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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

          Wednesday, July 6, 2022, Vol. 23, No. 128

                           Headlines



F R A N C E

FLAMINGO LUX II: Moody's Affirms B2 CFR & Alters Outlook to Stable


G E R M A N Y

FLENDER HOLDING: Moody's Cuts CFR to B2 & Alters Outlook to Stable
FORTUNA CONSUMER 2022-1: DBRS Finalizes CCC Rating on X Notes
UNIPER: Germany May Take Stake Amid Soaring Energy Prices
[*] GERMANY: Government Can Bail Out Utilities Under New Law


S P A I N

GRUPO COOPERATIVO: DBRS Confirms BB(high) LongTerm Issuer Rating


S W E D E N

SAS: Files for Bankruptcy Protection in U.S. to Cut Debt


U N I T E D   K I N G D O M

A WRITE: Halesowen Shop Reopens Following Acquisition
CMF PLC 2020-1: Moody's Affirms Ba1 Rating on Class E Notes
DIGNITY FINANCE: Fitch Affirms BB+ Rating on B Notes, Outlook Neg.
FURNITURE LOFT: Ceases Trading, Up to 400 Customers Affected
MAGGESE SRL: DBRS Lowers Class A Notes Rating to CCC

PREMIER FOODS: S&P Raises ICR to 'BB' on Strong Credit Metrics
PROVIDENT: Customers Set to Get Refunds This Week
TOGETHER ASSET 2022-2ND1: DBRS Finalizes B Rating on Class F Notes

                           - - - - -


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F R A N C E
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FLAMINGO LUX II: Moody's Affirms B2 CFR & Alters Outlook to Stable
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Moody's Investors Service has affirmed the B2 corporate family
rating and a B2-PD probability default rating of Flamingo Lux II
SCA, the direct parent of EMERIA (formerly Foncia Management SAS)
and the top entity of the restricted group. Concurrently, Moody's
has assigned a B2 rating to the new EUR560 million senior secured
term loan B1 and affirmed the B2 ratings on the EUR1,275 million
senior secured term loan B, the existing EUR400 million senior
secured notes, all due in 2028 and the EUR437.5 million senior
secured first lien revolving credit facility (RCF) due 2027; all
issued by EMERIA, as well as the Caa1 rating of EUR250 million
senior unsecured notes due 2029 issued by Flamingo Lux II SCA. The
outlook on both entities was changed to stable from negative.

Net proceeds from the new senior secured term loan B1 will be used
to complementarily fund the acquisition of the UK residential
property management company FirstPort, for which EMERIA's
shareholders have contributed equity to support the capital
structure in the context of this transaction. The company has also
repaid EUR200 million under the RCF.

RATINGS RATIONALE

The B2 CFR is supported by EMERIA's leading market position in
France and now UK with increasing presence in neighbouring
countries such as Germany, Belgium, and Switzerland; the company's
large recurring revenue base coming from stable residential
property management activities and a solid historical track record
of improving margins and positive free cash flow which Moody's
expect to continue over the next 12-18 months.

The company's CFR is currently constrained by the still high
leverage at above 8x and its sensitivity to financial policy with
respect to capital allocation, execution risks and funding needs
related to the M&A-driven growth strategy within fragmented
markets; and its geographically concentration in France, albeit
reducing over time with now 21% of revenues generated outside the
French market. Other non-idiosyncratic risks come from a potential
slowdown of economic activity because of the Russia-Ukraine
military conflict, inflationary pressures and rising cost of
capital which could weigh on the company's strategy.

RATING OUTLOOK

While during 2022 the company will remain weakly positioned with
leverage still above the guidance for the B2 rating category;
Moody's estimate that the earnings contribution on an annualised
basis from recent acquisitions (including FirstPort) will result in
leverage reducing to levels more commensurate with the B2 rating
over the next 12 to 18 months; which supports Moody's stable
outlook. Furthermore, Moody's expect EMERIA's earnings to continue
to strengthen, enhanced by solid organic growth prospects in its
core markets.

Moody's stable outlook also incorporates shareholders' and
management commitment of no aggressively financed acquisitions as
well as unchanged resilient trading conditions in the EMERIA's core
residential real estate services markets.

The rating guidance is calibrated on the company's current quality
of reported earnings which includes substantial one-off adjustments
related to acquisitions made in each financial year. Moody's see
most of those type of costs as rather recurring because of
company's M&A-driven growth strategy.

Moody's would expect EMERIA's underlying earnings quality to
gradually improve as the company successfully integrates acquired
business and reaches a scale where organic growth becomes the main
driver.

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

Upward rating pressure could develop if a strong revenue and margin
expansion on the back of the new strategic initiatives lead to
Moody's-adjusted debt/EBITDA falling sustainably towards 5x and
FCF/debt increasing towards 10%.

Downward rating pressure could arise if credit metrics remain
sustainably weak for the B2 CFR or liquidity weakens, in case of
execution issues with the new strategic initiatives, or debt-funded
acquisitions. This would be evidenced by Moody's-adjusted
debt/EBITDA remaining sustainably above 6.5x or FCF/Debt not
improving towards 5%.              

LIQUIDITY

Liquidity is good with EUR72 million cash as of end of May 2022,
Moody's expectation of the company continuing generating positive
free cash flow over the next 12 to 18 months and additional
EUR247.5 million undrawn under RCF as of end of May 2022.

Moody's expects the company to maintain ample headroom under the
springing covenant attached to the RCF. There is no material debt
maturing before 2027, when the RCF matures.

ESG CONSIDERATIONS

ESG considerations incorporate in EMERIA's ratings mainly relate to
governance risks, associated with its private equity ownership and
the traditionally more aggressive financial policy to that, which
is tolerant of high leverage, debt-funded M&A and recapitalisation
measures.

However, Moody's understand from shareholders' and management that
they are committed to no aggressively financed acquisitions or
recapitalisation measures over the next 12-18 months, as EMERIA
continues to be a strategic investment to them that offers solid
earnings prospects. A recent example of that is the equity
contribution made in the context of the acquisition of FirstPort.

Social risks are also entailed in the company's operations due to
the propensity of the residential real estate services market to be
subject to regulatory risk.

STRUCTURAL CONSIDERATIONS

The senior secured debt instruments including new term loan B1 are
rated B2, at the same level as the CFR, reflecting their pari passu
ranking and the comparatively small amount of junior debt ranking
below them. Conversely, the senior unsecured notes are rated Caa1
due to the comparatively high amount of debt ranking ahead of them
in the capital structure.

The senior secured bank credit facilities benefit from a security
package comprising share pledges of material subsidiaries,
assignment of intercompany receivables, and pledges over certain
bank accounts. The senior secured bank credit facilities also
benefit from upstream guarantees from most operating subsidiaries.
The senior unsecured notes benefit from the same upstream
guarantees as the senior secured debt, but on a second ranking
basis.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Headquartered in France, EMERIA is a leading provider of
residential real estate services through a network of over 500
branches. The company, which is owned by a consortium led by
private equity fund Partners Group since 2016, generated revenue of
EUR1.5 billion and a reported EBITDA of EUR265 million in 2021.  
 



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G E R M A N Y
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FLENDER HOLDING: Moody's Cuts CFR to B2 & Alters Outlook to Stable
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Moody's Investors Service has downgraded the corporate family
rating to B2 from B1 and the probability of default rating to B2-PD
from B1-PD of Flender Holding GmbH (Flender or the company).
Concurrently, Moody's has downgraded to B2 from B1 the instrument
ratings of Flender International GmbH's EUR1,240 million senior
secured term loan B, EUR125 million senior secured guarantee
facility, EUR80 million renminbi equivalent senior secured term
loan B2 and EUR170 million senior secured revolving credit facility
(RCF). The outlook on all ratings has been changed to stable from
negative.

"The rating action reflects our expectations that, given the
difficult market conditions, Flender's key credit metrics will not
be commensurate with a B1 rating" says Dirk Goedde, VP-Senior
Analyst and the Lead Analyst for Flender. "The high deleveraging
expectations following the debt-funded shareholder distribution in
2021 will most likely not being met given headwinds from supply
chain disruptions, raw material prices, delay in wind projects and
the challenge to fully pass on rising input costs to
end-customers", Mr. Goedde added.

RATINGS RATIONALE

The rating action balances the solid order book and the expected
benefits from cost improvements with rising raw material prices and
the uncertain ability to pass these on to end customers. The
company has started to implement price escalation clauses into its
contracts or otherwise increased selling prices, but given the
stretched margins at their customer base, Moody's believe that
profitability will be subdued in the next 12 months. As a result,
Moody's adjusted debt/EBITDA is expected to increase above 6.5x in
fiscal year 2022 and free cash generation is expected to be
negative at FCF/debt at -2%.

More general, the B2 CFR reflects (1) the leading market position
within the highly consolidated market for wind gearboxes, where it
holds the number one position outside of China and stabilising
effect of an important aftermarket business; (2) mission critical
nature of gearboxes in wind turbines, however, only making up a
moderate portion of the bill of materials of OEMs; (3) its
industrial division, with a very diversified end market exposure as
well as a decent share of service revenue; (4) diversified
manufacturing footprint for its size, with facilities in the US,
Europe and Asia and (5) expected execution of cost savings program
to restore profitability within 24 months.

The rating is, however constrained by Flender's (1) short financial
track record as a stand-alone company; (2) high dependency on the
overall health of the wind turbine industry; (3) relatively low
profitability for parts of the business; (4) risk of continued
price pressure on turbine manufacturers, which could spill over on
suppliers like Flender and (5) leveraged capital structure, which
has been further stretched by recent dividend recapitalization and
the expectation of limited improvements, e.g. reflected in a low
free cash flow/debt (before dividends), driven by expected high
capital expenditure in the next 12-18 months.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
can return to revenue growth and increasing profitability so that
Moody's adjusted leverage declines into the required guidance for
the B2 rating category in the next 12-18 months. Moody's project
Moody's-adjusted debt/EBITDA to exceed 6.5x and negative free cash
flow/debt in fiscal 2022 and a rebound of both metrics in fiscal
2023. The stable outlook assumes that no further dividends will be
paid in Moody's forward view.

LIQUIDITY PROFILE

Moody's considers Flender's liquidity as adequate. As of March
2022, the company had EUR48 million cash on balance sheet and full
access to the EUR170 million senior secured RCF. These funds are
sufficient to cover the expected negative free cash flow in fiscal
year 2022.

The RCF is subject to a springing first lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%, net
of cash balances.

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

Positive rating pressure requires a sustained track record of
Flender as a standalone entity, reflected in (1) sustaining a
debt/EBITDA ratio below 5.0x as; (2) increase the EBITA margin
towards 8%; (3) improving its free cash flow generation such as
FCF/debt towards 4% and (4) a solid liquidity profile.

Negative ratings pressure could arise if (1) the company failed to
sustain debt/EBITDA below 6.0x; (2) the EBITA margin deteriorates
below 5%; (3) continuous negative free cash flow/debt ratio and (4)
if the company's liquidity starts to weaken.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Bocholt, Germany, Flender is a manufacturer of
mechanical drive technology with a product and service portfolio of
gearboxes, couplings and generators for a broad range of
industries, with a large focus on the wind turbine market. Founded
in 1899 and part of Siemens since 2005, the company has been carved
out in March 2021 and is owned by funds affiliated with the Carlyle
Group. For its fiscal year of 2021, ending September 30, the
company reported revenue of EUR2.2 billion and EBITA of EUR169
million.


FORTUNA CONSUMER 2022-1: DBRS Finalizes CCC Rating on X Notes
-------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings of the notes
issued by Fortuna Consumer Loan ABS 2022-1 Designated Activity
Company (the Issuer) as follows:

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

DBRS Morningstar did not assign a rating to the Class G Notes or
the Class R Notes also issued in this transaction.

The ratings of 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 of the
Class C, Class D, Class E, and Class F Notes address the ultimate
repayment of interest (timely when most senior) and the ultimate
repayment of principal by the legal final maturity date. The rating
of the Class X Notes addresses the ultimate repayment of interest
and the ultimate repayment of principal by the legal final maturity
date.

The transaction is a securitization of fixed rate, unsecured,
amortizing consumer loans granted to individuals domiciled in
Germany and brokered through auxmoney GmbH (auxmoney) in
co-operation with Süd-West-Kreditbank Finanzierung GmbH (SWK) as
the nominal originator.

The ratings are based on the following analytical considerations:

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

-- Credit enhancement levels sufficient to support DBRS
Morningstar's projected cumulative 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;

-- DBRS Morningstar's operational risk review of SWK and
auxmoney's capabilities with regard to originations and
underwriting;

-- CreditConnect GmbH's capabilities with regard to servicing;

-- The transaction parties' financial strength regarding their
respective roles;

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

-- DBRS Morningstar's sovereign rating of the Republic of Germany,
currently at AAA with a Stable trend; and

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

TRANSACTION STRUCTURE

The transaction is static but features two more sales and transfers
within five weeks of transaction closing. There are separate
waterfalls for interest and principal payments that facilitate the
distribution of the available distribution amount. Post-closing,
the notes (except for the Class R and Class X Notes) will enter
into a pro rata redemption period with amortization amounts based
on the percentages (which are the outstanding amount of each class
of notes minus the related class PDL divided by the aggregate
amount) until the breach of a sequential redemption trigger after
which the notes will be repaid sequentially.

The transaction includes an amortizing liquidity reserve funded
through the issuance proceeds of the notes at closing, which is
only available to the Issuer in restricted scenarios where the
interest and principal collections are not sufficient to cover the
shortfalls in senior expenses and interests on the Class A Notes
and, if not deferred, the interest payments on the Class B, Class
C, Class D, Class E, and Class F Notes.

The transaction also benefits from a PDL mechanism to capture
excess spread to cure principal deficiencies. Principal funds may
be used to cover certain interest shortfall. The transaction
structure also incorporates interest deferral triggers to defer
interest payments on the notes, conditional on the PDL debit amount
and seniority of the notes.

The interest rate risk is considered to be largely mitigated by an
interest rate cap.

COUNTERPARTIES

Elavon Financial Services DAC (Elavon) is the account bank for the
transaction. DBRS Morningstar has a private rating on Elavon. The
transaction documents contain downgrade provisions relating to the
account bank consistent with DBRS Morningstar's criteria.

BNP Paribas is the cap counterparty for the transaction. DBRS
Morningstar has a Long-Term Issuer Rating of AA (low) on BNP
Paribas, which meets its criteria to act in such capacity. The
transaction documents also contain downgrade provisions consistent
with DBRS Morningstar's criteria.

DBRS Morningstar analyzed the transaction structure in Intex
Dealmaker.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) that had a
significant or relevant effect on the credit analysis.

Notes: All figures are in euros unless otherwise noted.


UNIPER: Germany May Take Stake Amid Soaring Energy Prices
---------------------------------------------------------
Tom Kaeckenhoff and Christian Kraemer at Reuters report that
Germany is preparing for the possibility of taking a stake in
Uniper, the country's largest buyer of Russian gas, Handelsblatt
reported, knocking the energy firm's share price.

Chancellor Olaf Scholz's government, which has warned that
utilities could face a Lehman Brothers style collapse due to
soaring energy prices, has agreed legislation allowing Berlin to
take stakes in energy firms which run into financial trouble,
Reuters relates.

Last week, Uniper became the first German energy company to raise
the alarm over scarce gas and soaring prices, saying it was in
talks about a possible government bailout, Reuters recounts.

According to Reuters, Handelsblatt said Berlin is in talks about
subscribing to a package of new shares of up to 25% in Uniper at a
nominal value of 1.70 euros per share and is also discussing a
possible silent partnership, an equity instrument without voting
rights.

Handelsblatt added the volume of the deal could be between EUR3
billion and EUR5 billion, Reuters notes.


[*] GERMANY: Government Can Bail Out Utilities Under New Law
------------------------------------------------------------
Miranda Murray at Reuters reports that Germany's government will
have the power to bail out utilities under proposed legislative
changes approved by the cabinet on July 5, according to the economy
ministry.

"The situation on the gas market is tense and unfortunately we
cannot rule out a deterioration in the situation," Reuters quotes
Economy Minister Robert Habeck as saying in a statement.

According to Reuters, new amendments to the Energy Security Act
will give the government additional tools to help utilities if they
falter under rising energy prices as Russian gas imports decline.

The ministry said under the legislation, the government can take
action to stabilise energy companies that are facing financial
difficulties and thereby avoid a cascading effects in the energy
market that could hit consumers, Reuters relates.

It also introduced an alternative mechanism to share the costs of
rising gas prices equally among all consumers, in addition to the
possibility of triggering a general price adjustment clause if
there is a significant disruption to gas imports, Reuters
discloses.

The law is to be voted on by the lower and upper houses of
parliament on Friday, July 8, Reuters states.




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S P A I N
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GRUPO COOPERATIVO: DBRS Confirms BB(high) LongTerm Issuer Rating
----------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings of Grupo Cooperativo
Cajamar (GCC, the Group), Cajamar Caja Rural, Sociedad Cooperativa
de Credito (Cajamar), and Banco de Credito Social Cooperativo S.A.
(BCC). The Long-Term Issuer Ratings remains at BB (high) and the
Short-Term Issuer Ratings at R-3. The trend on all ratings has been
revised to Stable from Negative. DBRS Morningstar has also
maintained the Group's Intrinsic Assessment (IA) at BB (high) and
the Support Assessment at SA3. Cajamar's and BCC's Support
Assessment is SA1.

KEY RATING CONSIDERATIONS

The change of the trend to Stable from Negative reflects DBRS
Morningstar's view that the impact of COVID-19 on the Group has
been less than originally anticipated, especially with regard to
GCC's asset quality and earnings. Notably, as of end-March 2022 GCC
has continued to reduce its problematic assets (down 28% YoY) and
profitability levels, albeit weak, are back to pre-COVID levels.
DBRS Morningstar expects the Group's risk profile will continue to
improve in coming quarters given expected additional efforts to
clean-up its balance sheet. Nevertheless, asset quality risks do
remain, following the full removal of Government support measures
and following the Russian invasion of Ukraine. DBRS Morningstar
does not expect the conflict to have any immediate impact for GCC
given the Group does not have material exposures to Russia and
Ukraine, however, the indirect macroeconomic implications are
likely to negatively affect the operating environment of the
Group.

The ratings also reflect the Group's sound cooperative franchise in
Spain, particularly in the agriculture sector in its home markets
of Almeria and Valencia, which provides the Group with a stable
customer deposit base. The ratings also incorporate the Group's
remaining high levels of non-performing assets (NPAs) due to
foreclosed assets. The confirmation also takes into consideration
GCC's still weak profitability as well as the improving but modest
capital cushion over its requirements.

RATING DRIVERS

An upgrade of the Long-Term Issuer Rating would require further
reduction of the Group's NPAs without negatively affecting capital
and consistently restoring pre-pandemic profitability metrics.

A downgrade of the Long-Term Issuer Rating would result from a
sustained deterioration in the loan portfolio, a reduction in
profitability, or a weakening of the Group's capital cushions.

BCC's and Cajamar's ratings are equalized with the ratings of GCC.
As a result, any positive or negative actions on GCC's ratings
would be mirrored in the ratings of BCC and Cajamar.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate

GCC's IA of BB (high) is underpinned by the Group's sound franchise
position as the largest cooperative bank in Spain, as measured by
total assets. The Group enjoys significant market shares for
agriculture loans in Spain of around 15% and has meaningful
regional market shares in the regions of Almeria (around 45%) and
Valencia (around 10%). However, the Group's national market shares
are more modest at around 2.9% for loans at end-March 2022.

Earnings Combined Building Block (BB) Assessment: Weak/Very Weak

DBRS Morningstar views GCC's profitability as recovering after the
economic disruption resulting from COVID-19. The Group recorded in
Q1 2022 a net attributable profit of EUR 29.5 million, up from EUR
14 million in Q1 2021. Excluding one-off effects, related to the
sovereign portfolio sale, insurance business value increase, and
TLTRO III accruals, GCC's total operating income would have
increased 9% YoY. Nevertheless, the Group's RoE was 3.3% in the
period, which is still low compared to domestic peers. This
reflects the high cost of risk (170 bps in Q1 2022) given that the
Group is still in the process of de-risking the balance sheet by
reducing its legacy problematic assets from the financial crisis.
DBRS Morningstar considers that profitability will continue to be
low in coming quarters due to a still high cost of risk in 2022.

Risk Combined Building Block (BB) Assessment: Moderate/Weak

The recent improvement in GCC's asset quality is a key
consideration for the trend change to Stable, with the Group
continuing to reduce its problematic exposures in the past 12
months, despite the COVID-19 pandemic. At end-Q1 2022, NPAs totaled
EUR 3 billion, down 28% YoY. The reduction was helped by organic
reduction and the sale of a portfolio. As a result, at end-March
2022 the NPL ratio is close to 3.4%, below the average of the
Spanish Banking system. However, given its still high exposures to
legacy foreclosed assets, the Group's NPA ratio is still high, at
around 8% of total gross loans and foreclosed assets, down from
11.3% a year ago. DBRS Morningstar expects that the Group will
continue to reduce its problematic assets in coming quarters,
mainly through further organic reduction. As of end-March 2022, all
the Group's loans under moratoria had expired and the performance
of the loans under moratoria has been better than expected.
Regarding newly originated loans provided under the state guarantee
schemes, these amounted to EUR 1.8 billion, representing around
5.1% of the Group's total gross loans. However, given the
guarantees provided by the Kingdom of Spain (which covers up to 80%
of the credit losses), DBRS Morningstar does not expect any
deterioration of this portfolio to have a major impact on the
Group's asset quality profile.

Funding and Liquidity Combined Building Block (BB) Assessment:
Good/Moderate

DBRS Morningstar views GCC's funding and liquidity position as
being underpinned by the solid and stable customer deposit base
generated through its cooperative business model. At end-Q1 2022,
the loan to deposit ratio was 85% (as calculated by DBRS
Morningstar) down from 90% at end-Q1 2021. The Group also has a
solid liquidity position supported by a large pool of liquid assets
totaling EUR 13.2 billion, or 22% of end-Q1 2022 total assets. GCC
reported a Liquidity Coverage Ratio (LCR) of 204% and a Net Stable
Funding Ratio (NSFR) of 139% at end-Q1 2022. Funding from the
European Central Bank (ECB) stood at around EUR 10.3 billion at
end-Q1 2022, accounting for around 17% of total assets.

Capitalization Combined Building Block (BB) Assessment:
Moderate/Weak

GCC's CET1 ratio (phased-in) stood at 13.1% at end-Q1 2022, down
from 13.8% at end-Q1 2021, largely resulting from higher Risk
Weighted Assets (RWAs) due to strong new lending volumes. In
addition, the Group had a negative impact (45 bps) of the
application of the prudential regulation, related to the shortfall
of loan loss reserves for old NPLs relative to the ECB's
expectations and further deductions for intangible assets. This
compares to a minimum SREP Capital Requirement (OCR) for total
capital of 13.0% for 2021. As a result, the capital cushion over
the requirement was 256 bps, which is lower than the average of
Spanish peers. However, capital ratios and cushions over
requirements have increased since the COVID-19 outbreak. The
cooperative credit institutions within the Group (including
Cajamar) are owned by its members who contribute to capital.
Capital contributions from its members were substantial during the
previous 12 months representing 86 bps of the Group's CET1 ratio
(phased-in). DBRS Morningstar views this positively as the Group's
ability to increase capital through retained profits or capital
markets is limited.

Notes: All figures are in EUR unless otherwise noted.




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S W E D E N
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SAS: Files for Bankruptcy Protection in U.S. to Cut Debt
--------------------------------------------------------
Anna Ringstrom, Stine Jacobsen and Jamie Freed at Reuters report
that Scandinavian airline SAS has filed for bankruptcy protection
in the United States to help cut debt, it said on July 5, piling
pressure on striking pilots it blames for deepening its financial
woes and sending its shares down 10%.

Wage talks between SAS and its pilots collapsed on July 4,
triggering a strike that adds to travel chaos across Europe as the
peak summer travel season shifts into full gear, Reuters relates.

According to Reuters, Chief Executive Anko van der Werff said the
strike had accelerated its decision to file for Chapter 11 status.
But the negotiator for SAS' Danish pilots said the scope of the
filing showed it had been months in the making and called attempts
to blame striking staff for triggering it "beneath contempt".

The airline, whose biggest owners are Swedish and Danish taxpayers,
said that the strike would have "a negative impact on the liquidity
and financial position of the company and, if prolonged, such
impact could become material", Reuters notes.

The strike will cost it US$10 million to US$13 million per day, the
company said in its court filing, Reuters relays.  Sydbank analysts
estimated, in a worst-case scenario, it could erase up to half of
its cash flow in the initial four to five weeks alone, according to
Reuters.

"The pilots may well consider themselves pieces in the puzzle that
legalizes the management's Chapter 11 request, and it's doubtful
whether it will bring them back to the negotiating table," Reuters
quotes Sydbank analyst Jacob Pedersen as saying.

"On the other hand, the Chapter 11 request also shows how serious
the situation is for SAS."

Entering Chapter 11 would make it easier for the company to lay off
employees, experts say, Reuters relays.

According to Reuters, Swedish Airline Pilots Association Chairman
Martin Lindgren said his members had seen it as inevitable the
airline would need to embark on a "reconstruction".

"It does not affect the strike or our agreements," he said.

The airline, as cited by Reuters, said the U.S. bankruptcy
protection filing was aimed at accelerating a restructuring plan
announced in February.

"SAS aims to reach agreements with key stakeholders, restructure
the company's debt obligations, reconfigure its aircraft fleet, and
emerge with a significant capital injection," it said.

SAS said discussions with lenders regarding another US$700 million
of financing were "well advanced", Reuters notes.

It said the strike is grounding roughly half the airline's flights,
affecting some 30,000 passengers per day, according to Reuters.

SAS expects to complete the Chapter 11 process in nine to 12
months, it added, Reuters discloses.  SAS shares can be traded as
normal during the bankruptcy proceedings, Reuters notes.

SAS had three bonds outstanding, with a total face value of SEK5.4
billion (US$519 million), Reuters notes.  They now trade at deeply
distressed levels of around one-third of face value, Reuters
states.

The airline predicted its cash balance of SEK7.8 billion crowns was
sufficient to meet its business obligations in the near term,
according to Reuters.

Sweden's government has said no to injecting more cash into the
carrier, while Copenhagen has said it may do so if SAS is able
attract new investors, Reuters relates.




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U N I T E D   K I N G D O M
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A WRITE: Halesowen Shop Reopens Following Acquisition
-----------------------------------------------------
Helen Attwood at Halesowen News reports that a shop in Halesowen
has reopened to a "really positive start."

A Write Card in the Cornbow Centre reopened on, Monday July 4,
after closing suddenly in March, Halesowen News relates.

According to Halesowen News, Tom Banner, owner of
Kidderminster-based card shop, Card Stop, has bought all nine Write
Card branches, which shut their doors earlier this year.

The four staff who were previously based at the Halesowen branch
have got their jobs back, Halesowen News discloses.

A Write Card went into administration for the second time in two
years in March, Halesowen News notes.

Previously, in January 2020, the Halesowen shop closed for five
weeks as the company went into liquidation but then reopened the
following month, Halesowen News recounts.

The other branches include Bromsgrove and Redditch, with former
staff members re-employed.


CMF PLC 2020-1: Moody's Affirms Ba1 Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two notes in
CMF 2020-1 PLC. The rating action reflects the increased levels of
credit enhancement for the affected notes, and for Class C notes
takes into account the level of liquidity support.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

GBP301.722M Class A Notes, Affirmed Aaa (sf); previously on Feb
26, 2020 Definitive Rating Assigned Aaa (sf)

GBP9.893M Class B Notes, Upgraded to Aaa (sf); previously on Feb
26, 2020 Definitive Rating Assigned Aa2 (sf)

GBP8.244M Class C Notes, Upgraded to Aa1 (sf); previously on Feb
26, 2020 Definitive Rating Assigned Aa3 (sf)

GBP8.244M Class D Notes, Affirmed Baa1 (sf); previously on Feb 26,
2020 Definitive Rating Assigned Baa1 (sf)

GBP1.649M Class E Notes, Affirmed Ba1 (sf); previously on Feb 26,
2020 Definitive Rating Assigned Ba1 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transaction has continued to be stable since
closing. 90 days plus arrears are currently standing at 0.83% of
current pool balance with pool factor at 50.5%.  The underlying
loan portfolio has incurred no losses since closing.

Moody's maintained the expected loss assumption as a percentage of
original pool balance at 0.7% due to the stable performance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
at 9%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

The credit enhancement for Classes B and C increased to 11.1% and
6.1% from 5.6% and 3.1% since closing.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
Febuaury 2022.

The analysis undertaken by Moody's at the initial assignment of a
rating for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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 and (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.


DIGNITY FINANCE: Fitch Affirms BB+ Rating on B Notes, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Dignity Finance plc's class A notes at
'A-' and class B notes at 'BB+'. The Outlooks are Negative.

   DEBT               RATING               PRIOR
   ----               ------               -----

Dignity Finance Plc

Dignity Finance    LT    BB+   Affirmed    BB+
Plc/Debt/4 LT

Dignity Finance    LT    A-    Affirmed    A-
Plc/Debt/2 LT

RATING RATIONALE

The ratings remain underpinned by the stable demand linked to
deaths in the UK, although this has been more volatile during the
pandemic, and Dignity's resilient, albeit weakening cash flow
profile. The fully amortising and fixed-rate notes continue to
benefit from strong creditor-protective features. The class B
notes' long dated maturity and subordination weigh on their debt
structure assessment. The rent-adjusted minimum of average and
median free cash flow (FCFR) debt service coverage ratio (DSCR) for
class A and B are at 1.8x and 1.3x, the negative sensitivity's
triggers for each rating. The ratings are aligned with peers and
Fitch's criteria.

The Negative Outlooks reflect the pressure on the ratings from
reduced tariff flexibility, increased exposure to discretionary
spending and rising price transparency in the sector. The Outlooks
also reflect the uncertainty related to the execution of the
company's new pricing strategy during a period of likely falling
excess death rates and challenging economic environment. Fitch will
closely monitor the execution of the new pricing strategy together
with the development of Dignity's market share, which the agency
considers critical for improvement in the transaction's cash flow.

KEY RATING DRIVERS

Mature Industry Subject to Demographics - KRD - Industry Profile -
Midrange

Fitch views the volume risk as limited, as long-term demand should
be predictable. There are limited barriers to entry for new
operators of funeral homes, in a fragmented market with a large
number of small players. Higher barriers exist in the crematoria
segment, due to the difficulty in developing new greenfield
crematoria in the UK and a certain degree of operational
complexity.

The acceleration of price competition and Dignity's reaction with
an alternative low-priced range of products and more flexible
packages to broaden its offering, highlight the growing exposure of
the funeral business to discretionary spending and behavioural
changes, in the context of a higher degree of inter-changeability
between different products. The recent interest of the Competition
and Markets Authority and HM Treasury in the funeral and crematoria
business increases uncertainty about the regulatory framework, in
Fitch's view.

Sub-KRDs - Operating environment: Midrange, Barriers to entry:
Midrange, Sector sustainability: Stronger

Declining Long-term Stability - KRD - Company Profile - Midrange

Dignity delivered positive trading performance between 2004 and
2018, even during the most challenging times of the economic cycle.
This was achieved through above-inflation price increases,
selective acquisitions and a reinforced presence in the
highest-yielding segment (cremations). In 2018 and 2019, Dignity
expanded its product offer across all business segments into
lower-priced services, gradually eroding its profitability and
increasing its exposure to fluctuations in underlying volumes, as a
consequence of short-term volatility in the number of deaths,
behavioural changes or market share losses.

Fitch expects Dignity's ability to increase tariffs across all
business segments will reduce over the next three to five years, as
a consequence of consumers' more price-conscious behaviour and the
company's strategy of re-gaining market share. Coupled with the
introduction of the unbundled price, increased price transparency,
and Fitch's expectation of an increasing portion of funerals being
performed under pre-arranged plans, Fitch expects margins to remain
under pressure

Sub-KRDs - Financial performance: Midrange, Company operations:
Midrange, Transparency: Stronger, Dependence on operator: Midrange,
Asset quality: Midrange

Solid Debt Structure - KRD - Debt Structure - Stronger (class
A)/Midrange (class B)

The notes are fixed-rate and fully amortising, benefiting from a
strong UK whole business securitisation (WBS) security package as
well as strong structural features such as a tranched liquidity
facility and high thresholds for both the restricted payment
conditions and the financial DSCR covenant. The class B notes'
lower assessment is due to their contractual subordination and late
maturity in 2049.

Sub-KRDs - Debt profile: Stronger (class A)/Midrange (class B),
Security package: Stronger (class A)/Midrange (class B), Structural
features: Stronger

Financial Profile

The rent-adjusted minimum of average and median FCFR DSCR for the
class A notes is 1.8x and 1.3x for the class B notes. These are
just at Fitch's rating sensitivity thresholds for both classes.

PEER GROUP

Dignity has no direct peers due to its unique industry within the
Fitch WBS universe. The closest peer is CPUK Finance Limited (class
A notes: BBB/Stable). Dignity benefits from a stronger industry
profile than CPUK. CPUK is even more exposed to discretionary
spending and volume fluctuations, which makes the projection of
long-term cash flows challenging.

RATING SENSITIVITIES

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

-- Lack of evidence of increasing market share to off-set the
    competitive pricing policy, combined with further reduction in

    pricing flexibility over the medium term due to increased
    price competition in the industry;

-- Projected FCFR DSCR metrics declining persistently below 1.8x
    and 1.3x for the class A and B notes, respectively.

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

-- Projected FCFR DSCR metrics sustainably above 2.3x and 1.6x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

TRANSACTION SUMMARY

Dignity is a financing vehicle for the securitisation comprising
771 funeral homes and 44 crematoria as at April 2022. The Dignity
group is the second-largest provider of funeral services in the UK
and the largest provider of crematoria services.

CREDIT UPDATE

Death Rate Volatility and Average Pricing Affects Profits

The Covid-19 pandemic had an impact on the number of funerals and
cremations performed by the Dignity group. In 2020, the pandemic
contributed to a 14% increase in the total UK annual death toll to
663,000, while in 2021, the number of deaths remained effectively
flat at 664,000. However, allowing for 2021 representing a 53-week
period for the group, deaths were about 14,000 lower in 2021 on a
comparable basis.

The securitisation's EBITDA was GBP72.4 million in the 53 weeks
ending 31 December 2021. However, the trailing 53-week EBITDA
declined to GBP54.5 million in the period ending 1 April 2022. In
1Q22, the absolute number of deaths decreased by approximately 19%
to 166,000 from 204,000 in the comparative period in 2021. In
addition to lower revenue yield partially due to a new pricing
strategy, profits were affected by increased costs and net closure
of 22 funeral homes over the previous 12 months. Positively, in
1Q22 the funeral market share increased to 12.7% from 11.8% in 2021
and crematoria market share to 12.6% from 11.3%. The reported FCF
DSCR was 1.24x as of 1 April 2022.

Impact of New Pricing Strategy

Following years of rising funeral prices, which led to lower
volumes per funeral home and may have contributed to Dignity's
declined market share, management introduced a new funeral pricing
strategy in early September 2021. The group envisages re-gaining
market share through volume growth by providing price-competitive
products and improving the value proposition for customers.
However, setting prices competitively as the country slowly emerges
from the pandemic and death rates are likely to fall could lead to
a decline in profitability. The price declines appear to be
material. The underlying attended funeral average revenue in 4Q21
was 24% below the comparable pre-pandemic period in 2019.

As part of its updated strategy, the company is aiming to focus on
efficiencies and reducing central overheads. This includes
reengineering of the business to a leaner cost base. The business
reorganisation also aims to reduce the number of brands.

Covenant Waiver Highlights Execution Risk

On March 11 2022, the class A bondholders consented to waive the
financial default covenant, set at 1.5x EBITDA to debt service
(EBITDA DSCR), during the four test periods in 2022. The waiver is
subject to equity cure of up to GBP15 million provided or procured
by Dignity Plc. Each equity cure amount will be included in the
calculation of the transaction's EBITDA and aims to restore the
ratio to at least the covenanted level. Any amount injected for the
equity cure could be used at Dignity's discretion, in line with
transaction documentation, for example as maintenance or capital
expenditure. The consent request includes, among others, a waiver
for the requirement to appoint a financial advisor.

The implementation of the waiver highlights the uncertainty related
to the company's new pricing strategy during a period of likely
falling excess death rates. Higher death rates during the pandemic
in 2020 and 2021 contributed to the securitisation's relatively
stable performance despite lower revenue per funeral and cremation,
caused by the various pandemic-related government restrictions.
However, a large number of excess deaths during this period means
that some deaths have been brought forward. Depending on the
development of the pandemic, and as the effect of excess death
rates fades, death rates may be lower in 2022 and subsequent
years.

In general, covenant breaches in UK WBS transactions, including
those triggered by disruptions related to the coronavirus pandemic,
may not necessarily result in negative rating action. A WBS
covenant breach may indicate an increased probability of a payment
default, but is not necessarily in itself considered a default.
Fitch will closely monitor developments surrounding the execution
of Dignity's new pricing strategy, evolution of death rates and
market share.

Review of Dignity's Capital Structure

We understand that Dignity Plc's management continue to work on a
transaction to ease the leverage in the capital structure and align
it with the long-term strategy. However, details of these plans are
unknown at present, but most likely will involve the use of the
crematoria portfolio.

Fitch views positively that the securitisation structure envisages
preservation of the valuable crematoria asset base, which forms
part of the security. The documentation stipulates that no more
than two of the existing crematoria may be disposed of during the
life of the transaction without express consent from the security
trustee.

The proceeds of any sale (of a crematorium or shares in a company
operating a crematorium) must be at arm's length, at least 120% of
the allocated debt of the crematoria to be disposed, and proceeds
must be paid into a crematorium reserve account, charged to the
trustee. If the proceeds are not reinvested or committed to be
reinvested in a crematorium business with 12 months of disposal,
the cash sweeps into a principal reserve account. If the balance on
this account is greater than GBP5 million, the cash will be used to
prepay the most senior class of notes. Fitch will closely monitor
these developments.

FINANCIAL ANALYSIS

Key Assumptions Within The Rating Case Are:

- Underlying average revenue per funeral at GBP2,300 and market
share at 12% in 2022, market share to gradually move towards 13% in
the long-term

- Underlying average revenue per cremation at GBP1,200 and market
share at 11.5% in 2022.

- Death rates to fall in the short term due to improved
vaccinations rates and balancing effect and further to stabilise
post 2024

- Margins for funeral services at around 25% and margins for
cremation below 60%

- Maintenance capex around 5% of revenue in the long term

ESG CONSIDERATIONS

Dignity has an ESG Relevance Score of '4' for Human Rights,
Community Relations, Access & Affordability due to increased price
competition in the funeral sector and general affordability, 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.


FURNITURE LOFT: Ceases Trading, Up to 400 Customers Affected
------------------------------------------------------------
Red Williams at Harborough Mail reports that Harborough MP Neil
O'Brien is stepping up his bid to establish why a major Market
Harborough furniture store is being forced to shut.

The Conservative MP has alerted both Leicestershire Trading
Standards and the Government's Insolvency Service after the
Furniture Loft has collapsed -- hitting up to 400 angry customers,
the Harborough Mail relates.

Mr. O'Brien is also urging shoppers across Harborough caught up in
the firestorm to go to the Citizens Advice consumer service to
raise their concerns with them, the Harborough Mail discloses.

But Furniture Loft owner Richard Kimbell, 75, on July 5 told the MP
through the Harborough Mail -- come and talk to me face to face,
the Harborough Mail notes.

The latest twist in the saga has come about after the Riverside
industrial estate outlet emailed shocked customers on Friday, June
17, to say they were ceasing to trade and couldn't fulfil their
orders, the Harborough Mail relays.

The stricken business, which opened in 2016, told shoppers to claim
back any money they'd already handed over from their card provider,
the Harborough Mail recounts.

According to the Harborough Mail, an Insolvency Service senior
technical adviser has told the Harborough MP: "I have passed your
email to our Compliance and Targeting team so that they can take
your concerns into account should Furniture Loft Limited enter
formal insolvency proceedings.

"If Furniture Loft Limited enters into administration or
liquidation, any affected constituents should raise their concerns
with the office holder appointed so the office holder can take
their information into account when considering any action for the
benefit of creditors and when reporting to the Insolvency Service.

"Your constituents can find more information about the work of the
Insolvency Service at:
www.gov.uk/insolvency-service/investigation-enforcement"


MAGGESE SRL: DBRS Lowers Class A Notes Rating to CCC
----------------------------------------------------
DBRS Ratings GmbH downgraded its rating on the Class A notes issued
by Maggese S.r.l. (the Issuer) to CCC (sf) from CCC (high) (sf) and
maintained a Negative trend.

The transaction was funded by the issuance of Class A, Class B, and
Class J notes (collectively, the Notes). The rating on the Class A
notes addresses the timely payment of interest and the ultimate
payment of principal on or before its final maturity date of 25
July 2037. DBRS Morningstar does not rate the Class B or Class J
notes.

At issuance, the Notes were backed by a EUR 697 million portfolio
by gross book value consisting of a mixed pool of Italian
nonperforming residential, commercial, and unsecured loans
originated by Cassa di Risparmio di Asti S.p.A. and Cassa di
Risparmio di Biella e Vercelli - Biverbanca S.p.A.

The receivables are serviced by Prelios Credit Servicing S.p.A.
(Prelios or the Servicer). A backup servicer facilitator,
Securitization Services S.p.A., was appointed and will act as a
Servicer if Prelios' appointment is terminated.

RATING RATIONALE

The downgrade follows a review of the transaction and is based on
the following analytical considerations:

-- Transaction performance: assessment of portfolio recoveries as
of December 31, 2021, focusing on: (1) a comparison between actual
collections and the Servicer's initial business plan forecast; (2)
the collection performance observed over recent months, including
the period following the outbreak of the Coronavirus Disease
(COVID-19); and (3) a comparison between the current performance
and DBRS Morningstar's expectations.

-- The Servicer's updated business plan as of December 2021,
received in March 2022, and the comparison with the initial
collection expectations.

-- Portfolio characteristics: loan pool composition as of December
2021 and the evolution of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the Notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes).

-- Performance ratios and underperformance events: as per the most
recent December 2021 servicing report, the cumulative collection
ratio is 52% and the net present value cumulative profitability
ratio is 97%. Since the January 2021 interest payment date, the 90%
limit for the cumulative collection ratio has been breached, so
that Class B interest payments are subordinated to the repayment of
the Class A principal.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4% of the Class A
principal outstanding and is currently fully funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from January 2022, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were EUR 111.4 million, EUR 24.4 million, and EUR 11.4
million, respectively. As of the January 2022 payment date, the
balance of the Class A notes had amortized by 34.8% since issuance
and the current aggregated transaction balance is EUR 147.2
million.

As of December 2021, the transaction was performing below the
Servicer's business plan expectations. The actual cumulative gross
collections equaled EUR 78.9 million whereas the Servicer's initial
business plan estimated cumulative gross collections of EUR 154.8
million for the same period. Therefore, as of December 2021, the
transaction was underperforming by EUR 75.9 million (-49.0%)
compared with the initial business plan expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 127.4 million at the BBB
(low) (sf) stressed scenario. Therefore, as of December 2021, the
transaction was performing considerably below DBRS Morningstar's
stressed expectations at issuance.

Pursuant to the requirements set out in the receivable servicing
agreement, in March 2022, the Servicer delivered an updated
portfolio business plan. The updated portfolio business plan,
combined with the actual cumulative gross collections as of
December 2021, results in a total of EUR 197.6 million, which is
19.4% lower than the total gross disposition proceeds of EUR 245.1
million estimated in the initial business plan. Excluding actual
collections, the Servicer's expected future collections from
January 2022 account for EUR 118.7 million, which is just EUR 7.3
million more than the current outstanding balance of the Class A
notes, and expected to be realized over a longer period of time. In
DBRS Morningstar's CCC (sf) scenario, DBRS Morningstar only
adjusted the Servicer's updated forecast in terms of actual
collections to date and the timing of future expected collections.
Considering senior costs and interest due on the Notes, the full
repayment of the Class A principal is increasingly unlikely.

The final maturity date of the transaction is in July 2037.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. For this transaction, DBRS Morningstar incorporated its
expectation of a moderate medium-term decline in commercial real
estate prices for certain property types.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factors that had a
significant or relevant effect on the credit analysis.

Notes: All figures are in euros unless otherwise noted.


PREMIER FOODS: S&P Raises ICR to 'BB' on Strong Credit Metrics
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit and issue
ratings on Premier Foods PLC (PF) and its senior secured notes to
'BB' from 'BB-', with the '3' (65%) recovery rating on the notes
unchanged.

The stable outlook indicates that S&P sees the group pursuing a
consistent business strategy and financial policy, which should
support stable credit metrics and positive FOCF.

PF reported better-than-expected credit metrics in fiscal 2022
thanks to resilient operating performance. The company saw a slight
revenue decline year-on-year due notably to normalizing volumes of
home food consumption post COVID-19 lockdowns and the closure of
unprofitable private label contracts. Thanks to its well-known
brands (branded business accounts for 86% of sales), strong market
shares, and innovation capabilities in the U.K. ambient food
categories, adjusted EBITDA margin was stable at about 21%, above
the five-year average of 18%. This also reflects the larger share
of sales from branded products and more lean operating cost
structure, notably in the sweet treats division. FOCF was again
positive at £53 million, albeit slightly lower than last year due
to a reduced EBITDA base and negative working capital movements
linked to higher inflation and supply chain disruption. Interest
expenses decreased following the full refinancing of the debt
structure in May 2021 at a lower cost. The next maturities are due
in 2025 (revolving credit facility; RCF) and 2026 (senior notes).
Adjusted debt was slightly lower at £314 million, mainly due to a
higher cash balance as the group continued to generate positive
discretionary cash flow, even after the reinstatement of a cash
dividend. S&P said, "This resulted in much stronger than expected
credit metrics with adjusted debt leverage of 1.7x and FFO to debt
at 49% versus our previous base case of about 3.0x and 30%
respectively. Overall, we continue to view PF as a profitable,
well-established U.K. branded player in selected ambient food
categories with a consistent business strategy and clear financial
policy." However, compared to sizeable packaged foods peers like
Nomad Foods Ltd. (BB-/Stable/--) or Upfield - Sigma Holdco
B.V.(B-Stable/--) the group has an average scale of operations, is
highly concentrated on a single market (the U.K.), and its FOCF
remains limited by significant cash pension deficit contributions.

S&P said, "Despite high inflation, we believe the group is well
positioned in the U.K. to maintain positive FOCF and stable credit
metrics in the next 12-18 months.PF is currently facing high input
and operating cost inflation in the U.K., its main geographical
market (94% of sales last year), notably in terms of raw materials
(wheat, edible oils, and sugar), ingredients, and packaging. We
also note labor and energy cost pressures and supply chain
disruptions in combination with a highly competitive environment
and concentrated retail market, which leads to pricing pressures.
That said, we believe the group should be able to maintain high and
stable profitability (about 20%-21% EBITDA margin) thanks to its
portfolio of well-known local brands, strong market shares (15%-80%
depending on the segment) in stable ambient food categories,
ability to introduce innovative products (with a focus on low sugar
or fat content; more natural ingredients) and long-term
relationships with retailers and suppliers. We believe PF can thus
raise prices to mitigate cost inflation but also needs to increase
cost savings to stabilize profitability this year. Investments in
automation, prudent currency-exchange risk, and the commodity price
hedging strategy, together with wide diversity of raw materials and
ingredients, should help. We also view positively the strategy to
rely mostly on sales from branded products and move away from some
unprofitable private-label contracts, which are particularly
suffering from high cost inflation. Furthermore, PF's products are
affordable and the group has some exposure to private labels should
consumers start trading down.

"In terms of credit metrics, we see adjusted debt leverage
remaining at close to 2.0x, even assuming some bolt-on acquisitions
annually and an increase in cash dividends every year. We forecast
continued positive FOCF (£35 million-£40 million this year) given
EBITDA stability and lower financing costs, offset by increased
working capital needs due to the necessity to secure key raw
materials and higher capital expenditure (capex; £35 million-£37
million annually) since the group is investing in increasing
capacity, productivity, and innovation. Pension deficit cash
contributions (£38 million this year) continue to limit FOCF
growth and we assume they will remain stable until the outcome of
the pension revaluation expected in fourth-quarter 2022. Next year,
we see higher FOCF (£45 million-£55 million) due mostly to higher
EBITDA and lower working capital.

"We believe the group will also continue to follow a consistent
business strategy and financial policy. This should help it to
capture profitable growth in ambient food over the coming years. PF
is clearly focusing investments into the more profitable branded
business. It is also investing in marketing and advertising to
expand some of its smaller categories like ambient desserts.
Geographically it wants to continue to expand its small but
profitable international business in selected markets like Ireland,
the U.S., Europe, and Australia. Moreover, given the high price
pressure and competitive environment in the U.K., it is investing
in production and distribution facilities to remain cost
competitive. We also note that the group has a long-term business
partnership for its U.K. noodle soups; Nissin Food Holding (not
rated) is a large Japanese food group and PF's largest single
shareholder with an about 23% stake. In addition, PF has long-term
license agreements to sell Cadbury ambient cake and dessert
products (long-term license with Mondelez renewed in 2017) and to
use the Loyd Grossman brand for certain products. Overall, we view
PF as having prudent treasury policies with a large undrawn RCF, no
near-term debt refinancing risk (RCF due in 2025 and senior notes
in 2026) and low interest-rate risk given that its debt is mostly
fixed rated. PF resumed paying dividends in 2021 after 13 years and
we believe it will likely make prudent progressive dividend
increases in line with cash flow growth. We understand that any
rise in dividends also means the group needs to increase its
pension cash contributions.

"PF has not been acquisitive in recent years but we think it could
be interested in small to midsize deals in adjacent ambient food
categories, since it now has more financial flexibility. Still, we
think the group is likely to maintain strong (more than 30%)
headroom under its maintenance financial covenants. The large
pension deficit for one scheme means PF needs to make significant
cash contributions. We understand that an upcoming pension
valuation could reduce cash outflows for the company and thus
improve FOCF. However, because it is not agreed yet, this is not
factored in our current base-case projections.

"The stable outlook reflects our view that PF's operating
performance should remain resilient despite current high inflation
in the U.K. We think the group's strong market positions and
well-known brands in consumer food categories should help it
generate stable cash flows.

"For the current rating, we believe PF should maintain adjusted
debt leverage comfortably at 2x-3x and FFO to debt of 30%-45%.

"We could lower the ratings if PF's credit metrics deteriorate such
that adjusted debt leverage rises to close to 3.0x and FFO to debt
decreases to about 30%.

"This would likely be spurred by weak operating performance,
indicating a difficulty to maintain stable profitability in the
current high inflationary environment. We would also have a
negative view of the group adopting a more aggressive financial
policy regarding debt-financed acquisitions and shareholder
remuneration.

"We could raise our ratings over the next 12-18 months if the
group's credit metrics improve well over our base case. For
example, if FFO to debt is comfortably at 45%-60% and adjusted debt
leverage well within 1.5x-2.0x.

"This would likely mean a very strong track record of profitable
growth thanks to successful new product launches, with well
executed product category and geographical diversification. We
would also need to see a consistent prudent financial policy toward
acquisitions and shareholder remuneration."

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


PROVIDENT: Customers Set to Get Refunds This Week
-------------------------------------------------
Sam Barker at Mirror reports that Provident customers who were
mis-sold loans will start getting refunds from this week -- but for
just 4.25% of what borrowers are owed.

Provident Financial Group (PFG), which traded as Glo, Greenwood,
Provident and Satsuma, supplied doorstep loans as well as guarantor
and payday lending.

It charged interest as high as 1,557.7% APR to borrowers.

Tens of thousands of PFG customers applied for compensation for
being mis-sold loans between April 2007 and December 17, 2020,
Mirror relates.

Now the firm's refund arm, the Provident Scheme, is paying out --
but only at 4.25% of what customers claimed they were due, Mirror
discloses.

This is a drop on the rough 5% to 10%% payout figure the scheme
advertised in April, Mirror relays.

According to Mirror, a PFG spokesperson said: "PFG customer redress
payments are being made by bank transfer and cheque.

"Payments have begun, and bank transfers will arrive from Tuesday
(5th July) onwards with all cheques arriving by Friday, July 15.

"Once all redress payments have taken place the scheme of
arrangement will close."

Provident originally asked the High Court in London to sign off on
the scheme because it feared being unable to refund all the
customers making complaints without running out of money, Mirror
relates.

The Financial Ombudsman watchdog was siding with customers in
three-quarters of complaints against Provident, Mirror recounts.

The doorstep lending arm of Provident -- which offered high-cost
loans to people with weak credit histories -- had been struggling
even before the coronavirus pandemic, losing GBP21 million in 2019,
Mirror states.


TOGETHER ASSET 2022-2ND1: DBRS Finalizes B Rating on Class F Notes
------------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
following classes of notes issued by Together Asset Backed
Securitization 2022-2ND1 plc (TABS 22-2ND1 or the Issuer):

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

The final rating on the Class A Loan note addresses the timely
payment of interest and the ultimate repayment of principal on or
before the final maturity date in February 2054. The final ratings
on the Class B, Class C, Class D, Class E, and Class F notes
address the timely payment of interest once most senior and the
ultimate repayment of principal on or before the final maturity
date.

DBRS Morningstar does not rate the Class X or Class Z notes or the
residual certificates.

The transaction is a securitization of residential mortgages
originated by Together Personal Finance Limited, Together
Commercial Finance Limited, and Blemain Finance Limited, each of
which belongs to the Together Group of companies. The asset
portfolio comprises second-lien owner-occupied (OO) and buy-to-let
(BTL) mortgages secured by properties in the UK. The originators
will be the servicers of the respective loans they have originated.
To maintain servicing continuity, BCMGlobal Mortgage Services
Limited will be appointed as the backup servicer.

The Issuer issued seven tranches of collateralized mortgage-backed
securities (the Class A Loan note, the Class B, Class C, Class D,
Class E, Class F, and Class Z notes) to finance the purchase of the
initial portfolio. Additionally, TABS 22-2ND1 issued one class of
noncollateralized notes, the Class X notes, the proceeds of which
the Issuer will use to fully fund the liquidity reserve fund (LRF)
at closing.

The transaction is structured to initially provide 26.5% of credit
enhancement to the Class A Loan note. This includes subordination
of the Class B to Class Z notes.

The LRF is available to cover shortfalls in senior fees, senior
swap payments, and interest shortfalls on the Class A Loan note
following the application of revenue funds. On the closing date and
prior to the full redemption of the Class A Loan note, the required
amount will be equal to 1.5% of the Class A Loan note's balance as
of closing. Any excess will be released as part of the available
revenue funds through the revenue priority of payments. The reserve
target amount will become zero once the Class A Loan note is
redeemed in full and any excess will become part of the available
revenue funds.

Principal can be used to cure any shortfalls of senior fees or
unpaid interest payments on the most-senior class of the Class A to
Class F notes outstanding after using revenue funds and the LRF
reserves. Any use will be recorded as a debit in the principal
deficiency ledger (PDL). The PDL comprises seven subledgers that
will track the principal used to pay interest, as well as realized
losses, in a reverse-sequential order that begins with the Class Z
subledger.

On the interest payment date in May 2026, the coupon due on the
notes will step up and the notes may be optionally called. The
notes must be redeemed for an amount sufficient to fully repay
them, at par, plus pay any accrued interest.

As of April 30, 2022, the closing portfolio consisted of 4,636
loans with an aggregate principal balance of GBP 349.8 million.
Approximately 73.7% of the loans by outstanding balance were OO
mortgages, 35.6% of which were paid on an interest-only (IO) basis
with principal repayment concentrated in the form of a bullet
payment at the maturity date of the mortgage. The remaining 26.3%
of the loans by outstanding balance were BTL loans, 19.1% of which
were paid on an IO basis.

The mortgages are high yielding, with a weighted-average (WA)
coupon of 6.76% and a WA seasoning of 35.5 months. The WA original
loan-to-value (LTV) ratio is 60.5%, with 0.1% of the loans that
have an original LTV higher than 80%. The DBRS
Morningstar-calculated WA indexed current LTV of the portfolio was
59.3%, with no loans that have an indexed current LTV higher than
80%.

Furthermore, 72.9% of the loans were granted to self-employed
borrowers and 8.6% of the mortgage portfolio by loan balance have
prior county court judgements relating to the primary borrower. As
of the provisional cut-off date, no loans have been in arrears for
longer than three months.

The majority of loans in the portfolio (68.4%) pay floating-rate
interest linked to a standard variable rate (SVR) set by the
Together Group. The remaining 31.6% of the portfolio are fixed-rate
loans with a compulsory switch to floating rate after the end of
the teaser period in two to five years. Once they switch to
floating rate, the loans will be indexed to the Together managed
rate plus a margin. The interest on the notes is calculated based
on the daily compounded Sterling Overnight Index Average (Sonia),
which gives rise to interest rate risk. The basis risk mismatch
will remain unhedged.

The Issuer is entering into a fixed-to-floating swap with Natixis
to mitigate the fixed interest rate risk from the mortgage loans
and Sonia payable on the notes. The Issuer will pay a swap rate
equivalent to 2.50% per annum and will receive the Sonia rate over
a scheduled notional. Based on DBRS Morningstar's private ratings
on Natixis, the downgrade provisions outlined in the documents, and
the transaction structural mitigants, DBRS Morningstar considers
the risk arising from the exposure to Natixis to be consistent with
the ratings assigned to the notes as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

Monthly mortgage receipts are deposited into the collections
account at National Westminster Bank Plc and held in accordance
with the collection account declaration of trust. The funds
credited to the collection account are swept within two business
days to the Issuer's account. The collection account declaration of
trust provides that interest in the collection account is in favor
of the Issuer over the seller. DBRS Morningstar considers the
commingling risk to be mitigated by the collection account
declaration of trust and the regular sweep of funds. If the
collection account provider is downgraded below BBB (low), the
collection account bank will be replaced by an appropriately rated
bank within 60 calendar days.

Elavon Financial Services DAC, UK Branch (Elavon-UK) is the account
bank in the transaction and will hold the Issuer's transaction
account, the LRF, and the swap collateral account. The transaction
documents stipulate that, in the event of a breach of DBRS
Morningstar's rating level of "A", the account bank will be
replaced by, or obtain a guarantee from, an appropriately rated
institution within 30 calendar days. Based on DBRS Morningstar's
private rating on Elavon-UK, the replacement provisions, and the
investment criteria, DBRS Morningstar considers the risk arising
from the exposure to Elavon-UK to be consistent with the ratings
assigned to the rated notes as described in DBRS Morningstar's
"Legal 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 servicer to perform collection and resolution activities. DBRS
Morningstar calculated the probability of default (PD), loss given
default (LGD), and expected loss outputs on the mortgage portfolio,
which DBRS Morningstar uses as inputs into the cash flow tool. 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 Loan note and the Class B, Class
C, Class D, Class E, and Class F notes according to the terms of
the transaction documents.

-- 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.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker, considering the default rates at which the rated notes
did not return all specified cash flows.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) that had a
significant or relevant effect on the credit analysis.

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



                           *********


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-
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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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