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

                          E U R O P E

          Thursday, December 4, 2025, Vol. 26, No. 242

                           Headlines



F R A N C E

VANIR LOGISTICS: DBRS Gives Prov. BB(high) Rating on E Notes


G E O R G I A

BANK OF GEORGIA: Fitch Affirms 'BB' LT IDR, Outlook Now Stable
HALYK BANK: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Stable
PROCREDIT BANK: Fitch Affirms BB+ LT IDR, Alters Outlook to Stable
TBC BANK: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable


G R E E C E

INTRALOT SA: DBRS Hikes Issuer Rating to B(high)


I R E L A N D

APNA PARK: Fitch Assigns 'B-sf' Final Rating to Class F Notes
HAYFIN EMERALD III: Fitch Affirms 'B-sf' Rating on Class F-R Notes
LUCCA FINANCE: Moody's Assigns Ba3 Rating to EUR7MM Class F Notes
MV CREDIT EURO III: S&P Affirms B- (sf) Rating on Class F Notes
PENTA CLO 15: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes

SONA FIOS VI: Fitch Assigns 'B-sf' Final Rating to Class F Notes
STANNAWAY PARK: S&P Assigns Prelim B- (sf) Rating to Class F Notes
VICTORY STREET II: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes


I T A L Y

CASSIA 2022-1: DBRS Confirms BB Rating on Class C Notes
[] Moody's Takes Action on 110 Bonds from 53 Italian RMBS Deals


L U X E M B O U R G

BREAKWATER ENERGY: S&P Assigns 'B+' ICR on New Capital Structure
GRAND CITY PROPERTIES: S&P Rates Proposed Euro Hybrid Notes 'BB+'


P O L A N D

GLOBE TRADE: Fitch Keeps 'B' Long-Term IDR on Watch Negative


R U S S I A

NAVOI MINING: S&P Raises Sr. Unsec. Debt Rating to 'BB'
TBC BANK: Fitch Affirms BB- Long-Term IDR, Alters Outlook to Stable


S P A I N

SANTANDER CONSUMO 7: DBRS Confirms B(high) Rating on E Notes
[] Moody's Takes Actions on 19 Notes from 5 Spanish RMBS Deals


S W I T Z E R L A N D

ARCHROMA HOLDING: S&P Downgrades ICR to 'B-', Outlook Stable


U N I T E D   K I N G D O M

ASIMI FUNDING 2025-2: DBRS Finalizes CCC Rating on X Notes
BIFFA HOLDCO: S&P Assigned Preliminary 'B+' ICR, Outlook Stable
CANTERBURY FINANCE 4: DBRS Hikes Class F Notes Rating to BB(low)
CASTELL 2021-1: DBRS Hikes Class F Notes Rating to BB
CHETWOOD FUNDING 2025-1: DBRS Finalizes BB(high) Rating on 2 Notes

EALBROOK MORTGAGE 2025-1: Moody's Rates Class X Notes '(P)B1'
EAST ONE 2025-1: Moody's Assigns B3 Rating to 2 Tranches
PEOPLECERT WISDOM: S&P Rates EUR300MM Sr. Sec. Notes 'B+'
TOGETHER ASSET 2021-CRE2: DBRS Confirms B Rating on E Notes
TOGETHER ASSET 2022-2ND1: DBRS Confirms B Rating on F Notes


                           - - - - -


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F R A N C E
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VANIR LOGISTICS: DBRS Gives Prov. BB(high) Rating on E Notes
------------------------------------------------------------
DBRS Ratings GmbH took the following provisional credit rating
actions on the bonds issued by Vanir Logistics Finance S.a r.l.
(the Issuer):

-- Class at (P) AAA (sf)
-- Class B at (P) AA (low) (sf)
-- Class C at (P) A (low) (sf)
-- Class D at (P) BBB (low) (sf)
-- Class E at (P) BB (high) (sf)

The trend on all credit ratings is Stable.

CREDIT RATING RATIONALE

The transaction is the securitization of EUR 212.0 million
floating-rate commercial real estate (CRE) loan originated by
Morgan Stanley Bank AG (MS original lender) backed by a portfolio
of 18 logistics properties located across France, Belgium, and the
Netherlands.

The loan amount is the aggregate of Facility A, Facility B (EUR
41.8 million and EUR 72.9 million respectively) and the 2025
Accordion Facility (EUR 97.3 million). The portion of the loan
under Facility A and B was advanced by MS original lender to each
original borrower on 19 May 2025 and secured over the French
properties. The existing loan was subsequently sold by the MS
original lender to Parlex 6 EUR FINCO, LLC, an indirectly owned
subsidiary of Blackstone Mortgage Trust, Inc. (Bx original lender).
Following the transfer to the Bx original lender, on 25 July 2025,
a further loan, the 2025 Accordion Facility, was advanced in
connection with the addition of the Dutch and Belgian properties to
the property portfolio. Prior to the closing date, [2 December
2025], the loan will be assigned from the Bx original lender to
Morgan Stanley Bank, N.A. (MSBNA, issuer lender), from MSBNA to
MSPFI, and MSPFI (the loan seller) will assign the loan to the
Issuer on the closing date pursuant to the loan sale documents.

The borrowers are 11 obligors (BidCos and PopCos) ultimately
controlled by funds managed by EQT AB Plc (EQT, the Sponsor). The
loan has a term of five years, with no extension options
available.

The collateral securing the loan comprises 18 properties, of which
seven are French assets, eight are Dutch assets, and three are
Belgian assets. The portfolio is diversified across three
countries, with 54.4% of portfolio by market value (MV) based in
France, 35.5% in the Netherlands, and 10.1% in Belgium. On 15 April
2025, Jones Lang LaSalle Limited (JLL) concluded valuations on the
18 properties and appraised their aggregate MV at EUR 301.5
million. This translates to a day-one loan-to-value ratio (LTV) of
70.3%.

As of 7 July 2025 (the cut-off date), the property portfolio
totaled 343,982 square meters (m2) of gross lettable area (GLA) let
to 36 different tenants at an average occupancy level of 87.3%. At
the cut-off date, the property portfolio generated EUR 19.0 million
in gross rental income (GRI) and EUR 17.7 million net rental income
(NRI) on a weighted-average lease term to break (WAULB) and to
expiry (WAULT) of 2.7 years and 4.0 years, respectively. This
translates into a day-one debt yield ratio (DY) of 8.3%.

Morningstar DBRS' long-term sustainable net cash flow (NCF)
assumption for the property portfolio is EUR 16.0 million per annum
(p.a.). Based on Morningstar DBRS' long-term capitalization rate
assumption of 6.65%, the resulting Morningstar DBRS Value is EUR
239.9 million, which reflects a haircut of 20.3% to the JLL
valuation.

The cash trap levels are set at 6.0% Projected DY until the second
anniversary of the closing date and 8.25% afterwards until final
loan repayment date, and at 77.5% LTV throughout the term of the
loan. The financial default covenants are set at 5.5% Projected DY
until the third anniversary of the closing date and afterwards 6.5%
until final loan repayment date, and 85.0% LTV during the term of
the loan.

The Sponsor can dispose of any assets securing the loan by repaying
a release price, which varies according to the property. For any
property other than the Montbartier I, the Lauwin-Planque I (or
Lille) and the Miramas I (or Marseille) properties, the release
price is: (1) 105% of the allocated loan amount (ALA) if less than
or equal to 15% of the initial total commitment (EUR 31,803,405)
has been prepaid via disposal proceeds and the release price of
such property does not exceed the 15% of the initial total
commitment; or (2) 115% of the ALA if and when 15% or more of the
initial total commitment has been prepaid or will be prepaid as a
result of the disposal of such property. For the Lille and the
Marseille properties, the release price is (1) 107.071% of the ALA
if less than or equal to 15% of the initial total commitment has
been prepaid and the release price of such property does not exceed
the 15% of the initial total commitment; or (2) 115% of the ALA if
and when 15% or more of the initial total commitment has been or
will be prepaid as a result of such property disposal. In respect
of the Montbartier I property, the release price is equal to 119%
of the ALA.

The loan is interest only and carries a floating rate of
three-month Euribor (subject to zero floor) plus 2.7% margin p.a.
To protect against fluctuations in Euribor, the borrower entered
into a hedging agreement that is in place until the third
anniversary of first loan interest date (the First Hedge Term) for
the 100% of the outstanding loan balance. The borrower undertakes
to enter into a replacement hedging document at least 10 business
days prior to its expiry for the fourth (the Second Hedge Term) and
fifth year from the first loan interest date, the 20 October 2025,
until the final loan repayment date. The hedging agreements can
take the form of interest rate cap with a maximum strike rate on
any day of 3.0% p.a. Failure to comply with any of the required
hedging conditions outlined above will constitute a loan event of
default (EOD). The hedging counterparties are Standard Chartered
Bank and Morgan Stanley Europe SE.

On the closing date, for the purpose of satisfying the applicable
risk retention requirements, MSBNA as the retention holder and a
majority-owned affiliate of the retaining sponsor will advance the
loan (the issuer loan) of EUR 11.3 million pursuant to the issuer
loan agreement and representing 5% of the total securitized
balance.

The proceeds of the issuance of the Notes will be used by the
Issuer, together with the amount borrowed by the Issuer under the
Issuer Loan, to acquire the Loan from the Loan Seller pursuant to
the Loan Sale Documents and to fund the Class X Account in an
amount of EUR 100,000. It is expected that the Class X Notes will
be subscribed for by the BX Original Lender or its affiliates on
the Closing Date.

On the closing date, EUR 12.5 million of the proceeds from the
issuance of the Class A notes and EUR 0.6 million of the Issuer
Loan will be used to fund the Issuer Liquidity Reserve. Issuer
Liquidity Reserve will be an aggregate amount of EUR 13.2 million.
The liquidity reserve will cover Class A, Class B, Class C, and
Class D notes and the relevant portion of the Issuer Loan.

Morningstar DBRS estimates that the commitment amount at closing is
equivalent to approximately 18 months of coverage based on the
hedging term of strike rate of 3.0% or approximately 13 months of
coverage based on the 4.5% Euribor cap. The liquidity reserve will
be reduced based on note amortization, if any.

The Class E notes are subject to an available funds cap where the
shortfall is attributable to an increase on the WA margin payable
on the notes (however arising) or to a final recovery determination
of the loan.

The transaction includes a Class X interest diversion trigger
event, meaning that if (1) an EOD is continuing; (2) the Projected
DY falls below 6.0% during the time until the second anniversary of
the first utilization date, or below 8.25% during the time from the
second anniversary until the final loan repayment date; (3) the LTV
rises above 77.5%; as a consequence, any interest due to the Class
X noteholders will instead be paid directly to the Issuer
transaction account and credited to the Class X diversion ledger.
However, such funds can potentially be used to amortize the notes
only following a sequential payment trigger event or the delivery
of a note acceleration notice.

If there is a change of control (CoC) on or after the closing date,
the outstanding loan, accrued interest and other amounts will
become immediately due and payable, unless the facility, acting on
the instruction of the majority of the lenders, has given its prior
written consent or the original asset manager (or another EQT
affiliate) is the sole asset manager at the time of that change
(pre-approved CoC).

The five-year loan matures on 19 July 2030. There are no extension
options. The first loan interest payment after the closing date
falls on 23 January 2026. The first note payment date shall be in
April 2026. The expected maturity of the notes is on 24 July 2030.
The final legal maturity of the notes is in July 2037, seven years
after the loan maturity date. Morningstar DBRS believes that this
provides sufficient time to enforce the loan collateral and repay
the bondholders, given the security structure and jurisdiction of
the underlying loan.

Notes: All figures are in euros unless otherwise noted.



=============
G E O R G I A
=============

BANK OF GEORGIA: Fitch Affirms 'BB' LT IDR, Outlook Now Stable
--------------------------------------------------------------
Fitch Ratings has revised JSC Bank of Georgia's (BOG) Outlooks to
Stable from Negative and affirmed the Long-Term (LT) Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'BB'. Fitch has
also affirmed the bank's Viability Rating (VR) at 'bb'.

The revision follows a similar rating action on Georgia's Outlooks
(see "Fitch Revises Georgia's Outlook to Stable; Affirms at 'BB'"
dated 21 November 2025). The revision of the sovereign Outlook was
driven by a recovery in Georgia's international reserves and the
reduction of the country's external liquidity risks, with limited
impact on the banking sector. Fitch views BOG's credit profile as
highly correlated with the sovereign's, given the bank's dominant
domestic market shares.

Fitch has also revised the operating environment score for Georgian
banks to 'bb'/Stable from 'bb-'/Stable. This reflects resilient
bank performance despite heightened political uncertainty, and a
material strengthening of sector credit metrics since 2022,
particularly capitalisation and profitability. While these
improvements are sector-wide, most benefits accrue to the two
largest banks, including BOG, which together constitute around 80%
of sector assets.

Key Rating Drivers

BOG's LT IDRs are driven by the bank's standalone profile, as
captured by its 'bb' VR. The VR reflects the bank's strong domestic
franchise, robust profitability and high capital ratios. The VR
also captures BOG's high, albeit reducing, balance-sheet
dollarisation and loan concentrations.

Strong Economy Supports Banks: Strong economic conditions continue
to support banks' metrics, which have remained resilient to
political tensions. A significant inflow of migrants, strong
information and communication technology and tourism sectors, and
Georgia's greater role in transit trade have boosted real GDP
growth to an average 9.5% in 2022-2024. Fitch expects growth of
7.3% in 2025, and an average of 5.2% in 2026-2027. Increased
political tensions in Georgia have not materially affected customer
and investor confidence or the sector's performance.

Strong Domestic Franchise: BOG is the largest bank in Georgia, with
a 40% share in sector assets at end-3Q25, resulting in significant
pricing power. The bank's lending book is diversified between
retail (47% of end-1H25 gross loans), corporate (36%), and SME and
micro enterprise segments (17%). BOG's business model has proved
resilient through the cycle, ensuring consistently high
profitability from organic business growth.

Still High Dollarisation, Concentrations: BOG's loan dollarisation
has reduced markedly over the past four years but remains high (42%
of gross loans at end-3Q25) and includes foreign-currency (FC)
mortgage loans, which heightens asset-quality risks as not all
borrowers are fully hedged against local-currency depreciation.
Single-name and industry concentrations are also considerable, in
its view, with a total exposure to the higher-risk construction and
real estate and hospitality sectors equal to 0.8x common equity
Tier 1 (CET1) capital, although the bank has recently tightened
underwriting standards to such borrowers.

Low Impaired Loans, Moderate Provisioning: Impaired loans were a
low 2.5% of gross loans at end-1H25 (unchanged from end-2024) and
were 60% covered by total loan loss allowances, which Fitch
considers moderate, given the availability of hard collateral.
Fitch expects BOG's asset quality to be stable in 2H25-2026, with
the impaired loans ratio to remain at 2%-2.5%, due to a favourable
macroeconomic backdrop and the bank's tightened underwriting
standards.

Robust Profitability: BOG's operating profit has averaged a high
6.5% of risk-weighted assets (RWAs) since 2022, bolstered by wide
margins, high operating efficiency and consistently low loan
impairment charges (below 1% annually over the past four years).
Fitch expects these profitability drivers to remain largely intact
in 2H25-2026, which will support the operating profit/RWAs ratio at
6%-6.5% throughout the period.

High Capital Ratios: Fitch assesses BOG's capitalisation as strong,
buoyed by strong internal capital generation, moderate RWA density
(74% at end-1H25), and a stable dividend policy (about 50% of net
income annually). Its baseline scenario expects the bank's CET1
ratio to remain around current levels (17.4% at end-3Q25) in
2H25-2026, providing good buffers over high regulatory minimum
capital requirements.

Stable Customer Funding, Healthy Liquidity: BOG is mainly funded by
customer deposits (77% of total non-equity funding at end-1H25),
which have been stable through the cycle. Other funding sources are
issued debt and funding from international financial institutions.
The bank's liquidity cushion covered a reasonable 30% of customer
deposits at end-3Q25.

Rating Sensitivities

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

BOG's LT IDRs and VR would be downgraded if Georgia's sovereign
ratings were downgraded.

The bank's ratings could also be downgraded if capitalisation
materially weakens from significant asset-quality deterioration,
triggering higher loan impairment charges that absorb most of the
profits for several consecutive quarters, for example, due to a
large local-currency devaluation. A depletion of the liquidity
buffer, in case of a sharp deterioration of customer and investor
confidence, could also lead to a downgrade.

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

An upgrade of BOG's LT IDRs would require an upgrade of Georgia's
sovereign rating, coupled with further improvements in the bank's
risk profile while maintaining robust key credit metrics.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The 'B' Short-Term IDRs are the only option mapping to the 'BB' LT
IDRs.

BOG's additional Tier 1 (AT1) notes are rated at 'B-', four notches
below its VR. This reflects two notches for the notes' high loss
severity due to their deep subordination and two notches for
additional non-performance risk relative to the VR, given their
fully discretionary coupon omission.

The AT1 notes will be written down if the CET1 ratio falls below
5.125% (versus a 4.5% regulatory minimum, excluding buffers) or due
to regulatory intervention by the National Bank of Georgia. Fitch
believes the latter is only possible if BOG breaches minimum
regulatory capital or liquidity requirements or severely breaches
other regulatory requirements. BOG's regulatory CET1 capital ratio
(17.4%) at end-3Q25 was 210bp above the 15.3% regulatory minimum
(including all applicable buffers and Pillar 2 requirements).

BOG's Government Support Rating of 'no support' reflects Fitch's
view that resolution legislation in Georgia, combined with
constraints on the ability of the authorities to provide support
(especially in FC), means that government support, although still
possible, cannot be relied on.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDRs are sensitive to changes in the LT IDRs.

The AT1 notes' rating is sensitive to a change of the bank's VR.
However, the AT1 debt rating could be notched off three times down
from BOG's VR if its VR are downgraded to 'bb-' or below, in
accordance with Fitch's Bank Rating Criteria. The notes rating is
also sensitive to an unfavourable revision of Fitch's assessment of
non-performance risk.

Upside for the GSR is limited and would require a substantial
improvement of sovereign financial flexibility and an extended
record of timely and sufficient capital support being provided to
local banks.

VR ADJUSTMENTS

The earnings and profitability score of 'bb+' is below the 'bbb'
category implied score because of the following adjustment reason:
revenue diversification (negative).

ESG Considerations

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

   Entity/Debt                       Rating          Prior
   -----------                       ------          -----
JSC Bank of
Georgia            LT IDR             BB  Affirmed   BB
                   ST IDR             B   Affirmed   B
                   LC LT IDR          BB  Affirmed   BB
                   LC ST IDR          B   Affirmed   B
                   Viability          bb  Affirmed   bb
                   Government Support ns  Affirmed   ns

   Subordinated    LT                 B-  Affirmed   B-

HALYK BANK: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has revised JSC Halyk Bank Georgia's (HBG) Outlook to
Stable from Negative, while affirming its Long-Term Issuer Default
Rating (IDR) at 'BB+'. It has also affirmed the bank's Viability
Rating (VR) at 'b+'.

The revision follows a similar rating action on Georgia's Outlooks
(see "Fitch Revises Georgia's Outlook to Stable; Affirms at 'BB'"
dated 21 November 2025). The revision of the sovereign Outlook was
driven by a recovery in Georgia's international reserves and the
reduction in the country's external liquidity risks, with limited
impact on the banking sector.

Fitch has also revised the operating environment score for Georgian
banks to 'bb'/stable from 'bb-'/stable. This reflects resilient
bank performance despite heightened political uncertainty, and a
material strengthening of sector credit metrics since 2022.

Key Rating Drivers

HBG's Long-Term IDR is driven by potential support from JSC Halyk
Bank of Kazakhstan (HBK; BBB-/Stable), its parent, as reflected in
its Shareholder Support Rating of 'bb+'. HBG's IDR is also
constrained to one notch above the sovereign rating, reflecting
Georgian country risks. The latter, in particular, relate to the
risk of extreme macroeconomic and sovereign stress, in which
domestic banks' ability to service their obligations could be
constrained by regulatory actions.

The 'b+' VR captures the bank's modest franchise, high loan
dollarisation and weak asset quality. The VR also reflects improved
profitability metrics, healthy capitalisation and a stable funding
profile. The bank's 'B' Short-Term IDR is the only option mapping
to the Long-Term IDR of 'BB+'.

Shareholder Support: HBK has a high propensity to support its
subsidiary, given its full ownership, HBG's small size relative to
the parent, a record of capital and liquidity support, and
reputational risks from a subsidiary default. The one-notch
difference between the IDRs of HBG and HBK reflects the
cross-border nature of their relationship and HBG's limited role
and modest contribution to the group's performance.

Strong Economy Supports Banks: Strong economic conditions continue
to support banks' metrics, which have remained resilient to
political tensions. A significant inflow of migrants, strong ICT
and tourism sectors, and Georgia's greater role in transit trade
have boosted real GDP growth to an average 9.5% in 2022-2024. Fitch
expects GDP growth of 7.3% in 2025 and an average of 5.2% in
2026-2027. Increased political tensions in Georgia have not
materially affected customer and investor confidence or banks'
performance.

Limited Franchise, Corporate Focus: HBG is a small bank in the
concentrated Georgian banking sector (1% of system assets at
end-3Q25), resulting in limited pricing power. It is mainly focused
on corporate and SME lending, although the share of retail loans is
also large (end-3Q25: 41% of gross loans).

High Dollarisation, Large Concentrations: HBG's focus on SME
lending results in high loan dollarisation (end-3Q25: 62%), well
above the sector average (42%) which heightens asset quality risks
as not all borrowers are fully hedged against local-currency
depreciation. Single-name concentrations are also significant, with
the 25 largest borrowers accounting for 1.4x common equity Tier 1
(CET1) capital at end-1H25. The bank is also exposed to volatile
industries, such as construction and real estate, services and
hospitality, reflecting the structure of Georgia's economy.

Weak Asset Quality: The impaired loans ratio was a high 9.1% at
end-3Q25, reflecting HBG's exposure to vulnerable industries,
conservative classification policies and no write-offs. Fitch
forecasts HBG's loan quality will remain broadly stable in 2026 and
2027, although the impaired loans ratio should remain above 9% in
its base case.

Performance Moderating: HBG's profitability has moderated, with an
operating profit at an annualised 2% of risk-weighted assets in
9M25 (2024: 2.7%), due to a decline in net interest margin and a
shift from loan loss reversals to impairment charges. Fitch expects
the ratio to remain about 2% in 2026-2027 as declining lending
rates are offset by low-cost funding from the parent.

High Capital Ratios, Large Encumbrance: HBG's CET1 ratio (end-3Q25:
18.2%) decreased by 180bp on rapid loan growth in 9M25, but remains
comfortably above the statutory minimum requirement of 16%. Fitch
expects the bank to maintain its CET1 ratio above 18% over the next
two years. However, HBG's capitalisation is undermined by a still
large stock of unreserved impaired loans (34% of CET1 capital at
end-3Q25).

Mostly Parent Funding: HBK is the primary source of funding
(end-1H25: 65% of non-equity funding) for HBG, complemented by
customer deposits (32%), which were mostly non-retail (65% of
customer accounts) and concentrated (20 largest exposures at 66% of
customer deposits at end-1H25). The bank's liquidity cushion was
tight (end-3Q25: 11% of assets) and covered about 42% of customer
deposits; however, refinancing risk is low.

Rating Sensitivities

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

HBG's IDR and SSR could be downgraded if either Georgia's or HBK's
IDRs were downgraded. HBG's ratings could also be downgraded, if
Fitch revised down its assessment of support from the parent bank.

The VR could be downgraded if the bank's capitalisation materially
weakened from significant asset-quality deterioration triggering
higher loan impairment charges that absorb most of the profits. It
could also result from rapid lending growth or high dividend
payments, if not promptly offset by new capital injections from
HBK.

The Short-Term IDR is sensitive to a multi-notch downgrade of its
Long-Term IDR.

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

An upgrade of the IDR would require both an upgrade of Georgia's
sovereign rating and HBK's Long-Term IDR.

An upgrade of the bank's VR would require a material improvement in
the bank's business profile and franchise and a strengthening of
its risk-management framework, resulting in lower asset-quality
risks.

The Short-Term IDR is sensitive to an upgrade of its Long-Term
IDR.

Public Ratings with Credit Linkage to other ratings

HBG's IDR is linked to HBK's IDR.

ESG Considerations

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

   Entity/Debt                              Rating           Prior
   -----------                              ------           -----
JSC Halyk Bank Georgia    LT IDR              BB+ Affirmed   BB+
                          ST IDR              B   Affirmed   B
                          Viability           b+  Affirmed   b+
                          Shareholder Support bb+ Affirmed   bb+

PROCREDIT BANK: Fitch Affirms BB+ LT IDR, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised JSC ProCredit Bank (Georgia)'s (PCBG)
Outlook to Stable from Negative, while affirming its Long-Term
Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed its
Viability Rating (VR) at 'bb-'.

The revision follows a similar rating action on Georgia's Outlooks
(see "Fitch Revises Georgia's Outlook to Stable; Affirms at 'BB'"
dated 21 November 2025). The revision of the sovereign Outlook was
driven by a recovery in Georgia's international reserves and the
reduction of the country's external liquidity risks, with limited
impact on the banking sector.

Fitch has also revised the operating environment score for Georgian
banks to 'bb'/Stable from 'bb-'/Stable. This reflects resilient
bank performance despite heightened political uncertainty and a
material strengthening of sector credit metrics since 2022.

Key Rating Drivers

PCBG's Long-Term IDRs are driven by potential support from the
bank's sole shareholder, ProCredit Holding AG (PCH; BBB/Stable), as
reflected in its Shareholder Support Rating (SSR) of 'bb+'. The
Stable Outlooks on PCBG's IDRs mirror those on Georgia. The VR
balances its small franchise and the risks stemming from the bank's
very high balance-sheet dollarisation with the expertise of the
group in the SME sector and prudent risk management, resulting in
strong asset quality and healthy profitability.

Constrained Support: The 'bb+' SSR reflects its view that PCH would
have a strong propensity to support PCBG, based on its importance
to the group, full ownership, common branding, strong integration,
and record of capital and liquidity support.

Nevertheless, Fitch caps PCBG's SSR at one notch above the Georgian
sovereign rating to reflect country risks and potential
interventions in the banking sector. These risks could limit PCBG's
ability to service its obligations or the parent's propensity to
support, or both, should there be extreme macroeconomic and
sovereign stress.

Strong Economy Supports Banks: Strong economic conditions continue
to support banks' metrics, which have remained resilient to
political tensions. A significant inflow of migrants, strong
information and communication technology and tourism sectors, and
Georgia's greater role in transit trade have boosted real GDP
growth to an average of 9.5% in 2022-2024. Fitch expects growth of
7.3% in 2025 and an average of 5.2% in 2026-2027. Increased
political tensions in Georgia have not materially affected customer
and investor confidence or banks' performance.

Focus on SME Lending: PCBG is the seventh largest of 17 banks in
Georgia, with a small 2% share in sector assets at end-3Q25. The
bank has limited pricing power in lending and faces big competition
for deposits from larger banks. However, the ProCredit brand is
strong in the SME sector with market share of around 12%, which
helps PCBG attract clients of above-average quality.

High Foreign-Currency Lending: PCBG's loan book is highly
dollarised (end-3Q25: 63% of loans) due to the bank's focus on SME
loans and limited retail lending. This is the highest among
Fitch-rated banks in Georgia and higher than the sector's average
of 42%.

Reasonable Asset Quality: PCBG's asset quality has been solid
through the cycle and compares well with Georgian peers'. The
impaired (Stage 3 and purchased or originated credit-impaired)
loans ratio was 2.4% at end-3Q25 (end-2024: 2.4%), while the Stage
2 loans ratio increased to 4.1% (end-2024: 2.3%). Coverage of
impaired loans by total loan loss allowances remained adequate at
86%.

Further Profitability Moderation: Operating profit moderated to an
annualised 2% of risk-weighted assets (RWAs) in 9M25, (2024: 2.7%,
2023: 4.1%) due to lower net interest margins (NIM) and higher
operating expenses, with a cost/income ratio of 65% (2024: 62%,
2023: 48%). Fitch expects profitability to remain stable, with
operating profit at about 2% of RWAs in 2026 and 2027.

Strong Capitalisation: The common equity Tier 1 (CET1) ratio
slightly decreased to 19.9% at end-3Q25 (end-2024: 20.1%), due
mainly to faster RWA growth than internal capital generation. Fitch
expects capital ratios to remain solid, although a moderate decline
is likely in 2026 and 2027 due to dividend payouts and continued
loan book expansion.

Large Wholesale Funding: The loans/deposits ratio of 100% at
end-3Q25 is broadly comparable with the sector average (103%) due
to a large share of wholesale funding (23% of liabilities at
end3Q25). The ratio has been slowly improving (end-2024: 103%) and
Fitch expects this to continue in 2026-2027. Customer deposits are
the main source of funding (end-3Q25: 77% of liabilities).
Refinancing risk is manageable, given sufficient liquidity coverage
of PCBG's wholesale funding maturities and intragroup funding from
PCH.

Rating Sensitivities

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

PCBG's IDRs are sensitive to a downgrade of SSR, potentially due to
a negative action on Georgia's sovereign ratings or to a downward
revision of Fitch's assessment on support from the parent.

The bank's VR could be downgraded if there is a loosening of its
risk appetite, combined with a significant deterioration in asset
quality. A depletion of liquidity buffers, particularly in foreign
currency, could also increase pressure on the rating.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
PCBG's IDRs are sensitive to upgrade of the SSR, likely to be
caused by a positive rating action on Georgia's sovereign ratings.

An upgrade in the VR would require a further improvement in the
operating environment, coupled with a material improvement in the
bank's business profile and franchise while maintaining a healthy
financial profile.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The 'B' Short-Term IDRs are the only option mapping to a 'BB+'
Long-Term IDRs.

PCBG's 'BB-(xgs)' Long-Term Foreign- and Local-Currency IDRs (xgs)
are driven by its VR and underpinned by potential shareholder
support. The Short-Term Foreign- and Local-Currency IDRs (xgs) of
'B(xgs)' are mapped to the bank's Long-Term Foreign- and
Local-Currency IDRs (xgs), respectively.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

PCBG's Long-Term Foreign- and Local-Currency IDRs (xgs) are
sensitive to changes in the bank's VR or changes to the parent's
Long-Term IDRs (xgs). The Short-Term Foreign- and Local-Currency
IDRs (xgs) are sensitive to changes in PCBG's Long-Term Foreign-
and Local-Currency IDRs (xgs), respectively.

VR ADJUSTMENTS

The capitalisation and leverage score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reason: size
of capital base (negative).

Public Ratings with Credit Linkage to other ratings

PCBG's IDRs are driven by potential support from PCH.

ESG Considerations

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

   Entity/Debt                     Rating            Prior
   -----------                     ------            -----
JSC ProCredit
Bank (Georgia)   LT IDR              BB+  Affirmed   BB+
                 ST IDR              B    Affirmed   B
                 LC LT IDR           BB+  Affirmed   BB+
                 LC ST IDR           B    Affirmed   B
                 Viability           bb-  Affirmed   bb-
                 LT IDR (xgs)    BB-(xgs) Affirmed   BB-(xgs)
                 Shareholder Support bb+  Affirmed   bb+
                 ST IDR (xgs)      B(xgs) Affirmed   B(xgs)
                 LC LT IDR (xgs) BB-(xgs) Affirmed   BB-(xgs)
                 LC ST IDR (xgs)   B(xgs) Affirmed   B(xgs)

TBC BANK: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
-------------------------------------------------------------
Fitch Rating has revised TBC Bank JSC's Outlook to Stable from
Negative and affirmed its Long-Term Issuer Default Rating (IDR) at
'BB'. The Viability Rating (VR) has been affirmed at 'bb'.

The rating action follows the revision of the Outlook on Georgia's
Long-Term IDRs to Stable from Negative (see 'Fitch Revises
Georgia's Outlook to Stable; Affirms at 'BB'' dated 21 November
2025). The revision of the sovereign Outlook was driven by recovery
in Georgia's international reserves after a large drop in 4Q24 amid
sharply increased political risks and market volatility. Risks
associated with the country's external liquidity have abated, with
limited impact on the banking sector. Fitch views TBC's credit
profile as highly correlated with the sovereign's, given the bank's
dominant domestic market shares.

Fitch has also revised the operating environment score for Georgian
banks to 'bb'/Stable from 'bb-'/Stable. The upward revision
reflects resilient bank performance amid heightened political
uncertainty and a material strengthening of sector credit metrics
since 2022, particularly capitalisation and profitability. These
improvements are sector-wide, but most benefits accrue to the two
largest banks, including TBC, which together constitute around 80%
of sector assets.

Key Rating Drivers

TBC's IDRs are driven by its standalone profile, as captured by its
VR. The VR reflects the bank's market-leading franchise in Georgia,
strong performance through the cycle, including through several
economic downturns, and solid capital ratios. The VR also considers
TBC's high balance-sheet dollarisation.

Strong Economy Supports Banks: Strong economic conditions continue
to support banks' metrics, which have remained resilient to
political tensions. A significant inflow of migrants, strong
information and communication technology and tourism sectors, and a
greater role in the transit trade have boosted the Georgian
economy's dynamism, with real GDP growth averaging 9.5% in
2022-2024. Fitch expects growth of 7.3% in 2025, and an average of
5.2% in 2026-2027. Increased political tensions in Georgia have not
materially affected customer and investor confidence or banks'
performance.

Stable Metrics, Dominant Domestic Franchise: Since the start of
political uncertainty in Georgia in 2024, TBC's credit metrics have
been largely stable, in line with its forecasts. TBC is one of the
two largest banks in Georgia, with significant pricing power and a
dominant 37% share in sector loans at end-9M25.

High Dollarisation: Dollarisation (end-9M25: 45% of loans) remains
the key vulnerability for asset quality, despite a moderate decline
over the past few years. Foreign-currency (FC) loans in retail are
particularly high risk, in Fitch's view, especially as some have
floating interest rates and most borrowers are not hedged against
local-currency depreciation. TBC's FC mortgage loans were 37% of
equity at end-6M25, although Fitch expects these to gradually
reduce.

Stable Asset Quality, Cyclical Sectors: TBC's impaired loans ratio
was a low 2.5% at end-9M25, reflecting a favourable economic
environment. Stage 2 loans were higher at 7%. Both ratios have
slightly increased since end-2024. Risks may stem from the bank's
large exposure to cyclical sectors, including real estate (11% of
gross loans at end-2024), construction (6%) and hospitality (5%),
which fundamentally reflects the structure of the domestic
economy.

Robust Profitability Through Cycle: Annual operating profit was a
strong 5% of risk-weighted assets (RWAs) in 9M25, due to wide
margins and strong non-interest income, supported by robust
economic growth. Fitch views TBC's long record of robust
performance, with return on equity (ROE) averaging 22% over the
past decade, as a key rating strength.

Healthy Solvency Metrics: TBC's common equity Tier 1 (CET1) ratio
was a solid 16.7% at end-9M25 due to retention of strong profits.
The bank's regulatory capital ratios had comfortable headroom
(2pp-3pp) above minimum requirements. Fitch expects continuing
robust performance and moderate loan growth to support sound
capital adequacy.

Stable Liquidity: Liquidity is comfortable in local and foreign
currencies and has even increased relative to the pre-election
period at end-9M24, when political uncertainty intensified. As per
the National Bank of Georgia's (NBG) Pillar 3 report, liquid assets
made up a moderate 21% of total assets at end-9M25 (end-9M24: 18%).
Liquidity risks are well managed on historically stable funding,
moderate deposit concentrations and uninterrupted access to
international financial institution funding. Loans/deposits was
101%.

Rating Sensitivities

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

TBC's IDRs and VR would be downgraded if Georgia's sovereign
ratings were downgraded.

The bank's ratings could also be downgraded if its capitalisation
materially weakened from significant asset quality deterioration
triggering higher loan impairment charges consuming most of the
profits for several consecutive quarterly reporting periods; for
example, due to a large local-currency devaluation. A depletion of
the liquidity buffer, in case of a sharp deterioration of customer
and investor confidence, could also lead to a downgrade.

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

An upgrade would require a sovereign upgrade, and a further
improvement in the risk profile, while maintaining consistently
robust financial metrics.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The 'B' Short-Term IDR is the only option mapping to a 'BB'
Long-Term IDR.

The bank's additional Tier 1 (AT1) notes are rated 'B-', four
notches below its VR. This comprises two notches for the notes'
high loss severity due to their deep subordination, and two notches
for additional non-performance risk relative to the VR, given the
fully discretionary coupon omission.

The AT1 notes will be written down if the regulatory CET1 ratio
falls below 5.125%, or if the bank is subject to intervention by
the NBG. The NBG could also impose restrictions on coupon payments
if the bank breaches minimum capital ratios, including Pillar 1 and
Pillar 2 buffers. The minimum required ratios per NBG methodology
at end-9M25, including all applicable buffers for TBC, were solid
for the CET1 (16.7%), Tier 1 (20.1%), and total capital (22.9%)
ratios. The headroom above these levels was comfortable, at
2pp-3pp, for all three ratios.

The Government Support Rating (GSR) of 'no support' reflects
Fitch's view that resolution legislation in Georgia, combined with
constraints on the ability of the authorities to provide support
(especially in FC), means that government support, although still
possible, cannot be relied upon.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDR is sensitive to changes in the Long-Term IDR.

The AT1 notes' rating is sensitive to a change of the bank's VR.
However, the AT1 debt rating could be notched off three times down
from TBC's VR if its VR was downgraded to 'bb-' or below, in
accordance with Fitch's Bank Criteria. The notes' rating is also
sensitive to an unfavourable revision of Fitch's assessment of
incremental non-performance risk.

Upside for the GSR is currently limited and would require a
substantial improvement of sovereign financial flexibility as well
as an extended record of timely and sufficient capital support
being provided to local banks.

VR ADJUSTMENTS

The earnings and profitability score of 'bb+' is below the 'bbb'
category implied score because of the following adjustment reason:
revenue diversification (negative).

ESG Considerations

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

   Entity/Debt                      Rating          Prior
   -----------                      ------          -----
TBC BANK JSC      LT IDR             BB  Affirmed   BB
                  ST IDR             B   Affirmed   B
                  Viability          bb  Affirmed   bb
                  Government Support ns  Affirmed   ns

   Subordinated   LT                 B-  Affirmed   B-



===========
G R E E C E
===========

INTRALOT SA: DBRS Hikes Issuer Rating to B(high)
------------------------------------------------
DBRS Ratings GmbH upgraded Intralot S.A.'s (Intralot or the
Company) Issuer Rating to B (high) from B and maintained the
Positive trend following the Company's completion of the
acquisition of Bally's Corporation's (Bally's) International
Interactive business.

KEY CREDIT RATING CONSIDERATIONS

Morningstar DBRS' credit rating action follows the completion of
the transformative acquisition of Bally's International Interactive
business and refinancing in October 2025. Intralot paid for the EUR
2.7 billion transaction by issuing EUR 1.1 billion equity and EUR
1.6 billion cash raised from newly issued debt. The Company used
part of the raised EUR 1.6 billion debt to refinance the existing
debt, therefore extending its debt maturity profile. The Company
also raised EUR 429 million of equity. Post-transaction, the
Company remained listed on the Athens Stock Exchange and Bally's
Corporation, which is the parent of Intralot, increased its share
in the combined business to 58% from its previous 33% through this
acquisition.

As Morningstar DBRS mentioned in the previous press release dated 7
July 2025, this acquisition has fundamentally changed the Company's
business mix from Intralot's previous focus on business-to-business
(B2B) lottery game technology services (circa 30% of total combined
revenue) to a marked focus on business-to-consumer (B2C) igaming
and sports betting (70% of the combined revenue). Therefore,
Morningstar DBRS changed the applied industry supplement to the
Casino Operators and Online Gaming Industry supplement within the
"Global Methodology for Rating Companies in Services Industries",
instead of the previously used Service Provider Industry
supplement.

A larger scale of the combined business and better diversification
across products support the positive credit rating action; however,
Morningstar DBRS notes that now the major contribution to the
Company's revenue comes from the UK, hence its geographical
concentration. The Company is better positioned to leverage from
the highly complementary technology capabilities of the two
companies in gaming and lottery markets globally, thereby creating
cross-selling opportunities in the future and tapping into the
fast-growing igaming and lottery markets. Additionally, Intralot's
financial profile continues to benefit from higher EBITDA margin
for both segments.

The Positive trend indicates the potential upside of the credit
rating once the uncertainties of the UK gambling tax implications
clear and the Company builds a track record of operating with the
new management and the higher scale.

CREDIT RATING DRIVERS

Morningstar DBRS may consider a positive credit rating action if,
all else equal, there is a sustainable improvement in Intralot's
business risk profile, such as a continued expansion of
profitability margins and ongoing debt repayments that improve key
financial metrics from current levels, including
debt-to-proportionate EBITDA of less than 3.5 times (x) on a
sustainable basis. In addition, Morningstar DBRS may also consider
a positive credit rating action if the UK gambling tax impact on
the forecasted credit metrics is marginal and/or if the Company has
built a positive performance track record on a combined basis which
aligns with our projections.

Morningstar DBRS may consider a negative credit rating action if,
all else equal, Intralot's credit metrics deteriorate below the
forecast assumptions, such as adjusted cash flow-to-debt trending
below 10% and/or debt-to-proportionate EBITDA trending above 5.0x.
Morningstar DBRS may also consider a negative credit rating action
if Intralot takes on incremental debt and/or if negative events
affect its business risk profile, such as adverse business
development and excessive dividend policy enforced by its parent
Bally's Corporation.

EARNINGS OUTLOOK

Morningstar DBRS expects the combined revenue and Morningstar lease
adjusted EBITDA to be at EUR 1.1 billion and EUR 427 million for
F2025 based on the last 12 months to June 2025, revenue of EUR 1.08
billion, and EBITDA of EUR 425 million, respectively, with
low-single-digit annual percentage growth thereafter. Morningstar
DBRS assumed execution of the lower end of management's target of
synergies between EUR 30 million and EUR 45 million in F2026. The
Company expects it to come from office space and workforce
optimization and therefore Morningstar DBRS expects an EBITDA
margin around 38%.

FINANCIAL OUTLOOK

Cash flow from operations is expected to be strong throughout the
forecast period and sufficient to cover working capital, capital
expenditures (capex), and dividend payment. The Company has a
minimum dividend payout ratio of 35% of net income in line with the
Greek gambling law. Intralot has stated its net leverage target of
around 2.5x net debt-to-EBITDA (as defined by the Company).
Morningstar DBRS expects the Company to achieve this target
gradually in the medium term, mainly through EBITDA improvement and
to a smaller extent through deleveraging.

CREDIT RATING RATIONALE

Comprehensive Business Risk Assessment (CBRA): BBL

The assigned CBRA reflects Intralot's strengths, which include: (1)
being a leading online casino operator in the UK with market share
of approximately 15%, which is Europe's largest gambling market by
revenue. The UK sector is mature and heavily regulated by both
government and non-governmental organizations, such as the UK's
Gambling Commission, providing a transparent regulatory framework.
Intralot has more than 30 years of operating experience in a
regulated industry benefitting from high barriers to entry; (2) a
proven ability to win long-term contracts and retain clients with
89% contract renewal rate; (3) a suite of proprietary technology
solutions; and (4) improved operating efficiency is supported by
the high EBITDA margins from igaming. Conversely, the analysis also
considers certain credit rating constraints, including the Group's
increased exposure to the UK and more exposure to the B2C market,
and still lower scale/brand recognition than major global players.

Morningstar DBRS applied a negative 1.5 notches for environmental,
social, and governance (ESG) considerations and recognizing the
weaker business profile from the services legacy business that was
previously rated.

Comprehensive Financial Risk Assessment (CFRA):BB

The assigned CFRA takes into consideration the combined business
and Morningstar DBRS expectations for cash flow-to-debt to reach
mid-double digits and leverage to be between 4.0x and 3.5x for the
next two years on a blended basis. Morningstar DBRS foresees a
gradual deleveraging throughout the forecast period driven by
increasing EBITDA on the back of cross-selling, synergies, and to a
smaller extent debt amortization. Cash flow-to-debt is expected to
be strong and sufficient to cover working capital and capex, which
is mostly used for U. S. lottery tender offers. Morningstar DBRS
considers liquidity to be adequate; the Company has fully available
Revolving Credit Facility of EUR 160 million and balanced debt
maturity profile post-refinancing, with the earliest being the EUR
130 million amortizing retail bond due in February 2029 and the
rest of the financial obligations due in 2031.

Morningstar DBRS removed the negative one-notch adjustment for
parent-subsidiary relationships because Intralot refinanced the
financial obligations at the U.S. Subgroup level therefore, there
is no longer structural subordination present. The newly issued
debt is issued at Intralot Capital Luxembourg S.A. Additionally,
Morningstar DBRS added a negative one notch to account for the
uncertainty of the financial impact of the potential tax increase
on gambling operators by the UK government.

Intrinsic Assessment (IA): BH

The IA is based on the CBRA and CFRA. Taking into consideration the
potential execution risk of synergies/integration and the lack of
track record with management and operation at this scale, among
other factors, Morningstar DBRS placed the IA at the lower end of
the IA Range.

Additional Considerations:

The Issuer Rating includes no further negative or positive
adjustments because of additional considerations.

Notes: All figures are in euros unless otherwise noted.



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

APNA PARK: Fitch Assigns 'B-sf' Final Rating to Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned Apna Park CLO DAC final ratings, as
detailed below.

   Entity/Debt                           Rating           
   -----------                           ------           
Apna Park CLO DAC

   A XS3199102479                     LT AAAsf  New Rating
   B XS3199102636                     LT AAsf   New Rating
   C XS3199102800                     LT Asf    New Rating
   D XS3199103014                     LT BBB-sf New Rating
   E XS3199103287                     LT BB-sf  New Rating
   F XS3199103444                     LT B-sf   New Rating
   Subordinated Notes XS3199103790    LT NRsf   New Rating

Transaction Summary

Apna Park CLO DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. The transaction
has a target par of EUR400 million. The portfolio is actively
managed by Blackstone Ireland Limited. The collateralised loan
obligation has a reinvestment period of about 4.5 years and an
8.5-year weighted average life test (WAL).

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.4%.

Diversified Portfolio (Positive): The transaction includes four
Fitch test matrices, of which two are effective at closing. The
matrices correspond to a top 10 obligor concentration limit at 20%
and fixed-rate obligation limits at 5% and 12.5%. It has two
forward matrices with the same WAL, top 10 obligors and fixed-rate
asset limits, which will be effective 12 months after closing,
provided the collateral principal amount (defaults at
Fitch-calculated collateral value) is at least at the target par.

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

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
matrices and the Fitch-stressed portfolio analysis is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' bucket limitation test, and a WAL covenant that
progressively steps down, both before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

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

HAYFIN EMERALD III: Fitch Affirms 'B-sf' Rating on Class F-R Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Hayfin Emerald CLO III DAC's class
B-1-R, B-2-R and C-R notes and affirmed the rest.

   Entity/Debt                  Rating            Prior
   -----------                  ------            -----
Hayfin Emerald CLO III DAC

   A-R XS2402414804          LT AAAsf  Affirmed   AAAsf
   B-1-R XS2402415447        LT AA+sf  Upgrade    AAsf
   B-2-R XS2402415793        LT AA+sf  Upgrade    AAsf
   C-R XS2402415959          LT A+sf   Upgrade    Asf
   D-R XS2402416254          LT BBB-sf Affirmed   BBB-sf
   E-R XS2402416338          LT BB-sf  Affirmed   BB-sf
   F-R XS2402416411          LT B-sf   Affirmed   B-sf

Transaction Summary

Hayfin Emerald CLO III DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
portfolio is actively managed by Hayfin Emerald Management LLP and
its reinvestment period is scheduled to end in November 2026.

KEY RATING DRIVERS

Stable Performance, Shorter Risk Horizon: The portfolio's credit
quality has remained stable over the last 12 months. Exposure to
assets with a Fitch-Derived Rating of 'CCC+' and below stood at
3.7%, versus a limit of 7.5%, according to the latest trustee
report dated November 2025. The transaction is about 1.6% below par
(calculated as the current par difference over the original target
par) and there are no defaulted assets in the portfolio.

The transaction is also passing all its collateral-quality,
portfolio-profile and coverage tests. The stable performance of the
transaction, combined with a shortened weighted average life (WAL)
test covenant since the last review in January 2025, resulted in
today's upgrades and affirmations.

Low Refinancing Risks: The transaction has low near- and
medium-term refinancing risk, with no portfolio assets maturing in
2025 and 0.6% maturing in 2026.

Revolving Transaction: The transaction is still in its reinvestment
period, which is scheduled to end in November 2026. Principal cash
is currently high at EUR45 million (9.1% of target par). However,
during this phase, principal proceeds can be actively reinvested,
resulting in ongoing changes to portfolio metrics. Accordingly,
Fitch has based its analysis on the Fitch-stressed portfolio, which
assumes portfolio parameters at their maximum covenant allowances.

Large Cushion Supports Stable Outlooks: All notes have comfortable
default-rate buffers to support their ratings and should be capable
of absorbing further defaults in the portfolio. The notes have
sufficient credit protection to withstand deterioration in the
credit quality of the portfolio at their ratings.

'B' Portfolio: Fitch assesses the average credit quality of the
underlying obligors at 'B'. The weighted average rating factor of
the current portfolio is 23.3 as calculated by Fitch under its
latest criteria. About 16.2% of the portfolio is currently on
Negative Outlook.

High Recovery Expectations: Senior secured obligations comprise
97.8% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 62.3%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 19.8%, and no obligor
represents more than 3% of the portfolio balance, as reported by
the trustee. Exposure to the three largest Fitch-defined industries
is 28.3% as calculated by Fitch. Fixed-rate assets, as reported by
the trustee, are at 10%, complying with the limit of 11.5%.

RATING SENSITIVITIES

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

Downgrades may occur if the loss expectation is larger than
assumed, due to unexpectedly high levels of default and portfolio
deterioration.

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Hayfin Emerald CLO
III DAC.

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

LUCCA FINANCE: Moody's Assigns Ba3 Rating to EUR7MM Class F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to Notes issued by
Lucca Finance Designated Activity Company:

EUR367.7M Class A Asset Backed Floating Rate Notes due December
2041, Definitive Rating Assigned Aaa (sf)

EUR25.6M Class B Asset Backed Floating Rate Notes due December
2041, Definitive Rating Assigned Aa2 (sf)

EUR26.8M Class C Asset Backed Floating Rate Notes due December
2041, Definitive Rating Assigned Baa2 (sf)

EUR14M Class D Asset Backed Floating Rate Notes due December 2041,
Definitive Rating Assigned Baa3 (sf)

EUR19.8M Class E Asset Backed Floating Rate Notes due December
2041, Definitive Rating Assigned Ba2 (sf)

EUR7M Class F Asset Backed Floating Rate Notes due December 2041,
Definitive Rating Assigned Ba3 (sf)

Moody's have not assigned ratings to the subordinated EUR4.7M Class
Z Asset Backed Notes due December 2041, the EUR100,000 Class S1
Instruments due December 2041, the EUR100,000 Class S2 Instruments
due December 2041, the EUR2M Class Y Instruments due December 2041
and the EUR24.6M VRR Loan due December 2041.

RATINGS RATIONALE

The Notes are backed by bonds issued by Fondo de Titulización
Istria, a Spanish private securitisation fund incorporated and
managed by Santander de Titulizacion, S.G.F.T., S.A. (NR) ("FT
Istria Bonds") which is backed by a static pool of Spanish auto
loans originated by Santander Consumer Finance S.A.
(A2(cr)/P-1(cr)) ("SCF"). SCF will also act as servicer of the
underlying auto loan portfolio. The Classes A to Z Notes and the
VRR Loan are fully backed by the FT Istria Bonds. The VRR Loan (5%
of the underlying portfolio) is a risk retention Note which
receives 5% of all available receipts, while the remaining Notes
receive 95% of the available receipts on a pari-passu basis. As of
September 30, 2025 provisional pool cut-off date, the underlying
auto loan portfolio contains 18.9M (3.6%) of defaulted assets.
However, the Notes are sized based on the performing part of the
underlying auto loan pool.

The provisional portfolio of assets backing the FT Istria Bonds
amounts to approximately EUR521.6 million of loans as of the pool
cut-off date and consists of 41,389 auto finance contracts with a
weighted average seasoning of 33.9 months. The loans were granted
for the purchase of new 44.6% and used 55.4% cars. The contracts
have equal instalments during the life of the contract. The final
portfolio, as of October 31, 2025 cut-off date, amounts to
EUR510,681,367.1 of which EUR489,899,111.8 are performing assets.

The transaction benefits from an amortising Liquidity Reserve Fund
funded to 1.5% of 100/95 of the Class A Notes balance at closing,
and a General Reserve Fund, whose target amount is 1.5% of 100/95
of Class A Notes minus the Liquidity Reserve Fund. The Liquidity
Reserve Fund will be available to cover senior fees, the Class A
Notes interest, payments on the Class S1 and S2 Instruments and the
equivalent interest on the VRR Loan. The General Reserve Fund will
provide support to all rated Notes, payments on the Class S1 and S2
Instruments and the equivalent interest on the VRR Loan. The total
credit enhancement for the Class A Notes will be 22.15%. The factor
100/95 adjusts the reserve amount to take into account also the
portion of the reserve reserved for the VRR loan. The Class A Notes
do not benefit from this portion of the reserve.

The ratings are primarily based on (i) an evaluation of the
underlying portfolio of auto loan receivables backing the FT Istria
bonds; (ii) credit enhancement provided by excess spread,
subordination, liquidity reserve and general reserve; (iii) the
liquidity support available in the transaction by way of principal
to pay interest, liquidity reserve, general reserve and excess
spread; and (iv) the legal and structural aspects of the
transaction.

According to Moody's Ratings, the transaction benefits from various
credit strengths such as (i) a granular underlying portfolio of
auto loans, (ii) the high average 33.9 months seasoning, (iii) the
future recoveries coming in from the defaulted auto loans at
closing and (iv) around 5.0% excess spread at closing. However,
Moody's note that the transaction features a number of credit
weaknesses, such as (i) a complex structure including pro-rata
principal payments, (ii) the 5.6% exposure to restructured loans
and (iii) the fact 7.2% of the loans in the underlying pool are
more than 30 days in arrears and 38.0% have been in arrears at some
point.

These characteristics, amongst others, were considered in Moody's
analysis and ratings.

Moody's determined the portfolio lifetime expected defaults of 6.5%
for the performing part of the underlying auto loan portfolio,
expected recoveries of 50.0% and portfolio credit enhancement
("PCE") of 16.0% related to borrower receivables. The expected
defaults and recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the underlying portfolio to suffer in the
event of a severe recession scenario. Expected defaults and PCE are
parameters used by us to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in the ABSROM cash flow model to
rate Auto ABS.

Portfolio expected defaults of 6.5% for the performing part of the
underlying auto loan portfolio are higher than the EMEA Auto ABS
average and are based on Moody's assessment of the lifetime
expectation for the underlying pool taking into account (i) the
fact 7.2% of the loans in the underlying pool is more than 30 days
in arrears and 38.0% have been in arrears at some point, (ii) the
average seasoning of 33.9 months, (iii) the historic performance of
SCF's previously securitised portfolios, (iv) benchmark
transactions, and (v) other qualitative considerations.

Portfolio expected recoveries of 50.0% are higher than the EMEA
Auto ABS average and are based on Moody's assessment of the
lifetime expectation for the underlying pool taking into account
(i) the 44.4% exposure to new cars and 64.0% share of registered
retention of title, (ii) the historic performance of SCF's
previously securitised, (iii) benchmark transactions, and (iv)
other qualitative considerations.

PCE of 16.0% is higher than the EMEA Auto ABS average and is based
on Moody's assessment of the underlying pool which is mainly driven
by: (i) the fact 7.2% of the loans in the underlying pool are more
than 30 days in arrears and 38.0% have been in arrears at some
point, (ii) the evaluation of the underlying portfolio,
complemented by the historical performance information of SCF's
previously securitized portfolios, (iii) the relative ranking to
originator peers in the EMEA auto loan market and (iv) other
qualitative considerations. The PCE level of 16.0% results in an
implied coefficient of variation ("CoV") of 45.24%.

The interest rate mismatch between the fixed rate underlying auto
loan portfolio and the floating rate Notes is hedged by an interest
rate swap. Citibank Europe plc (Aa3(cr)/P-1(cr)) is the swap
counterparty and will pay the index on the Notes (one-month
EURIBOR) while the issuer will pay a fixed swap rate of 2.06% based
on a fixed schedule notional.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
June 2025.

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

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the
underlying pool together with an increase in credit enhancement of
Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of a currency swap
counterparty ratings; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.

MV CREDIT EURO III: S&P Affirms B- (sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to MV Credit Euro
CLO III DAC's class A-R, B-1-R, B-2-R, C-R, D-R, and E-R notes. At
the same time, S&P affirmed its rating on the existing class F
notes and withdrew our ratings on the original class A, B-1, B-2,
C, D, and E notes. At closing, the issuer had unrated subordinated
notes outstanding from the existing transaction.

On Dec. 1, 2025, MV Credit Euro CLO III DAC refinanced the existing
class A, B-1, B-2, C, D, and E notes (originally issued in December
2023) through an optional redemption and issued replacement notes
of the same notional.

The replacement notes are largely subject to the same terms and
conditions as the original notes, except that the replacement notes
will have a lower spread over Euro Interbank Offered Rate (EURIBOR)
than the original notes.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which 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    2,910.27
  Default rate dispersion                                 425.29
  Weighted-average life (years)                             4.34
  Obligor diversity measure                               112.61
  Industry diversity measure                               22.07
  Regional diversity measure                                1.22

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.95
  Actual 'AAA' weighted-average recovery (%)               35.40
  Actual weighted-average spread (net of floors; %)         3.97
  Actual weighted-average coupon (%)                        3.38

Rating rationale

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

The portfolio's reinvestment period will end on May. 15, 2028.

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

S&P said, "In our cash flow analysis, we used a EUR 323,7 million
adjusted target par collateral principal amount, which is lower
than the target par amount of EUR325.0 million

"We used the portfolio's actual weighted-average spread (3.97%),
actual weighted-average coupon (3.38%), and the actual portfolio
weighted-average recovery rates (WARR) for all rated notes.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R, B-2-R, C-R, D-R, and E-R
notes could withstand stresses commensurate 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 capped our assigned ratings on these
refinanced notes."

For the class A-R notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with the assigned ratings.

S&P said, "The class F notes' current break-even default rate (BDR)
cushion is negative at the 'B-' rating level. Based on the
portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and recent
economic outlook, we believe this class is able to sustain a
steady-state scenario, in accordance with our criteria." S&P's
analysis reflects several factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs we have rated and that have recently
been issued in Europe.

-- S&P's BDR at the 'B-' rating level is 21.86% versus a portfolio
default rate of 13.89% if we were to consider a long-term
sustainable default rate of 3.2% for a portfolio with a
weighted-average life of 4.34 years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

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

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

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

Environmental, social, and governance

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

  Ratings

  Ratings assigned   
                              Replacement  Original
                    Amount    notes        notes      Credit
  Class  Rating*  (mil. EUR) interest     interest enhancement
                              rate§        rate          (%)

  A-R    AAA (sf)   201.50 Three-month  Three-month    37.75
                              EURIBOR      EURIBOR
                              + 1.30%      + 1.80%

  B-1-R  AA (sf)     32.50    Three-month  Three-month    26.78
                              EURIBOR      EURIBOR
                              + 2.05%      + 3.20%

  B-2-R  AA (sf)      3.00    4.70%        6.70%          26.78

  C-R    A (sf)      18.50    Three-month  Three-month    21.07
                              EURIBOR      EURIBOR
                              + 2.50%      + 4.00%

  D-R    BBB- (sf)   21.50    Three-month  Three-month    14.43
                              EURIBOR      EURIBOR  
                              + 3.90%      + 6.00%

  E-R    BB- (sf)    13.50    Three-month  Three-month    10.26
                              EURIBOR      EURIBOR
                              + 7.75%      + 8.32%

  Ratings affirmed

  Class   Rating*   Amount (mil. EUR) Notes interest rate§  
   F      B- (sf)      10.00         Three-month EURIBOR + 10.31%


*The ratings assigned to the class A-R, B-1-R, and B-2-R notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C-R, D-R, E-R, 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.


PENTA CLO 15: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 15 DAC's reset notes final
ratings, as detailed below.

   Entity/Debt                  Rating                Prior
   -----------                  ------                -----
Penta CLO 15 DAC

   Class A Loan-R            LT AAAsf  New Rating     AAA(EXP)sf
   Class A-L XS2714461873    LT PIFsf  Paid In Full   AAAsf
   Class A-N XS2708717710    LT PIFsf  Paid In Full   AAAsf
   Class A-R XS3215490635    LT AAAsf  New Rating     AAA(EXP)sf
   Class B XS2708719096      LT PIFsf  Paid In Full   AAsf
   Class B-R XS3215490809    LT AAsf   New Rating     AA(EXP)sf
   Class C XS2708719849      LT PIFsf  Paid In Full   Asf
   Class C-R XS3215491013    LT Asf    New Rating     A(EXP)sf
   Class D XS2708719922      LT PIFsf  Paid In Full   BBB-sf
   Class D-R XS3215491286    LT BBB-sf New Rating     BBB-(EXP)sf
   Class E XS2708720185      LT PIFsf  Paid In Full   BB-sf
   Class E-R XS3215491443    LT BB-sf  New Rating     BB-(EXP)sf
   Class F XS2708720698      LT PIFsf  Paid In Full   B-sf
   Class F-R XS3215491799    LT B-sf   New Rating     B-(EXP)sf
   Class Z-R XS3223284434    LT NRsf   New Rating     NR(EXP)sf

Transaction Summary

Penta CLO 15 DAC is a securitisation of mainly senior secured loans
and secured senior bonds (at least 90%), with a component of senior
unsecured, mezzanine and second-lien loans. Note proceeds from the
note issue have been used to redeem all existing notes, including
subordinated notes, and fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by Partners Group
(UK) Management Ltd. The collateralised loan obligation (CLO) has a
5.1-year reinvestment period, and an eight-year weighted average
life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.5.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 59.6%.

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

Portfolio Management (Neutral): The transaction has a 5.1-year
reinvestment period and reinvestment criteria similar to those of
other European transactions. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

The transaction includes two Fitch test matrix sets, each
comprising two matrices that correspond to two fixed-rate asset
limits of 5% and 10%. All matrices correspond to a top 10 obligor
limit at 20%. One set is applicable at closing, corresponding to an
eight-year WAL test, while the other corresponds to a seven-year
WAL test and is applicable 12 months after closing or 24 months
after closing if the WAL steps up. Switching to the forward
matrices is subject to the satisfaction of the reinvestment target
par condition.

WAL Step-Up Feature (Neutral): The issuer can extend the WAL test
by one year, 12 months after closing, if the collateral principal
amount (defaulted obligations at the lower of their market value
and Fitch recovery rate) is at least at the target par and if the
transaction is passing its collateral quality and coverage tests.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis is reduced by one year to seven
years, to account for the strict reinvestment conditions envisaged
by the transaction after its reinvestment period. These conditions
include passing both the coverage tests and the Fitch 'CCC' maximum
limit, together with a WAL covenant that progressively steps down,
before and after the end of the reinvestment period. Fitch believes
these conditions would reduce the effective risk horizon of the
portfolio during stress periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B-R,
C-R, D-R, E-R and F-R notes each have a rating cushion of two
notches, due to the better metrics and shorter life of the current
portfolio than the Fitch-stressed portfolio. The class A-R notes do
not have any rating cushion as they are already at the highest
achievable rating.

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Penta CLO 15 DAC.

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

SONA FIOS VI: Fitch Assigns 'B-sf' Final Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Sona Fios CLO VI DAC final ratings, as
detailed below.

   Entity/Debt                          Rating           
   -----------                          ------           
Sona Fios CLO VI DAC

   A XS3203009165                    LT AAAsf  New Rating
   A-1-L                             LT AAAsf  New Rating
   A-2-L                             LT AAAsf  New Rating
   B XS3203009322                    LT AAsf   New Rating
   C XS3203009835                    LT Asf    New Rating
   D XS3203010098                    LT BBB-sf New Rating
   E XS3203010254                    LT BB-sf  New Rating
   F XS3203010502                    LT B-sf   New Rating
   Subordinated Notes XS3203010767   LT NRsf   New Rating

Transaction Summary

Sona Fios CLO VI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to purchase a portfolio with a target par of EUR500
million. The portfolio is actively managed by Sona Asset Management
(UK) LLP. The CLO has a 4.6-year reinvestment period and an
8.5-year weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The Fitch weighted
average rating factor of the identified portfolio is 22.4.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 60.7%.

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

Portfolio Management (Neutral): The deal has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the deal structure against its covenants and portfolio guidelines.
The transaction includes one matrix set at closing and two forward
matrix sets effective at 12 and 18 months, respectively, after
closing, the aggregate collateral balance (defaults at
Fitch-calculated collateral value) is at least at the reinvestment
target par balance. Each matrix set comprises two matrices with
fixed-rate asset limits of 5% and 12.5%.

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

RATING SENSITIVITIES

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

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

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B to
F notes each have a rating cushion of up to three notches due to
the better metrics and shorter life of the identified portfolio
than the Fitch-stressed portfolio. The class A notes are at the
highest achievable rating and therefore have no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded, due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of two notches
for the class A, three notches each for the class B, C and E notes,
one notch for the class D notes, and below 'B-sf' for the class F
notes.

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Sona Fios CLO VI
DAC.

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

STANNAWAY PARK: S&P Assigns Prelim B- (sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Stannaway
Park CLO DAC's class A-1 and A-2 loan and class A, B, C, D, E, and
F notes. At closing, the issuer will also issue unrated
subordinated notes.

The preliminary ratings assigned to Stannaway Park CLO DAC's debt
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 and loans through collateral
selection, ongoing portfolio management, and trading.

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,834.11
  Default rate dispersion                                  395.53
  Weighted-average life (years)                              4.71
  Weighted-average life (years) extended
  to cover the length of the reinvestment period             4.71
  Obligor diversity measure                                168.16
  Industry diversity measure                                22.34
  Regional diversity measure                                 1.32

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            1.12
  Target 'AAA' weighted-average recovery (%)                36.33
  Target weighted-average spread (net of floors, %)          3.66
  Target weighted-average coupon (%)                          N/A

N/A--Not applicable.

Rationale

Under the transaction documents, the rated notes and loans will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes and loan will switch to semiannual
payments. The portfolio's reinvestment period will end
approximately 4.71 years after closing.

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

The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount unrelated to the principal payments
on the notes and loans. This may allow for the principal proceeds
to be characterized as interest proceeds when the collateral par
exceeds this amount, subject to a limit, and affect the
reinvestment criteria, among others. This feature allows some
excess par to be released to equity during benign times, which may
lead to a reduction in the amount of losses that the transaction
can sustain during an economic downturn. Hence, in S&P's cash flow
analysis, it assumed a starting collateral size of less than target
par (i.e., the EUR400 million target par minus the EUR6 million
maximum reinvestment target par adjustment amount).

S&P said, "In our cash flow analysis, we also modeled the
covenanted weighted-average spread (3.50%), the covenanted
weighted-average coupon (4.50%), and the covenanted
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes and loan. 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 July 23, 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 and loan. 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.

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

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

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

"The CLO will be managed by Blackstone Ireland Limited, 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 preliminary ratings
are commensurate with the available credit enhancement for the
class A-1 loan, class A-2 loan and class A 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 starting from closing--during which
the transaction's credit risk profile could deteriorate--we have
capped our preliminary ratings on the notes.

"For the class F 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 notes reflects several key
factors, including:

-- The class F 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 said, "Our model generated break-even default rate at the
'B-' rating level of 24.69% (for a portfolio with a
weighted-average life of 4.71 years), versus if we were to consider
a long-term sustainable default rate of 3.2% for five years, which
would result in a target default rate of 15.08%."

-- 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.

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

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

"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 preliminary ratings on the class A-1 loan and
A-2 loan and 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
certain assets from being related to certain activities.
Accordingly, since the exclusion of assets from these activities
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

Stannaway Park CLO DAC is a European cash flow CLO securitization
of a revolving pool, comprising mainly euro-denominated leveraged
loans and bonds. The transaction is a broadly syndicated CLO that
will be managed by Blackstone Ireland Ltd.

  Ratings

         Prelim   Prelim amount Credit           Indicative
  Class  rating*   (mil. EUR)   enhancement (%)  interest rate§

  A      AAA (sf)     57.40     38.00    Three/six-month EURIBOR
                                         plus 1.27%

  A-1 Loan AAA (sf)   90.60     38.00    Three/six-month EURIBOR
                                         plus 1.27%

  A-2 Loan AAA (sf)  100.00     38.00    Three/six-month EURIBOR
                                         plus 1.27%

  B      AA (sf)      44.00     27.00    Three/six month EURIBOR
                                         plus 1.90%

  C      A (sf)      24.00     21.00    Three/six month EURIBOR
                                        plus 2.10%

  D      BBB- (sf)   29.00     13.75    Three/six month EURIBOR
                                        plus 2.90%

  E      BB- (sf)    17.00      9.50    Three/six month EURIBOR
                                        plus 5.40%

  F      B- (sf)     12.00      6.50    Three/six month EURIBOR
                                        plus 8.25%

  Sub notes   NR     33.50      N/A    N/A

*The preliminary ratings assigned to the class A-1 loan and A-2
loans and class A and B notes address timely interest and ultimate
principal payments. The preliminary ratings assigned to the class
C, D, E, and F notes address ultimate interest and principal
payments.
§Solely for modeling purposes as the actual spreads may vary at
pricing. 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.

VICTORY STREET II: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Victory Street CLO II DAC expected
ratings. The assignment of final ratings is contingent on the
receipt of final documents confirming to information already
reviewed.

   Entity/Debt             Rating           
   -----------             ------           
Victory Street
CLO II DAC

   Class A              LT AAA(EXP)sf  Expected Rating
   Class A-R            LT AAA(EXP)sf  Expected Rating
   Class B              LT AA(EXP)sf   Expected Rating
   Class C              LT A(EXP)sf    Expected Rating
   Class D              LT BBB-(EXP)sf Expected Rating
   Class E              LT BB-(EXP)sf  Expected Rating
   Class F              LT B-(EXP)sf   Expected Rating
   Subordinated Notes   LT NR(EXP)sf   Expected Rating

Transaction Summary

Victory Street CLO II DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
portfolio will have a target par of EUR350 million and will be
managed by CIC Private Debt SAS. The collateralised loan obligation
(CLO) will have a 4.6-year reinvestment period and an 8.5-year
weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 22.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 61.9%.

Diversified Portfolio (Positive): The transaction will include
various concentration limits, including a top-10 obligor
concentration limit at 20%, a maximum of 40% to the three-largest
Fitch-defined industries and a fixed-rate asset limit of 5%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

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

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
conditions include passing the coverage tests and the Fitch 'CCC'
bucket limitation test, and a WAL covenant that gradually steps
down, before and after the end of the reinvestment period. Fitch
believes these conditions would reduce the effective risk horizon
of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Victory Street CLO
II DAC.

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



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

CASSIA 2022-1: DBRS Confirms BB Rating on Class C Notes
-------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes issued by Cassia 2022-1 S.R.L. (the Issuer):

-- Class A upgraded to AA (sf) from AA (low) (sf)
-- Class B upgraded to A (low) (sf) from BBB (high) (sf)
-- Class C confirmed at BB (sf)

All trends are Stable.

The credit ratings address the timely payment of interest and
ultimate payment of principal on or before the legal final maturity
date.

CREDIT RATING RATIONALE

The credit ratings' upgrade for Class A and Class B notes and
confirmation for Class C notes reflect the transaction's improved
performance over the last 12 months combined with the deleveraging
of the loan. The loans securing the transaction are performing in
line with the provisions of the facility agreements, and no breach
of any of the cash trap covenant thresholds has been reported to
date.

The transaction is a conduit securitization arranged by Bank of
America Europe DAC (BofA; the vertical risk retention VRR lender)
and Goldman Sachs International that comprises two separate
commercial real estate (CRE) senior loans (the Thunder II loan and
the Jupiter loan) advanced to borrowing entities ultimately owned
by The Blackstone Group Inc. (the Sponsor). The transaction was
originated in April 2022.

The purpose of the loans was to refinance the existing indebtedness
of the related borrowers. In particular, the Thunder II borrower is
an Italian closed-end real estate investment fund (REIF) whereas
the Jupiter loan borrowers include an Italian REIF, the Jupiter
Fund, and two limited liability companies, Mileway Italy 2021 Bidco
S.r.l. and Bracchi Immobiliare Logistica S.r.l., which merged in
July 2022.

The two loans, totaling EUR 224.5 million as of August 2025
interest payment date (IPD), are backed by 40 big-box and last-mile
logistics properties across Italy, decreasing from 42 after the
sale of two assets in the Thunder II loan portfolio, namely Marzano
e Tavazzano.

The loans are interest only, and for the first time since loans'
origination, there has been a partial prepayment of the Thunder II
loan via principal disposal proceeds for an amount equals to EUR
11.8 million. The funds were applied pro rata to the notes at
February 2025 notes payment date.

Based on the most recent valuations prepared by Cushman & Wakefield
(C&W), the appraised value of the portfolio under special
assumption (single-lot sale) is EUR 442.3 million as of July 4,
2025, up from 410.1 million as of 1 July 2024, up from EUR 400.5
million as of 1 July 2023, and from EUR 396.2 million as of 1
October 2021. This resulted in a weighted-average (WA)
loan-to-value ratio (LTV) of 50.8%, down from 57.3% at the last
annual review and from 59.9% at origination.

According to the servicer's reporting as of August 2025 IPD, the WA
debt yield (DY) slightly increased to 11.3% from 10.9% at the last
annual review, and from 8.6% at the cut-off date. In addition,
Morningstar DBRS notes that the Net Rental Income (NRI) generated
by the pool increased by 2.5% to EUR 25.2 million from EUR 24.6
million at last annual review, and by 19.1% from EUR 21.2 million
at the cut-off date. Morningstar DBRS noted a decrease in the
vacancy rate to 9.3% from 16.4% at last year's review date, mainly
driven by the drop of the Thunder II portfolio's vacancy. The
pool's WA lease term (LT) to expiry slightly decreased to 9.5 years
compared with last year and cut-off figure of 9.7 years.
Specifically, as of August 2025, the Thunder II loan has a WAULT to
expiry of 10.9 years (up from the 10.8 years at last year review)
and Jupiter has a WAULT to expiry of 7.1 years (down from the 8.0
years at last year). Combined the whole pool presents a WAULT to
expiry of 9.5 years, indicating that the business plan of
reversionary rent uplift is under way.

The Thunder II loan is larger by loan amount, accounting for 67.8%
of the entire pool with an outstanding balance of EUR 152.2 million
whereas the Jupiter loan accounts for 32.8% of the pool with an
outstanding balance of EUR 72.4 million.

Each loan bears interest at a floating rate equal to three-month
Euribor (subject to zero floor), plus a margin that is a function
of the WA of the aggregate interest amounts payable on the notes.
As of the last payment date in August 2025, the margin was 3.1862%
per annum. The interest rate risk is fully hedged by a prepaid cap
provided by Merrill Lynch International in May 2025 with a strike
rate of 1.5% for the Thunder II loan and 2.5% for the Jupiter loan.
The interest rate cap agreements terminate in May 2026 and are
expected to be renewed annually for the remaining term of the
loans. Both senior loans mature in May 2027, which is five years
after the cut-off date with no extension options.

After the sale of the Marzano e Tavazzano assets this year, the
Thunder II loan is secured by 18 logistics assets let to 18 tenants
as of the August 2025 IPD. The properties are in the Northern and
Central regions of Italy. In July 2025, C&W revalued the assets at
EUR 298.3 million, up from 257.6 million at the last annual review
on a like-for-like basis and EUR 247.4 million at the cut-off date
in October 2021. As of August 2025 IPD, the top five tenants
represented 51.9% of the Thunder II portfolio NRI at EUR 15.2
million.

Morningstar DBRS reperformed the underwriting analysis, with the
following results: updated Morningstar net cash flow (NCF) at EUR
10.7 million, equivalent to 29.3% haircut from the Issuer NCF, and
Morningstar DBRS Value of EUR 163.9 million, based on the same
capitalization (cap) rate assumption since origination of 6.5%. The
Morningstar DBRS Value represents a haircut of 45.1% to the most
recent portfolio appraised value from C&W. The Morningstar DBRS LTV
and DY are 92.8% and 9.9%, respectively.

The Jupiter loan is secured by 22 logistics assets let to 36
tenants as of August 2025 IPD. The properties mainly surround
Milan. In July 2025, C&W revalued the assets at EUR 144.5 million,
up from EUR 125.4 million at the last annual review and EUR 120.9
million at the cut-off date. As of August 2025 IPD, the top five
tenants represented 69.2% of the Jupiter portfolio NRI of EUR 10.2
million.

Morningstar DBRS reperformed the underwriting analysis, with the
following results: updated Morningstar NCF at EUR 7.6 million,
equivalent to 24.3% haircut to issuer NCF and Morningstar DBRS
Value of EUR 113.8 million, based on the same cap rate assumption
of 6.7% since origination. The Morningstar DBRS Value represents a
haircut of 21.2% from the most recent appraised value from C&W. The
Morningstar DBRS LTV and DY are 63.6% and 10.5%, respectively.

The Sponsor can dispose of any assets securing the loans by
repaying a release price of 100% of the allocated loan amount (ALA)
up to the first-release price threshold, which equals 10% of the
portfolio valuation. Once the first-release price threshold is met,
the release price will be 105% of the ALA up to the second-release
price threshold, which equals 20% of the portfolio valuation. The
release price will be 110% of the ALA thereafter. Following a
permitted structural change, the release price will be 115% of the
ALA.

For the purpose of satisfying the applicable risk retention
requirements, BofA advanced a EUR 6.2 million loan (the VRR Loan)
to the Issuer on the closing date and Goldman Sachs Bank Europe SE
(the VRR noteholder) subscribed to EUR 6.2 million in the notes
(the VRR notes and, together with the VRR Loan, the VRR
Instruments) issued on the closing date. At closing date, the
aggregate principal amount of the VRR Instruments stood at EUR 12.4
million. As of August 2025 IPD, the aggregate principal amount of
the VRR Instruments is EUR 11.9 million, due to the reduction of
the Thunder II loan amount..

At issuance, the liquidity reserve stood at EUR 11.5 million.
Following the erroneous release of EUR 1.8 million occurring at the
August 2022 IPD, the Issuer's transaction documents were amended to
allow the rebalancing of the required liquidity reserve amount. The
amendment includes (1) surplus in the interest paid on the senior
loans to be applied on each IPD to top up the Issuer liquidity
reserve to the corrected required amount (rebalanced amount) and,
(2) where a (voluntary or mandatory) prepayment on a senior loan
occurs, an amount equal to the then-remaining rebalancing amount to
be deducted from note principal receipts and also applied to top up
the Issuer liquidity reserve. Following the partial prepayment of
the Thunder Loan II via disposal proceeds, the liquidity reserve
has been topped up to the rebalanced amount.

At the August 2025 IPD, the outstanding balance of the liquidity
reserve amount stood at EUR 10.9 million, providing for 16.4 months
of interest shortfall coverage based on WA cap strike rate of 1.82%
and approximately 11.3 months based on the 4.0% Euribor cap after
the scheduled notes' maturity.

The final legal maturity of the notes falls in May 2034, providing
a tail period of seven years from the loans' maturity. If
necessary, Morningstar DBRS believes that this provides sufficient
time to enforce the loan collateral and repay the bondholders,
given the security structure and jurisdiction of the underlying
loan.

Notes: All figures are in euros unless otherwise noted.

[] Moody's Takes Action on 110 Bonds from 53 Italian RMBS Deals
---------------------------------------------------------------
Moody's Ratings has upgraded 54 tranches and affirmed 56 tranches
in 53 Italian RMBS, Auto, Cessione del Quinto ("CDQ") and Consumer
ABS deals.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=Qkzjyi

RATINGS RATIONALE

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=jA7c0G

This list is an integral part of this Press Release and provides,
for each of the credit ratings covered, Moody's disclosures on the
following items:

-- Principal Methodologies Used

-- Key Rationale for Action

-- Constraining factors on the ratings

-- Expected Loss (%CB) or Expected default rate (%CB)

-- MILAN Stressed Loss or PCE

Decreased Country Risk

The rating action on 22 Italian RMBS, 6 Auto ABS, 16 Consumer CDQ
and 9 Consumer ABS transactions follows Moody's increase of the
Government of Italy's ("Italy") local-currency bond country ceiling
to Aa2 from Aa3 on November 21, 2025. This local-currency bond
ceiling increase followed the upgrade of the Government of Italy's
issuer and bond ratings to Baa2 with a stable outlook from Baa3 and
a positive outlook.

Italy's country ceiling, and therefore the maximum rating that
Moody's can assign to a domestic Italian issuer under Moody's
methodologies, including structured finance transactions backed by
Italian receivables, is Aa2 (sf). The decrease in sovereign risk is
reflected in Moody's quantitative analysis for the affected
tranches. By increasing the maximum achievable rating for a given
portfolio loss, the methodology alters the loss distribution curve
and implies a lower probability of high loss scenarios.

Following the upgrade of Italy's sovereign rating, some Italian
banks long-term deposit bank ratings and Counterparty Risk
Assessments (CR assessments) were also upgraded (see "Moody's
Ratings takes rating actions on 17 Italian financial institutions",
published on November 25, 2025).

At the same time, ratings of some Italian insurance companies were
also upgraded, some of which serve as parent companies of
counterparties in the CDQ transactions.

Counterparty exposure

The rating action took into consideration the notes' exposure to
relevant counterparties, such as servicers, account banks or swap
providers.

Moody's have considered how the liquidity available in the
transactions and other mitigants support continuity of note
payments, in case of servicer default, using the CR Assessment as a
reference point for servicers.

Moody's also assessed commingling risk in the transactions, taking
the CR assessment as reference point, as well as account bank and
set-off exposure by referencing the bank's deposit rating. For CDQ
transactions Moody's factored in the credit quality of the
insurance companies, using the insurance financial strength
rating.

Moody's assessed the exposure to swap counterparties and considered
the risks of additional losses on the notes if they were to become
unhedged following a swap counterparty default by using the CR
Assessment as reference point for swap counterparties.

As part of Moody's rating action, Moody's also considered whether
the cash proceeds may be invested in eligible investments and their
minimum allowed rating. For ratings of the notes constrained by
this risk please see the List of Affected Credit Ratings.

Moody's affirmed the ratings of the notes, if they were capped by
the eligible investment criteria at their current rating.

Increase in Available Credit Enhancement

Moody's considered the credit enhancement available for each class
of notes. Sequential amortisation and/or non-amortising reserve
funds led to the increase in the credit enhancement available for
some tranches. For Sestante Finance S.r.l. - Series 2005, Sestante
Finance S.r.l. - Series 2006 and Eurohome (Italy) Mortgages S.r.l
the reduction of the unpaid balance of the principal deficiency
ledger led to an increase in available credit enhancement.

Credit enhancement or expected tranche loss commensurate with
current rating.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings or, if no
credit enhancement is available for the respective note, the
expected loss for the tranche was commensurate with current
rating.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation of the portfolios backing RMBS transactions
reflecting the collateral performance to date. Moody's reassessed
loan-by-loan information to estimate the loss we expect the
portfolios to incur in a severe economic stress.

A List of updated expected loss and MILAN Stressed Loss assumptions
for the Affected Credit Ratings is available at
https://urlcurt.com/u?l=aqYZzC

Moody's also reassessed Moody's expected default rate and Portfolio
Credit Enhancement ("PCE") assumptions for the portfolios backing
Auto ABS, CDQs and Consumer ABS reflecting the collateral
performance to date. The PCE reflects the credit enhancement
consistent with the highest rating achievable in Italy.

For CDQ transactions, Moody's consider the exposure to the Italian
government as employer/pension provider in Moody's analysis and
public employer concentration has been an additional consideration
for Moody's PCE assumption. The employer plays a key part in the
CDQ securitisations from operational, legal and credit
perspectives.

A List of updated expected default rate and PCE assumptions for the
Affected Credit Ratings is available at
https://urlcurt.com/u?l=eVUPid

The rating of the Class C Notes in Capital Mortgage S.r.l. (Capital
Mortgages Series 2007-1) considers the permanent economic loss
resulting from the 6.5 years over which interest was unpaid without
interest on missing interest being due.

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, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

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.



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

BREAKWATER ENERGY: S&P Assigns 'B+' ICR on New Capital Structure
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Breakwater Energy Holdings S.a.r.l. (Breakwater) and its 'B+' issue
rating to the company's $725 million senior secured notes, with a
recovery rating of '4'. The recovery rating indicates its
expectation of average (30%-50%; rounded estimate: 45%) recovery in
the event of a payment default.

The stable outlook indicates that we expect Breakwater to maintain
adequate liquidity and receive a steady distribution stream from
Repsol E&P over 2026-2027 of $150 million-$175 million per year,
resulting in leverage at the investment vehicle of 4.5x-5.5x and an
interest coverage ratio of 2.5x-3.0x.

Breakwater is a Luxembourg-based investment vehicle, and the wholly
owned subsidiary of alternative investment manager EIG Management
Co. LLC (BB/Stable/--). Breakwater owns a 25% minority stake in
Spain-based oil and gas exploration and production company Repsol
E&P (BBB+/Stable/--).

Breakwater issued $725 million senior secured notes and used most
of the proceeds to repay the $705 million deferred price
consideration to Repsol E&P's parent, Repsol S.A. It used the
remainder to pay for $20 million in expenses.

The rating on Breakwater is limited by our expectation that its
interest coverage ratio over 2026-2027 will be below 3x.

S&P said, "Our 'B+' rating on Breakwater depends on Repsol E&P's
credit quality, but is capped by the low interest coverage ratio at
the holding level. We rate Breakwater using our noncontrolling
equity interest criteria ("Methodology For Companies With
Noncontrolling Equity Interests," published Jan. 5, 2016), which we
use to rate debt instruments issued by entities that own shares in
one or more other entities with no direct control. Breakwater has
no operations on its own and holds a single investment--a 25%
equity stake in Repsol E&P. Under our methodology, our 'B+' issuer
credit rating on Breakwater is five notches below our 'bbb'
stand-alone credit profile (SACP) on Repsol E&P, the investee. The
starting point for this notching differential is the deep
subordination of Breakwater's creditors against Repsol E&P's debt
holders, with additional notches to capture some of the holding
vehicle's intrinsic weaknesses. Because we forecast that the
interest coverage ratio at the holding level will remain below 3x
over 2026-2027, we cap our rating at 'B+', despite the 'bb-'
anchor.

"Repsol E&P, in which Breakwater holds a 25% stake, has an SACP of
'bbb', reflecting our view of the company's scale of production and
diversity. The remaining 75% is owned by Repsol S.A. Repsol E&P is
an international exploration and production company with major
investment projects in Brazil, the U.S., and Mexico; these are
expected to secure its production for at least the next couple of
years. Repsol E&P aims to maintain production of about 540,000
barrels of oil equivalent per day (boe/d) through to 2027; it
reported production of 549,000 boe/d in the first nine months of
2025. Production at Leon-Castile in the U.S. started in the third
quarter of 2025, and the company aims to start the first phase of
production at Pikka in Alaska in early 2026. Combined with the
forthcoming start of production at Lapa South-West in Brazil, these
projects will add 50,000 net boe/d by 2027. For further information
on Repsol E&P please see "Repsol E&P, S.à r.l.," published on Nov.
25, 2025.

"We expect Breakwater to receive stable to moderately improving
distributions from Repsol E&P over 2026-2027 and we assess as
positive the investee's asset cash flow stability. Under our base
case, we anticipate that Breakwater will receive dividends of $150
million-$175 million per year in 2026-2027, assuming no material
disposals at Repsol E&P. In 2024, the company received
distributions of $303 million. We regard Repsol E&P's dividend
policy as largely predictable. Given that Repsol E&P is core to its
parent Repsol, we expect the company to distribute to its
shareholders all of the cash the company defines as available. It
will maintain a minimum liquidity of $300 million and a target
leverage ratio of 1.5x through the cycle. As a result, under our
base case, we anticipate robust dividend coverage ratios of
3.0x-3.5x over 2026 and 2027, and high visibility in terms of cash
distributions.

"Repsol E&P has a supportive corporate governance and financial
policy. We see a strong incentive for the investee company to
maintain constant or growing dividends per share because it
operates as a fully consolidated operating subsidiary of the larger
Repsol group and represented 58% of its EBITDA as of the end of
2024. As such, cash holdings at the subsidiary level are limited to
the need to fund capital expenditure and operations. Excess cash is
paid out as dividends or distributions to its shareholders,
although it retains adequate liquidity buffers. In our view, it is
important that Repsol E&P shareholders are fully aligned in terms
of maximizing the cash dividends--Breakwater aims to maximize its
return on investment and almost all Repsol group debt is issued at
the Repsol S.A. level. Breakwater and Repsol E&P must agree on
reserved matters, notably on events that could affect capacity to
pay dividends, such as mergers and acquisitions. A key provision is
that Breakwater must approve any change to the dividend policy,
which provides it with additional protection.

"Financial ratios and the private ownership of Repsol E&P are
negative considerations in our credit analysis. Under our base
case, we anticipate that Breakwater's leverage will exceed 4.0x
over 2025-2027, at 4.0x-5.0x. Moreover, its cash interest coverage
ratio is forecast to be below 3x for the same period. Breakwater's
ability to liquidate its stake in Repsol E&P is constrained because
Repsol E&P is a private company that is not listed.

"The $100 million super senior revolving credit facility (RCF)
offers ample liquidity buffers to the holding structure. We
understand that Breakwater will upstream the cash after costs and
interest payment to the fund owners by virtue of a pass-through
mechanism, which will mean that Breakwater's cash on hand is
virtually zero. As a result, we regard the company's $100 million
committed long-term RCF due in 2030 as key to retaining adequate
liquidity buffers over time.

"The stable outlook indicates that we expect Breakwater to maintain
adequate liquidity and receive a steady distribution stream from
Repsol E&P over 2026-2027 of $150 million-$175 million per year,
resulting in leverage at the investment vehicle of 4.0x-5.0x and an
interest coverage ratio of 2.2x-2.7x.

"We could lower the rating if Breakwater's interest coverage ratio
deteriorates toward 1.5x because divided income from Repsol E&P is
materially lower. Although we consider it unlikely, the rating on
Breakwater would come under immediate pressure if we revised down
the SACP on Repsol E&P."

An upgrade would depend on stronger financial ratios, in particular
if interest coverage were structurally above 3x. This would imply
that Repsol E&P's dividend capacity had improved, through increased
profitability or increased production, or that gross debt at
Breakwater had reduced.


GRAND CITY PROPERTIES: S&P Rates Proposed Euro Hybrid Notes 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to Grand City
Properties' (GCP's) proposed hybrid notes, which are expected to be
benchmark size and issued by its financing subsidiary, Grand City
Properties Finance S.a.r.l. S&P understands that in parallel, GCP
launched a tender offer targeting its existing outstanding hybrid
bonds, including instruments currently receiving intermediate and
no equity content, as per S&P Global Ratings' methodology. The
tender offer is linked to the success of the new issuance.

Grand City properties S.A.--Outstanding hybrid bonds that are part
of the transaction

                              Outstanding            Next
                              principal              Call   
  ISIN            Issue date  amount       Coupon    Date   

  XS2271225281    9-Dec-20   700,000,000   1.50%    9-Mar-26
     Equity Content:  Intermediate (50% equity/50% debt)

  XS2799494633   16-Apr-24   431,713,000   6.13%   16-Jan-30
     Equity Content:  Intermediate (50% equity/50% debt)

  XS1491364953   22-Sep-16   45,800,000    6.32%   22-Jan-26
     Equity Content:  None (100% debt)

  XS1811181566   24-Apr-18   25,100,000    5.90%   24-Oct-26
     Equity Content:  None (100% debt)

*S&P Global Ratings-adjusted.

S&P said, "We assigned our 'BB+' rating to the proposed notes,
which we assess as having intermediate equity content until their
first reset date. We rate the proposed perpetual subordinated
hybrid notes two notches below the issuer credit rating on GCP. The
rating difference reflects our notching methodology, which deducts
one notch for subordination because our long-term rating on GCP is
investment-grade ('BBB-' or higher); and another notch for payment
flexibility, because the option to defer interest stands with the
issuer. We assigned intermediate equity content to the proposed
notes until their first reset date, which we understand will be at
least 5.5 years from the date of issuance. This is because they are
subordinated to the company's senior debt obligations, cannot be
called for at least five years, and are not subject to features
that could discourage or materially delay optional deferral. We
note that unlike the hybrids issued in 2024, the company has added
a make-whole clause to the proposed bond documentation and
simplified its replacement intentional language. Those changes
still meet our criteria for intermediate equity content.

"The tender offer is linked to the successful issuance of the new
hybrid notes. We understand that the total accepted amount under
the tender offer is contingent on the successful issuance of the
new hybrid notes. The company included in its tender offer all
outstanding hybrids. We understand that the final hybrid stock will
not change as a result of the transaction. As of Sept. 30, 2025,
outstanding hybrid bonds (including about EUR1.1 billion of hybrids
assessed as intermediate and about EUR74 million with no equity
content) represented 13.7% of the company's total capitalization,
remaining below our 15% threshold for granting equity content.

"Pro forma the completed transaction, we maintained our
intermediate equity content for any respective remaining hybrid
instruments and understand the company remains committed to its
hybrid capital. We understand that GCP will prioritize the
replacement of hybrids with first call date in 2030 as well as
hybrids with currently no equity content to optimize its cost
structure. That said, we generally expect the company to
proactively replace hybrids ahead of any redemptions, including the
instrument with an upcoming first call date in March 2026 (call
period of 90 days), in line with our criteria.

"We expect this transaction to be broadly neutral for GCP's S&P
Global Ratings-adjusted credit metrics and in line with our latest
publication."

The outcome of the proposed issuance and tender offer will depend
on market dynamics.




===========
P O L A N D
===========

GLOBE TRADE: Fitch Keeps 'B' Long-Term IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has maintained Globe Trade Centre S.A.'s (GTC)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
of 'B' on Rating Watch Negative (RWN). Fitch has also placed the
'B+(EXP)' expected rating of GTC Finance DAC's EUR455 million
secured bonds on RWN, following its issue. The final rating is
contingent on the planned investment property collateral being put
in place following the prepayment of GTC's existing unsecured
bonds. The Recovery Ratings are 'RR4' and 'RR3' on the unsecured
and secured bonds, respectively.

The new secured bonds were partly used to redeem the tendered
EUR195 million of GTC Aurora Luxembourg S.A.'s outstanding EUR494
million unsecured bonds guaranteed by GTC. Fitch expects the
remaining proceeds, on escrow, alongside GTC's own cash, to be used
to redeem the unsecured bonds' remaining EUR299 million outstanding
after 23 March 2026.

Further rating actions will depend on GTC's progress in refinancing
the group's near-term secured bank fundings, including its German
residential portfolio's secured loans.

Key Rating Drivers

October 2025 Secured Bond Issue: The new EUR455 million secured
bond net proceeds of EUR429 million were transferred into an escrow
account that will be used to prepay the unsecured bonds
(part-tendered in October, and the remaining contractually
prepayable, at par, after March 2026). Upon prepayment of the
entire unsecured bonds, GTC's EUR523 million collateral package of
assets including income-producing properties of EUR349 million will
be transferred to the benefit of the secured bondholders. That will
happen once the unsecured bonds are fully redeemed.

Existing Unsecured Bond Partially Tendered: The October 2025 tender
offer price was 98% of par for existing unsecured bondholders who
participated in the new secured bonds and 95% for other
bondholders. Some EUR299 million of the unsecured bonds were not
tendered and will likely be prepaid at par. Fitch expects these
bonds to be prepaid with the remaining secured bond funds on escrow
(EUR237 million) after March 2026. In addition to the secured bond
net proceeds, GTC will use existing cash.

Refinance Risk to Be Addressed: GTC plans to address about EUR400
million of bank loans maturing and amortising up to end-2026 (of
which around EUR320 million by end-1H26), using extensions or
refinancing and asset disposals. Fitch estimates the execution risk
associated with these plans has reduced, following the completion
of the secured bond issue and banks may become more open to GTC
refinancing their loans.

Disposals Of Commercial Properties: In 4Q24, GTC sold the Matrix C
office in Zagreb and in 1H25 it sold the GTC X office in Belgrade
and a plot of land in Warsaw. Net disposal proceeds totalled EUR88
million, lifting unblocked cash to EUR80 million (end-2024: EUR53
million). Since end-1H25 the company has negotiated EUR37 million
of landbank sales at various stages of execution and is
contemplating additional disposals.

German Portfolio Analytical Approach: Fitch does not use GTC's
consolidated profile, which includes the residential-for-rent
portfolio in Germany (19% of GTC's assets) acquired from Peach
Properties AG in December 2024, because the resultant metrics lack
comparable central and eastern Europe (CEE)-weighted peers with an
exposure to German residential assets. Fitch instead applies a 'B'
rating category 21x net debt/rental-derived EBITDA benchmark to
GTC's German residential portfolio and allocates any excess debt
(above the 21x debt capacity) to its CEE commercial property
profile.

Disposals Drive Deleveraging: Fitch assumes delayed residential
disposals from the German portfolio. Fitch reflects this by adding
EUR7 million-30 million of debt to GTC's commercial property
profile in 2025-2026, which increases its net debt/EBITDA by
0.1x-0.3x. Fitch forecasts the company's 2025 adjusted net
debt/EBITDA will be 11.6x, before gradually falling to 9.3x in
2028, aided by about EUR200 million of Fitch-forecast disposal
proceeds from CEE assets. Deleveraging is contingent on rent from
new commercial property developments, EBITDA margin improvement and
gradual vacancy reduction.

Subdued Interest Coverage: Fitch calculates that GTC's commercial
property profile's interest cover will reduce to 1.9x in 2025 and
1.6x in 2026 (2024: 3.5x). This is because Fitch assumes that the
company will absorb the debt servicing shortfall for an acquisition
loan held at the German holding company. Fitch, therefore, deducts
these interest shortfall amounts from its EBITDA, assuming delayed
residential disposals.

CEE Office Vacancies Remain High: The end-2024 occupancy rate in
GTC's core office portfolio (52% of portfolio value) was 82%
(end-2023: 84%) and remained the same in 1H25, despite selling the
97%-occupied GTC X office. At end-1Q25, the highest vacancy rate
remained in Poland at 25%, where 38% of the company's office space
is located. This was driven by continued high vacancies in regional
cities. Vacancy in Bucharest was 20% (12% of space), 16% in Sofia
(10%) and 14% in Budapest (39%). Its CEE retail portfolio's
operational performance remains stable.

Peer Analysis

GTC's EUR2.4 billion portfolio is similar to Globalworth Real
Estate Investments Limited's (BBB-/Stable) EUR2.5 billion
office-focused portfolio. NEPI Rockcastle N.V.'s (BBB+/Stable)
EUR7.7 billion retail-focused portfolio is over three times larger.
However, only GTC's portfolio benefits from meaningful asset class
diversification with offices (51% of market value), retail (30%)
and residential-for-rent in Germany (19%), as underscored in its
looser leverage rating sensitivities.

Its peers' assets are all located in CEE. By market value, 39% of
GTC's CEE income-producing assets are in Poland (A-/Negative), 5%
in Croatia (A-/Stable) and the rest in four countries rated in the
'BBB' rating category or below. This results in an average country
risk exposure, similar to that of NEPI, which operates in eight
countries, with around 40% of assets located in countries rated
'A-' or above. Globalworth's average country risk is similar, but
its assets are almost equally split between Poland and Romania
(BBB-/Negative).

Fitch expects GTC's residential-adjusted net debt/EBITDA to remain
higher than peers'. Adjusted for the residential-for-rent
portfolio's 'excess debt', Fitch forecasts leverage to decrease
below 11x in 2027 (2025: 11.6x). This compares unfavourably with
Globalworth's net debt/EBITDA at 8.1x-8.5x or NEPI's max 5.1x
during 2025-2028.

GTC's CEE portfolio quality is broadly similar to that of
Globalworth and NEPI, although not all CEE peers quote directly
comparable net initial yield data (annualised net rents/investment
property asset values).

Fitch’s Key Rating-Case Assumptions

Assumptions for the end-2024 acquired German residential-for-rent
portfolio:

- Like-for-like rent to increase 3% year on year consistent with
the previous owner's historical performance and the regulated
Mietspiegel and Kappungsgrenze's rent frameworks; rental yield at
8% of capex for the retained portfolio

- Initial opex, including void costs, at 30% of gross rental
income, improving from 2026 as voids fall and rents rise more than
opex

- Debt including loans secured on residential assets, the EUR190
million acquisition funding, plus interest expense on additional
debt funding for the retained portfolio's tenant improvement capex

Assumptions for the GTC portfolio:

- Rental income modelled on an annualised rent basis

- Rental income to fluctuate, due to timing of disposals and
completed developments; average 1.5% like-for-like increase in rent
a year due to CPI indexation of leases and gradual improvement in
occupancy, partly offset by some rent decreases on lease renewals

- Committed and uncommitted capex totalling about EUR280 million
during 2025-2028

- Cash dividend payments between 2026 and 2028

- About EUR200 million of cash proceeds related to disposals of
income-producing assets and land plots in 2025-2028, not including
proceeds from the sale of Kildare Innovation Campus in Ireland

Recovery Analysis

Its recovery analysis assumes that GTC's portfolio would be
liquidated rather than restructured as a going concern in a
default. Fitch also assumes no cash and receivables are available
for recoveries.

Current: Recoveries for unsecured creditors, until the outstanding
EUR299 million of unsecured bonds is repaid, are based on the
consolidated end-2024 EUR2.39 billion of income-producing assets,
of which EUR0.99 billion of assets are pledged to the secured
banking loans at GTC level (including EUR241 million worth Galeria
Północna, which was encumbered in June 2025), EUR274 million
assets held by GTC Magyarorszag Zrt (GTC M) and EUR813 million
assets in the recently acquired GTC Paula SARL.

Fitch applies a standard 20% discount to the remaining EUR314
million of unencumbered assets. After deducting an additional
standard 10% for administrative claims, EUR226 million of value
remains available to GTC's unsecured creditors.

Unsecured creditors (totalling EUR690 million) include the
remaining untendered EUR299 million of unsecured bonds; EUR192
million of GTC Finance DAC's secured bondholders with a
transitional unsecured recourse to GTC; and under the GTC
Magyarorszag bonds and the GTC Paula SARL acquisition loan their
Fitch-calculated prospective shortfalls, which are guaranteed by
GTC. Assets held by GTC Magyarorszag and GTC Paula SARL will be
used primarily to cover most of their secured and unsecured debt,
with only their shortfalls guaranteed by GTC on an unsecured basis.
The resulting unsecured recovery of 'RR4' indicates no notching
from the IDR and the same unsecured debt instrument rating as the
'B' IDR.

Expected: Expected recoveries for the EUR455 million secured bonds
are based on EUR350 million income-producing investment properties
collateral package, which will be pledged to the secured notes when
the unsecured bonds are fully repaid. Fitch applies a standard 20%
discount and deducts an additional standard 10% for administrative
claims, leaving EUR252 million available to these creditors.

Its waterfall-generated recovery computation generates recoveries
for the EUR455 million secured bonds, consistent with a 'RR3'
expected Recovery Rating, based on current metrics and assumptions,
resulting in one-notch uplift from the 'B' IDR.

RATING SENSITIVITIES

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

- Unsuccessful or disrupted refinancing of debt

- Fitch-adjusted net debt/EBITDA above 14.5x

- EBITDA net interest coverage below 1.0x

- Loan-to-value around 65%

- Operating metric deterioration including occupancy below 90%,
weighted average lease term (including tenants' earliest breaks)
below three years and like-for-like rental decline

- Twelve-month liquidity score below 1.0x

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

- Progress in mitigating the refinance risk of near-term secured
bank debt funding

- Fitch-adjusted net debt/EBITDA below 13.5x

- EBITDA net interest coverage above 1.25x

- Weighted average debt tenor above five years

- An improved operating profile with a longer lease tenor,
like-for-like rental growth and a group occupancy rate above 90%

Liquidity and Debt Structure

At end-June 2025, GTC held readily available cash of about EUR80
million and EUR45 million in the 'blocked' account for the June
2026 bond maturity refinancing. After June 2025, cash resources
increased with net proceeds from the new EUR84 million loan secured
on Galeria Północna, less the outlay to buy the Germany
portfolio's minority interests. The outstanding EUR299 million of
unsecured bond, which is the largest short-term maturity, will be
repaid with the remaining proceeds from the new EUR455 million
secured bonds kept on escrow account (EUR237 million) and the
company's own cash.

Other debt liabilities due by end-June 2026 are secured bank loan
repayments and amortisations totaling EUR323 million, including
EUR99 million loans secured on German residential assets maturing
in December 2025 and around EUR210 million of loans secured on CEE
properties maturing in 1H26 (with extensions of some of them
already negotiated). The group does not have a committed revolving
credit facility as a liquidity buffer. GTC may use multiple
strategies to address maturing debt, including loans extensions and
asset disposals.

Issuer Profile

GTC is a property investment company that holds and develops assets
(office, retail and residential) in Poland, capital cities in CEE
(particularly Budapest, Bucharest, Belgrade, Zagreb and Sofia) and
Germany (residential-for-rent).

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
   -----------        ------                    --------   -----
Globe Trade
Centre S.A.     LT IDR B  Rating Watch Maintained          B

   senior
   unsecured    LT     B  Rating Watch Maintained   RR4    B

GTC Aurora
Luxembourg
S.A.

   senior
   unsecured    LT     B  Rating Watch Maintained   RR4    B

GTC Finance
DAC

   senior
   secured      LT B+(EXP)Rating Watch Maintained   RR3   B+(EXP)



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

NAVOI MINING: S&P Raises Sr. Unsec. Debt Rating to 'BB'
-------------------------------------------------------
S&P Global Ratings upgraded Navoi Mining and Metallurgical Co.
(NMMC) to 'BB' from 'BB-', Uzbekneftegaz JSC to 'BB-' from 'B+',
and Almalyk MMC JSC (AMMC) to 'BB-' from 'B+'.

At the same time, S&P raised its issue rating on NMMC's senior
unsecured debt to 'BB' from 'BB-' and its rating on Uzbekneftegaz's
senior unsecured debt to 'BB-' from 'B+'.

Rating Action Rationale

The upgrades of NMMC, Uzbekneftegaz, and AMMC follow the upgrade of
Uzbekistan but also take into account our positive reassessment of
the likelihood of support from the Uzbek government to its largest
GREs to very strong from strong. This revision primarily reflects
the government's efforts to improve supervision and monitoring of
its largest companies, which contribute the most to the state in
terms of taxes and dividends.

S&P revised downward its assessment of government support for these
entities in 2023 due to insufficient supervision over financial
performance and timely debt service.

The upgrades of NMMC, Uzbekneftegaz, and AMMC follow the upgrade of
Uzbekistan but also take into account S&P's positive reassessment
of the likelihood of support from the Uzbek government to its
largest GREs to very strong from strong. This revision primarily
reflects the government's efforts to improve supervision and
monitoring of its largest companies, which contribute the most to
the state in terms of taxes and dividends.

S&P said, "We revised downward our assessment of government support
for these entities in 2023 due to insufficient supervision over
financial performance and timely debt service.

"We are not revising our assessments of the likelihood of
government support for smaller Uzbek GREs due to insufficient track
record but could do this over time if we observe similar patterns.
Despite announced privatization plans for many of the GREs, in most
cases, the government will retain 75% shareholding, even on a
five-year horizon."

NMMC

S&P said, "Our upgrade of NMMC to 'BB/Stable/--' from
'BB-/Positive/--' is driven by the upgrade of Uzbekistan. We
continue to assess NMMC's stand-alone credit profile (SACP) at
'bb+', higher than the sovereign, therefore an upgrade of the
sovereign automatically translates into a higher rating on NMMC."
The rating continues to be capped by the sovereign rating.

Outlook

The stable outlook mirrors that on Uzbekistan. In the base-case
scenario we assume that the company will maintain conservative
credit metrics at below 1x debt to EBITDA, allowing it to pay very
sizable dividends to the government.

Downside scenario:

S&P said, "We could lower our rating on NMMC if a dramatic increase
in debt led us to revise downward its SACP by two notches to 'bb-',
but we do not consider this likely in the near term. Large
acquisitions or significant shareholder distributions could also
weaken leverage. We could also revise downward the SACP following a
major operational setback significantly reducing cash flow,
requiring substantial investment to restore gold production and
thus leading to higher leverage. Deteriorating liquidity that
hinders debt repayment or refinancing could also pressure the
rating."

Upside scenario:

S&P would upgrade NMMC if it was to upgrade Uzbekistan.

Rating Component Scores—NMMC

  Issuer Credit Rating    BB/Stable/--
  Business risk           Fair
  Country risk            High
  Industry risk           Moderately High
  Competitive position    Satisfactory
  Financial risk          Intermediate
  Cash flow/leverage      Intermediate
  Anchor                  bb+

  Modifiers:

  Diversification/portfolio effect   Neutral (no impact)
  Capital structure                  Neutral (no impact)
  Financial policy                   Neutral (no impact)
  Liquidity                          Adequate (no impact)
  Management and governance          Neutral (no impact)
  Comparable rating analysis         Neutral (no impact)
  Stand-alone credit profile         bb+
  Related government rating          BB
  Likelihood of government support   Very high (Cap at BB)

AMMC

S&P said, "We raised our rating on AMMC to 'BB-/Stable/--' from
'B+/Stable/--' due to a combination of the sovereign upgrade and
revision of the likelihood of government support to high from
moderately high. The company is about to commission its major
investment project--an almost $5 billion copper and gold mine with
the ore processing factory that was constructed under close
government supervision. This will more than double its ore
processing volumes, making it one of the bigger investment projects
in the country. The government is mandating AMMC to continue
investing further into the value chain through the construction of
a new copper smelter, supporting the view of its strong involvement
in decision making.

"On a stand-alone basis, AMMC's financial metrics remain weaker
than peers', featuring record-high gold and very supportive copper
prices. We assume that FFO to debt will remain 20%-30% under
base-case price assumptions, as the company's increased cash flow
will not allow for meaningful deleveraging due to high capital
expenditure (capex) and dividends. We understand the latter should
be reduced to 80% of net income from 100% previously, but will
still result in growth of gross and adjusted debt. That said, the
government's reliance on dividends from AMMC further reinforces our
view of a very strong link between the company and the
government."

Outlook

S&P said, "The stable outlook reflects that we are unlikely to
upgrade or a downgrade AMMC over the next 12 months, as both
actions would hinge on at least a two-notch upward or downward
revision of the SACP, respectively. In 2026, we expect the full
ramp up of the copper concentrate facility to increase volumes and
EBITDA. That said, we do not assume a significant improvement in
credit metrics due to AMMC's high capex and dividends. We forecast
funds from operations (FFO) to debt to remain within 20%-30% for
the next two years, which we view as commensurate with the current
rating."

Downside scenario:

S&P said, "We could lower our rating on AMMC if a dramatic increase
in debt or operational setbacks caused us to revise downward its
SACP by two notches to 'b-', but we do not consider this likely at
this time. This could be triggered by operational setbacks leading
to lower output and EBITDA generation due to a fall in gold or
copper prices, or by additional significant distributions to the
government, as dividends or in other forms. We could also lower the
rating if AMMC's liquidity were to deteriorate materially, because
of cash flow being insufficient to cover liquidity needs, such as
upcoming maturities and capex needs."

Upside scenario:

S&O said, "We could upgrade AMMC to 'BB' if we were to revise
upward its SACP by two notches to 'bb', which we consider unlikely
in the next 12 months. An upgrade is prohibited by AMMC's high
leverage for this part of the metals cycle, and limited
deleveraging capacity due to high capex and dividends. That said,
we would consider raising the rating in the longer term if AMMC
significantly lowered its leverage and significantly reduced
investments, generating positive free operating cash flow."

  Rating Component Scores--AMMC

  Issuer Credit Rating   BB-/Stable/--
  Business risk          Weak
  Country risk           High
  Industry risk          Moderately High
  Competitive position   Fair
  Financial risk         Aggressive
  Cash flow/leverage     Aggressive
  Anchor                 b+

  Modifiers

  Diversification/portfolio effect   Neutral (no impact)
  Capital structure                  Neutral (no impact)
  Financial policy                   Neutral (no impact)
  Liquidity Adequate (no impact)
  Management and governance          Moderately Negative
                                      (no impact)
  Comparable rating analysis         Neutral (no impact)
  Stand-alone credit profile         b+
  Related government rating          BB
  Likelihood of government support   High (+1 notch to SACP)

Uzbekneftegaz

S&P said, "We have upgraded Uzbekneftegaz to 'BB-/Stable/--' from
'B+/Positive/--' due to the sovereign upgrade. The reassessment of
the likelihood of support to very high from high does not
immediately impact the rating, but, combined with further
improvement in the company's stand-alone creditworthiness, could
lead us to consider a positive rating action in the longer term. We
have also revised upward the SACP on Uzbeknefgtegaz to 'b+' from
'b' due to an improvement in its governance."

Outlook

The stable outlook reflects S&P's expectation that Uzbekneftegaz
will continue to gradually improve its operating and financial
performance, with EBITDA approaching Uzbeki som (UZS) 20 trillion
and FFO to debt improving to about 20%.

Downside:

S&P said, "We could lower the rating on Uzbekneftegaz if a major
drawback weakens its operating performance, resulting in materially
lower cash flow and FFO to debt consistently below 12%, coupled
with a further deterioration of liquidity. We could also lower the
rating if, under improving performance, liquidity still
deteriorated because of any form of large distributions, and
acquisitions or excessive capex materially above our forecast."

A negative rating action on the sovereign rating of Uzbekistan
could also lead S&P to downgrade Uzbekneftegaz.

Upside:

S&P could raise the rating to 'BB' if it was to revise upward
Uzbekneftegaz's SACP by two notches to 'bb' from 'b+', which
appears unlikely in the next 12 months. S&P could take this action
if:

-- Uzbekneftegaz's liquidity materially improved, with the company
fully shifting toward a long-term funding structure;

-- FFO to debt improved to above 45%; and

-- And S&P gained very good visibility over tariffs, the company's
gas production, and capex.

  Rating Component Scores--Uzbekneftegaz

  Issuer Credit Rating BB-/Stable/--
  Business risk: Weak
  Country risk High
  Industry risk Moderately High
  Competitive position Fair
  Financial risk: Highly leveraged
  Cash flow/leverage Highly leveraged
  Anchor b

  Modifiers:

  Diversification/Portfolio effect   Neutral (no impact)
  Capital structure                  Neutral (no impact)
  Financial policy                   Neutral (no impact)
  Liquidity                          Less than adequate
                                      (no impact)
  Management and governance          Moderately negative
                                      (no impact)
  Comparable rating analysis         Positive (+1 notch)
  Stand-alone credit profile:        b+
  Related government rating          BB
  Likelihood of government support   Very high (+1 notch to SACP)

  Ratings List

  Almalyk MMC JSC

  Upgraded  
                                To             From

  Almalyk MMC JSC  

  Issuer Credit Rating      BB-/Stable/--    B+/Stable/--

  Navoi Mining and Metallurgical Co.

  Upgraded  
                                To             From

  Navoi Mining and Metallurgical Co.  

  Issuer Credit Rating     BB/Stable/--      BB-/Positive/--
  Senior Unsecured         BB                BB-

  Uzbekneftegaz JSC

  Upgraded  
                                To             From

  Uzbekneftegaz JSC  

  Issuer Credit Rating     BB-/Stable/--    B+/Positive/--
  Senior Unsecured         BB-              B+


TBC BANK: Fitch Affirms BB- Long-Term IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has revised Uzbekistan-based Joint Stock Commercial
Bank TBC BANK's (TBCU) Outlooks to Stable from Negative, while
affirming its Long-Term (LT) Foreign- and Local-Currency Issuer
Default Ratings (IDRs) at 'BB-'. TBCU's 'b' Viability Rating is
unaffected by this rating action.

The rating action follows the revision of the Outlook on the
Long-Term IDRs of Georgia-based TBC BANK JSC to Stable (TBC;
BB/Stable; see "Fitch Revises TBC Bank JSC's Outlook to Stable;
Affirms at 'BB'" dated 28 November 2025).

Key Rating Drivers

TBCU's LT IDRs are driven by potential support from TBC, as
captured by a Shareholder Support Rating (SSR) of 'bb-'. TBC is the
core bank of TBC BANK Group PLC, TBCU's controlling shareholder.

Fitch notches TBCU's SSR down once from TBC's LT IDR due to the
former's moderate role within the broader group given its moderate
contribution, although Fitch expects these contributions to
continue growing.

Fitch also considers the cross-border nature of potential support,
as the group and TBCU operate in different jurisdictions. Its
assessment of shareholder support captures the significant
reputational risks for TBC should TBCU default, and the low cost of
potential support given the small size of the Uzbek bank compared
with TBC and the group (just 6% of total group assets at
end-2024).

Rating Sensitivities

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

TBCU's SSR and LT IDRs will be downgraded if there is a downgrade
of TBC's IDRs. A downgrade could also result from a weakening of
TBCU's role for the group, leading to wider notching between the
banks' ratings. However, Fitch does not view this as likely.

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

An upgrade of TBCU's SSR and LT IDRs would require an upgrade of
TBC's ratings. Fitch could also upgrade TBCU's IDRs and equalise
them with those of TBC if Fitch assesses that the former's role for
the group has strengthened, leading to a higher support propensity.
However, Fitch does not currently expect this.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The 'B' Short-Term IDRs are the only option mapping to the 'BB-' LT
IDRs.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDRs are sensitive to changes in the LT IDRs.

Public Ratings with Credit Linkage to other ratings

TBCU's Long-Term IDRs are driven by potential ultimate support from
TBC.

ESG Considerations

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

   Entity/Debt                       Rating          Prior
   -----------                       ------          -----
Joint Stock
Commercial Bank
TBC BANK          LT IDR              BB- Affirmed   BB-
                  ST IDR              B   Affirmed   B
                  LC LT IDR           BB- Affirmed   BB-
                  LC ST IDR           B   Affirmed   B
                  Shareholder Support bb- Affirmed   bb-



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

SANTANDER CONSUMO 7: DBRS Confirms B(high) Rating on E Notes
------------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the following
classes of notes (collectively, the Rated Notes) issued by
Santander Consumo 7 FT (the Issuer):

-- Class A Notes at AA (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at B (high) (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate payment of principal on or before the
legal final maturity date in July 2038. The credit ratings on the
Class B, Class C, and Class D Notes address the ultimate payment of
interest (timely when most senior) and the ultimate payment of
principal on or before the legal final maturity date. The credit
rating of the Class E Notes addresses the ultimate payment of
interest and the ultimate repayment of principal by the legal final
maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- The portfolio performance, in terms of delinquencies and
defaults, as of the October 2025 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective credit rating
levels.

The transaction is a static securitization collateralized by
receivables related to consumer loans granted by Banco Santander SA
(Santander) to private individuals residing in Spain. Santander
also services the portfolio. The transaction closed in November
2024 with an initial portfolio balance of EUR 1,200.0 million.

PORTFOLIO PERFORMANCE

As of the October 2025 payment date, loans that were one to two
months and two to three months in arrears represented 0.3% and 0.2%
of the outstanding portfolio balance, respectively. Cumulative
defaults, defined as loans more than 90 days in arrears, amounted
to 1.1% of the initial portfolio balance at closing.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and maintained its base case PD and LGD
assumptions at 45% and 85.0%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the Rated Notes. As of the October 2025
payment date, credit enhancement to the Class A, Class B, Class C,
Class D, and Class E Notes was 13.5%, 9.8%, 7.0%, 3.5%, and 0.0%,
respectively. The credit enhancement levels have remained unchanged
since Morningstar DBRS' initial credit ratings due to the
continuing pro rata amortization of the Rated Notes. The Rated
Notes will continue to pay on a pro rata basis unless certain
events such as a breach of various performance triggers, a servicer
insolvency, or a servicer termination occur. Under these
circumstances, the principal repayment of the Rated Notes will
become fully sequential.

The transaction benefits from an amortizing cash reserve, funded to
EUR 15.6 million through the proceeds of the Class F Notes at
issuance, which has a target balance equal to 1.3% of the
outstanding Rated Notes balance, subject to a floor of EUR 6.0
million. The cash reserve can be used to cover senior transaction
costs and interest on the Class A Notes, Class B Notes, Class C
Notes, Class D Notes, and Class E Notes (unless deferred). As of
the October 2025 payment date, the cash reserve was at its target
balance of EUR 12.3 million.

Santander acts as the account bank for the transaction. Based on
Morningstar DBRS' reference rating of AA (low) on Santander (one
notch below its Long Term Critical Obligations Rating (COR) of AA),
the downgrade provisions outlined in the transaction's documents,
and other mitigating factors inherent in the transaction's
structure, Morningstar DBRS considers the risk arising from the
exposure to the account bank to be consistent with the credit
ratings assigned to the Rated Notes, as described in Morningstar
DBRS' "Legal and Derivative Criteria for European and Asia-Pacific
Structured Finance Transactions" methodology.

Santander also acts as the swap counterparty in the transaction.
Based on its COR and the collateral posting provisions included in
the documentation, Morningstar DBRS considers the risk arising from
the swap counterparty to be consistent with the credit ratings
assigned to the Rated Notes, in accordance with Morningstar DBRS'
"Legal and Derivative Criteria for European and Asia-Pacific
Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.

[] Moody's Takes Actions on 19 Notes from 5 Spanish RMBS Deals
--------------------------------------------------------------
Moody's Ratings has upgraded the ratings of eighteen Notes and
affirmed the rating of one Note in BANKINTER 13, FTA, BBVA RMBS 1,
FTA, BBVA RMBS 2, FTA, BBVA RMBS 3, FTA and BBVA RMBS 14 Fondo de
Titulizacion de Activos. The rating upgrades reflect the decreased
country risk for the Notes previously rated Aa1 (sf) and for the
other affected Notes the decreased country risk, increased levels
of credit enhancement and better-than-expected collateral
performance.

The rating action concludes Moody's review of sixteen notes placed
on review for upgrade on October 6, 2025
(https://urlcurt.com/u?l=3okYzV) following the increase of the
Government of Spain's ("Spain") local-currency bond country ceiling
to Aaa from Aa1 on September 26, 2025.

Spain's country ceiling, and therefore the maximum rating that
Moody's can assign to a domestic Spanish issuer under Moody's
methodologies, including structured finance transactions backed by
Spanish receivables, is Aaa (sf).

Moody's affirmed the rating of the Notes with an expected loss
consistent with their current rating.

Issuer: BANKINTER 13, FTA

EUR1397.4M Class A2 Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 Aa1 (sf) Placed On Review for Upgrade

EUR22.4M Class B Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR24.1M Class C Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa2 (sf) Placed On Review for Upgrade

EUR20.5M Class D Notes, Upgraded to Aa1 (sf); previously on Oct 6,
2025 A3 (sf) Placed On Review for Upgrade

EUR20.6M Class E Notes, Upgraded to Caa3 (sf); previously on Oct
6, 2025 Affirmed Ca (sf)

Issuer: BBVA RMBS 1, FTA

EUR495M Class A3 Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR120M Class B Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR85M Class C Notes, Upgraded to Aa1 (sf); previously on Oct 6,
2025 Baa3 (sf) Placed On Review for Upgrade

Issuer: BBVA RMBS 2, FTA

EUR1050M Class A4 Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 Aa1 (sf) Placed On Review for Upgrade

EUR112.5M Class B Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 A3 (sf) Placed On Review for Upgrade

EUR100M Class C Notes, Upgraded to A1 (sf); previously on Oct 6,
2025 Ba2 (sf) Placed On Review for Upgrade

Issuer: BBVA RMBS 3, FTA

EUR681.0M Class A3a Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 Aa1 (sf) Placed On Review for Upgrade

EUR136.2M Class A3b Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 Aa1 (sf) Placed On Review for Upgrade

EUR63.6M Class A3c Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 Aa3 (sf) Placed On Review for Upgrade

EUR27.2M Class A3d Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 A3 (sf) Placed On Review for Upgrade

EUR156M Class B Notes, Upgraded to Caa2 (sf); previously on Oct 6,
2025 Affirmed C (sf)

EUR88.5M Class C Notes, Affirmed C (sf); previously on Oct 6, 2025
Affirmed C (sf)

Issuer: BBVA RMBS 14 Fondo de Titulizacion de Activos

EUR637M Class A Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR63M Class B Notes, Upgraded to Aa1 (sf); previously on Oct 6,
2025 Aa3 (sf) Placed On Review for Upgrade

RATINGS RATIONALE

The rating actions are prompted by decreased country risk for the
Notes previously rated Aa1 (sf), and for the other affected Notes
by decreased country risk, the increase in credit enhancement
available for the affected tranches and decreased key collateral
assumptions, namely the portfolio Expected Loss (Portfolio EL) and
MILAN Stress Loss assumptions due to better-than-expected
collateral performance.

Decreased Country Risk

The rating action follows Moody's increase of Spain's
local-currency bond country ceiling to Aaa from Aa1 on September
26, 2025. This local-currency bond ceiling increase followed the
upgrade of the Government of Spain's issuer and bond ratings to A3
with a stable outlook from Baa1 and a positive outlook.

Spain's country ceiling, and therefore the maximum rating that
Moody's can assign to a domestic Spanish issuer under Moody's
methodologies, including structured finance transactions backed by
Spanish receivables, is Aaa (sf). The decrease in sovereign risk is
reflected in Moody's quantitative analysis for the affected
tranches. By increasing the maximum achievable rating for a given
portfolio loss, the methodology alters the loss distribution curve
and implies a lower probability of high loss scenarios, which has a
positive impact on all notes, including mezzanine and junior
notes.

Increase in Available Credit Enhancement

In BANKINTER 13, FTA, BBVA RMBS 1, FTA, and BBVA RMBS 2, FTA, the
non-amortizing reserve funds led to the increase in the credit
enhancement available for the respective notes.

In BANKINTER 13, FTA, the credit enhancement of the Class A2, B, C
and D Notes increased to 14.92%, 12.02%, 8.91% and 6.27% from
14.18%, 11.29%, 8.18% and 5.53% respectively since the rating
action in April 2025.

In BBVA RMBS 1, FTA, the credit enhancement of the Class A3, B and
C Notes increased to 22.25%, 12.65% and 5.85% from 20.58%, 10.98%
and 4.18% respectively since the rating action in October 2023.

In BBVA RMBS 2, FTA, the credit enhancements of the Class A4, B and
C Notes increased to 12.26%, 7.76% and 3.76% from 11.23%, 6.73% and
2.73% respectively since the rating action in October 2023.

In BBVA RMBS 3, FTA sequential amortization of the notes and the
reduction of the unpaid balance on the principal deficiency ledger
through excess spread has led to an increase in the credit
enhancement available for the respective notes. For instance, the
credit enhancement of the Class A3a, A3b, A3c, A3d Notes increased
to 18.11% and for the Class B Notes to -1.17% from 12.21% and
-2.69% respectively since the rating action in October 2023.

In BBVA RMBS 14 Fondo de Titulizacion de Activos, the credit
enhancements of the Class A and B Notes increased to 41.52% and
13.24% from 36.83% and 11.26% respectively since the rating action
in March 2025.

Revision of Key Collateral Assumptions

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

The transactions continue to demonstrate strong performance, with
low arrears and no material additional defaults since the most
recent rating actions. The remaining loans in the pools have shown
resilience since 2022 despite elevated interest rates and
affordability pressure due to high inflation.

Furthermore, the securitized portfolios are highly granular, with
no significant concentrations and very low weighted-average indexed
loan-to-value (LTV) ratios. Spain's robust labor market recovery,
coupled with real wage growth and rising house prices, is expected
to underpin stable performance for the seasoned collateral backing
these transactions.

In RMBS transactions, Moody's apply a floor to the MILAN Stressed
Loss, namely the Minimum Portfolio EL Multiple, which is typically
a multiple of the Portfolio EL to maintain a minimum coefficient of
variation for the lognormal distribution used to simulate losses
incurred by the securitized portfolio. MILAN Stressed Losses
subject to the floor reduce when the Portfolio EL is reduced.

BANKINTER 13, FTA

The arrears over 90 days just marginally increased to 0.48% from
0.37% and cumulative defaults remain largely unchanged at 2.03%
since the rating action in April 2025.

Moody's decreased the expected loss assumption for the portfolio to
0.50% from 1.01% as a percentage of current pool balance. The
corresponding expected loss assumption as a percentage of original
pool balance decreased to 0.77% from 0.84%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expect the portfolio to incur in a severe economic stress.
As a result, Moody's have maintained the MILAN Stressed Loss
assumption at 4.30%.

BBVA RMBS 1, FTA

The arrears over 90 days decreased to 0.28% from 0.37% and
cumulative defaults just marginally increased to 6.58% from 6.52%
since December 2024.

Moody's decreased the expected loss assumption for the portfolio to
1.61% from 2.75% as a percentage of current pool balance. The
corresponding expected loss assumption as a percentage of original
pool balance decreased to 4.09% from 4.29%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expect the portfolio to incur in a severe economic stress.
As a result, and reflecting the decrease of the Portfolio EL,
Moody's have decreased the MILAN Stressed Loss assumption to 5.8%
from 9.40% which is floored by the Minimum Portfolio EL Multiple.

BBVA RMBS 2, FTA

The arrears over 90 days marginally decreased to 0.19% from 0.31%
and cumulative defaults just marginally increased to 6.61% from
6.58% since December 2024.

Moody's decreased the expected loss assumption for the portfolio to
1.34% from 2.75% as a percentage of current pool balance. The
corresponding expected loss assumption as a percentage of original
pool balance decreased to 3.75% from 3.95%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expect the portfolio to incur in a severe economic stress.
As a result, and reflecting the decrease of the Portfolio EL,
Moody's have decreased the MILAN Stressed Loss assumption to 4.90%
from 8.90% which is floored by the Minimum Portfolio EL Multiple.

BBVA RMBS 3, FTA

The arrears over 90 days decreased to 0.51% from 0.89% and
cumulative defaults only marginally increased to 14.71% from 14.60%
since November 2024.

Moody's decreased the expected loss assumption for the portfolio to
3.33% from 4.37% as a percentage of current pool balance. The
corresponding expected loss assumption as a percentage of original
pool balance decreased to 8.70% from 9.00%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expect the portfolio to incur in a severe economic stress.
As a result, and reflecting the decrease of the Portfolio EL,
Moody's have decreased the MILAN Stressed Loss assumption to 10.30%
from 13.50% which is floored by the Minimum Portfolio EL Multiple.

BBVA RMBS 14, Fondo de Titulizacion de Activos

The arrears over 90 days remain largely unchanged at 0.16% and
cumulative defaults also remain largely unchanged at 0.19% since
December 2024.

Moody's decreased the expected loss assumption for the portfolio to
0.70% from 1.41% as a percentage of current pool balance. The
corresponding expected loss assumption as a percentage of original
pool balance decreased to 0.28% from 0.55%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expect the portfolio to incur in a severe economic stress.
As a result, Moody's have decreased the MILAN Stressed Loss
assumption to 4.10% from 5.10%.

Counterparty Exposure

The rating actions took into consideration the Notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

Moody's also assessed the default probability of the transaction's
account bank providers by referencing the bank's deposit rating. In
BBVA RMBS 14 Fondo de Titulizacion de Activos, the rating of class
B is constrained by the issuer account bank exposure.

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.



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

ARCHROMA HOLDING: S&P Downgrades ICR to 'B-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Switzerland-based Archroma Holdings S.a.r.l. (Archroma) to 'B-'
from 'B' and its issue rating on the senior secured term loans
issued by Archroma Finance S.a.r.l. to 'B' from 'B+'.

S&P said, "The stable outlook indicates that we expect a gradual
recovery in EBITDA over the next 12 months, driven by integration
synergies and volume growth. As a result, adjusted debt to EBITDA
should improve to 10.0x-10.5x (8.5x-9.0x excluding preferred equity
certificates [PECs]), and FFO interest coverage to 1.6x-1.8x in
2026 before improving further to 1.7x-2.0x in 2027. We anticipate
the company to maintain a comfortable liquidity buffer including
from addressing its upcoming debt maturities, and free operating
cash flow (FOCF) to remain positive in 2026 and 2027.

"S&P Global Ratings-adjusted EBITDA was about EUR138 million in
fiscal 2025 and we forecast about EUR220 million in 2026,
translating into debt to EBITDA of 15.0x in 2025 and declining to
about 10.0x in 2026. We expect funds from operations (FFO) interest
coverage to remain below 2.0x for 2025-2027.

"The downgrade reflects our base-case expectation that the FFO cash
interest coverage ratio will remain below our downside trigger of
2.0x in 2026-2027. Lower-than-anticipated EBITDA and higher cash
interest expenses, led to FFO cash coverage ratio close to 1.0x at
the end of fiscal 2025, a similar level compared to fiscal 2024. We
expect the market to recover toward the 2024 level in 2026 with
textile effects benefiting from gradually improving consumer
confidence following interest rate cuts and the normalization of
U.S. tariff effects. S&P Global Ratings-adjusted debt to EBITDA was
comparable to fiscal 2024, still at an elevated 14.7x-15.2x
(including third-party owned PECs) or 8.5x-9.0x (excluding PECs).
We forecast a deleveraging to 10.0x-10.5x in 2026. Our adjusted FFO
is neutral in 2025, leading to an FFO cash interest coverage ratio
close to 1.0x. The underperformance is mainly driven by lower
EBITDA and slightly higher cash interest expense compared to our
previous base case. We expect the FFO cash interest coverage ratio
to improve to 1.4x-1.6x in 2026 and 1.6x-1.9x in 2027, which is
below our trigger of 2.0x.

"We expect significantly lower exceptional costs as the integration
of Huntsman Corp. is being completed, leading to a supportive
EBITDA increase in fiscal 2026. S&P Global Ratings-adjusted credit
metrics will be bolstered by some volume growth and margin
expansion amid mildly improving market demand and better operating
leverage. We expect Archroma's heavy investment in integration and
efficiency in the past three years to pay off and contribute to
recurring synergy savings. These will include higher capacity
utilization, procurement savings, and cost cuts related to selling,
general, and administrative expenses, with related one-off expenses
to continue to progressively soften. We understand that 100% of
run-rate synergy have been realized at the end of fiscal 2025. The
company expects exceptional costs to reduce to about $24 million in
fiscal 2026, part of which will be compensated by $15 million of
land-sale income from further footprint optimization measures. We
forecast S&P Global Ratings-adjusted EBITDA to increase to $210
million-$220 million and FFO interest coverage to about 1.5x in
fiscal 2026.

"We forecast that FOCF will be constrained although positive in
2026 before increasing from 2027, driven by profitability
improvements, and lower one-off costs. In 2025, FOCF generation was
positive thanks to high working capital cash inflow due to
successful optimization measures taken from the company, net
working capital to sales reached a low of 21.3% and should remain
in this range in the future. We expect a working capital outflow of
about $25 million-$35 million in 2026 and 2027 mirroring modest
growth prospects. We forecast that capital expenditure (capex) will
remain at about $28 million-$32 million in 2026 and 2027, allowing
for neutral-to-modestly-positive FOCF. We forecast about $110
million-$120 million of cash interest expenses, which is above our
previous base case due to higher gross debt following the add-on of
December 2024 and higher EUR/USD that negatively affect the
euro-denominated term loan B (TLB).

"We continue to assess the liquidity as adequate, nevertheless we
expect Archroma to timely address its upcoming maturities. The 'B-'
rating is supported by significant cash on the balance sheet that
provides adequate liquidity. Archroma maintained about $172 million
in cash and $115 million available under its revolving credit
facility (RCF) as of Sept. 30, 2025. We do not net its cash balance
against the group's debt to calculate our credit ratios, in line
with our criteria for entities owned by a financial sponsor.
However, we view the high level of liquidity, which provides a
sufficient buffer and mitigates a potential further market
weakening as positive. We expect the company to address its debt
maturities in a timely manner, namely its RCF maturing in March
2027 and its existing senior secured term loan due in June 2027, to
maintain adequate liquidity.

"The stable outlook indicates that we expect a gradual recovery in
EBITDA over the next 12 months, driven by integration synergies and
volume growth. As a result, adjusted debt to EBITDA should improve
to 10.0x-10.5x (8.5x-9.0x excluding PECs), and FFO interest
coverage to 1.6x-1.8x in 2026 before improving further to 1.7x-2.0x
in 2027. We expect the company to maintain a comfortable liquidity
buffer with a timely management of its maturity profile, and FOCF
to remain positive in 2026-2027."

S&P could lower the rating on Archroma if:

-- The company does not address its 2027 maturities in a timely
manner such that these maturities became current negatively
affecting the liquidity profile;

-- FOCF turned materially negative without any prospect of a swift
recovery; and

-- FFO interest coverage failed to improve in the next 12 months
from 1.0x in 2025.

Rating upside is constrained by the difficult market conditions and
high leverage. S&P could consider a positive rating action if
Archroma successfully improves its FOCF generation to above $50
million and strengthens its FFO cash interest coverage ratio to
comfortably above 2.0x, implying S&P Global Ratings-adjusted EBITDA
(after exceptional costs) of above $270 million. This could result
from the successful realization of synergies, a decline in
exceptional costs, and the EBITDA margin becoming sustainably
higher as demand recovers and plant utilization improves.




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

ASIMI FUNDING 2025-2: DBRS Finalizes CCC Rating on X Notes
----------------------------------------------------------
DBRS Ratings Limited finalized the provisional credit ratings on
the following classes of notes (collectively, the Rated Notes)
issued by Asimi Funding 2025-2 PLC (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (low) (sf)
-- Class E Notes at BB (low) (sf)
-- Class F Notes at B (low) (sf)
-- Class X Notes at CCC (sf)

Morningstar DBRS does not rate the Class G Notes (together with the
Rated Notes, the Notes) also issued in the transaction.

The credit ratings of the Class A and Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal by the final maturity date. The credit ratings of the
Class C, Class D, Class E, Class F and Class X Notes address the
ultimate payment of scheduled interest while the class is
subordinate but the timely payment of scheduled interest when it is
the most senior class, and the ultimate repayment of principal by
the final maturity date.

The transaction is the third securitization issuance of fixed-rate
consumer loans granted by Plata Finance Limited (Plata or the
seller) to private individuals residing in the United Kingdom.
Plata is the initial servicer with Lenvi Servicing Limited (Lenvi)
in place as the standby servicer for the transaction.

CREDIT RATING RATIONALE

Morningstar DBRS based its credit ratings on the following
analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued

-- The credit quality and the diversification of the collateral
portfolio, its historical performance, and the projected
performance under various stress scenarios

-- Morningstar DBRS' operational risk review of Plata's
capabilities regarding originations, underwriting, servicing,
position in the market, and financial strength

-- The operational risk review of Lenvi regarding servicing
-- The transaction parties' financial strength relative to their
respective roles

-- The consistency of the transaction's structure with Morningstar
DBRS' "Legal and Derivative Criteria for European Structured
Finance Transactions" methodology

-- Morningstar DBRS' long-term sovereign credit rating on the
United Kingdom of Great Britain and Northern Ireland, currently AA
with a Stable trend

TRANSACTION STRUCTURE

The transaction is static and allocates collections in separate
interest and principal priorities of payments. The transaction
benefits from two reserves initially funded with the (Class X)
Notes proceeds: (1) the Class A liquidity reserve fund equal to 2%
of the outstanding Class A Notes balance, subject to a floor of 1%
of the initial Class A Notes balance and (2) the general reserve
fund equal to 1.5% of the outstanding Rated Notes balance
(excluding the Class X Notes) minus the Class A liquidity reserve
fund target amount, subject to a floor of GBP 500,000. Both
reserves are part of interest available funds and can be used to
cover senior expenses, servicing fees, senior hedging payments,
interest payments on the Class A Notes, and the Class A principal
deficiency ledger (PDL) by the Class A liquidity reserve fund, and
interest payments on the Rated Notes (excluding the Class X Notes)
by the general reserve fund.

In addition, there is a late delinquency loss reserve fund, which
will be funded in the transaction interest waterfalls for loans 90
or more days past due that are not yet defaulted. If the interest
collections and these three reserves are not sufficient, principal
funds can also be reallocated to cover senior expenses, servicing
fees, senior hedging payments, interest payments on the most-senior
class of Notes (excluding the Class X Notes), and related Class
PDLs.

Morningstar DBRS considers the interest rate risk for the
transaction to be somewhat limited as an interest rate swap was in
place to reduce the mismatch between the fixed-rate collateral and
the floating-rate Notes. However, only around 67% of the portfolio
at closing is hedged with a predefined notional amount. Under the
terms of the swap agreement, the Issuer pays a gradually increasing
swap rate during the later stage of the transaction, which further
compresses excess spread.

TRANSACTION COUNTERPARTIES

Barclays Bank PLC (Barclays) is both the account bank and hedge
provider for the transaction. Morningstar DBRS has a Long-Term
Issuer Rating of "A" on Barclays, which meets the Morningstar DBRS
criteria to act in these capacities.

The transaction documents contain downgrade provisions consistent
with Morningstar DBRS' criteria.

PORTFOLIO ASSUMPTIONS

As the performance data of Plata's loans continues to be limited,
Morningstar DBRS received a proxy dataset of more seasoned loans
originated by a Plata-related entity, Bamboo Limited (Bamboo),
under similar underwriting criteria but with higher annual
percentage rates (APRs) than Plata loans. Considering the slightly
longer available historical data, a better collateral composition
based on Plata's internal risk ranking and benchmarking of
comparable European unsecured consumer loan portfolios, Morningstar
DBRS revised the lifetime expected default to 13.5% from the 14%
applied to the Asimi Funding 2025-1 transaction. In comparison,
Morningstar DBRS maintained the expected recovery at 15% or a loss
given default (LGD) of 85%, comparable with other UK consumer loan
portfolios.

Notes: All figures are in British pound sterling unless otherwise
noted.

BIFFA HOLDCO: S&P Assigned Preliminary 'B+' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit ratings to Biffa Holdco Ltd. and its financial subsidiary
Biffa Group Holdings Ltd., which is also the issuer of the new
senior secured notes and borrower of the super senior secured RCF.

The stable outlook reflects S&P's expectations of high single-digit
organic growth and S&P Global Ratings-adjusted EBITDA margins of
above 12.5% from fiscal 2026, resulting in strong FOCF, FFO to cash
interest coverage of above 3x, and S&P Global Ratings-adjusted debt
to EBITDA of below 5x from fiscal 2026. This is supported by
moderate working capital outflows and a supportive financial
policy.

Biffa Holdco Ltd. (Biffa) is seeking to refinance its existing debt
by issuing GBP830 million-equivalent of senior secured notes. The
notes will be split into euro and pound sterling tranches and will
be used to repay the existing debt and other debt-like obligations,
add cash to its balance sheet, and pay transaction costs. S&P
Global Ratings-adjusted debt for fiscal 2026 includes the GBP830
million-equivalent senior secured notes, leases of about GBP300
million, and other liabilities of about GBP155 million.

As part of its acquisition of Biffa in 2023, Energy Capital
Partners (ECP) provided equity to Biffa Holdco Ltd. in the form of
a shareholder loan. Based on the proposed shareholder loan
documentation, S&P views this instrument as equity-like under its
criteria for treatment of controlling shareholder financing, and as
a result exclude it from our financial analysis, including its
leverage and coverage calculations.

The company holds leading positions in the relatively small and
fragmented U.K. waste management market. S&P's assessment of the
business risk profile as fair reflects Biffa's strong market
positions in the U.K. waste management market as one of two large
players, alongside Veolia.

In Industrial & Commercial waste and recycling collections (about
45% of net revenue in fiscal 2025), Biffa has a market share of
about 7% (and up to 15% in certain subsegments and regions),
demonstrating the market's fragmented nature. The Municipal waste
and recycling collections market is comparably consolidated, given
about half of total work is insourced by local authorities. In the
outsourced market, Biffa has a market share of about 20%, with the
top four waste management players operating most of these
services.

Biffa also holds strong positions in the recycling market, having
market shares of about 20% in its plastic polymeric recycling and
its materials recovery facility businesses (MRF), with the group's
Edmonton facility being the U.K.'s second largest MRF.

These factors are offset by Biffa being wholly concentrated in the
U.K., as well as the domestic market being more fragmented relative
to other geographical markets, which S&P views negatively due to
increased competitive pressures.

Secular market tailwinds will support growth. Biffa will benefit
from several tailwinds going forward. S&P expects macroeconomic
conditions to improve in the U.K., with real GDP growth of about
1.5% across fiscal years 2027 and 2028 (compared with 1.1% in
fiscal 2025) with interest rate cuts somewhat offsetting weaker
domestic demand. Coupled with year-on-year population growth of
about 0.5% across the forecast period, we expect U.K. waste volumes
to grow due to their tendency to trend with economic and population
growth.

Ongoing trends in the reversal of globalized waste supply chains
are directing customers toward domestic circular solutions. Biffa
is well-positioned for this, given it operates across the full
value chain, covering the collection of waste and recycling;
processing; MRFs; recycling and treatment; and landfill. Broadly
speaking, only the top five U.K. waste management services players
can offer this full suite of services.

S&P said, "Developments in the U.K. regulatory environment have
negatively affected the group historically, but we now see them as
a competitive advantage for Biffa. For example, the UK Plastic
Packaging Tax 2022--penalizing plastic packaging manufactured in or
imported to the U.K. that contains less than 30% recycled
plastic--aims to reduce plastics ending up in U.K. landfills,
thereby benefiting Biffa's strong market presence in plastic
polymeric recycling. Similarly, the broadened scope of the U.K.
Emissions Trade Scheme (ETS) (which limits emissions from covered
sectors and applies appropriate prices) to include the energy from
waste (EfW) market from 2028 is a competitive threat to players
with these capabilities. It will not affect Biffa following the
disposals of its EfW facilities in fiscal 2026.

"We assume Biffa will continue to pursue an organic-led growth
strategy supported by bolt-on acquisitions. Biffa has historically
recorded sound organic growth, primarily through pricing in
collections, and investment in its recycling business. This was
complemented by selective acquisitions that aimed to expand its
U.K. footprint and strengthen capabilities. Under Energy Capital
Partner's ownership since 2023, Biffa has completed about 20
acquisitions, notably Renewi's Municipal U.K. business in fiscal
2025, comprising five long-term local authority contracts, to
strengthen its waste treatment capabilities.

"Going forward, we expect Biffa's growth strategy to be broadly
unchanged, with organic expansion remaining a key driver. This will
be supported by continued pricing and sales and marketing
initiatives in collections, expansion in the recycling business,
pricing initiatives in landfill, and cross-selling specialist
services with existing industrial and commercial customers. Our
base case includes continued acquisitions, which will likely
feature disciplined bolt-ons."

Deleveraging across the forecast period will be driven by margin
expansion and FOCF generation. Biffa recorded S&P Global
Ratings-adjusted margins of about 11.4% in fiscal 2025 (fiscal
2024: 10.6%), as the company incurred exceptional expenses of about
GBP32 million relating to enterprise resource planning systems,
site closures, restructuring, and acquisition-related expenses.
This resulted in S&P Global Ratings-adjusted debt to EBITDA of
about 5.4x.

S&P expects S&P Global Ratings-adjusted margin expansion across the
forecast period to about 12.7% over fiscal years 2026 and 2027,
supported by reduced exceptional expenses in fiscals 2027 and 2028
as Biffa progresses out of its efficiency-driving multiyear
transformation, alongside targeting profitable customers and
routing efficiencies in the collections segment. In turn, this will
drive deleveraging to about 4.9x by fiscal 2026, and about 4.7x in
fiscal 2027.

S&P said, "We forecast strong adjusted FOCF from fiscal 2027,
following the improvement in EBITDA and the phasing out of the
loss-making contracts of the Renewi Municipal U.K. business. FOCF
will improve to about GBP50 million in fiscal 2026 and GBP85
million by fiscal year-end 2027, supported by neutral working
capital from reduced Renewi outflows, although group FOCF after
leases remains more muted, with break-even FOCF in 2027, turning
positive thereafter.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final documentation
within a reasonable time frame, or if final documentation departs
from the materials reviewed, we reserve the right to withdraw or
revise our ratings. Potential changes include, but are not limited
to, use of loan proceeds, maturity, size and conditions of the
loans, financial and other covenants, security, and ranking.

"The stable outlook reflects our view that Biffa will generate
robust earnings growth, driven by favorable industry trends in the
U.K. waste management services market, supporting high single-digit
organic growth annually and bolt-on acquisitions. Alongside reduced
exceptional expenses, we expect S&P Global Ratings-adjusted debt to
EBITDA to stay below 5.0x from fiscal 2026. We also forecast
positive adjusted FOCF of GBP50 million or more from fiscal 2026."

S&P could lower the rating on Biffa over the next 12 months if its
expect its S&P Global Ratings-adjusted debt to EBITDA to remain
materially above 5.0x or fails to generate FOCF in line with our
expectations, likely because of:

-- A more aggressive financial policy involving further
debt-funded shareholder returns or acquisitions;

-- Weaker trading performance; or

-- Higher exceptional expenses or higher-than-expected operating
expenses.

S&P said, "Although not expected in the near term, we could
consider taking a positive rating action if the group is able to
demonstrate adjusted debt to EBITDA sustained in the region of
4.0x, while we believe that financial policy supports these metrics
over the long term, and the company is able to generate sound cash
flows."

CANTERBURY FINANCE 4: DBRS Hikes Class F Notes Rating to BB(low)
----------------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Canterbury Finance 4 PLC (the Issuer):

-- Class A2 notes confirmed at AAA (sf)
-- Class B notes confirmed at AAA (sf)
-- Class C notes confirmed at AA (high) (sf)
-- Class D notes confirmed at AA (sf)
-- Class E notes upgraded to BBB (high) (sf) from BBB (sf)
-- Class F notes upgraded to BB (low) (sf) from B (high) (sf)

The credit ratings on the Class A2 and Class B notes address the
timely payment of interest and ultimate payment of principal on or
before the legal final maturity date in May 2058. The credit
ratings on the Class C, Class D, Class E and Class F notes address
the ultimate payment of interest and principal on or before the
legal final maturity date.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults and
losses.

-- Portfolio default rate (PD), loss given default (LGD) and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective credit rating levels.

The transaction is a securitization of buy-to-let residential
mortgage loans originated and serviced by OneSavings Bank plc.

PORTFOLIO PERFORMANCE

As of October 2025, loans two to three months in arrears
represented 0.9% of the outstanding portfolio balance and loans
more than three months in arrears represented 2.4% of the
outstanding portfolio balance. The cumulative loss ratio was zero.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions at the B (sf) credit rating level to 3.4% and 8.7%,
respectively.

CREDIT ENHANCEMENT

As of the October 2025 payment date, credit enhancement to the
Class A2, Class B, Class C, Class D, Class E, and Class F notes was
69.2%, 52.5%, 34.8%, 23.4%, 13.0%, and 1.6%, respectively, up from
51.3%, 39.1%, 26.0%, 17.6%, 9.9%, and 1.5% at the last annual
review, respectively. Credit enhancement is provided by the
subordination of junior classes of notes and a general reserve
fund.

The transaction benefits from a general reserve fund of GBP 6.6
million, available to cover senior fees, interest, and principal
(via the principal deficiency ledgers) on the Class A2 to Class F
notes.

U.S. Bank Europe DAC, U.K. Branch acts as the account bank for the
transaction. Based on the Morningstar DBRS private credit rating on
U.S. Bank Europe DAC, U.K. Branch, the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, Morningstar DBRS considers
the risk arising from the exposure to the account bank to be
consistent with the credit ratings assigned to the rated notes, as
described in Morningstar DBRS' "Legal and Derivative Criteria for
European Structured Finance Transactions" methodology.

Lloyds Bank Corporate Markets plc acts as the swap counterparty for
the transaction. Morningstar DBRS' private credit rating on Lloyds
Bank Corporate Markets plc is above the First Rating Threshold as
described in Morningstar DBRS' "Legal and Derivative Criteria for
European Structured Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.

CASTELL 2021-1: DBRS Hikes Class F Notes Rating to BB
-----------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Castell 2021-1 PLC (C2021), Castell 2022-1 PLC
(C2022) and Castell 2023-2 PLC (C2023) (together, the Issuers):

C2021

-- Class A confirmed at AAA (sf)
-- Class B confirmed at AAA (sf)
-- Class C confirmed at AA (high) (sf)
-- Class D confirmed at AA (sf)
-- Class E confirmed at BBB (sf)
-- Class F upgraded to BB (sf) from BB (low) (sf)

C2022

-- Class A confirmed at AAA (sf)
-- Class A Loan confirmed at AAA (sf)
-- Class B confirmed at AAA (sf)
-- Class C confirmed at AA (high) (sf)
-- Class D upgraded to AA (low) (sf) from A (high) (sf)
-- Class E confirmed at BBB (sf)
-- Class F confirmed at BB (sf)

C2023

-- Class A1 confirmed at AAA (sf)
-- Class A2 confirmed at AAA (sf)
-- Class B confirmed at AA (high) (sf)
-- Class C confirmed at A (high) (sf)
-- Class D confirmed at BBB (high) (sf)
-- Class E confirmed at BBB (low) (sf)
-- Class F confirmed at BB (sf)

For C2021, the credit ratings on the Class A and Class B notes
address the timely payment of interest and the ultimate repayment
of principal by the legal final maturity date. The credit ratings
on the Class C, Class D, Class E, and Class F notes address the
timely payment of interest when they are the most senior class of
notes outstanding, and the ultimate repayment of principal by the
legal final maturity date in November 2053.

For C2022, the credit ratings on the Class A, Class A Loan
(together, Class A), and Class B notes address the timely payment
of interest and the ultimate repayment of principal by the legal
final maturity date. The credit ratings on the Class C, Class D,
Class E, and Class F notes address the timely payment of interest
when they are the most senior class of notes outstanding, and the
ultimate repayment of principal by the legal final maturity date in
April 2054.

For C2023, the credit ratings on the Class A1 and Class A2 notes
(together, Class A) address the timely payment of interest and the
ultimate repayment of principal by the legal final maturity date.
The credit rating on the Class B notes addresses the timely payment
of interest when they are the most senior class of notes
outstanding, and the ultimate repayment of principal by the legal
final maturity date. The credit ratings on the Class C, Class D,
Class E and Class F notes address the ultimate payment of interest
and ultimate payment of principal by the legal final maturity date
in November 2055.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transactions and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the October 2025 payment date.

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels

The transactions are securitizations of UK second-lien mortgage
loans originated by UK Mortgage Lending Limited (UKML, formerly
Optimum Credit Limited). UKML is a specialist UK second charge
mortgage lender based in Cardiff, which has offered finance to
homeowners in England, Wales, and Scotland since its launch in
November 2013. Pepper UK Limited (Pepper) is the primary and
special servicer of the portfolios.

PORTFOLIO PERFORMANCE

C2021: As of the 30 September 2025 cut-off date, loans two to three
months in arrears represented 0.9% of the outstanding portfolio
balance, and loans more than three months in arrears represented
3.7%. Cumulative defaults amounted to 1.1% of the original
portfolio balance.

C2022: As of September 30, 2025 cut-off date, loans two to three
months in arrears represented 0.9% of the outstanding portfolio
balance, and loans more than three months in arrears represented
6.4%. Cumulative defaults amounted to 1.9% of the original
portfolio balance.

C2023: As of the 30 September 2025 cut-off date, loans two to three
months in arrears represented 1.0% of the outstanding portfolio
balance, and loans more than three months in arrears represented
3.2%. Cumulative defaults amounted to 0.7% of the original
portfolio balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to the following:

-- C2021: A base case PD of 6.6% and a base case LGD of 28.6%.
-- C2022: A base case PD of 7.7% and a base case LGD of 27.1%.
-- C2023: A base case PD of 7.5% and a base case LGD of 36.1%.

CREDIT ENHANCEMENT

Credit enhancement (CE) is provided by the subordination of the
respective junior notes. Current CE levels to the rated notes
compared with the CE levels at the Morningstar DBRS previous credit
rating actions are as follows:

C2021:

-- Class A CE is 79.8%, up from 55.3%
-- Class B CE is 60.1%, up from 41.3%
-- Class C CE is 41.9%, up from 28.5%
-- Class D CE is 25.4%, up from 16.8%
-- Class E CE is 11.9%, up from 7.3%
-- Class F CE is 6.4%, up from 3.3%

C2022:

-- Class A CE is 69.3%, up from 47.7%
-- Class B CE is 53.3%, up from 36.5%
-- Class C CE is 38.7%, up from 26.1%
-- Class D CE is 27.0%, up from 17.9%
-- Class E CE is 18.5%, up from11.8%
-- Class F CE is 13.6%, up from 8.4%

C2023:

-- Class A CE is 43.5%, up from 30.6%
-- Class B CE is 32.7%, up from 23.0%
-- Class C CE is 23.3%, up from 16.2%
-- Class D CE is 15.5%, up from 10.7%
-- Class E CE is 12.0%, up from 8.3%
-- Class F CE is 9.5%, up from 6.4%

C2021 and C2022 benefits from a liquidity reserve fund (LRF), which
covers senior fees, interest on the Class A notes, and senior
deferred considerations. The LRF is currently at its target level
of GBP 0.7 million for C2021 and GBP 1.1 million for C2022, each
equal to 1% of the outstanding Class A notes balance.

C2023 benefits from an LRF, which covers senior fees, interest on
the Class A and Class B notes, and senior deferred consideration.
The LRF is currently at its target level of GBP 2.6 million equal
to 1.3% of the Class A and Class B notes' outstanding balance.

Citibank N.A., London Branch acts as the account bank for the
transactions. Based on the Morningstar DBRS private rating on the
account bank, the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the transaction
structures, Morningstar DBRS considers the risk arising from the
exposure to the account bank to be consistent with the ratings
assigned in each transaction, as described in Morningstar DBRS' "
Legal and Derivative Criteria for European and Asia-Pacific
Structured Finance Transactions" methodology.

NatWest Markets Plc acts as the swap counterparty for C2021, Banco
Santander SA acts as the swap counterparty for C2022 and BNP
Paribas SA acts as the swap counterparty for C2023. Morningstar
DBRS' Long Term Critical Obligations Ratings on the swap
counterparties, are currently AA, AA and AA (high), respectively,
above the first rating threshold as described in Morningstar DBRS'
" Legal and Derivative Criteria for European and Asia-Pacific
Structured Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.

CHETWOOD FUNDING 2025-1: DBRS Finalizes BB(high) Rating on 2 Notes
------------------------------------------------------------------
DBRS Ratings Limited finalized it provisional credit ratings to the
residential mortgage-backed notes (collectively, the Rated Notes)
to be issued by Chetwood Funding 2025-1 PLC (the Issuer) as
follows:

-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high) (sf)
-- Class X Notes at BB (high) (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate repayment of principal. The credit
rating on the Class X Notes addresses the ultimate payment of
principal on or before the legal final maturity date. The credit
ratings on the remaining classes of Rated Notes address the timely
payment of interest once each becomes the most senior class of
notes outstanding and the ultimate repayment of principal.

Morningstar DBRS does not rate the Residual Certificates that are
also expected to be issued in this transaction.

CREDIT RATING RATIONALE

The issuance comprises United Kingdom of Great Britain and Northern
Ireland (UK) residential mortgage-backed securities (RMBS) backed
by first-lien, buy-to-let (BTL) mortgage loans originated by
LendInvest BTL Limited (LendInvest), Landbay Partners Limited
(Landbay) and Paratus AMC Limited (Paratus), under its trading name
of Foundation Home Loans (FHL). Chetwood Financial Limited
(Chetwood or the Seller) purchased the loans via forward flow
agreements with the originators and sold them to the Issuer before
the closing date.

The originators are three specialized lenders active in the UK BTL
space. Paratus was founded in 1998 whereas the trading name of FHL
was introduced in 2015, Lendivest has been an active BTL platform
since 2013 and Landbay has been operating as an
institutional-funded BTL lender since 2019. None of three
originators is new to the RMBS market because mortgages originated
by the three lenders have all been already securitized in public
securitizations, including in Chetwood Funding 2024-1 plc, the
first RMBS sponsored by Chetwood in January 2024 but not rated by
Morningstar DBRS.

The mortgage portfolio as of 31 August 2025 consists of GBP 533,1
million of first-lien mortgage loans collateralized by BTL
properties in the UK. The pool has a seasoning of eleven months and
yields a current weighted-average (WA) coupon of 5.2% whereas the
WA reversionary margin over Bank of England Rate (BBR) is 4.32%.

Liquidity in the transaction is provided by an amortizing liquidity
reserve fund (LRF), which shall cover senior costs and expenses as
well as interest shortfalls for the Class A1 and Class A2 notes. In
addition, the LRF shall also be available to cover interest
shortfalls in the Class B notes as long as either they are the most
senior class of notes outstanding or that the debit balance in
their principal deficiency ledger (PDL) does not exceed 10% of the
initial principal amount of the Class B notes at closing. The LRF
is fully funded at closing from the proceeds of the notes
issuance.

Additionally, a general reserve fund (GRF) is available to cover
interest shortfalls and clear PDL debits of all collateralized
notes.

Principal borrowing is also in place under the transaction
documentation and can be used to cover senior costs and expenses,
including swap payments, as well as interest shortfalls of all
collateralized notes, subject to the relevant class being the most
senior class of notes outstanding.

The transaction features a fixed-to-floating interest rate swap,
given the presence of fixed-rate loans (which will revert to BBR
trackers in the future), while the liabilities pay a coupon linked
to Sonia. The swap counterparty appointed at closing is NatWest
Markets PLC. Furthermore, U.S. Bank Europe DAC, UK Branch has been
appointed as the Issuer Account Bank while Barclays Bank PLC and
National Westminster Bank PLC act as Collection Account Banks.

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicers to perform collection and resolution activities.
Morningstar DBRS estimated stress-level PD, loss given default
(LGD), and expected losses (EL) on the mortgage portfolio.
Morningstar DBRS used the PD, LGD, and EL as inputs into the cash
flow engine. Morningstar DBRS analyzed the mortgage portfolio in
accordance with its "European RMBS Insight Methodology";

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A1, Class A2 Class B, Class C,
Class D, Class E, and Class X Notes according to the terms of the
transaction documents. Morningstar DBRS analyzed the transaction
structure using Intex DealMaker. Morningstar DBRS considered
additional sensitivity scenarios of 0% CPR;

-- The sovereign rating of AA with a Stable trend on the UK as of
the date of this report; and

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology and the presence of
legal opinions that are expected to address the assignment of the
assets to the Issuer.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
interest amounts and the related class balances.

Notes: All figures are in Pound Sterling unless otherwise noted.

EALBROOK MORTGAGE 2025-1: Moody's Rates Class X Notes '(P)B1'
-------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to Notes to be
issued by Ealbrook Mortgage Funding 2025-1 PLC:

GBP[ ] Class A mortgage backed floating rate notes due September
2067, Assigned (P)Aaa (sf)

GBP[ ] Class B mortgage backed floating rate notes due September
2067, Assigned (P)Aa3 (sf)

GBP[ ] Class C mortgage backed floating rate notes due September
2067, Assigned (P)A3 (sf)

GBP[ ] Class D mortgage backed floating rate notes due September
2067, Assigned (P)Baa3 (sf)

GBP[ ] Class E mortgage backed floating rate notes due September
2067, Assigned (P)Ba2 (sf)

GBP[ ] Class X fixed rate notes due September 2067, Assigned (P)B1
(sf)

RATINGS RATIONALE

The Notes are backed by a static pool of predominantly
owner-occupied non-conforming UK residential mortgage loans
originated and serviced by Bluestone Mortgages Limited
("Bluestone"; NR). This transaction represents the third
securitisation of the originator that is rated by us. Bluestone
Mortgages Limited launched in 2015, is a specialist UK lender
active in the owner occupied mortgage market, specialising in
borrowers with complex credit.

On the closing date Bluestone will sell the portfolio to Ealbrook
Mortgage Funding 2025-1 PLC. The portfolio of assets amount to
approximately GBP345.9 million as of September 30, 2025, being the
pool cut-off date. The total credit enhancement for the Class A
Notes will be 11.40%.

The proceeds of the Class A - Class E Notes (the collateralised
Notes) will be used to purchase the portfolio.

The rating is primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to us, the transaction benefits from various credit
strengths such as a granular portfolio, and two amortising reserve
funds (a general reserve fund sized at 1.4% of the Class A-E minus
the liquidity reserve fund balance, and a liquidity reserve fund
sized at 1.4% of the Class A-B notes). The general reserve fund
provides credit enhancement for Classes A-E and will stop
amortising if the notes are not called on the first optional
redemption date, or if the cumulative defaults exceed 5.0% of the
aggregate balance on the closing date. The liquidity reserve fund
provides liquidity support for Classes A-B and is available to
cover senior expenses.

Moody's note that the transaction features some credit challenges,
such as an unrated servicer. Various mitigants have been included
in the transaction structure such as a back-up servicer facilitator
which is obliged to appoint a back-up servicer if the servicer's
appointment is terminated, an independent cash manager, the benefit
of approximately 2.9 months of liquidity provided by the reserve
funds and estimation language in case no servicer report is
available.

Moody's determined the portfolio lifetime expected loss of 2.5% and
Aaa MILAN Stressed Loss of 11.2% related to borrower receivables.
The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the MILAN Stressed
Loss captures the loss Moody's expect the portfolio to suffer in
the event of a severe recession scenario. Expected defaults and
MILAN Stressed Loss are parameters used by Moody's to calibrate its
lognormal portfolio loss distribution curve and to associate a
probability with each potential future loss scenario in the ABSROM
cash flow model to rate RMBS.

The portfolio expected loss is 2.5%: in line comparable
transactions in the UK Non- Conforming RMBS sector and has been
determined by considering (i) the portfolio characteristics
including the weighted average current loan-to-value (CLTV) of
68.7%,(ii) the high percentage of loans in arrears in the
portfolio; (iii) benchmarking with similar securitised portfolios;
and (iv) the current macroeconomic environment in the UK.

The MILAN Stressed Loss for this pool is 11.2%; in line with
comparable transactions in UK Non-Conforming RMBS sector. It takes
into account (i) the current LTV of 68.7% which is higher than the
sector average; (ii) borrower characteristics such as 24.1%
self-employed and 10.0% help to buy; (iii) prior adverse credit
such as 24.4% of primary borrowers with CCJs and 7.9% of primary
borrowers with IVA; (iv) the high portion of loans in arrears at
10.8% and high portion of restructured loans at 11.7%.

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 COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes; or (ii) a
deleveraging of the capital structure.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of a swap counterparty
ratings; and (ii) economic conditions being worse than forecast
resulting in higher arrears and losses.

EAST ONE 2025-1: Moody's Assigns B3 Rating to 2 Tranches
--------------------------------------------------------
Moody's Ratings has assigned definitive long-term credit ratings to
Notes issued by East One 2025-1 PLC:

GBP208.28M Class A Mortgage Backed Floating Rate Notes due
February 2058, Definitive Rating Assigned Aaa (sf)

GBP15.21M Class B Mortgage Backed Floating Rate Notes due February
2058, Definitive Rating Assigned Aa2 (sf)

GBP14.55M Class C Mortgage Backed Floating Rate Notes due February
2058, Definitive Rating Assigned A2 (sf)

GBP5.29M Class D Mortgage Backed Floating Rate Notes due February
2058, Definitive Rating Assigned Baa2 (sf)

GBP4.63M Class E Mortgage Backed Floating Rate Notes due February
2058, Definitive Rating Assigned Ba3 (sf)

GBP11.90M Class F Mortgage Backed Floating Rate Notes due February
2058, Definitive Rating Assigned B3 (sf)

GBP9.27M Class X Floating Rate Notes due February 2058, Definitive
Rating Assigned B3 (sf)

Moody's have not assigned a rating to the subordinated GBP4.63M
Class Z Mortgage Backed Notes due February 2058.

RATINGS RATIONALE

The Notes are backed by a static pool of UK non-conforming
second-lien residential mortgage loans originated by Equifinance
Limited. This deal represents the second issuance from Equifinance
Limited.

Compared to the provisional structure, the final structure has a
higher level of excess spread, driven primarily by lower final
coupons. Despite the higher level of excess spread, the Class X
Notes' definitive rating is lower than its provisional rating,
driven primarily by its absolute increase in size.

The portfolio of assets amount to approximately GBP224.5 million as
of August 31, 2025 pool cut-off date. There will be a pre-funding
period between the issue date up to the first interest payment
date, which could see the pool increase up to GBP264.5 million, in
line with pre-funding criteria. Moody's analysis is based on the
total pool including the expected increase from pre-funding.

The transaction benefits from a liquidity reserve fund sized at
1.5% of the collateral balance with a balance of zero at closing,
and is funded through principal receipts until the amount standing
to the credit of the reserve fund equals to 1.5% of the Class A and
Class B Notes' closing balance. The liquidity reserve fund required
amount will be tracking 1.5% of the outstanding balance of the
Class A Notes and Class B Notes at the interest payment date, with
excess amounts amortising down the principal waterfall, ultimately
providing credit enhancement to Class A to Class Z Notes. After the
step-up date, the reserve fund is floored at the amount as at the
step up date. The reserve fund required amount will be reduced to
zero, when its balance is sufficient to redeem Class A and Class B
Notes. Credit enhancement for Class A Notes is provided by 21.25%
subordination at closing and excess spread.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to us, the transaction benefits from various credit
strengths such as a granular portfolio and liquidity reserve fund.
However, Moody's note that the transaction features some credit
weaknesses such as an unrated originator and servicer. Various
mitigants have been included in the transaction structure such as
Homeloan Management Limited (NR) acting as the back-up servicer to
mitigate the operational risk. To ensure payment continuity over
the transaction's lifetime, the transaction documents incorporate
estimation language whereby the cash manager Citibank, N.A., London
Branch (Aa3(cr)/P-1(cr)) can use the three most recent servicer
reports to determine the cash allocation in case no servicer report
is available.

Additionally, there is an interest rate risk mismatch between the
97.25% of loans in the pool that are fixed rate, of which 94.86%
revert to the SVR plus the contractual margin, and the Notes which
are floating rate securities with reference to compounded daily
SONIA. To mitigate this mismatch there will be a scheduled notional
fixed-floating interest rate swap provided by Citibank Europe plc
(Aa3(cr)/ P-1(cr)), acting through its UK Branch. The absence of
the minimum margin criteria, as well as the difference between the
SVR and the SONIA-linked liabilities was taken into account in the
stressed margin vector used in the cash flow modelling. The swap
framework is in accordance with Moody's guidelines. The collateral
trigger is set at loss of A3(cr) and the transfer trigger at loss
of Baa1(cr).

The expected loss is 5.0%, which is in line with the UK second lien
RMBS sector average and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i)
limited performance data; (ii) the current macroeconomic
environment in the United Kingdom and the impact of future interest
rate rises on the performance of the mortgage loans; and (iii)
benchmarking with similar transactions in the UK second lien
sector.

MILAN Stressed Loss for this pool is 22.20%, which is in line with
the UK second-lien RMBS sector average and follows Moody's
assessment of the loan-by-loan information, taking into account:
(i) 100% of the pool is second lien, (ii) the originator, data
quality and servicer assessment, (iii) the arrears balance (4.95%
of the total pool is in arrears) and the exposure to borrowers with
adverse credit (4.74% of borrowers are with CCJs) and (iv) the
limited historical performance data.

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 that may cause an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
an increase in the level of arrears resulting in a higher level of
losses than forecast; (ii) increased counterparty risk leading to
potential operational risk of servicing or cash management
interruptions; or (iii) economic conditions being worse than
forecast resulting in higher arrears and losses.

PEOPLECERT WISDOM: S&P Rates EUR300MM Sr. Sec. Notes 'B+'
---------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating and '3' recovery
rating on the proposed EUR300 million senior secured notes due in
2031 issued by PeopleCert Wisdom Issuer PLC, a subsidiary of the
U.K.-based provider of learning and technology products PeopleCert
Holdings U.K. Ltd. (B+/Negative/--). The '3' recovery rating
indicates our expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of default. The company will
use the proceeds to repay its existing EUR300 million senior
secured notes, maturing in September 2026, which should alleviate
refinancing risk and improve its liquidity position once the
transaction completes.

S&P said, "Our 'B+' long-term issuer credit rating and financial
forecasts on PeopleCert Holdings U.K. Ltd. remain unchanged and the
negative outlook reflects that following the acquisition of City &
Guilds of London Institute, PeopleCert's leverage could remain
above 5.0x. This reflects the acquired business' lower
profitability and potential execution risks in achieving cost
synergies and integration."

Key analytical factors

-- The issue rating on the proposed EUR300 million senior secured
notes due 2031 is 'B+'.

-- The recovery rating is '3', based on S&P's expectation of
meaningful recovery (50%-70%; rounded estimate: 55%) in the event
of default.

-- A relatively weak security package, which comprises only share
pledges, intragroup receivables, and material bank accounts
constrains the recovery rating. The presence of a super senior
revolving credit facility (RCF; not rated) also constrains the
recovery rating. PeopleCert's intellectual property is not pledged
as a security for the senior secured notes.

-- In S&P's hypothetical scenario, it assumes increasing
competition from alternative certification and examination
providers, as well a significant disruption of the company's
operations. A potential default could also stem from a failure to
protect intellectual property rights, which could diminish the
value of PeopleCert's products, weakening its competitive position
and leading to declining revenue and earnings.

-- S&P values the business as a going concern given the group's
vertically integrated certifications portfolio, including two
leading frameworks, ITIL and PRINCE2, and brands attributable to
City & Guilds, which cannot be easily replicated and carry high
barriers to entry.

Simulated default assumptions

-- Year of default: 2029
-- Jurisdiction: U.K.
-- EBITDA at emergence: GBP48 million
-- EBITDA multiple: 5.5x

Simplified waterfall

-- Gross recovery value: GBP262 million
-- Net recovery value after administrative expense (5%): GBP249
million

-- Priority claims: GBP38 million

-- Value available for senior secured claims: GBP211 million

-- Senior secured claims: GBP373 million

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

All debt amounts include six months of prepetition interest. The
super senior RCF is assumed 85% drawn.


TOGETHER ASSET 2021-CRE2: DBRS Confirms B Rating on E Notes
-----------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Together Asset Backed Securitization 2021-CRE2
Plc (TABS 2021-CRE2), Together Asset Backed Securitization
2022-CRE1 Plc (TABS 2022-CRE1), and Together Asset Backed
Securitization 2021-CRE1 Plc (TABS 2021-CRE1), as follows:

TABS 2021-CRE2:

-- Class A Loan Note confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes confirmed at AA (sf)
-- Class D Notes upgraded to A (sf) from BBB (sf)
-- Class E Notes confirmed at B (sf)

The credit rating on the Class A Loan Note addresses the timely
payment of interest and the ultimate repayment of principal on or
before the legal final maturity date in August 2052. The credit
ratings on the Class B, Class C, Class D, and Class E notes address
the timely payment of interest while the senior-most class
outstanding and the ultimate repayment of principal on or before
the legal final maturity date.

TABS 2022-CRE1:

-- Loan Note confirmed at AA (sf)
-- Class B confirmed at AA (low) (sf)
-- Class C confirmed at BBB (sf)
-- Class D confirmed at BB (sf)

The credit rating on the Loan Note addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date in April 2054. The credit ratings on the
Class B, Class C, and Class D notes address the timely payment of
interest while the senior-most class outstanding and the ultimate
repayment of principal on or before the legal final maturity date.

TABS 2023-CRE1:

-- Loan Note confirmed at AAA (sf)
-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes confirmed at A (low) (sf)
-- Class D Notes confirmed at BBB (sf)

The credit ratings on the Loan Note and the Class A Notes address
the timely payment of interest and the ultimate repayment of
principal in July 2055. The credit ratings on the Class B, Class C,
and Class D notes address the timely payment of interest while the
senior-most class outstanding and the ultimate repayment of
principal on or before the legal final maturity date.

CREDIT RATING RATIONALE

The credit rating actions on all transactions are based on the
following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of 30 September 2025 (corresponding to the October 2025
payment date);

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective credit rating levels at the
October 2025 payment date.

The transactions are securitizations of first- and second-lien
mortgage loans, both owner-occupied and non-owner-occupied, backed
by commercial, mixed-use, and residential properties located in the
United Kingdom. The mortgages are originated and serviced by
Together Commercial Finance Limited (TCFL). In TABS 2022-CRE1 and
TABS 2023-CRE1, the mortgages are also originated and serviced by
Harpmanor Limited (Harpmanor), which is part of the Together Group.
Morningstar DBRS considered Harpmanor's underwriting and servicing
practices to be in line with TCFL's, allowing a comparison across
the three transactions.

BCM Global Mortgage Services Limited (formerly Link Mortgages
Services Limited) acts as the standby servicer for all
transactions.

The loans in the portfolios are also subject to cross-default and
cross-collateralization, and include borrowers with prior county
court judgments and a high concentration of self-employed
borrowers.

The first call dates are the February 2026, October 2026 and
November 2027 payment dates for TABS 2021-CRE2, TABS 2022-CRE1, and
TABS 2023-CRE1, respectively, and coincide with a step-up in the
coupons.

PORTFOLIO PERFORMANCE

For TABS 2021-CRE2, two- to three-month delinquencies and 90+-day
delinquencies were 0.4% and 5.4% of the outstanding portfolio
balance as of 30 September 2025, respectively, compared with 2.6%
and 2.2%, respectively, at the last rating action.

For TABS 2022-CRE1, two to three-month delinquencies and 90+-day
delinquencies were 2.1% and 5.8% of the outstanding portfolio
balance as of 30 September 2025, respectively, compared with 0.8%
and 3.5%, respectively, at the last rating action.

For TABS 2023-CRE1, two- to three-month delinquencies and 90+-day
delinquencies were 1.1% and 1.5% of the outstanding portfolio
balance as of 30 September 2025, respectively, up from 0.5% and
0.2%, respectively, since the last rating action.

As of September 30, 2025, there were cumulative losses in TABS
2022-CRE1 and TABS 2023-CRE1 at 0.3% and 0.2% of the initial
portfolio balance at closing, respectively. There were no
repossession/losses in TABS 2021-CRE2.

The outstanding balance of loans in Law of Property Act (LPA)
receivership represented 1.0%, 1.2%, and 0.6% of the initial
portfolio balance at closing in TABS 2021-CRE2, TABS 2022-CRE1, and
TABS 2023-CRE1respectively.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables in all transactions.

For TABS 2021-CRE2, Morningstar DBRS updated its base case PD and
LGD assumptions at the B (sf) credit rating level to 8.1% and
13.9%, respectively.

For TABS 2022-CRE1, Morningstar DBRS updated its base case PD and
LGD assumptions to 8.5% and 10.5%, respectively.

For TABS 2023-CRE1, Morningstar DBRS updated its base case PD and
LGD assumptions at the B (sf) credit rating level to 7.0% and 9.2%,
respectively.

In all transactions, the increase in the PD assumptions is driven
by the increase in delinquencies and portion of loans in the LPA
process, while the decrease in the LGD assumptions follows the
decrease in loan-to-value along with the portfolio amortization.

CREDIT ENHANCEMENT

As of the October 2025 payment date, the CE increased since the
last credit rating action as follows:

TABS 2021-CRE2

-- CE to the Class A Loan Note increased to 49.7% from 39.0%
-- CE to the Class B Notes increased to 37.0% from 29.0%;
-- CE to the Class C Notes increased to 27.1% from 21.3%;
-- CE to the Class D Notes increased to 18.1% from 14.2%; and
-- CE to the Class E Notes increased to 9.7% from 7.6%.

TABS 2022-CRE1

-- CE to the Loan Note increased to 25.7% from 19.9%;
-- CE to Class B increased to 17.6% from 12.5%;
-- CE to Class C increased to 11.2% from 8.5%; and
-- CE to Class D increased to 7.6% from 5.7%.

TABS 2023-CRE1

-- CE to the Loan Note and the Class A Notes increased to 24.6%
from 20.0%;
-- CE to the Class B Notes increased to 24.6% from 20.0%;
-- CE to the Class C Notes increased to 16.6% from 13.4%;
-- CE to the Class D Notes increased to 10.5% from 8.4%; and
-- CE to the Class E Notes increased to 5.2% from 4.0%.

The CE to the notes consists of the subordination of the respective
junior notes as well as the general reserve fund (GRF) in the case
of TABS 2021-CRE2.

TABS 2021-CRE2 benefits from a GRF, available to cover senior fees
and interest on the Class A Loan Note to the Class E Notes and
principal losses via the principal deficiency ledgers (PDLs) on the
Class A Loan Note to Class Z notes. As of the October 2025 payment
date, the GRF was at its target level, equal to 2% of the portfolio
outstanding balance at closing minus the liquidity reserve.

As of the October 2025 payment date, all PDLs were clear in all
transactions.

The three transactions each benefit from a dedicated liquidity
reserve, which covers the payment of senior fees and interest
shortfalls on the Class A Loan Note/Loan Note/ Class A Notes and
the Class B Notes in TABS 2023-CRE1. It was funded by part of the
proceeds from issuing the Class Z notes.

In TABS 2021-CRE2, the liquidity reserve is amortizing with a
target amount set at 1.5% of the Class A Loan Note outstanding
balance prior payments and is floored at 1% of the Class A Loan
Note balance at closing.

In TABS 2022-CRE1 and TABS 2023-CRE1, the liquidity reserve is
amortizing with a target amount set at 1.5% of the portfolio
outstanding balance.

As of the October 2025 payment date, the liquidity reserves were at
their target balances in all transactions.

U.S. Bank Europe DAC, U.K. Branch (formerly Elavon Financial
Services, D.A.C., UK Branch) (U.S. Bank Europe UK) acts as the
account bank for all transactions. Based on Morningstar DBRS'
private credit rating on U.S. Bank Europe UK, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structures,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be consistent with the credit ratings assigned
to the Class A Notes/Class A Loan Note/Loan Note in the
transactions, as described in Morningstar DBRS' "Legal and
Derivative Criteria for European and Asia-Pacific Structured
Finance Transactions" methodology.

HSBC plc (HSBC) act as the swap counterparty for TABS 2023-CRE1.
Morningstar DBRS' private credit rating on HSBC is consistent with
the first rating threshold as described in Morningstar DBRS' "Legal
and Derivative Criteria for European and Asia-Pacific Structured
Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.

TOGETHER ASSET 2022-2ND1: DBRS Confirms B Rating on F Notes
-----------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Together Asset Backed Securitization 2022-2ND1
plc (the Issuer):

-- Class A Loan Note confirmed at AAA (sf)
-- Class B confirmed at AA (sf)
-- Class C confirmed at A (high) (sf)
-- Class D upgraded to A (sf) from BBB (high) (sf)
-- Class E upgraded to BB (sf) from BB (low) (sf)
-- Class F confirmed at B (sf)

The credit rating on the Class A Loan Note addresses the timely
payment of interest and the ultimate payment of principal on or
before the legal final maturity date in February 2054. The credit
ratings on the Class B, Class C, Class D, Class E, and Class F
notes address the ultimate payment of interest and the ultimate
payment of principal on or before the legal final maturity date,
and the timely payment of interest while the senior-most class
outstanding.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of 31 July 2025 portfolio cut-off date (corresponding to
the August 2025 payment date);

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective credit rating levels as of
the August 2025 payment date.

The transaction is a securitization of second-lien mortgage loans,
both owner-occupied and buy-to-let, backed by residential
properties in the United Kingdom (UK). The loans are originated and
serviced by Blemain Finance Limited, Together Personal Finance
Limited, and Together Commercial Finance Limited, all of which
belong to the Together Group of companies. BCMGlobal Mortgage
Services Limited acts as the standby servicer.

The first optional redemption date is at the November 2026 payment
date and coincides with a step-up of the coupon.

PORTFOLIO PERFORMANCE

As of July 31, 2025, 60- to 90-day delinquencies and 90+-day
delinquencies were 2.2% and 6.5% of the outstanding portfolio
balance, respectively, up from 1.3% and 4.2% at the last rating
action.

As of July 31, 2025, cumulative repossessions represented 0.3% and
cumulative principal losses were marginal. Loans in Law of Property
Act receivership represented 0.3% of the initial portfolio
balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables for each transaction and updated its base case
PD and LGD assumptions to 15.0% and 14.6%.

CREDIT ENHANCEMENT AND RESERVES

The credit enhancement consists of the subordination of the junior
notes. As of the August 2025 payment date, the CE increased since
the last rating action as follows:

-- CE to the Class A Loan Note to 61.4% from 47.0%;
-- CE to the Class B to 52.2% from 39.9%;
-- CE to the Class C to 37.7% from 28.8%;
-- CE to the Class D to 23.8% from 18.2%;
-- CE to the Class E to 11.6% from 8.9%; and
-- CE to the Class F to 8.1% from 6.2%.

The transaction benefits from an amortizing liquidity reserve,
which covers senior fees, swap payments, and interest shortfalls on
the Class A Loan Note. As of the August 2025 payment date, the
liquidity reserve was at its target level of approximately GBP 1.0
million.

U.S. Bank Europe DAC, U.K. Branch (formerly Elavon Financial
Services, D.A.C., UK Branch) (U.S. Bank Europe UK) acts as the
account bank for the transaction. Based on Morningstar DBRS'
private credit rating on U.S. Bank Europe UK, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be consistent with the credit rating assigned
to the Class A Loan Note, as described in Morningstar DBRS' "Legal
and Derivative Criteria for European and Asia-Pacific Structured
Finance Transactions" methodology.

Natixis S.A., London Branch (Natixis) acts as the swap counterparty
for the transaction. Morningstar DBRS' private credit rating on
Natixis is consistent with the first rating threshold as described
in Morningstar DBRS' "Legal and Derivative Criteria for European
and Asia-Pacific Structured Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.


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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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