---

       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 29, 2022, Vol. 23, No. 57

                           Headlines



A R M E N I A

ELECTRIC NETWORKS: Moody's Affirms Ba2 CFR, Alters Outlook to Neg.
EXPORT INSURANCE: Moody's Affirms Ba3 IFS Rating, Outlook Now Neg.


I R E L A N D

ALBACORE EURO IV: Moody's Gives (P)B3 Rating to EUR14.6MM F Notes
BBAM EURO III: Fitch Gives Final B- Rating to Class F Notes
BBAM EUROPEAN III: Moody's Assigns B3 Rating to EUR12MM F Notes


I T A L Y

MOBY SPA: Mediterranean Shipping to Take Minority Stake


K A Z A K H S T A N

FREEDOM FINANCE: S&P Affirms 'B' ICR, Outlook Positive


L U X E M B O U R G

BELRON GROUP: Moody's Upgrades CFR to Ba2, Outlook Remains Stable
SAPHILUX SARL: Moody's Affirms B3 CFR & Alters Outlook to Positive


N E T H E R L A N D S

PPF TELECOM: Moody's Affirms Ba1 Sr. Sec. Rating, Outlook Now Neg.
WEENER PLASTICS: Moody's Lowers CFR to B2, Outlook Remains Stable


R U S S I A

[*] RUSSIA: Bondholders Receive US$3BB Overdue Interest Payment


S P A I N

CELLNEX TELECOM: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable


S W E D E N

IGT HOLDING III: Moody's Affirms B2 CFR & Alters Outlook to Stable


U N I T E D   K I N G D O M

CO-OPERATIVE BANK: Fitch Affirms 'B+' LT IDR, Outlook Stable
COGRESS: Goes Into Administration
GLENBURN HOTEL: Bought Out of Administration by Bespoke Hotels
KERSHAW MECHANICAL: Set to Go Into Administration This Week
MEADOWHALL FINANCE: Fitch Lowers Class C1 Notes to 'CCC'

SUNGARD: Enters Administration After Talks with Landlords Fail
TWENTY 1: Enters Administration After Pandemic Hits Business

                           - - - - -


=============
A R M E N I A
=============

ELECTRIC NETWORKS: Moody's Affirms Ba2 CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Electric
Networks of Armenia (ENA) to negative from stable. Concurrently,
Moody's has affirmed the Ba2 Corporate Family Rating and Ba2-PD
probability of default rating of ENA, the national electricity
distribution company in Armenia.

The rating action on ENA follows the outlook change to negative
from stable on the Ba3 rating of the Government of Armenia on March
24, 2022.

RATINGS RATIONALE

The change in outlook to negative from stable reflects ENA's
exposure to macroeconomic conditions in Armenia and Moody's view
that ENA would not likely be rated more than one notch higher than
the government's rating, reflecting its exclusively domestic
focus.

ENA's Ba2 CFR reflects (1) the company's monopoly in electricity
distribution system in Armenia; (2) the transparent, but relatively
new system of tariff regulation with clear-cut long-term
arrangements for the recovery of costs and pre-agreed investments,
as well as the regulator's structural independence from the
government; (3) the good visibility of profitability and cash flow
generation till 2027; and (4) its sound financial profile as
reflected in funds from operations (FFO)/net debt of around 23% in
2021.

ENA's rating is, however, constrained by (1) modest and
undiversified scale of operations, limited to the Armenian domestic
market; (2) the foreign exchange risk arising from the mismatch
between operational earnings in Armenian dram and ENA's loans
denominated in euros and US dollars; (3) a significant investment
programme to be completed by 2027; and (4) the relatively short
track record of company's operations under the new regulatory
framework.

ENA is 70% owned by CJSC Tashir Capital, domiciled in Armenia, and
30% by Liormand Holding Limited, domiciled in Cyprus. The company
is part of Tashir group, a large Russian conglomerate, present in
Russia and neighbouring countries, and ultimately controlled by the
Karapetyan family. Mr Samvel Karapetyan, beneficiary of Tashir, has
stated its intention support to ENA in the event of financial
difficulty. However, the concentrated ownership structure presents
a risk. Moody's will continue to reassess the extent to which ENA's
ownership may support or constrain its credit quality in the
context of an evolving geopolitical environment.

LIQUIDITY AND DEBT COVENANTS

As of end-December 2021, ENA held cash on balance sheet of AMD5.4
billion. Following expiry of some of the lines and raising of new
loans, Moody's understands that the company has currently access to
some AMD35 billion in bank facilities that are available for
drawing. Given expected operating cash flow generation coupled with
ENA's sizeable annual investments of around AMD30 billion and debt
maturities of around AMD15 billion, Moody's considers that the
company will draw on additional debt in the next 6-12 months.

Most of ENA's debt is provided by international financing
organisations and banks including the Asian Development Bank and
the European Bank for Reconstruction and Development. Following
recent amendments and repayment of certain loans, the company's
debt documentation includes two financial covenants -- net
debt/EBITDA at or below 3.5x and current ratio of at least 1x.
While management expects ENA to remain compliant with its financial
covenants, Moody's cautions that a further Armenian dram
depreciation could erode that headroom without adequate mitigating
measures in place.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook on ENA is in line with the outlook on the
Government of Armenia's rating reflecting the company's linkages
with the sovereign given that all its earnings are generated in
Armenia. It further considers the risk that shareholder support, if
needed, may not be available to the extent that Moody's had
previously assumed given the widespread consequences of the
Russia-Ukraine conflict and shifting economic and business
conditions.

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

An upgrade of ENA's ratings is unlikely given the negative outlook.
Upward rating pressure would be conditional upon an upgrade of the
sovereign rating of Armenia coupled with a demonstrated strong
financial and liquidity profile in a supportive regulatory
environment.

ENA's ratings could be downgraded if (1) Armenia's sovereign rating
were downgraded; (2) the company's financial metrics weakened so
that its Funds from operations (FFO)/interest fell below 3.0x, and
FFO/net debt to below 18%; (3) it appeared likely that ENA's
ownership structure would weigh on the company's credit quality;
(4) there were concerns about ENA's liquidity; or (5) there was a
risk of covenant breaches.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

Since the last rating actions on this issuer, Moody's has updated
its approach to rating ENA, and currently assigns and monitors such
ratings using the Regulated Electric and Gas Utilities methodology
published in June 2017.

Electric Networks of Armenia owns and operates the country's
electricity distribution grid. The company's principal activity is
the purchase and distribution of electricity to residential and
non-residential customers in Armenia. ENA's tariffs for sold
electricity and purchased power are determined by the Public
Services Regulatory Commission. In 2021, the company generated
revenue of AMD216.6 billion (around USD445 million).

EXPORT INSURANCE: Moody's Affirms Ba3 IFS Rating, Outlook Now Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 foreign and
local-currency insurance financial strength ratings (IFSRs) on
Export Insurance Agency of Armenia ICJSC (EIAA). The outlook
changed to negative from stable.

EIAA's Ba3 IFSRs reflect: (1) its b1 Baseline Credit Assessment
(BCA), and (2) moderate probability of support from the government
of Armenia (Ba3 negative), resulting in a notch uplift above the
BCA.

This rating action on EIAA follows the rating action on the
Government of Armenia, which on March 24 was affirmed with the
outlook changed to negative from stable.

RATINGS RATIONALE

The change in outlook to negative from stable on EIAA, whose
ratings benefit from government support, mirrors the change in
outlook of Armenia's Ba3 government bond rating. The negative
outlook reflects the potential reduction in support capacity of the
Armenian government and the strong linkages between EIAA and the
Government of Armenia. These linkages are based on EIAA's (1)
dependence on the Armenian economy for its revenues and operating
profits; and (2) the company's investment portfolio concentration
in Armenian government bonds and deposits with Armenian banks.

EIAA is currently the only export insurance company in Armenia,
established by the government to promote Armenian export within the
framework of the export-oriented industrial policy of the republic
of Armenia. Moody's thus maintains a moderate probability of
government support resulting in a one notch uplift above EIAA's
BCA. This takes into account the current full ownership of EIAA by
the Armenian Government, and the Government's involvement in the
strategic management of the company as well as the lack of any
implicit or explicit Government guarantees.

Armenia's economy, and thus EIAA, is exposed to external
development, including in Russia (Ca negative) - its largest export
market destination and the major originator of remittances and
foreign direct investment inflows into the country. The negative
outlook on EIAA's ratings therefore also reflects potentially
weaker growth prospects as well as likely material insurance losses
on exports to Russia.

has significant gross exposures to Russian companies importing
goods, predominantly food and beverages, from Armenia. As such,
Moody's expects insurance losses to crystalize over the coming
months with a significant impact on the company's underwriting
earnings. However, the company's actions to manage these exposures
as well as the significant 90% quota share reinsurance protection
provided by Swiss Reinsurance Company Ltd (Aa3 IFSR stable) will
limit the adverse impact on EIAA's capital.

The Rating Agency also expects that the Russia-Ukraine military
conflict could lead to reduction in EIAA's new business
opportunities and premiums given that over 90% of EIAA's premiums
are generated on Russian exports.

OUTLOOK

The outlook on EIAA is negative, in line with the outlook on the
Government of Armenia. The outlook also reflects uncertainty around
the company's new business flows over the coming months and how
that might impact the baseline credit assessment of the insurer, in
light of the Russia/Ukraine conflict.

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

EIAA's IFRS is currently aligned with the rating on the government
of Armenia, which limits upward potential, particularly given the
negative outlook on the sovereign.

Conversely, the rating could be downgraded in case of the downgrade
of the sovereign rating, lower support assumption, or weaker
stand-alone assessment of the company. The stand-alone assessment
could be downgraded as a result of: (1) a material deterioration in
capital, with shareholders equity as a percentage of net exposures
increasing towards 100%; and/or (2) a significant reduction in the
company's use of reinsurance on future business or any claims
disputes on the existing reinsurance contract.

LIST OF AFFECTED RATINGS

Issuer: Export Insurance Agency of Armenia ICJSC

Affirmations:

Insurance Financial Strength Ratings, Affirmed Ba3

Baseline Credit Assessment, Affirmed b1

Outlook Action:

Outlook, changed to negative from stable

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Trade Credit Insurers
Methodology published in November 2019.



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

ALBACORE EURO IV: Moody's Gives (P)B3 Rating to EUR14.6MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the debts to be issued by AlbaCore
Euro CLO IV Designated Activity Company (the "Issuer"):

EUR206,600,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

EUR60,000,000 Class A Senior Secured Floating Rate Loan due 2035
Notes, Assigned (P)Aaa (sf)

EUR44,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR30,400,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR30,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR21,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

EUR14,600,000 Class F Senior 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 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 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 seven months ramp-up period in compliance with the
portfolio guidelines.

AlbaCore Capital LLP ("AlbaCore") 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-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 EUR34,400,000.00 Subordinated Notes due 2035
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's performance is subject to uncertainty. The debt's
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's
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: EUR450,000,000.00

Diversity Score: 51 (*)

Weighted Average Rating Factor (WARF): 2920

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 42.60%

Weighted Average Life (WAL): 6.7 years

BBAM EURO III: Fitch Gives Final B- Rating to Class F Notes
-----------------------------------------------------------
Fitch Ratings has assigned BBAM European CLO III DAC's notes final
ratings.

    DEBT                        RATING             PRIOR
    ----                        ------             -----
BBAM CLO III DAC

A XS2441620700           LT AAAsf   New Rating    AAA(EXP)sf
B-1 XS2441620965         LT AAsf    New Rating    AA(EXP)sf
B-2 XS2441620882         LT AAsf    New Rating    AA(EXP)sf
C XS2441621005           LT Asf     New Rating    A(EXP)sf
D XS2441621187           LT BBB-sf  New Rating    BBB-(EXP)sf
E XS2441621260           LT BB-sf   New Rating    BB-(EXP)sf
F XS2441621344           LT B-sf    New Rating    B-(EXP)sf
Sub Notes XS2441621690   LT NRsf    New Rating    NR(EXP)sf
Z notes XS2445108413     LT NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

BBAM European CLO III 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 BlueBay
Asset Management LLP. The transaction has a 4.6-year reinvestment
period and an 8.6-year weighted average life (WAL). The note
proceeds are being used to fund a portfolio with a target par
amount is EUR400 million.

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 25.10.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the target portfolio is 62.64%.

Diversified Portfolio (Positive): Exposure of the 10 largest
obligors and fixed-rate obligations is limited to 20% 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 and Fitch 'CCC' limitation, 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 five 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, 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

BBAM CLO III DAC

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

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

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

BBAM EUROPEAN III: Moody's Assigns B3 Rating to EUR12MM F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by BBAM European CLO
III Designated Activity Company (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2036, Assigned Aaa (sf)

EUR32,000,000 Class B-1 Senior Secured Floating Rate Notes due
2036, Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2036,
Assigned Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned A2 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned Baa3 (sf)

EUR19,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2036, 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 90% ramped up 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.

BlueBay Asset Management LLP ("BlueBay") 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 seven classes of notes rated by Moody's, the
Issuer has issued EUR100,000 of Class Z Notes and EUR34,260,000 of
Subordinated Notes which are not rated. The Class Z Notes accrue
interest in an amount equivalent to a certain proportion of the
subordinated management fees and its notes' payment is pari passu
with the payment of the subordinated management fee.

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: 48

Weighted Average Rating Factor (WARF): 3039

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 7.83 years



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

MOBY SPA: Mediterranean Shipping to Take Minority Stake
-------------------------------------------------------
Antonio Vanuzzo and Giulia Morpurgo at Bloomberg Quint report that
Italian billionaire Gianluigi Aponte's Mediterranean Shipping Co.
will take a minority stake in Moby SpA as the ailing ferry company
aims to settle a dispute with creditors and restructure its debt.

MSC, one of the world's largest container shipping companies, will
provide fresh funds to Moby to pay off the administrators of
Tirrenia, a unit it bought out of insolvency in 2011, Bloomberg
Quint relays, citing a joint statement late on March 24.  The firms
didn't disclose the size of the capital increase, Bloomberg Quint
notes.

According to Bloomberg Quint, the agreement between Aponte and the
Onorato family -- owner of Moby -- removes a major hurdle toward
the completion of the ferry operator's debt restructuring after
almost two years since the beginning of negotiations with
creditors.

In January, the company reached an agreement with bondholders
including BlueBay Asset Management and Cheyne Capital Management to
cede a stake in a new unit that will own its fleet, in exchange for
a EUR50 million (US$55 million) cash injection, Bloomberg Quint
relates.  The deal, however, depended on settling an old bill for
the acquisition of Tirrenia that Moby never paid, Bloomberg Quint
discloses.  A court in Milan gave Moby until the end of March to
present a plan for Tirrenia, Bloomberg Quint states.




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

FREEDOM FINANCE: S&P Affirms 'B' ICR, Outlook Positive
------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit and financial
strength ratings on Kazakhstan-based Freedom Finance Life (FFL).
S&P also affirmed its 'kzBBB-' national scale rating on the
company. The outlook remains positive.

FFL continued its strong growth in 2021, when premiums increased by
32%. Its share of the Kazakh life market correspondingly was 8%.
Profitability also remained strong: The company posted a return on
assets of 7.5% and return on equity of 53%, with a 7.5% return on
investments supporting the company's technical performance.

S&P said, "We view positively these developments as the company
increases its scale and efficiency and grows its capital base, with
its regulatory solvency increasing to 216% as of December 2021 from
155% in December 2020. We anticipate that premiums will grow by 20%
year-on-year in 2022 and 2023, with net profit increasing to
Kazakhstani tenge (KZT) 6.6 billion in 2022 and KZT8.2 billion in
2023, although the risk remains that excessively rapid growth could
reduce profit margins.

"The rating level reflects that FFL remains a midsize player in a
developing market. The company also has a relatively high-risk
asset mix. The proportion of investment-grade bonds slipped back to
62% in 2021 and its other investments are in categories that we
regard as more volatile, particularly its exposure to the Kazakh
financial sector.

"Although we view the company as being on an upward trajectory,
strategic concerns remain. The investment market volatility of
early 2022 could lead to significant fluctuations in FFL's balance
sheet, while the conflict in Ukraine could have implications for
regional economies. Moreover, the company's future ownership
remains uncertain. FFL currently benefits from a strong commitment
of support from its owner, Mr. Timur Turlov. Mr. Turlov has
proposed the transferral of FFL to the ownership of the brokerage
arm of his activities; however, this has been deferred due to the
ongoing market volatility.

"The positive outlook reflects that we could raise the ratings on
FFL by one notch within the next 12 months if FFL sustains asset
quality metrics at the 'BBB-' level, while underwriting performance
continues to support its growth and capital adequacy.

"We could consider revising our rating on FFL if it sustains the
abovementioned factors in the next 12 months and we have greater
certainty over its operating environment.

"We could consider revising the outlook to stable in the next 12
months if the company increases its exposure to lower quality
instruments, or the capital position weakens, squeezed either by
weaker-than-expected operating performance, investment losses, or
considerable dividend payouts."




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

BELRON GROUP: Moody's Upgrades CFR to Ba2, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
to Ba2 from Ba3 and the probability of default rating to Ba2-PD
from Ba3-PD of Belron Group SA, a leading provider of vehicle glass
repair, replacement and recalibration services in Europe, North
America, and Australasia.

At the same time, Moody's has upgraded to Ba2 from Ba3 instrument
ratings on all the currently outstanding backed senior secured term
loans issued by Belron Finance 2019 LLC, Belron Finance US LLC.,
Belron Luxembourg S.a.r.l. and on the EUR665 million backed senior
secured revolving credit facility (RCF) issued by Belron Finance
Limited. The outlook on all ratings remains stable.

RATINGS RATIONALE

The rating upgrade reflect Moody's expectation of continued strong
performance with Moody's adjusted EBITDA margins maintained at
22%-23% in 2022 and alongside strong cash flow generation. The
rating action also reflects the evolution of Belron's competitive
position with market share gains in the US and across most of its
key markets. Moody's also positively notes Belron's resilience
during the pandemic, when despite the government restrictions and
temporary reduction in revenues the company managed to further
improve margins and absolute amount of profits. The strong growth
continued in 2021 and as a result Belron's Moody's-adjusted EBITDA
increased to EUR1,042 million compared EUR456 million in 2017. The
growth has come through multiple channels, including revenue (8%
CAGR since 2017), increasing share of new and more profitable
products, such as Advanced Driver Assistance Systems ADAS
recalibration and Value-Adding Products and Services (VAPS, largely
includes selling windscreen wipers), cost savings and successful
price negotiations with insurers.

Moody's estimates Belron's Moody's adjusted leverage (debt /
EBITDA) at 3.9x as of year-end 2021. The company paid several
debt-funded dividends since 2017 totalling EUR2.7 billion,
including EUR1.5 billion in 2021 and will likely continue to do so.
More positively, Belron has been adhering to its financial policy
and its net leverage has remained below 4x in all but one quarter
over the last several years thanks to strong EBITDA growth which
has been compensating for higher debt due to the dividend recaps.
Moreover, following change of shareholders, the company publicly
committed to de-lever to below 3x by 2025, a significant
improvement from the previous 4.25x informal target. Moody's
expects that any further dividends payments will not lead to the
net leverage exceeding 4x this year and that the company will be
gradually reducing its leverage to the new 3x target.

Belron's Ba2 CFR is supported by (1) stable business model
underpinned by the largely non-discretionary nature of its
services, (2) leading market positions across diversified
geographies with limited competitors in mainly fragmented markets,
(3) well established relationships with large insurers, and (4)
stable organic through-the-cycle growth rates, supported by
premiumisation and higher complexity of works, despite flat volumes
of the auto parc in a few developed markets.

The CFR is constrained by (1) the company's limited product
diversity and the execution risks involved in diversifying into new
markets, (2) risk of price pressure on contract renewals, mitigated
by a solid track record of average price per job growth across all
the key markets in the last several years; (3) the material
proportion of business not covered by insurers which is vulnerable
to competitors and postponement during economic downturns; (4)
sharp increase in oil prices coupled with rising risks of economic
recession which may lead to lower average miles driven and
temporary reduce demand for Belron's services.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's considers the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.

Belron is owned by a Belgium-based automotive service company
D'leteren SA (56%), by private equity firms Clayton, Dubilier &
Rice (23%) and Hellman & Friedman (H&F) (11%) and by BlackRock,
Inc. (3%) and GIC (4%). Despite the presence of private equity
sponsors and several significant debt-funded dividends paid since
2017, Belron has adhered to its financial policy and also publicly
committed to reduce its net leverage to below 3x by 2025 (a credit
positive compared to the previous target of 4.25x / 4.1x
post-IFRS-16).

The company's business is exposed to weather conditions, unusually
bad weather often lead to increased damage to vehicles and vehicle
glasses and hence can temporarily boost demand for the company's
service. The increased frequency of extreme weather events in the
recent years linked to the climate change could support company's
revenue and profitability the company in the short-term. However,
longer term and more significant consequences of the climate change
will likely have more mixed and negative impact on the company and
many other industries.

LIQUIDITY

Belron's liquidity is good reflecting Moody's expectation of
positive free cash flow in the next 12 to 18 months, a cash balance
of EUR245 million as of December 2021, and full drawing capacity
under the newly upsized EUR665 million RCF.

STRUCTURAL CONSIDERATIONS

The Ba2-PD PDR is aligned with the Ba2 CFR as typical for capital
structures with first lien bank debt with only a springing
covenant. The senior secured term loans and RCF are rated Ba2, also
in line with the CFR, reflecting their first priority pari passu
ranking. These instruments are guaranteed by material subsidiaries
representing at least 80% of consolidated EBITDA and are secured by
share pledges as well as floating charges over all assets of the US
and UK businesses.

RATING OUTLOOK

The stable outlook incorporates Moody's expectation of a
continuation of solid operating performance including growth in
revenues and stable-to-improving margins, leading to a gradual
decrease in Moody's adjusted leverage towards 4x over the next
12-18 months. It also assumes that Belron will comply with its
financial policy target of reducing leverage to below 3x by 2025.

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

Upward rating pressure could materialise if (1) the
Moody's-adjusted debt / EBITDA decreases towards 3.5x and the
rating agency is comfortable that future shareholder distributions
or debt funded acquisitions will not increase leverage above that
level (2) the Moody's-adjusted EBITA margin is sustained in the
high teens, and (3) the Moody's-adjusted free cash flow / debt is
well above 10% with a good liquidity profile.

Conversely, negative pressure could be exerted on the rating if (1)
the Moody's-adjusted debt/EBITDA ratio is above 4.5x for a
prolonged period or (2) there is a sustained decline in organic
revenue or profitability or (3) free cash flow / debt deteriorates
below 5% or liquidity materially weakens.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Belron Finance 2019 LLC

BACKED Senior Secured Bank Credit Facility, Upgraded to Ba2 from
Ba3

Issuer: Belron Finance Limited

BACKED Senior Secured Bank Credit Facility, Upgraded to Ba2 from
Ba3

Issuer: Belron Finance US LLC

BACKED Senior Secured Bank Credit Facility, Upgraded to Ba2 from
Ba3

Issuer: Belron Group SA

LT Corporate Family Rating, Upgraded to Ba2 from Ba3

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

Issuer: Belron Luxembourg S.a.r.l.

BACKED Senior Secured Bank Credit Facility, Upgraded to Ba2 from
Ba3

Outlook Actions:

Issuer: Belron Finance 2019 LLC

Outlook, Remains Stable

Issuer: Belron Finance Limited

Outlook, Remains Stable

Issuer: Belron Finance US LLC

Outlook, Remains Stable

Issuer: Belron Group SA

Outlook, Remains Stable

Issuer: Belron Luxembourg S.a.r.l.

Outlook, Remains Stable

COMPANY PROFILE

Belron is the market leader in the vehicle glass repair and
replacement industry, with an established presence in 40 countries.
The group operates under more than seven different brands, with
Carglass (Continental Europe), Autoglass (UK) and Safelite (US)
being the most well-known. The company generated revenue of EUR4.6
billion and EUR1.2 billion of management-adjusted EBITDA in 2021.

SAPHILUX SARL: Moody's Affirms B3 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service changed the outlook on Saphilux
S.a.r.l.'s (IQ-EQ) to positive from stable and affirmed its B3
corporate family rating and its B3-PD probability of default
rating. Concurrently, Moody's affirmed the company's B2 backed
senior secured bank credit facility rating.

RATINGS RATIONALE

The action reflects the upside ratings potential if the company
improves its operating profitability and continues to generate
positive Free Cash Flow (FCF) while maintaining a prudent approach
regarding M&A activity, including the expectation of a meaningful
shareholder support, which could result in leverage falling below
6.5x Moody's adjusted Debt / EBITDA over the next 12-18 months.
Over the past several years IQ-EQ demonstrated a track record of
operating performance improvement, positive FCF, and good execution
with respect to bolt-on acquisitions and organic growth, resulting
in a significant expansion in scale, offerings and customer reach.
Moody's expects revenues to exceed EUR500 million in 2022 compared
to EUR183 million in 2018 and up at least 10% vs 2021.

IQ-EQ's B3 CFR broadly reflects the company's elevated leverage as
it undertakes an acquisitive growth strategy in the fragmented fund
administration services industry. Leverage at around 7.0x Moody's
adjusted Debt / EBITDA in 2021 remains high but significantly down
compared to around 9.0x in 2019. Moody's expects the business
environment to remain volatile given the uncertainties posed by a
multitude of factors including lower economic growth, rising
inflation, and a shortage of professionals, albeit Moody's expects
that the company can mitigate these risks by passing through most
wage price increases to its customers. Furthermore, the rating
considers IQ-EQ's exposure to legal and regulatory risks inherent
to the industry.

Nonetheless, the rating benefits from the company's resilient
business model, with long-standing customer relationships and high
switching costs, resulting in around 90% of recurring revenue. The
company has a significant exposure (around 60% of revenue) to the
funds segment, which has good mid-term growth prospects,
underpinned by an increasing share of outsourcing of fund
administration services. The low capital requirements inherent in
the company's business model facilitate potential for strong
positive FCF generation.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.

IQ-EQ's highly leveraged capital structure reflects the high risk
tolerance of its private equity owner, Astorg. The private equity
business model typically involves an aggressive financial policy
and a highly leveraged capital structure. Moody's expects private
equity firm Astorg, IQ-EQ's shareholder, to support its growth
strategy and refrain from dividends over the next several years. In
January 2022, Astorg transferred IQ-EQ to a newly established
Continuation Fund, which closed at EUR1.3 billion, including a
substantial additional capital for Astorg and its investment
partners to support organic growth initiatives and acquisitions of
IQ-EQ.

LIQUIDITY

IQ-EQ has good liquidity, supported by the expected positive FCF
generation and the absence of short-term debt maturities. Liquidity
sources include EUR44 million of unrestricted cash balance as of
the end of December 2021 and a EUR55 million of undrawn Revolving
Credit Facility (RCF).

There are no major debt maturities until 2024, when the RCF
matures.

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

STRUCTURAL CONSIDERATIONS

The senior guaranteed secured term loan B and RCF are both rated B2
as they rank pari passu one notch above the CFR, reflecting their
priority relative to the EUR186 million second lien term loan
(unrated). This one notch differential is explained by the loss
absorption cushion provided by the second lien.

OUTLOOK

The positive rating outlook reflects Moody's expectation that the
company can successfully pass through most wage price increases to
its customers, which, combined with the contribution from
acquisitions and organic growth, will result in Moody's-adjusted
debt/EBITDA of around 6.5x and continued positive FCF, with
FCF/debt of 3%, in the next 12-18 months. The forward view assumes
no material debt-funded acquisitions and no dividends. Finally, it
incorporates Moody's expectation that IQ-EQ will retain its good
liquidity profile.

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

The ratings could be upgraded if earnings growth, combined with a
commitment to deleveraging and a prudent approach towards future
M&A activity, results in adjusted Debt/EBITDA sustainably below
6.5x and Moody's adjusted FCF/Debt around 3%, while the company
maintains good liquidity. Moreover, an upgrade would require the
absence of any adverse changes in regulation.

Moody's would consider a rating downgrade with expectations for
Moody's adjusted debt/EBITDA sustained above 8.0x, EBITA margins
sustained below 20%, or sustained negative FCF. The ratings could
also be downgraded if the company's liquidity deteriorated to weak
levels.

LIST OF AFFECTED RATINGS:

Issuer: Saphilux S.a.r.l.

Affirmations:

LT Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

BACKED Senior Secured Bank Credit Facility, Affirmed B2

Outlook Actions:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Saphilux S.a.r.l. (IQ-EQ), is one of the largest independent fund
and corporate services providers globally. Headquartered in
Luxembourg, it has also developed a strong market presence in North
America, the Netherlands, Mauritius, France, the UK, the Crown
Dependencies, Belgium, Singapore, Hong Kong and. IQ-EQ provides a
comprehensive range of value-added services and tailored solutions
for funds, companies, and private clients with pro forma revenue of
EUR459 million in 2021 with a company-adjusted EBITDA of EUR160
million (based on IFRS).



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

PPF TELECOM: Moody's Affirms Ba1 Sr. Sec. Rating, Outlook Now Neg.
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 backed senior
secured ratings of PPF Telecom Group B.V. ("PPF Telecom" or "the
company"), the Baa2 long term issuer ratings of CETIN Group N.V.
(CETIN Group), the Baa2 backed senior unsecured ratings of its
fully and unconditionally guaranteed subsidiary CETIN Finance B.V.
and the Baa2 long term issuer rating of CETIN a.s. (CETIN). The
outlook on the ratings for all entities has been changed to
negative from stable.

The rating action follows the announcement [1] of the completion of
the sale of a 30% stake in CETIN Group to GIC for an undisclosed
amount. Proceeds from this disposal will be used to repay EUR325
million of debt at O2 Czech Republic, a.s. (O2) while the balance
will be distributed to shareholders.

"The outlook change to negative reflects the dilution of PPF
Telecom's ownership of CETIN, which is a strategic asset, and the
use of a large part of the cash proceeds to remunerate
shareholders, weakening the financial strength of the group," says
Carlos Winzer, a Moody's Senior Vice President and lead analyst for
PPF Telecom, CETIN Group and CETIN.

Financial strategy and risk management, and organizational
structure are governance considerations under Moody's General
Principles for Assessing Environmental, Social and Governance Risk
Methodology for assessing ESG risks.

"However, we have affirmed the ratings to reflect our expectation
that PPF Telecom and CETIN Group will achieve gradual organic
deleveraging based on the strength of the operating cash flow
generated at the operating subsidiaries and subject to the group's
financial policy of sustaining net reported leverage at the mid-to
lower end of the 2.8x-3.2x range" adds Mr. Winzer.

RATINGS RATIONALE

The sale of a 30% stake in CETIN Group B.V. is credit negative for
PPF Telecom due to the ownership dilution in a strategic asset. At
the same time, the entity remains fully consolidated in PPF
Telecom's accounts while it is not fully owned, increasing the
analytical complexity of the group (although the previously
existing 32% minorities in O2 have been concomitantly bought back).
While part of the proceeds from the transaction will be used to
reduce by EUR325 million the debt at O2, the remaining amount will
be up-streamed to the parent company as a dividend, weakening the
financial strength of the group. Moody's views the ownership
dilution as only being partially compensated for recent
transactions including: 1) the in-kind contribution of a 10% equity
stake in CETIN a.s., held by PPF Group to PPF Telecom Group; 2) the
debt reduction at O2; and 3) the fact that PPF Telecom recently
bought the remaining 32% minority equity stake in O2 for some
EUR1bn. While these transactions improve leverage, Moody's has also
considered the presence of a liability arising from the minority
owned portion of the Master Service Agreement (MSA) between CETIN
and O2/Yettel, in order to assess the true economic-deleveraging.
Moody's notes however that the MSA contains a higher share of
services than for other infrastructure Telcos, given that CETIN
owns the active network.

Nevertheless, Moody's has tightened by 0.5x the leverage threshold
required for PPF Telecom to remain rated at the Ba1 level.

Given the parent/subsidiary relationship between PPF Telecom and
CETIN Group and CETIN, there is a maximum of two-notches
differential in the rating between these entities. Following the
outlook change at PPF Telecom, the subsidiaries also carry a
negative outlook on their ratings.

The ratings affirmation of PPF Telecom and its operating
subsidiaries reflect the group's leading position as the integrated
incumbent in the Government of Czech Republic (Aa3 stable) with a
corporate structure that separates the service provision from
infrastructure management; the group's good geographical
diversification in the Central and Eastern European (CEE) region;
its higher revenue growth potential than the European average; its
financial policy and commitment to preserve leverage within
management's public guidance; and its good margins and solid
operating cash flow generation.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook at PPF Telecom reflects the fact that PPF
Telecom's leverage on a fully consolidated stood at 3.2x in 2021
and will not improve towards 3.0x, the new threshold for the Ba1
rating until 2023-2024, leaving no headroom for deviation in terms
of operating underperformance. While the rating is weakly
positioned in the category, Moody's acknowledges the management's
track record in executing the strategy and maintaining leverage
within the required thresholds.

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

Because of PPF Telecom's complex group structure, upward rating
pressure is unlikely until there is a simplification in the debt
allocation within the broader group structure, and a clearer policy
on debt distribution between PPF Telecom and the operating
subsidiaries to minimize structural subordination.

Moody's could consider a rating upgrade if PPF Telecom's operating
performance improves beyond Moody's current expectation, such that
its Moody's-adjusted debt/EBITDA remains comfortably below 2.25x
(2.75x previously) and RCF/debt remains above 25% (20% previously)
on a sustained basis.

The rating could be downgraded if PPF Telecom's operating
performance deteriorates or the company enters into debt-financed
acquisitions, such that its Moody's adjusted debt/EBITDA ratio
remains at 3.0x or higher (3.5x previously) on a fully consolidated
basis and RCF/debt remains below 15% (10% previously).
Additionally, negative pressure could be exerted if PPF Telecom's
financial policies become more aggressive, it needs to support
lower-credit-quality entities within the broader PPF Group N.V., or
its liquidity deteriorates.

Given the linkage between PPF Telecom and its subsidiaries, a
downgrade of PPF Telecom would lead to a downgrade of CETIN Group
and CETIN. Upward pressure on the ratings of CETIN Group and CETIN
is unlikely unless leverage at PPF Telecom level reduces
substantially and sustainably.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: PPF Telecom Group B.V.

Probability of Default Rating, Affirmed Ba1-PD

LT Corporate Family Rating, Affirmed Ba1

BACKED Senior Secured Regular Bond/Debenture, Affirmed Ba1

Issuer: CETIN a.s.

LT Issuer Rating, Affirmed Baa2

Issuer: CETIN Finance B.V.

BACKED Senior Unsecured Medium-Term Note Program, Affirmed
(P)Baa2

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

Issuer: CETIN Group N.V.

LT Issuer Rating, Affirmed Baa2

Outlook Actions:

Issuer: PPF Telecom Group B.V.

Outlook, Changed To Negative From Stable

Issuer: CETIN a.s.

Outlook, Changed To Negative From Stable

Issuer: CETIN Finance B.V.

Outlook, Changed To Negative From Stable

Issuer: CETIN Group N.V.

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Telecommunications
Service Providers published in January 2017.

COMPANY PROFILE

PPF Telecom Group B.V., a European telecommunications group, is the
holding company owning 70% of CETIN Group N.V., 100% of O2 (telecom
service provider) and the companies which form the international
service provider in the CEE countries. In 2021, PPF Telecom
generated revenues of EUR3.3 billion and Moody's adjusted EBITDA of
EUR1.5 billion. PPF Telecom is in turn owned by PPF Group N.V., an
investment group with diverse business activities encompassing
banking and financial services, telecommunications, media,
biotechnology, insurance, real estate, mechanical engineering and
e-commerce in Europe, Russia, Asia and the US.

CETIN Group N.V., is a holding company 100% owner of CETIN a.s. and
the infrastructure business in Hungary, Bulgaria and Serbia.

CETIN, headquartered in Prague (Czech Republic), is the leading
national Czech telecommunications infrastructure provider. CETIN
was incorporated in June 2015 after the spinoff from O2 Czech
Republic a.s. In 2021, CETIN generated revenues of CZK 18.2 billion
and Moody's adjusted EBITDA of CZK 9.2 billion. CETIN currently
operates and manages fixed and mobile infrastructure in the
domestic market and transit infrastructure abroad with
international points of presence in Germany, Austria, Slovakia and
UK.

WEENER PLASTICS: Moody's Lowers CFR to B2, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating and to B2-PD from B1-PD the probability of
default rating of Dutch rigid plastic packaging manufacturer Weener
Plastics Holding BV's ("Weener Plastics" or "the company").

Concurrently, Moody's has downgraded to B2 from B1 the rating on
the EUR335 million backed senior secured term loan B (TLB) due 2025
and on the EUR75 million-equivalent multi-currency backed senior
secured revolving credit facility (RCF) due 2024, borrowed by
Weener Plastics Group BV. The outlook on the ratings for both
entities remains stable.

"The downgrade to B2 reflects the deteriorated operating
environment in Russia, where the company generates approximately
18% of EBITDA, and the expectation that the increase in prices of
raw materials, energy and logistics will negatively affect the
company's performance over the next 12 to 18 months," says
Donatella Maso, a Moody's Vice President -- Senior Analyst and lead
analyst for Weener Plastics.

"The company was already weakly positioned in the B1 rating
category for some time, and the negative developments affecting its
operations in Russia as well as the impact of inflation will
prevent the improvement in the company's financial credit metrics
to levels consistent with the previous B1 rating", adds Ms. Maso.

RATINGS RATIONALE

The downgrade to B2 reflects the downside risks associated with the
company's Russian operations, which accounted for approximately
12.5% and 17.5% of its 2021 revenue and EBITDA, respectively. These
risks include, amongst others, potential volumes losses if any
Weener Plastics' customer decides to leave the country or there is
a change in demand due to the deteriorated macroeconomic
environment, supply chain disruptions, the impact of a weaker ruble
or future sanctions.

Weener Plastics was already weakly positioned in the previous B1
rating category. In 2021, while the company largely mitigated the
sudden steep increase in plastic resins and other input costs,
maintaining its EBITDA broadly flat year-over-year, its Moody's
adjusted leverage remained high at around 4.9x and its free cash
flow became negative.

Although the future developments of the military conflict between
Russia and Ukraine remains uncertain and the company continues to
operate in Russia with minor disruptions, the deterioration in the
macro economic environment and the devaluation of the Russian ruble
will delay the company's growth trajectory, the recovery in its
EBITDA margin and the improvement in its Moody's adjusted financial
leverage and free cash flow.

The company's exposure to increasing raw material prices, energy
and logistics costs adds further pressure to its performance over
the next 12 to 18 months. While vast majority of its contracts
include contractual pass-through provisions for raw materials,
these are subject to a time lag. In addition, energy and
transportation costs are excluded from these arrangements and the
company needs to negotiate any increase on a one-to-one basis with
their customers.

Moody's forecasts that Weener Plastics's EBITDA and EBITDA margin
will decline in 2022, leading to an increase in leverage to around
5.6x, while its free cash flow will remain negative and its EBIT to
interest coverage will be weak at around 0.6x. In 2023, leverage
will improve towards 5.0x, but still above the 4.5x maximum
leverage tolerance for the previous B1 rating category.

The B2 rating also reflects the company's small scale in the highly
fragmented and competitive rigid plastic packaging industry; a
degree of cyclicality in some of the company's end-markets, such as
home care and personal care, compared with food and beverage; and
some customer concentration, with the 10 largest customers
accounting for 40% of revenue in 2021, and high-single-digit
percentage revenue exposure to two customers.

Conversely, the B2 rating positively reflects the company's high
profitability compared with that of its peers and in the context of
a competitive trading environment; and a diversified geographical
profile because of its presence both in the mature European markets
and fast-growing emerging markets.

LIQUIDITY

The company's liquidity remains adequate, but weakening given
Moody's expectation of negative free cash flow over the next two
years. Excluding the cash held in Russia and in the JVs, the
company had approximately EUR30 million of cash and cash
equivalents as of December 2021. In addition, the company has
access to EUR57.5 million available under its EUR75 million backed
senior secured RCF, which matures in 2024, and to several
uncommitted factoring arrangements. The backed senior secured RCF
includes a springing covenant (maximum net leverage of 9.5x) tested
when backed senior secured RCF drawings exceed 40%, under which
Moody's expects the company to maintain ample headroom.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings on the EUR335 million backed senior
secured term loan B due 2025 and on the EUR75 million backed senior
secured RCF due 2024 are aligned with the B2 CFR because they
represent the majority of the debt in the capital structure. The
loans are guaranteed by subsidiaries representing not less than 80%
of its consolidated EBITDA, and secured by pledges over shares,
certain trade receivables, movable assets and intellectual
property. However, fixed-asset security such as plants is more
limited.

The capital structure formerly included a shareholder loan, which
has been converted into equity in December 2021.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the expected improvement in operating
performance and credit metrics in 2023, following a deterioration
in 2022 owing to its exposure to Russia and the increase in
inflation, with leverage trending towards 5.0x. The stable outlook
also assumes that the company will maintain adequate liquidity.

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

Positive rating pressure could emerge over time if the company
recovers its historical high EBITDA margin levels; its
Moody's-adjusted debt/EBITDA falls towards 4.5x; and it FCF remains
positive on a sustained basis.

Negative rating pressure could develop if the company's operating
performance significantly deteriorates so that its Moody's-adjusted
debt/EBITDA increases above 6.0x, its FCF remains persistently
negative, or its liquidity weakens. Any debt-funded acquisition or
shareholder-friendly action, such as dividends, could also strain
the rating.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Weener Plastics Holding BV

Probability of Default Rating, Downgraded to B2-PD from B1-PD

LT Corporate Family Rating, Downgraded to B2 from B1

Issuer: Weener Plastics Group BV

BACKED Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Outlook Actions:

Issuer: Weener Plastics Group BV

Outlook, Remains Stable

Issuer: Weener Plastics Holding BV

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

COMPANY PROFILE

Headquartered in the Netherlands, Weener Plastics is a plastic
packaging manufacturer, mostly for the personal care and food
end-markets, and to a lesser extent, for home care, pharma and
nutraceuticals end-markets. The company operates 26 facilities in
18 countries, serving a number of blue-chip customers. It is owned
by the private equity firm 3i since June 2015. In 2021, the company
generated approximately EUR425 million of revenue.



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

[*] RUSSIA: Bondholders Receive US$3BB Overdue Interest Payment
---------------------------------------------------------------
Lyubov Pronina, Caleb Mutua and Davide Scigliuzzo at Bloomberg News
report that some holders of a US$3 billion Russia bond received an
overdue interest payment, signaling that the heavily sanctioned
nation will once again sidestep a default.

The US$66 million interest payment started showing up in accounts
on March 24, according to two international bondholders, who asked
not to be identified because they weren't authorized to speak
publicly, Bloomberg relates.  The payment was in dollars, one of
the people said.  A third bondholder reached on March 24 said they
had yet to see the payment, according to Bloomberg.

It's the third Eurobond coupon payment that Russia is set to
complete in the past week, a relief to investors who feared that it
would neither be able -- nor willing -- to navigate the plethora of
sanctions to meet its debt obligations, Bloomberg notes.

The payment, which had been due on March 21 with a 30-day grace
period, has been slowly moving through the financial system for the
past three days, Bloomberg relays.  According to Bloomberg,
Russia's National Settlement Depository said it processed the
payment on March 22.  Earlier in that day, the Finance Ministry
said it had transferred the cash to the NSD, thus meeting its
obligations "in full", Bloomberg recounts.

While every payment helps ease fears of an imminent default,
investors are still signaling they remained concerned the country
could default, given the sudden deterioration in its credit profile
since it invaded Ukraine last month, Bloomberg notes.




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

CELLNEX TELECOM: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Cellnex Telecom.

The outlook is stable because S&P assumes that Cellnex will
smoothly integrate the acquired assets and maintain a solid
operating track record, while keeping leverage below 7.5x.

Thanks to recent acquisitions, Cellnex's radio site scale is now
second only to that of U.S.-based American Tower.

The acquisition of CK Hutchison's 25,000 radio sites in six
European countries, Altice France's 10,500 radio sites in France,
and about 14,400 sites in Poland from local operators Play and
Polkomtel leads to a considerable increase in scale, and further
broadens Cellnex's geographic reach and client diversity. As of
Dec. 31, 2021, the company estimated that it will operate up to
129,000 telecommunications infrastructure services sites by 2030,
an increase of about 29,000 from end-2021, including 6,000 existing
sites in the U.K. to be consolidated this year, and 23,000 through
build-to-suit (BTS) programs staggered over 2022-2030. The company
is already by far the largest European tower company in Europe,
ahead of Vantage and U.S.-based Crown Castle, which each have about
40,000; and is second only to American Tower, which has about
200,000 sites.

Cellnex's European market is more fragmented and less mature than
the U.S. market, but its contracts with wireless operators are very
long term and protective, and the company has significant client
and market diversity. Cellnex's business risk profile is well ahead
of its European competitors', given its larger scale and diversity
within the European continent, solid operating track record, and
independence from telecommunications operators. It also compares
favorably with U.S. peers. It has broader client and market
diversity than most of its peers, and exposure only to highly rated
European countries. Cellnex's excellent business risk profile is
underpinned by its very protective contracting policy, given
typically very long contracts with initial terms of 15 to 20 years
generally, followed by multi-year renewals; contracts have fixed
1%-2% step-ups (escalators) or are linked to consumer price
inflation, with all-or-nothing clauses, and flexibility to shift
radio equipment to other towers or decommission towers. This
translates into high revenue visibility through a considerable
order backlog. Still, U.S. tower companies benefit from the robust
price escalators and favorable characteristics of the more mature
and consolidated U.S. market compared with the fragmented European
market, where network operators continue to hold a significant
share of their portfolios, which may lead to increased competition.
The maturity of the U.S. market also translates into higher
colocation rates and therefore higher revenue per site. S&P also
notes Cellnex's significantly lower lease multiple than peers'.

S&P continues to view the telecom tower industry as credit
supportive. Telecom tower services benefit from long-term
protective contracts, strong local market shares, high barriers to
entry, and steadily increasing demand from telecom operators to
expand 4-G coverage. There is also the need to increase the density
of capillary cellular networks (local networks using short-range
radio-access technologies to provide local connectivity to things
and devices) to facilitate timely 5-G deployments. Recent 5-G
frequency auctions across Europe have also come with added coverage
obligations for operators, which further enhances the high revenue
visibility of tower companies.

S&P said, "We expect meaningful headroom within the current rating,
and a continuously supportive financial policy. At this stage, we
forecast pro forma leverage of around 6.6x in 2022, pro forma 12
months' contribution of acquired assets, and 6.9x on a reported
basis, falling to less than 6x by 2023 on rapid organic growth. We
expect Cellnex will pursue partly debt-funded M&A opportunities,
which is likely to keep leverage higher than our forecast. However,
we believe financial policy will remain supportive in the future,
as illustrated by the massive capital injection in 2019-2021.

"The outlook is stable because we anticipate that Cellnex will
continue to operate under very long-term, all-or-nothing types of
contracts with its tenant customers, smoothly integrate acquired
assets, steadily extract synergies through site portfolio
optimization, and maintain a financial policy that supports the
rating, offsetting the impact of M&A growth.

"We could lower our rating on Cellnex if we anticipate that our
adjusted debt to EBITDA metric would rise beyond 7.5x without
falling below 7.5x after two years. We think underperformance could
result from more aggressive additional debt-funded acquisitions,
higher-than-expected shareholder remuneration, or weaker organic
revenue growth than we currently anticipate in our base case, owing
in particular to setbacks in integrating acquired assets.

"We could raise the rating if our adjusted debt-to-EBITDA metric
for Cellnex stayed consistently below 6.5x. Although this level
seems achievable in our current base case, we see ratings upside as
remote at this stage, based on our view of likely additional
consolidation opportunities in the European towers market and
Cellnex's aggressive stance toward mergers and acquisitions (M&A).
We therefore do not perceive financial policy to be supportive of a
higher rating at the moment."

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




===========
S W E D E N
===========

IGT HOLDING III: Moody's Affirms B2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed IGT Holding III AB's (IFS)
B2 corporate family rating and B2-PD probability of default rating.
At the same time, Moody's has affirmed the B2 instrument ratings on
the EUR520 guaranteed senior secured term loan B1, the EUR67
million guaranteed senior secured acquisition loan facility, the
USD720 million guaranteed senior secured term loan B2 and the
SEK2.35 billion guaranteed senior secured revolving credit facility
(RCF) issued by IGT Holding IV AB. The outlook on both entities
ratings was changed to stable from negative.

The change of the outlook to stable from negative reflects IFS'
strong revenue and EBITDA growth which increased by 11% and 25%
respectively during the 12 months ended December 2021 driven by
continued strong performance in software revenue (up by 22% on
constant currency (+15% on actual rate) in 2021 compared to last
year). The performance improvements supported a reduction of IFS'
leverage from 6.4x in 2020 to 5.6x in 2021, pro forma all recent
acquisitions, back in line with the requirements for the B2 rating
category.

RATINGS RATIONALE

The rating action reflects the robust operating performance of IFS
over the recent quarters with solid profitability levels. In 2021,
Revenue and company adjusted EBITDA grew by 11% and 25%
respectively driven by continued growth in software revenue and
sustained cloud adoption, the latter now represents 30% of total
software revenue. Margins, as measured by Moody's adjusted EBITDA
margin, grew from around 30% in 2020 to 33% in 2021. The increase
in profitability is driven by shift in revenue mix towards
subscription and cloud revenue and less low margin consulting
revenue. It is also driven by continued good cost management. As a
result, leverage as measured by Moody's-adjusted gross debt to
EBITDA, declined to 5.6x in December 2021 from the high levels of
6.4x in 2020. However, the company's Moody's free cash flow (FCF)
to debt is limited for the B2 rating and stands at 0.9% in 2021,
excluding the dividends payment of SEK840million. Going forward,
Moody's expects IFS to generate positive free cash flow (after
dividends) and FCF to debt to be slightly below 5% by 2023 due to
large working capital outflow in the range of SEK800 million to
SEK1,200 million as the company continues its transition from
perpetual to subscription based license solutions.

IFS' B2 CFR continues to reflect (1) the company's leading market
positions in defined industry verticals, (2) the very high renewal
rates and strong level of recurring revenue of around 82% of
software revenues as of end December 2021, (3) the company's
ability to provide more tailored solutions as a specialized
provider, (4) the opportunities for further margin expansion across
all functions including consulting with the expanding partner
network.

IFS' B2 CFR is constrained by (1) the company's scale as
medium-sized provider of operational enterprise application
software provider with a focus on defined industry verticals (2)
the challenges associated with competing with larger enterprise
software providers, such as salesforce.com, inc. (Salesforce, A2
stable), Microsoft Corporation (Microsoft, Aaa stable), and Oracle
Corporation (Oracle, Baa2 Ratings Under Review), in some sectors,
particularly for large global customers; though Moody's recognizes
that IFS holds a leadership position across all its product
segments (3) and the risk that debt financed acquisitions increases
leverage which would weaken the positioning of the company,
currently adequately positioned in the B2 category.

RATINGS OUTLOOK

The stable outlook reflects Moody's expectation that IFS will
continue to grow its revenue mid to high double-digit and its
Moody's-adjusted EBITDA margins above 30% supported by increased
subscription and cloud offerings, as well as remain free cash flow
generative. The ratings and outlook do not incorporate any
debt-funded acquisitions and shareholder distributions.

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

The rating could be upgraded if IFS maintains a track record of
solid organic revenue growth and gain scale; its Moody's-adjusted
debt/EBITDA decreases sustainably below 5.0x and FCF (after cash
interest)/debt approaches 10% while the company maintains good
liquidity.

The rating could be downgraded if IFS' Moody's adjusted debt/EBITDA
sustainably increases above 6.5x, FCF (after cash interest)/debt
fails to improve towards mid-single-digit percentages or liquidity
weakens. Any further debt-funded acquisitions or shareholder
distribution could also strain the rating.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings of IFS are in line with the CFR,
reflecting the pari passu capital structure comprising of EUR520
million guaranteed senior secured term loan B1, the EUR67 million
guaranteed senior secured acquisition loan facility and USD720
million guaranteed senior secured term loan B2. Guarantors for the
facilities Moody's rate represent at least 80% of EBITDA and the
security comprises shares, bank accounts, intercompany receivables,
and, where possible, a general and floating charge over assets.

LIQUIDITY PROFILE

Moody's views IFS' liquidity as adequate. The company's liquidity
is supported by cash on balance sheet of SEK2,110 million as of end
December 2021. It is complemented by the fully undrawn SEK2,350
million RCF due in 2027 and Moody's expectation of positive free
cash flow generation. There is a springing net leverage covenant
set at a level of 9.67x for the RCF, tested quarterly, if the RCF
is drawn more than 40%. Moody's expect the company to maintain
sufficient capacity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
Industry published in August 2018.

COMPANY PROFILE

IGT Holding III AB (IFS) is an enterprise software provider with a
focus on enterprise resource planning (ERP), enterprise asset
management (EAM) and field-service management (FSM) solutions. The
company serves defined industry verticals including manufacturing,
aerospace and defense, energy and utilities, service companies and
construction. EQT Partners has a controlling stake and TA
associates has a minority stake with 25% ownership. In fiscal year
2021, IFS generated around SEK7 billion in revenue with company
adjusted EBITDA of SEK2.3 billion, pro forma for all recent
acquisitions.



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

CO-OPERATIVE BANK: Fitch Affirms 'B+' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed The Co-operative Bank plc's Long-Term
Issuer Default Rating (IDR) at 'B+', with a Stable Outlook and the
Short-Term IDR at 'B'. The bank's Viability Rating (VR) has been
affirmed at 'b'.

Fitch has withdrawn the bank's Support Rating of '5' and Support
Rating Floor of 'No Floor' as they are no longer relevant to
Fitch's coverage following the implementation of its updated
Criteria in November 2021. In line with the updated criteria, Fitch
has assigned The Co-operative Bank a Government Support Rating
(GSR) of 'no support' (ns).

KEY RATING DRIVERS

The Co-operative Bank's VR is below the 'bb' implied VR as Fitch
considers the bank's capitalisation and leverage (scored at 'b') to
be weak, and this has a strong impact on Fitch's overall view of
the bank's credit profile. The VR also reflects the bank's
resilient franchise, healthy asset quality and improved
profitability prospects. Fitch considers its business model remains
vulnerable to external pressures given strong competition in UK
mortgage lending.

The Co-operative Bank's Long-Term IDR is one notch above its VR
because Fitch believes that there are sufficient resolution funds
issued by The Co-operative Bank Finance plc, the bank's
intermediate holding company (not rated), which afford additional
protection to the bank's external senior creditors, in case of its
failure.

Resilient Franchise: The bank's ethical focus has helped it to
attract and retain customers, building resilience in its franchise.
However, its business continues to face uncertainty, given its
limited scale and lack of diversification. High costs continue to
pose a challenge and put it at a disadvantage compared with other
mortgage lending peers. The bank was successful in growing its loan
book in 2021, taking advantage of wider mortgage margins and
government-backed SME loan schemes, but its market share remains
small, limiting its pricing power.

Healthy Asset Quality: Asset quality is healthy, with low arrears
and moderate mortgage loan-to-value ratios. Government support
measures for the housing market and the furlough scheme have
supported loan health, with the bank reporting an impaired loan
ratio of 0.3% at end-2021 (0.7% when including purchased originated
credit-impaired loans, which are not all Stage 3). Given the low
risk nature of its loans, Fitch believes that loan deterioration
through a downturn will be manageable, with an average four-year
impaired loan ratio remaining below 2%.

Profitable from 2021: The Co-operative Bank became profitable in
2021 after nine years of losses thanks to its restructuring, strong
business volumes combined with wider spreads in the mortgage
market, significantly lower funding costs, and one-off items
including rebates and tax credits. However, structural
profitability remains weak, and is vulnerable to competitive
pressures on asset margins, the bank's capacity to grow business
and rising funding costs, including interest on additional debt
buffers to be built from 2022. Nevertheless, Fitch believes the
bank is now better positioned over the medium term, supported by
rising interest rates, and reduced operating costs.

Weak Capitalisation: The bank's common equity Tier 1 (CET1) ratio
of 20.2% at end-2021 reflects the low risk weights assigned to
mortgage loans under the bank's internal ratings-based approach and
is due to fall to about 17% by end-2022 as a result of incoming
regulatory changes. The bank's UK leverage ratio of 3.8% is due to
fall to 3.6% at end-2022 and remains a constraint on growth. The
Co-operative Bank is not bound by a minimum regulatory leverage
requirement, but Fitch believes the regulators would expect it to
operate with at least 3.25%. The bank does not meet its PRA buffer
but meets interim minimum requirement for own funds and eligible
liabilities (MREL).

Resilient Customer Funding: The bank is predominantly
retail-funded, with a resilient core deposit base. Access to
wholesale markets is limited and largely consists of the recently
issued MREL-eligible debt, Tier 2 debt and the Bank of England's
Term Funding Scheme (TFSME) drawings for SMEs. Liquidity is healthy
with large holdings of cash at the Bank of England boosted by the
recent TFSME drawing, which raised its liquidity coverage ratio to
241% at end-2021.

No Support: The GSR reflects Fitch's view that senior creditors
cannot rely on extraordinary support from the UK authorities if The
Co-operative Bank becomes non-viable, in light of the legislation
in place that is likely to require senior creditors to participate
in losses for resolving the bank.

RATING SENSITIVITIES

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

-- The ratings could be downgraded if The Co-operative Bank's
    CET1 ratio falls towards 16% or if its UK leverage ratio falls
    towards 3.25%, with no clear actions to reverse the trend.
    This would likely be caused by faster than planned growth or
    an unexpected return to losses.

-- The Long-Term IDR is also sensitive to the bank being able to
    build up its end-state regulatory resolution buffer
    requirements as communicated by the Bank of England, which
    includes qualifying junior debt and internal subordinated debt
    down-streamed from its intermediate holding company, The Co
    operative Bank Finance plc. The Long-Term IDR could be
    downgraded to the same level as the VR if the bank is no
    longer required or able to meet end-state MREL regulatory
    requirements.

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

-- An upgrade would require the bank to sustain a longer record
    of improved structural profitability, and to demonstrate its
    ability to generate sufficient internal capital to allow it to
    grow and build up the scale it requires to compete efficiently
    with peers, while maintaining healthy buffers above minimum
    capital requirements. Upside potential will also be contingent
    on the bank being able to absorb the costs of issuing MREL-
    eligible debt to meet end-state requirements.

VR ADJUSTMENTS

The VR has been assigned below the implied VR due to the following
adjustment reason: Weakest Link - Capitalisation and Leverage
(negative).

The Operating Environment score has been assigned in line with the
implied score. The Sovereign Rating was identified as a relevant
negative factor in Fitch's assignment.

The Business Profile score has been assigned below the implied
score due to the following adjustment reason: Business Model
(negative), Market Position (negative).

The Asset Quality score has been assigned below the implied score
due to the following adjustment reasons: Underwriting Standards and
Growth (negative), Concentration (negative).

The Capitalisation and Leverage score has been assigned below the
implied score due to the following adjustment reasons: Leverage and
Risk-Weight Calculation (negative), Capital Flexibility and
Ordinary Support (negative).

The Funding and Liquidity score has been assigned below the implied
score due to the following adjustment reason: Non-Deposit Funding
(negative).

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

COGRESS: Goes Into Administration
---------------------------------
Marc Shoffman at Peer2Peer Finance News reports that property
investment platform Cogress has entered administration.

According to Peer2Peer Finance News, a notice on the Innovative
Finance ISA (IFISA) provider's website said the company's directors
have placed it into administration and appointed Geoffrey Bouchier
and Benjamin Wiles of Kroll Advisory as joint administrators.

It is so far unclear what will happen with investor funds,
including those in its IFISA but it appears that the developments
and property projects will be managed as usual through Kroll
Advisory, Peer2Peer Finance News states.

The company hasn't yet given a reason for entering administration,
Peer2Peer Finance News notes.

"The administrators will assume responsibility for managing the
company's affairs which includes the continuation of the services
to certain limited partnerships," Peer2Peer Finance News quotes a
note on the Cogress website as saying.

"The company, acting by the joint administrators, has replaced the
general partner in the limited partnerships on all active
developments and, as such, continue to provide services.

"In this way, the joint administrators will oversee the completion
of the remaining developments during the administration process
with assistance from the company's existing employees."


GLENBURN HOTEL: Bought Out of Administration by Bespoke Hotels
--------------------------------------------------------------
Peter A. Walker at Insider.co.uk reports that The Glenburn Hotel,
which fell into administration last August, has been sold to the
UK's largest independent hotel group, Bespoke Hotels.

The sale, for an undisclosed sum, adds to Bespoke's portfolio of 90
hotels in the UK, including 23 in Scotland, Insider.co.uk notes.

According to Insider.co.uk, administrators FRP Advisory marketed
the property for offers over GBP1.1 million after it failed to meet
operating costs as a result of falling revenue during the
pandemic.

Originally built in 1843 and sited on a prominent hilltop location
overlooking Rothesay, Scotland's first "hydropathic" hotel opened
in 1892.

It was refurbished in 2016 and features 134 guest rooms, a
ballroom, restaurants, bars, terrace, conference facilities and
terraced gardens.

CDLH acted for the administrators as selling agents for the hotel,
Insider.co.uk discloses.


KERSHAW MECHANICAL: Set to Go Into Administration This Week
-----------------------------------------------------------
Grant Prior at Construction Enquirer reports that Cambridge based
M&E contractor Kershaw Mechanical Services Limited is due to be
placed into administration this week.

Stunned staff were told late last week that the firm would cease
trading after more than 75 years in business, The Enquirer
relates.

The Enquirer understands that Grant Thornton will take control of
the company shortly after the directors filed notice of intention
to appoint administrators.

Kershaw's Service Maintenance business and Digicollab Limited BIM
consultancy continue to trade while the directors work with the
prospective administrators in an attempt to rescue those
businesses.



MEADOWHALL FINANCE: Fitch Lowers Class C1 Notes to 'CCC'
--------------------------------------------------------
Fitch Ratings has downgraded three classes of Meadowhall Finance
PLC's notes and affirmed the class A notes.

         DEBT                               RATING           PRIOR
         ----                               ------           -----
Meadowhall Finance PLC

Class A1 Tap Issue XS0278325476        LT A+sf   Affirmed    A+sf
Class A2 Floating Notes                LT A+sf   Affirmed    A+sf
Tap Issue XS0278327415
Class B Tap Issue XS0278326441         LT BBBsf  Downgrade   A-sf
Class C1 Floating Rate                 LT CCCsf  Downgrade   B-sf
Tap Issue XS0278329890
Class M1 Floating Notes XS0278328496   LT Bsf    Downgrade   BB-sf


TRANSACTION SUMMARY

The transaction is a 2006 securitisation of a loan backed by rental
income from the Meadowhall Shopping Centre located in Sheffield.
The securitisation is a 50:50 joint venture between The British
Land Company PLC and Norges Bank Investment Management. The
long-dated loan financing is tranched into four series, with a
combination of bullets and scheduled amortisation arranged
non-sequentially and mirrored by the CMBS. The class M1 and C1
notes are held by the issuer as (non-issued) "reserve bonds", which
subject to rating agency confirmation (among other things), may
place the notes with investors to raise funds to on-lend to the
borrower.

Fitch has assumed the class M1 and C1 notes are in issue only for
their rating analysis. By not assuming that they are issued when
rating the class A and B notes, this calibrates potential drawdowns
of the liquidity facility, according to the different scenarios
Fitch tested. The class A2, M1 and C1 notes are floating-rate, with
the issued class A2 notes swapped at the issuer level.

Footfall at Meadowhall has recovered following the lifting of all
Covid-19 restrictions from 19 July 2021, with all but one of the
retail, catering and leisure units reopening by August 2021. As
permitted by the July 2020 consent process, all deferred amounts to
bondholders were repaid by the July 2021 interest payment date
(IPD), with liquidity drawings repaid by the January 2021 IPD.
There have been no further deferrals or drawings on liquidity since
then. The transaction remains in cash trap as the latest reported
LTV of 72.4% is above the 50% trigger. Funds in the excess cashflow
reserve account, which are available for debt service, totalled GBP
11.6 million as of 12 January 2022. As Fitch considers it unlikely
that the LTV will reduce to 50% or below in the near term, where
the borrower can withdraw funds from the account, Fitch has given
credit to this balance in Fitch's analysis.

Retail operating conditions remain challenging for landlords, with
tenants having significant bargaining power through the use of
company voluntary arrangements to restructure leases. An increasing
proportion of leases are now turnover-based, subject to a fixed
floor (base rent), with a number of leases signed on a purely
turnover basis. Over the 12 months to September 2021, Meadowhall
lost a further 23% of its value, with quoted estimated rental value
(ERV) reducing by 15%. Fitch has not applied any further haircuts
to ERV as Fitch believes this is supported by the levels achieved
during recent leasing activity. Occupancy at Meadowhall has
remained stable at 96.50%.

KEY RATING DRIVERS

Pandemic Shock to Retail Property: Longer-term difficulties for
retail property, with the shift in consumer preferences towards
online spending and a developing squeeze on disposable income, are
set to survive the immediate shock of the pandemic. Logistics
capabilities improved as remote working became normalised. Many
retailers' and households' finances have deteriorated, which has
had the effect of reducing retail rents, and increasing market
yields (well above the long-term average).

Liquidity Risk: The transaction drew on the liquidity facility on
both the July and October 2020 IPDs to support the structure during
the fall in collections caused by the pandemic. This was repaid by
the January 2021 IPD. As Fitch expects weakness in the sector
expected to persist, there is a direct dependency on the liquidity
facility provider to support the transaction. Consequently, Fitch
has capped the rating of the notes at that of the provider; Lloyds
Bank Corporate Markets PLC (A+/Stable).

Principal Amortisation: Due to the scheduled amortisation of the
class A notes, timing of enforcement is a key determinant of
recoveries on the junior notes. Following a loan event of default,
Fitch expects the senior noteholders would prefer a protracted
workout to benefit from the scheduled amortisation that is
supported by the liquidity facility. In the structure, the bonds
junior to the class As can only draw on the facility to cover
interest payments. This reduces pressure on the facility, allowing
for a longer workout period. In addition, as amounts drawn under
the liquidity facility rank senior to the notes on enforcement,
this limits the risk of debt service on junior notes, supported by
liquidity, ranking above the class A notes.

RATING SENSITIVITIES

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

-- The re-emergence of COVID19 and a prolonged lockdown that
    places significant stress on future rent collections may
    result in downgrades.

The change in model output that would apply with 1.25x rental value
declines is as follows:

-- 'Asf' / 'Asf' / 'BBB-sf' / 'B-sf' / 'CCCsf'

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

-- Future occupational demand that is significantly higher than
    Fitch's expectations may result in upgrades.

The change in model output that would apply with 0.8x cap rates is
as follows:

-- 'A+sf' / 'A+sf' / 'A+sf' / 'BB+sf' / 'BB-sf'

KEY PROPERTY ASSUMPTIONS (all by market value)

Depreciation: 5%

Irrecoverable costs: GBP 5.29 million (10% of ERV)

ERV: GBP 52.9 million

-- 'Bsf' weighted average (WA) cap rate: 6.50%

-- 'Bsf' WA structural vacancy: 12.6%

-- 'Bsf' WA rental value decline: 5.0%

-- 'BBsf' WA cap rate: 6.84%

-- 'BBsf' WA structural vacancy: 13.5%

-- 'BBsf' WA rental value decline: 8.0%

-- 'BBBsf' WA cap rate: 7.20%

-- 'BBBsf' WA structural vacancy: 15.3%

-- 'BBBsf' WA rental value decline: 11.0%

-- 'Asf' WA cap rate: 7.58%

-- 'Asf' WA structural vacancy: 16.2%

-- 'Asf' WA rental value decline: 16%

-- 'AAsf' WA cap rate: 7.98%

-- 'AAsf' WA structural vacancy: 17.1%

-- 'AAsf' WA rental value decline: 18.0%

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

Meadowhall Finance PLC

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ESG CONSIDERATIONS

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.

SUNGARD: Enters Administration After Talks with Landlords Fail
--------------------------------------------------------------
Mark Kleinman at Sky News reports that soaring energy costs and an
impasse with landlords over rents have forced the British arm of a
major international data management operator into administration.

Sky News understands that Sungard's UK operations, which operate
services for clients including JP Morgan and the Home Office, have
called in Teneo Restructuring in an attempt to salvage its future.

The business, which employs nearly 300 people, provides cloud-based
services as well as physical data centres, demand for which was hit
by the COVID-19 pandemic.

According to Sky News, sources said landlords' refusal to agree to
rent cuts had prompted the decision by Sungard's directors to call
in administrators, with soaring energy prices having a material
impact on its finances.

Customers are understood to have been notified about the move on
March 28.

Sungard Availability Services UK -- the entity which has gone into
insolvency -- is said to have been in talks with landlords since
the start of the year, but had been unable to reach an agreement
about improved payment terms, Sky News relates.

Teneo is understood to have obtained interim funding to trade the
business, with discussions taking place with potential buyers on an
accelerated basis, notes.

Benji Dymant, joint administrator at Teneo, said in a statement
issued to Sky News, that the short-term funding "provides a
platform to advance the company's discussions with landlords, to
optimise cost and space, and with customers, to pass through
increased power costs."

"The ability for the business to continue to trade in the medium to
long term, either to enable a rescue of the business as a going
concern or to deliver individual asset sales, will be reliant upon
burden sharing from both customers and landlords alike," he added.


TWENTY 1: Enters Administration After Pandemic Hits Business
------------------------------------------------------------
Aaron Morby at Construction Enquirer reports that London and south
east fit-out and refurbishment specialist Twenty 1 Group has been
placed into administration after several weeks of uncertainty
surrounding trading.

The firm, which employed around 70 staff and also traded as 21
Construction, fielded all calls through to an automated answer
service earlier this month, raising the alarm among suppliers,
Construction Enquirer relates.

Other subsidiary companies Twenty 1 Construction and Twenty 1
Interiors were also placed into the hands of administrators from
Grant Thornton at the end of last week, Construction Enquirer
discloses.

The firm had risen steadily in the London market recently
completing fit-out jobs for British Land on the Broadgate tower and
for client CIT on the Finsbury Tower.

Twenty 1 Construction grew steadily from around GBP13 million
turnover in 2015 to around GBP68 million in most recent published
accounts for 2020, Construction Enquirer states.  Around a third of
revenue was generated on complex refurbishment jobs and the rest
from commercial fit-out work with an expertise in occupied premises
projects, Construction Enquirer notes.

According to Construction Enquirer, the firm is understood to have
been impacted hard by the early pandemic taking out a GBP2 million
coronavirus large business interruption loan facility with HSBC in
October 2020.

Twenty 1 Construction was set up just over 10 years ago by fit-out
industry veterans Keith Ashcroft and Paul Gaughan.



                           *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *