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

                          E U R O P E

          Thursday, May 19, 2022, Vol. 23, No. 94

                           Headlines



C Y P R U S

KLPP INSURANCE: S&P Affirms 'BB+' LongTerm ICR, Outlook Negative


F R A N C E

TARKETT PARTICIPATION: Moody's Cuts CFR to B1, Outlook Negative


I R E L A N D

BARINGS EURO 2014-1: Moody's Affirms B2 Rating on Class F-RR Notes
CARLYLE EURO 2017-2: Moody's Cuts Rating on EUR13MM E Notes to B3
PENTA CLO 11: Moody's Assigns B3 Rating to EUR9.25MM Class F Notes


N E T H E R L A N D S

CASPER DEBTCO: Fitch Lowers LongTerm IDRs to 'CCC'


S E R B I A

BRANKO PERISIC: Serbia Offers Assets for Sale for RSD190.2MM
NAVIP: Serbia Puts Assets Up for Sale, June 30 Auction Set


S P A I N

BBVA CONSUMER 2018-1: Moody's Hikes Rating on Class Z Notes to Caa1


U N I T E D   K I N G D O M

DRYDEN 91 EURO 2021: Fitch Assigns B- Rating on Class F Debt
EUROSAIL-UK 2007-2NP: S&P Affirms B- Rating on Cl. E1c Notes
L1R HB FINANCE: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
MCCOLL'S: Morrisons Rescue Package Amounted to GBP190 Million
RAINBOW SAVER: Enters Administration, Halts Operations

SUNGARD UK: Daisy Seals Deal to Snap Up Customers
VANGUARD INSOLVENCY: High Court Issues Winding-Up Order

                           - - - - -


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C Y P R U S
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KLPP INSURANCE: S&P Affirms 'BB+' LongTerm ICR, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit and
financial strength ratings on Cyprus-based insurance company KLPP
Insurance and Reinsurance Co. Ltd., and removed them from
CreditWatch with negative implications, where they were placed
March 2, 2022. The outlook is negative.

Following Russia's military actions in Ukraine, S&P is assessing
the effects of the related economic sanctions on economies,
borrowing conditions, and credit quality in the region and
worldwide.

At year-end 2021, about 15% of KLPP's total assets were in Russia,
mainly investments via receivables in affiliated companies. S&P
understands that KLPP is in negotiations to sell those investments,
which would reduce its asset exposure to around 5% of total
assets.

KLPP continues to hold significant capital buffers above the 'AAA'
confidence level, and S&P assumes its capital will remain a rating
strength in 2022 based on its S&P Global Ratings capital adequacy
and its regulatory solvency. Its Solvency II ratio was 834% as of
year-end 2021.

However, uncertainties related to capital markets and the impact of
international sanctions on Russia-related assets could bring
additional volatility to KLPP's earnings, and particularly its
balance sheet, compared with our base case, until a material share
of the Russian assets have been divested. Since the company's
countermeasures to reduce the Russian exposure are progressing, S&P
sees a reduced likelihood of a rating action in the short term, and
have hence removed the ratings from CreditWatch with negative
implications.

S&P said, "Under our initial base case for 2022, we forecast gross
written premiums of $24 million-$30 million, factoring in the
ongoing expansion and increased diversification of KLPP's business
portfolio by region and business line. Furthermore, we initially
expected KLPP to achieve a combined (loss and expense) ratio of at
least 95% and net income of at least $15 million in 2022.

"In the first quarter of 2022, KLPP wrote about 6% of its business
with customers that operate mainly or only in Russia. We understand
that KLPP plans to fully exit the Russian insurance market and put
the remaining business in run-off. As of Feb. 25, 2022, KLPP does
not conclude new agreements on risks associated with Russian
businesses. Furthermore, we expect KLPP will continue to diversify
outside Russia in the next few years with regards to its broker and
client base. However, the Russia-Ukraine conflict could still weigh
on its business growth and competitive position. We will further
monitor the impact of the conflict on KLPP's business expansion and
franchise in the international insurance and reinsurance markets.
In the first quarter of 2022, KLPP confirmed an increase in gross
premiums written, expanding by geography and lines of business.

"KLPP's annual report for year-end 2021 still includes a qualified
opinion regarding a loan to a subsidiary. KLPP has taken measures
that we assume will allow it to resolve the qualified opinion by
year-end 2022. If it is not resolved by that time, this could
affect our view of KLPP's governance. We believe that the magnitude
of that loan does not hamper KLPP's strong financial risk profile.

"The negative outlook reflects our view on potential adverse
implications of the Russia-Ukraine conflict for KLPP's competitive
position and franchise internationally. It also reflects our view
of potential capital and earnings volatility stemming from KLPP's
Russia-related asset exposure."

S&P could lower the ratings within the next 12 months if it:

-- Observed weakening in KLPP's competitive position, as shown by
a decrease in new business, including from existing international
customers and brokers;

-- Saw significant earnings volatility stemming from the
Russia-related assets, especially if we believe KLPP is not
progressing in divesting its Russian affiliates; or

-- Believed KLPP is not able to resolve the qualified opinion by
year-end 2022.

S&P could revise the outlook to stable within the next 12 months if
we:

-- Consider that KLPP's asset exposure to Russian assets has
declined; and

-- Are confident that the franchise has remained resilient and
KLPP achieves its planned international expansion profitably, while
capital and earnings stay in line with S&P's assumptions, which
include significant capital buffers above the 'AAA' level and only
modest earnings volatility.




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F R A N C E
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TARKETT PARTICIPATION: Moody's Cuts CFR to B1, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Tarkett Participation's
ratings including its corporate family rating to B1 from Ba3 and
its probability of default rating to B1-PD from Ba3-PD.
Concurrently, Moody's has downgraded to B1 from Ba3 the instrument
ratings on its EUR900 million equivalent 7-year senior secured
first lien term loan B due 2028 and a EUR350 million 6.5-year
senior secured first lien revolving credit facility (RCF) due 2027.
The outlook on all ratings changed to negative from ratings under
review.

RATINGS RATIONALE

The rating action concludes the review initiated on March 18
following Russia's invasion of Ukraine (Caa2 ratings under review)
that has exposed Tarkett to heightened geopolitical and macro
uncertainties. The downgrade to B1 with a negative outlook reflects
Moody's expectations that Tarkett's credit metrics will be weak
compared to the levels deemed more commensurate with a  B1 rating
over the next 12-18 months, including Moody's adjusted debt/EBITDA
above than 6.0x (6.0x in 2021). This reflects the rating agency's
expectations that the EBITDA generated in Russia will materially
reduce over the next two years reflecting weaker macroeconomic
conditions in the country and that the increase in energy and raw
material costs caused by the conflict will put pressure on
Tarkett's profitability at least through 2022. Weak credit metrics
are partly mitigated by Tarkett's adequate liquidity profile and
geographic diversification.

In 2021 Tarkett generated around 10% of its revenue in Russia. The
company also has one factory in Ukraine, which is still opened and
operating for now. Moody's believes that the demand for flooring
product in Russia will reduce substantially over the next two years
reflecting weaker macroeconomic conditions in the country. In
addition, while most of the supply in Russia is sourced locally,
Moody's believes that the new sanctions introduced since April
2022, which include PVC, could further impair, at least
temporarily, the production in the country. The rating agency
therefore expects that EBITDA in Russia will decline substantially
over the next two years. Moody's also believes that Tarkett has
limited access to the cash held in Russia, although the company can
still pay suppliers based out of the country.

Weaker earnings in Russia, where Tarkett historically had a higher
profitability compared with the Group's average, coupled with the
increase in raw material prices from the already elevated levels in
2021 will put pressure on Tarkett's profitability. The rating
agency therefore expects that Moody's-adjusted EBITDA margin will
decline by around 125-150 basis points in 2022 and will
progressively recover thereafter assuming raw material prices will
stabilize. Moody's believes that Tarkett will partly manage to
offset higher raw material costs with selling price increases with
up to six months' time lag. Tarkett's ability to increase prices is
also supported by solid demand in other regions, namely in North
America. If demand was to reduce because of a lengthy
Russia-Ukraine conflict, Tarkett's ability to increase prices to
customers will be more challenging.

Moody's expects that weaker earnings and cost inflation will
results in negative FCF in 2022 for around EUR30-40 million. Cash
consumption in Q1 was mainly driven by high working capital build
up due to cost inflation and higher volumes. As a result, Tarkett
drew EUR180 million under the EUR350 million RCF. The rating agency
expects that working capital will be partly released in the second
half of the year, reflecting the usual seasonality of the
business.

Tarkett's rating continues to be supported by broad product
offering in the flooring segment, with good end-market and
geographical diversification; strong market positions, with high
R&D, manufacturing and distribution capabilities; and experienced
management team dedicated to improving profitability. At the same
time, the rating is constrained by relatively weak profitability
and limited track record of sustained EBITDA growth; relatively
weak profitability and limited track record of sustained EBITDA
growth and exposure to foreign-currency and raw material price
volatility.

LIQUIDITY

Tarkett's liquidity is adequate, with a cash balance of EUR258
million at March 2022 and a EUR170 million undrawn RCF. The company
is exposed to working capital seasonality, with a peak between
January and June, and a recovery during the second half of the
year. Therefore, Moody's expects the company to partly repay the
EUR180 drawn RCF in the second half of the year.

STRUCTURAL CONSIDERATIONS

Tarkett's capital structure consists of EUR900 million equivalent
senior secured first lien term loan B and a EUR350 million senior
secured first lien RCF, both rated in line with the CFR. The
instruments share the same security package, rank pari passu and
are guaranteed by a group of companies representing at least 80% of
the consolidated group's EBITDA. The security package, consisting
of shares, bank accounts and intragroup receivables, is considered
as limited. The B1-PD is at the same level as the CFR, reflecting
the use of a standard 50% recovery rate as is customary for capital
structures with first-lien bank loans and a covenant-lite
documentation.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that debt/EBITDA
will be above 6.0x over the next 12-18 months on the back of weaker
earnings in Russia and cost inflation that will put pressure on
Tarkett's profitability at least through 2022 and partly mitigated
by cost saving initiatives and price increases to customers. The
negative outlook also reflects Moody's expectation of negative FCF
in 2022, which are expected to turn positive thereafter, and that
Tarkett will maintain a balance financial policy. Credit metrics
are expected to improve to levels more in line with the
requirements for a B1 rating by the end of 2024.

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

An upgrade is unlikely in the short term, given the weak rating
position of. Over time, the rating could be upgraded if Tarkett's
Moody's-adjusted debt/EBITDA moves towards 4.5x on a sustained
basis; Moody's adjusted EBITA margin remains above 5% on a
sustained basis; Moody's-adjusted FCF/debt moves towards mid-single
digits in percentage terms on a sustained basis.

A downgrade is likely if Tarkett's Moody's-adjusted debt/EBITDA
remains above 5.5x on a sustained basis; EBITA margin remains below
3% on a sustained basis; FCF turns negative on a sustained basis
resulting in a deterioration of Tarkett's liquidity profile.

LIST OF AFFECTED RATINGS:

Issuer: Tarkett Participation

Downgrades, Previouly Placed on Review for Downgrade:

LT Corporate Family Rating, Downgraded to B1 from Ba3

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Senior Secured Bank Credit Facility, Downgraded to B1 from Ba3

Outlook Actions:

Outlook, Changed To Negative From Rating Under Review

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Paris, Tarkett Participation (Tarkett) is a global
designer and manufacturer of flooring products, with a focus on
resilient flooring, including luxury vinyl tiles (LVTs), commercial
carpets, wood, sport surfaces and flooring accessories. The company
has 33 production facilities across 17 countries worldwide, with
eight recycling plants, 24 R&D laboratories and a large network of
distribution centres. It provides its products to a wide range of
end-markets, such as healthcare and care homes, education,
workplace, hospitality, sports and residential. In 2021, the
company reported revenue of EUR2.8 billion and around EUR230
million EBITDA.




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BARINGS EURO 2014-1: Moody's Affirms B2 Rating on Class F-RR Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Barings Euro CLO 2014-1 Designated Activity
Company:

EUR15,700,000 Class B-1-RR Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Jul 2, 2020 Affirmed Aa2
(sf)

EUR30,000,000 Class B-2-RR Senior Secured Fixed Rate Notes due
2031, Upgraded to Aaa (sf); previously on Jul 2, 2020 Affirmed Aa2
(sf)

EUR24,700,000 Class C-RR Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Jul 2, 2020
Affirmed A2 (sf)

EUR20,900,000 Class D-RR Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on Jul 2, 2020
Confirmed at Baa2 (sf)

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

EUR232,000,000 Class A-RR Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 2, 2020 Affirmed Aaa
(sf)

EUR31,500,000 Class E-RR Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jul 2, 2020
Confirmed at Ba2 (sf)

EUR13,900,000 Class F-RR Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jul 2, 2020
Confirmed at B2 (sf)

Barings Euro CLO 2014-1 Designated Activity Company, issued in
April 2014 and refinanced in January 2017 and July 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Barings (U.K.) Limited. The transaction's reinvestment
period ends in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1-RR, B-2-RR, C-RR and D-RR
Notes are primarily a result of the shorter period of time
remaining before the end of the reinvestment period in July 2022.

The rating affirmations on the Class A-RR, E-RR and F-RR Notes
reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization levels.

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: EUR401.8m

Defaulted Securities: None

Diversity Score: 63

Weighted Average Rating Factor (WARF): 3015

Weighted Average Life (WAL): 4.77 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.89%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 43.37%

Par haircut in OC tests and interest diversion test: 0.12%

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
notes, 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; (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.

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.

CARLYLE EURO 2017-2: Moody's Cuts Rating on EUR13MM E Notes to B3
-----------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Carlyle Euro CLO 2017-2 DAC:

EUR40,000,000 Class A-2-A-R Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Mar 9, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class A-2-B-R Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Mar 9, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR13,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Downgraded  to B3 (sf); previously on Mar 9, 2021
Affirmed B2 (sf)

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

EUR266,000,000 (current outstanding EUR265,542,726.85) Class A-1-R
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Mar 9, 2021 Definitive Rating Assigned Aaa (sf)

EUR31,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed A2 (sf); previously on Mar 9, 2021
Affirmed A2 (sf)


EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa2 (sf); previously on Mar 9, 2021
Affirmed Baa2 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Mar 9, 2021
Affirmed Ba2 (sf)

Carlyle Euro CLO 2017-2 DAC, issued in August 2017, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European and US loans. The
portfolio is managed by CELF Advisors LLP. The transaction's
reinvestment period ended in August 2021.

RATINGS RATIONALE

The rating upgrades on the Class A-2-A-R and A-2-B-R notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in August 2021; the downgrade to
the rating on the Class E notes is due to the deterioration of key
credit metrics of the underlying pool, such as the weighted average
spread and the weighted average recovery rate, since the last
rating action in March 2021.

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: EUR441.3m

Defaulted Securities: none

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2998

Weighted Average Life (WAL): 4.34 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%

Weighted Average Coupon (WAC): 3.98%

Weighted Average Recovery Rate (WARR): 44.68%

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: 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.

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

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

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

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

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

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

EUR9,250,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 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 Ltd ('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: 40

Weighted Average Rating Factor (WARF): 2905

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 44.25%

Weighted Average Life (WAL): 7.0 years



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CASPER DEBTCO: Fitch Lowers LongTerm IDRs to 'CCC'
--------------------------------------------------
Fitch Ratings has downgraded Casper Debtco B.V.'s Long-Term Issuer
Default Rating (IDR) to 'CCC' from 'CCC+'. Fitch has also
downgraded Casper Debtco's super senior term loan B (TLB) rating to
'B' from 'B+' and its senior secured debt rating to 'CCC' from
'B-'. The Recovery Rating for the TLB remains at 'RR1' while that
for the senior secured debt has been revised to 'RR4' from 'RR3'.

Casper Debtco indirectly owns Dummen Orange Holding B.V., a
Netherlands-based floriculture company engaged in breeding,
propagation and commercialisation of flower varieties.

The downgrade reflects Dummen Orange's high liquidity and
refinancing risks in the medium-term amid increased intra-year
funding requirements from FY22 (ending September), as well as
delays in delivering its operational turnaround. High cost
pressures compound Fitch's view of sustained negative free cash
flow (FCF) generation and partly funded liquidity profile.

Uncertainties around the company's ability to extend the recently
obtained two-year trade working capital funding facility (TWC)
beyond March 2024 and deleverage from the currently high leverage
levels exacerbate refinancing risks within the next two years, even
before major contractual debt maturities, and mainly if additional
funding is required.

KEY RATING DRIVERS

Medium-Term Liquidity Risk: Fitch projects persistently low cash
reserves to 2024, and estimate that Dummen Orange will have to rely
on a longer-term use of the recently obtained committed TWC
facility of USD30 million, of which it has recently drawn EUR12
million. Based on Fitch's projected cash flow generation, Dummen
Orange would utilise the TWC facility in full. Given the uncertain
prospects of extending the USD30 million facility beyond March 2024
and the small amount of around EUR6 million remaining under the
uncommitted super senior debt permitted under the financing
documentation, Fitch views liquidity risks as substantial in the
near-to-medium term.

Rising Refinancing Risk: The TWC facility of up to USD30 million
maturing in March 2024 brings forward some of the refinancing risk
and its extension will serve as a litmus test ahead of the main
refinancing before most debt falls due in March 2026.
Slower-than-projected recovery of operating profitability, FCF and
leverage metrics will cast doubt over longer-term refinancing
prospects. Fitch views a timely refinancing as challenging,
although the possibility of an above-market-rates deal, or some
form of an amend & extend transaction could be an alternative,
especially if additional funding is needed.

Turnaround Challenging but Achievable: Fitch regards Dummen
Orange's operational restructuring as challenging but achievable in
the medium term, supported by early signs of operating recovery
after its debt restructuring completed last year. However, given
the complexity of turnaround measures, a long business production
cycle at Dummen Orange and persisting market challenges, Fitch
projects a slower profitability recovery than management's
estimates. Based on the company's limited ability to control
production costs alongside increased energy costs and inflationary
pressures, which can only partially be passed on through price
increases, Fitch estimates EBITDA will remain below FY21's EUR39
million through to FY23.

Persistently Negative FCF: Onerous restructuring progress with
longer-than-previously expected operating recovery amid increased
TWC needs and high capital intensity leads to persistently negative
FCF with remote prospects of a return to break-even before
September 2025. In FY22, Fitch projects FCF will remain strongly
negative, due to projected contracting EBITDA, increased TWC draws
and high capex of around 8% of sales. Based on the projected EBITDA
growth and capex normalisation from FY23, Fitch estimates gradually
declining FCF outflows, albeit still negative to FYE25.

Redeemable Business Model: Despite the slow progress of turnaround
and still material execution risks, Fitch nevertheless views Dummen
Orange's business model as fundamentally redeemable, with the
potential to deliver a successful operational turnaround in the
long term. Its small scale compared with other non-investment grade
credits' is mitigated by its innovation-aided relevance across
multiple crop types and regions in an industry protected by high
barriers to entry such as high capital intensity and the importance
of R&D. Dummen Orange possesses the critical business traits
allowing it to maintain its market position in the medium-to-long
term.

Persistently High Leverage: Given Dummen Orange's high operating
risks and consistently negative FCF Fitch deems its projected total
debt/EBITDA exceptionally high at 7.5x (double-digit equivalent of
funds from operations (FFO) gross leverage) in FY22. As and when
the results of the operational turnaround become more visible,
Fitch estimates leverage should gradually improve towards 6.0x by
FY25 (equivalent of FFO gross leverage of 8.0x), which is still
high and subject to an uncertain future profit trend.

High Underlying Business Risks: Dummen Orange's higher risk profile
reflects its hybrid nature combining the traits of agriculture-like
crop breeders with long product cycles, high R&D, labour and
capital intensity, as well as exposure to varying crop
productivity, phyto-sanitary events (plant diseases) and
unpredictable weather conditions. Its consumer-related
characteristics are further exposed to volume volatility driven by
customer demand and changing preferences, and to a much lesser
extent, price fluctuations.

DERIVATION SUMMARY

Dummen Orange's rating reflects the uniqueness of its business
model, which combines features of a crop science company with the
high importance of R&D, and labour-and capital-intensive flower
propagation operations. It also shares, to a limited extent, the
operating risk with manufacturers of consumer products, given
Dummen Orange's exposure to volume risk driven by customer demand
and changing consumer preferences.

High inherent operating risks of agro-credits make them less
suitable for a highly leveraged capital structure.

The higher ratings of vertically integrated agro-industrial
businesses Camposol Holding Limited (BB-/Stable) and Corporacion
Azucarera del Peru S.A. are supported by their higher operating and
cash flow margins in combination with lower leverage.

Comparability with higher-rated Sunshine Luxembourg VII S.a.r.l.
(Galderma, B/Negative), a manufacturer of branded consumer products
with high R&D, is limited to consumer-related volatility of demand.
However, Galderma's much larger scale, strong brand quality, the
medicinal nature of its skincare products make the business more
resilient and capable of tolerating higher leverage with FFO gross
leverage of 7.0x-8.0x for an 'B' IDR, compared with Dummen Orange's
negative rating sensitivity of above 8.0x.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

-- Revenue to grow 4% in FY22, fuelled by an expected stronger
    performance in north America brokerage activity before
    returning to long-term trend growth of around 2%;

-- EBITDA margin at 9% in FY22, reflecting visible cost pressures

    in 1H22 before growing towards 11% by FY25, following further
    cost reduction and product mix optimization;

-- Capex at around EUR32 million in FY22 including a one-off IT
    project, before falling to EUR27 million-EUR28 million to
    FY25;

-- Net working capital outflow of EUR13 million in FY22, before
    breaking even on cash collection improvement and reduced
    inventory to FY25.

- No M&A activity to FY25

RECOVERY RATINGS ASSUMPTIONS

-- The recovery analysis assumes that Casper Debtco would be
    reorganised as a going-concern (GC) in bankruptcy rather than
    liquidated;

-- A 10% administrative claim;

-- Fitch's EUR37 million GC EBITDA assumption reflects Fitch's
    view of a sustainable, post-reorganisation EBITDA level, upon
    which Fitch bases the enterprise valuation (EV). It reflects a

    recovery of the industry from Covid-19 pandemic as well as
    some of the business turnaround measures already put in place
    and corresponds to pre-pandemic FY19 EBITDA and Fitch-forecast

    FY22 EBITDA;

-- A multiple of 5.5x EBITDA is applied to GC EBITDA to calculate

    a post-reorganisation GC EV. The multiple is in the medium
    range for the sector and is supported by high barriers to
    entry, the significant value of Dummen Orange's intellectual
    property and R&D, as well as the expected modest long-term
    growth for the floriculture sector;

-- The allocation of value in the liability waterfall results in
    a Recovery Rating 'RR1' for the super senior TLB of EUR55
    million ranking pari passu with the EUR6 million cash pooling
    facility and the incremental TWC facility of USD30 million
    (equivalent of EUR29 million), which Fitch expects will be
    fully drawn prior to distress, under Fitch's Corporates
    Recovery Ratings Criteria. This indicates a 'B' super senior
    debt rating with a waterfall-generated recovery computation
    (WGRC) of 100% based on current assumptions, and a Recovery
    Rating 'RR4' for the reinstated term loan B of EUR196 million,

    leading to a 'CCC' instrument rating with a WGRC of 48%. The
    change in the Recovery Rating for the senior secured debt from

    'RR3' to 'RR4' is due to the increased amount of the prior-
    ranking super senior debt.

RATING SENSITIVITIES

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

-- Evidence of sufficiently funded operations for the next two to

    three years;

-- Normalising debt/EBITDA to below 6.0x (below 8.0x FFO gross
    leverage), limiting refinancing risk;

-- Improving FCF with prospects of reaching break-even by FY25;

-- Strengthening operating performance with EBITDA margins
    (Fitch-defined, excl. IFRS 16) sustained at above 10%.

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

-- Diminishing liquidity reserves putting pressure on liquidity
    over the next 12-18 months;

-- Persistently negative FCF or increasing FCF outflows;

-- Absence of deleveraging signalling excessive refinancing risk,

    including the inability to refinance/extend the TWC facility
    after March 2024;

-- Volatile or weakening operating performance with declining
    EBITDA and its margins.

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

Partly Funded Operations: Dummen Orange has tight liquidity
headroom. Its high reported end-FY21 cash position of around EUR50
million has reduced after supplier payment terms returned to normal
levels, along with recovering sales requiring more external TWC
funding. To cover incremental cash needs, the company has secured a
short-term TWC facility of USD30 million, currently drawn by EUR12
million with a tenor to March 2024, but with a 'clean-down'
requirement every 12 months.

Given the slower than projected EBITDA recovery with permanently
negative FCF, liquidity remains tight until FY25. Dummen Orange's
ability to extend or refinance its USD30 million committed TWC
facility after March 2024, including procuring commitment for the
remainder under the total permitted super senior debt of EUR35
million, will be critical not only to the liquidity assessment, but
also to the IDR trajectory.

ESG CONSIDERATIONS

Casper Debtco has an ESG Relevance Score of '4' for exposure to
environmental impact due to the influence of climate change and
extreme weather conditions on Dummen Orange's assets, productivity
and operating performance, which 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.




===========
S E R B I A
===========

BRANKO PERISIC: Serbia Offers Assets for Sale for RSD190.2MM
------------------------------------------------------------
Branislav Urosevic at SeeNews reports that Serbia's Bankruptcy
Supervision Agency said it is offering for sale assets of bankrupt
bread and pastry producer and Branko Perisic for RSD190.2 million
(EUR1.62 million/US$1.71 million).

According to SeeNews, the agency said in a statement on May 14 the
assets include a mill, a bakery, storage and office buildings, as
well as vehicles and equipment.

Serbia unsuccessfully attempted to sell the company's assets in
February, setting the starting price at RSD380.5 million, SeeNews
relates.


NAVIP: Serbia Puts Assets Up for Sale, June 30 Auction Set
----------------------------------------------------------
Branislav Urosevic at SeeNews reports that Serbia's Deposit
Insurance Agency said it is offering for sale assets of bankrupt
wine maker Navip at a starting price of RSD944.5 million (US$8.46
million/EUR8.04 million).

According to SeeNews, the agency said in a statement on May 16 the
assets are worth an estimated RSD1.9 billion.

The auction is scheduled for June 30, SeeNews discloses.

Navip was founded in 1944, and it declared bankruptcy in 2012,
SeeNews recounts.




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

BBVA CONSUMER 2018-1: Moody's Hikes Rating on Class Z Notes to Caa1
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four Classes
of Notes in BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION, and
the rating of one Class of Notes in Ulisses Finance No. 1. The
rating action reflects better than expected collateral performance
and the increased levels of credit enhancement for the affected
notes.

Issuer: BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION

EUR728M Class A Notes, Affirmed Aa1 (sf); previously on Jul 15,
2021 Affirmed Aa1 (sf)

EUR23.2M Class B Notes, Upgraded to Aa1 (sf); previously on Jul
15, 2021 Upgraded to Aa3 (sf)

EUR32.8M Class C Notes, Upgraded to A2 (sf); previously on Jul 15,
2021 Affirmed Baa1 (sf)

EUR10M Class D Notes, Upgraded to Ba1 (sf); previously on Jul 15,
2021 Affirmed Ba2 (sf)

EUR6M Class E Notes, Affirmed B3 (sf); previously on Jul 15, 2021
Affirmed B3 (sf)

EUR4M Class Z Notes, Upgraded to Caa1 (sf); previously on Jun 20,
2018 Definitive Rating Assigned Ca (sf)

Issuer: Ulisses Finance No. 1

EUR120.1M Class A Notes, Affirmed Aa2 (sf); previously on Sep 22,
2021 Upgraded to Aa2 (sf)

EUR7M Class B Notes, Affirmed Aa2 (sf); previously on Sep 22, 2021
Upgraded to Aa2 (sf)
EUR7.1M Class C Notes, Upgraded to Aa2 (sf); previously on Sep 22,
2021 Upgraded to A1 (sf)

Maximum achievable rating is Aa2 (sf) for structured finance
transactions in Portugal, and Aa1 (sf) in Spain, driven by the
corresponding local currency country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by better-than-expected collateral
performance and an increase in credit enhancement for the affected
tranches.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transactions has continued to be stable. For
BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION, total
delinquencies have slightly increased in the past year, with 90
days plus arrears currently standing at 0.6% of current pool
balance. Cumulative defaults currently stand at 2.5% of original
pool balance up from 2.04% a year earlier. For Ulisses Finance No.
1, total delinquencies have slightly increased in the past year,
with 90 days plus arrears currently standing at 1.54% of current
pool balance. Cumulative defaults currently stand at 1.98% of
original pool balance up from 1.70% a year earlier.

For BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION, the current
default probability is 5.00% based on current portfolio balance,
which translates to a default probability of 3.91% based on
original portfolio balance. The assumption for the fixed recovery
rate is maintained at 35.0%. Moody's has maintained the portfolio
credit enhancement assumption of 15.0%.

For Ulisses Finance No. 1, the current default probability is 5.35%
based on current portfolio balance, which translates to a default
probability of 2.78% based on original portfolio balance.  The
assumption for the fixed recovery rate is maintained at 30.0%.
Moody's has maintained the portfolio credit enhancement assumption
of 22.0%.

Increase in Available Credit Enhancement

Sequential amortization for both transactions, and a non-amortizing
reserve fund for Ulisses Finance No. 1 led to the increase in the
credit enhancement available in the transactions.

For instance, the credit enhancement for the most senior tranche of
BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION affected by today's
upgrade action, the Class B Notes, increased to 17.19% from 10.64%
since the last rating action. The credit enhancement for the Class
C Notes of Ulisses Finance No. 1 affected by the upgrade action
increased to 31.87% from 23.46% since the last rating action.

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.



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

DRYDEN 91 EURO 2021: Fitch Assigns B- Rating on Class F Debt
------------------------------------------------------------
Fitch Ratings has assigned Dryden 91 Euro CLO 2021 DAC final
ratings.

    DEBT                      RATING
   ----                       ------
Dryden 91 Euro CLO 2021 DAC

A XS2461259371               LT AAAsf   New Rating
B-1 XS2461259298             LT AAsf    New Rating
B-2 XS2461259025             LT AAsf    New Rating
C XS2461259611               LT Asf     New Rating
D XS2461259454               LT BBB-sf  New Rating
E XS2461259538               LT BB-sf   New Rating
F XS2461259967               LT B-sf    New Rating
Subordinated XS2461259702    LT NRsf    New Rating

TRANSACTION SUMMARY

Dryden 91 Euro CLO 2021 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds were used to purchase a portfolio with a target par of
EUR500 million that is actively managed by PGIM Loan Originator
Manager Limited and co-managed by PGIM Limited. The collateralised
loan obligation (CLO) has a three-year reinvestment period and an
eight-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.67.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
58.61%.

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits, including a top-10 obligor
concentration limit at 27% and the maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Neutral): The transaction has a three-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
stressed-case portfolio and matrices analysis is 12 months less
than the WAL covenant to account for structural and reinvestment
conditions after the reinvestment period, including passing the
over-collateralisation and Fitch WARF tests. Combined with loan
pre-payment expectations, this ultimately reduces the maximum
possible risk horizon of the portfolio.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of up to four notches across the
structure.

Downgrades may occur if the loss expectation is larger than
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
no more than three notches across the structure, apart from the
class A 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 losses in the remaining
portfolio.


EUROSAIL-UK 2007-2NP: S&P Affirms B- Rating on Cl. E1c Notes
------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Eurosail-UK
2007-2NP PLC's class C1a, D1a, and D1c notes. At the same time, S&P
affirmed its ratings on the class A3a, A3c, M1a, M1c, B1a, B1c, and
E1c notes.

The rating actions reflect the transaction's stable credit
performance and the increased credit enhancement for the
outstanding notes following sequential amortization and a
non-amortizing reserve fund.

  WAFF And WALS Levels

  RATING LEVEL    WAFF (%)    WALS (%)   EXPECTED CREDIT LOSS (%)

  AAA             33.72       23.74        8.01

  AA              29.52       16.23        4.79

  A               27.12        6.8         1.84

  BBB             24.66        3.56        0.88

  BB              21.92        2.09        0.46

  B               21.31        2.00        0.43

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

S&P said, "The lower expected losses combined with an increase in
available credit enhancement allows the class A3a, A3c, M1a, M1c,
B1a, B1c, and C1a notes to pass our stresses at higher rating
levels than those currently assigned. However, because the notes
are capped at the 'AA' level by our counterparty risk criteria, we
affirmed our 'AA (sf)' ratings on the class A3a, A3c, M1a, M1c,
B1a, and B1c notes, and we raised our rating on the class C1a notes
to 'AA (sf)' from 'AA- (sf)'.

"Our standard cash flow analysis indicates that the available
credit enhancement for the class D1a and D1c notes is commensurate
with higher ratings than those currently assigned. However, we did
not give full benefit to the modeling results since we consider the
borrowers in this transaction to be nonconforming and as such will
generally have lower resilience to inflationary pressures than
prime borrowers. We expect U.K. inflation to reach 5.9% in 2022.
Although elevated inflation is overall credit negative for all
borrowers, inevitably some borrowers will be more negatively
affected than others, and to the extent inflationary pressures
materialize more quickly or more severely than currently expected,
risks may emerge. Additionally, borrowers in this transaction pay a
variable rate of interest. As a result, some borrowers may face
near term pressure from both a cost of living and rate rise
perspective. Our upgrades of the class D1a and D1c notes to 'BBB+
(sf)' from 'BB+ (sf)' reflect these risks.

"We also affirmed our 'B- (sf)' rating on the class E1c notes
because we do not consider this class of notes to be currently
vulnerable and dependent upon favorable business, financial, and
economic conditions to pay timely interest and ultimate principal.
In our cash flow analysis, the class E1c notes did not pass our 'B'
rating level cash flow stresses in several cash flow scenarios.
Therefore, we applied our 'CCC' ratings criteria, to assess if
either a 'B-' rating or a rating in the 'CCC' category would be
appropriate. We performed a qualitative assessment of the key
variables, together with an analysis of performance and market
data, and we do not consider repayment of this class of notes be
dependent upon favorable business, financial, and economic
conditions. Furthermore, the credit enhancement is increasing due
to the sequential amortization and the non-amortizing reserve fund.
We therefore believe that the class E1c notes will be able to pay
timely interest and ultimate principal in a steady-state scenario
commensurate with a 'B-' stress in accordance with our 'CCC'
ratings criteria."

Noteholder approval to replace sterling LIBOR notes with Sterling
Overnight Index Average (SONIA) has not yet been obtained but there
is a fallback provision of applying synthetic LIBOR. Therefore, the
basis risk applied in S&P's cash flow analysis is according to the
most conservative scenario, which in this case is SONIA.

This transaction is a U.K. nonconforming RMBS transaction,
originated by Southern Pacific Mortgage Ltd., GMAC Residential
Funding Co. LLC, Preferred Mortgages Ltd., and London Mortgage Co.

  Ratings List

  EUROSAIL-UK 2007-2NP PLC  

  CLASS    RATING TO    RATING FROM

  A3a      AA (sf)      AA (sf)

  A3c      AA (sf)      AA (sf)

  B1a      AA (sf)      AA (sf)

  B1c      AA (sf)      AA (sf)

  C1a      AA (sf)      AA- (sf)

  D1a      BBB+ (sf)    BB+ (sf)

  D1c      BBB+ (sf)    BB+ (sf)

  E1c      B- (sf)      B- (sf)

  M1a      AA (sf)      AA (sf)

  M1c      AA (sf)      AA (sf)


L1R HB FINANCE: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating and to Caa1-PD from B3-PD the probability
of default rating of L1R HB Finance Limited (Holland & Barrett or
the company).

Concurrently, Moody's has downgraded to Caa1 from B3 the ratings on
the company's backed senior secured credit facilities, comprising a
GBP825 million equivalent term loan B (split between a GBP450
million and a euro-denominated GBP375 million equivalent tranche),
and a GBP75 million revolving credit facility (RCF), due to mature
in August 2024 and August 2023 respectively. The outlook on the
ratings was changed to negative from stable.

RATINGS RATIONALE

Holland & Barrett's results have been weak since before Christmas
when the rise in the Omicron variant of Covid led to a reversal of
the steady upward trend in footfall to retail stores, in particular
in high street and shopping centre locations. Rising inflation and
the resultant hit to consumer confidence and squeeze on disposable
incomes have added to the challenges faced by retailers as they
look to contend with the ever evolving mix between online and
in-store shopping.

While Moody's considers spending on health and wellness to be
fairly resilient, many products sold by specialists such as Holland
& Barrett can be viewed as discretionary. As such, in an
environment where the cost of living will remain in sharp focus the
rating agency considers it unlikely that the company's
profitability will recover from the recent decline over the next
year.

Moody's therefore expects the company's credit metrics will remain
weak, with its Moody's-adjusted leverage, measured as
Moody's-adjusted debt to EBITDA, rising to close to 8x by the end
of the company's fiscal 2022, ending September 30. This compares
unfavourably to the 5.9x leverage ratio at the end of Holland &
Barrett's fiscal 2021.

The rating agency also considers that Holland & Barrett's liquidity
has become weak, bearing in mind that the company has a capital
spending programme which aims to both enhance its online
capabilities and its physical store estate. There is now only
limited time for the company to demonstrate positive trading
momentum that would, in Moody's view, be important to achieve a
timely and cost effective refinancing of the RCF which matures in
August next year and the pari-passu ranking term loan B that
matures a year later.

RATING OUTLOOK

The negative outlook reflects the risk that ongoing weakness in
profitability or liquidity could lead to a further deterioration in
Holland & Barrett's credit quality.

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

An upgrade would be possible if a sustained recovery in revenue and
profitability resulted in the company's leverage, measured in terms
of debt to EBITDA on a Moody's adjusted basis, being maintained
well below 7x on a sustained basis, and the company is able to
maintain an adequate liquidity position, including evidence of its
ability to address its debt maturities.

Conversely, downward pressure could develop if results do not begin
to return to pre-crisis levels during the coming months or if the
company's liquidity profile were to deteriorate further, which in
either case would increase the risk of a balance sheet
restructuring.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations have a low impact on the credit rating
of Holland & Barrett. While the coronavirus pandemic was supportive
of the company's credit quality in that it reinforced demand for
immunity and health products, in Moody's view the long term
dynamics around increasing awareness of the benefits of health
supplements have only limited positive impact on credit quality in
light of the ultimately discretionary nature of the products and
multi-faceted competition.

From a governance perspective Moody's has historically noted the
company's highly leveraged capital structure and the lower
reporting requirements typical of private companies compared to
listed ones. More recently, in early March this year, Mikhail
Fridman and Petr Aven, stepped down from the board of the company's
parent LetterOne after being sanctioned by the EU following the
invasion of Ukraine. They were subsequently also sanctioned by the
UK, but LetterOne and Holland & Barrett issued statements stating
that they are not affected by the sanctions. Ultimately, in Moody's
view the recent events add to an existing lack of clarity about
LetterOne's medium to long term strategy for its investments.

PRINCIPAL METHODOLOGY

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

PROFILE

Holland & Barrett is a chain of health food shops with over 1,000
stores, mainly located in the UK but also in The Netherlands,
Ireland and Belgium. In its fiscal year 2021, ended September 30,
2021, H&B reported GBP727 million of revenue and an operating
profit of GBP55 million. The company is headquartered in Nuneaton,
England and is owned by L1 Retail, a division of LetterOne, a
privately-owned investment vehicle which invests across energy,
health, technology and retail.

MCCOLL'S: Morrisons Rescue Package Amounted to GBP190 Million
-------------------------------------------------------------
Georgia Wright at Retail Gazette reports that Morrisons shelled out
a total of GBP190.1 million to rescue the collapsed convenience
chain McColl's, administrator's documents have revealed.

According to Retail Gazette, administrator PwC said in a letter to
creditors that the supermarket's rescue package for its convenience
and wholesale partner amounted to GBP182.1 million, with a further
sum of up to GBP8 million to pay unsecured creditors.

Morrisons eventually won a shootout after winning a battle against
Asda owner EG Group, (termed "Party A" in the administrator's
letter) to rescue the convenience chain, taking it out of pre-pack
administration on Monday, May 9, Retail Gazette recounts.

Had administrators been officially appointed on Friday 6 May, the
letter says Party A's (EG Group) offer would have been accepted,
Retail Gazette notes.

Instead, PwC's official court appointment on May 9 gave Morrisons
time to increase its bid over the weekend, with both parties
submitting final offers by 6:30 p.m. on Sunday, May 8, Retail
Gazette relates.

Administrators said while Party A's offer was "materially higher"
than that of Morrisons, the total dividend for unsecured creditors
was estimated to be up to 50% higher under the supermarket's
proposal given Morrisons' existing creditor balance, Retail Gazette
relays.

On May 6, McColl's collapsed into administration after negotiations
between Morrisons and the convenience chain's lenders failed to
reach an agreement that would have seen the lenders writing off a
portion of the debt they were owed, Retail Gazette recounts.

The eventual deal saw these lenders repaid in full, Retail Gazette
states.


RAINBOW SAVER: Enters Administration, Halts Operations
------------------------------------------------------
Rainbow Saver Anglia Credit Union Limited was placed into
administration on May 18, 2022, and has now stopped trading. James
Sleight and Peter Hart of PKF Geoffrey Martin & Co Limited have
been appointed as joint administrators.

Rainbow Saver Anglia Credit Union Limited is a financial
co-operative owned by its members.  It is regulated by the
Prudential Regulation Authority (PRA) and the Financial Conduct
Authority (FCA) under Firm Reference Number (FRN) 213617 as a
deposit-taker.

The Financial Services Compensation Scheme (FSCS) is stepping in to
protect members and will return members' money within 7 days from
May 18, 2022, when the Credit Union was declared in default.

Members who want more information from the FSCS about receiving
their money can:

   * email: enquiries@fscs.org.uk

   * phone: 0800-678-1100 or 020-7741-4100.
     Lines are open Monday to Friday from
     9:00 a.m. to 5:00 p.m.

   * view the FAQs on their website

Members who make or receive regular payments from their account
(for example, salary, rent or benefits) who want to discuss their
accounts can contact the joint administrators:  

   * email: rsacu@pkfgm.co.uk

   * phone: 01502-630-120, 07745-795865
            or 0113-244-5141.


SUNGARD UK: Daisy Seals Deal to Snap Up Customers
-------------------------------------------------
Mark Kleinman at Sky News reports that the entrepreneur who has
grown Daisy Group into one of the UK's biggest communications
services providers has swooped to acquire part of Sungard UK, the
collapsed data management operator.

Sky News understands that Daisy founder and chairman Matthew Riley
sealed a deal to transfer key Sungard clients, including major
banks and other financial institutions, to his privately owned
company on May 18.

According to Sky News, in a letter from the administrators at Teneo
Restructuring, clients were informed that that Sungard's workplace
recovery sites were "unable to continue as a going concern and that
the best outcome for customers at these sites would be for them to
transition their services to facilities operated by Daisy Corporate
Services Trading Limited".

"Daisy has significant expertise in the delivery of these services
and is recognised as a market leader in the UK for business
continuity and operational resilience," the letter said.

Teneo advised Sungard clients to agree new contractual terms with
Daisy within a month, after which the services provided by it would
cease, Sky News discloses.

Sky News reported in March that soaring energy costs and an impasse
with landlords over rents had forced Sungard's UK operations into
administration.

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

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


VANGUARD INSOLVENCY: High Court Issues Winding-Up Order
-------------------------------------------------------
Vanguard Insolvency Practitioners Limited, MDN Consultancy Limited,
Newtco Limited and KIS Financial Consultancy Limited were wound-up
in the public interest on May 12, 2022, at the High Court in
Manchester before His Honour Judge Hodge.

Petitions were submitted to the court by the Insolvency Service, on
behalf the Secretary of State for Business, Energy and Industrial
Strategy.  The Official Receiver has been appointed liquidator of
the companies.

The court heard that Vanguard was a "volume" Individual Voluntary
Arrangement (IVA) provider that enabled people in debt to come to
an arrangement with their creditors to pay all or part of their
debts.

Vanguard charged customers a fee for facilitating their
arrangements, which were supervised by Vanguard's licensed
insolvency practitioner.

Following complaints about Vanguard's practices, however, the
Insolvency Service launched confidential enquiries before
investigators uncovered serial abuse of the payments made by
Vanguard's customers.

Vanguard traded from 2016 and used third-party suppliers to help
administer the IVAs and realise debtors' assets.  By April 2020,
Vanguard had more than 14,000 IVA cases under its management.

Investigators found that between August 2018 and June 2020,
Vanguard made payments to various third-party suppliers totalling
almost GBP9 million from their customers' estates under the guise
of expenses or disbursements.

Some of the third parties under a fee sharing arrangement would
then make payments to MDN Consultancy and KIS Financial
Consultancy, who were connected to Vanguard through close personal
or family relationships.

Further enquiries discovered that Vanguard's licensed insolvency
practitioner, responsible for overseeing the IVAs, did not properly
explain to customers what their fees were being used for.

Investigators concluded that Vanguard's practices lacked
transparency as did the activities of its licensed insolvency
practitioner.

The winding up proceedings were initially defended by Vanguard and
the connected companies.  But before trial, the four companies
confirmed they would not oppose the proceedings without making any
admissions. At trial, the Court was content to wind up the
companies.

The Judge commented that it was of particular concern that the
director of Vanguard seemed incapable of seeing anything wrong in
the company's failure to disclose to creditors and debtors the
mechanism that was used to pay money from the IVA estates,
effectively for the benefit of himself and his companies.

Claire Entwistle, Assistant Director of Investigation and
Enforcement Services for the Insolvency Service, said:

"Following a complex and lengthy investigation, the court
recognised the severity of Vanguard and the connected companies'
activities before closing them down for good.

"This sends a strong message to volume IVA providers that if they
do not deal with their cases properly and there is evidence of
abuse, we will take strong action to protect customers and stop
them."

The winding up petitions have not affected the position of any of
the IVAs previously under Vanguard's control.  These were taken on
by another provider some time ago and consumers should continue to
make payments in accordance with the terms of their agreement.  Any
customers who are concerned should get in touch with their IVA
provider in the usual way.

The government recently consulted on making changes to the
insolvency practitioner regulatory regime, including whether firms
offering insolvency services should be subject to regulation, and
will be issuing its response in due course.



                           *********


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.

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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,
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