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

                          E U R O P E

          Friday, April 1, 2022, Vol. 23, No. 60

                           Headlines



A R M E N I A

AMERIABANK CJSC: Moody's Affirms 'Ba3' Long Term Deposit Rating


F R A N C E

GINKGO AUTO 2022: Fitch Gives Final B Rating to Class F Tranche


I R E L A N D

ALBACORE EURO IV: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
BNPP AM 2017: Moody's Affirms B1 Rating on EUR9.45MM Class F Notes
BOSPHORUS CLO IV: Moody's Hikes Rating on EUR10.5MM F Notes to B1
CAIRN CLO XV: Fitch Gives Final B- Rating to Class F Tranche
MUNSTER STRATEGIC: Chinese Investors Appoint Receivers, Managers

PENTA CLO 11: Moody's Puts (P)B3 Rating to EUR9.25MM Class F Notes
PERRIGO COMPANY: Moody's Affirms 'Ba1' CFR on Hera SAS Acquisition
ST. PAUL'S III-R: Moody's Affirms B2 Rating on EUR16.2MM F-R Notes


N E T H E R L A N D S

METINVEST: S&P Suspends B- Rating on Reduced Operational Visibility


R U S S I A

AEROFLOT: Fitch Affirms Then Withdraws 'CC' LT IDR
CITY OF MOSCOW: S&P Cuts LT ICR to 'CC' Then Withdraws Rating
KRASNOYARSK KRAI: S&P Cuts LT ICR to 'CC' Then Withdraws Rating
LENINGRAD OBLAST: S&P Cuts LT ICR to 'CC' Then Withdraws Rating
SAMARA OBLAST: S&P Cuts LT ICR to 'CC' Then Withdraws Rating

YAMAL-NENETS AUTONOMOUS: S&P Cuts ICR to 'CC' Then Withdraws Rating
[*] RUSSIA: To Impose Moratorium on Bankruptcies for Six Months


T U R K E Y

TAM FINANS: Fitch Affirms 'B' LT IDRs, Outlook Negative


U N I T E D   K I N G D O M

CORBIN & KING: Winning Bidder Set to Be Announced Before Weekend
GREENSILL: Credit Suisse Investors Seek Special Audit Over Collapse
KEMBLE WATER: Fitch Affirms 'B+' LT IDR, Outlook Negative
SOFA WORKSHOP: Enters Administration Following Trading Losses
YORK MAILING: Enters Administration, 512 Jobs Affected



X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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A R M E N I A
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AMERIABANK CJSC: Moody's Affirms 'Ba3' Long Term Deposit Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Ameriabank CJSC's Baseline
Credit Assessment (BCA) of b1 and its Ba3 long-term deposit ratings
as well as Converse Bank CJSC's BCA of b2 and long term deposit
ratings of B1. The outlooks on these banks' long-term deposit
ratings were changed to negative from stable.

The rating action follows Moody's decision to affirm Armenia
government's long-term issuer ratings of Ba3 and change its outlook
to negative from stable on March 24, 2022.

RATINGS RATIONALE

BANK-SPECIFIC FACTORS

Ameriabank CJSC (Ameriabank)

The rating affirmation and change of outlook to negative from
stable reflects the negative outlook on the Armenian government
issuer rating which will result in a lower ability to support
Ameriabank's b1 BCA in the event of a downgrade of the Armenian
government's issuer rating. Ameriabank's local currency deposit
rating is Ba3 and benefits from a one notch of support uplift due
to Moody's assessment of high probability of government support for
the bank's deposits, reflecting its systemic importance as the
largest bank in Armenia.

Ameriabank's BCA reflects its (1) strong business franchise which
supports its solid liquidity and a diversified funding base, with
customer deposits accounting for about 62% of its total
liabilities, (2) good loss-absorption capacity underpinned by a
satisfactory capital position and robust pre-provision income
(about 3% of average total assets as of March 2021) which provides
a good buffer for absorbing rising credit losses, per Moody's
expectations, and (3) relatively moderate asset risks, reflecting
substantial exposure to household and consumer loans and still-high
although decreasing proportion of foreign currency loans to total
loans which exposes the bank and its clients to foreign exchange
risk.

Converse Bank CJSC (Converse Bank)

The rating affirmation and change of outlook to negative from
stable reflect Moody's assessment of a moderate probability of
government support for Converse Bank's deposits, which results in
one notch of rating uplift above the bank's b2 BCA. The negative
outlook on the Armenian government debt rating indicates the
government's lower ability to support the b2 BCA in the event of a
downgrade. Converse Bank's local currency deposit rating is B1.

The bank's BCA reflects its (1) good loss-absorption capacity
supported by sold capital buffers with a tangible common equity
ratio of about 14% at end of September 2021, (2) stable funding
profile, supported by relatively long-term funding from
international financial institutions and a modest reliance on
market funds at 19% of banking assets, and (3) relatively high
assets risks, with a problem loans ratio of 7.2% as of end of
September 2021, reflecting its large stock of foreign-currency
loans and retail loans.

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

A downgrade of the credit rating of Armenia would exert downward
pressure on the banks' ratings, in view of the weakening capacity
to support banks. The affected banks' deposit ratings could also be
downgraded if their solvency or liquidity were to deteriorate
materially beyond Moody's current expectations amid further
weakening of the operating conditions.

Upgrades of these banks' ratings are unlikely in the next 12 to 18
months given the unfavorable operating conditions in the country
and the negative outlook. However, the ratings can be stabilised if
the operating environment improves, and banks maintain their
resilient financial performance.

LIST OF AFFECTED RATINGS

Issuer: Ameriabank CJSC

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed b1

Baseline Credit Assessment, Affirmed b1

Long-term Counterparty Risk Assessment, Affirmed Ba3(cr)

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

Long-term Counterparty Risk Ratings, Affirmed Ba3

Short-term Counterparty Risk Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed Ba3, Outlook Changed To
Negative From Stable

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Changed To Negative From Stable

Issuer: Converse Bank CJSC

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed b2

Baseline Credit Assessment, Affirmed b2

Long-term Counterparty Risk Assessment, Affirmed B1(cr)

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

Long-term Counterparty Risk Ratings, Affirmed B1

Short-term Counterparty Risk Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed B1, Outlook Changed To
Negative From Stable

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Changed To Negative From Stable

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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GINKGO AUTO 2022: Fitch Gives Final B Rating to Class F Tranche
---------------------------------------------------------------
Fitch Ratings has assigned Ginkgo Auto Loans 2022 final ratings, as
follows:

DEBT           RATING
----           ------
Ginkgo Auto Loans 2022

Class A   LT AAAsf  New Rating
Class B   LT AA-sf  New Rating
Class C   LT Asf    New Rating
Class D   LT BBBsf  New Rating
Class E   LT BBsf   New Rating
Class F   LT Bsf    New Rating
Class G   LT NRsf   New Rating

TRANSACTION SUMMARY

Ginkgo Auto Loans 2022 is a 24-month revolving securitisation of
French unsecured consumer loans originated in France by CA Consumer
Finance (CACF, A+/Stable/F1). The securitised portfolio consists of
specific-purpose loans advanced to individuals to finance the
purchase of new and used vehicles including motorcycles. All the
loans bear a fixed interest rate and are amortising with constant
monthly instalments.

KEY RATING DRIVERS

Underlying Receivables Credit Risk: Fitch analysed obligor credit
risk by forming base-case default expectations (7.7%) and recovery
assumptions (42.5%), stressing these assumptions according to the
rating of each class of notes. The agency reviewed default and
recovery data on the originator's total loan book.

Revolving Period Increases Risk: The transaction will have a
maximum 24-month revolving period. Fitch believes the early
amortisation triggers envisaged by the documentation are relatively
loose for protecting against asset deterioration. The principal
deficiency ledger (PDL) trigger allows the structure to have an
uncleared PDL of up to 1.25% of the initial balance. Fitch took
this aspect into consideration and assumed an
undercollateralisation of 1.25% at the beginning of the
amortisation period.

Fitch has also analysed potential pool mix shifts during this
period and modelled a stressed-case portfolio.

Hybrid Pro Rata Redemption: The transaction has hybrid pro rata
redemption. The transaction will amortise sequentially until class
A reaches its targeted subordination ratio. The notes will then
amortise at their targeted subordination ratio calculated as a
percentage of the performing and delinquent balance. If no
sequential amortisation event occurs, all the notes will amortise
pro rata; otherwise the transaction's amortisation will become
irrevocably sequential.

Class C to F Capped at 'A+sf': Payment interruption risk (PIR) is
mitigated by the dedicated liquidity reserves for the class A and B
notes, but the class C to F notes do not benefit from this
dedicated liquidity protection. However. Fitch considers that for
those notes, PIR is mitigated by the commingling reserve, which
becomes available if the servicer is downgraded below 'BBB'/'F2'.
Under Fitch's criteria, these rating triggers are commensurate with
ratings up to the 'Asf' category when PIR is considered to be a
primary risk driver. As a result, the ratings of the class C, D, E
and F notes are capped at 'A+sf'.

Servicing Continuity Risk Mitigated: CACF is the transaction
servicer. No back-up servicer was appointed at closing. However,
servicing continuity risks are mitigated by, among other things, a
monthly transfer of borrowers' notification details and two reserve
funds to cover liquidity on the class A and B notes, and the
management company being responsible for appointing substitute
servicer within 30 calendar days upon the occurrence of a servicer
termination event.

RATING SENSITIVITIES

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

-- Unexpected increases in the frequency of defaults or decreases
    in recovery rates could produce larger losses than the base
    case and could result in negative rating action on the notes.
    For example, a simultaneous increase of the default base case
    by 25% and decrease of the recovery base case by 25% would
    lead to downgrades of all notes. The scope of these rating
    sensitivities fit also within a downside scenario of global
    recession (see Global Economic Outlook - March 2022).

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

-- The class A notes' 'AAAsf' rating is the highest level on
    Fitch's scale and cannot be upgraded. The class C to F notes'
    rating are capped at 'A+sf' and therefore cannot be upgraded
    above this.

-- The class B to F notes could be upgraded if defaults are lower
    or recoveries higher than expected in Fitch's analysis. For
    example, a decrease of 25% of the default base case and
    increase of 25% of the recovery base case would lead to
    upgrades of one to four notches for the class B to F notes.

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

Ginkgo Auto Loans 2022

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

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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.



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

ALBACORE EURO IV: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
AlbaCore EURO CLO IV DAC's class A loan and class A, B-1, B-2, C,
D, E, and F notes. At closing, the issuer will issue EUR34.60
million of unrated subordinated notes.

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

The portfolio's reinvestment period will end approximately three
years after closing, and the portfolio's maximum average maturity
date will be seven and a half years after closing.

The preliminary ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor      2867.02
  Default rate dispersion                                 398.94
  Weighted-average life (years)                             5.27
  Obligor diversity measure                               116.63
  Industry diversity measure                               22.80
  Regional diversity measure                                1.19

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.89
  Covenanted 'AAA' weighted-average recovery (%)           35.52
  Covenanted weighted-average spread (%)                    3.98
  Covenanted weighted-average coupon (%)                    4.94

S&P said, "Our preliminary ratings reflect our assessment of the
collateral portfolio's credit quality, which has a weighted-average
rating of 'B'. We consider that the portfolio will be
well-diversified on the effective date, primarily comprising
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 EUR450 million target par
amount, the covenanted weighted-average spread of 3.98%, the
covenanted weighted-average coupon of 4.94%, and the portfolio's
weighted-average recovery rates for all the other 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.

"At closing, we expect the transaction's documented counterparty
replacement and remedy mechanisms will 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 preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A loan and class A, B-1, B-2, C, D, E, and F notes. Our
credit and cash flow analysis indicates that the available credit
enhancement for the class B-1, B-2, C, D, and E notes could
withstand stresses commensurate with higher preliminary ratings
than those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned to the notes.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC' rating. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and the class F notes' credit
enhancement, this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P's analysis further reflects
several factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs S&P has rated and that has recently
been issued in Europe.

-- S&P's model-generated portfolio default risk at the 'B-' rating
level is 26.79% (for a portfolio with a weighted-average life of
5.27 years) versus 16.34% if it was to consider a long-term
sustainable default rate of 3.1% for 5.27 years.

-- Whether the tranche is vulnerable to nonpayment in the near
future

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

S&P said, "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
loan, and the class A to E notes to five of the 10 hypothetical
scenarios we looked at in our publication, "How Credit Distress Due
To COVID-19 Could Affect European CLO Ratings," published on April
2, 2020.

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

Environmental, social, and governance (ESG) factors

S&P regards the exposure to ESG credit factors in the transaction
as being broadly in line with its 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. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to, the following: development,
production, maintenance, trade or stock-piling of weapons of mass
destruction, or the production or trade of illegal drugs, illegal
narcotics or recreational marijuana, the speculative extraction of
oil and gas, thermal coal mining, marijuana-related businesses,
production or trade in controversial weapons, hazardous chemicals,
pesticides and wastes, ozone depleting substances, endangered or
protected wildlife of which the production or trade is banned by
applicable global conventions and agreements, pornographic
materials or content, prostitution-related activities, tobacco or
tobacco-related products, gambling, subprime lending or payday
lending activities, weapons or firearms, and opioids. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and 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    PRELIM.     PRELIM.     CREDIT       INTEREST RATE*
           RATING      AMOUNT      ENHANCEMENT  
                     (MIL. EUR)       (%)

  A        AAA (sf)     206.60      40.76      Three/six-month  
                                               EURIBOR plus 1.12%

  A loan   AAA (sf)      60.00      40.76      Three/six-month
                                               EURIBOR plus 1.12%

  B-1      AA (sf)       44.00      28.76      Three/six-month
                                               EURIBOR plus 2.60%

  B-2      AA (sf)       10.00      28.76      3.00%

  C        A (sf)        30.40      22.00      Three/six-month
                                               EURIBOR plus 3.40%

  D        BBB- (sf)     30.50      15.22      Three/six-month
                                               EURIBOR plus 4.60%

  E        BB- (sf)      21.70      10.40      Three/six-month
                                               EURIBOR plus 6.90%

  F        B- (sf)       14.60       7.16      Three/six-month
                                               EURIBOR plus 9.36%

  Subordinated  NR       34.40        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.


BNPP AM 2017: Moody's Affirms B1 Rating on EUR9.45MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by BNPP AM Euro CLO 2017 DAC:

EUR38,500,000 Class B Senior Secured Floating Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Oct 31, 2019 Affirmed Aa2 (sf)

EUR20,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Oct 31, 2019
Affirmed A2 (sf)

EUR17,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on Oct 31, 2019
Affirmed Baa2 (sf)

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

EUR215,250,000 (current outstanding amount EUR 212,900,000) Class
A-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 31, 2019 Definitive Rating Assigned Aaa (sf)

EUR22,850,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 31, 2019
Affirmed Ba2 (sf)

EUR9,450,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed B1 (sf); previously on Oct 31, 2019 Upgraded to
B1 (sf)

BNPP AM Euro CLO 2017 DAC, issued in September 2017 and refinanced
in October 2019, is a collateralised loan obligation (CLO) backed
by a portfolio of mostly high-yield senior secured European loans.
The portfolio is managed by BNP PARIBAS ASSET MANAGEMENT France
SAS. The transaction's reinvestment period ended in October 2021.

RATINGS RATIONALE

The rating upgrades on the Class B, Class C and Class D Notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in October 2021 and a modest
deleveraging of the senior notes following amortisation of the
underlying portfolio. At January 2022 payment date, Class A-R Notes
paid down by EUR2.4 million.

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

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

Performing par and principal proceeds balance: EUR346.6m

Defaulted Securities: None

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2958

Weighted Average Life (WAL): 4.94 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.70%

Weighted Average Recovery Rate (WARR): 46.13%

Par haircut in OC tests: None

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

BOSPHORUS CLO IV: Moody's Hikes Rating on EUR10.5MM F Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Bosphorus CLO IV Designated Activity Company:

EUR31,550,000 Class B-1 Secured Floating Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Jun 1, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Secured Fixed Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Jun 1, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR25,700,000 Class C Secured Deferrable Floating Rate Notes due
2030, Upgraded to Aa3 (sf); previously on Jun 1, 2018 Definitive
Rating Assigned A2 (sf)

EUR21,000,000 Class D Secured Deferrable Floating Rate Notes due
2030, Upgraded to Baa1 (sf); previously on Jun 1, 2018 Definitive
Rating Assigned Baa2 (sf)

EUR10,500,000 Class F Secured Deferrable Floating Rate Notes due
2030, Upgraded to B1 (sf); previously on Jun 1, 2018 Definitive
Rating Assigned B2 (sf)

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

EUR246,000,000 Class A Secured Floating Rate Notes due 2030,
Affirmed Aaa (sf); previously on Jun 1, 2018 Definitive Rating
Assigned Aaa (sf)

EUR26,900,000 Class E Secured Deferrable Floating Rate Notes due
2030, Affirmed Ba2 (sf); previously on Jun 1, 2018 Definitive
Rating Assigned Ba2 (sf)

Bosphorus CLO IV Designated Activity Company, issued in May 2018,
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio was
originally managed by Commerzbank AG, London Branch and since
December 2021 it is managed by Cross Ocean Adviser LLP. The
transaction's reinvestment period will end in June 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2, C, D and F notes are
primarily a result of the benefit of the short period of time
remaining before the end of the reinvestment period in June 2022.

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

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

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

Performing par and principal proceeds balance: EUR398.51 millions

Defaulted Securities: EUR1.0 million

Diversity Score: 51

Weighted Average Rating Factor (WARF): 2837

Weighted Average Life (WAL): 4.69 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.74%

Weighted Average Coupon (WAC): n/a

Weighted Average Recovery Rate (WARR): 45.63%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

Portfolio amortisation: Once reaching the end of the reinvestment
period in June 2022, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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

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

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

CAIRN CLO XV: Fitch Gives Final B- Rating to Class F Tranche
------------------------------------------------------------
Fitch Ratings has assigned Cairn CLO XV final ratings.

DEBT        RATING             PRIOR
----        ------             -----
CAIRN CLO XV DAC

A     LT AAAsf   New Rating    AAA(EXP)sf
B-1   LT AAsf    New Rating    AA(EXP)sf
B-2   LT AAsf    New Rating    AA(EXP)sf
C     LT Asf     New Rating    A(EXP)sf
D     LT BBB-sf  New Rating    BBB-(EXP)sf
E     LT BB-sf   New Rating    BB-(EXP)sf
F     LT B-sf    New Rating    B-(EXP)sf
M-1   LT NRsf    New Rating    NR(EXP)sf
M-2   LT NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Cairn CLO XV is a securitisation of mainly senior secured loans (at
least 90%) with a component of senior unsecured, mezzanine, and
second-lien loans. The note proceeds have been used to fund an
identified portfolio with a target par of EUR400 million. The
portfolio is managed by Cairn Loan Investments II LLP. The
collateralised loan obligation (CLO) envisages a 4.5-year
reinvestment period and an 8.6-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.41.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
62.54%.

Diversified Portfolio (Positive): The transaction includes four
Fitch matrices, two of which were effective at closing. These
correspond to a top 10 obligor concentration limit at 20%, two
fixed-rate asset limits of 5% and 10%, and an 8.6-year WAL. The
other two can be selected by the manager at any time starting from
one year after closing as long as the portfolio balance (including
defaulted obligations at their Fitch collateral value) is above
target par and corresponds to a top 10 obligor concentration limit
at 20%, two fixed-rate asset limits of 5% and 10%, and a 7.6-year
WAL. 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 an
approximately 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
matrix and stress portfolio analysis is 12 months less than the WAL
covenant. This reduction to the risk horizon accounts for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include, among others, passing both
the coverage tests and the Fitch 'CCC' bucket limitation test post
reinvestment as well a WAL covenant that progressively steps down
over time, both before and after the end of the reinvestment
period. This ultimately reduces the maximum possible risk horizon
of the portfolio when combined with loan pre-payment expectations.

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 five notches.

-- Downgrades may occur if the build-up of the notes' credit
    enhancement 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 already at the highest rating
    on Fitch's scale and cannot be upgraded.

-- Except for the tranche already at the highest 'AAAsf' rating,
    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

CAIRN CLO XV 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.

MUNSTER STRATEGIC: Chinese Investors Appoint Receivers, Managers
----------------------------------------------------------------
John Mulligan at Independent.ie reports that Chinese investors who
helped to bankroll the acquisition of the Kilcoran Lodge Hotel
outside Cahir in Co Tipperary have had receivers and managers
appointed to the company behind the premises after an examinership
process.

The EUR1.7 million purchase of the property in 2018 by a firm
controlled by Paul Bowes and his daughter Triona Bowes had been
backed by Chinese investors under the immigrant investor programme,
Independent.ie discloses.

Among those who supported the firm behind the hotel, Munster
Strategic Investments, was Shaogang Xu, Jian Kang, Shifeng Huang
and Ning Li, Independent.ie states.

Investors appointed Joseph Walsh -- joewalsh@jwaccountants.ie --
and Padraic O'Malley -- pomalley@jwaccountants.ie -- of JW
Accountants in Dublin as joint receivers and managers of the hotel
within the past few days, Independent.ie notes.

Mr. Walsh had initially been appointed examiner at Munster
Strategic Investments last December on foot of an application by
Mr. Bowes, Independent.ie recounts.

The company was unable to pay its debts, but an independent expert
believed the business could be saved if an examiner was appointed
to effect a scheme of arrangement that had been drafted,
Independent.ie discloses.

At the time, the Chinese backers were already seeking repayment of
the loans provided to the company behind the venue, according to
Independent.ie.

Upon the appointment of the examiner, the court ordered him to
investigate a payment or payments made by Munster Strategic
Investments to Tipperary Milk Farm Company, a company whose
directors include Daniel Bowes, Independent.ie relates.

The emergence of the Covid pandemic in early 2020 adversely
impacted the hotel, which employed 37 people, Independent.ie,
according to Independent.ie.  Its turnover in 2020 was just under
EUR500,000, while in the first nine months of 2021, turnover was
just EUR414,000, Independent.ie discloses.


PENTA CLO 11: Moody's Puts (P)B3 Rating to EUR9.25MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by Penta
CLO 11 Designated Activity Company (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR38,500,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR23,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR21,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR9,250,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, 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 75% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.

Partners Group (UK) Management Limited (‘Partners Group') 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 three-year reinvestment period. Thereafter, subject
to certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR36,000,000 of Subordinated Notes which are not
rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 47

Weighted Average Rating Factor (WARF): 2970

Weighted Average Spread (WAS): 3.73%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 44.25%

Weighted Average Life (WAL): 7.0 years

PERRIGO COMPANY: Moody's Affirms 'Ba1' CFR on Hera SAS Acquisition
------------------------------------------------------------------
Moody's Investors Service took several rating actions on Perrigo
Company plc ("Perrigo") in connection with the refinancing of its
existing debt and financing of the Hera SAS ("HRA") acquisition,
including affirming the Ba1 Corporate Family Rating, Ba1-PD
Probability of Default Rating, and continuing the negative outlook.
Moody's assigned Baa3 ratings to the proposed senior secured
revolver and term loans issued by new borrower Perrigo Investments
LLC., and downgraded Perrigo's senior unsecured notes to Ba2 from
Ba1. Perrigo's SGL-3 Speculative Grade Liquidity rating is
unchanged.

"The actions recognize the benefits of Perrigo refinancing near
term maturities, which is a credit positive as it enhances
liquidity," stated Moody's VP/Senior Credit Officer Charlie O'Shea.
"Included is its financing for the pending acquisition of HRA for
total consideration of roughly $2 billion, which we view as a
long-term positive as it enhances Perrigo's product and geographic
diversity. The negative outlook reflects in part the execution risk
to reducing the high leverage upon completion of the HRA
acquisition."

Moody's affirmed Perrigo's Ba1 CFR because the company's good
growth prospects, a more normal cough and cold season, and free
cash flow provide a means to reduce the very high leverage
resulting from the HRA acquisition. Moody's projects debt-to-EBITDA
will decline to around 4.5x in 2023 from approximately 6.0x as of
December 2021 pro forma for the HRA acquisition with the company
also likely to focus on reducing leverage in advance of the
acquisition close, which is expected to be during Q2 2022

The Baa3 credit facility ratings reflect the company's announced
plan to issue approximately $500 million of other incremental
unsecured debt. The downgrade of the senior unsecured notes to Ba2
from Ba1 reflects the introduction of a significant amount of
secured debt to the debt structure that weakens recovery prospects
for unsecured debt in the event of a default.

Ratings Affirmed:

Issuer: Perrigo Company plc

Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

New Assignments:

Issuer: Perrigo Investments LLC

GTD Senior Secured Term Loan A, Assigned Baa3 (LGD2)

GTD Senior Secured Term Loan B, Assigned Baa3 (LGD2)

GTD Senior Secured Delayed Draw Term Loan B, Assigned Baa3 (LGD2)

GTD Senior Secured Multi Currency Revolving Credit Facility,
Assigned Baa3 (LGD2)

Ratings Downgraded:

Issuer: Perrigo Company plc

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD5)
from Ba1 (LGD4)

Issuer: Perrigo Finance Unlimited Company

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD5)
from Ba1 (LGD4)

Outlook Actions:

Issuer: Perrigo Company plc

Outlook, Remains Negative

Issuer: Perrigo Finance Unlimited Company

Outlook, Remains Negative

Issuer: Perrigo Investments LLC

Outlook, Assigned Negative

RATINGS RATIONALE

Perrigo's Ba1 CFR is supported by its leading positions in the
relatively stable over-the-counter (OTC) market in the US and
Europe. Perrigo has meaningful scale in its key product categories,
as well as good product and customer diversity, which the HRA
acquisition will enhance. Earnings growth will outpace revenue
growth for the next few years, driven by cost savings and portfolio
mix shifts towards higher margin products. The credit profile is
constrained by its elevated leverage, which proforma for the HRA
acquisition debt will be around 6x, and the rating is based on
Moody's expectations that the company will make substantive
progress toward achieving 4.5x by the end of 2023 due to improved
organic earnings, as well as contribution from HRA and the related
cost synergies. Moody's forecasts mid-single digit earnings growth
through 2023, with potential improvement in the critical cough and
cold segment a key driver of that view. The positive resolution of
the Irish tax liability for around €266 million, with more than
sufficient funds coming from a favorable settlement relating to its
Belgian divestiture, removes a significant risk component.

The SGL-3 reflects Perrigo's adequate liquidity and considers the
execution risk relating to Moody's projection for free cash flow
exceeding $200 million over the next 12 months because of cost
pressures and integration risks. Liquidity is bolstered by an
approximate $300 million cash balance pro forma for the financing
transactions, an undrawn $1 billion five-year revolver, and good
projected covenant headroom.

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

The negative outlook reflects the execution risk for Perrigo to
deleverage to 4.5x by the end of 2023. Risks to Perrigo's earnings
include a slower recovery for the products sold by HRA, some of
which have been negatively impacted by the pandemic. The negative
outlook also reflects that cost pressures including labor and
materials, and continued acquisition activity could slow
deleveraging.

Given the negative outlook, there is little upward rating pressure.
Over time, ratings could be upgraded if Perrigo generates good
operating performance including consistent organic revenue growth,
stable to higher EBITDA margin, and solid free cash flow.
Debt/EBITDA is sustained below 3.5x, and a firm commitment to an
investment grade capital structure and financial strategy would
also be necessary for an upgrade.

Ratings could be downgraded if substantive deleveraging does not
occur over the next 12-18 months because of factors such as revenue
weakness, higher costs or additional acquisitions, any of which
lead to debt/EBITDA sustained above 4.5x. A deterioration in
liquidity could also lead to a downgrade.

ESG considerations are material to the rating. Social
considerations include Perrigo's legal exposures, as evidenced by
the recently resolved Irish Tax Assessment litigation and alleged
drug price-fixing. Governance considerations include Perrigo's
aggressive approach to M&A during a time of unresolved tax
liabilities. Perrigo is targeting a net debt to EBITDA leverage
ratio of 3.0x (based on the company's calculation) within 18-to-24
months of the HRA closing. Because pro forma leverage on this basis
is 5.1x, the target indicates the company is focused on material
deleveraging.

As proposed, the new credit facilities are expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following:

Incremental debt capacity up to the greater of $625 million and
100% of consolidated EBITDA for the last four quarters, plus
unlimited amounts subject to a first lien secured net leverage
ratio not to exceed the ratio at close plus 0.5x. Amounts up to the
greater of $390 million and 62.5% of LTM EBITDA may be incurred
with an earlier maturity date. The credit agreement permits the
transfer of assets to unrestricted subsidiaries, up to the
carve-out capacities, subject to "blocker" provisions which
prohibit the transfers of any material intellectual property from
any Loan Party to an unrestricted subsidiary. Non-wholly-owned
subsidiaries are not required to provide guarantees; dividends or
transfers resulting in partial ownership of subsidiary guarantors
could jeopardize guarantees subject to protective provisions which
only permit guarantee releases if such disposition or other
transaction was entered into for bona fide business purposes. The
credit agreement provides some limitations on up-tiering
transactions, including the requirement of the consent of each
lender directly and adversely affected to subordinate the
obligations or the liens securing such obligations to any other
indebtedness.

Perrigo, with registered offices in Dublin, Ireland and principal
executive offices in Allegan, Michigan, develops, manufactures, and
distributes over-the-counter drugs, infant formulas, and
nutritional products. Perrigo has agreed to acquire Hera SAS
("HRA") for total consideration of around $2 billion, which is
expected to close in Q2 2022. FYE 2021 revenues were approximately
$4.1 billion and will increase to approximately $4.6 billion pro
forma for the HRA acquisition.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

ST. PAUL'S III-R: Moody's Affirms B2 Rating on EUR16.2MM F-R Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by St. Paul's CLO III-R Designated Activity Company:

EUR48,800,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Jul 29, 2020 Affirmed Aa2
(sf)

EUR18,400,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Jul 29, 2020 Affirmed Aa2
(sf)

EUR30,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Jul 29, 2020
Affirmed A2 (sf)

EUR27,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on Jul 29, 2020
Confirmed at Baa2 (sf)

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

EUR330,100,000 Class A-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jul 29, 2020 Affirmed Aaa
(sf)

EUR40,800,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jul 29, 2020
Confirmed at Ba2 (sf)

EUR16,200,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Jul 29, 2020
Confirmed at B2 (sf)

St. Paul's CLO III-R Designated Activity Company, issued in
February 2018, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Intermediate Capital Managers Limited. The
transaction's reinvestment period ended in January 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R, Class B-2-R, Class C-R and
Class D-R notes are primarily a result of the benefit of the
transaction having reached the end of the reinvestment period in
January 2022.

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

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

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

Performing par and principal proceeds balance: EUR538.90m

Defaulted Securities: EUR8.92m

Diversity Score: 58

Weighted Average Rating Factor (WARF): 2976

Weighted Average Life (WAL): 4.72 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.91%

Weighted Average Coupon (WAC): 4.81%

Weighted Average Recovery Rate (WARR): 43.76%

Par haircut in OC tests and interest diversion test: 0.07%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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



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

METINVEST: S&P Suspends B- Rating on Reduced Operational Visibility
-------------------------------------------------------------------
S&P Global Ratings suspended its ratings on three Ukraine-exposed
corporates: Ferrexpo, Interpipe, and Metinvest, driven by the
extended conflict with Russia in Ukraine. Before the suspension,
the ratings were on CreditWatch with negative implications, where
they were placed when it lowered the ratings to 'B-' on March 3,
2022. At this stage, any short-term resolution of the conflict is
uncertain and we cannot rule out the possibility that things could
further deteriorate, before the conflict is ultimately resolved.
Therefore, we consider it extremely difficult to properly assess
the companies' business continuity, integrity, and future cash
flows.

Since the conflict began Feb. 24, production at Ukrainian sites has
been affected to varying degrees, mainly depending on the
geographical location of assets. For example, production was
suspended in Metinvest's Mariupol assets and Interpipe's
Dnipro-based facilities. In addition, exporting is no longer
possible via the country's main ports (Odessa and Mariupol), and
can be made only partially via rail, trucks or barges. Lastly, some
of the companies are subject to shortages, such as raw materials,
labor, and energy. S&P understands that each of the companies is
subject to different set of constraints, and the level of
production remains subject to the availability of the facilities,
available outlets, and manufacturing assets outside Ukraine. S&P is
not aware of any of the three having liquidity issues.

S&P will reassess the suspension status of the ratings in the
coming weeks, or months. It will consider reinstating the ratings
once its visibility on operations and financials improves.

  Ratings List

  FERREXPO PLC

  NOT RATED ACTION; CREDITWATCH ACTION   
                              TO           FROM
  FERREXPO PLC

   Issuer Credit Rating      NR/NR     B-/Watch Neg/B

  INTERPIPE HOLDINGS PLC

  NOT RATED ACTION; CREDITWATCH ACTION  
                              TO           FROM
  INTERPIPE HOLDINGS PLC

   Issuer Credit Rating      NR/--     B-/Watch Neg/--
   Senior Unsecured          NR        B-/Watch Neg

  METINVEST B.V.

  NOT RATED ACTION; CREDITWATCH ACTION  
                              TO           FROM

  METINVEST B.V.

   Issuer Credit Rating      NR/--     B-/Watch Neg/--
   Senior Unsecured          NR        B-/Watch Neg




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

AEROFLOT: Fitch Affirms Then Withdraws 'CC' LT IDR
--------------------------------------------------
Fitch Ratings has affirmed Public Joint Stock Company Aeroflot -
Russian Airlines' (AFLT) ratings, including its 'CC' Long-Term (LT)
Issuer Default Rating (IDR).

Fitch has withdrawn all of ALFT's ratings for commercial reasons.
Fitch will no longer provide ratings or analytical coverage of the
company. The decision to withdraw these ratings was made prior to
Fitch's announcement on 23 March that it intended to withdraw all
Russia-related ratings for sanctions-related reasons.

KEY RATING DRIVERS

Impaired Business Profile: AFLT's business profile has been
severely disrupted by sanctions on provision of aircraft and
spares, including cancellation of most international flights due to
its all-leased fleet of mostly Boeing and Airbus aircraft.

Probable Default: Fitch believes that the Presidential Decree of 5
March 2022, against the backdrop of an escalating sanctions regime,
could impose insurmountable barriers to many Russian corporates'
ability to make timely payments on foreign- and local-currency debt
to certain international creditors. While the practical
implementation of this decree remains unclear, Fitch believes that
the severely heightened risk is best reflected in Fitch's 'CC'
rating definition of 'default of some kind appears probable'.

Tightening Sanctions: Ongoing intensification of sanctions,
including restrictions in aviation, energy trade and imports,
increases the probability of a policy response by Russia, which
will further weaken its economy and erode the operating environment
for its corporates.

AFLT's senior unsecured rating of 'C' reflects a low unencumbered
asset base and fairly high secured debt resulting in a Recovery
Rating of 'RR6'.

For further drivers prior to the current crisis see 'Fitch Upgrades
Aeroflot's IDR to 'BB'; Outlook Stable' dated 27 October 2021.

DERIVATION SUMMARY

N/A

KEY ASSUMPTIONS

N/A

RATING SENSITIVITIES

N/A

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

See relevant Rating Action Commentary (RAC) referenced above.

ISSUER PROFILE

See relevant RAC referenced above.

SUMMARY OF FINANCIAL ADJUSTMENTS

See relevant RAC referenced above.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
N/A

ESG CONSIDERATIONS

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

Following the withdrawal Fitch will no longer provide ESG Relevance
Scores for ALFT.

CITY OF MOSCOW: S&P Cuts LT ICR to 'CC' Then Withdraws Rating
-------------------------------------------------------------
On March 30, 2022, S&P Global Ratings lowered its long-term foreign
and local currency issuer credit ratings on City of Moscow to 'CC'
from 'CCC-' and placed them on CreditWatch negative. S&P
subsequently withdrew the ratings due to regulatory requirements.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on City of Moscow are subject to
certain publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the deviation was
caused by a rating action on the sovereign. S&P said, "The
withdrawal of these ratings follows the EU's decision on March 15,
2022, to ban the provision of credit ratings to legal persons,
entities, or bodies established in Russia and our ensuing
announcement that we will withdraw all our outstanding ratings on
relevant issuers before April 15, 2022, the deadline imposed by the
EU."

CreditWatch

At the time of the withdrawal, the ratings were on CreditWatch with
negative implications, reflecting the CreditWatch on the
sovereign.

Rationale

S&P said, "The rating action follows our downgrade of Russia. Under
our methodology, a local or regional government (LRG) can be rated
higher than its sovereign if we believe that it exhibits certain
characteristics, as described in "Methodology: Rating Non-U.S.
Local And Regional Governments Higher Than The Sovereign," Dec. 15,
2014." These include:

-- The LRG's ability to maintain stronger credit characteristics
than the sovereign in a stress scenario, such as having
predominantly locally derived revenue (that is, a lack of
dependence on central government revenue, subsidies or other
government transfers);

-- A predictable, stable institutional framework that limits the
risk of negative sovereign intervention, such as revenue and
expenditure autonomy supported by both constitutional and statutory
provisions; and

-- The LRG's ability to mitigate negative intervention from the
sovereign through high financial flexibility and independent
treasury management.

S&P does not currently believe that Russian LRGs, including City of
Moscow, meet these conditions.

  Ratings Score Snapshot

  City of Moscow--Ratings Score Snapshot

  KEY RATING FACTORS               SCORES

  Institutional framework             6

  Economy                             4

  Financial management                3

  Budgetary performance               4

  Liquidity                           1

  Debt burden                         1

  Stand-alone credit profile        N/A

  Issuer credit rating               CC

S&P said, "S&P Global Ratings bases its ratings on non-U.S. local
and regional governments (LRGs) on the six main rating factors in
this table. In the "Methodology For Rating Local And Regional
Governments Outside Of The U.S.," published on July 15, 2019, we
explain the steps we follow to derive the global scale foreign
currency rating on each LRG. The institutional framework is
assessed on a six-point scale: 1 is the strongest and 6 the weakest
score. Our assessments of economy, financial management, budgetary
performance, liquidity, and debt burden are on a five-point scale,
with 1 being the strongest score and 5 the weakest."

N/A--Not applicable.

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

-- Other governance factors

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

Ratings List

  DOWNGRADED; RATINGS WITHDRAWN   
                         FINAL         TO           FROM
  MOSCOW (CITY OF)

  Issuer Credit Rating  Not rated    CC/Watch       CCC-/Watch
                                        Neg/--          Neg/--

  Senior Unsecured      Not rated    CC/Watch Neg   CCC-/Watch Neg


KRASNOYARSK KRAI: S&P Cuts LT ICR to 'CC' Then Withdraws Rating
---------------------------------------------------------------
On March 30, 2022, S&P Global Ratings lowered its long-term foreign
and local currency issuer credit ratings on Krasnoyarsk Krai to
'CC' from 'CCC-' and placed them on CreditWatch negative. S&P
subsequently withdrew the ratings due to regulatory requirements.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Krasnoyarsk Krai are subject
to certain publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the deviation was
caused by a rating action on the sovereign. S&P said, "The
withdrawal of these ratings follows the EU's decision on March 15,
2022, to ban the provision of credit ratings to legal persons,
entities, or bodies established in Russia and our ensuing
announcement that we will withdraw all our outstanding ratings on
relevant issuers before April 15, 2022, the deadline imposed by the
EU."

CreditWatch

At the time of the withdrawal, the ratings were on CreditWatch with
negative implications, reflecting the CreditWatch on the
sovereign.

Rationale

S&P said, "The rating action follows our downgrade of Russia. Under
our methodology, a local or regional government (LRG) can be rated
higher than its sovereign if we believe that it exhibits certain
characteristics, as described in "Methodology: Rating Non-U.S.
Local And Regional Governments Higher Than The Sovereign," Dec. 15,
2014." These include:

-- The LRG's ability to maintain stronger credit characteristics
than the sovereign in a stress scenario, such as having
predominantly locally derived revenue (that is, a lack of
dependence on central government revenue, subsidies or other
government transfers);

-- A predictable, stable institutional framework that limits the
risk of negative sovereign intervention, such as revenue and
expenditure autonomy supported by both constitutional and statutory
provisions; and

-- The LRG's ability to mitigate negative intervention from the
sovereign through high financial flexibility and independent
treasury management.

S&P does not currently believe that Russian LRGs, including
Krasnoyarsk Krai, meet these conditions.

  Ratings Score Snapshot

  Krasnoyarsk Krai--Rating Score Snapshot
  
  KEY RATING FACTORS             SCORES

  Institutional framework            6

  Economy                            5

  Financial management               4

  Budgetary performance              3

  Liquidity                          4

  Debt burden                        1

  Stand-alone credit profile       N/A

  Issuer credit rating              CC

S&P Global Ratings bases its ratings on non-U.S. local and regional
governments (LRGs) on the six main rating factors in this table.
S&P said, "In the "Methodology For Rating Local And Regional
Governments Outside Of The U.S.," published on July 15, 2019, we
explain the steps we follow to derive the global scale foreign
currency rating on each LRG. The institutional framework is
assessed on a six-point scale: 1 is the strongest and 6 the weakest
score. Our assessments of economy, financial management, budgetary
performance, liquidity, and debt burden are on a five-point scale,
with 1 being the strongest score and 5 the weakest."
N/A--Not applicable.

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

-- Other governance factors

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

Ratings List

  DOWNGRADED; RATING WITHDRAWN   

                         FINAL           TO           FROM
  KRASNOYARSK KRAI

  Issuer Credit Rating   Not rated    CC/Watch    CCC-/Watch   
                                          Neg/--        Neg/--


LENINGRAD OBLAST: S&P Cuts LT ICR to 'CC' Then Withdraws Rating
---------------------------------------------------------------
On March 30, 2022, S&P Global Ratings lowered its long-term foreign
and local currency issuer credit ratings on Leningrad Oblast to
'CC' from 'CCC-' and placed them on CreditWatch negative. S&P
subsequently withdrew the ratings due to regulatory requirements.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Leningrad Oblast are subject
to certain publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the deviation was
caused by a rating action on the sovereign. The withdrawal of these
ratings follows the EU's decision on March 15, 2022, to ban the
provision of credit ratings to legal persons, entities, or bodies
established in Russia and our ensuing announcement that we will
withdraw all S&P's outstanding ratings on relevant issuers before
April 15, 2022, the deadline imposed by the EU.

CreditWatch

At the time of the withdrawal, the ratings were on CreditWatch with
negative implications, reflecting the CreditWatch on the
sovereign.

Rationale

S&P said, "The rating action follows our downgrade of Russia. Under
our methodology, a local or regional government (LRG) can be rated
higher than its sovereign if we believe that it exhibits certain
characteristics, as described in "Methodology: Rating Non-U.S.
Local And Regional Governments Higher Than The Sovereign," Dec. 15,
2014." These include:

-- The LRG's ability to maintain stronger credit characteristics
than the sovereign in a stress scenario, such as having
predominantly locally derived revenue (that is, a lack of
dependence on central government revenue, subsidies or other
government transfers);

-- A predictable, stable institutional framework that limits the
risk of negative sovereign intervention, such as revenue and
expenditure autonomy supported by both constitutional and statutory
provisions; and

-- The LRG's ability to mitigate negative intervention from the
sovereign through high financial flexibility and independent
treasury management.

S&P does not currently believe that Russian LRGs, including
Leningrad Oblast, meet these conditions.

  Ratings Score Snapshot

  Leningrad Oblast--Ratings Score Snapshot

  KEY RATING FACTORS         SCORES

  Institutional framework           6

  Economy                           5

  Financial management              4

  Budgetary performance             4

  Liquidity                         2

  Debt burden                       1

  Stand-alone credit profile      N/A

  Issuer credit rating             CC

S&P Global Ratings bases its ratings on non-U.S. local and regional
governments (LRGs) on the six main rating factors in this table.
S&P said, "In the "Methodology For Rating Local And Regional
Governments Outside Of The U.S.," published on July 15, 2019, we
explain the steps we follow to derive the global scale foreign
currency rating on each LRG. The institutional framework is
assessed on a six-point scale: 1 is the strongest and 6 the weakest
score. Our assessments of economy, financial management, budgetary
performance, liquidity, and debt burden are on a five-point scale,
with 1 being the strongest score and 5 the weakest."
N/A--Not applicable.

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

-- Other governance factors


SAMARA OBLAST: S&P Cuts LT ICR to 'CC' Then Withdraws Rating
------------------------------------------------------------
On March 30, 2022, S&P Global Ratings lowered its long-term foreign
and local currency issuer credit ratings on Samara Oblast to 'CC'
from 'CCC-' and placed them on CreditWatch negative. S&P
subsequently withdrew the ratings due to regulatory requirements.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Samara Oblast are subject to
certain publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the deviation was
caused by a rating action on the sovereign. The withdrawal of these
ratings follows the EU's decision on March 15, 2022, to ban the
provision of credit ratings to legal persons, entities, or bodies
established in Russia and our ensuing announcement that we will
withdraw all our outstanding ratings on relevant issuers before
April 15, 2022, the deadline imposed by the EU."

CreditWatch

At the time of the withdrawal, the ratings were on CreditWatch with
negative implications, reflecting the CreditWatch on the
sovereign.

Rationale

S&P said, "The rating action follows our downgrade of Russia. Under
our methodology, a local or regional government (LRG) can be rated
higher than its sovereign if we believe that it exhibits certain
characteristics, as described in "Methodology: Rating Non-U.S.
Local And Regional Governments Higher Than The Sovereign," Dec. 15,
2014." These include:

-- The LRG's ability to maintain stronger credit characteristics
than the sovereign in a stress scenario, such as having
predominantly locally derived revenue (that is, a lack of
dependence on central government revenue, subsidies or other
government transfers);

-- A predictable, stable institutional framework that limits the
risk of negative sovereign intervention, such as revenue and
expenditure autonomy supported by both constitutional and statutory
provisions; and

-- The LRG's ability to mitigate negative intervention from the
sovereign through high financial flexibility and independent
treasury management.

S&P does not currently believe that Russian LRGs, including Samara
Oblast, meet these conditions.

  Ratings Score Snapshot

  Samara Oblast--Ratings Score Snapshot

  KEY RATING FACTORS         SCORES

  Institutional framework        6

  Economy                        5

  Financial management           4

  Budgetary performance          3

  Liquidity                      3

  Debt burden                    1

  Stand-alone credit profile   N/A

  Issuer credit rating          CC

S&P Global Ratings bases its ratings on non-U.S. local and regional
governments (LRGs) on the six main rating factors in this table.
S&P said, "In the "Methodology For Rating Local And Regional
Governments Outside Of The U.S.," published on July 15, 2019, we
explain the steps we follow to derive the global scale foreign
currency rating on each LRG. The institutional framework is
assessed on a six-point scale: 1 is the strongest and 6 the weakest
score. Our assessments of economy, financial management, budgetary
performance, liquidity, and debt burden are on a five-point scale,
with 1 being the strongest score and 5 the weakest."
N/A--Not applicable.

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

-- Other governance factors


YAMAL-NENETS AUTONOMOUS: S&P Cuts ICR to 'CC' Then Withdraws Rating
-------------------------------------------------------------------
On March 30, 2022, S&P Global Ratings lowered its long-term foreign
and local currency issuer credit ratings on Yamal-Nenets Autonomous
Okrug to 'CC' from 'CCC-' and placed them on CreditWatch negative.
S&P subsequently withdrew the ratings due to regulatory
requirements.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Yamal-Nenets Autonomous
Okrugare subject to certain publication restrictions set out in Art
8a of the EU CRA Regulation, including publication in accordance
with a pre-established calendar. Under the EU CRA Regulation,
deviations from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the deviation was
caused by a rating action on the sovereign. The withdrawal of these
ratings follows the EU's decision on March 15, 2022, to ban the
provision of credit ratings to legal persons, entities, or bodies
established in Russia and our ensuing announcement that we will
withdraw all our outstanding ratings on relevant issuers before
April 15, 2022, the deadline imposed by the EU.

CreditWatch

At the time of the withdrawal, the ratings were on CreditWatch with
negative implications, reflecting the CreditWatch on the
sovereign.

Rationale

S&P said, "The rating action follows our downgrade of Russia. Under
our methodology, a local or regional government (LRG) can be rated
higher than its sovereign if we believe that it exhibits certain
characteristics, as described in "Methodology: Rating Non-U.S.
Local And Regional Governments Higher Than The Sovereign," Dec. 15,
2014." These include:

-- The LRG's ability to maintain stronger credit characteristics
than the sovereign in a stress scenario, such as having
predominantly locally derived revenue (that is, a lack of
dependence on central government revenue, subsidies or other
government transfers);

-- A predictable, stable institutional framework that limits the
risk of negative sovereign intervention, such as revenue and
expenditure autonomy supported by both constitutional and statutory
provisions; and

-- The LRG's ability to mitigate negative intervention from the
sovereign through high financial flexibility and independent
treasury management.

S&P does not currently believe that Russian LRGs, including
Yamal-Nenets Autonomous Okrug, meet these conditions.

  Ratings Score Snapshot

  Yamal-Nenets Autonomous Okrug--Ratings Score Snapshot

  KEY RATING FACTORS              SCORE

  Institutional framework            6

  Economy                            5

  Financial management               4

  Budgetary performance              3

  Liquidity                          1

  Debt burden                        1

  Stand-alone credit profile       N/A

  Issuer credit rating              CC

S&P Global Ratings bases its ratings on non-U.S. local and regional
governments (LRGs) on the six main rating factors in this table.
S&P said, "In the "Methodology For Rating Local And Regional
Governments Outside Of The U.S.," published on July 15, 2019, we
explain the steps we follow to derive the global scale foreign
currency rating on each LRG. The institutional framework is
assessed on a six-point scale: 1 is the strongest and 6 the weakest
score. Our assessments of economy, financial management, budgetary
performance, liquidity, and debt burden are on a five-point scale,
with 1 being the strongest score and 5 the weakest." N/A--Not
applicable.

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

-- Other governance factors

  Ratings List

  DOWNGRADED; RATING WITHDRAWN   

                          FINAL         TO              FROM

  YAMAL-NENETS AUTONOMOUS OKRUG

  Issuer Credit Rating    Not rated  CC/Watch Neg/--  CCC-/Watch
                                                      Neg/--


[*] RUSSIA: To Impose Moratorium on Bankruptcies for Six Months
---------------------------------------------------------------
Reuters reports that Russian Prime Minister Mikhail Mishustin said
on March 31 that Moscow would impose a moratorium on bankruptcies
for a period of six months starting today, April 1.



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

TAM FINANS: Fitch Affirms 'B' LT IDRs, Outlook Negative
-------------------------------------------------------
Fitch Ratings has affirmed Tam Finans Faktoring A.S.'s (TFF)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'B' with Negative Outlook.

KEY RATING DRIVERS

TFF's ratings reflect the company's small franchise, a largely
secured funding profile and a business model focused on higher-risk
small businesses operating in a challenging operating environment.
The ratings also reflect the company's record of comparatively
limited credit losses for the business model, a granular portfolio,
low market risk, a liquid balance sheet and diversified funding
sources.

TFF is an independent Turkish factoring company accounting for 3.2%
of sector assets at end-2021. The company has demonstrated its
ability to maintain adequate performance during Turkey's 2018
economic crisis, the coronavirus pandemic and the economic
turbulence in 4Q21. TFF focuses on higher-risk underbanked
businesses with fairly short credit history and of small scale,
making them more vulnerable to macroeconomic volatility thereby
exposing TFF to heightened credit risks. The business model carries
high operating costs due to small ticket sizes and the
labour-intensive nature of sales that highlights the importance of
scale in the business.

TFF's fairly small credit losses are supported by an IT-based
scorecard and monitoring tools, which automatically collect and
analyse large amount of data on borrowers and receivables
originators, allowing TFF to service a wider range of Turkish
factoring-sector customers. Impaired receivables (90+ days overdue)
ratio was 2% at end-2021 (end-2020: 1.4%) versus the sector average
ratio of 2.8%, while TFF's loss allowances were higher at 112% of
year-end receivables (sector: 89%). Asset-quality risks are
supported by low single-name concentrations by customer and
originator of receivables.

TFF's growth of 64% in 2021 exceeded the sector average (32%), but
the short-term nature of factoring receivables moderates portfolio
seasoning risks. High asset growth, which was partly attributed to
higher inflation in the economy, weakened TFF's debt/tangible
equity to 9.3x at end-2021 from 7.2x at end-2020. Leverage is
considerably above the sector average of 4.8x and weighs on TFF's
overall credit profile, but is partly balanced by the company's
granular portfolio and absence of foreign-exchange (FX) risk. Fitch
views TFF's leverage as a key rating weakness, which in combination
with larger credit losses, would lead to a downgrade.

TFF's profitability slightly weakened in 2021 but its net interest
margin of 9% (2021: 12%) compared well with the sector average (6%)
and domestic and international peers'. Pre-tax return on average
assets (ROAA) weakened to 4.2% in 2021 from 4.8% a year earlier.
This was lower than the sector average of 4.3%, but TFF's
pre-impairment return on average assets of 6.7% in 2021 was
stronger than the sector average of 5.4%.

TFF's funding position is constrained by a high share of secured
funding (83% of total non-equity funding at end-2021) and a mostly
encumbered receivables portfolio in favour of banks and other
factoring companies. This is partly balanced by tested access to
diverse funding sources, a liquid balance sheet, where 93% of its
assets mature in about 120 days, and well-matched tenors of its
assets and liabilities.

RATING SENSITIVITIES

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

-- Deteriorating operating environment that affects Fitch's
    assessment of asset quality and earnings, which in turn would
    lead to a lower tolerance for leverage;

-- Increased leverage from end-2021 levels that weakens funding
    access;

-- A sharp increase in impaired receivables or deterioration of
    profitability that increases solvency risk;

-- Deterioration of the above factors relative to domestic peers'
    would also lead to downgrade of the National Rating.

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

-- Stabilisation of Turkey's operating environment, coupled with
    TFF's resilient performance, would likely lead to a revision
    of Outlook to Stable.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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



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

CORBIN & KING: Winning Bidder Set to Be Announced Before Weekend
----------------------------------------------------------------
Mark Kleinman at Sky News reports that the battle for control of
some of London's top restaurants, including The Wolseley, is
expected to be settled later after administrators set a deadline
for binding offers.

Sky News understands that FRP Advisory, which has been working on
the insolvency of Corbin & King (C&K) since January, told
interested parties that final bids must be tabled on March 31, with
an announcement likely before the weekend.

According to Sky News, City sources said that Minor International,
which forced the company into administration amid a row with its
management, and Knighthead Capital Management, a US-based fund,
were the two principal bidders to rescue C&K.

It was unclear on March 31 whether other parties had also
registered offers, although the London restaurateur Richard Caring
said recently that he had withdrawn from the process, Sky News
notes.

The outcome of the auction is likely to determine the future of
Jeremy King, one of the company's founders and widely regarded as
among Britain's top hospitality figures, Sky News states.

C&K owns sites including The Delaunay on Aldwych and Colbert on
Sloane Square, and its restaurants have become popular over the
last 15 years with celebrities and captains of industry.

Mr. King fell out with Minor over the group's expansion plans, and
the Thai-based company has resorted to a string of legal actions in
a bid to remove him from the company, Sky News relays.

Knighthead is backing Mr. King, and in February repaid the
company's GBP38 million of outstanding debt, Sky News discloses.

Sky News revealed several weeks ago that the two sides had resumed
hostilities when Minor launched legal proceedings against both
Knighthead and Mr. King.

Minor forced C&K's holding company into administration in January,
accusing Mr. King of mismanaging the business and of refusing to
place it on a more sustainable financial footing, Sky News
recounts.


GREENSILL: Credit Suisse Investors Seek Special Audit Over Collapse
-------------------------------------------------------------------
Myriam Balezou at Bloomberg News reports that Credit Suisse Group
AG shareholders proposed a special audit over the collapse of a
group of supply chain finance funds it ran with now-defunct
Greensill Capital, after the bank refused to publish an internal
report on the matter.

According to Bloomberg, the lender urged shareholders to vote
against the proposal at the annual general meeting this month,
saying it could complicate efforts to recover investor money that
remains locked up more than a year after it was frozen.  The audit
is being proposed by the Ethos Foundation and seven Swiss pension
funds, Bloomberg discloses.

Credit Suisse had initially hoped to present key findings last year
from an internal report into the collapse of the US$10 billion
group of investment funds, but later decided it won't publish it
for fear of hurting recovery efforts, Bloomberg notes.

The Greensill scandal, along with losses from the collapse of
Archegos Capital Management, dealt Credit Suisse its worst year
since the financial crisis and prompted a management and board
shakeup, Bloomberg recounts.

"We believe that shareholders are entitled to know the main
conclusions of this investigation as well as the measures that have
been or will be taken to prevent such cases to repeat in the
future," Bloomberg quotes Vincent Kaufmann, chief executive officer
of Ethos, as saying in a statement.  "We also believe that this
information is essential to exercise our rights as shareholders at
the next general meeting."

Credit Suisse excluded the Greensill matter from a vote of
discharge for the past two years, meaning top management won't be
off the hook for their responsibility in the matter for the time
being, according to the agenda for the April 29 meeting, published
on March 30, Bloomberg relates.


KEMBLE WATER: Fitch Affirms 'B+' LT IDR, Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed holding company Kemble Water Finance
Limited's (Kemble) Long-Term Issuer Default Rating (IDR) and senior
secured debt rating at 'B+'. The Outlook on the IDR is Negative.

The ratings reflect pressure on Kemble's financial profile from the
challenging price control (AMP7) set by the UK water industry
regulator (Ofwat) for operating company Thames Water Utilities
Limited (TWUL). The Negative Outlook reflects exhausted financial
headroom at the current rating and uncertainty around the pace of
improvement in TWUL's operational performance. The ratings also
factor in Kemble's flexible dividend policy, which continues to
support the holding company's financial profile.

The ratings could be downgraded if TWUL's operational performance
improves at a slower pace than currently assumed, leading to higher
outcome delivery incentives (ODI) penalties; if total expenditure
(totex) overspend is in excess of Fitch's rating case; or due to a
low inflationary environment. Conversely, the Outlook could be
revised to Stable if TWUL shows accelerated improvement in
operational performance, resulting in substantially lower ODI
penalties, and if totex overspend is supported by ongoing
shareholder support.

KEY RATING DRIVERS

Reliance on TWUL's Dividends: TWUL is the main source of cash flow
for Kemble, which relies on dividends from the subsidiary to
service its debt. Fitch's analysis therefore places emphasis on the
dividend stream, which could be negatively affected by operational
underperformance, regulatory fines, as well as, in an extreme case,
the inability of TWUL to distribute dividends due to the dividend
lock-up under its debt financing being triggered. Given its strong
record of support, Fitch expects shareholders to moderate dividends
to maintain financial metrics while remaining able to service debt
at Kemble.

High Gearing Profile: Fitch expects Kemble's adjusted net debt to
shadow regulated capital value (RCV) to be around 92% by FYE25
(year-end March), which is marginally better than Fitch's April
2021 forecast and in line with Fitch's negative rating sensitivity.
The improvement is driven by shareholders' commitment and
flexibility regarding dividends, Fitch's updated inflation
assumptions and Fitch-calculated reduced pension deficit adjustment
due to a proactive prepayment by management during FY21. These
positive developments have been partially offset by greater totex
underperformance while Fitch's rating case continues to exclude
unforeseen event risks such as regulatory fines.

Totex Underperformance Assumed: In FY21, Kemble outperformed totex
by around 3.55% in return on regulated equity (RoRe), as capex
delays were partially offset by additional spending due to the
pandemic. Across AMP7, Fitch expects TWUL to underperform its totex
allowance by 6.5% which is slightly worse than Fitch's assumption
of 6.2% in April 2021. Totex underperformance is largely associated
with higher contingencies to de-risk Kemble's business plan, new
projects related to water network transformation and
higher-than-expected business rates. Some cost pressures in energy
prices, however, are mitigated by hedges on energy purchases across
AMP7 and significant self-generation capacity, which provides
around 23% of its power needs.

Mixed Operating Performance: TWUL performed the worst in the sector
in customer satisfaction scores measured through surveys in FY21.
Fitch forecasts financial penalties, which are largely dependent on
the company's score relative to the sector median, could reach
close to GBP90 million. Customer satisfaction performance is offset
by significantly improved leakage-and-supply interruption
performance across FY21. Leakage improved over 5% to 635.6 Ml/day,
which was slightly below the regulatory target of 644.3 Ml/day
while supply interruptions fell to over 13 minutes from 18 minutes.
The latter, however, remained below the tight target of 6:30
minutes (interruptions lasting over three hours).

Net ODI Penalties Assumed: Fitch's rating case assumes about GBP170
million of net ODI penalties (nominal) related to TWUL's AMP7's
operational performance, broadly in line with last year's
assumptions. Fitch estimates that the majority of penalties will
come from customer satisfaction measured through C-Mex and D-Mex,
leakage and supply interruptions. In cash terms, Fitch expects
AMP7's revenue to decrease by about GBP110 million in FY23-FY25,
related to FY21-FY23 performance, due to a two-year lag between
performance and revenue adjustment.

DERIVATION SUMMARY

Kemble is the holding company of TWUL, one of the regulated,
monopoly providers of water and wastewater services in England and
Wales. Kemble's weaker rating than its closest peer Osprey
Acquisitions Limited (OAL; BB+ /Stable) reflects its weaker credit
metrics and operational performance. OAL carried out a capital
structure review in 2021, which led to significant deleveraging and
strengthened its overall covenanted regime.

KEY ASSUMPTIONS

-- Ofwat's final determinations financial model used as main
    information source;

-- Allowed wholesale weighted average cost of capital (WACC) of
    1.92% (RPI-based) and 2.92% (CPIH-based) in real terms,
    excluding retail margins;

-- 50% of RCV is RPI-linked and another 50% plus capital
    additions is CPIH-linked, starting from FY21;

-- Long-term RPI averaging 3.7% and long-term CPIH averaging 2.9%
    for 2022-2025;

-- Totex underperformance of 6.5% across AMP7;

-- Net ODI penalties of around GBP170 million for AMP7's
    performance (nominal), of which GBP110 million will be
    reflected in reduced revenue in FY23- FY25;

-- Equity injections from Kemble to TWUL of GBP380 million in
    2022-2025 (via new debt raised at Kemble);

-- Flexible shareholder dividend policy at Kemble.

Key Recovery Rating Assumptions

-- Kemble's recovery analysis is based on a going-concern
    Approach.

-- 100% of RCV would be recoverable at default, with 10% of
    liquidation-value administrative claim, reflecting the
    negative mark-to-market value on index-linked swaps.

-- Default at holdco level due to the dividend lock-up at TWUL
    (85% net debt-to-RCV).

-- Kemble's net debt-to-RCV at over 9%, including a full draw-
    down of its liquidity facility.

-- Fitch's waterfall analysis output percentage on current
    metrics and assumptions is 40%, corresponding to 'RR4'
    Recovery Rating for senior secured debt.

RATING SENSITIVITIES

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

A rating upgrade in the near-term is unlikely. Fitch may revise the
Outlook to Stable if there is sufficient evidence of:

-- Adjusted net debt-to-RCV consistently below 92% and
    substantial improvement in regulatory performance at TWUL.

-- Dividend cover capacity sustained above 2.0x and cash post
    maintenance interest coverage ratio (PMICR) above 1.1x and
    nominal PMICR above 1.2x during AMP7.

In the longer term, an upgrade to 'BB-' may result from:

-- Adjusted net debt-to-RCV below 87%.

-- Dividend cover capacity sustained above 2.5x and cash PMICR
    above 1.15x and nominal PMICR above 1.3x during AMP7.

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

-- Dividend cover capacity below 2.0x, increase of gearing above
    92% and/or decrease of cash PMICR below 1.1x or nominal PMICR
    below 1.2x during AMP7.

-- Significantly reduced headroom under TWUL's documentary or
    regulatory lock-up covenants, due to weaker-than-expected
    operational performance or an event risk such as significant
    regulatory fines.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As at end-February 2021, Kemble held around
GBP282 million in cash and cash equivalents and access to an
undrawn GBP110 million working-capital facility. The cash balance
and available liquidity provide more than sufficient financial
resources for operating requirements, debt maturities and interest
service in the next 12 months with the next holding company debt
maturity in FY23.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Capitalised interest added back to profit&loss and cash
    interest;

-- Statutory cash interest and total debt reconciled to match
    compliance certificate;

-- Cash interest adjusted to include 50% of the five-year
    paydowns of inflation accretion from RPI swaps for the purpose
    of calculating PMICR.

ESG CONSIDERATIONS

Kemble has an ESG Relevance Score of '4' for customer welfare -
fair messaging, privacy & data security due to large penalties
expected for the customer service performance measure in AMP7 (over
GBP70 million in nominal terms). These penalties will put further
pressure on cash flows, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Kemble has an ESG Relevance Score of '4' for group structure due to
its debt being contractually and structurally subordinated to TWUL,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Kemble has an ESG Relevance Score of '4' for exposure to
environmental impacts due to the impact severe weather events could
have on its operational performance and financial profile. Colder
winters, heavy rainfalls and extreme heat during summers cause
higher leakage and mains bursts, as well as higher sewer flooding
and pollution incidents. Although severe weather events are
unpredictable in nature and are rare, they have the potential to
significantly increase operating costs and lead to additional ODI
penalties, which have a negative impact on the credit profile, and
are relevant to the ratings in conjunction with other factors.

Kemble has an ESG Relevance Score of '4' for water & wastewater
management due to TWUL's significantly weaker-than-sector average
leakage performance and the sizeable penalty of GBP120 million (in
2018/2019 prices) it received from Ofwat for failing its leakage
performance targets in AMP6 and forecast fines under AMP7. This has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

SOFA WORKSHOP: Enters Administration Following Trading Losses
-------------------------------------------------------------
Jonathan Ashby at Newbury Today reports that The Sofa Workshop in
Northbrook Street, Newbury, was set to close after the company was
put into administration.

The branch, which opened on Good Friday in 2015, is one of 16
stores which was set to close across the UK on March 31, Newbury
Today discloses.

According to Newbury Today, 77 members of staff in the UK are being
made redundant, however the company says no disruption to customer
orders is expected after the existing customer order book was sold
to Timothy Oulton.

A statement on the company website put the move down to trading
losses exacerbated by the pandemic, Newbury Today relates.

It reads: "The company has suffered trading losses, especially in
light of Covid-related supply chain disruption and significant
increases in transportation costs on importing goods from Asia into
the UK over the last year."

Toby Banfield, David Baxendale and Zelf Hussain --
zelf.hussain@uk.pwc.com -- of PwC have been appointed as
administrators, Newbury Today discloses.

PwC said the furniture retailer had been unable to meet payments
and has remained reliant on the support of its shareholders,
Newbury Today notes.

PwC added that potential sale options were explored with the aim of
a purchaser providing the funding required to continue to deliver
the business plan and take the business forward, Newbury Today
relates.

No viable offers were received, however, according to Newbury
Today.

"Unfortunately, given the sustained level of losses, the directors
had no option but to appoint administrators to protect the
creditors of the Company," Newbury Today quotes Toby Banfield,
joint administrator and PwC partner, as saying.


YORK MAILING: Enters Administration, 512 Jobs Affected
------------------------------------------------------
Mike Laycock at The Press reports that scores of workers at a York
printing business have been made redundant after it went into
administration.

Phil Pierce and Philip Watkins, of specialist business advisory
firm FRP, have been appointed as administrators for York Mailing,
based at Elvington, The Press relates.

According to The Press, FRP said on March 31 that the move came
after a "significant period of challenging trading, that had been
exacerbated by the impact of the pandemic and rising input
prices."

YM Chantry Ltd of Wakefield and Pindar of Scarborough, who like
York Mailing were owned by YM Group, have also gone into
administration, following unsuccessful efforts to secure a buyer,
The Press notes.

"Without the prospect of investment or a sale, the companies have
ceased to operate and the majority of 512 staff have been made
redundant," The Press quotes a spokesperson for FRP saying. "A
small number of staff have been retained to assist the Joint
Administrators in their duties."

They said the Joint Administrators would now make asset disposals,
while supporting impacted staff in making claims to the Redundancy
Payments Services, The Press relays.

Mr. Pierce, as cited by The Press, said: "This has been an
incredibly challenging period for the printing sector and York
Mailing, YM Chantry and Pindar are no longer able to continue
trading.

"Regrettably, the insolvency has led to redundancies at what we
know will be an extremely difficult time. We will work with staff
to access redundancy support."

Darren Rushworth, of Unite, said he had spoken to the
administrators and had been told that the majority of about 100
workers at York Mailing would be made redundant on March 31, The
Press recounts.

YM Group filed notice of intent at the High Court on March 25 to
appoint administrators for three businesses but it was reported by
trade publication Printweek that it was still seeking to find
buyers for them, The Press relates.




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

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first
asassistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today.

Albert Waldo Snoke was director of the Grace-New Haven Hospital in
New Haven, Connecticut from 1946 until 1969. In New Haven, Dr.
Snoke also taught hospital administration at Yale University and
oversaw the development of the Yale-New Haven Hospital, serving as
its executive director from 1965-1968. From 1969-1973, Dr. Snoke
worked in Illinois as coordinator of health services in the Office
of the Governor and later as acting executive director of the
Illinois Comprehensive State Health Planning Agency. Dr. Snoke died
in April 1988.



                           *********


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 * * *