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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

          Tuesday, January 18, 2022, Vol. 23, No. 7

                           Headlines



F R A N C E

FINANCIERE VERDI I: Moody's Cuts CFR to B3, Outlook Still Stable


G E O R G I A

GEORGIA GLOBAL: Fitch Puts 'B+' LongTerm IDR on Watch Evolving


G E R M A N Y

CTEC II GMBH: Moody's Rates New EUR515MM Unsecured Notes 'Caa2'
CTEC II GMBH: S&P Gives (P)CCC+ Rating on New EUR15MM Unsec. Notes
DIOK REAL ESTATE: S&P Lowers ICR to 'B-' on Tightening Liquidity


G R E E C E

GREECE: Fitch Alters Outlook on 'BB' Foreign Currency IDR to Pos.


I R E L A N D

BNPP IP 2015-1: Fitch Raises Class F-R Notes Rating to 'B+'
DRYDEN 59 EURO 2017: Fitch Rates Class F Notes 'B-', On Watch Neg.


L U X E M B O U R G

ACU PETROLEO: Fitch Rates Fixed-Rate Sec. Notes 'BB', Outlook Neg.
INTELSAT JACKSON: Fitch Assigns 'B+(EXP)' LT IDR, Outlook Positive


S L O V E N I A

NOVA KREDITNA: Moody's Gives Ba1 Rating to EUR Jr. Unsecured Notes


S P A I N

EDREAMS ODIGEO: Fitch Assigns 'B(EXP)' Issuer Default Rating
EDREAMS ODIGEO: Moody's Affirms B3 CFR & Rates EUR375MM Notes Caa1
EDREAMS ODIGEO: S&P Alters Outlook on 'CCC+' ICR to Positive


U N I T E D   K I N G D O M

ATRIUM EUROPEAN: Fitch Lowers LT IDRs to 'BB', Outlook Stable
BDL TOOL: Goes Into Administration, Around 80 Jobs at Risk
CAFFE NERO: Completes GBP330-Mil. Debt Refinancing
CHAS SMITH: Collapses Into Administration Due to Pandemic
DJS UK: 387,000+ Customers Invited to Submit Claims

FIRST COMPONENTS: Enters Administration, 56 Jobs Affected


X X X X X X X X

[*] EUROPE: Euro Zone Cos. Survived Pandemic Better Than Expected

                           - - - - -


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F R A N C E
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FINANCIERE VERDI I: Moody's Cuts CFR to B3, Outlook Still Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating to B3 from B2 and the probability of default rating to B3-PD
from B2-PD of Financiere Verdi I S.A.S. (Ethypharm). At the same
time, it has downgraded to B3 from B2 the EUR270 million guaranteed
senior secured term loan B (TLB), the GBP245 million guaranteed
senior secured TLB, and the EUR84 million guaranteed senior secured
multi-currency revolving credit facility (RCF) borrowed by
Financiere Verdi I S.A.S. The outlook on all ratings remains
stable.

RATINGS RATIONALE

The downgrade of Ethypharm's rating to B3 reflects the
deterioration of Ethypharm's key credit metrics and delayed
deleveraging as a result of Altan's partially debt-funded
acquisition at a time when leverage is high because of Ethypharm's
weaker performance in 2021. This was driven by the coronavirus
pandemic, Baclocur's low market penetration in France since it was
launched in December 2020, and the loss of a renewable tender in
the US through its commercial partner.

Over the next 12 to 18 months and pro forma Altan's acquisition,
Moody's expects a Moody's-adjusted gross leverage above 7x, which
the agency only expects will improve to around 6.5x by end-2023 and
to 6x in 2024. The agency had expected Ethypharm's Moody's-adjusted
gross leverage to be in the range of 5.2-5.5x in 2022/23 in March
2021 when it assigned the B2 rating. In Moody's view this suggests
a more aggressive financial policy than previously incorporated
into the B2 rating. Under its ESG framework, Moody's regards the
company's earnings and guidance accuracy, as well as financial
policy as governance risks.

The need to deleverage reflects the company's still high dependence
on its niche segments of pain and addiction, and critical care
therapeutic areas, as well as small scale compared with that of
other pharmaceutical companies Moody's rates.

Moody's believes that Altan's acquisition is credit positive from a
business profile perspective because it completes the expansion of
its direct sales presence in the five largest European markets.
Altan is also complimentary in terms of its product offering,
especially on hospital injectables and it increases the group's
manufacturing sites with two additional facilities in Spain,
specialized in vials and ready-to-use bags which are widely used in
hospitals. The agency believes the acquisition brings some
integration risk although this should be manageable as Ethypharm
does not intend to change manufacturing contract or arrangements
with third-party manufacturers which should help diminish
integration risk.

Ethypharm expects significant revenue synergies coming from sale of
Altan products in key EU geographies using Ethypharm's own direct
business capabilities, therefore capturing higher margins, and from
the sale of Altan products in Ethypharm's international markets.
Cost synergies should come from distribution optimisation tools by
using Ethypharm's own affiliates capabilities to distribute Altan's
products.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that gross
leverage, as measured by Moody's-adjusted gross debt to EBITDA will
decrease below 7x during 2023. Deleveraging below 6x will depend on
earnings growth and market recovery, and the company successfully
integrating Altan. The outlook assumes that management will not
embark on any material debt-funded acquisitions or dividend
recapitalisations.

LIQUIDITY

Moody's expects Ethypharm to have good liquidity over the next
12-18 months, supported by cash balances of EUR52 million as of
September 30, 2021, access to its guaranteed senior secured
multi-currency RCF of EUR84 million, of which EUR62 million are
drawn but that the agency expects will be refinanced on a timely
manner, the agency's expectations of annual Moody's adjusted free
cash flow (FCF) of around EUR20-25 million, and no debt maturities
until 2028.

The RCF includes a springing financial covenant set at a
consolidated senior secured net leverage of 9.5x, tested only when
the RCF is drawn by more than 40%. Moody's anticipates the company
will have significant capacity against this threshold if tested.

STRUCTURAL CONSIDERATIONS

The B3-PD PDR, in line with the CFR, reflects Moody's assumption of
a 50% family recovery rate, typical for covenant lite secured loan
structures.

The B3 rating of the EUR270 million guaranteed senior secured term
loan B, the GBP245 million guaranteed senior secured term loan B,
and the EUR84 million guaranteed senior secured multi-currency RCF
reflects their pari passu ranking, with upstream guarantees from
material subsidiaries of the Ethypharm group that account for at
least 80% of the group's EBITDA. The security package consists of
share pledges, intragroup receivables, material bank accounts.
French corporate law imposes limitations on the validity of
upstream guarantees.

In addition to the guaranteed senior secured bank credit
facilities, Financiere Verdi I S.A.S.'s capital structure includes
convertible bonds. According to Moody's Hybrid Equity Credit
methodology, these are considered equity and not included in
Moody's leverage metrics or Loss Given Default waterfall.

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

Upward pressure could develop if Ethypharm's operating performance
improves allowing its Moody's-adjusted gross leverage to move
towards 5.5x on a sustainable basis, and if its Moody's-adjusted
FCF to debt ratio increases above 5% on a sustained basis.

Negative pressure on the rating could occur if (i) Ethypharm's
Moody's adjusted gross debt/EBITDA remains above 7x beyond 2022;
(ii) Ethypharm generates negative free cash flows leading to a
deterioration of the company's good liquidity profile; or (iii) the
company undertakes large debt-financed acquisitions or shareholder
distributions.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Ethypharm is a mid-size specialty European pharmaceutical company
focused on the development, regulatory filing and manufacturing of
complex generics and specialty branded products for the therapeutic
areas of pain, addiction and depression (central nervous system)
and emergency critical care. The company was founded in 1977 and
acquired by PAI Partners in July 2016. During the LTM to September
2021, Ethypharm generated revenue of EUR352 million and a reported
EBITDA of EUR89 million.




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G E O R G I A
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GEORGIA GLOBAL: Fitch Puts 'B+' LongTerm IDR on Watch Evolving
--------------------------------------------------------------
Fitch Ratings has placed Georgia Global Utilities JSC's (GGU)
Long-Term Issuer Default Rating (IDR) of 'B+' and senior unsecured
rating of 'B+'/Recovery Rating 'RR4' on Rating Watch Evolving
(RWE).

This follows the announced sale of GGU (excluding independent
renewable assets) to FCC Aqualia, S.A. (BBB-/Stable), the Spanish
water network operator. The transaction is a two-stage process
expected to close by end-September 2022, subject to shareholder and
regulatory approvals.

The RWE indicates that Fitch can upgrade, downgrade or affirm the
ratings after the transaction completes. Fitch expects the
completion and rating review to take more than six months.

Fitch does not expect a material change in the underlying business
risk and debt capacity of GGU, as the resultant weaker business
diversification and, possibly, increased forex (FX) risk exposure
would be offset by a higher proportion of regulated earnings.
Therefore, leverage forecast similar to Fitch's current rating case
would support a rating affirmation.

Fitch may downgrade the rating, should the new shareholder adopt a
more aggressive financial policy resulting in credit metrics too
weak for the current rating. Similarly, stronger financial metrics
and tighter links with the new higher-rated parent would result in
an upgrade.

KEY RATING DRIVERS

Shareholder Approval Expected: The first stage of the transaction
is expected to be completed by end- January 2022, subject to
Georgia Capital PLC's (GCAP, GGU's holding company) approval.
Aqualia will acquire 65% of GGU for USD180 million. Fitch expects
GCAP to approve the sale, considering the implied valuation premium
and associated break fees.

Change-of-Control and Planned Bond Redemption: The announced
disposal, if materialised, would constitute a change-of-control
event under GGU's USD250 million senior unsecured notes, providing
each noteholder the right to require GGU to purchase the notes at
101% of principal plus accrued and unpaid interest. To facilitate
the transaction, it is planned that GGU will redeem all the notes
outstanding at 103.875% of principal (plus accrued and unpaid
interest).

Bond Restricts Asset Spin-Off: In the second stage, GGU plans to
redeem the USD250 million green bond due 2025 in August 2022
(issued in July 2020) soon after the non-call period ends, as the
terms and conditions of the bond restricts the spin-off of
independent renewable energy assets. The bond is expected to be
redeemed with funds coming pro-rata from Aqualia and GCAP.

Upon bond redemption GGU will spin off its five independent
renewable assets to GCAP (non-cash asset transfer), while the water
assets and four hydro generation assets associated with the water
network are expected to remain with GGU. At the same time,
Aqualia's shareholding will increase to 80%.

Aqualia Shareholding Could Increase: The sale also includes a put
option for GCAP to dispose of its remaining 20% stake in GGU,
exercisable in 2025 or 2026 (8.25x enterprise value (EV)/EBITDA)
and a call option for Aqualia to purchase the remaining 20%,
exercisable on the date of expiry of the put option in 2026,
expiring six months thereafter (8.9x EV/EBITDA).

Links with Aqualia Could be Positive: Fitch lacks clarity around
the degree of Aqualia's future control, integration and financing
strategy for GGU. This will contribute to Fitch's linkage-factor
assessment of legal, operational and strategic incentives for
Aqualia to support GGU. Fitch expects to rate GGU on a standalone
basis or possibly with a one-notch uplift from the standalone
profile under Fitch's Parent and Subsidiary Linkage Criteria
(PSL).

Reversal of Integration Strategy: The announced sale reverses the
consolidation of regulated water utility business, Georgian Water
and Power LLC (GWP), with GGU's renewable energy assets, which was
completed in 2020. If the proposed transaction materialises, GGU's
portion of regulated earnings would improve; however, business
diversification would be weaker. GGU's share of regulated revenue
is expected to increase to about 80% post transaction (currently
estimated at 70% for 2021). However, GGU's exposure to FX may
increase as Fitch expects sales under power purchase agreements and
bilateral contracts denominated in US dollars to decrease. The FX
mismatch could be mitigated if gross debt is lower in the new
capital structure.

DERIVATION SUMMARY

Fitch views Telasi JSC (B+(EXP)/Stable) as one of GGU's closest
peers, since the companies share the same operating and regulatory
environment. GGU is the water monopoly in Georgia's capital
(Tbilisi), and Telasi is the second-largest electricity
distribution and supply company in the country, taking a natural
monopoly position in Tbilisi. GGU has slightly higher business
risk, given that it is partly exposed to merchant risk in its
electricity business. Another local peer is JSC Energo-Pro Georgia,
a subsidiary of Energo-Pro a.s. (EPas, BB-/Negative), which
distributes electricity to all regions of Georgia except Tbilisi.

GGU is comparable with European water utilities Severomoravske
vodovody a kanalizace Ostrava a.s. (BB+/Stable) and Miejskie
Wodociagi i Kanalizacja w Bydgoszczy Sp. z o.o. (BBB/Stable), and
Rosvodokanal LLC (BB/Stable). Bulgarian Energy Holding EAD
(BB/Positive) is significantly larger and more diversified, with
strong sovereign support benefiting its rating.

KEY ASSUMPTIONS

-- Capex averaging GEL94 million a year over 2021-2024;

-- Dividends averaging GEL23 million a year over 2021-2024;

-- GEL/USD average exchange rate of 3.2 during 2022-2024.

Water utility assumptions:

-- Water tariff to legal entities increasing up to 6.5 GEL/m3 in
    2021-2023 and water tariff to residential customers increasing
    up to 0.5 GEL/m3 in 2021-2023;

-- Tariff increases translating into about 36% growth in allowed
    revenue from water sales for 2021-2023 with regulatory
    weighted average cost of capital (WACC) of 14.98%.

Renewable energy assumptions:

-- Electricity volumes sold averaging 501 GWh a year over 2021-
    2024;

-- Average power purchase agreement price of about 19.6
    GELTetri/kWh in 2021-2024, and average market price of about
    15 GELTetri/kWh in 2021-2024.

KEY RECOVERY RATING ASSUMPTIONS

For issuers with IDRs of 'B+' and below, Fitch performs a recovery
analysis for each class of obligations of the issuer. The issue
rating is derived from the IDR and the relevant Recovery Rating and
notching, based on the going-concern enterprise value (EV) of the
company in a distressed scenario or its liquidation value.

The recovery analysis is based on a going-concern value, as it is
higher than the liquidation value. Fitch has assumed a 10%
administrative claim.

Fitch's recovery analysis for GGU estimates a liquidation value of
about GEL477 million, and a going- concern value under a distressed
scenario of about GEL480 million, based on going-concern EBITDA of
about GEL120 million and a 4x multiple.

The liquidation value considers no value for cash, due to the
assumption that cash is depleted during or before the bankruptcy.
Fitch applied a 75% discount to accounts receivable, and a 50%
discount to inventory and property, plant and equipment as a proxy
for the liquidation value of those assets.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level, upon which Fitch
bases the valuation of the company. It is supported by the nature
of its regulated and quasi-regulated earnings. The 4x multiple
reflects the weakened business model and high execution risks under
challenging market conditions.

For the senior unsecured notes, Fitch's analysis of GGU's debt
generated a waterfall generated recovery computation (WGRC) in the
'RR3' Recovery Rating band. However, according to Fitch's
'Country-Specific Treatment of Recovery Ratings Criteria', the
Recovery Rating for Georgia corporate issuers is capped at 'RR4',
constraining the upward notching of issue ratings in countries with
a less reliable legal environment. Therefore, the Recovery Rating
for GGU's senior unsecured notes is 'RR4', indicating a 'B+'
instrument rating. The WGRC output percentage on current metrics
and assumptions was 52%.

RATING SENSITIVITIES

Fitch expects to resolve the RWE on completion of the transaction
(expected to take longer than six months) and once Fitch assesses
the relationship under Fitch's PSL Criteria between the new
ultimate parent Aqualia and GGU, as well as the standalone credit
strength of GGU. Fitch will also remove the RWE if the acquisition
does not proceed.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Medium-high incentives for Aqualia to support GGU;

-- If the transaction concludes with an improved capital
    structure leading to funds from operations (FFO) net leverage
    (excluding connection fees) below 3.5x on a sustained basis;

-- Improved business risk due to a longer record of supportive
    regulation or material improvement in the tenure of bilateral
    agreements to more than 12 months, reducing contract-renewal
    risk, without an increase in counterparty risk.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- FFO net leverage (excluding connection fees) above 4.5x and
    FFO interest coverage (excluding connection fees) below 2.5x
    on a sustained basis;

-- Significantly lower-than expected allowed revenue from the
    water segment in regulatory period 2021 to 2023;

-- A sustained reduction in profitability and cash flow
    generation through a failure to shrink water losses, higher-
    than-expected exposure to electricity price and volume risks,
    or deterioration in cash collection rates;

-- A more aggressive financial policy with increased dividends;

-- A material increase in exposure to foreign-currency
    fluctuations.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: At end-2020, cash and cash equivalents of GEL118
million were sufficient to cover estimated negative free cash flow
in 2021. Debt is almost exclusively the USD250 million green bond
maturing in July 2025.

ISSUER PROFILE

GGU is a water utility and renewable energy business that supplies
potable water and provides wastewater collection and processing
services to almost 1.4 million people in Georgia and generates
electricity through its portfolio of eight HPPs and one onshore
wind farm with an aggregate installed capacity of 240 MW. A
majority of the electricity generated by GGU is sold to third
parties, while the remaining electricity is used by its water
supply and sanitation services business for internal consumption to
power its water distribution network.

ESG CONSIDERATIONS

GGU has an ESG Relevance Score of '4' for water & wastewater
management, due to heavily worn-out water infrastructure and large
water losses, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.

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.




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G E R M A N Y
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CTEC II GMBH: Moody's Rates New EUR515MM Unsecured Notes 'Caa2'
---------------------------------------------------------------
Moody's Investors Service has assigned a Caa2 rating to the
proposed EUR515 million guaranteed senior unsecured notes to be
issued by CTEC II GmbH (CeramTec or the company), the new top
entity of CeramTec's restricted group. The B3 corporate family
rating and the B3-PD probability of default rating (PDR) at the
level of CTEC II GmbH remain unchanged. The B2 instrument ratings
of the EUR1,430 million equivalent senior secured term loan B (TLB,
maturing 2029) and EUR250 million senior secured revolving credit
facility (RCF, maturing 2028) at the level of CTEC III GmbH, a
subsidiary of CTEC II GmbH, remain unchanged. The outlook on CTEC
II GmbH and CTEC III GmbH is stable.

Proceeds from the TLB and the proposed senior unsecured notes along
with an equity injection will be used to finance the acquisition of
CeramTec by BC Partners Fund XI and Canada Pension Plan Investment
Board from existing owner BC European Capital X and its
co-investors, to refinance existing debt and pay transaction fees
and expenses.

RATINGS RATIONALE

The rating action balances the re-leveraging effect from the
contemplated transaction, with the strengths of CeramTec's business
profile namely, the leading market positions in its medical
business and the track record of robust operating performance, as
illustrated by high EBITDA margin and positive free cash flow (FCF)
generation.

The proposed transaction will increase the company's debt load and
hence leverage. Following the proposed transaction, Moody's
estimates that CeramTec's gross leverage ratio (as adjusted by
Moody's) will increase by around 1.5x to 8.9x as of last twelve
months ended September 2021 (LTM Sept-21), which positions the
company weakly in its current rating category. Moody's expects that
sustained operating performance improvements would allow the
company to reduce leverage towards 7.5x in the next 12-18 months.
Given the fact that Moody's-adjusted leverage will be above the
expected range for the B3 rating category after closing, there is
no headroom within the current rating category to absorb any
further leverage increase which could be caused for example by
operating underperformance, debt-funded acquisitions or shareholder
returns.

CeramTec's medical and industrial business recovered well during
2021 with revenue increasing by 22% and 15% respectively during the
first nine months of 2021 compared to the same period in 2020. The
LTM Sept-21 revenue are now back at pre-pandemic level on both
segments.

CeramTec's B3 CFR is supported by the group's strong position in
the niche market of high-performance ceramic materials and
products; attractive end-markets, with favourable dynamics in the
medical segment and a diversified presence in the industrial
segment; sound historical operating performance, reflected in its
very strong and robust profitability (Moody's-adjusted EBITDA
margin averaged 35% over 2018-20 and increased to 38% as of the 12
months that ended September 2021); and constantly positive free
cash flow (FCF).

The rating is constrained by the group's high financial leverage;
modest scale, as defined by group revenue of EUR629 million in the
12 months that ended September 2021; narrow product range and
customer concentration in the medical segment; and exposure to the
more cyclical industrial segment, with customers in the automotive,
electronics and construction sectors.

ENVIRONMENTAL SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's governance assessment for CeramTec mainly factors in its
private equity ownership, which implies an aggressive financial
policy given a tolerance of high leverage and some event-risk
associated with acquisitions or shareholder distributions. The
company is exposed to product liability claims within its medical
business as a component supplier, however to a lesser extent than
the hip joint system manufacturers. CeramTec is currently not
exposed to litigation cases, which could have a material impact on
its operations.

LIQUIDITY

CeramTec's liquidity is adequate supported by access to a fully
available EUR250 million RCF maturing in 2028, positive FCF
generation expected in the next 12-18 months supported by a good
EBITDA cash conversion and long dated debt maturities after the
closing of the contemplated refinancing. Moody's assumes that the
cash on balance will be close to zero at transaction closing.

The RCF is subject to a springing first lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%. The
covenant is set with substantial headroom and Moody's expects
CeramTec to ensure consistent compliance with this covenant at all
times.

STRUCTURAL CONSIDERATIONS

The loss-given-default (LGD) assessment is based on the expected
capital structure post refinancing, Moody's ranks pari passu the
proposed new senior secured EUR1,430 million equivalent TLB and
EUR250 million RCF, which share the same security and are
guaranteed by certain subsidiaries of the group accounting for at
least 80% of consolidated EBITDA. The B2 ratings on the senior
secured instruments reflect their priority position in the group's
capital structure and the benefit of loss absorption provided by
the EUR515 million guaranteed senior unsecured notes rated Caa2.

OUTLOOK

The stable outlook reflects the expectation that CeramTec will
continue to improve in its operating performance and progressively
reduce its high Moody's-adjusted leverage towards 7.5x gross
debt/EBITDA in the next 12-18 months. The stable outlook also
reflects Moody's expectation that CeramTec will continue to
generate positive FCF and its liquidity position will remain
adequate to weather any unexpected negative development in the
company's end-markets as long as the pandemic persists.

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

Upward rating pressure could arise should (1) the Moody's-adjusted
debt/ EBITDA decline well below 7.0x on a sustained basis, (2) the
Moody's-adjusted EBITDA margin remain above 35% and (3) FCF remain
positive with Moody's-adjusted FCF/debt above 5% on a sustained
basis.

Downward rating pressure could arise if (1) the Moody's-adjusted
debt/EBITDA remains above 8.0x for a prolonged period, (2) free
cash flow turns negative, (3) the liquidity weakens, or (4) the
company undertakes debt-funded acquisitions or shareholder
distributions, which result in a weakening of its credit metrics.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Medical Products
and Devices published in October 2021.

COMPANY PROFILE

Based in Plochingen, Germany, CeramTec designs and manufactures
high-performance ceramic materials primarily for medical
applications (ceramic components for hip joint implants), and
industrial applications used in the automobile, electronics,
aerospace, industrial machinery, textile and construction
industries, among others. CeramTec generated consolidated revenue
of EUR630 million in the 12 months that ended September 2021.


CTEC II GMBH: S&P Gives (P)CCC+ Rating on New EUR15MM Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'CCC+' issue rating to
the EUR515 million senior unsecured notes with recovery rating of
'6', issued by German industrial ceramics group CTEC II GmbH
(CeramTec). The '6' recovery rating indicates its expectation for
negligible (0%-10%; rounded estimate: 0%) recovery for the
noteholders in the event of a default.

S&P's recovery analysis assumes the acquisition and debt
transactions are completed as proposed.

Key analytical factors

-- S&P assigned its preliminary 'CCC+' issue rating, two notches
below the issuer credit rating, and '6' recovery rating to the
proposed EUR515 million senior unsecured notes due in 2029 to be
issued by CTEC II GmbH. The recovery rating is constrained by the
lack of security and the subordinated position of the notes in the
debt structure.

-- In S&P's hypothetical default scenario, it assumes intensified
competition in the industrial segment leading to a loss of key
customers, and unfavorable changes in reimbursement regimes,
especially in Europe.

-- S&P values CeramTec on a going concern basis, supported by the
group's strong brands, close and long-term relationships with its
major customers, market-leading positions, and high profitability.

Simulated default assumptions

-- Year of default: 2024
-- Jurisdiction: Germany

Simplified waterfall

-- Emergence EBITDA: EUR203.4 million (maintenance capex is
assumed to be 3.5% of revenue, operational adjustment of 20%
(operational exposure to med tech, high growth markets with high
barriers to entry), and cyclical adjustment of 5%, standard for the
sector).

-- Multiple: 5.5x.

-- Gross recovery value: EUR1,118.6 million.

-- Net recovery value after administration expenses (5%):
EUR1,062.7 million.

-- Senior unsecured debt: EUR529 million*.

-- Recovery expectations: '6' (0%-10%; rounded estimate 0%).

-- All debt amounts include six months' prepetition interest.


DIOK REAL ESTATE: S&P Lowers ICR to 'B-' on Tightening Liquidity
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
German-based office property owner Diok Real Estate AG (Diok) to
'B-' from 'B' and its issue rating on its senior unsecured debt to
'CCC+' from 'B-'.S&P also placed all the ratings on CreditWatch
with negative implications.

S&P said, "We expect to resolve the CreditWatch within the next few
weeks after we have greater visibility on Diok's ability to extend
or refinance the upcoming secured mortgage loan.

"Diok's liquidity sources are currently insufficient to meet its
short-term debt maturities. We estimate that the company's
liquidity sources will cover liquidity uses by less than 1x for the
next 12 months due to significant short-term debt maturities (EUR11
million relating to a secured mortgage loan, provided by a German
Volksbank) and very limited positive cash funds from operations
(FFO). We understand that the current loan-to-value on the secured
asset, which is located in Cologne, is only 45%, indicating a fair
value of about EUR25 million. As of Sept. 30, 2021, Diok's cash
balance was only EUR3.4 million. Liquidity was further constrained
due to delays to the company´s growth strategy and operational
improvement measures, which have limited our cash flow expectations
for the next 12 months. That said, we understand that the company's
financial covenant headroom remains adequate, at more than 10%, and
we expect it will maintain sufficient headroom going forward.
Furthermore, we understand that the company is actively working on
a prolongation, and a potential default on the secured loan would
likely not trigger a default at the corporate level, since the
instrument does not provide a recourse option against the holding
or contain any cross-default clauses.

"We now forecast that Diok's capital structure will remain highly
leveraged, with EBITDA interest coverage below 1x over the next 12
months. Diok's adjusted interest coverage remained low at 0.7x at
June 30, 2021, due to lower-than-expected earnings, delayed
portfolio growth, and failure to quickly improve occupancy levels
from a trough of 83% at year-end 2020. The company's access to debt
capital markets also remained restricted in 2020 and 2021. Under
our revised assumptions, we now expect Diok to continue expanding
its portfolio and cash flow base in 2022, but at a slower pace than
previously anticipated. In combination with debt-servicing needs,
this may further pressure the company's capital structure. Contrary
to our previous expectations, we now forecast that EBITDA interest
coverage will remain below 1x (about 0.7x) in the coming 12 months.
Diok's debt to debt plus equity is expected to remain high, at
about 80%, because the stagnation in portfolio growth and absence
of positive portfolio revaluations over the past two years have
delayed deleveraging efforts. We continue to believe that the
highly leveraged capital structure and market uncertainties could
pose risks to the company's ability to raise new funding,
particularly in case of a market downturn, which would likely weigh
on its financial sustainability. That said, we note the company's
ongoing debt amortization on its secured funding, which generally
leads to a gradually reducing debt amount over time."

Diok's operational performance did not recover in 2021 with further
portfolio growth and occupancy improvements yet to be achieved.
Diok's portfolio size has been almost unchanged, at about EUR206
million over the past two years, after COVID-19-related delays to
its growth strategy and postponed acquisitions. S&P said, "We
understand that Diok will resume its portfolio growth plan in 2022
and an asset acquisition from its pipeline is expected to close
shortly. In our new base case, we assume about EUR50 million of
acquisitions this year. We continue to anticipate a limited hit
from the COVID-19 pandemic to Diok's operational performance,
thanks to its relatively resilient tenant structure, mainly from
the information technology and pharmaceutical industries. We note
that the expected improvement in occupancy from 83% at Dec. 31,
2020, has yet to materialize but understand that Diok has made good
progress in signing new leasing contracts to fill the vacant space.
In turn, we expect occupancy rates to increase to about 90% in the
short term. However, occupancy-related risks remain because Diok's
small size and low diversification mean it faces higher volatility
than we observe for higher-rated peers."

S&P said, "We aim to resolve the CreditWatch within the next few
weeks. We believe there is a one-in-two chance that we could lower
the ratings on Diok by one notch or more if the company's liquidity
continues to deteriorate and the capital structure becomes
increasingly unsustainable. A further downgrade would also reflect
our view of the company's vulnerability and dependency on favorable
business, financial, and economic conditions to meet its financial
commitments.

"We would lower the ratings on Diok during the next few weeks if
the company is unable to extend or refinance its upcoming EUR11
million secured mortgage debt maturity ahead of its due date in
April 2022. A downgrade would also occur if covenant headroom
tightens or the company experiences covenant breaches. This could
happen, for example, if the company is unable to raise enough
funding to cover its short-term debt maturities, including
amortization.

"Diok may be able to sustain its credit quality in line with our
'B-' rating if it efficiently executes its refinancing plan ahead
of the maturity and secures sufficient liquidity for the next 12
months. In such a scenario, we would also expect the company to
restore its operational performance with increasing occupancy
levels and positive free cash flow generation."

ESG Credit Indicators: E-2 S-2 G-3




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

GREECE: Fitch Alters Outlook on 'BB' Foreign Currency IDR to Pos.
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Greece's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Positive from
Stable and affirmed the IDR at 'BB'.

KEY RATING DRIVERS

The revision of the Outlook on Greece's ratings reflects the
following key rating drivers and their relative weights:

Medium

Strong economic growth dynamics and a falling fiscal deficit will
support a faster than expected decline in public sector
indebtedness, in the context of low current and expected borrowing
costs. Greek banks have made substantial progress on asset quality
improvement, sharply reducing the level of non-performing loans
(NPLs) in the banking sector and enhancing their ability to provide
credit to the real economy.

Economic activity in Greece has recovered at a faster pace than
Fitch expected at the time of the previous rating review in July
2021. Fitch estimates that real GDP growth for the year as a whole
was 8.3%, substantially higher than Fitch's July forecast of 4.3%.
Real GDP growth in 1Q-3Q21 was 9.5% compared with the corresponding
period in 2020, and the level of real GDP in 3Q21 was estimated to
be around 1% above the pre-pandemic level of 4Q19.

Fitch expects the recovery in economic activity to continue in
2022, as the deployment of the NGEU funds gathers pace, and for the
economy to expand by a further 4.1%, with a similar growth rate
forecast for 2023. The grants component included in Greece's
Recovery and Resilience Plan (RRP) amounts to around EUR18 billion
(just under 10% of 2019 nominal GDP), to be disbursed over six
years. The pandemic represents a short-term risk to economic
activity, in Fitch's view. Coronavirus infections in Greece rose
substantially in autumn, and at a sharper rate more recently with
the spread of the Omicron variant. The Greek government has
introduced some restrictions and these could weigh on economic
activity. A further risk to Fitch's projections would be a delayed
implementation of investment projects envisaged by the RRP.

The combination of stronger than expected economic growth and a
reduction in the government deficit driven by a substantial
reduction in pandemic-related support will support a decline in
government debt as a share of GDP. Fitch estimates that the debt
ratio fell to 198.4% in 2021 from 206.3% in 2020, and Fitch
forecasts that it will decline to 190.3% this year and then 185.3%
by end-2023.

Greece will repay outstanding loans from the IMF in 2022, and
prepay the 2022 and 2023 instalments of loans from the Greek Loan
Facility, the first financial support programme for Greece agreed
in 2010. Overall, these payments will amount to EUR7.2 billion
(around 3.8% of forecast GDP), and Fitch assumes that around half
of this will funded from cash reserves. European Central Bank (ECB)
monetary policy supports financing conditions.

The largest Greek banks have continued to improve their asset
quality metrics through securitisations backed by the Hercules
Asset Protection Scheme and other portfolio sales. The government
extended this scheme in April 2021 for an extra 18 months to
October 2022, increasing the envelope for guarantees offered for
these operations. The overall level of NPLs fell sharply over 2021,
to EUR20.9 billion in 3Q21 from EUR60 billion a year earlier. The
NPL ratio declined to 15.0% from 36.3% over the same period. Fitch
expects the banking sector's asset quality metrics to improve
further this year, although there are risks of new inflows of
impaired loans, especially from more vulnerable borrowers still
benefiting from forbearance measures or state support.

Greece's 'BB' rating also reflects the following key rating
drivers:

Greece has high income per capita that far exceeds both the 'BB'
and 'BBB' medians. Governance scores and human development
indicators are among the highest of sub-investment grade peers.
These strengths are set against still very high levels of NPLs and
very large stocks of public and external debt.

Public indebtedness rose sharply due to the pandemic, and the debt
stock will remain very large for a prolonged period. In 2023, the
debt ratio is forecast to be the second-highest of Fitch-rated
sovereigns, and more than 3x the 'BB' median forecast (56.0% of
GDP). At the same time, there are mitigating factors that support
public debt sustainability, in Fitch's view. Greece's liquid asset
buffer is substantial (around 18% of GDP at end-2021); the
concessional nature of the majority of Greek sovereign debt means
that debt-servicing costs are low (the interest-to-revenue forecast
for this year is 5.6%, compared with the 'BB' median forecast of
9.7%) and amortisation schedules are manageable. The average
maturity of Greek debt is among the longest of any sovereign, at
20.5 years. Moreover, the debt stock is mostly fixed rate, limiting
the risk from interest rate rises.

The inclusion of Greek government bonds in the ECB's pandemic
emergency purchase programme (PEPP) has been an important source of
financing flexibility, helping to keep bond yields down. By
end-November, the ECB had bought EUR34.9 billion (19.4% of forecast
2021 GDP) of Greek government bonds. In December the ECB stated
that while PEPP net purchases will cease from the end of March, the
period for re-investing maturing bonds would be lengthened by one
year to end-2024. Moreover, the ECB said that PEPP reinvestments
can be adjusted in periods of market stress and Greek bonds can be
purchased over and above the rollovers of redemptions.

Notwithstanding the strong recovery in economic activity, Fitch
estimates that the general government deficit in 2021 declined only
slightly to 9.7% of GDP from 10.1% in 2020 (BB median estimate:
5.2% of GDP). The persistence of an elevated deficit was due to the
continued pandemic-related support provided by the government to
the private sector, amounting to EUR15.6 billion (8.7% of forecast
2021 GDP). The continued economic recovery and the phasing out of
pandemic-related support measures will bring about a sharp
reduction in the government deficit, to 4.1% of GDP. Fitch expects
a further reduction in the deficit to follow in 2023, to 2.9% of
GDP.

Tourist arrivals in Greece picked up substantially after the
loosening of coronavirus-related restrictions in 2Q21, with the
number of arrivals in 3Q21 around 56% of 2019 totals. This implies
that the current account deficit for 2021 will be lower than Fitch
expected last July (a revised estimate of 4.4% of GDP compared with
5.7%). At the same time, Fitch does not expect the current account
to improve over the next two years. Domestic demand-driven growth
will imply strong import growth, offsetting the recovery in export
sectors including tourism. Net external indebtedness has fallen
back from its 2020 peak, but remains high (2021 estimate of just
under 150% of GDP: 'BB' median, 18.4%).

ESG - Governance: Greece has an ESG Relevance Score (RS) of '5[+]'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in Fitch's proprietary Sovereign Rating
Model. Greece has a medium WBGI ranking at 65.7 reflecting a recent
track record of peaceful political transitions, a moderate level of
rights for participation in the political process, moderate
institutional capacity, established rule of law and a moderate
level of corruption.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Public Finances: Failure to reduce government debt/GDP over
    the short term, for example due to higher than expected
    deficits or weak economic performance.

-- Macro: Renewed adverse shocks to the Greek economy affecting
    the economic recovery or Greece's medium-term growth
    potential.

-- Structural Features: Adverse developments in the banking
    sector increasing risks to the public finances and the real
    economy, via the crystallisation of contingent liabilities on
    the sovereign's balance sheet and/or an inability to undertake
    new lending to support economic growth.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Public Finances: Confidence in a firm downward path for the
    government debt/GDP ratio resulting from lower deficits,
    robust GDP growth and sustained low costs of borrowing.

-- Structural: Continued progress on asset-quality improvement by
    systemically important banks, consistent with successful
    completion of securitisation transactions and lower impairment
    charges, and leading to improved credit provision to the
    private sector.

-- Macro: An improvement in medium-term growth potential and
    performance following the Covid-19 shock, particularly if
    supported by the implementation of the EU Recovery Plan and
    other structural reforms.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Greece a score equivalent to a
rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the final LT FC IDR by applying its QO, relative
to SRM data and output, as follows:

-- Structural: -1 notch, to reflect weaknesses in the banking
    sector, including a very high level of NPLs, which represent a
    contingent liability for the sovereign, and a constraint on
    credit provision to the private sector.

-- Public Finances: +1 notch, to reflect the manageable
    amortisation schedule, long average maturity of debt, and the
    high degree of financing flexibility compared with rated
    peers'. Financing flexibility is enhanced by ECB monetary
    policy and has improved following the inclusion of Greek
    government bonds in the PEPP, resulting also in historically
    low market interest rates. Greece's access to NGEU funds also
    enhances financing flexibility relative to 'BB' category-rated
    peers'.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Greece has an ESG Relevance Score of '5[+]' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Greece has a
percentile rank above 50 for the respective Governance Indicator,
this has a positive impact on the credit profile.

Greece has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Greece has a percentile rank
above 50 for the respective Governance Indicators, this has a
positive impact on the credit profile.

Greece has an ESG Relevance Score of '4[+]'for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Greece has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.

Greece has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Greece, as for all sovereigns. As Greece has
a fairly recent restructuring of public debt in 2012, this has a
negative impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.




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

BNPP IP 2015-1: Fitch Raises Class F-R Notes Rating to 'B+'
-----------------------------------------------------------
Fitch Ratings has upgraded BNPP IP Euro CLO 2015-1 DAC's class
B1-RR, B2-RR, C-RR, D-R, E-R, and F-R notes and removed them from
Under Criteria Observation (UCO). The Outlook is Positive.

      DEBT                 RATING            PRIOR
      ----                 ------            -----
BNPP IP Euro CLO 2015-1 DAC

A-R XS1802328267      LT AAAsf   Affirmed    AAAsf
B-1-RR XS1802328424   LT AA+sf   Upgrade     AAsf
B-2-RR XS1802328770   LT AA+sf   Upgrade     AAsf
C-RR XS1802329075     LT A+sf    Upgrade     Asf
D-RR XS1802330677     LT BBB+sf  Upgrade     BBB-sf
E-R XS1802331139      LT BB+sf   Upgrade     BBsf
F-R XS1802332533      LT B+sf    Upgrade     B-sf

TRANSACTION SUMMARY

BNPP IP Euro CLO 2015-1 DAC is a cash flow CLO mostly comprising
senior secured obligations. The transaction is actively managed by
BNP Paribas Asset Management France and will exit its reinvestment
period in July 2022.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's stressed
portfolio analysis. The analysis considered modelling results for
the current and stressed portfolios. The stressed portfolio
analysis is based on Fitch's collateral quality matrix specified in
the transaction documentation and underpins the model-implied
ratings (MIRs) in this review.

When analysing the matrix, Fitch applied a haircut of 1.5% to the
weighted average recovery rate (WARR) as the calculation in the
transaction documentation is not in line with the latest CLO
criteria.

The class B1-RR to F-R notes have been upgraded and the class A-R
notes have been affirmed, in line with the MIRs.

The Positive Outlooks for the class B1-RR to F-R notes reflect
expected deleveraging once the transaction exits its reinvestment
period within a year.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is currently 0.28% below par. It
is passing all collateral-quality, portfolio profile and coverage
tests, except the weighted average life test that is currently 5.07
versus the threshold 5. Exposure to assets with a Fitch-derived
rating (FDR) of 'CCC+' and below is 3.07%.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/ 'B-'. The weighted
average rating factor (WARF) as calculated by the trustee was
34.54, below the maximum covenant of 35.5. Fitch calculates the
WARF at 25.45 under its updated criteria.

High Recovery Expectations: Senior secured obligations comprise
100% of the portfolio. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 13.76%, and no obligor represents more than 1.88%
of the portfolio balance.

Cash Flow Modelling: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par- value and interest-coverage
tests.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- An increase of the default rate (RDR) across all ratings by
    25% of the mean RDR and a 25% decrease of the recovery rate
    (RRR) by 25% across all ratings in the stressed portfolio will
    result in downgrades of no more than two notches, depending on
    the notes.

-- Downgrades may occur if build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed, due to
    unexpectedly high levels of defaults and portfolio
    deterioration.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels in
    the stressed portfolio would result in upgrades of no more
    than three notches across the structures, except for the class
    A-R notes, which are already at the highest rating on Fitch's
    scale and cannot be upgraded.

-- Except for tranches already at the highest 'AAAsf' rating,
    upgrades may occur in the event of better-than-expected
    portfolio credit quality and deal performance leading to
    higher credit enhancement and excess spread available to cover
    losses in the remaining portfolio.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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.


DRYDEN 59 EURO 2017: Fitch Rates Class F Notes 'B-', On Watch Neg.
------------------------------------------------------------------
Fitch Ratings has removed Dryden 59 Euro CLO 2017 DAC's class B, C,
D, E and F notes from Under Criteria Observation (UCO) and placed
them on Rating Watch Positive (RWP). The class A note has been
affirmed at 'AAAsf' with Stable Rating Outlook.

     DEBT             RATING                   PRIOR
     ----             ------                   -----
Dryden 59 Euro CLO 2017 B.V.

A XS1770930177   LT AAAsf   Affirmed           AAAsf
B XS1770930680   LT AAsf    Rating Watch On    AAsf
C XS1770931068   LT Asf     Rating Watch On    Asf
D XS1770931225   LT BBB-sf  Rating Watch On    BBB-sf
E XS1770931571   LT BB-sf   Rating Watch On    BB-sf
F XS1770931654   LT B-sf    Rating Watch On    B-sf

TRANSACTION SUMMARY

Dryden 59 Euro CLO 2017 DAC is a cash flow collateralized loan
obligation backed by portfolios of mainly European leveraged loans
and bonds. The transaction is actively managed by PGIM Limited and
it will exit the reinvestment period in November 2022.

KEY RATING DRIVERS

CLO Criteria Update and Cash Flow Modelling: The rating actions
mainly reflect the impact of Fitch's recently updated CLOs and
Corporate CDOs Rating Criteria, a shorter risk horizon incorporated
into Fitch's stressed portfolio analysis and stable performance of
the transactions. The analysis considered cash flow modelling
results for the current and stressed portfolios based on recently
available investor reports. The stressed portfolios are based on
Fitch collateral quality matrices specified in the transactions'
documentation and underpins the model-implied ratings in this
review.

While the transaction has multiple Fitch collateral quality
matrices, Fitch's analysis was based on the matrix that the agency
considered as most rating relevant when considering current and
historical portfolios for this CLO. Fitch also applied a 1.5%
haircut on the weighted average recovery rate (WARR) as the
calculation of the WARR in transaction documentation is not in line
with the latest CLO criteria.

Fitch has placed the class B to F notes on RWP, although the
model-implied ratings are above the current ratings, the issuer has
indicated that it intends to amend the matrices in line with
Fitch's updated CLOs and Corporate CDOs Rating Criteria published
on Sept. 17, 2021. If there is no refinancing or reset of this
transaction and no matrix update, Fitch expects to upgrade the
ratings when it resolves the RWP within six months.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The largest issuer and largest
10 issuers in Fitch's current portfolio analysis represent 2.96%
and 21.29% of the portfolio, respectively.

Stable Asset Performance: The transaction is passing all collateral
quality, portfolio profile and coverage tests except the Fitch
weighted-average rating factor (WARF) test, the Moody's diversity
test, and the fixed-rate collateral obligations test. Exposure to
assets with a Fitch-derived rating of 'CCC+' and below is reported
by the trustee as of the November 2021 investor report at 4.9%
compared with the 7.5% limit.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be at the 'B'/'B-' rating level. The trustee
calculated WARF is at 34.6, breaching the covenant maximum limit of
34.0. The Fitch-calculated WARF is at 25.8, after applying the
recently updated Fitch CLOs and Corporate CDOs Rating Criteria.

High Recovery Expectations: Senior secured obligations comprise
90.7% of the portfolio. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets.

In accordance with Fitch Ratings' policies, the issuer appealed and
provided additional information to Fitch Ratings that resulted in a
rating action that is different than the original rating outcome
committee.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- An increase of the default rate (RDR) at all rating levels by
    25% of the mean RDR and a decrease of the recovery rate (RRR)
    by 25% at all rating levels in the stressed portfolio would
    not result in downgrades at the current rating levels.

-- Downgrades may occur if the build-up of the notes' credit
    enhancement (CE) following amortization does not compensate
    for a higher loss expectation than initially assumed due to
    unexpected high level of default and portfolio deterioration.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels in
    the stressed portfolio would result in upgrades of up to five
    notches for Dryden depending on the notes;

-- Except for the tranches already at the highest 'AAAsf' rating,
    upgrades may occur in case of better-than-expected portfolio
    credit quality and deal performance, leading to higher CE
    available to cover for losses on the remaining portfolio.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Dryden 59 Euro CLO 2017 DAC

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

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

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




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

ACU PETROLEO: Fitch Rates Fixed-Rate Sec. Notes 'BB', Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has assigned the rating of 'BB' to the fixed-rate
senior secured notes of Acu Petroleo Luxembourg S.A.R.L. (Acu
Petroleo Luxembourg, the Issuer). The Rating Outlook is Negative.

The issuance closed for USD600 million with a 7.5% annual interest
rate. The final amount was lower and the interest rate was higher
than what was considered for the expected rating, but the
transaction's financial profile remained consistent with the
assigned rating.

RATING RATIONALE

Acu Petroleo Luxembourg's rating reflects the characteristics of
the underlying asset, an operational oil transshipment port whose
revenue profile is exposed to contract renewal and volume ramp-up
risks. The project expects volumes to increase as a result of the
development of the pre-salt fields which depends on long term oil
prices. The rating further reflects the regulatory model that does
not impose minimum or maximum pricing restrictions and the
expectation that the premium tariff, related to the reliability of
the port's services, will at least remain stable during the
following years.

The issuance counts with a full guarantee from Acu Petroleo S.A.
(Acu Petroleo) and the structure contemplates a legal and target
amortization schedule, set to allow for the debt to be fully
amortized in 10 years, through a target amortization cash sweep
mechanism. This structure mitigates, to some extent, future
reductions in volumes.

Under the rating case, the project presents strong loan life
coverage ratio (LLCR) of 1.8x and the project presents consolidated
minimum and average debt service coverage ratios (DSCRs), from 2023
to 2026, of 1.1x and 1.6x, respectively. From 2022 to 2024 the
volumes are mostly contracted with strong International Oil
Companies (IOCs) and DSCRs of around 1.1x in these years are
commensurate with the assigned rating.

The Negative Outlook reflects the corresponding Negative Outlook on
Brazil's current 'BB-' Long-Term Foreign Currency Issuer Default
Rating as the transaction is exposed to transfer and convertibility
risk and the weakening of the Brazilian sovereign rating could
implicate in a higher risk of controls on the transfer of foreign
currency to serve the debt.

KEY RATING DRIVERS

Concentrated Business Model [Revenue Risk: Volume -- Midrange]:

Acu Petroleo is a transshipment port that has been operational
since 2016. Açu Petróleo´s business plan considers a ramp-up in
volumes in the next years, based on the development of the pre-salt
fields in the Santos Basin in Brazil. Although it benefits from a
long-term take-or-pay (ToP) agreement with Shell Brasil, subsidiary
of Royal Dutch Shell plc (AA-/Stable), it is exposed to contract
renewals since all of other ToPs contracts, will mature in the next
years.

The port is also exposed to the long-term oil prices since the
long-term price expectation should determine the development of new
fields. The port does not present a diversified business model with
the operation fully focused in the transshipment of crude oil.

Inflation Linked Contract [Revenue Risk: Price -- Midrange]:

The regulatory model does not impose minimum or maximum pricing
restrictions. The ToP agreements set forth annual tariffs
readjustments that follows U.S. inflation, measured by PPI for
Industrial Commodities, and they had been readjusted in a timely
manner since the port began operations. The revenues and debt are
U.S. dollar-denominated, but some operational costs and expenses
are denominated in Brazilian real (BRL), exposing the transaction
to the risk of BRL appreciation.

Modern and Well-Maintained Infrastructure [Infrastructure
Development & Renewal -- Stronger]:

Acu Petroleo's facilities are modern and well maintained and are
expected to have long useful lives. The capacity is above
medium-term volume forecast and planned investments comprise
predominantly channel dredging and widening, in case volumes
ramp-up according to base case projections. The investments and
maintenance capex should be funded with operational cash
generation.

Fixed Rate with a Target Cash Sweep Mechanism [Debt Structure --
Stronger]:

The issuance is senior, fully amortizing, has a fixed interest rate
and count with a guarantee from Açu Petróleo. The structure
contemplates a legal and target amortization schedule set to allow
for the debt to be fully amortized in 10 years, through a target
amortization cash sweep mechanism. The structure presents a strong
covenant package that includes financial triggers for dividends
distribution (DSCR > 1.30x), change of control provision and a
six-month offshore debt service reserve account (DSRA). The
structure also limits new senior indebtedness, which will require
rating confirmation.

Financial Summary

Under the rating case, the minimum and average DSCRs, from 2023 to
2026, are 1.1x and 1.6x, respectively. From 2022 to 2024 the
volumes are mostly contracted with strong IOCs and DSCRs of around
1.1x in these years are commensurate with the assigned rating.
Moreover, metrics should increase over the years, since under the
rating case the company is able to perform the cash sweep payments
all of the years.

Peer Group

Prumo Participacoes e Investimentos S/A (Prumopar) (senior secured
notes; BB/Negative) and Newcastle Coal Infrastructure Group Pty Ltd
(NCIG) (senior secured notes; BBB-/Stable) are LIC closest peers.
The ratings of Acu Petroleo are explained by the fact that Prumopar
and NCIG benefit from a larger revenue share driven by ToP
contracts through the tenor of the debt when comparing with Acu
Petroleo and presents stronger overall financial metrics. Under the
rating case Prumopar presents a PLCR of 1.3x and NCIG presents an
average DSCR of also 1.3x.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- A negative rating action on Brazil's sovereign rating;

-- Fitch's expectations on the oil price to be below USD53 per
    barrel, leading to a lower uplift on volume projections;

-- Failure of the project to renew most of the ToP contracts that
    are due in 2023.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- The rating could have the Outlook revised to Stable as a
    result of a positive rating action on Brazil's sovereign
    rating;

-- Fitch's expectations on the oil price to be above USD53 per
    barrel, leading to a lower uplift on volume projections;

-- Success in the renewal of most of the ToP contracts that are
    due in 2023.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

TRANSACTION SUMMARY

Acu Petroleo Luxembourg S.A.R.L. is a non-operation entity that is
fully owned by Acu Petroleo S.A. and is a special purpose vehicle
created for the notes' issuance. The notes are fully guaranteed by
Acu Petroleo S.A. that is the Brazilian largest private crude oil
transshipment port. Acu Petroleo is operational since 2016 and
there is an expectation that volumes should ramp-up considerably
with the development of the pre-salt fields.

The notes are in the amount of USD600 million, senior secured,
annual fixed-rate of 7.5%, issued in the 144A/Reg S market which
will be backed by the fully operational terminal and all material
assets related thereto. The structure contemplates a legal and
target amortization schedule set to allow for the debt to be fully
amortized in 10 years, through a target amortization cash sweep
mechanism. The structure includes financial triggers for dividends
distribution (DSCR > 1.30x), change of control provision and a
six-month offshore DSRA and Operation and Maintenance Reserve
Account. The structure limits new senior indebtedness, which will
require rating confirmation.

Proceeds of the issuance will be used primarily to refinance the
company's existing debt that was originally put in place to finance
the construction of the terminal and to pay a one-time distribution
to shareholders.

FINANCIAL ANALYSIS

Fitch's key assumptions within the Agency's base case for the
issuer include:

-- U.S. PPI: 2.8% in 2022, 2.4% in 2023 and 2.0% from 2024
    onwards;

-- Foreign Exchange Rate (BLR/USD): 5.20 in 2021, 5.50 in 2022,
    5.25 in 2023, 5.25 in 2024, and depreciation according with
    the difference between IPCA (Brazilian CPI) and PPI from 2025
    onwards;

-- Volume: IHS Base Case projections minus a 10% haircut;

-- Operational and maintenance cost performed by Oiltanking: same
    as management;

-- Operational and maintenance cost performed by Ferroport: same
    as management;

-- Other Operational and maintenance cost: 5% over management;

-- Capital expenses: 5% over management.

The same assumptions were used in the rating case scenario, with
the exception of:

-- Volume: IHS USD48/bbl Case projections;

-- Operational and maintenance cost performed by Oiltanking: 5%
    over management;

-- Operational and maintenance cost performed by Ferroport: same
    as management;

-- Other Operational and maintenance cost: 10% over management;

-- Capital expenses: 10% over management.

Fitch has not differentiated tariffs between the cases as there is
a limited operational history and lack of information to form a
view about the level of tariffs when demand is higher.

In Fitch's base case, minimum and average (2023-2026) DSCRs and
LLCR are 1.7x, 2.5x and 2.1x respectively. Under the rating the
minimum and average (2023-2026) DSCRs and LLCR are 1.1x, 1.6x and
1.8x, respectively.


INTELSAT JACKSON: Fitch Assigns 'B+(EXP)' LT IDR, Outlook Positive
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Fitch Ratings has assigned a 'B+(EXP)' Long-Term Issuer Default
Rating (IDR) to Intelsat Jackson Holdings S.A.  The Rating Outlook
is Positive.

Fitch has assigned expected instrument ratings based upon the
company's anticipated capital structure at emergence.  A
'BB(EXP)'/'RR2' rating has been assigned to Intelsat Jackson
Holdings' $500 million senior secured super-priority revolving
credit facility and a 'BB-(EXP)'/'RR3' rating has been assigned to
the senior secured first-lien term loan B and notes.

Fitch expects to assign final ratings following Intelsat's
emergence from bankruptcy in early 2022.  The expected ratings will
be reviewed for material changes prior to Fitch assigning final
ratings.  Material changes may include changes in the company's
capital structure at emergence, any material deviations from
current assumptions, as well as Fitch's issuance of updated
criteria or criteria exposure drafts.  Expected ratings, like any
other rating, can be raised, lowered, placed on Rating Watch or
withdrawn.

KEY RATING DRIVERS

Scale and Contractual Revenue Benefits: Intelsat is one of the
largest fixed satellite service (FSS) operators, with a fleet of 52
satellites providing service on a global basis.  The company's
revenue is derived from customers in media, mobility, network
services and government.  Intelsat's backlog, which provides some
insight into future revenues, declined modestly in 2021 to $5.7
billion at Sept. 30, 2021.

In December 2020, Intelsat acquired GoGo Inc.'s commercial aviation
business for $400 million in cash.  An installed base of more than
3,000 aircraft positions Intelsat's commercial aviation business as
one of the largest inflight connectivity (IFC) and wireless
in-flight entertainment providers. A portion of the company's
ongoing investment program in next generation software defined
satellites and related ground infrastructure support the expansion
of the IFC business.  These services have strong tailwinds as
passengers and airlines put increased emphasis on being connected
in-flight.

Post-Emergence Delevering: The rating incorporates the company's
long-term leverage target of 2.5x (gross debt to EBITDA) and the
potential for the company to reach its target range in 2024, when
it receives up to $3.7 billion in accelerated relocation payments
in early 2024 for clearing its C-Band spectrum. Fitch will assess
the Positive Outlook at that time and take into consideration the
level of debt repayment, the operating environment, and potential
other uses of proceeds to strengthen its operating profile. Fitch
believes provisions in the credit agreement will strike a balance
between significant debt repayment requirements while maintaining a
fair degree of financial flexibility.

Fitch believes the risk of major U.S. wireless carriers acquiring
C-Band spectrum not fulfilling their obligation to make clearing
payments is very low as they are highly incented to make the
payments in order to begin deploying the spectrum. The two-week
delay and mitigation efforts over the coming months agreed to by
the carriers and the Federal Aviation Administration are not
expected to impact the timeline to receive the 2024 accelerated
relocation payments.

C-band Spectrum Source of Funds: The FCC's final order for the
C-band auction provided for accelerated incentive payments to all
C-band operators of up to $9.7 billion, of which Intelsat would
receive $4.87 billion, in two tranches in 2022 (approximately $1.2
billion has been received) and 2024. The order also provided for
cost reimbursements.

Execution Risk: Intelsat must clear the second portion of the
spectrum by December 2023 to receive the next accelerated
relocation payment in early 2024. To clear the spectrum, the
company is building seven satellites and the related ground
structure (teleports and antennas) at a cost of approximately $1.4
billion -- nearly all of which will be reimbursed. The payment
declines over time should the clearing be delayed after the
December 2023 target date. The company has contingency plans in
place should there be unforeseen circumstances regarding the launch
plans for the seven satellites.

Revenue Trends: Intelsat has experienced secular pressure on
certain revenue streams, particularly the media and network
business, while the government business has been relatively stable.
The mobility business - particularly the commercial aviation
business --is expected to be a significant driver of growth,
potentially offsetting pressures in other areas of the business.
There are a number of other subsegments within mobility, including
wholesale transponders, maritime and other managed services under
the Flex brand.

EBITDA Margins: Projected EBITDA margins are expected to be lower
than historical margins given the expansion of managed services in
the product portfolio and the addition of the commercial aviation
business. The opportunity to expand margins in the latter will
arise as Intelsat consolidates capacity onto its own satellites,
including new software defined satellites.

Capital Spending Higher: Intelsat's post emergence business plan
incorporates an additional eight satellites beyond the seven
satellites needed for C-Band clearing. Certain satellites are
nearing the end of their life cycle, and by the middle of the
decade Intelsat is planning to launch five advanced software
defined satellites that will have greater throughput and
flexibility, thus over time leading to a smaller satellite fleet.

Revenue Concentration: Intelsat's 10 largest customers provided 42%
of its revenues in 2020. No single customer accounted for more than
14% of revenue in the same period.

Low Earth Orbit Competition: Several low earth orbit (LEO)
constellations are in development, that if built out will add a
significant amount of capacity to the satellite industry, and LEOs
constellations in particular will have the advantage of lower
latency, which could prove attractive in certain applications.

DERIVATION SUMMARY

Intelsat's rating reflects the company's capital-intensive business
model, with significant barriers to entry due to the limited number
of orbital slots and the material costs associated with
constructing and launching a satellite fleet. The company's
business incorporates long-term contracts, up to 16 years, in its
media business, its largest source of revenue. The mobility line of
business is also an avenue for growth, and the government business
is stable with high rates of renewal. The media and network
businesses are exposed to secular pressures.

In the satellite services business, as a provider of communications
infrastructure, comparable businesses to Intelsat would be Eutelsat
Communications (BBB/Stable), Viasat Inc. (B+/Positive), Telesat
Canada (NR) and SBA Communications (NR). Eutelsat and Telesat are
the most directly comparable companies, given that they, along with
Intelsat, are three of the top four global fixed satellite services
provider.

Fitch expects Eutelsat to maintain a conservative financial policy
with funds from operations (FFO) net leverage not exceeding 3.3x
after its OneWeb investment, in line with its intention to maintain
an investment-grade rating and its target of 3x net debt/EBITDA
(company definition) leverage ratio in the medium term - this
broadly corresponds to Fitch's 3.2x FFO net leverage.

Unlike Intelsat, Eutelsat and Telesat or the tower companies,
Viasat provides services directly to consumers in its satellite
services segment, is vertically integrated as a satellite services
provider/manufacturer and has other business lines. SBA, a tower
company, leases space on towers and ground space to wireless
carriers, and is a key part of the wireless industry
infrastructure.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- Fitch estimates revenues grew about 7% in 2021, aided by the
    acquisition of GoGo's commercial aviation business in December
    2020. Revenues are flat to down slightly in 2022, before
    returning to low single digit growth in 2023, owing to the
    continued expansion in the mobility line of business,
    including commercial aviation.

-- Capital spending is expected to aggregate about $1.8 billion
    over 2021-2024, including the remaining spending on the
    clearance of the C-band and satellite expansion/replacement
    capacity.

-- EBITDA margins in the mid-40% range over 2022-2024. The
    commercial aviation business and managed services business
    expansion have somewhat lower margins than the historical
    business.

-- Fitch has included anticipated accelerated relocation payments
    from the C-band spectrum plan to be allocated to Intelsat.
    Intelsat is expected to receive a total of $4.87 billion in
    proceeds in early 2022 and early 2024 should it meet spectrum
    clearing goals. The 2022 payment of approximately $1.2 billion
    was received in early January 2022.

-- Fitch has assumed the proceeds from the accelerated relocation
    payments are primarily used to repay debt in 2024, while
    preserving liquidity and financial flexibility.

Recovery

Fitch's recovery analysis assumes the enterprise value of Intelsat
is maximized in a going-concern scenario rather than liquidation.
Fitch has assumed a 10% administrative claim.

Fitch contemplates a scenario in which default is the result of one
or a combination of a number of scenarios, such as revenue and
EBITDA pressure from new or existing competitors, delays in
satellite launches, or an inability to offset secular declines in
existing businesses. Fitch assumes Intelsat would be successfully
reorganized.

Under this scenario, Fitch estimates a going-concern EBITDA
run-rate of $750 million, which is moderately below Fitch's
projected EBITDA for 2022. 2022 expectations currently include
continued improvement for its inflight connectivity (IFC) business,
moderate growth in the government business and continued secular
declines in the media and network business lines.

The FCC's Order provided for accelerated relocation payments to
provide an incentive to encourage incumbent licenses to voluntarily
clear the lower C-Band spectrum as soon as possible. The payments
were designed to encourage entities with the right to broadcast in
the C-band to relinquish that right by specific early deadlines.
Fitch notes the Phase I accelerated relocation payment of $1.2
billion was received prior to emergence. Fitch assumes that in
2022, the company receives nearly the full value of cost
reimbursements for C-Band spectrum clearing projected for the end
of 2021 and the value of the Phase II accelerated relocation
payment to be obtained in 2024, reduced 30%. Fitch reduced the 2024
payment 30% -- per the schedule in the FCC order -- to allow for a
hypothetical six-month delay in clearing. Clearing the spectrum in
the second relocation phase requires the launch of seven
satellites, thus there is some execution risk. Intelsat has back-up
plans with respect to potential launch failures, but Fitch believes
it appropriate to build into its assumptions the potential for some
delay with respect to recovery.

Fitch assumes Intelsat will receive a going-concern recovery
multiple of 5.5x EBITDA under this scenario. In Intelsat's pending
bankruptcy case, the company has a midpoint valuation of $11
billion. This includes the full value of the Phase I and Phase II
accelerated payments the company will receive upon the clearing of
the portion of C-Band spectrum that has been licensed to the
wireless operators. Excluding these payments, the company's
operating assets are valued at approximately $6.13 billion. Based
on the estimated 2022 adjusted EBITDA in the company's second and
amended disclosure statement of approximately $900 million, Fitch
estimates Intelsat's operating assets are valued at a 6.8x
multiple.

Additionally, recovery is supported by the following:

Comparable Reorganizations: The 2021 Telecom, Media and Technology
Bankruptcy Enterprise Values and Creditor Recoveries case study
includes Speedcast International Limited, a satellite
communications and network service provider. Speedcast emerged from
bankruptcy in early 2021 with a multiple of 8.7x on estimated 2022
EBITDA (reflective of a partial recovery from a deep cyclical
trough). Speedcast has a less diversified revenue stream than
Intelsat, as a significant percentage of its customers are in the
maritime and oil and gas industries, and faced headwinds and
impacts from the coronavirus pandemic that greatly affected its
liquidity position. Intelsat is a supplier to Speedcast.

The 2020 Industrial, Manufacturing, Aerospace and Defense
Bankruptcy Enterprise Values and Creditor Recoveries case study,
Fitch noted that the three aerospace and defense defaulting
companies had exit multiples between 4.8x-6.9x.

Fitch forecasts a going-concern valuation of $7.74 billion,
including the value of the 2024 accelerated relocation payment,
which results in a post-reorganization enterprise value of $6.97
billion, after the deduction of expected administrative claims.
Fitch assumes a fully drawn revolver.

At emergence, assuming a fully drawn revolver, the RCF and
first-lien term loan B and secured notes are fully recovered. The
instrument rating for Intelsat Jackson's super-priority RCF rating
is 'BB'/'RR2' and the first-lien senior secured debt rating is
'BB-'/'RR3'.

Although the recovery model indicates 100% (RR1) recovery for the
super-priority and first-lien senior secured debt, the 'RR2' for
the super-priority debt and 'RR3' for the first-lien debt reflects
the application of Fitch's notching as detailed in the January 2021
Country-Specific Treatment of Recovery Ratings Criteria. Luxembourg
is in Country Group B, which applies a soft cap to recoveries. In
group B, there are caps of 'RR2' for the most senior obligations
and potential compression of some senior obligation ratings.

The report indicates that in such jurisdictions, the insolvency
framework is deemed to be generally less creditor-friendly and the
rule of law is perceived as less strong than category A but still
well above average in aggregate. The issuer is incorporated in
Luxembourg, and the company states most of the collateral is
located outside of the U.S. Thus, creditors may have a more
difficult time foreclosing on the collateral due to the laws of
certain jurisdictions.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Gross leverage (total debt with equity credit/operating
    EBITDA) sustained below 3.5x (or FFO gross leverage below
    5.5x), combined with a resumption of revenue and EBITDA growth
    in the low single digits could lead to a positive rating
    action.

-- Completion of a significant portion of the C-Band satellite
    construction and launch program.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Gross leverage sustained above 5.0x (or FFO gross leverage
    above 7.0x), could be a cause for a negative action, with the
    higher leverage stemming from weakness in sales/EBITDA, debt
    funded shareholder returns, or a significant increase in
    capex, leading to increased debt action issuance.

-- Delays in the construction and launch of the C-band
    satellites, introducing uncertainties in the amount and timing
    of the Phase II accelerated relocation payment anticipated for
    2024.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Post-Emergence: At emergence the company is
expected to have a $500 million, super-priority first-lien senior
secured revolver fully available. Additional liquidity will be
provided by expected reimbursements for C-Band clearing costs to be
received in early 2022. Fitch expects the partial repayment of
debt, beyond any drawings on the revolver, from the receipt of the
Phase II (the latter expected in 2024) accelerated relocation
payment. The nearest maturity following emergence is expected in
approximately five years.

Capital Structure: The company is expected to emerge with a $500
million super-priority first-lien RCF, a $3.375 billion first-lien
term loan B and $3 billion of first lien notes.

Maturities: There are no material near-term maturities at
emergence. The earliest maturity is for the $500 million revolver,
which will be five years after emergence. The $3.375 billion
first-lien term loan is expected to mature seven years after
emergence and amortizes at 1% per year. The $3 billion of
first-lien notes are expected to mature eight years after
emergence.

ISSUER PROFILE

Intelsat provides service through a global fleet of 52 satellites
and is the largest fixed services satellite (FSS) operator in the
world. Coverage is provided to more than 99% of the world's
population.

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.




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S L O V E N I A
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NOVA KREDITNA: Moody's Gives Ba1 Rating to EUR Jr. Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating on review for
upgrade to Nova Kreditna banka Maribor d.d. (NKBM's) planned
euro-denominated junior senior unsecured (senior non preferred)
notes. Concurrently, the rating agency maintained the review for
upgrade on the bank's Baa1 long-term deposit ratings.

All other ratings and rating inputs are unaffected by the rating
action.

RATINGS RATIONALE

NKBM has a Minimum Own Funds and Eligible Liabilities (MREL) target
of 18.59% of risk weighted assets as of 1 January 2022 and 23.18%
to be met by January 1, 2024. In addition, the bank is subject to a
3% combined buffer requirement.

The Ba1 rating on review for upgrade assigned to NKBM's planned
junior senior unsecured debt issue reflects: (1) the bank's ba1
Baseline Credit Assessment (BCA) and Adjusted BCA on review for
upgrade; and (2) the result of Moody's Advanced Loss Given Failure
(LGF) analysis, which indicates a moderate loss given failure for
this instrument in the event of the bank's failure, leading to zero
rating uplift from the BCA. The rating also incorporates agency's
assumption of a low probability of government support for these
instruments which are designed to absorb losses in resolution,
which also does not result in any rating uplift.

The bank's Baa1 deposit ratings on review for upgrade are driven by
the bank's ba1 BCA on review for upgrade and three notches of
rating uplift from two previously following the application of
Moody's Advanced LGF. The increased notching results from the
larger amounts of lower ranking debt following a placement of the
bank's planned EUR250 million junior senior unsecured debt issue,
which provide increased protection to the bank's depositors.
Despite the agency's unchanged assumption of a moderate likelihood
of support from the government in case of need and because of the
higher rating outcome prior to support considerations and its
proximity to the A3 long-term rating of the Government of Slovenia,
the deposit ratings no longer benefit from a one notch uplift under
the rating agency's joint default analysis.

OUTLOOK

The review for upgrade on the bank's junior senior unsecured notes
and long-term deposit ratings is driven by the review for upgrade
on NKBM's BCA initiated on November 5, 2021. The review for upgrade
of NKBM's BCA reflects the improved operating environment in
Slovenia, the bank's improved financial performance, notably in
terms of asset risk, as well as the uncertainty concerning the
change in the bank's ownership and the potential interlinkages
between NKBM and its new owner, OTP Bank NyRt (Baa1 review for
upgrade, ba1 review for upgrade).

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

NKBM's Baa1 deposit ratings and Ba1 junior senior unsecured debt
rating could be upgraded following an upgrade of the bank's
standalone BCA. An upgrade of the bank's BCA could be prompted by
Moody's assessment that the linkages between NKBM and its new owner
are not significant, if the BCA of OTP Bank NyRt is also upgraded
and despite significant interlinkages, or if NKBM remains within
its current ownership.

Given the review for upgrade there is limited downside to the
ratings. However, NKBM's deposits and junior senior debt ratings
could be confirmed at current levels if the rating agency assesses
that upon the completion of the acquisition NKBM and its parent
bank are closely interlinked and OPT Bank NyRt's BCA is confirmed
at ba1.

LIST OF AFFECTED RATINGS

Issuer: Nova Kreditna banka Maribor d.d.

Assignment and placed on review for upgrade:

  Junior Senior Unsecured Regular Bond/Debenture, Assigned Ba1

Extended Review for Upgrade:

  Long-term Bank Deposit Ratings, currently Baa1, Outlook Remains
  Ratings under Review




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S P A I N
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EDREAMS ODIGEO: Fitch Assigns 'B(EXP)' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned eDreams ODIGEO S.A. (eDreams) a
first-time expected Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook. Fitch has also assigned eDreams' proposed EUR375
million senior secured notes an expected long-term rating of
'B-(EXP)' with a Recovery Rating of 'RR5'.

The assignment of final ratings is contingent on completion of the
group's debt and equity issue and receipt of information conforming
to bond documentation already reviewed.

The 'B(EXP)' IDR is constrained by uncertainty over post-pandemic
recovery caused by Omicron resurgence as well as by the group's
transition from a transaction-based model to a subscription-based
one. The success of the transition should lead to good deleveraging
pace from post-pandemic excessive leverage.

Rating strengths are eDreams' strong positioning in the European
online travel agency (OTA) market with good demand growth prospects
and expected return to profitability in fiscal year ending March
2023 and positive cash flows derived from a capital-light and
flexible cost structure.

KEY RATING DRIVERS

Strong Positioning in Competitive Market: The rating reflects
eDreams' solid competitive position in flight bookings in Europe.
The global OTA market is characterised by intense competition and
low switching costs. eDreams competes with bigger and more
diversified operators, metasearch sites and the direct channels of
travel participants, such as airlines and hotels. However, the
highly fragmented travel industry in Europe favours the use of
intermediators. The fully online model of eDreams with
well-developed mobile channels is also a competitive advantage.

Ambitious and Transitioning Strategy: eDreams is in the process of
consolidating the first subscription model for the travel industry
and Fitch sees challenges to the ongoing migration from a
transaction model. Developments of the new model have been
successful so far since its introduction in 2017. While Fitch
recognises cross-selling opportunities from this strategy will help
fund subscriber discounts, Fitch's rating-case projections assume
more conservative sales growth relative to management's ambitious
expected market-share gains and repeat bookings from members.

Cash-Generative Business Model: eDreams operates a capex-light
business model with a flexible cost base that has proved resilient
during the pandemic. However, Fitch sees sensitivity to variable
costs and the potential for EBITDA margin to stabilise at a lower
level of around 17% once the pandemic abates with the
implementation of the subscription model. This equals to a funds
from operations (FFO) margin in the low teens, which would still be
solid for the rating. eDreams has traditionally operated with heavy
swings in working capital, which Fitch expects to be partly
mitigated by the upfront fees paid by subscribers, leading to a
stable positive free cash flow (FCF) margin and solid liquidity.

High Post-pandemic Leverage: Severe Covid-19 disruption led to
negative cash flow from operations of EUR150 million (aggregate for
FY20 and FY21), with significant working-capital outflows at FYE20.
Draws on the group's revolving credit facility (RCF), together with
still limited FFO by FY22, leads to unsustainable leverage metrics
in FY22.

The planned refinancing assumes partial debt repayment, which
alongside the announced equity issue of EUR75 million, the
ramping-up of business activity and a conservative financial
policy, should enable a reduction in FFO gross leverage towards
around 8.0x in FY23, still weak for the IDR. The rating remains
anchored around Fitch's expectation of solid financial discipline
and faster deleveraging towards 6x- 6.5x by FYE24 while maintaining
an adequate liquidity buffer.

Leisure Recovery Ahead of Industry: eDreams' absence of
corporate-traveller offering benefits the post-pandemic rebound as
leisure has swiftly recovered with the lifting of restrictions.
Fitch expects disruption in the travel industry to last through to
2024 and 2025 for both airline capacity and hotel occupancy, with
international travelling lagging domestic trips. This is reflected
in Fitch's assumption of subdued revenue per booking, yet eDreams
is well-positioned to benefit from the faster growth prospects in
leisure, while acknowledging the non-recurring impact of pent-up
demand of leisure customers.

Limited Booking Diversification: eDreams' business mix offers
certain diversification between sources (customers, fees from
stakeholders and payment providers, etc) and products (flights,
hotels, cars, insurance), but the group is mostly exposed to the
flight market. It operates in 45 markets, although its top six
regions account for 77% of revenue, led by southern Europe (France,
Italy and Spain account for 52% of revenue). Fitch expects the
subscription model will enhance diversification, given discount
incentives to repeat bookings for members in all possible
categories.

DERIVATION SUMMARY

eDreams lags the global leader Expedia Group, Inc. (BBB-/Negative),
or Booking.com in scale and global market position. Despite sharing
a similar EBITDA margin to eDreams (Expedia: 17.5% pre-pandemic),
Expedia is significantly less leveraged (FFO leverage expected at
3.9x by FYE22) and benefits from solid sources of liquidity, which
is particularly important as it adapts to post-pandemic
travel-demand patterns. While eDreams' operations concentrate in
the sluggish European market, Expedia is more geared towards the
US, where domestic travelling shows a solid rebound.

Compared with hotel operators such as NH Hotel Group SA
(B-/Negative) or Sani/Ikos Group S.C.A. (B-/Stable), eDreams offers
better recovery prospects based on its pioneer subscription model
for bookings. However, hotels' business models are traditionally
more profitable while eDreams' subscription model is yet to be
fully proven. eDreams has demonstrated better resilience than
asset-light hotel operators such as Accor SA (BB+/Stable) but
transitory leverage is expected to be higher for eDreams (FFO
leverage at 8.1x by FYE23) compared with 5.5x for Accor.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- FY22 revenues at EUR320 million, and growing to EUR600 million
    in FY25, as prime subscribers increase to 4.7 million on
    average in FY25 from 1.8 million in FY22;

-- Fixed costs decreasing to 13% of revenue in FY25 from 19% in
    FY22;

-- Variable costs per individual 30% lower for prime subscribers
    than transactional users;

-- Capex of around EUR160 million in the next four years to
    reflect model transition;

-- No acquisitions as growth would be driven by market dynamics
    and market-share gains through the subscription model;

-- Working-capital inflows from increased activity of pre
    pandemic bookings and individual deferred revenue from the
    prime subscriber model;

-- No dividend distribution;

-- Successful equity issue and debt refinancing.

KEY RECOVERY RATING ASSUMPTIONS

-- Fitch assumes that eDreams would be considered a going concern
    in bankruptcy and that it would be reorganised rather than
    liquidated. Fitch has assumed a 10% administrative claim in
    the recovery analysis;

-- Fitch assumes a going-concern EBITDA of EUR64 million, which
    Fitch believes should be sustainable post-restructuring;

-- Fitch assumes a 5.0x distressed enterprise value (EV)/ EBITDA.
    The distressed multiple reflects a weaker competitive position
    than global leaders' and the disrupted industry in which
    eDreams operates (compared with regular software companies);

-- The abovementioned assumptions result in a distressed EV of
    about EUR320 million;

-- Based on the payment waterfall Fitch has assumed the EUR180
    million RCF to be fully drawn and ranking senior to the notes,
    together with eDreams' outstanding EUR15 million Instituto de
    Credito Oficial (ICO) loan. Therefore, after deducting 10% for
    administrative claims, Fitch's waterfall analysis generates a
    ranked recovery for the planned senior secured debt in the
    'RR5' band, indicating a 'B-(EXP)' instrument rating, or one
    notch below the IDR. The waterfall analysis output percentage
    on current metrics and assumptions is 25% for the planned
    senior secured bond.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Visibility on stabilisation of travel demand, successful
    resumption of bookings and signs of consolidation of the
    subscription model;

-- FFO gross leverage below 6.0x or total debt with equity
    credit/operating EBITDA below 6.5x;

-- FFO margin sustainably moving above 12% or EBITDA margin above
    14%;

-- FFO fixed charge coverage above 3.0x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Secular decline or deterioration in the OTA business model
    stemming from a shift to direct bookings, or less-than
    expected increase in subscriptions;

-- Inability to reduce FFO gross leverage below 7.5x on a
    sustained basis or total debt with equity credit/operating
    EBITDA below 8.0x;

-- Diminishing financial flexibility as a result of liquidity
    erosion, for instance, reflected in no equity issue, FCF
    remaining neutral or volatile, over-reliance on RCF drawings
    at year-end, or FFO fixed charge coverage below 2.0x;

-- Increased volatility in profitability with FFO margin
    sustainably below 10% or EBITDA margin below 12%.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Limited but Improving Liquidity: As of 30 September 2021, eDreams
had EUR36 million of reported cash and EUR108 million in undrawn
RCF. While this is adequate liquidity at a seasonally low point,
going forward Fitch restricts 50% of year-end cash to reflect
seasonal working-capital requirements.

The planned senior secured notes will extend the group's debt
maturity profile to 2027, while the announced EUR75 million equity
issue will help rebuild the immediate cash buffer. Fitch also
expects an increased RCF of EUR180 million (from EUR175 million
currently) will enhance liquidity headroom. Over the coming months,
as travel volumes continue to recover, eDreams' liquidity will
benefit from increases in booking volumes, and upfront fees as the
number of its prime subscribers increases.

ISSUER PROFILE

eDreams is one of the world's largest online travel companies and
one of the largest European e-commerce businesses (market share of
37% in Europe). They provide access to over 650 airlines and 2.1
million hotel partners for 17 million customers across 45 markets
every year (mainly focused in southern Europe). It is mainly
focused on flight tickets intermediation, although the platform
also offers hotels, cars, holiday package and ancillary travel
services.

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.


EDREAMS ODIGEO: Moody's Affirms B3 CFR & Rates EUR375MM Notes Caa1
------------------------------------------------------------------
Moody's Investors Service has affirmed eDreams Odigeo S.A.'s
(eDreams or the company) B3 corporate family rating and B3-PD
probability of default rating. Concurrently, the rating agency has
assigned a Caa1 rating to the company's proposed EUR375 million
guaranteed senior secured notes due 2027. The proceeds of the notes
will be used, along with EUR50 million of cash proceeds from
eDreams' recent EUR75 million equity issuance, to refinance the
company's existing EUR425 million senior secured notes due 2023.
The Caa1 rating on the existing senior secured notes will be
withdrawn once they are fully repaid. The outlook on all ratings
remains negative.

"eDreams' recent EUR75 million equity raise and the refinancing of
the existing notes are credit positive events, in that they reduce
the quantum of the company's outstanding debt and extend the
maturity profile of its capital structure", said Fabrizio Marchesi
Vice President and Moody's lead analyst for the company. "That
said, eDreams' financial profile remains weak, given the
significant impact that the ongoing coronavirus pandemic continues
to have on the company's financial performance. The rating reflects
our expectations that eDreams' financial metrics and liquidity will
remain weaker than what is considered consistent with a B3 CFR over
the next 12-18 months", added Mr. Marchesi.

RATINGS RATIONALE

eDreams' financial performance has gradually improved from its weak
operating performance in 2020, with Moody's-adjusted EBITDA rising
to break-even levels in the six months to September 30, 2021 and
Moody's-adjusted free cash flow (FCF) generation turning positive
over the same period. That said, the company's financial metrics
remain weak with extremely high Moody's-adjusted (gross) leverage,
given negative LTM EBITDA of EUR30 million (on a Moody's-adjusted
basis) at September 30, 2021 and negative interest coverage. The
company is highly dependent on working capital inflows from the
build-back of the company's negative working capital position, as
travel volumes recover, and the signing of new Prime subscribers in
order to cover fixed charges and avoid burning cash.

Moody's expects an ongoing recovery in revenue will drive
Moody's-adjusted EBITDA towards break-even in the fiscal year ended
March 31, 2022, and to above EUR25 million in fiscal 2023, but
Moody's leverage-adjusted leverage is likely to remain very high at
around 20x as of March 31, 2023. The rating agency forecasts FCF
will break-even in 2022 and improve towards EUR50 million in 2023
because of a build-back of the company's negative working capital
position, but interest coverage is likely to remain below 1x over
the period. Moody's expects eDreams' financial metrics could reach
levels consistent with a B3 CFR in fiscal 2024, though the timing
and extent of any recovery is uncertain because of the
unpredictability of government-imposed travel restrictions and
consumer behavior.

eDreams' B3 CFR is also constrained by (1) the company's geographic
concentration in Southern Europe and France; (2) industry risks,
including value chain disintermediation from airlines or other
intermediaries as well as the risks of exogenous shocks (e.g.
pandemics, terrorism); and (3) exposure to paid search costs and
overall sensitivity to variable costs per booking.

Concurrently, the rating benefits from (1) the company's solid
competitive positioning within the European online travel agency
(OTA) industry, particularly within the flight segment, (2)
continued migration to the online travel market from high-street
travel agencies, and (3) growth in the company's Prime subscriber
base, which provides a certain degree of revenue visibility.

Moody's regards the coronavirus pandemic as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact of the breadth and
severity of the crisis, as well as the expect impact on the credit
quality of the company.

Governance was also a key rating driver in line with Moody's ESG
framework. As a publicly listed entity, eDreams provides more
transparency compared to similarly-rated, privately-held companies,
its board structure is relatively more diversified, and its
financial policy is comparatively more conservative, as
demonstrated by the credit positive EUR75 million share placement,
the proceeds of which were used to reduce debt.

LIQUIDITY

Moody's views eDreams' liquidity as adequate. Proforma the debt
refinancing, the company's liquidity position consists of EUR44
million of cash on balance sheet and EUR125 million of undrawn
super-senior revolving credit facility (RCF). That said, Moody's
highlights that the company is likely to remain highly dependent on
working capital inflows in order to cover fixed charges and avoid
burning cash over the next 12-18 months. In addition, the RCF is
subject to compliance with a springing leverage maintenance
covenant, which is set at 6.0x gross leverage (calculated based on
cash EBITDA as defined under the terms of the RCF agreement) and is
tested when the RCF is drawn by more than 40%, with a breach
constituting an event of default.

STRUCTURAL CONSIDERATIONS

The company's capital structure consists of a EUR180 million
super-senior revolving credit facility maturing in 2027, EUR375
million of guaranteed senior secured notes also maturing in 2027,
and a EUR15 million government-sponsored term loan which is secured
by a lien of EUR15 million on the eDreams brand.

The senior secured notes rank behind the super-senior RCF and their
security is limited largely to share pledges. The guaranteed senior
secured notes are rated Caa1, one notch below the CFR, reflecting
the size of the super-senior RCF. The B3-PD probability of default
rating is at the same level as the CFR, reflecting Moody's
assumption of a 50% family recovery rate.

RATING OUTLOOK

The negative outlook reflects the significant uncertainty regarding
the timing and extent of a continued recovery in travel patterns,
given the ongoing coronavirus pandemic, and the risk that eDreams'
financial metrics will remain outside the parameters that are
consistent with a B3 CFR for longer than currently expected.

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

A rating upgrade is unlikely over the next 12-18 months. However,
the outlook could be changed to stable if it becomes clear that the
impact of the coronavirus pandemic on travel patterns will continue
to recover so that eDreams' revenue and EBITDA strengthens and it
becomes likely that Moody's-adjusted leverage will improve to
around 5.0x on a sustained basis; cash flow turns remains positive
on a sustained basis; and liquidity improves.

Over time, the rating could be upgraded if the company delivers
sustained revenue and EBITDA growth; its Moody's-adjusted leverage
remains well below 5.0x on a sustained basis; Moody's-adjusted
FCF/debt rises sustainably to above mid-single-digit levels in
percentage terms; and liquidity strengthens to levels which include
an appropriate buffer for potentially adverse working capital
movements.

The rating could be downgraded if travel volumes fail to recover to
the degree currently expected, leading to a more prolonged decline
in revenue, profitability and cash flow than considered in Moody's
projections; or Moody's-adjusted leverage remains above 6.0x and is
not sufficiently compensated by positive Moody's-adjusted FCF or
adequate liquidity. A sustained deterioration in the company's
liquidity or increased uncertainty about the company's ability to
meet its financial obligations as they come due could also lead to
a negative rating action.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

eDreams is the largest OTA in the European flight segment. It was
formed in 2011 when Axa (now Ardian) and Permira acquired Opodo and
merged it with their existing portfolio travel companies to create
a European rival to Expedia Group, Inc. eDreams was listed in Spain
in 2014. In the fiscal year ended March 31, 2021, the company
reported revenue margin and company-adjusted EBITDA of EUR111
million and negative EUR38 million, respectively.


EDREAMS ODIGEO: S&P Alters Outlook on 'CCC+' ICR to Positive
------------------------------------------------------------
S&P Global Ratings revised its outlook on Spanish online travel
agent eDreams ODIGEO S.A. (eDreams) to positive from negative and
affirmed its 'CCC+' long-term issuer credit rating on the company.

S&P said, "At the same time, we assigned our 'CCC+' issue rating to
the proposed EUR375 million senior secured notes. The recovery
rating on these notes is '4' (30%-50%; rounded estimate: 45%). We
also affirmed our 'B' issue rating on the refinanced EUR180 million
super senior revolving credit facility (RCF). The recovery rating
on the RCF is unchanged at '1' (90%-100%; rounded estimate: 95%)."

The positive outlook indicates that S&P may raise the ratings if
eDreams continues to recover in line with the sector, coupled with
an increase in the scale of its Prime service on a sustainable
basis such that it improves its cash flow generation profile and
achieves credit metrics commensurate with a higher rating.

eDreams' EUR75 million equity increase will support its
deleveraging and strengthen its liquidity.

S&P said, "On Jan. 12, 2022, eDreams raised EUR75 million in
equity, part of which we understand it will use to reduce leverage
and to reinvest in the business. Specifically, eDreams will use
EUR50 million of the proceeds to reduce gross leverage. The
proposed EUR375 million senior secured notes will replace the
existing EUR425 million senior secured notes. This will extend
eDreams' debt maturity profile, reduce its interest burden, and
improve its liquidity position. The existing super senior RCF,
which has been extended and upsized to EUR180 million from EUR175
million, will further enhance liquidity and reflects support from
the company's banks. We believe that all this will provide eDreams
with a sound liquidity position amid ongoing uncertainty around new
COVID-19 variants and the potential effect on travel demand.

"The travel industry has reached an inflection point in its
recovery from the COVID-19 pandemic, although we still expect the
road to recovery to be bumpy. eDreams' revenue for the quarter
ended Sept. 30, 2021, was about 28% below the same period in 2019,
but bookings were up 22% in the same period. Peers such as Booking
Holdings and Expedia Group Inc. also exhibited a solid recovery in
the quarter, reflecting solid pent-up demand for travel following a
slowdown during the winter of 2020-2021. Consumers began traveling
more throughout the summer of 2021, albeit mostly for domestic and
regional trips. We expect that demand will continue to strengthen
because of a combination of pent-up demand; moderating fears of
contracting COVID-19; broader availability and uptake of vaccines,
especially across Western Europe, and treatment options globally;
and fewer international travel restrictions. However, the sector is
not out of the woods yet, as every new variant leads to travel
restrictions that impinge on travel companies and pause the
sector's recovery. We saw this recently with the emergence of the
Omicron variant. However, the current signs that Omicron typically
causes milder symptoms in the vaccinated population supports our
view that the sector is on the road to recovery, albeit a bumpy
road. We expect the pace of the recovery in leisure travel to
continue to drive an improvement in eDreams' credit metrics and
anticipate that the company will exceed its 2019 revenues by fiscal
2023 (ending March 31, 2024).

"We expect eDreams' subscription service Prime to provide some
revenue visibility and cash inflows over the next 12-24
months.Prime, which as of Dec. 31, 2021, has about 2.2 million
members, is eDreams' subscription program that gives members access
to discounts on flights and other products in exchange for an
annual subscription fee. As of the quarter ended Sept. 30, 2021,
about 39% of flight bookings came from Prime members, resulting in
cheaper acquisition costs for bookings and a meaningful reduction
in variable costs in successive years as recurring customers
typically book directly with eDreams. The recurring membership fees
provide some revenue visibility and stability and a solid cash
inflow. We also expect the number of Prime members to continue
growing through the expansion into new countries and the addition
of new product categories to the Prime service. We further expect
the average revenue per user to remain relatively stable as
eDreams' strategy is to continue scaling up the business by
satisfying its customer base, as it can fund the discounts it
offers to Prime customers through the discounts it obtains from its
suppliers. We understand that most customer churn results from
involuntary customer decisions, which supports our view of the
subscription model. Presently, eDreams appears to be the only
flights-focused online travel agency (OTA) with a subscription
service like Prime, but it is not exempt from the competition
catching up and replicating the model. However, we acknowledge that
eDreams has a first mover's advantage as it has spent over five
years developing the service. eDreams also envisages notable
investments in staffing and plans to hire about 500 new employees
over the next three years to continue growing the Prime platform.

"We expect eDreams' cash flow metrics to improve as it benefits
from the contribution from Prime membership and increased travel
demand. Although we expect still high leverage and subdued S&P
Global Ratings-adjusted EBITDA for fiscal 2022 and 2023, we expect
eDreams' cash flow metrics to materially improve over the next
12-24 months, with free operating cash flow (FOCF) to debt reaching
about 20% in fiscal 2022. This is primarily thanks to a solid
increase in Prime fees, which, although eDreams does not recognize
them as revenue until the customer benefits from a specific
discount, are part of operating cash flow. The increase we expect
in operating cash flow enhances the company's liquidity and should
continue to benefit from the recovery in travel demand. We still
expect eDreams to post weak results in fiscal 2021, exacerbated by
the emergence of the Omicron variant."

eDreams has managed its finances prudently throughout the pandemic
and maintained adequate liquidity. Severe revenue declines in
fiscal 2020 resulted in eDreams generating EUR54.3 million in
negative adjusted EBITDA and EUR92 million in negative FOCF.
Nonetheless, eDreams has navigated the pandemic without the need to
raise capital or debt thanks to its sizable RCF and working capital
management. As of Sept. 30, 2021, eDreams has about EUR144 million
of available liquidity, including cash and availability under its
RCF. S&P said, "Overall, we believe that eDreams has sufficient
liquidity to cover its operating costs, capital expenditure
(capex), interest payments, and working capital swings over the
next 12 months. We expect bookings and revenue to continue growing,
and project that working capital will be a material source of
cash." This is because deferred merchant bookings are a product of
the timing difference between payments from customers to eDreams
when they book the travel and when they use their tickets.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety.

S&P said, "The positive outlook indicates that we may raise the
ratings on eDreams if its operating performance and results
continue to recover as per our base case, underpinned by a swift
recovery of the travel sector during 2022.

"We could raise our rating on eDreams if it can demonstrate a
sustainable path toward a recovery in its credit metrics in line
with our expectations for the travel sector. This is also
predicated on eDreams' ability to continue increasing the scale of
its Prime membership model, which would render its cost structure
and financial commitments more manageable, and would support a
marked improvement in its cash conversion and credit metrics
commensurate with a higher rating. This could occur if eDreams'
EBITDA and cash flow generation recover in line with our
expectations through fiscal 2022, with FOCF to debt reaching at
least a double-digit percentage. We would also expect to see
eDreams maintain adequate liquidity to address potential volatility
in its earnings and working capital without adversely affecting its
leverage.

"We could revise the outlook to stable if we believe that eDreams'
capital structure has the potential to become unsustainable. This
could occur if new virus variants or lower growth than we expect in
the Prime service disrupt the recovery in the company's earnings
such that its cash flow metrics remain weak, resulting in a
heightened risk of liquidity stress or a deterioration in its
recovery prospects."

ESG credit indicators: E-2 S-4 G-3

S&P said, "Social factors are a negative consideration in our
credit rating analysis of eDreams. In 2020, the company's EBITDA
turned negative due to its exposure to the ban on international air
traffic amid the pandemic, and a full recovery is unlikely before
2023. Although this extreme disruption is most likely a one-off, we
think that some disruption could recur given the social risks
inherent to the sector, such as health and safety concerns,
terrorism, and geopolitical unrest, which can hurt travel demand
and financial performance temporarily but significantly. However,
despite a marked reduction in bookings because of the pandemic, we
did not see a shortfall in the liquidity under eDreams' RCF.

"Governance factors are a moderately negative consideration, as is
the case for most rated entities owned by private-equity sponsors.
We believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects generally finite
holding periods and a focus on maximizing shareholder returns. As
was evident in the past, eDreams, as a pure online OTA, is exposed
to rapid technological changes, such as risks associated with
changes in search engine algorithms and relationships, and requires
an agile strategy. We note its Prime subscription program makes it
less reliant on search and meta search engines."




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

ATRIUM EUROPEAN: Fitch Lowers LT IDRs to 'BB', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded Atrium European Real Estate Limited's
(Atrium) Long- and Short-Term Issuer Default Ratings to 'BB' from
'BBB' and to 'B' from 'F2', respectively. The Long-Term IDR's
Outlook is Stable. The ratings have been removed from Rating Watch
Negative. The ratings have also been taken off Under Criteria
Observation where they were placed following the conversion of
'Fitch's Exposure Draft: Parent and Subsidiary Linkage (PSL)
Rating' to final criteria.

The downgrades reflect the deteriorating financial profile of
Atrium following Gazit Globe Ltd's (Gazit) acquisition of the
remaining 25% in Atrium, and Atrium's planned payment of a special
dividend in 1Q22. The acquisition results in a stronger linkage to
the materially weaker credit profile of the consolidated Gazit and
Atrium group. In December 2021, Atrium's minority shareholders
voted for the merger, which will result in Gazit becoming the sole
shareholder of Atrium.

Gazit's full ownership will lead to stronger effective control of
Atrium. Under Fitch's PSL Criteria, stated intentions of tighter
integration within the Gazit group, albeit constrained by Atrium's
existing public bond covenants, results in Fitch rating Atrium
closer to the credit profile of the consolidated Gazit and Atrium
group. Fitch may reassess the linkage factors on evidence of
co-mingling of funds, upstream guarantees, or co-borrowings that
further limit Atrium's independence or weaken the credit profile.
This may lead to a further downgrade of Atrium's ratings.

KEY RATING DRIVERS

Stronger Linkage with Gazit: After becoming the sole shareholder,
Gazit's control over Atrium will no longer be constrained by the
presence of Atrium's minority shareholders or its separate listing.
The oversight of independent directors will not be strong. This
will allow Gazit to access Atrium's assets and transfer value from
its financially stronger subsidiary, potentially to the detriment
of Atrium's creditors. Although Atrium is separately funded, Gazit
has stated that it plans to integrate Atrium into its
privately-held portfolio to achieve synergies operationally and in
terms of financing and the capital markets.

Porous Legal Ring-fencing: Covenants in Atrium's bond documents
contain self-imposed restrictions that limit the size of potential
value transfers to Gazit. Under the PSL factor assessment, the
presence of these restrictions result in a 'porous' scoring
(indicating weak ring-fencing). Atrium's bond covenants include a
limit on gross debt/total assets at below 60% and an interest cover
ratio above 1.5x. Fitch's assessment of the PSL factors results in
a maximum rating differential of two notches between the
consolidated credit profile of Gazit and Atrium, and Atrium's IDR.

Weak Consolidated Credit Profile: The Fitch-calculated consolidated
credit profile of Gazit and Atrium is weaker than the standalone
profile of Atrium.

Diversified Gazit Group Portfolio: Gazit is a Tel Aviv stock-market
listed property investment and development company with a focus on
retail, residential and mixed-use assets across four regions
(Europe, Israel, North America and Brazil) totalling 12 countries.
It is controlled by its CEO and founder Chaim Katzman. Its 102
assets focus in densely populated metropolitan areas. The
properties were held directly (NIS4.1 billion (EUR1.1 billion) in
Israel), or through fully-owned entities (NIS4.9 billion (EUR1.3
billion) in Brazil, USA and Canada) and two listed companies
(totalling NIS15.3 billion (EUR4.1 billion) at share: Citycon
(52%-owned as at November 2021) and Atrium (75%-owned at
end-3Q21)), each with different creditors and recourse. High
leverage adversely affects the overall credit profile.

Deteriorating Leverage in Atrium: The special dividend (around
EUR250 million in total including additional dividends paid out
from operating cash flow) to be paid by Atrium as part of the
merger agreement will materially increase its leverage. Fitch
forecasts net debt/EBITDA to increase to 10x in at end-2022
(end-2024: 9.6x aided by lower dividends and asset disposals).
Asset disposals included in Fitch's forecasts are limited to
Slovakian assets and some non-core assets in Poland.

Atrium's 2022 and 2025 bonds contain coupon step-up clauses upon
downgrade to sub-investment-grade rating by one or two rating
agencies, respectively. Interest coverage remains comfortable at
around 2.5x even if the clause is triggered.

Stable Operating Performance: Occupancy in Atrium's assets was
stable at 92% at end-3Q21. Tenants' sales in September reached 92%
of 2019's level, and footfall was 81%. These results were worse
than that of CEE peers with portfolios that are less reliant on
large shopping centres located in big cities where commuter traffic
to and from offices is still subdued. The high number of new
Covid-19 cases and related tightening of social-distancing measures
may have stalled 4Q21 recovery. Vaccination rates in Atrium's
geographies remain below 65%.

Residential Portfolio Build-up: In 3Q21 Atrium signed an agreement
to acquire the first of two residential-for-rent projects (650
units in total) for EUR53 million. These projects are scheduled for
completion in 1H22. Atrium also started construction on the first
200 units adjacent to its Promenada (Warsaw) shopping centre.
Delivery is expected to start in 2023. Fitch estimates that to
reach its target of over 5,000 units in 2025 Atrium would spend
over EUR100 million per year on developments and/or acquisitions.
Fitch thus estimates that residential-for-rent is unlikely to
exceed 15% of the group's rental income by 2024. Spending on
retail-asset developments is estimated to be below EUR20 million in
2022.

Hybrid Notched-off IDR: Atrium's EUR350 million hybrid bond is
rated two notches below the IDR and qualifies for 50% equity credit
under Fitch's criteria. It reflects the hybrid's deeply
subordinated status, ranking behind senior debt, with coupon
payments deferrable at the discretion of the issuer and no formal
maturity date. It also reflects the hybrid's greater loss severity
and higher risk of non-performance relative to senior unsecured
obligations.

DERIVATION SUMMARY

Atrium's closest peer is NEPI Rockcastle plc (BBB/Positive), with
its EUR5.6 billion retail-focused portfolio. NEPI has stronger
diversification with a presence in nine countries, but these
countries are predominantly rated 'BBB' or below (61% of NEPI's
market value). Atrium's assets are mainly in Poland (A-/Stable) and
the Czech Republic (AA-/Stable) with only 10% (by market value) of
the portfolio located in non-core Russia (BBB/Stable). The smaller
(EUR0.8 billion), all-retail portfolio of AKROPOLIS GROUP, UAB
(BB+/Stable) is concentrated in Lithuania (A/Stable).

Globe Trade Centre S.A.'s (GTC; BBB-/Stable) EUR2.1 billion
portfolio benefits from diversification across asset classes, in
both offices (65% of market value) and retail (35%). Its country
risk exposure is similar to NEPI's, with a presence in six
countries. Globalworth Real Estate Investments Limited's
(BBB-/Stable) office-focused portfolio is almost equally split
between Poland and Romania (BBB-/Negative).

Atrium's strategy is to concentrate on Warsaw and Prague with their
large catchment areas and above-average disposable income. This
differs from NEPI whose shopping centres are located in large CEE
cities, and dominate the market in some smaller secondary cities.

Atrium's end-2020 pandemic-disrupted net debt/EBITDA was above 11x.
Fitch forecasts leverage to stabilise at below 10x, affected by the
special dividend payment expected in 1Q22. This is higher than
NEPI's leverage of around 6x, while GTC and Globalworth have
leverage of about 9x and 8x, respectively.

Atrium and NEPI have comparable net initial yields (NIY - defined
as annualised net rents/investment property asset values) of
6%-6.8%, depending on each portfolio's asset and country mix. The
remaining CEE peers do not disclose directly comparable NIY data.
Fitch believes the quality of Globalworth's and GTC's portfolios is
broadly similar to that of NEPI and Atrium.

The Lithuanian all-retail Akropolis has the most conservative
financial profile, with end-2020 net debt/EBITDA at 4.4x, ahead of
a planned construction project, which will increase its leverage
over time. However, its rating is constrained by its concentration
on a limited number of assets, restricting asset and geographical
diversification.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Rent changes arising from acquisitions, disposals or
    developments coming on-stream are annualised rather than
    accounted on a part-year basis;

-- Rents for 2022 include the effect of a further 5% decrease in
    rents from expiring leases, a stable occupancy at around 92%,
    and the adding back of most 2021 rent concessions;

-- Around net EUR120 million on capex and acquisitions during
    2021-2024;

-- Around EUR13 million quarterly dividend starting in 2Q22;

-- Over EUR250 million special dividend payment in 2022,
    including additional dividends paid from operational cash
    flow;

-- No debt arising from the merger transaction in Atrium.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Atrium's rating is constrained by the consolidated credit
    profile of Gazi and Atrium. An upgrade would require an
    improvement in this profile or the presence of stronger ring-
    fencing protection for Atrium's creditors

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Evidence of stronger linkage to Gazit, including adverse
    transfers of values, evidence of co-mingling of funds,
    upstream guarantees, or co-borrowings that further limit
    Atrium's independence or weaken its credit profile;

-- Deteriorating consolidated credit profile of Gazit and Atrium;

-- Atrium's net debt/EBITDA above 11x;

-- Deterioration in leverage towards the bond covenants' 60% LTV.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As at end-3Q21, Atrium held EUR485 million of
cash and a EUR300 million undrawn revolving credit facility (2023
maturity). This is an adequate liquidity position, taking into
account EUR155 million of bonds maturing in October 2022 and its
around EUR250 million special dividend payment expected in 1Q22.
The next debt maturity EUR500 million is not until 2025. The
average interest rate is 2.8% (excluding interest on hybrid bonds)
and the average debt maturity is 4.5 years.

Except for secured mortgage loans financing Atrium's two large
top-10 assets, the group's balance sheet remains unsecured. This
results in an end-3Q21 unencumbered investment property/unsecured
debt coverage of 1.8x.

ISSUER PROFILE

Atrium is a property investment and development company with retail
assets in Poland, the Czech Republic, Slovakia and Russia. The
investment portfolio as at end-September 2021 comprised 26
properties worth EUR2.5 billion (including one joint-venture asset
at share).

ESG CONSIDERATIONS

Atrium has an ESG Relevance Score of '4' for Governance Structure,
due to its ownership by Gazit resulting in stronger effective
control, more 'porous' legal ringfencing and the weaker financial
profile of the consolidated credit profile of Gazit and Atrium.
This has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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.


BDL TOOL: Goes Into Administration, Around 80 Jobs at Risk
----------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that BDL Tool & Die
Engineering, a Daventry engineering, firm has slipped into
administration and is up for sale.

It has emerged the company, which supplies components to the
tensioner, motorsport and aerospace industries, called in Begbies
Traynor just before Christmas, TheBusinessDesk.com relates.  The
administrator is currently trying to sell off the business and its
assets, TheBusinessDesk.com discloses.

BDL Tool & Die Engineering's website is currently down, but it is
thought it employed around 80 people.

In its latest accounts made up to the end of July 2020, the firm
had creditors totalling almost GBP2 million and had outstanding
loans of GBP1.2 million, TheBusinessDesk.com states.  Assets came
to just over GBP11,000, TheBusinessDesk.com notes.


CAFFE NERO: Completes GBP330-Mil. Debt Refinancing
--------------------------------------------------
Sophie Witts at The Caterer reports that Caffe Nero has completed a
GBP330 million debt refinancing, effectively ending a takeover bid
from the Issa brothers' EG Group.

Last April Mohsin and Zuber Issa, who own the Leon restaurant
chain, acquired GBP160 million of Nero Holdings' mezzanine debt,
The Caterer recounts.

According to The Caterer, they used this to try and gain control of
the company from founder and chief executive Gerry Ford and backed
a legal challenge to the coffee chain's company voluntary
arrangement (CVA), but a judge dismissed the case in September.

Last week, Caffe Nero entered into a new debt agreement with
Carlyle, HSBC and Santander, The Caterer relates.  As a result, the
company has a six-year loan of approximately GBP330 million with
additional facilities of GBP85 million available for growth
opportunities, The Caterer states.  It said it has reduced its debt
exposure by c.15%, The Caterer notes.

Mr. Ford retains majority ownership of the group, alongside his
family and friends, according to The Caterer.

"As a result of this new debt agreement, the EG Group is no longer
a holder of any of the Caffe Nero Group's debt," The Caterer quotes
the company as saying.

Caffe Nero was founded in 1997 and currently operates four brands,
including Coffee #1, Harris + Hoole and Aroma, across 1020 stores
in 10 countries.  It has 650 Caffe Nero branded stores in the UK
and employs 7,700 people across the whole business.


CHAS SMITH: Collapses Into Administration Due to Pandemic
---------------------------------------------------------
Ian McConnell at The Herald reports that Chas Smith Group Limited,
a long-established shopfitting business with operations near
Glasgow and in north London, has fallen into administration, hit by
the coronavirus pandemic and increased labour and material costs,
and all staff have been made redundant.

Michelle Elliot and Simon Carville-Briggs, partners with FRP
Advisory, have been appointed joint administrators of Chas Smith
Group Limited, which was founded in 1921, The Herald relates.

They noted the business, which operates from leasehold premises at
Kirkintilloch and at Hoddesdon in north London and employed nine
people, specialised in design and installation of high-end
fit-outs, mainly for automotive showrooms.

According to The Herald, Ms. Elliot said: "Chas Smith Group was a
high-end shop fitting business with a number of well-known
customers nationally across the UK.  The business has unfortunately
been severely affected by the pandemic, with a number of projects
cancelled or suspended, coupled with increased labour and raw
material costs.

"These challenges have resulted in significant cash-flow
difficulties.  Despite every effort by its directors to keep the
business trading, the severe financial problems meant the company
was not viable."


DJS UK: 387,000+ Customers Invited to Submit Claims
---------------------------------------------------
Darren Sladeat Dorset Echo reports that more than 387,000 customers
of a collapsed payday lender will be invited to submit claims for
redress from administrators.

Dorset-based DJS (UK) Limited -- trading as PiggyBank -- was one of
the UK's 10 biggest payday lenders when it went into administration
in December 2019, Dorset Echo discloses.

It provided short-term loans of up to GBP1,500 at 0.8 per cent
interest per day -- equivalent to an annual percentage rate (APR)
of 1,270%.

The company had 57 staff at Parkway House, Avenue Road, as of 2018
and featured in the Sunday Times' Top 100 Best Companies to Work
For.

But it was suspended from lending for three months in 2018 when the
Financial Conduct Authority raised concerns about its checks on
whether loans were affordable, Dorset Echo relates.

In a report covering the period from June to December last year,
joint administrator Shane Biddlecombe --
shane.biddlecombe@fortus.co.uk -- of Fortus Recovery said there
were 387,228 past customers of the company, Dorset Echo notes.

Since the administrators were appointed at the end of 2019, about
2,376 redress claims totalling GBP1.35 million had been upheld,
according to Dorset Echo.

"The administrators will now invite and agree claims from historic
customers.  The administrators are not able to accurately estimate
the level of unsecured redress claims at this stage," Dorset Echo
quotes Mr. Biddlecombe as saying.

However, only GBP600,000 is expected to be available for unsecured
creditors, who include the borrowers lodging claims, Dorset Echo
states.

The directors of DJS (UK) Ltd had estimated the claims of other
unsecured creditors at a total of GBP467,139, Dorset Echo notes.
They estimated trade creditors were owed GBP208,473, according to
Dorset Echo.

But six creditors have so far submitted claims totalling GBP1.6
million, with 16 yet to submit claims, Dorset Echo states.

Staff are believed to be owed GBP175,121 in redundancy and notice
pay, according to Dorset Echo.

Administrators expect the assets of DJS (UK) Ltd to total GBP16.7
million, with the costs of administration expected to reach GBP4.1
million, including GBP1.1 million in administrators' fees, Dorset
Echo states.

The company owed an estimated GBP21.8 million to wealthy
individuals who held 46 debentures -- loans secured against its
assets, Dorset Echo discloses.


FIRST COMPONENTS: Enters Administration, 56 Jobs Affected
---------------------------------------------------------
Business Sale reports that First Components, a precision
engineering firm based in Brierley Hill, has fallen into
administration and a buyer is now being sought for the business.

The company entered administration after the loss of a significant
contract impacted its cash flow, while a recent change of ownership
had also affected its capacity to continue trading, Business Sale
relates.

Founded over 18 years ago, First Components was based on the
Wallows Industrial Estate in Brierley Hill, West Midlands.  The
company provided specialist precision engineering services to
clients from a wide range of sectors, including general
engineering, medical, automotive, aerospace, electrical and white
goods.

According to Business Sale, trading has been suspended as a result
of the company's financial position, with its 56 employees made
redundant upon the appointment of Diana Frangou and Gareth Harris
from RSM UK Restructuring Advisory LLP as joint administrators on
Jan. 10.

"The cash flow issues, coupled with the change in ownership and
structure, resulted in administrators being appointed to protect
not only the creditors interests but most importantly ensure the
employees were not left in abeyance," Business Sale quotes Diana
Frangou as saying.

The joint administrators are now seeking a buyer for the business,
Business Sale discloses.  If a buyer cannot be secure, they will
aim to maximise returns from the business' assets, Business Sale
notes.




===============
X X X X X X X X
===============

[*] EUROPE: Euro Zone Cos. Survived Pandemic Better Than Expected
-----------------------------------------------------------------
Jan Strupczewski at Reuters reports that euro zone companies
survived the two years of the COVID-19 pandemic better than
expected with fewer insolvencies than feared, euro zone finance
ministers are likely to conclude on Jan. 10 according to a senior
euro zone official.

According to Reuters, the official, who asked not to be named, said
the better outcome was testament to the effectiveness of the EUR2.3
trillion (US$2.64 trillion) of national liquidity support measures
taken to keep companies from collapsing under repeated
government-imposed pandemic lockdowns and the resilience of the
economy.

"There was concern about a wave of insolvencies," Reuters quotes
the official involved in the preparation of the monthly meeting of
euro zone finance ministers, as saying.

Among the measures to stave off bankruptcies, governments
introduced subsidised part-time work schemes to prevent mass
lay-offs and guaranteed loans taken by companies from banks,
Reuters discloses.

"At this point . . . corporate insolvencies remain surprisingly low
compared to the severity of the crisis and the historical average,"
the official, as cited by Reuters, said.

But he warned that policymakers in the 19 countries sharing the
euro had to keep supporting viable companies because many ended the
pandemic with higher debt and because with new waves of infections
every few months it was not clear how much longer they might need
emergency support, Reuters notes.



                           *********


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-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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