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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, July 28, 2022, Vol. 23, No. 144

                           Headlines



E S T O N I A

ODYSSEY EUROPE: S&P Upgrades Rating to CCC+ After Debt Refinancing


K A Z A K H S T A N

ONLINEKAZFINANCE: S&P Ups ICRs to 'B-/B' on Corporate Restructuring


N E T H E R L A N D S

EUROSAIL-NL 2007-1: Moody's Ups Rating on EUR12.8MM D Notes to Ba1


S P A I N

TDA 22 MIXTO: Moody's Hikes Rating on EUR5.7M Class D2 Notes to B1


U N I T E D   K I N G D O M

AL-AMIR LTD: Director Faces 10-Year Ban for Abusing Gov't Loan
AZURE FINANCE NO. 2: S&P Raises E-Dfrd Notes Rating to 'B+ (sf)'
BRYMOR CONSTRUCTION: Owes Unsecured Creditors Around GBP16MM
CONTOURGLOBAL PLC: S&P Alters Outlook to Neg., Affirms 'BB-' ICR
ELLICON CONSTRUCTION: Enters Administration, 52 Jobs Affected

ELLIOT GROUP: GBP100MM Student Development Completed After Rescue
GREENSILL CAPITAL: Ex-Employees File GB4.5MM Suit Over Redundancy
OCADO GROUP: Moody's Cuts CFR & GBP500MM Sr. Unsecured Notes to B3

                           - - - - -


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E S T O N I A
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ODYSSEY EUROPE: S&P Upgrades Rating to CCC+ After Debt Refinancing
------------------------------------------------------------------
S&P Global Ratings raised its rating on Baltic gaming group Odyssey
Europe Holdco S.a R.L. to 'CCC+', from 'CCC'.

The positive outlook reflects S&P's belief that the company's
leverage could decline to 5.5x-6.5x by the end of 2022 and that its
liquidity is adequate after the amend and extend transaction.

On April 26, 2022, Odyssey Europe, the parent company of Baltic
gaming group Olympic Entertainment (Olympic), announced the
finalization of its debt refinancing. As a result of the amend and
extend transaction:

-- The maturity date of Odyssey's EUR200 million senior secured
notes was extended to Dec. 31, 2025, from May 15, 2023.

-- Sponsor Berkeley Research Group (BRG) injected EUR25 million of
new equity into Odyssey to repay and cancel the outstanding and
fully drawn EUR25 million RCF.

-- BRG contributed online betting operation Olybet and operations
in Lithuania and Croatia (the three businesses) to Odyssey--though
Croatia will initially only contribute share pledges to the
security package.

-- The coupon on the senior secured notes increased to 9%, from
8%, and will increase by an additional 100 basis points (bps), to
10%, if the bonds are still outstanding after November 2024, and a
further 100 basis points, to 11%, if the bonds are outstanding
after May 2025.

-- Covenants on the senior secured notes were amended.

The restructuring reduced gross debt by EUR25 million, and resulted
in additional cash of about EUR19 million, due to the contribution
of the three businesses. S&P said, "We estimate that the three
businesses generated around EUR86 million of pre-tax combined gross
gaming revenue (GGR) and company-adjusted EBITDA of approximately
EUR26 million in 2021. Including those figures, pro forma S&P
Global Ratings-adjusted debt to EBITDA falls to 8.5x-9.0x, from
50.4x, in fiscal 2021, while cash on balance is EUR45 million (at
year end 2021), which we deem adequate in the absence of a RCF."

Business recovery expected following loosening of lockdown
restrictions and integration of Olybet and Lithuania. Most of
Olympic's operations should have fully recovered from the effects
of COVID-19 restrictions by the end of the second quarter of 2022.
The company's S&P Global Ratings-Adjusted revenue (excluding
Lithuania, Croatia, and Olybet) was EUR17 million in the first
quarter of 2022, up from EUR4 million in the first quarter of 2021,
while company adjusted EBITDA (pre IFRS 16) increased to break
even, from negative EUR4 million in the first quarter of 2021. The
three new businesses all performed better over the first quarter of
2022, compared to the same period a year earlier, led by Olybet
which posted a 60% increase in pre-tax GGR. S&P estimates that
Olybet made up 40% of the combined groups pre-tax GGR in the 12
months ended March 31, 2022, and about 70% of company adjusted
EBITDA over the same period. With the recovery in land based
operations it expects Olybet's EBITDA contribution to fall to about
50% of the group total by the end of 2022.

The online business will play a key role for Olympic. The company
hopes the combination of its in-person and online operations will
deliver synergies. It will rename outlets in Latvia and Croatia as
Olybet to align the branding. As a result of this omni-channel
strategy, the group divested its in-person only Italian operations
in 2021. Italy contributed EUR17 million of pre-tax GGR to the
group in 2020. The addition of Olybet should provide Olympic Group
with a strong online driver of group GGR.

The positive outlook reflects S&P's expectation that Olympic's
in-person operations will recover following the easing of COVID-19
related lockdowns in the first quarter of 2022, and that the
contribution of the highly profitable online business Olybet could
reduce leverage to 5.5x-6.5x in 2022.

Upside scenario

S&P could upgrade the company, if:

-- The group performs in line with S&P's forecast base case and
its credit metrics, including leverage of about 6.0x and funds from
operations (FFO) to debt of about 10%.

-- Positive S&P Global Ratings-adjusted free operating cash flow
to debt after leases increases to about 5%

-- Olympic maintains at least adequate liquidity.

-- There is positive operating performance and limited impact from
potential regulatory changes.

-- There is no risk of default events, such as distressed
exchange, debt buybacks, or restructuring.

-- Any improvement in the rating would also require a track record
of reported earnings improvement.

Downside scenario

S&P could revise its outlook to stable if:

-- S&P said, "The group underperforms our base case or forecast
credit ratios (for example, due to operating underperformance) to
the extent that we believed its capital structure is increasingly
unsustainable, or its ability to meet its obligations is
increasingly reliant on favourable business and economic
conditions."

-- Very high leverage or negative free operating cash flow,
indicates a potentially unsustainable capital structure.

-- A decline in liquidity decreases financial flexibility and the
company's ability to meet operating, fixed, and financial
commitments.

-- Increased risk of specific default events including a debt
buyback at below par value, a liquidity crisis, a debt exchange, or
debt restructuring.

ESG credit indicators: To E-2, S-3, G-3; From E-2, S-4, G-3

S&P said, "We believe that Olympic will benefit from the resumption
of in-person gaming in its key markets after COVID-19 related
lockdowns ended in March 2022. More generally, we believe in-person
gaming will remain sensitive to health and safety issues, and
notably the evolution of the COVID-19 pandemic. We therefore
revised our social credit indicator to S-3 from S-4, moving it to a
moderately negative consideration in our rating analysis (compared
with a negative consideration previously)." Like most gaming
companies, Odyssey is exposed to regulatory and social risks and
the associated costs related to increasing player health and safety
measures, prevention of money laundering, and changing gaming taxes
and laws

Governance factors remain a moderately negative consideration in
our credit rating analysis of Olympic, while environmental factors
are a neutral consideration.




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K A Z A K H S T A N
===================

ONLINEKAZFINANCE: S&P Ups ICRs to 'B-/B' on Corporate Restructuring
-------------------------------------------------------------------
S&P Global Ratings raised its long- and short-term issuer credit
ratings on OnlineKazFinance Microfinance Organization LLP to 'B-/B'
from 'CCC+/C'. The outlook is stable.

At the same time, S&P raised its Kazakhstan national scale rating
on the bank to 'kzBB-' from 'kzB+'.

On July 8, 2022, IDF Holding transferred ownership of its assets in
Kazakhstan, including OnlineKazFinance (OKF) to the newly created
Solva Group, thus separating its Kazakhstani and Russian assets.

Corporate restructuring insulates OKF from risks related to its
parent's Russian operations. OKF faced certain operational
bottlenecks with payment processing in March-April 2022 because
traditional settlement routes were interrupted, and compliance
scrutiny increased. In July 2022, the corporate restructuring was
finalized, with all operations in Kazakhstan becoming legally
separated from business elsewhere. The ownership structure was
streamlined such that co-founders Boris Batine and Alexander Dunaev
(both Israeli citizens), alongside minority shareholders, now own
direct stakes in the Kazakhstan operations via Solva Group Ltd., a
holding company established in the Astana International Financial
Center.

The new group focuses more on traditional consumer and small and
midsize enterprise (SME) financing, rather than payday lending.
Following the change in the group's structure, our ratings on OKF
are now based on S&P's view of the group credit profile (GCP) of
The Solva Group (Solva), which OKF forms together with affiliate
companies MFO Fintech Finance LLP, a payday lender, and ID Collect
Collection Agency LLP, a bad debt purchaser. Payday lending is
outside Solva's strategic focus and its contribution to the group's
combined EBITDA is likely to shrink from 17% to 10% in the
foreseeable future. OKF, which focuses on traditional longer-term
consumer and SME finance is expected to be the cornerstone of the
group, representing about 75% of the group's EBITDA and 80%-85% of
its portfolio. S&P, therefore, considers OKF core to Solva group
and equalize its ratings on OKF with the GCP.

The nonbank financial institution anchor for Kazakhstan is 'b',
which is one notch below the anchor for domestic banks. The lower
anchor relative to banks reflects the lack of central bank access,
lower regulatory oversight, and higher competitive risk relative to
banks. It also reflects the industry dynamics for financial
companies operating in the country. Nonbank finance companies in
Kazakhstan are subject to some leverage and capital adequacy
ratios, along with some degree of oversight from the Agency for
Regulation and Development of the Financial Markets, which S&P
believes provides some degree of protection for creditors. In
addition, although domestic banks also face heightened competitive
risks, it believes financial companies face incrementally stronger
competition due, in part, to more limited funding options to
finance their business model.

OKF's objective is to obtain a banking license in 2023, which may
be positive for its creditworthiness. With total assets of
Kazakhstani tenge (KZT) 67 billion (about $140 million) OKF is a
small entity compared with Kazakhstan's commercial banks. Yet it
demonstrates strong performance and a relatively high degree of
automation and digitalization, which allows for exemplary times to
market and supports client retention.

A banking licence is likely to strengthen OKF's funding and
liquidity profile. OKF is increasingly borrowing domestically
through investment firm Mintos and bonds in local currency, which
are reasonably diversified by tenor, being its main funding
sources. The loan book generates ample liquidity. The banking
licence, once obtained, will likely reduce OKF's cost of funding,
providing access to retail deposits, which are cheaper than bond
placements. It would also allow OKF to further diversify away from
borrowings in foreign currency, reducing exposure to hedge
counterparties. In addition, tighter regulation and supervision of
banks, along with OKF's access to facilities from the National Bank
of Kazakhstan, imply some protection for OKF's creditors.

S&P said, "We see OKF's combined capital, earnings, and risk
position as a neutral rating factor. We expect OKF's
capitalization, as measured by our risk-adjusted capital (RAC)
ratio to remain adequate, at 8.0%-8.5% in 2022-2023. Planned
aggressive loan growth of about 40% in 2022 and about 80% in 2023
will be offset by conversion of up to 70% of subordinated debt into
equity to achieve the minimum capital necessary for a banking
license. OKF targets less creditworthy customers (both retail and
entrepreneurs), even though reportedly 80% of its customers are
banking clients. Positively, the group has established a proper
credit conveyer at fixed costs, aiming to bring as many
applications as possible. We believe that the group will be able to
achieve its target cost of risk of about 7%-8%, which will
gradually improve as the share of recurring clients increases.

"The stable outlook on the ratings reflects our view that the
benefits OKF may receive from the banking license balance ongoing
execution risks related to its evolving business model and risk
appetite over the next 12-18 months.

"We may lower the ratings if we observe OKF's asset quality rapidly
deteriorating, creating risks for creditors. We may also take a
negative action if we see an increase in operational risks related
to trans-border payments.

"We may raise the ratings over the next 12-18 months if we perceive
that OKF's progress toward a fully licensed bank is complemented
with successful expansion of its digital offering of settlement
products. At least adequate capitalization and consistent asset
quality will be prerequisites for a positive rating action, along
with a diversified and stable funding profile closer to that of
conventional banks."




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

EUROSAIL-NL 2007-1: Moody's Ups Rating on EUR12.8MM D Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three Classes
of Notes in Eurosail-NL 2007-1 B.V. The rating action reflects
better than expected collateral performance as well as the
increased levels of credit enhancement for the affected Notes.
Moody's has also affirmed the ratings of the Notes that had
sufficient credit enhancement to maintain the current ratings on
the affected Notes.

EUR306.3M Class A Notes, Affirmed Aaa (sf); previously on Feb 25,
2021 Affirmed Aaa (sf)

EUR14.5M Class B Notes, Affirmed Aaa (sf); previously on Feb 25,
2021 Affirmed Aaa (sf)

EUR14M Class C Notes, Upgraded to Aa1 (sf); previously on Feb 25,
2021 Upgraded to Aa3 (sf)

EUR12.8M Class D Notes, Upgraded to Ba1 (sf); previously on Feb
25, 2021 Upgraded to B2 (sf)

EUR2.5M Class E1 Notes, Upgraded to Caa1 (sf); previously on Feb
13, 2015 Downgraded to Ca (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected Notes and by decreased key collateral assumptions,
namely the portfolio Expected Loss (EL) assumption, due to better
than expected collateral performance.

Increase in Available Credit Enhancement

The credit enhancement for Class C, Class D and Class E1 Notes
increased to 24.5%, 7.8% and 4.8% from 20.2%, 6.48% and 3.78%,
respectively since the last rating action in February 2021.

Revision of Key Collateral Assumptions

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

The performance of the transaction has been largely stable since
the last rating action in February 2021. Whilst 90 days plus
arrears decreased to 0.9% of current pool balance as at March 2022
from 5.3% in January 2021, cumulative defaults remained broadly
unchanged at 17.9% of original pool balance, compared to 17.9% in
January 2021. Cumulative losses as percentage of the original pool
balance have remained stable at 5.06%, compared to 5.08% in January
2022.

Moody's decreased the expected loss assumption to 6.17% as a
percentage of original pool balance from 7.0% due to better than
expected 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
of 26%.

Increase in Available Credit Enhancement

Sequential amortization and currently non-amortizing reserve fund
led to the increase in the credit enhancement available in this
transaction.

Currently the reserve fund is non-amortising due to a breach of a
cumulative loss trigger that is not expected to be cured.

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

The analysis undertaken by Moody's at the initial assignment of
ratings for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see Moody's Approach to Rating RMBS Using the MILAN
Framework for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

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: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in available
credit enhancement; and (iii) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the Notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.



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

TDA 22 MIXTO: Moody's Hikes Rating on EUR5.7M Class D2 Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded three ratings in TDA 22
MIXTO, FTA. The rating action reflects increased levels of credit
enhancement for the affected notes.

EUR48.8M Class A2b Notes, Affirmed Aa1 (sf); previously on Feb 24,
2020 Affirmed Aa1 (sf)

EUR14.6M Class B2 Notes, Upgraded to Aa1 (sf); previously on Feb
24, 2020 Affirmed Aa2 (sf)

EUR6M Class C2 Notes, Upgraded to A1 (sf); previously on Feb 24,
2020 Upgraded to Baa1 (sf)

EUR5.7M Class D2 Notes, Upgraded to B1 (sf); previously on Feb 24,
2020 Affirmed B2 (sf)

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

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

RATINGS RATIONALE

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

Sequential amortization and non-amortizing reserve fund, already at
its floor for Pool B ("Mortgage Loans 2"), led to the increase in
the credit enhancement available in this transaction.

For instance, the credit enhancement for Class B2, Class C2 and
Class D2 notes affected by today's rating action increased to
39.90%, 24.10% and 9.10%  from 29.18%, 17.17% and 5.76% since the
last rating action.

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date. Moody's has maintained the expected loss assumption at
3.40% as a percentage of original pool for Pool B, 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 14% for Pool B.

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

The analysis undertaken by Moody's at the initial assignment of
ratings 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.



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

AL-AMIR LTD: Director Faces 10-Year Ban for Abusing Gov't Loan
--------------------------------------------------------------
The Insolvency Service on July 21 disclosed that Abbas Abo Kifayah
(37), of Kingsbury, northwest London, was the sole director of
Al-Amir Ltd.  The company traded as a grocer and butchers from
premises on Forty Avenue, Wembley, in northwest London.

The company, however, went into creditors' voluntary liquidation in
July 2021, which triggered an investigation by the Insolvency
Service.

Investigators uncovered that Abbas Kifayah successfully secured a
GBP50,000 bounce back loan for Al-Amir Ltd in August 2020.
However, Abbas Kifayah exaggerated the company's turnover to secure
a higher value loan than Al-Amir Ltd was entitled to.

Further enquiries found that once the GBP50,000 loan was placed
into the company's bank account, GBP43,200 was transferred into
Abbas Kifayah's personal account, while just over GBP3,000 was
transferred to a third party and GBP2,250 was withdrawn in cash.

When Abbas Kifayah was questioned about these transactions, he
stated that GBP12,000 was used to pay his salary and the remainder
for his backdated salary and personal use.  However, investigators
could not find any evidence that any of the money was used for the
benefit of the company.

On June 30, 2022, the Secretary of State for Business, Energy and
Industrial Strategy accepted a 10-year disqualification undertaking
from Abbas Kifayah after he did not dispute that he obtained a
GBP50,000 Bounce Back Loan which the company was not entitled and
failed to use the funds received for the economic benefit of
Al-Amir Ltd.

Effective from July 21, 2022, Abbas Kifayah is banned from
directly, or indirectly, becoming involved in the promotion,
formation or management of a company, without the permission of the
court.

Al-Amir Ltd's Liquidator is considering the bounce back loans and
recovery of funds.

Lawrence Zussman, Deputy Head of Insolvent Investigations, said:

"Bounce back loans were available to support viable businesses
through the pandemic.  Abbas Kifayah, however, abused the
government's support when he inflated his company's turnover in
order to receive the maximum loan before squandering the money
rather than use it to benefit his business.

"10 years is a significant amount of time to be removed from the
corporate arena and Abbas Kifayah's disqualification should serve
as a clear warning that we will take decisive action to protect the
public and the taxpayer".


AZURE FINANCE NO. 2: S&P Raises E-Dfrd Notes Rating to 'B+ (sf)'
----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Azure Finance No.2
PLC's class B notes to 'AAA (sf)' from 'AA+ (sf)', class C notes to
'A+ (sf)' from 'A (sf)', class D-Dfrd notes to 'A- (sf)' from 'BBB
(sf)', and class E-Dfrd notes to 'B+ (sf)' from 'B (sf)'. At the
same time, S&P affirmed its 'AAA (sf)' and 'CCC+ (sf)' ratings on
the class A and F-Dfrd notes, respectively.

The ratings actions follow S&P's review of the transaction's
performance and the application of our current criteria, and
reflect its assessment of the payment structure according to the
transaction documents.

S&P said, "We analyzed the transaction's credit risk under our
updated global auto ABS criteria, which fully supersede our
previous auto ABS criteria. Our standard recovery rate assumption
for investment and speculative grade ratings was replaced with
tiered recoveries (recovery rate base case and increasingly
stressful recovery rate haircuts at higher ratings). Our rising,
flat, and down stress interest rate scenarios were replaced by
interest rate curves based on the Cox-Ingersoll-Ross framework
specific to each rating category."

The transaction has amortized strictly sequentially since closing
in July 2020. This has resulted in increased credit enhancement for
the outstanding notes, most notably for the senior and mezzanine
notes. As of the April 2022 servicer report, the pool factor had
declined to 37.9% (for non-defaulted receivables), and the
available credit enhancement for the class A, B, C, D-Dfrd, and
E-Dfrd notes had increased to 88.3%, 51.4%, 27.6%, 19.7%, and 9.8%,
respectively, compared with 34.6%, 20.6%, 11.6%, 8.6%, and 4.8% at
closing. As the class F-Dfrd notes are only backed by the reserve
fund, there is no increase in credit enhancement for this class of
notes. The uncollateralized class X1-Dfrd and X2 notes have now
redeemed.

Realized losses, both from hostile and voluntary terminations, are
in line with S&P's expectation at our last review.

Observed gross losses from hostile terminations and voluntary
terminations are currently (based on the April 2022 investor
report) at 3.2% and 0.7%, respectively.

S&P said, "We therefore maintained our base-case hostile
termination assumption at 7.75%. We removed a 0.25% COVID-19
adjustment from our base-case voluntary termination assumption.
Consequently, we revised our voluntary termination base-case to
3.50% from 3.75% at closing.

"Given the well-seasoned pool and relatively low pool factor, we
reduced the applicable multiple at the 'AAA' rating level to 4.00x
from 4.25x at closing for hostile terminations, and to 2.00x from
2.70x at closing for voluntary terminations."

The purchased loan receivables arise from used car financing,
predominantly in the near-prime market. As such, the transaction
includes receivables with relatively long original maturities of up
to 85 months, original loan-to-value (LTV) ratios up to 125%, and
higher vehicle ages. The age distribution of the vehicles, based on
the April 2022 investor report suggests that a fifth of the
portfolio could be non-euro 6 diesel-powered vehicles, which we
believe could face lower recoveries. S&P factored these while
determining its recovery rate haircuts to determine the stressed
recovery assumption.

S&P said, "Based on this and the observed recoveries on defaulted
receivables so far, we considered a recovery rate base-case of
40.0% for all rating levels. For recoveries related to hostile
terminations, we assumed 100% to be realized nine months after
default. We did not apply any recovery lag for voluntary
terminations since vehicles must be returned by the obligors to
exercise this right."

Lastly, as the collateral backing the notes comprises U.K. fully
amortizing fixed-rate auto loan receivables arising under hire
purchase agreements, the transaction is not exposed to residual
value risk.

S&P performed its cash flow analysis to test the effect of the
amended credit assumptions and deleveraging in the structure.

S&P said, "Our cash flow analysis indicates that the available
credit enhancement for the class B, C, D-Dfrd, and E-Dfrd notes is
sufficient to withstand the credit and cash flow stresses that we
apply at the 'AAA', 'A+', 'A-' and 'B+' ratings, respectively. We
therefore raised to 'AAA (sf)', 'A+ (sf)', 'A- (sf)' and 'B+ (sf)',
from 'AA+ (sf)', 'A (sf)', 'BBB (sf)', and 'B (sf)' our ratings on
the class B, C, D-Dfrd, and E-Dfrd notes, respectively.

"Our cash flow analysis indicates that the available credit
enhancement for the class A notes is sufficient to withstand the
credit and cash flow stresses that we apply at the 'AAA' rating. We
therefore affirmed our rating on the class A notes.

"The class F-Dfrd notes do not pass a 'B' level of credit and cash
flow stress. We believe this class of notes is vulnerable to
nonpayment, and depends on favorable business, financial, or
economic conditions to be repaid, according to our criteria for
assigning 'CCC+', CCC, 'CCC-', and 'CC' ratings. We therefore
affirmed our 'CCC+ (sf)' rating on the class F-Dfrd notes.

"Our credit stability analysis indicates that the maximum projected
deterioration that we would expect at each rating level for
one-year horizons under moderate stress conditions is in line with
our criteria.

"There are no rating constraints under our operational risk
criteria. In addition, there are no rating constraints under our
counterparty or structured finance sovereign risk criteria, and
legal risks continue to be adequately mitigated, in our view."

Azure Finance No. 2 securitizes a portfolio of auto loan
receivables, which Blue Motor Finance granted to its U.K. clients.


BRYMOR CONSTRUCTION: Owes Unsecured Creditors Around GBP16MM
------------------------------------------------------------
Darren Slade at Daily Echo reports that a prominent Hampshire
builder which went into administration earlier this month owed
around GBP16 million to unsecured creditors who are unlikely to see
any of their money.

All 107 jobs at Brymor Construction were saved when its business
and assets were sold to Winchester-based Portchester Equity, Daily
Echo relates.

But an update from administrators reveals that most creditors are
set to lose out -- and that staff are owed more than a month's pay,
Daily Echo notes.

Brymor's high-profile developments include Southampton's Horizon
Cruise Terminal.

It also had the contract to build Southampton FC's new gym at its
Marchwood training ground.  The company was working on around 13
sites at the time it went into administration.

The administrators' report says new ventures owned by Portchester
will pay GBP1.75 million for the assets of parent company Brymor
Group, which owns the Denmead-based business's properties, and paid
GBP400,000 for those of Brymor Construction Ltd., Daily Echo
discloses.

According to Daily Echo, joint administrators Michael Magnay and
Mark Firmin, of Alvarez & Marsal, wrote: "The group has
historically traded profitably, achieving annual turnover of GBP82
million and net profit of £1.1m in the year ended March 31, 2019.

"However, more recently, the group has experienced difficult
trading conditions due to the impact of Brexit, Covid-19 and cost
inflation in the construction sector.

"These recent difficult trading conditions resulted in net losses
being generated by the group since 2020."

Project delays from the second half of 2021 left the group with
more cash going out than coming in, Daily Echo states.

Brymor's bank Santander refused to allow it more borrowing and it
became unable to pay subcontractors and suppliers, Daily Echo
discloses.

"The directors determined that as a consequence subcontractors and
suppliers would stop attending project sites, and therefore ongoing
work on project sites would quickly cease," the report says. "The
group was unable to meet its liabilities as they fell due. Further,
there were concerns that safety on sites could become compromised
should subcontractors or suppliers attend sites seeking to recover
goods."

Brymor Construction was unable to meet its payroll on June 30 and
no staff were paid between June 1 and administrators being
appointed on July 8, Daily Echo relates.

The report says Brymor Construction faces a shortfall to creditors
of GBP19.1 million, with GBP2 million owed in VAT and an estimated
GBP14.8 million to unsecured creditors. The parent company owed
another GBP1.25 million to unsecured creditors, according to Daily
Echo.

"Based on current estimates, it is highly unlikely that there will
be a dividend to unsecured creditors," the report says.

Portchester Equity had offered to buy the companies before they
went into administration, Daily Echo recounts.  But it withdrew the
offer after Alvarez & Marsal made "a number of necessary
adjustments to historic trading results".

After the business went into administration, Alvarez & Marsal
contacted 116 parties about buying them, but Portchester was the
only one to submit an offer, Daily Echo relays.  It bought the
businesses through a new venture with four Brymor directors on the
board, Daily Echo notes.


CONTOURGLOBAL PLC: S&P Alters Outlook to Neg., Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative on ContourGlobal
PLC (CG). S&P also affirmed its 'BB-' issuer credit ratings on CG
and its subsidiary ContourGlobal Power Holdings (CGPH), and
affirmed its 'BB' rating on the existing senior secured debt at
CGPH.

The negative outlook reflects the possibility of a one- or
two-notch downgrade in the next 12 months if CG fails to
demonstrate a swift return to a holdco debt to EBITDA ratio of
4x-5x and its long-term capital structure is sustainably above 5x
debt to EBITDA.

CG shareholders voted in favor of a takeover by the infrastructure
arm of Kohlberg Kravis Roberts & Co. (KKR) at a general meeting on
July 6, 2022, in a deal worth approximately $2.2 billion (GBP1.75
billion). The completion of the acquisition is subject to antitrust
and regulatory approvals.

The acquisition will be partially debt-funded, with about $570
million (GBP445 million) in bridge loans to be pushed down to CG.

S&P said, "We expect CG's S&P Global Ratings-forecasted credit
metrics to stay above rating triggers in the short term, but its
financial profile could remain unchanged if available cash is used
to deleverage. The $2.2 billion (GBP1.75 billion) proposed
acquisition will be funded by a combination of equity contributions
(cash or shareholder loans) and two bridge loan facilities for a
total of $570 million (GBP445 million) to be held at the newly
formed company, Cretaceous Bidco Limited (Bidco), wholly owned by
KKR. The debt will be progressively pushed down to CG, factoring in
available debt incurrence. Covenants on the existing $1.2 million
senior secured notes include holdco debt to EBITDA of no greater
than 5x and a debt service coverage ratio of at least 2x.

"We expect CG's leverage will increase above our rating trigger of
5x over the next two years, which is consistent with the timeline
for the proposed interim financing. However, we think the
additional leverage could be relieved and metrics could return to
pre-acquisition expectations if the new shareholder decides to use
CG's financial flexibility and robust liquidity to deliver metrics
in line with pre-acquisition levels (leverage ratio below 5x and
interest coverage metric above 6x). This could be achieved with
CG's upstream cash restriction, which allows dividend distributions
only for servicing debt at the Bidco level. We expect cash
generation of about $300 million-$350 million to contribute to the
current cash position of $180 million, which also includes the
proceeds from the sale of the Brazilian hydropower business for
approximately $112 million. All cash is available for debt
repayment. In our view, deleveraging will depend on the company's
financial policy, short-term M&A approach, and business strategy.

"We take a consolidated approach to the group because the Bidco's
debt repayment will rely on CG's dividend upstream.Once the
takeover is completed and the proposed interim structure is
implemented, we will assess the creditworthiness of CG considering
the debt at the Bidco level. We see CG as a core entity to the
newly formed group given that, despite some separation between the
entities, Bidco's debt would only be repaid using cash flows
generated by the operating company."

Existing senior creditors will benefit from a temporary separation.
Bidco's obligation will be subordinated and there are no
cross-default clauses that could trigger a default at CG. However,
the pushdown mechanism novates the ranking and therefore the bridge
loans will rank pari passu with the existing $1.2 billion senior
secured notes.

S&P said, "The pushdown could affect our recovery expectations for
our issue rating on CGPH. Additional debt without sufficient
discounted cash-flow compensation would directly diminish the
recovery prospects for holding-company creditors. The extent of the
impact would be contingent on the amount pushed down to CG. Under
our current recovery analysis, we expect the total debt raising of
above $1.6 billion-$1.7 billion to pose a material risk to the
amount that creditors would recover in a default. This means we
could lower the debt ratings by one notch if we estimated recovery
prospects for holding-company creditors had fallen to below 70%
from our current expectation of 70%-90%. We could lower the debt
ratings by two notches if we were to lower our issuer credit
ratings on CG and CGPH by one notch.

"Our recovery analysis reflects the likely recovery of CG's
corporate-level debt if it were to default. We assume that the
company would remain a going concern after any default and estimate
the recovery value through a discounted cash-flow analysis. Our
current approach provides a one-notch uplift from the issuer rating
of 'BB-'.

"We expect KKR Infrastructure to behave as a long-term investor
that supports CG's expansion plans and strategy, rather than a
financial sponsor that seeks a quick return.We base this
expectation on public statements that management has made about
supporting CG's growth and strategy as well as KKR's actions in
similar acquisitions in the infrastructure sector. The most recent
example in our portfolio is KKR's acquisition of Dutch car park
operator Q-Park Holding I B.V. in 2017, when it took control of a
54% stake. We could further adjust CG's financial risk profile if
we saw a behavioral change showing management's willingness to
jeopardize the credit quality of the assets for the purpose of
maximizing shareholders' returns."

The negative outlook reflects the potential for a downgrade if CG's
long-term capital structure is consistently above 5x debt to EBITDA
after KKR's takeover.

S&P could lower the ratings by one or two notches in the next 12
if:

-- S&P sees no intention to deleverage after the new management
takes full ownership.

-- Against S&P's expectations, it sees the new sponsor maximizing
shareholders' returns to the detriment of CG's credit quality.

S&P said, "We could lower the debt ratings by one or two notches if
we lower the issuer credit rating by one notch, and if we estimate
recovery prospects for holding-company creditors have fallen below
70% because of the additional debt.

"We could revise the outlook to stable if we observe that the new
shareholder's financial risk tolerance has remained within our
rating triggers, with S&P Global Ratings-adjusted holdco debt to
EBITDA below 5x and holdco EBITDA to interest above 6x."


ELLICON CONSTRUCTION: Enters Administration, 52 Jobs Affected
-------------------------------------------------------------
Grant Prior at Construction Enquirer reports that groundworks
specialist Ellicon Construction has gone into administration with
the loss of all 52 jobs.

The Isle of Sheppey based firm is now in the hands of
administrators from Quantuma Advisory Ltd., Construction Enquirer
relates.

According to Construction Enquirer, Quantuma said the firm was
"declared insolvent after being unable to meet liability payments
due to contractual difficulties and the knock-on effects of
Covid."

Work has stopped on its three live sites and the company's
headquarters closed, Construction Enquirer discloses.

"Family-run businesses are the lifeblood of the UK's economy, and
it is regretful that Ellicon Construction is unable to continue to
operate," Construction Enquirer quotes Duncan Beat, joint
administrator, as saying.

"We were able to find alternative contractors to ensure its
customer projects will be delivered to completion, but understand
that a number of former staff will be offered employment with these
contractors.

"In the circumstances, we will be doing our best to maximise
recoveries for creditors."

Latest accounts filed at Companies House for the year to May 31,
2020, show Ellicon had a turnover of GBP10.6 million generating a
pre-tax profit of GBP338,000 and employed 86 staff, Construction
Enquirer states.


ELLIOT GROUP: GBP100MM Student Development Completed After Rescue
-----------------------------------------------------------------
Jon Robinson at LiverpoolEcho reports that work has been completed
on a GBP100 million student development in Liverpool's Knowledge
Quarter after the project had to be rescued out of administration.

Construction firm Vermont has finished works on its development
which it said is the largest student scheme to have successfully
completed in Liverpool this year, LiverpoolEcho relates.

The 999-room unit development was formerly known as Aura and is now
referred to as the "True Student" building.

The scheme also includes a cafe, gym, a sky lounge with panoramic
city views and a cinema room.

The development was initially bought out of administration
following a deal on behalf of the 450 investors in 50 countries who
originally backed the scheme, LiverpoolEcho recounts.

Works were paused in January 2020 following issues experienced by
the original developer, Elliot Group, with the scheme collapsing
into administration in March 2020, LiverpoolEcho discloses.

Vermont reached an agreement with a consortium of investors in
March 2020 -- Aura Investors LLP -- which purchased the site from
the administrator David Rubin & Partners in October 2020,
LiverpoolEcho relays.

The investors, assisted by Blacklight Capital and their team were
able to secure all necessary funding to ensure completion of the
development as originally planned, LiverpoolEcho states.

The first phase of the project, comprising 563 student units, was
handed over in September last year, with the final 436 units handed
over this month ready for this September's student intake,
LiverpoolEcho recounts.


GREENSILL CAPITAL: Ex-Employees File GB4.5MM Suit Over Redundancy
-----------------------------------------------------------------
Katharine Gemmell and Olivia Fletcher at Bloomberg News report that
a group of ex-Greensill Capital employees sued the defunct firm in
London, accusing management of unfairly keeping them in the dark
about the company's "imminent danger of collapse."

According to Bloomberg, a group of 277 employees -- less than half
the UK workforce -- are claiming GBP4.5 million (US$5.4 million)
for not being consulted properly on their redundancy.  They say the
firm did not tell them about potential job-loss risks despite being
aware of its obvious financial problems, Bloomberg notes.  A judge
will decide today, July 28, whether the claimants are entitled to
that level of award, Bloomberg discloses.


OCADO GROUP: Moody's Cuts CFR & GBP500MM Sr. Unsecured Notes to B3
------------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating of technology-driven software and robotics
platform business and UK online grocery retailer Ocado Group plc
(Ocado or the company). At the same time, Moody's downgraded the
probability of default rating to B2-PD from B1-PD and the rating of
the company's GBP500 million backed senior unsecured notes to B3
from B2. The outlook on the ratings remains stable.

RATINGS RATIONALE

The downgrade of Ocado's ratings reflects the prolonged operating
underperformance of the company and Moody's expectations of lower
EBITDA generation over the next 12-18 months, driven by increasing
competitive pressures in the retail business, a slower ramp-up of
International Solutions compared to Moody's previous expectations,
only partly mitigated by expected higher EBITDA in UK Solutions &
Logistics.

Ocado's leverage, as measured in terms of Moody's adjusted gross
debt to EBITDA, was negative reflects negative EBITDA of GBP47.6
million on a last twelve months basis as of May 28, 2022. Leverage,
measured in terms of Moody's adjusted gross debt to EBITDA stood at
41.9x at the end of fiscal 2021 ending November 28, 2021. Based on
Moody's current forecasts, leverage - measured in terms of Moody's
adjusted gross debt to EBITDA will remain in double digits over the
next 12-18 months, and well over Moody's expectations for the B3
rating category. Free cash flows will remain highly negative
throughout the forecast period.

More positively, the B3 rating reflects the significant cash
balances of the company as strengthened by a GBP575 million equity
rights issue completed in June, as well as a track record in
regularly accessing different capital markets. Liquidity is further
supported by an undrawn GBP300 million revolving credit facility.
Ocado currently has sufficient liquidity to fund its planned
capital expenditures through fiscal 2025 based on Moody's base
case.

Ocado has signed deals with major retailers, who have announced
plans to roll out capacity equivalent to 58 CFCs, with 40 customer
fulfilment centres (CFCs), or 221 modules already formally ordered
to date, for roll out by 2027. While UK Solutions & Logistics is
expected to continue to grow and generate the majority of group
EBITDA over the next two years, International Solutions will remain
loss making during this period and turn EBITDA positive only in
fiscal 2024. Ocado is expected to relinquish control and will
therefore deconsolidate its retail operations in fiscal 2024,
reflecting the agreement with Marks & Spencer p.l.c. (M&S, Ba1
stable), its joint venture partner.

Also, the client base of Ocado's technology business is currently
limited, with Ocado Retail itself (eight CFCs) and Kroger (20 CFCs)
accounting for a majority of committed modules and expected future
fee revenue. Japan's Aeon has also signed up for the delivery of
additional 20 CFCs between 2023 and 2035. Ocado Solutions' other
partners include Sobeys, ICA, Casino, Alcampo, Coles and Auchan
Poland. For a typical CFC contract, Ocado charges clients an
upfront fee and a continuing fee based upon delivered sales
capacity.

While the CFCs could become a significant EBITDA contributor by
2024, this will require major investments to get them up and
running. Total capital expenditure is currently expected to be
around GBP800 million p.a. on average over the next six years
driven by accelerating roll out of Ocado Smart Platform (OSP)
worldwide, compared to GBP680 million in 2021 and GBP526 million in
2020 as reported.

Ocado's capital spending plans have increased significantly since
2020 after the company agreed to sell a 50% stake in Ocado Retail
to M&S, i.e. when the company's strategic focus shifted from retail
to technology solutions. In the same year, the company issued
shares and convertible bonds to fund its planned investments.

A majority of investments have gone into the construction of the
CFCs in the UK, including those used by Ocado itself, and
internationally, but also, more recently, to buy technology
companies. In 2021 the company completed two acquisitions of
robotics technology businesses - Kindred Systems and Haddington
Dynamics - for $260 million and $25 million respectively, aiming to
accelerate the development of robotic manipulation solutions.

Autostore AS, a Norwegian company and Ocado's competitor, filed
several patent infringement claims against Ocado in 2020. In March
2022, the International Trade Commission decided in favour of Ocado
on all points, confirming the original finding of the judge from
December 2021. AutoStore said it intended to appeal the ruling in
the US Court of Appeals for the Federal Circuit. Court cases are
ongoing between the two companies also in other jurisdictions,
including the UK, where a ruling is expected in the coming months.
The impact of these litigation cases on Ocado's business plan could
be material and is not factored in the current rating.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Ocado's ESG Credit Impact Score is high (CIS-4). This reflects
Moody's assessment that ESG governance attributes are overall
considered to have a high impact on the current rating. This mainly
reflects an aggressive financial strategy and high leverage, and a
limited track record in terms of profitable performance. These
risks are mitigated by moderate environmental and social risks, and
overall good board structure, compliance and reporting.

LIQUIDITY

Ocado had cash on balance sheet of around GBP1.1 billion as at May
28, 2022. Moody's expects significantly negative free cash flows
over the next two years as a result of expected weak EBITDA
generation and large planned capital outflows. At the end of fiscal
2022, Moody's anticipates that Ocado will have around GBP1.3
billion cash on balance sheet in addition to GBP300 million fully
available under the new revolving credit facility, which are
expected to adequately cover its capital requirements between
fiscals 2024-25.

Clearly though at some stage continued heavy capital spending will
necessitate further equity or debt issuance.

STRUCTURAL CONSIDERATIONS

The B2-PD PDR reflects Moody's assumption of a 35% recovery rate as
is typical for capital structures including only unsecured debt
without strong covenants.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will over the next 12-18 months maintain an at least adequate
liquidity profile. In addition, Moody's expects the company to
retain full access to the capital markets to support its ongoing
heavy capital spending. As such, an inability to access additional
funds at an appropriate time would have negative rating
implications.

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

Considering the expected continuing weak credit metrics and need
for ongoing access to additional funds to support the company's
future growth ambitions, an upgrade is unlikely in the next two
years at least. Beyond that time, strong profit growth, sustained
positive free cash flow and a material deleveraging from the levels
expected at the end of the current forecast period would be
prerequisites for positive rating pressure.

An upgrade would also require a significantly broader customer base
for the International Solutions and UK Solutions & Logistics
segments, and absence of material ongoing litigation risks.

Conversely, a downgrade would be appropriate in the event of a
deterioration in the company's liquidity profile, evidence of
reduced access to the capital markets, in the event of material
execution issues either with respect to Ocado's own retail
operations or in the development and deployment of online retail
solutions for third-party grocers, if EBITDA growth falls short of
Moody's expectations or in case of adverse outcome from legal
proceedings.

LIST OF AFFECTED RATINGS

Issuer: Ocado Group plc

Downgrades:

LT Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B2-PD from B1-PD

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to B3
from B2

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Established in 2000, Ocado is a UK based technology company that
provides end-to-end online grocery fulfilment solutions to some of
the world's largest grocery retailers and holds a 50% share of
Ocado Retail Ltd in the UK in a joint venture with M&S.


                           *********


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

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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

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