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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, October 23, 2025, Vol. 26, No. 212

                           Headlines



I R E L A N D

AQUEDUCT EUROPEAN 16: Fitch Assigns B-sf Final Rating on F-R Notes
BNPP AM 2021: Moody's Affirms B3 Rating on EUR12MM Class F Notes
PENTA CLO 16: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes
TIKEHAU CLO III: Moody's Affirms B2 Rating on EUR12.6MM Cl. F Notes


I T A L Y

CASTELLO (BC) BIDCO: Moody's Assigns 'B2' CFR, Outlook Stable


N E T H E R L A N D S

DIGI COMMUNICATIONS: Fitch Rates New EUR500MM Sec. Notes 'BB+(EXP)'


P O R T U G A L

VASCO FINANCE NO. 3: Fitch Assigns B+sf Final Rating on Cl. E Notes


R O M A N I A

DIGI COMMUNICATIONS: S&P Affirms 'BB-' ICR, Outlook Stable


S P A I N

ROOT BIDCO: Moody's Rates Amended Bank Credit Facility 'B3'


T U R K E Y

SASA POLYESTER: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC'
VARLIK KIRALAMA: Fitch Gives BB-(EXP) Rating on Unsec. Lease Certs
VARLIK KIRALAMA: S&P Assigns Prelim. 'BB' Issue Credit Rating


U N I T E D   K I N G D O M

BAPTT SHOPFITTERS: Abbey Taylor Named as Administrators
COMMERCIAL ESTATES: KRE Corporate Named as Administrators
ETAG FIXINGS: Begbies Traynor Named as Administrators
FRANK ROBERTS: PricewaterhouseCoopers LLP Named as Administrators
NOMAD FOODS: Fitch Rates Planned EUR1,280-MM Term Loan 'BB+(EXP)'

NORTH VIEW ENGINEERING: Dow Schofield Named as Administrators
UNION ELECTRIC: FRP Advisory Named as Administrators

                           - - - - -


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I R E L A N D
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AQUEDUCT EUROPEAN 16: Fitch Assigns B-sf Final Rating on F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Aqueduct European CLO 16 DAC reset notes
final ratings.

   Entity/Debt                Rating                Prior
   -----------                ------                -----
Aqueduct European
CLO 16 DAC

   A-R XS2357554323        LT PIFsf  Paid In Full   AAAsf

   A-R-R XS3201093021      LT AAAsf  New Rating

   B-1-R XS2357555130      LT PIFsf  Paid In Full   AA+sf

   B-2-R XS2357555726      LT PIFsf  Paid In Full   AA+sf

   B-R-R XS3201093377      LT AAsf   New Rating
  
   C-1-R XS2357556450      LT PIFsf  Paid In Full   A+sf

   C-2-R XS2357557003      LT PIFsf  Paid In Full   A+sf

   C-R-R XS3201093534      LT Asf    New Rating

   D-R XS2357557771        LT PIFsf  Paid In Full   BBB+sf

   D-R-R XS3201093708      LT BBB-sf New Rating

   E XS1975728848          LT PIFsf  Paid In Full   BB+sf

   E-R XS3201093963        LT BB-sf  New Rating

   F XS1975730406          LT PIFsf  Paid In Full   B+sf

   F-R XS3201094185        LT B-sf   New Rating

   Subordinated Notes-R
   XS3201095232            LT NRsf   New Rating

   Z-1 XS3201094425        LT NRsf   New Rating

   Z-2 XS3201094771        LT NRsf   New Rating

   Z-3 XS3201095075        LT NRsf   New Rating

Transaction Summary

Aqueduct European CLO 16 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 were used to redeem existing notes except the subordinated
notes. The portfolio has a target par of EUR400 million. The
portfolio is actively managed by HPS Investment Partners CLO (UK)
LLP. The collateralised loan obligation (CLO) has a 4.6-year
reinvestment period and an 8.5-year weighted average life test
(WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 24.5.

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 (WARR) of the identified portfolio
is 62.6.

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

The transaction has four matrices: two effective at closing with
fixed-rate limits of 12.5% and 5%, and two one year after closing
with the same fixed-rate limits. The closing matrices correspond to
an 8.5-year WAL test while the forward matrices correspond to a
7.5-year WAL test. The forward matrices can be selected from one
year after closing if the collateral principal amount (defaults
carried at Fitch collateral value) is at least at the reinvestment
target par balance.

Portfolio Management (Neutral): The transaction has an about
4.6-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 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, and 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) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to downgrades of one notch for the class D-R-R
notes and to below 'B-sf' for the class F-R notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class
B-R-R, D-R-R, E-R and F-R notes each have a rating cushion of two
notches and the class C-R-R notes have a cushion of three notches,
due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio. The class A-R-R notes
have no rating cushion as they are already rated at the highest
achievable level.

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 the class A-R-R to D-R-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 and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to four notches, except for the 'AAAsf' notes.

Upgrades during the reinvestment period, 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. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
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 16 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.


BNPP AM 2021: Moody's Affirms B3 Rating on EUR12MM Class F Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by BNPP AM Euro CLO 2021 Designated Activity Company:

EUR26,000,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Upgraded to Aa1 (sf); previously on Jun 29, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR13,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Upgraded to Aa1 (sf); previously on Jun 29, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR24,300,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Upgraded to A1 (sf); previously on Jun 29, 2021
Definitive Rating Assigned A2 (sf)

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

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Affirmed Aaa (sf); previously on Jun 29, 2021 Definitive Rating
Assigned Aaa (sf)

EUR28,200,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Affirmed Baa3 (sf); previously on Jun 29, 2021 Definitive
Rating Assigned Baa3 (sf)

EUR21,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Affirmed Ba2 (sf); previously on Jun 29, 2021 Definitive
Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Affirmed B3 (sf); previously on Jun 29, 2021 Definitive
Rating Assigned B3 (sf)

BNPP AM Euro CLO 2021 Designated Activity Company, issued in June
2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by BNP Paribas Asset Management France SAS.
The transaction's reinvestment period ended in September 2025.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2 and C notes are primarily
a result of the transaction having reached the end of the
reinvestment period in September 2025.

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

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: EUR390.2 million

Defaulted Securities: EUR5.2 million

Diversity Score: 56

Weighted Average Rating Factor (WARF): 2985

Weighted Average Life (WAL): 4.14 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.68%

Weighted Average Coupon (WAC): 4.20%

Weighted Average Recovery Rate (WARR): 44.92%

Par haircut in OC tests and interest diversion test: None

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 "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the debt's exposure to
relevant counterparties, such as the account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the debt 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.

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.


PENTA CLO 16: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 16 DAC notes final ratings.

   Entity/Debt                  Rating                Prior
   -----------                  ------                -----
Penta CLO 16 DAC

   Class A-1 XS2760075056    LT PIFsf  Paid In Full   AAAsf
   Class A-2 XS2760075213    LT PIFsf  Paid In Full   AAAsf
   Class A-R XS3193899203    LT AAAsf  New Rating
   Class B XS2760075486      LT PIFsf  Paid In Full   AAsf
   Class B-R XS3193899542    LT AAsf   New Rating
   Class C XS2760075999      LT PIFsf  Paid In Full   Asf
   Class C-R XS3193899898    LT Asf    New Rating
   Class D XS2760076021      LT PIFsf  Paid In Full   BBB-sf
   Class D-R XS3193900068    LT BBB-sf New Rating
   Class E XS2760076377      LT PIFsf  Paid In Full   BB-sf
   Class E-R XS3193900225    LT BB-sf  New Rating
   Class F XS2760076708      LT PIFsf  Paid In Full   B-sf
   Class F-R XS3193900738    LT B-sf   New Rating

Transaction Summary

Penta CLO 16 DAC reset transaction is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to redeem the outstanding
notes, except the subordinated notes, and fund a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Partners Group Advisers CLO LP. The collateralised loan obligation
(CLO) has about a five-year reinvestment period and a nine-year
weighted average life (WAL) test covenant at closing.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 60%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch test matrices, of which two are effective at closing.
The matrices correspond to a top 10 obligor concentration limit of
20%, two fixed-rate obligation limits at 5% and 10% and a nine-year
WAL test covenant. It has another two forward matrices
corresponding to the same limits but an eight-year WAL, which will
be effective one year after closing, provided the collateral
principal amount (defaults at Fitch-calculated collateral value) is
at least at the reinvestment target par balance.

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

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

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

RATING SENSITIVITIES

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

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

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of three notches
for the class A-R notes, four notches for the class B-R and C-R
notes and 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 RDR across and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to four notches for the rated notes, except for the
'AAAsf' rated notes.

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Penta CLO 16 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.


TIKEHAU CLO III: Moody's Affirms B2 Rating on EUR12.6MM Cl. F Notes
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Tikehau CLO III DAC:

EUR57,700,000 Class B Senior Secured Floating Rate Notes due 2030,
Upgraded to Aaa (sf); previously on May 12, 2022 Affirmed Aa1 (sf)

EUR28,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on May 12, 2022
Upgraded to A1 (sf)

EUR19,700,000 Class D Senior Secured Deferrable Floating Rate
Notes 2030, Upgraded to A3 (sf); previously on May 12, 2022
Affirmed Baa2 (sf)

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

EUR244,700,000 (Current outstanidng balance EUR139,854,305) Class
A Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on May 12, 2022 Affirmed Aaa (sf)

EUR26,250,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on May 12, 2022
Affirmed Ba2 (sf)

EUR12,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on May 12, 2022
Affirmed B2 (sf)

Tikehau CLO III DAC, issued in November 2017, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by Tikehau
Capital Europe Limited. The transaction's reinvestment period ended
in December 2021.

RATINGS RATIONALE

The rating upgrades on the Class B, Class C and Class D notes are
primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio over the last
year.

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

The Class A notes have paid down by approximately EUR90.3 million
(36.9%) in the last 12 months and EUR100.8 million (42.8%) since
closing. As a result of the deleveraging, over-collateralisation
(OC) has increased across the capital structure. According to the
trustee report dated August 2025[1] the Class A/B, Class C, Class
D, Class E OC and Class F OC ratios are reported at 147.54%,
131.98%, 122.68%, 112.39% and 108.4% compared to September 2024[2]
levels of 140.07%, 127.63%, 120.27%, 111.69% and 107.99%,
respectively.

Key model inputs:

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: EUR307.6m

Defaulted Securities: EUR6m

Diversity Score: 36

Weighted Average Rating Factor (WARF): 3010

Weighted Average Life (WAL): 3.24 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.58%

Weighted Average Coupon (WAC): 4.80%

Weighted Average Recovery Rate (WARR): 43.45%

Par haircut in OC tests and interest diversion test: 0%

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 "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. 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.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values 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.




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

CASTELLO (BC) BIDCO: Moody's Assigns 'B2' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Ratings assigned a B2 corporate family rating and a B2-PD
probability of default rating to Castello (BC) Bidco S.p.A.
(Somacis). Concurrently Moody's affirmed the B2 rating on the
EUR660 million backed senior secured floating rate notes (SSFRNs)
due 2031 issued by Castello (BC) Bidco S.p.A., including the EUR110
million fungible tap on. Concurrently, Moody's withdrew Castello
(BC) Midco S.p.A.'s B2 CFR and B2-PD PDR.  At the time of
withdrawal the outlook on Castello (BC) Midco S.p.A. was stable.
The outlook on Castello (BC) Bidco S.p.A. remains stable.

The rating action reflects:

-- The EUR110 million tap to the company's backed senior secured
bonds, whose proceeds have been earmarked for general corporate
purposes and other purposes. Moody's expects the company to use the
proceeds to fund organic and inorganic growth.

-- Leverage remains in line with Moody's expectations for Somacis'
B2 ratings, with Moody's-adjusted pro forma gross leverage of 5.1x
for the last twelve months ending June 2025 and 6.0x pro forma the
EUR110 million tap.

-- Somacis' strong operating performance, highlighted by robust
revenue growth and EBITDA margins consistently over 30%, and
Moody's expectations of progressive deleveraging through EBITDA
expansion, absent debt-funded acquisitions that require more
incremental debt than the proposed tap.

-- Integration of Dyconex and AT&S Korea has largely and
successfully been concluded.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) for Moody's own
business reasons.

Somacis' B2 CFR reflects the company's strong and long-standing
relationships with blue chip customers; its exposure to defensive
industries with solid growth prospects, such as MedTech and
aerospace and defense (A&D); high EBITDA margin of over 30%,
supported by small-batch production runs due to the niche
characteristics of some of its core printed circuit boards (PCBs);
product mix shifts to higher-margin products; and ability to pass
on input costs and the impact from tariffs.

Key rating constraints include Somacis' small but growing revenue
base; lack of product diversification outside of PCBs; acquisitive
profile that exposes the company to re-leveraging and integration
risks; limited order book visibility; high operating and financial
leverage, with pro forma Moody's-adjusted debt/EBITDA of 5.1x as of
the last twelve months ending June 2025 (6.0x pro forma the EUR110
million tap); and limited free cash flow (FCF) generation.

The assignment of the CFR at the level of Castello (BC) Bidco
S.p.A. reflects the restricted group and financial reporting
perimeters.

LIQUIDITY

Somacis' liquidity is good. It is supported by around EUR50 million
cash on balance sheet and access to a committed EUR100 million
revolving credit (RCF) facility due November 2031, drawn by EUR15
million as of June 2025. The RCF is subject to a springing drawn
super senior net leverage covenant of 1.7x, which is tested if
drawings exceed 40% of commitments. Although Moody's do not expect
the covenant to be triggered, Somacis would benefit from sufficient
headroom.

OUTLOOK

The outlook is stable. It reflects Moody's expectations that
Somacis maintains its strong EBITDA margin of over 30%, leverage in
the 4.5-6.0x band and positive FCF generation.

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

Moody's could upgrade the ratings if Somacis improves its scale and
maintains strong profitability; debt/EBITDA falls below 4.5x on a
sustained basis; FCF generation strengthens; and EBITA/interest
rises above 2.5x, all on a sustained basis.

Conversely, Moody's could downgrade the ratings if debt/EBITDA
increased above 6.0x; EBITA to interest fell below 1.75x; or the
company's liquidity profile deteriorated such as free cash flow
turning consistently negative.

All metric references are Moody's adjusted.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Castello (BC) Bidco S.p.A. (Somacis) is a leading Italian
manufacturer of printed circuit boards (PCBs). Pro-forma for the
AT&S Korea acquisition as of H1 2025, Somacis generated around 43%
of its revenues in Europe, 29% in Asia, 26% in North America and 2%
in the rest of the world. For FY 2024 around 40% of revenues were
generated in MedTech, 24% in aerospace & defense, 12% in Datacom /
AI, 7% in industrial technologies and the remaining 17% in other
sectors including the auto sector (mostly with advanced
driver-assistance systems (ADAS)). In the last twelve months ending
June 2025 and pro-forma the AT&S Korea acquisition, Somacis
generated EUR387 million in revenues and EUR112 million
company-reported EBITDA.

Funds of Bain Capital indirectly hold 64% of Somacis' shares after
having purchased its stake from Chequers Capital in July 2024.
Chequers Capital rolled over its investment in Somacis and
currently holds 15% of shares. The remaining 21% stake is held by
management and other minority investors.




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

DIGI COMMUNICATIONS: Fitch Rates New EUR500MM Sec. Notes 'BB+(EXP)'
-------------------------------------------------------------------
Fitch Ratings has assigned Digi Communications N.V.'s (Digi)
proposed EUR500 million senior secured notes an expected rating of
'BB+(EXP)' with a Recovery Rating of 'RR3'. Fitch has also affirmed
Digi's Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. The bonds will be issued by its subsidiary Digi Romania
S.A.

The proposed notes will not benefit from the guarantee by the
parent or any subsidiary and will be structurally subordinated to
existing and future indebtedness of any operating company debt,
which is currently limited. This, alongside the Romanian country
cap, constrains the Recovery Rating at 'RR3'.

Digi's 'BB' IDR reflects its strong market positions in Romania,
rising geographic diversification, strong growth and moderate
leverage throughout the investment cycle. Offsetting factors
include expected negative pre-dividend free cash flow (FCF) over
the next four years due to international investments, the need to
build scale in Portugal and Belgium, partial ownership of networks
outside Romania, weak profitability and FX risks.

Key Rating Drivers

Instrument Rating Above IDR: Fitch rates the proposed bonds at
'BB+(EXP)', one notch above the company's IDR. The new instrument
is structured as senior secured debt and will rank pari passu with
Digi Romania's senior secured obligations. The security includes
first-ranking share pledges of Digi Spain, and all shares the
parent holds in the Digi Romania - the most cash flow-generative
entity within the group. The absence of guarantee from subsidiaries
means the bonds will be structurally subordinated to the
subsidiaries' existing and future indebtedness.

The rating is constrained by the Romanian country cap at 'RR3'
under the Fitch's Country-Specific Treatment of Recovery Ratings
Criteria. The final rating is contingent on the receipt of
documents conforming to information already reviewed.

Structural Subordination Manageable: Fitch expects the only major
subsidiary debt outstanding to be EUR270 million in Spain -
equating to about 0.6x Fitch-defined group EBITDA - once the
refinancing is completed This represents limited subordination risk
relative to the senior secured debt issued at Digi Romania.
However, a significant increase in structurally senior debt could
lead to a negative pressure on the assigned senior secured
instrument rating.

Temporary Leverage Spike: Fitch expects Digi's Fitch-defined EBITDA
net leverage to increase to 3.4x in 2025 from 2.9x in 2024,
temporarily exceeding the negative sensitivity threshold of 3.0x,
driven by higher-than-expected capex and the acquisition of Telekom
Romania's mobile assets. However, Fitch anticipates that leverage
will decrease to 2.8x in 2027 as the company builds scale and
improves EBITDA margins in Spain and Portugal. The proposed bond
proceeds will be used to refinance part of Digi's debt, including
the full outstanding amount of the EUR400 million 2028 senior
secured notes and so will be leverage-neutral.

High Capex Limits FCF: Digi's high capex results in negative FCF
despite strong operating cash flow. Its capex (as defined by Fitch,
excluding amortisation of subscriber acquisition and content costs)
was 31%-38% of its revenue in 2022-2024 and is likely to remain
high over the medium term due to continued fixed and mobile network
upgrades and expansion in Spain and Portugal. Fitch expects capex
to be 29% of revenue in 2025, before gradually decreasing to 18% in
2028. Fitch excludes the financing of its Belgium operations from
FCF and include it within other investing cash flow.

Strong Domestic Position: Digi is a leading provider of
fixed-broadband and pay-TV services in Romania and became the
country's second-largest mobile operator in 2024, with
ANCOM-estimated subscriber market shares of 72%, 75% and 28%,
respectively, at end-2024. This is underscored by Digi's domestic
EBITDA margin of 48% (company-defined) with strong cash generation.
Fitch expects Digi to maintain solid market positions, supported by
an advanced fibre network, the expansion of its mobile network
including 5G services and fixed-mobile convergent services offer.

New Entrant Execution Risks: Digi launched operations in Portugal
and Belgium in 4Q24, through a joint venture with Citymesh in the
latter and acquiring the fourth-largest telecom operator, Nowo
Communications, in Portugal. This has improved its geographic
diversification but also increased execution risk. The development
pace in these new markets will depend on competitor reaction and
market growth. Its base case assumes no dividends from the Belgian
joint venture in the next five years and expects EBITDA in Portugal
to turn positive only in 2027. This, together with investments in
networks, will keep Digi's total pre-dividend FCF negative in
2025-2027.

Growing Scale in Spain: As a remedy taker, Digi has purchased 60
megahertz of spectrum in the mid-to-high-band frequency ranges from
the merged Orange-MasMovil in Spain. Fitch expects Digi to roll out
its own mobile network in some parts of the country from 2H25 and
deploy a hybrid network model in the medium term. It has also
signed a new long-term national roaming and radio access
network-spectrum sharing agreement with Telefonica, effective from
2025. This, together with the expansion of the fixed network
footprint, will support revenue growth in Spain of 15%-21% and
improve the EBITDA margin in Spain by at least 3pp over 2025-2027.

Strong Growth, Margin Dilution: Digi has been growing in the low
double digits over the past six years. Fitch expects it to continue
growing rapidly at 9%-16% in 2025-2027, supported by an increasing
mobile customer base in Romania and improving scale in Spain and
Portugal. Expansion in these markets will support growth and
increase exposure to higher-rated countries, but at the expense of
lower margins. Fitch expects company-defined EBITDA margins of
20%-25% in Spain and to be flat to negative in Portugal in
2025-2027, compared with 47%-48% in Romania. However, lower margins
could be offset by declining capex in the long term.

Peer Analysis

Digi's peers include Iliad SA (BB/Positive), which uses strong
domestic cash generation to fund international expansion in new
markets, including start-up operations. However, Digi's leverage
sensitivities are tighter for the 'BB' rating than Iliad's, as the
latter has stronger FCF generation, lower execution risks, stronger
market positions in overseas markets, greater scale and higher
profitability.

Digi's operating profile is weaker than that of single-market
operators Telenet Group Holding N.V (BB-/Stable), VMED O2 UK
Limited (BB-/Negative) and VodafoneZiggo Group B.V. (B+/Stable) as
these companies have lower exposure to early-stage investments,
stronger profitability, better FCF generation, greater scale, full
ownership of their fixed-line and mobile networks and no FX risks.
This is reflected in Digi's tighter leverage thresholds than for
these peers. However, they have lower ratings than Digi as it has
lower leverage.

Digi has slightly tighter leverage thresholds than VEON Ltd.
(BB-/Stable), whose higher emerging market and FX risks are
counterbalanced by strong market positions in all its countries of
operations with full ownership of networks, higher margins and
greater scale.

Key Assumptions

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

- Revenue to grow 16% in 2025 and 6%-10% a year in 2026-2028

- Fitch-defined EBITDA margin of 22% in 2025 before gradually
improving to 25% in 2027

- Working capital outflow of 0.2% a year in 2025-2028

- Capex at 29% of revenue in 2025, gradually declining to 18% by
2028

- Dividends, including to minorities, of EUR28 million in 2025 and
increasing to EUR40 million in 2027

Recovery Analysis

Fitch uses a generic approach for rating instruments of companies
in the 'BB' rating category. Fitch has assigned Digi's senior
secured debt a 'BB+(EXP)' with a Recovery Rating of 'RR3', one
notch above the IDR, soft-capped by the Romanian jurisdiction under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

- Weakening market positions and cash flow in Romania or increasing
cash flow requirements in Spain, Portugal and Belgium leading to
higher-than-expected cash burn or funding requirement peaks

- Deteriorating liquidity, with notably weaker funding access and
limited headroom under committed credit facilities or from asset
disposals

- Fitch-defined EBITDA net leverage above 3.0x on a sustained
basis

- Inability to reach cash flow from operations-capex/debt of 7.5%
in the medium-to-long term

- Increased volatility of the leu leading to greater FX risks

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

- Sustained competitive positions in Romania and reduced executions
risks with improved scale and market positions in Spain, Portugal
and Belgium

- Cash flow from operations less capex/debt trending up to 9% or
above on a sustained basis

- A disciplined financial policy that sustains Fitch-defined EBITDA
net leverage at below 2.2x

Liquidity and Debt Structure

At end-1H25, Digi had cash and cash equivalents of EUR56 million
and EUR282 million of short-term debt consisting of term loans and
export credit facilities. The proposed bond proceeds will be used
to partly refinance the company's short-term maturities and EUR400
million senior secured bonds due in 2028. This, together with
EUR359 million credit facilities procured by Digi in Spain and a
EUR200 million incremental facility in Romania signed in 1Q25, will
support the company's liquidity position and improve its maturity
profile.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating                 Recovery   Prior
   -----------             ------                 --------   -----
Digi Romania S.A.

   senior secured     LT BB+(EXP) Expected Rating   RR3

Digi Communications
N.V.                  LT IDR BB   Affirmed                   BB




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

VASCO FINANCE NO. 3: Fitch Assigns B+sf Final Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Tagus, STC S.A. / Vasco Finance No. 3
final ratings.

   Entity/Debt                Rating              Prior
   -----------                ------              -----
Tagus, STC S.A. / Vasco
Finance No. 3

   Class A PTTUSKOM0009    LT AA+sf  New Rating   AA+(EXP)sf
   Class B PTTUSLOM0008    LT A+sf   New Rating   A+(EXP)sf
   Class C PTTUSMOM0007    LT A-sf   New Rating   A-(EXP)sf
   Class D PTTUSNOM0006    LT BB+sf  New Rating   BB+(EXP)sf
   Class E PTTUSOOM0005    LT B+sf   New Rating   B+(EXP)sf
   Class F PTTUSPOM0004    LT NRsf   New Rating   NR(EXP)sf
   Class G PTTUSQOM0003    LT NRsf   New Rating   NR(EXP)sf
   Class X PTTUSROM0002    LT BB+sf  New Rating   BB+(EXP)sf

Transaction Summary

Vasco Finance No. 3 is a cash flow securitisation of a revolving
portfolio of credit card receivables originated by WiZink Bank
S.A.U. Sucursal em Portugal (WiZink Portugal). WiZink Portugal is
the Portuguese branch of Wizink Bank, S.A.U., registered in Spain
and majority owned by Värde Partners, and acts as portfolio
servicer, originator and seller.

KEY RATING DRIVERS

Asset Assumptions Reflect Pool Composition: Fitch's analysis of the
portfolio is linked to a steady state annual charge-off rate
assumption of 7%, an annual yield of 16%, a monthly payment rate
(MPR) of 7%, and a purchase rate of zero, in line with Fitch's
Credit Card ABS Rating Criteria. The analysis considered WiZink
Portugal's historical performance data, underwriting and servicing
standards, and Portugal's economic outlook.

Revolving and Pro Rata Amortisation: The portfolio will be
revolving until and including September 2026 as new eligible
receivables can be purchased monthly by the issuer. After the end
of the revolving period, the class A to G notes will be repaid pro
rata, unless a sequential amortisation event occurs, driven by
performance triggers such as annualised defaults (defined as
arrears over seven months) exceeding 10% of the portfolio balance,
or a principal deficiency of greater than zero.

Its base case views the switch to sequential amortisation as
unlikely during the first few years, given the gap between
portfolio performance expectations and defined triggers. The tail
risk posed by the pro rata paydown is mitigated by the mandatory
switch to sequential amortisation when the note balance falls below
10% of the initial total.

Counterparty Rating Cap: The maximum achievable rating on the
transaction is 'AA+sf' due to the minimum eligibility rating
thresholds defined for the transaction account bank and the hedge
provider of 'A-' or 'F1', which are insufficient to support 'AAAsf'
ratings under Fitch's criteria.

Class X Notes (Criteria Variation): The class X notes are only
protected by excess spread and their 'BB+sf' rating is four notches
higher than the model-implied rating (MIR) derived from Fitch's
Multi-Asset Cash Flow Model, which projects the cash flow of the
transaction during its amortisation phase after the end of the
revolving period.

This is a variation from Fitch's Consumer ABS Rating Criteria,
which allow for a one-notch deviation from the MIR. It is because
Fitch expects the class X notes to be fully repaid by the
transaction's excess spread during the revolving period. This will
be about three to four months after closing, driven by the small
balance of the class X notes and ample excess spread protection.
Under Fitch's Global Structured Finance Rating Criteria, the class
X notes' rating is capped at 'BB+sf', given its high sensitivity to
various credit and cash flow scenarios.

RATING SENSITIVITIES

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

Long-term asset performance deterioration such as increased
charge-offs, reduced MPR or reduced portfolio yield, which could be
driven by changes in portfolio characteristics, macroeconomic
conditions, business practices or legislative landscape could lead
to downgrades.

Sensitivity to Increased Charge-offs:

Current ratings (class A/B/C/D/E/X): 'AA+sf' / 'A+sf' / 'A-sf' /
'BB+ sf'/'B+sf' /'BB+sf'

Increased charge-offs by 25%: 'AAsf' / 'A-sf' / 'BBBsf' /
'BBsf'/'Bsf'/ 'NRsf'

Increased charge-offs by 50%: 'A+sf' / 'BBB+sf' / 'BBB-sf' /
'BB-sf' /'NRsf'/'NRsf'

Increased charge-offs by 75%: 'A-sf' / 'BBB-sf' / 'BBsf' / 'Bsf' /
'NRsf' / 'NRsf'

Sensitivity to Decreased MPR

Decreased MPR by 15%: 'AAsf' / 'Asf' / 'BBB+sf' / 'BB+sf'/'B+sf'/
'NRsf'

Decreased MPR by 25%: 'AA-sf' / 'A-sf' / 'BBBsf' / 'BB+sf'/'B+sf'/
'NRsf'

Decreased MPR by 35%: 'A+sf' / 'BBB+sf' / 'BBBsf' / 'BBsf'/'B+sf'/
'NRsf'

Sensitivity to Decreased Yield

Decreased Yield by 15%: 'AA+sf' / 'A+sf' / 'BBB+sf' /
'BB+sf'/'Bsf'/ 'NRsf'

Decreased Yield by 25%: 'AA+sf' / 'Asf' / 'BBB+sf' / 'BBsf'/'NRsf'/
'NRsf'

Decreased Yield by 35%: 'AAsf' / 'Asf' / 'BBBsf' / 'BB-sf'/'NRsf'/
'NRsf'

Sensitivities to Increased Charge-offs and Decrease MPR

Increased charge-offs by 25% and decreased MPR by 15%: 'Asf' /
'BBBsf' / 'BBB-sf' / 'BB-sf'/'Bsf'/ 'NRsf'

Increased charge-offs by 50% and decreased MPR by 25%: 'BBB+sf' /
'BBB-sf' / 'BBsf' / 'Bsf'/'NRsf'/ 'NRsf'

Increased charge-offs by 75% and decreased MPR by 35%: 'BBB-sf' /
'BBsf' / 'B+sf' / 'NRsf'/'NRsf'/ 'NRsf'

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

Increases in credit enhancement ratios as the transaction
deleverages and they are able to fully compensate for the credit
losses and cash flow stresses commensurate with higher ratings
could lead to upgrades.

For the class A notes, modification to transaction account bank and
derivative provider minimum eligibility rating thresholds to be
compatible with the 'AAAsf' ratings as under Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria would lead
to an upgrade for this class.

CRITERIA VARIATION

The class X notes' rating is a variation from Fitch's Consumer ABS
Rating Criteria, which allow a one-notch deviation from the MIR. It
reflects that Fitch expects the class X notes to be fully repaid by
excess spread during the revolving period (approximately four
months after the closing date), driven by the notes' small balance
and ample excess spread protection.

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 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.




=============
R O M A N I A
=============

DIGI COMMUNICATIONS: S&P Affirms 'BB-' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term ratings on Romanian
telecoms service provider DIGI Communications (Digi) and Digi
Romania, as well as on their senior secured debt outstanding. S&P
also assigned its 'BB-' issue rating on the proposed senior secured
debt.

S&P said, "The stable outlook indicates our expectation of ongoing
growth of Digi's revenue and EBITDA, primarily based on fixed and
mobile expansion in Spain, and an increase in revenue generating
units (RGUs) in Romania. We estimate high capital expenditure will
hinder free operating cash flow and forecast S&P Global
Ratings-adjusted debt to EBITDA to be below 4.0x on
weighted-average basis in 2025-2027.

"We think DIGI Communications' (Digi's) continued strong growth in
its core markets will support deleveraging from 2026 to below the
maximum 4.0x thresholds we regard as commensurate for our 'BB-'
rating, following a temporary spike at 4.3x in 2025.

"Via its subsidiary Digi Romania S.A., Digi contemplates issuing
EUR500 million of senior secured notes to generate funds to repay
its existing senior secured debt. Although we consider that the
transaction would improve Digi's debt maturity profile, it is
leverage neutral.

"The rating affirmation reflects our views that ongoing strong
growth in Digi's core markets will support further deleveraging.
The company's results in first-half 2025 represent continued strong
topline performance with revenue growing 17% year on year. This
stems from additional growth in mobile and fixed RGUs, reaching
29.8 million (+17% year on year) as of end-June 2025, particularly
in core markets Romania and Spain. Together, these markets
contributed about 95% of Digi's total revenue and RGUs over the
same period. In late 2024, Digi launched its mobile and fixed
offers in Belgium and Portugal, where RGU contribution remained
limited for now.

"We continue to foresee robust performance in Romania, Digi's main
market. We expect further development in Romania, where the group
already generates about 54% of total revenues, 83% of EBITDA, and
all of its cash flows measured as EBITDA – capital expenditure
(capex); this latter parameter is negative in all other markets."
Digi has an established market position in Romania's pay-TV,
fixed-broadband, and mobile sectors. Holding 71.9% of the market at
end-2024, Digi is the leading player, significantly ahead of Orange
Romania (16.0%) and Vodafone (10.3%) players. Digi is the No. 2
player in the Romanian mobile market, however, with a market share
of 28.2%, behind Orange Romania's 34.8% in 2024. Digi's foothold in
Romania, alongside its nationwide coverage both in fixed and mobile
and superior network quality, should further underpin solid growth
in the medium term.

Digi's strong growth in its other markets, despite a relatively
still small scale, will also support revenue. Compared with its
business in Romania, Digi has smaller operations in Spain,
Portugal, Belgium, and Italy. In Spain (41% of total revenues),
Digi's market position lags that of larger players such as
MasOrange and Telefonica. Digi's strategy with converged offers at
competitive prices effectively drove total mobile and fixed RGUs to
roughly 9 million as of June 2025, from only 2 million in 2019. The
company held about 10% of the market in both mobile and fixed
broadband in 2024. S&P said, "We project this momentum in the
Spanish market will fuel approximately 15% of the Spanish
operations' total revenue growth annually over 2025-2027. Combined,
operations in Portugal and Italy represent 5% of the group's
revenue. Despite their small or nascent operations, growth is
strong. Overall, we forecast healthy group revenue growth at 14% in
2025 and 8%-10% in 2026-2027."

S&P said, "We expect S&P Global Ratings-adjusted EBITDA margin to
rebound toward 35% from 2026. Despite strong revenue growth, Digi's
EBITDA grew by only 1.6% in the first half 2025. This softer
profitability reflects the ramp-up phase in Portugal and the sale
and lease-back in 2024 of part of the group's FTTH network in Spain
with Sota Investments Spain OpCo S.L.U., a consortium consisting of
Macquire Capital, abrdn, and Arjun Infrastructure Partners. That
said, we anticipate these impacts will be partially offset by the
cost benefits from gradually transitioning to a mobile network
operator (MNO) in the second half of 2025 from mobile virtual
network operation (MVNO)." Therefore, we forecast the reported
EBITDA margin will improve to about 35% in 2026-2027 from about 33%
in 2025. Compared with the group's reported figures, our adjusted
EBITDA includes:

-- Expensed subscriber acquisitions costs and content costs;

-- Added back additional lease expenses related to future
obligation of its minimum commitment on the access agreement with
Sota; and

-- Pro-rata consolidated Belgium operations, since we consider
these as strategic assets to Digi. This is confirmed by Digi's
recent increase in its stake in Belgium operations to 51% from
49%.

-- Consequently, this translates to S&P Global Ratings-adjusted
EBITDA margin of 32% in 2025 and nearly 35% in 2026-2027.

S&P said, "We assume Digi's focus on entering Portugal and Belgium
will keep free operating cash flow (FOCF) after leases negative
over the next two years while leverage returns below 4x. We
estimate FOCF after leases will turn to slightly positive only in
2027 if capex starts to decelerate particularly in Portugal and
Romania. Although we now forecast adjusted leverage to reach 4.3x
in 2025, additional strong growth in its core markets will support
deleveraging trend in 2026-2027 to below the maximum 4.0x
thresholds we regard as commensurate for 'BB-' rating, in line with
previous years. We estimate the leverage difference between
adjusted leverage and the company's reported leverage at around
1.5x. In our adjusted debt calculations, we add the net present
value of future commitments from access agreement with Sota. We now
also add spectrum liability in Portugal, Spain, and Belgium (on
pro-rata consolidation basis for the latter), since the benefits of
owning these spectrums are accruing to the company.

"We view the proposed EUR500 million senior secured notes issuance
as leverage neutral but positive for Digi's debt maturity profile.
The group intends to use the proceeds to repay EUR400 million of
secured notes due February 2028 and part of the EUR235 million term
loans under its senior facilities due in January 2028. There are a
few notable changes in the debt documentation for the proposed bond
and debt at Digi Spain including no cross guarantee between Digi
Romania and Digi Romania subsidiaries (Digi Spain and Digi
Andalucia), releasing Digi Communications N.V. as part of the
restricted group and guarantor for the senior secured notes at Digi
Romania, while Digi Romania is looking to upsize most of the
baskets following strong growth of the group's size. We understand
that the group has received the necessary consents from existing
lenders of all senior secured facilities to make the required
amendments, such that all senior secured debt at Digi Romania
benefits from the same legal protections while Digi Spain and Digi
Andalucia will not benefit anymore from protections related to Digi
Romania. We rated the existing and proposed senior secured debt
issued by Digi Romania in line with the 'BB-' issuer credit rating,
given the secured nature of the debt and the limited structural
subordination to debt raised at subsidiary level at this stage.

"The stable outlook indicates that we continue to expect Digi's
revenue and EBITDA will grow, primarily based on fixed and mobile
expansion in Spain, and healthy RGU growth in Romania. We estimate
high capex will weigh on FOCF and forecast S&P Global
Ratings-adjusted debt to EBITDA to be below 4.0x on
weighted-average basis between 2025 and 2027.

"We could lower the rating if leverage remains at 4.0x with no
signs of near-term improvement. We could also lower the rating if
operational issues, rather than growth-related capex, caused FOCF
to remain negative. This could occur if fierce competition causes
Digi to lose market share or forces it to lower prices.
Furthermore, a negative action could stem from a weakening of
Digi's liquidity position.

"We could raise the rating if the company consistently maintains
adjusted debt to EBITDA below 3.0x, funds from operations (FFO) to
debt above 30%, and FOCF to debt above 5%. This would likely occur
if margins improved because of increasing scale across markets,
coupled with declining capex intensity."




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

ROOT BIDCO: Moody's Rates Amended Bank Credit Facility 'B3'
-----------------------------------------------------------
Moody's Ratings assigned B3 ratings to Root Bidco S.a.r.l.'s
(Rovensa) proposed EUR1,028 million senior secured term loan B4 and
EUR165 million senior secured revolving credit facility (RCF).
Concurrently, Moody's affirmed Rovensa's B3 corporate family rating
and B3-PD probability of default rating. The outlook remains
negative.

The proposed amend and extend transaction seeks to extend the
outstanding senior secured term loans by 3 years to 2030 from 2027.
The RCF is expected to be extended to 2030. Moody's expects to
withdraw the instrument ratings of the company's current debt
instruments once the transaction closes.

RATINGS RATIONALE

The ratings affirmation and a negative outlook reflects the
company's leveraged capital structure, including an estimated
Moody's-adjusted gross leverage of around 8x for the last 12 months
ended June 2025, and its weak track record of cash generation. The
proposed transaction would extend Rovensa's debt maturity by three
years, allowing more time to deleverage, but also entails
transaction costs, including an original issue discount, and the
potential for a higher interest margin. The rating remains weakly
positioned.

In fiscal 2025, the company generated negative Moody's-adjusted
free cash flow (FCF) of around EUR40 million mainly because of
working capital consumption, large one-off costs and higher
interest costs. This represented an underperformance compared to
Moody's previous expectations. Rovensa's history of weak cash flow
generation remains a credit overhang. To address this, one of the
company's key priorities is to enhance its management of working
capital.

Rovensa's management adjusted EBITDA (excluding non-recurring
items) increased to EUR169 million in the last 12 months ended June
2025 from EUR150 million in June 2024. Revenue remained largely
unchanged, with reduced costs driving the EBITDA growth. Although
the company achieved solid organic volume growth (8%), unfavourable
foreign exchange movements offset the increase in volume. According
to the company, its EBITDA would have been EUR13 million higher on
a constant currency basis.

Moody's forecasts earnings to improve over the next 12-18 months,
supported by market recovery and growth, and continued focus on
cost savings, leading to a Moody's-adjusted gross leverage of
around 7x by June 2026 and around 6.5x by June 2027 (end of fiscal
year), leading to the rating affirmation.

Rovensa's B3 CFR continues to reflect its broad portfolio of
biosolutions and off-patent crop protection products; focus on
speciality crops, which provide better earnings stability than
typical for larger fertiliser companies; and better growth
prospects of its biosolutions products compared to conventional
products.

However, the company's highly leveraged capital structure; weak
track record of cash flow generation; exposure to extreme weather
events; limited demand visibility and seasonal pattern in working
capital continue to constrain the rating.

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

RATING OUTLOOK

The negative outlook reflects the company´s weak rating
positioning and uncertainties around its capacity to generate
positive free cash flow.

LIQUIDITY

Rovensa's liquidity is adequate. As of the end of June 2025, the
company had around EUR63 million in cash and cash equivalents on
balance sheet, and access to a EUR165 million committed RCF
expiring in 2027 (which is expected to be extend by 3 years once
the A&E transaction completes), of which EUR74 million was drawn.
Local facility lines amounted to EUR31 million. The company has
also access to various non-recourse factoring agreements. In a
scenario where banks would not extend their factoring programmes
with the company, the company would need alternative liquidity
sources, otherwise its liquidity profile would weaken materially.
In combination with the forecast funds from operations these
sources will be sufficient to meet its working cash requirements,
capital spending and other cash needs. The RCF has a springing net
leverage maintenance covenant, which is to be tested if the RCF is
drawn by 40% or more. Moody's expects the company to have a good
buffer under the covenant.

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

Rovensa's ratings could be upgraded if (1) the company's
Moody's-adjusted debt to EBITDA declines below 6.0x on a sustained
basis; (2) Rovensa builds a track record of generating consistent
positive free cash; (3) adjusted EBITDA/Interest is above 2.0x; (4)
the company maintains an adequate liquidity profile.

Conversely, Rovensa's ratings could be downgraded if (1) Rovensa
generates sustained negative FCF or with any other deterioration of
its liquidity profile; (2) its Moody's adjusted gross leverage
remains above 7x; (3) Moody's-adjusted EBITDA interest coverage
declined below 1.5x.

PRINCIPAL METHODOLOGY

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

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

With dual headquarters in Madrid, Spain and Lisbon, Portugal, Root
Bidco S.a.r.l. (Rovensa) provides differentiated crop life cycle
management solutions targeted to promote sustainability in
agriculture, including bionutrition, biocontrol and crop protection
products, with a particular focus on high-value cash crops, such as
fruits and vegetables. For the last twelve months ended June 2025,
the company generated company-adjusted EBITDA of around EUR169
million. The company's largest shareholders are funds managed by
Partners Group AG and Bridgepoint Group plc.




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

SASA POLYESTER: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC'
-------------------------------------------------------------------
Fitch Ratings has downgraded Sasa Polyester Sanayi Anonim Sirketi
A.S.'s (SASA) Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'CCC' from 'B-'.

The downgrade reflects increased refinancing risk, a high debt
burden, plus potential liquidity pressure from the need to roll
over a large share of short-term debt and secure a formal waiver on
longer-term bank facilities. Fitch expects SASA to generate
negative free cash flow (FCF) in 2025-2027, driven by high interest
costs, weak polyester market conditions and global overcapacity.
Fitch also expects EBITDA net leverage to peak above 21x in 2025
before declining to the high single digits by 2027.

The company has options for alternative funding that can partly
refinance short-term debt and its parent, Erdemoglu Holdings, may
provide moderate equity injections. However, SASA maintains a high
debt load and needs a substantial improvement in its capital
structure to stabilise its financial profile.

Key Rating Drivers

Increased Refinancing Risk: As of end-June 2025, SASA had about
USD2.2 billion of short-term debt, of which about USD0.7 billion of
longer-dated debt was reclassified as short-term debt due to
leverage exceeding its covenant. The company has an agreement in
principle from lenders to waive the covenant; however, Fitch
expects formalisation of the process only by end-2025. SASA is also
working on alternative funding, including a potential convertible
bond. Any proceeds could be used for short-term debt reduction, but
Fitch does not include them in its rating case.

Weak Liquidity: Fitch assesses SASA's liquidity as weak due to only
TRY3 billion of cash and cash equivalents held as of end-June 2025,
large interest payments and its dependence on rolling over
short-term debt. Fitch assumes that SASA will be able to roll over
debt and service interest, but liquidity remains a substantial risk
that Fitch expects management to address.

High Leverage: Fitch forecasts SASA's EBITDA net leverage will peak
at 21.2x in 2025, followed by a gradual decrease toward the high
single digits in 2027. Fitch assumes the company will not start new
material investments over the forecast horizon but the pace of
deleveraging will be hampered by its expectation of negative FCF
over 2025-2027.

Lower Earnings: SASA achieved mechanical completion of its 1.75 mt
purified terephthalic acid (PTA) facility, its main feedstock, at
end-2024. Technical problems had impaired production at the start
of 2025 and reduced the output of final products. EBITDA therefore
reached only USD64 million in 1H25. SASA also incurred costs for
technical repairs and stockpiling PTA raw materials, although the
technical issues have since been resolved. However, SASA faces weak
market conditions and strong competition from Asian producers,
which limits margin recovery despite the benefit of improved
vertical integration.

Standalone Rating: Erdemoglu holds 70.29% of SASA (56.5% direct)
following the sale of a 3.9% stake in SASA in October 2025. Fitch
rates SASA on a standalone basis as it operates independently,
relies mainly on external funding, has its own treasury, and does
not guarantee other group companies' debt. Fitch does not factor in
further support from the parent beyond proceeds already received
but Fitch acknowledges the potential for support in short-to-medium
term.

Single-site Producer: SASA's production is concentrated at a single
site in Adana, Turkiye, exposing it to potential disruptions to
operations or to supplies through Mersin, Turkiye's largest
container port. Asset concentration is only partly offset by
segregation into 24 production lines as PTA supply is now also
sourced on site. SASA generates about 75%-85% of sales in the
domestic market. Many of its customers are exporters, but SASA
remains exposed to weaker macroeconomic conditions in Turkiye.

Peer Analysis

Petkim Petrokimya Holdings A.S. (CCC) and SASA are both small
commodity producers located in Turkiye. The companies have high
leverage and their earnings remain affected by market pressures.
Petkim has broader end-market diversification but lower EBITDA
generation, and a weaker market position than SASA. Petkim benefits
from support of its indirect owner State Oil Company of the
Azerbaijan Republic (BBB-/Stable).

Lune Holdings S.a r.l. (Kem One; CCC-) is an integrated PVC
producer with production assets concentrated in the south of
France. Kem One has smaller production scale and weaker end-market
diversification, with exceptionally weak profitability and cash
flow generation due to operational issues at its plants and
continued weak demand.

Key Assumptions

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

- EBITDA margin about 11% in 2025, gradually increasing to 19% in
2028

- Cumulative capex of USD0.3 billion over 2025-2028

- No dividends or share repurchases

RATING SENSITIVITIES

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

- Inability to roll over short-term maturities

- Unremedied covenant breach

- A further deterioration in liquidity position due to, among other
things, weaker margins or production interruptions, leading to
broader negotiations of terms with lenders

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

- Improved liquidity position and lower reliance on short
term-funding

- EBITDA gross leverage below 6.5x on a sustained basis

- EBITDA interest coverage sustainably above 1.25x

Liquidity and Debt Structure

SASA held TRY3 billion cash as at end-June 2025. Short-term
maturities were TRY85 billion owing to the reclassification of
TRY27 billion of long-term liabilities as short term following the
breach of financial covenants. Fitch expects SASA to obtain waivers
for this breach in the near term. Liquidity remains tight, with
consistently negative FCF due to a high interest burden.

Issuer Profile

SASA is the largest Turkish manufacturer of polyester staple
fibres, filament yarns, polyester-based and specialty polymers and
intermediates.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                  Rating            Prior
   -----------                  ------            -----
Sasa Polyester Sanayi
Anonim Sirketi            LT IDR CCC  Downgrade   B-


VARLIK KIRALAMA: Fitch Gives BB-(EXP) Rating on Unsec. Lease Certs
------------------------------------------------------------------
Fitch Ratings has assigned TT Varlık Kiralama A.Ş.'s (the issuer)
upcoming senior unsecured lease certificates (sukuk) an expected
rating of 'BB-(EXP)' with a Recovery Rating of 'RR4'.

The issuer is an asset lease company and its activities will
principally include the issuance of lease certificates. BNY Mellon
Corporate Trustee Services Limited is acting as representative of
certificate holders. The issuer will use the proceeds for the
acquisition of certain allotted broadband services from Turk
Telekomunikasyon A.S. (TT, BB-/Stable). TT is the obligor, seller
and service agent. TT Varlık Kiralama A.Ş. is a fully owned
subsidiary of TT.

TT will use the proceeds for general corporate purposes. The
assignment of the final rating is contingent on the receipt of
final transaction documents materially conforming to information
already reviewed. If these conditions are not met, or if the
instrument is not put into place, Fitch will review the rating.

Key Rating Drivers

The expected rating of the sukuk is aligned with TT's Long-Term
Issuer Default Rating (IDR). This reflects Fitch's view that a
default of these senior unsecured obligations would reflect a
default of TT, in accordance with Fitch's rating definitions.

Fitch has not given credit to any underlying assets or collateral,
as the agency believes the issuer's ability to satisfy payments due
on the lease certificates ultimately depends on TT's satisfaction
of its unsecured payment obligations to the issuer under the
transaction documents described in the offering circular and other
transaction documents.

In addition to TT's propensity to ensure repayment by the issuer of
its obligation, the company would be required to ensure full and
timely repayment of the issuer's obligations due to TT's various
roles and obligations under the sukuk structure and documentation,
including but not limited to the following features:

- The sale of broadband services for a price at least equal to the
minimum sale price will be sufficient to fund the periodic
distribution amounts payable by the asset lease company in respect
of the certificates. The obligor agrees that if in respect of any
distribution period any outstanding broadband services are sold for
less than the relevant minimum sale price and there is a sales
shortfall, the obligor will pay the sales shortfall to the issuer
by way of indemnity on an after-tax basis.

- On the business day prior to the scheduled dissolution date, the
obligor will procure the payment to the issuer of the required
amount and any amounts received in respect of any sales shortfall
in order to redeem the certificates. Provided that a dissolution
event has occurred and is continuing, the obligor will be required
to purchase the outstanding broadband services at the exercise
price, which shall be paid into the transaction account in U.S.
dollars. The exercise price includes the aggregate face amount of
the certificates then outstanding; plus all accrued but unpaid
periodic distribution amounts relating to such certificates.

- The payment obligations of the obligor (in any capacity) under
the transaction documents, will be direct, unconditional and
(subject to the negative pledge) unsubordinated, and unsecured
obligations of the obligor and at all times rank at least pari
passu with all other present and future unsecured and
unsubordinated obligations of the obligor from time to time
outstanding.

- The terms of the certificates include a negative pledge
provision, obligor event, a cross-default provision, conditional
change-of-control clause and indemnity.

- The sukuk documentation will include an obligation on TT to
ensure that at all times, the tangibility ratio is more than 50%.
The tangibility ratio is defined as the aggregate value of the
outstanding broadband services divided by the (i) the aggregate
value of the outstanding broadband services; and (ii) the aggregate
of the amounts standing to the credit of the collection account and
reserve account. Failure of TT to comply with this obligation will
not constitute an obligor event. If the tangibility ratio falls
below 33% (tangibility event), the certificate holders will have
the option to require the redemption of all or any of their trust
certificates at the dissolution amount and the certificates will be
delisted.

- Fitch expects TT to maintain the tangibility ratio above 50%
throughout the tenor of the sukuk. The obligor's current annual
broadband services have been sold to over 15 million monthly
subscription units and have generated over USD800 million sales
revenue from wholesale agreements. Around 20% of broadband services
that can be sold by TT will be allocated to this sukuk issue.
Therefore, this creates sufficient headroom to support the lease
certificates.

- Any claim against the issuer which is denominated in a foreign
currency would, upon pronouncement of bankruptcy of the issuer,
only be payable in Turkish lira, thereby shifting the currency
exchange risk from the issuer to the holders of the certificates.
The same applies to the obligor's conventional bonds. However, the
payment obligation of the obligor to the issuer under the purchase
undertaking is in US dollars, and therefore the currency risk under
the proposed lease certificates is relatively remote in the normal
course of the business.

All transaction documents are governed by English law.

Fitch does not express an opinion on whether the relevant
transaction documents are enforceable under any applicable law.
However, Fitch's rating on the lease certificates reflects its view
that TT would stand behind its obligations. Fitch does not express
an opinion on the lease certificates' compliance with sharia
principles when assigning ratings to the lease certificates.

Peer Analysis

The instrument's rating is derived from TT's Long-Term IDR.

Key Assumptions

The sukuk ratings are derived from TT's Long-Term IDR and are in
line with its senior unsecured rating.

RATING SENSITIVITIES

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

A downgrade of TT's IDR would lead to similar action on the sukuk
rating. The sukuk's rating may also be sensitive to adverse changes
to the roles and obligations of TT and TT Varlık Kiralama A.Ş.
under the certificates' structure and documents.

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

An upgrade of TT's IDR would lead to similar action on the sukuk
rating.

Liquidity and Debt Structure

See ' Fitch Affirms Turk Telekom at 'BB-'; Outlook Stable' dated 4
August 2025.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating                   Recovery   
   -----------               ------                   --------   
TT Varlık Kiralama A.S.

   senior unsecured       LT BB-(EXP) Expected Rating   RR4


VARLIK KIRALAMA: S&P Assigns Prelim. 'BB' Issue Credit Rating
-------------------------------------------------------------
S&P Global Ratings had assigned its 'BB' preliminary issue credit
rating to TT Varlık Kiralama A.S.' proposed sukuk issuance.

TT VARLIK KIRALAMA, an asset-leasing company ("varlık kiralama
sirketi") incorporated as a joint stock company ("anonim sirket")
incorporated in Türkiye is contemplating to issue trust
certificates (sukuk). The company is a fully owned subsidiary of
Turk Telekom (BB/Stable/B). TT VARLIK KRALAMA, will enter, among
other contracts, into a purchase-of-service agreement, a purchase
undertaking, a sale undertaking, and a service agency agreement
with Turk Telekom.

The sukuk program is rated preliminary 'BB', in line with S&P's
'BB' rating on the obligor, Turk Telekom. This is because the
transaction fulfils the five conditions listed in its criteria for
rating sukuk:

Turk Telekom will provide sufficient and timely contractual
obligations for the payment of periodic distribution amounts and
the principal amount. The former is covered through Turk Telekom's
obligation to sell a certain quantity of broadband
services--measured in monthly data subscriptions--to third parties
at a specific price that would be sufficient to pay the periodic
distribution amounts. Any shortfall in the quantity will be sold
back to Turk Telekom. If the price of selling the broadband
services is lower than the minimum sale price agreed upon, Turk
Telekom will indemnify the issuer on an after-tax basis. The
principal amount is covered through the undertaking by Turk Telekom
to buy outstanding broadband services on the maturity of the sukuk,
or in case of a dissolution event, at a price that includes the
aggregate face amount of the certificates outstanding, all accrued
but unpaid periodic distribution amounts, and any amount payable by
the issuer under the transaction documents.

These obligations are irrevocable.

These obligations will rank pari passu with Turk Telekom's
unsecured and unsubordinated obligations.

Under the service agency agreement, Turk Telekom will undertake to
cover all the costs related to the transaction.

S&P assesses as remote the risks that a total disruption event
would jeopardize the full and timely repayments of the sukuk, given
the nature of the underlying assets and the recent renewal of Turk
Telekom's fixed-line services concession.

The rating on the sukuk transaction is preliminary and based on
draft documentation. Should the final documentation differ
substantially from the draft version, the rating on the sukuk could
be changed. This report does not constitute a recommendation to
buy, hold, or sell the certificates. S&P Global Ratings neither
structures sukuk transactions nor provides opinions with regards to
compliance of the proposed transaction with Sharia.

Turk Telekom is expected to use the proceeds of the issuance for
general corporate purposes. S&P does not expect any significant
contractual or structural subordination after issuance and
therefore rate the proposed sukuk in line with the long-term issuer
credit rating on Turk Telekom. As of June. 30, 2025, Turk Telekom's
debt comprises senior unsecured loans and notes of about Turkish
lira 60 billion equivalent.




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

BAPTT SHOPFITTERS: Abbey Taylor Named as Administrators
-------------------------------------------------------
Baptt Shopfitters Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Birmingham, Insolvency & Companies List (ChD), Court
Number: CR-2025-BHM-000544, and Paul Mallatratt and Peter Herberts
of Abbey Taylor Jones Limited were appointed as administrators on
Sept. 22, 2025.  

Baptt Shopfitters engaged in building completion and finishing.

Its registered office is c/o Abbey Taylor Jones Limited, Unit 6,
Twelve O'Clock Court, 21 Attercliffe Road, Sheffield, S4 7WW

Its principal trading address is at Unit 9 Kingsway Business
Centre, Fforestfach, Abertawe, SA5 4DL

The administrators can be reached at:

            Peter Herberts
            Paul Mallatratt
            Abbey Taylor Jones Limited
            Unit 6, Twelve O'Clock Court
            21 Attercliffe Road
            Sheffield S4 7WW

For further information, contact:

            The Joint Administrators
            Tel No:  0333 305 3355

Alternative contact:

            Luke Blay


COMMERCIAL ESTATES: KRE Corporate Named as Administrators
---------------------------------------------------------
Commercial Estates Services Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-007068, and Rob Keyes and David Taylor of KRE Corporate
Recovery Limited were appointed as administrators on Oct. 10,
2025.

Commercial Estates Services specialized in business support service
activities.

Its registered office and Principal trading address is at Sloane
Square House, 1 Holbein Place, London, SW1W 8NS

The administrators can be reached at:

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

For further information, contact:

     Vikki Claridge
     Tel No: 01189 977355
     Email: Vikki.claridge@krecr.co.uk


ETAG FIXINGS: Begbies Traynor Named as Administrators
-----------------------------------------------------
Etag Fixings UK Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD), Court Number:
CR-2025-006639, and Julie Anne Palmer and Andrew Hook of Begbies
Traynor (Central) LLP were appointed as administrators on Oct. 13,
2025.  

Etag Fixings UK specialized in building supplies.

Its registered office is at Unit 14E Thames Gateway Park, Chequers
Lane, Dagenham, Essex RM9 6FB.

The joint administrators can be reached at:

           Julie Anne Palmer
           Andrew Hook
           Begbies Traynor (Central) LLP
           Units 1-3 Hilltop Business Park
           Devizes Road, Salisbury
           Wiltshire SP3 4UF

Any person who requires further information may contact

           Yasemen Altinci
           Begbies Traynor (Central) LLP
           Email: yasemen.altinci@btguk.com
           Tel No: 01722-435190


FRANK ROBERTS: PricewaterhouseCoopers LLP Named as Administrators
-----------------------------------------------------------------
Frank Roberts & Sons Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Manchester, Insolvency and Companies List (ChD), No
CR-2025-MAN-001392, and Helen Laura Wheeler-Jones and Perry Higgins
of PricewaterhouseCoopers LLP were appointed as administrators on
Oct. 14, 2025.  

Frank Roberts & Sons is a manufacturer of bread; manufacture of
fresh pastry goods and cakes.

Its registered office and principal trading address is at Rudheath,
Northwich, Cheshire, CW9 7RQ.

The joint administrators can be reached at:

     Sarah O'Toole
     Perry Higgins
     PricewaterhouseCoopers LLP
     No 1 Spinningfields, Hardman Square
     Manchester, M3 3EB

           -- and --

     Helen Laura Wheeler-Jones
     PricewaterhouseCoopers LLP
     1 Chamberlain Square
     Birmingham B3 3AX

For further details, contact:

     Joshua Liburd
     Tel No: 0113 289 4000
     Email: uk_frankroberts_creditors@pwc.com


NOMAD FOODS: Fitch Rates Planned EUR1,280-MM Term Loan 'BB+(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Nomad Foods Europe Midco Limited's
planned seven-year EUR1,280 million equivalent term loan B (TLB) an
expected senior secured rating of 'BB+(EXP)' with a Recovery Rating
of 'RR2'. Proceeds from the proposed debt instrument will be used
to refinance the group's existing term loans, and Fitch expects the
transaction to be neutral to leverage. Nomad Foods US LLC and Nomad
Foods Lux S.a.r.l. will be the borrowers under the US dollar
tranches of the TLB. The assignment of the final rating is
contingent on the receipt of final documents conforming to
information already received.

Nomad Foods Limited's Long-Term Issuer Default Rating of 'BB'
reflects the group's leading position as western Europe's largest
frozen-food producer, resilient free cash flow (FCF), and a
reiterated financial policy to maintain EBITDA net leverage below
3.5x.

The Stable Outlook captures its expectation of EBITDA margin
recovery to above 15% in 2026, following softer profitability in
2025, driven by gradual pass-through of cost inflation, savings
from the 2025 efficiency programme, and a favourable product mix.

Key Rating Drivers

Weakening Revenue in 2025: Fitch expects organic revenue to decline
by 1.5% in 2025, following a 2.4% contraction in 1H25, mainly
driven by lower sales volume due to unusually warm weather in
Europe and retailers destocking, assuming only marginal improvement
in 2H25. Fitch expects Nomad's market environment will remain
highly competitive and assume only low single-digit annual revenue
growth over 2026-2028. This will mainly be driven by price and mix
due to a moderate recovery in consumer spending, and benefits from
the company's plans for accelerated marketing and innovation
activities.

Temporary EBITDA Margin Pressure: Fitch estimates the
Fitch-adjusted EBITDA margin will decline to 14.8% in 2025 (2024:
16%), mainly driven by higher cost inflation, particularly in
poultry and red meat, while the company is adhering to modest price
adjustments due to still muted consumer environment in core markets
and intense competition. Fitch expects Nomad to return to more
active pricing from 2026 to pass through part of the cost inflation
to consumers. This, together with the recently launched EUR200
million productivity programme for 2026-2028, will result in EBITDA
margin recovery toward 15.4% by 2028.

Fitch assumes only partial EBITDA margin recovery to 15%-15.5%,
compared with historical levels of around 16%, as the company plans
to invest some of the savings in marketing, innovation, and
merchandising. Fitch also assumes high advertising and promotional
expenses to support and expand Nomad's market share.

Limited Leverage Headroom: Fitch estimates leverage will increase
to 4.7x in 2025 (2024: 4.3x), mainly driven by its assumption of
EBITDA decline, which is stretched compared with the negative
rating sensitivity of 4.5x. Fitch projects leverage will improve
towards 4.5x and below from 2026 due to the EBITDA margin
stabilising. Fitch expects rating headroom under the leverage
sensitivities will remain narrow in the near term, with moderate
ability to absorb any additional external shocks.

Financial Policy Adherence Anchors Ratings: The Stable Outlook is
supported by Nomad's commitment to its net debt/EBITDA target of
2.5x-3.5x, which corresponds to Fitch-calculated EBITDA gross
leverage below 4.5x. It also reflects its expectations of no
material debt-funded M&As. The company has stated that its
shareholder distribution strategy is subject to adherence to
leverage targets. Nomad initiated its first dividend in 2024 and
has a USD500 million share buyback programme to 2026. Fitch expects
disciplined distributions to shareholders, without compromising the
financial policy. Deviation from this could indicate lower
flexibility and pressure the rating.

Moderated but Strong FCF: Fitch expects FCF to remain close to 3%
of revenue in 2025, despite weaker operating profitability and an
increased dividend after the net profit increase in 2024. Over
2026-2028 Fitch expects the FCF margin to average about 3.3%,
supported by a mild recovery in EBITDA margin and moderate capex.
This is lower than around 6% in 2021-2023, mainly due to the
dividend launch, but Fitch still views it as strong for the rating,
and more commensurate with higher rated peers'. Strong FCF,
together with Nomad's resilient market position and adequate scale,
remain a credit strength, differentiating it from lower-rated
packaged food peers.

Peer Analysis

Nomad compares well with Conagra Brands, Inc (BBB-/Stable), which
is the second-largest branded frozen food producer globally, with
operations mostly in the US. The two-notch rating differential
stems from the latter's larger scale and product diversification as
it also sells snacks, which account for about 20% of its revenue.
In addition, its organic growth profile is stronger than Nomad's,
which allows it to better cope with cost inflation, supporting
greater business resilience.

Nomad is rated below Premier Foods plc (BB+/Stable), one of the
UK's largest food businesses, which also benefits from a strong
market position in its product categories. Nomad is larger and has
wider geographic diversification of operations, but the one-notch
differential is mainly driven by Premier Foods' higher EBITDA and
FCF margin, and significantly more conservative leverage.

Nomad's two-notch differential with Sammontana Italia S.p.A.
(B+/Stable) reflects the former's strength in branded and
private-label frozen food, and more diverse portfolio of categories
and geographies of operation, and larger overall scale, leading to
a stronger business profile. This, combined with Nomad's higher
cash generation, justifies a larger debt capacity. Nomad's rating
also reflects its lower gross leverage of around 4.5x.

Nomad is rated higher than the world's largest plant-based spreads
and margarine producer, Sigma Holdco BV (B/Stable), despite its
more limited geographical diversification and smaller size. The
rating differential is due to Nomad's lower leverage, proven
ability to generate positive FCF and less challenging demand
fundamentals for frozen food than plant-based spreads.

Key Assumptions

- Organic revenue decline in 2025, followed by low single-digit
growth annually to 2028

- EBITDA margin declining to 14.8% in 2025 (2024: 16%), driven by
cost inflation, before gradually recovering towards 15.4% in 2028

- Capex at 2.7% of revenue in 2025-2028

- Dividend payments at around EUR94 million in 2025, growing at
about 7% annually to EUR115 million in 2028

- Share buybacks of around EUR160 million in 2025 and EUR150
million in 2026, completing the USD500 million share buyback
programme scheduled to end in 2026; additional repurchases of about
EUR100 million a year in 2027 and 2028

RATING SENSITIVITIES

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

- Weakening organic sales growth, resulting in market-share erosion
across key markets

- EBITDA leverage above 4.5x on a sustained basis due to operating
underperformance or large-scale M&A

- A reduction in EBITDA margins or higher-than-expected exceptional
charges, leading to FCF margins below 2% on a sustained basis

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

- Strengthened business profile through increased business scale or
greater geographical and product diversification

- Continuation of organic growth in sales and EBITDA

- EBITDA leverage below 3.5x on a sustained basis, supported by a
consistent financial policy

- Maintenance of strong FCF margins

Liquidity and Debt Structure

At end-June 2025 Nomad had sufficient liquidity, with reported cash
of EUR267 million and EUR165 million available under a revolving
credit facility of EUR175 million (of which EUR10 million is carved
out as a guarantee facility), which has now been extended. The next
material debt maturity is in 2028.

The one-notch uplift to the rating of the senior secured loans and
notes to 'BB+' reflects its view of above-average recovery
prospects. These are supported by moderate leverage partly offset
by the lack of material subordinated, or first-loss, debt tranche
in the capital structure. The senior credit facilities and notes
share the same collateral and therefore rank equally among
themselves.

Issuer Profile

Nomad is the largest frozen food producer in western Europe.

Date of Relevant Committee

18 September 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt           Rating                   Recovery   
   -----------           ------                   --------   
Nomad Foods Lux
S.a.r.l.

   senior secured     LT BB+(EXP) Expected Rating   RR2

Nomad Foods Europe
Midco Limited

   senior secured     LT BB+(EXP) Expected Rating   RR2

Nomad Foods US LLC

   senior secured     LT BB+(EXP) Expected Rating   RR2


NORTH VIEW ENGINEERING: Dow Schofield Named as Administrators
-------------------------------------------------------------
North View Engineering Solutions Ltd. was placed into
administration proceedings in the High Court of Justice Business
and Property Courts in Manchester, Company and Insolvency List,
Court Number: CR-2025-MAN-001185, and Christopher Benjamin Barrett
of Dow Schofield Watts Business Recovery LLP and Claire Louise
Harsley SPK Financial Solutions Ltd were appointed as
administrators on Oct. 10, 2025.  

North View Engineering engaged in general engineering and
fabrication.

Its registered office is at 7400 Daresbury Park, Daresbury,
Warrington, Cheshire, WA4 4BS (formerly Quebec House, Cleveland
Trading Estate, Darlington, County Durham, DL1 2PB)

Its principal trading address is at Quebec House, Cleveland Trading
Estate, Darlington, County Durham, DL1 2PB

The joint administrators can be reached at:

     Christopher Benjamin Barrett
     Dow Schofield Watts Business Recovery LLP
     7400 Daresbury Park, Daresbury
     Warrington, WA4 4BS

              -- and --

     Claire Louise Harsley
     SPK Financial Solutions Ltd
     7 Smithford Walk, Prescot
     Liverpool, L35 1SF

Further Details Contact:

     The Joint Administrators
     Tel No: 01928 378014

Alternative contact:

     Kerry Grice
     Email: kerry@dswrecovery.com

Alternative contact:

     Cameron McArthur
     Email: cameron@dswrecovery.com


UNION ELECTRIC: FRP Advisory Named as Administrators
----------------------------------------------------
Union Electric Steel UK Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts at Leeds, Insolvency and Companies List, Court Number:
CR-2025-LDS-001031, and Allan Kelley and Shaun Hudson of FRP
Advisory Trading Limited, were appointed as administrators on
October 14, 2025.

Union Electric Steel is a manufacturer of basic iron and steel and
of ferro-alloys.

Its registered office is at Administration Building East Street,
Gateshead, NE8 3AR to be changed to Suite 5, Bulman House, Regent
Centre, Gosforth, Newcastle upon Tyne, NE3 3LS

Its principal trading address is at Administration Building East
Street, Gateshead, NE8 3AR

The joint administrators can be reached at:

          Allan Kelly
          Shaun Hudson
          FRP Advisory Trading Limited
          Suite 5, 2nd Floor, Bulman House
          Regent Centre, Gosforth
          Newcastle upon Tyne, NE3 3LS

For further details, contact:

          The Joint Administrators
          Tel No: 0191 605 3737

Alternative contact:

          Georgia Foster
          Email: cp.newcastle@frpadvisory.com



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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