/raid1/www/Hosts/bankrupt/TCREUR_Public/220128.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, January 28, 2022, Vol. 23, No. 15

                           Headlines



F I N L A N D

RENTA GROUP: S&P Assigns Preliminary 'B' ICR, Outlook Stable


F R A N C E

FINANCIERE MENDEL: Moody's Hikes CFR to B2, Outlook Remains Stable
IM GROUP: Moody's Hikes CFR to B2 & Alters Outlook to Stable


I R E L A N D

BAIN CAPITAL 2017-1: Moody's Affirms B2 Rating on Class F Notes


I T A L Y

ENEL SPA: Egan-Jones Cuts Senior Unsecured Ratings to BB
RIMINI BIDCO: Fitch Gives Final 'B+' LongTerm IDR, Outlook Stable


N E T H E R L A N D S

PEARLS NETHERLANDS: Moody's Assigns B3 CFR, Outlook Stable
PEARLS NETHERLANDS: S&P Assigns Prelim. 'B' ICR, Outlook Stable
SOLIS IV BV: Moody's Assigns B1 CFR & Rates New First Lien Debt B1


R U S S I A

NOVOROSSIYSK COMMERCIAL: Moody's Withdraws Ba1 Corp. Family Rating
TEMIRYOL-SUGURTA LLC: S&P Affirms 'B+' LT ICR, Outlook Stable


S P A I N

EL CORTE INGLES: Moody's Affirms Ba1 CFR & Alters Outlook to Stable
FTPYME TDA 4: Moody's Affirms 'C' Rating on EUR29.3M Class D Notes


S W E D E N

REN10 HOLDING: Fitch Assigns 'B+(EXP)' LT IDR, Outlook Stable


U N I T E D   K I N G D O M

BOLTON WANDERERS: GBP5-Mil. Pandemic Loan Converted Into Shares
CANADA SQUARE 6: S&P Assigns Prelim. B- Rating on X2 Notes
DEBENHAMS PLC: Former Leicester Store to Be Converted Into Flats
DERBY COUNTY FOOTBALL: EFL Agrees to Extend Funding Deadline
IQONIQ: Enters Liquidation, Tokens Virtually Worthless

SENSYNE HEALTH: Secures Up to GBP11.4MM of Emergency Financing
WEST BERKSHIRE BREWERY: Shareholders Lose Investment Amid Takeover


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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RENTA GROUP: S&P Assigns Preliminary 'B' ICR, Outlook Stable
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S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit and issue ratings to Finland-based rental equipment company
Renta Group and its proposed EUR350 million senior secured fixed
rate notes.

The stable outlook reflects S&P's expectation that Renta Group will
achieve 4%-6% organic revenue growth in 2022 and S&P Global
Ratings-adjusted EBITDA margins of above 35%. At the same time, S&P
expect the company to maintain an adjusted debt-to-EBITDA ratio of
about 4x and positive free operating cash flow (FOCF).

In November 2021, private-equity company IK Partners signed an
agreement with Intera Partners to acquire Finland-based rental
equipment company Ren10 Holding AB (Renta Group) for an enterprise
value of approximately EUR750 million.

Renta Group was formed in 2016 and through acquisitions and solid
organic growth has established itself as No. 2 in the Finnish, No.
3 in the Swedish, and No. 4 in the Norwegian rental equipment
markets. In the 12 months ended Sept. 30, 2021, it generated
revenue of EUR251 million and reported EBITDA of EUR67 million.

S&P said, "We do not expect Renta Group to issue additional debt in
the coming 12 months or to make any sizable debt-funded
acquisitions. In November 2021, IK Partners signed an agreement
with Intera Partners to acquire Renta Group for an enterprise value
of approximately EUR750 million. To finance the acquisition, Renta
Group plans to issue EUR350 million in senior secured notes and a
EUR75 million super senior revolving credit facility (RCF).
Shareholders will also participate in the acquisition though an
approximately EUR310 million equity contribution (common shares).
The proceeds will be used to refinance all outstanding debt issued
by Renta Group before the transaction. Following the refinancing,
Renta Group will have about EUR10 million on its balance sheet. The
EUR75 million super senior RCF will be undrawn at closing. We
expect Renta Group's debt, as adjusted by S&P Global Ratings, will
be about EUR442 million as of year-end 2022. This includes the
proposed EUR350 million senior secured notes, adjusted by adding
about EUR92 million financial and operating lease obligations. In
our base case, we do not expect Renta Group to issue additional
debt over our 12-month rating horizon or to make any further
significant debt-funded acquisitions. In 2021, Renta Group spent
EUR45 million for acquisitions. In our base case, we expect it will
make further minor bolt-on acquisitions and continue to invest in
its existing and new service areas. We forecast revenue growth at
year-end 2022 of about 4%-7%, adjusted EBITDA margins of 35%-37%,
and adjusted debt to EBITDA of 3.9x-4.1x. In 2023, we forecast
about 4%-7% revenue growth, with similar margins and lower leverage
of about 3.6x. FOCF should remain positive in 2022 and 2023, since
we estimate Renta Group will reduce capital expenditure (capex) and
acquisition spending compared with 2021. We forecast funds from
operations (FFO) cash interest will remain comfortable at about 6x
in 2022 and 2023.

"The small size of operations and limited scale constrain our
business risk assessment. We note that most of the company's
earnings--about 48% of revenue--stem from Sweden. More than 95% of
revenue is generated by the Nordic area (Finland, Sweden, and
Norway), and it therefore has less geographical diversification
than some peers, such as Loxam SAS or Boels Topholding B.V.
Furthermore, the market size of Finland and Norway is relatively
small compared with other European countries like France.
Nevertheless, we see positively the geographical expansion strategy
of the group in new countries like Poland (2020) and Denmark
(2021). Although Renta Group's geographic diversification is more
concentrated than some rated peers' and focused on the Nordics, we
view positively the group's local footprint through its numerous
depots and establishing itself as a strong player in its main
markets. We think it will be able to sustain those positions thanks
to its focus on digitalization, which gives the group a competitive
advantage and enables it to penetrate its markets quickly. At the
same time, Renta Group continues to improve its product range by
further expanding into value-added services. Following Loxam's
acquisition of Ramirent and Boels' acquisition of Cramo, Renta
Group is the No. 2 player in Finland behind Loxam, with a market
share of about 11% in 2020, and the No. 3 player in Sweden, with a
market share of about 5% in 2020. In Norway, it holds the No. 4
position, with about 4% of the market. The European industrial and
construction equipment rental market is led by Loxam, followed by
Boels-Cramo (No. 2) and Kiloutou (No. 3). We note that Renta
Group's direct peers are more geographically diversified. For
example, Loxam generates about 40% of its revenue in France and the
rest across Europe, and it is about 10 times the size of Renta
Group by revenue and EBITDA. Kiloutou generates about 85% of
revenue from France with a presence in Poland but benefits of the
French size market.

"Renta Group operates in a number of end markets that could be
sensitive to economic cycles, including the construction and
industrial sectors. However, this is partly offset because we see
the equipment rental industry as less prone to market shocks
because companies tend to rent more during times of uncertainty. We
note positively that Renta Group--like other equipment rental
companies--has significant flexibility in adjusting its investments
to adapt to market conditions rather swiftly. About 75% of Renta
Group's revenue is generated from the new construction (including
both commercial and residential), renovation, and infrastructure
segments.

"In the asset-heavy European equipment rental industry, the ability
to raise capex to fuel volumes or quickly reduce it to preserve
cash flows in a downturn is key to financial stability. Over
2018-2021, Renta Group cumulatively invested about EUR377 million
in capex (of which about EUR150 million was capex related to
mergers and acquisitions). This strategy allowed the group to
create and expand its rental fleet, as demonstrated by a current
relatively young average fleet age of about four years. We note
that Loxam, Boels, and Kiloutou have followed the strategy to renew
its fleet during these past years (2017-2019).

"We estimate the group will reduce its total capex relative to
sales and that annual capex will be EUR40 million-EUR50 million in
2022-2023. This would result in positive FOCF for 2022 and 2023 of
about EUR30 million. Given the young age of the group and the
fleet, we forecast maintenance capex will remain at a low level at
about EUR10 million-EUR15 million for 2022 and 2023.

"Our rating on Renta Group is constrained by the group's
private-equity ownership. Although we forecast that adjusted
leverage will be comfortably under 5x in 2022, we also factor into
our assessment that the group is owned by financial sponsor. The
group's new majority owner, IK Partners, might pursue a
shareholder-friendly financial policy that could include further
debt issuance to fund shareholder returns or mergers and
acquisitions, resulting in leverage that could rise above the 4x
level which we have assumed in our base case.

"The comparison of Renta Group with capital goods peers limits our
rating assessment.It reflects the relatively lower size, scale,
scope, and less entrenched market positions of Renta Group versus
direct peers Loxam, Boels, and Kiloutou, of which we have a longer
track record with respect to strategy, budget execution, and
financial policy.

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

"The stable outlook reflects our expectation that Renta Group will
achieve 4%-6% organic revenue growth in 2022 and S&P Global
Ratings-adjusted EBITDA margins of above 35%. At the same time, we
expect the company to maintain an adjusted debt to EBITDA ratio of
about 4x and positive FOCF generation.

"We could lower the ratings if the company demonstrated weaker
revenue and margins amid unfavorable market conditions or
heightened competition, or if it burned sizable cash without
reducing capex in a timely manner. Credit metrics such as FFO to
debt of less than 12% and debt to EBITDA exceeding 5x for a
prolonged period due to significant acquisitions, with no prospects
of recovery, would put downward pressure on the ratings as well.

"We could raise the ratings if the group managed to further
diversify its geographic footprint and product and service
portfolio, as well as gaining further market shares in its existing
service areas while maintaining its EBITDA margins above 35%. At
the same, we would expect Renta Group to build a track record of
maintaining adjusted debt to EBITDA sustainably at or below 4x and
generating positive FOCF of about EUR25 million."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Renta Group, because
we view financial sponsor-owned companies with aggressive financial
risk profiles as demonstrating corporate decision-making that
prioritizes the interests of the controlling owners, typically with
finite holding periods and a focus on maximizing shareholder
returns. Environmental and social factors are an overall neutral
consideration in our credit rating analysis. Despite the
construction sector exposure, the long-term growth prospects are
supported by the structural shift toward equipment rental instead
of each customer owning its own fleet, with equipment reused for
five to seven years on average. This allows the company's customers
to meet their corporate social responsibility targets in terms of
compliance with regulations, safety, and carbon footprint
reduction. In our view, Renta group will comfortably be able to
meet the capex required for a new fleet that meets rising demand
from its customers for more environmentally sustainable rental
equipment."




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FINANCIERE MENDEL: Moody's Hikes CFR to B2, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded Financiere Mendel SAS's
("Ceva") corporate family rating to B2 from B3 and its probability
of default rating to B2-PD from B3-PD. Financiere Mendel SAS is the
parent company of global veterinary health company Ceva Santé
Animale. Concurrently, Moody's has upgraded to B2 from B3 the
guaranteed senior secured rating of Ceva's existing debt
facilities, comprising a EUR2.0 billion guaranteed senior secured
Term Loan B, a EUR50 million guaranteed senior secured acquisition
& capex facility, both maturing in 2026, and a EUR100 million
guaranteed senior secured revolving credit facility (RCF) maturing
in 2025, borrowed by the company and its subsidiary Ceva Sante
Animale.

"The upgrade to B2 reflects the company's solid operating
performance in 2021 and the continued positive earnings momentum
for the next 18-24 months, supported by favourable industry
fundamentals," says Lorenzo Re, a Moody's Vice President - Senior
Analyst and lead analyst for Ceva.

"The rating upgrade also reflects our expectation that the company
will follow a more prudent financial policy, with higher focus on
deleveraging versus shareholder distributions," adds Mr Re.
Financial strategy and risk management is a governance
consideration under Moody's General Principles for Assessing
Environmental, Social and Governance Risk Methodology for assessing
ESG risks.

RATINGS RATIONALE

Ceva's operating performance continued to be solid in 2021, with
sales growth of 10.6% (13.8% on a like-for-like basis) in the first
11 months, supported by continued strong demand for animal pharma
products. A better sales mix and tight cost control resulted in
improved profitability, with a reported EBITDA margin of 27.7% YTD
November 2021, a 150bps increase compared to same period in 2020.
As result, reported EBITDA reached EUR358 million, up 17% compared
to the previous year and well above Moody's expectations.

Despite higher EBITDA, cash generation remained negative because of
the large increase in inventories in anticipation of continued
sales growth.

Moody's expects that this positive momentum will continue over the
next 18-24 months supported by favourable industry dynamics, the
company's solid competitive position in certain niche segments and
its ability to innovate. This will result in a high single-digit
revenue annual growth rate and in a reported EBITDA approaching
EUR400 million, from around EUR380 million in 2021. As a result,
Moody's expects that Ceva's leverage will decline from
approximately 7.0x in 2021 to below 6.5x in 2022 and towards 6.0x
in 2023, comfortably positioning the rating in the B2 category.

The upgrade also reflects Moody's expectation that the company will
adopt a more conservative financial policy than in the past. In
particular, the current capital structure includes EUR600 million
worth of PIK notes issued outside of the restricted group which are
therefore not included in Moody's debt metrics. The rating agency
expects that the company's large cash position of close to EUR380
million will be deployed to reduce gross leverage or to support
EBITDA growth through additional capex or bolt-on acquisitions, as
opposed to be up-streamed outside the restricted group to repay
part of the PIK notes.

Ceva's rating continues to reflect its established track record of
profitable growth supported by its ability to innovate; the
favourable industry dynamics; its solid competitive position in
certain niche segments; its good liquidity; and a limited degree of
concentration in terms of products and clients. The rating is
constrained by Ceva's overall moderate size in a consolidating
industry, where the largest companies benefit from greater
economies of scale; its high leverage; and a certain degree of
event risk because of the company's acquisitive nature and track
record of aggressive financial policies.

LIQUIDITY

Ceva's liquidity is good, supported by EUR378 million of available
cash as of November 2021 and a fully available EUR100 million
guaranteed senior secured revolving credit facility. Moody's
expects the company to generate modest or slightly negative free
cash flow in 2022, because the improvement in EBITDA will be offset
by an increase in capex to support growth. Free cash flow
generation should improve in 2023 towards EUR60 million - EUR70
million on the back of increased EBITDA and a normalisation of
capex.

STRUCTURAL CONSIDERATIONS

The B2 ratings assigned to the guaranteed senior secured debt
instruments reflect their pari passu ranking in the capital
structure. The facilities benefit from the same security package,
consisting mainly of share pledges, bank accounts and intercompany
loans, and are guaranteed by all material subsidiaries,
representing at least 80% of consolidated EBITDA.

The guaranteed senior secured RCF contains one springing covenant,
which is only tested if the guaranteed senior secured RCF is drawn
by 40% or more. The B2-PD probability of default rating, in line
with the CFR, reflects Moody's assumption of a 50% family recovery
rate that is standard for bank debt structures with a limited or
very loose set of covenants.

The capital structure also includes a shareholder loan, borrowed by
Financière Mendel SAS, maturing in October 2026. This loan is
equity-like, and is not included in Moody's adjustments to Ceva's
debt.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue its profitable growth trajectory and that leverage
will reduce towards 6.0x in the next 24 months mainly driven by an
improvement in revenues and EBITDA. The outlook does not factor any
large debt financed acquisition or shareholder distributions.

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

Positive pressure on the rating could develop in case Ceva
maintains a solid operating performance reaching an ongoing robust
positive free cash flow generation and reducing its (gross)
debt/EBITDA ratio towards 5.5x. Further upward pressure on the
rating could be constrained by the presence of the PIK notes issued
outside the restricted group, which might be refinanced within the
restricted group once sufficient financial flexibility develops.

Conversely, negative pressure could develop if the company's
Moody's adjusted (gross) leverage does not reduce well below 7.0x
after 2021 because of a deterioration in operating performance,
debt financed acquisitions or large shareholder distributions.
Negative free cash flow on a sustained basis leading to a weaker
liquidity profile could also exert downward pressure on the
ratings.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Financiere Mendel SAS

Probability of Default Rating, Upgraded to B2-PD from B3-PD

LT Corporate Family Rating, Upgraded to B2 from B3

BACKED Senior Secured Bank Credit Facility, Upgraded to B2 from B3


Outlook Actions:

Issuer: Ceva Sante Animale

Outlook, Remains Stable

Issuer: Financiere Mendel SAS

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Financiere Mendel SAS (Ceva) is the parent company of Ceva Santé
Animale, a French-based independent company in the animal health
industry, focusing on the research, development, production and
marketing of pharmaceutical products and vaccines for companion
animals, poultry, ruminant and swine. Ceva is majority-owned by
management. In 2020, Ceva reported revenue of EUR1.27 billion with
a Moody's adjusted EBITDA of EUR249 million.

IM GROUP: Moody's Hikes CFR to B2 & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service has upgraded IM Group SAS's ("IM" or
"Isabel Marant") corporate family rating to B2 from B3.
Concurrently the rating agency upgraded IM's probability of default
rating to B1-PD from B2-PD. Moody's also upgraded to B2 from B3 the
rating assigned to the senior secured notes due 2025 issued by IM
Group SAS, the owner of French luxury apparel brand Isabel Maran
t. The outlook changed to stable from positive.

"The upgrade reflects Isabel Marant's very good operational
performance in 2021, and the company's strong credit metrics, which
have already recovered to above pre-pandemic levels" says Guillaume
Leglise, a Moody's Vice-President Senior Analyst and lead analyst
for Isabel Marant. "The company already has a solid wholesale order
pipeline for 2022, which should continue to support earnings growth
and deleveraging towards 4.0x over the next 18 months" adds Mr
Leglise.

RATINGS RATIONALE

The rating action is primarily driven by IM's strong recovery in
its key credit metrics in 2021. At end-September 2021, Moody's
estimates the company's leverage (Moody's-adjusted debt/EBITDA)
reduced to around 5.2x, compared to 8.0x in 2020, despite the
additional debt raised during the pandemic. This deleveraging
reflects the company's strong operating performance, with sales and
EBITDA above pre-crisis levels. Moody's expects that IM's key
credit metrics will continue to strengthen over the next 18 months,
driven by (1) the solid wholesale orders already booked for 2022,
currently at their highest level ever, and (2) the additional
contribution from the company's new store openings, including the
16 retail stores opened in 2021 and another 7 expected for 2022.
Moody's expects the company's leverage to trend towards 4.0x in the
next 12 months, which would position IM strongly in the B2 rating
category.

IM's B2 CFR reflects its (i) balanced distribution channels and
geographically diversified footprint; (ii) asset-light business
model because of the predominance of wholesale operations, which
provide good revenue visibility; (iii) solid profitability compared
to apparel peers and solid performance during the coronavirus
pandemic; (iv) good earnings growth prospects because of its retail
expansion strategy and growing luxury fashion industry; and (v)
good free cash flow (FCF) generation and adequate liquidity.

At the same time, IM's rating is constrained by (i) the company's
exposure to high fashion risk in the fast-moving and competitive
luxury fashion segment; (ii) its limited scale and relatively
narrow brand focus; (iii) some key person risk considerations
stemming from a high reliance on the company's founder and main
designer, Ms Isabelle Marant; and (iv) the ongoing supply chain
challenges and inflationary environment which may constrain margins
in the next 12-18 months.

IM's liquidity is adequate. On September 30, 2021, the company had
EUR71.7 million of cash. Moody's expects IM's FCF to amount to
around EUR25 million in 2021 and to range between EUR20 and EUR35
million thereafter, despite higher capital expenditures and working
capital needs related to new store openings. The company does not
have any significant debt maturities, until the senior secured
notes mature in March 2025. The EUR30 million State-guaranteed
loans will gradually amortise till May 2026 (c. EUR6 million per
year).

STRUCTURAL CONSIDERATIONS

As of September 30, 2021, IM's capital structure comprised senior
secured notes of EUR200 million (EUR192 million outstanding), two
state-guaranteed loans for a total of EUR28 million, and a EUR3.5
million loan with Bpifrance (Aa2 stable). The senior secured notes
benefit — on a first-priority basis — from a security package,
including certain share pledges, intercompany receivables and bank
accounts.

The B2 rating assigned to IM's senior secured notes is in line with
the CFR. The probability of default rating (PDR) of B1-PD reflects
the use of a 35% family recovery assumption, consistent with a bond
capital structure and no financial covenants.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that IM's sales and
earnings will continue to improve over the next two years, owing to
a solid wholesale order pipeline and a growing contribution from
directly operated stores and online. The stable outlook also
incorporates Moody's expectations that IM will generate positive
FCFs and maintain an adequate liquidity profile over the next 18
months.

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

Upward rating pressure could arise if IM continues to execute on
its strategy of new store openings while delivering sustained
growth in sales and earnings. An upgrade would also require IM to
gain scale and product line diversification, generate positive FCF,
reduce leverage (as adjusted by Moody's) materially below 4.0x and
achieve adjusted EBITA/interest expense above 2.5x. An upgrade
would require the company to have good liquidity and demonstrate a
balanced financial policy.

Conversely, negative rating pressure could arise if there is
evidence that IM's sales and earnings are facing operational
pressures or a decline in operating margins. Quantitatively, an
adjusted debt/EBITDA ratio rising towards 5.5x could trigger a
downgrade or if liquidity deteriorates because of negative FCF for
an extended period of time.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Apparel
published in June 2021.

COMPANY PROFILE

Headquartered in Paris, France, IM Group SAS is a holding company,
owner of Isabel Marant, a French luxury apparel company, designing
and distributing women ready-to-wear products (dress, T-shirts,
bags, shoes) and accessories (belts, jewelry). Founded by Ms
Isabelle Marant in 1994, the company's products are offered through
two main lines, Isabel Marant (58% of revenues), "Isabel Marant
Etoile" (42% of revenues). IM is part of the Federation Francaise
de la Mode and takes part of shows during the Paris Fashion Week
since 1994. In the 12 months to September 30, 2021, the company
reported EUR205 million of revenue and EUR69.5 million of EBITDA
(as reported by the company).

IM is ultimately 51% owned by the French private equity company
Montefiore Investment SAS since 2016, while the remaining 49% is
owned by the company's founders and managers.



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BAIN CAPITAL 2017-1: Moody's Affirms B2 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Bain Capital Euro CLO 2017-1 Designated Activity
Company:

EUR31,500,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Sep 7, 2020 Affirmed Aa2
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aa1 (sf); previously on Sep 7, 2020 Affirmed Aa2 (sf)

EUR22,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Sep 7, 2020
Affirmed A2 (sf)

EUR17,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Baa1 (sf); previously on Sep 7, 2020
Confirmed at Baa2 (sf)

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

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Sep 7, 2020
Confirmed at Ba2 (sf)

EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Sep 7, 2020
Confirmed at B2 (sf)

Bain Capital Euro CLO 2017-1 Designated Activity Company issued in
October 2017, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Bain Capital Credit, Ltd. The transaction's
reinvestment period ended in October 2021.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2, C and D Notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in October 2021.

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a lower WARF and a shorter WAL than it
had assumed at the last rating action in September 2020.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par: EUR343,906,022.01

Defaulted Securities: 2,512,103.59

Diversity Score: 61

Weighted Average Rating Factor (WARF): 2900

Weighted Average Life (WAL): 4.53 years

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

Weighted Average Coupon (WAC): 4.47%

Weighted Average Recovery Rate (WARR): 45.0%

Par haircut in OC tests and interest diversion test: None

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.

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


This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by: (1) the manager's investment strategy and behaviour,
and (2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded ambiguities.


Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.




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

ENEL SPA: Egan-Jones Cuts Senior Unsecured Ratings to BB
--------------------------------------------------------
Egan-Jones Ratings Company on December 29, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Enel SpA to BB from BB+.

Headquartered in Rome, Italy, Enel SpA operates as a multinational
power company and an integrated player in the global power, gas,
and renewables markets.


RIMINI BIDCO: Fitch Gives Final 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Rimini BidCo (RDM) a final Long-Term
Issuer Default Rating (IDR) of 'B+' with a Stable Outlook and a
senior secured rating of 'BB-' with Recovery Rating of 'RR3'.

The assignment of the final ratings follows the completion of RDM's
delisting and the placement of a bond, both in line with Fitch's
previous expectations.

RDM's IDR is constrained by limited geographical diversification
and product range, as well as forecast high leverage. Rating
strengths are a leading position in the European recycled
carton-board market, long-term relationships with customers as well
as resilient demand for paper packaging, as 62% of its revenue
comes from the food industry.

The Stable Outlook reflects expected solid operating performance
supported by stable demand for paper packaging and continued
positive free cash flow (FCF) generation, which will provide the
group with deleveraging capacity.

KEY RATING DRIVERS

Niche Market: RDM is focused on the white-lined chipboard (WCL) and
solid board, which are a relatively niche packaging sub-market with
growth potential because such products are made from sustainable
recycled paper. The group has a defined pan-European multi-mill
business model and has consolidated its position by making
acquisitions outside Italy. It is concentrated in Europe, which is
a rating constraint.

Resilient Business Profile: RDM benefits from exposure to the
non-cyclical food industry, which contributes 62% of its revenue,
while the rest is non-food. This contributes to resilient revenue
generation, as observed during the pandemic in 2020, when revenue
declined slightly only 2.8% while its EBITDA margin increased to
11.7% from 9.7% in 2019. The business profile's resilience is also
demonstrated by strong cash conversion over time and high FCF
margins at a four-year average of 3.7%, in line with Fitch's
investment-grade peers'.

Moderately Leveraged Capital Structure: Prior to its buyout, RDM
had followed a clear deleveraging path and ended 2020 with a funds
from operations (FFO) gross leverage of 1.3x. Fitch estimates the
metric will increase to beyond 5x following its LBO, before
trending toward a still high 4x by 2024. This is partially
explained by a largely debt-financed Eska acquisition in 2H21,
which also has been refinanced in the buyout. One or more strategic
debt-funded acquisitions of a similar size to Eska would worsen the
leverage metric.

Pass-Through Costs Mitigate Short-Term Orders: RDM operates with
mainly short-term purchase orders, which compare less favourably
with peers working on long-term agreements as short-term contracts
do not have an embedded pass-through mechanism of costs. However,
customer churn rate is low and RDM has demonstrated its ability to
pass through incremental input costs over time. High customer
retention is attributed to its long-term relationships and the
quality of its product.

Sustained Positive FCF: Fitch forecasts sustained FCF margins of
3%-5% from 2022, which should provide RDM with deleveraging
capacity, supported by expectation of both improving revenue and
EBITDA margin, due to recent acquisitions and no dividend payment.
RDM's FCF margin has historically stood at a healthy 3%-6%, with
capex at around 4% of revenue.

M&A-Driven Growth Strategy: RDM's growth is mostly achieved by M&A,
such as the group's two mills in Spain via acquisitions of
Barcelona Carton (2018) and Paprinsa (2020). The strategy increases
RDM's proximity to key European converters and underpins the
group's multi-mill business model. With the acquisition of Eska and
divestment of La Rochette, RDM has refined its product portfolio to
only recycled carton board and expanded its global reach to the US.
Fitch deems the recent acquisitions credit- positive, given Eska's
higher profitability than RDM's, and that they will help enrich the
group's product offering and reposition RDM towards higher-margin
end-markets.

DERIVATION SUMMARY

RDM is small in scale compared with other Fitch rated packaging
peers such as Amcor plc (BBB/Stable), Smurfit Kappa Group plc
(BBB-/Stable), CANPACK S.A. (BB/Stable), Ardagh Group S.A.
(B+/Stable), and Titan Holdings II B.V. (B/Stable). The group's
business profile is also weaker than higher-rated peers', due to
geographical concentration in Europe and a strong focus on only two
paper-board products.

Operating profitability is somewhat weaker than peers'. RDM posted
an EBITDA margin of 8%-12% versus peers' 14%-18% and an FFO margin
of around 8% versus peers' 8.5%-12%. Nevertheless, RDM's FCF
margin, mostly above 3% in the past four years, compares favourably
with that of peers and is commensurate with Fitch's expectation for
an investment-grade company's. Fitch expects FCF margin to remain
above 3% from 2022, despite pressure from working capital and
non-recurring transaction costs in 2021.

RDM's gross leverage is expected to be 5x-6x over the next 12-24
months, due to a large debt quantum, partly arising from the
buyout. It is less leveraged than Ardagh (approximately 8x-9x over
2022-2023) but still sits at the higher end of Fitch's spectrum.
Higher-rated peers like Smurfit Kappa and CANPACK have leverage of
2x-3x. Fitch forecasts strong cash flow generation would enable RDM
to deleverage rather swiftly in the absence of dividend
distribution.

KEY ASSUMPTIONS

-- Revenue CAGR of around 1.4% per year in 2021-2024, including
    acquisitions and divestment made during 2021;

-- EBITDA margin trending toward 12% by 2024, boosted by a
    greater share of luxury packaging and cost-saving initiatives;

-- Full pass-through of raw-material price increases;

-- Capex on average at 3.8% revenue in 2021-2024;

-- Small bolt-on acquisitions during 2023 and 2024, totalling
    EUR100 million, all cash-funded;

-- No dividend distribution over 2021-2024;

-- Continuing use of factoring line.

RATING SENSITIVITIES

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

-- FFO gross leverage below 4.5x on a sustained basis;

-- Improvement in geographical and product diversification;

-- FCF margin above 3% on a sustained basis;

-- Total debt/operating EBITDA below 4.0x on a sustained basis.

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

-- FFO gross leverage above 6.0x on a sustained basis;

-- Neutral to negative FCF margin on a sustained basis;

-- Total debt/operating EBITDA above 5.5x on a sustained basis.

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: Fitch deems RDM's internal liquidity,
comprising cash and bank deposits, more than sufficient after the
senior notes placement. Operational working-capital needs are low
and not seasonal. Historically, annual working-capital swings are
less than 1% of annual sales. The liquidity position is further
supported by strong cash flow generation and a revolving credit
facility (RCF) of EUR75 million. RDM had receivable factoring in
the past and plans to use it after the debt issuance.

Bullet Debt Repayment: Post-refinancing debt structure
predominantly consists of the senior secured notes due in 2026 plus
RCF utilisation and some local bank financing. RDM's debt maturity
is distant and Fitch views refinancing risk as low. Good cash
conversion, disciplined borrowing history, and the sponsor's
expected exit strategy via a secondary sale would support a
deleveraging path and value preservation within the group.
Nevertheless, more bolt-ons and/or larger strategic acquisitions
than anticipated could lead to deteriorating leverage and coverage
metrics.

ISSUER PROFILE

RDM, founded in 1967 and headquartered in Milan, is a leading
European producer and distributor of recycled paper board mainly
for the packaging industry. It employs around 1,990 people and has
nine cartonboard mills, five specialised sheeting and distributing
centres and 10 sales offices.

ESG CONSIDERATIONS

RDM has an ESG Relevance Score of '4+' [+] for Exposure to Social
Impacts, due to consumer preference shift to more sustainable
packaging solutions such as paper and cardboard packaging, which
has a positive 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.




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

PEARLS NETHERLANDS: Moody's Assigns B3 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating and
a B3-PD probability of default rating to Pearls (Netherlands) BidCo
B.V. (Pearls BidCo or Caldic Group) and B2 instrument ratings to
the proposed EUR1,000 million equivalent senior secured 1st lien
term loan B (TLB) and the EUR155 million senior secured 1st lien
revolving credit facility (RCF), both issued by Pearls
(Netherlands) BidCo B.V.. The outlook is stable. Moody's expects to
withdraw all ratings for Caldic Midco B.V., a subsidiary of Caldic
Holdco B.V. (Caldic), once all debt issued in the Caldic's
corporate family is repaid.

The proposed capital structure also includes an (unrated)
pre-placed EUR265 equivalent million second lien term loan. The
proceeds from the new facilities will be used primarily to finance
the purchase of Caldic Holdco B.V., repay existing debt at Caldic
Investments B.V. and GTM Group (GTM), pay for transaction-related
fees and finance general corporate purposes to the extent of any
overfunding at the closing date. Additional sources of funding
include a significant cash equity contribution from Advent
International on top of the non-cash equity contribution of GTM.
Moody's anticipates that the equity funding will be in the form of
common equity. Pearls BidCo will become the new holding company of
Caldic and GTM.

RATINGS RATIONALE

The assigned B3 CFR reflects Caldic Group's very high Moody's
adjusted and estimated gross leverage, on a pro-forma basis for the
transaction and including the full-year contribution of Scott
Chemicals, of around 7.5x for the last 12 months that ended
December 2021. Moody's anticipates gross leverage to decrease to
around 7x over the next 12 to 18 months driven by organic EBITDA
growth, albeit entailing some execution risk related to the
achievement of annual synergies, while maintaining a good liquidity
profile.

Caldic Group's position as one of the largest specialty
chemicals-focused distributors with strong market positions in the
food ingredient end-market and in Latin America; significant
exposure to the resilient and higher-margin life-science
end-markets (52% of estimated gross profit in 2021), such as food
and pharma, with a strong focus on value-added services; capacity
for solid free cash flow generation given its asset light business
model; diversified customer and supplier base with long standing
relationships; and its good liquidity profile support the B3 CFR.

However, the CFR is constrained by Caldic Group's very high Moody's
adjusted and estimated gross leverage of around 7.5x; relatively
small size compared to other rated distributors with estimated
revenues of around EUR1.7 billion in 2021; higher share of sales to
the more cyclical industrial end-markets compared to some other
pure-play specialty chemicals distributors; the risk of debt-funded
acquisitions which limits the visibility of a sustainable
deleveraging; some integration risk with regards to the planned
merger of GTM and Caldic; and a limited track record of maintaining
its profitability at current levels with an EBITDA margin above 10%
in 2021.

LIQUIDITY PROFILE

Caldic Group has a good liquidity profile. The estimated opening
cash balance at the transaction close is around EUR50 million, and
the company has full availability under its EUR155 million RCF
maturing in 2028. In combination with forecasted funds from
operations in the range of EUR90 million to EUR100 million over the
next 12 months, these funds are sufficient to cover capital
expenditure, as adjusted and defined by Moody's, of around EUR30
million (including lease repayments), moderate capital swings and
day-to-day cash needs.

The availability of the RCF is subject to a senior secured net
leverage covenant of 9.45x to be tested when RCF utilization (net
of cash on balance sheet) is at or above 40%. The starting senior
secured net leverage is 4.7x as of end December 2021.

ESG CONSIDERATIONS

Moody's governance assessment for Caldic Group incorporates its
highly leveraged capital structure, reflecting high risk tolerance
of its private equity owners. The private equity business model
typically involves an aggressive financial policy and a highly
leveraged capital structure to extract value. Moody's expects
debt-funded acquisitions to be a feature of the company's growth
strategy.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation of increasing
earnings leading to a deleveraging, from its elevated starting
gross leverage, to around 7x over the next 12 to 18 months while
maintaining a good liquidity profile.

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

Positive pressure, though unlikely over at least the next year
given the current leverage, could arise if the company would become
more prudent in its allocation of capital leading to a
Moody's-adjusted total debt/EBITDA below 6.0x on a sustainable
basis and the company continues to generate meaningful positive
free cash flow.

Negative pressure on the ratings could arise with evidence of
inability to generate sustained positive free cash flow or
deterioration of the liquidity profile, or if Moody's-adjusted
total debt/EBITDA remains above 7.5x on a sustainable basis. A
downgrade also would be likely if the company would face price
pressure.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the senior secured 1st lien term loan B and the
senior secured 1st lien RCF reflect their first priority claim on
the security package ahead of the (unrated) second lien term loan.
The senior secured facilities benefit from guarantors representing
at least 80% of EBITDA in certain jurisdictions. The security
package includes share pledge as well as pledges over bank accounts
and intercompany receivables over Pearls BidCo and the guarantors.
The security package also includes other securities, subject to
customary limitations and exceptions, in certain countries, however
Moody's estimates that these assets represent only a small fraction
of Caldic's total assets.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY DESCRIPTION

Headquartered in the Netherlands, Caldic is a leading specialty
chemicals and ingredients distributor with a global footprint
focusing on the life-sciences and industrials end-markets. On
November 22, 2021, Advent International agreed to acquire Caldic
for an undisclosed amount. The transaction is expected to close
during Q1 2022 after obtaining regulatory approvals. Following the
acquisition, Advent intends to combine the activities of Caldic and
the Latin American based chemical distributor Grupo Transmerquim
S.A. (GTM), which has been owned by Advent since 2014. Pearls
(Netherlands) BidCo B.V. (Caldic Group or Pearls BidCo) will be the
holding company. Pro-forma for the merger with GTM and including
Scott Chemicals, Caldic Group generated revenues of EUR1.7 billion
and company-adjusted EBITDA of EUR184 million as of the end of
December 2021.


PEARLS NETHERLANDS: S&P Assigns Prelim. 'B' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit and issue ratings to Pearls (Netherlands) Bidco B.V. and the
proposed EUR1 billion equivalent TLB and EUR155 million RCF, with a
recovery rating of '3'.

The stable outlook reflects S&P's view that over the coming years
Caldic Group will gradually deleverage, reflecting the combined
group's solid top-line growth, improving profitability, and
continued strong cash flow generation.

Pearl (Netherlands) Bidco B.V. will acquire and merge Caldic Holdco
B.V. (Caldic) and GTM Holding S.A. (GTM), two specialty focused
distributors of chemicals and solutions to the life sciences and
industrial formulation markets owned by financial sponsor Advent
International, and operate the combined entity as Caldic Group.

In November 2021, Advent international bought Caldic from Goldman
Sachs Asset Management and it is now in the process of merging the
company with GTM. Pearls (Netherlands) Bidco B.V. will result from
the merger of Caldic and GTM, which are both owned by
private-equity firm Advent International, creating a
well-positioned and leading specialty chemical distributor focused
on life ingredients and industrial specialties, with operations
across five continents. The company will do business as Caldic
Group. The financing of the transaction will include:

-- A EUR1 billion equivalent TLB, due 2029;

-- EUR265 million of second-lien senior secured debt, due 2030;

-- A EUR155 million RCF, due 2028 and assumed to be undrawn at
closing; and

-- EUR1.3 billion of common equity.

The proceeds will be used to fund the equity value of the combined
entity, refinance existing debt that is mostly at Caldic Investment
B.V. and GTM, and meet transaction costs, fees, and expenses. S&P
expects that the transaction will close by the end of first-quarter
2022, after obtaining customary regulatory approvals.

S&P said, "We expect Caldic Group's S&P Global Ratings-adjusted
debt to EBITDA will stand at about 6.5x-7.0x in 2022 and 6.0x-6.5x
in 2023. We expect that solid revenue growth, mostly driven by
continued strong demand in key end markets and cross-selling
opportunities post transaction, combined with improving
profitability, will support gradual deleveraging. As such, we
expect that S&P Global Ratings-adjusted debt to EBITDA will
decrease to about 6.5x-7.0x in 2022 and 6.0x-6.5x in 2023 from
about 7.3x at transaction close. We note that our assessment of
Caldic Group's financial risk profile is mainly driven by its
private-equity ownership and high adjusted gross debt, which we
estimate at about EUR1.35 billion at closing, with the undrawn RCF.
Our debt adjustments at transaction close include about EUR49
million of lease liabilities, EUR7 million of pension deficits, and
other adjustments for about EUR28 million related to factoring.

"We think Caldic Group's financial-sponsor ownership and
acquisitive strategy limit the potential for leverage reduction
over the medium term. We do not deduct cash from debt in our
calculation, owing to the company's private-equity ownership. In
the medium term, the financial sponsor's commitment to maintaining
adjusted debt to EBITDA sustainably below 5.0x would be necessary
for an improved financial profile assessment. We believe that cash
flow will be used to pursue bolt-on as well as strategic mergers
and acquisitions (M&A), in line with Caldic Group's acquisitive
strategy. Specifically, we expect that M&A will be focused on both
life-science and industrial end markets, mostly in North America
and Asia-Pacific."

Following the transaction, Caldic Group has a strong market
position as a global premium provider of value-added life sciences
and specialty industrial solutions. Caldic Group operates as one of
the main players in the fragmented specialty chemical distribution
market. The distribution of specialty chemicals and ingredients
accounts for about 60%-70% of its total business, with the
remaining part related to the distribution of commodity chemicals.
S&P said, "We believe that the company has a strong market position
in Europe and North America, especially in the food and pharma end
markets, and it is the leading independent provider of specialty
solutions and industrial chemicals in Latin America. Although about
one-third of the service offering relates to value-added solutions,
we expect that the company will increase this figure going forward,
especially focusing on customized product formulation, blending and
mixing, and increasing the number of own brands, which have higher
profitability."

S&P said, "We view Caldic Group's broad geographical and end-market
diversification as rating positive.The company generates about 41%
of its gross profit in Europe, with the remaining 35% in Latina
America, 19% in North America, and 5% in Asia Pacific. We believe
that this compares favorably with chemical distributors such as
Barentz and Azelis, which operate mostly in Europe and North
America, with emerging markets accounting for less than 15% of
total geographical exposure. Moreover, we view Caldic Group's
geographical exposure as well balanced, with life sciences and
industrials accounting for 52% and 48% of gross profit
respectively. Although we note that the company has some exposure
to more cyclical end markets such as oil and gas or auto, we
believe that this is well compensated by exposure to the resilient
and defensive food and pharma end markets, which account for more
than 40% of gross profit.

"We believe that Caldic Group benefits from a well-diversified
customer and principal base. With more than 25,000 customers and
2,700 suppliers, we view Caldic Group's concentration risk as very
limited. Specifically, the company has long-standing relationships
with its top-25 customers, which account for about 15% of gross
profit, and top-25 suppliers, which account for about 36% of total
procurement value. No individual customer or principal accounts for
more than 4% of the total exposure, which is better than other
players in the market.

"The asset-light business model, flexible cost base, and efficient
operations, support strong profitability and cash flow. Only 10% of
Caldic Group's total operating expenses are fixed, with the rest
variable. This combined with low capital expenditure (capex)
requirements of about 1% of sales, supports profitability and cash
flow. Moreover, Caldic Group has higher profitability and a better
conversion margin than peers. We expect that EBITDA margin will
stand at about 10.5%-11.0% in 2022 and 2023, which is better than
the average for rated chemical distributors of about 8%-9%. We also
note that Caldic Group's conversion margin averaged 40% for the
past four years on a pro-forma basis, which is higher than the
average for other rated peers at about 36%.

"We view Caldic Group's limited size as a constraint to our
business risk assessment. Although the combined entity will have
larger scale of operations than Caldic Holdco B.V., narrowing the
gap with some competitors such as Azelis and IMCD, our analysis
acknowledges the highly fragmented nature of the industry with
increasing competition from larger players, such as Brenntag and
Univar. Therefore, despite Caldic Group's track record of an
acquisitive strategy, leading to sound growth management, we
continue to view the company's limited size and scope as a
constraining factor for the rating.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. The preliminary ratings should therefore not be
construed as evidence of the final ratings. At this stage, the
proposed transaction includes a TLB, second-lien senior secured
debt, and an RCF. If we do not receive the final documentation
within a reasonable time, or if the final documentation and terms
of the transaction depart from the materials and terms reviewed, we
reserve the right to withdraw or revise the ratings. Potential
changes include, but are not limited to, utilization of the
proceeds, maturity, size, and conditions of the facilities,
financial and other covenants, security, and ranking.

"The stable outlook reflects our view that Caldic Group will
continue to show resilient performance following the transaction,
showing profitability improvements, supported by good growth
prospects in its end markets and significant cross-selling
opportunities. We expect adjusted debt to EBITDA will gradually
decrease to about 6.5x-6.0x over the coming two years with
continued positive free operating cash flow (FOCF)."

S&P could lower the ratings if:

-- Caldic Group pursues larger-than-expected debt-funded M&A,
resulting in adjusted debt to EBTIDA materially exceeding 6.5x for
a prolonged period;

-- The group experiences adverse operational developments, such as
lagging growth in mature markets, lost market share, or
unanticipated one-off costs, leading to materially lower EBTIDA;

-- Caldic Group and its sponsor follow a more aggressive strategy
with regards to shareholder remuneration; or

-- Caldic Group reports neutral to negative FOCF, although we view
this as unlikely at this stage.

S&P believes that a positive rating action is remote at this stage,
given the high amount of debt in the capital structure. That said,
S&P could consider an upgrade if:

-- Caldic Group reduces gross debt using cash flow in the coming
years, leading to adjusted debt to EBITDA below 5x; or

-- There is a strong commitment from the owners to support
deleveraging and preserve credit metrics in line with a higher
rating.


SOLIS IV BV: Moody's Assigns B1 CFR & Rates New First Lien Debt B1
------------------------------------------------------------------
Moody's Investors Service assigned ratings to Solis IV B.V. (doing
business as Hunter Douglas), including a B1 Corporate Family Rating
and a B1-PD Probability of Default Rating. Concurrently, Moody's
assigned B1 ratings to the company's proposed first lien credit
facilities, consisting of a $750 million first lien revolver due
2027, a $3,100 million first lien term loan due 2029, and a
EUR1,350 million euro denominated first lien term loan due 2029.
The outlook is stable.

Proceeds from the proposed first lien term loans, along with a new
common equity contribution by 3G Capital will be used to fund 3G
Capital's acquisition of a 75% controlling interest in Hunter
Douglas based on a value of EUR175 per ordinary share, valuing the
company at $7.1 billion. The Sonnenberg family will continue to
hold a 25% minority interest in the company, pro forma for the
capital structure. As part of the transaction, a squeeze out
proceeding will be initiated in respect of any remaining shares in
Hunter Douglas at the same price per share. Proceeds from the
proposed financing will also be used to repay existing debt,
pre-fund approximately $500 million of near-term acquisitions, and
pay related fees and expenses. The company anticipates $250 million
of cash on balance sheet and that the $750 million first lien
revolver will be undrawn at close of the transaction.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Solis IV B.V.

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Senior Secured 1st Lien Term Loan (US $ tranche), Assigned B1
(LGD3)

Senior Secured 1st Lien Term Loan (Euro tranche), Assigned B1
(LGD3)

Senior Secured 1st Lien Multi Currency Revolving Credit Facility,
Assigned B1 (LGD3)

Outlook Actions:

Issuer: Solis IV B.V.


RATINGS RATIONALE

Hunter Douglas' B1 CFR broadly reflects the company's leading
market position and good brand recognition in the global window
coverings industry, aided by a long operating history, ability to
execute quick order turnaround times, and vertically integrated
manufacturing process. The company benefits from good channel
diversification including its growing ecommerce business and
network of exclusive dealers, and good geographic reach with a
strong presence in the US and Europe. Hunter Douglas' revenue scale
at around $4.9 billion pro forma for planned acquisitions is large
relative to similarly rated consumer durables companies, and its
good EBITDA margin supports good free cash flow generation. The
EBITDA margin nevertheless lags industry peers given its
decentralized business operations and Moody's expects the company
to focus on streamlining costs to improve margins.

The credit profile also reflects Hunter Douglas' narrow product
focus with the vast majority of revenue related to residential
window coverings products, and exposure to cyclical downturns given
the discretionary nature of its products with demand largely driven
by the cyclical housing market. The company's financial leverage is
also high with debt/EBITDA at 5.1x pro forma for the proposed
transaction and pending acquisitions. Demand for the company's
products has been very high over the past 18 months, driven by
increased consumer spending on their homes. The strong demand
levels create tough comps over the next 12 months and Moody's
anticipates some of the elevated consumer spending on home products
to gradually shift toward other spending such as travel as the
effects of the coronavirus moderate, but to a level that still
supports Hunter Douglas' strong earnings and cash flows. Moody's
projects debt/EBITDA leverage will remain around current levels in
fiscal 2022 as the company faces tough comps given the strong
demand over the past year, and subsequently improve below 5.0x
supported by stable revenue and continued margin expansion, and
from debt repayment with excess free cash flows. Acquisitions
present event and execution risk including the company's plan to
spend approximately $500 million on assets, which is being
pre-funded with the proposed transaction. The cost reduction
initiatives present execution risk including the need to preserve
the company's culture of innovation without impairing operating
effectiveness, and will likely take multiple years to execute.
Moody's believes there is strong potential to improve the margin
over a multi-year period but the net benefits over the next
12-to-18 months are likely to be modest given the cash investment
necessary to execute the plans.

Hunter Douglas relies on raw materials such as aluminum,
composites, plastics and fabrics as part of its manufacturing
process. The company is moderately exposed to the carbon transition
and waste and pollution risks related to the very energy intensive
metals production, which could increase input costs. However, cost
increases can generally be passed on to the consumer.

The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across sectors and regions. Although an economic recovery is
underway, its continuation will be closely tied to containment of
the virus. As a result, there is uncertainty around Moody's
forecasts. Moody's regard the coronavirus outbreak as a social risk
under Moody's ESG framework, given the substantial implications for
public health and safety. Social risk considerations also include
that the company is moderately exposed to health and safety risks
common in a manufacturing environment.

Governance risks considerations primarily relate to the company's
majority ownership by an investment group and its high financial
leverage.

The B1 rating assigned to the company's proposed first lien credit
facilities is the same as the CFR and reflects that the first lien
facilities represent the preponderance of the capital structure.

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

The stable outlook reflects Moody's expectations that Hunter
Douglas' EBITDA margin will continue to improve benefiting from
pricing actions and costs savings initiatives that will support
good free cash flow generation over the next 12-18 months,
resulting in debt/EBITDA leverage at or below 5.0x. The stable
outlook also reflects Moody's expectations that the company will
maintain at least good liquidity.

The ratings could be upgraded if the company reports stable or
growing organic revenue performance along with EBITDA margin
expansion, such that debt/EBITDA is approaching 4.5x and free cash
flow/debt is maintained in a mid to high single digit percentage. A
ratings upgrade would also require the company to execute the cost
savings strategy without impairing the company's culture of
innovation or good operating execution, maintain at least good
liquidity, and exhibit balanced financial policies that support
credit metrics at the above levels.

The ratings could be downgraded if the company's operating
performance deteriorates, highlighted by revenue declines,
contracting EBITDA margin, or execution disruptions caused by the
cost saving plans. Ratings could also be downgraded if debt/EBITDA
is sustained above 5.5x, liquidity deteriorates, or the company
completes a sizable debt-financed acquisition or shareholder
distribution.

As proposed, the new first lien credit facilities are expected to
provide covenant flexibility that if utilized could negatively
impact creditors. Notable terms include the following: incremental
debt capacity up to the sum of the greater of 100% of closing date
EBITDA and 100% of pro forma trailing four quarter consolidated
EBITDA, plus any unused amounts under the general debt basket
provided that the aggregate principal amount of first lien
incremental facilities incurred under this basket do not exceed 50%
of the general debt basket, plus unlimited amounts subject to first
lien net leverage ratio not to exceed closing date ratio (if pari
passu secured). Any customary term "A" loans, any debt incurred to
fund a permitted acquisition or investment, and amounts up to 125%
of closing date EBITDA may be incurred with an earlier maturity
date than the initial term loan subject to inside maturity basket
limitations. There are no express "blocker" provisions which
prohibit the transfer of specified assets to unrestricted
subsidiaries; such transfers are permitted subject to carve-out
capacity and other conditions. Non-wholly-owned subsidiaries are
not required to provide guarantees; dividends or transfers
resulting in partial ownership of subsidiary guarantors could
jeopardize guarantees, with no explicit protective provisions
limiting such guarantee releases. There are no express protective
provisions prohibiting an up-tiering transaction.

The proposed terms and the final terms of the credit agreement may
be materially different.

The principal methodology used in these ratings was Consumer
Durables published in September 2021.

Hunter Douglas is the world market leader in window coverings and a
major architectural products manufacturer. Pro forma for the
proposed $7.1 billion buyout transaction, the company is majority
owned by 3G Capital with a 75% ownership interest in the company,
and the Sonnenberg family with a 25% minority interest. Revenue is
estimated at around $4.9 billion for fiscal year 2021 and pro forma
for planned acquisitions.




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NOVOROSSIYSK COMMERCIAL: Moody's Withdraws Ba1 Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 corporate family
rating and Ba1-PD probability of default rating of Novorossiysk
Commercial Sea Port, PJSC (NCSP). The outlook at the time of the
withdrawal was stable. The company currently has no rated debt.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

COMPANY PROFILE

Novorossiysk Commercial Sea Port, PJSC (NCSP) is the largest
operator of marine port terminals in Russia and one of the largest
in Europe by volume. NCSP operates two key ports: the port of
Novorossiysk, located in the Black Sea basin, and the Primorsk
Trade Port, in the Baltic Sea basin. For the 12 months that ended
September 30, 2021, NCSP generated revenue of $677 million and
adjusted EBITDA of $447 million. The controlling shareholder of
NCSP is Transneft, PJSC (Baa2 stable), with a 62% share, while the
Government of Russia (Baa3 stable) owns a 20% stake in the company
and a golden share.


TEMIRYOL-SUGURTA LLC: S&P Affirms 'B+' LT ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit and
financial strength ratings on Uzbekistan-based insurance company
Temiryol-Sugurta LLC (TYS). The outlook is stable.

S&P said, "We affirmed our ratings on TYS because we expect that
the company will maintain its capitalization at a satisfactory
level despite rapid growth in 2021-2023. We also expect that TYS
will maintain its competitive position as a midsize player in the
Uzbekistani property/casualty insurance market."

In 2021, TYS' gross premium written (GPW) increased by 170%, net
premium written by 37%, and net premium earned (NPE) by more than
120%, well above S&P's net premium growth expectation of 20%. The
increase in GPW was driven by new business, a significant part of
which was reinsured. NPE was affected by TYS' relatively small size
and by a one-off insurance reserve that the company created in 2020
for a loss that ultimately was not realized. The reserve was
therefore released in 2021. This resulted in volatility in TYS'
technical performance over 2020-2021, with the net combined ratio
(loss and expense) exceeding 110% in 2020, but then dropping below
85% in 2021.

S&P said, "Rapid premium growth puts a strain on capital adequacy.
Using our capital model, we expect TYS' capital adequacy will
decline to the 'BBB' level in 2021-2023, after being 16% above the
'AAA' benchmark as of Dec. 31, 2020. A 'BBB' level of capital
remains satisfactory and sufficient to support our current ratings
on TYS. We expect that TYS' future capital buffers will be
supported by good operating and investment profitability and the
additional one-off release of a preventive-measure reserve of about
Uzbekistani sum (UZS) 7 billion in 2021. Following a change in
regulation, this is now considered a noninsurance reserve and so
TYS is releasing it. However, the company intends to build up its
capital reserves, which will be part of shareholders' equity, by
UZS6 billion in 2021. It will do this to some extent by utilizing
the funds from the released reserves, and adding at least UZS3
billion annually in 2022-2023 to mitigate the risks associated with
big projects and catastrophic events.

"We expect that TYS' net premium growth will decelerate but remain
high, although it is broadly in line with the market average, at
35% in 2022 and 20% in 2023. In addition, we expect that the
company's combined ratio will increase to 90%-95% in 2022-2023 from
below 85% in 2021, reflecting the competitive dynamics of the
market. Our capital adequacy forecasts imply that we do not expect
future dividends to be higher than UZS10 billion-UZS12 billion per
year (about 45%-60% of expected net income under International
Financial Reporting Standards)." The company's solvency ratio was
2.7x as of Oct. 1, 2021, comfortably above the required minimum of
1.0x. That said, the company's capital in absolute terms remains
significantly smaller than that of international peers, at UZS75.5
billion or about US$7 million as of Oct. 1, 2021, which makes it
more vulnerable to external shocks.

TYS' market share almost doubled in 2021, to 5.5% as of Oct. 1,
2021, from 2.8% in 2020, benefiting from some big tenders that the
company won. About 35% of the company's business relates to the
railway industry, particularly to Uzbek Railways, one of its
shareholders, including cargo insurance, railway rolling stock
insurance, and voluntary passenger insurance. S&P said, "We expect
that the company will be able to maintain the volumes associated
with the railway industry. About 40% of TYS' GPW over the first
nine months of 2021 represented construction and installation and
property insurance, mostly relating to international investment
projects in Uzbekistan. Up to 95% of this insurance was reinsured
by 'A+' rated European and Chinese insurance companies. TYS' other
products include motor hull insurance (about 3.6%), accident and
voluntary medical insurance (2.2%), liability insurance (3.4%),
compulsory insurance classes (11%), and financial risk insurance
(below 0.5%). We expect that the company may slightly increase the
share of motor and financial risk insurance, reflecting the
market's overall tendency, but that its portfolio structure will
remain broadly stable."

S&P said, "We forecast that the weighted-average credit quality of
TYS' investments will remain in the 'B' range, and consequently we
assess its risk exposure as high. We assess that TYS has sufficient
liquidity to meet its obligations, with about 66% of its total
assets in liquid form, predominantly cash and cash equivalents and
bank deposits."

TYS has an experienced management team, which complements its
operational needs. However, the small size of TYS' operations
leaves it exposed to some degree of key person risk.

The stable outlook reflects S&P's expectation that, over the next
12 months, TYS will continue to grow profitably despite increasing
competition, while maintaining satisfactory capitalization. Its
base case includes the stability of the management team and of the
investment portfolio.

S&P could lower the ratings in the next 12 months if:

-- S&P sees a significant and sustained deterioration in the
capital base caused by more aggressive growth, unexpected losses,
or higher dividends than it expects, with capital adequacy under
its capital model deteriorating to levels that are sustainably
below the 'BBB' benchmark.

-- S&P sees that TYS is significantly underperforming its base
case, or it sees risks to its competitive position, for example,
due to a spike in competition or a weakened niche position in
relation to Uzbek Railways.

-- S&P could also downgrade TYS if it sees changes in the
shareholder structure or management team that it views as
detrimental for the company's credit profile.

S&P views a positive rating action as remote in the next 12 months,
unless TYS builds significant capital in absolute and relative
terms, while improving its competitive standing and business
diversification and maintaining its asset quality.




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EL CORTE INGLES: Moody's Affirms Ba1 CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service affirmed El Corte Ingles, S.A.'s ("ECI",
"group" or the "company") Ba1 long-term corporate family rating,
its Ba1-PD probability of default rating and its Ba1 guaranteed
senior unsecured notes. The outlook has been changed to stable from
negative.

"We have changed ECI's outlook to stable because we expect a
strengthening in the company's credit metrics, including leverage,
which we expect to be just above 4.0x in fiscal 2021 and to trend
below 3.5x in the next 12 to 18 months. Deleveraging is mainly
driven by better trading than expected performance and our
expectation that the company will repay debt following the EUR1.1
billion proceeds it expects to receive from the company's recent
transaction with Mutua Madrilena, a leading Spanish insurance
company." said Francesco Bozzano, a Vice President - Senior Analyst
at Moody's and lead analyst for El Corte Ingles. "The better than
expected operating performance is thanks to lower than expected
barriers to shopping related to the pandemic, strong consumer
demand and management's successful cost reduction and growth
measures implemented in the last 12 months" added Mr. Bozzano.

RATINGS RATIONALE

The change in outlook to stable reflects Moody's expectations of
deleveraging given ECI's recent commitment to use the majority of
the EUR1,105 million proceeds it will receive from the sale of
50.1% of its insurance business and 8% of its shares to Mutua
Madrilena (MM) to repay debt. This expectation of debt reduction is
a favorable governance development that demonstrates the company's
commitment to reducing and sustaining lower leverage than in the
past. Additionally, as a new shareholder, MM could strengthen the
company's governance by providing additional diversification and
oversight to the company's board of directors. Governance was a key
driver behind the rating action and is a consideration under
Moody's ESG framework.

Deleveraging, combined with the company's ongoing cost
rationalization, which accelerated during the pandemic should allow
the company to generate sufficient cash flows to invest in the
growth of the business, while distributing dividends to its
shareholders, leaving the rating strongly positioned at Ba1. With
expected positive free cash flows, sufficient covenant headroom and
a fully available credit facility Moody's view the company's
liquidity as good. ECI also maintains significant financial
flexibility thanks to over EUR1 billion non-core real estate assets
available for disposal.

While the transaction with MM involves the deconsolidation of ECI's
insurance business, which generated approximately EUR100 million of
EBITDA annually, ECI expects to receive regular dividends from its
49.9% stake in the insurance business, which Moody's will include
in Moody's EBITDA.

The stable outlook also reflects ECI's recovery with revenues and
gross profit in the six months to August 2021 (H1 2021) 25.1% and
35.5% above the figures in the same period in 2020. Topline growth,
combined with ongoing cost rationalization resulted in an
improvement in EBITDA compared to Moody's previous forecasts. As a
result, Moody's expects ECI's leverage will recover to close to
4.0x in fiscal 2021 -- this is before taking into account the MM
transaction, which is expected to close in fiscal 2022.

In fiscal 2022, Moody's expects that ECI's EBITDA will remain
broadly flat pro forma the deconsolidation of the insurance
business. The positive effects of ongoing cost rationalization,
including the implementation of the Group's voluntary redundancy
plan and revenue growth compared to fiscal 2021, will likely be
offset by increasing inflationary pressure. Moody's forecasts
reflect limited recovery of the company's travel agency's
activities and limited traffic linked to tourism, which remain
below pre-pandemic levels as travel restrictions are expected to
continue. However, Moody's base case does not factor in material
additional shopping restrictions in Spain related to the
coronavirus pandemic.

Beyond fiscal 2022, Moody's expects ECI to remain a key player in
the Spanish retail market and a leader in growing Spanish
e-commerce, consolidating and growing its position as the second
largest e-commerce platform in Spain after Amazon.com, Inc. (A1
stable). Moody's also expects the company will continue to grow its
consumer services in insurance, following its alliance with MM,
acting as a consolidator in the Spanish travel agency business and
providing additional services such as energy and telecom
distribution.

ECI's Ba1 CFR remains underpinned by (1) the company's leading
market positions in most of the business segments in which it
operates, (2) strong brand awareness and high interest from
third-party brands to operate in ECI's stores, (3) a large and
unencumbered real estate portfolio with a proven track record of
successful asset monetization , (4) and good deleveraging prospects
and the firm commitment to maintain a more conservative financial
policy with the objective to obtain an investment grade rating.

The rating also reflects (1) the company's high geographic
concentration in its home market, (2) the cyclical, seasonal and
discretionary nature of its business model, (3) lower profitability
margins than rated peers and high earnings dependency on its top
ten best-performing stores, (4) and the risks and challenges posed
by increasing online penetration rates and competition from pure
e-commerce specialists.

LIQUIDITY PROFILE

Moody's considers the company's liquidity to be good and sufficient
to cover working capital seasonality. As of the end of August 2021,
the company had a total liquidity of around EUR1.6 billion,
comprising cash on balance sheet of around EUR513 million, and
EUR1.1 billion available under its revolving credit facility (RCF)
maturing in 2024, which can be extended for two years. The company
has an upcoming maturity of EUR581 million on its Hipercor bond,
which has to be repaid by the end of fiscal 2021, and Moody's
expects that the company will use its available cash to repay it.

The company has a maintenance covenant on its EUR1.1 billion
existing RCF and its ICO loan, which will be triggered only from
the end of fiscal 2021 if the company does not have at least two
investment-grade ratings. The covenant is set at 4.5x in February
2022, and Moody's expect that the company will have significant
headroom under this covenant.

STRUCTURAL CONSIDERATIONS

The Ba1 instrument rating on the guaranteed senior unsecured notes
is in line with the CFR. The company's probability of default
rating of Ba1-PD is also in line with the CFR. The probability of
default rating reflects the use of a 50% family recovery rate
resulting from a capital structure comprising guaranteed senior
unsecured bonds and unsecured bank debt.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects the recovery of the company's
performance since fiscal 2020 and Moody's expectation that its
operating performance will trend to pre-pandemic levels despite a
still uncertain macroeconomic background. Moody's expects leverage
will improve leaving the company's credit metrics at least
commensurate with the Ba1 rating, including Moody's Adjusted Debt
to EBITDA well below 4.0x.

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

The company is strongly positioned at Ba1. Positive rating pressure
could arise if the company maintains a good liquidity buffer
supported by at least maintaining its current profitability and
free cash flow generation of at least 4% of gross Debt and if its
Moody's adjusted (gross) debt/EBITDA ratio decreases below 3.5x and
sustainably towards 3.0x. The maintenance of a prudent financial
policy that includes low debt leverage targets and especially a
good and proactively-managed liquidity profile on a sustained
basis, are key requirements for an upgrade to an investment grade
rating.

Downward pressure on the ratings could arise as a result of a
deterioration in the company's liquidity. Downward pressure could
also arise if there is a prolonged period of negative like-for-like
sales, weaker profitability and depressed free cash flow
generation. On a quantitative basis, the ratings could be
downgraded if Moody's adjusted (gross) debt/EBITDA ratio is
maintained above 4.0x.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

ECI, headquartered in Madrid, Spain, is the largest department
store in Europe, with groupwide net sales of almost EUR10.4 billion
and adjusted negative EBITDA of EUR0.4billion in the fiscal year
ended February 28, 2021 (fiscal 2020). The company operates under
two divisions, retail and non-retail, which represented around 95%
and 5% for both sales and EBITDA, respectively, in fiscal 2020.

Founded in 1935 by Ramon Areces, ECI remains privately owned and
controlled by the founder's descendants. Its current main
shareholders are the Ramon Areces Foundation, Cartera de Valores
IASA and PrimeFin, S.A.


FTPYME TDA 4: Moody's Affirms 'C' Rating on EUR29.3M Class D Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Class C Notes
in FONCAIXA FTGENCAT 5, FTA and FTPYME TDA CAM 4, FTA. This rating
action reflects the increased level of credit enhancement for the
affected notes.

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

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

Issuer: FONCAIXA FTGENCAT 5, FTA

EUR449.4M (Current Outstanding Amount EUR 90.94M) Class A (G)
Notes, Affirmed Aa1 (sf); previously on Dec 9, 2019 Affirmed Aa1
(sf)

EUR21M Class B Notes, Affirmed Aa1 (sf); previously on Dec 9, 2019
Affirmed Aa1 (sf)

EUR16.5M Class C Notes, Upgraded to Baa1 (sf); previously on Dec
9, 2019 Upgraded to Baa3 (sf)

EUR26.5M Class D Notes, Affirmed C (sf); previously on Dec 9, 2019
Affirmed C (sf)

Issuer: FTPYME TDA CAM 4, FTA

EUR66M (Current Outstanding Amount EUR15.3M) Class B Notes,
Affirmed Aa1 (sf); previously on Sep 3, 2021 Affirmed Aa1 (sf)

EUR38M Class C Notes, Upgraded to Aa2 (sf); previously on Sep 3,
2021 Upgraded to A3 (sf)

EUR29.3M Class D Notes, Affirmed C (sf); previously on Sep 3, 2021
Affirmed C (sf)

RATINGS RATIONALE

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

Increased Credit Enhancement

Sequential amortization led to the increase of the credit
enhancement available in these transactions. For instance, the
credit enhancement for the Class C Notes in FONCAIXA FTGENCAT 5,
FTA has increased to 18.82% from 12.84% since the last rating
action. In FTPYME TDA CAM 4, FTA the credit enhancement for the
Class C Notes has increased to 42.10% from 35.90% since the last
rating action.

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating SME Balance Sheet Securitizations' published in
July 2021.

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

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

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




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REN10 HOLDING: Fitch Assigns 'B+(EXP)' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Ren10 Holding AB an expected Long-Term
Issuer Default Rating (IDR) of 'B+(EXP)' and its proposed EUR350
million issue of senior secured notes an expected rating of
'B+'(EXP). The Outlook on the IDR is Stable.

Ren10 Holding AB is a recently established entity, set up to
acquire equipment rental company Renta Group Oy (Renta) on behalf
of funds managed by the private equity group, IK Partners. On
completion of the transaction, IK Partners' funds will assume 89.4%
majority ownership of Ren10 Holding AB, with the remainder owned by
the company's employees.

The final IDR is contingent on the transaction completing as
expected. The final rating of the senior secured notes is
contingent on the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

IDR

The Long-Term IDR reflects the small but growing franchise of Renta
in equipment rental in its core and newly entered markets, and
solid EBITDA margins but net loss at the pre-tax level. The rating
also takes into account post-transaction leverage and reliance on
wholesale-market funding, as well as exposure to the construction
sector.

Renta was founded in 2016 as a greenfield operation in Finland, and
has since grown both organically and via acquisitions to attain a
market share of 11% in Finland, 5% in Sweden and 4% in Norway, and
with a smaller presence in markets entered more recently. Renta's
modest size and limited economies of scale are reflected in Fitch's
assessment of Renta's company profile, which Fitch has identified
as a high-importance factor and is a rating constraint.

The equipment-rental sector offers growth opportunities, as an
increasing proportion of end-users are choosing to rent equipment
rather than own it, particularly during macroeconomic instability,
with multi-site operators having advantages over independents in
the volume and range of equipment they can provide to their
customers.

Renta's revenue is principally drawn from infrastructure,
renovation and new construction end-markets, to which the company
rents a wide range of equipment including lifts, earthmoving
equipment, site modules, power and heating equipment and
scaffolding, as well as providing a range of ancillary services
such as scaffolding installation. Renta's core clientele are local
companies, reducing revenue concentration. Its business model is
decentralised (other than its centrally coordinated procurement),
with over 100 depots across its locations. Renta usually retains
equipment for its useful life, but presently has a young average
fleet age of around four years.

Renta has demonstrated year-on-year revenue growth since its
inception with a solid EBITDA/revenue of 27% in 3Q21 (28% in 2020).
Annualised revenue increased around 22% in 3Q21, supported by
improving contributions from old and new locations, as well as
solid utilisation rates despite the pandemic. To date Renta has
been loss-making at the pre-tax level, but it has been increasing
scale efficiencies.

Fitch uses debt/EBITDA-based metrics in assessing leverage rather
than more balance-sheet focused debt/equity measures, due to the
cash flow-driven nature of Renta's business. At end-3Q21 Renta's
gross debt/EBITDA was 3.1x, and it is projected at 4.2x at end-2021
and 4.0x at end-2022 under Fitch's rating case. Fitch expects the
company to continue to open new locations but without leverage
rising above end-2021 levels, on account of accompanying growth in
EBITDA. In view of its young fleet, Renta also has the option in
the short term to reduce capex if required.

Renta intends to use its EUR350 million senior secured notes as its
core funding source, supplemented by a EUR75 million super senior
revolving credit facility (RCF) that will be used for general
corporate purposes. Fitch regards liquidity as adequate, supported
by capex flexibility, if necessary, while continuing to generate
revenue from rental assets already held. Management estimates
pro-forma adjusted EBITDA/cash interest at 7.1x in 2021, increasing
to 9.1x by end of 2025. Under Fitch's rating case, coverage ratios
are moderately lower, largely due to lower revenue growth
assumptions, but should remain within Fitch's 'bb' range for
balance-sheet light finance and leasing companies.

Rental assets are in principle susceptible to market-value
movements, which could give rise to valuation impairment. However,
in Fitch's view Renta applies an adequately conservative
depreciation policy to its equipment, with residual-value risk
managed appropriately.

SENIOR SECURED DEBT

The senior secured notes will be guaranteed by group subsidiaries
that account for a substantial majority of Renta's consolidated
assets, net sales and EBITDA. Fitch equalises the senior secured
notes' rating with the Ren10 Holding AB's Long-Term IDR, reflecting
Fitch's view that the likelihood of default is materially similar.
The 'RR4' Recovery Rating reflects average recovery expectations.

RATING SENSITIVITIES

IDR

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

-- Material strengthening of the company's franchise, if in
    conjunction with scale benefits that feed into profitability;

-- Gross debt-to-EBITDA below 3.5x on a sustained basis without
    deterioration in other financial metrics and in conjunction
    with a materially enlarged franchise.

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

-- A reduction in EBITDA that leads Fitch to expect a meaningful
    delay to Renta's currently anticipated deleveraging; for
    example if gross debt-to-EBITDA rises above 5x;

-- Insufficient liquidity or access to funding to support the
    capex required to maintain an attractive fleet;

-- Material erosion of earnings, due to fleet-valuation
    impairments or losses on the disposal of used equipment.

SENIOR SECURED DEBT

The senior secured debt rating is primarily sensitive to a change
in Ren10 Holding AB's Long-Term IDR. Should the group introduce any
debt ranking above rated instruments (or a subordinated tranche
below them), Fitch could notch the debt ratings down (or up) from
the Long-Term IDR, on the basis of weaker (or stronger) recovery
prospects.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

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.




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

BOLTON WANDERERS: GBP5-Mil. Pandemic Loan Converted Into Shares
---------------------------------------------------------------
Russell Lynch at The Telegraph reports that Bolton Wanderers, the
League One football club, is now part-owned by taxpayers after a
GBP5 million pandemic loan was converted into shares.

The British Business Bank's latest update on the GBP1.1 billion
Future Fund, a Covid support scheme, showed club owner Football
Ventures (Whites) Ltd among 108 companies that converted the
emergency loans into shares rather than repay them, The Telegraph
discloses.

A total of 1,190 companies took convertible loans from the British
Business Bank under the scheme that closed a year ago, with 265
firms giving shares to the taxpayer in return since then, The
Telegraph states.

Bolton has been under new ownership since August 2019 after
collapsing into administration almost three years ago, The
Telegraph notes.

The team, which is in 15th place in League One, racked up a GBP3.9
million pre-tax loss in the year to June 2020, The Telegraph
relays.  It took the GBP5 million loan from the Fund in August 2020
and converted the loan to shares in October, The Telegraph
recounts.

According to The Telegraph, a club spokesman said the loan was
"captured in our articles and aligned with the plan for ensuring
Bolton has a stronger and sustainable future".

"The Future Fund used a set of standard terms with published
eligibility criteria.  The process provided a clear, efficient way
to make funding available as widely and as swiftly as possible
without the need for lengthy negotiations.  Applications that met
all the eligibility criteria received investment," The Telegraph
quotes a British Business Bank spokesman as saying.


CANADA SQUARE 6: S&P Assigns Prelim. B- Rating on X2 Notes
----------------------------------------------------------
S&P Global Ratings has assigned preliminary ratings to Canada
Square Funding 6 PLC's (CSF 6) class A notes, and class B-Dfrd to
X2-Dfrd interest deferrable notes.

CSF 6 is a static RMBS transaction that securitizes a portfolio of
GBP364.0 million BTL mortgage loans secured on properties located
in the U.K. The loans in the pool were originated by Fleet
Mortgages Ltd. (50.3%), Landbay Partners Ltd. (26.7%), Hey Habito
Ltd. (4.6%), and Topaz Funding Ltd. (under the brand name Zephyr
Homeloans; 18.6%). All loans were originated between May 2020 and
May 2021.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer will grant security over all of its assets in the
security trustee's favor.

In terms of collateral and the structural features, this
transaction is very similar to Canada Square Funding 2021-2 PLC, to
which S&P assigned ratings in July 2021.

Citibank, N.A., London Branch, will retain an economic interest in
the transaction in the form of a vertical risk retention (VRR) loan
note accounting for 5% of the pool balance at closing. The
remaining 95% of the pool will be funded through the proceeds of
the mortgage-backed rated notes.

S&P considers the collateral to be prime, based on the overall
historical performance of Fleet Mortgages', Landbay Partners', Hey
Habito's, and Zephyr Homeloans' respective BTL residential mortgage
books as of November 2021, the originators' conservative lending
criteria, and the absence of loans in arrears in the securitized
pool.

Credit enhancement for the rated notes will comprise subordination
from the closing date and overcollateralization, which will result
from the release of the liquidity reserve excess amount to the
principal priority of payments.

The class A notes will benefit from liquidity support in the form
of a liquidity reserve, and the class A and B-Dfrd through E-Dfrd
notes will benefit from the ability of principal to be used to pay
interest, provided that, in the case of the class B-Dfrd to E-Dfrd
notes, the respective tranche's principal deficiency ledger does
not exceed 10% unless they are the most senior class outstanding.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Preliminary Ratings

  CLASS   PRELIMINARY RATING*   CLASS SIZE (%)§

   A         AAA (sf)             86.75
   B-Dfrd    AA (sf)               6.50
   C-Dfrd    A (sf)                4.00
   D-Dfrd    BBB (sf)              2.00
   E-Dfrd    BBB- (sf)             0.75
   X1-Dfrd   B- (sf)               2.50
   X2-Dfrd   B- (sf)               1.00
   VRR loan note   NR              5.00
   S1 certificates NR               N/A
   S2 certificates NR               N/A
   Y certificates  NR               N/A

*S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on the class B-Dfrd to
X-Dfrd notes, which must pay timely interest once they become the
most senior notes outstanding.
NR--Not rated.
N/A--Not applicable.
VRR--Vertical risk retention.


DEBENHAMS PLC: Former Leicester Store to Be Converted Into Flats
----------------------------------------------------------------
Sahar Nazir at Retail Gazette reports that the former Debenhams
store in Leicester's Highcross Shopping Centre is set to be
demolished and redeveloped into 305 flats.

The site has been empty since the retailer went into administration
in March 2020, and Highcross owner Hammerson has been working with
Leicester City Council to redevelop the unit, Retail Gazette
discloses.

The council has approved a plan to replace the former shop, and
part of the adjacent car park, with homes, Retail Gazette relates.

According to Retail Gazette, a second application has been
submitted to the council requesting permission to use the upper and
lower ground floor of the building to create four smaller shopping
units.

Planning officers said it was unlikely the space could be quickly
brought back into use as a department store, Retail Gazette notes.


DERBY COUNTY FOOTBALL: EFL Agrees to Extend Funding Deadline
------------------------------------------------------------
Charlie Walker at MailOnline reports that Derby County have been
given a four-week stay of execution after the EFL agreed to extend
the deadline for the club's administrators to show there are
sufficient funds to complete the season.

The club and the administrators, Quantuma, issued a joint statement
on Jan. 27, MailOnline relates.  It came after intensive meetings
between the administrators and the three parties interested in
taking over the club, which have so far failed to identify a
preferred bidder, MailOnline notes.

Derby had until Feb. 1 -- just five days away -- to show the EFL it
had enough funds to finish the season, MailOnline discloses.

"Following a formal review of revised financial forecasts at Derby
County, the EFL and Quantuma (the Club Administrators) have today
agreed a month-long extension to the deadline set for proof of
funding to be provided," MailOnline quotes the statement as
saying.

The EFL Board had previously requested evidence by Feb. 1 of how
Derby County was to be financed while it remained in
administration, alongside a financial plan that determined how the
Club would fulfil its fixture commitments until the end of the
current season, MailOnline states.

The EFL and Quantuma said the stay of execution would allow Derby
to continue discussions with interested parties and provide
"additional time to seek clarity on the claims from Middlesbrough
and Wycombe", MailOnline relays.

The compensation claims lodged by Middlesbrough and Wycombe insist
Derby's breach of financial rules disadvantaged them, MailOnline
states.  A key question here is whether the EFL will consider the
rival clubs to be football creditors, in which case their claims
would have to be paid in full, if successful, according to
MailOnline.  This has been a sticking point for interested parties,
MailOnline notes.

The EFL and administrators have not said how the additional month
will be funded, however, Derby has reduced its cost base with six
players leaving during the January transfer window, MailOnline
relates.

According to MailOnline, sources close to the negotiations have
told Sportsmail that the administrators have sought additional
lending from MSD Capital, which has already lent the club GBP20
million secured against the ground and a further sum to pay the
bills since it went into administration in September.

Like many other creditors, MSD would have a lot to lose if Derby
went bust, MailOnline says.

Hopes were raised on Jan. 21 with the emergence of a new bidder, US
brothers Adam and Colin Binnie, who joined other interested
parties, the consortium led by former Rams chairman Andy Appleby
and ex-Newcastle United owner, Mike Ashley, MailOnline recounts.

Any takeover is complex since the club has debts of around GBP60
million and the Pride Park Stadium is still in the possession of
former owner, Mel Morris, MailOnline states.  And the outstanding
claims from rival clubs complicate the matter further, according to
MailOnline.

                About Derby County Football Club

Founded in 1884, Derby County Football Club is a professional
association football club based in Derby, Derbyshire, England.  The
club competes in the English Football League Championship (EFL, the
'Championship'), the second tier of English football.  The team
gets its nickname, The Rams, to show tribute to its links with the
First Regiment of Derby Militia, which took a ram as its mascot.
Mel Morris is the owner while Wayne Rooney is the manager of the
club.  

On Sept. 22, 2021, the club went into administration.  The EFL
sanctioned a 12-point deduction on the club, putting the team at
the bottom of the Championship.  Andrew Hosking, Carl Jackson and
Andrew Andronikou, managing directors at business advisory firm
Quantuma, had been appointed joint administrators to the club.


IQONIQ: Enters Liquidation, Tokens Virtually Worthless
------------------------------------------------------
Martyn Ziegler at The Times reports that one of sport's biggest
cryptocurrency-based fan platforms has gone into liquidation,
leaving thousands of supporters with tokens that are now virtually
worthless.

IQONIQ, which had deals with La Liga in Spain, the McLaren Formula
One team and several leading European football clubs, has collapsed
in Monaco, The Times relates.  It was in effect a social media
engagement platform for fans of the sports it sponsored and it sold
its own cryptocurrency tokens.

The liquidation of the platform leaves clubs, sports organisations
and fans potentially out of pocket, The Times states.  According to
The Times, its chief executive said that "millions" of IQONIQ
tokens or coins had been bought and admitted that they were now
worth almost nothing. However, he insisted that the value could
bounce back, The Times notes.


SENSYNE HEALTH: Secures Up to GBP11.4MM of Emergency Financing
--------------------------------------------------------------
Alex Ralph at The Times reports that the distressed healthcare
technology company founded by Lord Drayson, the former science and
business minister, has secured an emergency financing of up to
GBP11.4 million in its attempt to find a rescue buyer and stave off
collapse.

According to The Times, Sensyne Health's financing involves loan
notes and warrants, described by one source as "very expensive",
without which the company warned it potentially faces
administration.

The move comes after shares in the Aim-quoted company slumped by
more than 70% to a fresh low of 21 1/2p this month after it
admitted that without the emergency funding the business would be
"unlikely to be able to continue to trade beyond early February",
before a potential sale of the business could be completed, The
Times discloses.



WEST BERKSHIRE BREWERY: Shareholders Lose Investment Amid Takeover
------------------------------------------------------------------
Hannah Roberts at BerkshireLive reports that the shareholders of
the West Berkshire Brewery have lost all of their shareholdings in
a recent takeover, having only put their money into the business
around 18 months ago.

An email from David Bruce OBE, the former non-executive chairman,
seen by BerkshireLive, described how the company had "finally
succumbed to the devastating effects of Covid-19".

The brewery recently featured on a BBC One episode of The
Apprentice on January 20, when contestants held a lab session and
were made to create and sell non-alcoholic recipes.

In the email, Mr. Bruce told how the brewery's market had
"disappeared overnight" when the hospitality sector was shut down
"with no warning whatsoever" by the government because of the
coronavirus pandemic, BerkshireLive relates.

"During my 55-year career successfully investing in and developing
breweries from London to Seattle via Paris, New York and Denver, I
have never experienced a corporate failure before," he wrote.

"Therefore, I am mortified personally that our company has finally
succumbed to the devastating effects of the Covid-19 global
pandemic on the UK's brewing and hospitality industries, which have
been well-documented by the media for the past 21 months."

The West Berkshire Brewery went into administration in December in
spite of the furlough scheme and various new fundraising
initiatives, BerkshireLive recounts.  The owners cited the pandemic
as being the greatest source of financial trouble, BerkshireLive
notes.

During this time, the company had also applied for a bank loan
under the Coronavirus Business Interruption Loan Scheme (CBILS) but
failed to obtain one, BerkshireLive relays.

Those with shares in the company received various perks before they
went into administration.

Any investment can result in loss of capital and for the
shareholders of the West Berkshire Brewery, this meant losing
everything that they had invested, according to BerkshireLive.

The company had managed to crowdfund GBP3 million but the shares
have now been wiped to zero, BerkshireLive discloses.

The company had 1,667 investors in total, BerkshireLive states.

The brewery appointed Grant Thornton to be its administrator on
December 23, 2021, BerkshireLive recounts.

Prior to this, on November 16, 2021, the West Berkshire Brewery had
applied to Manchester High Court for a "notice of intent to appoint
an administrator", in order to protect the company from its
creditors whilst Grant Thornton sought a home for the business and
its staff, BerkshireLive relates.

The brewery has since been bought out by Yattendon Brewing Company,
BerkshireLive discloses.




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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                * * * End of Transmission * * *