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

                          E U R O P E

          Tuesday, August 2, 2022, Vol. 23, No. 147

                           Headlines



A L B A N I A

ALBANIA: S&P Affirms 'B+/B' Sovereign Credit Rating, Outlook Stable


F R A N C E

EOS FINCO: Moody's Assigns First Time 'B2' Corporate Family Rating
LA FINANCIERE: S&P Placed 'B' Ratings on Watch Developing


G E R M A N Y

FRESENIUS MEDICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings
K+S AKTIENGESELLSCHAFT: Egan-Jones Cuts Sr. Unsec. Ratings to BB-


I T A L Y

ENEL SPA: Egan-Jones Retains BB Senior Unsecured Ratings
MAGGESE SRL: Moody's Cuts Rating on EUR170.8MM Class A Notes to B2


L U X E M B O U R G

AI MISTRAL: S&P Upgrades ICR to 'B-' on Improving Leverage
EOS FINCO: S&P Assigns Prelim 'B' Long-Term ICR, Outlook Stable


S W E D E N

OREXO AB: Egan-Jones Hikes Senior Unsecured Ratings to BB
UNIQUE BIDCO: Moody's Affirms B2 CFR & Ups First Lien Debt to B1


U K R A I N E

UKRAINE: S&P Cuts LT SCR to 'CC' on Proposed Debt Restructuring


U N I T E D   K I N G D O M

CARZAM: Owed More Than GBP2.4 Million at Time of Administration
HARTLEY PENSIONS: Goes Into Administration at FCA Request
INTERNATIONAL GAME: Egan-Jones Retains B Senior Unsecured Ratings
MISSGUIDED: Owed More Than GBP80 Mil. at Time of Administration
MR LEE'S PURE FOODS: Unsecured Debts Total GBP1.04 Million

SEA HOTEL: Put Up for Sale for GBP1.65 Million
TOGETHER ASSET 2022-1ST1: S&P Assigns 'BB' Rating to E-Dfrd Notes
YORK MAILING: Reopens Under New Ownership After Administration

                           - - - - -


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A L B A N I A
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ALBANIA: S&P Affirms 'B+/B' Sovereign Credit Rating, Outlook Stable
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On July 29, 2022, S&P Global Ratings affirmed its 'B+/B' long- and
short-term sovereign credit ratings on Albania. The outlook is
stable.

Outlook

The stable outlook reflects S&P's expectation that potential risks
arising from the Russia-Ukraine conflict are counterbalanced by
Albania's strong external buffers. Furthermore, the country's solid
growth prospects will support the government's fiscal consolidation
efforts and allow it to broadly lower debt in the next few years.

Downside scenario

S&P could lower the ratings over the next year if, contrary to its
expectations, the public debt stock continues to rise, due to
factors that include high fiscal deficits or the materialization of
contingent liabilities from public-private partnerships (PPPs).

Upside scenario

S&P said, "We could consider raising the ratings over the next year
if Albania records significantly lower current account deficits
that reduce external funding risks. We could also raise the ratings
if the country's fiscal deficits are materially lower than we
expect, lowering public debt levels and interest costs. This could
happen through a comprehensive medium-term revenue strategy or
reduced contingent fiscal risks. Other ratings upside triggers
include improved long-term growth prospects."

Rationale

S&P's ratings on Albania are constrained by a moderately weak
institutional framework, low GDP per capita, high public debt, and
large external financing needs. Over half of government debt is in
foreign currency or has a short duration that requires constant
refinancing. Furthermore, the Bank of Albania's (BoA's) monetary
policy transmission channel is limited by the economy's widespread
euroization, high informality, and shallow capital markets.

The ratings are supported by Albania's moderate growth prospects
and monetary flexibility through its free-floating currency and
high reserves, which serve as important buffers against potential
external risks. Lastly, despite the external shocks Albania has
faced in recent years, we believe authorities will revert to their
fiscally conservative position, lowering public debt.

Institutional and economic profile: After a strong start to the
year, GDP growth is set to decelerate in 2022 due to the conflict
in Ukraine

-- After a solid recovery in 2021, S&P expects growth to
decelerate in 2022 but rebound thereafter.

-- Albania has negligible trade and financial links to Russia and
Ukraine.

-- Accession talks have started, but the country's path to full EU
membership will be protracted.

Albania's real GDP growth was robust in first-quarter 2022, up 6%
compared with the same period a year earlier, thanks to strong
household and external demand. Despite this, we expect growth to
decelerate to 2.2% due to monetary policy tightening, weaker
external demand from the EU (Albania's main trading partner), and
rising inflation weighing on domestic demand. Mitigating factors
include strong investment and a carryover effect from 2021. Risks
to the growth outlook include an escalation in the Russia-Ukraine
conflict, tightening financial conditions, and weaker global
economic activity. S&P expects growth to revert to about 3% from
2023 on strong investment, and external and domestic demand.

Albania's economy continues to be burdened by structural issues
including infrastructure gaps, a weak legal environment,
corruption, and labor market shortages. Nevertheless, anchored by
the country's EU membership bid, the government has made steady
progress to address these issues. For example, the Trans Adriatic
Pipeline will gradually reduce Albania's over-reliance on
hydropower, and judiciary vetting with assistance from the EU will
improve the legal framework. Continued implementation of structural
reforms could improve the business environment and attract foreign
investment to Albania, allowing the country to sustain higher
income growth.

In contrast with other countries in the region, Albania's trade
exposure to Russia and Ukraine is negligible, which limits the
conflict's impact on the economy. A large part of Albania's imports
from Russia are composed of hydrocarbons and agricultural products.
Before the conflict, Albania imported roughly 4% of its refined
fuel from Russia. On the other hand, gas plays a
minimal-but-growing role in the country's energy mix.

The Socialist Party of Albania continues to govern since securing a
parliamentary majority in the April 2021 general election.
Policymaking has been stable, focusing on fostering economic
development with the aim of EU accession. Earlier in the year,
protests were held across the Albania due to rapid increases in
energy and food prices stemming from the Russia-Ukraine conflict.
In response, the government introduced a package of social security
measures and price freezes to ease the cost-of-living crisis for
those citizens struggling.

EU accession has remained a key policy priority for successive
governments since Albania attained candidate status in June 2014.
Previously, the EU had grouped the country's accession bid with
neighboring North Macedonia, which has had its own membership bid
frozen by Bulgaria due to bilateral disputes. But thanks to a
recent breakthrough between North Macedonia and Bulgaria, accession
talks have started that enabled the EU and Albania to recently hold
their first intergovernmental conference. However, given the
experience of regional peers and enlargement fatigue in the EU, S&P
believes Albania's path to EU accession will be protracted.

Flexibility and performance profile: Fiscal and external pressure
will remain elevated this year, but will start declining
thereafter

-- Albania's fiscal deficit will remain high at 4.6% of GDP in
2022, followed by fiscal consolidation in the following years.

-- The current account deficit will narrow gradually over
2022-2025 and will remain financed by net foreign direct investment
(FDI) inflows.

-- Despite the Russia-Ukraine conflict, the Albanian lek has
appreciated against the euro and remains backed by the BoA's
monetary policy flexibility and high foreign currency reserves.

Albania's fiscal deficit narrowed to 4.5% of GDP in 2021 driven by
a robust economic recovery and withdrawal of COVID-19-related
support. S&P expects the budget deficit to remain at about 4.6% of
GDP in 2022. Revenue is set to increase strongly on higher
inflation boosting tax receipts. However, additional spending to
help parts of the population deal with the economic fallout of the
Russia-Ukraine conflict will offset any revenue windfall. In
addition, there will be additional outlays for public investments
due to rising input costs. Nevertheless, the deficit for this year
is fully funded.

S&P said, "Due to the multitude of external shocks Albania has
faced in recent years, we expect fiscal consolidation will be
somewhat protracted. Of note, we expect that debt will stabilize in
the next few years given that authorities will largely comply with
their fiscal rules as stipulated by the Organic Budget Law (OBL)
and the debt-brake rule. These require the government to achieve a
primary balance from 2024 and a continuously declining debt-to-GDP
ratio if it is above 45%. We think fiscal consolidation will only
occur if Albania's economic growth recovers and further reforms to
public finances are pursued. The government expects to implement a
medium-term revenue strategy to boost revenue collection. At about
27%, Albania's fiscal revenue-to-GDP ratio is the lowest in the
Western Balkans. We attribute the relatively low ratio to a large
informal economy, and tax loopholes and exemptions.

"We expect net general government debt will narrow to approximately
65% of GDP in the next three years. Albania's debt stock is
somewhat high (compared with that of regional peers) and subject to
refinancing and foreign currency risks. Average debt maturity has
been increasing but remains relatively short. Moreover, about 51%
of central government debt is in foreign currency and unhedged,
making it vulnerable to exchange-rate volatility. The domestically
issued debt is largely short-term. In addition, and despite a
pickup in bank lending to the private sector in recent years,
Albania's banking sector still holds the largest share of domestic
government debt, which constitutes about 26% of the sector's total
assets."

Authorities are continuing with their efforts to reduce contingent
fiscal risks. Yet, off-balance-sheet PPPs continue to pose a fiscal
risk. Albania has over 200 PPPs covering road infrastructure, power
generation, and health care. Under the OBL, payouts to PPPs are
limited to 5% of tax revenue in the previous year. Despite efforts
to address Albania's infrastructure gap, in S&P's view, the risk
framework governing these projects is not sufficiently
developed--particularly in terms of cost transparency.
Consequently, potential fiscal risks from PPPs remain hard to
predict and quantify.

Inflation in Albania has increased to its highest level since 1999,
to 7.4% in June, from 6.6% in May. However, it remains low on a
regional basis. The acceleration in inflation is mainly due to an
increase in food and energy prices. As a result, the BoA has
responded by hiking the policy rate a cumulative 75 basis points
this year. S&P expects inflation to remain elevated and average
6.4% in 2022, then fall gradually back to BoA's inflation target
band of 3% plus or minus 1% due to monetary policy tightening and
weaker external prices pressures.

The BOA's monetary policy transmission mechanism remains impaired
by shallow capital markets and extensive euroization in the economy
(similar to regional peers). Roughly 56% of deposits are in foreign
currencies; euros continued to be widely accepted in transactions,
even in the formal economy. Nevertheless, the BoA has reduced the
proportion of loans denominated in euros, to slightly below 50% of
the total stock.

Despite tightening global financial conditions, the Russia-Ukraine
conflict, and a slowdown in global economic activity, the Albanian
lek (a free-floating currency) has appreciated against the euro.
The lek's stability has reduced pressures on public finances and
the domestic banking system.

Strong financial account inflows over the past decade has prompted
stronger foreign currency reserves, as have the BoA's efforts to
accumulate reserves. S&P expects usable reserves (that is, gross
reserves net of required reserves on commercial banks' foreign
currency liabilities) will cover about six months of current
account payments over the next few years.

Albania's current account (CA) deficit narrowed to 7.7% of GDP in
2021, mainly due to a pickup in services exports, particularly
tourism revenue, which offset higher imports and lower remittances.
Tourism levels continue to recover; 12-month rolling foreign
tourist arrivals reached 6.3 million in May 2022, close to the peak
of 6.4 million in August 2019. S&P expects the CA deficit to widen
to 8.2% of GDP in 2022, mainly due to higher commodity prices. Over
the next few years, the CA deficit will narrow again as commodity
prices decrease, tourism revenue recovers, and post-earthquake
reconstruction activities fade. Strong financial account inflows
via FDI will continue financing the external deficit until 2025.

Although BoA has withdrawn its support measures, Albania's banking
sector is liquid, well-capitalized, and profitable. Nonperforming
loans reached 5.4% of gross loans in May, compared with a peak of
almost 25% in 2014. Overall, the risk of contingent liabilities
remains low, but the banking sector remains highly euroized.

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

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

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

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

  Ratings List

  RATINGS AFFIRMED

  ALBANIA

   Sovereign Credit Rating             B+/Stable/B

   Transfer & Convertibility Assessment     BB

   Senior Unsecured                         B+




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F R A N C E
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EOS FINCO: Moody's Assigns First Time 'B2' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating and B2-PD probability of default rating to Eos Finco
S.a.r.l. (ETC or the company), a global distributor of telecom
equipment. Concurrently, Moody's has assigned B2 ratings to the
proposed EUR972 million equivalent backed senior secured term loan
(term loan) and EUR185 million backed senior secured revolving
credit facility (RCF) to be borrowed by the company. The outlook is
stable.

Net proceeds from the proposed transaction will be used to finance
the acquisition of ETC by private equity firm Cinven Group Ltd.

RATINGS RATIONALE

ETC's B2 CFR reflects its leading market position as a global
distributor of telecom equipment with a comprehensive product
offering, which encompasses network equipment and active equipment
across all telecom technologies. The rating is also supported by
the company's strong revenue growth prospects over the next 3-5
years driven by the rollout of fibre optics and fifth generation
(5G) mobile networks.

Strong revenue growth over the next 12-18 months will support a
reduction in Moody's-adjusted debt/EBITDA to around 5.0x from an
opening leverage of around 6.5x (based on figures for the last
twelve months ended April 30, 2022) as well as Moody's-adjusted
free cash flow/debt of around 5%. Moody's regards the company's
higher tolerance for leverage under the company's new private
equity ownership as a governance risk under its ESG framework.

In addition to the high opening leverage, the rating is constrained
by the company's narrow focus on the outsourced telecom equipment
procurement market and its high customer concentration as reflected
by the fourteen largest customers accounting for around 54% of
revenue in 2021 on a proforma basis, of which 28% with Altice USA's
subsidiaries Suddenlink and Optimum.
Overall, Altice-owned entities accounted for around 45% of total
revenue.

Moreover, there is also the risk that debt-funded acquisitions will
hinder deleveraging given the company's acquisitive strategy.
Moody's currently assumes that the company will not undertake
material debt-funded acquisitions, which could result in
Moody's-adjusted debt/EBITDA remaining over 5.5x on a sustained
basis.

Moody's understands the company will take the necessary steps to
hedge its currency exposure at closing or shortly after given than
the term loan will be fully denominated in USD while the company
generated about two-thirds of its revenue in the US in 2021.

LIQUIDITY

Moody's views ETC's liquidity as adequate. This reflects the rating
agency's expectations of positive free cash flow of around EUR60
million p.a., which will help strengthen the company's liquidity
given the low cash balances of EUR5 million at closing and initial
reliance on the revolving credit facility of EUR185 million, which
will be undrawn at closing but could be used to fund small
acquisitions. The nearest debt maturity is the RCF in 2028. The
term loan will mature in 2029.

Moody's expects the company to maintain comfortable headroom under
the springing covenant attached to the RCF and tested when drawn by
40%.

STRUCTURAL CONSIDERATIONS

The B2 ratings assigned to the term loan and RCF, in line with the
CFR, reflect their pari passu ranking in the capital structure, a
collateral package comprising substantially all assets of the US
subsidiary guarantors among other things, and upstream guarantees
from material subsidiaries of the group representing 80% of EBITDA.
The B2-PD probability of default rating, in line with the CFR,
reflects Moody's assumption of a 50% family recovery rate typical
for bank debt structures with a loose set of financial covenants.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook factors in Moody's expectations that the company
will continue to deliver strong organic growth, leading to a
reduction in Moody's-adjusted debt/EBITDA to around 5.0x over the
next 12-18 months and Moody's-adjusted free cash flow/debt of
around 5%. The stable outlook does not assume large debt-funded
acquisitions or shareholder distributions.

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

Positive pressure on the rating could materialise if: customer
concentration risk continues to decline; the company continues to
generate strong organic growth leading to Moody's-adjusted
debt/EBITDA reducing towards 4.0x and Moody's-adjusted FCF/debt
increasing to around 10%; and the company maintains a conservative
financial policy with respect to debt-funded acquisitions and
shareholder returns.

Negative pressure on the rating could materialise if: organic
growth is less than currently expected by Moody's or debt-funded
acquisitions result in Moody's-adjusted debt/EBITDA not reducing to
well below 5.5x over the next 12-18 months; Moody's-adjusted
FCF/debt reduces to low single percentage digits; or liquidity
weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY PROFILE

Headquartered in France, ETC is a leading global distributor of
telecom equipment. Its product offering spans over 50 thousand
stock-keeping units (SKUs) across fixed and mobile technologies as
well as active and passive equipment. It generated revenue of
around EUR1.1 billion in 2021 pro forma acquisitions completed to
date.

LA FINANCIERE: S&P Placed 'B' Ratings on Watch Developing
---------------------------------------------------------
S&P Global Ratings placed its 'B' ratings on La Financiere Atalian
and its senior unsecured notes on CreditWatch with developing
implications. The recovery rating remains '4', indicating about 30%
recovery in the event of default.

The CreditWatch placement reflects the acquisition by CD&R
announced on July 28, 2022. S&P said, "We understand that the
acquisition will result in the combination of La Financiere Atalian
and OCS International Finance Ltd., the latter with operations in
the United Kingdom and Asia Pacific. We will reassess the combined
company and the new capital structure once further information
becomes available. We anticipate the full debt outstanding at
Atalian will be fully redeemed."

La Financiere Atalian announced it has reached a binding and
irrevocable offer from private equity firm, Clayton, Dubilier &
Rice (CD&R) for the purchase of Atalian's entire share capital and
voting rights. S&P expects this will close during 2022.

The proposed transaction is subject to regulatory and customary
competition authorities' approvals and is expected to close in
2022.

S&P said, "Atalian's more subdued performance in the first half of
2022 and increasing cash needs in the year has resulted in our
liquidity assessment of less than adequate. The company has fully
drawn its revolving credit facility (RCF) in the period, which is
due to mature in April 2023. The drawings to date have funded the
Incentive FM acquisition, additional working capital needs during
first-half 2022, and increased exceptional costs. We now therefore
view liquidity as less than adequate, with sources over uses
falling below 1x. While we understand the company is seeking a
potential extension of its RCF, this will be short term and we do
not expect it to improve our current liquidity assessment. However,
once the acquisition of CD&R and new financing structure is put in
place, we believe this could improve our current liquidity
assessment of Atalian."

CreditWatch

S&P said, "If the acquisition closes with a longer term capital
structure in place, we believe Atalian may see an improved
liquidity position and further potential benefits coming from
improved scale and diversification. Alternatively, if the
transaction does not progress, we could consider that its softer
performance and weakening liquidity could pressure the group's
credit quality. We expect to resolve the CreditWatch placement in
the coming months once we have a clearer view on the combined
entities' operational performance and the new capital structure. We
could also discontinue our issuer credit rating on Atalian if all
rated debt is repaid and Atalian no longer requires a credit
rating.

"We assess Atalian's liquidity as less than adequate, with sources
of cash over uses at less than 1x over the next 12 months."

Principal liquidity sources over the next 12 months:

-- About EUR132 million of cash on balance sheet as of June 30,
2022; and

-- Cash funds from operations of about EUR15 million.

Principal liquidity uses over the next 12 months:

-- EUR103 million repayment of RCF, which matures in April 2023

-- Annual capital spending of EUR45 million-EUR55 million; and

-- Working capital outflows of EUR25 million-EUR35 million.

The RCF documentation includes a maximum 1.75x net secured leverage
ratio, tested on June 30 and Dec. 31 each year. Headroom under the
covenant has declined but remains comfortable.

ESG credit indicators: E-2, S-2, G-3




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G E R M A N Y
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FRESENIUS MEDICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on July 21, 2022, retained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Fresenius Medical Care AG & Co. KGaA. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG &
Co. KGaA offers kidney dialysis services and manufactures and
distributes equipment and products used in the treatment of
dialysis patients.


K+S AKTIENGESELLSCHAFT: Egan-Jones Cuts Sr. Unsec. Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on July 22, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by K+S Aktiengesellschaft to BB- from B+.

Headquartered in Kassel, Germany, K+S Aktiengesellschaft
manufactures and markets within the fertilizer division standard
and specialty fertilizers to the agricultural and industrial
industries worldwide.




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I T A L Y
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ENEL SPA: Egan-Jones Retains BB Senior Unsecured Ratings
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Egan-Jones Ratings Company, on July 19, 2022, retained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Enel SpA.

Headquartered in Rome, Italy, Enel SpA operates as a multinational
power company and an integrated player in the global power, gas,
and renewables markets.


MAGGESE SRL: Moody's Cuts Rating on EUR170.8MM Class A Notes to B2
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class A
notes in Maggese S.r.l. The rating action reflects slower than
anticipated cash-flows generated from the recovery process on the
non-performing loans (NPLs).

EUR170.8M Class A Notes, Downgraded to B2 (sf); previously on Sep
14, 2021 Downgraded to Ba3 (sf)

RATINGS RATIONALE

The rating action is prompted by slower than anticipated cash-flows
generated from the recovery process on the NPLs.

Slower than anticipated cash-flows generated from the recovery
process on the NPLs:

As of July 2022, Cumulative Collection Ratio were at 49.6%, based
on collections net of legal and procedural costs, meaning that
collections are coming significantly slower than anticipated in the
original Business Plan projections. This compares against 60.0% at
the time of the latest rating action in September 2021. Through the
June 30, 2022 collection period, six collection periods since
closing, aggregate collections net of legal and procedural costs
were EUR79.6 million versus original business plan expectations of
EUR154.4 million.

NPV Cumulative Profitability Ratio stood at 95.0%, slightly below
original servicer's expectations, however it only refers to closed
positions while the time to process open positions and the future
collections on those remain to be seen. The transaction is one of
the few exceptions among Italian NPLs securitisations with
profitability ratio below 100%.

Cumulative gross collections represent around 12.8% of original
Gross Book Value ("GBV") while Moody's projection at closing for
Gross Collection as a percentage of original GBV in a given
property value stress scenario up to June 2022 was around 14.7%.

In term of underlying portfolio, the reported GBV stood at EUR566
million as of June 2022 down from EUR700 million at closing, mostly
concentrated in one single region (Piedmont, 77%) and around 1,950
properties have already been sold.

Maggese S.r.l. was underperforming the special servicer's original
projection already at the time of previous rating action in
September 2021, but performance has deteriorated significantly in
the past 12 months. This portfolio has a higher borrower
concentration than other Italian NPLs securitisations. About 17% of
the pool Gross Book Value ("GBV") is concentrated on the top 10
obligors, which increases potential performance volatility. In
addition, 38.5% of GBV for Secured positions, under Moody's
classification, have open procedures in two tribunals, namely Asti
or Turin which translates into a large dependency on the
performance of these tribunals.

Moody's notes that Class B deferral trigger has been hit at the
Payment Dates since January 2021 (totalling EUR2.7 million
interests being deferred until now).

NPL transactions' cash flows depend on the timing and amount of
collections. Due to the current economic environment, Moody's has
considered additional stresses in its analysis, including a 6 to
12-month delay in the recovery timing.

Moody's has taken into account the potential cost of the GACS
Guarantee within its cash flow modelling, while any potential
benefit from the guarantee for the senior Noteholders has not been
considered in its analysis.

The action has considered how the coronavirus pandemic has reshaped
Italy's economic environment and the way its aftershocks will
continue to reverberate and influence the performance of NPLs.
Moody's expect the public health situation to improve as
vaccinations against COVID-19 increase and societies continue to
adapt to new protocols. But the virus will remain endemic, and
economic prospects will vary – starkly, in some cases – by
region and sector.

Moody's regard the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety.

The principal methodology used in this rating was "Non-Performing
and Re-Performing Loan Securitizations Methodology" published in
July 2022.

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

Factors or circumstances that could lead to an upgrade of the
rating include: (i) the recovery process of the non-performing
loans producing significantly higher cash-flows in a shorter time
frame than expected; (ii) improvements in the credit quality of the
transaction counterparties; and (iii) a decrease in sovereign
risk.

Factors or circumstances that could lead to a downgrade of the
rating include: (i) significantly lower or slower cash-flows
generated from the recovery process on the non-performing loans due
to either a longer time for the courts to process the foreclosures
and bankruptcies, a change in economic conditions from Moody's
central scenario forecast or idiosyncratic performance factors. For
instance, should economic conditions be worse than forecasted and
the sale of the properties generate less cash-flows for the issuer
or take a longer time to sell the properties, all these factors
could result in a downgrade of the rating; (ii) deterioration in
the credit quality of the transaction counterparties; and (iii)
increase in sovereign risk.



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L U X E M B O U R G
===================

AI MISTRAL: S&P Upgrades ICR to 'B-' on Improving Leverage
----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on AI
Mistral Holdco Ltd. (operating under the V.Group brand) and its
finance subsidiary, AI Mistral (Luxembourg) Subco S.a.r.l., to 'B-'
from 'CCC+'.

At the same time, S&P raised its issue rating on the company's
about $485 million first-lien term loan B (TLB) to 'B-' from
'CCC+', with the unchanged '4' recovery rating reflecting its
expectation of average recovery prospects (30%-50%) in the event of
a payment default.

The stable outlook reflects S&P's expectation that V.Group will
continue increasing its ships under management, revenue per
contract, and EBITDA, while generating clearly positive FOCF,
reducing leverage, and enhancing its financial flexibility for
potential bolt-on acquisitions.

S&P said, "The upgrade reflects our revised base case following
V.Group's stronger-than-forecast operating results in 2021 and our
expectation that this earnings' momentum will continue in 2022. The
company's reported EBITDA (pre-International Financial Reporting
Standard [IFRS] 16) of $19.4 million in first-quarter 2022 was
almost double that in first-quarter 2021, indicating a sustained
turnaround of operations. V.Group is making significant efforts to
restore its organic growth and has implemented several initiatives
while accentuating customer relationships and effective utilization
of the services portfolio. With this continued focus on earnings
quality and average revenue per contract across its operations, and
initiatives to mitigate inflationary pressure on margins, we
forecast that S&P Global Ratings-adjusted EBITDA (post-IFRS16) will
increase to $85 million-$90 million in 2022, compared with about
$62 million in 2021 and $43 million in 2020. According to our
methodology, we add a $10 million lease adjustment to the company's
reported EBITDA.

"This operational strength, combined with limited capital
expenditures (capex) needs, should lead to positive FOCF and cash
accumulation. We expect V.Group will generate sufficient EBITDA to
cover its mandatory annual cash needs of up to $55 million. These
comprise about $30 million of cash interest (including finance
lease interest), $5 million in yearly debt amortization, $10
million of lease payments, and up to $7 million of maintenance
capex. The low capital intensity of V.Group's business model and
its demonstrated working capital control will help it generate
clearly positive FOCF in 2022, which we view as stabilizing the
'B-' rating. We forecast that FOCF after lease payments will be
about $30 million in 2022 and 2023 (after close to breakeven in
2021 and the negative value in 2020), providing financial
flexibility for unexpected operating missteps, cost overruns, or
potential bolt-on acquisitions.

"We expect consistent deleveraging over the next 12 months.We view
EBITDA growth as the main driver for improving leverage ratios
given the company's mostly bullet debt profile, comprising an about
$485 million TLB due March 2024 (with a $5.2 million annual
amortization), $50 million term loan C-1 due March 2024, $25
million term loan C-2 due March 2026, and an about $25 million
acquisition credit facility (ACF) due December 2023. We forecast
S&P Global Ratings-adjusted debt to EBITDA will decline toward 7.0x
in 2022 and 6.0x-6.5x in 2023. We believe that the improved
leverage will likely enhance V.Group's ability to tackle its
upcoming term loan maturities and revolving credit facility (RCF)
extension in a timely manner.

"Our business risk profile assessment continues to reflect
V.Group's leading market position and generally good reputation in
the niche sector of integrated marine services.V.Group has a large
and diversified portfolio of vessels under fixed-price service
contracts, strong strategic relationships with recruitment sources,
and a broad service range. The company is well on track to reduce
customer churn rates, expand its contract revenue, and partly
restore profitability to our adjusted EBITDA margin of 13%-14% in
2022 (from 10% in 2021 and 8% in 2020), although this is still
below 15%-16% in 2018. We anticipate that V.Group will protect and
gradually expand its market share in the next two years given the
expanding global vessel fleet, trend of outsourcing marine
services, and low penetration in the third party ship management
sector in general. That said, the annual revolving nature of a
significant portion of V.Group's contracts exposes it to contract
renewal and volume risk, in our view. Furthermore, the company's
narrow business scope and scale--it focuses solely on the cyclical
shipping industry--constrain its business risk profile. By
comparison, large global players have broader activities in the
business services industry such as general facility management or
staffing services. Also, compared with the wider business and
services sector, we note that V.Group has a more volatile track
record of profit generation.

"The stable outlook reflects our expectation that V.Group will
continue to gradually increase its ships under management, revenue
per contract, and EBITDA, while reducing its leverage to toward
7.0x in 2022 and 6.0x-6.5x in 2023. We anticipate the company will
generate clearly positive FOCF with support of its asset-light
business model, which will enhance its financial flexibility for
potential bolt-on acquisitions and facilitate near-term
deleveraging. In addition, we expect V.Group to address its debt
maturities in a timely manner, which we consider to be at least 12
months before they come due.

"We could consider a negative rating action if we believe that
V.Group's capital structure is unsustainable. This could occur, for
example, if the company's vessel portfolio or revenue per contract
diminish, EBITDA underperforms our expectations for a prolonged
period, and FOCF turns negative. We could also lower the rating if
the company's term loans become current (less than 12 months before
they are due) and refinancing prospects are weak.

"We could consider a positive rating action if V.Group refinances
its term loans maturing March 2024 and maintains adequate
liquidity. An upgrade would be also contingent on the company
achieving and maintaining our adjusted leverage ratio of 6.0x or
below. This would likely be an outcome of V.Group exceeding our
EBITDA growth expectations or reducing its debt balance through a
voluntary debt repayment."

ESG credit indicators: E-2, S-2, G-3


EOS FINCO: S&P Assigns Prelim 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to global telecommunication materials distributor Eos
Finco S.a.r.l. (ETC) and its preliminary 'B' issue rating to the
proposed term loan B (TLB) with a recovery rating of '3' indicating
meaningful recovery prospects (50%-70%; rounded estimate 65%) in
the event of a payment default.

The stable outlook reflects S&P's view that ETC will continue to
see stable organic business and EBITDA growth in the coming years
as it benefits from high end-market activity and better operating
leverage due to increasing scale and synergy realizations, which
should support deleveraging toward 6.5x in 2023.

Private equity firm Cinven is acquiring a majority stake in ETC, a
distributor of telecommunications materials, via a new entity Eos
Finco, and funding the acquisition with a new EUR972
million-equivalent U.S. dollar term loan B (TLB) and equity
contribution of 58% (representing EUR1.3 billion); the current
majority shareholder Carlyle will reinvest in a minority stake and
the founder will retain a significant minority stake.

The preliminary 'B' issuer credit rating on Eos Finco S.a.r.l. is
constrained by the company's financial sponsor ownership and highly
leveraged capital structure. S&P sid, "We consider the EUR325
million of PECs held by minority owners to be debt-like, given the
potential for repayment, but acknowledge their long-dated maturity,
subordination against the senior secured term loan B, and cash
preservation function. The financial sponsor also issued preference
shares for this transaction, which we consider equity-like given
the alignment of the financial owners' economic incentives. As a
result of the company's financial-sponsor ownership, we do not net
cash in our calculations and incorporate only gross debt. We
forecast leverage (adjusted debt to EBITDA) will peak in 2022 at
around 7.7x (5.8x excluding the PECs) following the transaction but
decline below 7.0x in 2023 (5.0x excluding the PECs) and toward
6.0x by 2024 (below 5x without the PECs), fueled by solid, largely
organic, revenue and EBITDA growth. Our preliminary 'B' rating
reflects our view that funds from operations (FFO) cash interest
coverage will rebound to around 2x in 2024 and the company will
continue to see a leverage decline, supported by EBITDA growth and
some contractual debt amortization. Moreover, we expect the group
will continue to generate sufficient cash to meet increasing
amortization from 2025."

ETC has a market-leading position as a pure-play specialist
distributor within the telecom and technology infrastructure
industry. The company completed three acquisitions in the U.S. and
U.K. that almost doubled its revenue base over 2020-2021 to over
EUR1 billion. The large base of more than 750 suppliers supports
its significant offering of 50,000+ products, with a focus on its
stronger capabilities in fiber/optical and active equipment. In
addition, ETC's value-added services, including logistics and
refurbishment, as well as the tailoring/design of specific products
and its own branded product portfolio, provide a full service
offering for many of its customers.

The business benefits from minimal customer churn as well as strong
relationships with key materials suppliers. ETC has strong
relationships with many of its 14,000 customers, with less than
EUR34 million of revenue lost as a result of customer attrition and
no churn among its top 30 customers. The average length of ETC's
relationships with its clients exceeds 12 years in France and nine
years in the U.K. Over the last four years, the company has
maintained its top 10 customers and strongly increased its share of
revenue across 70% of these customers. Its top five customers have
contributed an additional EUR100 million in revenue over this time
and the company has been able to expand its overall customer base.

Good EBITDA margin generation and low capital expenditure (capex)
support solid free cash flow generation. ETC's EBITDA margin of
about 16% during 2021 was one of the highest amongst similar rated
resellers and general distribution businesses. Even with the
integration of lower-margin acquisitions, S&P anticipates margins
will remain above 13%, which it still consider strong versus that
of peers such as Presidio and Staples. The company undertook a
number of acquisitions in the past two years, all of which had
lower margins than ETC's average, but management expects to improve
margins by achieving around EUR20 million of synergies arising
largely from procurement savings during 2022. There is further
upside potential over the coming years, particularly on operating
expenditure and business development, which will support margins
further. The company's cost base is weighted more to variable
costs, allowing it to sustain strong margins, and is also supported
by limited inventory write-offs and risk of obsolescence. Original
equipment manufacturers typically send several products straight to
ETC's clients and thus avoid inventory buildup, which is a common
feature across its French business. Coupled with low capex and
modest working capital outflows, this supports solid cash
generation.

S&P said, "The concentration on products, countries, and customers
constrains our business risk assessment. Around 60% of the products
sold relate to the fixed broadband and active equipment market,
which continues to adapt over time. However, we acknowledge that
the company has shown resilience since it was established in 1993,
as technical capabilities have evolved from copper to fiber and 1G
to 5G. In terms of geographic concentration, we note that the U.S.
represents around 65% of revenue and its three core countries (the
U.S., France, and the U.K.) represent 91% of revenue. In our view,
the broadband market in France is more mature than in the U.S., but
we still expect continued investment in new technologies, which
will support a stable market environment in the coming years.
Almost half of ETC's revenue stems from one customer, Altice. ETC
is the sole supplier of Altice, and we note that the two companies
have several contracts across the U.S. and EU. Customer oversupply
on particular products has affected ETC in the past, though we
understand this reversed during 2021. However, further oversupply
in any particular year could affect top-line growth or lead to an
inventory buildup, which if material could put pressure on our
credit metrics.

"Market tailwinds from public and private spending support revenue
stability and growth opportunities despite challenging
macroeconomic conditions globally. We expect ETC to benefit from
good revenue visibility and a stable business environment over the
coming years, with the pandemic accelerating the demand for better
connectivity. Particularly in the U.S., the U.K., and Germany,
which fall short of more advanced countries such as France, we
forecast elevated capex from telecom operators over the next years
to accelerate the deployment of fiber to the home (FTTH) and
satisfy end-customer demand. This is further boosted by public
support such as the infrastructure bill in the U.S. or the
"Building Digital UK" program aimed at improving digital
connectivity, since increasing data consumption opens up growth
opportunities within data-center and mobile offerings.

"We expect ETC to show a strong 2022 performance on the back of
encouraging year-to-date results in a challenging market
environment. In 2022, we forecast like-for-like growth of about
20%, the majority fueled by volume growth stemming from increased
capex by ETC's clients to support the deployment of FTTH, as well
as the 5-G buildout, particularly within the U.S., and new client
wins. In 2023, we expect continued high-single-digit year-on-year
revenue growth on the back of cross-selling opportunities and
industry tailwinds. Over the coming two years, we expect ETC's
EBITDA margins to increase toward 14% in 2022 from around 13.5%
from organic growth, improved efficiency, and more than EUR20
million from the realization of synergies according to the
company's expectations. ETC anticipates generating synergies
particularly from procurement savings, thanks to better scale and
cross-selling opportunities to existing and new clients onboarded
as part of acquisitions. At the same time, ETC will benefit from
better operating leverage and a positive effect from the product
mix, particularly the continued growth of its own products and the
weighting toward higher-margin products and services. This will be
partially offset by some exceptional costs linked to the
integration as well as synergy realization and higher
transportation and labor costs.

"The final rating will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of the
final rating. If we do not receive the final documentation within a
reasonable time frame, or the final documentation departs from the
materials reviewed, we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to, use of
loan proceeds, maturity, size, and conditions of loans, financial
and other covenants, security, and ranking. Our base case
incorporates several variables including interest rates based on
current market assumptions, which could result in a potential
change if they are materially higher than our base case.

"The stable outlook reflects our view that ETC will continue to see
stable organic growth and continued EBITDA growth in the coming
years, as the company benefits from high end-market activity and
better operating leverage due to increasing scale and synergy
realizations. We believe this will support deleveraging toward 6.5x
in 2023."

S&P could take a negative rating action if it saw:

-- Weaker earnings generation or greater volatility in margins
from operational or integration issues, or increased competition,
which could lead to negative free operating cash flow (FOCF).

-- That the company is unable to sustain FFO cash interest
coverage at about 2x.

-- Debt-funded acquisitions or shareholder-friendly returns that
would result in adjusted debt to EBITDA staying above 7.0x
(including PECs).

S&P said, "Although we consider an upgrade unlikely in the coming
12 months, we could raise the ratings if the shareholders commit to
and demonstrate a prudent financial policy, maintain adjusted debt
to EBITDA below 5x, and continue to generate solid FOCF. In
addition to this, we would expect to see the company improve its
margin trajectory following successful integration of acquisitions,
supporting a relatively stable margin base, diversification across
its customer base, and improved scale."

ESG credit indicators: E-2, S-2, G-3

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of ETC. Our assessment
of the company's financial risk profile as highly leveraged
reflects corporate decision-making that prioritizes the interests
of the controlling owners, in line with our view of the majority of
rated entities owned by private-equity sponsors. Our assessment
also reflects generally finite holding periods and a focus on
maximizing shareholder returns."




===========
S W E D E N
===========

OREXO AB: Egan-Jones Hikes Senior Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company, on July 19, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Orexo AB to BB from BBB-.

Headquartered in Uppsala, Sweden, Orexo AB operates as a
pharmaceutical company.


UNIQUE BIDCO: Moody's Affirms B2 CFR & Ups First Lien Debt to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2 the ratings on
the first lien facilities borrowed by Unique BidCo AB ("Optigroup"
or "the company"), a Sweden-based European distributor of
business-to-business products. These first lien facilities include
the EUR365 million senior secured term loan B (TLB) due 2029 and
EUR60 million senior secured revolving credit facility (RCF) due
2028.

Concurrently, Moody's has affirmed the B2 corporate family rating
and B2-PD probability of default rating of Unique BidCo AB. The
outlook remains stable.

Since the initial rating assignment in April 2022, Optigroup's
capital structure has changed, and the company has undertaken new
acquisitions. The TLB was reduced to EUR365 million from EUR565
million (including delayed drawings of EUR50 million) following the
issuance of EUR200 million of senior secured second lien term loan
due March 2030 by Unique BidCo AB. The RCF was drawn by EUR55
million to fund bolt-on acquisitions.

RATINGS RATIONALE

The upgrade of the ratings on the first lien facilities to B1 from
B2 is driven by the refinancing of EUR200 million of first lien
debt by second lien debt. The size of the second lien debt relative
to the total quantum of debt provides loss absorption to the first
lien debt, lifting the first lien instruments one notch above the
CFR.

The affirmation of the B2 CFR considers Moody's-adjusted proforma
debt/EBITDA at around 5.6x as of May 2022, in line with the opening
leverage of around 5.7x at the time of acquisition of the company
by FSN Capital. The broadly stable leverage despite the recent
acquisitions of Scholte Medical and MaskeGruppen, which were
largely debt-funded, was driven by strong operating performance in
the year-to-date May 2022. During this period, the company
delivered EBITDA growth of 22% (as reported) driven by strong
growth in the Packaging and Paper & Business Supplies segments,
which offset weaker performance in the Facility, Safety and
Foodservice segment and at Hygos.

Optigroup's B2 CFR is nevertheless weakly positioned reflecting the
currently more limited liquidity buffer as the RCF was almost fully
drawn to fund its most recent acquisitions.

The B2 CFR continues to reflect the company's high Moody's-adjusted
debt/EBITDA, which, at closing of the refinancing transaction, is
estimated at 5.6x as of May 2022 and pro forma the transaction and
recent acquisitions; declining demand in the traditional paper
industry; the integration risk related to the Hygos acquisition,
which is much larger than Optigroup's previous acquisitions; and
the company's acquisitive strategy which could hinder
deleveraging.

The CFR is also constrained by the limited track record of the
company operating under the current form given the high number of
acquisitions completed in recent years. The company's appetite to
pursue further acquisitions while the integration of Hygos is in
early stages also entail governance risks. The company needs to
ensure it has adequate governance structures, internal control
processes and financial reporting systems to reflect its enlarged
scale and geographic footprint.

More positively, the CFR remains supported by the company's strong
position in the European B2B distribution of business essentials
such as cleaning, safety or packaging products, with leading market
shares in the Nordics and the Netherlands; good product
diversification, with operations in four distinct segments; strong
free cash flow (FCF) generation of EUR40 million to EUR60 million
of cumulative FCF expected by Moody's over the next 12-18 months;
and favourable growth prospects with good underlying trends in the
segments.

The rating agency forecasts EBITDA growth to support
Moody's-adjusted leverage of around 5.5x over the next 12-18
months. However, there are downside risks related to more
challenging macroeconomic conditions and continued cost inflation,
although Moody's understands that the company has already
introduced surcharges or price increases to offset cost inflation.
There is also the risk that deleveraging will be hindered by the
company's acquisitive policy as reflected by the recent debt-funded
acquisitions.

LIQUIDITY

Moody's views Optigroup's liquidity as adequate driven by the
rating agency expectation of positive Moody's-adjusted free cash
flow of between EUR40 million and EUR60 million on a cumulative
basis over the next 12-18 months, cash balances of EUR49 million as
of June 30, 2022 and EUR5 million available under the RCF of EUR60
million. The seasonality of Optigroup's business is low, although
free cash flow generation is typically stronger in the second half
of the year.

The maintenance covenant is a senior secured net leverage springing
covenant set at 8.1x, flat over the life of the facilities, and
tested every quarter. The company will have ample EBITDA headroom
at closing of the transaction.

There is no material debt maturing before 2028, when the RCF
expires. The first lien term loans and second lien term loan mature
in 2029 and 2030 respectively.

STRUCTURAL CONSIDERATIONS

The CFR is assigned to Unique BidCo AB, which is the top entity of
the restricted group and the borrower of the senior secured bank
credit facilities. Optigroup's PDR is B2-PD, reflecting the use of
a 50% family recovery rate, consistent with a debt structure
composed of first lien and second lien debt.

The TLB and RCF are rated B1. The size of the second lien debt
relative to the total quantum of debt provides loss absorption to
the first lien debt, lifting the first lien instruments one notch
above the CFR. The first lien and second lien facilities benefit
from the same maintenance guarantor package, representing around
80% of the company's consolidated EBITDA. They are also secured by
share pledges in the company and material bank accounts.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that
Optigroup will maintain good operating performance over the next 12
to 18 months while successfully integrating Hygos and recent
acquisitions. The rating agency expects Moody's-adjusted EBITDA to
increase despite current cost inflation, leading to a slight
decline in the leverage ratio to around 5.5x in the next 12-18
months. Moody's also expects the company to generate positive FCF
and maintain adequate liquidity.

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

Upward pressure could arise if (i) the company displays sustained
growth in sales and earnings; (ii) its Moody's-adjusted debt/EBITDA
ratio falls sustainably below 5.0x; and (iii) its Moody's-adjusted
FCF/debt increases to high single digits (in percentage terms) on a
sustainable basis. An upgrade would also require Optigroup to
demonstrate a balanced financial policy and prudent liquidity
management.

Conversely, negative pressure on the rating could materialise if
weak operating performance or debt-funded acquisitions lead to
Moody's-adjusted debt/EBITDA exceeding 6.0x on a sustainable basis;
or FCF or liquidity weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY PROFILE

Headquartered in Molndal, Sweden, Optigroup is B2B distributor of
business essentials. The company primarily focuses on the Nordics
and Benelux markets, with a wide variety of customers from SMEs to
large international companies. It reported sales of EUR1.6 billion
for the last 12 months ended May 2022 and proforma recent
acquisitions.



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

UKRAINE: S&P Cuts LT SCR to 'CC' on Proposed Debt Restructuring
---------------------------------------------------------------
On July 29, 2022, S&P Global Ratings lowered its foreign currency
(FC) long-term sovereign credit and issue ratings on Ukraine to
'CC' from 'CCC+'. The outlook on the long-term sovereign rating is
negative. At the same time, S&P affirmed its 'C' short-term FC
rating and our 'B-/B' local currency (LC) long- and short-term
sovereign credit ratings on the sovereign. S&P also affirmed its
national scale rating at 'uaBBB-' and its transfer and
convertibility assessment remains 'CCC+'.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Ukraine are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the reason for the
deviation is Ukraine's proposal to defer external debt service
payments. The next scheduled publication on the Ukraine sovereign
rating is Sept. 9, 2022.

Outlook
The negative outlook reflects high risks to Ukraine's commercial
debt service payments, given the government's debt restructuring
plans, which stem from economic, balance-of-payments, and fiscal
pressure from the war with Russia.

Downside scenario

S&P said, "We could lower the FC rating to 'SD' (selective default)
if Ukraine implements what we view as a distressed debt
restructuring, or if the government fails to make payments on its
FC obligations in accordance with the original terms and we do not
expect such a payment to be made within the applicable grace
period. We could lower the LC ratings if we see indications that
Ukrainian-hryvnia-denominated obligations could suffer nonpayment
or restructuring."

Upside scenario

Upward pressure on the ratings could arise if Ukraine's security
environment and medium-term macroeconomic outlook improve.

Rationale

The rating action follows Ukraine's consent solicitation offer made
to its creditors on July 20, 2022, to defer all its foreign debt
(commercial and official) service payments over the next 24 months.
S&P said, "We understand that the country's official creditors,
including the G-7 nations, have already accepted the offer, while
private bondholders have been asked to vote on it by Aug. 9. We
believe it is virtually certain that the Ukrainian government will
stop payments on at least some foreign debt as currently
documented. The ratings reflect our view of an issuer's ability and
willingness to meet its commercial, nonofficial financial
obligations in full and on time."

S&P said, "According to our ratings definitions, under the proposed
conditions, we would likely consider this debt restructuring as
distressed and therefore lower our FC ratings on Ukraine to 'SD'
and the affected issue ratings to 'D' (default) when implemented.
Upon the debt restructuring taking effect, we would subsequently
reflect the new terms and conditions of the debt in the rating. We
tend to rate most sovereigns emerging from default in the 'CCC' or
'B' categories depending on post-default credit factors.

"We understand that the proposal to defer debt service on external
debt does not include any debt haircuts and offers some
compensation to bondholders in the form of additional interest
payments on regular Eurobonds and a consent fee on the GDP-linked
securities."

The proposal comes amid significant macroeconomic, external, and
fiscal pressures emanating from the war. Ukraine's fiscal and
funding outlooks beyond the next few months are uncertain, in our
view. S&P expects general government deficits to remain sizable due
to substantial defense spending and disruptions to the government's
tax mobilization capacity. Authorities estimate the resulting
fiscal gap at a minimum of $5 billion (or 2.5% of prewar GDP) a
month. Of the $30 billion of financial aid committed by the
international community since the beginning of the war, only 45%
has been disbursed, whereas almost half of government funding needs
have been covered by Ukraine's central bank and government domestic
issuance. There is also broader uncertainty over the country's
debt-to-GDP trajectory in light of unclear economic recovery
prospects and the debt burden's high sensitivity to exchange rate
fluctuations, given that over 60% of government debt is denominated
in FC. In addition, the war and terms-of-trade shocks have weakened
Ukraine's international reserves, with its headline level
decreasing one-fifth to $22.8 billion from February to June 2022.

In S&P's view, the government's ability and medium-term incentives
to meet its financial commitments in LC are somewhat higher
compared with those in FC. Hryvnia-denominated debt is primarily
held by domestic banks, half of which are state-owned. A default on
these LC obligations would amplify banking sector distress,
increasing the likelihood that the government would have to provide
the banks with financial support, which would limit the benefits of
debt relief.

S&P Global Ratings acknowledges a high degree of uncertainty about
the extent, outcome, and consequences of the military conflict
between Russia and Ukraine. Irrespective of the duration of
military hostilities, related risks are likely to remain in place
for some time. As the situation evolves, S&P will update its
assumptions and estimates accordingly.

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

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

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

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

  Ratings List

  DOWNGRADED  
                              TO          FROM
  UKRAINE

  Senior Unsecured            CC          CCC+

  STATE ROAD AGENCY OF UKRAINE (UKRAVTODOR)

  Senior Unsecured            CC          CCC+

  DOWNGRADED; RATINGS AFFIRMED  
                              TO          FROM
  UKRAINE

  Sovereign Credit Rating

   Foreign Currency      CC/Negative/C   CCC+/Negative/C

  RATINGS AFFIRMED  

  UKRAINE

  Sovereign Credit Rating

   Local Currency                         B-/Negative/B   
  
  Ukraine National Scale                  uaBBB-/--/--

  Transfer & Convertibility Assessment    CCC+

  Senior Unsecured                        D




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

CARZAM: Owed More Than GBP2.4 Million at Time of Administration
---------------------------------------------------------------
Car Dealer Magazine reports that online used car disruptor Carzam
was more than GBP2.4 million in debt when it called in
administrators, newly published documents reveal.

Carzam was placed into voluntary receivership on June 1, and a
report and statement of proposals uploaded to Companies House on
July 29 by Evelyn Partners -- formerly Smith & Williamson -- show
its "estimated total deficiency" on June 1 was GBP2.439 million,
Car Dealer Magazine discloses.

Total unsecured creditor claims are now estimated to be
approximately GBP2,694,326, Car Dealer Magazine states.  Among the
37 creditors listed are Auto Trader to the tune of GBP547,717.97,
ClicknDrive (GBP264,615.31), Cloud, Voice & Data (GBP210,948.32)
and CarGurus Ireland (GBP113,400), Car Dealer Magazine notes.
Unsecured amounts of some GBP61,771 are owed to former employees,
Car Dealer Magazine discloses.

But according to Car Dealer Magazine, the report starkly states:
"It is currently expected that realisations will be insufficient in
order to make a distribution to unsecured creditors."  There are no
secured creditors.

By June 30, there were 39 interested parties wanting more
information about Carzam's assets, with 14 just interested in
Carzam's vehicles, Car Dealer Magazine relays.

Independent agent SIA Group Ingenuity Asset Ltd was instructed by
the administrators to help with valuing, marketing and realising
Carzam's assets, Car Dealer Magazine discloses.

At a meeting on April 27, the directors, as cited by Car Dealer
Magazine, said Carzam could only meet its urgent financial
obligations thanks to an injection of funds from certain
shareholders.

They told Smith & Williamson that Carzam "was facing significant
pressure from creditors", meaning it was highly possible that a
winding-up petition could be issued against Carzam, Car Dealer
Magazine recounts.

The directors resolved that a financial turnaround wasn't possible
and that it would be in the creditors' best interests to place
Carzam into receivership, Car Dealer Magazine states.

The FCA gave its consent on May 30, and the next day the directors
resolved to place it into administration, Car Dealer Magazine
relates.

The online used car dealership was placed into voluntary
administration on June 1, with insolvency practitioners Adam
Stephens and Gregory Palfrey from Smith & Williamson appointed as
joint administrators, Car Dealer Magazine discloses.

Trading stopped straight away and most of the employees' posts were
made redundant that same day, according to Car Dealer Magazine.


HARTLEY PENSIONS: Goes Into Administration at FCA Request
---------------------------------------------------------
Sophie Smith at PensionsAge reports that Hartley Pensions Limited
has entered administration at the request of the Financial Conduct
Authority (FCA), with Peter Kubik and Brian Johnson of UHY Hacker
Young LLP appointed as joint administrators.

Hartley Pensions is a self-invested personal pension (SIPP)
operator authorised and regulated by the FCA, and also provides
administration for a small number of small self-administered
schemes (SSAS), regulated by The Pensions Regulator.

The business entered administration as of July 29, 2022, after
seeking professional insolvency advice, with the directors
subsequently recognising that the business was insolvent and no
longer able to operate outside of an insolvency process,
PensionsAge relates. 

In addition to this, the FCA requested that the firm go into an
insolvency process in the interest of clients, PensionsAge notes.

At the time of failure, Hartley Pensions was also subject to a
number of FCA requirements, which were imposed due to a number of
serious operational, financial and regulatory issues that the firm
was attempting to deal with, PensionsAge states.

According to PensionsAge, the FCA has confirmed that it is in
regulator contact with the joint administrators who are looking at
the options available, including the transfer of Hartley Pensions
clients to another FCA regulated SIPP operator.  

If this is not possible, the FCA explained that the administrators
will look to pursue other options aimed at transferring SIPPs or
returning SIPP assets back to clients, PensionsAge says.

Harley Pensions will not be accepting contributions from clients to
be paid into their pensions at this time, PensionsAge notes.

However, existing pension assets are currently unaffected by the
firm going into administration, as these are held by trustee firms
that are not regulated by the FCA and have not entered into
insolvency, according to PensionsAge.


INTERNATIONAL GAME: Egan-Jones Retains B Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on July 19, 2022, retained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by International Game Technology.

Headquartered in London, United Kingdom, International Game
Technology designs and manufactures computerized casino gaming
systems.


MISSGUIDED: Owed More Than GBP80 Mil. at Time of Administration
---------------------------------------------------------------
Chris Newbould at Prolific North reports that Missguided
administrator Teneo has revealed that the Manchester fast-fashion
favourite owed more than GBP80 million when it collapsed into
administration in May, before being rescued by Mike Ashley's
Frasers Group for GBP20 million.

According to Prolific North, new documents filed with Companies
House have also confirmed that Missguided's suppliers are expected
to be paid less than 2% of the GBP30 million they are owed.  The
documents say that the business will pay out less than 1.7p in the
pound to factory owners, Prolific North discloses.

Prior to its collapse Missguided's debts had risen from GBP57
million in 2021, and Teneo added that there was "no prospect" of
any funds being returned to unsecured creditors, who are owed GBP46
million in total, Prolific North notes.

In the administrator's report Teneo, as cited by Prolific North,
said: "As with many online retailers, [Missguided] experienced
strong growth during lockdowns as a result of Covid-19 with revenue
peaking in 2021 at GBP287 million.

"However, following the easing of Covid-19 lockdown restrictions,
the group experienced a softening of customer demand reflecting a
rebalancing in the sector between online and physical retail
shopping habits.

"In addition to this, the business also experienced cost inflation,
particularly in USA distribution costs, which increased by GBP24
million (88%) in FY21."


MR LEE'S PURE FOODS: Unsecured Debts Total GBP1.04 Million
----------------------------------------------------------
Darren Slade at Daily Echo reports that a healthy noodles business
based in Bournemouth went into administration after losing the
airline customers who accounted for most of its revenue.

Administrators for Mr Lee's Pure Foods, which produced Mr Lee's
Noodles, made all its staff redundant earlier this year but are
hopeful they can sell the business's assets, Daily Echo relates.

The company suffered a slump in revenue at the start of the
pandemic, losing all the airline customers who made up 70% of its
revenue, Daily Echo discloses.

Finding new stockists for its freeze-dried noodles became harder as
supermarkets cancelled or delayed reviews of their product ranges,
Daily Echo notes.

Founder Damien Lee died in January 2021, prompting a "change of
strategy" by the new leadership, who identified a need to plough
between GBP1.5 million and GBP1.7 million into the business, Daily
Echo recounts.

According to Daily Echo, a report by joint administrators James
Saunders and Robert Armstrong of Kroll Avisory says the business
had been funded since its 2016 launch by GBP9.5 million in equity
and GBP1.7 million in unsecured lending.  It "can effectively be
considered to have been a start-up phase" throughout its existence.


The business spawned subsidiaries in the USA and Australia, which
are not part of the administration, and worked with another
business to develop a hot food vending machine, Daily Echo notes.

"Whilst the overseas subsidiaries were able to share overheads with
the company to an extent, the costs of running the group business
significantly exceeded revenue, and therefore there was a
substantial funding requirement," the report says.

After the new leadership identified the need for more cash,
director Peter Tran left the board to lead a business that became
the MeeLee Food Co., Daily Echo relays.

MeeLee made an offer for Mr Lee's Pure Foods, involving a swap of
shares in Mr Lee's for a diluted stake in MeeLee, and it pumped
GBP650,000 into Mr Lee's, Daily Echo disclsoes.

The offer was accepted by 95% of Mr Lee's shareholders, Daily Echo
states.  But "consent from certain shareholders was not
forthcoming" and MeeLee was unable to continue its support, the
report says.

Administrators were appointed in May and made all 10 staff
redundant later that month, Daily Echo recounts.

According to Daily Echo, the report adds: "The joint administrators
are in ongoing negotiations with a preferred bidder for the
company's assets and are hopeful a sale of the business assets will
be completed shortly."

Mr Lee's had unsecured debts of GBP1.04 million, including its
GBP650,000 debt to MeeLeeFoods, and had only GBP3,874 in the bank.

Employees are estimated to be owed GBP35,380 as preferential
creditors, mainly in claims for wage arrears and holiday pay, and
another GBP40,846 as unsecured creditors.

"Based on the current information available to the joint
administrators, it is anticipated that there will be insufficient
realisations to enable a distribution to the unsecured creditors of
the company," the report says.

SEA HOTEL: Put Up for Sale for GBP1.65 Million
----------------------------------------------
Ross Robertson at The Shields Gazette reports that estate agents
have begun the search for a new buyer for The Sea Hotel as the
business goes up for sale with GBP1.65 million price tag.

As reported in the Gazette, the landmark hotel in Sea Road went
into administration in July 2022, with administrators stating the
business will remain open with bookings and events honoured while
the team searches for a new buyer.

It is not yet clear if there will be any redundancies, but the
administrators at RSM UK said the team were consulting with staff,
the Gazette notes.

The Sea Hotel, which was built in the 1930s, reopened in January
2020 just before the Covid pandemic, after new owners High Street
Hospitality borrowed GBP1.15 million from lender Assetz Capital to
fund the purchase and refurbishment, the Gazette recounts.

Now the site has been brought to the market by has been brought to
market by commercial real estate firm Colliers, listing it as "a
seaside hotel complex with 34-letting rooms, function suite,
restaurant, bar, private car parking as well as three food and
beverage outlets", the Gazette discloses.

The agents are inviting offers in the region of GBP1.65 million for
the "modern hotel located beside the Ocean Beach Pleasure Park
overlooking Sandhaven Beach", the Gazette discloses.

RSM UK Restructuring Advisory LLP's Lee Lockwood and Gareth Harris
were appointed as joint administrators to Hotel 52 (Sea) Ltd, which
operates The Sea Hotel, on July 18, the Gazette relates.

Mr. Lockwood, as cited by the Gazette, said: "As administrators, we
are currently reviewing the company's business to evaluate the
options available to creditors and formulate proposals."


TOGETHER ASSET 2022-1ST1: S&P Assigns 'BB' Rating to E-Dfrd Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Together Asset
Backed Securitisation 2022-1ST1 PLC's class A and B notes and to
the interest deferrable class C-Dfrd to E-Dfrd notes. At closing,
the issuer issued unrated class X-Dfrd, Z, and residual
certificates.

The transaction is a static RMBS transaction, which securitizes a
provisional portfolio of up to GBP499.4 million first-lien mortgage
loans, both owner-occupied and buy-to-let (BTL), secured on
properties in the U.K. Product switches and loan substitution are
permitted under the transaction documents.

Together Personal Finance Ltd. and Together Commercial Finance Ltd.
originated the loans in the pool between 2019 and 2022.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to borrowers with adverse credit history, such
as prior county court judgments (CCJs), bankruptcy, and mortgage
arrears.

Credit enhancement for the rated notes consists of subordination,
excess spread, and overcollateralization following the step-up
date, which results from the release of the excess spread amounts
from the revenue priority of payments to the principal priority of
payments.

Liquidity support for the class A and B notes is in the form of an
amortizing liquidity reserve fund. Principal can also be used to
pay interest on the most-senior class outstanding (for the class A
to E-Dfrd notes only).

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. It considers the issuer to be bankruptcy remote.

  Ratings

  CLASS     RATING     AMOUNT (MIL. GBP)

  A         AAA (sf)     444.5

  B         AA+ (sf)      15.0

  C-Dfrd    AA- (sf)      15.0

  D-Dfrd    BBB+ (sf)     12.5

  E-Dfrd    BB (sf)        7.5

  X-Dfrd    NR             6.7

  Z         NR             5.0

  Residual certs  NR       N/A

  NR--Not rated.
  N/A--Not applicable.


YORK MAILING: Reopens Under New Ownership After Administration
--------------------------------------------------------------
Mike Laycock at The Press reports that a York printworks which
closed suddenly earlier this year after its parent company went
into administration has reopened under new ownership.

One hundred jobs were lost and creditors blockaded the premises
when York Mailing at Elvington shut in March, The Press recounts.

Walstead Group, the biggest independent web offset printing group
in Europe, has since bought the site's old printing machinery and
created a new company, Walstead York, as it tests the waters over
customer demand in the commercial web market, The Press relates.

The York Mailing site specialised in press finished products and
had been the most profitable of York Mailing Group's three
subsidiaries.

According to The Press, Roy Kingston, chief operating officer at
Walstead Group, stressed that it had not purchased the three
businesses, including the one based in York. "They went into
administration and closed," he said.

"The administrator made all employees redundant.

"Walstead purely purchased the assets, mainly printing machinery,
most of which is being transferred to our companies in the UK and
Europe."



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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