1.5-1.9 TWh on 2025-2027, serving
as back up units when peaks in demand lead to higher prices. Eesti
Energia's unregulated electricity business margins remain exposed
to market prices as electricity purchases need to cover for
production volumes (about 4.5 TWh expected) remaining significantly
lower than retail volumes sold (about 10 TWh), weakening its
integrated position. Eesti Energia's Enefit 280-2 shale oil
production plant is scheduled for completion in 2025 and will
increase Eesti Energia's annual output of liquid fuel, reaching
full capacity by 2026 in our base case, but we consider it has a
limited impact on EBITDA growth.

"Large capex cuts should contain debt increase to about EUR100
million on 2025-2027. We expect FFO to debt to stay at about 20% in
2025-2027, a level we view commensurate with the 'bb-' stand-alone
credit profile (SACP). Based on our preliminary estimate of 2024
year-end adjusted debt of EUR1.4 billion, a high average interest
rate of 5.26% prompts sustained interest expense. Negative working
capital of about EUR50 million annually weighs on free cash flow
generation. At year-end 2025, we estimate our adjusted debt will
amount to EUR1.5 billion, almost double the 2022 level.

"We now expect investments of about EUR1.5 billion over 2024-2028
from EUR2.5 billion-EUR3.0 billion over 2022-2026 in our previous
base case. Large projects like the new Enefit 280-2 oil production
plant will be completed in 2025, and in order to protect leverage,
we now expect the company will cut uncommitted growth capex related
to renewable projects from 2025." This also reflects challenges in
developing renewable projects because their rates of return are too
low based only on merchant prices. Although protecting any further
debt increase, the postponement of capex would keep the group from
achieving its decarbonization targets and renewable EBITDA growth
after 2028.

High volatility in Eesti Energia's cash flow generation due to
large retail exposure, a relatively small scale, and uncertainty on
future generation remuneration supports the downgrade to 'BB+'. The
company's integrated margin is exposed to market price volatility,
as low power production means more sourcing at market prices for
its supply activities and, if production weakens materially in
renewables, to cover for as-consumed power purchase agreement
contracts. S&P said, "We also see a risk that Eesti Energia would
need to keep its unprofitable oil shale power plants available to
ensure security of supply in the country without adequate
short-term remuneration. Strategic reserve compensation mechanism
is being discussed with the state and the national transmission
system operator Elering but its implementation is dependent on
State aid approval from the European Commission for which timing is
uncertain. We view as positive advancements toward a frequency
reserve and island mode remuneration, expected to be implemented by
2026. However, uncertainty remains on the dispatchable units
remuneration for flexibility service, timing of implementation, and
on potential additional supportive remuneration mechanisms to
incentivize renewable development."

S&P said, "We expect the likelihood of support from the Estonian
government to remain moderately high as the company is at the
forefront of national energy objectives. We do not include a
capital injection or dividend cuts in our base case as we believe
such support from the Estonian state is uncertain and could go
along additional capex." S&P continues to assess the likelihood of
extraordinary government support to Eesti Energia as moderately
high, based on its assessment of the company's:

-- Strong link with the Estonian government, which owns 100% of
Eesti Energia, with no expected change.

-- Important role for the government, given that Eesti Energia's
operations are strongly aligned with the government's interests, in
particular ensuring that Estonia is self-sufficient in
electricity.

S&P said, "The stable outlook reflects our expectation that FFO to
debt will be about 20% in 2025-2026. This expectation is
underpinned by lower power prices, with rollout of profitable
hedges in 2024, and a sustained high debt level around EUR1.4
billion -EUR1.5 billion. We expect discretionary cash flow to
gradually improve by 2027 thanks to capex cut.

"We could lower the rating if Eesti Energia's operating and
financial performance deteriorate without sufficient prospects for
near-term recovery, with FFO to debt falling sustainably below
19%." This could arise from:

-- Power prices decreasing below EUR70/MWh in 2025-2027 leading to
weaker generation earnings on merchant-exposed production as hedges
are rolled over;

-- Low power production on renewables and thermal units;

-- Squeezed retail margins; and

-- Increased investment or cost overruns--absent sufficient
remedial measures like subsidies, proceeds from disposals, or
dividend cuts.

S&P could also downgrade Eesti Energia if the volatility of its
cash flow generation increases, notably alongside:

-- Material decreases in regulated networks' EBITDA contribution,
for example from adverse regulatory decisions;

-- Delays in phasing out highly polluting oil shale plants with
absence of supportive remuneration.

Weakening liquidity and any issues with covenant waivers could also
pressure the rating. However, this is not S&P's current base-case
expectation.

We could raise the rating on Eesti Energia if FFO to debt
stabilizes above 25%, provided the business position does not
weaken.

This would most likely result from:

-- Stronger operating results due to higher Estonian area power
prices, operating efficiencies for power generation, or positive
revisions to the regulatory framework for electricity distribution;
or

-- Ongoing government support, for example in the form of dividend
cuts or capital injections.

S&P could also raise the rating if FFO to debt stabilizes above 25%
and Eesti Energia's cash flow volatility materially decreases based
on:

-- A higher share of earnings from regulated network activities;

-- Capacity market mechanism, ensuring the continuity of supply
during peak periods, on strategic reserve thermal plants; and;

-- Lower market price exposure with renewable generation contracts
representing the bulk of cash flows.

Finally, should S&P perceives a higher likelihood of extraordinary
support from the Estonian state, for example with guarantees on
Eesti Energia's debt or material equity injections, S&P could raise
the rating by one notch.




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F I N L A N D
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CITYCON OYJ: Moody's Withdraws 'Ba1' Corporate Family Rating
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Moody's Ratings has withdrawn Citycon OYJ's (Citycon) Ba1 long-term
corporate family rating, Ba3 junior subordinated rating of Citycon
OYJ (Citycon) and concurrently the backed senior unsecured MTN
program rating rated (P)Ba1 and the Ba1 rated backed senior
unsecured bonds of Citycon Treasury B.V. At the time of the
withdrawal, the ratings for both entities were on review for
downgrade and the outlook was ratings under review.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) because of
inadequate information to monitor the rating(s), due to the
issuer's decision to cease participation in the rating process.

Citycon OYJ owns and manages a portfolio of 31 investment
properties (as of Q4 2024) in the Nordic countries, of which 10 are
located in Finland, 11 in Norway, six in Sweden, four in Denmark
and Estonia. The company is one of the largest listed property
company in the Nordics and one of the largest listed retail
property companies in Europe by gross asset value. With total
assets of EUR3.7 billion as of December 31, 2024, the company
generated a gross rental income of EUR235 million as of the last
twelve months of December 31 2024.

Moody's have decided to withdraw the rating(s) because of
inadequate information to monitor the rating(s), due to the
issuer's decision to cease participation in the rating process.



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F R A N C E
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TSG SOLUTIONS: Moody's Affirms B2 CFR, Rates New Sec. Term Loan B2
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Moody's Ratings has affirmed TSG Solutions Holding's (TSG or the
company) B2 corporate family rating and its B2-PD probability of
default rating. Concurrently, Moody's assigned a new B2 instrument
rating to the proposed EUR600 million senior secured term loan B
(TLB) due in 2032 and a new B2 instrument rating to the proposed
EUR135 million senior secured revolving credit facility (RCF) due
in 2031 to be raised by TSG. The B2 ratings on the existing EUR420
million senior secured term loan maturing in March 2029 and the
existing EUR120 million senior secured revolving credit facility
maturing in September 2028 issued by the company are unaffected.
The outlook remains stable.

The company intends to use the proceeds from the new proposed
EUR600 million senior secured TLB alongside part of its cash on
balance sheet to entirely repay the existing senior secured TLB due
March 2029, the EUR46 million drawings under the existing senior
secured RCF due September 2028 and to pay EUR160 million of
dividends to shareholders.

"The rating action reflects Moody's expectations that, despite the
expected releveraging of the company following the proposed debt
issuance and dividends payment, the company's credit metrics will
quickly improve and come back to levels adequate for the current
rating" says Sarah Nicolini, a Moody's Ratings Vice President –
Senior Analyst and the lead analyst for TSG.

RATINGS RATIONALE

In the last twelve months ended January 2025, TSG's Moody's
adjusted EBITA margin improved to 7.9% from 7.4% in fiscal year
ending April 2024, stemming from a strong underlying performance in
all segments. Concurrently, its Moody's adjusted debt/EBITDA
slightly increased to 4.6x compared to 4.4x during the same period,
as a consequence of a higher debt following the add-on completed in
June 2024 to fund bolt-on acquisitions.

Pro forma for the contemplated refinancing, TSG's Moody's adjusted
debt/EBITDA will increase to 5.8x as of January 2025. However,
Moody's expects that leverage will improve to below 5.5x by fiscal
year ending April 2025 driven, among others, by additional
improvements in TSG's profitability over the last three months of
the fiscal year 2025.  Moody's anticipates Moody's adjusted EBITA
margin will increase to around 8.4% by fiscal year end 2025
stemming from sustained price increases in the fuel segment,
material growth in the electric vehicles charge solutions business
(EVCS, including also solar and battery storage), gas/biofuel
solutions and contribution from new acquisitions.

Over the next 12-18 months, TSG will continue to benefit from the
particularly strong momentum of its EVCS business leading to
sustained organic revenue and EBITDA growth at mid to high single
digit rates. Such improvements will also be complemented by ongoing
acquisitions which have been historically margin accretive.
However, Moody's also note that the current macroeconomic context
and uncertainty in Europe could pose risks to the EVCS business
growth which could potentially halt the growth trajectory of the
company.

As a consequence mainly of the higher profit, Moody's forecasts
that TSG's Moody's adjusted debt/EBITDA will decrease to around
5.0x by fiscal year end 2026 thanks to the underlying organic
growth and despite continued bolt-on M&A activity which is likely
to be part-funded with debt. Concurrently, Moody's expects that its
Moody's adjusted free cash flow (FCF)/debt will remain around 3%
over the medium-term - with the exception of fiscal 2025 when
Moody's projects a negative Moody's adjusted FCF reflecting the
expected EUR160 million dividend payment. Moody's also anticipate
that the company's Moody's adjusted EBITA/ interest will improve to
around 3x, owing to profitability improvements and despite the
higher debt.

Additionally, TSG's B2 CFR is supported by its leading market
positioning in fuel retail activities, its sustained growth
prospects in EVCS business and the company's track record of strong
operational execution. At the same time, the B2 CFR remains
constrained by its debt funded acquisition strategy, which could
limit the deleveraging trajectory and pose execution and
integration risks, potential risks related to the EVCS business
growth and the company's exposure to a highly fragmented and
competitive industry.

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

LIQUIDITY

TSG's liquidity is good. Pro forma for the proposed debt issuance,
TSG's cash balance will decrease to EUR46 million as of January
2025 and the company will have access to a EUR135 million fully
undrawn senior secured RCF maturing in 2031. Moody's expects the
company to use the RCF to finance potential additional
acquisitions. Moody's expects TSG's FCF generation, on a Moody's
adjusted basis, to increase to around EUR30 million per year from
fiscal year 2026. The senior secured RCF will be subject to a
springing covenant based on net leverage, fixed at 8x and tested
only when 40% or more of the facility is drawn. Moody's anticipates
the covenant will be amply met when tested. In addition, upon
completion of the proposed debt issuance, TSG will not have any
debt maturity before 2031 and 2032, when the new proposed RCF and
TLB will mature.

STRUCTURAL CONSIDERATIONS

The new proposed senior secured TLB and senior secured RCF are
rated B2, in line with the CFR, reflecting the fact that these
represent the only financial debt in the company's capital
structure, together with the EUR10 million French participative
loan.

The new proposed TLB and RCF rank pari passu and benefit from
upstream guarantees from operating subsidiaries representing at
least 80% of the group's consolidated EBITDA. Both instruments will
be secured by share pledges on material subsidiaries, pledges on
intercompany receivables and bank accounts. Moody's typically view
debt with this type of security package as akin to unsecured.

COVENANTS

Moody's reviewed the marketing draft terms for the new credit
facilities. Notable terms include guarantor coverage and unlimited
pari passu debt.

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) and include all
companies representing 5% or more of consolidated EBITDA. Companies
incorporated in excluded jurisdictions (to be agreed) are not
required to grant security. Security will be granted over key
shares, bank accounts and intra-group receivables, and floating
charges will be granted where available.

Unlimited pari passu debt is permitted up to a senior secured
leverage ratio (SSNLR) of 5.0x, and unlimited unsecured debt is
permitted subject to a 5.50x total net leverage ratio (TNLR), any
of which can be made available as an incremental facility.
Unlimited restricted payments are permitted if TNLR is 3.75x or
lower (4.0x if funded from available amount). Asset sale proceeds
are only required to be applied in full where SSNLR is 4.25x or
greater.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 25% of consolidated EBITDA
and believed to be realizable within 24 months of the end of the
relevant period.

The proposed terms, and the final terms may be materially
different.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that, despite the
releveraging following the proposed debt issuance and dividend
payment, the company will quickly improve its credit metrics over
the next 12-18 months, with Moody's adjusted debt/EBITDA decreasing
below 5.5x by fiscal year end 2025 and to around 5.0x by fiscal
year end 2026. At the same time, Moody's expects TSG will generate
positive FCF on a Moody's adjusted basis after the contemplated
refinancing transaction. The stable outlook also incorporates
Moody's expectations that the company will continue to successfully
execute its growth strategy in the EVCS business.

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

Positive pressure on the rating could develop if:

-- the company continues to successfully execute its growth
strategy, including customer acquisitions and strong organic growth
in EVCS activities;

-- its Moody's-adjusted debt/EBITDA ratio decreases below 4.5x on
a sustained basis

-- its Moody's-adjusted FCF/debt ratio is sustained above 5%; and

-- it maintains a good liquidity, while demonstrating balanced
financial policies.

Negative pressure on the rating could arise if:

-- its debt/EBITDA ratio is maintained at above 5.5x on a
sustained basis;

-- the company encounters difficulties in executing its growth
strategy, leading to a pronounced decline in traditional fuel
retail activities or subdued growth in the EVCS business

-- its FCF turns negative on a sustainable basis or its liquidity
deteriorates

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Le Plessis-Robinson, France, TSG is a European
provider of installation and maintenance services to fueling
stations and fleet depots. It is present across the entire services
value chain covering sale and distribution of equipment and
systems, installation and repair works as well as maintenance
activities. The company had revenue of EUR1.2 billion in the LTM
period to January 2025. It is 56% owned by the private-equity
company HLD and by the management team for the remaining portion.

VALEO S.E.: S&P Downgrades LT ICR to 'BB' on Low Cash Conversion
----------------------------------------------------------------
S&P Global Ratings downgraded its long-term issuer credit rating on
Valeo S.E. and issue rating on its unsecured debt to 'BB' from
'BB+'.

The stable outlook reflects S&P's expectation that Valeo will
maintain adjusted FFO to debt well above 15% in 2025 and that its
FOCF-to-debt ratio will increase above 5% by 2026.

S&P said, "We anticipate Valeo's cash conversion will continue to
suffer from still elevated R&D, restructuring, and interest charges
in 2025. We anticipate the group's FOCF will remain modest in 2025
and only slightly improve to EUR244 million from EUR225 million in
2024. We forecast that higher cash outlays linked to the
restructuring initiatives launched in 2024, as well as lower
working capital contributions of about EUR200 million in 2025
compared with about EUR500 million in 2024 will offset the group's
gradual improvements in profitability and the progressive reduction
in its adjusted capital expenditure (capex)-to-sales ratio at about
5.3%, from 5.5% in 2024. We estimate this will translate in Valeo's
FOCF-to-debt ratio staying at a relatively low level of 4%-5% at
least for the next 12 months, below the 7% minimum mark we view as
commensurate for a higher rating. We continue to view Valeo's
annual cash interest expense of EUR300 million-EUR350 million and
its high R&D intensity and as key hurdles to its cash conversion
capacity. After a peak of 11.5% in 2024, we project that Valeo's
total adjusted R&D investments (including capitalized development)
will only moderately decline to 11.2% of sales in 2025 but will
remain materially higher than most of its peers. We think this
reflects the group's operations in segments with rapidly evolving
and demanding technologies such as advanced driver assistance
systems (ADAS) and electric powertrain components, but also
inefficiencies in its R&D setup, which the company is currently
aiming to address. Valeo's material investments have so far not
translated into higher profitability, with its adjusted EBITDA
margin of 7%-8% remaining at the low end of the sector average."

Challenging market conditions will likely prevent a meaningful
improvement in Valeo's debt leverage prior to 2026. S&P said, "Our
base case for 2025 assumes modest revenue growth of about 1% due to
automotive production staying at low levels in Europe (49% of group
sales) and North America (19%), while the company works on
repositioning its customer mix toward more China-based original
equipment manufacturers (OEMs) in Asia. We do not incorporate any
effect from tariffs between the U.S., Mexico, and Canada, which we
think pose additional downside risks to our growth and
profitability forecast as we think that these tariffs could result
in production disruptions or delayed cost pass-through to auto
OEMs. Excluding these potential effects, we anticipate a gradual
improvement in Valeo's S&P Global Ratings-adjusted EBITDA to about
7.8% from 7.4% thanks to gradual R&D and operating cost savings and
the ramp-up of some of its ADAS contracts signed over 2022-2023,
but we estimate that the low volumes will constrain its EBITDA
expansion and deleveraging trajectory. We project that the group's
adjusted FFO to debt will improve close to 20% this year and 22%
next year from 18.9% in 2024, but that it will remain below the 25%
level we require for a higher rating. In addition, we do not
project a material reduction in Valeo's adjusted debt position
through 2026 given our forecast for relatively low FOCF and total
dividends (including to minority shareholders) of about EUR150
million-EUR170 million annually. We estimate Valeo's adjusted debt
position will decrease to about EUR5.5 billion in 2025 from EUR5.6
billion in 2024, mainly thanks to about EUR100 million of
additional disposal proceeds left for the group to complete its
EUR500 million divestment program by year-end."

Valeo's rating trajectory will hinge on its ability to deliver on
its ADAS and electric powertrain orderbook with stronger margins
and cash flows. S&P said, "We attribute the recent peak in Valeo's
R&D and capex to several large ADAS and interior experience orders
signed over 2022-2023 with key OEMs such as BMW AG or Renault S.A.,
and to a lower extent to new contracts in electrification
components. We think these orders reflect the group's strong market
position in sensors, cameras, and complete ADAS solutions,
including in domain controllers and high-performance computers.
However, this has also translated in Valeo's R&D intensity staying
higher than peers for many years. In addition, we think that Valeo
is relatively well placed on inverters, on-board chargers, and
converters, although the BEV components market remains fragmented.
We anticipate sluggish BEV volumes and delays in the start of
production on some key models will continue to constrain Valeo's
FOCF in 2025 in addition to the high R&D and capex. We think that a
gradual pick-up in the production volumes of these key models
served and the group achieving its R&D spending reduction targets
could support higher margins and cash conversion from 2026." Valeo
aims to reduce its structural R&D intensity by increasing these
functions' footprint in lower cost countries and by increasing
standardization on certain technologies and the use of artificial
intelligence. It also aims to remain more selective with its order
intake to avoid potentially lumpy upfront spending while ensuring
sound contract profitability.

S&P said, "The stable outlook reflects our expectation that Valeo
will maintain adjusted FFO to debt well above 15% in 2025. We also
expect gradual improvements in its adjusted EBITDA margin and cash
conversion will support its FOCF-to-debt ratio increasing above 5%
by 2026.

"We could lower our rating on Valeo if we anticipate FFO to debt
will fall below 15% or if its FOCF to debt remains below 5%
sustainably. This could stem from further contraction in global
auto production, setbacks with achieving cost-savings or increasing
the efficiency of R&D spending, or prolonged U.S. tariffs,
resulting in S&P Global Ratings-adjusted EBITDA margins remaining
at about 7% or further declining.

"We could raise our rating on Valeo if we anticipate its FFO to
debt will improve comfortably above 25% while maintaining FOCF to
debt sustainably above 7%. We estimate this would require Valeo's
adjusted EBITDA margin to increase closer to 10% and could stem
from stronger global auto production growth and faster execution of
the group's targeted R&D and operating efficiencies."


VIRIDIEN SA: Fitch Rates USD950MM Sr. Secured Bonds 'BB-(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Viridien S.A.'s upcoming bonds,
estimated at USD950 million and split between euro and US dollar
tranches, a senior secured expected rating of 'BB-(EXP)'. The
Recovery Rating is 'RR2'.

The proceeds will be used to refinance Viridien's currently
outstanding USD1,050 million senior secured notes, which mature in
2027. It will also allocate around USD155 million of cash for
reducing total gross debt as well as to cover fees and expenses.

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

The bonds' ratings are based on Viridien's Long-Term Issuer Default
Rating (IDR) of 'B', which is on Stable Outlook. The IDR already
reflects its prior expectation of a refinancing under similar terms
during 2025, which is key to the group structurally deleveraging to
below 3.0x and maintaining rating headroom.

Key Rating Drivers

Refinancing Provides Rating Headroom: The proposed refinancing of
Viridien's senior secured bonds with USD950 million equivalent of
senior secured bonds with similar terms and conditions to the
outgoing instrument is in line with its prior expectations. This,
together with another USD60 million of bond redemptions during
2024, will reduce gross Fitch-defined debt to around USD980
million.

The reduced debt, together with cash holdings, lower minimum cash
requirements, and expected stronger cash flow generation following
the expiry of its Shearwater agreement, should structurally reduce
EBITDA gross leverage to below 3x, which is key for maintaining the
'B' rating.

High but Manageable Debt: Gross debt of about USD980 million
pro-forma for the refinancing is in line with its prior
expectations and, while still high, is now sustainable given
Viridien's more resilient cash flow profile owing to a lower cost
base. Fitch views its debt levels as manageable for the current
rating.

EBITDA Volatile but Improving: Fitch-defined EBITDA fell to USD301
million in 2023 from USD378 million in 2022, due to the delay of
licensing rounds in Brazil and the Gulf of Mexico and the higher
costs of its Shearwater agreement. EBITDA will remain volatile, but
improved to about USD475 million in 2024 as previously delayed
licensing rounds and new projects materialised, alongside strong
performance in the high-margin Geoscience segment and successful
cost reduction.

Strong Niche Market Position: Viridien is well positioned within
the seismic data-processing and equipment sub-sectors, leading in
the geoscience and equipment businesses with a competitive
multi-client library focused on high-demand mature basins and
selective high-quality exploration areas. These areas attract more
stable customer demand than frontier exploration areas. It is also
building out nascent low-carbon businesses. Its technological
sophistication and continued R&D allow it to retain premium pricing
over many competitors, leading to stable Fitch-adjusted EBITDA
margins of 35% through the cycle.

Asset-Light Strategy: Since 2020, Viridien has transitioned to an
asset-light business model with a more flexible cost and capex base
than contract drilling and marine data-acquisition peers. This,
alongside a cost-reduction initiative over the last two years,
should help reduce volatility in cash flows through the cycle.

Favourable Near-Term Market Trend: Fitch estimates oil and gas
producers to have continued increasing spending on exploration and
development in 2024 and will continue to actively invest in
upstream assets during 2025, following historically low capex in
2020 and 2021, and due to reserve replenishment needs globally.
This is reflected in Viridien's backlog, which rose to USD722
million at end-2024 from about USD633 million at end-2023.

Cash Flow Volatility Remains: Fitch expects upstream oil and gas
capex to remain volatile over the medium term, as many producers
are expected to prioritise cost discipline and shareholder returns
over growth during periods of higher prices. Fitch also expects
companies to have the flexibility to reduce capex if prices
decline. Viridien's backlog is short term, covering up to six
months of revenue. This exposes the group to project delays or
cancellations as well as fluctuating market conditions, resulting
in continued volatility in cash flows.

Shearwater Expiry Frees Up Cash: Viridien's commercial agreement
with Shearwater expired in January 2025, which has eliminated the
risk of Viridien having to repossess the vessels it originally sold
to Shearwater. The group will also no longer be obligated to pay
any idle vessel compensation and other fees to Shearwater, which
Fitch assumes will free up USD40 million-USD75 million of annual
cash flow.

Peer Analysis

Fitch rates Viridien in line with Borr Drilling Limited (B/Stable),
as the latter's higher mid-cycle EBITDA, higher profitability, and
stronger near-term revenue visibility from contracted orders is
offset by the former's lower mid-cycle leverage.

While Shelf Drilling, Ltd. (B/Negative) has similar mid-cycle
profitability, its stronger backlog is offset by its higher
leverage. Its Negative Outlook reflects its expectation of more
uncertain utilisation of its rigs and various operational
challenges resulting in delayed deleveraging.

Key Assumptions

Key Assumptions within its Rating Case of the Issuer

- IFRS revenue averaging USD1.1 billion-USD1.2 billion a year in
2025-2028 as declining oil and gas capex is partially offset by the
ramp-up of low-carbon business

- Fitch-adjusted IFRS EBITDA averaging USD410 million a year in
2025-2028

- Capex of USD300 million in 2025, followed by USD250 million a
year to 2028

- No dividends to 2028

Recovery Analysis

- The recovery analysis assumes that Viridien would be reorganised
as a going concern (GC) in bankruptcy rather than liquidated

- Its GC EBITDA assumption of USD250 million is predicated on a
significant and sudden loss of demand for multi-client and
geo-science services, on the back of a sustained period of very low
hydrocarbon prices, followed by a modest recovery, and cost
initiatives. The rebound would be driven by a recovery in the
market spurring renewed exploration and production (E&P) spending

- An enterprise value (EV) multiple of 4x is applied to the GC
EBITDA to calculate a post-reorganisation EV, which reflects the
oilfield services sector's cash flow volatility and Viridien's
moderate scale

- Fitch assumes its upsized revolving credit facility of USD125
million, after the proposed refinancing, to be fully drawn. The
revolver is super senior to senior secured notes in the debt
waterfall

- Viridien's asset financing debt of USD28.9 million at end-2024 is
structurally senior to other debt

- After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation for the
senior secured notes in the 'RR2' band, indicating a 'BB-(EXP)'
instrument rating. The waterfall-generated recovery computation
output percentage on current metrics and assumptions is 79%

RATING SENSITIVITIES

Factors that Would Individually or Collectively Result in Negative
Rating Action or Downgrade

- EBITDA gross leverage above 2.8x on a sustained basis

- Failure to maintain EBITDA margins above 30% on a sustained
basis

- Deteriorating liquidity with EBITDA interest coverage declining
below 2x or increasing near-term refinancing risk

Factors that Would Individually or Collectively Result in Positive
Rating Action or Upgrade

- Increase in size with EBITDA of USD500 million through the cycle

- EBITDA gross leverage at below 1.8x on a sustained basis, with
gross debt of USD750 million or lower

- Successful transition to non-oil and gas activities, with
meaningful cash flows and EBITDA contribution

Liquidity and Debt Structure

As of 31 December 2024, Viridien had about USD250 million of
readily available cash and cash equivalent on its balance sheet,
excluding its assumption of USD50 million of restricted cash, and
had a further USD90 million in an undrawn RCF that expires in
October 2026.

The planned refinancing will upsize the RCF to USD125 million and
extend the maturities of the RCF and senior secured notes to 2029
and 2030, respectively. Fitch assumes no material mandatory
repayment obligations until 2029.

Issuer Profile

Viridien is a small oilfield services company providing seismic
data processing services and equipment for seismic data
acquisition.

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   
   -----------             ------                   --------   
Viridien SA

   senior secured      LT BB-(EXP)  Expected Rating   RR2

VIRIDIEN SA: Moody's Ups CFR to B2, Rates New $950MM Sec. Notes B2
------------------------------------------------------------------
Moody's Ratings upgraded Viridien S.A.'s ("Viridien" or "the
company") long term corporate family rating to B2 from B3 and its
probability of default rating to B2-PD from B3-PD. Moody's have
also assigned B2 ratings to the company's proposed new $950 million
equivalent (EUR and USD tranches) five and a half year backed
senior secured notes. Proceeds from the issuance and cash on hand
will be used to redeem the company's legacy backed senior secured
notes, reduce the amount of gross debt, pay accrued interest and
pay related fees and expenses. Moody's expects to withdraw the
ratings on the company's legacy backed senior secured notes upon
their full repayment. The outlook remains stable.

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

RATINGS RATIONALE

The upgrade reflects a lower gross debt amount and the improved
maturity profile expected with the refinancing of Viridien's debt,
thanks to the use of excess cash as part of the refinancing and
debt reduction through open market bond repurchases in 2024. This
action also considers the company's strong backlog for geoscience
revenue and a structural improvement in its EBITDA and cash
generation, following the end of its Shearwater vessel agreement,
which had constrained profitability and cash flow over the past
five years.

Over the next 12-18 months, Moody's expects Viridien to experience
a stable to improving market for seismic data, along with growth in
its Beyond the Core (BTC) businesses, which together with the
expiration of an unfavourable vessel contract will lead to
incremental improvement in EBITDA. Moody's anticipates some
quarterly variability in results due to the company's IFRS
reporting and the potential uneven nature of SMO (sensing and
monitoring) orders. An unexpected decline in oil and gas markets
poses a risk to this outlook, but it is not Moody's base
assumptions. Based on preliminary 2024 year-end results and pro
forma for the transaction, Moody's estimates Viridien's Moody's
adjusted debt/EBITDA to be around 4.5x and its EBITDA/interest
expense around 2.5x.

LIQUIDITY

Viridien's liquidity is good. Pro forma for the transaction Moody's
estimates the company will have around $148 million of cash on
hand. Moody's expects the company to have full availability on its
new $125 million super senior secured revolving credit facility.
The company's cash balance typically includes a modest amount of
trapped cash held by subsidiaries that operate in countries where
exchange controls or other legal restrictions prevent these cash
balances from being available for immediate use by the company or
one of its subsidiaries. Over the past several years, trapped cash
has declined, and Moody's expects it to remain in a range of around
$35-$50 million.

The super senior RCF has a springing senior secured net leverage
ratio at 3.5x, which will be tested if the super senior RCF is
drawn at more than 40%.

Moody's expects these sources and cash generated from operations to
be sufficient to cover general cash needs, interest payments and
working capital movements.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations for Viridien were a driver of the rating
action. This primarily reflects Viridien's reduction of gross debt
in 2024 through bond repurchases and use of excess cash as part of
the refinancing reduce gross debt levels. It also factors in the
company's public commitments to deleveraging.

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

Factors that could lead to a rating upgrade include: (i) greater
business diversification through the company's BTC businesses which
reduces Viridien's reliance on oil and gas companies' fossil fuel
related spending; (ii) Moody's adjusted debt/EBITDA (excl.
multi-client capex) below 2.5x on a consistent basis, (iii)
EBITDA/Interest consistently above 3.5x, (iv) sustained positive
Moody's adjusted free cash flow and, (v) maintenance of a good
liquidity position.

Financial policy and Viridien's track record and commitments to
deleveraging are also important considerations for a higher
rating.

Factors that could lead to a rating downgrade include: (i)  a
deterioration in oil & gas industry spending on seismic services
leading to an adjusted debt/EBITDA (excl. multi-client capex)
materially and consistently above 4.5x, (ii) EBITDA/Interest
consistently below 2.5x, (iii) negative free cash flow leading to a
deterioration in the company's liquidity profile, or (iv) the
enactment of more aggressive financial policies or a failure to
reduce gross debt.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Oilfield
Services published in January 2023.

COMPANY PROFILE

Headquartered in France, and listed on the Euronext Paris, Viridien
is an international geoscience company ranking among the top three
companies in the seismic industry. For the twelve months ended
December 31, 2024 the company had revenue of $1.1 billion.



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

ADAGIO VI: Moody's Ups Rating on EUR17.3MM Cl. E Notes to Ba1
-------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Adagio VI CLO Designated Activity Company:

EUR29,500,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Oct 4, 2024 Upgraded to
Aa2 (sf)

EUR19,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to A1 (sf); previously on Oct 4, 2024 Upgraded to
Baa1 (sf)

EUR17,300,000 Class E Deferrable Junior Floating Rate Notes due
2031, Upgraded to Ba1 (sf); previously on Oct 4, 2024 Affirmed Ba2
(sf)

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

EUR205,000,000 (Current outstanding amount EUR59,107,843) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 4, 2024 Affirmed Aaa (sf)

EUR32,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 4, 2024 Affirmed Aaa
(sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Oct 4, 2024 Affirmed Aaa (sf)

EUR11,000,000 Class F Deferrable Junior Floating Rate Notes due
2031, Affirmed B1 (sf); previously on Oct 4, 2024 Affirmed B1 (sf)

Adagio VI CLO Designated Activity Company, issued in December 2017,
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by AXA Investment Managers US Inc. The transaction's
reinvestment period ended in April 2022.

RATINGS RATIONALE

The rating upgrades on the Class C, Class D and Class E notes are
primarily a result of the improvement in the over-collateralisation
ratios since the last rating action in October 2024.

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

The over-collateralisation ratios of the rated notes have improved
since the rating action in October 2024. According to the
collateral administrator report dated January 2025 [1] the Class
A/B, Class C, Class D, Class E and Class F OC ratios are reported
at 167.74%, 137.72%, 123.49%, 112.87% and 107.02% compared to
August 2024 [2] levels of 145.05%, 127.06%, 117.66%, 110.23% and
105.98%, respectively. Moody's notes that the January 2024
principal payments are not reflected in the reported OC ratios.

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

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

Performing par and principal proceeds balance: EUR196,313,141

Defaulted Securities: EUR1,433,700

Diversity Score: 39

Weighted Average Rating Factor (WARF): 3218

Weighted Average Life (WAL): 2.98 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.56%

Weighted Average Coupon (WAC): 3.71%

Weighted Average Recovery Rate (WARR): 44.61%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
Collateral administrator-reported defaulted assets and those
Moody's assumes have defaulted can result in volatility in the
deal's over-collateralisation levels.  Further, the timing of
recoveries and the manager's decision whether to work out or sell
defaulted assets can also result in additional uncertainty.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

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

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

This transaction is a reset of the already existing transaction,
which S&P Global Ratings did not rate. At closing, the existing
classes of notes were fully redeemed with the proceeds from the
issuance of the replacement notes.

The ratings assigned to Avoca CLO XIX's reset notes reflect our
assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor      2,814.22
  Default rate dispersion                                   497.15
  Weighted-average life (years)                               4.20
  Weighted-average life (years) extended
  to cover the length of the reinvestment period              4.50
  Obligor diversity measure                                 176.44
  Industry diversity measure                                 20.07
  Regional diversity measure                                  1.25

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                               B
  'CCC' category rated assets (%)                             1.46
  Target 'AAA' weighted-average recovery (%)                 37.44
  Target weighted-average spread (net of floors; %)          3.73
  Target weighted-average coupon (%)                         4.07

Rationale

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

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.70%),
the covenanted weighted-average coupon (4.00%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Until the end of the reinvestment period on Sept. 13, 2029, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

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

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

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

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

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

Environmental, social, and governance

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

Avoca CLO XIX DAC is a European cash flow CLO securitization of a
revolving pool, comprising mainly euro-denominated leveraged loans
and bonds. The transaction is a broadly syndicated CLO that is
managed by KKR Credit Advisors (Ireland) Unlimited Co.

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

  X-R     AAA (sf)      5.00    Three/six-month EURIBOR    N/A
                                plus 0.95%

  A-1-R   AAA (sf)    243.20    Three/six-month EURIBOR    39.20
                                plus 1.25%

  A-2-R   AAA (sf)      8.80    Three/six-month EURIBOR    37.00
                                plus 1.45%

  B-R     AA (sf)      40.00    Three/six-month EURIBOR    27.00
                                plus 1.70%

  C-R     A (sf)       24.00    Three/six-month EURIBOR    21.00
                                plus 1.95%

  D-R     BBB- (sf)    28.00    Three/six-month EURIBOR    14.00
                                plus 2.70%

  E-R     BB- (sf)     18.00    Three/six-month EURIBOR     9.50
                                plus 5.00%

  F-R     B- (sf)      12.00    Three/six-month EURIBOR     6.50
                                plus 7.75%

  Sub notes   NR       35.50    N/A                         N/A

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

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


DRYDEN 56 2017: Fitch Assigns 'B-(EXP)sf' Rating to Class F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Dryden 56 Euro CLO 2017 DAC - Reset
expected ratings, as detailed below. The assignment of final
ratings is contingent on the receipt of final documents conforming
to information already reviewed.

   Entity/Debt                    Rating           
   -----------                    ------           
Dryden 56 Euro
CLO 2017 DAC

   Additional
   Subordinated Notes         LT NR(EXP)sf   Expected Rating

   Class A Loan               LT AAA(EXP)sf  Expected Rating

   Class A-R XS2998763069     LT AAA(EXP)sf  Expected Rating

   Class B-1-R XS2998763499   LT AA(EXP)sf   Expected Rating

   Class B-2-R XS2998763655   LT AA(EXP)sf   Expected Rating

   Class C-R XS2998763812     LT A(EXP)sf    Expected Rating

   Class D-1-R XS2998764034   LT BBB-(EXP)sf Expected Rating

   Class D-2-R XS2998764208   LT BBB-(EXP)sf Expected Rating

   Class E-R XS2998764463     LT BB-(EXP)sf  Expected Rating

   Class F-R XS2998764620     LT B-(EXP)sf   Expected Rating

   Original Subordinated
   Notes XS1712178901         LT NR(EXP)sf  Expected Rating

Transaction Summary

Dryden 56 Euro CLO 2017 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans, first-lien last-out loans
and high-yield bonds. Net proceeds from the debt issuance are
expected to be used to redeem the existing rated notes and to
purchase a portfolio with a target par of EUR500 million. The
portfolio is actively managed by PGIM Loan Originator Manager
Limited and PGIM Limited. The collateralised loan obligation (CLO)
will have a reinvestment period of about 4.5 years and an 8.5-year
weighted average life (WAL) test.

KEY RATING DRIVERS

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

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 (WARR) of the identified portfolio is 62.6%.

Diversified Portfolio (Positive): The transaction will include
various concentration limits, including a fixed-rate obligation
limit of 12.5%, a top 10 obligor concentration limit of 25%, and a
maximum exposure to the three-largest Fitch-defined industries of
40%. These covenants ensure the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Neutral): The transaction will have a
reinvestment period of about 4.5 years and include reinvestment
criteria similar to those of other European transactions. Fitch's
analysis is based on a stressed 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 and matrices analysis is 12 months less
than the WAL covenant. This is to account for structural and
reinvestment conditions after the reinvestment period, including
passing the over-collateralisation tests and the Fitch 'CCC'
limitation test. Fitch believes these conditions will 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 downgrades of no more than one notch each
for the class B-1-R, B-2-R, D-2-R notes, and have no impact on the
class A-R, D-1-R, E-R and F-R notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-1-R, B-2-R. D-1-R, D-2-R
and E-R notes each display a rating cushion of two notches and the
class C-R and F-R notes have a cushion of three notches. The class
A-R notes have no rating cushion as their rating is already at the
highest level on Fitch's rating scale.

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.

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, except for the 'AAAsf'
notes.

During the reinvestment period, upgrades, 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
transaction's remaining life. 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 Dryden 56 Euro CLO
2017 DAC - Reset.

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.

PALMER SQUARE 2025-1: S&P Assigns B-(sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Palmer Square
European CLO 2025-1 DAC's class A, B-1, B-2, C, D, E, and F notes.
The issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately five
years after closing, while the noncall period will end two years
after closing.

The ratings reflect our assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,682.43
  Default rate dispersion                                  585.23
  Weighted-average life (years)                              4.42
  Weighted-average life (years) extended
  to cover the length of the reinvestment period             5.09
  Obligor diversity measure                                163.34
  Industry diversity measure                                21.10
  Regional diversity measure                                 1.32

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            0.37
  Actual 'AAA' weighted-average recovery (%)                36.46
  Actual weighted-average spread (net of floors; %)          3.64

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.60%), the
covenanted weighted-average coupon (4.50%), and the actual
portfolio weighted-average recovery rates for all the rated notes.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

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

The transaction's legal structure and framework are bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

S&P said, "Our credit and cash flow analysis show that the class
B-1, B-2, C, D, E, and F notes benefit from break-even default rate
and scenario default rate cushions that we would typically consider
to be in line with higher ratings than those assigned. However, as
the CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings on the notes. The class A notes can withstand stresses
commensurate with the assigned rating.

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

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.

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

Environmental, social, and governance

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

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

  A      AAA (sf)   248.00     38.00    Three/six-month EURIBOR
                                        plus 1.25%

  B-1    AA (sf)     34.00     27.00    Three/six-month EURIBOR
                                        plus 1.85%

  B-2    AA (sf)     10.00     27.00    4.60%  

  C      A (sf)      24.00     21.00    Three/six-month EURIBOR
                                        plus 2.00%

  D      BBB- (sf)   29.00     13.75    Three/six-month EURIBOR
                                        plus 2.80%

  E      BB- (sf)    17.00      9.50    Three/six-month EURIBOR
                                        plus 4.75%

  F      B- (sf)     12.00      6.50    Three/six-month EURIBOR
                                        plus 7.65%

  Sub. Notes   NR    35.00       N/A    N/A

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

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




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

CURIUM BIDCO: EUR200MM Loan Add-on No Impact on Moody's 'B3' CFR
----------------------------------------------------------------
Moody's Ratings reports that on March 10, 2025 Curium Bidco
S.a.r.l. (Curium or the company) launched a senior secured EUR200
million add-on facility. The proposed add-on facility will be
fungible with the company's existing Euro-denominated senior
secured term loan B. The proceeds will be applied to finance two
acquisitions, and to repay a small drawing under the company's
senior secured revolving credit facility, with the remaining
amounts retained as cash on the company's balance sheet. The
company's ratings are unaffected as a result of the proposed
transaction, including its B3 long-term corporate family rating
(CFR), B3-PD probability of default rating and the B3 ratings of
the company's senior secured bank credit facilities, and stable
outlook.

The new add-on facility will support the pending acquisition of
Eczacibasi-Monrol (Monrol) in Turkey, as well as a smaller
acquisition of a PET site in India. The Monrol transaction adds 12
PET sites across Turkey, Eastern Europe, and MENA, one SPECT
facility in Turkey, lutetium-177 manufacturing capabilities and
extensive logistics infrastructure improving access to Eastern
Europe, Asia and the Middle East.

The company has continued to trade positively in 2024 with sales up
6% and company-adjusted EBITDA up 4% on a like-for-like basis. This
was despite the company suffering from the outage of a nuclear
reactor for irradiated uranium targets in October and November
2024, which had a low-single digit impact on EBITDA growth.

The company continues to invest significant cash flows in new
product development, in particular prostate cancer diagnostic and
therapy products. Its therapy phase 3 trial showed encouraging data
as reported in November last year. Significant investment will
continue in trials, approvals, manufacturing capacity and
commercialisation, with high levels of exceptional costs both
expensed and capitalised. Novartis AG's (Aa3 stable) Pluvicto has
already launched in this indication, with a similar mechanism, and
achieved $1.4 billion sales in 2024 ($980 million in 2023)
providing a head start over Curium.

Pro forma for the proposed add-on, the company's Moody's-adjusted
leverage will increase to around 8.6x as at December 2024, compared
with 7.3x as at December 2023. Moody's calculations of EBITDA
deducts costs which the company classifies as exceptional including
substantial new product development (NPD) costs. Moody's includes
in adjusted debt decommissioning provisions, drawings under
factoring lines and the group's defined pension benefit obligation.
Excluding NPD leverage would be at around 6.5x. Moody's expects
leverage to gradually fall as high NPD spending reduces, although
this will be limited by the company's financial policy of
debt-funded acquisitions and its strategy to invest surplus funds
in product development. The company has a wide range of potential
opportunities in an expanding nuclear therapeutics market.

The company's B3 CFR reflects the its: (1) leading share globally
in growing markets; (2) complex supply chains and dual regulation
pathways which provide high barriers to entry; (3) long-term
contracts providing good revenue and supply-side visibility; (4)
strong ability to generate cash before growth capex.

The ratings also reflect Curium's (1) high Moody's-adjusted
leverage of 8.6x at December 2024 (or 6.5x prior to new product
development spending) with high investment in business development
slowing the pace of deleveraging and limiting cash generation; (2)
risks of supply chain or regulatory disruption, although its track
record is good; (3) execution risks of new product launches
particularly in the new segment of therapeutics; (4) presence of a
separate subsidiary and large PIK outside the restricted group
which may result in a releveraging transaction for Curium.

OUTLOOK

The stable outlook reflects Moody's expectations that
Moody's-adjusted leverage, including development costs, will reduce
towards 7x in the next 12-18 months. It also reflects continued
high capex investments in new products, leading to breakeven or low
positive free cash flow. The outlook assumes no material supply
chain disruption, that there are no material debt-funded
acquisitions causing leverage to increase on a sustained basis and
that liquidity remains solid.

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

The ratings could be upgraded if there is continued growth in
organic revenue and EBITDA; and a track record of successful
product launches; and Moody's-adjusted leverage sustainably reduces
towards 6.0x; and Moody's-adjusted Free Cash Flow (FCF)/Debt
increases sustainably towards 5%. In assessing FCF/Debt Moody's
will take into consideration unusually high levels of investment
expenditure to the extent this can be clearly identified.

The ratings could be downgraded if there is a decline in organic
revenue or EBITDA; or Moody's-adjusted leverage increases
sustainably above 7.5x; or FCF generation were to turn negative on
a sustainable basis; or the liquidity position deteriorates.

FS LUXEMBOURG: Moody's Rates New $100MM Sr. Unsecured Notes 'Ba3'
-----------------------------------------------------------------
Moody's Ratings assigned a Ba3 rating to the proposed $100 million
backed senior unsecured notes to be issued by FS Luxembourg S.a.
r.l. and unconditionally and irrevocably guaranteed by FS Industria
de Biocombustiveis Ltda (FS, Ba3 stable) and FS I Industria de
Etanol S.A. The proposed notes will have the same terms and
conditions as the backed senior unsecured notes due 2031 issued in
2024. The company's existing ratings are unchanged. The outlook
remains stable.

FS' proposed issuance is aimed at liability management and will not
result in a material increase in the company's leverage.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by us to date and assume that these
agreements are legally valid, binding, and enforceable.

RATINGS RATIONALE

FS ratings are supported by the company's adequate liquidity and
business model, which will allow the company to maintain adequate
credits metrics, benefiting from its increased crushing capacity,
sustained demand for ethanol and abundant availability of corn as
feedstock. In 2024-2025, Moody's estimates Moody's-adjusted EBITDA
of BRL2.9 billion, up from BRL1.2 billion in 2023-2024, favored by
higher ethanol prices and a sharp decline in corn costs to
BRL42/bag from BRL52/bag in the previous harvest. This should
reduce gross leverage to 3.5-4.0x times by harvest end, March
2025.

Despite volatile spreads, Moody's expects FS to maintain adequate
credit metrics for the Ba3 rating level. While leverage could
increase during periods of weak spreads, Moody's expects the
company to generate positive free cash flow even during adverse
market conditions. The proposed bond issuance will allow FS to
lengthen its debt schedule, further alleviating refinancing needs
in 2025 and 2026.

FS rating incorporates the company's adequate leverage and
liquidity, and large scale among ethanol producers in Brazil (the
company is one of the largest producers that use corn as
feedstock). FS is a low-cost producer with favorable access to corn
feedstock and is located in a region with high demand for animal
feed, a co-product of the ethanol production process. The company
has a low carbon footprint, benefiting from the sustained growth in
demand for biofuels. Additionally, the company has a strong track
record of growing organically.

FS' rating is constrained by its high exposure to the dynamics of
the ethanol and corn markets; and the consequent susceptibility to
sharp price volatility, event risks, weather imbalances and global
trade flow, which can cause momentary leverage spikes. The exposure
to corn prices is partially offset by its animal nutrition
business, given that the price of dried distillers grains is
directly correlated to that of corn and soybean meal. Few mills and
concentration in a single commodity in a single region exacerbate
FS' commodity risks.

Liquidity is adequate with BRL2.1 billion in cash and BRL0.8
billion in short-term debt, mainly working capital lines. Moody's
believes FS will maintain an active liability management to avoid a
concentration of maturities in the short-term.

RATING OUTLOOK

The stable rating outlook incorporates Moody's expectations that FS
will maintain sustained EBITDA generation with gross leverage below
4.0x, even as it advances in increasing capacity. The outlook also
incorporates prudent shareholder distributions, which should not
jeopardize liquidity and leverage.

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

FS' ratings are constrained by the concentration and single-line
commodity exposure of its business (corn ethanol and related
co-products). An upgrade would require further business
diversification that reduces geographic and commodity risk
exposure, coupled with a robust financial position, consistent
positive free cash flow, low leverage and adequate liquidity.
Quantitatively, an upgrade would require the following: Debt/EBITDA
below 3.0x; Retained cash flow (RCF)/debt above 20%;
EBITDA/interest expense above 5.0x; all on a sustained basis.

A downgrade could result from a consistent increase in leverage or
a deterioration in liquidity. Large shareholder distributions or
the deployment of large investments that compromise short-term
credit metrics and liquidity could trigger a downgrade.
Quantitatively, a downgrade would require the following:
Debt/EBITDA above 4.0x; RCF/debt below 10%; EBITDA/interest expense
below 2.5x; all on a sustained basis.

FS is headquartered in Lucas do Rio Verde, Mato Grosso, Brazil. The
company produces ethanol from corn feedstock. It also
commercializes the co-products generated in the production process,
including dried distillers grains, wetcake, corn oil for livestock
feed, and electricity and steam. FS is a limited liability company
controlled by US-based Summit Agricultural Group (Summit) (with a
70.7% stake), and other shareholders (including Marino J. Ferraz,
Amerra Chapada LLC, Miguel V. Ribeiro, and Paulo S. Franz). In the
2023-24 harvest, FS generated net revenue of BRL8.0 billion ($1.64
billion, converted using the average rate for the period), with a
Moody's-adjusted EBITDA margin of 14.7%.

The principal methodology used in this rating was Chemicals
published in October 2023.

NEPTUNE HOLDCO: Moody's Affirms 'B3' CFR, Rates TLB & RCF 'B3'
--------------------------------------------------------------
Moody's Ratings has affirmed the B3 long-term corporate family
rating of Neptune Holdco S.a.r.l. (Armacell) and its B3-PD
probability of default rating, following the proposed amend extend
(A&E) transaction of its backed senior secured bank credit
facilities. Concurrently, Moody's have assigned B3 instrument
ratings to the proposed amended and extended backed senior secured
term loan B (TLB) due 2030 and backed senior secured revolving
credit facility (RCF) due 2029, both issued by Neptune Bidco
S.a.r.l. Upon the completion of the transaction, Moody's expects to
withdraw the ratings on the existing backed senior secured TLB due
2027 and RCF due 2026.The outlook on both entities remains
positive.              

As part of the transaction, Armacell will extend the maturity of
its current backed senior secured back credit facilities and upsize
its TLB by up to EUR20 million. On a pro-forma basis, the TLB will
have an outstanding nominal amount of EUR730 million, with its
maturity extended to February 2030 from February 2027.
Concurrently, the maturity of the EUR110 million RCF will be
extended to November 2029 from August 2026.

Moody's views the maturity extension of the facilities as a credit
positive, because it will improve Armacell's liquidity. This
transaction is also largely leverage neutral, with pro-forma
Moody's adjusted debt/EBITDA only marginally increasing by 0.1x to
6.0x at year-end 2024. Moody's expects the company to allocate the
EUR20 million proceeds as a liquidity buffer, which it will
partially use to cover transaction costs associated with the
transaction.

RATINGS RATIONALE

The B3 CFR affirmation recognizes the company's global leading
position as a provider of lightweight and high-performance flexible
foams for equipment in relatively stable end markets, including
commercial (47% of 2024 revenue) and light industrial and energy
sectors (28%), with smaller exposure to softer end markets such as
residential sector (11%). This leading position coupled with
technical expertise in niche products across diversified
geographies provides premium pricing power which helped offset
volume decline in EMEA residential and PET wind end markets and
overcapacity in China in 2024.

Furthermore, cost efficiency initiatives, including manufacturing
streamlining, fixed cost control, and sourcing optimization,
supported solid earnings generation and profitability, as reflected
in Moody's-adjusted EBITDA margin increasing to 18.9% in 2024 from
18.6% in 2023. Consequently, Moody's-adjusted debt/EBITDA declined
to 5.9x in 2024, a level that is strong for a B3 rating, from 8.0x
in 2020.

The positive outlook acknowledges the company's current strong
position within the B3 rating category. It also reflects increasing
likelihood that Armacell will remain disciplined in capital
allocation and further increase its earnings, leading to its
Moody's-adjusted debt/EBITDA declining to a range of 5.5x – 6.0x
and improved interest cover above 1.5x over the next 12-18 months.

Armacell's B3 ratings remain constrained by (1) its high exposure
to the cyclical demand patterns inherent to the general
construction segment; (2) the impact of volatile input costs
(nitrile butyl rubber and blowing agent) and typical three-to-six
month delays in passing these costs, potentially leading to
earnings volatility; (3) persistent low interest coverage, with
Moody's-adjusted EBITA/interest remaining below 1.5x since 2022;
(4) lack of consistent track record of positive free cash flow
(FCF) generation with a high cash consumption in 2024 due to higher
interest payments, one-off restructuring costs, and larger capital
spending and M&A investments; and (5) tolerance to high leverage
with a risk of debt-funded M&A.

LIQUIDITY

Pro-forma for the transaction, Moody's expects Armacell to maintain
adequate liquidity. As of December 31, 2024, the company had EUR27
million cash at hand and access to EUR110 million fully undrawn
committed RCF. Together with funds from operations, Moody's expects
the company's internal resources to adequately cover intra-year
working capital swings (typically funded by RCF drawings) and
capital expenditure needs (including principal lease repayments) in
the next 12-18 months. Moody's forecasts Moody's-adjusted FCF in
the range of EUR0– EUR14 million, further reinforced by the EUR20
million proceeds from the upsized TLB.  Given the low cash balance
and relatively limited FCF generation over that period, Moody's
expects the company to rely on external funding sources to support
large external growth initiatives in excess of FCF generation.

Following the A&E transaction, Armacell will have no significant
debt maturities prior to February 2030, when the TLB comes due.

The senior secured RCF will remain subject to a springing
maintenance covenant, which is tested quarterly when net senior
secured RCF drawings exceed 40% of total RCF commitments. The
covenant limits senior secured net leverage to a maximum of 9.7x.
As of December 2024, this ratio was 4.3x. Moody's expects the
company to maintain ample capacity under the covenant, if it were
to be tested.

STRUCTURAL CONSIDERATIONS

Pro-forma for the transaction, Armacell's capital structure will
consist of EUR730 million backed senior secured term loan B and
EUR110 million backed senior secured RCF, issued by Neptune Bidco
S.a.r.l., a wholly owned subsidiary of Armacell. The backed senior
secured notes are rated B3 in line with the CFR. The company's PDR
of B3-PD also remains in line with the CFR, reflecting Moody's
standards assumption of 50% family recovery rate.

Both the TLB and RCF are guaranteed by operating subsidiaries that
generate at least 80% of the consolidated group's EBITDA, but their
security package is limited to customary share pledges, intragroup
receivables, and bank accounts. Hence, in Moody's Loss Given
Default for Speculative-Grade Companies (LGD) waterfall, they rank
pari passu among themselves and with unsecured trade payables,
short-term lease liabilities, pension obligation, and other bank
debt at the level of the operating entities.

The company's capital structure also includes preferred equity
certificates, with EUR119 million outstanding as of December 2024.
Moody's treats them as 100% equity under Moody's Hybrid Equity
Credit methodology and hence do not consider them in Moody's debt
calculation and LGD waterfall.

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

Positive rating pressure could arise if Armacell sustains solid
earnings and liquidity management, leading to:

-- Moody's-adjusted debt/EBITDA sustained below 6.0x;

-- Moody's-adjusted EBITA/interest sustained above 1.5x; and

-- The company consistently generates positive free cash flow

Conversely, negative rating pressure could arise if:

-- Moody's-adjusted debt/EBITDA rises above 7.0x on a sustained
basis;

-- Moody's-adjusted EBITA/interest declines towards 1.0x; and

-- Liquidity materially deteriorates due to prolonged period of
negative free cash flow and material acquisitions

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Armacell is an intermediate holding company for the Armacell group,
headquartered in Capellen, Luxembourg. Armacell is a global market
leader specializing in the development and production of flexible
insulation materials for equipment in the commercial, industrial
and energy, residential, transportation, sports and leisure end
markets. The company operates 25 expansion plants across 20
countries. In 2024, it generated EUR814 million revenues and EUR154
million company's adjusted EBITDA. Since 2019, Armacell is majority
owned by PAI Partners (53.2% as of February 2025) and KIRKBI
(43.6%). The management retains a minority interest with 3.2% of
total shares.



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

ARTISAN NEWCO: Moody's Affirms B2 CFR, Rates New Secured Debt B2
----------------------------------------------------------------
Moody's Ratings has affirmed the B2 long term corporate family
rating and the B2-PD probability of default rating of Artisan Newco
B.V. (Group of Butchers or the company), a producer of artisanal
processed meat products across the Netherlands, Germany and
Belgium.

Concurrently, Moody's have assigned B2 ratings to the proposed
EUR705 million senior secured term loan B maturing in 2032 and the
proposed EUR75 million senior secured revolving credit facility
(RCF) maturing in 2031, both to be borrowed by Artisan Newco B.V.
Moody's took no action on the ratings of the existing EUR500
million senior secured term loan B due in 2029 (EUR489 million
outstanding as of December 2024) and the EUR50 million senior
secured revolving credit facility (RCF) due in 2028, both borrowed
by Artisan Newco B.V., and expect to withdraw these ratings upon
full repayment with proceeds from the proposed transaction. The
outlook remains stable.

Proceeds from the proposed EUR705 new term loan B, together with
EUR134 million cash on balance sheet, will be used to repay the
outstanding term loan B due February 2029 amounting to about EUR489
million and distribute EUR350 million dividends to shareholders.

"The action balances the negative impact of the additional debt on
Group of Butchers' credit metrics with Moody's expectations that
the company will be able to deleverage and maintain a
Moody's-adjusted gross debt/EBITDA commensurate with the B2 rating
in the next 12 to 18 months on the back of solid operating
performance", says Valentino Balletta, a Moody's Ratings Analyst
and lead analyst for Group of Butchers.

"Furthermore, despite the increase in annual interest expenses by
about EUR13 million due to the additional debt from the proposed
transaction, Moody's estimates that Group of Butchers will generate
free cash flow of more than EUR55 million per year in 2025-2026,
supporting its good liquidity", adds Mr. Balletta.

RATINGS RATIONALE      

The proposed transaction will increase the company's Moody's
adjusted gross debt/EBITDA, and will weaken its interest coverage
and cash flow metrics due to additional interest expense of
approximately EUR13 million. Moody's estimates that, pro-forma for
the transaction, and based on pro-forma 2024 Moody's adjusted
EBITDA of EUR150 million, Group of Butchers' leverage will increase
by 1.4x to approximately 5.6x. Nonetheless, this level of leverage
leaves Group of Butchers adequately positioned in the B2 rating
category. Moreover, Moody's forecasts that the company will
deleverage towards 5.0x debt/EBITDA in the coming 12-18 months,
supported by sustained EBITDA growth on the back of continued
cost-efficiency initiatives, synergies from inorganic growth, and
product mix shift.

In 2024, the company also continued its M&A strategy of inorganic
expansion. While these acquisitions were financed predominantly
through additional debt, the effect on Group of Butchers'
Moody's-adjusted leverage was limited, due to the relatively low
purchase multiples and the company's ability to successfully
integrate the acquired businesses, benefiting from cross-selling
opportunities and cost synergies.

Earnings growth, together with limited working capital and capex
needs, will also drive positive free cash flow generation in
2025-2026, which will reach EUR55-60 million a year. Also, EBITA
coverage of interest will be solid for the rating category, at
2.5x-2.6x over the next couple of years.

Group of Butchers' B2 rating also continues to be supported by
leading category position in processed meat products across the
Netherlands, Germany and Belgium, with an attractive private-label
product portfolio and leading market positions; relatively good
operating margin, particularly taking into consideration its
private-label business; track record of passing raw material price
volatility to customers; flexible cost structure, which offers some
protection in case of demand volatility, and good liquidity.

Conversely, the B2 rating is constrained by the company's modest,
although growing, scale; still relatively high geographical
concentration in the Netherlands, Germany and Belgium; the group's
high product concentration, with its exposure mainly to the
private-label category and processed meat products; increasingly
mature product categories that are exposed to fast-changing
consumer preferences; and high appetite for acquisitions, which
entails integration risks and may impede leverage reduction if
funded with debt, while making the monitoring of the company's
underlying business more difficult because of the reliance on
pro-forma numbers.

ESG CONSIDERATIONS

Governance was one of the key drivers of the rating action because
Moody's views the releveraging transaction as a sign of
shareholders-friendly financial policy. However, Moody's assumes
the company's financial policy will remain unchanged, staying
consistent with credit metrics that support the current rating.

LIQUIDITY

Group of Butchers' liquidity is good, supported by its track record
of positive FCF generation, which Moody's expects to continue, as
well as EUR26 million of cash on balance sheet expected at closing
of the proposed transaction, and a new EUR75 million committed RCF
due 2031. The RCF, which Moody's expects to remain undrawn, has a
springing covenant of senior secured net leverage not exceeding
7.4x, tested when the facility is more than 40% drawn, against
which Moody's expects the company to maintain ample capacity.

The company will have no significant debt maturities until 2032,
when its new proposed term loan will be due.

STRUCTURAL CONSIDERATIONS

The B2-PD PDR, in line with the CFR, reflects Moody's standard
assumptions of a 50% family recovery rate. The B2 ratings on the
senior secured debt instruments are in line with the CFR and
reflect the fact that these liabilities rank pari passu and
represent most of the debt in the capital structure.

These facilities are secured by pledges over shares, bank accounts
and intercompany loans, considered as weak, and are guaranteed by
all material subsidiaries representing at least 80% of consolidated
EBITDA.

COVENANTS

Moody's have reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80 % of consolidated EBITDA
(determined in accordance with the agreement) and include all
companies representing 5% or more of consolidated EBITDA. Only
companies incorporated in the Netherlands will provide security.
Security will be granted over key shares, bank accounts,
intra-group receivables and intellectual property.

Unlimited pari passu debt is permitted up to a senior secured net
leverage ratio of 4.75x ,  and unlimited junior secured debt is
permitted subject to a 5.75x total net leverage ratio (TNLR). Any
available debt capacity can be made available as incremental
facilities. There is no cap on acquisitions of cashflow positive
businesses. Unlimited dividends and unlimited junior debt payments
are permitted if TNLR is 3.75x or lower.

The proposed terms include a portability test on change of control
subject to a leverage requirement and equity value test, within 24
months.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 20% of consolidated EBITDA
and believed to be "achievable" within 18 months of the
implementation.

The above are proposed terms, and the final terms may be materially
different.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's views that Group of
Butchers will be able to gradually increase its organic sales while
improving its operating margin, especially through synergies from
acquired companies, and keep a Moody's-adjusted leverage
commensurate with the current rating category. The stable outlook
also factors in Moody's expectations that the company will continue
to grow inorganically in the next 12-18 months while maintaining a
prudent approach to acquisitions, and that any potential future
transactions will not significantly weaken its credit metrics.

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

Group of Butchers' ratings are currently constrained by its modest
business diversification and appetite to grow through acquisitions,
which entails execution risk. Over time, the ratings could be
upgraded if the company increases its scale and enhances its
business profile, including a more diversified product range and
geographical presence; maintains its Moody's-adjusted gross
debt/EBITDA below 4.5x on a sustained basis; shows continued
evidence of a prudent financial policy that is consistent with
metrics that align with a higher rating category; and continues to
generate solid positive FCF and maintains good liquidity.

The ratings could be downgraded if the company fails to maintain
its Moody's-adjusted gross/debt EBITDA below 6.0x as a result of
softer sales, erosion of profit margin or significant debt-financed
acquisitions; the company's FCF turns negative on a sustained
basis; or its liquidity deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Artisan Newco B.V. (Group of Butchers), domiciled in the
Netherlands, is the leading producer of high-quality private-label
meat products across the Netherlands, Germany and Belgium. The
company engages in the production and sale of processed meat
products, such as dry sausages, grilled and smoked meats,
rotisserie products, meatballs and meat snacks, but has also
diversified into spreads and dips. In 2024, the company generated
revenue of EUR1,138 million and Moody's-adjusted EBITDA of EUR150
million, pro-forma for the full-year contribution of acquisitions
made during the year. Since 2021, the company has been majority
owned by private equity firm Parcom, with the remaining shares
owned by private equity firm Apollo, the management and the
founders.



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

NORTHVOLT AB: Files Bankruptcy in Sweden; U.S. Units Unaffected
---------------------------------------------------------------
Northvolt AB, the parent company of Northvolt North America, has
filed for bankruptcy under Swedish law in Stockholm on March 12,
2025. This follows an exhaustive effort to explore all available
means to secure a viable financial and operational future for the
company, which ultimately did not lead to a satisfactory outcome.

As a wholly owned subsidiary of Northvolt AB, any decisions
regarding Northvolt North America will be made by the
court-appointed trustee of Northvolt AB, together with the Group's
lenders, at the appropriate time.

At this time, Northvolt North America remains solvent and intends
to honor its obligations and pay its liabilities in the ordinary
course, including any obligations towards its employees.

                    About Northvolt AB

Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.

On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).

The cases are before the Honorable Alfredo R. Perez.

Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.



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

TURKIYE SISE: Moody's Cuts CFR to B2 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has downgraded Turkiye Sise ve Cam Fabrikalari
A.S.'s (Sisecam) long term corporate family rating to B2 from B1,
probability of default rating to B2-PD from B1-PD and backed senior
unsecured instrument rating to B2 from B1. Concurrently, Moody's
have downgraded the backed senior unsecured instrument rating
issued by Sisecam UK Plc. to B2 from B1. The outlook on all
entities has been changed to negative from stable.

RATINGS RATIONALE

The rating action reflects Sisecam's ongoing performance decline,
which has resulted in lower-than-our expected sales volumes and
negative pricing pressures across most of their end markets,
including glass manufacturing, chemicals, and energy. The global
glass manufacturing market has experienced a structural shift with
increasing production capacity and weak demand prospects. Sisecam's
revenue declined by 15% in 2024 to TRY186 billion from TRY219
billion (under IAS 29, hyperinflation accounting) and EBITDA
deteriorated by 69% to TRY13.9 billion from TRY45.2 billion during
the same period. Weaker sales in the European markets as well as
high domestic inflationary pressures have contributed to Sisecam's
weaker than expected operating performance in 2024. Sisecam's
adjusted leverage (measured as Moody's adjusted gross debt over
adjusted EBITDA) has increased to 5.7x in 2024 from 3.7x a year
before. Similarly, the Moody's adjusted interest coverage (measured
as Moody's adjusted EBITA over interest expense) has deteriorated
to 0.5x from 2.8x during the same period.

Sisecam's profitability has eroded due to higher costs and limited
cost advantage in the export business due to a real appreciation of
the Turkish Lira. During 2024, Sisecam's operating expenditures
increased to 25% of sales from 21% a year before mainly due to
transportation and logistics expenses and indirect salaries as well
as higher wages due to inflation. Higher opex and cost of goods
sold has resulted in a decrease of Sisecam's profitability measured
as Moody's adjusted EBITDA margin to 13.0% in 2024 from 21.9% the
year before. Nevertheless, during 2024 the company actively managed
costs and implemented cost control measures. Moody's expects that
Sisecam will continue to focus on cost control measures during the
next 12 to 18 months and potentially reduce its capital expenditure
to reduce the negative free cash flow generation in 2025 and 2026.
Despite the company's cost control measures, Moody's do not foresee
Sisecam returning to positive FCF generation until 2027.

In 2024 Sisecam acquired the remaining 40% ownership of its natural
soda ash investment from Ciner Group in Sisecam Chemicals Resources
LLC and Pacific Soda LLC in the United States for $285 million. The
facility is expected to produce more than 5 million tons of soda
ash annually when operational. Additionally, Sisecam's stake in
Sisecam Wyoming LLC has risen to 51%. Both acquisitions are
strategic and will allow Sisecam to become a global leader in
natural soda ash production because natural soda ash has
sustainability advantages and lower production costs compared to
synthetic soda ash. However both transactions come at a time of
operational and financial stress for the company with weak market
demand as well as a high capital investment cycle.

Moody's expects Sisecam's operating performance will continue to be
weak and bottom out during 2025. International demand, particularly
from Europe could improve as European economies gain momentum in
the second half of 2025, aided by interest rate cuts. Moody's
expects debt levels to remain stable or slightly reduce but credit
metrics will remain weak in 2025 and 2026 due to suppressed EBITDA
and profitability levels despite decreasing inflation levels in
Turkiye. Moody's adjusted leverage for Sisecam will remain above 4x
in 2025 and 2026 while Moody's adjusted interest coverage ratio
will be between 1x and 1.5x in 2025 and 2026.

Sisecam's B2 CFR reflects the company's strong business profile and
benefits from (1) a leading market position in Turkiye and
internationally; (2) a balanced revenue and product mix derived
from its architectural glass, automotive glass, glassware and glass
packaging businesses as well as chemicals and energy businesses
which mitigates single product line exposure; and (3) a good
geographical diversification with operations in 14 countries.

Conversely, the rating takes into account (1) Sisecam's sharp
deterioration of credit metrics driven by weak market fundamentals
and high inflationary pressures in Turkiye; (2) high capital
expenditure requirements and capital intensive plans to increase
its production capacity; (3) a limited track record of meaningful
positive free cash flow generation; and (4) its geographic
concentration, with 60% of revenues generated from Turkiye
operations, 41% from internal sales and 19% from exports. As such,
Moody's considers Sisecam to be materially exposed to Turkiye's
economic and regulatory environment.

ESG CONSIDERATIONS

Sisecam's ratings also reflect a number of environmental, social
and governance (ESG) considerations that are inherent to the glass
manufacturing industry in general and to Sisecam in particular.
This includes a high carbon transition risk because of a
significant use of natural gas in the glass manufacturing process.
While glass manufacturing will remain an energy-intensive process,
its carbon footprint can be reduced using renewable energy but
requires dedicated investments. Moody's also considers the
company's track record of reliance on short term debt a governance
related risk although it was partly addressed by the $1.5 billion
senior unsecured bond issuance in 2024.

LIQUIDITY PROFILE

Sisecam's liquidity is adequate although continues to rely on short
term debt refinancing. The company's liquidity is supported by cash
of TRY54 billion ($1.5 billion) and to a lesser extent by a
Eurobond investment portfolio, time deposits and other financial
assets with an aggregate book value of TRY5.0 billion ($141
million) as of December 31, 2024. The company's large cash balance
helps offset short term debt repayment needs during 2025 of
approximately TRY33.5 billion (26% of reported debt).

Moody's expects Sisecam to generate operating cash flow of around
TRY23 billion during 2025. This expected cash flow, along with its
cash holdings, will help cover (1) short-term debt repayments of
TRY12.4 billion and the current maturities of long term debt of
TRY21.1 billion as of December 31, 2024; (2) estimated capital
spending of TRY25 billion during 2025 which Moody's believes has
some flexibility to be reduced; and (3) estimated dividend payout
of TRY2 billion.

STRUCTURAL CONSIDERATIONS

Sisecam does not have any secured debt in its capital structure
with the group utilising long-term project loans in combination
with short-term debt. The senior unsecured notes due in 2026 are
rated in line with the company's corporate family rating because
Moody's rank the company's senior unsecured notes pari-passu with
the other senior unsecured obligations.

The $1.5 billion notes rated B2 and issued by Sisecam UK Plc. are
backed senior unsecured obligations and rank pari-passu with all
other existing and future unsecured and unsubordinated debt
obligations of the company. The notes benefit from downstream
guarantees from the parent company which represents more than 80%
of the group's EBITDA. The guarantor package has the risk of
reducing below 80% of the group's EBITDA once the US operations
gradually ramp up by the end of 2028 at the earliest.

RATING OUTLOOK

The negative outlook reflects Moody's expectations of a delayed
recovery of Sisecam's internal and external demand coupled with an
extended period of growing market capacity that will continue to
add pressure on prices. Additionally, the outlook also takes into
consideration Moody's expectations of negative free cash flow
generation in 2025 and 2026 and weak credit metrics during the next
12 to 18 months.

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

A rating upgrade is unlikely given the negative outlook.
Nevertheless, positive pressure on the ratings could arise if the
company stabilizes its operating and financial performance and its
liquidity profile significantly improves. Moody's would also expect
(1) debt to EBITDA to remain below 3x, (2) EBITA interest coverage
comfortably above 2.5x, and (3) positive free cash flow
generation.

Sisecam's ratings could be downgraded if its operating environment
and financial performance deteriorate such that its liquidity
profile weakens or debt to EBITDA exceeds 5x on a sustained basis.
Additionally, the rating could be downgraded if EBITA interest
coverage fails to improve above 1x.

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

CORPORATE PROFILE

Founded in 1935, Turkiye Sise ve Cam Fabrikalari A.S. is a Turkish
industrial manufacturer of glass products including flat glass
(architectural glass and auto glass), glassware and packaging, as
well as soda ash and chromium-based chemicals. The company operates
in Eastern Europe, Western Europe, CIS and the United States.
Sisecam is 52% owned by Turkiye Is Bankasi A.S. (Isbank, B1
positive), 2% of shares are held by Sisecam itself and 46% listed
on Borsa Istanbul. Sisecam reported consolidated revenues of TRY186
billion ($5.7 billion) and a company reported EBITDA of TRY13.9
billion ($0.4 billion) in 2024.



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

ALTRIX TECHNOLOGY: FRP Advisory Named as Joint Administrators
-------------------------------------------------------------
Altrix Technology Ltd was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency and Companies List (ChD) Court Number:
CR-2025-MAN-000325, and Martyn Rickels and Anthony Collier of FRP
Advisory Trading Limited, were appointed as joint administrators on
March 10, 2025.  

Altrix Technology was a temporary recruitment agency.

Its registered office is at Wizu Workspace Altrix Technology Ltd,
32 Eyre Street, Sheffield, S1 4QZ to be changed to C/o FRP Advisory
Trading Limited, 4th Floor, Abbey House, 32 Booth Street,
Manchester, M2 4AB.

Its principal trading address is at Wizu Workspace Altrix
Technology Ltd, 32 Eyre Street, Sheffield, S1 4QZ.

The joint administrators can be reached at:

           Martyn Rickels
           Anthony Collier
           FRP Advisory Trading Limited
           4th Floor, Abbey House
           Booth Street, Manchester
           M2 4AB

For further details, contact:
           
           The Joint Administrators
           Tel No: 0161 833 3344

Alternative contact:

            Jessica Jones
            Email: cp.manchester@frpadvisory.com

ATLAS LEISURE: FRP Advisory Named as Joint Administrators
---------------------------------------------------------
Atlas Leisure Homes Limited was placed into administration
proceedings in the High Court of Justice Court Number:
CR-2025-000242, and Mark Hodgett and Allan Kelly of FRP Advisory
Trading Limiteds, were appointed as joint administrators on March
11, 2025.  

Atlas Leisure manufactures static caravans.

Its registered office is at Atlas Leisure Homes Limited, Wiltshire
Road, Hull, HU4 6PD to be changed to C/o FRP Advisory Trading
Limited, Minerva, 29 East Parade, Leeds, LS1 5PS.

Its principal trading address is at Atlas Leisure Homes Limited,
Wiltshire Road, Hull, HU4 6PD.

The joint administrators can be reached at:

         Mark Hodgett
         Allan Kelly
         FRP Advisory Trading Limited
         Minerva, 29 East Parade
         Leeds, LS1 5PS

Further details contact:

         The Joint Administrators
         Tel No: 0113 831 3555
         Email: cp.leeds@frpadvisory.com

Alternative contact: Tom Auer

CD&R GALAXY: Moody's Cuts PDR to D-PD on Debt Revamp Completion
---------------------------------------------------------------
Moody's Ratings downgraded CD&R Galaxy UK Intermediate 3 Limited's
(d/b/a "Vialto Partners") probability of default rating to D-PD
from Ca-PD following the completion of the company's previously
announced distressed debt restructuring. As part of the
restructuring, affiliates of private equity sponsor Clayton,
Dubilier & Rice ("CD&R"), Vialto Partners' principal shareholder,
and HPS Investment Partners, LLC ("HPS"), which recently became a
significant shareholder, equitized their ownership of Vialto
Partners' first-lien term loan and second-lien term loan issued
under subsidiary Galaxy US Opco Inc. ("Galaxy"). This equitization
resulted in substantial economic losses to these lenders,
contributing to the determination of a distressed exchange and a
default under Moody's definitions. The D-PD rating will be upgraded
to Caa2-PD after three business days, reflecting the new capital
structure. Given the significant reduction in Vialto Partners'
outstanding debt of approximately 45% following the distressed debt
exchange, Moody's are upgrading the company's corporate family
rating ("CFR") to Caa2 from Caa3. Concurrently, Moody's are
assigning a Caa2 rating to Galaxy's new $797 million senior secured
first-lien term loan maturing July 2030 and a Caa2 rating to Galaxy
's new $200 million senior secured first-lien revolving credit
facility expiring July 2029. Moody's are withdrawing ratings on
Galaxy's predecessor senior secured first-lien credit facility
(previously rated Caa3). The outlook is stable for Vialto Partners
and Galaxy. Vialto Partners is a worldwide provider of global
mobility solutions, providing integrated compliance, consulting,
and technology services to global enterprises.

While the recapitalization significantly reduced the company's
outstanding debt, Vialto Partners will remain highly levered on a
pro forma basis with debt to EBITDA of approximately 6.5x LTM
adjusted EBITDA as of 28 February 2025 (based on Moody's
calculations). ESG considerations were a key driver of the rating
action and Moody's expects the company will continue to employ
aggressive financial strategies and maintain a tolerance for high
financial leverage.

RATINGS RATIONALE

Vialto Partners' Caa2 CFR is constrained by the company's high pro
forma financial leverage as well as a complex corporate structure
comprised of an array of internationally based operating
subsidiaries and a high proportion of revenue and earnings from
both non-guarantor and unrestricted subsidiaries. Since its
carveout from former parent PricewaterhouseCoopers ("PwC") on April
29, 2022, the company's business has materially underperformed
Moody's expectations due to weaker than expected sales,
profitability, and cash flow, as well as the inability to
effectively realize planned operating efficiencies as a standalone
company. Moody's believes there remain meaningful execution risks
with respect to Vialto Partners' ability to effectively streamline
its operations and achieve additional planned cost synergies.
Additional credit challenges include Vialto Partners' concentrated
business focus and corporate governance risks related to the
company's concentrated ownership. These credit challenges are
somewhat mitigated by the company's global operating scale, strong
competitive presence, and a highly recurring revenue base which
capitalizes on steady demand for its tax services. Revenue
stability is also supported by Vialto Partners' longstanding
relationships, multi-year contracts, and high client retention
rates with a high-quality set of large enterprise customers.

Moody's considers Vialto Partners' liquidity profile to be adequate
supported by a $33 million pro forma cash balance. Moody's expects
the company to generate $15 million-$20 million of free cash flow
over the next 12-15 months based in part on the assumption that the
company will utilize its option to pay a portion of interest on its
first-lien debt as a payment in kind. The company's option to pay
payment in kind interest expires on October 31, 2026, following
which Vialto Partners could be challenged to generate positive free
cash flow. Vialto Partners' liquidity will also be supported by
approximately $160 million of availability under its revolving
credit facility. The company's term loan is not subject to
financial covenants. The revolving credit facility, has a springing
maximum net senior secured first lien leverage ratio covenant of
8.58x (stepping down to 8.0x after 2 years) and Moody's expects
Vialto Partners to remain in compliance with this financial
covenant over the next 12-15 months.

The Caa2 rating for the senior secured first-lien credit facility
is consistent with the Caa2 CFR and reflects Moody's recovery
expectations for this class of debt. Moody's model a deficiency
claim of 50% applicable to the secured debt in Vialto Partners'
hierarchy of claims at default due to a high proportion of the
company's revenue and profits coming from non-guarantor
subsidiaries and approximately 25%-30% from unrestricted
subsidiaries.

The stable outlook reflects Moody's expectations that Vialto
Partners' revenue and EBITDA will increase moderately over the next
12-18 months. Moody's projects that debt-to-EBITDA will contract,
but remain at approximately 6x by the end of FY26 (ending June
2026).

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

The ratings could be upgraded if Vialto Partners' establishes a
track record of healthy revenue growth and margin expansion,
resulting in a material contraction in debt-to-EBITDA, sustained
positive free cash flow, and continued improvement in the company's
liquidity profile.

The ratings could be downgraded if Vialto Partners' operating
performance trends are weaker than expected, debt-to-EBITDA
increases, or Vialto Partners incurs sustained free cash flow
deficits that result in expectations of weakening liquidity.

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

Vialto Partners, controlled by affiliates of private equity sponsor
CD&R and HPS, is a worldwide provider of global mobility solutions,
providing integrated compliance, consulting, and technology
services to global enterprises with a primary focus on tax
preparation and immigration services for employees of its corporate
clients. Moody's forecasts that the company will generate revenue
of approximately of $915 million in FY25.

JVS (UK): Leonard Curtis Named as Administrators
------------------------------------------------
JVS (UK) Ltd was placed into administration proceedings in the High
Court of Justice Business and Property Courts in Manchester,
Company and Insolvency List, Court Number: CR-2025-000236, and
Danielle Shore and Stephen Beverley of Leonard Curtis were
appointed as administrators on March 6, 2025.  

JVS (UK) is into manufacturing.

Its registered office is at 39/43 Bridge Street, Swindon,
Mexborough, South Yorkshire, S64 8AP

Its principal trading address is at Unit 42, Chesterton Road,
Rotherham, S65 1SU

The joint administrators can be reached at:

          Stephen Beverley
          Danielle Shore
          Leonard Curtis (UK) Limited
          4th Floor, Fountain Precinct
          Leopold Street
          Sheffield S1 2JA

Contact information for Administrators:

          The Joint Administrators
          Tel: 0114 285 9500

Alternative contact:

          Henry Dickinson
          Email: henry.dickinson@leonardcurtis.co.uk


MARBANK CONSTRUCTION: FRP Advisory Named as Administrators
----------------------------------------------------------
Marbank Construction Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts at Leeds, Insolvency and Companies List (ChD) Court Number:
CR-2025-LDS-000238, and Kelly Burton and Joseph Fox of FRP Advisory
Trading Limited, were appointed as administrators on March 7, 2025.


Marbank Construction specialized in the construction of commercial
buildings/construction of domestic buildings.

Its registered office is at 2 Wintersells Road, Byfleet, West
Byfleet, KT14 7LF to be changed to c/o FRP Advisory Trading
Limited, The Manor House, 260 Ecclesall Road South, Sheffield, S11
9PS.

Its principal trading address is at 2 Wintersells Road, Byfleet,
West Byfleet, KT14.

The administrators can be reached at:

                Kelly Burton
                Joseph Fox
                FRP Advisory Trading Limited
                The Manor House
                260 Ecclesall Road South
                Sheffield, S11 9PS

Further details contact:

                The Administrators
                Tel No: 0114 2356780

Alternative contact:

                 Alice Crowden
                 Email: Alice.crowden@frpadvisory.com

MAXX DESIGN: SPK Financial Named as Joint Administrators
--------------------------------------------------------
Maxx Design Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in Leeds
Company and Insolvency List, Court Number: CR-2025-LDS-000228, and
Stuart Kelly and Claire Harsley of SPK Financial Solutions Limited,
were appointed as joint administrators on March 5, 2025.  

Maxx Design, previously known as Draftscheme Limited, offers
specialized design activities.

Its registered office and principal trading address is at Suite 3a
The Courtyard, London Road, Newbury, Berkshire, United Kingdom,
RG14 1AX.

The joint administrators can be reached at:

              Stuart Kelly
              Claire Harsley
              SPK Financial Solutions Limited
              7 Smithford Walk Prescot Liverpool
              L35 1SF

Further Details Contact:

             Adam Farnworth
             Tel No: 0151 739 2698
             Email: info@spkfs.co.uk

MIDLAND LIVINGS: Evelyn Partners Named as Joint Administrators
--------------------------------------------------------------
Midland Livings C.I.C. was placed into administration proceedings
in the High Court of Justice Business and Property Courts Court
Number: CR-2025-000051, and Finbarr Thomas O'Connel, Adam Henry
Stephens and Christopher Allen of Evelyn Partners LLP, were
appointed as joint administrators on March 5, 2025.  

Midland Livings, fka Midland Living CIC, specialized in
accommodation.

Its registered office is at 69d Witton Road, Birmingham, B6 6JP.

Its principal trading address is at Albion Palace, 47-50 Hockley
Hill, Birmingham, B18 5AQ.

The joint administrators can be reached at:

           Finbarr Thomas O'Connel
           Adam Henry Stephens
           Evelyn Partners LLP
           c/o RRS Department
           45 Gresham Street
           London EC2V 7BG

          -- and --

          Christopher Allen
          Evelyn Partners LLP
          c/o RRS Department
          103 Colmore Row, Birmingham, B3 3AG

Further details contact:

         The Joint Administrators
         Tel No:  020 7131 4000

Alternative contact: Will Ranson

MUTT MOTORCYCLES: RSM UK Named as Administrators
------------------------------------------------
Mutt Motorcycles Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts of
England and Wales, Insolvency and Companies List (ChD), Court
Number: CR-2025-001365, and David Shambrook and Matthew Haw of RSM
UK Restructuring Advisory LLP were appointed as administrators on
March 3, 2025.  

Mutt Motorcycles engaged in the sale, maintenance and repair of
motorcycles and related parts and accessories.

Its registered office is at 25 Farringdon Street, London, EC4A
4AB.

The joint administrators can be reached at:

            David Shambrook
            Matthew Haw
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London EC4A 4AB

Correspondence address & contact details of case manager:

            Samir Akram
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street, London
            EC4A 4AB

For further details, contact:

            Joint Administrators
            Tel No: 020 3201 8000


PARKSIDE GROUP: Forvis Mazars Named as Joint Administrators
-----------------------------------------------------------
The Parkside Group Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies, Court Number:
CR-2025-001499, Guy Robert Thomas Hollander and Patrick Lannagan of
Forvis Mazars LLP, were appointed as joint administrators on March
11, 2025.  

Parkside Group, trading as The Parkside Group Limited, specialized
in aluminium production.

Its registered office and principal trading address is at Unit 5 17
Willow Lane, Mitcham, Surrey, CR4 4NX.

The joint administrators can be reached at:

               Guy Robert Thomas Hollander
               Forvis Mazars LLP
               30 Old Bailey, London
               EC4M 7AU

               -- and --

               Patrick Lannagan
               Forvis Mazars LLP
               One St Peter's Square
               Manchester, M2 3DE

Further details contact:

               The Joint Administrators
               Tel No: 020 7063 4545

Alternative contact: Hannah Ritson

PLATFORM BIDCO: EUR100MM Loan Add-on No Impact on Moody's 'B3' CFR
------------------------------------------------------------------
Moody's Ratings announced that PLATFORM BIDCO LIMITED (Valeo Foods
or the company) ratings, including its B3 Corporate Family Rating,
and its B2 senior secured bank credit facility rating, and stable
outlook are not affected by its proposed EUR100 million add on to
the EUR300 million senior secured first-lien term loan maturing in
2028.

Valeo Foods plans to use the proceeds from the add on to fully
repay drawings on the EUR180 million senior secured multi-currency
revolving credit facility (RCF) maturing in 2028, to partially
repay the junior instruments in the capital structure, specifically
EUR25 million of the second-lien term loan due in 2030, with the
remainder to be kept on balance sheet for general and corporate
purposes.

Moody's estimates that this transaction will be broadly neutral on
the group's credit metrics and does not affect the rating
positioning compared to Moody's previous expectations. Moody's
still expect the company's gross leverage to drop below 8.0x by
fiscal 2026, with Moody's-adjusted EBITA interest coverage
improving to around 1.5x. At the same time, the transaction further
improves liquidity supported by EUR120 million cash on balance
sheet (pro-forma as of December 2024) and full availability under
its EUR180 million multi-currency RCF.

The B2 instrument ratings on the TLB and RCF are one notch above
the company's B3 CFR, reflecting the senior position of these
instruments compared with the junior instruments in the capital
structure, both the second-lien term loan and drawings under the
acquisition facility. Moody's notes, however, that the repayment of
the junior debt with new senior debt weakens the position of the
senior debtholders within the capital structure and further
switches from junior to senior debt might result in the senior debt
losing the current rating uplift compared to the CFR. The current
uplift of the senior debt rating could disappear in case of failure
to further improve the company's credit quality or to reduce the
overall amount of debt outstanding.

Valeo Foods' B3 CFR continues to be constrained by its high
financial leverage, which positions the company weakly in the
rating category. This is, however, partly mitigated by Moody's
expectations that the company's liquidity will remain adequate,
supported by positive free cash flow (FCF) generation from fiscal
2026 onwards, that nevertheless is expected to cover the deferred
consideration on the IDC acquisition.

Concurrently, the B3 CFR continues to be supported by Valeo Foods'
leading position in the Irish ambient grocery market and the UK
honey and hand-cooked potato crisps markets; its pan-European
presence; its portfolio of well-recognised brands across different
categories and that of products diversified between brand and
private label, which mitigates the potential volatility in demand.

RAPID HIRE: KBL Advisory Named as Administrators
------------------------------------------------
Rapid Hire Group Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Company and Insolvency List (ChD) Court Number:
CR-2025-MAN-0365, and Richard Cole and Steve Kenny of KBL Advisory
Ltd, were appointed as administrators on March 11, 2025.  

Rapid Hire, trading as Rapid Hire Group, specialized in renting and
leasing of machinery, equipment and tangible goods.

Its registered office is at Office 1, Brunswick House, Brunswick
Way, Brunswick Business Park, Liverpool, L3 4BN.

Its principal trading address is at Unit 8, D B R Business Park,
Dunnings Bridge Road, Bootle, Merseyside L30 6AA.

The administrators can be reached at:

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

For further details, contact

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

Alternative contact: Julie Webster

SAWSCAPES PLAY: Oury Clark Named as Joint Administrators
--------------------------------------------------------
Sawscapes Play Limited was placed into administration proceedings
in the High Court of Justice, Court Number: CR-2025-001631, and
Nick Parsk and Carrie James of Oury Clark Chartered Accountants,
were appointed as joint administrators on March 10, 2024.  

Sawscapes Play specialized in construction installation.

Its registered office is at c/o Oury Clark Chartered Accountants,
Herschel House, 58 Herschel Street, Slough, Berkshire, SL1 1PG.

Its principal trading address is at 8a Hartley Park Farm Business
Centre, Selborne Road, Alton, Hampshire, GU34 3HD

The joint administrators can be reached at:

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

Further details contact:

               The Joint Administrators
               Email: IR@ouryclark.com

Alternative contact: Sean Cox

SILCOMS LIMITED: RSM UK Named as Administrators
-----------------------------------------------
Silcoms Limited was placed into administration proceedings in the
High Court of Justice, the Business and Property Courts in
Manchester Insolvency & Companies List (ChD), Court Number:
CR-2025-305, and Christopher Ratten and Gareth Harris of RSM UK
Restructuring Advisory LLP were appointed as administrators on
March 4, 2025.  

Silcoms Limited is a manufacturer of aerospace parts, chains and
components.

Its registered office is at Piggott Street, Farnworth, Bolton, BL4
9QN

Its principal trading address is at Victoria Mill, Piggott Street,
Bolton, BL4 9QN

The joint administrators can be reached at:

         Christopher Ratten
         RSM UK Restructuring Advisory LLP
         Landmark, St Peter's Square
         1 Oxford Street
         Manchester M1 4PB

           -- and --

         Gareth Harris
         RSM UK Restructuring Advisory LLP
         Central Square
         29 Wellington Street
         Leeds, LS1 4DL

Correspondence address & contact details of case manager:

         Rob Hart
         RSM UK Restructuring Advisory LLP
         Landmark, St Peter's Square
         1 Oxford Street
         Manchester M1 4PB

For further details, contact:

         Christopher Ratten
         Tel No: 0161 830 4000

            -- or --

         Gareth Harris
         Tel: 0113 285 5000


SOLEUS PEOPLE: FRP Advisory Named as Joint Administrators
---------------------------------------------------------
Soleus People Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency and Companies List (ChD) Court Number:
CR-2025-MAN-000324, and Martyn Rickels and Anthony Collier of FRP
Advisory Trading Limited, were appointed as joint administrators on
March 10, 2025.  

Soleus People was a temporary recruitment agency.

Its registered office is at Wizu Workspace Altrix Technology Ltd,
32 Eyre Street, Sheffield, S1 4QZ to be changed to C/o FRP Advisory
Trading Limited, 4th Floor, Abbey House, 32 Booth Street,
Manchester, M2 4AB.

Its principal trading address is at Wizu Workspace Altrix
Technology Ltd, 32 Eyre Street, Sheffield, S1 4QZ.

The joint administrators can be reached at:

           Martyn Rickels
           Anthony Collier
           FRP Advisory Trading Limited
           4th Floor, Abbey House
           Booth Street, Manchester
           M2 4AB

For further details, contact:
           
           The Joint Administrators
           Tel No: 0161 833 3344

Alternative contact:

           Jessica Jones
           Email: cp.manchester@frpadvisory.com

TFS HEALTHCARE: FRP Advisory Named as Joint Administrators
----------------------------------------------------------
TFS Healthcare Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency and Companies List (ChD) Court Number:
CR-2025-MAN-000326, and Martyn Rickels and Anthony Collier of FRP
Advisory Trading Limited, were appointed as joint administrators on
March 10, 2025.  

TFS Healthcare was a temporary recruitment agency.

Its registered office is at Wizu Workspace Altrix Technology Ltd,
32 Eyre Street, Sheffield, S1 4QZ to be changed to C/o FRP Advisory
Trading Limited, 4th Floor, Abbey House, 32 Booth Street,
Manchester, M2 4AB.

Its principal trading address is at Wizu Workspace Altrix
Technology Ltd, 32 Eyre Street, Sheffield, S1 4QZ.

The joint administrators can be reached at:

           Martyn Rickels
           Anthony Collier
           FRP Advisory Trading Limited
           4th Floor, Abbey House
           Booth Street, Manchester
           M2 4AB

For further details, contact:
           
           The Joint Administrators
           Tel No: 0161 833 3344

Alternative contact:

            Jessica Jones
            Email: cp.manchester@frpadvisory.com


WELLESLEY GROUP: RSM UK Named as Joint Administrators
-----------------------------------------------------
Wellesley Group Limited was placed into administration proceedings
in the High Court of Justice, Business & Property Courts of England
& Wales, Insolvency & Companies List (ChD), Court Number:
CR-2025-001604, and Stephanie Sutton and Damian Webb of RSM UK
Restructuring Advisory LLP, were appointed as joint administrators
on March 10, 2025.  

Wellesley Group specialized in financial intermediation.

Its registered office and principal trading address is at 483 Green
Lanes, London, N13 4BS.

The joint administrators can be reached at:

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

Correspondence address & contact details of case manager:

             Matthew Foy
             RSM UK Restructuring Advisory LLP
             25 Farringdon Street, London
             EC4A 4AB
             Tel No: 020 3201 8000

Further details contact:

             The Joint Administrators
             Tel No: 020 3201 8000

WHEEL BIDCO: Fitch Cuts IDR, Senior Secured Debt Rating to 'CCC+'
-----------------------------------------------------------------
Fitch Ratings has downgraded Wheel Bidco Limited's (PizzaExpress)
Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-', its
super senior debt rating to 'B+' from 'BB-' with a Recovery Rating
of 'RR1', and senior secured rating to 'CCC+' from 'B-' with a
Recovery Rating of 'RR4'.

The downgrade highlights heightened refinancing risks in the
absence of concrete plans related to PizzaExpress's senior secured
bond maturing in July 2026, in combination with persistently weak
credit metrics and uncertainty around the company's EBITDA recovery
amid the challenging conditions in the UK casual dining market and
significant labour cost inflation.

Fitch estimates the company will maintain adequate liquidity in
2025, with an almost fully available revolving credit facility
(RCF), and some flexibility to cut capex, though Fitch sees a
prospect of a further near-term downgrade if there's a lack of
progress in implementing a viable refinancing plan or if
refinancing is completed under terms, which are viewed as
distressed debt exchange (DDE) under Fitch's criteria.

Key Rating Drivers

Refinancing Risks Off Market Options: Fitch views refinancing risks
for PizzaExpress's July 2026 bonds as off market options, given
lack of clarity over refinancing plans, uncertainties in its
business turnaround, and weak credit metrics. These risks are
exacerbated by a difficult UK casual dining market environment,
although the company has outperformed its reference market in the
past. Fitch believes that the absence of a material EBITDA
improvement or imminent shareholder support means the company may
have challenges with debt refinancing, and its capital structure
could become unsustainable.

Uncertain EBITDA Recovery: PizzaExpress's EBITDA fell short of its
expectation for the first nine months of 2024, due primarily to a
7% decline in like-for-like covers. Its rating case assumes a
further slight drop in EBITDA in 2025, driven by rising labour
costs from a rise in minimum wages and national insurance
contribution. This is despite its assumption on better terms with
suppliers and benefits from cost-optimisation projects. Fitch sees
material execution risks in driving growth in covers through
promotion and loyalty and partnership programmes if consumer demand
is weaker than anticipated.

Structural Profitability Reduction: Fitch believes that the
reduction in PizzaExpress's profitability during 2022-2023 is
structural. This decline resulted from the sharp inflation in food
and beverage, energy, and labour costs, which were not fully passed
on to consumers. Consequently, the Fitch-adjusted EBITDA margin is
estimated to remain subdued at approximately 10% in 2024-2027,
significantly lower than the 15%-16% levels achieved before the
pandemic. Some improvement is possible, while Fitch considers a
full recovery to 2019 levels unlikely in the medium term.

Weak Coverage Ratios: Fitch estimates that PizzaExpress's EBITDAR
fixed-charge coverage ratio remained at 1.3x in 2024 (2021: 2.2x),
which is considered weak for the restaurant sector. Fitch
anticipates that further reduction in EBITDA or higher debt-service
costs will weaken coverage ratios further, which would necessitate
a debt reduction in any refinancing scenario.

Neutral-to-Negative FCF: Fitch expects FCF to become slightly
negative from 2025 onward as Fitch believes inflows under working
capital will not be sustained in the medium term, while EBITDA
recovery is uncertain. This projection assumes capex will decline
to a Fitch-assumed GBP17 million annually, as PizzaExpress
finalises its refurbishment programme and keeps modest new
restaurant expansion.

Small Scale; Limited Diversification: Fitch views PizzaExpress's
business profile as intact and still consistent with a low 'B'
category due to its small scale in a fragmented UK restaurant
sector, with around an 8% share. The market provides limited
long-term growth opportunities due to continued consumer caution,
the cost-of-living crisis and tough competition, and Fitch does not
expect PizzaExpress to expand its network substantially and
increase its EBITDAR (estimated for 2024: GBP82 million) over the
medium term.

Peer Analysis

PizzaExpress's rating is one notch below UK pub companies Stonegate
Pub Company Limited (B-/Stable) and Punch Pubs Group Limited
(B-/Stable), which are also rated under Fitch's Restaurants
Navigator framework.

All three companies are highly leveraged but differ by business
model, FCF generation and refinancing risks. In its view, pub
groups have a stronger credit profile than Pizza Express in view of
their larger size and better financial and operational flexibility,
given their freehold property and more limited exposure to labour
costs. Furthermore, Fitch views pubs as more resilient to operating
conditions leading to slightly better refinancing prospects than
casual dining restaurants like PizzaExpress.

PizzaExpress is rated below Sizzling Platter, LLC (B-/Positive), a
US-based franchisee for quick-service restaurant chains with a
slightly larger restaurant portfolio. This is because of
PizzaExpress's weaker credit metrics and operating performance and
higher refinancing risks.

Key Assumptions

Fitch's Key Assumptions within the Rating Case for the Issuer:

- Low-single -digit revenue decline in 2024 as price increases are
offset by decline in LFL covers, gradual increase from 2025
onwards

- EBITDA to stay around GBP42 million-45 million over 2024-2027
(2023: GBP41 million)

- Slight reversal in working capital from 2025

- Capex at around GBP17 million a year

- Debt refinancing at a higher cost

- No dividends or M&A to 2027

Recovery Analysis

The recovery analysis assumes that Pizza Express would be
reorganised as a going concern (GC) in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

Fitch had maintained its estimate for post-reorganisation GC EBITDA
at GBP40 million, on which Fitch bases the enterprise value (EV).
It is similar to Fitch-adjusted EBITDA of EUR41 million in 2023,
which came under pressure from high-cost inflation and a
challenging market environment.

Fitch has applied a 5.0x EV/EBITDA multiple to the GC EBITDA to
calculate a post-reorganisation EV. This is within the 4.0x-6.0x
range Fitch has used across publicly and privately rated peers. It
takes into consideration the scale, limited international
diversification and single core brand of PizzaExpress.

The company's senior secured notes rank behind its GBP30 million
super senior RCF, which is assumed to be fully drawn on default.

Its waterfall analysis generates a ranked recovery for the GBP335
million senior secured notes in the 'RR4' band, indicating a 'CCC+'
instrument rating, in line with the IDR. The waterfall generated
recovery computation on current metrics and assumptions is 45%.

The ranked recovery for the GBP30 million super senior RCF is in
the 'RR1' band with a 100% recovery, indicating a 'B+' instrument
rating, three notches up from the IDR.

RATING SENSITIVITIES

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

Absence of marketable refinancing options 12 months before July
2026 bond maturity, or refinancing under terms, which are viewed as
DDE under Fitch's criteria

Weaker-than-expected operating performance, due to the macro
environment, competitive pressures or higher inflation leading to
lower sales and lower-than-expected profit and cash margins

EBITDAR fixed-charge coverage below 1.3x on a sustained basis

Negative FCF leading to tightening liquidity headroom

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

Fitch does not anticipate a positive rating action before the bond
and RCF are refinanced. After the company completes refinancing
without triggering DDE, factors that may lead to a positive rating
action include:

Greater-than-expected EBITDA recovery, leading to
neutral-to-positive FCF and sufficient liquidity

Visibility of EBITDAR leverage falling below 7.0x on a sustained
basis

EBITDAR fixed-charge coverage above 1.3x on a sustained basis

Liquidity and Debt Structure

Pizza Express's liquidity was sufficient at end-2024, with
Fitch-adjusted cash of GBP70 million (after excluding GBP20 million
for daily operations and therefore not available for debt service)
and GBP26 million available under the GBP30 million RCF. Of the
RCF, GBP4 million was used to issue an electricity letter of
credit. Its forecast does not envisage cash drawings under the RCF,
even though Fitch projects slightly negative FCF over the next
three years. Additional flexibility comes from Pizza Express's
option to curtail capex to preserve liquidity.

Issuer Profile

PizzaExpress is a leading casual dining operator with 460
restaurants at end-2023, of which 358 are own operated in the UK
and Ireland.

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
   -----------               ------           --------   -----
Wheel Bidco Limited    LT IDR CCC+ Downgrade             B-

   super senior        LT     B+   Downgrade    RR1      BB-

   senior secured      LT     CCC+ Downgrade    RR4      B-

YSJ01 LIMITED: CG&Co Named as Joint Administrators
--------------------------------------------------
YSJ01 Limited was placed into administration proceedings in the
High Court of Justice, Business & Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number: CR-2025-001629,
and Edward M Avery-Gee and Daniel Richardson of CG&Co, were
appointed as joint administrators on March 10, 2025.  

YSJ01 Limited specialized in the development of building projects,
and buying and selling of own real estate.

Its registered office and principal trading address is at Elthorne
Gate, 64 High Street, Pinner, United Kingdom, HA5 5QA.

The joint administrators can be reached at:

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

For further details contact

               Natalie Clark
               Tel No: 0161 358 0210
               E-mail: info@cg-recovery.com


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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