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

                          E U R O P E

          Friday, February 11, 2022, Vol. 23, No. 25

                           Headlines



D E N M A R K

TDC HOLDING: Moody's Cuts Sr. Unsec. EMTN Programme Rating to (P)B2


F I N L A N D

AMER SPORTS: S&P Ups Rating to 'B', Outlook Stable


G E O R G I A

SILKNET JSC: Fitch Gives Final 'B' Rating to $300M Sr. Unsec. Notes


I R E L A N D

AVOCA CLO XVII: S&P Affirms BB- (sf) Rating on Class E Notes
BLACKROCK EUROPEAN VI: Fitch Affirms B- Rating on Class F Notes
GOLDENTREE LOAN 1: Moody's Affirms B2 Rating on EUR12MM F Notes


I T A L Y

CASTOR SPA: Moody's Assigns B3 CFR & Rates New EUR1.4BB Notes B3
INTER MEDIA: Fitch Rates Senior Sec. Fixed-Rate Notes 'B+'


S P A I N

TIMBER SERVICIOS: Moody's Assigns 'B2' CFR, Outlook Stable
TIMBER SERVICIOS: S&P Puts Prelim. 'B' LT Ratings, Outlook Stable


T U R K E Y

ANADOLU EFES: Moody's Withdraws 'B2' Corporate Family Rating


U N I T E D   K I N G D O M

BIG HOME: Kybotech Group Buys Business Out of Administration
CONSORT HEALTHCARE: S&P Affirms 'BB' Ratings on Sr. Secured Debt
LONDON CAPITAL: Administration Extended Until January 2024
M&B PROMOTIONS: Goes Into Administration
SOPHOS INTERMEDIATE: Fitch Affirms 'B' LT IDR, Outlook Stable

SPECIALTY STEEL: Faces Winding Up Petition, 2,000 Jobs at Risk
TFS LOANS: Enters Administration, Unable to Issue New Loans


X X X X X X X X

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

                           - - - - -


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D E N M A R K
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TDC HOLDING: Moody's Cuts Sr. Unsec. EMTN Programme Rating to (P)B2
-------------------------------------------------------------------
Moody's Investors Service has downgraded to (P)B2 from (P)B1 the
rating on the senior unsecured EMTN programme of Danish telecom
operator TDC Holding A/S (former TDC A/S, "TDC" or "the company")
and to B2 from B1 the ratings on the EUR500 million senior
unsecured notes due March 2022 and the GBP425 million senior
unsecured notes due February 2023 issued under the EMTN programme.

Concurrently, Moody's has affirmed the remaining ratings of the DKT
Holdings ApS ("DKT") group, the indirect parent of TDC, including
its B2 corporate family rating (CFR), its B2-PD probability of
default rating (PDR) and the Caa1 ratings on the EUR1,050 million
and USD410 million backed senior secured notes issued by DKT
Finance ApS. The outlook on all ratings is stable.

The rating action follows the refinancing plan announced on January
31, 2022 [1], by which TDC NET A/S ("TDC NET"), the infrastructure
entity of the group, has entered into EUR3.3 billion of committed
new bank facilities and established a new secured infrastructure
financing platform, while Nuuday A/S ("Nuuday"), the service
operator, has entered into a new revolving credit facility.

Proceeds from the new financing at TDC NET have been partially used
to repay existing debt at TDC level, including the EUR1.9 billion
senior secured term loan B3 (TLB) and outstanding drawings under
the EUR845 million senior secured revolving credit facilities, of
which EUR500 million are rated by Moody's. Following the
establishment of separate standalone financings at TDC NET and
Nuuday, the only remaining debt outstanding at TDC level are the
EUR500 million senior unsecured notes due in March 2022 and the
GBP425 million senior unsecured notes due in February 2023.

RATINGS RATIONALE

RATIONALE FOR AFFIRMATION OF B2 CFR AND Caa1 INSTRUMENT RATING AT
DKT

The affirmation of the ratings at DKT level reflects that the
proposed refinancing is leverage neutral and does not change the
absolute debt amount at consolidated group level, nor the position
of DKT's debt instrument as the most subordinated piece of debt in
the group's capital structure.

DKT's B2 CFR mainly reflects TDC's robust operations in Denmark
(Aaa stable), with strong market shares in mobile, TV, broadband
and fixed voice; its enhanced fixed and mobile network
infrastructures; and the ownership of most of the critical telecom
infrastructure in Denmark.

The rating also takes into consideration Moody's expectation that
(1) TDC will improve its operating performance in a highly
competitive market, (2) its free cash flow (FCF) will remain
negative over the next two years as a result of high capital
spending to roll out fibre and 5G, and (3) its Moody's-adjusted
leverage will remain high at around 6.5x-6.7x over the next 12-18
months.

RATIONALE FOR DOWNGRADE TO B2 FROM B1 OF DEBT INSTRUMENTS AT TDC
LEVEL

Moody's acknowledges that the structural subordination of TDC's
creditors relative to the creditors at operating companies is
removed owing to the Danish statutory demerger liability under the
Danish Companies Act, under which TDC's creditors may claim
directly against TDC NET and Nuuday on a senior unsecured basis if
their claim is not satisfied.

However, the downgrade of the debt instrument ratings reflects that
following the establishment of a secured standalone financing at
TDC NET level, the creditors at TDC level are contractually
subordinated to the debt at operating companies by virtue of their
claim, which ranks behind the secured debt at TDC NET. In addition,
TDC NET is the entity that holds the best quality assets within the
TDC group, such as the spectrum, and these assets form the security
package for TDC NET's creditors. As a result, the position of TDC's
creditors is weaker relative to their situation prior to this
refinancing.

Moody's acknowledges that TDC has, through TDC NET, a committed
long-term bank facility that provides the funding for (1) the
senior unsecured EMTN bond maturing in March 2022 and (2) the
senior unsecured EMTN bond 2023 that matures in February 2023.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that TDC's
operating performance will gradually improve and that the company's
leverage will remain at around 6.5x-6.7x over the next 12 to 18
months.

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

DKT's rating could be upgraded if its operating performance
improves sustainably, leading to stronger credit metrics, such as
Moody's adjusted debt/EBITDA remaining well below 6x on a sustained
basis, and positive FCF.

DKT's rating could be lowered if its operating performance weakens
beyond Moody's expectations or the company executes debt financed
acquisitions or shareholder remuneration policies that weaken
credit metrics, including adjusted gross debt/EBITDA above 6.5x on
a sustained basis. The rating could also be downgraded if there is
a significant deterioration in the company's liquidity.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: DKT Holdings ApS

Probability of Default Rating, Affirmed B2-PD

LT Corporate Family Rating, Affirmed B2

Issuer: DKT Finance ApS

BACKED Senior Secured Regular Bond/Debenture, Affirmed Caa1

Downgrades:

Issuer: TDC Holding A/S

Senior Unsecured MTN, Downgraded to (P)B2 from (P)B1

Senior Unsecured Regular Bond/Debenture, Downgraded to B2 from B1

Outlook Actions:

Issuer: DKT Holdings ApS

Outlook, Remains Stable

Issuer: DKT Finance ApS

Outlook, Remains Stable

Issuer: TDC Holding A/S

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

DKT Holdings ApS, a company controlled by a consortium of Danish
pension funds Arbejdsmarkedets Tillægspension (ATP), PFA Ophelia
InvestCo I 2018 K/S, PKA Ophelia Holding K/S, and Macquarie
Infrastructure and Real Assets Inc., is the indirect parent of TDC
Holding A/S, the principal provider of fixed-line, mobile,
broadband data and cable television services in Denmark. In the
last twelve months ended September 2021, the company generated
revenue of around DKK16 billion and reported EBITDA of around
DKK6.8 billion.



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F I N L A N D
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AMER SPORTS: S&P Ups Rating to 'B', Outlook Stable
--------------------------------------------------
S&P Global Ratings raised to 'B' from 'B-' its ratings on
sportswear and sport-equipment company Amer Sports and the
company's EUR1.7 billion senior secured term loan B and EUR315
million revolving credit facility due 2026.

The stable outlook reflects S&P's view that Amer Sports' gradual
EBITDA expansion will underpin deleveraging to 7x-8x in 2022
despite the increase in both input costs and logistical
constraints.

Amer Sports' resilience amid COVID-19-related challenges yielded
solid cash management and accelerated deleveraging to below 10x.
S&P estimates Amer Sports reduced materially its leverage in 2021,
reaching S&P Global Ratings-adjusted debt to EBITDA of almost 9.0x
from 12.5x in 2020. This is thanks to solid increments in sales of
highly profitable product segments such as footwear and apparel
(about 55% of sales estimated in 2021), as well as strict working
capital and capital expenditure (capex) management over 2020-2021.
The divestiture of non-strategic assets, such as Precor in the
fitness segment, also fueled the deleveraging, enabling the company
to repay the drawn portion of its EUR315 million revolving credit
facility (RCF) maturing in 2026 and EUR100 million add-on to the
term loan B. S&P's net debt calculation at the end of 2021
considers cash on balance sheet of about EUR500 million. Adjusted
debt includes a EUR1.3 billion intercompany loan that has been
funded with proceeds from the EUR1.3 billion term loan A issued by
Amer Sports Holding (Cayman) Ltd., outside the restricted group.
Amer Sports services the interest payment due on the term loan A
through regular cash interest payments on the intercompany loan.

S&P said, "For the full year 2021 we expect Amer Sport sales to
approach EUR2.5 billion, a growth of about 15% year-on-year. Our
estimates exclude revenue from Suunto (manufacturer of sport
watches, dive computers, and precision instruments) because this
division was reported as discontinued operations in 2021. Amer
Sports recently agreed to sell Suunto business to Dongguan Liesheng
Electronic Technology Co. Ltd., a Chinese technology company
focused on smart and sport wearables. We anticipate that Suunto had
dilutive effects on margins and required relatively high capex to
support new product development. We expect the transaction to
conclude in the first half 2022. The sale is in line with Amer
Sports' commitment to focus on footwear and apparel,
direct-to-consumer expansion—via store openings (mainly in China
and the U.S.) and e-commerce—as well as the development of core
brands such as Salomon, Arc' Teryx, Wilson, and Peak Performance.
Considering the same scope of consolidation (excluding the fitness
segment, since it was sold in 2021, and the upcoming Suunto
disposal), Amer Sports' revenue will likely rise about 20% in 2021
compared with 2020 and exceed 2019 (before the pandemic) by 7%-8%.
We anticipate footwear and apparel led the growth mainly thanks
strong consumer demand from China (representing an estimated 12% of
total sales 2021). Although COVID-19-related mobility restrictions
and social distancing measures reduced store traffic, new shop
openings have contributed significantly to the company's top-line
growth, as has increased demand on e-commerce platforms.

"We assume Amer Sports will benefit from the positive consumer
demand for sportswear and footwear over the coming years.
Euromonitor estimates the global sportwear market will grow at a
7%-8% annual rate over 2022-2026 by retail value mainly driven by
sports footwear. We believe that e-commerce (about 28% of global
sportswear sales in 2021) will continue to outpace store-based
retailing. In our view, demand will continue to be supported by
consumers increasingly participating in outdoor activities and the
ongoing relaxation of dress codes in many developed countries.
Geographically, China is likely to be the fastest growing market,
at around 12% over 2022-2026; according to Euromonitor, an
increasing population of runners is driving the market's growth. We
also believe the 2022 Winter Olympics in China will spark more
interest in winter sports in the region, supporting the recovery of
sales in the winter sport equipment segment. In China, local brands
are gaining ground, mainly after the March 2021 controversy around
Xinjiang cotton caused a decline in Western brands' sales. In this
context, Anta (Amer Sports' main shareholder) has expanded its
domestic market share in China to close to 16% in 2021 by retail
value, demonstrating an augmenting and established network in the
country, which could support Amer's expansionary strategy

"We expect Amer will increase its profitability in 2022 despite
increased market volatility. In 2021 Amer achieved S&P Global
Ratings-adjusted EBITDA margin of 12.0%-12.5%, compared with 11.8%
in 2020. This is despite a surge in input and transportation costs
during the year and non-recurring costs of EUR30 million-EUR35
million mainly related to group reorganization. Although inflation
pressure and logistic disruption will likely persist, at least in
the first half of 2022, we believe the company could increase
profitability to close to 13% in 2022, supported by a material
reduction of non-recurring costs, its ability to increase sales
prices, and an improved product mix thanks to faster growth in
highly profitable categories such as footwear and apparel. Also,
Amer Sports' ongoing direct to consumer penetration will support
profitability because of better sales price control in directly
operated stores and online sales as well as the launch of new
products with higher price.

"Anticipated negative free operating cash flow (FOCF) in 2022
constrains Amer Sports' stand-alone creditworthiness. We assume
Amer Sports will post 10% sales growth in 2022 and mid-single digit
expansion per year in 2023-2024 on the back of a greater portion of
sales in the direct-to-consumer channel through selected new store
openings, ranging between 40 and 50 openings per year mainly in
China and the U.S. This will lead to significant investments in
working capital in 2022 that result in approximately EUR100 million
cash outflow. At the same time, capex will likely peak over the
next two to three years to support the acceleration of new shop
openings and IT investments. We assume capex will reach EUR120
million-EUR130 million in 2022, a material increase from the
expected EUR70 million-EUR75 million at end-2021. That said, we
believe the company has enough liquidity to support its
expansionary strategy thanks to about EUR500 million cash on
balance sheet expected at end-2021 and full availability under its
EUR315 million RCF due in 2026. A sizable portion of the existing
cash derives from proceeds from the Precor sale (about EUR367
million in 2021). We didn't factor into our assumptions the
proceeds expected from the announced divestiture of Suunto since we
expect them to be immaterial.

"Our 'B' rating on Amer Sports embeds one notch of support from its
main shareholder Anta Sports.We see Amer Sports being moderately
strategic to its main shareholder. This is because Amer Sports has
a critical role in Anta's strategy to promote winter sports in
China. We consider the ongoing operating support from Anta Sports
to back Amer Sports' growth in China, where the shareholder can
leverage its established presence in the country and consumer
knowledge. We note that Amer Sports' sales in China trended up over
the past three years, accounting for roughly 12% of total revenue
in 2021 compared with 4% in 2019. We also observed limited
financial support received from Anta materialized in the agreement
to delay about EUR12 million interest payments on the EUR1.3
billion intercompany loan in 2020; they were then paid in 2021.

"The stable outlook reflects our view that, despite higher input
costs and logistic challenges, Amer Sports will continue to benefit
from favorable consumer demand for sportswear goods, particularly
apparel and footwear, and ongoing direct-to-consumer expansion,
mainly in China and the U.S., of its core brands.

"We expect the company's gradually strengthening EBITDA will
support deleveraging to 7x-8x in 2022 from 9x in 2021. This is
despite negative FOCF of EUR80 million-EUR90 million (including
lease payments) to support expansionary projects."

Downside scenario

S&P could lower the rating if adjusted debt to EBITDA surpassed 10x
(including EUR1.3 billion intercompany loan) for a prolonged
period, leading us to deem the capital structure as unsustainable
on a stand-alone basis. This could happen if Amer Sports failed to
manage the current market volatility or if investments in the
direct-to-consumer channel did not deliver expected results,
causing a material erosion of the EBITDA margin and higher and
prolonged negative FOCF.

Upside scenario

A positive rating action would depend on Amer Sport's ability to
sustain positive FOCF while maintaining a reduction in leverage at
below 7x. This could stem from a successful growth strategy in
China and the U.S, alongside stronger profitability thanks to
improved product, geography, and channel mixes.

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

ESG factors are an overall neutral consideration in our credit
rating analysis of Amer Sports Holding 1 Oy. Following the
acquisition from the consortium of investors led by Chinese
sporting company Anta Sport in 2019, the company has been delisted
from Nasdaq Helsinki. S&P said, "As a result, we have observed a
slight deterioration in the level of reporting and transparency but
on par with other privately owned companies. In addition, the
company has been subject to some degree of management
discontinuity. However, we believe Amer Sports is successfully
executing its strategy centered on developing its apparel and
footwear product portfolio in key countries such as Greater China.
In our view, this is achieved thanks to the ongoing operating
support received from Anta Sports." By leveraging its market
knowledge, Anta is supporting Amer Sports' direct-to-consumer
channel development in China and helping strengthen the positioning
of core brands, such as Arc'teryx, Salomon, and Wilson.



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G E O R G I A
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SILKNET JSC: Fitch Gives Final 'B' Rating to $300M Sr. Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Silknet JSC's USD300 million senior
unsecured notes a final rating of 'B' with a Recovery Rating of
'RR4'.

The company used the proceeds from the debt issue to refinance its
USD200 million Eurobond due in 2024 and lari-denominated bonds due
in 2022, to fund shareholder distributions and for
general-corporate purposes. Silknet also repaid USD50 million of
the new bond shortly after issue.

Fitch expects Silknet's funds from operations (FFO) net leverage to
remain within Fitch's 'B' rating sensitivities following the
transaction.

Silknet is the incumbent telecoms operator in Georgia with an
extensive backbone and last-mile infrastructure across the country.
Its acquisition of Geocell, the second-largest mobile operator in
Georgia in 2018 has turned Silknet into a diversified telecom
services provider and more than doubled its revenue and EBITDA.
However, the company's small absolute size remains a strategic
weakness. Fitch estimates the company's Fitch-defined EBITDA at
about USD61 million in 2021 (assuming a GEL/USD exchange rate of
3.1).

KEY RATING DRIVERS

Leverage Within Thresholds: Fitch expects Silknet's FFO net
leverage to be within Fitch's 'B' rating sensitivities in
2021-2022. Leverage peaked at 3.4x in 2020, due to the lari's
devaluation, negative EBITDA impact from the pandemic and a payment
for a plot of land in Tbilisi. Fitch forecasts leverage at 3.2x at
end-2021 and to gradually decrease to 2.9x by 2024 on a recovery of
revenue and EBITDA. Fitch estimates that a one-off 5% lari
devaluation under Fitch's forecast in 2022-2024 would hinder
deleveraging in these years.

A more pronounced deleveraging in 2022-2024 is hampered by
shareholder distributions and a put option guarantee, which Fitch
treats as new debt in 2024. These factors cumulatively increase
leverage by about 0.5x in 2024.

Significant FX Mismatch: Silknet has a high foreign-exchange (FX)
exposure, as all of its post-refinancing debt and above 80% of its
capex are denominated in foreign currencies, while most of its
revenue is in local currency. It hedges part of its debt with
cross-currency swaps and by keeping most of its cash in US dollars,
though Fitch expects its unhedged debt portion to remain high. Due
to the high FX exposure, Silknet remains sensitive to fluctuations
in exchange rates. Its substantial FX risk is reflected in Fitch's
tighter leverage thresholds relative to peers'.

Data-driven Recovery: Fitch expects Silknet's revenue to have grown
by medium-to-high single-digit percentages in 2021, following a
1.3% decline in 2020 due to the pandemic. As the Georgian economy
gradually recovers, an increase in data consumption underpins
Silknet's mobile retail revenue, which grew 9% yoy in 9M21. Its
mobile internet traffic has increased four-fold since 9M19 and
Fitch expects the upward trend to continue, supported by short
unlimited data packages first introduced in 2020. Fitch forecasts
mobile revenue to grow by single-digit percentages in 2022-2024, as
Silknet's mobile internet penetration gradually increases on
network modernisation.

Market Shares Under Pressure: Despite strong revenue growth,
Silknet ceded around 1% of its revenue market share at end-9M21 in
each of its core segments: mobile, fixed broadband, and pay-TV. Its
key rival, Magticom has gained market share in mobile and fixed
broadband. Fitch expects Silknet to limit further market-share
erosion, as it has almost completed its 4G upgrade in 2021 and
continues its fiber network roll-out.

Regulatory Turnaround Supportive: Following the Georgian
Communications Commission abolition of mobile retail price
regulation, mobile operators are no longer obliged to seek
regulatory approval to change or cancel existing tariffs or
packages. Fitch thus assumes Silknet will gradually raise tariffs
in 2022-2023, which should not lead to significant market-share
changes, as Fitch expects other operators in the Georgian market to
follow suit. The regulator also has delayed MVNO access regulation
until 2022. Fitch sees both these events as credit-positive for
Silknet.

Modest Cash Flow Generation: Fitch forecasts Silknet to generate
positive free cash flow (FCF), after refinancing expenses, on
average at 2% of revenue in 2021-2023. Fitch expects capex to be at
21%-22% of sales during this period, compared with an average 35%
in 2019-2020. Fitch expects FCF to be weighed down by planned USD15
million shareholder distributions in 2022 and 2023.

Dominant Shareholder Influence: Silknet's ultimate parent Silk Road
Group can exercise significant influence on the company. This is
demonstrated by the latter bypassing formal restrictions on
dividends when it guaranteed GEL35 million of its shareholder's
loan in 2016, a land plot acquisition from a related party in 2020,
and the recent USD18 million guarantee provided to the company's
parent with respect to a put option held by Silknet's current CEO.
This option gives the CEO the right to sell its 5% equity stake to
Silknet Holding.

This shareholder's influence is reflected in Fitch's ESG Relevance
score of '4' for Governance Structure. Silknet's governance is
commensurate with the 'B' rating category. Its outstanding and
expected Eurobond documentation has restrictions on both
shareholder distributions and shareholder's access to Silknet's
cash flows, which Fitch nevertheless believes offer some creditor
protection. Silk Road Group does not publicly disclose its
financial results.

DERIVATION SUMMARY

Silknet's peers group includes emerging-markets telecom operators,
Kazakhtelecom JSC (BBB-/Stable), PJSC Tattelecom (BB/Stable), PJSC
VF Ukraine (B/Positive), PJSC Mobile TeleSystems (BB+/Positive),
Turkcell Iletisim Hizmetleri A.S.'s (BB-/Negative) and Turk
Telekomunikasyon A.S. (BB-/Negative).

Silknet benefits from its established customer franchise and its
wide network as a fixed-line telecoms incumbent, combined with a
growing mobile business similar to Kazakhtelecom's and
Tattelecom's. However, Silknet is smaller in size, faces high FX
risks and is only the second-largest telecoms operator in Georgia.
Its corporate governance is shaped by dominant shareholder
influence.

Silknet's operating profile compares well with that of VF Ukraine
by size, market position, competitive environment and
profitability. Similar to VF Ukraine, Silknet has significant FX
risks and corporate- governance weaknesses. At the same time
Silknet is better-diversified with a presence in the
fixed-line/broadband segment but faces a stricter regulatory
environment. MTS and Turkish peers are significantly larger in
scale and benefit from product diversification.

Similar to Turkcell's, Turk Telecomunikasyon's and VF Ukraine's,
Silknet's FX risk also results in tighter leverage thresholds for
any given rating compared with that of other rated companies in the
sector.

KEY ASSUMPTIONS

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

-- Revenue to have grown by medium-to-high single-digit
    percentages in 2021, followed by low single-digit percentages
    in 2022-2024;

-- Fitch-defined EBITDA margin on average at 46.5% in 2021-2024,
    with content-cost amortisation treated as an operating-cash
    expense, reducing both EBITDA and capex, and lease expense
    deducted from EBITDA;

-- Capex at 21%-22% of revenue in 2021-2024;

-- Dividends of USD10 million in 2022 and USD5 million in 2023;

-- USD18 million guarantee treated as new debt in 2024;

-- GEL/USD at 3.1 over 2021-2024.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Silknet would be deemed a
    going-concern (GC) in bankruptcy and that it would be
    reorganised rather than liquidated;

-- GEL777 million of unsecured debt outstanding at end-2022;

-- A 10% fee for administrative claims;

-- GC EBITDA estimate of GEL162 million reflects Fitch's view of
    a sustainable, post-reorganisation EBITDA upon which Fitch
    bases the valuation of the company;

-- An enterprise value (EV)/EBITDA multiple of 4.0x is used to
    calculate a post-reorganisation valuation, reflecting a
    conservative post-distressed valuation.

The Recovery Rating for Georgian issuers is capped at 'RR4' and
hence the rating of Silknet's senior unsecured instrument is
equalised with the Long-Term IDR of 'B' with 'RR4', although the
underlying recovery percentage is higher than the 50% implied by
'RR4'.

RATING SENSITIVITIES

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

-- Maintenance of sound market position, positive FCF generation,
    alongside comfortable liquidity and a record of improved
    corporate governance;

-- FFO net leverage sustainably below 3.0x in the presence of
    significant FX risks.

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

-- FFO net leverage rising above 4.0x on a sustained basis
    without a clear path for deleveraging in the presence of
    significant FX risks;

-- A significant reduction in pre-dividend FCF generation driven
    by competitive or regulatory challenges;

-- A rise in corporate-governance risks due to, among other
    things, related-party transactions or up-streaming excessive
    distributions to shareholders.

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: Silknet has adequate liquidity, supported by
cash and cash equivalents of about GEL76 million and an undrawn
revolving credit facility (RCF) of USD20 million at end-September
2021. After the new notes issue and series of debt repayments in
2021 and 2022, Silknet will extend its key refinancing dates to
2027 when the new notes mature.

Following the issue of the new notes, Silknet replaces its RCF of
USD20 million with the obligation to keep at least the same amount
of cash and cash equivalents on its balance sheet.

ISSUER PROFILE

Silknet is the incumbent telecoms operator in Georgia with an
extensive backbone and last-mile infrastructure across the country.
The company holds sustainably strong market shares above 30% in the
mobile, fixed-voice, fixed-broadband and pay-TV segments, but is
only the second-largest after Magticom, its key rival.

ESG CONSIDERATIONS

Silknet has an ESG Relevance score of 4 for Governance Structure,
reflecting the dominant majority shareholder's influence over the
company and related-party transactions. This has a negative impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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AVOCA CLO XVII: S&P Affirms BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Avoca CLO XVII
DAC's class A-R, B-1-R, B-2-R, C-R, and D-R notes. At the same
time, S&P has affirmed its ratings on the class E, and F notes.

On Feb. 9, 2022, the issuer will refinance the original class A,
B-1, B-2, C, and D notes by issuing replacement notes of the same
notional.

The replacement notes are largely subject to the same terms and
conditions as the original notes, except for the following:

-- The replacement notes have a lower spread over Euro Interbank
Offered Rate (EURIBOR) than the original notes.

-- 12 months non-call period from closing.

-- The maximum weighted-average life test has been extended by 12
months.

The ratings assigned to Avoca CLO XVII's refinanced notes reflect
S&P's assessment of:

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

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

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

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

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

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

The portfolio's reinvestment period will end in April 2024.

S&P said, "In our cash flow analysis, we used a EUR550 million
target par amount, the actual weighted-average spread (3.62%), the
actual weighted-average coupon (4.65%), a 100% floating-rate
bucket, and the actual weighted-average recovery rates for all
rating levels.
"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to D-R notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
have capped our assigned ratings on the notes. In our view the
portfolio is granular in nature, and well-diversified across
obligors, industries, and assets.

"The class E notes are still able to withstand the stresses we
apply at the currently assigned rating, based on their available
credit enhancement. We have therefore affirmed our 'BB- (sf)'
rating on the class E notes."

Bank of New York Mellon (London Branch) is the bank account
provider and custodian. The transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its exposure
to counterparty risk under our current counterparty criteria.

S&P said, "For the class F notes, our credit and cash flow analysis
indicates a negative cushion at the assigned rating. Nevertheless,
based on the portfolio's actual characteristics and additional
overlaying factors, including our long-term corporate default rates
and recent economic outlook, we believe this class is able to
sustain a steady-state scenario, in accordance with our criteria."
S&P's analysis reflects several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that have recently
been issued in Europe.

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

-- S&P said, "We also compared our model generated break-even
default rate at the 'B-' rating level of 24.29% versus if we were
to consider a long-term sustainable default rate of 3.10% for 4.64
years (current weighted-average life of the CLO portfolio), which
would result in a target default rate of 14.38%."

-- The actual portfolio is generating higher spreads versus the
covenanted fix/floating threshold that S&P has modelled in its cash
flow analysis.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with a 'B-
(sf)' rating. We have therefore affirmed our 'B- (sf)' rating on
this class of notes.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-R, B-1-R, B-2-R, C-R, D-R, E, and F notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-R to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

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

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. Given the original closing date of this
transaction (October 2019), the documents do not prohibit assets
from being related to certain activities as we would typically see
in more recent transactions we have rated. Accordingly, although
the transaction is not precluded from purchasing assets in certain
industries, this is not unusual for transactions of this vintage
and does not result in material differences between the transaction
and our ESG benchmark for the sector. We have not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities."

Avoca CLO XVII is a broadly syndicated collateralized loan
obligation (CLO) managed by KKR Credit Advisors (Ireland) Unlimited
Co.

  Ratings List

  CLASS    RATING    AMOUNT  REPLACEMENT    ORIGINAL     SUB (%)
                   (MIL. EUR)  NOTES          NOTES
                               INTEREST RATE* INTEREST RATE

  Ratings assigned

  A-R      AAA (sf)   341.00   Three-month    Three-month   38.00
                               EURIBOR        EURIBOR
                               plus 0.82%     plus 0.96%


  B-1-R    AA (sf)     37.75   Three-month    Three-month   27.50
                               EURIBOR        EURIBOR
                               plus 1.60%     plus 1.70%


  B-2-R    AA (sf)     20.00   2.00%          2.20%         27.50

  C-R      A (sf)      38.50   Three-month    Three-month   20.50
                               EURIBOR        EURIBOR
                               plus 2.15%     plus 2.50%


  D-R      BBB (sf)    35.53   Three-month    Three-month   14.00
                               EURIBOR        EURIBOR
                               plus 3.25%     plus 3.85%


  Ratings affirmed

  E§       BB- (sf)    27.50   N/A            Three-month    9.00
                                              EURIBOR
                                              plus 6.38%

  F§       B- (sf)     13.75   N/A            Three-month
                                              EURIBOR
                                              plus 8.84%     6.50


*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

§These classes of notes were not subject to refinancing.
EURIBOR--Euro Interbank Offered Rate.
N/A--Not applicable


BLACKROCK EUROPEAN VI: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has upgraded BlackRock European CLO VI DAC's class D
and E notes and affirmed the class A-1, A-2, B-1, B-2, C and F
notes. The class B-1 through F notes have been removed from Under
Criteria Observation. The Rating Outlook remains Stable.

     DEBT               RATING           PRIOR
     ----               ------           -----
BlackRock European CLO VI DAC

A-1 XS1854556377   LT AAAsf  Affirmed    AAAsf
A-2 XS1856350829   LT AAAsf  Affirmed    AAAsf
B-1 XS1854556963   LT AAsf   Affirmed    AAsf
B-2 XS1854557771   LT AAsf   Affirmed    AAsf
C XS1854558407     LT Asf    Affirmed    Asf
D XS1854559397     LT BBBsf  Upgrade     BBB-sf
E XS1854559553     LT BBsf   Upgrade     BB-sf
F XS1854559983     LT B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

BlackRock European CLO VI DAC is a cash flow collateralized loan
obligation (CLO) comprised of mostly senior secured obligations.
The transaction is actively managed by BlackRock Investment
Management (UK) Limited and will exit its reinvestment period in
April 2023.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's updated
stressed portfolio analysis. The analysis considered cash flow
modelling results for the stressed portfolios based on the Jan. 5,
2022 trustee report.

Fitch's updated analysis applied the agency's collateral quality
matrix specified in the transaction documentation. The transaction
has two matrices, based on a 16% and 24% top 10 obligor
concentration limit. Fitch's updated analysis applied the agency's
collateral quality matrix specifying the 16% top 10 obligor limit
as the agency viewed this as the most rating relevant. Fitch also
applied a haircut of 1.5% to the weighted-average recovery rate
(WARR) as the calculation of the WARR in transaction documentation
reflects an earlier version of Fitch's CLO criteria.

The Stable Outlooks on all classes reflect Fitch's expectation that
the classes have sufficient levels of credit protection to
withstand potential deterioration in the portfolio's credit quality
in stress scenarios commensurate with such class's rating.

Deviation from Model-Implied Ratings: The rating actions for the
class A-1, A-2 and F notes are in line with the model implied
ratings (MIR) produced from Fitch's updated stressed portfolio
analysis, while the rating actions for all other classes of notes
are one notch below the respective MIRs. The deviations reflect the
remaining reinvestment period until April 2023 during which the
portfolio can change due to reinvestment or negative portfolio
migration.

Stable Asset Performance: The transaction metrics indicate stable
asset performance. The transaction is passing all coverage tests,
collateral quality tests and portfolio profile tests. Exposure to
assets with a Fitch-derived rating of 'CCC+' and below is 3.7%
excluding non-rated assets, as calculated by Fitch.

'B' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors in the 'B' category. The
weighted-average rating factor (WARF), as calculated by the
trustee, was 32.7, which is below the maximum covenant of 36.0. The
WARF, as calculated by Fitch under the updated criteria, was 24.4.

High Recovery Expectations: Senior secured obligations comprise
95.3% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee was 65.5%, against the covenant at 62.7%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 11.5%, and no obligor represents more than 1.4% of
the portfolio balance, as reported by the trustee.

RATING SENSITIVITIES

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

-- An increase of the rating default rate (RDR) at all rating
    levels by 25% of the mean RDR and a decrease of the rating
    recovery rate (RRR) by 25% at all rating levels in the
    stressed portfolio will result in downgrades of up to four
    notches, depending on the notes;

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

DATA ADEQUACY

BlackRock European CLO VI DAC

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

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

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

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

GOLDENTREE LOAN 1: Moody's Affirms B2 Rating on EUR12MM F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by GoldenTree Loan Management EUR CLO 1 Designated
Activity Company:

EUR26,000,000 Class B-1A Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Jul 23, 2020 Affirmed Aa2
(sf)

EUR14,000,000 Class B-1B Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Jul 23, 2020 Affirmed Aa2
(sf)

EUR14,000,000 Class C-1A Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Jul 23, 2020
Affirmed A2 (sf)

EUR11,500,000 Class C-1B Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Jul 23, 2020
Affirmed A2 (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Baa1 (sf); previously on Jul 23, 2020
Confirmed at Baa2 (sf)

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

EUR162,000,000 Class A-1A Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Jul 23, 2020 Affirmed Aaa
(sf)

EUR49,000,000 Class A-1B Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Jul 23, 2020 Affirmed Aaa
(sf)

EUR30,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aaa (sf); previously on Jul 23, 2020 Affirmed Aaa (sf)

EUR27,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jul 23, 2020
Confirmed at Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Jul 23, 2020
Confirmed at B2 (sf)

GoldenTree Loan Management EUR CLO 1 Designated Activity Company,
issued in March 2018, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
and US loans. The portfolio is managed by GoldenTree Asset
Management LP. The transaction's reinvestment period will end in
April 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1A, B-1B, C-1A, C-1B and D Notes
are primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in April 2022.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in 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 and principal proceeds balance: EUR390.8 million

Defaulted Securities: Nil

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2772

Weighted Average Life (WAL): 4.7 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.48%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 45.2%

Par haircut in OC tests and interest diversion test: Nil

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:

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.



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

CASTOR SPA: Moody's Assigns B3 CFR & Rates New EUR1.4BB Notes B3
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to Castor S.p.A. (Cerved or
the company). Concurrently, Moody's has assigned a B3 rating to the
proposed EUR1.4 billion backed senior secured floating and fixed
rate notes due 2029 issued by Castor S.p.A, which will be used to
finance a portion of its take-private acquisition of Cerved Group
S.p.A. The outlook on the ratings is positive.

"Cerved benefits from an attractive business profile, characterized
by its long-established position as the leading risk intelligence
provider in Italy as well as its standing as an important provider
of credit servicing solutions", said Fabrizio Marchesi, Vice
President and Moody's lead analyst for the company. "However,
opening leverage is high, especially for a company with limited
geographic diversification and pockets of customer concentration
and the company will need to build upon its solid (pre-pandemic)
track record of revenue and EBITDA growth to ensure it deleverages
its capital structure over the next 12-18 months", added Mr.
Marchesi.

RATINGS RATIONALE

Cerved's B3 CFR is supported by i) its role as the leading risk
intelligence and marketing intelligence provider, and second
largest credit servicer, in Italy; ii) the high barriers to entry
provided by Cerved's proprietary database, strong brand, and
technological know-how; iii) impressive customer retention rates
and good customer diversification in the corporate segment; iv) a
track record of long-term organic revenue growth, which Moody's
forecasts will continue following the slowdown caused by the
coronavirus pandemic, as well as the rating agency's expectations
that the company will deliver significant cost savings following
the take-private transaction; and v) healthy Moody's-adjusted free
cash flow (FCF) generation and good liquidity.

Conversely, the rating is constrained by Cerved's i) relatively
small size and lack of geographic diversification; ii) significant
exposure to the troubled and gradually consolidating Italian
banking sector and a certain degree of supplier concentration; iii)
high opening Moody's-adjusted leverage of 7.8x and execution risk
regarding the company's ability to deliver growth in revenue and
EBITDA, in order to deleverage; as well as iv) the risk that the
company will pursue an active acquisition strategy or
shareholder-friendly actions, which could delay deleveraging.

Moody's expects that Cerved's top line growth will continue to
improve, following a coronavirus pandemic-induced setback in 2020,
and that gains across each of its divisions (Risk Intelligence,
Marketing Intelligence, and Credit Management) will help grow
revenue towards EUR530 million in 2022 and EUR570 million in 2023.
Top line growth, in combination with the delivery of cost savings
(which the rating agency estimates at up to EUR50 million by
December 2023) following the take-private of the company, are
expected to drive company-adjusted EBITDA towards EUR255 million
and EUR305 million in 2022 and 2023, respectively. Moody's-adjusted
leverage forecasts of 6.0x by December 2022 and 5.0x by December
2023, do not include potential debt-funded acquisitions or
shareholder-friendly actions. The rating agency estimates that
Cerved's Moody's-adjusted free cash flow (FCF) will remain healthy
at low-to-mid single-digit levels over the next 12-18 months.

Cerved is majority-owned by ION, a permanent capital investment
company focused on financial technology, software, data and
analytics sectors, with the remainder of its share capital held by
GIC and certain institutional investors.

Governance was considered a key rating driver in line with Moody's
ESG framework. As is often the case in highly levered,
private-equity-sponsored deals, Moody's considers that Cerved's
shareholders will have a higher tolerance for leverage/risk, and
that governance will be comparatively less transparent, when
compared to publicly traded companies. Nevertheless, Moody's
recognizes that its board structure is characterized by a material
degree of diversification, with six out of 10 independent
directors.

LIQUIDITY

Moody's considers Cerved's liquidity to be good and supported by
approximately EUR93 million of pro forma cash on balance sheet,
access to a fully undrawn EUR80 million super-senior revolving
credit facility (RCF), and FCF generation of around EUR75 million
expected for 2022. Moody's highlights that the RCF features a
springing Senior Secured Net Leverage Ratio test, which is tested
when the RCF is drawn above 40% and must be maintained below
10.24x, with a breach leading to a draw-stop on the RCF.

STRUCTURAL CONSIDERATIONS

The proposed capital structure includes EUR1.4 billion of backed
senior secured floating and fixed rate notes due 2029, as well as
an EUR80 million super-senior RCF, which is due in 2028. The
security package provided to senior secured lenders is ultimately
limited to pledges over shares and intercompany receivables.

The B3 rating assigned to the proposed backed senior secured
floating and fixed rate notes is in line with the CFR, reflecting
the size of the super-senior RCF which ranks ahead. The B3-PD
probability of default rating is at the same level as the CFR,
reflecting Moody's assumption of a 50% family recovery rate.

RATING OUTLOOK

The positive outlook reflects Moody's expectations of continued
growth in revenue and Moody's-adjusted EBITDA over the next 12 to
18 months, as well as annual Moody's-adjusted FCF in the mid-single
digits as a percentage of Moody's-adjusted debt. The outlook also
assumes no material releveraging from any future debt-funded
acquisitions or shareholder distributions, as well as the company
maintaining an adequate liquidity profile.

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

Positive pressure on the ratings could develop over the next 12-18
months if Cerved continues to record growth in revenue and
Moody's-adjusted EBITDA; Moody's-adjusted leverage improves to
around 6.0x on a sustained basis; and Moody's-adjusted FCF/debt
rises sustainably towards high single-digit levels. Any positive
rating action would also require the company to maintain adequate
liquidity and would depend on the company's financial policy. For
example, positive rating action would be less likely in the event
of material debt-funded acquisitions or shareholder distributions.

Conversely, negative rating pressure could occur if expected
organic revenue and EBITDA growth does not materialize;
Moody's-adjusted leverage does not decline below 7.5x on a
sustained basis; FCF generation turns negative for a sustained
period; or the company's liquidity deteriorates so that it is no
longer adequate.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Cerved is a leading provider of risk intelligence, marketing
intelligence, and credit management services in Italy, leveraging
on its comprehensive set of credit intelligence and data. It was
established in 1974 as an electronic version of the Italian chamber
of commerce. Listed on the Milan stock exchange since 2014, the
company was taken private by ION Investment Group, through Castor
S.p.A., via a voluntary tender offer announced in March 2021 and
closed in September 2021. In the year ended December 2020, Cerved
generated revenue of EUR488 million and company-adjusted EBITDA of
EUR204 million, which equates to a 42% company-adjusted EBITDA
margin.

INTER MEDIA: Fitch Rates Senior Sec. Fixed-Rate Notes 'B+'
----------------------------------------------------------
Fitch Ratings has assigned Inter Media and Communication S.p.A.'s
(Inter Media) senior secured fixed-rate notes a 'B+' rating. The
Outlook is Stable.

RATING RATIONALE

The instrument rating reflects the consolidated credit profile of
Inter Milan, predominantly constituting F.C. Internazionale Milano
S.p.A. (TeamCo) and Inter Media, and the structural protections of
the Inter Media financing structure.

Inter Milan's consolidated credit profile reflects the stability of
Serie A within the European football landscape and the franchise
strength internationally, with elevated current and projected
leverage. The coronavirus pandemic and resulting restrictions have
had a significant impact on TeamCo, leading to reduced revenue as a
result of no/partial fan attendance at games since February 2020.
This has coincided with a period of high player wages leading up to
the pandemic and significantly reduced international sponsorship
revenue expected in the coming years. Overall, this has reduced
Inter Milan's revenue diversity and created greater reliance upon
on-pitch performance and shareholder support during upcoming
periods of negative cashflow generation.

Management's business plan intends to normalise leverage levels,
but this carries execution risks and is not expected before FY25
(financial year ending June) at the earliest.

The notes benefit from preferential recourse to pledged media and
commercial revenues, partially insulating investors from many of
the ongoing operational risks that are present on a consolidated
basis.

KEY RATING DRIVERS

Prestigious League with Access to UCL - Revenue Risk: League
Business Model: 'Midrange'

Serie A is the fourth most valuable football league in Europe by
annual revenue and benefits from the top four positions having
access to the lucrative UEFA Champions League (UCL) competition.
Broadcast rights for Serie A have already been renewed for
2021-2024 and the distribution mechanics of league broadcast rights
allow a largely stable base revenue stream for teams regardless of
league position. The league's competitiveness is somewhat supported
by UEFA Financial Fair Play regulations, which monitor clubs'
financial sustainability, although it has a limited history of
effectiveness and the potential to be reformed.

Iconic European Football Team - Franchise Strength: 'Stronger'

Inter Milan has a 114-year history and historically the highest
attendance in the Italian football league. It also has a history of
strong performance having won 19 leagues, three UEFA cups and three
UCL trophies. In 2020-21 Inter Milan won the domestic league for
the first time since 2009-10 followed by the domestic cup in
January 2022 and it has competed in the UCL for the past four
seasons. The club is also the only team in Italy that has never
been relegated out of Serie A.

The club can leverage on an affluent fan base, with Milan being a
large metropolitan area and the business capital of Italy, which is
largely economically supportive of its two main clubs, Inter Milan
and AC Milan.

Revenue diversity has declined in recent years, in particular due
to expiration of several Asian sponsorship contracts that have not
been replaced. This has increased reliance on on-pitch performance,
potentially leading to greater revenue volatility.

Historic but Dated Stadium - Infrastructure Development & Renewal:
'Midrange'

Inter Milan plays at San Siro, a renowned stadium in Milan of
around 76,000 seats that belongs to the city. The stadium is one of
the largest in Europe and the largest in Italy, and is also home to
AC Milan. Although the stadium is old, it is considered a UEFA
category-four stadium, the highest possible, despite lacking modern
facilities and the large number of executive suites of modern
European stadiums.

Concentrated Refinancing - Debt Structure: Weaker

The new notes will be senior at Inter Media, fixed rate and only
partially amortising with 94% due at maturity in five years,
leading to significant refinancing risk. Fitch considers the
refinancing risk is broadly linked to the consolidated group's
performance. Fitch's analysis is therefore based on a consolidated
approach to Inter Media and TeamCo, although structural features
offer some protection to investors. The cashflow waterfall at Inter
Media gives investors a senior claim on pledged revenues that
ensures payments are made to investors, and reserve accounts are
funded, before any distributions are made to TeamCo.

Parent & Subsidiary Linkage Assessment

Inter Milan controls Inter Media, which contributes roughly 30% of
TeamCo's FY21 revenue (unadjusted). Ring-fencing provisions at
Inter Media restrict TeamCo's access to Inter Media cashflows under
certain conditions, although these restrictions offer limited
protection to bondholders, given the bullet maturity of the debt.
Under the Parent & Subsidiary Linkage criteria, Fitch therefore
assesses the 'Access & Control' of Inter Milan to Inter Media as
'Open' with 'Porous' legal ring-fencing, leading to the
single-notch rating uplift compared with the consolidated credit
profile.

Financial Profile

Fitch's financial forecast highlights the recent deterioration in
the financial profile, with marginally negative EBITDA expected in
FY22. Under the Fitch rating case, Fitch-adjusted net debt/EBITDA
reaches 22x in FY23 followed by 10x in FY24 and 6x in FY25.

PEER GROUP

Inter Media has one peer publicly rated by Fitch, Fútbol Club
Barcelona (FCB, BBB-/Stable). It is a rating on FCB's private
placement instrument and is also rated on a consolidated basis.
Both clubs have similar assessments for league ('Midrange'),
franchise ('Stronger') and infrastructure renewal ('Midrange').
Although Inter Milan and FCB have a 'Stronger' assessment for
franchise, FCB has a far bigger fan base, significantly stronger
and more diverse revenue generation, and in Fitch's view, a
stronger global brand. Inter Media also has a 'Weaker' debt
structure assessment, compared with FCB's 'Midrange', due to the
concentrated bullet maturity compared with FCB's staggered debt
maturities. FCB's financial profile is also significantly stronger
under Fitch's rating case, with significantly lower leverage by
FY23 when compared with Inter Milan's Fitch-adjusted net
debt/EBITDA of 22x in FY23.

RATING SENSITIVITIES

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

-- Deterioration in Fitch-adjusted net debt/EBITDA to above 7.5x
    on a sustained basis as a result of reduced revenue stability,
    increased costs or material increase of player trading
    expenses.

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

-- Fitch-adjusted net debt/EBITDA sustainably below 6.5x as a
    result of a sustained period of high revenue, improved
    diversification of revenue streams and evidence of prudent
    cost management, provided there is a clearer view of medium-
    term wages/revenue ratio and player trading.

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

Inter Media issuedEUR415 million fixed rate notes to refinance
existing debt. Fitch rates the notes using the Sports Criteria and
Master Criteria to determine the consolidated credit profile and
then apply the Parent Subsidiary Linkage to notch up to get to the
instrument rating. Inter Media contributes significantly to the
Inter Milan group, albeit its revenue generation is ultimately
linked to the TeamCo football and financial performance.

FINANCIAL ANALYSIS

Fitch analyses the club on a consolidated basis and focuses on
Fitch-adjusted net debt/EBITDA as the primary metric. As part of
Fitch's financial analysis Fitch has updated its assumptions to
reflect the latest financial and on-pitch performance,
participation in international competitions, expectation for
stadium attendance, player salaries and net player trading. As part
of this update, Fitch has also reflected management's latest
business plan and the loss of Asian sponsorship agreements. This
leads to less diverse revenue and greater reliance upon on-pitch
performance. In particular, there is now greater reliance upon
qualification to the UCL, which Fitch does not assume on an ongoing
basis in the Fitch rating case.

The updated financial analysis results in low cash flow generation
and negative EBITDA in FY22 leading to significantly increased
leverage. Under the Fitch rating case, Fitch-adjusted net
debt/EBITDA reaches 22.0x in FY23 followed by 10x in FY24 and 6x in
FY25.

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.



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

TIMBER SERVICIOS: Moody's Assigns 'B2' CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating and
a B2-PD probability of default rating to Timber Servicios
Empresariales, S.A. (Altadia or the company) and B2 instrument
ratings to the proposed EUR1,200 million senior secured term loan B
(TLB) and the proposed EUR175 million senior secured revolving
credit facility (RCF), both to be issued by Timber Servicios
Empresariales, S.A. The outlook is stable.

The proceeds from the new facilities will be used primarily to
finance the purchase of LSFX Flavum Topco, S.L., repay existing
debt at LSFX Flavum Bidco, S.A.U., 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 cash equity contribution from the Carlyle Group
(Carlyle). Moody's anticipates that the equity funding will be in
the form of common equity. Moody's expects to withdraw all ratings
for LSFX Flavum Holdco, S.L.U. once all debt issued is repaid.

RATINGS RATIONALE

The assigned B2 CFR reflects Altadia's high estimated gross
leverage, as adjusted and defined by Moody's, of around 6.2x for
the last 12 months that ended December 2021 and Moody's expectation
of a deleveraging to below 6x over the next 18 months driven by the
realization of significant synergies from last year's acquisition
of Rocher, albeit entailing some execution risk. The company´s
ability to generate meaningful free cash flow somewhat mitigates
this risk, and its solid performance in 2021 provides positive
signs for continued execution. The current favourable operating
environment and the company's increased focus on profitability
enabled Altadia to pass on higher raw material costs (e.g., zinc,
cobalt) to its customers quicker than in the past. For example, in
2018, the company experienced difficulties to pass on higher input
costs in a timely manner which depressed EBITDA margins.

The company's strong global market positions in its product
segments; good profitability with Moody's estimated adjusted EBITDA
margin at around 20% in 2021; capacity to generate meaningful free
cash flow (FCF); good liquidity profile; and experienced management
team support the B2 CFR. Favourable growth fundamentals, including
the substitution of alternative flooring and the continuous shift
towards more sophisticated tiles provide, and Altadia's track
record of bringing innovative products to market also support the
rating.

However, the CFR is constrained by the company's high starting
gross leverage, as adjusted and defined by Moody's, of around 6.2x;
narrow product portfolio geared towards ceramic tile production and
the inherent exposure to the cyclical construction industry;
execution risks related to the integration of Rocher and the
associated costs to realize these synergies; some risk of
debt-funded acquisition; exposure to volatile input costs and time
lags in cost pass through which can be impact Altadia's
profitability during less favourable periods; and risk of
increasing competitive pressure, particularly in the company's
inkjet segment, from low-margin competitors.

LIQUIDITY PROFILE

Altadia has a good liquidity profile. The estimated opening cash
balance is around EUR50 million, and the company has full
availability under the proposed EUR175 million RCF maturing in
2028. In combination with forecast funds from operations of around
EUR120 million over the next 12 months, these sources are
sufficient to cover capital expenditure, including one-off costs
related to realization of synergies, of around EUR80 million,
capital swings and day-to-day cash needs (estimated to be around 3%
of sales). In addition, the company has also access to other credit
lines to manage working capital swings.

The availability of the RCF is subject to a senior secured net
leverage covenant of 9.31x to be tested when RCF utilization
(excluding certain items and net of cash on balance sheet) is at or
above 40%. The starting senior secured net leverage is 4.9x as of
end December 2021.

ESG CONSIDERATIONS

Moody's governance assessment for Altadia incorporates its highly
leveraged capital structure, reflecting the 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 generate returns.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation of increasing
earnings supported by the realization of significant synergies
leading to a deleveraging to below 6x over the next 18 months while
maintaining a good liquidity profile and generating positive free
cash flow.

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

Moody's could consider downgrading Altadia's rating if Moody's
adjusted leverage would remain above 6x and if the company's EBITDA
margin would decline to the low teens, both on a sustainable basis.
A downgrade would also be likely if RCF/debt declined to below 5%
on a sustained basis or there would be a substantial weakening of
the company's liquidity profile.

An upgrade is unlikely over the next few years given the magnitude
of improvement in credit metrics necessary for a B1 rating. Moody's
would consider upgrading Altadia's rating if Moody's adjusted
leverage would decline to below 5.0x and its EBITDA margin would
remain well above 15%, both on a sustainable basis. An upgrade
furthermore would require Moody's adjusted RCF/debt consistently
exceeding the double digits and maintenance of good liquidity.

STRUCTURAL CONSIDERATIONS

The proposed EUR1,200 million TLB and EUR175 million RCF represent
the bulk of the liability structure and are rated B2, in line with
the company's CFR. The senior secured facilities benefit from
guarantors representing at least 80% of EBITDA in certain
jurisdictions (Spain, Italy and Brazil), and the security package
includes share pledge as well as pledges over bank accounts and
intercompany receivables. The TLB and RCF share the same guarantor
coverage and collateral, and rank pari passu.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

COMPANY DESCRIPTION

Headquartered in Villarreal, Spain, Altadia is a global
manufacturer of intermediate products for the ceramic tile
industry. The group's offering comprises a full range of products
that determine the key properties of floor and wall tiles,
including surface colours, glazing products and body colouring
materials. Pro forma for last year's acquisition of Rocher, the
group generated revenue of around EUR994 million and
company-defined EBITDA of EUR201 million for the last twelve months
ended December 2021. In December 2021, Carlyle agreed to acquire
Altadia from Lone Star for an enterprise value of around EUR1.8
billion.

TIMBER SERVICIOS: S&P Puts Prelim. 'B' LT Ratings, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term ratings
to Altadia's intermediate parent company Timber Servicios
Empresariales S.A. and to the proposed EUR1,200 million term loan
B, with a recovery rating of '3'.

The stable outlook indicates S&P's view that Altadia will continue
to demonstrate solid performance, while smoothly integrating the
Rocher business, with forecast leverage of 5.4x-5.9x in 2022-2023.

Private equity firm Carlyle is acquiring Altadia, a leading
manufacturer of intermediate products for ceramic tiles that
generated sales of about EUR960 million in the 12 months to Oct.
31, 2021, from Lone Star Funds.

As part of this transaction, Altadia intends to raise a new term
loan B and refinance its capital structure.

The contemplated transaction will releverage the company.

On Dec. 17, 2021, Carlyle agreed to purchase Altadia from Lone Star
Funds. As part of the transaction, the company plans to issue:

-- A new EUR175 million senior secured revolving credit facility
(RCF) due 2028, assumed undrawn at closing.

-- A new EUR1,200 million first-lien term loan B due 2029.

S&P said, "The proceeds are to be used to fund the buyout and
refinance all outstanding debt. At closing of the transaction, we
expect adjusted debt to EBITDA of about 6.2x, falling to about
5.4x-5.9x in 2022-2023 on the back of higher EBITDA. We expect
adjusted leverage will remain below our downgrade trigger of 6.5x.
We will withdraw our ratings on LSFX Flavum Bidco S.L., the current
intermediate company of Altadia, upon completion of the
transaction."

Altadia's solid market position and growth profile support the
rating. Following the acquisition of Ferro's tile coating business
("Rocher") in 2021, Altadia became the largest global producer of
tile intermediate products, ahead of companies such as Gruppo
Colorobbia and Torrecid (both not rated). It has estimated market
shares of about 32% in Europe, the Middle East, and Africa in frits
and glazes, and 39% in inks globally. Altadia's strong research and
development capabilities and well invested asset base also increase
barriers to entry. S&P understands that ceramic tile production
should continue expanding in the long term, underpinned by an
increasing penetration rate over other materials, a push toward
more sophisticated tiles and technologies, and ongoing increasing
housing demand.

S&P said, "We anticipate Altadia will pass through most raw
material price and energy cost increases. The main raw materials
used by Altadia are cobalt, aluminum oxide, zinc oxide, and nickel.
Raw material prices and energy costs have materially increased
since the beginning of 2021. Altadia announced several price
increases in order to pass-through the impact. The intermediate
products account for only a small percentage of the tile cost
(about 4%-8%). In addition, energy costs represent 8%-9% of the
product's sale price. We expect that price increase will drive
revenue growth by 4%-5% in 2022."

Altadia expects significant manufacturing and selling, general, and
administrative synergies following the integration of Rocher. Most
of the synergies should come from cost improvement, relocating
production to more competitive local plants, and procurement gains.
Management also expect gains on the reorganization of Rocher's
sales and technical teams, since some senior executive roles and
support function staff were made redundant. S&P said, "We note that
expected synergies are higher than previously expected when the
transaction was announced. Although we do not anticipate major
execution risks, we acknowledge that synergies remain uncertain in
size and timing."

S&P said, "We forecast limited free operating cash flow (FOCF) of
EUR15 million-EUR20 million in 2022, and then over EUR100 million
in 2023. A working capital increase, to account for the increase in
the activity and raw materials price inflation, will constrain the
FOCF in 2022. In addition, we also factor in the cost to implement
the synergies, which consists mainly of costs incurred during
relocation of production, particularly from the Almazora
manufacturing site. We understand that most of these costs will be
incurred in 2022, and we expect FOCF to materially improve from
2023. We also expect EBITDA interest coverage of over 4.0x in
2022-2023.

"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. 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."

S&P Global Ratings believes the omicron variant is a stark reminder
that the COVID-19 pandemic is far from over. Uncertainty still
surrounds its transmissibility, severity, and the effectiveness of
existing vaccines against it. Early evidence points toward faster
transmissibility, which has led many countries to reimpose social
distancing measures and international travel restrictions. S&P
said, "Over coming weeks, we expect additional evidence and testing
will show the extent of the danger it poses to enable us to make a
more informed assessment of the risks to credit. In our view, the
emergence of the omicron variant shows once again that more
coordinated and decisive efforts are needed to vaccinate the
world's population to prevent the emergence of new, more dangerous
variants."

The stable outlook indicates S&P's view that Altadia will continue
to demonstrate solid performance, while smoothly integrating the
Rocher business, with forecast adjusted debt to EBITDA of 5.4x-5.9x
in 2022-2023.

S&P could lower the ratings if:

-- The group experienced severe margin pressure or operational
issues, leading to much lower FOCF;

-- Adjusted debt to EBITDA remained above 6.5x over a prolonged
period;

-- Liquidity pressure arose;

-- Altadia and its sponsor were to follow a more aggressive
strategy with regards to higher leverage or shareholder returns.

In S&P's view, the probability of an upgrade over our 12-month
rating horizon is limited, given the group's high leverage. Private
equity ownership could increase the possibility of higher leverage
or shareholder returns. For this reason, S&P could consider raising
the rating if:

-- Adjusted debt to EBITDA reduced consistently to below 5x;

-- Funds from operations (FFO) to debt increased consistently to
above 12%; and

-- Altadia and its owners showed commitment to lowering and
maintaining leverage metrics at these levels.

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

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Altadia, as for most rated entities owned
by private-equity sponsors. We believe the company's highly
leveraged financial risk profile points to corporate
decision-making that prioritizes the interests of the controlling
owners. This also reflects generally finite holding periods and a
focus on maximizing shareholder returns. Environmental and social
factors have an overall neutral influence on our credit rating
analysis. As a manufacturer of intermediates for ceramic tiles, we
see less environmental risk than for heavy building materials and
cement companies. Altadia has developed leading market shares in
digital inkjet technology, a substitution for traditional glaze
stains. This has materially reduced the waste of inks in the
manufacturing processes of its clients and has led to robust and
increasing margins for Altadia."




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

ANADOLU EFES: Moody's Withdraws 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating of Anadolu Efes Biracilik ve Malt Sanayii A.S. (Efes). At
the same time, Moody's has withdrawn Efes' B2-PD probability of
default rating and B2 rating on the company's outstanding USD180.39
million senior unsecured notes due 2022. The outlook has also been
changed to ratings withdrawn from negative.

RATINGS RATIONALE

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

COMPANY PROFILE

Anadolu Efes Biracilik ve Malt Sanayii A.S. (Efes) is Turkey's
leading beer producer with a 55% market share in 2021. The company
is also present in Russia (its largest market in terms of volume),
Kazakhstan, Ukraine, Moldova and Georgia. Efes owns 50.3% of the
capital of Coca-Cola Icecek A.S., Turkey's leading soft drink
producer whose geographical reach includes other Middle Eastern and
Central Asian countries.



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

BIG HOME: Kybotech Group Buys Business Out of Administration
------------------------------------------------------------
Jon Robinson at BusinessLive reports that the business and assets
of two online retailers have now been sold after the brands entered
administration and made redundancies last month.

According to BusinessLive, the joint administrators of Big Home
Shop and Physioroom have made the deal with Kybotech Group.

The transaction sees Kybotech Group acquire all of the business and
assets of the two companies, BusinessLive discloses.

A total of 23 employees who were retained by the joint
administrators while they continued to trade the businesses have
transferred to the purchaser as part of the transaction,
BusinessLive states.

Big Home Shop and Physioroom entered administration last month,
BusinessLive recounts.

The Interpath Advisory team comprised Rick Harrison, Howard Smith,
James Pollicott, Rich Curran, Amy Starkey, Tony Rudkin, Ryan
Manuel, Lorna Cottom, Tom Morton and Emma Loten, BusinessLive
notes.

The joint administrators were advised by Chris Roberts, Rob Lyons
and Grace Imafidon from DLA Piper, according to BusinessLive.

Kybotech Group was advised by teams from Kroll and Field Fisher,
BusinessLive relays.

Based in Padiham, near Burnley, Big Home Shop sold garden
furniture, outdoor equipment and other general furniture items via
various channels on Amazon and other such online marketplaces.

Nottinghamshire-headquartered Kybotech Group is an online retailer
of garden buildings and garden furniture, in addition to being the
designer and manufacturer of the 'BillyOh' outdoor buildings
range.


CONSORT HEALTHCARE: S&P Affirms 'BB' Ratings on Sr. Secured Debt
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' ratings on the senior secured
debt issued by Consort Healthcare (Birmingham) Funding PLC (Consort
or ProjectCo).

The negative outlook reflects the risk that the settlement
agreement could not be signed, and the trusts could be dissatisfied
with the project and take measures to terminate the project
agreement early. Additionally, Consort might be exposed to
remediating costs, which the existing liquidity reserves could be
used to cover.

Consort has made significant progress on the negotiations of a
settlement agreement with University Hospitals Birmingham NHS
Foundation Trust (UHBFT) to resolve the fire-related defects
outstanding since 2019. S&P expects a settlement agreement to be
signed within the first half of 2022.

ProjectCo used the proceeds of the senior debt issuance to finance
the construction and refurbishment of a mental health facility and
an acute inpatient facility at the existing Queen Elizabeth
Hospital in Birmingham. Balfour Beatty Construction Ltd. and Haden
Young Ltd. (both part of the Balfour Beatty group [BB]) completed
construction of the two facilities in 2008 and 2012, respectively.

ProjectCo operates under a 40-year agreement expiring in 2046. It
subcontracts hard facilities management (FM) services and security
services to Engie. It also subcontracts car parking and traffic
management services to Q-Park Ltd. The trusts retain soft FM
services.

ProjectCo benefits from an availability-based payment mechanism,
which supports cash flow stability.

There are unresolved latent defects related to fire protection.
Construction contractor Balfour Beatty is assuming responsibility
and the financial cost of resolving these issues. S&P assumes GBP50
million additional costs in its downside in the event that Balfour
Beatty fails to deliver, and Consort has to bear the cost. The
comparatively large levels of GBP67 million cash trapped in the
project on the top of covenanted reserves, thanks to a distribution
lockup, mitigate the latent defects exposure.

The two settlement agreements with UHBFT and Birmingham & Solihull
Mental Health NHS Foundation Trust (SMHFT) for open work orders,
which would include compensation for the service failure points
(SFPs) and could be declared, are yet to be signed.

While Engie's improved FM performance has led to a fall in SFPs,
having dropped below estate termination thresholds, Engie's
performance in delivering major maintenance (lifecycle) works and
variations continues to lag expectations.

In S&P's view, Consort has stringent payment terms, with a
demonstrated track record of disagreement over interpretation of
certain aspects of the payment mechanism. However, Consort is
working with the Trust to increase these thresholds and agree on
the interpretation.

S&P said, "The rating affirmation reflects our view that
negotiations between Consort, the trusts, and BB for signing
settlement agreements to address historical fire-related defects
and open work order issues has made significant progress over the
past few months, and we expect these will be closed by the first
half of 2022 without material financial impact on ProjectCo.

"The signature of a head of terms between ProjectCo and BB signals
their mutual commitment in reaching a settlement agreement with the
trusts by June 2022. In our view, this signed head of terms should
work as a roadmap toward the settlement agreement related to the
fire defects outstanding since 2019, mitigating the risk of an
event of default. Additionally, it will determine the extent to
which ProjectCo would be liable--or otherwise--for rectification
costs of latent defects associated with the passive fire
protections, if BB fails to remedy them. Currently, Consort has
been waived from any financial impact. We incorporate in our
downside case the scenario whereby Consort is fully liable for the
works and would therefore have to face a disbursement of about
GBP50 million."

If Consort does not sign the settlement agreements with the trusts
for open work orders, they could declare the SFPs for the pending
works and trigger the project's event of default, which would
entitle the creditors to a debt-acceleration right. Some of the
backlog of about 3,000 jobs were logged in 2019 but not reported as
closed on the help desk (open works order) because of the change in
reporting. Some of them remain outstanding and are in the process
of being closed. If SFPs associated with these works were to be
declared, they would exceed the contractor and project termination
thresholds under the FM contract and the project agreement
respectively. If not remedied or waived, this could lead to
termination of the project, which would allow the majority creditor
to accelerate Consort's outstanding senior debt. That said, the
trusts have not invoked any of their rights under the project
agreement, the first of which would be additional monitoring.

The project maintains sufficient liquidity to mitigate potential
exposure to the latent defects' rectification costs. Consort has
been in a distribution lockup since 2017, when the majority
creditor did not approve a standstill agreement that Consort
entered with the trusts for not applying unavailability deductions
linked to the fire-related defects. The majority creditor has
withheld rights from approving the financial model, and continues
to not approve it, so distributions cannot be made. The majority
creditor's consent is required for Consort to restart
distributions.

S&P said, "We expect that the majority creditor will not allow
distributions at least until Consort and BB sign the settlement
agreements with the trusts setting the terms of remediation of the
fire-related defects and open work orders. After signing the
agreement, Consort will remain exposed to BB for as long as the
rectification works are completed, unless the ProjectCo is fully
exempted from any financial impact. Therefore, we expect that if
the project were to restart distributions, we may lower our rating,
unless Consort maintains sufficient cash to mitigate its potential
exposure to latent defect costs."

Engie's operations have been improving in the past months, without
contractual triggers being breached. However, SFP levels shall
remain closely monitored, since the estate SFPs are still high, but
with some headroom to the relevant triggers. Engie's performance
has been slightly improving overall on day activities. There were
no significant concerns raised by the trust or ProjectCo. In S&P's
view, all parties perceive Engie to be a committed partner,
although tension remains over the interpretation of service
performance requirements. Engie has continued to meet ProjectCo
three times a week to review open orders. These meetings have had a
crucial role in Engie's operational improvement, due to better
organization and prioritization. No contractual breaches have been
recorded by Engie since July 2020. Deductions remained on average
at about 0.6% of the unitary payments per month over the past year,
and at 0.8% on average over the past two years.

Consort has accumulated underspent lifecycle in recent years, but
this trend is being reversed, in spite of the pandemic. Consort is
aiming to reduce its underspend over time. Under the latest asset
quality review, Consort found that assets' quality was in
accordance with expectations, in spite of the lower lifecycle
spend. In addition, the outstanding works were relatively minor,
and do not have a material impact on the operations of the hospital
and the overall service level provided by the trusts.

The negative outlook reflects that Consort remains exposed to the
following risks, since it has not yet signed a settlement agreement
with the trusts to solve the following existing issues:

-- Uncertainty related to the potential breach of contractual
thresholds in the project agreement; and

-- The potential exposure to material latent defect rectification
costs.

S&P said, "We could lower the rating by one or more notches over
the next 12 months if Consort fails to sign the settlement
agreement. Additionally, if we consider that the trusts are
attempting to take steps that demonstrate an increasing risk that
the project's contract could be terminated early, the ratings could
go down too. Finally, we could also lower the ratings if the
existing liquidity reserves, cash position, and cash flow
generation are not enough to mitigate the project's potential
exposure to the cost of remediating or compensating defects in the
buildings.

"We could revise the outlook to stable following a period of
operational stability that demonstrates the subcontractor's ability
to remain well within contractual thresholds, the settlement
agreement for open works orders is reached, and there is good
progress in rectifying latent defects."

Environmental, Social, And Governance (ESG)

S&P said, "We believe that governance factors are a major factor
for Consort, because the project is negotiating a settlement
agreement to solve past defects and therefore mitigate the future
negative impact on its cash flow generation. In addition, the
COVID-19 pandemic has put a spotlight on the social aspects of
hospitals, highlighting the crucial role they play in society's
ability to function."


LONDON CAPITAL: Administration Extended Until January 2024
----------------------------------------------------------
Michael Lloyd at Peer2Peer Finance News reports that London Capital
& Finance's (LCF) administration has been extended until 2024 to
take the total process to five years.

According to the latest filings on Companies House, joint
administrators Smith and Williamson and FRP Advisory said the
administration of the mini-bond provider will now end on January
29, 2024, Peer2Peer Finance News relates.  This would mean the
administration process would reach five years in total, Peer2Peer
Finance News notes.

LCF collapsed into administration in January 2019, leaving about
11,000 everyday investors in the dark about the recovery of the
GBP237 million outstanding in the portfolio, Peer2Peer Finance News
recounts.

The latest administration progress report in September showed that
LCF administrators' fees hit GBP6.2 million by July 29 and were
expected to reach GBP7.7 million by the end of January, Peer2Peer
Finance News discloses.

In April last year, the joint administrators paid a dividend to
over 10,000 bondholders that totalled around GBP6 million and said
bondholders would receive further dividends when more assets are
realized, Peer2Peer Finance News relays.  But they added these
would likely be paid by the Financial Services Compensation Scheme
(FSCS) if the government-backed compensation scheme was operational
by then, Peer2Peer Finance News notes.

During that month, the Treasury announced it will establish a
scheme that provides 80% of LCF bondholders' initial investment up
to a maximum of GBP68,000 and said it expected to pay around GBP120
million in compensation to about 8,800 people in total, Peer2Peer
Finance News relates.

According to Peer2Peer Finance News, as of February 2, the FSCS
said it had contacted 8,500 people, issuing cheques for over 11,500
bonds totalling GBP105 million under the scheme.

The FSCS wrote to an additional 700 people about compensation from
mid-December to February, has 700 more left to contact and said
everyone will receive their offer by April 20, Peer2Peer Finance
News discloses.


M&B PROMOTIONS: Goes Into Administration
----------------------------------------
Matthew Harris at NorthantsLive reports that M&B Promotions, the
firm behind the cancelled shows in Wicksteed Park as well as in
other places across the UK, has gone bust.

One of the bigger cancelled Wicksteed shows, Comedy In The Park,
was supposed to have brought James Acaster, John Bishop, Rob
Beckett and more to the Kettering venue last summer, NorthantsLive
states.

The organisers made the decision to postpone the event until this
summer, citing a lack of Covid-specific cancellation insurance, but
have now announced they've gone into administration, NorthantsLive
relates.

This has left thousands in Northamptonshire and beyond in the dark
about where their money has gone, and when they'll be able to get a
refund, NorthantsLive notes.

According to NorthantsLive, in a statement posted online, the
Coventry-based firm said it was "no longer viable for us to
continue trading" because of "financial setbacks caused by the
pandemic".



SOPHOS INTERMEDIATE: Fitch Affirms 'B' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Sophos Intermediate I Limited's (Sophos)
Long-Term Issuer Default Rating (IDR) at 'B' and first-lien secured
facilities' rating at 'B' with a Recovery Rating of 'RR4'. The
Outlook on the IDR is Stable.

The ratings of Sophos reflect its high leverage as well as its
strong position in end-point and network security solutions for the
small-to-medium-sized businesses (SMB) and mid-market market
segments. The company continues to demonstrate strong performance
on the back of favourable industry trends as demand for
cybersecurity services remains strong.

Fitch expects Fitch-defined funds from operations (FFO) gross
leverage to continue declining from 7.6x at financial year ended
March 2021 and to remain comfortably within the thresholds for a
'B' rating in FY22-FY24. Sophos' increased efforts in managed
services sales may put modest pressure on margins but this will be
compensated by faster revenue growth and greater customer loyalty.

KEY RATING DRIVERS

Strong Growth, Rapid Deleveraging: Fitch expects Sophos to
demonstrate low double-digit revenue growth in FY23-FY24 as
underlying demand for cybersecurity services remain strong.
Combined with a largely stable EBITDA margin, Fitch sees rapid
deleveraging to 6.0x FFO in FY24 from 7.6x in FY21. Fitch expects
the company to generate very strong free cash flow (FCF) in
FY22-FY25 with double-digit margins. Using this cash to prepay debt
would accelerate deleveraging and may lead to positive rating
action. In 2021, Sophos refinanced its second-lien loan with an
incremental first-lien secured loan and cash on its balance sheet.

Managed Services Support Growth: Managed services, including
Managed Threat Response (MTR) and Rapid Response (RR), are likely
to be the fastest growing segments for Sophos as demand for 24/7
professional support is particularly high among SMB where a company
can rarely afford a dedicated cybersecurity team. Increasing share
of revenues from managed services should also increase customers
loyalty, in Fitch's view. However, the segment may put modest
pressure on Sophos' margin as managed services require more support
staff.

Strong FCF Generation: Fitch expects Sophos to generate around
USD150 million-USD200 million of FCF a year. The most likely usage
of excess cash is bolt-on acquisitions but Fitch does not rule out
debt prepayments as the company had done in 2021. Dividend payment
is also a possibility but the history of rated software companies
in a leveraged buyout by Thoma Bravo shows a preference towards
cash reinvestments in value growth over dividends.

M&A Strategy Neutral: Fitch views the three acquisitions made by
Sophos in 2021 as largely neutral for leverage as they were funded
by cash. Such deals are important for the operating profile as they
allow Sophos to enhance its products via technology and expertise
acquisition, supporting customer loyalty and revenue growth. Fitch
believes that similar transactions are likely as the company
continues to generate very strong FCF. The impact of debt-funded
acquisitions, if any, will depend on EBITDA accretion from such
transactions.

Positive Industry Trends: Market studies point to growing
recognition of the importance of cybersecurity. While the
addressable overall IT security market has been growing, the share
of legacy security software contribution developed by legacy
vendors has been declining, with small niche solution providers
taking a larger combined share. The continuing digitalisation of
various industries, expansion of IT applications and the protection
of data and IT networks against threats support the growth of the
cybersecurity market.

Strong Market Positions: Sophos has leading positions in its key
market segments of end-point security and network security, as
indicated by high scores from market research firms and customer
ratings for its products. It is perceived as a leader in most
industry rankings, which positively affects customers' decisions
when choosing a cybersecurity vendor. This results in strong
customer growth and high revenue retention rates exceeding 100% and
demonstrates Sophos' ability to retain subscribers and upsell
additional products.

Fragmented Industry: The cybersecurity industry remains fragmented
with a large number of vendors focusing on different products,
which often results in several different vendors being used by a
single company. The market is going through a consolidation phase
with a large number of transactions taking place every year. New
technologies are continually being developed and deployed to
address ever-evolving threats, resulting in frequent new entrants.

DERIVATION SUMMARY

Sophos's ratings are supported by the company's strong position in
the cybersecurity market for the SMB and mid-market segments. Fitch
expects this to be maintained as an increasing share of the
company's revenue comes from next-generation products and managed
services. Sophos benefits from a large and diversified end-customer
base, high end-customer retention rates and a substantial share of
subscription-based revenue.

Sophos's operating profile compares well with that of other
Fitch-rated cybersecurity companies, in particular Barracuda
Networks, Inc. (B-/Stable) and Imperva Inc. (B-/Stable). Compared
with its peers, Sophos has lower leverage. Strong cash flow
generation allows it to comfortably operate with high leverage,
with healthy deleveraging capacity from EBITDA growth. Larger
cybersecurity companies such as NortonLifeLock Inc (BB+/Negative)
and Citrix Systems, Inc. (BBB/RWN) benefit from larger scale and
have notably lower leverage.

KEY ASSUMPTIONS

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

-- Revenue CAGR at low double digits in FY22-FY25;

-- Fitch-defined EBITDA margin at 20.5% in FY22, declining to
    19.5% by FY24 due to increasing share of managed services
    revenue;

-- Deferred revenue included above FFO at around USD90 million-
    USD80 million per year in FY22-FY25;

-- Capex at around 2% of revenue in FY22-FY25;

-- Annual working-capital outflow between USD20 million and USD27
    million in FY22-FY25;

-- No M&A to FY25.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Sophos would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated.

Fitch estimates that post-restructuring EBITDA would be around
USD140 million. Fitch would expect a default to result from a
secular decline or a drop in revenue and EBITDA following
reputational damage or intense competitive pressure. The USD140
million GC EBITDA is 34% lower than expected Fitch-defined FY22
EBITDA of EUR213 million (which factors in continued market growth
and some likely cost reductions).

An enterprise value (EV) multiple of 6.5x EBITDA is applied to the
GC EBITDA to calculate a post-reorganisation EV. The multiple is
higher than the median EV multiple for TMT, but is in line with
other similar software companies that exhibit strong FCF
characteristics.

The post-restructuring EBITDA accounts for Sophos's scale, customer
and geographical diversification as well as exposure to secular
growth in the cybersecurity market. The historical bankruptcy case
study exit-multiples for peer companies ranged from 2.6 x to 10.8x,
with a median of 5.1x. However, software companies have higher
multiples (4.6x-10.8x). In the LBO transaction to acquire Sophos,
Thoma Bravo valued the company at approximately 15x pro-forma
adjusted cash EBITDA or 23x reported FY19 EBITDA. Fitch believes
that the high acquisition multiple also supports Fitch's recovery
multiple assumption.

Fitch deducts 10% of administrative claims from the EV to account
for bankruptcy and associated costs and Sophos' revolving credit
facility (RCF) is assumed to be fully drawn, as per Fitch's
criteria

Fitch estimates expected recoveries for senior secured debt at 41%.
This results in the senior secured debt rating of 'B'/'RR4'.

RATING SENSITIVITIES

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

-- FFO gross leverage expected at below 6.0x on a sustained
    basis;

-- (Cash from operations-capex)/total debt with equity credit
    trending to 10%;

-- FFO interest coverage sustainably above 3.0x.

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

-- A weakening market position, via slowing revenue growth or
    increasing customer churn;

-- FFO gross leverage expected at above 7.5x on a sustained
    basis;

-- (Cash from operations-capex)/total debt with equity credit
    trending toward 5%;

-- FFO interest sustainably below 2.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Sophos has a strong cash balance and an undrawn
USD125 million RCF. Fitch expects liquidity to remain robust,
supported by positive FCF generation and a prudent approach to its
cash on the balance sheet. Its senior secured term loans are due in
2027.

ISSUER PROFILE

Sophos is one of global leaders in next-generation cybersecurity
solutions spanning endpoint, next-generation firewall, cloud
security, server security, managed threat response, and more.

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.

SPECIALTY STEEL: Faces Winding Up Petition, 2,000 Jobs at Risk
--------------------------------------------------------------
Oliver Smith at BBC News reports that a winding up petition has
been issued against Speciality Steel UK Limited, a division of
Sanjeev Gupta's Liberty Steel, according to court records.

The speciality steel unit supplies the aerospace and oil and gas
sectors, and operates from sites in Stocksbridge and Rotherham
employing about 2,000 people.

It is not yet clear if one or both steel works will be affected,
BBC notes.

Mr. Gupta's GFG Alliance, the owner of Liberty Steel, was forced
into a financial restructuring last year, BBC recounts.

This happened because its key lender, Greensill Capital, collapsed,
BBC states.

The petition against Speciality Steel UK Limited was issued by HMRC
on Feb. 8, BBC discloses.

A winding up petition is a form of legal action taken by a
creditor, in this case HMRC, against a company that owes them
money.  If, during the court hearing, the company is deemed to be
insolvent, a winding up order will be issued and an official
receiver appointed to liquidate the company.

The hearing in this case is not expected to take place until late
March, BBC relays.

According to BBC, GFG Alliance said it was operating against a
"very challenging" backdrop, as record high energy prices drove up
its overheads.

It added that it was in continuous dialogue with its creditors,
including HMRC, to find an "amicable solution" that was in the best
interest of all stakeholders, BBC notes.


TFS LOANS: Enters Administration, Unable to Issue New Loans
-----------------------------------------------------------
The Financial Conduct Authority on Feb. 10 disclosed that on
February 8, 2022, TFS Loans Limited was placed into administration.


Allister Manson and Trevor Binyon of Opus Restructuring LLP were
appointed as Joint Administrators.

TFS Loans Limited is a high cost and guarantor lender, which lends
money to customers for up to 60 months.  The Joint Administrators
will update customers as soon as possible.

All existing loan agreements remain in place and will not be
affected by the proposed administration.  However, the firm is no
longer able to issue new loans.

If you have any questions in the meantime about your loan, contact
TFS Loans Limited customer support team on: 01268 740 755 or e-mail
at collections@tfsloans.co.uk.

The FCA is in close contact with the firm and the Joint
Administrators regarding the fair treatment of customers.




===============
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,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *