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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

          Friday, October 24, 2025, Vol. 26, No. 213

                           Headlines



F R A N C E

SNF GROUP: S&P Affirms 'BB+' ICR & Alters Outlook to Positive


G R E E C E

NAVIOS MARITIME: Moody's Assigns First Time Ba3 Corp. Family Rating


I R E L A N D

AQUEDUCT EUROPEAN 16: S&P Assigns B-(sf) Rating on Class F Notes
PENTA CLO 16: S&P Assigns 'B-' Rating on Class F-R Notes


L U X E M B O U R G

AFE SA: S&P Lowers LongTerm ICR to 'SD' on Distressed Exchange
TAKKO HOLDING 2: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


N E T H E R L A N D S

ACHMEA BV: S&P Rates New Restricted Tier 1 Sub. Notes 'BB+'
ALBERTIS FINANCE: Fitch Assigns 'BB+(EXP)' Rating on Hybrid Notes
DUTCH MORTGAGE 2025-1: S&P Assigns Prelim. 'BB+' Rating on X Notes


S P A I N

OBRASCON HUARTE: Moody's Withdraws 'Caa1' Corporate Family Rating


S W I T Z E R L A N D

ALLWYN INTERNATIONAL: Moody's Alters Outlook on 'Ba2' CFR to Stable
VERISURE HOLDING: Moody's Rates Secured Term Loans A & B 'Ba1'


U N I T E D   K I N G D O M

ASTON MARTIN: Moody's Lowers CFR to Caa1, Outlook Remains Stable
COLOR ESTATES: Leonard Curtis Named as Administrators
FLINT GROUP: Moody's Appends 'LD' Designation to PDR
GREAT HALL 2007-01: Moody's Hikes Series 2007-01 Ea Notes to B1
LANEBROOK MORTGAGE 2022-1: Moody's Ups Rating on Cl. F Notes to B2

SOUTHERN PACIFIC 05-B: S&P Affirms 'BB-(sf)' Rating on Cl. E Notes
TECH4U CONSULTING: Exigen Group Named as Administrators

                           - - - - -


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F R A N C E
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SNF GROUP: S&P Affirms 'BB+' ICR & Alters Outlook to Positive
-------------------------------------------------------------
S&P Global Ratings revised specialty chemicals producer SNF Group's
outlook to positive from stable, reflecting its view that SNF will
maintain credit metrics comfortably above rating-commensurate
levels over the next few years, supported by its disciplined
financial policy and resilient profitability.

S&P could raise the rating to 'BBB-' within the next 12 months if
SNF sustains its strong operating performance and conservative
financial policy, maintaining FFO to debt comfortably above 30% on
a consistent basis while preserving robust liquidity.

The outlook revision reflects S&P's expectation that the company is
likely to maintain strong credit metrics for the rating. This is
supported by the company's stable earnings and disciplined
financial management. Adjusted FFO to debt has remained above 40%
since 2023 and S&P expects it to stay around 35%-40% through 2027,
while S&P Global Ratings-adjusted debt to EBITDA should remain
close to 2.0x, consistent with a conservative leverage profile.
Even through a period of heavy investment and working capital
buildup, the company's credit metrics have remained solid,
reflecting its strong cash generation capacity. The group's
increased scale--with annual EBITDA now approaching EUR1
billion--supports ample headroom for SNF to maintain FFO to debt
well above 30%, while its profitability and cash generation provide
the flexibility to fund its EUR500 million-plus annual investment
plans without compromising credit metrics.

SNF's strong operating performance continues to support credit
metrics, underpinned by its leading global market positions and
resilient profitability. The company reported solid first-half 2025
results, with revenues up 5.5% year on year to EUR2.4 billion,
driven by 8.9% volume growth across most regions, partially offset
by modest price declines and currency headwinds. Company-defined
EBITDA reached EUR435 million in first-half 2025 (down from EUR441
million in first-half 2024), reflecting a resilient 18.1% margin
despite higher gas and raw material costs. This contrasts with the
wider chemicals industry environment, marked by difficult market
conditions and a series of downward guidance revisions for
full-year 2025 with the release of second-quarter results.

SNF continues to demonstrate exceptional resilience compared with
the broader specialty chemicals sector, which remains challenged by
weak industrial demand, price erosion, and cost inflation. The
company's ability to sustain mid-double-digit margins across
economic cycles--including during the 2015 oil price collapse, the
2020 pandemic, and the 2022-2023 inflation shock--is a comparative
strength versus its chemical sector peers. SNF's business model
benefits from strong vertical integration, scale efficiencies, and
diversified end markets spanning municipal water treatment,
oilfield, and mining applications. These features underpin SNF's
predictable earnings profile and cash generation, even in adverse
macroeconomic environments, positioning it favorably within the
global specialty chemicals peer group. Key resilience factors are
typical of specialty chemicals, with strong value-added
propositions for its key end markets, further supported by SNF's
clearly dominant market share worldwide and proven pricing power.

S&P said, "We anticipate some margin normalization in 2025-2026,
primarily due to reduced propylene prices, a key feedstock for
polyacrylamide (PAM), which accounts for about 83% of SNF's
production portfolio. Propylene prices in early 2025 were around
41% lower in Europe and 18% lower in the U.S. compared with early
2024, squeezing margins as selling prices adjust. Alongside mild
foreign exchange headwinds, this will likely limit further margin
expansion. Nevertheless, we expect S&P Global Ratings-adjusted
EBITDA of about EUR866 million in 2025, moderating slightly to
around EUR833 million in 2026, with earnings remaining robust in
the EUR830 million-EUR870 million range through 2027.

"Limited FOCF over our forecast horizon continues to reflect the
company's strategic reinvestments. We expect negative free
operating cash flow (FOCF) in 2025, turning neutral to modestly
positive in 2026, as the company continues to pursue its
disciplined but ambitious growth strategy. The temporary outflow in
2025 will primarily stem from working capital requirements of about
EUR150 million-EUR160 million, coupled with elevated capital
expenditure (capex) of EUR520 million-EUR530 million and
acquisition spending of roughly EUR100 million. This reflects SNF's
long-standing policy of reinvesting operating cash flows into
capacity expansion, vertical integration, and technological
upgrades, rather than shareholder distributions. This investment
policy has been a pillar of SNF's track record of EBITDA expansion.
With comparable capex levels planned in 2026 but a normalization of
working capital movements, we anticipate a return to neutral or
slightly positive FOCF, supported by stable earnings and continued
ample liquidity headroom. In addition, we consider the company's
EBITDA has grown to a size that allows it to more easily absorb
investments.

"Management has committed to maintaining financial metrics that we
view as consistent with an investment-grade rating. The group's
internal leverage commitment of a maximum 2.5x (equivalent to about
2.8x–3.0x under S&P Global Ratings' methodology), combined with
the company's long track record of prudent cash management and
minimal shareholder distributions, reinforces our confidence in the
sustainability of the credit profile. Management confirmed that, in
case of a downturn or underperformance, it would scale back
investments to preserve metrics. This mitigates a relative weakness
in FOCF, which is likely to persist, but with sustained strong
credit metrics. This renewed commitment, coupled with marginal if
any dividend distributions and a focus on self-funded growth,
reinforces our confidence in the quality of SNF's credit profile.
Overall, the company's strong operating fundamentals, conservative
balance sheet, and articulated financial policy support the
positive outlook. We could raise our ratings to 'BBB-' within the
next 12 months should these trends persist.

"The positive outlook reflects our strong expectation that we could
raise our ratings on SNF Group within the next 12 months if the
company continues to demonstrate sustained operating performance
and financial discipline, while maintaining FFO to debt comfortably
above 30% on a consistent basis. We believe SNF's stable earnings,
strong market position, and disciplined capital allocation support
further improvement in credit quality despite elevated investment
spending."

S&P could revise the outlook to stable if:

-- Market conditions weaken, reducing long-term growth prospects
or structurally eroding profitability.

-- The company undertakes large debt-funded acquisitions or
materially increases leverage, deviating from its financial policy
targets.

-- Free operating cash flow turns largely negative for a prolonged
period, signaling weaker cash generation capacity or inability to
adapt investments to industry conditions.

S&P said, "We could raise the ratings on SNF Group within the next
12 months if the company continues to generate and sustain positive
FOCF while maintaining FFO to debt comfortably above 30%,
consistent with our expectations for a higher rating. We would
expect continued financial discipline and leverage commitment to
support that rating upside."




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G R E E C E
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NAVIOS MARITIME: Moody's Assigns First Time Ba3 Corp. Family Rating
-------------------------------------------------------------------
Moody's Ratings has assigned a first-time Ba3 long-term corporate
family rating and Ba3-PD probability of default rating to Greece
based shipping company Navios Maritime Partners L.P. (Navios or the
company). In addition, Moody's assigned a B1 instrument rating to
the proposed $300 million senior unsecured notes maturing in 2030,
which will be used to refinance existing debt as well as for
general corporate purposes. The outlook is stable.

"The Ba3 rating reflects Navios' diversified shipping operations,
its relatively young fleet, and a substantial contracted revenue
backlog for the next 2.5 years," said Daniel Harlid, VP–Senior
Credit Officer at Moody's Ratings. "However, leverage and interest
coverage remain weaker than peers, despite strong business
fundamentals in the tanker and containership segments over the past
three years," Mr. Harlid added.

RATINGS RATIONALE

The Ba3 rating of Navios reflects its large and diversified fleet,
spanning the three main shipping segments: container, dry bulk, and
tanker. This level of diversification—unusual for companies of
Navios' size—provides resilience against sector-specific business
cycles, as these segments have historically shown low correlation
with each other. Furthermore, Navios operates a fleet of around 150
vessels with an average age of 11.4 years on a deadweight basis,
which is relatively young compared to the global fleet. A modern
fleet enhances fuel efficiency and reduces the risk of failing to
secure charter contracts, given increasing regulatory and
commercial emphasis on energy performance. Moody's also views
positively the company's order book, which includes both tankers
and container ships, a significant portion of which are already
backed by charter agreements with tenures of four to five years.
Further strengthening its business profile is that more than 50% of
available operating days through year-end 2028 are already
contracted for its tanker fleet, rising to over 70% for the
container shipping fleet, providing strong visibility on future
revenue and cash flow.

The rating is constrained by Navios' relatively weak interest
coverage, with EBIT-to-interest expense at 2.5x as of June 30,
2025. The company's Moody's-adjusted debt-to-EBITDA ratio of 3.4x
is also elevated compared with rated shipping peers, despite a
prolonged period of favorable market conditions in the tanker and
container segments. This reflects the company's decision to
maintain its debt levels over the past three years, whereas many
peers have prioritized deleveraging. Additionally, Navios' fleet is
fully encumbered, which, all else being equal, limits financial
flexibility and access to unencumbered assets for liquidity
purposes.

Corporate Governance was a driver in assigning the Ba3 rating,
where factors such as concentrated ownership and a history high
levels of related party transactions between Navios and its largest
shareholder is a ratings constraint.

ESG CONSIDERATIONS

The company's founder, Angeliki Frangou, is the group's CEO, Chair
of the Board as well as the company's largest shareholder with 17%
of common units but all general partner units. Although Navios'
limited partnership agreement contains mitigants to reduce
governance risks, such as the requirement for independent
directors, the establishment of audit and conflicts committees
composed solely of independent board members, and special approval
procedures for related party transactions, these measures do not
fundamentally offset the general partner's concentrated control.

Another risk is related to Navios' organizational structure, mainly
driven by related party transactions between the company's ship
manager Navios Ship Management Inc. and Navios Maritime Partners
L.P. which are both controlled by Angeliki Frangou. Having said
that, the agreement between the parties is public and detailed in
Navios' SEC filings.

LIQUIDITY

Navios liquidity is solid, with cash and cash equivalent of $388
million as of June 30, 2025 as well as access to a $95 million
revolving credit facility ($60 million currently available). In
addition, Moody's expects the company to generate around $500
million annually over the next two years. The company's committed
capex spend on newbuilt vessels over the next 18 months is
significant at over $800 million which, however, is already more or
less met with signed credit facilities. In addition, the company
makes around $250 million in annual debt repayments.

STRUCTURAL CONSIDERATIONS

The company's PDR of Ba3-PD, in line with the CFR, reflects the
agency's standard assumption of 50% family recovery, as is
customary for the structures with the combination of bond and bank
financing. The B1 rating of the bond, one notch below the CFR,
reflects its ranking behind a sizeable amount of financing secured
by vessels and vessel-owning subsidiaries. The B1 rating is further
anchored in the fact that Navios intends to free up a significant
amount of unencumbered assets by repaying secured debt with the
proceeds of the proposed $300 million bond. The B1 rating is
further contingent on Navios keeping its unencumbered assets ratio
at least above 25%. Should the ratio decrease below the threshold
this could result in downward rating pressure on the notes.

RATIONALE FOR THE STABLE OUTLOOK

Navios' stable outlook is underpinned by a very high proportion of
contracted revenue over the next 12–18 months, providing strong
visibility into revenue and cash flow generation. Under Moody's
base case, this supports a sustained Moody's-adjusted debt / EBITDA
ratio of around 3.4x, EBIT / interest expense coverage of
approximately 3.0x, and a retained cash flow (RCF) / net debt ratio
in the 20%–25% range. Moody's also expects the company to
maintain its current pace of dividend distributions and share
repurchases, consistent with its financial policy.

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

Positive rating pressure could develop if the company: (1)
decreases its debt/EBITDA ratio towards 3.0x; (2) improves its
EBIT/interest expense coverage ratio above 4.0x; (3) increases its
RCF/net debt ratio towards 25%; (4) increases the share of
unencumbered assets; and (5) expands its proportion of contracted
revenue.

Conversely, negative rating pressure could arise if: (1)
debt/EBITDA increases above 4.5x on a sustained basis; (2)
EBIT/interest expense remains below 3.0x; (3) RCF/net debt declines
below 15%; or (4) the company exhibits a more aggressive financial
policy or signs of deteriorating corporate governance.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping
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

Navios Maritime Partners L.P. is an international owner and
operator of dry bulk, container and tanker vessels. It is a master
limited partnership (MLP) formed in August 2007 under the laws of
the Republic of the Marshall Islands. The company's share is listed
on the NYSE with a market capitalisation of around $1.3 billion (as
of October 16, 2025). For the last twelve months ending on June 30,
2025, the company reported revenue of $1.3 billion and EBITDA of
720 million.




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I R E L A N D
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AQUEDUCT EUROPEAN 16: S&P Assigns B-(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Aqueduct European
CLO 16 DAC's c class A, B, C, D, E, and F notes. At closing, the
issuer also issued unrated class Z1, Z2, Z3, and subordinated
notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily broadly syndicated senior secured loans and bonds. The
portfolio's reinvestment period will end approximately 4.5 years
after closing. Under the transaction documents, the rated notes pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payments.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,830.35
  Default rate dispersion                                 544.94
  Weighted-average life (years)                             4.42
  Obligor diversity measure                               132.64
  Industry diversity measure                               20.31
  Regional diversity measure                                1.26

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.86
  Target 'AAA' weighted-average recovery (%)               36.95
  Target weighted-average spread (net of floors; %)         3.93
  Target weighted-average coupon (%)                        3.78

Rating rationale

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the target weighted-average spread (3.78%), the target
weighted-average coupon (3.93%), the target weighted-average
recovery rates at the 'AAA' level (36.95%), and the target
weighted-average recovery rates for all other rating levels
calculated in line with our CLO criteria for all classes of notes.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Until the end of the reinvestment period on April 25, 2030, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

"The CLO is managed by HPS Investment Partners CLO (UK) LLP, and
the maximum potential rating on the liabilities is 'AAA' under our
operational risk criteria.

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

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

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

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

Environmental, social, and governance

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

Aqueduct European CLO 16 DAC is a European cash flow CLO
securitization of a revolving pool, comprising mainly
euro-denominated leveraged loans and bonds. It is managed by HPS
Investment Partners CLO (UK) LLP.

  Ratings

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

  A      AAA (sf)   248.00   38.00     Three/six-month EURIBOR
                                       plus 1.30%

  B      AA (sf)     45.00   26.75     Three/six-month EURIBOR
                                       plus 1.80%

  C      A (sf)      24.00   20.75     Three/six-month EURIBOR
                                       plus 2.20%

  D      BBB- (sf)   28.00   13.75     Three/six-month EURIBOR
                                       plus 3.15%

  E      BB- (sf)    16.00    9.75     Three/six-month EURIBOR
                                       plus 5.25%

  F      B- (sf)     13.00    6.50     Three/six-month EURIBOR
                                       plus 8.15%

  Z-1    NR           0.10     N/A     N/A

  Z-2    NR           0.22     N/A     N/A

  Z-3    NR           0.10     N/A     N/A

  Sub notes   NR     26.30     N/A     N/A

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

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


PENTA CLO 16: S&P Assigns 'B-' Rating on Class F-R Notes
--------------------------------------------------------
S&P Global Ratings assigned credit ratings to Penta CLO 16 DAC's
class A-R, B-R, C-R, D-R, E-R and F-R notes. At closing, the issuer
had EUR29.40 million unrated subordinated notes outstanding from
the existing transaction and has also issued unrated class Z
notes.

Penta CLO 16 DAC is a European cash flow CLO transaction,
securitizing a portfolio of primarily senior secured leveraged
loans and bonds. This transaction is a reset of the already
existing transaction that closed in March 2024. S&P withdrew its
ratings on the existing classes of notes, which were fully redeemed
with the proceeds from the issuance of the replacement notes.
Partners Group CLO Advisers LP manages the transaction.

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

The portfolio's reinvestment period will end approximately five
years after closing and the non-call period will end two years
after closing.

The ratings assigned to Penta CLO 16 DAC's reset notes reflect
S&P's assessment of:

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

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

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

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

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

-- This transaction has a two-year non-call period and the
portfolio's reinvestment period will end five years after closing.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,805.91
  Default rate dispersion                                 458.94
  Weighted-average life (years)                             4.59
  Weighted-average life extended to cover
  the length of the reinvestment period (years)             5.00
  Obligor diversity measure                               125.40
  Industry diversity measure                               21.49
  Regional diversity measure                                1.17

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                          1.75%
  Actual target 'AAA' weighted-average recovery (%)       36.12%
  Actual target weighted-average spread (net of floors; %) 3.67%
  Actual target weighted-average coupon                    4.23%

Rationale

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.55%), the
covenanted weighted-average coupon (4.50%) and the actual
weighted-average recovery rate at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

"For the class F-R notes, our credit and cash flow analysis
indicate that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, we have applied
our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."

The ratings uplift for the class F-R notes reflects several key
factors, including:

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 27.04% (for a portfolio with a weighted-average
life of 5.00 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for five years, which would result
in a target default rate of 16%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F-R notes is commensurate with the
assigned 'B- (sf)' rating.

S&P said, "Until the end of the reinvestment period on Oct. 18,
2030, the collateral manager may substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

"We consider that the transaction's documented counterparty
replacement and remedy mechanisms mitigates its exposure to
counterparty risk under our current counterparty criteria.

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-R to E-R
notes based on four hypothetical scenarios. The results are shown
in the chart below.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average.

"For this transaction, the documents prohibit assets from being
related to certain industries. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

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

  A-R    AAA (sf)   248.00   38.00%   3-month EURIBOR plus 1.28%
  B-R    AA (sf)     44.00   27.00%   3-month EURIBOR plus 1.80%
  C-R    A (sf)      24.00   21.00%   3-month EURIBOR plus 2.05%
  D-R    BBB- (sf)   28.00   14.00%   3-month EURIBOR plus 2.80%
  E-R    BB- (sf)    18.00    9.50%   3-month EURIBOR plus 4.90%
  F-R    B-          13.00    6.25%   3-month EURIBOR plus 8.10%
  Z      NR           3.50      N/A   N/A
  Sub    NR          29.40      N/A   N/A

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

EURIBOR--Euro Interbank Offered Rate.
Sub—Subordinated notes.
NR--Not rated.
N/A--Not applicable.




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

AFE SA: S&P Lowers LongTerm ICR to 'SD' on Distressed Exchange
--------------------------------------------------------------
S&P Global Ratings lowered to 'SD' from 'CC' its long-term issuer
credit rating on AFE S.A. and lowered its issue rating on the
fund's senior secured notes to 'D' from 'C'. The ratings were then
withdrawn at the issuer's request.

On Oct. 20, 2025, AFE S.A., an alternative investment fund
registered in Luxembourg, announced it had completed the exchange
of its outstanding senior secured notes due in 2030. The company
exchanged EUR237.2 million of the notes for second-lien loans with
AFE at EUR0.55 per EUR1 or for second-lien loans with its holding
company at EUR0.45 per EUR1. At the same time, it repurchased
EUR94.9 million of its remaining bonds at EUR0.20 per EUR1.

S&P said, "We lowered the issuer credit rating to 'SD' and the
issue rating to 'D' because we consider the transaction to be a
distressed exchange and tantamount to default. Investors received
less value than promised in the original documentation."


TAKKO HOLDING 2: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed fashion retailer Takko Holding
Luxembourg 2 S.a.r.l.'s Long-Term Issuer Default Rating (IDR) at
'B' with a Stable Outlook and senior secured debt rating at 'BB-'
with a Recovery Rating of 'RR2'.

The rating reflects Takko's strong niche positioning in discount
apparel as a top company in Germany, good brand awareness and
resilient performance. Limited scale and concentrated operations
within basic wear and high reliance on the competitive German
market are mitigated by Takko's superior profitability, which
supports healthy free cash flow (FCF) generation, while its
moderate EBITDAR leverage is offset by tight coverage ratios due to
reliance on a fully leased store network.

The Stable Outlook reflects Fitch's expectation of steady store
expansion and margin trajectory, stabilising coverage metrics at
1.5x with limited deleveraging capacity from current moderate
levels. The Outlook is supported by satisfactory liquidity, despite
using excess cash for the recent partial payment-in-kind (PIK)
repayment, which Fitch treated as equity.

Key Rating Drivers

Strong Niche Positioning: Takko benefits from top three positioning
in its key markets of operations (particularly Germany) as a
fashion discounter. It has a well-known brand that led to some
market share gains. Focus on value for money has provided
resilience, with consumer appeal during recent inflationary period
despite weak consumer confidence. Its business model is based on
convenience stores located in proximity to discounter supermarkets,
in accessible retail parks or shopping areas, where around 80% of
the stores are located.

Superior, Resilient Profitability: The EBITDAR margin in financial
year to end-January 2025 (FY25), at close to 24.5%, is above the
average for retailers, indicating good ability to pass on
inflation. Takko's emphasis on basic clothing enables to minimise
fashion-related risks and benefit from extended lead times and
off-season ordering. This reduces sourcing and shipping costs. The
company could face higher costs if there were higher import duties,
as sourcing is concentrated in Asia (around 40% in China).

Takko designs in-house and capitalises on longer sourcing horizons
to lower purchase prices. This strategy is crucial for maintaining
the discounter model and any change could pressure the market
position. Fitch projects the EBITDAR margin will reduce towards a
more sustainable 24% after FYE25.

Limited Diversification: Takko heavily depends on Germany (65% of
its sales at end-July 2025), despite its presence in 17 countries.
Its product range consists primarily of mainstream and basic
clothing, mostly targeting middle-aged women on a budget. Takko's
portfolio is limited to a single format. Its presence in the
fast-growth online channel, which is increasing competition, is
limited.

Moderate Leverage; Growing Headroom: Fitch uses IFRS 16 reported
lease liabilities to compute lease-adjusted leverage metrics.
Takko's FY25 capital structure consisting of EUR350 million senior
secured notes, a EUR28 million revolving credit facility (RCF) and
a EUR175 million letter of credit facility (which Fitch does not
treat as debt) result in a 3.2x EBITDAR leverage, moderate for the
rating. Fitch treats the PIK loan, outside the restricted group, as
equity, in line with its methodology. Takko has used excess cash to
repay EUR80 million of the PIK, which is leverage neutral for
Fitch.

Beneficially Long Payment Terms: Takko uses letters of credit with
its mostly Asian suppliers. This enables deferred trade payments
and results in payable maturities above 100 days, longer than the
peers. This instrument allows suppliers to collect invoices earlier
by discounting the. Fitch believes the structure is sustainable,
with limited risk of terms changing. Fitch does not treat the use
of letters of credit as debt but believe that if they fell away
Takko would rely on RCF use. If payment terms were shortened, debt
or cash would need to cover the difference, increasing net debt.
This event risk is not factored into the rating.

Intensively Competitive Industry: Fashion retailers face
significant competitive pressures, heightened by a growing online
market and by the price-sensitive behaviour of budget consumers,
especially in eastern Europe, despite discounters benefiting from
some trade-down trends. Fitch expects consumer confidence to
recover from its current low, but the fashion discount segment
remains more resilient and less discretionary than other clothing
categories.

Manageable Environment, Social Risks: The clothing industry faces
increasing scrutiny of labour practices and environmental impact in
its supply chain by consumers and pressure groups, and is the
object of government regulation. Fitch views the company's approach
to these aspects as adequate. Fitch has not assumed acceleration of
regulatory initiatives over the rating horizon, but more stringent
regulation or careful purchasing patterns could affect Takko's cost
structure and demand for its products.

Tight Coverage Ratios: Takko's weak fixed-charge coverage ratios
due to a high share of leases and growing store network are
expected to stay around 1.5x, aligned with a 'B-' rating. This is
offset by the company's actively managed leased network, which
mitigates inflation, and a safe liquidity buffer. Contracts are
mostly fixed, mature and include frequent termination clauses. A
decrease in fixed-charge coverage ratios would indicate less
efficient property management or declining capital returns due to
weak strategy execution, potentially affecting ratings.

Credible Growth Plan: Fitch views Takko's expansion plan for store
openings as reasonable. Takko intends to implement improvement
measures, including revised pricing and markdowns, and a value
creation plan with headquarters savings. Fitch sees limited
execution risks, despite the competitive market environment. Fitch
anticipates annual like-for-like sales growth around 3.0%, leading
to FCF generation at 3% of revenues on average based on its
assessment of the sector and of Takko's strategy, which involves
limited expansion capex and quick payback periods.

Peer Analysis

Fitch rates Takko using its Non-Food Retail Navigator.

Takko has smaller scale and narrower portfolio diversification than
its non-food retail rated peers such as Pepco Group N.V
(BB/Stable), Ceconomy AG (BB/Rating Watch Positive) and EG Group
Limited (B/Stable), but it is more profitable than most non-food
peers with EBITDAR margins above 20%, due to its particularly
long-lead purchase mechanism.

Takko's concentration in basic wear, which is more essential,
increases its resilience compared with widely diversified peers
like El Corte Inglés, S.A. (BBB-/Positive) and Pepco, which supply
a wide variety of goods targeted at the same clientele.

Takko is reliant on Germany, as Maxeda DIY Holding B.V. (CCC+),
Mobilux Group SCA (B+/Stable) and FNAC Darty SA (BB+/Stable) are on
their home markets, while Ceconomy and Pepco benefit from a wider
geographical footprint. Takko's brick-and-mortar business model
lacks meaningful online sales, as for Pepco and EG Group.

Key Assumptions

- Like-for-like revenue growth of 2.5% on average in FY25-FY28

- EBITDA margin stabilising at around from 10% for FY25-FY28

- Capex of EUR30 million-40 million for FY25-FY28, including 1.5%
maintenance capex

- Annual non-recurring outflows of EUR5 million

- Stable net working capital flow

- PIK repayment of EUR41 million and EUR43 million

- No dividend distribution

Recovery Analysis

The recovery analysis assumes that Takko will be considered as a
going concern (GC) rather than liquidated in bankruptcy.

Fitch assumed a 10% administrative claim, which would be
unavailable during restructuring and therefore is deducted from the
enterprise value (EV).

The estimated GC EBITDA of EUR90 million reflects the level of
earnings required for the company to sustain operations as a GC in
unfavourable market conditions of shrinking volumes and with an
inability to pass on cost increases. Fitch assumed a 5x EV/EBITDA
multiple, reflecting Takko's healthy underlying operating and FCF
margins. This EV/EBITDA multiple is below Mobilux's 5.5x and
Douglas's 5.5x due to the latter's larger scale.

Takko's post-refinancing debt consists of super senior EUR28
million RCF and EUR175 million letters of credit facility, to which
Fitch is applying 30% discount and that Fitch treats as first
priority in its cash waterfall, together with the RCF and ahead of
the senior secured debt, which is EUR350 million.

Its waterfall analysis generates a ranked recovery for the senior
secured notes in the 'RR2' band, indicating a 'BB-' rating, two
notches above the IDR.

RATING SENSITIVITIES

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

- Deteriorating performance of the business, due to recessionary
environment, competition or lack of cost control, leading to
declining like-for-like sales and weaker EBITDAR

- Reduced liquidity headroom (including availability of letters of
credit) due to trading underperformance, aggressive financial
policy, or more pronounced seasonality, requiring a regularly drawn
RCF

- Sustained EBITDAR leverage over 4.5x

- EBITDAR fixed-charge coverage weakening below 1.2x on a sustained
basis

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

- Evidence of sustained like-for-like revenue growth improving to
above EUR150 million EBITDA and geographical diversification, along
with enhanced operating margins

- EBITDAR leverage falling below 3.5x

- EBITDAR fixed-charge coverage above 1.7x on a sustained basis

Liquidity and Debt Structure

Fitch expects Fitch-calculated available liquidity of around EUR63
million at FYE26 after restricting EUR30 million of cash for
intra-year working capital purposes and repaying EUR80 million of
PIK notes. Fitch expects the EUR28 million RCF to remain undrawn.

Fitch forecasts FCF generation to be positive, driven by strong
profitability, adequate working-capital management and moderate
capex needs. Refinancing will be addressed in a timely manner, with
senior secured notes maturing in 2030.

Liquidity is also boosted by a EUR175 million letter of credit.
Takko uses this for deferred payment purposes. It extends payment
terms by about 10 days beyond the standard period, resulting in an
average payable period of around 110 days. By using letters of
credit, Takko enables earlier invoice collection for suppliers.
Fitch does not classify then as debt, but their absence would
likely lead Takko to rely on the RCF to manage extended payment
terms. If payment terms were shortened, additional liquidity would
be needed to bridge the gap.

Issuer Profile

Takko is a leading European discounter in fashion retail, where it
holds a top-three market position in its niche German market.

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
   -----------                ------         --------   -----
Takko Fashion GmbH

   senior secured       LT     BB- Affirmed    RR2      BB-

Takko Holding
Luxembourg 2 S.a.r.l.   LT IDR B   Affirmed             B




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

ACHMEA BV: S&P Rates New Restricted Tier 1 Sub. Notes 'BB+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to
Netherlands-based insurance group Achmea B.V.'s (BBB+/Stable/--)
proposed restricted tier 1 (RT1) notes. The issue rating is subject
to its review of the notes' final terms and conditions. S&P expects
to classify the bonds as having intermediate equity content under
its criteria.

In accordance with S&P's methodology, it rates the proposed RT1
notes three notches below the 'BBB+' long-term issuer credit rating
(ICR) on Achmea; S&P deducts:

-- One notch to reflect the notes' subordination to the company's
senior bonds;

-- One notch to reflect the risk of a potential temporary
write-down of principal; and

-- One notch to reflect the notes' mandatory and unconditional
optional interest-cancellation features.

The notching to derive the rating on this instrument is wider than
the notching applied to rate some of Achmea's other subordinated
instruments because noteholders face a potential loss of principal
should a mandatory write-down trigger be breached.

S&P's rating analysis and equity content assessment take into
account its understanding that:

-- The noteholders are subordinated to senior creditors;

-- The issuer has unconditional discretion to cancel interest
payments;

-- Achmea has the option of deferring interest at its sole
discretion and at any time;

-- Interest cancellation is mandatory under certain circumstances,
including if the solvency condition is not met or if, under
Solvency II, Achmea's capital resources (own funds) are
insufficient to meet either the solvency capital requirement (SCR)
or the minimum capital requirement (MCR), or upon insufficient
distributable items;

-- The notes will be eligible as RT1 capital under Solvency II;
and

-- The notes will be written down if the amount of own funds
eligible to cover the SCR is equal to or less than 75% of the SCR,
the amount of own funds eligible to cover the MCR is equal to or
less than the MCR, or a breach of the SCR has occurred and not been
remedied within three months.

S&P said, "We do not consider the payment risk on these notes to be
materially greater than for the company's tier 2 hybrid notes,
which would also be required to defer coupons upon a breach of
Achmea's SCR. We view one notch as sufficient to reflect the
payment risk on these notes, as well as on the group's other
hybrids. In part, we base this on the SCR coverage level in the
past year, moderate SCR sensitivity, and management's intent to
maintain a healthy SCR. The SCR stood at 184% as of June 30, 2025.
That said, we will monitor Achmea's SCR coverage and capital plans
to assess whether the ICR adequately incorporates the payment risk
associated with Achmea's hybrid instruments.

"We include securities of this nature, up to a maximum of 30% of
capital, in our consolidated risk-based capital analysis of
insurance companies. The inclusion is subject to the notes being
considered eligible as regulatory own funds under Solvency II.

"We understand that the RT1 notes are perpetual but are callable at
par on Jan. 27, 2036, and every six months thereafter. The notes
carry a fixed interest rate that will be reset on July 27, 2036,
which marks the first reset date, and on every five years
thereafter. There is no step-up in the coupon rate if the notes are
not called on the first call date. In addition, Achmea can choose,
following a write-down of the principal, to reinstate the notes at
its discretion if certain conditions are met. Achmea has the option
of redeeming the notes at par before the first call date under
specific circumstances, such as for changes in accounting,
taxation, regulation, or rating methodology. After any such early
redemption, the notes must be replaced by an instrument of at least
the same quality.

"We assume Achmea will use the proceeds for general corporate
purposes, which may include, without limitation, the refinancing
and/or tender of existing debt.

"We forecast that, even after this issuance, Achmea's financial
leverage (debt plus hybrid capital, divided by the sum of
shareholder equity, debt, and hybrid capital), and fixed-charge
coverage (EBITDA divided by senior and subordinated debt interest)
will remain within our rating thresholds."


ALBERTIS FINANCE: Fitch Assigns 'BB+(EXP)' Rating on Hybrid Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Abertis Infraestructuras Finance B.V.'s
(Abertis Finance) proposed callable deeply subordinated capital
securities an expected rating of 'BB+(EXP)'. The Outlook is Stable.
The proposed securities will qualify for 50% equity credit. The
final rating is contingent on the receipt of final documents
conforming materially to the preliminary documentation reviewed.

The new hybrid notes will be guaranteed by Abertis Infraestructuras
S.A., and their proceeds will be used for part repayment of its
outstanding hybrid notes. These new securities are a tap issue of
the existing 4.746% EUR500 million perpetual notes issued in May
2025 with a first call date on 23 November 2030 (ISIN:
XS3074459994)

For further information see "Fitch Assigns Abertis's Hybrid
Securities Final 'BB+' Ratings; Outlook Stable" dated 23 May 2025

RATING RATIONALE

The notes are deeply subordinated, and coupon payments can be
deferred at the option of the issuer. These features are reflected
in the 'BB+(EXP)' rating, which is two notches lower than Abertis's
senior unsecured rating. The 50% equity credit reflects their
cumulative interest coupon, a feature that is more debt-like. The
new notes will rank equally with Abertis's 'BB+' rated outstanding
EUR2 billion hybrids issued during January 2021, November 2024 and
May 2025.

For further information on Abertis's rating, see 'Fitch Affirms
Abertis's IDR at 'BBB'; Stable Outlook', dated 29 September 2025.

KEY RATING DRIVERS

Ratings Reflect Deep Subordination: The proposed notes are rated
two notches below Abertis's senior unsecured rating of 'BBB', given
their deep subordination relative to senior obligations. The notes
will only rank senior to the claims of equity shareholders. Fitch
believes Abertis intends to maintain a consistent amount of hybrids
in the capital structure of EUR2 billion and therefore apply 50%
equity credit to the full amount of hybrid securities.

Equity Treatment: The new securities will qualify for 50% equity
credit as they are deeply subordinated, have a remaining effective
maturity of at least five years, and full discretion to defer
coupons for at least five years and limited events of default.
These are key equity-like characteristics, affording Abertis
greater financial flexibility. The interest coupon deferrals are
cumulative, a more debt-like feature, resulting in 50% equity
treatment and 50% debt treatment of the hybrid notes by Fitch.
Fitch treats coupon payments as 100% interest, despite the 50%
equity treatment.

Mandatory Interest Payment Possible: Abertis will be obliged to
make a mandatory settlement of deferred interest payments under
certain circumstances, including the declaration of a cash
dividend. Under the existing shareholders' agreement, the dividend
policy is flexible and may be adjusted to maintain an
investment-grade rating threshold. However, perceived deterioration
in the shareholders' agreement, leading to decreasing flexibility
in the dividend policy, could negatively affect the equity credit
of the hybrid notes.

Effective Maturity Date: The proposed hybrid is perpetual, but
Fitch considers its effective remaining maturity as the date from
which the issuer will no longer be subject to replacement language
(second step-up date), which discloses the company's intent to
redeem the instrument at its reset date with the proceeds of a
similar instrument or with equity. This is applicable even if the
coupon step-up is within Fitch's aggregate threshold of 100bp.

The equity credit of 50% would change to 0% five years before the
effective maturity date. The issuer will have the option to redeem
the notes in the three months immediately preceding and including
the first reset date, which is at least 5.75 years from the
expected issue date, and on any coupon payment date thereafter.

RATING SENSITIVITIES

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

- Fitch-adjusted leverage above 6.2x by 2025 under the Fitch rating
case

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

- Positive rating action is unlikely in the medium term given the
group's acquisitive strategy.

TRANSACTION SUMMARY

Abertis is a large Spanish-based infrastructure group with network
under management predominantly in Spain, France, Brazil, Chile, the
US and Mexico.

Date of Relevant Committee

26 September 2025

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           
   -----------                        ------           
Abertis Infraestructuras
Finance B.V.

   Abertis Infraestructuras
   Finance B.V./Toll Revenues
   - Second Lien - Expected
   Ratings/2                       LT

   EUR 250 mln hybrid capital
   instruments                     LT BB+(EXP)  Expected Rating


DUTCH MORTGAGE 2025-1: S&P Assigns Prelim. 'BB+' Rating on X Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Dutch
Mortgage Finance 2025-1 B.V.'s class A, B-Dfrd, C-Dfrd, D-Dfrd,
E-Dfrd, F-Dfrd, and X-Dfrd notes. At closing, the issuer will also
issue class R, S1, and S2 notes.

The pool comprises EUR808.51 million prime buy-to-let (BTL)
mortgage loans located in the Netherlands and mainly originated by
RNHB B.V. Vesting Finance Servicing B.V. conducts the primary
servicing, and RNHB B.V. is the master and special servicer. RNHB
focuses on the BTL and mid-market real estate lending business in
the Netherlands, targeting real estate investors, primarily
mid-sized and smaller investment firms, as well as independent
investors and affluent individuals. Unlike other lenders in the
Dutch BTL market, RNHB has traditionally targeted commercial or
mixed-use properties in addition to residential properties. S&P
believes its underwriting, origination, and risk management
policies and procedures are in line with market standards.

The capital structure has a fully sequential application of
principal proceeds. Therefore, credit enhancement can build up over
time, starting with the senior notes, enabling the structure to
withstand performance shocks. At closing, a fully-funded amortizing
reserve fund equal to 1.5% of 100/95 of the class A to F-Dfrd
notes' initial balance will provide liquidity and credit support
for the transaction. A floor is set at 1.5% of the class A to
F-Dfrd notes' outstanding balance at the step-up date. Further
liquidity is provided through the transaction's ability to use
principal receipts to pay senior fees and interest on the most
senior class of notes outstanding.

S&P classifies the properties that form the preliminary portfolio's
underlying security as 24% commercial and 14.2% partially
commercial-use (mixed-use) properties (according to its criteria).
Overall, they are within its 40% threshold for nonresidential
loans. However, these exposures can increase due to further
advances.

The seller is not a deposit-taking institution, and therefore the
transaction is not exposed to deposit setoff risk. The issuer is a
Dutch special-purpose entity, which S&P considers to be bankruptcy
remote.

The issuer is exposed to Coöperatieve Rabobank U.A. (Rabobank) and
ABN AMRO Bank N.V. as collection foundation account banks, U.S.
Bank Europe DAC as bank account provider, and NatWest Markets N.V.
and Citibank Europe PLC as swap counterparties. S&P expects the
replacement mechanisms to adequately mitigate the transaction's
exposure to counterparty risk in line with its counterparty
criteria.

S&P  said, "Our preliminary ratings address the timely payment of
interest and the ultimate payment of principal on the class A notes
and the ultimate payment of interest and principal on the other
rated notes if they are not the most senior class outstanding. Our
analysis reflects our view that, at the assigned ratings, the
senior fees and swap outflows, if any, will be paid on time."

  Preliminary ratings

  Class  Preliminary rating*  Class size (%)§

  A           AAA (sf)          87.75
  B-Dfrd      AA (sf)            3.75
  C-Dfrd      AA- (sf)           3.00
  D-Dfrd      A- (sf)            2.00
  E-Dfrd      BB+ (sf)           1.50
  F-Dfrd      CCC (sf)           2.00
  X-Dfrd      BB+ (sf)           2.00
  R           NR                  N/A
  S1          NR                  N/A
  S2          NR                  N/A

*S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and ultimate
repayment of interest and principal on the class B-Dfrd, C-Dfrd,
D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes.
§As a percentage of 95% of the pool for the class A to F-Dfrd
notes.
NR--Not rated.
N/A--Not applicable.




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

OBRASCON HUARTE: Moody's Withdraws 'Caa1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Ratings has withdrawn the ratings of Obrascon Huarte Lain
S.A. (OHLA), including its Caa1 corporate family rating and its
Caa1-PD probability of default rating. Concurrently, Moody's have
also withdrawn the Caa1 instrument rating on the backed senior
secured notes issued by subsidiary OHL Operaciones S.A.U. Prior to
the withdrawal, the outlook on both entities was stable.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

CORPORATE PROFILE

Headquartered in Madrid, Obrascon Huarte Lain S.A. (OHLA) is one of
Spain's leading construction groups. The group's activities include
its core engineering and construction business (including the
industrial division); and the development of concessions in
identified core markets in Europe, North America and Latin America.
In the last twelve months ending on June 30, 2025, OHLA generated
around EUR3.6 billion in sales and EUR169 million in
company-reported EBITDA (both excluding the Services division).

As of May 2025, OHLA's principal shareholders are the Mexican
Amodio family (22% stake) along with José Elias Navarro (9% stake)
and Andrés Holzer (8% stake). The remaining shares are in free
float, traded on the Spanish Stock Exchanges.




=====================
S W I T Z E R L A N D
=====================

ALLWYN INTERNATIONAL: Moody's Alters Outlook on 'Ba2' CFR to Stable
-------------------------------------------------------------------
Moody's Ratings has affirmed the Ba2 corporate family rating and
Ba2-PD probability of default rating of Allwyn International AG
(Allwyn, or the company). The outlook has changed to stable from
negative.

This rating action follows Allwyn's announcement on October 13,
2025[1] of a business combination with its Greek and Cypriot
subsidiary OPAP S.A. (OPAP) to form a single listed entity.
Structured as an all-share combination, the transaction values the
combined entity at approximately EUR16 billion. Allwyn's largest
shareholder KKCG will retain a 75.15   % economic ownership stake
in the resulting entity assuming no shareholders on the OPAP's side
will exercise its cash exit right in opposition to the combination.
The transaction is subject to shareholder approval, with closing
expected in Q2 2026.

RATINGS RATIONALE

Allwyn's proposed combination with OPAP strengthens the company's
positioning in the current rating category because, post
completion, it will:

-- rebalance the pro forma product mix towards gaming products
(characterised by higher growth rates than the more stable lottery
segment   ), adding to the company's diversification;

-- significantly reduce cash leakages associated with minority
shareholders;

-- provide access to equity capital markets and strengthen
Allwyn's governance practices, even though the company's
shareholding structure will remain fairly concentrated;

-- increase the transparency around Allwyn's shareholder
remuneration policies. Moody's projects a considerable increase in
ordinary dividends according to the outlined dividend policy,
albeit mitigated by the company's (i) cashflow-generative business
(ii) flexibility to opt for scrip dividends and (iii) retention of
a good liquidity position .

Because Moody's assesses Allwyn's credit profile on a fully
consolidated basis, i.e. already considering 100% of OPAP's
contribution to scale, business profile, earnings and indebtedness,
Moody's do not expect a meaningful impact on projected key credit
metrics.

Allwyn's credit quality continues to reflect the company's
predominant exposure to lotteries that typically drive more
resilient revenue and profitability compared to other gaming
activities; strong market shares; and geographical and distribution
channel diversification. Besides the abovementioned concentrated
ownership and near-term projected negative free cash flow due to
rising dividends and growth investments, Allwyn's credit profile is
constrained by a Moody's-adjusted gross leverage (consolidated)
trending towards the upper end of Moody's current rating guidance
through 2026 as a result of the recently-announced, largely
debt-funded acquisition of PrizePicks.

ESG CONSIDERATIONS

Governance considerations are a key driver of the rating action.
While the transaction introduces improvements in board independence
and transparency, the concentrated ownership and complex group
structure remain credit challenges. Allwyn's ESG Credit Impact
Score (CIS-3) indicates limited impact on the current rating, with
potential for greater influence over time.

OUTLOOK

The stable outlook reflects the expectation that Allwyn will abide
by its stated financial policies upon becoming a partially-listed
entity, so as to operate within the boundaries of its current
rating guidance.

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

Upward rating pressure could arise if:

-- The company sustains positive organic growth, withstands the
impact of potential adverse changes to regulatory environments,
successfully manages licenses renewal risk as well as execution and
integration of acquired businesses.

-- The company commits to more conservative financial policies and
consistently reduces leverage, so that its Moody's-adjusted gross
leverage on a consolidated basis falls well below 3.25x.

-- The holding company generates strong cash flow on a sustained
basis and maintains solid liquidity to service upcoming debt
maturities, cutting back dividend and M&A spending when necessary.

Downward rating pressure would arise if Allwyn's:

-- Organic revenue declines, changes to the regulatory
environments negatively impact the company's earnings and cashflows
or in case of missteps with regards to license renewals.

-- Moody's-adjusted gross leverage remains above 4.25x on a
consolidated basis or its Moody's-adjusted FCF remains negative on
a sustained basis.

-- The consolidated group's liquidity weakens or financial
policies become less conservative, with significant debt-financed
acquisitions or material shareholder distributions.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
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

Allwyn is a leading European lottery and gaming operator with
significant market shares in key jurisdictions including the UK,
Greece, Austria, Italy, and the Czech Republic. The company
benefits from a diversified product and geographic footprint, with
a strong presence in resilient lottery segments and growing digital
channels. Following the combination with OPAP, Allwyn will become
one of the largest listed lottery and gaming operators globally.


VERISURE HOLDING: Moody's Rates Secured Term Loans A & B 'Ba1'
--------------------------------------------------------------
Moody's Ratings has assigned Ba1 ratings to Verisure Holding AB's
EUR1.215 billion backed senior secured term loan A and planned
EUR1.25 billion backed senior secured term loan B.  Moody's also
assigned a Ba1 rating to the proposed upsized EUR950 million backed
senior secured multi-currency revolving credit facility (RCF)
issued by Verisure Holding AB.

Verisure Midholding AB's (Verisure or the company) Ba1 long-term
corporate family rating and its Ba1-PD probability of default
rating are unaffected by its planned refinance.

The Ba1 ratings of the backed senior secured bank credit facilities
and the backed senior secured notes issued by Verisure Holding AB
are also unaffected. Furthermore, the Ba3 rating of the senior
unsecured notes issued by Verisure Midholding AB is unaffected.

The outlook on both entities is also unaffected.

RATINGS RATIONALE

The EUR2.465 billion raised from the new issuance, combined with
EUR3.1 billion from Verisure's recent initial public offering
(IPO), repaid approximately EUR5 billion of currently outstanding
senior secured and senior unsecured notes and reduced EUR313.3
million in revolving credit facility (RCF) drawings.

On October 08, 2025, Moody's upgraded Verisure's CFR to Ba1 from B1
following the completion of its IPO, which enhanced the company's
financial flexibility through access to public equity markets,
significantly reduced its leverage, and improved its liquidity.

Moody's anticipates that the company's Moody's-adjusted
debt-to-EBITDA ratio will decrease to about 3.2x by the end of
2025, down from 5.3x in December 2024. Moody's expects leverage to
fall further to well below 3x over the next 18 months, driven by
continued earnings growth. This debt reduction should also enhance
the company's interest coverage metrics, with Moody's-adjusted
EBITA-to-interest that Moody's expects to exceed 6x within the next
18 months, compared to 2.4x in 2024. From 2026 onwards, Moody's
foresees the company generating positive Moody's adjusted free cash
flow, marking a turnaround from its history of consistently
producing negative free cash flow in recent years.

ESG CONSIDERATIONS

Governance considerations include Verisure's adoption of a
conservative financial policy following its IPO. The company aims
to reduce its net leverage to approximately 2.50x to 2.75x by the
end of 2026, down from about 3.0x immediately post-IPO, and plans
to maintain net leverage around 2.5x thereafter. Verisure intends
to uphold a progressive dividend policy, targeting ordinary
dividend payouts of about 30 to 40 per cent of adjusted net profit.
The company plans to initiate its dividend in the second half of
2026. In the medium term, it may also return excess capital to
shareholders through share buybacks and special dividends, while
consistently adhering to its 2.5x net leverage target.

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

Moody's could upgrade the ratings if Verisure establishes a track
record as a public company with solid performance and consistent
EBITDA growth while maintaining a Moody's-adjusted debt-to-EBITDA
ratio below 2.75x. An upgrade would also require demonstrating
adherence to its financial policy and consistently generating
substantial positive Moody's-adjusted free cash flow. For an
upgrade, Verisure would need a capital structure consistent with an
investment-grade rating and a significantly reduced influence of
existing shareholders on the board.

The ratings could be downgraded if Verisure's revenue and EBITDA
deteriorate, or if the company pursues an overly aggressive
customer acquisition strategy that causes the Moody's-adjusted
debt-to-EBITDA ratio to exceed 3.5x on a sustained basis.
Consistently negative Moody's-adjusted free cash flow or weak
liquidity could also prompt a downgrade.

PRINCIPAL METHODOLOGY

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

PROFILE

Headquartered in Versoix, Switzerland, Verisure is a leading
provider of professionally monitored alarm solutions. The company
designs, sells, and installs alarm systems, offering ongoing
monitoring services to residential and small business customers
across 17 countries in Europe and Latin America. In the last twelve
months ending June 30, 2025, Verisure generated approximately
EUR3.6 billion in revenue.




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

ASTON MARTIN: Moody's Lowers CFR to Caa1, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings has downgraded Aston Martin Lagonda Global Holdings
plc's (AML or Aston Martin) corporate family rating to Caa1 from B3
and the probability of default rating to Caa1-PD from B3-PD.
Concurrently, Moody's have downgraded to Caa1 from B3 the
instrument ratings of the backed senior secured notes due 2029 and
issued by Aston Martin Capital Holdings Limited, which are split
into tranches of $1,050 million, GBP465 million and GBP100 million.
The outlook on both entities remains stable.

"The downgrade of Aston Martin's ratings to Caa1 reflects Moody's
views that the company will require further liquidity injections
over the next year to offset continued cash burn as a result of the
weaker than expected performance", says Timo Fittig, Assistant Vice
President-Analyst at Moody's Ratings. "However, it is likely that
its key shareholders will remain supportive, which has always been
an important consideration for Aston Martin's ratings and the
current stable outlook", adds Fittig.

RATINGS RATIONALE

On October 06, AML released a trading update that included a
downward revision of its guidance for financial year 2025. Among
other points, the company now expects total wholesale volumes in
2025 to decline by a mid- to high-single-digits percentage
year-on-year, compared to previously expected modest growth. AML
also no longer expects to generate positive free cash flow in the
second half of the year.

Although the company has taken steps to improve its liquidity,
including the sale of its stake in AMR GP, Moody's now forecast
AML's liquidity to weaken considerably over the coming months.
Moody's forecasts the company to burn more than GBP400 million of
cash in 2025, following cash consumption that already exceeded
GBP300 million in the first half of the year. Moody's also
anticipates that free cash flow will remain deeply negative in
2026, contrary to Moody's previous expectation of a break-even free
cash flow, although materially improved compared with 2025 driven
by further new core model launches and the Valhalla Special.

The higher-than-anticipated cash burn means AML will likely need to
raise additional liquidity in early 2026, either through new debt
or equity issuance. While it is possible that its key shareholders
remain supportive and will continue injecting equity as needed, the
company's liquidity position looks increasingly weak. Moody's
understands that AML will revisit its capital spending plan for the
next five years as part of a broader product cycle plan review,
which could significantly reduce cash burn. For 2025, AML has
already reduced its capital expenditure guidance from GBP400 to
GBP375 million and expects a decline in its SG&A cost by about 10%
as a result of its ongoing cost reduction programmes.

Moody's upgraded AML's ratings to B3 in March 2024 following the
successful refinancing of its entire capital structure, based on
Moody's expectations of significant revenue growth toward GBP2
billion in 2025. At the time, Moody's believed the company could
achieve break-even free cash flow by 2025, supported by its fully
renewed product lineup. While Moody's still view positive free cash
flow generation as achievable, Moody's now expect that AML will
need until at least 2027 to achieve that milestone. Given the 2029
maturity of its GBP1.3 billion equivalent in outstanding bonds, the
company must improve its operating performance rapidly over the
next couple of years.

ESG CONSIDERATIONS

AML's ratings also reflect a number of environmental, social and
governance (ESG) related risks, including environmental and social
considerations that are inherent to the automotive industry, but
more specifically governance-related risks. The company's record of
performance against its own guidance has been poor in the past and
this is reflected in Moody's overall governance assessment of G-5.
Governance considerations were a key driver of the rating action.
In addition to lowering the governance score, Moody's also reduced
Moody's overall credit impact score to CIS-5 from CIS-4, indicating
that the rating could be multiple notches higher if ESG risk
exposures did not exist.

OUTLOOK

The stable outlook reflects Moody's expectations that AML will
gradually reduce its cash burn over the next quarters, although
still negative, and that the company may offset the cash burn by
raising additional liquidity. The outlook further assumes that the
company will return to revenue growth in 2026, supported by
Valhalla deliveries.

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

Although unlikely in the short term, an upgrade would require AML's
Moody's-adjusted Debt/EBITDA to sustainably decrease below 7.0x,
Moody's-adjusted EBITA/Interest to sustainably improve to around
1.0x, and AML's liquidity to be adequate supported by a
Moody's-adjusted free cash flow at around break-even.

The ratings could be downgraded if AML fails to raise additional
liquidity to offset the expected cash burn. A prolonged decline in
AML's revenue and Moody's-adjusted EBITDA and continued substantial
cash burn could also lead to a rating downgrade.

LIQUIDITY PROFILE

Moody's considers AML's liquidity to be weak. As of June 30, 2025,
the company had GBP124 million of cash on the balance sheet and
access to its GBP170 million revolving credit facility (RCF) due in
December 2028. The RCF was partly drawn with GBP110 million
available. In addition, the company has an inventory repurchase
programme in place.

AML's RCF is subject to a springing net leverage covenant which is
tested when the facility is drawn by more than 40%, offset by the
amount of cash on balance sheet, and Moody's there expect that the
company will likely retain some headroom based on the test
conditions defined by the covenant, despite the persistently very
high financial leverage.

In the third quarter, AML completed the sale of shares it held in
AMR GP Holdings Limited, the Aston Martin Formula 1 team. The net
proceeds of about GBP108 million improve the company's liquidity
and help offsetting the continued cash burn which Moody's estimates
to have been of a similar magnitude during the quarter.

Following AML's recent trading update, Moody's now forecast the
company's free cash flow (Moody's-adjusted) to remain substantially
negative through 2025, with cash burn likely exceeding GBP400
million, similar to 2024. Contrary to Moody's previous
expectations, Moody's now expects AML to continue burning cash in
2026, although at a lower level. If the company is able to deliver
the Valhalla model as planned and overall volumes return to growth,
Moody's estimates free cash flow could materially improve but
remain negative by up to GBP200 million. As a result, Moody's
anticipates that the company will need to raise additional
liquidity in early 2026.

STRUCTURAL CONSIDERATIONS

The Caa1 instrument ratings of the backed senior secured notes due
in March 2029, split into tranches of $1,050 million, GBP465
million and GBP100 million, are aligned with the Caa1 CFR, despite
the priority position of the GBP170 million super senior RCF and
because of its moderate size compared to the GBP1.3 billion
equivalent of backed senior secured notes. The backed senior
secured notes have been issued by Aston Martin Capital Holdings
Limited, while the RCF is borrowed by Aston Martin Lagonda
Limited.

The shared security and guarantee package for the notes and RCF is
includes about 98% coverage of AML's EBITDA and over 95% of AML's
assets (at issuance), including significant intellectual property.
Other debt includes various working capital financing arrangements
and some smaller debt facilities.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automobile
Manufacturers published in October 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.

CORPORATE PROFILE

Based in Gaydon in the UK, Aston Martin Lagonda Global Holdings plc
is a luxury car manufacturer and has generated just under GBP1.6
billion of revenue from the sale of 6,030 cars (based on wholesale
units) in 2024. AML is a UK-listed business and its largest
shareholder is Yew Tree Overseas Limited, a consortium led by the
executive chairman of the company Lawrence Stroll. As of March
2025, Yew Tree controls c.29% of AML's shares, followed by Saudi
Arabia's PIF with a stake of c.19%, Geely Automobile Holdings
Limited (Ba1 stable) with c.14% and Mercedes-Benz Group AG (A2
stable) with c. 8%.


COLOR ESTATES: Leonard Curtis Named as Administrators
-----------------------------------------------------
Color Estates 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-2025-007076, and Nick Myers and Alex Cadwallader of Leonard
Curtis were appointed as administrators on Oct. 10, 2025.  

Color Estates engaged in the buying and selling of own real
estate.

Its registered office is at 13 The Courtyard Timothys Bridge Road,
Stratford-Upon-Avon, Warwickshire, CV37 9NP

Its principal trading address is at Windsor Place, Windsor Street,
Stratford-Upon-Avon, CV37 6NL

The joint administrators can be reached at:
       
          Nick Myers
          Alex Cadwallader
          Leonard Curtis
          5th Floor, Grove House
          248a Marylebone Road
          London, NW1 6BB

For further details, contact:

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

Alternative contact:

          Natasha Phillimore


FLINT GROUP: Moody's Appends 'LD' Designation to PDR
----------------------------------------------------
Moody's Ratings has appended a Limited Default (/LD) designation to
Flint Group TopCo Limited's (Flint Group) Probability of Default
Rating, changing it to Caa2-PD/LD from Caa2-PD, following the
completion of a distressed exchange. The /LD designation indicates
a limited default event and will be removed in approximately three
business days.

On September 25, the company successfully completed an amend and
extend transaction, with strong support from lenders (well above
the required 75% threshold was received), which extended the
maturity date of the Flint Group Midco Limited debt by one year to
December 2027 from December 2026. Concurrently the maturity of the
Flint Group TopCo Limited debt was also extended one year to
December 2028 from December 2027. A further extension of the debt
consolidated at Flint Group MidCo Limited is pending responses from
lenders which would extend the maturity to September 2028 from
December 2027. Moody's views the transaction as a distressed
exchange due to the highly leveraged unsustainable capital
structure of the consolidated Flint Group TopCo Limited and lack of
access to the capital markets for a standard refinancing.

Flint Group TopCo Limited is one of the largest global producers
and integrated suppliers of inks, with a wide range of support
services for the printing industry. For the twelve months ended
December 31, 2024 the company generated revenue of approximately
EUR1.5 billion.


GREAT HALL 2007-01: Moody's Hikes Series 2007-01 Ea Notes to B1
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 9 notes in Great Hall
Mortgages No. 1 Plc Series 2007-01, Great Hall Mortgages No. 1 Plc
Series 2007-02, Southern Pacific Financing 05-B Plc and Southern
Pacific Financing 06-A Plc.  The rating action reflects the
increased levels of credit enhancement for the affected notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

Issuer: Great Hall Mortgages No. 1 Plc Series 2007-01

GBP47.1M Class Ba Notes, Affirmed Aaa (sf); previously on Jun 15,
2022 Upgraded to Aaa (sf)

EUR55.6M Class Bb Notes, Affirmed Aaa (sf); previously on Jun 15,
2022 Upgraded to Aaa (sf)

GBP14M Class Ca Notes, Affirmed Aaa (sf); previously on Jun 15,
2022 Upgraded to Aaa (sf)

EUR33.4M Class Cb Notes, Affirmed Aaa (sf); previously on Jun 15,
2022 Upgraded to Aaa (sf)

GBP19M Class Da Notes, Upgraded to Aa1 (sf); previously on Jun 15,
2022 Upgraded to Aa2 (sf)

EUR22.9M Class Db Notes, Upgraded to Aa1 (sf); previously on Jun
15, 2022 Upgraded to Aa2 (sf)

GBP14.5M Class Ea Notes, Upgraded to Ba1 (sf); previously on Jun
15, 2022 Upgraded to Ba2 (sf)

Issuer: Great Hall Mortgages No. 1 Plc Series 2007-02

GBP75.2M Class Ba Notes, Affirmed Aaa (sf); previously on Jun 15,
2022 Upgraded to Aaa (sf)

GBP9M Class Ca Notes, Affirmed Aaa (sf); previously on Jun 15,
2022 Upgraded to Aaa (sf)

EUR42.1M Class Cb Notes, Affirmed Aaa (sf); previously on Jun 15,
2022 Upgraded to Aaa (sf)

GBP2M Class Da Notes, Upgraded to Aa3 (sf); previously on Jun 15,
2022 Upgraded to A2 (sf)

EUR28M Class Db Notes, Upgraded to Aa3 (sf); previously on Jun 15,
2022 Upgraded to A2 (sf)

GBP7.5M Class Ea Notes, Affirmed B3 (sf); previously on Jun 15,
2022 Affirmed B3 (sf)

EUR10M Class Eb Notes, Affirmed B3 (sf); previously on Jun 15,
2022 Affirmed B3 (sf)

Issuer: Southern Pacific Financing 05-B plc

GBP19.2M Class C Notes, Affirmed Aaa (sf); previously on Jun 11,
2024 Upgraded to Aaa (sf)

GBP21.6M Class D Notes, Upgraded to A2 (sf); previously on Jun 11,
2024 Upgraded to Baa1 (sf)

GBP7.2M Class E Notes, Upgraded to B2 (sf); previously on Jun 11,
2024 Upgraded to B3 (sf)

Issuer: Southern Pacific Financing 06-A plc

GBP14.7M Class B Notes, Affirmed Aaa (sf); previously on Jun 11,
2024 Upgraded to Aaa (sf)

GBP19.1M Class C Notes, Upgraded to Aa1 (sf); previously on Jun
11, 2024 Upgraded to A1 (sf)

GBP9.5M Class D1 Notes, Upgraded to Ba2 (sf); previously on Jun
11, 2024 Affirmed Ba3 (sf)

GBP3.8M Class E Notes, Affirmed Caa2 (sf); previously on Jun 11,
2024 Affirmed Caa2 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in the transactions.

For instance in Great Hall Mortgages No. 1 Plc Series 2007-01, the
credit enhancement for Classes D and E increased to 18.98% and
9.04%, respectively, from 11.29% and 5.38% since the last rating
action. Similarly, in Great Hall Mortgages No. 1 Plc Series
2007-02, the credit enhancement for Classes D rose to 17.07% from
9.82%. In Southern Pacific Financing 05-B Plc, the credit
enhancement for Classes D and E increased to 36.09% and 19.84%,
respectively, from 28.5% and 15.56%. In Southern Pacific Financing
06-A Plc, the credit enhancement for Classes C and D1 rose to
54.06% and 25.38%, respectively, from 43.75% and 20.53%.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.

The performance of the transactions has continued to be stable in
the past year. For instance, in Great Hall Mortgages No. 1 Plc
Series 2007-01 and in Great Hall Mortgages No. 1 Plc Series
2007-02, 90 days plus arrears have shown a relatively steady trend
over the past year. Cumulative losses are also stable, currently at
2.47% and 2.73% of original pool balance from 2.46% and 2.71% a
year earlier. Similarly, in Southern Pacific Financing 05-B Plc and
Southern Pacific Financing 06-A Plc, 90 days plus arrears have been
stable and cumulative losses have remained broadly unchanged at
1.68% and 3.21% of original pool balance from 1.68% and 3.20% a
year earlier.

Moody's maintained the expected loss assumption as a percentage of
original balance (OB) at 3.24% and 3.75% respectively for Great
Hall Mortgages No. 1 Plc Series 2007-01 and Great Hall Mortgages
No. 1 Plc Series 2007-02. Moody's slightly decreased the expected
loss assumption as a percentage of original balance (OB) to 2.03%
from 2.10% for Southern Pacific Financing 05-B Plc and maintained
it at 3.69% for Southern Pacific Financing 06-A Plc. The
corresponding expected loss assumptions as a percentage of current
balance are 4.55%, 5.66%, 7.41% and 8.38% respectively for Great
Hall Mortgages No. 1 Plc Series 2007-01, Great Hall Mortgages No. 1
Plc Series 2007-02, Southern Pacific Financing 05-B Plc and
Southern Pacific Financing 06-A Plc.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's have maintained the MILAN Stressed Loss
assumption at 15.10% and 15.20% for Great Hall Mortgages No. 1 Plc
Series 2007-01 and Great Hall Mortgages No. 1 Plc Series 2007-02,
while Moody's increased the MILAN Stressed Loss assumption to
20.70% and 21.4% from 18.7% and 19.10% respectively for Southern
Pacific Financing 05-B Plc and Southern Pacific Financing 06-A
Plc.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


LANEBROOK MORTGAGE 2022-1: Moody's Ups Rating on Cl. F Notes to B2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of two notes in Lanebrook
Mortgage Transaction 2021-1 plc and four notes in Lanebrook
Mortgage Transaction 2022-1 PLC. The rating action reflects the
increased levels of credit enhancement for the affected notes and
better than expected collateral performance for Lanebrook Mortgage
Transaction 2022-1 PLC.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

Issuer: Lanebrook Mortgage Transaction 2021-1 plc

GBP301.84M Class A Notes, Affirmed Aaa (sf); previously on Jul 28,
2023 Affirmed Aaa (sf)

GBP15.44M Class B Notes, Upgraded to Aaa (sf); previously on Jul
28, 2023 Upgraded to Aa1 (sf)

GBP13.72M Class C Notes, Upgraded to Aa2 (sf); previously on Jul
28, 2023 Affirmed Aa3 (sf)

GBP8.58M Class D Notes, Affirmed A3 (sf); previously on Jul 28,
2023 Affirmed A3 (sf)

GBP3.43M Class E Notes, Affirmed Baa3 (sf); previously on Jul 28,
2023 Upgraded to Baa3 (sf)

Issuer: Lanebrook Mortgage Transaction 2022-1 PLC

GBP299.98M Class A Notes, Affirmed Aaa (sf); previously on Jul 28,
2023 Affirmed Aaa (sf)

GBP17.14M Class B Notes, Affirmed Aa1 (sf); previously on Jul 28,
2023 Upgraded to Aa1 (sf)

GBP8.57M Class C Notes, Upgraded to Aa3 (sf); previously on Jul
28, 2023 Upgraded to A1 (sf)

GBP6.86M Class D Notes, Upgraded to A3 (sf); previously on Jul 28,
2023 Upgraded to Baa2 (sf)

GBP5.14M Class E Notes, Upgraded to Baa3 (sf); previously on Jul
28, 2023 Upgraded to Ba2 (sf)

GBP5.14M Class F Notes, Upgraded to B2 (sf); previously on Jul 28,
2023 Upgraded to Caa1 (sf)

RATINGS RATIONALE

The rating action is prompted by decreased key collateral
assumptions, namely the MILAN Stressed Loss assumption of Lanebrook
Mortgage Transaction 2022-1 PLC, due to better than expected
collateral performance and an increase in credit enhancement for
the affected tranches.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in these transactions.

For instance, the credit enhancement for the Class B tranche in
Lanebrook Mortgage Transaction 2021-1 plc affected by the rating
action increased to 12.56% from 9.00% since closing.

Similarly, the credit enhancement for the Class C tranche in
Lanebrook Mortgage Transaction 2022-1 PLC affected by the rating
action increased to 7.47% from 6.50% since closing.

In addition, the transaction's excess spread has remained stable
over the past year, ranging between 0.41% and 0.49%, underscoring
the deal's continued ability to cover its running costs. Moody's
expects the excess spread to improve further as the underlying
loans in the portfolio reset over the next two years. Moreover, a
turbo feature - set to become effective from the step-up date in a
year's time - enhances the notes' credit profile by preventing cash
leakage from the transaction.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.

For Lanebrook Mortgage Transaction 2021-1 plc the performance has
continued to be stable since the last rating action. 90 days plus
arrears currently stand at 0.49% of current pool balance showing a
stable trend over the past year. Cumulative losses currently stand
at 0.00% of original pool balance.

For Lanebrook Mortgage Transaction 2022-1 PLC the performance has
continued to be stable since the last rating action. 90 days plus
arrears currently stand at 0.06% of current pool balance showing a
stable trend at low levels over the past year. Cumulative losses
currently stand at 0.00% of original pool balance.

For Lanebrook Mortgage Transaction 2021-1 plc Moody's maintained
the expected loss assumption at 0.99% as a percentage of original
pool balance, which corresponds to an expected loss assumption of
1.46% as a percentage of current pool balance.

For Lanebrook Mortgage Transaction 2022-1 PLC Moody's maintained
the expected loss assumption at 1.00% as a percentage of original
pool balance, which corresponds to an expected loss assumption of
1.19% as a percentage of current pool balance.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolios to incur in a severe economic
stress. As a result, Moody's have decreased the MILAN Stressed Loss
assumption for Lanebrook Mortgage Transaction 2022-1 PLC to 9.20%
from 11.80%. Moody's have maintained Lanebrook Mortgage Transaction
2021-1 plc's MILAN Stressed Loss at 10.60%.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


SOUTHERN PACIFIC 05-B: S&P Affirms 'BB-(sf)' Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)' from 'A+ (sf)' and to 'AA
(sf)' from 'A+ (sf)' its credit ratings on Southern Pacific
Financing 05-B PLC's class C and D notes.  At the same time, S&P
affirmed its 'BB- (sf)' rating on the class E notes.  S&P has
resolved the UCO placements of all classes of notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information as of the September 2025
investor report.

Performance has shown minor deterioration since S&P's previous
review in December 2024. As per the September 2025 investor report,
arrears have increased to 35.26% from 32.5%. The increase in
arrears primarily reflects the reduced pool size rather than an
actual increase in arrears.

Cumulative losses have stayed stable at 1.68% since S&P's previous
review.

S&P said, "Our weighted-average foreclosure frequency (WAFF)
assumptions are slightly lower at all rating levels, reflecting the
application of our originator adjustment at the loan level.
However, the positive effect of this adjustment was offset by the
impact of higher arrears. Following a decrease in the current
loan-to-value ratio due to higher house prices, our
weighted-average loss severity assumptions have declined.

"Considering the transaction's historical loss severity levels, the
latest available data suggests that the portfolio's underlying
properties may have only partially benefited from rising house
prices, so we have therefore applied a haircut to the property
valuations to reflect this."

  Portfolio WAFF and WALS

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

  AAA           51.08     18.67      9.54
  AA            48.21     12.59      6.07
  A             46.54      3.99      1.85
  BBB           44.53      2.00      0.89
  BB            42.19      2.00      0.84
  B             41.61      2.00      0.83

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

The reserve fund is slightly below target by GBP1,259 due to a
withdrawal made in September 2022, and it is not amortizing after
breaching 90+ days arrears and cumulative loss triggers. The
liquidity facility is at target, and it is amortizing. Given the
sequential amortization, credit enhancement has increased since our
previous review.

Like other non-conforming transactions with exposure to LIBOR-based
loans, both fixed- and floating-rate fees for this transaction have
previously exceeded their historical averages largely due to legal
complexities associated with the LIBOR transition. However, fee
levels are no longer elevated and are now declining, which is
beneficial from a cash flow perspective.

S&P said, "The application of our revised counterparty criteria no
longer constrains the ratings in this transaction. The notes were
capped due the exposure to the bank account provider, Barclays Bank
PLC, which failed to take remedial actions in 2012 when it was
downgraded. Under the revised criteria, we can remove the cap if we
believe there is sufficient available credit enhancement, if a
reason for the failure to implement a committed remedial action is
provided, and if we believe the transaction's performance is
satisfactory.

"Given the high level of available credit enhancement, the
transaction's robust performance, and the fact that Barclays Bank
attempted to remedy following its downgrade but ultimately decided
against this due to potential operational risks arising from a
replacement, we removed the cap on the notes.

"Considering our updated credit and cash flow analysis results, we
believe that the available credit enhancement for the class C and D
notes is sufficient to withstand higher rating stresses. We
therefore raised our ratings on these notes.

"The class E notes face some minor shortfalls at the current rating
level in our standard cash flow analysis in a high prepayment
scenario. However, given that we don't expect higher prepayment
levels in this transaction and considering the minimal shortfalls,
positive credit enhancement, and fully funded reserve fund, we
affirmed our rating on the class E notes.

"We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and loss
severity, to determine our forward-looking view. We considered the
sensitivity of the ratings to increased defaults, extended
recoveries, and higher interest rates, and the ratings remain
robust. Given its high seasoning (247 months), the transaction has
a low pool factor (4.80%), which tends to amplify movement in
arrears. We have considered the tail-end risk associated with the
low pool factor in our analysis."

The loan pool comprises first- and second-ranking mortgages on
properties in England, Wales, and Northern Ireland, and standard
securities on properties in Scotland. Southern Pacific Financing
05-B is a U.K. nonconforming RMBS transaction originated by
Southern Pacific Mortgage Ltd.


TECH4U CONSULTING: Exigen Group Named as Administrators
-------------------------------------------------------
Tech4u Consulting Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Manchester, Court Number: CR-2025-001424, and David Kemp
and Richard Hunt of Exigen Group Limited were appointed as
administrators on Oct. 10, 2025.  

Tech4u Consulting specialized in Technical testing and analysis.

Its registered office is at Warehouse W, 3 Western Gateway, Royal
Victoria Docks, London, E16 1BD

Its principal trading address is at Unit 1 & 2 Alexander House Lorn
Haven, Business Park, Dolbeare Road, Ashburton, Newton Abbot, TQ13
7FF

The joint administrators can be reached at:

          David Kemp
          Richard Hunt
          Exigen Group Limited
          Warehouse W, 3 Western Gateway
          Royal Victoria Docks
          London E16 1BD

For further details, contact:

          David Kemp
          Tel No: 0207 538 2222



                           *********


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

This material is copyrighted and any commercial use, resale or
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