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

                          E U R O P E

          Tuesday, May 3, 2022, Vol. 23, No. 82

                           Headlines



I R E L A N D

HORIZON THERAPEUTICS: S&P Affirms 'BB' ICR, Outlook Stable


I T A L Y

BRIGNOLE CQ 2022: DBRS Gives Prov. B(low) Rating to Class X Notes


P O R T U G A L

MADEIRA: DBRS Confirms BB(high) LongTerm Issuer Rating


R U S S I A

[*] RUSSIA: Says Made Overdue Payments on Foreign Debt in Dollars


S P A I N

CAIXABANK CONSUMO 4: DBRS Confirms BB(high) Rating on B Notes
CLAVEL RESIDENTIAL: DBRS Gives B(low) Rating to Class F Notes


U K R A I N E

CITY OF KYIV: S&P Retains 'B-' Long-Term ICRs on Watch Negative


U N I T E D   K I N G D O M

CHARLES STREET 2: DBRS Assigns BB(high) Rating on Class C Notes
CORRIE BAUCKHAM: Enters Liquidation Following Cash Flow Problems
CROSSFIELD CONSTRUCTION: Enters Liquidation, Owes GBP5.9 Million
CURIUM BIDCO: Moody's Affirms B3 CFR & Cuts First Lien Debt to B3
DERBY COUNTY FOOTBALL: Kirchner's Says Bid for Club Conditional

E-CARAT 11: DBRS Confirms BB Rating on Class F Notes
FALLEN BREWERY: Pandemic Prompts Liquidation, Halts Trading
MENTMORE INVESTMENTS: Goes Into Administration
PAVILLION POINT 2021-1A: DBRS Gives Prov. B Rating on 2 Classes
TAURUS 2021-1: DBRS Confirms BB(low) Rating on Class E Notes

[*] UK: Company Insolvencies Rise to Highest Level in 1Q 2022

                           - - - - -


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I R E L A N D
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HORIZON THERAPEUTICS: S&P Affirms 'BB' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed all its ratings on Horizon Therapeutics
PLC, including the 'BB' issuer credit rating.

The outlook remains stable, reflecting S&P's expectation that the
company will grow at a double-digit rate organically, supplemented
with acquisitions that will cause leverage to rise to over 2x, and
possibly over 3x periodically.

Horizon's growth has been strong, which has contributed to a
decline in net leverage to about 0.8x, which is strong for the
rating, and is near the company's target gross leverage of 2x. That
said, the company has a history of significantly more aggressive
levels of leverage and management has expressed a willingness to
increase leverage to above 2x or even 3x, for strategic
acquisitions. Absent material acquisitions, net leverage will
improve further, given rising profitability and solid free cash
flow generation. However, S&P believes business development
activity is a key part of the company's growth strategy.

S&P said, "We expect growth will remain strong. We expect
double-digit growth for the next couple of years, led by strong
growth of TEPEZZA, which recently launched in 2020 and continued
solid growth of KRYSTEXXA. While we expect investments in R&D and
selling, general, and administrative (SG&A) expenses to support
growth, we expect 100 to 150 basis point of EBITDA margin
improvement in 2022, from operating leverage.

"Revenue concentration in TEPEZZA and KRYSTEXXA will remain high.
TEPEZZA sales have grown rapidly, and we expect TEPEZZA (a
treatment for thyroid eye disease) and KRYSTEXXA (for chronic gout)
will account for about 55% and 17% of 2022 revenues, respectively.
We believe Horizon's high product concentration exacerbates the
risk of unexpected operational disruptions and competition. Horizon
likely has protection from biosimilar competition to TEPEZZA until
2032, although KRYSTEXXA could face biosimilar competition anywhere
from 2023 to 2030 depending on the strength of its patents.
TEPEZZA, however, could face branded competition from Viridian
Therapeutics which is developing another treatment for thyroid eye
disease that is in Phase 2 trials.

Product concentration will not improve materially in the next few
years because the company's late-stage pipeline is relatively thin.
The company recently acquired Uplizna and is testing this drug for
IgG4-related diseases and myasthenia gravis. The company does not
have any new molecules in Phase 3 trials. Horizon acquired
development projects with the Viela acquisition and is currently
developing a limited number of molecules in earlier stages,
including next-generation gout treatments to succeed KRYSTEXXA, and
a recently acquired development-stage drug HZN-825 to potentially
treat rare autoimmune diseases—diffuse cutaneous systemic
sclerosis and interstitial lung disease. Horizon is exposed to the
risk of regulatory failure inherit in drug development that could
raise the impetus for larger-than-expected acquisitions.

S&P siad, "The outlook remains stable, reflecting our expectation
that the company will grow at a double-digit rate organically,
supplemented with acquisitions that will cause S&P Global
Ratings-adjusted leverage to increase over 2x periodically.

"We could consider a lower rating if we expect adjusted debt to
EBITDA to rise and remain above 3x on an extended basis, likely due
to a subsequent large debt-funded acquisition. We estimate the
company has about $5 billion of capacity for acquisitions at the
current rating, over the next 12 months."

S&P does not expect to raise the rating in the next 12 months, but
we could consider an upgrade if:

-- Horizon develops a more diversified portfolio, adding
additional commercialized products that lower its concentration in
TEPEZZA and KRYSTEXXA. In this scenario, S&P expects Horizon's
pipeline could sustain long-term revenue growth.

-- Alternatively, S&P could also raise the rating if the company
develops a longer track record of maintaining adjusted leverage
below 2x.




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I T A L Y
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BRIGNOLE CQ 2022: DBRS Gives Prov. B(low) Rating to Class X Notes
-----------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
classes of notes to be issued by Brignole CQ 2022 S.r.l. (the
Issuer):

-- Class A Notes at AA (low) (sf)
-- Class B Notes at A (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BB (low) (sf)
-- Class X Notes at B (low) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal
maturity date. The ratings on the Class B and Class C Notes address
the ultimate payment of interest and the ultimate repayment of
principal by the legal maturity date while junior to other
outstanding classes of notes, but the timely payment of interest
when they are the senior-most tranche, in accordance with the
Issuer's default definition (liquidation) provided in the
transaction documents. The ratings on the Class D and Class X Notes
address the ultimate payment of interest and the ultimate repayment
of principal by the legal maturity date. DBRS Morningstar does not
rate the Class R Notes also expected to be issued in this
transaction.

The ratings referenced above are provisional ratings based on
information provided to DBRS Morningstar by the Issuer and its
agents as at the date of this press release. The ratings can be
finalized upon receipt of final information and data and of an
executed version of the governing transaction documents. To the
extent that the documents and the information provided to DBRS
Morningstar as of this date differ from the executed versions of
the governing transaction documents, DBRS Morningstar may assign
different final ratings to the rated notes.

The transaction represents the issuance of Class A, Class B, Class
C, Class D, and Class X Notes (collectively, the Rated Notes), as
well as the Class R Notes (together with the Rated Notes, the
Notes) backed by a pool of approximately EUR 164.48 million of
fixed-rate receivables related to Italian salary- and
pension-assignment loans as well as payment delegation loans
granted by Creditis Servizi Finanziari S.p.A. (Creditis; the
Originator and Servicer) to individuals residing in Italy. The
transaction envisages a six-month revolving period lasting from
closing to the payment date in September 2022 (included), during
which time the Issuer will purchase new receivables that the
Originator may offer provided that certain conditions set out in
the transaction documents are satisfied.

The Class X Notes are not collateralized by receivables and
entirely rely on excess spread to pay interest and repay principal.
Their amortization with interest funds is expected to be completed
in 18 instalments, starting during the revolving period.

DBRS Morningstar based its ratings on the following analytical
considerations:

-- The transaction capital structure, including form and
sufficiency of available credit enhancement.

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested.

-- Creditis' capabilities with respect to originations,
underwriting, servicing, and financial strength.

-- The appointment of a backup servicer facilitator upon closing.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the seller's portfolio.

-- The sovereign rating on the Republic of Italy, currently rated
BBB (high) with a Stable trend by DBRS Morningstar.

-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology, the presence of legal opinions
that are expected to address the true sale of the assets to the
Issuer.

TRANSACTION STRUCTURE

The transaction envisages that principal on the Class A to Class D
Notes will be repaid on a fully sequential basis during the
amortization period. The Class X Notes' principal can only be
repaid with interest funds, junior to interest payments on the
Class A to Class D Notes and the respective principal deficiency
ledgers.

The transaction benefits from a cash reserve of EUR 1.63 million
funded with part of the proceeds of subscription to the Class X
Notes that the Issuer can use to cover shortfalls in senior
expenses and interest on the Class A to Class C Notes.

The Rated Notes pay interest indexed to one-month Euribor plus a
margin and the interest rate risk arising from the mismatch between
the floating-rate notes and the fixed-rate collateral is hedged
through an interest rate cap with an eligible counterparty up to
the clean-up option date.

COUNTERPARTIES

BNP Paribas Securities Services SCA/Milan (BNPSS Milan) is the
account bank for the transaction. DBRS Morningstar has a private
rating on BNPSS Milan, which meets DBRS Morningstar's criteria to
act in such capacity. The transaction documents contain downgrade
provisions consistent with DBRS Morningstar's criteria with respect
to BNPSS Milan's role as account bank.

The transaction is exposed to interest rate risk due to the
mismatch between the fixed-rate assets and the floating-rate
liabilities. The risk is mitigated by an interest rate cap with an
eligible counterparty set on a fixed amortization schedule of the
loans up to the clean-up option date, derived assuming a 8.0%
constant prepayment rate. Natixis S.A. (Natixis) is the cap
counterparty for the transaction. DBRS Morningstar does not
publicly rate Natixis, but maintains a private rating on the entity
and concluded that Natixis meets the minimum requirements to act in
this capacity in relation to the ratings assigned. The transaction
documents envisage downgrade provisions consistent with DBRS
Morningstar's criteria. Such provisions envisage the replacement of
Natixis upon the loss of a DBRS Morningstar rating of BBB.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

CORONAVIRUS DISEASE (COVID-19) CONSIDERATIONS

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many ABS
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.




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P O R T U G A L
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MADEIRA: DBRS Confirms BB(high) LongTerm Issuer Rating
------------------------------------------------------
DBRS Ratings GmbH confirmed the Long-Term Issuer Rating of the
Autonomous Region of Madeira (Madeira) at BB (high) and the
Short-Term Issuer Rating at R-4. The trend on all ratings remains
stable.

KEY RATING CONSIDERATIONS

Madeira's ratings are underpinned by (1) the region's track record
of improving its debt metrics prior to the Coronavirus Disease
(COVID-19) and its willingness to revert back to a deleveraging
trend in the near future; (2) the financial oversight and support
to the regional government from the Republic of Portugal (BBB
(high), Positive); and (3) Madeira's gradual implementation of
public finance reforms including the current development of
budgetary forecasting models.

The adverse impact of the COVID-19 pandemic on the regional
economy, and particularly its tourism sector despite a more
positive momentum from Q3 2021, and the uncertainty concerning the
timeframe for full recovery remain key challenges. The Stable trend
on Madeira's ratings, however, reflects DBRS Morningstar's view
that the strong commitment of the region to improve its fiscal
performance and monitor its debt level while benefiting from the
ongoing support from the national government should help the region
navigate through the current period of challenges. At this stage,
the Trend change on Portugal to Positive from Stable on 25 February
2022 does not directly impact Madeira's Trend given its already
very high debt level in conjunction with the significant
deterioration of its fiscal situation in the last two years. The
region's capacity to execute projects funded by the European Union
(EU, AAA, Stable) programmes will also be key for Madeira's
economic recovery.

Madeira's debt increased sharply and peaked in 2020 due to the
economic and fiscal shock related to the COVID-19 pandemic. Given
the pre-funding of COVID-19-related measures for 2021 realized in
2020 and higher operating revenues in 2021, Madeira's debt metrics
started slightly improving in 2021. DBRS Morningstar considers that
the improvement in debt metrics is likely to continue over the
medium-term, once recovery is fully underway. Nevertheless, the
region's still very high debt levels continue to weigh on Madeira's
ratings. The regional government's still large exposure to regional
companies, although it has decreased in recent years, and its
economic concentration in the tertiary sector, particularly
tourism, also remain key challenges to Madeira's overall credit
profile.

RATING DRIVERS

Madeira's ratings could be upgraded if any or a combination of the
following occur: (1) Madeira is able to strongly deliver on its
willingness to deleverage thanks to a stronger fiscal performance;
(2) the Portuguese sovereign rating is upgraded; (3) Madeira's
economic indicators recover significantly faster than currently
anticipated and the region enhances its economic resilience and
diversification; or (4) there are indications of a further
strengthening of the relationship between the region and the
central government.

Madeira's ratings could be downgraded if any or a combination of
the following occur: (1) the Portuguese sovereign rating is
downgraded; (2) Madeira fails to stabilize its financial
performance and debt metrics over the medium-term; or (3)
indications emerge that the financial support and oversight
currently provided by the central government weaken.

RATING RATIONALE

The Economic Recovery Seems Under Way, Supported by a More Positive
Momentum for the Hospitality Sector since Spring 2021, but
Uncertainties Remain as to the Timing of Full Recovery

The gradual recovery in tourism is under way, especially since
spring 2021, supported by the efficient handling of the healthcare
situation by Madeira's authorities. Overnight stays in Q3 2021
accounted for 72% of their Q3 2019 level and accelerated in Q4 2021
reaching 81% of their Q4 2019 level. Prior to the COVID-19
pandemic, the region had delivered solid gross domestic product
(GDP) growth, with GDP growing between 2015 and 2019 at an average
annual rate of 2.2%, supported by the tourism sector with overnight
stays increasing by 5.1% on average annually. However, the economic
disruption was considerable in 2020, with an economic contraction
estimated at 14.3% for the region versus 8.4% nationally, related
to the large size of the tourism sector in the region's gross value
added and to its geographical location as an Archipelago in the
middle of the Atlantic Ocean.

Due to the impact of the COVID-19 pandemic, the unemployment rate
peaked at 11.2% in Q4 2020 versus 7.4% in Q4 2019, before starting
a downward trend to 6.6% in Q4 2021. Nevertheless, the full impact
of the pandemic on the regional labor market remains difficult to
estimate due to the national government's subsidized working
scheme, in line with the rest of Portugal, as well as regional
support, which has so far mitigated against more substantial job
losses.

Going forward, the region's tourism sector will remain affected by
the complete resolution of the healthcare situation, particularly
in Europe, which represents the main source of tourists in the
region, especially countries including Germany, the United Kingdom
and France. DBRS Morningstar will also monitor the potential uplift
in the economic recovery linked to additional funds expected to be
received by the region from the EU. In addition to traditional EU
funding programs, the region could receive up to EUR 697 million in
grants related to the Recovery and Resilience Facility (RRF) and
EUR 64 million related to the Recovery Assistance for Cohesion and
the Territories of Europe (REACT-EU).

Fiscal and Debt Situation, Strongly Impacted by the COVID-19
Pandemic, Should Gradually Improve from 2022

In terms of fiscal performance, the region's financing deficit
widened to 14.2% in 2020 and worsened to 24.9% in 2021, reflecting
the pandemic situation. The budgetary impact of regional COVID-19
related measures are estimated at EUR 458 million over 2020 and
2021. DBRS Morningstar expects that the region will be able to
reduce its deficits from 2022 onwards. Prior to the pandemic,
Madeira's results had markedly improved. The region's deficit
represented less than 7% of operating revenues on average during
2016-2019, significantly down from a very large 74% at the end of
2013.

The region has pre-funded its COVID-19 related measures in 2020
through a EUR 458 million loan and had therefore been able to
slightly decrease its DBRS Morningstar's adjusted debt stock in
2021. With the rise in operating revenues last year, the region had
been able to bring back its debt-to-operating revenues ratio to
489% versus 504% in 2020. The region's solid GDP growth and the
parallel rise in tax proceeds prior to 2020 had supported the
decrease in Madeira's debt ratios and Madeira would have been able
to maintain this trend excluding the impact of COVID-19.
Nevertheless, from an international comparison, the region's
debt-to-operating revenues remains extremely high. Madeira's debt
ratio continues to represent, in DBRS Morningstar's view, the main
constraint on the region's ratings. However, thanks to its active
debt management, the region has been able to reduce the cost of its
debt in the last years. The national government's support via the
explicit guarantees provided by the Portuguese Treasury and Debt
Management Agency (IGCP) and the General Directorate of Treasury
and Finance (DGTF) continues to support the region's cost of
financing.

Sovereign Guarantees Will Continue to Support the Rating

The explicit guarantees provided by the central government for the
refinancing of the regional debt and DBRS Morningstar's expectation
that this support will continue are positive credit features,
critical for Madeira's rating. The region's refinancing needs have
fully benefited from the national government's explicit guarantee
in recent years and should continue to do so going forward (upon
request from the regional government). The medium-term debt
trajectory of the region will remain the key focus of DBRS
Morningstar's analysis. Any indication that higher debt levels will
linger for longer or that the central government's support to the
region is weaker than currently foreseen, would be credit negative
for Madeira.

ESG CONSIDERATIONS

Institutional Strength, Governance and Transparency (G) was a key
driver behind this ration action. Madeira has implemented public
administration management reforms in recent years and is willing to
continue to do so. This was particularly the case through the
re-centralization of its reclassified public entities' debt onto
its own balance sheet and the subsequent enhanced transparency and
oversight over their operations and finances. The strengthening of
the region's Governance in recent years was significant to the
region's credit rating.

RATING COMMITTEE SUMMARY

DBRS Morningstar's European Sub-Sovereign Scorecard generates a
result in the BB (high) – BB (low) range. The main points
discussed during the Rating Committee include the regional economy
recovery and the Madeira's financial performance and debt metrics.
The relationship between the central government and the Autonomous
Region of Madeira.

Notes: All figures are in euro (EUR) unless otherwise noted.




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R U S S I A
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[*] RUSSIA: Says Made Overdue Payments on Foreign Debt in Dollars
-----------------------------------------------------------------
BBC News reports that Russia says it has made overdue payments on
its foreign debt, heading off a possible default next week.

According to BBC, it said the interest payments, totalling US$650
million, were made in dollars.

On April 29, Russia's central bank chief Elvira Nabiullina told
journalists that "there cannot be any talk of default" but
acknowledged that there were "difficulties with payments", BBC
relates.

Questions had grown about whether Moscow would be able to meet its
obligations as a May 4, deadline loomed, BBC notes.

Payments on the country's US$40 billion of international bonds must
be made in the currency originally specified, BBC states.

But Russia has lost access to much of its reserve funds held in
foreign banks, due to sanctions imposed by the West and allies in
the wake of Russia's invasion of Ukraine, BBC discloses.

Moscow earlier proposed fulfilling its obligations regarding these
particular bonds in roubles, a suggestion rejected by Moody's and
other credit ratings agencies, BBC recounts.

The credit ratings agencies said payment in anything other than
dollars would amount to a default, which would have significant
implications for Russia's economy, including the ability to borrow
in future, BBC relays.




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S P A I N
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CAIXABANK CONSUMO 4: DBRS Confirms BB(high) Rating on B Notes
-------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by Caixabank Consumo 4 F.T. (the Issuer):

-- Class A Notes upgraded to AAA (sf) from AA (high) (sf)
-- Class B Notes confirmed at BB (high) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in July 2056. The rating on the Class B
Notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- The portfolio performance, in terms of level of delinquencies
and defaults, as of the January 2022 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables;

-- Current available credit enhancement to the Notes to cover the
expected losses at their respective rating levels; and

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The transaction is a securitization of unsecured consumer loans
granted to individuals residing in Spain by CaixaBank, S.A.
(CaixaBank), which is also the servicer of the portfolio and acts
as the issuer account bank. At closing, the static EUR 1.7 billion
collateral portfolio consisted of loans granted primarily to
borrowers in Catalonia (33.4% of the initial portfolio balance),
Andalusia (17.3%), and Madrid (10.7%). The transaction closed in
May 2018.

PORTFOLIO PERFORMANCE

As of the January 2022 payment date, loans that were 0 to 30 days,
30 to 60 days, and 60 to 90 days delinquent represented 0.7%, 0.4%,
and 0.1% of the outstanding collateral balance, respectively, while
loans more than 90 days delinquent amounted to 4.3%. Gross
cumulative defaults amounted to 4.8% of the original portfolio
balance, with cumulative recoveries of 5.9% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 6.0% and 70.3%, respectively, based on applicable
updated performance data available from the originator.

CREDIT ENHANCEMENT

The subordination of the Class B Notes and the cash reserve
provides credit enhancement to the Class A Notes while only the
cash reserve provides credit enhancement to the Class B Notes,
following the full repayment of the Class A Notes. As of the
January 2022 payment date, credit enhancement to the Class A Notes
increased to 60.4% from 33.6% at the time of the last rating action
12 months ago; credit enhancement to the Class B Notes increased
marginally to 4.8% from 4.7%.

The transaction benefits from an amortizing cash reserve available
to cover senior expenses and all payments due on the senior-most
class of notes outstanding at the time. The reserve was funded to
EUR 68.0 million at closing through a subordinated loan granted by
CaixaBank and, starting from the July 2019 payment date, has been
amortizing to its target level equal to 4% of the outstanding
principal balance of the Notes. As of the January 2022 payment
date, the cash reserve was at its target balance of EUR 11.7
million.

CaixaBank acts as the account bank for the transaction. Based on
the account bank reference rating of A (high) on CaixaBank (which
is one notch below the DBRS Morningstar public Long Term Critical
Obligations Rating of AA (low)), the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many asset-backed
securities (ABS) transactions. The ratings are based on additional
analysis to expected performance as a result of the global efforts
to contain the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.


CLAVEL RESIDENTIAL: DBRS Gives B(low) Rating to Class F Notes
-------------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the following classes of
notes issued by Clavel Residential DAC (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (low) (sf)
-- Class E Notes at BB (low) (sf)
-- Class F Notes at B (low) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
final maturity date in 2062. The rating on the Class B Notes
addresses the timely payment of interest once it becomes the most
senior note outstanding and the ultimate payment of principal on or
before the final maturity date. The ratings on the Class C, Class
D, Class E, and Class F Notes (together with Class A Notes and
Class B Notes, the Rated Notes) address the ultimate payment of
interest and the ultimate repayment of principal on or before the
final maturity date. DBRS Morningstar did not assign ratings to the
Class Z Notes (together with the Rated Notes, the Notes).

The Notes will be issued at closing to finance the purchase of
reperforming Spanish residential mortgage loans represented by
mortgage participations and mortgage transfer certificates.
Catalunya Banc, S.A. (Catalunya Banc), Caixa d'Estalvis de
Catalunya, Caixa d'Estalvis de Tarragona, and Caixa d'Estalvis de
Manresa originated the mortgage loans. The latter three entities
merged into Caixa d'Estalvis de Catalunya, Tarragona i Manresa
(Catalunya Caixa), which subsequently transferred to Catalunya Banc
via spin-off on September 27, 2011. During 2011 and 2012, Catalunya
Banc received a capital investment from the Fund for Orderly Bank
Restructuring (FROB), effectively nationalizing the bank.

As part of its divestment in Catalunya Banc, the FROB sold a
portfolio of loans transferred to a securitization fund, FTA 2015,
Fondo de Titulización de Activos, via the issuance of mortgage
participations and mortgage transfer certificates, which represent
the legal and economic interest in the mortgage loans. Following
the sale of these mortgage loans on 15 April 2015, Banco Bilbao
Vizcaya Argentaria, S.A. (BBVA; rated A (high) with a Stable trend
by DBRS Morningstar) acquired Catalunya Banc on 24 April 2015. In
September 2016, Catalunya Banc was absorbed and merged with BBVA.

The Notes, which are all collateralized, will be paid sequentially.
Credit enhancement is provided in the form of
overcollateralization. A liquidity reserve fund will be fully
funded at closing with the proceeds from the Rated Notes. The
reserve fund will provide liquidity support to the Class A Notes in
case of interest shortfall and may provide additional credit
support when excess is available. The reserve fund is also
available to cover senior expenses. The reserve fund will be equal
to 3.0% of the outstanding balance of the Class A Notes and will be
floored at 2.0% of the Class A Notes' initial balance. Excess
amounts from the reserve fund will form part of the available funds
and may provide additional credit support.

The Rated Notes will pay interest linked to three-month Euribor on
a quarterly basis. Following the payment date in February 2025 (the
step-up date), the margin payable on the Rated Notes will increase.
Interests on the Rated Notes, except for those on Class A Notes,
can be deferred to a lower priority in the waterfall subject to
portfolio cumulative default triggers.

BBVA will act as the Collection Account Bank and Master Servicer,
with servicing operations delegated to Anticipa Real Estate, S.L.U.
(Anticipa or the Servicer). BBVA will deposit amounts it receives
from the mortgage loans into the Issuer Account Bank on a monthly
basis.

Elavon Financial Services DAC (Elavon) is the Issuer Account Bank
and Paying Agent for this transaction. DBRS Morningstar privately
rates Elavon and concluded that Elavon meets its minimum criteria
to act in such capacity. The transaction contains downgrade
provisions relating to the account bank whereby, if Elavon is
downgraded below "A", the Issuer will replace the Issuer Account
Bank. The downgrade provisions are consistent with DBRS
Morningstar's criteria for the AAA (sf) rating assigned to the
Class A Notes in this transaction.

BNP Paribas SA (BNP Paribas; rated AA (low) with a Stable trend by
DBRS Morningstar) will provide an interest rate cap with a strike
rate that starts at 0.5% and increases over time. DBRS Morningstar
concluded that BNP Paribas meets its minimum criteria to act in
such capacity. The transaction contains downgrade provisions
relating to the interest rate cap provider. The downgrade
provisions are consistent with DBRS Morningstar's criteria for the
AAA (sf) rating assigned to the Class A Notes in this transaction.

DBRS Morningstar was provided with a portfolio equal to EUR 175.6
million as of 31 January 2022 (the cut-off date), which consisted
of 3,829 loans (2,837 loans excluding those with zero current
balance) extended to 1,617 main borrowers. Of the portfolio
balance, 92.02% of the loans were restructured while, as of the
cut-off date, 66.25% were performing, 17.76% were no more than one
month in arrears, 8.80% were between one and three months in
arrears, and 7.19% were more than three months in arrears. DBRS
Morningstar assessed the historical performance of the mortgage
loans and factored restructuring arrangements into its analysis by
selecting an underwriting score of 5 in its European RMBS Insight
Model.

The weighted-average (WA) seasoning is 12.2 years whereas the WA
remaining term is 21.9 years. The WA original loan-to-value (LTV)
ratio stands at 79.7% whereas the WA current indexed LTV is 58.4%.

The mortgage portfolio is highly concentrated (73.5%) in the
autonomous region of Catalonia mainly because the original lenders
were headquartered in Catalonia. The concentration in Catalonia
exposes the transaction to risks related to potential regional
house-price fluctuations and poor economic performance, as well as
changes in regional laws. Specifically, Law 24/2015, in force since
August 2015, obliges large landlords to offer seven years of social
rent to vulnerable families that cannot pay. This provision may
affect the Issuer's ability to recover proceeds on the loan. DBRS
Morningstar performed additional sensitivity analysis to account
for the potential risk of this Catalonian law because of the
transaction's high geographic concentration in the region by
increasing the recovery lag on a portion of defaulted loans based
on concentration in the region and the LTV.

Currently, 81.3% of the portfolio comprises floating-rate loans
linked to 12-month Euribor, 18.2% floating-rate loans linked to
other Spanish indices (either IRPH or TRH), and the remaining 0.4%
comprises fixed-rate loans. The WA coupon of the mortgages is 1.43%
and the WA margin is 1.63%. The Notes are floating rate linked to
three-month Euribor. The basis risk mismatch will remain unhedged.
DBRS Morningstar took basis risk into account in its cash flow
analysis.

Of the pool, 55.36% consists of multicredit loans that permit the
borrower to make additional drawdowns of up to EUR 17.9 million.
The additional drawdowns are not funded and will be provided by
available funds or by the seller in case of insufficient funds. The
borrower may not draw down more than the amounts stated in the
mortgage agreement. Drawdowns are possible under stricter
performance requirements, and historical drawdowns were low. DBRS
Morningstar considered drawdowns in its assessment.

Currently, there are no loans in grace period in the portfolio.
However, 25.59% of the pool consists of loans that permit the
borrower to opt for a principal grace period of up to 36 months.
Principal grace periods are possible under strict performance
requirements, and historically these were low. DBRS Morningstar
considered them in its assessment.

The age of the borrowers at loans' maturity will be high on
average. Of the portfolio balance, 10.42% of the borrowers will be
more than 75 years old in ten years or less (excluding loans
maturing during that period). However, these loans typically have
low current LTVs, low current balance (together with high equity
built), and low monthly instalments (together with the fact that
there is typically more than one debtor under the loan), factors
acting as mitigants.

The Servicer can renegotiate the terms of the loans that are less
than three months in arrears with the borrowers without the
Issuer's authorization, subject to the satisfaction of certain
conditions. Permitted variations are limited to 5% of the initial
pool balance and are limited to margin reduction, maturity
extension, and capitalization of ordinary interests fallen due.
DBRS Morningstar extended the maturity and decreased the margin for
loans representing 5% of the portfolio in its cash flow analysis.

RATING RATIONALE

DBRS Morningstar based its ratings on the following analytical
considerations:

-- The transaction capital structure and form and sufficiency of
available credit enhancement and liquidity provisions.

-- The credit quality of the mortgage portfolio and the ability of
the Servicer to perform collection and resolution activities. DBRS
Morningstar was provided with historical mortgage performance data
as well as loan-level data for the mortgage portfolio. DBRS
Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss levels on the mortgage portfolio,
which it uses as inputs in the cash flow tool. DBRS Morningstar
analyzed the mortgage portfolio in accordance with its "European
RMBS Insight Methodology" and "European RMBS Insight: Spanish
Addendum."

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the noteholders according to the terms and
conditions in the transaction documents. DBRS Morningstar analyzed
the transaction structure using Intex DealMaker. DBRS Morningstar
considered additional sensitivity scenarios of 0% conditional
repayment rate stress.

-- The transaction parties' financial strength to fulfil their
respective roles and the structural mitigants in place to avoid
potential payment disruptions caused by operational risk, such as
downgrade and replacement language in the transaction documents and
the liquidity reserve account.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology as well as the expectation of the
appropriate legal opinions that will address the assignment of the
assets to the Issuer.

-- DBRS Morningstar's sovereign rating on the Kingdom of Spain of
“A” with a Stable trend as of the date of this press release.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many structured
finance transactions. The ratings are based on additional analysis
to expected performance as a result of the global efforts to
contain the spread of the coronavirus. For this transaction, DBRS
Morningstar incorporated an increase in default probability of
self-employed borrowers in its analysis and conducted additional
analysis to determine the transaction benefits from sufficient
liquidity support in case of high level of payment moratoriums in
the portfolio. In addition, DBRS Morningstar assumed a moderate
decline in residential property prices.

Notes: All figures are in euros unless otherwise noted.




=============
U K R A I N E
=============

CITY OF KYIV: S&P Retains 'B-' Long-Term ICRs on Watch Negative
---------------------------------------------------------------
On April 29, 2022, S&P Global Ratings kept its 'B-' long-term
foreign and local currency issuer credit ratings on the Ukrainian
capital City of Kyiv on CreditWatch with negative implications,
where they were placed on March 1, 2022.

CreditWatch

The CreditWatch placement stems from S&P's view of multiple risks
to Ukraine's and Kyiv's economy, public finances, and financial and
political stability stemming from Russia's military assault.

S&P expects to resolve the CreditWatch within 90 days. It could
lower the ratings even if the sovereign rating is unchanged if it
expects military actions or their consequences to limit city
authorities' ability to service debt.

Rationale

The rating on Kyiv is constrained by the Russia-Ukraine conflict,
which brings significant downside risks for the economy and the
city's financials. S&P's rating also remains constrained by the
very volatile and centralized Ukrainian institutional setting for
local and regional governments (LRGs). Kyiv's weak payment culture,
with a track record of defaults, continues to weigh on the ratings
as well. That said, the ratings also reflect public statements by
the central government and international officials signaling their
willingness to provide military and financial support to Ukraine,
which in our view partially mitigates risks to the city.

Kyiv relies on support from central government and international
lenders

S&P said, "In our view, Kyiv's ability to make debt-service
payments remains uninterrupted for now, although we acknowledge
that the situation might change quickly due to the war. According
to the latest information available, the city is still honoring its
debt-service obligations and has pledged to continue doing so. In
February and March, Kyiv made a scheduled coupon payment on its
local currency bonds issued in December 2021 and paid interest on
its credit line with a local bank.

"We note that as of mid-April Kyiv had about Ukrainian hryvnia
(UAH) 8 billion (equivalent to about $264 million) available in
cash. We therefore believe the city has a solid liquidity position
with more than twice as much cash than debt service coming due in
the next 12 months. In recent years, Kyiv accumulated cash reserves
with the state treasury. The next 12 months' debt service equals
UAH2 billion and consists of roughly UAH300 million of coupon
payments on the city's local currency bonds, interest on its credit
line, and the principal payment for the remaining $57.5 million
(UAH1.7 billion) due on the Eurobond in June 2022 and December 2022
in equal installments. We note that the central government has not
imposed any foreign currency controls so far and the hryvnia has
depreciated only marginally against the U.S. dollar since the
beginning of 2022."

Deficits will increase the debt ratio, but the situation remains
very volatile

S&P said, "We believe Kyiv will likely post moderate deficits in
2022, compared with surpluses previously, due to the ongoing
conflict, which is pressuring its economy and tax revenue
collection. We acknowledge that the city administration seems fully
operational despite the security challenges, although in this
context it may have difficulty prioritizing budgetary performance.
This is mitigated by our expectation that the central government
might provide additional support to the capital in the form of
transfers, effectively channeling financial assistance it receives
from international donors."

As the capital, Kyiv's economy has traditionally been more
diversified and prosperous than other regions in Ukraine. The city
contributes more than 20% of national GDP and is the country's
administrative and economic center, with a more favorable
socioeconomic profile than the national average. S&P regards
financial management as very weak, with a track record of weak
payment culture leading to default in the past decade. Kyiv's
tax-supported debt is relatively low in an international context
but remains volatile due to a high share of debt denominated in
foreign currency.

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

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

  RATINGS REMAIN ON CREDITWATCH

  KYIV (CITY OF)

  Issuer Credit Rating      B-/Watch Neg/--




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

CHARLES STREET 2: DBRS Assigns BB(high) Rating on Class C Notes
---------------------------------------------------------------
DBRS Ratings Limited assigned ratings to the notes issued by
Charles Street Conduit Asset Backed Securitization 2 Limited (the
Issuer) as follows:

-- Class A Notes at AA (sf)
-- Class B Notes at BBB (high) (sf)
-- Class C Notes at BB (high) (sf)

The ratings on the Class A, Class B, and Class C Notes
(collectively, the Notes) address the timely payment of interest
and the ultimate payment of principal on or before the legal final
maturity date in December 2067.

The transaction consists of Notes issued through the Note Issuance
Facility Agreement and the Subordinated Notes issued through the
Subordinated Note Subscription Agreement. The Notes and the
Subordinated Notes are collateralized by UK residential mortgages
originated and serviced by various subsidiaries of Together
Financial Services Limited (Together), including Blemain Finance
Limited, Together Commercial Finance Limited, Harpmanor Limited,
and Together Personal Finance Limited. Each originator will be the
servicer of the loans it has originated. BCMGlobal Mortgage
Services Limited acts as the standby servicer.

The Class A Notes are tranched into pro rata pari passu Class A1
and Class A2 Notes. The Class A1, Class B, and Class C Notes are
issued and listed with The International Stock Exchange and held at
Euroclear. The Class A2 Notes are in the form of variable-funding
notes. Prior to the initial maturity date, the Issuer may issue and
list additional Class A1, Class B, and Class C Notes. The Class A1
Notes are fungible with the Class A2 Notes. The commitment amount
for the Class A Notes is GBP 1.15 billion. The total subscription
amounts for the Class B and C Notes are GBP 67.6 million and GBP
33.8 million, respectively. The transaction includes a 48-month
revolving period, during which the Issuer may purchase new loans
subject to satisfying the portfolio covenants.

The subordination to the Notes can increase with changes in the
advance rate or decrease to a floor determined by the respective
advance rate caps. This is based on the changing credit risk
profile of the mortgage portfolio linked to the portfolio
loan-to-value ratio, among other credit metrics, as the Issuer
purchases new mortgage loans into the portfolio. Minimum credit
enhancement to the Class A, Class B, and Class C Notes is 15.0%,
10.0%, and 7.5%, respectively.

The transaction benefits from a Co-mingling Reserve Fund with a
target balance equal to 1.5% of the outstanding Class A, Class B,
and Class C Notes' balance. Prior to the initial maturity date, the
reserve fund is replenished through the principal receipts. The
reserve covers any shortfalls in senior fees and interest on the
Class A Notes. After the initial maturity date, the excess cash
over the target amount following the amortization of the Notes will
be released to the interest waterfalls as available funds and the
Issuer may use them to repay principal on the Notes.

Lloyds Bank plc (Lloyds) acts as the account bank for the
transaction. Based on the account bank reference rating of AA on
Lloyds (one notch below the DBRS Morningstar public Long Term
Critical Obligations Rating of AA (high)), the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to the account bank to be
consistent with the rating assigned to the Class A Notes, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

Natixis, S.A. (Natixis) acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating on Natixis is above
the First Rating Threshold as described in DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction's capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicers to perform collection and resolution activities. DBRS
Morningstar calculated the probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio, which DBRS Morningstar then used as inputs into the cash
flow engine. DBRS Morningstar analyzed the mortgage portfolio in
accordance with its "European RMBS Insight: UK Addendum."

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, and Class C Notes
according to the terms of the transaction documents. DBRS
Morningstar analyzed the transaction structure using Intex
DealMaker, considering the default rates at which the Notes did not
return all specified cash flows.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents.

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland at AA (high) with a Stable trend
as of the date of this press release.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions
addressing the assignment of the assets to the Issuer.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many RMBS
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in British pound sterling unless otherwise
noted.


CORRIE BAUCKHAM: Enters Liquidation Following Cash Flow Problems
----------------------------------------------------------------
Mark Battersby at International Investment reports that a Lloyd's
of London broker hit by cash flow problems caused by the COVID-19
pandemic has gone into liquidation after a bid to rescue the
business failed last month, the company's liquidator said on April
21.

Corrie Bauckham Batts Limited entered liquidation on April 20 and
two insolvency practitioners, John Dean Cullen and Rachel Helen Lai
of Menzies LLP were appointed as joint liquidators, International
Investment relates.

According to International Investment, a statement by Menzies LLP
said: "The Directors took the decision to place CBB into
Liquidation because of loss of income worsened by the COVID-19
pandemic and the subsequent cash flow insolvency of CBB.

"It was initially anticipated that the business and assets of CBB,
including the client assets, would be sold to an unconnected third
party via a pre-packaged administration.  Due to various reasons,
this offer for the business and assets fell away in March 2022 and
with it, a number of clients moved their business away from CBB.

"CBB entered voluntary requirements with the Financial Conduct
Authority ("FCA") and restrictions have been placed on CBB's
activities by the FCA.

"Considering all the above, it was considered that CBB had no
future trading prospects and steps were taken to place the company
into Liquidation."


CROSSFIELD CONSTRUCTION: Enters Liquidation, Owes GBP5.9 Million
----------------------------------------------------------------
Tom Duffy at Liverpool Echo reports that a well-known Liverpool
building company with debts of GBP5.9 million is set to be
dissolved.

According to the ECHO, Crossfield Construction is now in
liquidation and law firm Begbies Traynor has been appointed to
manage the company's affairs.  Crossfield Construction is the
building arm of Liverpool's Crossfield Group.

Founder David Cain has told the ECHO that the decision to place
Crossfield Construction into liquidation was due to "external
factors".  Mr. Cain, as cited by the ECHO, said job losses could be
avoided if the parent company Crossfield Group Ltd secured the
"right funding".

Crossfield Construction is the latest in a string of medium sized
building firms that have collapsed. Industry observers have pointed
to the rising cost of materials and the pandemic which have reduced
profit margins for many firms, the ECHO discloses.

A statement of affairs posted on Companies House has revealed that
the company owes GBP5,908,522 to creditors, the ECHO  relays.  The
company owes GBP1,111,990 to the NatWest bank, the ECHO discloses.

In his notes, Mr. Cain explains that the company borrowed GBP1
million from the NatWest in the form of a Coronavirus Business
Interruption loan, according to the ECHO.  The company has re-paid
GBP166,666 so far, the ECHO discloses.

Mr. Cain further explains that NatWest has security on the loan in
the form of a mortgage debenture, against the company, the ECHO
states.

Crossfield Construction also owes large sums of money to companies
within the Crossfield Group, the ECHO discloses.  Crossfield
Construction owes GBP920,919 to parent company Crossfield Group
Ltd., the ECHO notes.  And the firm owes GBP910,651 to Crossfield
Living Limited, according to the ECHO.


CURIUM BIDCO: Moody's Affirms B3 CFR & Cuts First Lien Debt to B3
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and the B3-PD probability of default rating of nuclear
radiopharmaceuticals provider Curium Bidco S.a.r.l (Curium or the
company). Concurrently, the rating agency has downgraded the
company's senior secured first lien bank credit facilities to B3
from B2. The outlook on Curium remains stable.

The rating action follows the launch of syndication for the
envisaged $335 million fungible add-on to Curium's existing $265
million senior secured first lien term loan B maturing in 2027.

RATINGS RATIONALE

The downgrade of Curium's first lien debt instrument ratings to B3
from B2 follows the proposed refinancing which will result in the
company's capital structure becoming all senior and pari passu
ranking: proceeds from an add-on senior secured first lien term
loan B will serve to repay in full Curium's senior secured second
lien term loan, hence instrument ratings are in line with the CFR.


Curium's B3 CFR reflects first and foremost its weak credit metrics
including low, but positive free cash flow (FCF) burdened by growth
capex and an elevated Moody's adjusted gross debt/ EBITDA of close
to 8.0x at the end of December 2021, owing to its substantial
releveraging in 2020.

The group's CFR also incorporates ESG risks including (1) social
risks relating to non-compliance across multiple proof points given
the highly regulated nature of the group's activities and relating
to supply in light of the long and complex chain, (2) governance
risks pertaining to the aggressive financial policy, including the
use of PIK debt outside the restricted group which creates
structural complexity and (3) a degree of environmental risk
reflected in the site decommissioning and dismantling provisions on
the balance sheet, which, although long-dated, increase over time.

However, Curium's credit profile is supported by (1) the growing
market for diagnostic radiopharmaceuticals in which the group holds
a solid share globally, (2) its scale and vertical integration in
the value chain enhancing the supply reliability of the group
toward its customers, (3) the high barriers to entry created by
multiple regulations spanning nuclear, pharmaceutical and
transportation and (4) multi-year US contracts with share or volume
commitments providing good revenue visibility.

In recent quarters, Curium has successfully renewed key sales and
supply contracts, including the renewal of US sales contracts with
its four largest customers for longer tenors (now maturing between
the end of 2024 and 2027) and five-year renewals with two reactors
(in the Netherlands and Poland) covering over two thirds of
Curium's moly supply needs.

Following the reduction in patient volumes amid social distancing
measures at the onset of the pandemic, EBITDA has improved
sequentially since the second quarter of 2020 and reached its
highest level in 2021 (EUR183 million on a Moody's adjusted basis).
Moody's estimates it was about 3% higher than 2019 at constant
perimeter. Moody's forecasts that organic revenue growth will
approach 10% in 2022, helped by relatively soft prior year
comparables in the first half. Beyond this base effect, recently
launched products will drive most of the organic growth, in
particular lung scintigraphy generic Pulmotech and lifecycle
management product Detectnet (for neuroendocrine tumours) launched
in 2020. Curium has also just launched Ioflupane in the US, a
generic for the detection of Parkinson's disease. In addition, the
company generally benefits from annual price increases of 2% to 3%
(some of which are baked into long-term contracts) but Moody's
expects that material increases in logistics costs to be passed
onto customers could reduce this growth lever in the short-term. As
such, the rating agency forecasts EBITDA growth in 2022 similar to
revenue.

Curium's FCF was breakeven on a Moody's adjusted basis in 2021.
Despite a strong improvement in EBITDA of around EUR35 million, the
interest bill more than doubled to over EUR75 million while the
trading recovery contributed to working capital usage. The company
also continues to record relatively high levels of non-recurring
items, around EUR30 million in 2021, including restructuring,
sponsor fees, growth and transformation projects. Capex spend also
remains relatively high at around 8%-9% of revenue, of which at
least half pertains to growth projects. All of these factors will
continue to constrain FCF generation in 2022 and beyond. Curium
currently has two clinical trials running, studying a new
radiopharmaceutical for the diagnostic of prostate cancer and
another one for therapeutic purposes in this disease area. While
these pipeline opportunities are potentially large, they will also
require significant opex and capex, which will weaken Curium's
credit metrics in the next 12 to 18 months. However, Moody's
expects that Curium's adjusted gross leverage will be below 7.0x
and its Moody's adjusted FCF will be materially positive by the end
of 2023.

LIQUIDITY

Curium's liquidity profile is adequate although Moody's expects
that it will weaken in 2022. The company had EUR82 million of cash
on balance sheet as of December 31, 2021. Curium's liquidity also
benefits from access to a senior secured first lien revolving
credit facility (RCF) of EUR200 million, which is fully undrawn and
matures in 2026 (EUR120 million) and 2027 (EUR80 million). The RCF
contains a net senior leverage springing covenant tested if
drawings reach or exceed 40% of facility commitments. Should it be
tested, Moody's expects that Curium would retain ample headroom
against the test level of 10.15x.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that over the next
12-18 months the group will continue to grow revenue and Moody's
adjusted EBITDA organically. The outlook also rests upon the
expectation that Curium will reduce Moody's adjusted gross
debt/EBITDA to below 7.0x following a spike in 2022 and generate
positive free cash flow (FCF, after interest and exceptional items)
following a material cash burn in 2022, both owing to significant
product development investments. Lastly, the stable outlook assumes
adequate liquidity and does not incorporate any shareholder
distributions or debt-funded acquisitions.

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

Curium's ratings could experience positive pressure should the
group (1) continue to grow revenue and EBITDA organically,
supported by a track record of successful product launches, coupled
with (2) Moody's adjusted leverage sustainably reduced to around
6.0x and, (3) FCF/debt rising to and remaining around 5%.

Curium's ratings could experience downward pressure if (1) any of
the conditions for the stable outlook were not to be met or, (2)
Moody's adjusted leverage failed to decline to below 7.5x or, (3)
FCF generation were to remain low or turn negative on a sustainable
basis or the liquidity position deteriorated.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Curium Bidco S.a.r.l

Senior Secured Bank Credit Facility, Downgraded to B3 from B2

Affirmations:

Issuer: Curium Bidco S.a.r.l

Probability of Default Rating, Affirmed B3-PD

LT Corporate Family Rating, Affirmed B3

Withdrawals:

Issuer: Curium Bidco S.a.r.l

Senior Secured Bank Credit Facility, Withdrawn , previously rated
Caa2

Outlook Actions:

Issuer: Curium Bidco S.a.r.l

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.

CORPORATE PROFILE

Curium, dual-headquartered in the UK and France, is a global
producer and supplier of nuclear medicine and radiopharmaceutical
products to around 6,000 imaging centres, primarily in Europe and
the US. Curium is majority-owned by financial investor CapVest. In
2021, Curium generated revenue of around EUR700 million.

DERBY COUNTY FOOTBALL: Kirchner's Says Bid for Club Conditional
---------------------------------------------------------------
Elias Burke at The Athletic reports that Derby County's preferred
bidder Chris Kirchner has said his bid to buy the club is
conditional on Mel Morris no longer owning Pride Park.

In June 2018, former chairman Morris sold Pride Park to another of
his companies, Gellaw Newco 202, for GBP81 million and remained the
stadium owner after placing the club into administration in
September 2021, The Athletic notes.

Mr. Kirchner re-entered the fray after positive discussions with
Derby City Council, who Derby manager Wayne Rooney revealed are in
talks with Mr. Morris to buy the stadium, The Athletic relates.

According to The Athletic, he tweeted on May 3: "(My bid is)
conditional that MM (Mel Morris) no longer owns the stadium.  I'm
not directly involved in those discussions, so I don't have a
comment right now.

"That's the last hurdle though."

Mr. Kirchner was appointed preferred bidder by Quantuma, Derby's
administrators, on April 8 and has since sent the relevant
information to the EFL to undergo its owners' and directors' test
and business plan assessment, The Athletic recounts.

This week, he is flying to the UK from his home in the United
States to discuss the purchase agreement and membership agreement
with the Football League on Thursday, May 5, The Athletic
disclsoes.  After that, Quantuma will discuss the "waterfall"
agreement with the EFL, where they will address the debts owed to
creditors, The Athletic states.  This includes the GBP36 million
owed to HMRC, according to The Athletic.

                  About Derby County Football Club

Founded in 1884, Derby County Football Club is a professional
association football club based in Derby, Derbyshire, England.  The
club competes in the English Football League Championship (EFL, the
'Championship'), the second tier of English football.  The team
gets its nickname, The Rams, to show tribute to its links with the
First Regiment of Derby Militia, which took a ram as its mascot.
Mel Morris is the owner while Wayne Rooney is the manager of the
club.

On Sept. 22, 2021, the club went into administration.  The EFL
sanctioned a 12-point deduction on the club, putting the team at
the bottom of the Championship.  Andrew Hosking, Carl Jackson and
Andrew Andronikou, managing directors at business advisory firm
Quantuma, had been appointed joint administrators to the club.


E-CARAT 11: DBRS Confirms BB Rating on Class F Notes
----------------------------------------------------
DBRS Ratings Limited took the following rating actions on the notes
(collectively, the Rated Notes) issued by E-Carat 11 plc (the
Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (sf)
-- Class C Notes confirmed at A (sf)
-- Class D Notes confirmed at BBB (high) (sf)
-- Class E Notes confirmed at BB (high) (sf)
-- Class F Notes confirmed at BB (sf)
-- Class G Notes upgraded to B (sf) from B (low) (sf)

The rating of the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal
maturity date in May 2028. The ratings on the Class B, Class C,
Class D, Class E, Class F, and Class G Notes address the ultimate
payment of interest and ultimate repayment of principal by the
legal maturity date while junior to other outstanding classes of
notes, but the timely payment of interest when they are the
senior-most tranche.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses.

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- No revolving termination event has occurred;

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The transaction is a securitization of receivables related to both
conditional sale and personal contract purchase auto loan contracts
granted by Vauxhall Finance plc (Vauxhall Finance, Originator, or
Seller) to borrowers in England, Wales, Scotland, and Northern
Ireland. The underlying motor vehicles related to the finance
contracts consist of both new and used passenger vehicles and light
commercial vehicles. The transaction closed in February 2020 and
included an initial 12-month revolving period, which ended in April
2021.

PORTFOLIO PERFORMANCE

As of February 2022, loans that were one to two months in arrears
represented 0.2% of the outstanding portfolio balance, while loans
that were two to three months in arrears and loans more than three
months delinquent both represented 0.1%. The gross cumulative net
loss ratio amounted to 0.5% of the collateral balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the pool
receivables and updated its base case PD and LGD assumptions to
5.8% and 21.7%, respectively, as DBRS Morningstar is no longer
basing the analysis on the worst-case portfolio composition as
permitted by the concentration limits applicable during the
revolving period. DBRS Morningstar maintained its residual value
haircuts at 43.0%, 37.7%, 30.7%, 27.4%, 20.3%, 17.6%, and 6.0% at
AAA (sf), AA (sf), A (sf), BBB (high) (sf), BB (high) (sf), BB
(sf), and B (low) (sf), respectively. The updated pool composition
prompted the upgrade on the Class G Notes.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the rated notes. As of the February 2021
payment date, credit enhancement to the Class A, Class B, Class C,
Class D, Class E, and Class F Notes was 27.8%, 20.8%, 15.8%, 11.8%,
8.5%, 6.8%, and 5.0%, respectively. The credit enhancement levels
have remained unchanged since the DBRS Morningstar initial rating
due to the pro rata amortization of the Rated Notes; the Rated
Notes will continue to pay on a pro rata basis until certain
performance triggers will breach.

The transaction benefits from a liquidity reserve available only if
the principal collections are not sufficient to cover the shortfall
of senior expenses, swap expenses, and Class A interest and, if not
deferred in the waterfalls, the Class B, Class C, and Class D
interest payments. The liquidity reserve is currently at its target
level of EUR 2.6 million.

HSBC Bank plc acts as the account bank for the transaction. Based
on the DBRS Morningstar private rating of HSBC Bank plc, the
downgrade provisions outlined in the transaction documents, and
other mitigating factors inherent in the transaction structure,
DBRS Morningstar considers the risk arising from the exposure to
the account bank to be consistent with the ratings assigned to the
notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

BNP Paribas Personal Finance acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating of BNP Paribas
Personal Finance is consistent with the First Rating Threshold as
described in DBRS Morningstar's "Derivative Criteria for European
Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many ABS
transactions, some meaningfully. These ratings are based on
additional analysis to expected performance as a result of the
global efforts to contain the spread of the coronavirus.

Notes: All figures are in British pounds sterling unless otherwise
noted.


FALLEN BREWERY: Pandemic Prompts Liquidation, Halts Trading
-----------------------------------------------------------
Alastair McNeill at Daily Record reports that a West
Stirlingshire-based brewery business has gone into liquidation as a
result of the pandemic.

Fallen Brewery had operated from leased premises at Kippen and as
of this year employed five staff including director Paul Fallen,
Daily Record discloses.

It ceased trading on Friday, April 8, and Brian Milne and David
McGinness were appointed joint liquidators of the company on
Monday, April 25, Daily Record relates.

According to Daily Record, Mr. Milne said: "The company's
liquidation is a consequence of the Covid-19 pandemic.

"Despite the director's best efforts, the company was unable to
recover to a sufficiently profitable level.

"We shall assist the company's employees in ensuring they receive
any appropriate statutory entitlements and urge any creditors to
get in touch with our office."

Fallen Brewery was incorporated in April 2012 following eight years
of homebrewing and recipe trials by the directors.


MENTMORE INVESTMENTS: Goes Into Administration
----------------------------------------------
Chris Tindall at MotorTransport reports that Mentmore Investments,
a Herts-based TV and film logistics firm, has entered
administration after more than 15 years of trading.

According to MotorTransport, the company, which traded as Green
Clover, operated a fleet of 45-foot curtainsiders and box trailers
and 18-tonne HGVs out of its premises in Berkhamsted for clients
working in film, entertainment and events.  Aside from transport,
it also offered prop and scenery hire and construction, as well as
bespoke storage services.


PAVILLION POINT 2021-1A: DBRS Gives Prov. B Rating on 2 Classes
---------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by Pavillion Point of Sale 2021-1A
PLC (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (high) (sf)
-- Class C Notes at A (high) (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (low) (sf)
-- Class F Notes at B (sf)
-- Class X Notes at B (sf)

DBRS Morningstar does not rate the Class Z Notes, Class R Notes,
Class S1 Certificate, Class S2 Certificate, or Class Y Certificate
also expected to be issued in this transaction.

The ratings on the Class A and Class B Notes address the timely
payment of scheduled interest and the ultimate repayment of
principal by the legal final maturity date. The ratings on the
Class C, Class D, Class E, Class F, and Class X Notes address the
ultimate payment of interest and repayment of principal by the
legal final maturity date.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. These ratings will be finalized upon review of the
final version of the transaction documents and of the relevant
opinions. If the information therein were substantially different,
DBRS Morningstar may assign different final ratings to the notes.

The collateralized notes are backed by a portfolio of
interest-free, unsecured, amortizing point-of-sale loans granted to
private individuals domiciled in the UK and serviced by Clydesdale
Financial Services Limited (CFS, trading as Barclays Partner
Finance; the originator and servicer), an indirect wholly owned
subsidiary of Barclays PLC (Barclays).

The provisional ratings are based on the following analytical
considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement;

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected expected net loss assumptions under various
stressed scenarios;

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes;

-- The originator's capabilities with regard to originations,
underwriting, and servicing as well as the financial strength of
its parent;

-- The transaction parties' financial strength with regard to
their respective roles;

-- The credit quality of the collateral, and historical and
projected performance of the portfolio;

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland, currently at AA (high) with a
Stable trend; and

-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology.

TRANSACTION STRUCTURE

The transaction includes an 11-month revolving period until January
2023. During the revolving period, the originator may offer
additional receivables that the Issuer will purchase, provided that
the eligibility criteria and portfolio criteria set out in the
transaction documents are satisfied. The revolving period may end
earlier than scheduled if certain events occur, such as the breach
of performance triggers, insolvency of the originator, or
replacement of the servicer.

The transaction allocates payments in separate interest and
principal priorities and benefits from a liquidity reserve, with a
target balance equal to 1.25% of the outstanding Class A and Class
B Notes' balance. The liquidity reserve can be used to cover
shortfalls in senior expenses, servicing fees, swap payments,
interest payments on the Class A Notes, Class S1 Certificate
payments, Class S2 Certificate payments, and interest payments on
the Class B Notes when interest collections are not sufficient.
Principal funds can also be reallocated to cover the above
shortfalls if the interest collections and the liquidity reserve
are insufficient.

At the end of the revolving period, the notes will be repaid on a
fully sequential basis.

COUNTERPARTIES

Barclays Bank PLC (Barclays Bank) is the account bank for the
transaction. DBRS Morningstar currently has a Long-Term Issuer
Rating of “A” and a Long Term Critical Obligations Rating of AA
(low) with Stable trends on Barclays Bank. Based on the downgrade
provisions outlined in the transaction documents and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the assigned ratings, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

Barclays Bank is also the interest rate swap counterparty for the
transaction, which meets DBRS Morningstar's criteria to act in such
capacity. The transaction documents also contain downgrade
provisions that are not fully consistent with the criteria as the
replacement swap provider may not have DBRS Morningstar rating.

DBRS Morningstar analyzed the transaction structure in Intex
Dealmaker.

COVID-19 CONSIDERATIONS

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many asset-backed
security transactions.

ESG CONSIDERATIONS

In December 2020, the Financial Conduct Authority issued a section
166 notice and required CFS to appoint a skilled person to
undertake a review of its lending portfolio to establish whether
there was any evidence of any actual and/or potential customer harm
caused by (1) poor broker practices and inadequate affordability
processes, or (2) weaknesses in the current broker oversight
framework and affordability assessment. The unaudited analysis of
the portfolio shows that under 1% of receivables have potential
indicators of customer distress with additional 2% still under
assessment. Under the terms of the purchase, Barclays (via its
subsidiaries) agrees to indemnify the Issuer for any purchased
receivables that are affected by remediation matters.

DBRS Morningstar considers that the legal and regulatory risk
implication from the skilled person's review is relevant under
'Transaction Governance' in DBRS Morningstar's environmental,
social, and governance (ESG) analytical framework for structured
finance transactions, but not significant enough to cause any
rating notching compared with the level implied by the cash flow
analysis.

Notes: All figures are in British pound sterling unless otherwise
noted.


TAURUS 2021-1: DBRS Confirms BB(low) Rating on Class E Notes
------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the following classes
of Commercial Mortgage-Backed Floating-Rate Notes due May 2031
issued by Taurus 2021-1 UK DAC (the Issuer):

-- Class A notes at AAA (sf)
-- Class B notes at AA (low) (sf)
-- Class C notes at A (low) (sf)
-- Class D notes at BBB (low) (sf)
-- Class E notes at BB (low) (sf)

The trends on all ratings are Stable.

The rating confirmations reflect the transaction's stable
performance over the last 12 months. The ratings are based on
information provided to DBRS Morningstar by the servicer as of the
date of this press release.

Taurus 2021-1 UK DAC is the securitization of a GBP 340.1 million
senior commercial real estate (CRE) loan secured by 45
light-industrial and logistics assets in the United Kingdom with a
large concentration in London and the South East. The transaction
is arranged by Merrill Lynch International and jointly managed by
Barclays Bank Plc for the benefit of funds managed by Blackstone
Group Inc. (Blackstone or the Sponsor). At issuance, the Issuer
purchased the senior loan from the loan seller, Bank of America
Europe DAC, using the proceeds from the note issuance and the
issuer loan provided by the loan seller. The issuer loan was sized
at 5% of the senior loan amount in order to satisfy risk retention
requirements. The senior loan margin directly mirrors the
weighted-average coupon on the notes; therefore, there is no excess
spread in the transaction. In conjunction with the senior loan,
Australian Super Pty Ltd advanced a GBP 85.0 million mezzanine
facility, which is fully subordinated to the securitized senior
loan.

The senior loan refinanced Blackstone's acquisitions since Q1 2020.
In particular, it refinanced 38 assets (the original portfolio or
United IV subportfolio) that were acquired before October 2020 and
seven assets that were acquired between November and December 2020
(the add-on portfolio). The entire 45-asset pool is known as the
United V portfolio and was integrated into Blackstone's logistics
platform Mileway.

The United V portfolio is characterized by its strong presence of
light-industrial assets in and surrounding the Greater London area
with 27 of its 45 assets located in London, the South East, and
East of England, covering 46.9% of total lettable area and 59.8% of
total gross rental income (GRI). CBRE Limited (CBRE) valued the
United IV subportfolio at GBP 442.8 million including a 4.9%
portfolio premium. The aggregated property values amounted to GBP
422.0 million as of September 30, 2020. Similarly, Cushman &
Wakefield (U.K.) LTD (C&W) valued the add-on portfolio and
concluded an aggregated market value (MV) of GBP 103.9 million and
a portfolio value of GBP 114.3 million. For the purpose of covenant
calculations, the portfolio premium was capped at 5%, bringing the
whole transaction's portfolio value to GBP 551.8 million.

According to a notice from the issuer dated September 17, 2021, the
facility agreement for the senior loan has been amended to allow
the partial sale of a property (i.e., Sheffield Business Park,
Building 3 which was fully vacant). As a result, the allocated loan
amount for the Sheffield Business Park property has been changed
from GBP 7,761,380 to GBP 6,394,822.77 and disposal proceeds of GBP
3.1 million were applied to the senior and mezzanine loans in the
amounts of GBP 2.48 million and GBP 620,000, respectively. The GBP
2.48 million were then applied pro-rata against the notes (95%) and
against the issuer loan (5%) at the February 2022 interest payment
date (IPD). Upon completion of the property partial sale, the total
portfolio's MV decreased to GBP 549.6 million.

The senior loan's performance has been quite stable since issuance.
In particular, the latest available servicer report as of the
November 2021 IPD reported annual contracted rent at around GBP
26.0 million which, although slightly below the GBP 26.5 million at
issuance, represents a 4.5% increase over the GBP 24.8 million
recorded in August 2021. The vacancy rate decreased to 5.83% from
8.4% at issuance, with a 10 percentage point (p.p.) increase in
occupancy with respect to the previous quarter in August 2021. The
senior loan's debt yield increased slightly to 7.75% from 7.4% at
issuance, remaining substantially above the year-one cash trap
covenant of 6.1%. Furthermore, as a result of the partial property
sale, the senior loan's loan-to-value (LTV) decreased by 0.2 p.p.
to 61.4% in November 2021 from 61.6% at issuance, remaining far
below the cash trap covenant of 71.6%.

DBRS Morningstar did not change its underwriting assumptions as at
issuance. In particular, DBRS Morningstar maintained its net cash
flow (NCF) assumption at GBP 22.7 million which, based on a
capitalization rate of 6.3%, translates to a DBRS Morningstar value
of GBP 362.8 million, representing a 34.0% haircut to the most
recent portfolio's MV of GBP 549.6 million.

Similarly to other Blackstone loans, there are no financial default
covenants applicable prior to a permitted change of control. The
two-year senior loan has three one-year extension options available
and is fully hedged with a cap agreement that has a cap strike rate
of 1.5% provided by BNP Paribas. To cover potential interest
payment shortfalls, Bank of America, N.A. London Branch provided
the Issuer with a liquidity facility of GBP 11.4 million at
issuance. The liquidity facility covers the Class A, Class B, and
Class C notes as well as the corresponding portion of the issuer
loan.

The final legal maturity of the notes is in May 2031, five years
after the fully extended loan maturity date. DBRS Morningstar
believes that this provides sufficient time to eventually enforce
the loan collateral and repay the bondholders, given the security
structure and jurisdiction of the underlying loan.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many tenants and borrowers. DBRS Morningstar anticipates that
vacancy rate increases and cash flow reductions may continue to
arise for many CMBS borrowers. In addition, commercial real estate
values could be negatively affected, at least in the short term,
affecting refinancing prospects for maturing loans and expected
recoveries for defaulted loans. The ratings are based on additional
analysis to expected performance as a result of the global efforts
to contain the spread of the coronavirus.

Notes: All figures are in British pound sterling unless otherwise
noted.


[*] UK: Company Insolvencies Rise to Highest Level in 1Q 2022
-------------------------------------------------------------
David Milliken at Reuters reports that company insolvencies in
England and Wales rose to their highest since 2012 in the first
three months of this year following the end of emergency COVID
support measures, while individual insolvencies were the highest
since 2018.

According to Reuters, insolvencies fell sharply during the
coronavirus pandemic, when 1.7 million businesses were propped up
by GBP80 billion (US$99.9 billion) in government-backed loans and
there was a ban on many court proceedings to force businesses into
liquidation.

But many firms have come under more pressure since the government
stopped providing new pandemic loans in May 2021 and as protection
from court proceedings has been phased out over the past six
months, Reuters relates.

"It's clear we're witnessing a catch-up effect," Reuters quotes
Jeremy Whiteson, an insolvency partner at law firm Fladgate, as
saying. "Some companies have been beyond rescue for some time, but
were able to delay formal insolvency thanks to the government
support measures and the restrictions placed on creditors."

A total of 4,896 companies became insolvent in the first quarter of
this year, up from 4,615 in the last quarter of 2021 and double the
number a year earlier, government figures showed on April 28,
Reuters discloses.

"Voluntary" liquidations -- where creditors and companies reach a
deal outside court -- hit the highest since records began in 1960
but compulsory liquidations stayed below pre-pandemic levels,
Reuters states.

Mr. Whiteson said company insolvencies were likely to rise further
in coming months due to surging operating costs and the recent
removal of the last pandemic-related court protections, Reuters
notes.



                           *********


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,
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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