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

                          E U R O P E

          Tuesday, March 22, 2022, Vol. 23, No. 52

                           Headlines



A R M E N I A

ARMENIA: Fitch Affirms 'B+' LT Foreign Curr. IDR, Outlook Stable


B E L A R U S

BELARUS: S&P Affirms 'CCC/C' Sov. Credit Rating, On CreditWatch Neg


F R A N C E

TARKETT PARTICIPATION: Moody's Reviews 'Ba3' CFR for Downgrade


G E R M A N Y

CERAMTEC BONDCO: Fitch Affirms Then Withdraws 'B' LT IDR
DOUGLAS GMBH: Fitch Affirms 'B-' LT IDR, Outlook Stable


G R E E C E

FRIGOGLASS SAIC: Moody's Cuts CFR to Caa2, Alters Outlook to Neg.


I R E L A N D

HARVEST CLO XXVIII: Fitch Gives B-(EXP) Rating to F Tranche
HAYFIN EMERALD IX: Moody's Assigns (P)B3 Rating to EUR8MM F Notes
LOGICLANE I CLO: Moody's Assigns B3 Rating to EUR11MM Cl. F Notes
LOGICLANE I: Fitch Gives Final B- Rating to Class F Tranche
TORO EUROPEAN 8: Moody's Assigns (P)B3 Rating to EUR6.7MM F Notes



I T A L Y

CASSIA SRL 2022-1: Moody's Assigns (P)B3 Rating to EUR38MM D Notes
TELECOM ITALIA: Fitch Lowers LT IDR to 'BB', Outlook Negative


K A Z A K H S T A N

SB ALFA-BANK: S&P Lowers ICR to 'B', Keeps CreditWatch Negative


L U X E M B O U R G

CORESTATE CAPITAL: S&P Lowers ICR to 'B', Keeps Watch Negative
CURIUM BIDCO: Fitch Affirms 'B' LT IDR, Outlook Stable


S P A I N

ENCE ENERGIA: Moody's Withdraws Ba3 Long Term Corp. Family Rating


S W I T Z E R L A N D

ORIFLAME: S&P Downgrades Long-Term ICR to 'B', Outlook Stable


U N I T E D   K I N G D O M

CINEWORLD: $900MM Cineplex Deal Damages Cast Doubt Over Viability
CORPORATE & PROFESSIONAL: Sold to Westerby After Administration
DEBENHAMS PLC: Nearly 90% of Former Stores Remain Empty
GREAT GEORGE: Concerns Raised Over Payments Made to BILT NCT
MIDAS GROUP: Collapse to Delay Weymouth Harbourside Project

NMC HEALTH: Sells 53% Stake in Saudi Medical Care Group
WEST BERKSHIRE: Oxford City Council Seeks Buyer for Lease

                           - - - - -


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A R M E N I A
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ARMENIA: Fitch Affirms 'B+' LT Foreign Curr. IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Armenia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B+' with a Stable Outlook.

KEY RATING DRIVERS

Armenia's 'B+' IDRs reflect strong per-capita income, governance
and business environment indicators relative to peers, as well as a
robust macroeconomic and fiscal policy framework and credible
commitment to reform, underpinned by IMF support. Set against these
strengths are a high share of foreign-currency denominated public
debt, relatively weak external finances, and geopolitical risks.
Armenia will be adversely affected by spillovers from the crisis in
Russia, given important linkages between the two economies, but
Fitch presently expects that the sovereign's policy buffers,
financing options, and long-dated commercial debt profile can help
it navigate the shock without major impairment of repayment
capacity.

Close Linkages with Russia: Russia accounted for 28% of goods
exports, 37% of imports, and 40% of tourism arrivals, foreign
direct investment, and remittances for Armenia as of 2021. The
immediate impact of sharply higher natural gas prices will be
limited, given that Armenia has locked in gas import prices with
Russia as of December 2021, for multiple years. Some disruption to
trade relationships is likely given the loss of correspondent
banking relationships of Russian banks operating in Armenia.
Russia's deep recession and the large depreciation of the Russian
rouble will hit Armenian exports.

Sharp Hit to Growth: The headwinds associated with the Ukraine
conflict and sanctions on Russia have caused us to revise down
Fitch's growth projection for 2022 sharply to 1.3% (previously
5.3%), as export growth (particularly to Russia) stalls, and
remittances (and hence household consumption) decline. Fitch
projects growth will return to 4.2% in 2023 ('B' median: 3.6%),
reflecting favourable domestic investment prospects and an expected
positive contribution of net trade.

Weaker External Finances: Armenia underperforms its 'B' rated peers
on external credit metrics. A long record of large current account
deficits (CAD) not sufficiently financed by foreign direct
investment flows has resulted in high net external debt (NXD) of an
estimated 52.5% as of end-2021 ('B' median: 30%). Fitch forecasts a
widening of the CAD to 4.1% of GDP in 2022 and 3.8% in 2023, given
the projected collapse in demand in Russia, Armenia's largest trade
partner, and worsened terms of trade. However, immediate liquidity
risks are more limited, helped by the issuance of a USD750 million
Eurobond in early 2021 that helped lift FX reserves to cover six
months of current external payments as of end-2021, and a flexible
exchange-rate regime.

Inflationary Risks: Inflation dipped moderately to 6.5% in February
after reaching 7.1% in January. Fitch projects it will average 8.5%
in 2022, above the central bank's upper limit of its tolerance band
(4% +/- 1.5%), and 5% in 2023. The central bank has raised rates by
225bp since August 2021 and will likely continue with rate hikes in
response to the pass-through effect of recent dram depreciation and
tightening by major central banks. While the inflation targeting
regime is broadly credible, the high level of dollarisation (42% of
resident deposits and 43.6% of loans to residents as of January
2022) impedes the transmission mechanism of monetary policy to some
extent.

Political Stability: The government, which won re-election in June
2021, is stable and consolidating its gains. Despite occasional
flare-ups, relations with Azerbaijan have not worsened, with
Russian peacekeepers continuing to maintain a truce in the disputed
Nagorno-Karabakh region. Governance indicators remain worse than
peer medians, although Armenia substantially outperforms rating
peers on human development and ease of doing business indicators.

Fiscal Consolidation Delayed: While Armenia announced a return to
compliance with its debt and expenditure rules (suspended for
2020-21) from 2022, the large growth shock associated with the
impact of the Ukraine conflict is likely to delay planned fiscal
consolidation. Fitch expects the fiscal deficit to stay largely
unchanged at 5.1% in 2022 (government target: 3%, based on real GDP
growth projection of 7%), and fall to 4.4% in 2023 (projected 'B'
median: 3.7%).

High FX Debt: General government debt moderated slightly to 65.7%
of GDP in 2021, after its large jump in 2020, on the strong nominal
GDP recovery, although the deficit remained relatively high. Fitch
expects gradual fiscal consolidation will reduce debt/GDP to 65.2%
of GDP in 2022 and 62.4% in 2023 (current 'B' median: 67.6%), more
slowly than previously expected given the more adverse economic
environment. Armenia is heavily exposed to currency risks, with an
estimated 70% of public debt denominated in FX as of end-2021
(current 'B' median: 63.9%). About 82.4% of government debt was at
fixed interest rates as of 2021. The average time to maturity of
government debt stood at 8.4 years as of end-2021, mitigating risks
to some extent.

Banking Sector Risks: Russian presence in the Armenian banking
sector poses a moderate risk. A sole Russian bank accounted for 5%
of assets as of 1H21, but relies primarily on local funding, and
its operations currently do not appear to be affected.
Non-residents accounted for over 22% of total banking system
deposits (or 11.7% of GDP) as of January 2022, but Fitch believes
the risks of large-scale deposit flight is currently limited. The
sector has historically suffered from low profitability (the net
interest margin was 4% in 2021), but asset quality is solid
(non-performing loan ratio of 1.7% as of January 2022),
capitalisation is high (the Tier 1 Capital Ratio was 15.6% as of
January 2022), and liquidity is strong (31.8% of total assets and
123.6% of short-term liabilities as of November 2021).

ESG - Governance: Armenia has an ESG Relevance Score (RS) of '5' &
5[+]' respectively for both Political Stability and Rights and for
the Rule of Law, Institutional and Regulatory Quality and Control
of Corruption. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in Fitch's proprietary
Sovereign Rating Model. Armenia has a medium WBGI ranking at 50th
percentile reflecting a recent track record of peaceful political
transitions, a moderate level of rights for participation in the
political process, moderate institutional capacity, established
rule of law and a moderate level of corruption.

RATING SENSITIVITIES

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

-- Macro: A severe macroeconomic shock, related to spillovers
    from Russia or renewed hostilities in Nagorno-Karabakh, that
    greatly undermines growth and financial stability.

-- External Finances: A worsening of external imbalances or
    emergence of external-financing pressures leading to a fall in
    reserves and a rise in the external interest burden.

-- Public Finances: Fiscal deterioration that results in
    financing difficulties and/or a sustained increase in general
    government debt/GDP over the medium term.

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

-- Public Finances: Improved confidence in general government
    debt/GDP returning to a firm downward path over the medium
    term, for example due to a credibly defined fiscal
    consolidation plan.

-- External Finances: A sustained improvement in external
    indicators, for example lower NXD closer to the 'BB' median,
    supported by improved current account balance and FDI inflows.

-- Structural: A marked reduction in geopolitical risks, coupled
    with a convergence of governance standards towards the 'BB'
    peer median.

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

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

Fitch's sovereign rating committee did not adjust the output from
the SRM score to arrive at the final LT FC IDR.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

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

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

Armenia has an ESG Relevance Score of '4[+]' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Armenia, as for all sovereigns. As Armenia
has a track record of 20+ years without a restructuring of public
debt and captured in Fitch's SRM variable, this has a positive
impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.



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B E L A R U S
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BELARUS: S&P Affirms 'CCC/C' Sov. Credit Rating, On CreditWatch Neg
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On March 18, 2022, S&P Global Ratings affirmed its 'CCC/C' long-and
short-term foreign and local currency sovereign credit ratings on
Belarus. The ratings remain on CreditWatch negative.

CreditWatch

S&P said, "The CreditWatch negative indicates that we could lower
the sovereign ratings over the next few weeks. We expect to resolve
the CreditWatch placement once we have more clarity on the impact
of the sanctions, as well as the willingness of the Belarusian
government to honor its debt obligations in full and on time."

Rationale

In S&P's view, Belarus is currently facing mounting economic,
balance-of-payments, and financial stability risks following the
imposition of strong international sanctions, which stem from its
involvement in Russia's military intervention against Ukraine. The
extent of the full economic damage to Belarus is difficult to
estimate, but S&P expects it to be very significant.

According to independent reports, Belarus has been supporting
Russia by allowing it to use Belarusian territory as a staging post
and to fire ballistic missiles into Ukraine. Belarus' political
institutions are very weak, with power remaining in the hands of
Mr. Lukashenko following the disputed presidential election in
August 2020. The results of this election were not recognized by
the EU and several other countries due to widely reported electoral
violations. In our view, over the last year and a half, this has
made Belarus even more dependent on Russia, likely influencing Mr.
Lukashenko's willingness to support Russia militarily.

The strong sanctions imposed by the EU, U.S., and U.K., among
others, target a number of important Belarusian export products,
such as potash and refined oil; have suspended access to the SWIFT
system for several key Belarusian banks; as well as restrict the
operations of the National Bank of Belarus (the central bank) in
the EU. The sanctions have been progressively tightening over the
last two weeks and S&P considers that they could tighten further.

Belarus has historically relied on assistance from Russia, such as
through sales of hydrocarbons at favorable prices or the provision
of additional credit lines. This reliance has been one of the key
factors supporting our sovereign ratings on Belarus. In mid-March,
the prime minister of Belarus announced that Russia's loans to
Belarus will be converted into Russian rubles from foreign currency
and that the repayment terms on that debt will be more favorable.
The full details of this new agreement are not available yet.
Despite the announcement, S&P believes that Russia's future
willingness and ability to support Belarus could be increasingly
questionable in the current environment, given the scale of
macro-financial distress in Russia itself.

S&P said, "Overall, we now consider it likely that, absent an
unforeseen positive development, Belarus could default on its
commercial debt over the next 12 months. Apart from financial
considerations, we also believe it is possible that Belarus will
become unwilling to honor its obligations in retaliation against
the sanctions."

Institutional and economic profile: Belarus is set to experience
its sharpest economic contraction in decades

-- The EU, U.S., and U.K., among others, have imposed substantial
sanctions on Belarus in response to its support for Russia's
military intervention in Ukraine.

-- The full impact of the sanctions is difficult to gauge, but S&P
expects they will lead to a significant disruption of economic
activity and breakages of established supply chains.

-- Under S&P's baseline, it forecasts Belarus' real GDP to
contract by 15% in 2022, followed by a 5% contraction in 2023.

In response to Belarus' support for Russia's military intervention
in Ukraine, the U.S., EU, and U.K., among others, have imposed
unprecedented economic sanctions. These include:

-- Wide-ranging export prohibitions to the EU, including for key
Belarusian foreign-currency-earning sectors such as oil refining
and potash fertilizers;

-- EU measures restricting the provision of SWIFT services to
Belarus' second-largest domestic bank, Belagroprombank, as well as
Bank Dabrabyt and the Development Bank of the Republic of Belarus.
Together with U.S. sanctions covering subsidiaries of sanctioned
Russian banks operating in Belarus, close to one-third of Belarus'
banking sector is currently under sanctions;

-- EU prohibitions on transactions with the central bank related
to the management of reserves or assets; and

-- A wide array of measures against specific Belarusian officials
and companies as well as the prohibition of exports of dual-use
items.

In aggregate, S&P estimates that around 75% of Belarusian exports
will be affected either directly by the conflict itself or by the
resulting sanctions. S&P expects significant economic contractions
in Russia and Ukraine as a result of the sanctions and as a direct
consequence of the ongoing military intervention. Russia and
Ukraine account for around 42% and 13%, respectively, of Belarus'
total goods exports. Another 20% of exports are to the EU and will
therefore also be significantly affected by the European
restrictions.

An important additional economic effect stems from the rising
number of Western companies that have announced the discontinuation
or suspension of their operations in Belarus. This is not
necessarily directly related to sanctions, and in many cases, stems
from these companies' individual decisions to manage operational or
reputational risks. S&P believes this development will essentially
aggravate the sanctions, leading to a disruption of supply chains
with substantial economic consequences.

S&P also thinks that the prospects for Belarus' IT sector--one of
the country's key growth drivers in recent years--are looking
increasingly bleak. Reputational risks, flight disruptions,
currency volatility, and political uncertainty will likely
undermine the sector's medium-term potential as companies and
employees hasten to relocate outside Belarus.

S&P said, "It is difficult to quantify the overall impact of the
aforementioned developments on the Belarusian economy, but we
consider it could be comparable to the 1990s, when real GDP
contracted cumulatively by 40% over 1990-1995 following Belarus'
independence from the Soviet Union. This was a period of
significant disruption and breakage of supply chains similar to
what appears to be happening right now. Our baseline scenario now
assumes a 15% contraction in Belarus' real GDP this year, followed
by a 5% contraction in 2023. We expect its GDP in U.S. dollar terms
to drop by over 35% from $68 billion in 2021 to $43 billion in
2022."

Historically, Russia's willingness to extend financial support to
Belarus has been one of the key factors supporting our sovereign
ratings on Belarus. Specifically, Russia has provided a number of
subsidies to Belarus, including favorable hydrocarbon prices,
refinancing maturing debt, and extending additional credit lines.
S&P said, "In our view, such support could become increasingly
uncertain given the scale of financial market volatility and
economic pressures on Russia itself. We believe this could have
direct negative implications for Belarus' ability to service its
commercial debt."

Flexibility and performance profile: S&P sees an increasing
likelihood of default on commercial debt over the next 12 months

-- Although it still does not consider Belarus' sovereign default
to be inevitable, it is becoming an increasingly likely outcome
over the next 12 months.

-- S&P expects Belarus' fiscal performance to deteriorate
significantly in 2022 on account of the economic contraction, the
need to support state-owned enterprises, and exchange-rate
depreciation.

-- S&P forecasts net general government debt to rise above 50% of
GDP at end-2022 from less than 30% of GDP at end-2021.

S&P said, "While we currently do not view a Belarus sovereign
default on commercial debt as inevitable, we see it as an
increasingly likely outcome over the next 12 months. In our view,
there are several scenarios that could lead to a default on
commercial debt."

First, a tightening of economic sanctions against more of Belarus'
banks or more comprehensive restrictions on the central
bank--perhaps by the U.S. in addition to the EU--could raise
financial stability risks even further. This could also deprive the
government of access to large portions of its foreign currency
reserves, needed for servicing debt.

Second, Belarus' willingness to pay its commercial debt on time and
in full could weaken as a way of retaliating against already
imposed or new sanctions. A presidential decree adopted in
mid-March 2022 allows the Ministry of Finance to pay maturing debt
to the so-called unfriendly countries (effectively those that have
imposed certain economic restrictions or sanctions on Belarus) in
local instead of foreign currency. Such an authorization would need
to be approved by the Council of Ministers of Belarus and it
remains to be seen how it will be applied in practice.

Belarus continues to face a heavy foreign-debt servicing schedule.
In 2022, the government is scheduled to repay $2.5 billion (6% of
2022 GDP) in principal and interest. The lion's share pertains to
servicing official bilateral or multilateral debt but there is
still almost $400 million of foreign commercial debt to service.
Payments on domestic foreign currency commercial debt (principal
and interest) of $700 million are also due this year. Belarus had
foreign-exchange reserves of $8.3 billion at the end of February
2022, although it remains uncertain whether the reserves can be
deployed in full, particularly if the existing sanctions become
more restrictive, as has already happened in Russia.

S&P said, "We expect a sharp deterioration in fiscal performance in
Belarus in 2022. In our view, this will be driven by the fiscal
headline balance weakening as the economy contracts and revenues
fall, as well as by possible government actions to support
state-owned enterprises or parts of the banking sector. The
depreciation of the Belarusian ruble will also significantly
inflate existing debt levels given that almost all debt (both
foreign and domestic) is denominated in foreign currency.

"Consequently, we forecast net general government debt to rise
steeply to 52% of GDP at the end of 2022 from less than 30% of GDP
at the end of 2021. We expect the current account to remain broadly
balanced over our forecast period, principally reflecting the
unavailability of funding to cover a deficit. In our view, this
will effectively act as a hard financing constraint, depressing
imports.

"The Belarusian banking sector is experiencing significant stress.
Asset quality deterioration and pressure on deposit withdrawals are
likely to increase while access to other funding sources remains
extremely limited. In our view, the financial sector was already in
a weak position before the military escalation and the risks are
now compounded. The banks represent a contingent liability risk for
public finances, in our view."

S&P Global Ratings acknowledges a high degree of uncertainty about
the extent, outcome, and consequences of the military conflict
between Russia and Ukraine. Irrespective of the duration of
military hostilities, sanctions and related political risks are
likely to remain in place for some time. Potential effects could
include dislocated commodities markets--notably for oil and
gas--supply chain disruptions, inflationary pressures, weaker
growth, and capital market volatility. As the situation evolves,
S&P will update its assumptions and estimates accordingly.




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F R A N C E
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TARKETT PARTICIPATION: Moody's Reviews 'Ba3' CFR for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed Tarkett Participation's Ba3
corporate family rating, Ba3-PD probability of default rating and
the Ba3 senior secured bank credit facilities ratings on review for
downgrade. The rating action follows Russia's (Ca negative)
invasion of Ukraine (Caa2 ratings under review), related sanctions
and rising raw material costs that will dent Tarkett's
profitability resulting in weaker credit metrics. The outlook has
been changed to ratings under review from stable.

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

The rating action reflects the heightened geopolitical and macro
uncertainty that Tarkett is exposed to following Russia's (Ca
negative) invasion of Ukraine (Caa2 ratings under review). Tarkett
generated around 10% of its revenue in Russia. The company also has
one factory in Ukraine, which is still opened and operating for
now. The rating action also takes into considerations increasing
raw material prices that will put pressure on Tarkett's
profitability, the company's ability to upstream cash out of Russia
as well as potential spillover effect that could weight on the
recovery of demand in other regions. These risks materialize at a
time when Tarkett's credit metrics are already weak for the current
rating category as evidenced by a Moody's adjusted Debt/EBITDA of
around 6.0x expected at year-end 2021, which compares to a
downgrade trigger of 5.0x. These risks are party mitigated by
Tarkett's good level of liquidity.

The review will focus on (i) the impact of Russia's invasion of
Ukraine on demand for flooring products in the region and on
potential supply chain disruptions as well as the ability of the
company to upstream cash from its Russian subsidiary, (ii) the
recovery prospects of demand in other regions, namely Europe and
North America, (iii) Tarkett's ability to pass through higher raw
material prices, and (iv) the company's capacity to meet its
financial policy targets, including a reduction in net leverage
towards 3.0x in a timely manner.

LIQUIDITY

Tarkett has a good liquidity, with a cash balance of EUR249 million
at December 2021 and a EUR350 million undrawn senior secured 1st
lien revolving credit facility (RCF). The company is exposed to
working capital seasonality, with a peak-to-trough working cash
need of around EUR70 million to EUR100 million between January and
June, and a subsequent release during the second half of the year.
Therefore, Moody's expects the company to draw its RCF in the first
half of the year. Intra-month swings are limited.

STRUCTURAL CONSIDERATIONS

Tarkett's capital structure consists of EUR900 million equivalent
senior secured 1st lien term loan B and a EUR350 million senior
secured RCF, both rated in line with the CFR. The instruments share
the same security package, rank pari passu and are guaranteed by a
group of companies representing at least 80% of the consolidated
group's EBITDA. The security package, consisting of shares, bank
accounts and intragroup receivables, is considered as limited. The
Ba3-PD is at the same level as the CFR, reflecting the use of a
standard 50% recovery rate as is customary for capital structures
with first-lien bank loans and a covenant-lite documentation.

In light of the initiation of a review for downgrade there is
currently no positive rating pressure envisaged on the rating.

Prior to the initiation of the review process Moody's had indicated
that a downgrade would likely occur if Tarkett's Moody's-adjusted
debt/EBITDA would remain above 5.0x on a sustained basis, if the
company's EBITA margin would remain below 5% on a sustained basis
and if FCF/debt would move towards low-single digits in percentage
terms on a sustained basis or the group's liquidity would weaken.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Paris, Tarkett Participation (Tarkett) is a global
designer and manufacturer of flooring products, with a focus on
resilient flooring, including luxury vinyl tiles (LVTs), commercial
carpets, wood, sport surfaces and flooring accessories. The company
has 33 production facilities across 17 countries worldwide, with
eight recycling plants, 24 R&D laboratories and a large network of
distribution centres. It provides its products to a wide range of
end-markets, such as healthcare and care homes, education,
workplace, hospitality, sports and residential. In 2020, the
company reported revenue of EUR2.8 billion and around EUR230
million EBITDA.



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G E R M A N Y
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CERAMTEC BONDCO: Fitch Affirms Then Withdraws 'B' LT IDR
--------------------------------------------------------
Fitch Ratings has revised German-based ceramic manufacturer
CeramTec BondCo GmbH's (CeramTec) Outlook to Stable from Negative
while affirming its Long-Term Issuer Default Rating (IDR) at 'B'.

Fitch has withdrawn the ratings as CeramTec's debt has been repaid
and the company has chosen to stop participating in the rating
process. Therefore, Fitch will no longer have sufficient
information to maintain the rating. Accordingly, Fitch will no
longer provide ratings or analytical coverage for CeramTec as it is
no longer relevant to the agency's coverage.

KEY RATING DRIVERS

The Stable Outlook reflects a recovery of key credit metrics to
pre-pandemic levels that are well within the company's rating
sensitivities. Financial figures at end-September 2021 showed a
strong revenue and EBITDA recovery driven by higher volumes,
productivity improvements and strict cost control.

Fitch estimates funds from operations (FFO) gross adjusted leverage
at 7.2x, an EBITDA margin of 38% and free cash flow above EUR90
million at end-2021. Despite the recently completed leverage buyout
by BC Partners and CPP Investments and forecast higher leverage at
7.9x in 2022, the financial profile is commensurate with the 'B'
rating and justifies a revision of the Outlook to Stable.

DERIVATION SUMMARY

N/A

KEY ASSUMPTIONS

N/A

RATING SENSITIVITIES

N/A

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

N/A

ISSUER PROFILE

CeramTec is a global developer, manufacturer and supplier of
advanced ceramic products, mainly found in Germany, and rest of
Europe, as well as north America.

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.

Following the rating withdrawal, Fitch will no longer provide ESG
Relevance Scores on CeramTec.

DOUGLAS GMBH: Fitch Affirms 'B-' LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Douglas GmbH's Long-Term Issuer Default
Rating (IDR) at 'B-'. The Outlook is Stable.

The 'B-' IDR balances Douglas's continuing high leverage and weak
coverage metrics with a strong operating profile as Europe's
largest beauty retailer with large scale, product breadth and
established multi-channel distribution capabilities.

The Stable Outlook reflects Fitch's expectations of persistently
high but decreasing funds from operations (FFO) adjusted gross
leverage of around 8.0x through the financial year to September
2025, on profitability improvement. Fitch also expects free cash
flow (FCF) to turn neutral-to-positive from 2023 as the company
returns to pre-pandemic earnings and delivers its offline-to-online
transformation strategy.

Fitch sees no rating headroom at the current credit metrics and
failure to deliver on profitability improvement and hence
deleveraging would likely lead to negative rating action.

KEY RATING DRIVERS

Strong Position in Growing Market: As the largest European beauty
retailer, Douglas remains well-placed to benefit from stable
long-term underlying consumer demand. Despite being discretionary
consumer spending, beauty retail has been less susceptible to
cyclicality than other retail sub-sectors such as consumer
electronics, furniture or apparel. The growing trend towards
premiumisation, which Fitch estimates will outpace the mass market
growth in the coming years, and online outperformance over
store-based beauty sales will all favour Douglas. It is
well-represented in the premium segment with its extensive product
and brand assortment, as well as strong online and omni-channel
capabilities.

Business Model Transformation Continues: Completion of its business
transformation towards a greater focus on online remains critical
to Douglas's medium-term credit quality. The company has a record
of successful business restructuring, including portfolio
rejuvenation and cost-optimisation measures, but full completion of
transformation still entails some execution risks. There are
increasing competitive pressure in online markets, driven by
efforts of both conventional beauty retailers moving online, and by
online-focused retailers already present in the markets.

Cost Optimisation to Continue: Cost optimisation is on track and
should be complete by FY22. Douglas expects that full realisation
of its cost-optimisation programme, including the
#ForwardOrganization initiative of cutting centralised costs, can
add up to EUR120 million to operating EBITDA. Fitch acknowledges
the progress achieved and expect EBITDA margin to grow from around
6% in FY22 to about 9% in FY24. However, strict cost control after
the optimisation will remain critical to organic deleveraging.

Strong 1QFY22 Results: Douglas showed promising operating results
in the last calendar quarter of 2021, the most critical for the
company, by improving its sales in both online and offline, and
delivering like-for-like growth on pre-pandemic FY19. Profitability
also improved as a result of continuous cost optimisation. Fitch
expects further increases of operating margin and accelerated sales
growth in FY22, as pandemic restrictions are gradually lifted. At
the same time, the recovery can be affected by temporary changes to
consumer purchasing behaviour related to ongoing geopolitical
events.

FCF to Improve After FY22: FCF has been negative since FY18, and is
expected to remain negative in FY22. Transformation initiatives
that include substantial cost-cutting efforts are expected to allow
for low single-digit positive FCF margin from FY23, although its
delivery will also be contingent on efficient management of working
capital and capex not exceeding the average of FY19-FY21 spending.
Fitch expects Douglas to turn FCF-positive after FY22, as failure
to do so could signal persisting operating issues and derail
deleveraging.

Deleveraging Delayed: Fitch has revised its leverage forecast due
to business transformation pipeline being affected by the prolonged
pandemic and now expect adjusted gross debt /EBITDAR to remain
above 7.5x until at least FY24, delaying deleveraging by about two
years. Douglas has exhausted its leverage headroom, due to
weaker-than-expected EBITDAR and slightly increased debt quantum.
Current leverage metrics are more commensurate with the 'CCC'
rating category and capacity for debt reduction well ahead of
refinancing date will be critical to maintaining the current
rating.

Tight Coverage Metrics: Assuming interest capitalisation on its
payment-in-kind (PIK) notes, operating EBITDAR/(interest + rents)
is expected at 1.6x-1.8x in FY23-FY25. Further reduction in rent
expenses as part of its cost-optimisation programme can improve
coverage metrics.

DERIVATION SUMMARY

Fitch assesses Douglas's rating using Fitch's Ratings Navigator for
Non-Food Retailers. Fitch also derives the rating by comparing the
company's credit profile with predominantly store-based luxury
retailers' and online beauty retailers', given Douglas's strong and
growing e-commerce capabilities, as well as with selected branded
beauty-product companies'.

Douglas stands out as one of Europe's largest retailers with scale,
product breadth and multi-channel distribution capabilities that
are commensurate with a 'BB' rating category. This is balanced by
an aggressive financial structure with FFO adjusted gross leverage
estimated at 8x-9x and lower financial flexibility based on
projected tight FFO fixed charge coverage of around 1.5x.

The multi-notch difference with 'BBB-' -rated luxury predominantly
store-based retailer Capri Holdings Limited (BBB-/Stable) is due to
its materially stronger operating and cash-flow profitability, as
well as lower leverage.

Pure online beauty retailer THG PLC (B+/Stable) is rated two
notches above Douglas's, mainly due to a more conservative post-IPO
financial policy with FFO adjusted gross leverage projected to
improve to 5.2x in 2022 and even lower by 2024.

Comparability of Douglas with the Very Group Limited (B-/Positive)
is limited, given the latter's high exposure to consumer-finance
services supporting online retail activities. The Positive Outlook
on the Very Group reflects Fitch's expectation of FFO adjusted
gross leverage improving to below 7.0x in the near term.

The ratings of manufacturers of branded cosmetics Oriflame
Investment Holding Plc (B+/Stable) and Sunshine Luxembourg VII SARL
(Galderma, B/Negative) partly reflect similar business risks to
Douglas's, given exposure to consumer sentiment and preferences and
the importance of marketing investments and distribution networks.

At the same time, as product manufacturers Oriflame and Galderma
benefit from intrinsically higher operating and cash-flow margins,
and for Galderma the medicinal nature of some of its products is
supported by in-house R&D. Such business features, along with
scale, and product and geographic breadth, support Galderma's
higher IDR than Douglas's. Oriflame's 'B+' IDR reflects significant
deleveraging achieved in 2020 despite the pandemic, and Fitch's
expectation that FFO net leverage will reduce further.

KEY ASSUMPTIONS

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

-- Store optimisation programme achieved by FY22;

-- Store-based sales in FY22 to remain at 20% below pre-pandemic
    levels (FY19), and contracting 0.6% per year in FY23-FY25;

-- Online sales reaching 44% of total sales in FY25, up from 25%
    in FY20;

-- EUR16 million in non-recurring cash costs incurred in FY22 to
    implement the cost-optimisation programme;

-- Fitch-adjusted EBITDA margin of around 6% in FY22, and
    gradually improving towards 9.5% in FY25;

-- Senior notes PIK interest is capitalized;

-- Capex of EUR100 million - EUR120 million per year until FY25;

-- Working-capital outflow of around EUR17 million in FY22 due to
    normalisation of trade payables, followed by low double-digit
    inflows until FY25 on improved inventory management;

-- Disapo acquisition completed in FY22. No further acquisitions
    over the next three years.

Key Recovery Assumptions:

Fitch assumes that Douglas would be considered a going-concern (GC)
in bankruptcy and that it would be reorganised rather than
liquidated.

In Fitch's bespoke GC recovery analysis Fitch considered an
estimated post-restructuring EBITDA available to creditors of
around EUR270 million, lower than Fitch's previous estimate (around
EUR300 million) to reflect margin pressure going forward. In
Fitch's view bankruptcy could come as a result of prolonged
economic downturn combined with more difficulties in the turnaround
of the store network and/or weaker-than-expected online
performance.

Fitch has used a distressed enterprise value (EV)/EBITDA multiple
of 5.5x. This is 0.5x higher than the 5.0x mid-point used for
corporates outside the US, due to the company's exposure to rapid
online sales growth and already developed omni-channel
capabilities, which combined with its leading position in Europe
and high brand awareness, would result in a higher-than-average EV
multiple.

Fitch assumes Douglas's EUR170 million senior secured revolving
credit facility (RCF) would be fully drawn on default. Secured
creditor claims also include its EUR1,305 million senior secured
notes and its term loan B (TLB) for EUR675 million. Fitch assumes
all senior secured debt to rank equally among themselves. The
EUR475 million senior PIK toggle notes are subordinated to senior
secured debt.

After deducting 10% for administrative claims, Fitch's principal
waterfall analysis generated a ranked recovery for the senior
secured debt in the 'RR3' category with a waterfall generated
recovery computation (WGRC) of 62%, while the PIK toggle notes'
ranked recovery is in the 'RR6' category with a WGRC of 0%,
reflecting their subordination to a large portion of secured debt.

RATING SENSITIVITIES

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

-- Successful business optimisation, including online operations,
    evident in sustained like-for-like sales growth and the FFO
    margin trending towards 6%;

-- Strengthening credit metrics with FFO adjusted gross leverage
    approaching 7.0x and/or adjusted gross debt/operating EBITDAR
    below 6.0x;

-- FFO fixed charge cover above 1.7x and/or operating
    EBITDAR/(interest + rents) coverage above 2.0x;

-- Sustained positive FCF margin in the low- to mid-single
    digits.

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

-- Challenges in implementing business optimisation, resulting in
    delays or higher-than-expected cash costs and FFO margin
    remaining consistently below 4%;

-- Negative FCF requiring a permanently drawn RCF leading to
    diminishing liquidity headroom;

-- No visibility of FFO adjusted gross leverage trending towards
    8.5x and/or adjusted gross debt/operating EBITDAR below 7.5x
    two years before upcoming debt maturities;

-- FFO fixed charge coverage tightening towards 1.2x, and/or
    operating EBITDAR/(interest + rents) coverage tightening
    towards 1.4x.

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

Satisfactory Liquidity: Fitch views Douglas's medium-term liquidity
as satisfactory, based on low but sufficient internal cash flow
generation from FY23 after years of capital-intensive business
transitioning towards online. End-December cash-on-balance amounted
to EUR465 million with a fully undrawn committed RCF of EUR170
million.

When assessing the liquidity position, Fitch only considers readily
available cash after deducting EUR65 million of liquidity Fitch
deems necessary to fund intra-trade working capital, which
historically is highest in 2Q and 3Q, as well as to account for
cash in stores.

Following a refinancing in 2021, Douglas benefits from extended
maturities to 2026, while maintaining access to bank loan and
public debt markets, albeit with a concentrated repayment profile.

ISSUER PROFILE

Douglas is a German-based leading pan-European beauty and lifestyle
products retailer present in 26 countries, with a number 1 or 2
position in most of its markets.

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.



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

FRIGOGLASS SAIC: Moody's Cuts CFR to Caa2, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded Frigoglass SAIC's (Frigoglass)
corporate family rating to Caa2 from Caa1 and its probability of
default rating to Caa2-PD from Caa1-PD. Concurrently, the rating
agency downgraded to Caa2 from Caa1 the rating on the EUR260
million guaranteed senior secured notes due 2025 issued by
Frigoglass Finance B.V. The outlook on both entities was changed to
negative from stable.

RATINGS RATIONALE

The downgrade of the CFR to Caa2 reflects the expected
deterioration in liquidity and financial performance resulting from
the Russia-Ukraine conflict. Significant weakening in liquidity and
operational challenges increase the risk of Frigoglass' default on
its obligations, including the coupon payment on its EUR260 million
guaranteed senior secured notes.

Following the fire incident in Romania in June 2021, Frigoglass now
relies heavily on its Russian operations to fulfil customer orders
in its commercial coolers (ICM) business that accounts for more
than half of the group's earnings. Frigoglass therefore faces
supply chain disruptions, mostly around its outbound logistics to
transport finished goods out of Russia to customers in other
European markets. The visibility into near term resolution of these
logistical difficulties is currently low. Additionally, Frigoglass
faces challenges with sourcing of some materials to the Russian
plant, though the plant is currently operational. Continued
logistical difficulties could result in a significant increase in
delivery lead times and, thus, order cancellations during the
seasonal sales peak in H1 2022 cannot be ruled out. Moody's expects
a meaningful decline in the company's revenue in 2022. Sales levels
may remain depressed in 2023 until Frigoglass' Romanian plant is
reconstructed and fully operational.

The already high inflationary pressure, particularly from key input
costs, such as steel and energy, which could increase further as an
indirect effect of the Russia-Ukraine conflict, coupled with
increased transportation costs and lower business activity are
likely to have a material impact on the company's profitability.
High customer concentration, with Coca-Cola bottlers, which
accounted for 56% of the ICM segment's sales in the first nine
months of 2021, also leaves Frigoglass vulnerable to material
swings in customers' investment decisions.

According to the company, Russia and Ukraine accounted for 14.5%
and 2.4%, respectively, of the group's total sales in 2021 (based
on unaudited results). With many foreign companies exiting Russia
or suspending their operations and sharp devaluation of the Russian
ruble, it is likely that the sales volumes are lost and, in Moody's
view, relocating these sales volumes to other markets given growing
inflationary pressure and supply chain constraints will pose
challenge.

As a result, Moody's expects the company's free cash flow (FCF)
(excluding capital spending related to the plant in Romania) to be
negative (the magnitude will depend on the working capital
consumption related to the supply chain bottlenecks) at least
through the end of 2022, when the company plans to launch its
reconstructed plant in Romania. The related capital spending is
largely covered by the EUR42 million settlement of the insurance
claim for the property damage caused by the fire incident. Out of
the total EUR42 million, Frigoglass received EUR15 million as a
prepayment in September 2021 and another EUR10 million in early
February 2022. The collection of the remaining EUR17 million is
subject to the proof of actual expenditure incurred. However, the
ongoing global supply chain disruptions are likely to result in
slower production ramp up, as delivery of critical equipment could
be delayed.

This puts significant pressure on the company's liquidity as it is
due to repay around EUR60 million of short-term debt in 2022,
including around EUR30 million owed by the Russian subsidiary.
Given limited prospects of cash generation in Russia, the company's
ability to meet these obligations is dependent on its ability to
continue financing its Russian subsidiary through intercompany
transfers. Non-payment of obligations of EUR15 million in aggregate
will result in a cross-default on the EUR260 million guaranteed
senior secured notes due 2025.

LIQUIDITY

In the agency's view, liquidity of Frigoglass is weak. As of
December 31, 2021, Moody's estimates that the company had around
EUR70- EUR75 million of cash on balance, which together with the
funds from operations of around EUR20 million (net of interest
payments) that Moody's expects the company to generate over the
next 12 months, will not be sufficient to cover the expected
liquidity needs, including working cash, working capital needs,
short-term debt maturities of around EUR60 million and capital
expenditure that is not related to the Romanian plant
reconstruction.

The receipt of further settlement with the insurer under the
business interruption claim can be used for general corporate
purposes and to an extent support the company's liquidity. However,
the size and the timing of the settlement remain uncertain and may
be insufficient to accommodate lower sales in the ICM segment and
the potential working capital build up because of the supply chain
shock.

Frigoglass' short-term debt maturities comprise a number of
facilities from local banks, which the company was successful to
roll over in the past. Moody's expects this practice to continue
(subject to market conditions), however, it is not a part of the
assumption in Moody's conservative liquidity assessment. Shall the
company be successful in rolling over at least half of its
short-term debt maturities that are not due to the Russian banks,
it will significantly reduce pressure on its liquidity.
Additionally, Moody's liquidity assessment does not incorporate any
shareholder support, which could also boost liquidity.

STRUCTURAL CONSIDERATIONS

Frigoglass Finance B.V. is a wholly owned subsidiary of Frigoglass
and is the issuer of the EUR260 million guaranteed senior secured
notes due 2025. The notes represent the bulk of the debt capital
structure and are therefore rated in line with the CFR.

The notes are guaranteed by certain operating subsidiaries and
benefit from a customary security package, including pledge over
shares in certain subsidiaries, certain bank accounts and
intercompany receivables.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects the uncertainties related to the
company's ability to tackle its operational difficulties related to
the Russia-Ukraine conflict and the limited ability to operate its
Romanian plant, which could result in further deterioration of the
liquidity profile. Global economic uncertainty also limits
visibility, and Frigoglass lacks any significant buffers to manage
through this environment.

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

Frigoglass' ratings could be further lowered if the company fails
to improve its liquidity, increasing the probability of default on
its debt obligations, including in the form of a missed interest
payment or debt restructuring which Moody's could view as a
distressed exchange, a form of default. An increased likelihood of
a default or reduced recovery expectations for lenders could also
lead to a downgrade.

Positive rating pressure could develop if Frigoglass' liquidity
position improves, for example as a result of access to new
external financing or new equity injection from its major
shareholder, which is currently not factored in. An upgrade of
Frigoglass' ratings would require a material improvement in its
liquidity position and demonstration of a sustainable recovery in
sales that translate in FCF generation nearing breakeven.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Frigoglass SAIC (Frigoglass), headquartered in Kifissia, Greece, is
a leading commercial refrigerator manufacturer in Europe and a
major glass producer in West Africa. The company was founded in
1996 as a spinoff of Coca-Cola HBC AG (Coca-Cola HBC Finance B.V.,
also known as Coca-Cola Hellenic). Frigoglass operates two core
businesses: Ice Cold Merchandise (ICM), which produces commercial
coolers for soft drinks (73% of revenue and 41% of EBITDA as of the
12 months that ended September 2021), and Glass, which manufactures
glass bottles, plastic crates and metal crowns in Nigeria (27% of
revenue and 59% of EBITDA in the 12 months that ended September
2021). Frigoglass reported revenue of around EUR357 million and
EBITDA of around EUR48 million in the 12 months that ended
September 2021. Around 49% of the company's shares are owned by
Truad Verwaltungs A.G. and the remaining shares are in free float.
The company's shares are listed on the Athens Stock Exchange.



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

HARVEST CLO XXVIII: Fitch Gives B-(EXP) Rating to F Tranche
-----------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXVIII DAC expected
ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

DEBT                       RATING
----                       ------
Harvest CLO XXVIII DAC

A-1             LT AAA(EXP)sf  Expected Rating
A-2             LT AAA(EXP)sf  Expected Rating
B               LT AA(EXP)sf   Expected Rating
C               LT A(EXP)sf    Expected Rating
D               LT BBB(EXP)sf  Expected Rating
E               LT BB-(EXP)sf  Expected Rating
F               LT B-(EXP)sf   Expected Rating
Subordinated    LT NR(EXP)sf   Expected Rating
X               LT AAA(EXP)sf  Expected Rating
Z               LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Harvest CLO XXVIII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to purchase a portfolio with a target par of EUR450
million. The portfolio is actively managed by Investcorp Credit
Management EU Limited. The collateralised loan obligation (CLO) has
a 4.5-year reinvestment period and an 8.5-year weighted average
life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.79.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
61.51%.

Diversified Portfolio (Positive): The indicative maximum exposure
of the 10 largest obligors for assigning the expected ratings is
23% of the portfolio balance, fixed-rate obligations are limited to
12.5% of the portfolio and the WAL 8.5-years. The transaction also
includes various concentration limits, including the maximum
exposure to the three-largest Fitch-defined industries in the
portfolio at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

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

Reduced Risk Horizon (Neutral): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
post-reinvestment period, including the overcollateralisation tests
and Fitch 'CCC' limitation passing post reinvestment, among others.
This ultimately reduces the maximum possible risk horizon of the
portfolio when combined with loan pre-payment expectations.

Cash Flow Modelling (Neutral): Up to 12.5% of the portfolio can be
invested in fixed-rate assets, which is higher than the previous
Fitch-rated Harvest issuances. There is no fixed-rate liability in
the structure. However, the interest rate risk exposure is
mitigated by the presence of an interest rate cap on Euribor for
the class A-2 notes (EUR 50 million; strike rate: 2.5%), which is
effective while notes are outstanding. Fitch modelled both 0% and
12.5% fixed-rate buckets and found that the rated notes can
withstand the interest rate mismatch associated with each
scenario.

RATING SENSITIVITIES

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

-- A 25% increase of the mean default rate (RDR) across all
    ratings and a 25% decrease of the recovery rate (RRR) across
    all ratings would result in a downgrade of up to four notches.

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

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

-- A 25% reduction of the mean RDR across all ratings and a 25%
    increase in the RRR across all ratings would result in
    upgrades of up to five notches across the structure except for
    the 'AAAsf' rated notes, which are already at the highest
    rating on Fitch's scale and cannot be upgraded.

-- After the end of the reinvestment period, upgrades may occur
    on better-than-expected portfolio credit quality and deal
    performance, leading to higher credit enhancement and excess
    spread available to cover losses in the remaining portfolio.

BEST/WORST CASE RATING SCENARIO

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

HAYFIN EMERALD IX: Moody's Assigns (P)B3 Rating to EUR8MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to debt to be issued by Hayfin
Emerald CLO IX DAC (the "Issuer"):

EUR169,000,000 Class A Senior Secured Floating Rate Notes due
2033, Assigned (P)Aaa (sf)

EUR75,000,000 Class A Senior Secured Floating Rate Loan due 2033
Notes, Assigned (P)Aaa (sf)

EUR36,500,000 Class B1 Senior Secured Floating Rate Notes due
2033, Assigned (P)Aa2 (sf)

EUR7,500,000 Class B2 Senior Secured Fixed Rate Notes due 2033,
Assigned (P)Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)A2 (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)Baa3 (sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)Ba3 (sf)

EUR8,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be approximately 80% ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

Hayfin Emerald Management LLP ("Hayfin Emerald") will manage the
CLO. It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
3.05-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the eight classes of debt rated by Moody's, the
Issuer will issue EUR31,200,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt in order of seniority.

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.

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

The rated debt performance is subject to uncertainty. The debt
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debt
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2910

Weighted Average Spread (WAS): 3.87%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 6 years

LOGICLANE I CLO: Moody's Assigns B3 Rating to EUR11MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Logiclane I CLO DAC
(the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR42,000,000 Class B Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR22,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR28,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR21,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the rating is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 50% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.

Acer Tree Investment Management LLP ("Acer Tree") will manage the
CLO. It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and half year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR37,500,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 7.5 years

LOGICLANE I: Fitch Gives Final B- Rating to Class F Tranche
-----------------------------------------------------------
Fitch Ratings has assigned Logiclane I CLO DAC's notes final
ratings.

     DEBT                   RATING             PRIOR
     ----                   ------             -----
Logiclane I CLO DAC

A XS2434367616       LT AAAsf   New Rating    AAA(EXP)sf
B XS2434368267       LT AAsf    New Rating    AA(EXP)sf
C XS2434369588       LT Asf     New Rating    A(EXP)sf
D XS2434370248       LT BBB-sf  New Rating    BBB-(EXP)sf
E XS2434371055       LT BB-sf   New Rating    BB-(EXP)sf
F XS2434371212       LT B-sf    New Rating    B-(EXP)sf
Subordinated notes   LT NRsf    New Rating    NR(EXP)sf
XS2434371485

TRANSACTION SUMMARY

Logiclane CLO I DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. The portfolio is actively managed by Acer Tree
Investment Management Ltd. The transaction has a 4.5-year
reinvestment period and an 8.5-year weighted average life (WAL).
The note proceeds are being used to fund a portfolio with a target
par amount is EUR400 million.

The reinvestment period will end in October 2026 and the notes'
final maturity date is in March 2035. There is 4.6 years difference
between the maturity date and the WAL end date, which in Fitch's
view mitigates the risk of maturity clustering by the end of the
life of the transaction.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the target portfolio is 25.25.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the target portfolio is 63.05%.

Diversified Portfolio (Positive): Exposure of the 10-largest
obligors and fixed-rate obligations is limited to 21% and 10% of
the portfolio balance, respectively. The transaction also includes
various concentration limits, including the exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

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

Cash Flow Modelling (Neutral): The WAL used for the transaction's
stressed portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
after the reinvestment period, including passing the
over-collateralisation, Fitch 'CCC' limitation and WARF tests,
among other things. This reduces the effective risk horizon of the
portfolio during the stress period.

RATING SENSITIVITIES

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

-- An increase of the default rate (RDR) at all rating levels by
    25% of the mean RDR and a decrease of the recovery rate (RRR)
    by 25% at all rating levels in the stressed portfolio would
    result in downgrades of no more than four notches.

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

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and a 25% increase of the recovery rate at all rating
    levels would lead to upgrades of up to two notches for the
    rated notes, except the class A notes, which are already at
    the highest rating on Fitch's scale and cannot be upgraded.

-- Upgrades could occur after the end of the reinvestment period
    if portfolio credit quality and deal performance are better
    than expected, leading 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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

TORO EUROPEAN 8: Moody's Assigns (P)B3 Rating to EUR6.7MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Toro
European CLO 8 DAC (the "Issuer"):

EUR184,800,000 Class A Secured Floating Rate Notes due 2035,
Assigned (P)Aaa (sf)

EUR34,300,000 Class B Secured Floating Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR16,000,000 Class C Secured Deferrable Floating Rate Notes due
2035, Assigned (P)A2 (sf)

EUR21,100,000 Class D Secured Deferrable Floating Rate Notes due
2035, Assigned (P)Baa3 (sf)

EUR17,800,000 Class E Secured Deferrable Floating Rate Notes due
2035, Assigned (P)Ba3 (sf)

EUR6,700,000 Class F Secured Deferrable Floating Rate Notes due
2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6-month ramp-up period in compliance with the portfolio
guidelines.

The effective date determination requirements of this transaction
are weaker than those for other European CLOs because satisfaction
of the Caa concentration limit is not required as of the effective
date. Moody's believes that the absence of any requirement to
satisfy the Caa concentration limit as of the effective date could
give rise to a more barbelled portfolio rating distribution.
However, Moody's concedes that satisfaction of (i) the other
concentration limits, (ii) each of the coverage test and (iii) each
of the collateral quality test can mitigate such barbelling risk.
As a result of introducing relatively weaker effective date
determination requirements, the CLO notes' outstanding ratings
could be negatively affected around the effective date, despite
satisfaction of the transaction's effective date determination
requirements.

Chenavari Credit Partners LLP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR26,700,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR305,000,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.84%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 7.5 years



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

CASSIA SRL 2022-1: Moody's Assigns (P)B3 Rating to EUR38MM D Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the four classes of notes to be issued by Cassia 2022-1
S.R.L. (the "Issuer").

EUR153.4M Class A Commercial Mortgage Backed Floating Rate Notes
due May 2034, Assigned (P)A2 (sf)

EUR34.8M Class B Commercial Mortgage Backed Floating Rate Notes
due May 2034, Assigned (P)Baa3 (sf)

EUR47.3M Class C Commercial Mortgage Backed Floating Rate Notes
due May 2034, Assigned (P)Ba3 (sf)

EUR38.0M Class D Commercial Mortgage Backed Floating Rate Notes
due May 2034, Assigned (P)B3 (sf)

Cassia 2022-1 S.R.L. is a commercial mortgage backed securitization
backed by two uncrossed floating rate loans known as Thunder II and
Jupiter. The two loans are collateralized by mortgages on 42
logistics properties in Italy. The sponsor for each of the
borrowers is Blackstone Real Estate Partners L.P. (Blackstone).
Blackstone will use the proceeds from this transaction to
re-finance the two loans.

RATINGS RATIONALE

The rating action is based on: (i) Moody's assessment of the real
estate quality and characteristics of the collateral; (ii) analysis
of the loan terms; and (iii) the expected legal and structural
features of the transaction.

The ratings of the notes in this transaction are constrained at
four notches above the current Italian government bond rating of
Baa3 with a Stable outlook.

The key parameters in Moody's analysis are the default probability
of the securitised loans (both during the term and at maturity) as
well as Moody's value assessment of the collateral. Moody's derives
from these parameters a loss expectation for the securitised loan.
Moody's default risk assumptions are medium/high for Thunder II and
medium for Jupiter.

The key strengths of the transaction include: (i) the good quality
collateral with a weighted average Moody's Property Grade of 2.0;
(ii) diverse rental income across 50 unique tenants; (iii) the
strong track records of Logicor and Mileway in managing this
property type; and (iv) the positive impact of coronavirus which
has accelerated e-commerce trends on logistics assets.

Challenges in the transaction include: (i) the high Moody's LTV;
(ii) the transaction's exposure to Italy (Baa3/stable); (iii) the
additional leverage from permitted mezzanine debt; and (iv) pro
rata allocation of proceeds.

The Moody's weighted average LTV of the two securitised loans at
origination is 91.5%. Moody's has applied a property grade of 2.0
for each of these portfolios (on a scale of 1 to 5, 1 being the
best).

In addition, the transaction allows for a second issuance of
additional notes, which will be ranked pari passu to the initial
notes, subject to rating agency confirmation.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in May 2021.

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

Main factors or circumstances that could lead to an upgrade of the
ratings are generally: (i) an increase in the property values
backing the underlying loans; or (ii) a decrease in the default
probability driven by improving loan performance or decrease in
refinancing risk.

Main factors or circumstances that would lead to a downgrade of the
ratings are generally: (i) a decline in the property values backing
the underlying loan; (ii) an increase in the default probability of
the loan; or (iii) a downgrade of the current Italian government
bond rating.

TELECOM ITALIA: Fitch Lowers LT IDR to 'BB', Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Rome-based Telecom Italia S.p.A's (TI)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
to 'BB' from 'BB+'. The Outlook on the IDR is Negative. A full list
of rating actions is available below.

The rating downgrade reflects greater-than-expected erosion of
EBITDA, higher costs at a time of significant investment outlay and
sustained negative free cashflow (FCF). As a result, Fitch expects
TI's funds from operations (FFO) net leverage to exceed its
downgrade threshold of 4.3x in 2022 and remain sustainably above
this level for the medium term. The Negative Outlook reflects
Fitch's view that improvements in EBITDA may not occur sufficiently
fast to maintain the 'BB' rating.

TI's new strategy to separate its fixed, local access network
assets from its current operating scope creates some short-term
uncertainty to the rating. While this may not necessarily be
negative for TI's rating and credit profile, the impact will be
dependent on the transaction structure and extent of any subsequent
reallocation of debt. Fitch has based TI's rating on its current
operating scope including fixed network assets.

KEY RATING DRIVERS

Significant EBITDA and Cost Pressures: TI's total organic EBITDA
(before leases) declined 12% in 2021 to EUR6.2 billion, driven
primarily by its domestic business. Fitch expects this to decline
further in 2022 by another 12% before gradually improving from
2023. The extent of decline is much sharper than Fitch anticipated
and due to competitive pressures, continued loss of high-margin
revenue from legacy products, the impact of new laws on retail
contracts, stricter-than-expected rules on government support
vouchers and content costs that are not being matched by sufficient
revenue improvements. In addition, higher-than-expected one-off
costs have further weakened cashflow.

Competition and Cost Reduction Uncertainties: Fitch expects
competitive pressures in the mobile and fixed wholesale segments
will continue over the next two to three years as rivals Iliad
Italy builds scale and Open Fiber continues the build-out of its
network. The pace at which TI is able to offset this impact through
cost reduction is uncertain and dependent on strong execution. Its
new management expect to reduce their addressable cost base in
Italy of EUR4.8 billion by 15% in 2024. This equates to about 6pp
in EBITDA margin and if fully achieved and retained, would
represent an upside to Fitch's base case forecasts.

Leverage Increasing, Negative FCF: Fitch's base case forecasts
assume that TI's FFO net leverage will increase to about 5.4x at
end-2022 from 4.3x at end-2021 and then gradually decline to around
5.2x by 2024. Fitch expects TI's FCF will remain negative for at
least three years. Its leverage is above the downgrade threshold
and underlines the Negative Outlook. The increase in leverage is
driven by EBITDA erosion, higher interest and tax costs, and EUR2.1
billion of spectrum costs in 2022. Fitch expects improvements in
leverage, driven by lower content costs as TI unwinds a contract
with DAZN and by operational cost reduction.

New Strategy: TI plans to sperate its operations into a network
company (NetCo) and service company (ServCo) to increase
operational focus, reduce regulatory burden, achieve better capital
allocation and increase perceived value. NetCo will house the
company's fixed, local access network while ServCo will house its
enterprise, consumer and Brazilian assets, which include its
domestic mobile network operations. TI expects that each entity
will generate about EUR2.2 billion in EBITDA. The separation could
also increase strategic opportunities for TI that could facilitate
market consolidation.

Impact of Network Separation: The impact on TI's rating from the
creation of NetCo will depend on the structure of any subsequent
transaction that could see the deconsolidation of the business from
TI's existing operational scope. A deconsolidation as a result of a
demerger, carve-out or sale would result in a weakening in TI's
operating profile that would result in reduced leverage capacity at
any given rating level. The impact on TI's rating will therefore be
driven by the extent to which debt at the remaining ServCo is
reduced (see report What Investors Want to Know: European Telecoms
Infrastructure Sales, March 2021).

Strong Market Position to Remain: Despite the competitive and costs
pressures that TI is facing, its market position will remain strong
and cashflow in the medium term has strong scope for improvement.
TI is well-positioned to exploit developments in 5G, it owns the
leading fixed infrastructure in the country and will benefit from
technological changes that will significantly help reduce the cost
base in the long run (e.g. software defined networks and all IP
services). TI currently has a market share in fixed broadband and
mobile of around 42% and 29%, respectively. Fitch expects TI will
cede some market share in the next two to three years but retain a
leadership position.

TI has an ESG Relevance Score of '4' for Governance Structure. This
reflects historic conflicts between TI's shareholders. While these
have been stable over the past three years there has been a
frequent change in TI's senior leadership team. Such changes weigh
on TI's rating to the extent that any flare-ups could detract from
the deployment of a coherent strategy, and lead to slow
improvements in cost structure and distracted execution.

DERIVATION SUMMARY

TI has a strong domestic position, but reduced ownership in its
local access network, despite retaining control, slightly weakens
its operating profile versus other western European incumbent
telecom operators that fully own their local access network. TI's
leverage thresholds are on a par with those of BT Group plc
(BBB/Stable), which fully owns its local access networks but faces
free cash flow (FCF) volatility from pension deficits, a
competitive environment and content price inflation. Like TI, Royal
KPN N.V.'s (BBB/Stable) revenue mix has a domestic focus, but it
has ownership of a majority of its entire local access network.
BT's and Royal KPN's higher ratings reflect their lower leverage.

Higher-rated peers such as Deutsche Telekom AG (BBB+/Stable) and
Orange SA (BBB+/Stable) have greater diversification, and either
lower leverage or greater organic deleveraging capacity.

KEY ASSUMPTIONS

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

-- Revenue in Italy to decline 1% in 2022 before growing in 2023
    and broadly flat in 2024;

-- EBITDA margin (before special factors and leases) of 36% in
    2022, gradually improving 39% by 2024;

-- Recurring cash tax payments of EUR74 million-EUR120 million a
    year in 2022-2024;

-- Working-capital requirements broadly stable over the next two
    years, before increasing to EUR75 million in 2024;

-- Capex (excluding spectrum) at 26% of sales in 2022, 27% in
    2023 and 24% in 2024;

-- No dividends during 2022-2024, including savings shares;

-- Net proceeds of EUR200 million from a reduction in TI's
    holding of INWIT and partial purchase of Oi assets in Brazil
    (Oi asset purchase assumed consolidated for six months in 2022
    within Fitch's base case assumptions).

RATING SENSITIVITIES

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

-- FFO net leverage sustained below 4.3x (currently equivalent to
    about 3.8x Fitch defined net debt to EBITDA). Fitch will also
    be guided by TI's FFO net leverage on a proportionate basis
    for FiberCop.

-- A sustained improvement in domestic operations and fixed and
    mobile operations that stabilises EBITDA and improves organic
    deleveraging capacity.

-- The Outlook could be changed to Stable if TI achieves
    stronger-than-anticipated cost reductions or higher-than-
    expected EBITDA as a result of lower-than-expected competitive
    pressure.

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

-- FFO net leverage sustained above 5.0x (currently equivalent to
    about 4.5x Fitch-defined net debt/ EBITDA). Fitch will also be
    guided by TI's FFO net leverage on a proportionate basis for
    FiberCop.

-- Tangible worsening of operating conditions or the regulatory
    environment, leading to expectations of materially weaker FCF
    generation.

-- Sustained competitive pressure in the mobile, fixed and
    wholesale segments, driving significant losses in service
    revenue market share.

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: TI has a strong liquidity profile, with EUR9.2
billion of cash and equivalents for 2021 and EUR4 billion of
available undrawn revolving credit facilities. The company's debt
maturity is well spread out with liquidity covering refinancing
needs to 2024.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has treated three annual tax payments of EUR231 million per
year in 2021-2023 in relation to TI's tax-substitution transaction
as a non-recurring cashflow item and thus not included in its
calculation of FFO.

ESG CONSIDERATIONS

TI has and ESG Relevance score of '4' for Governance Structure.
This reflects historic conflicts between TI's shareholders and
frequent changes to senior management. This has a negative impact
on the credit profile and is relevant to the ratings in conjunction
with other factors.

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



===================
K A Z A K H S T A N
===================

SB ALFA-BANK: S&P Lowers ICR to 'B', Keeps CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Alfa-Bank JSC's Kazakhstan-based subsidiary, SB Alfa-Bank JSC
(ABK), to 'B' from 'BB'. At the same time, S&P affirmed the
short-term issuer credit rating at 'B'.

In addition, S&P lowered its national scale rating to 'kzBB+' from
'kzA+'.

The ratings remain on CreditWatch with negative implications.

On March 7, 2022, S&P Global Ratings lowered its long- and
short-term issuer credit ratings on Russia-based Alfa-Bank JSC and
holding company, ABH Financial Ltd., to 'CCC-/C' following a
similar action on Russia.

S&P said, "We expect the deterioration in Alfa Banking Group's
overall creditworthiness will affect ABK.ABK is the
Kazakhstan-based subsidiary of Alfa Banking Group, which provides
banking services predominantly in Russia, Kazakhstan, and Ukraine.
Luxembourg-based holding company ABH Holdings S.A. is ABK's
ultimate parent. Following our recent rating action on Russia, we
lowered our ratings on Russia-based Alfa-Bank JSC to 'CCC-/C' from
'BB+/B' and our long-term ratings on its holding company, ABH
Financial Ltd., to 'CCC-/C' from 'BB-/B'. We expect pressure on the
group's creditworthiness, which is mostly spurred by Alfa-Bank JSC
(85% of total group assets), will adversely affect ABK.

"We think ABK has a somewhat lower default likelihood than
Alfa-Bank JSC.Our 'B' long-term global scale rating on ABK stands
four notches above that on Alfa-Bank JSC. We have delinked the
ratings on ABK from those on Alfa-Bank JSC because we think the
credit stress on the parent has had a less material impact on ABK.
We note that ABK's funding and operations are independent of the
parent and it maintains adequate liquidity. In addition, we expect
the Kazakhstan regulatory authorities would take action where
necessary to protect ABK's credit profile."

CreditWatch

S&P said, "The ratings remain on CreditWatch negative to indicate
that we could lower them further. We expect to resolve the
CreditWatch placement once we have more clarity on geopolitical and
economic risks in Russia and their implications for ABK's liquidity
and business stability."




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

CORESTATE CAPITAL: S&P Lowers ICR to 'B', Keeps Watch Negative
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on Corestate Capital Holding
S.A. (Corestate) and its senior debt by two notches, to 'B' from
'BB-', and kept them on CreditWatch.

The CreditWatch placement reflects the potential for a further
downgrade by one or more notches within the next three months,
depending on the company's progress in alleviating its looming
liquidity problems.

Rating Action Rationale

Going into 2022 and 2023, debt maturities are putting significant
pressure on Corestate's liquidity. Corestate faces a EUR300 million
debt maturity in April 2023, less than six months after the EUR200
million notes expire in November 2022. The risk inherent in this
concentration of maturities has increased, since the company has so
far delivered no meaningful asset sales and insufficient cash flow
cumulation. Indeed, net debt has not reduced since the
pandemic-induced recession in 2020. S&P said, "With only EUR63
million of unrestricted cash available as of year-end 2021, we see
liquidity pressure mounting within the next 12 months, with the
company's liquidity sources depending on assets sales and new
product proceeds. In our base case, we assume sources of liquidity
will only marginally exceed uses and remain under 1.2x for the 12
months to Dec. 31, 2022, indicating below-adequate coverage." Apart
from unrestricted cash available and S&P's estimate of EUR50
million-EUR60 million in cash funds from operations after our
adjustments, it currently assumes:

-- EUR25 million of net cash proceeds from the sale of Gieben
shopping center;

-- EUR50 million from the reduction in bridge loans;

-- EUR10 million from the disposal of associates and joint
ventures;

-- EUR35 million from the closure of Opportunity Fund and maturing
co-investments in other funds;

-- No dividend payment from 2021 earnings; and

-- Full repayment of EUR191 million of outstanding debt maturing
in November 2022, and EUR40 million-EUR45 million of additional
working capital or maintenance capital expenditure requirements
that include warehousing activities.

S&P said, "Corestate's preliminary results for 2021 were worse than
we expected and compare poorly with peers', and we now foresee
weaker prospects for 2022-2023. We have revised down our 2022
EBITDA projections for Corestate, although we still expect
improvement compared with 2021. We now expect the company's S&P
Global Ratings' adjusted EBITDA to reach EUR75 million-EUR90
million per annum in 2022 and 2023, with net leverage decreasing
more slowly than previously expected. This puts increasing emphasis
on the company's plans to undertake asset sales or execute a
successful debt refinancing. We now forecast adjusted debt to
EBITDA will ease but remain elevated at 4.0x-5.0x until the
refinancing is addressed. We assume a 50% haircut of Corestate's
revenue from warehousing and other volatile sources in our
forecasts, and we do not incorporate any additional equity
injections in our base-case scenario. Additionally, the company's
performance compares negatively with the broader asset manager
sector landscape and real estate sector peers, especially in
Germany, even considering the post-pandemic business environment."

Corestate is subject to a debt incurrence limit that may create
some pressure, but there are no debt maintenance covenants. This
means the reported debt-to-EBITDA threshold of 3.5x is only
relevant for the issuance of new debt. Nevertheless, it may play a
role during the refinancing process because S&P estimates the
reported ratio with no addbacks at 7.0x-8.0x as of end-2021.
Leverage will become increasingly important closer to the EUR200
million maturity in late 2022.

Lack of timely audited financial statements for full-year 2021,
accompanied by frequent reshuffles of supervisory and management
boards for a third consecutive year since 2020, raise additional
governance concerns. S&P said, "We do not know the reasons behind
the delay in the release of Corestate's audited 2021 financial
statements. However, the bond covenants require the company to
publish them before end-April, and we see this publication as a
likely prerequisite to any refinancing or equity injection. If any
material issues were to arise, they could undermine the viability
of its capital markets presence and significantly affect S&P's
current assessment of Corestate's business model. Combined with the
management changes and lack of sufficient execution of asset sales,
it assesses Corestate's management and governance to be weak
compared with that of asset management peers or other rated real
estate sector companies."

CreditWatch

S&P said, "We expect to resolve the CreditWatch within the next
three months. The timing may also depend on the eventual release
and contents of the audited 2021 annual financial reports, or other
material events.

"We will review whether the company has made substantial progress
in accumulating liquidity buffers ahead of its large concentration
(totalling about EUR500 million) of senior debt maturities in
November 2022 and April 2023. If we see insufficient progress, this
would lead us to lower our ratings by one or more notches. In our
view, expected cash inflows from daily operations will be
insufficient to repay the EUR200 million of debt maturing in
November 2022, in the absence of additional asset-sale cash
proceeds.

"We could remove the ratings from CreditWatch if liquidity
pressures dissipate, for example because the company has
accumulated liquidity broadly in line with our base case."

Company Description

Corestate is a niche real estate investment manager, with EUR27.4
billion in assets under management as of Dec. 31, 2021. The company
provides asset, fund, and property management services along the
whole real estate value chain to a mix of institutional,
semi-institutional, and retail clients. It currently invests across
all major real estate asset classes, including residential and
student housing buildings, offices, and retail spaces. Corestate
mainly operates in German-speaking countries, but also
internationally.

  Ratings Score Snapshot

  Issuer Credit Rating: B/Watch Neg/--

  Business risk: Fair

  Country risk: Very low
  Industry risk: Intermediate
  Competitive position: Fair
  Financial risk: Aggressive

  Cash flow/Leverage: Aggressive

  Anchor: bb-

  Modifiers

  Diversification/Portfolio effect: Neutral (no impact)
  Capital structure: Neutral (no impact)
  Liquidity: Less Than Adequate (-1)
  Financial policy: Neutral (no impact)
  Management and governance: Weak (-1)
  Comparable rating analysis: Neutral (0)
  Stand-alone credit profile: b

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Risk management, culture, and oversight
-- Governance structure


CURIUM BIDCO: Fitch Affirms 'B' LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Curium Bidco S.a.r.l.'s (Curium)
Long-Term Issuer Default Rating (IDR) at 'B' with Stable Outlook.

The ratings of Curium remain constrained by high, albeit gradually
declining, leverage and smaller scale relative to wider healthcare
peers'. Rating strengths are its solid positioning in the protected
niche market for nuclear medicine, leading to high revenue
defensibility and profitability.

The Stable Outlook reflects Fitch's assumption of steady profitable
growth with moderate execution risks as Curium pivots towards
in-house product development in the near term over inorganic
acquisition-led growth.

KEY RATING DRIVERS

Strong Market Positions: The ratings reflect Curium's strong market
position in the nuclear medicine market, where it enjoys an
industry-leading geographical footprint and product range. The
company's vertical integration allows it to have control from the
sourcing of radioactive substances to the distribution of products
to end-users, underpinning a robust business model. The ratings
are, however, affected by low product diversification and scale
relative to broader healthcare peers.

Strong post-Pandemic Recovery: Fitch's rating case reflects a
strong rebound of activity with sales increasing 16% in 2021 to
EUR689 million, supported by new product launches and integration
of previous acquisitions. Fitch views EBITDA margins of above 27%
as strong for the rating and reflective of its specialist and
protected business model.

Intact Deleveraging Capacity: Fitch's rating case assumes gradually
improving headroom under the rating with total debt/EBITDA trending
towards 5.5x by 2024 from its peak at 7.5x in 2021. This is driven
by Fitch's assumption of continued profitable organic growth of the
business, supported by strong macro drivers, such as an ageing
population and increasing access to specialist care.

Temporarily Depressed Cash Flows: Fitch's rating case considers
Curium's decision to prioritise in-house product development over
inorganic growth in the near term, with a focus on developing three
new diagnostic and therapeutic drugs. This will lead to greater
upfront investment, turning Fitch-calculated free cash flow (FCF)
negative for 2022. Its pivot towards in-house development, with
greater uncertainty around timing and success of product launches,
increases its business risk profile, but also reduces financial
risks associated with M&A. Overall, Fitch sees moderate execution
risks as the company strategically evolves.

Industry with High Barriers to Entry: The nuclear medicine industry
exhibits very high barriers to entry as strict regulatory approvals
are required from both nuclear and medical agencies, as well as
clearance at various customs for transportation. Barriers of entry
are also reinforced by Curium's vertical integration.

Waste & Hazardous Materials Management Risks: Curium is exposed to
the production and transportation of radioactive materials, which
are central to its operations. The successful management of
handling hazardous materials and corresponding ecological impact
means it has no influence on Curium's current rating. Production of
radioactive material leads to contamination of the production
sites, so Curium is obliged to fully decommission and decontaminate
such sites when they are no longer in use. Nevertheless, as per the
group's disclosure under its IAS 37 requirements, no
decommissioning will start to take place until 2048 at the
earliest, with environmental accounting provisions and bank
guarantees in place.

DERIVATION SUMMARY

Fitch assesses Curium using its Rating Navigator Framework for
Producers of Medical Products and Devices. Larger peers focused on
medical devices, such as Boston Scientific Corporation
(BBB/Positive) and Fresenius SE & Co. KGaA (BBB-/Stable), are not
directly comparable to Curium's line of business. Nevertheless,
both peers illustrate the benefits of size (sales of more than
EUR10 billion) and a diversified product offering, which in the
case of Fresenius offsets its estimated 4.5x funds from operations
(FFO) adjusted net leverage to maintain an investment-grade
rating.

Fitch considers Curium's 'B' rating against other niche
pharmaceutical companies such as IWH UK Finco Ltd (Theramex,
B/Stable) and Financiere Top Mendel SAS (Ceva Sante, B/Stable).
Their relatively small scale and a concentrated brand portfolio,
albeit benefiting from growing product and geographic
diversification, alongside moderate financial leverage of around
5x-6x, constrain the IDRs to the 'B' rating category.

Compared with Nidda Bondco (Stada, B/Negative), Curium's business
risk profile benefits from its more protected niche market,
although this is offset by lower scale and diversification. Stada's
rating is held back by high leverage, with an expected spike in
FFO-adjusted gross leverage to 9.0x-10.0x in 2021-2022, and by
significant exposure to the Russian market, leading to the recent
revision of its Rating Outlook to Negative.

Higher rated pharmaceutical peers Cheplapharm Arzneimittel GmbH
(B+/Stable) and Pharmanovia Bidco Limited (B+/Stable) differ from
Curium in business model, with a very asset-light business that is
focussed on lifecycle management of IP rights of niche
pharmaceutical drugs. Cheplapharm's and Pharmanovia's higher IDRs
by one notch are justified by their very high operating
profitability and double-digit FCF margins, alongside lower
financial leverage at around 4x-5x.

KEY ASSUMPTIONS

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

-- Mid- to-high single-digit growth (6.5%) CAGR to 2024, driven
    by stable growth in underlying portfolio alongside ramp-up in
    recently launched products;

-- Stable to gradually improving Fitch-adjusted EBITDA margin
    towards 29% by 2024 (2021E: 27.6%);

-- Small working-capital cash outflows, equivalent to 1% of
    revenue to 2024;

-- High capex of around EUR165 million in 2022 (22% of sales) in
    new and recently launched products, normalising to around
    EUR70 million-EUR90 million in 2023-2024;

-- EUR10 million of bolt-on acquisitions per year to 2024;

-- No dividends payment.

RECOVERY ASSUMPTIONS

Fitch's recovery analysis assumes that Curium would be restructured
as a going-concern (GC) operation in bankruptcy rather than
liquidated, Curium's post-reorganisation, GC EBITDA reflects
Fitch's view of a sustainable EBITDA that is 22% below 2021's
estimated Fitch-defined EBITDA of EUR193 million. In Fitch's
recovery scenario, the stress on the business would most likely
result from severe operational or/and regulatory issues.

The distressed enterprise value (EV)/EBITDA multiple of 6.0x
remains unchanged; this multiple reflects its protected specialist
market position, profitability and cash-conversion prospects.

After deducting 10% for administrative claims from the estimated
post-restructuring EV, Fitch's waterfall analysis generates a
ranked recovery for Curium's senior secured debt in the Recovery
Rating 'RR3' band, leading to a senior secured rating of 'B+' with
a waterfall generated recovery computation (WGRC) of 70%. For the
second lien debt, Fitch estimates recoveries in the 'RR6' band with
a WGRC of 0%, corresponding to a 'CCC+' instrument rating.

In Fitch's calculations, Fitch assumes Curium's RCF of EUR200
million would be fully drawn in distress ranking pari passu with
the senior secured term loan; however, Fitch excludes EUR45 million
of factoring facilities as Fitch assumes that this would remain
available through bankruptcy.

RATING SENSITIVITIES

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

-- Maintenance of a financial policy driving total debt/EBITDA
    below 5.5x (FFO gross leverage below 6.0x) on a sustained
    basis;

-- Better product and geographical diversification indicative of
    successful operational integration and acquisitions;

-- Enhanced profitability as evident in improved scale and
    pricing power with FCF margin above 5%.

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

-- Operational challenges or loss of contracts that would lead to
    a steady decline in revenue eroding the EBITDA margin towards
    25%;

-- Total debt/EBITDA sustained above 7.5x (FFO gross leverage
    sustained above 8.0x);

-- Neutral to mildly positive FCF margin, reflecting limited
    organic deleveraging capabilities;

-- Loss of regulatory approval relating to the
    handling/processing of nuclear substances or key products in
    core markets (the US and EU).

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: Curium has access to an undrawn EUR200 million
RCF, which may be used to support new projects and external growth
opportunities. Fitch projects cash balances to reduce somewhat over
2022, given the high capex expected during the year of up to EUR165
million on new and recently launched products. During 2023-2025,
Fitch expects a resumption of positive FCF and a rebuild of cash
balances.

ISSUER PROFILE

Curium is a specialist healthcare provider of nuclear medicine.

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
=========

ENCE ENERGIA: Moody's Withdraws Ba3 Long Term Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of ENCE Energia
y Celulosa, S.A. (ENCE).

At the time of withdrawal, the ratings for ENCE were Ba3 long term
corporate family rating and Ba3-PD probability of default rating.
The outlook has been withdrawn from previously negative.

RATINGS RATIONALE

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

Headquartered in Madrid, ENCE Energia y Celulosa, S.A. (ENCE) is a
leading European producer of bleached hardwood kraft pulp made from
eucalyptus, with growing renewable energy operations in Spain. In
its pulp business, ENCE has an annual production capacity of about
1.2 million tonnes of eucalyptus pulp from its two remaining
Spanish mills, Navia and Pontevedra, as well as biomass
cogeneration (lignin) operations, which allow the business to be
broadly self-sufficient in terms of energy requirements. In its
renewable energy business, the group currently operates eight
independent energy generation facilities, mostly in southern Spain,
with a total installed capacity of 266 megawatts (MW). ENCE
reported sales of around EUR820 million for 2021.



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

ORIFLAME: S&P Downgrades Long-Term ICR to 'B', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Oriflame Holding AG, a Swedish-Swiss multinational multi-level
marketing company, to 'B' from 'B+'. At the same time, S&P lowered
its issue ratings on the company's senior secured notes maturing in
2026 to 'B' from 'B+'. The recovery rating of '3' is unchanged,
indicating recovery prospects of 55%.

S&P said, "The stable outlook indicates that we expect Oriflame to
post S&P Global Ratings-adjusted debt to EBITDA of 5x-6x over
2022-2023, while generating positive free operating cash flow
(FOCF). Moreover, we do not expect any short-term pressure on
liquidity or refinancing risk.

"In our view, Oriflame's creditworthiness will deteriorate due to
the outbreak of conflict in Russia and Ukraine. Oriflame is a
manufacturer and direct seller of beauty and wellness products. The
military conflict is creating business disruptions and we now
expect a material impact on the company's top-line growth,
profitability, and credit metrics. The Commonwealth of Independent
States (CIS) region contributed about 28% of the group's sales for
2021 (44% in terms of company-adjusted operating profit). Russia
itself provided roughly 55% of total CIS sales, while Belarus and
Ukraine contributed about 7% each. Oriflame has decided to keep its
Russian direct sales channel open, for the time being. However, the
group is experiencing supply chain issues and disruption to its
trading conditions. The company is no longer exporting its products
to its international warehouses from Russia and production from the
Russian factory in Noginsk is being redistributed to other
manufacturing sites. Its operations in Ukraine (2% of total group
sales) are currently closed. Under our revised base-case scenario,
we expect a decline in both top line and profitability. In
particular, the expected decline in profitability stems mainly from
lower operating leverage, potential restructuring costs, and
inflationary pressure, with material supply-chain constraints.
Under our base-case scenario, we expect Oriflame's S&P Global
Ratings-adjusted debt to EBITDA to be 5x-6x over 2022-2023.

"The rating is supported by our expectation of recovering sales in
other global markets, positive FOCF generation, and limited
pressure on liquidity. We assume Oriflame will be able to partially
offset the current business disruption through good execution and
prudent approach in terms of discretionary spending and capital
investments. In particular, we assume some benefits coming from
working capital optimization and that annual capital expenditure
(capex) will be less than 1% of sales. As more of the pandemic
restrictions are lifted in other markets and the company recruits
new brand partners, we expect the group to increase top line. We
estimate the company will generate positive FOCF in 2022 and 2023,
although less than our previous base case." At year-end 2021, the
company had a sizable amount of cash and cash equivalents, at close
to EUR120 million, of which only a limited amount has been trapped.
This leads to liquidity remaining adequate. As of December 2021,
the company had an undrawn RCF of EUR100 million maturing in 2025
and no significant short-term debt maturities--its senior secured
notes are due in 2026.

S&P Global Ratings acknowledges a high degree of uncertainty about
the extent, outcome, and consequences of the military conflict
between Russia and Ukraine.

Irrespective of the duration of military hostilities, sanctions and
related political risks are likely to remain in place for some
time. Potential effects could include dislocated commodities
markets -- notably for oil and gas -- supply chain disruptions,
inflationary pressures, weaker growth, and capital market
volatility. As the situation evolves, S&P will update its
assumptions and estimates accordingly.

S&P said, "The stable outlook indicates that we expect Oriflame's
adjusted debt to EBITDA to be 5x-6x over 2022-2023, while
generating positive annual FOCF. Moreover, we do not expect any
short-term material pressure on liquidity.

"We could consider lowering the rating if a combination of
continued business disruption in Eastern Europe, and a weaker
operating environment in other regions leads to a material
deterioration of Oriflame's credit metrics, with adjusted debt to
EBITDA approaching 7x on a long-term basis or EBITDA interest
coverage reducing significantly below 2.0x.

"We could raise the rating if the group can navigate the pressures
of the difficult operating environment and keep adjusted debt to
EBITDA comfortably at the lower end of the 4.0x-5.0x range and
EBITDA interest coverage well above 2.0x. An upgrade would also
depend on a more stable operating environment, with lower
volatility from currency movements, loss of brand partners,
competition, and geopolitical environment."

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




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

CINEWORLD: $900MM Cineplex Deal Damages Cast Doubt Over Viability
-----------------------------------------------------------------
Alice Hancock at The Financial Times reports that Cineworld's chief
executive has said the group did "nothing wrong" in cancelling its
2019 deal to take over Cineplex and that it should not be held
liable for more than US$900 million in related damages awarded to
its Canadian rival by a court last year.

According to the FT, the damages amount to more than Cineworld's
entire market capitalisation at its current share price and the
company, the world's second-largest cinema chain by number of
screens, noted in its full-year results on March 17 that it was one
of a number of factors that cast "material uncertainty" over its
viability as a business.

Mooky Greidinger, Cineworld's longtime boss, said: "We believed
that nothing was wrong and we acted in good faith and the fault
lies with Cineplex."  He said he believed that the Canadian court
decision to award CAD$1.24 billion (US$978 million) in damages to
Cineplex "will be reversed", the FT relates.

Cineworld's directors are looking at options, including listing a
portion of its US business, to raise more cash given the slow
return to 2019 levels of ticket sales, which will rely on the
release of a steady stream of blockbusters that were postponed
during the pandemic, the FT discloses.

Cineworld abandoned its US$2.1 billion takeover of Cineplex in June
2020, with acrimony on both sides over who had reneged on the
contract, the FT states.

The company said, as cited by the FT, Cineworld is appealing the
Canadian court's decision and is submitting its final plea in the
next few weeks.

But it warned: "In the event that Cineworld is unsuccessful on
appeal, the group would not have sufficient liquidity to pay the
existing level of damages awarded."

Despite raising more than US$402 million in liquidity over the past
year, Cineworld's net debt, excluding lease liabilities, increased
to US$4.8 billion in 2021 from US$4.3 billion in 2020, the FT
notes.

Cineworld's estimate that cinema admissions will not return to 2019
levels before the end of 2023 makes the sector one of the slowest
to recover from the pandemic, which also prompted millions of
people to sign up to online streaming services to see them through
lockdowns, the FT states.


CORPORATE & PROFESSIONAL: Sold to Westerby After Administration
---------------------------------------------------------------
Jenna Brown at ProfessionalAdviser reports that Corporate &
Professional Pensions (CPP) has been sold to Westerby Trustee
Services after going into administration following a series of
Financial Ombudsman Service (FOS) rulings against it.

According to ProfessionalAdviser, the deal included the effective
transfer of the self-invested personal pensions (SIPPs) and small
self-administered schemes (SSASs).

Adam Stephens and Nick Myers of Smith & Williamson were appointed
as joint administrators, ProfessionalAdviser relates.


DEBENHAMS PLC: Nearly 90% of Former Stores Remain Empty
-------------------------------------------------------
Sarah Butler at The Guardian reports that nearly 90% of former
Debenhams stores remain empty almost a year after the department
store closed its doors for the last time, in a sign of the
challenge to reinvent high streets across the country.

The empty shops are among nearly 8,000 outlets left empty last
year, according to a report by the high street analysts Local Data
Company (LDC), as Covid lockdowns accelerated the shift towards
shopping online and pummelled city centres, The Guardian
discloses.

However, that was down from 11,319 net closures in 2020, as fewer
businesses fell into administration, while more than 43,000 new
businesses opened, an increase of more than 10%, The Guardian
states.

Lucy Stainton, the commercial director at LDC, said department
stores were a particular problem, with only 12% of recently vacated
sites now reoccupied, while just over a fifth of former BHS outlets
remained empty five years after the department store collapsed as a
result of the costs of fitting out and maintaining such large
sites, The Guardian relates.

According to The Guardian, she said landlords and councils would
have to think beyond retail to fill the space as there was a
"knock-on impact" on the attractiveness of a town or shopping
centre when key sites remained vacant.

Projects under way include the transformation of the former
Debenhams in Gloucester into a student campus, while Manchester's
Kendals building, home to House of Fraser, is to be converted into
offices, The Guardian relays.


GREAT GEORGE: Concerns Raised Over Payments Made to BILT NCT
------------------------------------------------------------
Tom Duffy at Liverpool Echo reports that there are fresh concerns
over millions of pounds paid to builders over a seven month period
at the New Chinatown site.

The Great George Street Project Limited (GGSPL), the most recent
development company behind the controversial project, collapsed
into administration earlier this month, Liverpool Echo recounts.
GGSPL is now to be run by administrators Cowgills, who will decide
if it can be saved or should be wound up and dissolved, Liverpool
Echo notes.

The ambitious scheme to build new homes, shops and offices was
first launched by the Chinatown Development Company (CDC) in 2015.
The scheme began to stall following a complex court hearing in
Preston and the developers later became embroiled in a legal
dispute with Liverpool Council, Liverpool Echo discloses.

The scheme was not built and investors in the scheme formed a
buyers' company to try and recover their deposits, Liverpool Echo
relates.  Now the buyers' company has expressed fresh concern over
payments made to builders in 2016, Liverpool Echo states.

Liverpool Echo previously revealed how the Chinatown Development
Company (CDC) paid GBP7,018,866.38 to Bilt NCT between March and
November 2016.

According to Liverpool Echo, a spokesman for New Chinatown Buyers
said: "The Chinatown Development Company paid GBP7 million to Bilt
(NCT) for building work.  We have always said that this appears to
have been a lot of money for what appears to have been preliminary
groundwork. We now hope that attempts will be made to ascertain
where this money went."

A spokesperson for administrators Cowgills, as cited by Liverpool
Echo, said: "There is a statutory duty to investigate the reasons
for failure and the conduct of directors, which includes reviewing
company records and bank statements."

In 2020, a property expert who had some knowledge of the New
Chinatown project from 2016 spoke to the ECHO about the monies paid
to Bilt, Liverpool Echo relays.  He said that the work was awarded
to BILT NCT only after after a company called PHD1CL ceased
trading, Liverpool Echo notes.

The man said that all the payments made by CDC to BILT NCT were
independently valued and verified by surveyors, Liverpool Echo
relates.

GGSPL entered into administration following a petition to the High
Court by Maghull businessman and creditor Frank Molloy, Liverpool
Echo discloses.


MIDAS GROUP: Collapse to Delay Weymouth Harbourside Project
-----------------------------------------------------------
Trevor Bevins and Jonathon Manning at DorsetLive report that the
Weymouth harbourside redevelopment will now likely be delayed
following the collapse of Midas, the company behind the project.

According to DorsetLive, while some of the project has already been
taken over by a sub-contractor, TMS, it is expected that the work
will suffer a delay of around three months.  Dorset Council said it
is already in talks with another contractor to maintain the
momentum of the works, DorsetLive relates.

"When we learned Midas had gone into administration, we began
discussions with another contractor and expect new project costings
towards the end of May.  This has pushed the project timeline back
by around three months.  At the moment we're unsure if it will have
any impact on costs," DorsetLive quotes a spokesperson for the
council as saying.

The overall project involves re-developing the Peninsula, where
demolition work has already taken place, and work on strengthening
the harbour walls as part of quayside 'public realm' improvements,
DorsetLive states. This included Wall 9 which was being
strengthened when Exeter-based Midas went into administration,
DorsetLive notes.  That work is now being completed by the TMS
company and is expected to be finished by the end of March,
according to DorsetLive.

One of the immediate changes will be a delay to work on Wall E
which is now on hold until a new contract can be arranged,
DorsetLive says. It had been planned that work would start on the
wall immediately upon completion of the Wall 9 project.

The Midas collapse is believed to have left creditors being owed
GBP22 million and has resulted in 300 people being made redundant,
DorsetLive relays.  Typically building costs, across the industry,
have risen by around 20% in recent months in some sectors, more in
others, DorsetLive notes.

Midas chair Stephen Hindley has been quoted in the construction
industry press as saying that the group had been brought down by
the postponement or delay to contracts amid the COVID pandemic,
DorsetLive relates.  

Midas worked primarily in the residential, commercial and public
sector building markets in the South West.


NMC HEALTH: Sells 53% Stake in Saudi Medical Care Group
-------------------------------------------------------
Simeon Kerr at The Financial Times reports that NMC Health has sold
its 53% stake in Saudi Medical Care Group as the former FTSE
hospital operator prepares to exit administration by the end of the
month.

The Abu Dhabi-based company did not identify the buyer in a
statement published on March 21, but one person briefed on the
matter said it was Hassana Investment Company, the investment arm
of a Saudi pension fund, with which NMC formed the Saudi joint
venture in 2019, the FT relates.

NMC collapsed in 2020 after disclosing more than US$4 billion in
debts that had been hidden from its balance sheet, the FT
recounts.

Founded by Indian entrepreneur BR Shetty, the collapse of NMC,
which spanned operations from Abu Dhabi to London, became one of
the biggest scandals on the UK stock exchange for years, the FT
notes.  Creditors were left with huge debts and shareholder value
fell to zero, the FT states.

NMC's creditors are scheduled to take control of the company as
early as the end of March, the FT discloses. Abu Dhabi Commercial
Bank, which has the largest debt exposure to NMC, has been leading
the lenders' response to the restructuring and turnround plan,
according to the FT.

NMC, the largest private healthcare provider in the UAE, had said
it would come out of administration by the end of 2021 under a
restructuring agreement, but the date was delayed, the FT relays.

The company reported gross revenues 8% ahead of the restructuring
business plan for the third quarter last year, the FT discloses.

The prospective end of administration raises questions about the
approach the creditors will take to the restructuring and potential
asset recovery from legal action once they assume control, the FT
states.

According to the FT, NMC's administrator, Alvarez & Marsal, in 2020
said it had hired a law firm to make a claim against EY and had
already issued a preliminary notice informing the audit firm it
intended to file a lawsuit.

A&M, the FT says, has also been conducting a costly forensic
investigation with a view to recouping funds from those found to be
complicit in the alleged fraud.


WEST BERKSHIRE: Oxford City Council Seeks Buyer for Lease
---------------------------------------------------------
Andrew Ffrench at Oxford Mail reports that the search is now on for
new management to take over the historic Grapes pub in Oxford after
the company running it went into administration.

Drinkers were shocked when staff at The West Berkshire Brewery pub
in George Street placed a note on the door at the end of last year
to say it would not be reopening.

The West Berkshire Brewery, near Newbury, which took over the pub
lease in 2019, went into administration, according to Companies
House.

Oxford City Council, which owns the building and controls the
lease, said it would like to see a new tenant take up the
opportunity to run the pub.

A city council spokesman told the Oxford branch of real ale group
CAMRA: "The council is in contact with the administrator and with
the previous tenant.

"Their intention is to market the lease to find a new tenant."



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
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.

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