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

                          E U R O P E

          Thursday, March 31, 2022, Vol. 23, No. 59

                           Headlines



B E L G I U M

IDEAL STANDARD: S&P Alters Outlook to Negative, Affirms 'B-' ICR


C Y P R U S

RCB BANK: Moody's Confirms B1 Deposit Ratings, Outlook Negative


F R A N C E

GROUPE RENAULT: S&P Affirms 'BB+' Ratings, Outlook Still Neg.


G E R M A N Y

KIRK BEAUTY: S&P Assigns 'B-' Issuer Credit Rating, Outlook Neg.
ZF FRIEDRICHSHAFEN: S&P Alters Outlook to Stable, Affirms BB+ ICR


I R E L A N D

BILBAO CLO IV: Fitch Gives Final B- Rating to Class E Notes
BILBAO CLO IV: S&P Assigns B-(sf) Rating to Class E Notes


I T A L Y

PRO-GEST SPA: Moody's Affirms Caa1 CFR & Alters Outlook to Stable


M A C E D O N I A

EUROSTANDARD BANK: To Offer 0.62% Stake in Replek for Sale


S P A I N

TDA IBERCAJA 4: S&P Affirms 'D(sf)' Rating on Class F Notes
TDA IBERCAJA 5: S&P Affirms 'D(sf)' Rating on Class E Notes


U N I T E D   K I N G D O M

A WRITE CARD: Closes Derby City Centre Store After Liquidation
DOWSON PLC 2022-1: Moody's Assigns (P)B1 Rating to Class X Notes
MILLERS COMMERCIAL: Director Banned for 8 Years After Liquidation
NATWEST GROUP: Returns to Majority Private Ownership
ORTHIOS: Enters Administration, 120 Jobs Affected

PINNACLE STUDENT: Faces Dissolution, GBP40 Mil. Owed to Creditors
VTB BANK: London-Based Arm on Verge of Collapse After Sanctions

                           - - - - -


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B E L G I U M
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IDEAL STANDARD: S&P Alters Outlook to Negative, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on bathware and fittings
manufacturer Ideal Standard International S.A. to negative from
stable and affirmed its 'B-' issuer and issue credit ratings.

The negative outlook reflects the risks that Ideal Standard's
performance might be weaker than S&P's forecasts in the current
inflationary environment.

S&P said, "We expect that Ideal Standard will continue to generate
negative FOCF in 2022. The company has yet to publish its full year
results for 2021, but we expect that its FOCF was -EUR30 million to
-EUR35 million, in line with our previous forecasts. This is due to
higher raw materials prices, costs associated with its
restructuring programs (migrating manufacturing to low-cost
counties, supply chain and procurement optimization, and other
productivity enhancements), and a significant increase in working
capital. Because the raw materials and energy inflationary
environment is persisting, we believe that Ideal Standard's EBITDA
and cash flows will be under pressure. In addition, we understand
that the company's management forecasts higher restructuring costs
in 2022 than initially thought. This is mainly linked to the
closure of its Trichiana manufacturing sites, which will cause a
EUR9 million unbudgeted exceptional cash outflow, since the plants
had to run longer than expected. In our view, working capital will
likely continue increasing due to the face value of inventories.
Overall, we expect FOCF to be negative by EUR10 million-EUR20
million or more in 2022, before reversing in 2023.

"We view the company's liquidity as adequate for now. We estimate
that Ideal Standard had cash and equivalents of EUR60 million-EUR70
million at the end of 2021. We believe this is sufficient to absorb
seasonal working capital and the expected negative free cash flow.
However, if FOCF does not turn positive in 2023, the company may
need to use its revolving lines or secure new funding sources." In
that scenario, liquidity may face additional pressure. Positively,
the company refinanced its debt last year and does not have debt
maturities before 2026.

Elevated energy costs will challenge Ideal Standard's objective to
increase profitability. Gas and electricity power have on average
represented less than 5% of the company's total cost of goods sold
before Russia's military actions in Ukraine. S&P said, "However, we
expect the cost will increase considerably due to the rise in the
price of energy, especially gas, which accounts for slightly less
than 50% of the company's energy needs. Although part of the energy
is hedged, the company may face profitability pressure as it tries
to pass through cost increases. The time lag to pass through raw
materials and energy costs is two to four months. Management
launched several pricing initiatives at the end of 2021 and
beginning of 2022. We understand that demand remains robust.
However, any weakening of consumer confidence or price acceptance
may depress volumes sold. We expect the company will remain highly
leveraged, with adjusted debt/EBITDA at about 7.0x."

Ideal Standard has limited exposure to Russia. In 2021, the company
generated about EUR20 million of sales in Russia, and has a small
warehouse in the country; there were very limited sales in Ukraine.
In March 2022, the company announced that it had suspended its
operations in Russia until further notice. It was able to deliver
some of its products from other hubs, particularly in Poland and
Bulgaria. S&P also understands that fixed costs associated with the
Russia warehouse are limited.

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

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

The negative outlook reflects the risks that Ideal Standard's
performance might be weaker than S&P's expectations, mainly due to
the rise in raw materials and energy costs and further
restructuring costs, with significantly negative FOCF.

S&P could lower the ratings if the company's underperformance is
more pronounced than anticipated, leading S&P Global
Ratings-adjusted debt to EBITDA to be weaker than in its base-case
scenario. This could happen if:

-- The free cash flow deficit in 2022 is worse than expected, such
that it jeopardizes liquidity for 2023; or

-- Deteriorating economic conditions in Europe lead to a
recession, resulting in weakening demand for Ideal Standard's
products and greater difficulty in passing through cost increases.

S&P could revise the outlook to stable if:

-- FOCF turns positive quicker than in our base-case scenario,
which would likely happen if restructuring costs were contained and
the company demonstrated its ability to protect margins by passing
on cost inflation;

-- S&P Global Ratings-adjusted debt to EBITDA improves toward
6.5x; and

-- Liquidity remains adequate.

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



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C Y P R U S
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RCB BANK: Moody's Confirms B1 Deposit Ratings, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has confirmed RCB Bank Ltd.'s long-term
deposit ratings at B1, with a negative outlook. Concurrently,
Moody's has downgraded the bank's Baseline Credit Assessment and
Adjusted BCA to caa2 from b3, the long-term Counterparty Risk (CR)
Assessment to B1(cr) from Ba3(cr), and the long-term Counterparty
Risk Ratings to B1 from Ba3. This action follows the bank's
announcement on March 24, 2022 of the voluntary phasing out of its
banking operations, including the full repayment of depositors, and
concludes the review for downgrade initiated on the bank's ratings
on March 10, 2022.

RATINGS RATIONALE

RATIONALE FOR CONFIRMATION OF DEPOSIT RATINGS

The confirmation of the bank's B1 long-term deposit ratings
captures Moody's expectations that RCB Bank's depositors will be
repaid in full. On March 24, 2022, RCB Bank announced its decision
to voluntary phase out its banking operations, including the full
repayment of depositors, with an aim to transform the Bank into a
regulated asset management company. The European Central Bank (ECB)
has decided to restrict the bank's business to avoid risks emerging
during the bank's phasing-out process.

Moody's expectations that RCB Bank's depositors will be paid in
full is underpinned by an analysis of the bank's liquidity profile,
which is sufficient to repay all outstanding customer deposit
obligations. This follows the announcement of the sale of EUR556
million of loans to Hellenic Bank Public Company Ltd on March 22,
2022, that has ensured sufficient immediately accessible liquidity.
Moody's expectations are also supported by the clear statements by
both RCB Bank and the ECB that RCB Bank's voluntary phasing out of
banking operations will include the full repayment of depositors.

RCB Bank intends to repay deposits according to their contractual
maturity or within the standard notice period of five business
days, in case of early termination. RCB Bank will also negotiate
with customers whose fixed deposits mature after June 2022,
regarding the terms of early repayment.

As soon as all depositors are repaid, Moody's intends to withdraw
RCB Bank's deposit ratings.

NEGATIVE OUTLOOK

The negative outlook on the long-term deposit ratings captures
potential implementation and logistical risks to the orderly and
timely settlement of deposits. Risks are nonetheless contained as
the ECB has decided to appoint a temporary administrator that will,
together with management, control the settlement of all deposits.

DOWNGRADE

The lowering of the BCA and Adjusted BCA to caa2 from b3, reflects
the bank's weakened residual operations and franchise. As part of
the bank's phase out, the ECB has restricted the bank's business to
avoid risks emerging, so RCB Bank will not be able to accept any
new deposits, grant any new loans or make any new investments. Once
the bank shifts away from accepting deposits and granting loans, it
plans to transform into a regulated asset management company, given
the substantial outstanding assets on its balance sheet. Risks are
elevated on outstanding assets that include Russian corporate
exposures and companies domiciled outside of Russia, but with
Russian business links and interests, following the impact of
geopolitical risks on its operations since the Russian invasion of
Ukraine.

The long-term Counterparty Risk (CR) Assessment has been lowered to
B1(cr) from Ba3(cr), and the long-term Counterparty Risk Ratings
(CRR) to B1 from Ba3, to be aligned with the deposit ratings.
Similarly to deposits, this rating level is consistent with the way
Moody's assesses an institution that is phasing out its banking
operations, where Moody's expect a full repayment of these senior
obligations.

These ratings and assessments are assigned to banks under Moody's
Banks Methodology and will be withdrawn as the bank transitions to
a non-bank financial institution and it no longer has a banking
license, as they will no longer be applicable.

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

Given the negative outlook on RCB Bank's ratings, there is
currently limited upside pressure on the ratings in the next 12-18
months.

The ratings may be downgraded if Moody's suspects there could be a
delay or risk in some depositors receiving all of their deposits in
an orderly manner.

LIST OF AFFECTED RATINGS

Issuer: RCB Bank Ltd.

Downgrades, previously placed on review for Downgrade:

Adjusted Baseline Credit Assessment, Downgraded to caa2 from b3

Baseline Credit Assessment, Downgraded to caa2 from b3

Long-term Counterparty Risk Assessment, Downgraded to B1(cr) from
Ba3(cr)

Long-term Counterparty Risk Ratings, Downgraded to B1 from Ba3

Confirmations, previously placed on review for Downgrade:

Long-term Bank Deposit Ratings, Confirmed at B1, Outlook Changed
To Negative From Ratings Under Review

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Changed To Negative From Ratings Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.



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F R A N C E
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GROUPE RENAULT: S&P Affirms 'BB+' Ratings, Outlook Still Neg.
-------------------------------------------------------------
S&P Global Ratings affirming its 'BB+' ratings on French automaker
Groupe Renault and its debt and maintaining its negative outlook.

The negative outlook indicates that uncertainty on the future of
Renault's Russian business and the impact of Russia's military
actions in Ukraine on Europe's auto market could lead us to lower
our ratings.

Renault's 2021 performance largely surpassed S&P's expectations.

Despite the global supply disruption related to the shortage of
semiconductors in the automotive industry, Renault demonstrated the
capacity to quickly deliver on its fixed-cost reduction measures
and deleveraging targets in 2021. S&P said, "Our adjusted EBITDA
margin for Renault was 6.3% versus the 3.5% we previously forecast,
and free operating cash outflow (FOCF) for its automotive
operations was only slightly negative (after restructuring costs
and without dividends from RCI) compared with a high three-digit
negative figure. We had expected such a recovery would materialize
only in 2022-2023." The group took advantage of the global supply
shortage and solid demand for individual mobility and improved
pricing by 5.7% versus 2020, further supported by the successful
launch of new vehicles: Renault Arkana, Dacia Sandero, Dacia
Spring, Renault Kangoo Van, and Alpine A110S. The Renault brand
expanded the share of electric vehicles (EVs) in Europe to 31% from
20%, and was able to offset the related margin dilution by reducing
its cash break-even by 40%.

S&P said, "We expect the recovery of credit metrics to stall in
2022 as a result of geopolitical tensions and further supply chain
and cost pressure. Renault's direct exposure to the Russian market
is material in terms of sales and production. Russia contributed
approximately 500,000 light vehicles to Renault's total production
in 2021, about 19% of the total. Most of the locally produced
volume is sold under the Lada brand. In 2021, Avtovaz's
contribution to Renault's automotive operating margin was as high
as 50%, but this is magnified by very low depreciation and
amortization. We estimate that the overall impact of the Russian
business (including Avtovaz and Renault Russia) on the group's
reported EBITDA and cash flow after investments is much lower,
within the 10%-15% range. We consider that, in the longer term,
Renault's competitive strength will rely more on its ability to
establish itself as an EV challenger in the very competitive
European market than on its access to the Russian market (1.5
million light vehicle sales per year). Also, we assume Avtovaz has
not played a central role in Renault's "Renaulution" cost-cutting
plan, which we assume is not substantially impaired by the decision
to stop operations in Russia. In the short term, however, Renault's
exit from Russia will dent the positive momentum in credit metrics
observed during 2021. The group's revised guidance of an operating
margin of 3%, down from 4%, reflects in our view expected operating
losses of Avtovaz and Renault Russia during disrupted market
conditions in Russia. In addition, Renault's other operations focus
mainly on Europe and will likely face some supply chain
disruptions, and spikes in input costs for energy, raw materials,
and many components that well exceed initial expectations. At least
for 2022, we continue to assume supply will be the main constraint
to sales volumes, but deteriorating economic prospects in Europe
may also weaken demand from late 2022 and in 2023. On a positive
note, the Russia-Ukraine conflict has so far not impaired Renault's
production outside Russia, unlike what we observe at its German
peers. In our base-case scenario for Renault, we project adjusted
EBITDA margins at about 6% in 2022 and 2023, and that for 2022
adjusted FOCF (after investments and before RCI dividend) would
still be in negative territory, assuming the group continues cost
reduction efforts to further reduce the break-even.

"Renault is not directly exposed to financial liabilities in
Russia. We understand that Avtovaz and Renault Russia have
borrowings with local banks with gross debt, including bank loans
and credit facilities, totaling more than EUR1.1 billion according
to our estimates. We understand no cross-default clauses link the
above-mentioned debt to the rest of the group's financial
liabilities, and the parent company does not guarantee this debt.
We also assume limited exposure of RCI, the group's sales financing
business, which holds a 30% stake in RNO Bank, consolidated at
equity, and 100% of RNL Leasing, a small leasing company. All in
all, we do not expect the Russian exposure will impair RCI's
capacity to distribute dividends to its parent company.

"No ground-breaking developments expected within the
Renault-Nissan-Mitsubishi Alliance. We acknowledge improving
relations among the members of the Alliance. At the same time, we
do not perceive any tangible additional support to any of the
Alliance members' performance from profitable climate transition
and technology initiatives beyond what was agreed in the past.
Considering the scale of the Alliance versus competing peers like
Volkswagen and Stellantis, we see limited strategic and operating
tailwinds for Renault from its memberships in the near term.

"The negative outlook reflects the uncertainty on Renault's
capacity to maintain profitability and protect free cash flow amid
increasingly uncertain auto market conditions in Europe, as well as
high input cost inflation and possible supply chain disruptions
related to the Russia-Ukraine conflict. It also reflects delayed
recovery of the group's credit metrics linked to the need to absorb
the termination of its Russian operations.

"We could lower the rating over the next 12 months if the group's
adjusted EBITDA margins and FOCF (after restructuring costs and
before dividends paid by RCI) were significantly lower than our
forecasts for 2022."

Rating pressure would materialize if EBITDA margins fall and stay
below 6%, combined with adjusted debt to EBITDA above 3x and
limited prospects for adjusted FOCF to sales of at least 1% from
2023.

S&P foresees this scenario materializing amid much weaker auto
market conditions in Europe or more severe supply chain disruption
than anticipated, potentially compounded by muted market acceptance
of Renault's new products from 2022 resulting in market share
losses in Europe.

S&P could revise the outlook to stable if its adjusted EBITDA
margins for Renault improved beyond 6% and adjusted FOCF (after
restructuring costs and before RCI dividends) to sales was in the
1%-2% range on a sustainable basis.

Environmental, Social, And Governance

ESG credit indicators: To E-2, S-2, G-2; From E-3, S-2, G-3

S&P has revised the G-score on Renault to G-2 from G-3 to reflect
its view of enhanced transparency of financial reporting and
communication, with an overall management and governance score
unchanged at fair for now.




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G E R M A N Y
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KIRK BEAUTY: S&P Assigns 'B-' Issuer Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to Kirk
Beauty Two GmbH and withdrew its ratings on Kirk Beauty One GmbH.

The negative outlook reflects the possibility of a downgrade over
the next few quarters if Kirk Beauty does not improve its operating
performance and profit growth fails to outpace the debt increase
originating from the accrual of payment-in-kind (PIK) interest,
bringing into question the sustainability of its capital
structure.

Kirk Beauty's Q1 2022 performance points toward the normalization
of the operating environment and the improvement of credit metrics
after the group underperformed our forecasts in FY2021.

The group posted 11.4% revenue growth year-on-year, equivalent to
16.8% like-for-like growth, on the back of strong recovery in brick
and mortar operations and modest e-commerce segment growth as
lockdowns eased. This has set the group on a good footing for the
rest of FY2022 because Q1, which spans October to December, is the
most important trading season, representing about 70% of the
full-year reported adjusted EBITDA generation. Kirk Beauty's
reported adjusted EBITDA was 11.6% higher in FY2021 compared to
FY2020 thanks to strict cost discipline and some profit accretion
from its transformation programs, Store Optimization Program (SOP)
and #ForwardOrganization. With pandemic-related uncertainty
subsiding, S&P expects a rebound in the brick and mortar operations
to support topline growth this year. The strong Q1 FY2022 mitigates
the group's FY2021 results, where revenue declined by 3.5% and free
operating cash flow (FOCF; post leases) turned negative by EUR153.6
million due to lockdowns during Q1 FY2021, intense competition in
online retailing, and large one-off costs related to the
transformation programs and the pandemic. This resulted in adjusted
debt to EBITDA (excluding noncommon equity [NCE]) of 12x and an
earnings before interest, taxes, depreciation, amortization, and
rent (EBITDAR) coverage ratio of 0.70x in FY2021, underperforming
our previous forecast of about 9x adjusted debt to EBITDA and
EBITDAR coverage of 1.5x.

S&P said, "In our view, the timely completion of the group's
transformation and restructuring, together with operations recovery
in FY2022, will be key to building a cushion against inflation and
competition and demonstrating the sustainability of its capital
structure. The group targets the completion of SOP by end-FY2022
and #ForwardOrganization by end-FY2023. As at Q1 2022, there
remains 12% of targeted stores to be closed, 14% of headcount
reduction remains, and it has renegotiated 48% of its store rent
leases. Some benefits have started to accrue, especially in
Southern Europe, where rent reduction and lower personnel expenses
contributed to improved profitability. We expect the majority of
the profit accretion to be realized in the current financial year.
Management had announced further store closures in Spain due to the
structural difficulties in this market, with payback expected
within one year. We also note that the group lost about EUR97
million in FY2021 due to the pandemic, which we expect it to mostly
recover this year, thereby supporting cash flow improvement. We
forecast the group will achieve cost reductions and benefit accrual
this year, leading to adjusted EBITDA margin recovery of
14.3%-14.5% in FY2022 against the 9.5% realized in FY2021. Although
inflation could pressure gross margin levels due to the combination
of increasing cost of goods sold (COGS) and a still intense
competitive environment, particularly online, the group's cost
optimization plan should still enable a growth in its EBITDA
margin. Kirk Beauty's capacity to grow profitability at a
sufficiently rapid pace is key in demonstrating the sustainability
of the capital structure, since the group has EUR475 million of
senior subordinated PIK notes. This translates into an increasing
debt balance over our forecast period due to accruing interests.
Although Q1 FY2022 indicates some normalization against the
forecast we had envisioned at the time of the refinancing in April
2021, the group's FY2021 contrasted sharply with our initial base
case, delaying and bringing into question the leverage reduction
path we had anticipated. The group expects somewhat faster
profitability growth than we currently embed in our forecast.

The fully debt-funded acquisition of Disapo does not materially
alter Kirk Beauty's credit ratios, but it does signal a very
aggressive financial policy, notably in light of the group's
already elevated leverage and high execution risks surrounding its
integration and the transformation and restructuring programs.The
acquisition of Netherlands-based Disapo marked Kirk Beauty's entry
into the online pharmacy business. Disapo serves the German and
Chinese markets and generated about EUR80 million of sales in 2021.
Kirk Beauty had earmarked EUR50 million-EUR75 million for the
acquisition and for the investment of a warehouse, which it funded
with a tap issuance in its existing Term Loan B. The business is
currently generating profit thanks to pandemic-related sales, and
S&P expects it to return to breakeven in the current fiscal year.
Management has identified this as a potential growth area for the
group. However, it has also noted that this will depend on the
liberalization of the market, since this segment remains regulated
in favor of brick and mortar operations. S&P understands Disapo
will be Kirk Beauty's litmus test in this activity and the group
will focus on making it profitable following the peak of the
pandemic before making any acquisitions. The Disapo acquisition has
not had a material impact on Kirk Beauty's credit ratios, but it
could motivate local players to offer opportunistic acquisitions to
Kirk Beauty. In S&P's view, this fully debt-funded acquisition
signals the group's aggressive financial policy, while its
financial leverage is already very elevated, even when compared to
other 'B-' rated names. Furthermore, the group's overall
acquisitive strategy--to become the largest European beauty
retailer--presents some execution risk, as was the case with the
2017 acquisition of the Spanish business, which has translated into
mixed results on the group's earnings so far.

S&P said, "Although the FY2021 trading environment weighed on the
group's credit ratios, we think default risk is not an immediate
concern and we anticipate leverage reduction to start in the
current fiscal year. Although the unprecedented extension of
pandemic-related lockdowns led to the deterioration of credit
metrics, the refinancing conducted in April 2021 enabled the group
to push back its debt maturities to 2026 from 2022-2023, thereby
reducing default risk. Management also has a track record of
managing working capital such that it can maintain a net cash
inflow each quarter, despite the seasonality of its business.
Moreover, there is headroom against the 7.75x debt-to-EBITDA
springing covenant of its revolving credit facility (RCF), which
remains undrawn as of end-Q1 2021. The availability of the RCF,
together with cash on the balance sheet as of FY2021 and our
expectation of improving earnings, support our view of the group's
ability to service its liabilities over the next 12 months.

"The negative outlook reflects the possibility of a downgrade over
the next few quarters if Kirk Beauty does not improve its operating
performance and profit growth fails to outpace the debt increase
originating from the accrual of PIK interests, thereby bringing
into question the sustainability of its capital structure. We
expect the group to achieve a timely realization of profit
improvement in FY2022 on the back of trading recovery combined with
the benefits of the recent cost-cutting exercise. Based on this,
the group would reduce its adjusted debt to EBITDA (excluding NCE)
to below 8.0x in FY2022, then to about 7.0x in FY2023, while
improving its FOCF (after leases) to positive EUR20 million-EUR25
million in FY2023 from about negative EUR60 million in FY2022.

"Rating headroom is limited, and we could downgrade the group if it
experienced any material underperformance against our base case,
struggling to increase its profitability as expected during FY2022,
translating into adjusted debt to EBITDA (excluding NCE) remaining
above 8.0x and the EBITDAR/(interest+rent) ratio staying below
1.2x."

This could occur if, for example:

-- The group failed to grow its top line and margins as expected
in the next few quarters, if the benefits S&P expects from SOP and
#ForwardOrganization did not materialize;

-- Kirk Beauty continued to incur unexpected one-off costs on the
back of its transformation and restructuring programs;

-- The group undertook a debt-funded acquisition of a margin
erosive entity;

-- Liquidity weakened materially at any point; or

-- The group undertook a distressed debt restructuring such as
buying bonds below par.

S&P said, "Although remote in the next 12 months, we could take a
positive rating action if the group was able to realize expected
benefits on the transformation and restructuring programs this year
and COVID-related costs substantially declined, translating into a
material improvement in the group's earnings. We would expect these
factors to result in adjusted debt to EBITDA (excluding NCE)
improving sustainably toward 6.0x, the EBITDAR/(interest + rent)
ratio increasing to at least 1.5x in FY2022, and FOCF after leases
turning consistently and materially positive."

ESG credit indicators: To E-2, S-3, G-3; From E-2, S-2, G-3

S&P said, "Social factors are now a moderately negative
consideration in our credit rating analysis of Kirk Beauty.
Following the continued profit weakness due to the pandemic, we
revised downward the S credit indicator to S-3 to account for
health and safety-related risks. Governance factors are also a
moderately negative consideration, as is the case for most rated
entities owned by private-equity sponsors. We think the group's
highly leveraged financial risk profile points to corporate
decision-making that prioritizes the interests of the controlling
owners. This also reflects generally finite holding periods and a
focus on maximizing shareholder returns."


ZF FRIEDRICHSHAFEN: S&P Alters Outlook to Stable, Affirms BB+ ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB+' long-term issuer credit rating on auto supplier
ZF Friedrichshafen AG; S&P also affirmed its 'BB+' issue rating and
'3' recovery rating on ZF's unsecured debt.

The stable outlook reflects ZF's commitment to reduce its leverage
such that its FFO-to-debt ratio increases to above 20% in the next
12 months despite rising input costs and supply chain disruptions.

S&P said, "We think that ZF's management will maintain its focus on
deleveraging through cost discipline and a supportive financial
policy. In 2022, market conditions will likely remain challenging
for auto suppliers such as ZF, due to incremental supply chain
disruptions from the Russia-Ukraine conflict and persisting
inflation resulting in higher energy, logistics, and raw material
costs. In that context, the company's continued discipline on costs
and success in its negotiations with customers to offset rising
input costs will be key to mitigate a potential dilution in its
EBITDA margin. In our base-case scenario, we assume that ZF's
EBITDA margin will decline to 8.0%-8.5% in 2022 from 8.7% in 2021.
Yet for 2022, we forecast that the company's FFO-to-debt ratio will
increase to above 20% (from 18% in 2021) and its debt-to-EBITDA
ratio will decrease to below 4.0x (from 4.3x last year), which
reflects our view of ZF's resilience to bumpy market conditions. In
our scenario, deleveraging will be supported by asset disposals and
relatively small dividend payout (of 10%-12% of free operating cash
flow [FOCF]). This leads us to assume that ZF will sustain a
DCF-to-debt ratio to above 5% from 2022 onward, a level we consider
commensurate with the 'BB+' rating. Conservative financial policy
is an important pillar of our credit view on ZF. To accelerate
deleveraging after the large debt-funded Wabco acquisition, we
understand ZF could consider additional asset sales that we do not
include in our base-case scenario, to accelerate debt repayments."

ZF's exposure to commercial vehicles, aftermarket, and industrial
segments helps finance investment to exploit growth opportunities
from auto sector megatrends. Scale and end market diversity are a
material consideration in S&P's view of the company's above-average
resilience in 2022. With revenue of EUR38.3 billion, ZF is one of
the largest auto suppliers globally. Thanks to its exposure to
industrial, aftermarket, and commercial vehicles, S&P believes the
company will be less affected by bumpy market conditions for light
vehicles in 2022. More importantly, the earnings contribution of
these businesses (which accounted for about 31% of 2021 sales)
exceeds the group's average and helps financing elevated research
and development (R&D) investments necessary to maintain ZF's
competitiveness in the field of e-mobility, software, and
autonomous driving.

Relaxation of R&D investment will boost ZF's FOCF in 2023. The bulk
of the company's investments focus on the development of innovative
products in e-mobility (including e-motors, inverters) and
automated driving assistance systems. Over the next two years, we
assume that ZF will maintain elevated expenses in R&D to adapt its
product portfolio to the transforming trends in the auto sector.
Nevertheless, in S&P's view, the reallocation of capital from
mature products into new ones and the start of production of new
components and systems will help reduce the intensity of R&D
investments as a percentage of sales (to 6.5%-6.6% on average over
2023-2024 from 6.8% in 2021), thereby supporting an improvement in
EBITDA margin toward 9% and in FOCF toward EUR1.2 billion in 2023
(from EUR0.6 billion in 2021).

The stable outlook reflects ZF's commitment to reduce its leverage
such that its FFO-to-debt ratio increases to above 20% in the next
12 months despite rising input costs and supply chain disruptions.
It also reflects S&P's expectation that ZF will improve its
FOCF-to-debt ratio toward 10% while maintaining its DCF-to-debt
ratio well above 5%.

S&P could lower its rating on ZF if the difficult market
environment, with persisting inflation and supply chain
bottlenecks, led to a weakening in ZF's credit metrics such that
its:

-- FFO to debt stays below 20%.
-- FOCF to debt fails to recover to close to 10%.
-- DCF to debt remains below 5%.

S&P could raise its rating on ZF if the company's investment in
e-mobility, software, and autonomous driving technologies allow the
company to increase its market share in these fast-growing fields
translating into an EBITDA margin exceeding 10%. An upgrade would
also hinge on the company's supportive financial policy leading to
its FFO to debt approaching 30% and FOCF to debt close to 15%.

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




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

BILBAO CLO IV: Fitch Gives Final B- Rating to Class E Notes
-----------------------------------------------------------
Fitch Ratings has assigned Bilbao CLO IV DAC's notes final
ratings.

      DEBT                  RATING            PRIOR
      ----                  ------            -----
Bilbao CLO IV DAC

A-1 XS2433714222     LT AAAsf   New Rating    AAA(EXP)sf
A-2A XS2433714735    LT AAsf    New Rating    AA(EXP)sf
A-2B XS2433714909    LT AAsf    New Rating    AA(EXP)sf
B XS2433715112       LT Asf     New Rating    A(EXP)sf
C XS2433715385       LT BBB-sf  New Rating    BBB-(EXP)sf
D XS2433715625       LT BB-sf   New Rating    BB-(EXP)sf
E XS2433715971       LT B-sf    New Rating    B-(EXP)sf
Subordinated Notes   LT NRsf    New Rating    NR(EXP)sf
XS2433716276

TRANSACTION SUMMARY

Bilbao CLO IV DAC is a securitisation of mainly senior secured
loans with a component of senior unsecured, mezzanine, and
second-lien loans. The note proceeds have been used to fund a
portfolio with a target par of EUR400 million. The portfolio is
actively managed by Guggenheim Partners Europe Limited. The CLO has
a five-year reinvestment period and a nine-year weighted average
life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.5.

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 identified portfolio is 62.2%.

Diversified Asset Portfolio (Positive): The transaction has four
matrices with two effective at closing which correspond to a top 10
obligor limit at 20%, and two maximum fixed rate asset limits at 5%
and 10%. The two forward matrices are effective at any time one
year after closing if the collateral principal amount (defaults at
Fitch collateral value) is at least at the target par.

The transaction also includes various concentration limits,
including the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

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

Cash Flow Modelling (Positive): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant to account for structural and reinvestment conditions
after the reinvestment period, including the satisfaction of the OC
tests and Fitch 'CCC' limit, together with a linearly decreasing
WAL covenant. In Fitch's opinion, these conditions would reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

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

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

Bilbao CLO IV 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.

BILBAO CLO IV: S&P Assigns B-(sf) Rating to Class E Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Bilbao CLO IV
DAC's class A-1, A-2A, A-2B, B, C, D, and E notes. At closing, the
issuer also issued unrated subordinated notes.

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

The portfolio's reinvestment period will end approximately five
years after closing, and the portfolio's maximum average maturity
date will be approximately nine years after closing.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,899.20
  Default rate dispersion                                421.07
  Weighted-average life (years)                            5.29
  Obligor diversity measure                               84.27
  Industry diversity measure                              20.87
  Regional diversity measure                               1.30

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                               400
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                              90
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                          3.35
  Covenanted 'AAA' weighted-average recovery (%)          35.84
  Covenanted weighted-average spread (%)                   3.99
  Covenanted weighted-average coupon (%)                   4.50

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio primarily comprises broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread of 3.99%, the covenanted
weighted-average coupon of 4.50%, and the covenanted
weighted-average recovery rates for all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2A to D notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D notes
to five of the 10 hypothetical scenarios we looked at in our
publication."

Bilbao CLO IV is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by sub-investment grade borrowers.
Guggenheim Partners Europe manages the transaction.

The recent rapid spread of the Omicron variant highlights the
inherent uncertainties of the pandemic but also the importance and
benefits of vaccines. S&P said, "While the risk of new, more severe
variants displacing Omicron and evading existing immunity cannot be
ruled out, our current base case assumes that existing vaccines can
continue to provide significant protection against severe illness.
Furthermore, many governments, businesses and households around the
world are tailoring policies to limit the adverse economic impact
of recurring COVID-19 waves. Consequently, we do not expect a
repeat of the sharp global economic contraction of 2nd quarter
2020. Meanwhile, we continue to assess how well individual issuers
adapt to new waves in their geography or industry."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. Accordingly, since there are no
material differences compared to our ESG benchmark for the sector,
no specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

  Ratings List

  CLASS    RATING     AMOUNT     SUB(%)     INTEREST RATE*
                    (MIL. EUR)
  A-1      AAA (sf)   240.00     40.00    Three/six-month EURIBOR
                                          plus 0.92%

  A-2A     AA (sf)     40.00     27.50    Three/six-month EURIBOR
                                          plus 1.75%

  A-2B     AA (sf)     10.00     27.50    2.20%

  B        A (sf)      25.40     21.15    Three/six-month EURIBOR
                                          plus 2.20%

  C        BBB (sf)    26.60     14.50    Three/six-month EURIBOR  

                                          plus 3.25%

  D        BB- (sf)    20.20      9.45    Three/six-month EURIBOR
                                          plus 6.21%

  E        B- (sf)     10.60      6.80    Three/six-month EURIBOR
                                          plus 8.83%

  Sub. notes   NR      36.30       N/A    N/A

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

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.




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

PRO-GEST SPA: Moody's Affirms Caa1 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed Pro-Gest S.p.A.'s
("Pro-Gest" or the "company") corporate family rating at Caa1, its
probability of default rating at Caa1-PD and the instrument rating
on the company's EUR250 million guaranteed senior unsecured notes
due 2024 at Caa2. Pro-Gest is an Italian vertically integrated
producer of recycled paper, containerboard, corrugated cardboard
and packaging solutions. The outlook on all ratings has been
changed to stable from positive.

"The outlook change to stable reflects our expectations that the
pace of improvement in the group's credit profile will be slower
than initially assumed. The recent surge in energy and other input
prices following Russia's invasion of Ukraine makes it very
challenging for energy intensive producers to maintain
profitability, raising the risk that the leverage ratio in the next
12-18 months would not decline as previously expected," says Vitali
Morgovski, a Moody's AVP –Analyst and lead analyst for Pro-Gest.

RATINGS RATIONALE

Moody's expects that the increase in energy prices, that started to
rise significantly in the second half of 2021, will result in a
higher than anticipated leverage ratio at the year-end 2021.
Against previous expectations, the profitability erosion will
likely keep Moody's adjusted gross debt/ EBITDA at YE 2021 at above
7x (7.1x in Q3 2021). Moreover, the ratio will probably remain
above 7x throughout 2022 before the company can compensate cost
inflation with price increase and improve its profitability.

As Pro-Gest decided not to hedge its energy requirements with
natural gas being the key energy source, it is more exposed to the
volatility of gas prices that reached a new level since the
escalation of the military conflict in Ukraine. Moody's expect the
volatility to remain high while the visibility in regard to future
gas prices development to be low. In early March 2022 the company
announced suspension of production at six of its paper mills,
citing the rapid surge in natural gas prices. While the production
has restarted and as such should not have a major impact on
Pro-Gest financial performance, it shows the vulnerability of its
business profile to current market disruptions. While Pro-Gest and
its peers will aim to raise prices sufficiently to offset cost
inflation, in Moody's expectation it will take time to fully
recover higher costs and will at least meaningfully delay
performance and profit improvements.

Moody's expects Pro-Gest to implement price increases and continue
to ramp-up production at Mantova paper mill that should lead to a
significant double-digit increase in revenues in 2022. At the same
time, Moody's expect the demand level for paper packaging to remain
healthy despite weaker than previously anticipated macroeconomic
growth in Italy in 2022/23. Assuming profitability recovery
throughout 2022, the company can swiftly deleverage from 2023
onwards. Nevertheless, the rating action also takes into account
considerable uncertainly in regard to the pace of price adaptation
that Pro-Gest can achieve and the future development of energy and
raw material prices that may impair future earnings recovery.

LIQUIDITY

The credit rating of the group is further constrained by its
liquidity profile that Moody's views as weak. While the cash
balance (EUR156 million) now is higher than in previous couple of
years (EUR61 million in 2019, EUR63 million in 2020) since Pro-Gest
privately placed EUR200m notes to Carlyle's Global Credit Fund in
2020/21. However, the company continues to rely on short term
uncommitted credit lines from Italian banks. As of Q3 2021 has
utilised EUR122 million of uncommitted facilities out of EUR160
million total lines available, meaning that in case banks were to
decide not to extend the credit lines the group would have very
limited liquid sources in a highly uncertain and volatile period.
Moody's believes that Pro-Gest's current liquidity position is only
marginally lower compared to Q3 2021 but can continue to decline
due to working capital consumption in a highly inflationary
environment and also the payment of EUR47.5 million antitrust fine
in form of 30 monthly installments. Apart from the short-term bank
debt Pro-Gest has no significant debt maturities until 2024, when
EUR250 million of its guaranteed senior unsecured notes are coming
due, and no financial covenants.

STRUCTURAL CONSIDERATIONS

The Caa1-PD probability of default rating (PDR) is in line with
Pro-Gest's CFR. This is based on a 50% family recovery rate,
typical for transactions with both bonds and bank debt. The Caa2
rating of the senior unsecured notes due 2024 is one notch below
the CFR, reflecting the large amount of debt ranking senior or
sitting at operating subsidiaries that are not guaranteeing the
notes and considered senior to the notes. The 2024 notes are
unsecured and guaranteed by the issuer and certain subsidiaries,
which accounted for 72% of total assets on an aggregated basis, 71%
of consolidated revenue and other income, and 59% of EBITDA on an
aggregated basis as of September 2021.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Pro-Gest's
profitability will start to demonstrate a visible recovery during
2022, leading to deleveraging in 2023.

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

Positive rating pressure could arise if:

Moody's-adjusted EBITDA margin to increase towards the high teens
in percentage terms;

Moody's-adjusted gross debt/ EBITDA to fall below 6.5x on a
sustainable basis;

Positive free cash flow generation;

Lower reliance on uncommitted credit lines;

Conversely, negative rating pressure could arise if:

Deterioration of financial performance resulting in weakening
credit metrics and liquidity

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.

COMPANY PROFILE

Headquartered in Treviso, Italy, Pro-Gest S.p.A. is a vertically
integrated producer of recycled paper, containerboard, corrugated
cardboard and packaging solutions. The company operates four
recycling plants, six paper mills plants, four corrugators plants,
eight packaging plants and two tissue converting plants or overall
24 production facilities in Italy. It employs about 1,200 people.
For the 12 months that ended September 31, 2021, Pro-Gest reported
core revenue of around EUR611 million and EBITDA of EUR90 million
(Moody's-adjusted, before the disposal of proceeds). The company is
owned by the Zago family, who founded Pro-Gest in 1973.



=================
M A C E D O N I A
=================

EUROSTANDARD BANK: To Offer 0.62% Stake in Replek for Sale
----------------------------------------------------------
Dragana Petrushevska at SeeNews reports that North Macedonia's
Eurostandard Bank AD Skopje which is undergoing bankruptcy
proceedings will offer for sale a 0.62% stake in local
pharmaceutical company Replek at a public auction on the Macedonian
Stock Exchange (MSE) on March 31, the bourse said.

According to SeeNews, Eurostandard Banka will offer 160 shares in
Replek at a starting price of MKD92,001 (US$1,638/EUR1,491) apiece
under the "All-or-None" method, the Skopje bourse said in a tender
notice on March 28.

A Skopje court opened bankruptcy proceedings against Eurostandard
Banka in August 2020 after North Macedonia's central bank revoked
the lender's founding and operating licence due to non-compliance
with the minimum requirements for operating a bank, SeeNews
relates.





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

TDA IBERCAJA 4: S&P Affirms 'D(sf)' Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on TDA Ibercaja 4
Fondo de Titulizacion de Activos's class B, C, D, and E notes to
'AAA (sf)', 'AA+ (sf)', 'AA (sf)', and 'A+ (sf)' from 'AA+ (sf)',
'AA (sf)', 'A+ (sf)', and 'A (sf)', respectively. At the same time,
S&P has affirmed its 'AAA (sf)' and 'D (sf)' ratings on the class
A2 and F notes, respectively.

The rating actions follow S&P's full analysis of the most recent
information that we have received and the transaction's current
structural features.

After applying S&P's global RMBS criteria, the overall effect is a
marginal increase of our expected losses due to a marginal increase
of its weighted-average loss severity (WALS) assumptions, driven by
higher market value declines. Nevertheless, the overall credit
enhancement continues to increase--which drives the upgrades--given
the presence of a floored reserve fund.

  Table 1

  Credit Analysis Results

  RATING    WAFF (%)    WALS (%)    CREDIT COVERAGE (%)

  AAA       10.85        7.73        0.84

  AA         7.51        5.51        0.41

  A          5.83        2.52        0.15

  BBB        4.48        2.00        0.09

  BB         3.04        2.00        0.06

  B          2.04        2.00        0.04

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

Loan-level arrears stand at 1.36%, compared with 1.56% in 2021.
Overall delinquencies remain well below our Spanish RMBS index.

The level of outstanding defaults (net of recoveries), defined as
loans in arrears for a period equal to or greater than 18 months,
represent 2.06% of the closing pool balance. The first interest
deferral trigger is for class E, and it is not at risk of being
breached because it is defined at 4%, and we do not expect that
this level will be reached in the near term.

The reserve fund is at its floor value (EUR7.00 million) as of
November 2021, but it has been below this target from April until
September 2021. Consequently, payments on the notes switched to
sequential, from pro rata, until November 2021, and credit
enhancement increased. Similarly, the class A1 notes were fully
repaid in October 2021.

S&P's operational, counterparty, rating above the sovereign, and
legal risk analyses remain unchanged, in line with its previous
review. Therefore, the ratings assigned are not capped by any of
these criteria.

The servicer, Ibercaja Banco S.A., has a standardized, integrated,
and centralized servicing platform. It is a servicer for many
Spanish RMBS transactions, and its transactions' historical
performance has outperformed our Spanish RMBS index.

The class A2, B, C, D, and E notes' credit enhancement has
increased to 15.0%, 12.3%, 6.9%, 4.4%, and 2.7%, respectively, due
to the amortization of the notes. Considering this increase, S&P
has raised to 'AAA (sf)', 'AA+ (sf)', 'AA (sf)', and 'A+ (sf)',
from 'AA+ (sf)', 'AA (sf)', 'A+ (sf)', and 'A (sf)', respectively,
S&P's ratings on the class B, C, D, and E notes. At the same time,
it has affirmed its 'AAA (sf)' and 'D (sf)' ratings on the class A2
and F notes, respectively.

Under S&P's cash flow analysis, the class C, D, and E notes could
withstand stresses at higher ratings than those currently assigned.
However, it has limited its upgrades based on their overall credit
enhancement, position in the waterfall, and the current
macroeconomic environment.

The class F notes is not collateralized and is paid after
amortization of the reserve fund. It missed a significant amount of
interest payments in the past, and it is still not certain that
future interest payments will not be missed. Given its current
credit enhancement and its position in the waterfall, S&P has
affirmed its 'D (sf)' rating on the class F notes.

TDA Ibercaja 4 is a Spanish RMBS transaction that securitizes a
pool of prime residential mortgage loans. It closed in October
2006.

Potential credit effects of Russia's military conflict with
Ukraine

S&P acknowledges a high degree of uncertainty about the extent,
outcome, and consequences of the military conflict between Russia
and Ukraine. Irrespective of the duration of military hostilities,
sanctions and related political risks are likely to remain in place
for some time. The potential effects could include dislocated
commodities markets (notably for oil and gas) supply chain
disruptions, inflationary pressures, weaker growth, and capital
market volatility. S&P said, "As the situation evolves, we will
update our assumptions and estimates accordingly. This transaction
does not have direct exposure to collateral in the conflict region.
Collateral-related pressures could, therefore, only come to bear
through second-round effects, such as lower economic growth and
higher inflation hurting consumers' ability to service their debt.
However, we don't see this as a material risk in the short term."


TDA IBERCAJA 5: S&P Affirms 'D(sf)' Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on TDA Ibercaja 5,
Fondo de Titulizacion de Activos's class A2, B, C, and D notes to
'AAA (sf)', 'AA+ (sf)', 'AA- (sf)', and 'A- (sf)' from 'AA+ (sf)',
'A+ (sf)', 'A- (sf)', and 'BBB- (sf)', respectively. At the same
time, S&P has affirmed its 'D (sf)' rating on the class E notes.

The rating actions follow its full analysis of the most recent
information that it has received and the transaction's current
structural features.

After applying our global RMBS criteria, the overall effect is a
marginal increase of our expected losses due to a marginal increase
of our weighted-average loss severity (WALS) assumptions, driven by
higher market value declines. Nevertheless, the overall credit
enhancement continues to increase--which drives today's
upgrades--given the presence of a floored reserve fund.

  Table 1

  Credit Analysis Results

  RATING    WAFF (%)    WALS (%)    CREDIT COVERAGE (%)

  AAA       12.71       13.96        1.77

  AA         8.84       10.83        0.96

  A          6.89        6.26        0.43

  BBB        5.30        4.26        0.23

  BB         3.60        3.10        0.11

  B          2.41        2.23        0.05

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

Loan-level arrears stand at 1.5%. Overall delinquencies remain well
below our Spanish RMBS index.

Cumulative defaults, defined as loans in arrears for a period equal
to or greater than 18 months, represent 2.16% of the closing pool
balance. The first interest deferral trigger is for class D, and it
is not at risk of being breached because it is defined at 3.95%,
and we do not expect that this level will be reached in the near
term.

The reserve fund is at its floor value (EUR6.00 million) and will
no longer amortize, providing further credit enhancement as the
notes continue to amortize.

S&P's operational, counterparty, rating above the sovereign, and
legal risk analyses remain unchanged, in line withour previous
review. Therefore, the ratings assigned are not capped by any of
these criteria.

The servicer, Ibercaja Banco S.A., has a standardized, integrated,
and centralized servicing platform. It is a servicer for many
Spanish RMBS transactions, and its transactions' historical
performance has outperformed our Spanish RMBS index.

The class A2, B, C, and D notes' credit enhancement has increased
to 11.3%, 5.2%, 3.2%, and 2.3%, respectively, due to the
amortization of the notes. Considering this increase, S&P has
raised to 'AAA (sf)', 'AA+ (sf)', 'AA- (sf)', and 'A- (sf)', from
'AA+ (sf)', 'A+ (sf)', 'A- (sf)', and 'BBB- (sf)', respectively,
its ratings on the class A2, B, C, and D notes.

Under S&P's cash flow analysis, the class B, C, and D notes could
withstand stresses at higher ratings than those currently assigned.
However, it has limited its upgrades based on their overall credit
enhancement and position in the waterfall, the current
macroeconomic environment, and continuation of pro rata payments
with a lack of credit enhancement build-up before the upcoming
interest payment dates.

The class E notes is not collateralized and is paid after
amortization of the reserve fund. It is still not certain that
future interest payments will not be missed. Given its current
credit enhancement and its position in the waterfall, S&P has
affirmed its 'D (sf)' rating on the class E notes.

TDA Ibercaja 5 is a Spanish RMBS transaction that securitizes a
pool of prime residential mortgage loans. It closed in May 2007.

Potential credit effects of Russia's military conflict with
Ukraine

S&P acknowledges a high degree of uncertainty about the extent,
outcome, and consequences of the military conflict between Russia
and Ukraine. Irrespective of the duration of military hostilities,
sanctions and related political risks are likely to remain in place
for some time. The potential effects could include dislocated
commodities markets (notably for oil and gas) supply chain
disruptions, inflationary pressures, weaker growth, and capital
market volatility. S&P said, "As the situation evolves, we will
update our assumptions and estimates accordingly. This transaction
does not have direct exposure to collateral in the conflict region.
Collateral-related pressures could, therefore, only come to bear
through second-round effects, such as lower economic growth and
higher inflation hurting consumers' ability to service their debt.
However, we don't see this as a material risk in the short term."




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

A WRITE CARD: Closes Derby City Centre Store After Liquidation
--------------------------------------------------------------
Ben Lyons at DerbyshireLive reports that card retailer A Write Card
has closed its Derby city centre branch after going into
liquidation.

A Write Card's store in St Peter's Mall, which leads to Derbion, is
one of several branches across the Midlands to have shut down
recently, DerbyshireLive discloses.

The shop had previously temporarily closed in January 2020, as the
firm ceased trading, but soon reopened again in March 2020,
DerbyshireLive notes.  But the outlet, which thousands of people
walk past every day to reach the city's biggest shopping centre,
now appears to be gone for good, DerbyshireLive states.

The Walsall-based firm, which had other branches across the region,
including in Coventry, Nuneaton and Tamworth, ceased trading on
Wednesday, March 16, DerbyshireLive relates.  

According to DerbyshireLive, a sign visible in the shop window of
Derby's A Write Card store on Monday, March 28, reads; "At a
meeting of the board of Directors of A Write Card Ltd it was
concluded that the company could no longer trade by reason of its
liabilities.

"The company has ceased trading with effect from March 16, 2022.
The board has instructed Mr Timothy Frank Corfield, a licensed
insolvency practitioner of Griffin and King, in relation to the
winding-up of the company and his proposed appointment as
Liquidator by the Deemed Consent procedure.

"Information regarding the proposed liquidation will be circulated
to creditors of the company as soon as possible."


DOWSON PLC 2022-1: Moody's Assigns (P)B1 Rating to Class X Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to Notes to be issued by Dowson 2022-1 plc:

GBP [ ]M Class A Floating Rate Notes due January 2029, Assigned
(P)Aaa (sf)

GBP [ ]M Class B Floating Rate Notes due January 2029, Assigned
(P)Aa1 (sf)

GBP [ ]M Class C Floating Rate Notes due January 2029, Assigned
(P)A1 (sf)

GBP [ ]M Class D Floating Rate Notes due January 2029, Assigned
(P)Baa3 (sf)

GBP [ ]M Class E Floating Rate Notes due January 2029, Assigned
(P)Ba3 (sf)

GBP [ ]M Class F Floating Rate Notes due January 2029, Assigned
(P)Caa1 (sf)

GBP [ ]M Class X Floating Rate Notes due January 2029, Assigned
(P)B1 (sf)

RATINGS RATIONALE

The Notes are backed by a static pool of United Kingdom auto
finance contracts originated by Oodle Financial Services Limited
("Oodle", NR). This represents the fourth issuance sponsored by
Oodle. The originator will also act as the servicer of the
portfolio during the life of the transaction.

The portfolio of auto finance contracts backing the Notes consists
of Hire Purchase ("HP") agreements granted to individuals resident
in the United Kingdom. Hire Purchase agreements are a form of
secured financing without the option to hand the car back at
maturity. Therefore, there is no explicit residual value risk in
the transaction. Under the terms of the HP agreements, the
originator retains legal title to the vehicles until the borrower
has made all scheduled payments required under the contract.

The portfolio of assets amount to approximately 286.2 million as of
March 14, 2022 pool cut-off date. The portfolio consisted of 26,586
agreements and predominantly made of used 99.5% vehicles
distributed through national and regional dealers as well as
brokers. It has a weighted average seasoning of 3.2 months.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

The transaction's main credit strengths are the significant excess
spread, the static and granular nature of the portfolio, and
counterparty support through the back-up servicer (Equiniti Gateway
Limited (NR)), interest rate hedge provider (BNP Paribas (Aa3(cr)/
P-1(cr)) and independent cash manager (Citibank N.A., London Branch
(Aa3(cr)/ P-1(cr)). The structure contains specific cash reserves
for each asset-backed tranche which cumulatively equal 1.32% of the
pool and will amortise in line with the notes. Each tranche reserve
will be available to cover liquidity shortfalls related to the
relevant Note throughout the life of the transaction and can serve
as credit enhancement following the tranche's repayment. The Class
A reserve provides approximately 4.4 months of liquidity at the
beginning of the transaction. The portfolio has an initial yield of
15.8% (excluding fees). Available excess spread can be trapped to
cover defaults and losses, as well as to replenish the tranche
reserves to their target level through the waterfall mechanism
present in the structure.

Moody's determined the portfolio lifetime expected defaults of 14%,
expected recoveries of 30% and portfolio credit enhancement ("PCE")
of 37.5% related to borrower receivables. The expected defaults and
recoveries capture Moody's expectations of performance considering
the current economic outlook, while the PCE captures the loss
Moody's expect the portfolio to suffer in the event of a severe
recession scenario. Expected defaults and PCE are parameters used
by Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in its ABSROM cash flow model.

Portfolio expected defaults of 14% is higher than the UK auto
transactions and is based on Moody's assessment of the lifetime
expectation for the pool taking into account (i) the higher average
risk of the borrowers, (ii) historic performance of the book of the
originator, (iii) benchmark transactions, and (iv) other
qualitative considerations.

Portfolio expected recoveries of 30% is in line with the UK auto
transaction average and is based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

PCE of 37.5% is higher than the EMEA Auto ABS average and is based
on Moody's assessment of the pool which is mainly driven by (i) the
relative ranking to originator peers in the UK market and (ii) the
weighted average current loan-to-value of 95.9% which is worse than
the sector average. The PCE level of 37.5% results in an implied
coefficient of variation ("CoV") of 35.6%.

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS' published in
September 2021.

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

Factors that would lead to an upgrade of the ratings of Class C - X
Notes include significantly better than expected performance of the
pool together with an increase in credit enhancement of Notes. The
Class B Note is capped at (P)Aa1 (sf), due to Moody's operational
risk assessment and cannot be upgraded further.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of swap counterparty
ratings; and (ii) economic conditions being worse than forecast
resulting in higher arrears and losses.

MILLERS COMMERCIAL: Director Banned for 8 Years After Liquidation
-----------------------------------------------------------------
Anthony Stephen Miller, 48, from Blackburn was director of Millers
Commercial Refinishers Ltd which traded from July 2017 until early
2020 after which it went into liquidation in June 2020.

Millers Commercial Refinishers was an automotive business based at
Great Harwood near Blackburn.  It provided a body repair service
for vehicles damaged in accidents.

The company had ceased trading in early 2020 and Mr. Miller, having
already informed third parties that the company would be put into
liquidation, approached an Insolvency Practitioner in February
2020.

When the company did eventually go into liquidation in June 2020,
the company liquidators referred the case to the Insolvency
Service.

The subsequent investigation by the Insolvency Service found that
the company had applied for and received a GBP50,000 Bounce Back
Loan, despite it being clear that companies that had already ceased
trading were not eligible for the loans, which were intended to
support genuine companies during the pandemic lockdown.

Mr. Miller transferred nearly GBP30,000 of the loan out of the
company's account to a connected company, despite owing HMRC at
least GBP30,486 in unpaid VAT, PAYE and other charges at the point
Millers Commercial Refinishers went into liquidation.

The Secretary of State for Business, Energy and Industrial Strategy
accepted a disqualification undertaking from Miller, which begins
on February 22, 2022, and lasts for eight years.

The disqualification undertaking prevents Mr. Miller from directly
or indirectly becoming involved in the promotion, formation or
management of a company without the permission of the court.

Rob Clarke, Chief Investigator at the Insolvency Service said:

"Bounce Back Loans were made available for trading companies
adversely affected by the pandemic.  Anthony Miller knew his
company had ceased trading yet he took it anyway.

"We will not hesitate to take action against directors who have
abused Covid-19 financial support like this, and his lengthy ban
should serve as a warning to others."


NATWEST GROUP: Returns to Majority Private Ownership
----------------------------------------------------
Jasper Jolly at The Guardian reports that NatWest Group has
returned to majority private ownership after it agreed to buy back
GBP1.2 billion of shares from the UK government, more than 13 years
after the company was bailed out by taxpayers at the height of the
financial crisis.

According to The Guardian, the company, formerly known as Royal
Bank of Scotland Group (RBS), said it had agreed to make an
off-market purchase of 550 million shares, or 4.91% of its share
capital, from HM Treasury at Friday, March 25, closing price of
220.5p, in a statement to the stock market on March 28.

The deal, the fifth since the bailout, was expected to be completed
on March 30, leaving the government with a 48.1% stake in the
banking group, a symbolic moment after more than 13 years of
majority state ownership, The Guardian discloses.  At the peak, the
government owned 84% of the group, The Guardian notes.

Gordon Brown's Labour government announced the GBP46 billion
bailout in October 2008, after the collapse of the US investment
bank Lehman Brothers caused chaos across the global financial
system, The Guardian recounts.  As well as RBS, the bailout also
included Lloyds TSB and HBOS, which later combined to form Lloyds
Banking Group, The Guardian states.  Lloyds bought back the last of
its shares from the government in 2017, The Guardian relays.

The latest NatWest share purchase price represents a substantial
loss for the taxpayer, which paid an average of 500p a share in
2008, The Guardian discloses.  The government's remaining stake
will be worth about GBP11.9 billion at Friday, March 25, closing
price, according to The Guardian.

The government had planned to sell the entire public stake in
NatWest by 2023-24, but delayed the share sales because of the
pandemic, The Guardian states.

The Office for Budget Responsibility, the independent budget
watchdog, said last week that the government had recouped GBP134
billion from its financial crisis interventions, compared with an
outlay of GBP137 billion, The Guardian relates.


ORTHIOS: Enters Administration, 120 Jobs Affected
-------------------------------------------------
Owen Hughes at North Wales Live reports that Orthios, a firm
regenerating a former aluminium works on Anglesey that was hailed
by Boris Johnson just two months ago, has gone into administration.


Orthios took on the Anglesey Aluminium site in Holyhead in 2016
after smelting came to an end in 2009.

The company had originally planned to build a 299 mw plant and
hydroponic and aquaculture centres but funding for this later fell
through, North Wales Live discloses.  However the firm has built a
materials recycling facility (MRF) and was in the process of
developing a Plastics-to-Oil (P-2-O) unit, North Wales Live
states.

It was supported by Ynys Mon MP Virginia Crosbie to secure a GBP1.2
million UK Government-backed Coronavirus Business Interruption Loan
Scheme last year, North Wales Live recounts.

But North Wales Live reported last week that firms had been in
touch about outstanding invoices.  The company, as cited by North
Wales Live, said a management buy-out of Orthios was underway
following the "agreement of terms between the company's previous
investors and a new funder that will allow for further growth, new
initiatives and jobs creation".

According to North Wales Live, CEO Sean McCormick had said: "We are
contacting all suppliers to explain what is happening and arrange a
schedule for settling any outstanding invoices."

However the company said Begbies Traynor had been appointed as
administrator by the main investor, North Wales Live relates.

"We are shocked and dismayed by this week's turn of events and the
impact it's had on our entire staff.  We agreed terms with our main
investor last week to do a management buy-out that included
releasing further funds to cover staff pay.  Unfortunately this has
not come to fruition.  We are still negotiating, however, and are
very hopeful of a positive outcome," North Wales Live quotes a
spokesperson as saying.

According to North Wales Live, Ynys Mon MP Virginia Crosbie said:
"This is incredibly disappointing news and my thoughts are with the
120 people and their families who have lost their jobs.  My
understanding is there is some hope for a management buyout and all
creditors will be paid but we will have to see how that develops.

"The company was exciting and innovative -- it has invested heavily
in its skilled workforce -- but ultimately it appears it has been
let down by its funders.  I have spoken with the management team
who have assured me that they are doing everything they can to
complete the buyout, pay creditors and secure some form of future
for the business.  If any former employee wants to get in touch
with me, then I will do everything I can to support them at what is
a difficult time."

Ynys Mon MS Rhun ap Iorwerth said: "It's very worrying to hear of
these financial difficulties at Orthios.  This is a key site for
creating economic activity on the island.  I will contact the
company to seek assurance that everything possible is being done to
resolve the situation and to protect jobs, and I will ask Welsh
Government to ensure assistance is made available for employees and
the company."


PINNACLE STUDENT: Faces Dissolution, GBP40 Mil. Owed to Creditors
-----------------------------------------------------------------
Tom Duffy at Liverpool Echo reports that a property company behind
the conversion of a former city centre cinema is about to be
dissolved owing GBP40 million to creditors.

Pinnacle Student Developments Ltd (PSDL) announced ambitious plans
to transform the site of the former Odeon Cinema on London Road
into student accommodation, Liverpool Echo relates.  But the 488
bed scheme marketed as the Paramount stalled in 2015 after the
developers fell out with builders PHD1 Construction, Liverpool Echo
discloses.

PSDL is now about to be dissolved by liquidators Quantuma Advisory
Ltd., Liverpool Echo states.  Their latest report has revealed that
PSDL owes tens of millions of pounds to creditors, Liverpool Echo
notes.

According to Liverpool Echo, the report reveals that the company
owes GBP25,066,757.55 to HMRC and GBP13,505,055.74 to Pinnacle
Student Buyers, a company which represents investors in the
property scheme.

However, a previous report revealed that administrators paid
GBP5,058,232.90 to the buyers in July 2019 following the sale of
the building, Liverpool Echo relays.  This means the investors are
now owed around GBP8,446,823, according to Liverpool Echo.

The most recent report by liquidators also reveals that PSDL owes
GBP4,178,428 to MVG Holdings Limited, Liverpool Echo discloses.  In
total the failed property company owes GBP40,006,538 to creditors,
Liverpool Echo notes.

The report, published on March 29, explains that the liquidators
have been unable to make any payments to creditors who are owed
money, Liverpool Echo relates.

According to Liverpool Echo, the report reads: "No payments have
been made to the secured creditors.  After taking into account the
costs of the liquidation the company's net property was nil, such
that there was no prescribed part to distribute to unsecured
creditors."

The report also states that the company, formed in 2013, is now set
to be dissolved.  It reads: "The company will subsequently be
dissolved automatically (cease to exist) three months after the
delivery of the final account."


VTB BANK: London-Based Arm on Verge of Collapse After Sanctions
---------------------------------------------------------------
Mark Kleinman at Sky News reports that the London-based arm of VTB
Bank, Russia's second-largest lender, is close to being placed into
insolvency proceedings after international sanctions curbed its
ability to continue operating.

Sky News understands that British banking regulators have drafted
in advisers to help deal with the unravelling of VTB Capital's
operations in the City.

According to Sky News, banking industry sources said that VTB
Capital could fall into a special administration or liquidation
process as soon as this week.

Insolvency practitioners are understood to have been lined up to
handle the process, Sky News relays, citing industry sources.

Its prospective demise has been hastened by a decision by clearing
banks including HSBC to stop dealing with it in the wake of
measures taken by the Office of Financial Sanctions Implementation,
a division of the Treasury, Sky News states.

Reports in recent weeks had suggested that the VTB Capital business
in London was already being wound down, with many of its staff
being laid off, Sky News notes.

Bloomberg News reported on March 30 that VTB Capital's wider
European operations were being put up for sale -- a plan that it
said had the backing of banking regulators in Germany, Sky News
recounts.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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