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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

          Thursday, March 20, 2025, Vol. 26, No. 57

                           Headlines



C Z E C H   R E P U B L I C

ALLWYN INTERNATIONAL: Moody's Affirms Ba2 CFR, Outlook Now Stable


F I N L A N D

REN10 HOLDING: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable


F R A N C E

SECHE ENVIRONNEMENT: S&P Rates New EUR350MM Sr. Unsec. Notes 'BB'


G R E E C E

GREECE: Moody's Hikes Issuer & Sr. Unsecured Debt Ratings from Ba1


I R E L A N D

AVOCA CLO XIX: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
BLACKROCK EUROPEAN V: Moody's Ups Rating on EUR12MM F Notes to B1
CROSS OCEAN XI: S&P Assigns Prelim B-(sf) Rating to Class F Notes
CVC CORDATUS DAC: Moody's Gives (P)B3 Rating to EUR8.3MM F-R Notes
OZLME IV DAC: Moody's Hikes Rating on EUR12MM Class F Notes to B1

PALMER SQUARE 2025-1: Fitch Assigns 'B-sf' Final Rating to F Notes


L U X E M B O U R G

ROSSINI SARL: Moody's Affirms 'B2' CFR, Outlook Remains Stable
UMAMI BIDCO: Fitch Puts Final First Time 'B+' IDR, Outlook Stable


N E T H E R L A N D S

BOELS TOPHOLDING: Fitch Affirms 'BB-' IDR, Alters Outlook to Stable


P O R T U G A L

HAITONG BANK: S&P Upgrades LT ICR to 'BB+' on Stronger Parent


R U S S I A

KAPITAL SUGURTA: Fitch Lowers IFS Rating to 'B-', Outlook Stable


U N I T E D   K I N G D O M

CAMM & HOOPER: Quantuma Advisory Named as Administrators
J2RA LIMITED: CG&Co Named as Joint Administrators
MINDTECH GLOBAL: Begbies Traynor Named as Administrators
REGENT MEMORIAL: FRP Advisory Named as Administrators
WELLESLEY GROUP: RSM UK Named as Joint Administrators

WEST EAST SODA: S&P Affirms 'BB-' LT ICR on Announced Acquisition

                           - - - - -


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C Z E C H   R E P U B L I C
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ALLWYN INTERNATIONAL: Moody's Affirms Ba2 CFR, Outlook Now Stable
-----------------------------------------------------------------
Moody's Ratings has affirmed Allwyn International AG's (Allwyn or
the company) Ba2 long-term corporate family rating and its Ba2-PD
probability of default rating. The outlook has changed to stable
from negative.

On March 11, 2025, Allwyn launched the issuance of a proposed new
EUR450 million term loan maturing in 2032 and a $100 million add-on
to its term loan maturing in 2031. Net proceeds from the proposed
issuance will be used to repay a total of around EUR450 million of
the group's 2027 and 2028 debt maturities as well as for general
corporate purposes. With this refinancing transaction, the company
continues to demonstrate its proactive management of debt
maturities.

RATINGS RATIONALE

The affirmation of Allwyn's ratings and outlook change to stable
reflect Allwyn's solid performance in 2024 and Moody's views that,
although Moody's forecasts a moderate increase in consolidated
Moody's-adjusted gross leverage in 2025, Moody's expects the
company's Moody's-adjusted gross leverage to decrease to below 3.5x
in the following 12 months, on a consolidated basis.  

In 2024, Allwyn estimates its net revenue after gaming taxes and
good cause contributions was up 11% and company-adjusted EBITDA up
4%.

Moody's expects Allwyn's EBITDA to decrease by low single digits in
percentage terms in 2025, notably due to strong base effects in
2024 in some of the group's countries but also due to an increase
in holding entities costs. Moody's also expects Allwyn's gross debt
will increase in case it is successful in securing the Italian
license renewal in partnership with IGT Lottery.

In such case, Moody's forecasts Allwyn's Moody's-adjusted gross
leverage will increase in 2025 but Moody's expects it will decrease
from 2026 onwards in line with the group's stated financial policy
of targeting a company-adjusted consolidated net leverage below
2.5x (which Moody's estimates is broadly equivalent to a
Moody's-adjusted gross leverage in the range of 3.4x to 3.5x on a
consolidated basis).

There are risks associated with Allwyn's licenses being up for
renewal in the next few years, including the Italian Lotto license
in 2025, instant and passive lotteries in Greece in 2026, and
licenses for lotteries, online gaming, and some casinos in Austria
in 2027, as well as its private management agreement in the US in
2027. However, Moody's considers Allwyn's license renewal risk to
be partly mitigated by the company's strong position for being
awarded these renewals, Moody's expectations of solid cash flow
generation before investments related to the Italian license
renewal and before dividends to its parent, and the group's
financial policy and discretionary nature of its dividends to its
parent entity.

Notwithstanding the above, any negative development affecting the
group's ability to maintain and renew its existing licenses would
be credit negative.

Allwyn's credit quality continues to be supported by its large
exposure to lotteries that typically drive more resilient revenue
and profitability compared to other gaming activities with strong
market shares as well as its geographical and distribution channel
diversification. Allwyn's credit profile remains constrained by its
negative free cash flow (FCF) after dividend distributions, a
concentrated ownership, as well as the presence of significant
minority interests in the group's structure. This results in cash
leakage associated with dividends to minorities and a consolidated
gross financial leverage that understates what the figure would be
on a proportional consolidation basis.

LIQUIDITY

Allwyn's good liquidity is supported by EUR1.4 billion of cash on
balance sheet (preliminary and non-audited, consolidated basis) at
the end of 2024, combined with around EUR815 million (preliminary
and non-audited, consolidated basis) available under the group's
committed revolving credit facilities (RCFs) at different entities
within the group, of which EUR300 million was fully available at
the holding company in December 2024.

Moody's estimates that the company exhibited negative free cash
flow (FCF) in 2024 as a result of sizable dividend distributions to
its parent entity of around EUR500 million during the year. Moody's
expects Allwyn to generate solidly positive FCF before dividend
distributions over the next 12 to 18 months, although this might be
softened in 2025 and 2026 by the investments required for the
Italian license renewal if its partnership with IGT Lottery is
awarded the next license. In line with the company's financial
policy, Moody's expects the group will distribute annual dividends
in the range of EUR200 million to EUR300 million.

Moody's expects the financial covenants attached to the outstanding
bonds and to the bank loans to be complied with a comfortable
headroom.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Allwyn will
continue demonstrating solid organic revenue and EBITDA growth
overall in the next two to three years, combined with an increase
in the profitability of its operations in the UK and a successful
integration of latest acquisitions in line with the group's plans,
such that the company's Moody's-adjusted gross leverage will
decrease to below 3.5x on a consolidated and sustainable basis in
the next two years. The stable rating outlook assumes that Allwyn
will demonstrate its commitment to comply with its financial policy
in terms of net leverage ratio target and dividend policy, that the
group's dividend being upstreamed to its parent is discretionary
and could be reduced if needed, and that the company will
successfully be awarded the ability to renew its licenses expiring
in the coming years.

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

Upward rating pressure could arise if the company is able to
consistently reduce leverage and remain committed to conservative
financial policies, including a Moody's-adjusted gross leverage on
a consolidated basis remaining well below 2.5x. At the same time,
upward rating pressure would also require the holding company to
generate strong cash flow on a sustained basis and maintain solid
liquidity to service upcoming debt maturities, and to be able to
cut back dividend and M&A spending when necessary. Sustained
positive organic growth, without adverse changes to regulatory
environments, a lower licenses renewal risk, and a track record of
successful execution and integration of acquired businesses, are
other requirements for a rating upgrade.

Downward pressure could arise if Allwyn's Moody's-adjusted gross
leverage remains above 3.5x on a consolidated basis or its
Moody's-adjusted free cash flow (FCF) remains negative on a
sustainable basis. Downward pressure could also arise if the
consolidated group's liquidity weakens or its financial policy
becomes less conservative, with significant debt-financed
acquisitions and a high level of recurring dividends. A decline in
organic revenue, adverse changes to the regulatory environments or
to the prospects for license renewals, or execution missteps could
also lead to a rating downgrade.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Allwyn is a multinational lottery and gaming operator active
principally in the Czech Republic (100% owned), Greece (around 52%
owned), Austria (around 60% owned), the UK (100% owned) and the US
(100% owned). Allwyn is also involved in the Italian Lotto license
LottoItalia in partnership with IGT Lottery (32.5% stake) and has
close to 37% ownership in the multinational online sports betting
and gaming entity operating the Betano brand (non-consolidated
businesses). Allwyn predominantly operates in the lottery segment,
although it also runs sports betting, online gaming, video lottery
terminals (VLTs) and casinos. Allwyn's preliminary net revenue
estimate is around EUR4 billion on a fully consolidated basis and
preliminary company-adjusted EBITDA estimate is around EUR1.5
billion in 2024 (non-audited). The company is owned by KKCG, an
investment group founded by Karel Komarek in 1995.



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F I N L A N D
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REN10 HOLDING: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Ren10 Holding AB's (Renta) Long-Term
Issuer Default (IDR) Rating at 'B+' with a Stable Outlook. Fitch
also affirmed Renta's senior secured debt rating at 'B+' with a
Recovery Rating of 'RR4'.

Key Rating Drivers

Growing Franchise: The Long-Term IDR reflects Renta's small but
growing equipment-rental franchise and weakening, but solid, EBITDA
margins. The rating also considers Renta's high leverage, reliance
on wholesale-market funding, net earnings losses, and its exposure
to the cyclical construction sector.

Limited Economies of Scale: Renta has grown both organically and
via acquisitions to achieve sizable market shares in its core
Finland, Norway and Sweden markets, with a smaller presence in
other markets. However, it remains small and largely
Nordic-focused, benefitting from only limited economies of scale
compared with higher-rated peers, which constrains its rating.

Construction Market Stagnation Pressures Demand: About
three-quarters of Renta's revenue is drawn from infrastructure,
renovation and new construction end-markets, to which the company
provides a wide range of equipment on rental. Fitch believes
equipment demand will remain under pressure in the medium term due
to subdued activity, particularly in residential construction.
However, the longer-term trend of customers preferring to lease
rather than buy equipment should support rental demand. Positively,
Renta has demonstrated an ability to repurpose and move fleet
between its locations to maximise utilisation.

Low Client Concentration, Adequate Depreciation: Renta's core
clientele comprises around 100,000 clients, including individuals
as well as small, medium-sized, and large companies, thereby
reducing revenue concentration. Its business model is
decentralised, with more than 190 depots across its markets. Renta
usually retains equipment for its useful life and does not rely on
equipment sales as a significant revenue source. According to
management, some equipment can be used beyond its useful life,
given Renta's conservative depreciation approach, which, in its
view, should support its leverage in the long term.

Pressured Profitability, Adequate Margin: Renta Group Oy, Renta's
main operating entity, saw its EBITDA margin fall slightly to 34%
in 9M24 from 35% in 2023, due to slower construction activity in
the Nordics and increasing operating expenses. It reported an
annualised pre-tax loss/average assets of 5.7% in 9M24 (2023: loss
of 2.4%), driven by increased financing and depreciation expenses.

Fitch believes further stagnation in the European and Nordic
construction sectors could weigh on Renta's margins and
profitability in the medium term. At the same time, Fitch believes,
Renta's longer-term performance would be supported by moderating
interest rate and inflation, as well as slowing depreciation
expense growth, amid an aging fleet and slower portfolio growth.

Leverage Moderates as Growth Slows: Renta's reported gross
debt/EBITDA fell to an annualised 4.5x at end-3Q24 from 5.1x at
end-2023, as it continued to integrate and fully roll out its newly
acquired locations and rental companies, in line with the plan
communicated to Fitch. In its view, the continued integration of
newly acquired entities, along with modest expected portfolio and
depreciation expense growth, would support its leverage in the
longer term. Fitch also believes that a gradually improving
economic environment, which will facilitate growing fleet
utilisation, will support Renta's leverage against its target of
4.3x.

Stable Funding: Renta's term loan B (TLB), which was repriced and
increased to EUR580 million in 4Q24, from EUR550 million, is its
core funding source, supplemented by a EUR125 million super senior
revolving credit facility used for general corporate purposes,
which remained undrawn at end-February 2025. Renta also sourced
other third-party debt via Renta Group Oy, which mostly included
loans and lease liabilities, amounting to EUR265 million at
end-3Q24. Renta's lease liabilities relate mostly to equipment and
facilities financed with leasing contracts and are thus treated as
debt.

Adequate Liquidity: Fitch regards liquidity as adequate, supported
by predictable operational cash generation, coupled with some capex
flexibility. Interest coverage decreased to 2.7x in 9M24 from 5.1x
in 2022 on higher interest expenses and slower revenue growth, but
this is still within Fitch's 'b' category range.

RATING SENSITIVITIES

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

- A reduction in EBITDA leading to considerable delays to
deleveraging, for example, if gross debt/EBITDA rises above 5x

- A reduction in EBITDA/interest expense to below 2x for an
extended period

- Insufficient liquidity or access to funding to support the
required capex to maintain an attractive fleet

- Material erosion of earnings due to fleet-valuation impairments
or losses on the disposal of used equipment

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

- Material strengthening of franchise, in conjunction with scale
benefits that feed into material profitability

- Gross debt/EBITDA below 3.5x on a sustained basis without
deterioration in other financial metrics and in conjunction with a
materially enlarged franchise

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Debt Rating Aligned With IDR: Renta's senior secured debt rating is
aligned with its Long-Term IDR, reflecting Fitch's view that the
likelihood of default is materially identical between the two. The
debt is guaranteed by group subsidiaries that account for a
substantial majority of Renta's consolidated assets, net sales and
EBITDA. The 'RR4' Recovery Rating reflects average recovery
expectations. The debt under the TLB ranks junior to Renta's super
senior revolving credit facility.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior secured debt rating is primarily sensitive to a change
in Renta's Long-Term IDR. Should the company introduce any debt
ranking above rated instruments or a subordinated tranche below
them, Fitch could notch the debt ratings down or up from the
Long-Term IDR, on the basis of weaker or stronger recovery
prospects.

ADJUSTMENTS

Renta's 'b+' Standalone Credit Profile (SCP) is in line with the
implied SCP.

The 'bbb' sector risk operating environment score is in line with
the 'bbb' category implied score.

The 'b+' business profile score is below the 'bbb' category implied
score due to the following adjustment reason: business model
(negative).

The 'b+' earnings & profitability score is below the 'a' category
implied score due to the following adjustment reasons: portfolio
risk (negative), revenue diversification (negative).

The 'b+' funding, liquidity & coverage score is below the 'bb'
category implied score due to the following adjustment reason:
funding flexibility (negative).

ESG Considerations

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Ren10 Holding AB     LT IDR B+  Affirmed            B+

   senior secured    LT     B+  Affirmed   RR4      B+



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F R A N C E
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SECHE ENVIRONNEMENT: S&P Rates New EUR350MM Sr. Unsec. Notes 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Seche
Environnement SA's proposed EUR350 million of senior unsecured
notes. The recovery rating is '3', indicating its expectation of
meaningful recovery (50%-70%; rounded estimate 55%) in the event of
default.

Seche, a waste treatment servicer of hazardous and nonhazardous
waste, intends to use proceeds to refinance the remaining EUR212
million of the bridge facility that it had added in July 2024 to
finance the acquisition of ECO Special Waste Management Pte Ltd.,
and which matures in July 2026. Seche will also repay EUR30 million
of drawings under its EUR200 million revolving credit facility
(RCF). The proposed transaction improves the group's liquidity
profile by increasing the duration of the company's debt and adding
EUR104 million of cash to the balance sheet (net of transaction
fees).

The proposed notes will rank at the same seniority as the existing
EUR300 million senior unsecured notes due 2028 and the EUR200
million unsecured revolving credit facility (RCF) due 2027. All
other ratings on Seche are unaffected by the transaction.

S&P said, "We expect the company's revenue will increase by 7% in
2025, including 3.5% organically, thanks notably to a favorable
comparison for the half because first-half 2024 was affected by
unusually low volumes. The other 3.5% will come from the full-year
consolidation of ECO. We forecast a 90 basis points increase in
Seche's S&P Global Ratings-adjusted EBITDA margins to 20% in 2025,
driven by the higher top line, operating efficiencies, and ECO's
accretive impact (with company-adjusted EBITDA margins close to
40%). Free operating cash flow will remain strong at EUR82 million,
despite an increase in capital expenditure (capex) to EUR111
million from EUR94 million in 2024 when capex was lowered to
preserve the balance sheet.

"All in all, we forecast a decline in S&P Global Ratings leverage
to 3.5x by year-end 2025 from 4x at year-end 2024, driven by higher
EBITDA and positive cash flow, and absent material debt-funded
acquisitions. We also expect funds from operations (FFO) to debt to
improve to 22% from 20% in 2024, despite cash interest expense
increasing to EUR38 million from EUR31 million from the higher debt
quantum. Although credit metrics are improving in 2025, we
understand that Seche could undertake further debt-funded
acquisitions in the medium term, potentially leading to weaker
credit metrics than in our forecast."

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P's rating on Seche's proposed EUR350 million senior
unsecured bond and existing EUR300 million senior unsecured notes
is 'BB'. The recovery rating is '3', indicating its expectation of
average recovery prospects (50%-70%; rounded estimate: 55%) in the
event of a default.

-- The recovery prospects remain constrained by the significant
amount of prior-ranking liabilities, such as the EUR220 million of
loans at the subsidiaries level, which S&P accounts for as priority
debt, and about EUR50 million of factoring facilities.

-- In S&P's view, the debt documentation gives the borrower
operational flexibility for the incurrence of additional debt, but
less for cash leakage and dividend distributions.

-- Debt incurrence and acquisition-related financing will be
subject to pro forma fixed coverage ratio of minimum 2x for total
debt.

-- The documentation allows for a EUR105 million free debt basket
or 5% of total assets.

-- Restricted payments are limited to the greater of EUR105
million or 5% of total assets and a 3x pro forma total net
leverage.

-- S&P values Seche as a going concern, given the group's dominant
market position in the treatment of hazardous industrial waste in
France, South Africa, and Singapore, good geographic footprint, and
diversified client base.

Simulated default assumptions

-- Year of default: 2030
-- Minimum capex: 4.5%
-- Implied enterprise value multiple: 6.5x
-- Jurisdiction: France

Simplified waterfall

-- Emergence EBITDA: EUR120 million

-- Multiple: 6.5x

-- Gross enterprise value at emergence: EUR779 million

-- Net enterprise value after administrative expense (5%): EUR741
million

-- Priority claim liabilities: EUR182 million

-- Net value remaining to senior unsecured creditors: EUR559
million

-- Senior unsecured debt claims: About EUR972 million

    --Recovery expectation: 50%-70% (rounded estimate: 55%)

S&P assumes 85% of the RCF to be drawn at default. All debt amounts
include six months of prepetition interest.




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G R E E C E
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GREECE: Moody's Hikes Issuer & Sr. Unsecured Debt Ratings from Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the Government of Greece's long-term
local currency (LC) and foreign currency (FC) issuer ratings to
Baa3 from Ba1. Moody's have also upgraded the LC senior unsecured
ratings to Baa3 from Ba1, and the FC senior unsecured shelf and
senior unsecured MTN programme ratings to (P)Baa3 from (P)Ba1. The
FC other short-term rating has been upgraded to (P)P-3 from (P)NP.
The outlook has been changed to stable from positive.

The upgrade reflects Moody's views that Greece's sovereign credit
profile now has greater resilience to potential future shocks. The
public finances have improved more quickly than Moody's had
expected. Based on the government's policy stance, institutional
improvements that are bearing fruit, and a stable political
environment, Moody's expects Greece to continue to run substantial
primary surpluses which will steadily decrease its high debt
burden. Moreover, the health of the banking sector continues to
improve, which limits the risk of a banking sector-related credit
event that could have a negative impact on the sovereign's credit
profile.

The stable outlook reflects a balance between the fact that some of
Greece's main credit challenges will be slow to improve and
positive prospects related to the stability of the institutions and
the policy stance mentioned above. On the challenges side,
completing institutional and growth-enhancing economic structural
reforms will take time. Though debt-to-GDP has fallen quickly in
recent years, it will remain one of the highest in Moody's rated
universe. Having said this, the Greek authorities are using the
positive momentum created by the Recovery and Resilience Fund (RRF)
resources to robustly implement credit-supportive policies.

Moody's have also raised the local currency and foreign currency
country ceilings to Aa3 from A1. For euro area countries a
six-notch gap between the local currency ceiling and the local
currency issuer rating, as well as a zero-notch gap between the
local currency ceiling and foreign currency ceiling is typical,
reflecting benefits from the euro area's strong common
institutional, legal and regulatory framework, as well as liquidity
support and other crisis management mechanisms. It also reflects
Moody's views of de minimis exit risk from the euro area.

RATINGS RATIONALE

RATIONALE FOR UPGRADING THE RATINGS TO Baa3

PUBLIC FINANCES CONTINUE TO DELIVER SIGNIFICANT DEBT REDUCTION

Over a number of years, the Greek public finances have outperformed
Moody's baseline expectations, which increases Moody's confidence
that Greek debt will remain on a firm downward path. These
improvements are due to both ongoing expenditure restraint and tax
revenues that are rising quickly in light of ongoing institutional
improvements in tax compliance and collection. In 2024, Greece
generated an extra EUR2 billion in tax revenue through its
anti-evasion efforts, including a narrowing in the VAT gap. It has
done this in part through a large-scale digitalisation strategy
that also supports tax compliance. The push to modernize tax
administration continues, which supports Moody's expectations that
tax revenue growth will remain robust over the medium term.

This revenue outperformance is not coming at the expense of a
rising tax wedge (the difference between before-tax and after-tax
wages), which is important to preserve economic competitiveness. In
fact, the labour tax wedge has fallen by around 4.5 percentage
points since 2019, and the authorities continue to prioritise
modest tax reductions, such as a cut in social security
contributions, that allow the population to feel the fruits of
anti-evasion efforts.

Looking forward, Greece is expected to continue to run large
primary surpluses, and Moody's anticipates that they will remain at
2 to 2.5% of GDP over the medium term. This will come about through
a combination of expenditure restraint and stable revenue
generation. The current state of heightened geopolitical risk in
Europe has less of an impact on Greece than it does on other south
European countries. Greece has reached or exceeded the NATO 2% of
GDP defence spending target for many years and the country does not
have a backlog of underinvestment in defence in the same way that
Moody's see in other EU (European Union, Aaa stable) countries.

In all, Greece's debt-to-GDP ratio has declined by about 50
percentage points since its peak in 2020, and it is down by around
27 percentage points relative to pre-Covid levels. Moody's
estimates that it stood at 156.1% of GDP at the end of 2024 and
project that it will decline to 148.3% and 140.6% in 2025 and 2026
respectively. The country's debt structure remains favourable, with
an average term to maturity of 18.8 years, with all of the debt at
fixed rates. At the end of 2024, Greece prepaid EUR7.9 billion of
its crisis-era debt (in the Greek Loan Facility, GLF). The Prime
Minister announced in late 2024 that the country plans to make a
EUR5 billion early repayment of GLF debt once again in 2025. With
the 2024 prepayment, Greece will have repaid around 61% of the
outstanding loans under the GLF and in the coming years is aiming
to prepay the debt that comes due in 2033-41.

BANKING SYSTEM'S ASSET QUALITY AND CAPITAL ADEQUACY CONTINUE TO
STRENGTHEN

Asset quality has continued to improve and will converge to EU
levels, though nonperforming loan (NPL) levels remain one of the
highest in the EU. Most of the NPL decline has come from portfolio
sales and securitisations, reducing the NPL ratio to approximately
2.9% in December 2024 compared to an average of around 2% for EU
banks. The government has expanded the Hellenic Asset Protection
Scheme (HAPS, also known as Hercules), which has been a key source
of NPL reductions via securitisations (the senior notes carry a
state guarantee). The HAPS expansion (also known as Hercules III)
will foster further securitisations, mainly for the smallest bank
in the system Attica Bank S.A. (B1 positive, b2) and smaller
residual amounts for the four systemic banks.

It is noteworthy, though, that because NPL reductions have come
through stressed asset transfers, they remain in the economy in the
hands of credit servicers, even if they are out of the banking
sector. The persistence of these NPLs is a brake on economic
growth, as well as a source of contingent liabilities for the
government because of the state guarantee on the senior notes,
although no guarantee has been triggered over the last five years.

Capital adequacy metrics are also improving due to strong organic
capital generation, despite dividend payments in 2024-25. Moreover,
capital quality is improving due to strong profitability and
further (and accelerated) deferred tax credit (DTC) amortization.
Moody's expects earnings will remain robust despite some pressure
on margins in 2025-26 due to repricing of loans at lower levels on
the back of declining interest rates. Earnings will be supported by
mid-to-high single digit credit growth and further rationalization
of banks' cost base and efficiencies through digitalization
initiatives and more headcount cuts.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook balances the fact that some of Greece's main
credit challenges will be slow to improve against the positive
credit elements of a stable institutional and policy environment.
Completing institutional and growth-enhancing economic structural
reforms will take time. While economic growth has been cyclically
strong due to the very robust support of RRF funds, it is likely to
slow once RRF fund absorption has been completed. Adverse
demographics will create material headwinds to growth despite the
government's efforts to raise labour force participation rates.
Though debt has fallen quickly in recent years, it will remain one
of the highest in Moody's rated universe through the end of this
decade.

Having said this, the Greek authorities are using the positive
momentum created by the RRF funds well to robustly implement
credit-supportive policies, a policy choice that reduces downside
risks to the ratings that might be caused by these economic and
fiscal weaknesses.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Greece's E-3 environmental issuer profile score reflects Greece's
exposure to various environmental risks. Elevated physical climate
risk is mainly due to high exposure to wildfires, heat and water
stress. A further increase in the frequency and severity of these
events could weaken the country's economy, and through a
combination of lower revenue and higher expenditure could
increasingly weigh on government finances. Solid financial support
from the EU to limits the financial impact of natural disasters and
supports the green transition is a mitigant to heightened
exposure.

Greece's S-4 social issuer profile score reflects predominantly an
adverse demographic profile, which will weigh on the economy's
long-term potential output growth. Substantive pension reforms over
the past several years limit the fiscal impact of the adverse
demographic profile. Still-high unemployment rates (although they
have been declining recently), particularly for the young pose
social challenges. However, the improved economic prospects
together with ongoing labour market and education reforms should
improve the functioning of the labour market, providing important
mitigants for the above-mentioned social risks.

Greece's G-2 governance issuer profile score reflects limited risks
from governance considerations. Greece's scores in global
governance surveys have been improving in the recent past, in
particular with regard to regulatory quality and rule of law.
Fiscal credibility has improved significantly. Although Greece
exited the Enhanced Surveillance on August 20, 2022, the country
remains in post-programme monitoring and subject to normal European
Semester procedures, which will help to fully embed recent
governance and institutional improvements.

Greece's CIS-3 indicates that ESG considerations have a limited
impact on the current rating, with potential for greater negative
impact over time. In particular, this reflects exposure to social
and environmental risks, such as adverse demographics and physical
climate risks, with constrained financial capacity to fully
mitigate these risks. However, Greece's governance and institutions
have been improving over the past several years and the
authorities' capacity to respond to shocks has been solid in the
context of the coronavirus pandemic and the energy crisis.

GDP per capita (PPP basis, US$): 40,048 (2023) (also known as Per
Capita Income)

Real GDP growth (% change): 2.3% (2023) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.8% (2023)

Gen. Gov. Financial Balance/GDP: -1.3% (2023) (also known as Fiscal
Balance)

Current Account Balance/GDP: -6.2% (2023) (also known as External
Balance)

External debt/GDP: [not available]

Economic resiliency: baa1

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On March 11, 2025, a rating committee was called to discuss the
rating of the Greece, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has materially increased. The issuer's susceptibility to
event risks has not materially changed.

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

WHAT COULD CHANGE THE RATINGS UP

Upward pressure on Greece's Baa3 ratings could emerge if Moody's
were to see a rising probability that medium-term growth potential
is rising above Moody's current expectations. While improvements in
areas like strengthening the judicial system's efficiency or
diversifying the economy would take time, signs of accelerated
reform implementation would be credit-positive. Reductions in
Greece's debt burden significantly exceeding Moody's current
expectations would also be credit positive.

WHAT COULD CHANGE THE RATINGS DOWN

Downward pressures on Greece's Baa3 ratings could emerge if the
policy path seen over the past years was to be reversed, or if
there were indications that past reforms are not delivering the
growth and fiscal benefits that Moody's currently expect. In
particular, signs of a sustained, material deterioration of the
government's fiscal position, possibly combined with a sharp
worsening of the banking sector's health would trigger a negative
rating action, as would a backtracking on structural macroeconomic
or fiscal reforms. A marked deterioration in the geopolitical risks
in Europe that yields tangible evidence of weakened support from
key allies, in particular the United States (Government of United
States of America, Aaa negative), would also be credit negative in
the absence of robust mitigation measures at the national and/or EU
level.

FACTOR SCORE DISCLOSURE

Greece's "baa1" economic strength is set below the initial score of
"a3" to reflect the relatively lower economic diversification and
complexity compared to peers, and a still low – although
increasing – investment ratio. In addition, it reflects
longer-term challenges to potential growth from adverse
demographics. Its "baa1" institutional and governance strength is
set below the initial score of "a3" to reflect the country's
default history. Its "ba2" fiscal strength is set below the initial
score of "ba1" to reflect the highly concessional nature of
Greece's debt. These factors lead to a final scorecard-indicated
outcome of Baa1-Baa3, compared to an initial scorecard-indicated
outcome of A3-Baa2. The rating is within the final
scorecard-indicated outcome.

The principal methodology used in these ratings was Sovereigns
published in November 2022.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.



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

AVOCA CLO XIX: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XIX DAC reset final ratings,
as detailed below.

   Entity/Debt               Rating               Prior
   -----------               ------               -----
Avoca CLO XIX DAC

   A-1 XS1869413143      LT PIFsf  Paid In Full   AAAsf
   A-1-R XS2988682709    LT AAAsf  New Rating     AAA(EXP)sf
   A-2 XS1879601349      LT PIFsf  Paid In Full   AAAsf
   A-2-R XS2988683939    LT AAAsf  New Rating     AAA(EXP)sf
   B-1 XS1869413226      LT PIFsf  Paid In Full   AAAsf
   B-2 XS1869413499      LT PIFsf  Paid In Full   AAAsf
   B-R XS2988683004      LT AAsf   New Rating     AA(EXP)sf
   C XS1869413572        LT PIFsf  Paid In Full   AA+sf
   C-R XS2988683186      LT Asf    New Rating     A(EXP)sf
   D XS1869413655        LT PIFsf  Paid In Full   Asf
   D-R XS2988684150      LT BBB-sf New Rating     BBB-(EXP)sf
   E XS1869413812        LT PIFsf  Paid In Full   BBB-sf
   E-R XS2988683426      LT BB-sf  New Rating     BB-(EXP)sf
   F XS1869413903        LT PIFsf  Paid In Full   BB-sf
   F-R XS2988683699      LT B-sf   New Rating     B-(EXP)sf
   X-R XS2988682618      LT AAAsf  New Rating     AAA(EXP)sf

Transaction Summary

Avoca CLO XIX DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to redeem the existing notes except the subordinated
notes and to fund the portfolio with a target par of EUR400
million.

The portfolio is actively managed by KKR Credit Advisors (Ireland)
Unlimited Company. The collateralised loan obligation (CLO) has a
4.5-year reinvestment period and an 8.5 year weighted average life
test (WAL) at closing.

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 25.1.

High Recovery Expectations (Positive): At least 96% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 61.8%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various concentration limits, including a
maximum exposure to the three largest Fitch-defined industries in
the portfolio of 40%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has two matrices
that are effective at closing and two that are effective 18 months
post-closing and based on a reduced target par, all with fixed-rate
limits of 5% and 12.5%. All four matrices include a top-10 obligor
concentration limit of 20%. The closing matrices correspond to an
8.5-year WAL test while the forward matrices correspond to a
seven-year WAL test.

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

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

RATING SENSITIVITIES

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

An increase of the default rate (RDR) by 25% of the mean RDR and a
decrease of the recovery rate (RRR) by 25% at all rating levels
would have no impact on the class X-R to A-2-R notes, lead to
downgrades of one notch each for the class B-R to E-R notes and to
below 'B-sf' for the class F-R notes. Downgrades may occur if the
build-up of the notes' credit enhancement following amortisation
does not compensate for a larger loss expectation than initially
assumed, due to unexpectedly high levels of defaults and portfolio
deterioration.

Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio, the class B-R, D-R, E-R and F-R
notes display a rating cushion of two notches, and the class C-R
notes have a cushion of one notch.

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

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

A reduction of the RDR by 25% of the mean RDR and an increase in
the RRR by 25% at all rating levels would result in upgrades of up
to five notches each for all notes, except for the 'AAAsf' rated
notes.

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Avoca CLO XIX DAC.

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

BLACKROCK EUROPEAN V: Moody's Ups Rating on EUR12MM F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Blackrock European CLO V Designated Activity Company:

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Sep 10, 2024
Upgraded to A1 (sf)

EUR25,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa3 (sf); previously on Sep 10, 2024
Affirmed Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to B1 (sf); previously on Sep 10, 2024
Affirmed B2 (sf)

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

EUR216,000,000 (current outstanding amount EUR27,798,445) Class
A-1 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Sep 10, 2024 Affirmed Aaa (sf)

EUR32,000,000 (current outstanding amount EUR4,118,288) Class A-2
Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf);
previously on Sep 10, 2024 Affirmed Aaa (sf)

EUR42,000,000 Class B Senior Secured Floating Rate Notes due 2031,
Affirmed Aaa (sf); previously on Sep 10, 2024 Affirmed Aaa (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Aaa (sf); previously on Sep 10, 2024
Upgraded to Aaa (sf)

BlackRock European CLO V Designated Activity Company, issued in May
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Blackrock Investment Management (UK)
Limited. The transaction's reinvestment period ended in October
2022.

RATINGS RATIONALE

The rating upgrades on the Class D, Class E and Class F notes are
primarily a result of the deleveraging of the Class A-1 and Class
A-2 following amortisation of the underlying portfolio since the
last rating action in September 2024.

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

The Class A-1 and A-2 notes have paid down by approximately EUR70.5
million (28.4%) since the last rating action in September 2024 and
EUR216.1 million (87.1%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated February
2025[1] the Class A/B, Class C, Class D, Class E and Class F OC
ratios are reported at 230.44%, 173.95%, 143.24%, 118.35% and
109.24% compared to August 2024[2] levels of 168.01%, 144.06%,
128.08%, 113.15% and 107.15% respectively.

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

Performing par and principal proceeds balance: EUR171,552,864

Defaulted Securities: EUR6,001,115

Diversity Score: 39

Weighted Average Rating Factor (WARF): 3187

Weighted Average Life (WAL): 3.03 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.89%

Weighted Average Coupon (WAC): 3.16%

Weighted Average Recovery Rate (WARR): 43.25%

Par haircut in OC tests and interest diversion test:  1.66%

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 Moody's 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, such as account bank and swap provider,
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
trustee-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. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

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

CROSS OCEAN XI: S&P Assigns Prelim B-(sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Cross
Ocean Bosphorus CLO XI DAC's class A to F European cash flow CLO
notes. At closing, the issuer will also issue unrated subordinated
notes.

The preliminary ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P weighted-average rating factor              2,858.50
  Default rate dispersion                           473.45
  Weighted-average life (years)                       5.13
  Obligor diversity measure                         126.07
  Industry diversity measure                         22.66
  Regional diversity measure                          1.17

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                       B
  'CCC' category rated assets (%)                     0.00
  Target 'AAA' weighted-average recovery (%)         37.23
  Target weighted-average spread (net of floors; %)   4.07

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.

Rationale

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

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

"In our cash flow analysis, we used the EUR475 million target par
amount, the covenanted weighted-average spread (3.95%), the
covenanted weighted-average coupon (4.00%), the covenanted minimum
'AAA' weighted-average recovery rate (37.00%), and the target
portfolio weighted-average recovery rate for all other rating
levels. 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.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, until the end of the reinvestment period in
February 2029, the collateral manager may substitute assets in the
portfolio for so long as our CDO Monitor test is maintained or
improved in relation to the initial ratings on the notes. This test
looks at the total amount of losses that the transaction can
sustain as established by the initial cash flows for each rating,
and it compares that with the current portfolio's default potential
plus par losses to date. During this period, the transaction's
credit risk profile could deteriorate, we have therefore capped our
preliminary ratings assigned to these notes.

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

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A 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 or limit assets from being
related to certain industries. Since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

Cross Ocean Bosphorus CLO XI DAC securitizes a portfolio which
primarily comprises broadly syndicated speculative-grade
senior-secured term loans and bonds that are governed by collateral
quality tests. Cross Ocean Adviser LLP will manage the
transaction.

  Ratings
          Prelim    Prelim amount                     Credit
  Class   rating*    (mil. EUR)   Interest rate§   enhancement
(%)

  A       AAA (sf)     294.50      3mE +1.25%      38.00
  B       AA (sf)       52.25      3mE +1.75%      27.00
  C       A (sf)        28.50      3mE +2.15%      21.00
  D       BBB- (sf)     33.25      3mE +3.20%      14.00
  E       BB- (sf)      21.38      3mE +5.20%       9.50
  F       B- (sf)       14.25      3mE +7.79%       6.50
  Sub     NR            38.50      N/A               N/A

*The preliminary ratings assigned to the class A and B notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C to 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.

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


CVC CORDATUS DAC: Moody's Gives (P)B3 Rating to EUR8.3MM F-R Notes
------------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
provisional ratings to notes to be issued by CVC Cordatus
Opportunity Loan Fund-R Designated Activity Company (the
"Issuer"):

EUR340,000,000 Class A-R Senior Secured Floating Rate Notes due
2033, Assigned (P)Aaa (sf)

EUR37,000,000 Class B-R Senior Secured Floating Rate Notes due
2033, Assigned (P)Aa1 (sf)

EUR27,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)A2 (sf)

EUR32,700,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)Baa3 (sf)

EUR21,700,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)Ba3 (sf)

EUR8,300,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodologies.

As part of this refinancing, the Issuer will extend the maturity
amendment weighted average life test covenant by one year in the
collateral management agreement.

The Issuer is a static CLO. The issued notes are collateralized
primarily by broadly syndicated senior secured corporate loans. The
portfolio is expected to be fully ramped up as of the closing
date.

CVC Credit Partners Investment Management Limited ("CVC") will
continue to sell assets on behalf of the Issuer during the life of
the transaction. Reinvestment is not permitted and all sales and
principal proceeds received will be used to amortize the notes in
sequential order.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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.

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Moody's
methodologies.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2973

Weighted Average Spread (WAS): 3.87% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 4.31% (actual spread vector of the
portfolio)

Weighted Average Recovery Rate (WARR): 43.91%

Weighted Average Life (WAL): 4.41 years (actual amortization vector
of the portfolio)

Moody's base case assumptions are based on a provisional portfolio
(including unidentified assets) provided by the manager.

OZLME IV DAC: Moody's Hikes Rating on EUR12MM Class F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by OZLME IV Designated Activity Company:

EUR5,250,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Sep 26, 2023
Upgraded to Aa3 (sf)

EUR22,750,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Sep 26, 2023
Upgraded to Aa3 (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Sep 26, 2023
Upgraded to Baa1 (sf)

EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba1 (sf); previously on Sep 26, 2023
Affirmed Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to B1 (sf); previously on Sep 26, 2023
Affirmed B2 (sf)

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

EUR223,000,000 (current outstanding amount EUR96,483,503.45) Class
A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 26, 2023 Affirmed Aaa (sf)

EUR25,000,000 (current outstanding amount EUR10,816,536.25) Class
A-2 Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 26, 2023 Affirmed Aaa (sf)

EUR37,000,000 Class B Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Sep 26, 2023 Affirmed Aaa (sf)

OZLME IV Designated Activity Company, issued in August 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Sculptor Europe Loan Management Limited. The
transaction's reinvestment period ended in October 2022.

RATINGS RATIONALE

The rating upgrades on the Class C-1, C-2, D, E and F notes are
primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio since the
payment date in April 2024.

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

The Class A-1 and A-2 notes have paid down by approximately
EUR130.6 million (52.6% of original balance) in the last 12 months
and EUR140.7 million (56.7%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated February
2025 [1], the Class A/B, Class C, Class D, Class E and Class F OC
ratios are reported at 174.7%, 146.3%, 129.1%, 115.0% and 109.0%
compared to February 2024 [2] levels of 140.1%, 127.2%, 118.2%,
110.1% and 106.5%, respectively.

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

The key model inputs Moody's 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 Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR254.0m

Defaulted Securities: EUR0.94m

Diversity Score: 43

Weighted Average Rating Factor (WARF): 3112

Weighted Average Life (WAL): 3.3 years

Weighted Average Spread (WAS): 3.77%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.99%

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 Moody's 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
trustee-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. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

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

PALMER SQUARE 2025-1: Fitch Assigns 'B-sf' Final Rating to F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Palmer Square European CLO 2025-1 DAC
notes final ratings, as detailed below.

   Entity/Debt                           Rating           
   -----------                           ------           
Palmer Square European
CLO 2025-1 DAC

   Class A XS2989761452              LT AAAsf  New Rating
   Class B-1 XS2989761379            LT AAsf   New Rating
   Class B-2 XS2991285474            LT AAsf   New Rating
   Class C XS2989761536              LT Asf    New Rating
   Class D XS2989761700              LT BBB-sf New Rating
   Class E XS2989761619              LT BB-sf  New Rating
   Class F XS2989761882              LT B-sf   New Rating
   Subordinated Notes XS2989763664   LT NRsf   New Rating

Transaction Summary

Palmer Square European CLO 2025-1 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to fund a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Palmer Square Europe Capital Management LLC. The collateralised
loan obligation (CLO) has a five-year reinvestment period and a
nine-year weighted average life (WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor of the identified portfolio is 24.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.1%.

Diversified Asset Portfolio (Positive): The transaction includes
two matrices at closing, two forward matrices that are effective 12
months after closing and another two that are effective two years
after closing, each set with fixed-rate limits of 7.5% and 12.5%.
The manager can switch to the first and second sets of forward
matrices if the portfolio balance (with defaults treated at the
Fitch collateral value) is at least equal to target par, and to
target par minus EUR2 million, respectively.

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

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

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis was reduced by 12 months. This is to account for
the strict reinvestment conditions envisaged after the reinvestment
period. These include passing the coverage tests and the Fitch
'CCC' maximum limit after reinvestment and a WAL covenant that
progressively steps down over time after the end of the
reinvestment period. In Fitch's opinion, these conditions would
reduce the effective risk horizon of the portfolio during stress
periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the notes, except for the class D
notes, which would be downgraded by no more than one notch.

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 D to F notes display a
rating cushion of five notches, the class C notes have four
notches, and the class B notes have two notches.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to three
notches each for the notes.

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

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

During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction. After the end of the
reinvestment period, upgrades may result from stable portfolio
credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses on 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 Palmer Square
European CLO 2025-1 DAC.

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



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

ROSSINI SARL: Moody's Affirms 'B2' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings has affirmed the B2 corporate family rating and
B2-PD probability of default rating of Rossini S.a.r.l (Rossini or
the company). Concurrently, Moody's affirmed the B3 instrument
ratings to Rossini's senior secured floating rate notes due 2029
and senior secured fixed rate notes due 2029, totaling EUR1,850
million. The outlook remains stable.

On February 19, 2025, Rossini sold approximately 5% of the share
capital of Recordati for a consideration of EUR582 million. Rossini
intends to use EUR501 million of the proceeds to repay a portion of
its senior secured notes. The remaining amount will be used to
repay a portion of the EUR250 million shareholder payment-in-kind
loan and pay fees and expenses.

RATINGS RATIONALE

The rating action also considers that, even if Rossini no longer
has the legal control of Recordati with a 47.5% stake, it maintains
the facto control over Recordati's board and its dividend policy.
The remaining shareholders are fragmented, with the top 359
investors controlling less than 30% of Recordati. The risk of
Rossini losing control (e.g. having sufficient free float
shareholder participation and voting against Rossini in a
shareholder meeting) is extremely remote. Moody's also expects full
consolidation of Recordati by Rossini to be confirmed by auditors
despite the lower, but still material, stake.

The rating action also reflects that, despite the reduced dividends
received by Rossini going forward, credit metrics will Improve
because of the EUR501 million debt repayment. Moody's expects a
reduction in the proportional leverage to about 5.8x in 2025 and
5.5x in 2026.

Rossini's B2 rating continues to reflect Recordati's good product
and therapeutic diversification and its high margins; its modest
exposure to losses of exclusivity and related earnings erosion,
thanks to its well-diversified product portfolio; and increasing
geographic diversification in recent years, reducing Recordati's
exposure to adverse regulatory changes or the entry of new
competition in any specific country.

The B2 rating also considers the company's complex financial
structure because Rossini as a holding company relies on
Recordati's dividend to service its debt; a large debt load,
resulting in a high proportional leverage; M&A risk at the
Recordati level; and the relatively small scale of Recordati
compared with that of industry peers.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectations that,
pro-forma the planned debt repayment, Rossini's credit metrics will
improve in the next 12-18 months, returning to levels commensurate
with its B2 rating, supported by earnings growth at Recordati, and
lower debt. The stable outlook does not factor in any major
debt-funded M&A at Recordati, nor any dividend payment from
Rossini. The stable outlook also assumes that in case Rossini sells
another stake in Recordati in the future, it will continue using
the proceeds to reduce debt resulting in metrics improvement.

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

Rossini's ratings could be upgraded if its proportionally
consolidated debt/EBITDA decreases comfortably below 5.0x while it
continues to maintain its 47.5% stake in Recordati, and if
Recordati maintains sustained earnings and FCF growth at a level in
line with that in recent years as well as at least an adequate
liquidity position.

Rossini's ratings could be downgraded if its proportionally
consolidated debt/EBITDA is above 6.0x; it is unable to maintain
dividends/financial and operating expenses well above 1.25x; or it
fails to maintain its control over Recordati's dividend policy.

A downgrade could also occur if Recordati's operating performance
weakens, as illustrated, for instance, by a decline in its revenue,
earnings or FCF, or its liquidity weakens. Finally, an increase in
Recordati's debt, which would amplify the structural subordination
of debt at Rossini, could lead to a downgrade of the notes' rating
at the Rossini level.

LIQUIDITY

Moody's assessments of Rossini's liquidity combines Moody's
assessments of Recordati's liquidity and that of Rossini
standalone, and Moody's considers Rossini's liquidity being overall
adequate. Rossini had EUR38 million of cash on balance sheet as of
September 30, 2024 and has access to a EUR197.5 million undrawn RCF
maturing in 2029. In addition, Moody's expects Recordati to
continue to generate solid cash flow, which will allow it to pay a
dividend to Rossini of close to EUR130 million in the next 12
months. This will be sufficient for Rossini to cover its debt
service.

As of September 30, 2024 Recordati had a large amount of current
and short term debt of EUR292 million, which was not fully covered
by its cash balance (EUR235 million as of September 30, 2024) and
it does not currently have a multiyear committed revolving credit
facility at its disposal (only a EUR24 million, 12 months revolving
credit line), in contrast to most comparably-sized rated issuers.
Moody's, nevertheless, expect that Recordati will continue to
generate strong free cash flow and renew its bank facilities on a
timely basis as it has done to date and in light of the strong
relationships it has built with its banking group.

STRUCTURAL CONSIDERATIONS

Pro forma the debt repayment, Rossini's consolidated gross debt
comprises a EUR197.5 million super senior RCF (SSRCF) and EUR1,349
million of senior secured notes at Rossini, and EUR2.5 billion of
debt at Recordati (as at September 31, 2024).

The senior secured notes do not benefit from a guarantee from
Recordati and are structurally subordinated to the debt at
Recordati, and they also rank behind the SSRCF, resulting in them
being rated B3, one notch below the CFR of B2.

The B2-PD probability of default rating reflects a 50% recovery
rate appropriate for a debt structure comprising bonds and loans.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE            

Rossini S.a r.l (Rossini) is a holding company set up by a
consortium of funds led by CVC Capital Partners which owns a 47.5%
stake in Recordati S.p.A. (Recordati). Founded in 1926, Recordati
is an Italian pharmaceutical company with EUR2.3 billion of revenue
in the 12 months that ended September 2024. Recordati's main
therapeutic areas include the cardiovascular system; the alimentary
tract and metabolism; the genitourinary system; and the respiratory
system. The company also has a rare disease segment. On top of
these activities, it also produces and distributes over-the-counter
products and local brands and products in a number of other
therapeutic areas.

UMAMI BIDCO: Fitch Puts Final First Time 'B+' IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Umami Bidco S.a r.l. (Umami) a final
first-time Long-Term Issuer Default Rating (IDR) of 'B+' with
Stable Outlook. Fitch has also assigned its EUR500 million senior
secured, seven-year term loan B (TLB) a final 'BB-' rating with a
Recovery Rating of 'RR3'.

The IDR reflects Umami's small size, modest product
diversification, compared with its wider industrial peers, and a
highly leveraged financial profile. This is balanced by the
company's strong position in the niche kitchen equipment market.

The Stable Outlook reflects its expectations that Umami's high
initial gross leverage of 5.2x-5.7x (pro-forma for the TLB) will
improve gradually to under 5x by 2027 through strong EBITDA
generation and the absence of shareholder returns.

Key Rating Drivers

Strong EBITDA Margin: Umami's two key brands - Robot-Coupe and
Magimix - are leaders in a growing segment of premium products in
the niche kitchen equipment market. The strong market position,
supported by brand recognition and perceived quality, has allowed
the company to deliver consistently strong EBITDA margins over the
past five years. Fitch expects a further slight improvement in the
short-to-medium term, supported by new product launches and cost
discipline.

Fitch views Umami's healthy EBITDA margin as a key credit strength,
reflecting its lean business model and premium-priced products with
the ability to pass on cost inflation.

Rating Constrained by Leverage: The rating is constrained by high
leverage. Fitch expects gross EBITDA leverage to gradually improve
to under 5x by 2027. Fitch forecasts a gradual deleveraging path,
through organic EBITDA growth and strong cash flow generation,
without major M&A or shareholder distributions.

Good Diversification: Umami's business profile benefits from good
geographical and customer diversification. About 47% of Umami's
revenue is from EMEA, 36% from North America and 12% from APAC. The
company benefits from a well-diversified customer base, with the
top 10 customers contributing less than 15% of total revenue in
2023. Its rating case reflects the loss of the Nespresso
distribution contract in 1Q25. The contract was unique and
therefore, despite its significance, Fitch does not view the loss
detrimental to Umami's business profile or reflective of an
increased risk of other contract losses.

Low Capex, Strong FCF: Umami operates an asset-light business that
is focused on the development and assembly of products rather than
in-house manufacturing. This approach results in low capex
requirements, leading to high free cash flow (FCF) generation.
During 2021-2023, the company achieved strong average FCF margins
for the sector. Fitch expects strong FCF generation to continue,
but average FCF margins may be slightly lower due to higher
interest payments resulting from increased debt following the TLB
issue.

New Shareholder: Fitch does not expect the new majority shareholder
ARDIAN Holding - a private equity fund - to lead to a material
change in Umami's business strategy or financial policy. Fitch
believes that ARDIAN is supportive of the present management and
their growth initiatives, both organic and inorganic. Fitch also
assumes that neither ARDIAN nor the existing shareholder Hameur
will ask Umami to pay dividends in the foreseeable future.

Peer Analysis

Despite offering high-quality products, Umami's product range and
addressable market are limited compared with the wider benchmark of
diversified industrial peers, which constrains its overall business
profile.

Its financial leverage, following its TLB issue, is broadly similar
to its 'B' category industrial peers, such as Evoca S.p.A.
(B/Stable), Ahlstrom Holding 3 Oy (B+/Stable), ams-OSRAM AG
(B+/Stable), and Nova Alexandre III S.A.S. (B+/Stable). Umami
generates significantly higher EBITDA and FCF margins than its
diversified industrials peers, and Fitch expects its pro-forma
leverage and deleveraging profile to be stronger than these
companies'.

Key Assumptions

Revenue to fall 9% in 2025, due to the non-renewal of its Nespresso
contract. This is followed by a 5% revenue CAGR, in line with
industry growth and expansion into new and under-penetrated
geographies

New product launches and continued cost discipline to support
EBITDA margin

Capex/revenue to remain stable and in line with historical levels

No dividends distribution throughout its forecast horizon

No M&As

Recovery Analysis

The recovery analysis assumes that Umami would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated. This is driven by its leading position in
its niche market, as well as its historically robust operating and
FCF generation.

Fitch assumes a 10% administrative claim.

Fitch expects an GC enterprise value available for creditor claims
at around EUR480 million, which reflects Umami's leading position
within its niche market, good geographical diversification, and
strong FCF generation. However, the enterprise value multiple also
reflects the company's limited range of products and small scale.

Fitch estimates the total amount of senior debt claims at EUR800
million, comprising a revolving credit facility (RCF) of EUR125
million, senior secured TLB of EUR500 million, and senior secured
US dollar TLB of EUR175 million equivalent.

The recovery computation leads to a ranked recovery for the senior
secured debt of 'RR3', supporting the 'BB-' debt rating at one
notch above the IDR.

RATING SENSITIVITIES

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

EBITDA leverage above 5.5x on a sustained basis

EBITDA interest coverage consistently below 2.5x

Less conservative financial policies including significant dividend
payments

A structural loss of market position, leading to deterioration of
EBITDA margins

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

EBITDA leverage below 4.5x for an extended period

EBITDA interest coverage consistently above 3.0x

Improved diversification and scale

Liquidity and Debt Structure

Umami's liquidity is comfortable. The cash balance was around EUR40
million following the TLB transaction, while the debt structure
includes long-term debt and its multi-purpose RCF, which Fitch
expects to be undrawn. Strong FCF will also support liquidity.

Issuer Profile

Umami is the holding company for the France-based Robot-Coupe and
Magimix brands, which are global providers of food preparation
equipment.

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
   -----------               ------           --------   -----
Umami Bidco S.a r.l.   LT IDR B+  New Rating             B+(EXP)

   senior secured      LT     BB- New Rating    RR3      BB-(EXP)



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

BOELS TOPHOLDING: Fitch Affirms 'BB-' IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Boels Topholding B.V.'s
Long-Term Issuer Default Rating (IDR) to Stable from Positive and
affirmed the IDR and senior secured debt rating at 'BB-'.

The Outlook revision reflects the lengthening of the expected
timeline to reach Fitch's leverage upgrade sensitivity of 3.5x, in
the light of the additional debt taken on by Boels in 2024 to
support its acquisition of aerial work platform (AWP) provider
Riwal Holding Group B.V., and sluggish growth in earnings from the
European construction market.

Key Rating Drivers

Sound European Franchise: Boels' Long-Term IDR reflects its
franchise as Europe's second-largest equipment rental company,
long-dated funding profile and management's experience in
maintaining liquidity through periods of changeable capex
requirements. It also takes into account debt taken on to support
acquisitions, and the potential variation in profitability through
the economic cycle.

EBITDA Growth Acquisition-Driven: In 2024 Riwal accounted for the
majority of Boels' 12.2% growth in revenue to EUR1.7 billion and
7.6% rise in normalised EBITDA to EUR592 million. Growth in the
pre-Riwal business was more muted, against the backdrop of a
subdued market for Nordic construction in particular.

Longer-Term Acquisition Benefits: Fitch continues to see potential
longer-term benefits to Boels' credit profile from the acquisition
of Riwal via cross-selling opportunities for the companies'
complementary fleet. However, in the short term, funding the
transaction has added to Boels' debt servicing requirements at a
time of limited organic growth in EBITDA, contributing to 2024's
year-on-year reduction in pre-tax profitability.

Long-Dated Funding: In 2024, Boels issued EUR600 million of new
senior secured notes due 2030, supporting its acquisition of Riwal
and repaying EUR200 million of its previously EUR1.25 billion term
loan B. It also extended the maturity of the remainder of the term
loan B to 2031, and in January 2025 agreed a 25bp reduction in its
pricing. The changes improve Fitch's view of the diversification
and tenor of Boels' funding, but the EUR400 million net increase
has raised leverage and aggregate servicing costs.

Acquisition Delays Deleveraging: On a pro forma basis, recognising
a full year's EBITDA contribution from Riwal, Boels' leverage rose
to around 4x at end-2024 from around 3.5x at end-2023. The
acquisition also added to Boels' goodwill, leaving it with net
tangible liabilities.

Long-Term Rental Growth Trend: The equipment sector has grown
significantly over the last 15 years as more customers choose to
rent rather than buy equipment and Fitch expects this trend to
continue amid pressure on end-users' investment capacity. Larger
operators such as Boels also have the advantages of brand
recognition and capacity to move equipment between locations to
address varying utilisation levels.

Adequate Fleet Depreciation Record: The average age of Boels' fleet
increased in 2024 to around 64 months. This reflects the
acquisition of Riwal, as the AWPs in which it specialises have a
longer useful life than most general equipment. Depreciation rates
remain appropriate, with limited incidence of asset impairment or
loss on disposal.

Private Company, Long Experience: Boels has demonstrated capacity
to manage capex and maintain liquidity through fluctuating economic
conditions. In 2024 it enhanced its corporate governance by
establishing a supervisory board, and historically the owner has
reinvested most earnings in the business to support further growth.
Capex is discretionary to an extent in the short term, enabling the
company to moderate spending at a time of reduced cash inflows,
although requiring reinvestment over the longer term to maintain an
attractive fleet

RATING SENSITIVITIES

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

- Material reduction in EBITDA, whether from lower fleet
utilisation or from rising costs, resulting in gross debt/EBITDA
above 6x

- Reduction in EBITDA interest coverage to 3x on a sustained basis

- Insufficient liquidity to support the capex required to maintain
a desirable fleet

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

- Reduction in leverage to below 3.5x, accompanied by ongoing sound
management of capex and liquidity

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Boels' debt is classified as secured, but in the absence of direct
security over operating assets, Fitch rates it in line with the
Long-Term IDR (as it would an unsecured obligation), indicating
average recovery prospects.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The debt ratings are primarily sensitive to a change in Boels'
Long-Term IDR. Should Boels introduce any debt secured on operating
assets ranking above rated instruments (or a subordinated tranche
below them), Fitch could notch the debt ratings down (or up) from
the Long-Term IDR, on the basis of weaker (or stronger) recovery
prospects.

ESG Considerations

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

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Boels Topholding B.V.    LT IDR BB-  Affirmed   BB-

   senior secured        LT     BB-  Affirmed   BB-



===============
P O R T U G A L
===============

HAITONG BANK: S&P Upgrades LT ICR to 'BB+' on Stronger Parent
-------------------------------------------------------------
S&P Global Ratings raised its long-term ICR on Haitong Bank S.A. to
'BB+' from 'BB' and removed it from CreditWatch positive (where S&P
placed it on Feb. 19, 2025). S&P also affirmed its 'B' short-term
ICR on the bank. The outlook is stable.

The merger between GTJA and HTS has materialized.  The merger
between GTJA and HTS materialized on March 14, 2025, with GTJA
(surviving entity) assuming all the assets and liabilities of HTS.
The merged entity will likely be China's largest broker by total
assets and equity, benefitting from a moderately high likelihood of
receiving extraordinary government support from the Shanghai
government. Its name will be rebranded to Guotai Haitong Securities
Co. Ltd., subject to a shareholders meeting and regulatory
approval. GTJA's unsupported GCP remains unchanged at 'bbb'
following the merger, two notches above that of HTS before the
transaction.

S&P said, "Our long-term ratings on Haitong Bank now benefit from
the likelihood of group support from a higher-rated parent.   We
consider Haitong Bank as a strategic subsidiary of the merged
group. This allows it to benefit from up to three notches of group
support, provided the ratings remain one notch below the group's
stand-alone credit profile (SACP) on the parent and at maximum the
level of our sovereign rating on Portugal. Given GTJA's stronger
SACP compared with HTS, we incorporate three notches of uplift in
our long-term ICR on Haitong Bank, compared to two before because,
at 'bbb', the parent's unsupported GCP no longer constraints the
ratings. Any change in Haitong Bank's strategic positioning in the
new group may prompt a change in our view of group support and thus
potentially affect our ICR.

"Receding economic risks in Portugal and the sovereign upgrade have
no immediate direct effect on our rating on Haitong Bank.  Despite
easing economic risks in Portugal, Haitong Bank's anchor remains
'bbb-', one notch below that of banks operating primarily in
Portugal. This reflects that its operations are spread across
countries where economic risks are higher than Portugal. The
receding economic risks and our latest upgrade of Portugal have a
benefit of about 70 basis points (bps) on Haitong Bank's
risk-adjusted capital (RAC) ratio. This provides the bank with a
wider buffer to deal with unexpected losses, but not to an extent
that improves its stand-alone creditworthiness. We forecast that
Haitong Bank's RAC ratio will approach 14.2% by 2026 (pro forma our
sovereign upgrades and revisions to economic risks in Portugal in
2024 and early 2025). This is below the 17.6% pro forma calculated
as at year-end 2023, which primarily reflects our assumption that
Haitong Bank's earnings will remain modest while S&P Global
Ratings' risk-weighted assets will increase by about 10% annually,
together with no dividend payout to its parent. An upgrade of
Portugal would have a limited positive effect on Haitong Bank's RAC
ratio, of about 20 bps. Overall, Haitong Bank's creditworthiness
remains constrained by its limited scale, lower than peers'
profitability prospects (we expect its return on equity will be
lower than 2% until 2026, and its cost-to-income ratio slightly
above 80%), high single-name concentration, and strong reliance on
wholesale funding.

"The stable outlook on Haitong Bank reflects our expectation that
over the next 12-18 months the bank will remain a strategically
important subsidiary of GTJA. We think that it will continue to
focus on strengthening its business model and revenue generation
capacity, even if we do not anticipate a sustainable profitability
or efficiency improvement; and that its capitalization will remain
solid, with a projected RAC ratio below 15% as of end-2026.

"We could lower the long-term rating on Haitong Bank in the next
12-18 months if its importance to GTJA diminishes. We could also
lower our rating if we observe weakening ongoing support from the
new parent, or if Haitong Bank's asset quality deteriorates
significantly beyond our expectations.

"We could raise the long- and short-term ratings on Haitong Bank if
it shifts its operations to countries with lower economic risks, to
the extent that we consider its anchor to be aligned with that of
banks operating primarily in Portugal, or if it improves its
underlying profitability and operates with a strengthened RAC.
Although not our base case, we could also raise the ratings if we
consider that Haitong Bank has become a more important subsidiary
for GTJA."




===========
R U S S I A
===========

KAPITAL SUGURTA: Fitch Lowers IFS Rating to 'B-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded Uzbekistan-based Kapital Sugurta JSC's
Insurer Financial Strength (IFS) Rating to 'B-' from 'B'. The
Outlook is Stable.

The downgrade reflects its assessment of Kapital Sugurta's elevated
business risk and reduced business diversification, weakened
capitalisation, weak financial performance, and high investment and
reserving risks.

Key Rating Drivers

Weakened Company Profile: Kapital Sugurta is a medium-sized
non-life insurer and holds a 3.9% market share in Uzbekistan's
competitive insurance market. Fitch believes its diversification
and business risk profile have deteriorated due to increased
concentration on financial risk products. Financial risk insurance,
covering borrowers against non-payment or bankruptcy, significantly
increased to 60% of gross and 52% of net premiums in 2024 from 11%
and 12%, respectively, in 2022. This strategic focus heightens the
company's exposure to claims volatility, particularly during
macroeconomic stress.

Deterioration of Capital Position: Kapital Sugurta's capital
position weakened in 2023 due to its business growth and low
internal capital generation. Fitch's Prism Global model score was
'Weak' at end-2023, and Fitch expects it to have remained 'Weak' at
end-2024 and to remain very low throughout 2025. The regulatory
solvency margin marginally edged up to 128% at end-9M24 from 124%
at end-2023 and 117% at end-2022, but remains under pressure from
increasing business volumes and stricter capital requirements. At
the end of 9M24, the net written premiums to capital ratio
increased to 3.5x, up from 3.1x at end-2023 and 2.5x at end-2022.

Weak Financial Results: Kapital Sugurta's net income return on
equity dropped to -4.3% in 2023 from 1.7% in 2022 and 1.2% in 2021,
all below the domestic inflation rate. The insurer's financial
performance was affected by a higher loss ratio, rising to 71% in
2023 from 43% in 2022, primarily due to motor third-party liability
(MPTL) underperformance and a growing share of financial risk
insurance with weak underwriting. Fitch expects financial
performance to have remained weak in 2024 based on statutory
reporting, and to remain under pressure in 2025 as Kapital Sugurta
underwrites financial risk insurance.

High Investment Risk: Kapital Sugurta's investment and asset risk
is high, given its significant, albeit reduced, exposure to
affiliates. This elevated exposure was among the reasons for the
insurer's license suspension for a short period in early 2024.
Equity investments amounted to 1.6x the company's capital and made
up 47% of the total investment portfolio at-end 2023. The rest of
the portfolio consists of cash and bank deposits held in various
local state-owned and large private banks rated in the 'B' and 'BB'
categories. A large 30% of deposits were placed with Joint-stock
company ANOR BANK (B-/Stable) at end-9M24.

High Reserving Risk: Kapital Sugurta is exposed to reserving risk
due to its developing actuarial expertise and basic regulatory
reserving methodology, both common features of the local insurance
sector. The company employs simplified reserving methods for
financial and frequency risks, which could lead to inadequate
reserves, particularly during economic downturns. The
under-creation of unearned premium reserves was another reason for
the license suspension in 2024.

RATING SENSITIVITIES

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

- Erosion of the capital position, as evidenced by breach of
regulatory solvency requirements without timely recovery.

- Deterioration in Fitch's assessment of corporate governance, as
evidenced by a riskier investment strategy or evidence of
related-party transactions detrimental to the credit quality of the
insurer.

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

- Improvement in the company profile assessment, demonstrated by a
better business risk profile.

- Strengthening in the capital position, as measured by a stronger
Prism FBM score, alongside an improvement in the asset quality of
the insurer's investment portfolio.

ESG Considerations

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

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Kapital Sugurta JSC   LT IFS B-  Downgrade   B



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

CAMM & HOOPER: Quantuma Advisory Named as Administrators
--------------------------------------------------------
Camm & Hooper Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-001736, and Andrew Andronikou and Brian Burke of Quantuma
Advisory Limited, were appointed as administrators on March 13,
2025.  

Camm & Hooper specialized in event catering activities.

Its registered office is at 4th Floor, 95 Chancery Lane, London,
WC2A 1DT and it is in the process of being changed to 3rd Floor, 37
Frederick Place Brighton, BN1 4EA.

Its principal trading address is at Oxo Tower Wharf, Barge House
Street, Level Two, London, SE1 9PH.

The administrators can be reached at:

               Andrew Andronikou
               Brian Burke
               Quantuma Advisory Limited
               3rd Floor, 37 Frederick Place
               Brighton, Sussex, BN1 4EA

For further details, please contact:

               Adam Stenning
               Tel No: 01273 322424
               Email: adam.stenning@quantuma.com

J2RA LIMITED: CG&Co Named as Joint Administrators
-------------------------------------------------
J2RA Limited was placed into administration proceedings in the High
Court of Justice, The Business and Property Courts in Manchester
Court Number: CR-2025-MAN-000380, and Edward M Avery-Gee and Daniel
Richardson of CG&Co, were appointed as joint administrators on
March 12, 2025.  

J2RA Limited specialized in the construction of domestic
buildings.

Its registered office is at 20-22 Wenlock Road, London N1 7GU.

Its principal trading address is at Woodend, Homestead Road,
Disley, Stockport, SK12 2JW.

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:

               Matthew Bannon
               Tel No: 0161 358 0216
               Email: matthew.bannon@cg-recovery.com

MINDTECH GLOBAL: Begbies Traynor Named as Administrators
--------------------------------------------------------
Mindtech Global Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-00-1567, and Paul Cooper and Adam Shama of Begbies Traynor
(London) LLP, were appointed as administrators on March 10, 2025.


Mindtech Global specialized information technology – artificial
intelligence.

Its registered office is at Spaces Pennine Five, Block 2, 20-22
Hawley Street, Sheffield S1 2EA.

The administrators can be reached at:

             Paul Cooper
             Adam Shama
             Begbies Traynor (London) LLP
             31st Floor, 40 Bank Street,
             London, E14 5NR

Any person who requires further information may contact:

             Conor Melly
             Begbies Traynor (London) LLP
             E-mail: as-team@btguk.com
             Tel No: 020 7400 7900

REGENT MEMORIAL: FRP Advisory Named as Administrators
-----------------------------------------------------
Regent Memorial Ltd was placed into administration proceedings in
the High Court of Justice Court Number: CR-2025-001380, and Simon
Peter Carvill-Biggs and Sarah Cook of FRP Advisory Trading Limited,
were appointed as administrators on March 13, 2025.  

Regent Memorial specialized in funeral and related activities.

Its registered office is at Lumaneri House, Blythe Gate, Blythe
Valley Park, Solihull, B90 8AH, to be changed to c/o FRP Advisory
Trading Limited, 4 Beaconsfield Road, St Albans, Hertfordshire, AL1
3RD.

Its principal trading address is at Farnham Park Cemetery, Hale
Road, Farnham, GU9 9RP.

The administrators can be reached at:

         Simon Peter Carvill-Biggs
         Sarah Cook
         FRP Advisory Trading Limited
         4 Beaconsfield Road, St Albans
         Hertfordshire, AL1 3RD

Further details contact:

         James Case
         Email: cp.stalbans@frpadvisory.com

WELLESLEY GROUP: RSM UK Named as Joint Administrators
-----------------------------------------------------
Wellesley Group Investors 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-2025-001599, and Stephanie Sutton and Damian Webb of RSM
UK Restructuring Advisory LLP, were appointed as joint
administrators on March 10, 2025.  

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

WEST EAST SODA: S&P Affirms 'BB-' LT ICR on Announced Acquisition
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term rating on West East
Soda (WE Soda) and its 'BB-' issue rating on its debt.

On Feb. 28, 2025, sodium carbonate (soda ash) and sodium
bicarbonate producer West East Soda (WE Soda) acquired US-based
soda ash producer Genesis Alkali (Alkali) from Genesis Energy LP
for a consideration of $1.425 billion.

S&P said, "The stable outlook indicates that we expect WE Soda will
maintain adjusted debt to EBITDA between 4.0x-5.0x, a range
commensurate with the 'BB-' rating. In our base case, we forecast
adjusted EBITDA of about $650 million in 2025, pro forma the
acquisition, improving to above $700 million in 2026. As a result,
we expect adjusted debt to EBITDA will increase to about 4.5x in
2025 and about 4.0x in 2026, from 2.5x in 2023, reflecting our
expectation that weaker demand in key end markets will persist and
soda ash prices will remain at their current low levels in 2025.

"We forecast WE Soda's S&P Global Ratings-adjusted debt-to-EBITDA
ratio will weaken as a result of the Alkali acquisition to about
4.5x in 2025, from about 4.0x in 2024. Our forecast--pro forma the
full-year contribution from the acquisition--factors in the
majority debt-funded nature of the transaction. The $1.425 billion
enterprise value was financed by a $420 million term loan and the
roll-over of a $390 million bond, both of which are not part of the
restricted group, but within WE Soda Ltd.'s consolidated debt and
included in our adjusted debt calculation. Additional funding
includes a combination of cash on hand, working capital facilities
(partly funded by acquired trade receivables of about $240 million,
which we also include in our adjusted debt metric), and the 40%
stake disposal of Pacific Soda to Sisecam Resources LLP for a cash
consideration of $210 million. WE Soda values Alkali's soda ash
assets--which include 4.35 million metric tons (mmt) of soda ash
production capacity per annum and related global export
infrastructure--at an EBITDA multiple of 8.8x pro forma 2024
estimates, or a "mid-cycle" EBITDA of 6.0x based on the last
five-year performance, equating to about $330 per ton of capacity.
According to WE Soda's management, the transaction close was on
Feb. 28, 2025, with no regulatory fillings required prior to
completion.

"In our view, the Alkali acquisition has a strong strategic
rationale and will enhance WE Soda's business. The combination of
the second and fifth largest producers of soda ash (excluding
China) will nearly double WE Soda's production capacity to 9.5mt
and make it the largest soda ash producer globally, measured by
nameplate capacity, ahead of Solvay SA. In addition, the
transaction will lead to further consolidation in the global
seaborne soda ash market. The top four producers outside China--WE
Soda, Solvay, Sisecam, and Tata--account for about 75% of the
European and Americas markets, which ensures disciplined capacity
additions that closely match demand and have historically led to
high utilization rates of about 90%.

"We think Alkali's business complements WE Soda significantly by
improving geographic diversification and reach. Specifically, pro
forma the acquisition, WE Soda's production mix is improving to
about 55% in Türkiye and 45% in the U.S. Over time, we anticipate
WE Soda's investments in brownfield expansion in Kazan, Türkiye
(by 0.6mt) and Wyoming (by up to 1.2mt) will further balance its
geographic exposure. In our view, this improves the company's
credit profile because its improved geographical diversification
lowers event risks, including potential disruptions to
transportation routes. In addition, over the last two years WE Soda
has invested in its distribution and logistics capabilities,
including the acquisition of SAISA in October 2024--the largest
distributor of soda ash and sodium bicarbonate in Iberia--and
established import, distribution, storage, and logistics
infrastructure in the U.K. and the Netherlands. Importantly, as
part of the transaction WE Soda is acquiring Alkali's logistics
network, including a 4 million mt export capacity in Portland,
Oregon. We think these logistics capabilities strengthen WE Soda's
competitive advantage by improving customer service and ensuring a
reliable supply, as well as by providing the company flexibility to
target markets where it can achieve the highest prices.
Furthermore, the acquisition allows WE Soda to enter
underrepresented markets, such as North America and the west coast
of South America, leading to an improved geographic sales mix."

WE Soda will retain its cost leadership due to its advantageous
cost position, enabling it to generate very high profitability and
resilient earnings, even though profit margins will decrease. The
company's assets in Türkiye are at the low end of the cost curve
due to a combination of low production costs and its proximity to
key markets. WE Soda produces soda ash naturally, which results in
a structural cost advantage versus synthetic plants that are more
expensive to operate since they require several raw materials and
consume more energy. In addition, WE Soda's Turkish operations
extract trona--the key raw material needed to produce soda ash
naturally--using solution extraction, which further enhances its
cost competitiveness due to lower labor and energy costs compared
to the conventional mining used by North American producers. These
factors explain WE Soda's very high S&P Global Ratings-adjusted
EBITDA margins between 45%-60% in 2021-2023. The addition of
conventional mining operations in Wyoming will lower EBITDA margins
because these assets consume more energy--due to the additional
steps involved in crushing and dissolving trona ore--incur higher
overhead costs due to underground mining operations, and face
higher transportation costs. That said, conventional mining
provides clear cost advantages compared to the synthetic process.
From a credit standpoint, the low-cost operations and shape of the
global cost curve underpin the quality of earnings. This is based
on the long tail of higher-cost producers, with synthetic plants
accounting for approximately 67% of total supply in 2024, according
to S&P Commodity Insights, a division of S&P Global, as is S&P
Global Ratings. In turn, swings in end-market demand are unlikely
to affect WE Soda's sales volumes since they will price out
marginal suppliers first, alleviating demand and partially
alleviating earnings volatility.

Management anticipates cash savings of about $1 billion over time.
WE Soda will forego investing in the greenfield project expansion
in Wyoming after selling its 40% stake to Sisecam and postponing
investment in its West Soda project. Instead, the company will
focus on the debottlenecking project at Westvaco, which could lead
to a 0.2mt capacity expansion with limited upfront investment, the
brownfield expansion projects in Kazan, aiming for a 0.6mmt
increase by 2027, and an additional 1.0mmt expansion at Westvaco
over time. These investments are more cost-effective than
greenfield developments because they avoid the high costs
associated with new infrastructure and supporting utilities.

S&P said, "The stable outlook indicates that we expect WE Soda Ltd.
will maintain adjusted debt to EBITDA between 4.0x-5.0x, a range we
see as commensurate with the 'BB-' rating. In our base case, we
forecast adjusted EBITDA of about $650 million in 2025, improving
to above $700 million in 2026. As a result, we expect adjusted debt
to EBITDA will increase to about 4.5x in 2025 and about 4.0x in
2026, from about 4.0x in 2024 and 2.5x in 2023. This reflects our
expectation that weak demand in key end markets will persist, and
soda ash prices will remain at their current low levels in 2025.

"We could lower our rating on WE Soda Ltd. if a
less-than-supportive market environment persists for longer than we
anticipate, hampering demand, depressing soda ash prices, and
leading to adjusted debt to EBITDA above 5.0x without near-term
prospects of a recovery. This situation could also occur if the
company's adjusted debt increases, for example because of the
provision of financial guarantees to other Ciner Group entities, or
if the parent incurred additional debt.

"We could also lower the rating if free operating cash flow (FOCF)
to debt declined to below 5% consistently."

S&P could consider a positive rating action if:

-- Debt to EBITDA improved sustainably below 4.0x;
-- FOCF to debt improved to above 10%;
-- WE Soda passed our sovereign stress test on Tukiye; and
-- The financial policy remained supportive of a higher rating.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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