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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, April 24, 2025, Vol. 26, No. 82

                           Headlines



B E L G I U M

CASPR-1 S.A.R.L: Fitch Affirms 'BB+sf' Rating on Class D Notes


G E R M A N Y

VEONET LENSE: Moody's Affirms 'B3' CFR & Alters Outlook to Stable


I R E L A N D

AURIUM CLO XI: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
CLARINDA PARK: Moody's Affirms B3 Rating on EUR11.5MM Cl. E Notes
CVC CORDATUS XXV-A: Fitch Puts B-sf Final Rating on Two Tranches


I T A L Y

KEDRION SPA: Moody's Raises CFR to B2 & Alters Outlook to Stable


U N I T E D   K I N G D O M

AQUEDUCT EUROPEAN 11: Fitch Assigns B-(EXP)sf Rating to Cl. F Notes
AXIS TECHNOLOGY: Grant Thornton Named as Joint Administrators
BBAM EUROPEAN VI: Fitch Assigns 'B-(EXP)sf' Rating to F Notes
CHIARO TECHNOLOGY: FTI Consulting Named as Administrators
CONCORDE MIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Stable

HELIOS TOWERS: Moody's Affirms 'B1' CFR, Alters Outlook to Positive
MOLOSSUS BTL 2024-1: Fitch Alters Outlook on 'B+sf' Rating to Pos.
MOVAC GROUP: Leonard Curtis Named as Administrators
NICHOLSON JONES: DMC Recovery and RSM UK Named as Administrators
PRECISE MORTGAGE 2020-1B: Fitch Cuts Rating on Cl. E Notes to B-sf

REGENCY GARDEN: Leonard Curtis Named as Administrators
SYNTHOMER PLC: Moody's Lowers CFR & Senior Unsecured Notes to B2
UCS SAMEDAY: Quantuma Advisory Named as Administrators
URBAN LANDSCAPE: Cowgills Limited Named as Joint Administrators

                           - - - - -


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B E L G I U M
=============

CASPR-1 S.A.R.L: Fitch Affirms 'BB+sf' Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings has affirmed CASPR S.a r.l. Compartment CASPR-1's
notes.

The rating actions follow the implementation of Fitch's updated
European RMBS Rating Criteria. All notes have been removed from
Under Criteria Observation.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
CASPR S.a r.l.
Compartment CASPR-1

   A XS2265971742       LT AAsf   Affirmed   AAsf
   B XS2265972559       LT A+sf   Affirmed   A+sf
   C XS2265972807       LT BBB+sf Affirmed   BBB+sf
   D XS2265973011       LT BB+sf  Affirmed   BB+sf

Transaction Summary

The transaction is a synthetic securitisation of a residential
loans portfolio originated by AXA Bank Belgium (ABB), which merged
into Crelan SA in June 2024. The proceeds were used to fund a
credit default swap (CDS) that protects the originator from losses
of the reference portfolio. The reference portfolio consists of
mortgage loans secured by residential properties in Belgium. The
transaction is designed for risk-transfer and capital-relief
purposes.

KEY RATING DRIVERS

European RMBS Rating Criteria Updated: The affirmation follows the
update of Fitch's European RMBS Rating Criteria (see "Fitch Ratings
Updates European RMBS Rating Criteria; Sets FF and HPD Assumptions"
dated 30 October 2024). Overall, the changes have had a positive
impact on the foreclosure frequency (FF) and recovery rate (RR)
assumptions applicable to the transaction, supporting the
affirmation of the notes.

Weak Asset Performance: The transaction's asset default trend is
above its expectations, with gross cumulative defaults reaching
6.5% as of January 2025. Fitch considered the higher-than-expected
defaults in its modelling by applying a 4.7x transaction adjustment
to the pool's total FF for all rating levels. This is mitigated by
rising credit enhancement (CE) since closing in December 2020 at
4.4% versus 3.5% for the class B notes and 1.7% versus 1.3% for the
class C notes.

Nevertheless, the notes' ratings remain vulnerable to actual
recoveries being lower than modelled recoveries. Currently, the
transaction has a high cure rate, i.e. 64% of the defaulted loans
have started performing again. Since 29 January 2025, no losses
have been recorded on the notes, due to the protection offered by a
synthetic excess spread ledger.

Resilience of Investment-Grade Notes: Fitch tested the
transaction's resilience to unforeseen events that could increase
the number of defaulted reference obligations without leading to a
final loss. These events could cause a "temporary write-off" of the
notes, reducing interest payments to noteholders and a default due
to non-timely interest payments. The class D notes are no longer
restricted by this test given their sufficient CE, but due to the
sensitivity of this class to transaction performance, Fitch has
affirmed its rating at 'BB+sf'.

Excessive Counterparty Exposure: The proceeds used to fund the CDS
are held in the deposit account at Bank of New York Mellon
S.A./N.V., Luxembourg Branch (BoNY, AA/Stable/F1+). These funds are
used for the payments under the CDS and to amortise the notes. If
the funds are totally or partially lost due to deposit account bank
default, the notes may not be reimbursed. The rating of the notes
is therefore limited to the rating of BoNY, Luxembourg Branch.

Exposure to ABB: Under the CDS, the issuer bears the risk of losses
from the reference portfolio. Following the default of a loan, the
issuer will pay the expected loss to ABB. The final loss will be
known at the end of the recovery process, giving rise to an
adjustment payment. If the expected loss is larger than the final
loss, ABB will pay the difference to the issuer. If ABB defaults on
the adjustment payment, a loss for the notes may result. Fitch has
limited the rating of the notes to a stress scenario in which the
available CE offsets the exposure to ABB.

Higher-Risk Portfolio: The reference portfolio has been selected
from the higher-risk loans in ABB's book and has a higher-risk
credit profile than is typical for Belgian RMBS transactions. The
pool consists of loans originated with original LTVs of close to
90% and a debt-to-income distribution skewed toward the highest
buckets. The higher-risk portfolio translates into weaker asset
performance than the average Belgian RMBS portfolio.

Governance Impact: CASPR-1's exposure to BoNY as deposit account
provider, whose default would result in redemption funds being
lost, leads to the class A notes rating being capped by BoNY's
rating.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing delinquencies and
defaults that could reduce the CE available to the notes. In
addition, unexpected declines in recoveries could result in lower
net proceeds, which may make some notes susceptible to negative
rating action, depending on the extent of the decline in
recoveries.

Reducing recoveries by 10% would not have any impact on the class
A, B and D notes ratings, but it would result in a downgrade of the
class C notes by two notches to 'BBB-sf'.

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

Lower-than-expected defaults and higher-than-projected recoveries
would have a positive impact on the ratings.

Decreasing defaults by 15% and increasing recoveries by 15% would
result in the class B, C and D notes being upgraded to 'AAsf'. The
class A notes' rating would remain unchanged as it is capped by the
rating of the account bank.

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.

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

Prior to the transaction closing, Fitch conducted a review of a
small, targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

CASPR-1 has an ESG Relevance Score of '5' for Transaction Parties &
Operational Risk due to the exposure to BoNY as deposit account
provider, whose default would result in a loss of redemption funds.
Fitch has therefore capped and linked the rating of the class A
notes to that of BoNY. This has a negative impact on the credit
profile and is highly relevant to the rating in conjunction with
other factors.

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



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G E R M A N Y
=============

VEONET LENSE: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has affirmed Veonet Lense GmbH's (Veonet or the
company) B3 corporate family rating and its B3-PD probability of
default rating. Concurrently, Moody's affirmed the B3 ratings of
the senior secured bank credit facilities borrowed by Veonet Lense
GmbH. The outlook has been changed to stable from positive.

RATINGS RATIONALE

The rating action reflects Veonet's weaker-than-expected metrics in
2024, particularly the higher leverage of 7.7x, which includes
EUR29 million of normalization items. This leverage is likely to
remain high, around 7.0x, in 2025. The primary reason for Veonet's
underperformance was the tariff normalization in the UK following
the temporary COVID-related uplifts in FY22/23. This, combined with
a cost base that had been established in anticipation of higher
volumes of cataract procedures outsourced by the NHS.  Furthermore,
normalization items, which are included in Moody's-adjusted EBITDA,
were significantly above budget, driven by the costs of
headquarters efficiency measures such as a new ERP system and
treasury tracking system, as well as startup losses at new clinics
and acquisition-related expenses.

This has resulted in a weakening in key credit metrics with
Moody's-adjusted debt to EBITDA increasing to 7.7x from 6.9x in
2023 and Moody's adjusted EBITA to interest expense decreasing to
1.6x from 1.8x in 2023. Free cash flow generation in 2024 remained
positive in spite of above mentioned challenges, supported by a
working capital inflow. Going forward, Moody's expects Veonet to
grow its revenues in the low to mid-single-digit range over the
next two to three years, supported by higher volumes from
greenfield expansions and the ramp-up of recently opened sites,
particularly in the UK. Moody's expects some EBITDA margin
expansion, fueled by revenue growth and the recently opened sites
turning margin-accretive. Additionally, the company has implemented
significant cost management measures, including group-wide
efficiency actions and procurement intiatives. These actions are
already delivering benefits in 2025 and are expected to enhance
profitability and support deleveraging in the future. Based on
these considerations, Moody's forecasts that Moody's-adjusted
debt/EBITDA will decrease to around 7.0x by end 2025 and to 6.8x in
2026.

Veonet's B3 CFR remains supported by its good market positions in
the countries where it operates. The rating is also supported by
the company's good diversification across different regulatory
regimes in Europe; defensive demand drivers combined with positive
underlying trends that support volumes; high barriers to entry; and
relatively high profit margins.

The B3 CFR remains constrained by Veonet's elevated leverage of
7.7x as of December 2024, up from 6.9x in 2023; the risk of
debt-funded acquisitions given the company's M&A history; the
fragmented market structure; and the execution risks attached to
its growth plans.

LIQUIDITY

Veonet's liquidity is adequate, supported by EUR30 million of cash
on balance sheet as of the end of December 2024, access to a EUR150
million senior secured revolving credit facility (RCF) under which
EUR133 million was available as of December 2024, a fully available
EUR50 million senior secured capital spending facility, EUR25
million of second lien capital spending facility availability, and
long-dated maturities with most of the debt coming due in 2029.
Moody's expects Moody's -adjusted free cash flow (FCF) generation
will be slightly positive in 2025, in line with 2024. This is due
to significant investments in growth capital expenditures, funding
greenfield investments in the UK as well as technology upgrades and
enhancements. In 2025, Moody's expects FCF to debt to be at around
0.5%.

STRUCTURAL CONSIDERATIONS

The EUR930 million senior secured term loan B, GBP312 million
senior secured term loan B, EUR150 million senior secured RCF and
EUR50 million senior secured capital spending facility raised by
Veonet Lense GmbH are rated B3, in line with the CFR. This reflects
their pari passu ranking in the capital structure and the presence
of the collateral package which is limited to shares, structural
intercompany receivables and material bank accounts. Guarantors
represent a minimum of 80% of the group's EBITDA. The company's
debt structure also includes second lien debt outstanding (EUR25
million second lien capex and CHF110 million second lien notes).
The B3-PD PDR, in line with the CFR, reflects Moody's assumptions
of a 50% recovery rate as is customary for capital structures with
bank debt and a covenant-lite structure.

OUTLOOK

The stable outlook reflects Moody's expectations that demand
drivers and the regulatory environment will remain largely
favorable in the next 12-18 months, and the company will improve
its profitability and credit metrics while effectively implementing
its ambitious growth plans. The stable outlook also reflects
Moody's assumptions that any future debt-funded acquisitions could
potentially increase its leverage to a level that would be still
commensurate with the current B3 CFR.

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

Veonet's ratings could be upgraded if Moody's-adjusted debt to
EBITDA decreases below 6.5x, Moody's-adjusted FCF to debt improves
above 5%, and Moody's-adjusted EBITA/interest improves above 2.0x,
all on a sustained basis. An upgrade would also be conditional on
the company maintaining a financial policy targeted at deleveraging
with no shareholder distributions.

Downward pressure on the ratings could arise if the regulatory
environment becomes unfavorable or if the company's profitability
weakens significantly. Quantitively, ratings could be downgraded if
Moody's-adjusted debt/EBITDA increases above 8.0x, Moody's-adjusted
EBITA/interest weakens towards 1.0x, Moody's-adjusted FCF turns
negative for a prolonged period, or if there is a deterioration in
liquidity.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Veonet, headquartered in Munich, is a pan-European ophthalmology
platform, operating around 290 clinics as of end 2024 across
Germany, the UK (SpaMedica acquired in 2020), the Netherlands
(EyeScan acquired in 2019), Switzerland (Vista acquired in 2019),
and Spain (Miranza acquired in 2022). The company focuses on
outpatient cataract and intravitreal injection (IVI) procedures.
Veonet generated EUR902 million of net sales for the 12 months that
ended December 2024 pro forma all closed acquisitions.



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

AURIUM CLO XI: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Aurium CLO XI DAC reset notes final
ratings, as detailed below.

   Entity/Debt                        Rating               Prior
   -----------                        ------               -----
Aurium CLO XI DAC

   Class A Loan                   LT PIFsf  Paid In Full   AAAsf
   Class A Notes XS2692382596     LT PIFsf  Paid In Full   AAAsf
   Class A-R Loan                 LT AAAsf  New Rating
   Class A-R Notes XS3035718686   LT AAAsf  New Rating
   Class B Notes XS2692382679     LT PIFsf  Paid In Full   AAsf
   Class B-R Notes XS3035718926   LT AAsf   New Rating
   Class C Notes XS2692382836     LT PIFsf  Paid In Full   Asf
   Class C-R Notes XS3035719148   LT Asf    New Rating
   Class D Notes XS2692383057     LT PIFsf  Paid In Full   BBB-sf
   Class D-R Notes XS3035724817   LT BBB-sf New Rating
   Class E Notes XS2692383214     LT PIFsf  Paid In Full   BB-sf
   Class E-R Notes XS3035728727   LT BB-sf  New Rating
   Class F Notes XS2692383487     LT PIFsf  Paid In Full   B-sf
   Class F-R Notes XS3035729295   LT B-sf   New Rating

Transaction Summary

Aurium CLO XI Designated Activity Company is a securitisation of
mainly senior secured obligations (at least 90%) with a component
of corporate rescue loans, senior unsecured, mezzanine, second-lien
loans and high-yield bonds. Net proceeds from the note issuance
were used to redeem all existing notes, apart from the subordinated
notes and fund a portfolio with a target size of EUR450 million.
The portfolio manager is Spire Management Limited. The CLO has a
five-year reinvestment period and an eight-year weighted average
life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-calculated
weighted average rating factor of the identified portfolio is
24.1.

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-calculated
weighted average recovery rate of the identified portfolio is
61.05%.

Diversified Portfolio (Positive): The transaction has four
matrices; two effective at closing with fixed-rate limits of 5% and
12.5%, and two one year post-closing with fixed-rate limits of 5%
and 12.5%, provided that the portfolio balance is above target par.
All four matrices are based on a top-10 obligor concentration limit
of 23%. The closing matrices correspond to an eight-year WAL test
while the forward matrices correspond to a seven-year WAL test.

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

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

Cash-flow Modelling (Positive): The WAL used for the transaction's
stressed-case portfolio analysis is 12 months shorter than the WAL
covenant. This reflects the strict reinvestment criteria after the
reinvestment period, which includes satisfaction of Fitch 'CCC'
limitation and the coverage tests, as well as a WAL covenant that
linearly steps down over time. In Fitch's opinion, these conditions
reduce the effective risk horizon of the portfolio during stress
periods.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class B-R, C-R and D-R, E-R and F-R notes have two-notch cushions.

Should the cushion between the identified portfolio and the stress
portfolio be eroded due to manager trading or negative portfolio
credit migration, a 25% increase of the mean RDR across all ratings
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of three notches for the class
A-R notes, four notches for the class B-R and C-R, two notches for
the class D-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 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to two notches for the class B-R, C-R
and D-R notes and up to three notches for the class E-R and F-R
notes. The class A-R notes are rated 'AAAsf', which are at the
highest level on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, meaning the notes are able to
withstand larger than expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may occur in case of 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

Aurium CLO XI DAC

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Aurium CLO XI 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.

CLARINDA PARK: Moody's Affirms B3 Rating on EUR11.5MM Cl. E Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Clarinda Park CLO Designated Activity Company:

EUR40,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Upgraded to Aaa (sf); previously on Feb 22, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR26,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Feb 22, 2021
Definitive Rating Assigned A2 (sf)

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

EUR248,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Feb 22, 2021 Definitive
Rating Assigned Aaa (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Feb 22, 2021
Definitive Rating Assigned Baa3 (sf)

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Feb 22, 2021
Definitive Rating Assigned Ba3 (sf)

EUR11,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Feb 22, 2021
Definitive Rating Assigned B3 (sf)

Clarinda Park CLO Designated Activity Company, issued in November
2016 and last refinanced in February 2021, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Blackstone
Ireland Limited. The transaction's reinvestment period ended in
February 2025.

RATINGS RATIONALE

The rating upgrades on the Class A-2 and Class B notes are
primarily a result of the transaction having reached the end of the
reinvestment period in February 2025.

The affirmations on the ratings on the Class A-1, Class C, Class D
and Class E 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.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

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: EUR395.0 million

Defaulted Securities: EUR6.6 million

Diversity Score: 61

Weighted Average Rating Factor (WARF): 2947

Weighted Average Life (WAL): 4.4 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.7%

Weighted Average Coupon (WAC): 3.1%

Weighted Average Recovery Rate (WARR): 44.4%

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, 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.

CVC CORDATUS XXV-A: Fitch Puts B-sf Final Rating on Two Tranches
----------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XXV-A DAC reset
notes final ratings.

Fitch has withdrawn the class A-2-R notes' expected rating as it is
no longer expected to convert to a final rating.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
CVC Cordatus Loan
Fund XXV-A DAC

   A-2-R                 LT WDsf   Withdrawn    AAA(EXP)sf
   A-R XS3041491088      LT AAAsf  New Rating   AAA(EXP)sf
   B-R XS3041491591      LT AAsf   New Rating   AA(EXP)sf
   C-R XS3041491831      LT Asf    New Rating   A(EXP)sf
   D-1-R XS3041492052    LT BBB-sf New Rating   BBB-(EXP)sf
   D-2-R XS3042779556    LT BBB-sf New Rating
   E-R XS3041492219      LT BB-sf  New Rating   BB-(EXP)sf
   F-1-R XS3041492482    LT B-sf   New Rating   B-(EXP)sf
   F-2-R XS3042780216    LT B-sf   New Rating

Transaction Summary

CVC Cordatus Loan Fund XXV-A 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 existing portfolio
with a target par of EUR500 million.

The portfolio is actively managed by CVC Credit Partners Investment
Management Limited. The CLO has a 4.5-year reinvestment period and
a 7.5-year weighted average life (WAL) test at closing, which can
be extended one year after closing, subject to conditions.

Fitch has withdrawn the class A-2-R notes' expected rating as it is
no longer expected to convert to a final rating.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor of the identified portfolio is 25.1.

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 59.4%.

Diversified Portfolio (Positive): The transaction includes two
matrices that are effective at closing, corresponding to a 7.5-year
WAL and two different fixed-rate asset limits of 5% and 10%. The
transaction includes two forward matrices corresponding to the same
fixed-rate asset limits but a seven-year WAL, which can be selected
from six months after closing or 18 months after closing if WAL
steps up by one year, subject to the aggregate collateral balance
(with defaulted obligations carried at collateral value) being
equal to or exceeding the reinvestment target par.

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

WAL Step-Up Feature (Neutral): From one year after closing, the
transaction can extend the WAL test by one year. The WAL extension
is at the option of the manager, but subject to conditions
including passing the Fitch collateral quality tests and the
aggregate collateral balance with defaulted assets at their
collateral value being equal to or greater than the reinvestment
target par.

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

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis and matrices analysis is 12
months less than the WAL covenant. This is to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period, which include passing the coverage tests
and the Fitch 'CCC' bucket limitation test after reinvestment as
well as a WAL covenant that gradually steps down, 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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-R, D-1-R, D-2-R, E-R and
F-2-R notes display rating cushions of two notches, the class C-R
notes of one notch and the class F-1-R notes of four 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
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
four notches for the class A-R, B-R, C-R, D-1-R and D-2-R notes and
to below 'B-sf' for the class E-R, F-1-R and F-2-R notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to five notches for the
notes, except the 'AAAsf' notes, which are at the highest level on
Fitch's scale and cannot be upgraded.

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for CVC Cordatus Loan
Fund XXV-A DAC.

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



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

KEDRION SPA: Moody's Raises CFR to B2 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings has upgraded Kedrion S.p.A.'s (Kedrion or the
company) corporate family rating to B2 from B3 and probability of
default rating (to B2-PD from B3-PD. At the same time, Moody's have
upgraded to B2 from B3 the instrument ratings of the senior secured
bank credit facilities and backed senior secured notes, all due in
2029, borrowed by the company. The outlook has been changed to
stable from positive.

RATINGS RATIONALE

The upgrade of Kedrion's ratings and change of outlook to stable
reflects the continued good operating performance of the company
which has led to an improvement in leverage metrics more in line
with the B2 rating, and Moody's expects further enhancement over
the next 12-18 months. In particular, Moody's anticipates Kedrion's
Moody's-adjusted gross leverage to trend towards 4.5x by the end of
2025 with an adequate Moody's-adjusted EBITDA to interest expense
of around 3x as of the same date. However, Moody's expects
Kedrion's Moody's-adjusted free cash flow (FCF) generation to
remain negative for a prolonged period of time because of important
growth capital investment plans. These include a brownfield
expansion in one if its plants in Italy that will support the
launch of its KIG10 product in 2026.

The rating also reflects the company's continued good operating
performance since 2023, with solid execution of the integration of
Bio Products Laboratory (BPL) so far, which the company acquired in
August 2022. Kedrion benefits from high barriers to entry and good
industry fundamentals with increasing demand for plasma-derived
products. Moreover, the company's new product launches, especially
KIG10 and Yimmugo, and continued market penetration in rare
diseases should support margin expansion.

At the same time, Kedrion's concentration on plasma-derived
products and its limited scale and market share against its main
competitors constrain its credit quality. Scale is particularly
important in the plasma derivatives industry, where fixed costs are
important and there is high level of capital intensity. In this
sense, capital spending will remain a key driver of cash flow
generation, because Kedrion will continue investing in growth
capital expenditure to support the launch of KIG10, sustain the
rare disease franchise, and increase manufacturing and plasma
collection capacity.

Over the next 12-18 months, Moody's expects Kedrion's topline to
grow in the high-single digit range in percentage terms driven by
the launch of KIG10, which will replace the Gammaked offering
starting from 2026, continued market penetration in rare diseases,
including Ryplazim and Coagadex, both orphan drugs with no direct
competition in the US, and the commercialization of Yimmugo, where
Kedrion has a 9-year exclusive commercialisation agreement with
Biotest AG, starting from 2025.

At this stage, Moody's have assumed that the approval of KIG10 by
the FDA will be obtained before the end of 2025, and that there
will not be any meaningful delays for its launch planned in early
2026. This is key because the in-house produced KIG10 will replace
the Gammaked offering sourced from Grifols S.A. (B3 positive)
through a marketing and distribution partnership which terminates
at the end of 2025.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Kedrion's
operating performance will remain strong and that it will
successfully launch KIG10 at around the time of the termination of
the partnership with Grifols S.A., supporting EBITDA growth and
decrease in Moody's adjusted leverage towards 4.5x on a sustained
basis. The outlook assumes that the company will not undertake any
major debt-funded acquisitions or shareholder distributions.

LIQUIDITY

Kedrion's liquidity is adequate, supported by cash balances of
EUR178 million at the end of 2024, and access to its super senior
revolving credit facility (SSRCF) of EUR175 million of which EUR35
million were drawn as of the same date. Moody's expects growth
capital expenditure to remain a key drag for cash generation over
the next 12-18 months. The SSRCF includes one springing covenant,
senior secured net leverage not exceeding 6.0x, tested when the
facility is more than 40% drawn. Moody's expects the company to
have significant capacity under the covenant, if tested.

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

Upward rating pressure could arise if Kedrion continues to
efficiently execute its roll out of new products while improving
its profitability margins and quality of products. Numerically,
this would translate into Moody's-adjusted debt/EBITDA improving
below 4.5x on a sustained basis; Moody's-adjusted EBITDA/Interest
expense ratio increases towards 3.5x; Moody's-adjusted FCF/debt
improving towards the high single-digits in percentage terms on a
sustainable basis; and maintaining a solid liquidity position.

Downward rating pressure could arise if operating performance
weakens, notably if the expected roll out of KIG10 is materially
delayed or does not get sufficient traction in the market. Moody's
could also downgrade the rating if its Moody's-adjusted gross
leverage increases above 5.5x, or its Moody's-adjusted
EBITDA/Interest expense decreases below 2.5x, or its
Moody's-adjusted FCF is negative for longer-than-expected weakening
the overall liquidity position of the company, all on a sustained
basis. Potential sizeable debt-financed acquisitions or shareholder
distributions could also lead to a rating downgrade.

STRUCTURAL CONSIDERATIONS

The PDR of B2-PD reflects Moody's assumptions of a 50% recovery
rate for covenant-lite debt structures, including bonds and bank
debt. The B2 ratings of the $790 million backed senior secured
notes, $9.5 million senior secured term loan A1 and $65.5 million
senior secured term loan A2 (TLA), all due in 2029, are in line
with Kedrion's CFR, reflecting their positioning in the capital
structure, with only the EUR175 million SSRCF ranking ahead of
them. The notes and the TLA are secured by share pledges and, with
some limitations, assets in the US subsidiaries and are guaranteed
by subsidiaries, representing at least 80% of the company's
EBITDA.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical
Products and Devices published in October 2023.

COMPANY PROFILE

Kedrion is a biopharmaceutical company that collects and
fractionates plasma to produce and distribute plasma-derived
products that are used for the prevention and treatment of
conditions such as haemophilia, primary immunodeficiencies and Rh
sensitisation. The company is the fifth-largest producer of
plasma-derived products in terms of revenue. Kedrion generated
EUR1.6 billion in revenue and EUR279 million in company-adjusted
EBITDA in 2024. Kedrion is controlled by the private equity fund
Permira and other co-investors, that hold 63% of the capital. Other
shareholders are the Marcucci family (Kedrion's founder), Cassa
Depositi e Prestiti S.p.A. (CDP, Baa3 stable) and Fondo Strategico
Italiano.



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

AQUEDUCT EUROPEAN 11: Fitch Assigns B-(EXP)sf Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Aqueduct European CLO 11 DAC expected
ratings. The assignment of final ratings is contingent on the
receipt of final documents conforming to information already
reviewed.

   Entity/Debt            Rating           
   -----------            ------           
Aqueduct European
CLO 11 DAC

   Class A Notes      LT AAA(EXP)sf  Expected Rating
   Class B Notes      LT AA(EXP)sf   Expected Rating
   Class C Notes      LT A(EXP)sf    Expected Rating
   Class D Notes      LT BBB-(EXP)sf Expected Rating
   Class E Notes      LT BB-(EXP)sf  Expected Rating
   Class F Notes      LT B-(EXP)sf   Expected Rating
   Class Z-1 Notes    LT NR(EXP)sf   Expected Rating
   Class Z-2 Notes    LT NR(EXP)sf   Expected Rating
   Class Z-3 Notes    LT NR(EXP)sf   Expected Rating
   Sub Notes          LT NR(EXP)sf   Expected Rating

Transaction Summary

Aqueduct European CLO 11 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 will be used to purchase a portfolio with a target par of
EUR400 million. The portfolio is actively managed by HPS Investment
Partners CLO (UK) LLP. The collateralised loan obligation (CLO)
will have a 4.6-year reinvestment period and an 8.6-year weighted
average life test (WAL).

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 62.7%.

Diversified Portfolio (Positive): The transaction will include
various concentration limits, including a maximum of 40% to the
three-largest Fitch-defined industries and a top 10 obligor
concentration at 20%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

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

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
conditions include passing the coverage tests and the Fitch 'CCC'
bucket limitation test after reinvestment, as well as a WAL
covenant that gradually steps down, before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during the stress
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 rating recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A notes, a one-notch
downgrade on class B to E notes and to below 'B-sf' for the class F
notes.

Downgrades, which are based on the actual portfolio, 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, class B to F notes
have a rating cushion of 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 a downgrade of up to three
notches for the class A notes, four notches for the class B to D
notes and to below 'B-sf' for the class E and F notes.

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

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

During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining weighted average
life 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 a stable
portfolio credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Aqueduct European
CLO 11 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.

AXIS TECHNOLOGY: Grant Thornton Named as Joint Administrators
-------------------------------------------------------------
Axis Technology & Development Limited was placed into
administration proceedings in The High Court Of Justice in Northern
Ireland Chancery Division (Company Insolvency) No 29352 of 2025,
and Gareth Latimer and Stephen Cave of Grant Thornton Advisors (NI)
LLP, were appointed as joint administrators on March 25, 2025.  

Axis Technology is a manufacturer of machinery for food, beverage
and tobacco processing. It also repairs electrical equipment, and
is in the wholesale of other machinery and equipment as well as
engineering design activities for industrial process and
production.

Its registered office and principal trading address is at 39
Hunters Hill Road, Gilford, Craigavon, County Armagh, BT63 6AL.

The joint administrators can be reached at:

         Stephen Cave
         Gareth Latimer
         Grant Thornton Advisors (NI) LLP
         12 – 15 Donegall Square West
         Belfast BT1 6JH


BBAM EUROPEAN VI: Fitch Assigns 'B-(EXP)sf' Rating to F Notes
-------------------------------------------------------------
Fitch Ratings has assigned BBAM EUROPEAN CLO VI DAC expected
ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already received.

   Entity/Debt                 Rating           
   -----------                 ------           
BBAM EUROPEAN CLO VI DAC

   A XS3009440275          LT AAA(EXP)sf  Expected Rating

   B XS3009440432          LT AA(EXP)sf   Expected Rating

   C XS3009440861          LT A(EXP)sf    Expected Rating

   D XS3009441083          LT BBB-(EXP)sf Expected Rating

   E XS3009441240          LT BB-(EXP)sf  Expected Rating

   F XS3009441596          LT B-(EXP)sf   Expected Rating

   Subordinated Notes
   XS3009441752            LT NR(EXP)sf   Expected Rating

Transaction Summary

BBAM EUROPEAN CLO VI 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 will be used to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by RBC Global
Asset Management (UK) Limited. The collateralised loan obligation
(CLO) will have a 4.6-year reinvestment period and an 8.6-year
weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor of the identified portfolio is 24.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63%.

Diversified Asset Portfolio (Positive): The transaction will
include various concentration limits, including a maximum exposure
to the three largest Fitch-defined industries in the portfolio at
40%. These covenants ensure that the asset portfolio will not be
exposed to excessive concentration.

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

Cash-flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant at the issue date (subject to a floor of six years), to
account for the strict reinvestment conditions envisaged by the
transaction after its reinvestment period. These include passing
the coverage tests and the Fitch 'CCC' bucket limitation test 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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A to E notes and would
result in a downgrade of the class F notes to below 'B-sf'.

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches for each class 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, 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
transaction's remaining life. After the end of the reinvestment
period, upgrades may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

CHIARO TECHNOLOGY: FTI Consulting Named as Administrators
---------------------------------------------------------
Chiaro Technology Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Leeds, Insolvency and Companies List (ChD) No
CR-2025-000318, and Lindsay Hallam, Oliver Wright and Matthew Boyd
Callaghan of FTI Consulting LLP, were appointed as administrators
on March 28, 2025.  

Chiaro Technology specialized in the retail sale of new goods in
specialized stores (not commercial art galleries and opticians).

Its registered office is at 1 Brunswick Square, Bristol, England,
BS2 8PE.

The administrators can be reached at:

          Lindsay Hallam
          Oliver Wright
          Matthew Boyd Callaghan
          FTI Consulting LLP
          200 Aldersgate
          Aldersgate Street
          London, EC1A 4HD

For further details, contact:

         Mihica Prashant
         Tel No: +44 20 3725 9055
         Email: Mihica.Prashant@fticonsulting.com

CONCORDE MIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Ratings has affirmed the B3 long-term corporate family
rating and B3-PD probability of default rating of Concorde Midco
Limited (Keyloop or the company). Concurrently, Moody's have
affirmed the B3 instrument rating of the EUR832 million senior
secured term loan and the EUR60 million senior secured revolving
credit facility (RCF) issued by Concorde Lux S.a.r.l. The outlook
on both entities was changed to stable from positive.

RATINGS RATIONALE      

The change in outlook to stable from positive reflects continued
weak credit metrics that position the company weakly at B3, in
contrast to Moody's expectations a year ago. Moody's do not expect
the company to meet levels required for an upgrade in 2025. In
spite of a solid organic revenue growth of 3%, the company's
Moody's-adjusted debt/EBITDA and free cash flow generation in 2024
were considerably weaker than anticipated due to operational
challenges with the new enterprise resource planning (ERP) software
and sustained levels of extraordinary costs.

In 2024, Keyloop reported a 12% top-line growth (3% organic) driven
by up-sell and cross-sell of layered applications to the existing
customer base, price increases, and the contribution from the
Automotive Transformation Group (ATG) acquisition completed in
April 2024. Moody's anticipates Keyloop's revenues growth to be
sustained in the low- to mid- single digit percentages over the
next 12-18 months, supported by the recently launched Fusion
platform. Despite an expected increase in sales and marketing costs
in 2025, Moody's forecasts an expansion in Moody's-adjusted EBITDA,
primarily due to a reduction in company-defined exceptional costs,
which Moody's treats as recurring expenses. As a consequence,
Moody's forecasts Keyloop's leverage to reduce to 8.0x and 6.8x in
2025 and 2026, respectively, from 9.0x in 2024.

Keyloop faced technical issues during the implementation of new
internal IT systems, leading to difficulties with invoicing and
cash collection, which Moody's understands is not related to the
validity of the underlying accounts receivables. High
transformation costs, combined with substantial working capital
outflows (driven by the aforementioned IT system implementation)
and increased debt servicing payments due to interest selection
periods and market interest rate increases, resulted in a negative
free cash flow generation of approximately EUR80 million in 2024.
Moody's believes it will take a few more quarters for Keyloop to
fully collect the outstanding receivables, and Moody's have not
included the catch-up effect from the missed cash collections in
2024 in Moody's near-term forecasts. Nonetheless, Moody's expects
the company's free cash flow generation could turn positive in 2025
and improve over time, driven by underlying earnings growth, a
significant reduction in exceptional costs, and considerably lower
cash interest payments.

Keyloop's B3 rating continues to be supported by the company's
established position as a provider of technology and services to
automotive dealers and automakers, with significant dealer
management system (DMS) market shares in its core countries; its
good revenue visibility, with over 90% of the total revenue base
being recurring in nature; long standing customer relationships;
adequate liquidity and currently low refinancing risk following the
amend and extend transaction completed in March 2025.

Conversely, the B3 rating is constrained by Keyloop's high product
and end market concentration although Moody's understands through
the acquisition of ATG and launch of Fusion this concentration is
reducing; its weak credit metrics, evidenced by high
Moody's-adjusted leverage and negative cash flow generation; its
low organic growth, mainly relying on layered applications, with
core DMS products likely to have a broadly flat evolution; and
aggressive financial policy, for example considering the
payment-in-kind (PIK) instrument sitting outside of the restricted
group.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company's
key credit metrics will improve over the next 12-18 months, with
Moody's-adjusted debt/EBITDA decreasing towards 7.0x, driven by
sustained revenue growth and a reduction in exceptional costs. The
stable outlook also assumes that free cash flow generation will
turn positive by 2025 and that the company's liquidity profile will
remain adequate.

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

Upward rating pressure could develop over time should Keyloop:

-- record solid like-for-like revenue and EBITDA growth on a
sustained basis; and

-- reduce Moody's-adjusted debt/EBITDA to below 6.0x; and

-- improve Moody's-adjusted FCF/debt towards 5% on a sustained
basis

Conversely, downward pressure on Keyloop's ratings would build if:

-- revenue and EBITDA growth is weaker than expected such that its
Moody's-adjusted debt/EBITDA increases; or

-- FCF remains consistently negative; or

-- liquidity position weakens.

LIQUIDITY

Keyloop's liquidity is adequate. At the end of December 2024, the
group had a cash balance of EUR24 million and access to a EUR60
million committed RCF due in 2029, of which EUR25 million are
currently drawn. The RCF is subject to a springing senior secured
net leverage covenant tested if drawings reach or exceed 40% of
facility commitments. Should it be tested, Moody's expects that
Keyloop would retain ample headroom against a test level of 8.75x
(December 2024: 5.2x).

Keyloop has no debt maturities in the near term, with the RCF
maturing in 2029 and the term loan maturing in 2030.

STRUCTURAL CONSIDERATIONS

The B3-PD probability of default rating reflects Moody's typical
assumption of a 50% family recovery rate, and takes account of the
covenant-lite structure of the term loan. The B3 ratings on the
term loan and the RCF are in line with the CFR, reflecting their
pari passu ranking.

The credit facilities are guaranteed by a substantial number of
subsidiaries accounting for a minimum of 80% of Keyloop's
consolidated EBITDA. The security package is weak and includes a
pledge of shares, intercompany receivables, bank accounts and
assets in England and Wales through a featherweight floating
charge.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Reading, United Kingdom, Keyloop is a global
provider of DMS solutions, including integrated core enterprise
resource planning (ERP) and customer relationship management (CRM)
solutions, to the automotive retail industry. In 2024, Keyloop
reported revenue and company-adjusted EBITDA before exceptional
items of EUR393 million and EUR151 million, respectively.

After the completion of the LBO and the spin-off from its former
parent CDK Global II LLC (B3 stable) in March 2021, the company is
fully owned by the financial sponsor Francisco Partners.

HELIOS TOWERS: Moody's Affirms 'B1' CFR, Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Ratings has changed the outlook on Helios Towers plc
(Helios Towers or the company) and HTA Group, Ltd. to positive from
stable. At the same time, Moody's have affirmed the B1 long term
corporate family rating, the B1-PD probability of default rating of
Helios Towers and the B1 rating of its $850 million backed senior
unsecured notes issued by HTA Group, Ltd. due in 2029.

RATINGS RATIONALE

The outlook on Helios Towers was changed to positive from stable,
reflecting the company's ongoing deleveraging efforts, successful
transition to generating positive free cash flow and consistently
strong operating performance.

As of 2024, Moody's adjusted debt to EBITDA ratio decreased to 4.8x
from 5.0x a year earlier, while the company's free cash flow
generation improved significantly, reaching $14 million compared to
an outflow of $81 million a year earlier. Over the next one to two
years, Moody's anticipates that debt to EBITDA leverage will
continue to decline to 3.8x, and free cash flow generation will
increase to approximately $100 million annually. This improvement
is expected as the company continues to grow organically, focusing
on expanding through profitable build-to-suit projects and
enhancing its colocation ratio from currently 2.05x to 2.2x.

Helios Towers has announced it will have capacity for shareholder
distributions once its reported net debt to EBITDA leverage reaches
approximately 3.0x (against 4.0x reported as of 2024), which
Moody's expects to occur between 2026 and 2027. Moody's expects
further details on this potential policy to be provided within the
next twelve months and expect any updated financial policy to
remain prudent, carefully balancing shareholder returns with
maintaining adequate credit metrics and liquidity.

Helios Towers' rating remains supported by (1) the company's
operations of telecom towers across nine countries in Sub-Saharan
Africa and the Middle East, with strong market positions in seven
of those countries; (2) its track record of strong tower and
co-location growth resulting in strong Moody's adjusted EBITDA
margin of 51% in 2024; (3) an annuity like contracted cash flow
stream underpinned by long term contracts (average remaining
contract life of 6.9 years representing $5.1 billion in future
revenue) with leading mobile network operators (MNO) that benefit
from automatic price escalators for increasing power prices,
inflation or foreign currency depreciation; (4) moderate leverage
for the telecom tower industry of 4.8x as of 2024 that Moody's
expects to reduce to 4.2x by the end of 2025; and (5) first
positive free cash flow generation in 2024, which Moody's expects
will continue to grow as the company reduces spending on expansion
and refocuses on organic growth through colocations.

The rating is constrained by (1) the high risk sovereign
environments where the company operates, notably Tanzania (B1
stable) and the Democratic Republic of the Congo (DRC, B3 stable),
which accounted for 37% and 33% of EBITDA, respectively, as of
2024, as well as (2) its mid-tier scale with a tower portfolio of
14,325 sites generating revenue of $792 million for 2024.

POSITIVE OUTLOOK

The positive outlook reflects the company's ongoing deleveraging
efforts, successful transition to generating positive free cash
flow, consistently strong operating performance, as well as good
liquidity. A continued track record of positive free cash flow
generation and the establishment of a prudent shareholder
distribution policy that continues to balance adequate credit
metrics and good liquidity with shareholder returns, would be
supportive of an upgrade over the next 12-18 months. An upgrade
would also presume the company's exposure to sovereign risk does
not materially weaken.

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

Moody's would consider upgrading the ratings if Helios Towers
continues its path of deleveraging towards 4.0x debt/ EBITDA,
(EBITDA – capex)/ interest expense continues trending towards
2.0x and the company continues to establish a track record of
sustainable positive free cash flow generation. Moody's would also
expect its updated financial policy, which is currently being
developed and planned to include a dividend policy, to remain
prudent. In addition, for an upgrade, there should be no meaningful
weakening of the company's exposure to sovereign risk and it should
maintain a strong liquidity buffer at all times to withstand any
possible temporary disruptions to upstreaming of cash flow from its
local subsidiaries.

Moody's would consider a negative rating action if the sovereign
credit profile of one of the company's key markets materially
deteriorated or if the company's ability to regularly upstream cash
to its holding company became restricted. Downward pressure on the
ratings could also emanate from adjusted debt/ EBITDA exceeding
5.0x or (EBITDA – capex)/ interest expense reducing to below
1.0x, both on a sustainable basis; sustained negative free cash
flow generation or weakening liquidity.

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

MOLOSSUS BTL 2024-1: Fitch Alters Outlook on 'B+sf' Rating to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Molossus BTL 2024-1 PLC's
class B, C and X notes to Positive from Stable. All notes have been
affirmed.

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Molossus BTL 2024-1 PLC

   Class A XS2793365268    LT AAAsf  Affirmed    AAAsf
   Class B XS2793366662    LT AAsf   Affirmed    AAsf
   Class C XS2793366746    LT Asf    Affirmed    Asf
   Class D XS2793366829    LT BBB+sf Affirmed    BBB+sf
   Class E XS2793367041    LT BB+sf  Affirmed    BB+sf
   Class F XS2793367124    LT BBsf   Affirmed    BBsf
   Class X XS2793367637    LT B+sf   Affirmed    B+sf

Transaction Summary

Molossus BTL 2024-1 PLC is a securitisation of buy-to-let (BTL)
mortgages originated in England and Wales by ColCap Financial UK
Limited (ColCap). ColCap acquired 80% of Molo Finance's shares in
February 2023. ColCap is a wholly owned subsidiary of ColCap
Financial Limited, an Australian non-bank mortgage lender.

KEY RATING DRIVERS

Strong Asset Performance: Arrears greater than one-month total 0.2%
and there have been no losses in the pool since closing, although
the weighted average (WA) seasoning of the pool is only 33 months.
The transaction's performance has been better than the Fitch UK BTL
index average, reflecting the prime nature of the collateral pool,
despite the limited history of origination and performance data
available at closing. The strong asset performance supports the
affirmations. Combined with credit enhancement (CE) build-up (for
the collateral backed notes) and amortisation (for the class X
notes), it also led to the revision of the Outlooks on the class B,
C and X notes to Positive.

Longer Recovery Lag: Fitch tested a sensitivity scenario in which
recoveries are delayed for an additional 12 months beyond the UK
RMBS Rating Criteria expectations, to account for a potential delay
in ColCap's ability to work out UK loan defaults, given its recent
entry into the UK market via its offshore team. As a result, the
class B and E notes' ratings have been assigned at one notch below
their respective model-implied ratings (MIRs).

Class X Deviation From MIR: The class X notes rely entirely on
excess spread, and their MIR is highly sensitive to cash flow
modelling assumptions, especially prepayment rates. Consequently,
the class X notes have been affirmed at two notches below the MIR.

Fixed Hedging Schedule: A swap is in place to hedge the interest
rate risk arising from fixed-rate mortgage loans prior to their
reversion date. The swap is based on a defined schedule assuming no
defaults or prepayments, rather than the balance of fixed-rate
loans in the pool. If loans prepay or default, the issuer will be
over-hedged. The excess hedging is beneficial to the issuer in a
rising interest-rate scenario and detrimental when interest rates
are falling.

RATING SENSITIVITIES

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

The transaction's performance may be affected by adverse changes in
market conditions and the economic environment. Weakening economic
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the CE available to
the notes. In addition, unexpected declines in recoveries could
result in lower net proceeds, which may make some notes susceptible
to negative rating action, depending on the extent of the decline
in recoveries.

Fitch found that a 15% increase in the weighted average foreclosure
frequency (WAFF) and a 15% decrease in the weighted average
recovery rate (WARR) would lead to downgrades of one notch for the
class A, B and X notes, two notches for the class C and D notes,
three notches for the class F notes, and have no impact on the
class E notes.

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

Stable-to-improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potentially upgrades.
Fitch found that a decrease in the WAFF of 15% and an increase in
the WARR of 15% would lead to upgrades of one notch for the class C
and F notes, two notches for the class B notes, and three notches
for the class D, E and X notes. The class A notes are at the
highest achievable rating on Fitch's scale and cannot be upgraded.

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.

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

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG Considerations

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

MOVAC GROUP: Leonard Curtis Named as Administrators
---------------------------------------------------
Movac Group Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales Court Number: CR-2025-001891, and Dane O'Hara and Alex
Cadwallader of Leonard Curtis, were appointed as administrators on
March 27, 2025.  

Movac Group specialized in Retail sale of hardware paints and glass
in specialised stores, Other transportation support activities.

Its registered office address is at 11 Portman Road, Ipswich, IP1
2BP.

The joint administrators can be reached at:

         Dane O'Hara
         Alex Cadwallader
         Leonard Curtis
         5th Floor, Grove House
         248a Marylebone Road
         London, NW1 6BB

Further details contact:

         The Joint Administrators
         Tel: 020 7535 7000
         Email: recovery@leonardcurtis.co.uk

Alternative contact: Samuel Wood

NICHOLSON JONES: DMC Recovery and RSM UK Named as Administrators
----------------------------------------------------------------
Nicholson Jones Sutton Solicitors Limited was placed into
administration proceedings in the High Court of Justice Business
and Property Courts in Leeds, No LDS-000317 of 2025, and Andrew
Mark Bland of DMC Recovery Limited and Gareth Harris of RSM UK
Restructuring Advisory LLP were appointed as joint administrators
April 1, 2025.

Nicholson Jones specialized in housing disrepair claims as well as
personal injury, medical negligence and inheritance disputes.

Its registered office and principal trading address is at St.
Georges Chamber, St. Georges Place, Macclesfield, Cheshire, SK11
8BT.

The joint administrators can be reached at:

         Andrew Mark Bland
         DMC Recovery Limited
         41 Greek Street, Stockport
         Cheshire, SK3 8AX
         Email: creditors@dmcrecovery.co.uk
         Tel No: 0161 474 0920

         -- and --

         Gareth Harris
         RSM UK Restructuring Advisory LLP
         Central Square
         5th Floor, 29 Wellington Street
         Leeds, LS1 4DL

For further information, contact:

         Sandeep Borse
         DMC Recovery Limited
         41 Greek Street, Stockport
         Cheshire, SK3 8AX
         Email: sandeep.borse@dmcrecovery.co.uk
         Tel No: 0161 474 0920

PRECISE MORTGAGE 2020-1B: Fitch Cuts Rating on Cl. E Notes to B-sf
------------------------------------------------------------------
Fitch Ratings has downgraded Precise Mortgage Funding 2020-1B PLC's
class D and E notes and removed them from Rating Watch Negative
(RWN). The other classes have been affirmed.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Precise Mortgage
Funding 2020-1B PLC

   A2 XS2097425354     LT AAAsf  Affirmed    AAAsf
   B XS2097426246      LT AAAsf  Affirmed    AAAsf
   C XS2097426329      LT AA+sf  Affirmed    AA+sf
   D XS2097426832      LT BBB-sf Downgrade   A+sf
   E XS2097426915      LT B-sf   Downgrade   BB+sf

Transaction Summary

The transaction is a securitisation of buy-to-let (BTL) mortgages
originated by Charter Court Financial Services, trading as Precise
Mortgage in the UK.

KEY RATING DRIVERS

Re-Fixes Increase Under-Hedging: Fitch placed the class D and E
notes on RWN in May 2024 due to under-hedging caused by loan
re-fixing. These re-fixes are not considered product switches
(which must be repurchased), but according to the servicer are
agreed with borrowers to control or manage actual or anticipated
arrears, as permitted by the transaction documentation. Loans have
continued to re-fix since the last review. 74.1% of the portfolio
is currently fixed and remains unhedged as the swap terminated in
November 2024.

The notes were not redeemed on the first optional redemption date
in December 2024. Loans continuing to be re-fixed at rates below
the notes' current coupon has a negative rating impact, leading to
the downgrade of the class D and E notes. In its rating analysis
Fitch has assumed a proportion of further re-fixes as existing
fixed-rate loans reach their reversion dates. Re-fixes continuing
for an extended period or floating interest rates rising beyond its
expectations would have a negative effect on the class E notes,
which is reflected in their Negative Outlook.

Increasing CE: Credit enhancement (CE) has increased since the last
rating action in October 2024 due to the sequential amortisation of
the notes. CE for the class A2 notes has risen to 39.2% from 34.0%
since the last review. The increasing CE supports the affirmation
of the class A to C notes.

Strong Arrears Performance: One- and three-month-plus arrears are
significantly below the Fitch BTL index. One-month-plus arrears
have decreased to 1.5% from 2.2% between August 2024 and February
2025, following a period of high interest rates and inflationary
pressures. There have been no repossessions. Fitch incorporates
prior performance and its forward-looking expectations into its
ratings through a performance adjustment factor (PAF) applied to
the foreclosure frequency (FF). The PAF of 80% is at the floor that
reduces as a transaction's seasoning increases.

RATING SENSITIVITIES

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

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

Unanticipated declines in recoveries could also result in lower net
proceeds, which may make certain notes susceptible to potential
negative rating action, depending on the extent of the decline in
recoveries. Fitch conducts sensitivity analyses by stressing both a
transaction's base-case FF and recovery rate (RR) assumptions and
examining the rating implications for all classes of notes.

Fitch tested a sensitivity assuming a 15% increase in the weighted
average (WA) FF and a 15% decrease in the WARR. The results
indicate an impact of one notch for the class D notes, three
notches for the class C, and the class E notes will be at a
distressed rating. The class A2 and B notes would remain at their
current ratings.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potential upgrades.
Fitch tested an additional rating sensitivity scenario by applying
a 15% decrease in the FF and a 15% increase in the RR. The results
would lead to affirmation of all the notes.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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

REGENCY GARDEN: Leonard Curtis Named as Administrators
------------------------------------------------------
Regency Garden Buildings Limited was placed into administration
proceedings in the Business and Property Courts in Leeds Court
Number: CR-2025-000326, and Ryan Holdsworth and Danielle Shore of
Leonard Curtis (UK) Limited, were appointed as administrators on
March 31, 2025.  
       
Regency Garden is a manufacturer of wood products.
       
Its registered office is at 4th Floor, Fountain Precinct, Leopold
Street, Sheffield, S1 2JA
       
Its principal trading address is at Albion Road, Carlton Industrial
Estate, Barnsley, S71 3HW.
       
The administrators can be reached at:
       
           Ryan Holdsworth
           Danielle Shore
           Leonard Curtis (UK) Limited
           4th Floor, Fountain Precinct
           Leopold Street, Sheffield
           S1 2JA
       
Further details, contact:

           The Administrators
           Tel No: 0114 285 9500
           Email: shannon.jones@leonardcurtis.co.uk

Alternative contact: Shannon Jones

SYNTHOMER PLC: Moody's Lowers CFR & Senior Unsecured Notes to B2
----------------------------------------------------------------
Moody's Ratings has downgraded Synthomer plc's (Synthomer)
long-term corporate family rating to B2 from B1 and its probability
of default rating to B2-PD from B1-PD. Concurrently, Moody's
downgraded the rating on its EUR350 million backed senior unsecured
notes due 2029 and outstanding EUR150 million back senior unsecured
notes due 2025 to B2 from B1. The outlook remains negative.

The rating action reflects:

-- Weak credit metrics and expected Moody's-adjusted negative free
cash flow for 2025

-- Challenging trading conditions with weak demand in Europe and
with competition pushing prices lower

-- Positively, actions taken by management to support the
company's liquidity position through the cyclical downturn

RATINGS RATIONALE    

The ratings reflect the company's (1) position as a leading
manufacturer of high-performance, specialty polymers and
ingredients for coatings, construction, adhesives, and healthcare
end markets with the technological capabilities to meet the growing
demand for sustainable products (2) a relatively diversified
product portfolio and (3) initiatives taken by the company to
support the company's liquidity position through the cyclical
downturn.

The ratings also reflect (1) the company's relatively modest size
compared with peers and a degree of geographical concentration
remaining in Europe (2) earnings performance in 2024 significantly
below historic levels reflecting weak demand in Europe with
competition pushing prices lower (3) limited prospects of a
material recovery in 2025 prolonging the path to deleveraging and
(4) weak credit metrics which Moody's do not expect will
meaningfully improve over the next 12-18 months.

Moody's expects Moody's adjusted leverage for year-end 2025 to be
5.7x from 7.5x in December 2024, assuming some modest recovery in
the market over the year. However, Moody's expects the company to
continue to burn cash. In 2024, Synthomer's Moody's adjusted free
cash flow (FCF) was negative GBP58 million. Moody's projects
Moody's-adjusted FCF to be negative GBP35- GBP40 million in 2025,
in Moody's base case, assuming EBITDA of GBP165 million in line
with the company's guidance, restructuring costs of around GBP10
million, full-year capital spending of around GBP100 million
(including lease repayments), Moody's adjusted interest costs of
around GBP60 million- GBP70 million and a moderate cash outflow
associated with working capital. This will inhibit any meaningful
reduction in gross debt in 2025 aside from the repayment of the
EUR150 million bond stub in July 2025 from its cash balance.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's assessments of governance risk was a driver of rating
action. The Credit Impact Score (CIS-4) reflects increased risks
associated with the company's financial policy, specifically its
financial strategy and risk management, operating at reasonably
high leverage. In addition, headroom under the covenants contained
in the revolving credit facility (RCF) and the two committed UK
Export Finance (UKEF) facilities is much reduced in Moody's
projections towards the second half of 2025.

LIQUIDITY

The company's liquidity position is adequate. The company reported
cash in the bank as of December 2024 of GBP220 million and a fully
undrawn EUR300 million RCF maturing in 2027. The RCF and the two
committed UKEF facilities contain a net debt/EBITDA covenant that
requires no greater than 6x as of June 30, 2024, with covenant
step-ups to no greater than 5.75x EBITDA in December 2024, 5.0x in
June 2025, 4.75x in December 2025, 3.5x in June 2026 and 3.25x in
December 2026. The company reported a net leverage of 4.6x as of
December 2024 for covenant purposes, providing adequate headroom
under the covenant. However, Moody's projects the headroom will
become tight unless performance materially improves. Moody's
expects the company to approach lenders to seek covenant relief in
2025.

STRUCTURAL CONSIDERATIONS

The B2 rating of the EUR350 million backed senior unsecured notes
due 2029 and the outstanding EUR150 million backed senior unsecured
notes due 2025 are in line with the B2 CFR as the notes rank pari
passu with all of the company's financial debt, including the two
committed UK Export Finance (UKEF) facilities of EUR288 million and
$230 million, respectively, both of which are 80% guaranteed by the
UK Government and maturing October 2027, and the EUR300 million
RCF. The financial covenants in the UKEF facilities are aligned
with the financial covenants in the RCF.

OUTLOOK

The negative outlook reflects the risk that the company's path to
deleveraging will be constrained by weak demand in the next 12 to
18 months. Moody's expects end-market demand in 2025 to remain
subdued, with limited prospects for improving trading conditions.
Moody's projects a cash burn of around GBP35 million to GBP40
million in 2025. The company faces the potential for sustained
negative free cash flow if earnings do not improve in 2026.

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

It is unlikely that Synthomer will be upgraded in the next 12-18
months. Still, upward pressure on the rating could develop if
trading conditions and operational performance improve and
profitability is reflected in Moody's adjusted EBITDA margin above
10%. An upgrade would also require the company to lower its
Moody-adjusted debt/EBITDA to around 5.0x and generate a positive
Moody-adjusted FCF while maintaining a good liquidity profile.

Downward pressure on the rating could develop if operating
performance fails to improve or if the company fails to delever to
below Moody's adjusted gross debt/EBITDA of 6.0x on a sustainable
basis or management takes actions that are not aligned with the
publicly stated commitment to prioritising deleveraging, or there
is a sustained negative FCF, or the company's liquidity position
deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 2023.

COMPANY PROFILE

Synthomer plc is a leading supplier of high-performance specialty
polymers and ingredients for coatings, construction, adhesives, and
healthcare end markets. It operates 31 plants in 24 countries and
has a significant presence in Europe, the US, the Middle East, and
Asia. Synthomer is headquartered and listed in the UK and had a
market capitalisation of around GBP135 million as of April 12,
2025.

UCS SAMEDAY: Quantuma Advisory Named as Administrators
------------------------------------------------------
UCS Sameday 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-2025-002153, and Chris Newell and Jo Leach of Quantuma Advisory
Limited, were appointed as administrators on April 2, 2025.  

UCS Sameday specialized in transportation support activities.

Its registered office is at 3 Bracknell Business Centre, Downmill
Road, Bracknell, RG12 1QS and it is in the process of being changed
to 2nd Floor, Arcadia House, 15 Forlease Road, Maidenhead, SL6
1RX.

Its principal trading address is at 3 Bracknell Business Centre,
Downmill Road, Bracknell, RG12 1QS.

The administrators can be reached at:

              Chris Newell
              Jo Leach
              Quantuma Advisory Limited
              2nd Floor, Arcadia House
              15 Forlease Road, Maidenhead
              SL6 1RX

For further details, please contact:

               David Easto
               Tel No: 01628 478 100
               Email: david.easto@quantuma.com


URBAN LANDSCAPE: Cowgills Limited Named as Joint Administrators
---------------------------------------------------------------
Urban Landscape Design Limited was placed into administration
proceedings in the High Court of Justice in Manchester Insolvency &
Companies List (ChD), No 000412 of 2025, and Jason Mark Elliott and
Craig Johns of Cowgills Limited, were appointed as joint
administrators on March 28, 2025.  

Its registered office is at c/o Cowgills Limited, Fourth Floor Unit
5B, The Parklands, Bolton, BL6 4SD.

Its principal trading address is at Unit 7d Barrowmore Enterprise
Estate, Barnhouse Lane, Great Barrow, CH3 7JS.

The joint administrators can be reached at:

         Jason Mark Elliott
         Craig Johns
         Cowgills Limited
         Fourth Floor Unit 5B
         The Parklands, Bolton
         BL6 4SD

For further information, contact:

         Hannah Brown
         Cowgills Limited
         Tel No: 0161 827 1217
         Email: hannah.brown@cowgills.co.uk
         c/o Cowgills Limited
         Fourth Floor Unit 5B, The Parklands
         Bolton, BL6 4SD


                           *********


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

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