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

                          E U R O P E

          Wednesday, August 3, 2022, Vol. 23, No. 148

                           Headlines



F R A N C E

NORIA 2021: DBRS Hikes Class F Notes Rating to B(high)


G E R M A N Y

FRESHWORLD HOLDING III: Moody's Affirms 'B2' CFR, Outlook Now Pos.
FRESHWORLD HOLDING: S&P Affirms 'B' ICR on Acquisition of Sebach


I T A L Y

2WORLDS SRL: DBRS Lowers Class B Notes Rating to CC
AUTOFLORENCE 1: DBRS Confirms B(high) Rating on Class E Notes


L U X E M B O U R G

LSF10 XL: S&P Affirms 'B' Ratings, Outlook Negative


N E T H E R L A N D S

DOMI 2019-1: Moody's Affirms Ba2 Rating on EUR5MM Class E Notes
NOBIAN FINANCE: S&P Affirms 'B' Rating on Senior Secured Notes


P O R T U G A L

PELICAN MORTGAGES 3: Moody's Ups Rating on EUR6.4MM D Notes to B1


S P A I N

AERNNOVA AEROSPACE: Moody's Affirms B3 CFR, Outlook Remains Neg.
AZUL MASTER: DBRS Confirms BB Rating on Class C Notes
CAIXABANK CONSUMO 3: DBRS Confirms CC Rating on B Notes


S W E D E N

UNIQUE BIDCO: S&P Affirms 'B\' Issuer Credit Rating, Outlook Stable


U K R A I N E

BANK ALLIANCE: S&P Affirms 'CCC/C' ICRs, Outlook Developing


U N I T E D   K I N G D O M

ASSIST HOMECARE: Goes Into Liquidation, Owes More Than GBP500,000
BROADWAYS STAMPINGS: Enters Administration, Seeks Buyer
CASPIAN FLAME: Enters Administration, Halts Operations
CASTELL 2022-1: DBRS Finalizes B(high) Rating on Class X Notes
GLOBAL SHIP: S&P Upgrades Long-Term ICR to 'BB', Outlook Stable

MCGILL FACILITIES: To Enter Administration Again, 120 Jobs at Risk
NEWDAY FUNDING 2022-2: DBRS Gives Prov. B Rating to Class F Notes
O'KEEFE CONSTRUCTION: Unsec. Creditors to Miss Out on GBP13MM+
OLD MILL: To Reopen Under New Ownership Following Administration
VIRIDIS: DBRS Confirms BB(high) Rating on Class E Notes


                           - - - - -


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F R A N C E
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NORIA 2021: DBRS Hikes Class F Notes Rating to B(high)
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DBRS Ratings GmbH took the following rating actions on the notes
issued by Noria 2021 (the Issuer):

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

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

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the June 2022 payment date;

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

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

The transaction is a French securitization collateralized by a
portfolio of personal, debt consolidation, and sales finance loans
granted by BNP Paribas Personal Finance. The transaction closed in
July 2021 and included an initial 11-month revolving period, which
ended on the June 2022 payment date. Following the end of the
revolving period, the notes amortize on a pro rata basis until a
sequential redemption event is triggered.

PORTFOLIO PERFORMANCE

As of the June 2022 payment date, loans that were one to two and
two to three months delinquent represented 0.8% and 0.3% of the
portfolio balance, respectively, while loans that were more than
three months delinquent represented 0.2%. Gross cumulative defaults
amounted to 1.0% of the original portfolio balance, with cumulative
recoveries of 2.5% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis on the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 5.6% and 58.0%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior notes provides credit
enhancement to the rated notes. As of the June 2022 payment date,
credit enhancement to the Class A, Class B, Class C, Class D, Class
E, and Class F Notes has remained unchanged since closing at 28.0%,
23.5%, 15.0%, 10.0%, 7.0%, and 4.5%, respectively, because of the
revolving period and the pro rata amortization of the notes. If a
sequential redemption event is triggered, the principal repayment
of the notes will become sequential and nonreversible until the
higher-ranked class of the notes is fully redeemed.

The transaction benefits from a cash reserve equal to 1% of the
Class A, Class B, Class C, Class D Notes balance, funded by the
seller at closing. This reserve is available to the Issuer during
the revolving and normal redemption periods only when the principal
collections are not sufficient to cover the interest deficiencies,
which are defined as the shortfalls in senior expenses, swap
payments, and interests on the Class A Notes, and if not
subordinated, interest on the Class B, Class C, and Class D Notes.

A commingling reserve facility is also available to the Issuer if
the specially dedicated account bank is rated below the account
bank required rating or following a breach of its material
obligations. The required amount is equal to the sum of 2.5% of the
performing receivables and 0.6% of the outstanding principal
balance of the initial receivables.

BNP Paribas SA acts as the special dedicated account bank and BNP
Paribas Securities Services SCA acts as the account bank. Based on
DBRS Morningstar's reference rating of AA on BNP Paribas SA (which
is one notch below its Long Term Critical Obligations Rating of AA
(high)), its private rating on BNP Paribas Securities Services SCA,
the downgrade provisions outlined in the transaction documents, and
other mitigating factors inherent in the transaction structure,
DBRS Morningstar considers the risk arising from the exposure to
the account bank to be consistent with the rating assigned to the
Class A Notes, as described in DBRS Morningstar's "Legal Criteria
for European Structured Finance Transactions" methodology.

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

Notes: All figures are in euros unless otherwise noted.




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G E R M A N Y
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FRESHWORLD HOLDING III: Moody's Affirms 'B2' CFR, Outlook Now Pos.
------------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and the B2-PD probability of default rating of Freshworld
Holding III GmbH (Freshworld), the holding company for TOI TOI &
DIXI Group GmbH. Concurrently, Moody's affirmed the rating on the
B2 instrument ratings of the guaranteed senior secured term loan B2
maturing in 2026 and the guaranteed senior secured revolving credit
facility (RCF) maturing in 2026, and assigned a B2 instrument
rating to a new EUR200 million guaranteed senior secured term loan
B3 maturing in 2026, all issued by Freshworld Holding IV GmbH. The
outlook on both entities changed to positive from stable.

The rating action follows Freshworld's announcement that it intends
to fund the purchase price for the acquisition of Sebach, a leading
regional provider of portable sanitary solutions in Italy and
France, through an additional guaranteed senior secured term loan
B3 facility of EUR200 million and cash from balance sheet of EUR7
million.

RATINGS RATIONALE

The affirmation of the B2 CFR with a positive outlook reflects the
increased pro forma scale and diversification with the acquisition
of Sebach, its strong operating performance since LBO in 2019 and
Moody's expectation that operating performance improvements will be
sustained in a weaker macroeconomic environment, resulting in
Moody's adjusted Debt /EBITDA below 4.5x and continued positive
Free Cash Flow (FCF) generation, with FCF/Debt in mid-single digits
in the next 18-24 months. Pro forma the transaction, Moody's
estimates that the company's leverage ratio (defined as gross
Debt/EBITDA with Moody's adjustments) will increase by around 0.4x
to 4.6x as of last twelve months ended March 2022.

Freshworld's B2 CFR is further supported by (1) its strong market
positions in the sanitary route-based services market with strong
brands and a competitive advantage in terms of cost structure; (2)
favourable underlying growth trends, due to strict regulatory
requirements and increased hygiene standards following the
coronavirus pandemic, which will continue to support demand for its
premium products; (3) its good ability to pass on cost price
increases to its customers, because sanitary services are highly
regulated and represent only a small portion of cost of
construction projects; (4) low historical sensitivity of its
operating performance to a range of economic scenarios, as shown by
flat reported revenues in 2009 and mid-single digit revenue growth
2020; (5) a track record of strong profitability improvements and
consistently positive FCF generation following the LBO by Apax
Partners in 2019.

Constraining factors for Freshworld's rating include: (1) a
relatively small revenue size (EUR0.6 billion on a pro forma basis
in 2021) due to the operations in a niche market, although improved
with the acquisition of Sebach; (2) its exposure to the cyclical
construction market, however the company has around 50% sales
exposure to a more resilient renovation segment; (3) some event
risk associated with its private equity ownership; and (4) downside
risks to the forecast of sustained operating performance
improvements due to lower than expected demand amid a potential gas
curtailment in Europe.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.

Governance risks mainly relate to the company's private-equity
ownership, which tends to tolerate a higher level of leverage and
risks, as demonstrated by two debt-financed dividends in 2020 and
in 2021 and a fully debt-funded acquisition of Sebach. Moody's also
takes into account the company's track record of solid execution
with respect to earnings growth and FCF generation, which allowed
the company to reduce its leverage to around 4.6x Moody's adjusted
debt/ EBITDA as of last twelve months ended March 2022 from around
6.0x in 2019.

LIQUIDITY PROFILE

Moody's considers Freshworld's liquidity to be good. The
transaction is expected to leave around EUR28 million of cash on
balance sheet as of March-end 2022 and Freshworld also has access
to the guaranteed senior secured revolving credit facility (RCF)
due 2026, which will be upsized by EUR30 million to EUR135 million
with proposed transaction, which will be fully available at
transaction closing.

Moody's forecasts Freshworld's annual FCF will be around EUR50
million - EUR60 million in 2022 and 2023. FCF generation is
supported by its high margins and low net working capital
requirements, partly offset by capital spending requirements of
around 9%-10% of sales, representing mostly expansionary capex
which can be postponed in a scenario of weaker than expected
macroeconomic environment. Moody's expects that positive FCF will
be used for repayment of RCF drawings and to fund bolt-on
acquisitions.

The RCF is subject to a springing first lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%.
Moody's expects the company to maintain an ample headroom under its
covenant in the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The capital structure includes the guaranteed senior secured term
loan and the RCF, which rank pari passu. Accordingly, the B2
instrument rating is aligned with the CFR. The facilities are
guaranteed by the company's subsidiaries and benefit from a
guarantor coverage test of not less than 80% of the group's
consolidated EBITDA. The security collateral includes shares, bank
accounts and intercompany receivables of material subsidiaries.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that Freshworld's
operating performance improvements will be sustained in a weaker
macroeconomic environment, resulting in Moody's adjusted Debt
/EBITDA below 4.5x and continued positive Free Cash Flow (FCF)
generation, with FCF/Debt in mid-single digits in the next 18-24
months.

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

Upward rating pressure could arise based on expectations for (1)
Moody's-adjusted debt/EBITDA below 4.5x on a sustained basis; (2)
Moody's-adjusted EBITDA margin of around 30% on a sustained basis;
(3) FCF/debt in the mid to high single digits in percentage terms
on a sustained basis; and (4) good liquidity. A higher rating would
also require the company to commit to maintaining this less
aggressive capital structure.

Conversely, negative rating pressure could arise if (1)
Moody's-adjusted debt/EBITDA increases sustainably above 6.0x; (2)
FCF turns negative on a sustained basis resulting in deterioration
of company's liquidity profile.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

TOI TOI & DIXI Group GmbH is based in Ratingen, Germany, operates
the well-known DIXI and Toi Toi brands, providing portable toilet
and sanitation equipment rental and services worldwide. The company
is a market leader in eight of its top 10 focus countries. Its pro
forma net sales and company-adjusted EBITDA were around EUR601
million and EUR195 million, respectively, in 2021. The company is
owned by the funds advised by Apax Partners and management.

FRESHWORLD HOLDING: S&P Affirms 'B' ICR on Acquisition of Sebach
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' ratings on Freshworld Holding
III GmbH, Freshworld Holding IV GmbH (TOI TOI & DIXI Group), and
the group's existing EUR660 million term loan B. S&P assigned a 'B'
issue rating to the group's new pari-passu non fungible additional
EUR200 million term loan facility B2. The '3' recovery rating
indicates its expectations of about 60% recovery in the event of a
default.

The stable outlook indicates that TOI TOI & DIXI Group will report
strong revenue growth of about 19% in 2022, including the effect
from the partial consolidation of Sebach, and continued solid FOCF,
underpinned by the group's high EBITDA margins of about 34%, only
modestly diluted by the acquisition.

German sanitary services provider Freshworld Holding IV GmbH (TOI
TOI & DIXI Group) raised a EUR200 million senior secured term loan
add-on facility to finance the group's acquisition of Sebach.

S&P expects the group's leverage will increase to about 5.0x in
2022 before reducing below 4.5x in 2023 as the group continues to
generate enough free operating cash flow (FOCF) to fund investment
needs and potential small bolt-on acquisitions.

TOI TOI & DIXI Group's acquisition of Sebach enables the group to
expand its geographic presence and gain leading market position in
a high-growth market. TOI TOI & Dixi has reached an agreement to
acquire, subject to regulatory approvals, Italy-based Sebach, a
leading provider of portable sanitary solutions. The Italian market
presents favorable growth perspective considering the relatively
low adoption rate for portable sanitary solutions. Sebach recorded
a compound annual growth rate (CAGR) of 45% revenue for 2019-2021.
It is the market leader in Italy, where it generates about 75% of
its revenue. Sebach generates 9% of its revenue in France, where it
is the second largest player, 8% in North America, and the rest
from other countries in Europe and South America. Sebach operates
via a franchise model in Italy, with exclusive arrangements with
contractors, creating barriers to entry. It also benefits from a
well-invested young fleet of some 70,000 toilets, as well as from
manufacturing capabilities for its own operations and for third
parties. S&P considers that this acquisition supports TOI TOI &
DIXI's business risk profile, enabling it to diversify its
geographic footprint and strengthen its market shares in Europe.
The acquisition will, however, dent EBITDA margins, because
Sebach's profitability is weaker than TOI TOI & DIXI's. That said,
the impact remains limited given the overall benefits.

The Sebach acquisition is fully debt-financed, moderately
increasing TOI TOI & DIXI's leverage. The group raised an
additional, pari-passu non fungible EUR200 million debt add-on to
its existing senior secured EUR660 million term loan facility. It
also upsized its revolving credit facility (RCF) to EUR135 million
as part of the transaction. S&Ps aid, "We project that the group's
leverage, debt to EBITDA adjusted by S&P Global Ratings, will
increase to around 5.0x in 2022 from around 4.4x in 2021, then drop
below 4.5x by end-2023 driven by moderate organic growth and the
integration of recent acquisitions. The group continues to generate
solid cash flow, which we do not net from our adjusted leverage
calculation due to the financial-sponsor ownership. These ratios,
alongside strong cash interest coverage metrics, indicate that
there is comfortable headroom under the 'B' rating, which also
captures the group's financial policy. We note that TOI TOI & DIXI
raised additional debt to distribute exceptional dividends to Apax
Partners in 2020 and in 2021, demonstrating a shareholder-friendly
financial policy. This leads us to believe that leverage may not
sustainably remain below 5.0x, as adjusted by S&P Global Ratings."

S&P said, "We expect TOI TOI & DIXI will continue to grow
organically and with bolt-on acquisitions. The group's operating
performance was strong in the first half of 2022, with about 16%
revenue growth year-on-year reflecting post-pandemic recovery in
the events and military segment. This growth also pointed to the
continuing benefits from implementing value-based selling measures
in the group's markets, following a successful implementation in
Germany in 2021. These factors will partially offset the expected
slowdown in the construction industry in Europe, in correlation
with projected weak GDP growth in the group's key geographies.
Since the beginning of 2022, the group has integrated a handful of
bolt-on acquisitions, which will contribute approximately EUR14
million to the group's full-year revenue. We assume the group will
continue to look for additional targets to complement its footprint
and increase its market shares.

"In our view, TOI TOI & DIXI will be able to offset cost inflation
with price increases, supported by the transformation program being
rolled out outside Germany.The group has demonstrated its ability
to increase prices over the past couple of years, yielding a
significant margin improvement to above 35% in 2021 from 21% in
2019. The group also introduces additional energy surcharges in
selected markets to offset rising energy and transportation costs.
Supported by its successful track record, ongoing pricing
initiatives, and leading market positions, margins should be
resilient to expected strain from high cost inflation."

The stable outlook indicates that TOI TOI & DIXI will report strong
revenue growth of about 19% in 2022 including the effect from the
partial consolidation of Sebach, and will continue to generate
solid FOCF, underpinned by high EBITDA margins of about 34%, only
marginally diluted by the acquisition.

S&P said, "We could raise the rating if the company sustains high
EBITDA margins of around 30% or higher, such that adjusted leverage
decreases comfortably below 5x on a sustained basis, combined with
solid FOCF. An upgrade would also hinge on the shareholders'
commitment to a prudent financial policy, upholding a track record
of S&P Global Ratings-adjusted debt to EBITDA lower than 5.0x.

"We could lower the rating if TOI TOI & DIXI underperforms our
forecasts and its EBITDA margins shrinks markedly due to a loss of
market share or weakening demand from a struggling construction
industry. This would result in negative FOCF and liquidity
pressure. We could also lower the rating if the group undertakes
material debt-financed acquisitions or aggressive cash returns to
shareholders."

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 Freshworld Holding
III GmbH. 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 general finite holding
periods and a focus on maximizing shareholder returns."




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I T A L Y
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2WORLDS SRL: DBRS Lowers Class B Notes Rating to CC
---------------------------------------------------
DBRS Ratings GmbH downgraded its ratings of the bonds issued by
2Worlds S.r.l (the Issuer) as follows:

-- Class A notes to CCC (high) (sf) from BB (sf)
-- Class B notes to CC (sf) from CCC (sf)

In addition, DBRS Morningstar also resolved the Under Review with
Negative Implications status of the ratings and assigned Negative
trends to the Class A and Class B notes.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the notes). The rating of the Class A
notes addresses the timely payment of interest and the ultimate
payment of principal on or before the legal final maturity date.
The rating of the Class B notes addresses the ultimate payment of
interest and principal. DBRS Morningstar does not rate the Class J
notes.

At issuance, the notes were backed by a EUR 1.0 billion portfolio
by gross book value (GBV) consisting of secured and unsecured
nonperforming loans (NPLs) originated by Banco di Desio e della
Brianza S.p.A. and Banca Popolare di Spoleto S.p.A. The majority of
loans in the portfolio defaulted between 2014 and 2017 and are in
various stages of resolution.

The receivables are serviced by Cerved Credit Management S.p.A.
(Cerved or the special servicer), while Cerved Master Services
S.p.A. operates as the master servicer and Banca Finanziaria
Internazionale S.p.A. was appointed as the backup servicer for the
transaction. As of March 2022, the portfolio's GBV totalled EUR 757
million.

RATING RATIONALE

The downgrades follow a review of the transaction and are based on
the following analytical considerations:

-- Transaction performance: assessment of portfolio recoveries as
of May 31, 2022, focusing on: (1) a comparison between actual
collections and the Servicer's initial business plan forecast; (2)
the collection performance observed over recent months, including
the period following the outbreak of the Coronavirus Disease
(COVID-19); and (3) a comparison between the current performance
and DBRS Morningstar's expectations.

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

-- Portfolio characteristics: loan pool composition as of March
2022 and the evolution of its core features since issuance.

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

-- Performance ratios and underperformance events: as per the
January 2022 payment report, the cumulative net collection ratio is
88.0% and the NPV cumulative profitability ratio is 114.6%. The 85%
subordination event trigger is set at a lower threshold compared
with other Italian NPL transactions.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure, and covering
against potential interest shortfall on the Class A notes and
senior costs. The cash reserve target amount is equal to 4.05% of
the Class A and Class B notes' principal outstanding balance and
was fully funded as of the January 2022 payment date.

TRANSACTION AND PERFORMANCE

According to the latest investor report from January 2022, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were EUR 160.3 million, EUR 30.2 million, and EUR 9.0
million, respectively. As of the January 2022 payment date, the
balance of the Class A notes had amortized by approximately 44.4%
since issuance and the current aggregated transaction balance is
EUR 199.5 million.

As of December 2021, the transaction was performing below the
Servicer's business plan expectations. The actual cumulative gross
collections equaled EUR 180.9 million whereas the Servicer's
initial business plan estimated cumulative gross collections of EUR
217.3 million for the same period. Therefore, as of December 2021,
the transaction was underperforming by EUR 36.4 million (16.7%)
compared with the initial business plan expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections of EUR 67.8 million at the BBB (low) (sf) scenario and
EUR 85.5 million at the B (low) (sf) scenario for the same period.

Pursuant to the requirements set out in the receivable servicing
agreement, in June 2022, the Servicer provided DBRS Morningstar
with a revised portfolio business plan. The updated portfolio
business plan, combined with the actual cumulative gross
collections of EUR 180.9 million as of December 2021, results in a
total of EUR 361.6 million, which is 19.0% lower compared with the
EUR 446.6 million estimated in the initial business plan. Excluding
actual collections, the Servicer's expected future collections from
January 2022 account for EUR 180.7 million. The updated DBRS
Morningstar CCC (high) (sf) rating stress assumes a haircut of 2.7%
to the Servicer's updated business plan, considering future
expected collections from January 2022. Considering senior costs
and interest due on the notes, the full repayment of the Class A
principal is increasingly unlikely.

The final maturity of the transaction is in January 2037.

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

Notes: All figures are in euros unless otherwise noted.


AUTOFLORENCE 1: DBRS Confirms B(high) Rating on Class E Notes
-------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by AutoFlorence 1 S.r.l. (the Issuer):

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

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in December 2042. The ratings on the Class B, Class
C, Class D, and Class E Notes address the ultimate payment of
interest and the ultimate repayment of principal by the legal final
maturity date in December 2042.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the June 2022 payment date;

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

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

The transaction is an Italian securitization of auto loan
receivables granted and serviced by Findomestic Banca S.p.A.
(Findomestic). The transaction closed in August 2019 and had an
initial 12-month revolving period, which ended on the August 2020
payment date. Since then, the rated notes as well as the unrated
Class F Notes have been amortizing on a pro rata basis. However,
certain events could cause this feature to stop and the cash flows
would then be allocated on a sequential basis to amortize the
notes.

PORTFOLIO PERFORMANCE

As of the June 2022 payment date, loans that were one to two months
delinquent represented 0.6% of the principal outstanding balance of
the portfolio while loans that were two to three months and more
than three months delinquent both represented 0.1%. Gross
cumulative defaults amounted to 1.5% of the aggregate original
portfolio balance, with cumulative recoveries of 13.1% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis on the remaining
pool of receivables and updated its base case PD to 3.5% and
maintained its base case LGD assumption at 80.0%.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the Class A through Class E Notes. As of the
June 2022 payment date, credit enhancements to the Class A, Class
B, Class C, Class D, and Class E Notes were 15.0%, 11.0%, 8.0%,
5.5%, and 3.5%, respectively, unchanged since the DBRS Morningstar
initial rating because of the inclusion of the 12-month revolving
period first and the subsequent pro rata amortization of the
notes.

The transaction benefits from a liquidity reserve, available until
the Class C Notes are fully repaid, to cover senior expenses, swap
payments, interest on the Class A Notes, and interest on the Class
B and Class C Notes if not subordinated. It is available only if
principal collections are not sufficient to cover the interest
deficiency. The liquidity reserve was funded at closing with EUR
8.7 million and its required balance is equal to 1% of the
aggregate balance of the Class A, Class B, and Class C Notes'
balance, subject to a EUR 3.1 million floor. The liquidity reserve
is currently at its floor of EUR 3.1 million.

BNP Paribas Securities Services, Milan branch (BNPP) acts as the
account bank for the transaction. Based on DBRS Morningstar's
private rating on BNPP, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the Notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.




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

LSF10 XL: S&P Affirms 'B' Ratings, Outlook Negative
---------------------------------------------------
S&P Global Ratings affirmed the 'B' ratings on LSF10 XL Investments
S.a.r.l and the debt, and removed the ratings from CreditWatch
negative, where S&P placed them on Jan. 31, 2022, with the recovery
rating remaining at '3' and indicating about 50% recovery in a
default.

The negative outlook indicates that S&P could lower the rating if
significant gas shortages or economic slowdown in Europe and cost
inflation result in more severe weakening than expected of market
demand, leading to a decline in Xella's EBITDA and margin and
resulting in adjusted debt to EBITDA above 7.5x without the
prospect of a swift recovery.

LSF10 XL, holding company of the Xella group, has completed the
sale of its insulation business unit URSA to Etex, resulting in S&P
Global Ratings-adjusted EBITDA decreasing by about 30% to EUR231
million for 2021. The transaction led to a EUR285 million repayment
of the term loan B (TLB) and generated EUR682 million of net
proceeds to Xella.

Xella has used the disposal proceeds to strengthen the cash
balance, reduce the payment-in-kind (PIK) loan to EUR100 million,
and distribute dividends to shareholders.

The dividend payment has resulted in a full repayment of preferred
equity certificates (PECs) in different entities in the group
structure (at and above the level of LSF10 XL Investments S.a.r.l),
which S&P viewed as debt and which led to a substantial reduction
in its adjusted debt.

The transaction will result in higher leverage, given the reduction
in adjusted debt cannot fully compensate for the loss in EBITDA. On
June 1, 2022, Xella completed the sale of its insulation business
unit URSA to Etex, which led to a EUR285 million repayment of the
TLB and generated EUR682 million of net proceeds to Xella. Of the
cash proceeds, a total of EUR595 million was used to pay down the
PIK loan to EUR100 million and for shareholder distributions,
resulting in a full repayment of PECs S&P viewed as debt at parent
LSF10 XL Investments S.a.r.l and above. The material reduction in
total adjusted debt largely compensates for the loss of URSA EBITDA
of above EUR110 million in 2021. As a result, S&P's pro-forma
adjusted debt to EBITDA increased slightly to about 8.3x (including
the PIK) in 2021, from our estimate of 7.9x without the disposal.

S&P said, "We expect a swift deleveraging in 2022, given that sales
and EBITDA are increasing from price increases and volume growth,
primarily in the first quarter.This will likely be followed by a
slight deterioration in 2023 due to economic slowdown and higher
margin pressure. Given the solid year-to-date performance with
group normalized EBITDA up to EUR283 million for the 12 months
ended May 31, 2022, from EUR257 million in 2021 (not including
URSA), we now forecast our adjusted debt to EBITDA will be around
7x in 2022. This reflects a timely pass-through of higher input and
energy costs to customers, which, combined with cost savings from
its continuous efficiency and optimization program Xcite, supports
higher margin. However, leverage is likely to weaken to 7.2x-7.4x
in 2023, due to economic slowdown in Europe and higher margin
pressure in an inflationary environment. We also note that the
disposal of URSA results in a thinner earnings basis and lower
growth prospects, which will translate into weaker deleveraging
potential compared with what we saw in the past. Nevertheless, we
forecast leverage will remain below 7.5x adjusted debt to EBITDA,
commensurate with our expectation for the current rating.

"The negative outlook reflects increased downside risks to our base
case, namely potential production disruption due to gas supply
shortages in Europe and global supply chain constraints, as well as
demand deterioration in a recession scenario, which would have a
more severe impact on market conditions and Xella's performance. We
note a high degree of uncertainty about the extent, outcome, and
consequences of the Russia-Ukraine conflict. We see mounting risks
of gas supply shortages in Europe, due to the cut of existing flows
in the Nord Stream 1 pipeline from Russia, which could further
escalate and lead to gas rationing. This could result in curtailed
production at the group's sites in countries with relatively high
dependence on Russian gas supply like Germany, Czech Republic, and
Romania. In addition, a rapid deterioration in global macroeconomic
conditions, global supply chain constraints, and extended energy
price shocks are fueling persistently high inflation and market
volatility. More importantly, risk of recession is increasing,
which would have a broader and more severe impact on market
conditions and be a prolonged burden on Xella's performance."

Very high cash position and continuous solid free operating cash
flow (FOCF) generation supports the rating. After reducing the PIK
loan and paying dividends, the remainder (more than EUR85 million)
of the URSA disposal proceeds will easily offset the cash to be
carved out in URSA, leading to a high cash balance of EUR294
million at the deal's closing. This, together with about EUR283
million available under the revolving credit facility (RCF), leads
to an ample liquidity buffer. S&P said, "We do not factor the high
cash position, more than 1x of full year EBITDA, in our leverage
metrics, because we do not net cash from debt for Xella owing to
its financial sponsor ownership. Xella has a good track record of
solid FOCF generation, even during challenging periods like 2020
and the COVID outbreak. Xella generated EUR60 million-EUR100
million FOCF during 2019-2021. We expect FOCF to reduce to about
EUR40 million-EUR60 million this year due to the URSA disposal and
higher-than-usual working capital consumption in an inflationary
environment. We expect it to recover to EUR60 million-EUR80 million
in 2023. As seen in the past, Xella has the flexibility to cut or
postpone part of its growth capital expenditure (capex), if needed.
We also note that in a recession scenario, the potential for a
large working capital release is likely to at least partially
offset earnings decline, smoothing the effect on cash flow."

As evidenced during COVID-19, Xella's flexible cost structure and
effective cost-cutting measures will mitigate margin pressure
during an economic downturn. The group has a proven track record in
reaping fruits from its Xcite efficiency and investment program,
which has moved to the Xcite 2.0 phase to accelerate the
transformation of the group after the URSA disposal and adapt the
business model to accommodate the new market environment. S&P
understands that Xella's labor costs can benefit from short-time
working schemes in Germany and certain other European countries.
Xella also has high flexibility in adjusting production levels
since the autoclaving technology does not require continuous
operations to achieve a high degree of efficiency. All these
factors, combined with Xella's efforts to cut operating expenses to
counter the challenging market conditions as it did during COVID,
will help mitigate the margin pressure.

The disposal will reduce Xella's business scale and diversity,
making its earnings and cash flows more vulnerable to potentially
worsening market conditions and operational risks. URSA produced
mainly glass mineral wool and extruded polystyrene (XPS) for
building applications in 13 plants across Europe. The URSA brand
holds the No.1 market position in XPS and ranks among the top three
in glass wool in Europe. Given the products' contribution to
thermal insulation and the energy efficiency of buildings,
insulation products are set to profit from the European Green Deal
that aims to achieve climate neutrality in the EU by 2050. In 2021,
the insulation segment generated about EUR527 million in sales and
EUR115 million in normalized EBITDA, contributing about 30% of
group sales and EBITDA. The EBITDA margin of the insulation
business, as normalized by the group, is solid, at about 21%, and
only slightly below the 23% generated by the building materials
segment. In S&P's view, the disposal will reduce the breadth of
Xella's product offering and potentially increases the volatility
of earnings and cash flows in case of deteriorating market
conditions or unexpected operational disruptions.

The negative outlook indicates that S&P could lower the rating if
severe gas supply shortage or the economic slowdown in Europe and
cost inflation result in more severe weakening of market demand
than expected, followed by decline in Xella's EBITDA and margin.

Downside scenario

S&P could lower the rating if, in the next 12 months, adjusted debt
to EBITDA weakens to above 7.5x without the prospect of a swift
recovery. This could stem from a steeper decline in EBITDA and FOCF
than our current forecast or further large shareholder
distributions.

Upside scenario

S&P could revise the outlook to stable if Xella delivers resilient
performance without significant decline in EBITDA and margin,
supported by continuous pass-through of input cost increases to
customers and no severe recession or gas supply shortage in
Europe.

Environmental, Social, And Governance

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

Governance is a moderately negative consideration in our credit
rating analysis of Xella, as for most rated entities owned by
private-equity sponsors. S&P believes the group's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of the controlling owners. This also
reflects generally finite holding periods and a focus on maximizing
shareholder returns.

Environmental factors have an overall neutral influence on S&P's
credit rating analysis. Xella's manufacturing process is less
energy intensive than for heavy materials like cement and it
therefore has less exposure to greenhouse gas egmissions and other
environmental risks. Xella's building materials (autoclaved aerated
concrete, calcium silicate) offer thermal insulation, noise
absorption, and fire safety. The disposal of URSA will contribute
to a better CO2 footprint for Xella, carving out the more energy
intensive production of glass mineral wool. However, it also
results in lower growth potential as the sold insulation business
benefitted from the European Green Deal and the megatrend of
improving energy efficiency.




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

DOMI 2019-1: Moody's Affirms Ba2 Rating on EUR5MM Class E Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven Notes
and affirmed the ratings of twelve Notes in three Dutch buy-to-let
RMBS transactions in the Domi series: Domi 2019-1 B.V., Domi 2020-1
B.V., and Domi 2020-2 B.V. The rating actions reflect the increased
levels of credit enhancement for the affected Notes and better than
expected collateral performance.

Issuer: Domi 2019-1 B.V.

EUR213.6M Class A Notes, Affirmed Aaa (sf); previously on Sep 28,
2021 Affirmed Aaa (sf)

EUR13.7M Class B Notes, Affirmed Aaa (sf); previously on Sep 28,
2021 Upgraded to Aaa (sf)

EUR8.8M Class C Notes, Upgraded to Aa1 (sf); previously on Sep 28,
2021 Upgraded to Aa2 (sf)

EUR5M Class D Notes, Upgraded to Aa2 (sf); previously on Sep 28,
2021 Upgraded to A2 (sf)

EUR5M Class E Notes, Affirmed Ba2 (sf); previously on Sep 28, 2021
Affirmed Ba2 (sf)

EUR11.2M Class X Notes, Affirmed Caa3 (sf); previously on Sep 28,
2021 Affirmed Caa3 (sf)

Issuer: Domi 2020-1 B.V.

EUR281.7M Class A Notes, Affirmed Aaa (sf); previously on Sep 28,
2021 Affirmed Aaa (sf)

EUR15.9M Class B Notes, Upgraded to Aaa (sf); previously on Sep
28, 2021 Upgraded to Aa1 (sf)

EUR8M Class C Notes, Upgraded to Aa2 (sf); previously on Sep 28,
2021 Upgraded to Aa3 (sf)

EUR4.8M Class D Notes, Upgraded to A2 (sf); previously on Sep 28,
2021 Upgraded to A3 (sf)

EUR4.8M Class E Notes, Affirmed Ba1 (sf); previously on Sep 28,
2021 Affirmed Ba1 (sf)

EUR3.2M Class F Notes, Affirmed Caa3 (sf); previously on Sep 28,
2021 Affirmed Caa3 (sf)

EUR14.3M Class X1 Notes, Affirmed Caa2 (sf); previously on Sep 28,
2021 Affirmed Caa2 (sf)

Issuer: Domi 2020-2 B.V.

EUR227.6M Class A Notes, Affirmed Aaa (sf); previously on Sep 28,
2021 Affirmed Aaa (sf)

EUR13.6M Class B Notes, Affirmed Aa1 (sf); previously on Sep 28,
2021 Upgraded to Aa1 (sf)

EUR6.5M Class C Notes, Upgraded to Aa2 (sf); previously on Sep 28,
2021 Upgraded to Aa3 (sf)

EUR3.9M Class D Notes, Upgraded to A3 (sf); previously on Sep 28,
2021 Upgraded to Baa1 (sf)

EUR3.9M Class E Notes, Affirmed Ba1 (sf); previously on Sep 28,
2021 Affirmed Ba1 (sf)

EUR11.6M Class X1 Notes, Affirmed Caa2 (sf); previously on Sep 28,
2021 Affirmed Caa2 (sf)

All three transactions are cash securitisations of Dutch buy-to-let
mortgage loans originated by Domivest B.V. (unrated).

RATINGS RATIONALE

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

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain their current ratings. Moody's also
affirmed the ratings of the Class X Notes in Domi 2019-1 B.V., the
Class F and X1 Notes in Domi 2020-1 B.V., and the Class X1 Notes in
Domi 2020-2 B.V. because the current rating is commensurate with
the expected loss on these Notes.

Increase in Available Credit Enhancement

Sequential amortisation led to the increase in the credit
enhancement available in these transactions. Prepayment levels have
been high in these transactions compared to Prime Dutch RMBS backed
by owner-occupied mortgages, resulting in relatively quick build-up
of credit enhancement levels.

In Domi 2019-1 B.V., the credit enhancement for the Classes C and D
Notes upgraded in the rating action increased to 13.2% and 8.4%
from 10.3% and 6.5%, respectively, since the last rating action in
September 2021.

In Domi 2020-1 B.V., the credit enhancement for the Classes B, C,
and D Notes upgraded in the rating action increased to 12.4%, 7.7%,
and 4.8%, from 8.8%, 5.4%, and 3.4%, respectively, since the last
rating action in September 2021.

In Domi 2020-2 B.V., the credit enhancement for the Classes C and D
Notes upgraded in the rating action increased to 8.2% and 5.8% from
6.5% and 4.7%, respectively, since the last rating action in
September 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 collateral performance in all three transactions has been
stable over the past year, with very low arrears levels and no
losses since closing. Due to the relatively high prepayment levels
in these transactions, the remaining pool factors are quite low at
41.8% in Domi 2019-1 B.V., 52.3% in Domi 2020-1 B.V., and 59.3% in
Domi 2020-2 B.V.

In Domi 2019-1 B.V. the proportion of loans more than 30 days in
arrears has remained stable at 0.00% over the past year. Moody's
has decreased the expected loss assumption as a percentage of
original pool balance to 0.60% from 1.30%.

In Domi 2020-1 B.V. the proportion of loans more than 30 days in
arrears has decreased to 0.00% from 0.46% over the past year.
Moody's has decreased the expected loss assumption as a percentage
of original pool balance to 0.90% from 1.62%.

In Domi 2020-2 B.V. the proportion of loans more than 30 days in
arrears has slightly increased to 0.07% from 0.00% over the past
year. Moody's has decreased the expected loss assumption as a
percentage of original pool balance to 1.10% from 1.75%.

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, in all three transactions Moody's has
decreased the MILAN CE to 14% from 16%.

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.

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.

NOBIAN FINANCE: S&P Affirms 'B' Rating on Senior Secured Notes
--------------------------------------------------------------
S&P Global Ratings has taken a number of rating actions on several
European chemicals companies. The actions reflect a rapidly
evolving gas supply shortage that has heightened uncertainty and
increased operational risk.

The rating actions are a result of the curtailment and constraints
of gas flows through Gazprom's Nord Stream 1 pipeline to central
Europe following the recent planned annual maintenance in mid-July.
Gazprom announced on July 25 the continued curtailment of gas for
technical reasons, which reduces capacity on the pipeline to 20% of
nameplate capacity. Gazprom gave no clear indication on the timing
of a possible resumption of full capacity.

An intermittent and ongoing series of reductions in gas flows
increases business risk for companies in the chemical sector. It
introduces grave operational challenges and greatly impacts the
supply chains for natural gas, which is not only used to generate
electricity and steam, but also serves as raw material in the
chemical value chain.

An EU member deal agreed on July 26 may provide some relief from
gas savings, but uncertainty still remains as to the eventual
effectiveness of such an agreement.

While many companies have announced and continue to announce
elevated financial performance in the first half of 2022 after a
solid 2021, S&P continues to see the current gas shortage situation
as a destabilizing event for many chemical companies. The situation
will evolve over the remainder of the year as Europe heads into the
peak gas usage season in the winter. Further rating actions could
result from additional pressure on gas supplies, reflecting the
criticality of those supplies to companies in the chemical sector.

BASF SE

S&P revised its outlook on BASF SE to negative from stable and
affirmed the long- and short-term issuer credit ratings at 'A/A-1'.
The negative outlook reflects increased risks of gas supply
shortage and economic slowdown in Europe, combined with margin
pressure from continuous high energy and raw material costs, which
could have a significant negative impact on BASF's credit metrics.

BASF runs the largest European chemical site in Ludwigshafen with
natural gas consumption of 37 terawatt hours in 2021, which is used
not only for power and steam generation, but also as a feedstock.
If the natural gas supply falls below around 50% of BASF's maximum
natural gas demand, the Verbund site in Ludwigshafen will see
significant production curtailments or even might have to be shut
down. S&P said, "We understand that the company has various
mitigation measures in place and it expects to receive sufficient
gas to keep the site running, albeit at a reduced load, if the
German government were to declare a Stage 3 emergency. However, we
view BASF's exposure to gas shortages as being at the higher end of
the chemical sector. The potential impact of disruption to or
halting of production could be material on the company's credit
metrics."

In addition, a deterioration in global macroeconomic conditions,
combined with persistently high inflation and lingering COVID-19
lockdowns in China, are posing increasing risks on BASF's
performance. With the start of core projects (steam cracker
construction) at the new Verbund site in China, capital expenditure
(capex) will peak in 2023 and 2024, putting further pressure on
cash flow and credit metrics. This comes during a transition period
in Europe of switching from Russian gas to liquefied natural gas
(LNG) with high energy costs and possible competitive disadvantages
compared to other regions like the U.S.

S&P said, "Nevertheless, we acknowledge BASF's strong performance
in 2021 and first-half 2022, which has led to improved rating
headroom with FFO to debt at 45.3% in 2021 and 41%-43% expected for
2022 in our current base case. This will likely decline to 37%-39%
in 2023 (without severe gas shortages or recession). A more than
EUR600 million cut in capex compared with the budget published on
Feb. 25, 2022 shows the company's continuous discipline in cost and
investment control. We understand that BASF also has the
flexibility to adjust its current share buyback program, if needed,
although not intended at this stage."

Outlook

S&P said, "The negative outlook indicates that we could lower the
ratings if severe gas supply shortages would lead to prolonged
meaningful production curtailment or even a shutdown of the
company's Ludwigshafen site, or the economic slowdown in Europe and
cost inflation would result in more severe weakening of market
demand and decline in BASF's earnings and cash flow generation than
we expect."

Downside scenario. S&P could lower the rating if BASF were unable
to maintain its adjusted FFO-to-debt ratio above 35% over the next
18-24 months.

Upside scenario. S&P said, "We could revise the outlook to stable
if BASF were able to manage the headwinds from potential gas supply
shortages, extended high energy prices, and deterioration in global
macroeconomic conditions, maintaining FFO-to-debt above 35%, which
we consider to be commensurate with the rating. A prudent financial
policy, including disciplined capex and well controlled shareholder
distribution, would support the maintenance of headroom in credit
metrics."

LANXESS AG

S&P said, "We revised our outlook on Lanxess AG to negative from
stable and affirmed the long- and short-term issuer credit ratings
at 'BBB/A-2'. The negative outlook reflects increased risks of gas
supply shortages and, more importantly, a rapid deterioration of
global economic conditions, combined with margin pressure from
continuous high energy and raw material costs, which could put
further pressure on Lanxess' already subdued credit metrics. We
view the company's exposure to gas supply shortages as moderate,
primarily due to gas-based steam used in its German plants. We
understand that potential gas supply shortage can be mitigated by
reducing output at only a few energy-intensive plants in Germany.
The company estimated a direct EBITDA impact of EUR80
million-EUR120 million per year from a complete cut in Russian gas.
However, rating headroom remains minimal despite solid performance
in 2021 and so far in 2022. We forecast our adjusted FFO to debt at
27%-29% in 2022-2023. This mainly stems from large debt-funded
acquisitions in recent years, which leaves no buffer for any
underperformance ahead of rising risks of economic slowdown with
softening demand, ongoing global supply chain disruption, and
persistently high inflation.

"However, we note that the strategic value of the acquisitions,
which contribute to a continuous shift to less-volatile,
higher-margin specialty chemicals business. Also, not captured in
our credit metrics is the potential value of the 40% stake in the
new engineering materials joint venture with Advent realizable in
three years' time. Moreover, we consider that there are mitigating
measures the company could take in case of an economic downturn,
including the cancellation of the EUR300 million share buyback
announced for 2023, delay and cut of capex, as well as possible
cost-saving measures and potential further divestments."

Outlook

S&P said, "The negative outlook indicates that we could lower the
ratings if severe gas supply shortages would lead to prolonged
production curtailment at the company's German sites, or the
economic slowdown in Europe and cost inflation could result in more
severe weakening of market demand and decline in Lanxess' earnings
and cash flow generation than we expect."

Downside scenario. S&P could lower the rating if Lanxess did not
show a clear path of restoring its adjusted FFO-to-debt ratio to
above 30% in the next 18-24 months.

Upside scenario. S&P could revise the outlook to stable if Lanxess
were able to at least maintain its current leverage ratios and
demonstrate a clear path to recover its adjusted FFO to debt to
above 30%, which we view as commensurate with the rating. A prudent
financial policy, including disciplined capex and well-controlled
shareholder distribution, would support the rebuilding of headroom
in credit metrics.

Nobian Holding 2 BV

S&P said, "We revised the outlook on Nobian to negative from stable
and affirmed the long-term credit rating at 'B'. The negative
outlook reflects increased risks of gas supply shocks and a rapid
deterioration of global economic conditions, combined with
persistently high energy and raw material costs. Given that the
vast majority of Nobian's production process relies on European
natural gas, without the possibility of quickly switching to
different fuels, we believe that the company would be negatively
impacted from disruption in the gas supply chain. This would lead
to lower operating performance, with decreasing volumes,
profitability, and cash flow generation, resulting in
credit-metrics deterioration.

"We believe that Nobian's credit metrics are more vulnerable to
negative macroeconomic developments in Europe than other larger and
better-diversified European chemical producers. This reflects its
smaller size, with revenues at about EUR1.2 billion and EBITDA at
about EUR260 million in 2021, and lower geographic diversification.
Nobian generates more than 95% of sales in Western Europe, with the
Netherlands accounting for 36% of total revenues and Germany
accounting for 33%. We also note that all the company's production
plants are located in Europe, with three plants in the Netherlands,
three plants in Germany, and one in Denmark.

"Partially mitigating our concern, we note that Nobian reported
resilient results during the first quarter of 2022, showing the
successful pass-through of raw material price increases. We
continue to expect good performance also for the second quarter of
2022. Moreover, Nobian managed to maintain a strong liquidity
buffer on balance sheet, with more than EUR100 million cash and
cash equivalents, and an undrawn revolver of EUR200 million. We
also note that the company intends to repay about EUR100 million of
term loan this year, with EUR50 million already executed in
January, resulting in lower debt and supporting credit metrics."

Outlook

S&P said, "The negative outlook reflects indicates that we could
lower the rating if Nobian's operating performance were negatively
affected due to disruptions of gas supply to Europe, given the
company's heavy reliance on natural gas in its production process
and its geographic concentration in European countries. This would
lead to decreasing profitability and free operating cash flow
(FOCF) generation, and consequent deterioration in credit
metrics."

Downside scenario. S&P could lower the rating if Nobian's operating
performance does not recover in line with its base-case scenario in
2022 and 2023, due to sustained disruption in gas supply, leading
to:

-- Debt to EBITDA staying above 7.0x;

-- Negative FOCF generation in 2022 and 2023, without prospects
for a swift recovery; or

-- The company's liquidity deteriorating materially.

Upside scenario. S&P could revise its outlook to stable if Nobian
successfully maintains a track record of keeping its debt-to-EBITDA
ratio below 7.0x and generating positive FOCF over the next 12
months, and risks of a natural gas shortage dissipate without
negative impacts on its business and credit metrics.

Luxembourg Investment Company 437 S.a.r.l. (Heubach)

S&P revised its outlook on Luxembourg Investment Company 437
S.a.r.l., parent of pigment maker Heubach Group, to negative from
stable and affirmed the long-term issuer credit rating at 'B'.

The negative outlook reflects increased risks of gas supply shocks
and a rapid deterioration of global economic conditions, combined
with persistently high energy and raw material costs that could
pose margin pressure. While Heubach's production footprint is
relatively diversified globally, the company is exposed to natural
gas availability for its European production facilities located in
Germany, and the Höchst site in particular, where natural gas is
used for power and steam generation. S&P said, "We understand that
the company and its natural gas provider are working to mitigate
the impact of a potential gas supply shortage through actions such
as retrofitting the boilers to produce steam using oil. We also
understand that the company has the ability to maintain its current
output if the natural gas supply falls to around 75%-80% of normal
demand. However, Heubach sources some of its raw materials from
European suppliers who are in turn directly or indirectly reliant
on Russian gas supplies, which could potentially lead to a supply
disruption. Nevertheless, we note that Heubach's adjusted leverage
offers healthy headroom under the current rating. For example, we
estimate that if EBITDA were to decline by EUR20 million in 2023,
relative to our expectations, adjusted debt to EBITDA would
increase by about 1.0x to 6.2x-6.5x, a level we view as
commensurate with the 'B' rating. That said, we think that input
cost inflation can lead to larger working capital outflows, which
would put pressure on the FOCF generation."

Outlook

S&P's negative outlook captures the risk of a one-notch rating
downgrade if Heubach's operating performance weakens as a result of
disruptions of gas supply to Europe, given the company's reliance
on natural gas in its production process, particularly for its
production site in Höchst, Germany. This would lead to decreasing
profitability and FOCF generation, which could negatively impact
the company's credit metrics.

Downside scenario. S&P could lower the ratings if:

-- A sustained disruption in gas supply leads to limited or
negative FOCF;

-- The group experienced margin pressure, for example due to
slower-than-anticipated pass-through of raw material prices to
customers, or due to operational issues from the integration of
Clariant Pigments;

-- Adjusted debt to EBITDA remained above 6.5x over a prolonged
period;

-- Liquidity pressure arose; or

-- Heubach and its sponsor were to follow a more aggressive
strategy with regards to higher leverage or shareholder returns.

Upside scenario. S&P could revise the outlook to stable if Heubach
maintains its debt-to-EBITDA ratio below 6.5x, and risks of a
natural gas shortage dissipate without negative impacts on its
business and credit metrics.

Herens Midco S.a r.l. (Arxada)

S&P said, "We affirmed our 'B' rating with a negative outlook on
Switzerland-headquartered chemicals business Arxada. Our negative
outlook captures the risk of a one-notch rating downgrade if Arxada
does not reduce its adjusted debt-to-EBITDA ratio to about 7.0x in
2023, a level that we view as commensurate with the rating. In
addition to the execution risks related to the realization of
synergies and integration risks following the acquisition of Troy
Corp. and Enviro Tech in January, we also consider the moderately
limited diversity by production facilities in the Specialty
Products Solutions (SPS) division. The Visp site in Switzerland is
a specialty chemicals production site backwards integrated to
commodity feedstocks, which generated about 80% of the SPS
division's sales and about one-third of Arxada's total sales as of
2020. This means that a prolonged shutdown of this facility could
have a material negative effect on the company's performance. The
annual demand for LPG and LNV at Visp to run the Acetylene
Generating Unit is approximately 110,000 metric tons. The Visp site
also uses natural gas as feedstock for the steam production and the
incineration plants, with the annual demand being approximately
110,000 MWh. We understand that the company has been working to
ensure that they maintain sufficient safety stock of heating oil,
as Arxada also maintains flexibility to operate the steam
production and the incineration plants using oil as feedstock. That
said, curtailment and constraints of gas flows to Europe can
disrupt the chemical supply chain, and lead to higher input costs
which could result in higher working capital outflows and therefore
lower FOCF generation. Importantly, a weaker macroeconomic
environment could reduce Arxada's ability to pass through higher
costs and lead to margin pressure. Since we do not deduct cash from
debt in our calculation owing to Arxada's private-equity ownership,
this could result in higher leverage, impacting the prospects of a
reduction in S&P Global Ratings-adjusted leverage to below 7.0x in
2023."

Outlook

S&P said, "Our negative outlook captures the risk of a one-notch
rating downgrade if Arxada does not reduce its adjusted
debt-to-EBITDA ratio to below 7.0x in 2023, a level that we view as
commensurate with the 'B' rating. This could occur if the company
fails to realize synergies on time and on budget, or if the
financial performance deteriorates due to a weakening macroeconomic
environment. In addition, the negative outlook captures the risk of
a negative impact in Arxada's operations and credit metrics due to
disruptions of gas supply to Europe."

Downside scenario. S&P said, "We could lower the rating if Arxada
failed to realize cost synergies and working-capital efficiencies,
resulting in leverage metrics remaining above 7.0x in 2023. We
could also lower the rating if a less-than-supportive market
environment hampered the strong growth to-date, if pressure from
energy and raw materials leads to margin dilution, if the
availability of energy disrupts operations and leads to
lower-than-anticipated FOCF, or if the integration process proved
more challenging than we initially expected. Furthermore, rating
pressure could arise if Arxada pursued additional debt-financed
acquisitions."

Upside scenario. S&P could revise the outlook to stable if Arxada
successfully reduces its debt-to-EBITDA ratio below 7.0x by 2023
and risks of a natural gas shortage dissipate without negative
impacts on its business and credit metrics.

  Ratings List

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                 TO             FROM
  BASF SE

  Issuer Credit Rating     A/Negative/A-1    A/Stable/A-1

  RATINGS AFFIRMED  

  BASF SE

  Senior Unsecured               A

  Commercial Paper              A-1

  BASF FINANCE EUROPE N.V.

  Senior Unsecured               A

  RATINGS AFFIRMED  

  HERENS MIDCO S.A.R.L.

  Issuer Credit Rating       B/Negative/--

  Senior Unsecured               CCC+

  Recovery Rating                6(0%)

  HERENS HOLDCO S.A.R.L.

  Senior Secured                 B

  Recovery Rating             3(60%)

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                 TO             FROM
  LANXESS AG

  Issuer Credit Rating    BBB/Negative/A-2   BBB/Stable/A-2

  RATINGS AFFIRMED  

  Senior Unsecured               BBB

  Subordinated                   BB+

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                 TO             FROM

  LUXEMBOURG INVESTMENT CO. 437 S.A.R.L.

  Issuer Credit Rating       B/Negative/--    B/Stable/--

  RATINGS AFFIRMED  

  LUXEMBOURG INVESTMENT CO. 438 S.A.R.L.

  Senior Secured                 B

  Recovery Rating               3(65%)

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                 TO             FROM
  NOBIAN HOLDING 2 B.V.

  Issuer Credit Rating       B/Negative/--    B/Stable/--

  RATINGS AFFIRMED  

  NOBIAN FINANCE B.V.

  Senior Secured                 B

  Recovery Rating              3(60%)




===============
P O R T U G A L
===============

PELICAN MORTGAGES 3: Moody's Ups Rating on EUR6.4MM D Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three Notes
and affirmed the ratings of five Notes in two Portuguese RMBS
transactions. The rating action reflects the increased levels of
credit enhancement for the affected Notes.

Issuer: Lusitano Mortgages No. 4 plc

EUR1134M Class A Notes, Affirmed Aa2 (sf); previously on Sep 22,
2021 Upgraded to Aa2 (sf)

EUR22.8M Class B Notes, Affirmed A2 (sf); previously on Sep 22,
2021 Upgraded to A2 (sf)

EUR19.2M Class C Notes, Upgraded to Baa3 (sf); previously on Sep
22, 2021 Upgraded to Ba1 (sf)

EUR24M Class D Notes, Affirmed Caa1 (sf); previously on Sep 22,
2021 Upgraded to Caa1 (sf)

Issuer: PELICAN MORTGAGES NO. 3

EUR717.4M Class A Notes, Affirmed A1 (sf); previously on Sep 22,
2021 Upgraded to A1 (sf)

EUR14.3M Class B Notes, Affirmed Baa3 (sf); previously on Sep 22,
2021 Upgraded to Baa3 (sf)

EUR12M Class C Notes, Upgraded to Ba2 (sf); previously on Sep 22,
2021 Upgraded to Ba3 (sf)

EUR6.4M Class D Notes, Upgraded to B1 (sf); previously on Sep 22,
2021 Upgraded to B3 (sf)

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

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

RATINGS RATIONALE

The rating actions are prompted by an increase in credit
enhancement for the affected Notes.

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

Increase in Available Credit Enhancement

In both Lusitano Mortgages No. 4 plc ("Lusitano 4") and PELICAN
MORTGAGES NO. 3 ("Pelican 3") the reserve funds are at their floor
levels which in combination with the notes' amortization resulted
in an increase in credit enhancement for the affected tranches.

In Lusitano 4 the credit enhancement for the Class C notes
increased to 8.3% from 8.0% since the last rating action in
September 2021.

In Pelican 3 the credit enhancement for the Class C and D notes
increased to 4.1% and 3.0% from 3.7% and 2.6% respectively since
the last rating action in September 2021.

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 RMBS securities 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, (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.



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

AERNNOVA AEROSPACE: Moody's Affirms B3 CFR, Outlook Remains Neg.
----------------------------------------------------------------
Moody's Investors Service has affirmed Aernnova Aerospace
Corporation S.A.'s Corporate Family rating at B3 and Probability of
Default rating at B3-PD. The instrument ratings on the backed
senior secured bank credit facilities issued by Aernnova Aerospace,
S.A.U. have also been affirmed at B3. The outlook on all ratings
for both entities remains negative.

RATINGS RATIONALE

The rating affirmation at B3 reflects Aernnova's (i) significant
earnings recovery potential over the next 2-3years (ii) relatively
limited exposure to energy cost inflation due to a production
process that is not very energy intensive (iii) conservative
balance sheet structure pre-pandemic in light of its ownership
structure, and (iv) adequate liquidity profile and absence of
material short term debt maturities. The rating remains however
constrained by supply chain issues that will at best slow down the
recovery path in production and the company's material exposure to
wide body aircraft. These two factors drive the continued negative
outlook, until there is better visibility on the robustness of
supply chains.

Aernnova has significant revenue and earnings recovery potential
over the next 2-3 years supported by its exposure to the fast
growing A220 (19% of backlog) and A320 aircraft families (16% of
backlog). The acquisition of Evora, a former production facility of
Embraer will also add narrow body exposure as well as additional
revenue (-EUR90 million of revenue are expected for 2022). While
Aernnova has also significant exposure to wide body aircraft
through its strong position on the A350 (24% of 2021 revenue),
Moody's believe that the company will benefit from revenue and
earnings growth to restore a credit profile commensurate with the
B3 rating at the latest by year-end 2023. Airbus' announcement that
it will delay its ramp by around 6 months on the A220 and A320
families is broadly in line with Moody's own ramp up expectations.
More positively Airbus has indicated in its earnings release that
they are evaluating with the supply chain whether they can envisage
an increase in wide body production rates, which will materially
benefit Aernnova.

Aernnova has only limited exposure to energy cost inflation due the
to the limited usage of energy in the production process.
Electricity and gas consumption is budgeted to be in the low single
digit Euros in 2022, which compares to EUR500 million of total
operating expenses for the group in 2021.

Aernnova had a conservative balance sheet pre-pandemic with a 2019
Moody's adjusted Debt/EBITDA of 4.1x. Based on Moody's forecasts
underpinning the current rating Moody's expect Aernnova's balance
sheet to be restored to pre-pandemic levels by the end of 2023 at
the latest supported by a contained cash burn during the pandemic
and a return to positive free cash flow in 2021. The significant
recovery in revenue and earnings Moody's expect over the next two
years will lead to an acceleration in free cash flow generation.
Moody's also expect credit metrics such as Moody's adjusted
Deb/EBITDA to be back to below 7.0x (Moody's current downgrade
trigger) at the latest by the end of 2023.

The company's B3 rating is also supported by an adequate liquidity
profile and the absence of material debt maturities over the next
2-3 years. Aernnova had EUR176 million of cash on balance sheet as
per March 2022 as well as EUR100 million undrawn backed revolving
credit facility (RCF) and EUR59 million bilateral credit lines.
This is sufficient to fund the acquisition of Evora ($172 million
cash) and to leave sufficient buffer for the remaining operations.
Moody's expect Aernnova to generate positive free cash flow in 2022
and beyond. Aernnova's current financing was put in place in
January 2020 with a 2027 maturity. This gives Aernnova sufficient
time to restore its balance sheet and earnings before a refinancing
of its existing debt comes due.  

Aernnova's rating and recovery path remains constrained by supply
chain issues as envisaged by Airbus' recent announcement that they
will have to postpone the ramp up for the A220 and A320 family by
around 6 months to allow for more time for the supply chain to ramp
up. The risk of gas rationing over the short term across some
European countries might further stress the supply chain exerting
pressure on Aernnova's revenue and earnings and delaying its
recovery path. Moody's also highlight Aernnova's significant
exposure to wide body aircraft and notably to the A350, which
accounted for close to 40% of the backlog at year-end 2021 as a
factor that will slow down the recovery path in earnings as the
recovery in wide body aircraft demand is expected to lag the
recovery in demand for narrow body aircraft.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook on the rating mainly reflects the risk of gas
rationing over the short term and its impact on the integrity of
the supply chain, which could make it challenging for Aernnova to
restore credit metrics commensurate with the current B3 rating
(Moody's adjusted debt/EBITDA below 7.0x) at the latest by year-end
2023.

LIQUIDITY

Aernnova's liquidity profile is adequate. The company had EUR176
million of cash on balance sheet at March 31, 2022 as well as
EUR100 million availability under its undrawn backed RCF and EUR59
million availability under bilateral credit lines. This should be
sufficient to fund the Evora acquisition ($172 million) and other
cash needs. Moody's expect Aernnova to be FCF positive in 2022 and
2023. The company's liquidity profile is also supported by the
absence of material short term debt maturities with the bulk of the
group's debt maturing in 2027.

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

Negative rating pressure could develop if market conditions would
turn weaker than currently expected. Factors that could lead to a
ratings downgrade include:

Failure to deleverage below 7x Moody's-adjusted debt/EBITDA by
year-end 2023

Weakening liquidity driven by sustained negative FCF, leading to
further drawings under RCF and rising risk of non-compliance with
covenants or financial restructuring

Execution challenges which could exacerbate pressure on earnings

A more aggressive financial policy, capital allocation away from
debt reduction

Factors that could lead to an upgrade include:

Stabilized operating environment with increasing aerospace
production rates and expectations of earnings growth

Leverage below 6x Moody's-adjusted debt/EBITDA, on a sustained
basis

Absence of major execution challenges in key platforms and the
successful integration of Hambel and Evora

Consistent positive Moody's-adjusted FCF

Maintenance of at least adequate liquidity

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense published in October 2021.

AZUL MASTER: DBRS Confirms BB Rating on Class C Notes
-----------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the outstanding notes
issued by aZul Master Credit Cards DAC (the Issuer) as follows:

-- Series 2020-1, Class A Notes at A (high) (sf)
-- Series 2020-1, Class C Notes at BB (sf)

The rating of the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal final maturity date. The rating of the Class C Notes
addresses the ultimate payment of interest and the ultimate
repayment of principal by the legal final maturity date.

The Issuer is a revolving programme of credit card receivables
acquired (Ruby) or granted (Core) by WiZink Bank S.A. (WiZink) to
individuals in Spain. WiZink also acts as the servicer of the
portfolio. The transaction closed in July 2020 with an initial
receivables balance of EUR 295.0 million and a maximum programme
size of EUR 2.0 billion.

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

-- Portfolio performance, in terms of delinquencies, charge-off,
principal payment, and yield rates as of the June 2022 payment
date;

-- The ability of programme- and series-specific structures to
withstand stressed cash flow assumptions;

-- No occurrence of a programme revolving termination event; and
-- Current available credit enhancement to the notes to cover the
expected losses at the respective rating levels.

PROGRAMME AND TRANSACTION STRUCTURE

The programme incorporates separate interest and principal
waterfalls during the revolving and amortization periods that
allocate the available funds including the reserve fund and
collections of interest, principal, and recoveries from receivables
to each specific notes series.

The programme has an indefinite revolving period. During this
period, the Issuer may purchase additional receivables, provided
that the eligibility criteria set out in the transaction documents
are satisfied. For this Issuer, the revolving termination events
are set at the programme level instead of at the series level. The
occurrence of such events would lead to early amortization of all
outstanding notes at the same time, subject to series-specific
waterfalls and allocation percentages.

Credit enhancement available to the notes during the amortization
period consists of subordination of the junior notes and seller
interest credit facility, potential overcollateralization, and
excess spread.

The programme benefits from a general reserve that is available to
cover the shortfalls in senior expenses, swap payments (if
applicable), and interest on the Class A Notes issued out of the
entire programme. The general reserve is amortizing to a target
amount equal to 1.2% of all Class A Notes outstanding balance,
subject to a floor amount of 0.6% of the initial Class A Notes
balance of all notes series. As of the June 2022 payment date, the
reserve was at its target balance of EUR 2.7 million.

A commingling reserve facility is also available to the programme
following the servicer's breach of its payment obligations. The
required amount of this facility is equal to 1.5% of the
outstanding receivables balance. As of the June 2022 payment date,
the reserve was funded to its target of EUR 4.9 million.

COUNTERPARTIES

Société Générale S.A. (Spanish branch) acts as the Issuer's
account bank. Based on DBRS Morningstar's private ratings of
Société Générale S.A. (Spanish branch), and the downgrade
provisions outlined in the transaction documents, DBRS Morningstar
considers the risk arising from the exposure to the Issuer's
account bank to be commensurate with the ratings assigned, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

The monthly principal payment rate (MPPR) has consistently been in
the range of 10% to 12% since the programme establishment in 2020,
with an increasing trend seen over the past 12 months. Based on the
analysis of historical data, DBRS Morningstar maintained the
expected MPPR at 9.8%.

The yield rate appears to have stabilized over the past 15 months
in the range of 16% to 18%. After considering the historical
trends, DBRS Morningstar maintained its expected yield assumption
at 16.7%.

Charge-off rate has averaged 5.9% since 2020, reaching a peak of
10.3% in November 2021, but has since gradually decreased. Based on
the analysis of historical data and positive selection of eligible
receivables, DBRS Morningstar maintained its expected charge-off
rate at 12.5%.

The portfolio asset assumptions above also consider the migration
of the securitized pool towards the Core portfolio since the
programme establishment, as the Ruby portfolio continues to be in
run-off.

As the receivables are unsecured and no static vintage data was
provided, DBRS Morningstar used a zero-recovery assumption in its
cash flow analysis.

Notes: All figures are in euros unless otherwise noted.


CAIXABANK CONSUMO 3: DBRS Confirms CC Rating on B Notes
-------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by Caixabank Consumo 2 F.T. (Caixabank Consumo 2) and by
Caixabank Consumo 3 F.T. (Caixabank Consumo 3):

Caixabank Consumo 2:

-- Series A upgraded to AAA (sf) from AA (sf)
-- Series B upgraded to A (sf) from BBB (high) (sf)

Caixabank Consumo 3:

-- Series A confirmed at AA (high) (sf)
-- Series B confirmed at CC (sf)

The ratings on the respective Series A notes address the timely
payment of interest and the ultimate repayment of principal by the
final legal maturity date in April 2060 for Caixabank Consumo 2 and
in March 2053 for Caixabank Consumo 3. The ratings on the
respective Series B notes address the ultimate payment of interest
and repayment of principal by the final legal maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults and
losses as of the latest payment dates;

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

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

The two transactions are static securitizations collateralized by a
portfolio of consumer loans granted and serviced by CaixaBank, S.A.
(CaixaBank) to individuals in Spain. The portfolios consist of
unsecured consumer loans and receivables secured by residential
property, including standard mortgages (prestamos hipotecarios) as
well as drawdowns from revolving credit lines (disposiciones de
credito hipotecario). Caixabank Consumo 2 closed in June 2016 with
an initial portfolio of EUR1.3 billion, while Caixabank Consumo 3
closed in July 2017 with an initial portfolio of EUR2.5 billion.

PORTFOLIO PERFORMANCE

Caixabank Consumo 2:

As of the April 2022 payment date, loans that were 30- to 60-days
delinquent represented 0.1% of the outstanding collateral balance
and 60- to 90-day delinquencies represented 0.1%, while
delinquencies greater than 90 days represented 5.1%. Gross
cumulative defaults amounted to 2.6% of the original portfolio
balance, 23.8% of which has been recovered to date.

Caixabank Consumo 3:

As of the June 2022 payment date, loans that were 30- to 60-days
delinquent represented 0.2% of the outstanding collateral balance
and 60- to 90-day delinquencies represented 0.0%, while
delinquencies greater than 90 days represented 4.7%. Gross
cumulative defaults amounted to 4.4% of the original portfolio
balance, 7.8% of which has been recovered to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

For Caixabank Consumo 2, DBRS Morningstar conducted a loan-by-loan
analysis of the remaining pool of receivables and maintained its PD
and LGD assumptions at 5.5% and 60.7%, respectively, for the
unsecured consumer loans in the portfolio, and updated its PD and
LGD assumptions to 4.3% and 6.8%, respectively, for the mortgage
loans in the portfolio.

For Caixabank Consumo 3, DBRS Morningstar conducted a loan-by-loan
analysis of the remaining pool of receivables and updated its PD
and LGD assumptions to 5.9% and 67.3%, respectively, for the
unsecured consumer loans in the portfolio, and updated its PD and
LGD assumptions to 3.8% and 4.5%, respectively, for the mortgage
loans in the portfolio.

CREDIT ENHANCEMENT

The subordination of the Series B notes and the cash reserve
provides credit enhancement to the Series A notes, while the sole
source of credit enhancement to the Series B notes is the cash
reserve, following the full repayment of the Series A notes.

For Caixabank Consumo 2, as of the April 2022 payment date, credit
enhancement to the Series A notes increased to 118.2% from 97.0% at
the time of the last annual review; credit enhancement to the
Series B notes increased to 33.8% from 27.7%. For Caixabank Consumo
3, credit enhancement to the Series A notes increased to 57.8% from
39.3% at the time of the last annual review 12 months ago, while
credit enhancement to the Series B notes has remained at 4.4%.

The transactions benefit from an amortizing reserve fund available
to cover senior expenses and all payments due on the senior-most
class of notes outstanding.

For Caixabank Consumo 2, this reserve was funded to EUR52.0 million
at closing through a subordinated loan granted by CaixaBank and has
a target level equal to the lower of its original balance and 8.0%
of the outstanding principal balance of the Series A and Series B
notes, subject to a floor of EUR26.0 million. The reserve could
have started amortizing as of the July 2018 payment date, but
because delinquencies greater than 90 days exceeded 1.5% of the
portfolio balance, amortization did not occur. As this performance
trigger continues to be breached, the reserve remains at its
original balance of EUR52.0 million.

For Caixabank Consumo 3, the reserve was funded to EUR98.0 million
at closing through a subordinated loan granted by CaixaBank and,
starting from the September 2019 payment date, has been amortizing
to its target level of 4% of the outstanding principal balance of
the Series A and Series B notes. As of the June 2022 payment date,
the cash reserve was at its target of EUR14.3 million.

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

Notes: All figures are in euros unless otherwise noted.




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

UNIQUE BIDCO: S&P Affirms 'B\' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
Sweden-based business-to-business (B2B) distribution services
provider Unique Bidco (OptiGroup AB).

The stable outlook reflects S&P's view that OptiGroup's revenue and
EBITDA base will increase thanks to solid organic growth. In
conjunction with recent acquisitions, this should support a
reduction in adjusted debt to EBITDA toward 6.0x in 2023 and sound
adjusted free operating cash flow (FOCF) generation that same
year.

Since OptiGroup AB was acquired by FSN Capital Partners in December
2021, the group has continued its successful merger and acquisition
(M&A) strategy. The company has already made two add-on
acquisitions this year, namely Scholte Medical B.V. in May and
MaskeGruppen AS in July. Scholte Medical is a Dutch distributor of
high-quality medical equipment, contributing revenues and EBTIDA of
EUR16 million and EUR6 million, respectively. The acquisition was
funded from drawings under the delayed draw term loan.
MaskeGruppen, a Norwegian distributor of facility supplies, health
care products, and industrial packaging, adds EUR120 million and
EUR13 million in revenues and EBITDA, respectively. The acquisition
was funded by drawing on the group's revolving credit facility
(RCF) and an equity contribution from OptiGroup's management.

Both acquisitions contribute to OptiGroup strategy of expanding its
European footprint and core business segments. In addition to
further shifting the business mix away from commodity paper for
alternative higher margin distribution services, like for
facilities management, packaging, and medicine. S&P anticipates the
company will continue its M&A strategy in coming years, with a
focus on smaller bolt-on acquisitions funded with cash from
operations. As a result, we still anticipated S&P Global Ratings'
adjusted EBITDA margins of close to 8% in 2022, improving above 8%
in 2023 as the group shifts its business mix; reaps the synergistic
effects from completed acquisitions; and focuses on achieving
operational efficiencies.

The stable outlook reflects S&P views that OptiGroup's revenue and
EBITDA base will increase thanks to solid organic growth. In
conjunction with recent acquisitions, this should support a
reduction in adjusted debt to EBITDA toward 6.0x in 2023 and sound
adjusted FOCF generation that same year.

S&P could lower the ratings if:

-- OptiGroup records persistently negative FOCF, such that S&P
views its capital structure as unsustainable; or

-- S&P assesses OptiGroup's financial policy as increasingly
aggressive, with ongoing debt-funded acquisitions or shareholder
returns resulting in the maintenance of very high leverage.

S&P said, "We could raise the ratings if OptiGroup diversifies its
geographical footprint and product offering, which remain
constrained because it only covers certain niches of the B2B
distribution market. Additionally, we could raise the ratings if
adjusted debt to EBITDA was below 5x, with funds from operations
(FFO) to debt sustainably above 12%, and the financial sponsor
committed to supporting the metrics at these levels."

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



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

BANK ALLIANCE: S&P Affirms 'CCC/C' ICRs, Outlook Developing
-----------------------------------------------------------
S&P Global Ratings affirmed its 'CCC/C long- and short-term issuer
credit ratings on Bank Alliance. The outlook remains developing.
S&P also affirmed its 'uaCCC+' national scale rating on the bank.

Bank Alliance does not hold any Ukraine government bonds in foreign
currency (FC) and thus will not be directly affected by the
government's proposed restructuring of FC-denominated sovereign
debt.

We believe that the National Bank of Ukraine (NBU) will continue to
provide liquidity support to the domestic banking sector and Bank
Alliance while martial law remains in effect.

Additionally, the bank is likely to receive Ukrainian hryvnia (UAH)
160 million in Tier 1 capital in the second half 2022 from a
minority shareholder, which will help it deal with an increase in
nonperforming loans (NPLs) and loan loss provisions.

Bank Alliance does not hold any Ukrainian government bonds in FC on
its balance sheet. Thus, it will not be directly affected by the
deferral of payments on all external debt obligations by 24 months
that the Ukrainian government is proposing, and which we consider
as distressed debt restructuring. S&P said, "Although we lowered
our long-term sovereign FC rating on Ukraine to 'CC' from 'CCC+' on
July 29, 2022, according to our criteria, we can rate banks above
the sovereign FC rating if we expect a default event to be
short-lived and the rating to be higher post-default. The FC rating
on Bank Alliance is constrained by our 'CCC+' transfer and
convertibility (T&C) assessment for Ukraine, which reflects our
view of the likelihood that the sovereign would restrict domestic
entities' access to foreign exchange needed to satisfy debt-service
obligations."

S&P said, "We expect NBU will continue providing liquidity support
to Bank Alliance to help it deal with deposit outflows. Since the
start of the conflict, Bank Alliance has lost about 37% of its
deposits. NBU's liquidity support and the bank's liquidity cushion
have helped the bank deal with these outflows. The NBU has
committed to providing all Ukrainian banks unlimited unsecured
refinancing loans maturing in up to one year and an option to
extend the loans to support liquidity if needed. In addition, Bank
Alliance has open credit lines from the European Investment Bank
(EIB) and International Finance Corp. and was able to borrow EUR2
million from EIB since the start of the war.

"We expect Bank Alliance's NPLs and cost of risk will materially
increase in 2022. This year, we expect Ukraine's real GDP to
contract by about 40% and inflation to exceed 30%. Bank Alliance
has introduced credit holidays for individuals and companies
affected by the war and restructured over 20% of its loan book. As
a result of lost economic activity, we expect the bank's stage 3
loans will increase to about 20% over the next 12 months. While the
bank has accumulated provisions for 10.3% of its total lending, we
expect the cost of risk will remain extremely high in 2022. As a
result, the bank's profitability is likely to decline materially.
On a positive note, a new minority shareholder plans to inject
UAH160 million of Tier 1 equity in the bank in the second half
2022, which should partially compensate for an expected decline in
capitalization. The bank posted operating revenues of UAH112
million before provisions for the first half 2022 and net loss of
UAH40.5 million."

The developing outlook over a six-to-12-month horizon reflects
uncertainty regarding the duration and effects of the
Russia-Ukraine conflict and the Ukraine government's proposed
restructuring of FC sovereign debt on the Ukrainian banking system
and Bank Alliance.

S&P could lower its ratings on Bank Alliance if:

-- S&P lowered its local currency sovereign ratings on Ukraine
and/or revised downward our T&C assessment for Ukraine; or

-- If capital controls by the NBU become significantly harsher and
S&P concludes that depositors have very limited access to their
money; or

-- If S&P has evidence that Bank Alliance's creditworthiness has
weakened due to a material deterioration in its liquidity not
compensated by the NBU's support; or

-- If the bank is not fulfilling its financial obligations in full
and on time.

A positive rating action could follow if:

-- S&P perceives that the risks to Bank Alliance from the war have
receded; and

-- The bank continues to demonstrate resilience to the operating
environment.

ESG credit indicators: E-2, S-2, G-4





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

ASSIST HOMECARE: Goes Into Liquidation, Owes More Than GBP500,000
-----------------------------------------------------------------
Martin Williams at The Herald reports that Assist Homecare
(Scotland) Ltd has been placed into liquidation with debts of over
GBP500,000 -- raising concerns for the vulnerable in their care.

Around 43 service users were told care giving had ended on Friday,
July 29, and nearly 50 staff were handed the news that their
contracts had been terminated, The Herald discloses.

The Ayrshire company, based at the Stevenston industrial estate and
provides support services to vulnerable adults throughout North
Ayrshire, was co-founded in 2011.

According to The Herald, Her Majesty's Revenue and Customs issued a
liquidation notice to the company as a result of unpaid tax over
the past three years and is believed to have accumulated over
GBP500,000 in debt.

The staff provide packages of support hours which varies from a few
hours per week to twenty-four hours per day to enable people to
live independently in their own homes.

Ken Pattullo and Kenny Craig of Begbies Traynor were appointed as
joint liquidators, The Herald relates.

According to The Herald, Thomas McKay, a partner at Begbies Traynor
in Scotland, said: "We are currently working with the key
stakeholders including HMRC, North Ayrshire Council, the Care
Inspectorate and the company staff, to ensure continued delivery of
care to patients.

"We are seeking to ensure continuity of care for vulnerable clients
who rely on support and this is our priority in these difficult
circumstances."

A petition for a winding up order was first presented to Kilmarnock
Sheriff Court on behalf of HMRC on June 30.

The latest financial analysis of the company shows that it owed
GBP331,327 to creditors in the year up to March 31, 2020, The
Herald states.

A further GBP184,194 was outstanding from the previous 12 months,
adding up to a total debt of more than GBP515,000, The Herald
notes.


BROADWAYS STAMPINGS: Enters Administration, Seeks Buyer
-------------------------------------------------------
Sally Murrer at MKCitizen reports that Broadways Stampings and
Dyson Diecastings have gone into administration.

The companies employ 319 people at their premises on Bletchley,
MKCitizen discloses.

Suppliers to the automotive industry, they are among the last
family-owned independent pressed and sheet metal component
manufacturers and die casters in the UK, MKCitizen notes.

Major local employer Broadway bought out Dyson Diecastings in 2017
and both companies are run from Denbigh Industrial estate,
MKCitizen recounts.

But over the past two or three years, they have battled against a
string of problems which have affected the UK automotive supply
chain, MKCitizen relates.  These include the impact of Brexit and
COVID-19, escalating raw material and energy costs, supply chain
disruption and shortages of both essential components and labour,
MKCitizen states.

In recent weeks, the companies have sought urgent additional
financial support from their customers to enable production at
their sites to continue, MKCitizen relays.

Ryan Grant and Chris Pole from Interpath Advisory were appointed as
joint administrators on Aug. 1, MKCitizen discloses.

Their task is now to find a buyer for the companies to enable them
to continue trading, MKCitizen says.

Interested parties are advised to contact Gareth Shaw at Interpath
via gareth.shaw@interpathadvisory.com, according to MKCitizen.


CASPIAN FLAME: Enters Administration, Halts Operations
------------------------------------------------------
Cumbria Crack reports that a Workington restaurant has closed with
immediate effect.

According to Cumbria Crack, staff at Caspian Flame Grill, on
Derwent Howe, were told by letter that the restaurant would cease
to trade as of July 31 and the company would go into
administration.

Listings for Caspian Flame Grill and Hooked and Plucked on Google
now say permanently closed, but is not clear if the takeaway side
of the business is still operating -- food is still available to
order via apps like Foodhub, Cumbria Crack notes.

Owned by Sohrab and Valerie Padidar Nazar, of Rosely, near Wigton,
the restaurant opened in 1998 and had been extended twice to keep
up with demand, Cumbria Crack recounts.  The couple had operated a
takeaway in the town from 1983 before moving to the purpose-built
Derwent Drive venue, Cumbria Crack notes.

Recently, the restaurant became Hooked and Plucked, specialising in
fish and chicken, although Caspian Flame Grill continued to offer
takeaway pizzas, burgers and kebabs.


CASTELL 2022-1: DBRS Finalizes B(high) Rating on Class X Notes
--------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings of the
following classes of notes issued by Castell 2022-1 PLC (the
Issuer):

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

DBRS Morningstar does not rate the Class G or Class H notes also
issued in this transaction.

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

The ratings are based on information provided to DBRS Morningstar
by the Issuer and its agents as of the date of this press release.

The transaction is a bankruptcy-remote special-purpose vehicle
incorporated in the UK. The notes were issued to fund the purchase
of UK second-lien mortgage loans originated by UK Mortgage Lending
Ltd. (UKML). Pepper UK Limited (Pepper) will be the primary and
special servicer of the portfolio. UKML, formerly Optimum Credit
Ltd. (Optimum Credit), was established in November 2013 as a
specialist provider of second-lien mortgages based in Cardiff,
Wales. Optimum Credit was fully integrated into Pepper Money (PMB)
Limited in January 2022 and its name was changed to UK Mortgage
Lending Ltd. on January 17, 2022. Both UKML and Pepper are part of
the Pepper Group Limited, a worldwide consumer finance business,
third-party loan servicer, and asset manager. CSC Capital Markets
UK Limited has been appointed as the backup servicer facilitator.

RATING RATIONALE

DBRS Morningstar was provided with information on the mortgage
portfolio as of May 31, 2022. The portfolio consists of 7,268
mortgage loans with an aggregate principal balance of GBP 300
million. The average loan per borrower is GBP 41,277.

All of the mortgage loans in the provisional portfolio are owner
occupied and almost all loans are repaying on a capital and
interest basis. Within the portfolio, 76.9% of the loans are
fixed-rate loans that switch to floating rate upon completion of
the initial fixed-rate period whereas 21.0% are floating-rate loans
for life and the remaining 2.1% are fixed-rate loans for life.
Interest rate risk is expected to be hedged through a
fixed-floating interest rate swap with Banco Santander SA
(Santander) to mitigate the fixed interest rate risk from the
mortgage loans and Sonia payable on the notes. The Issuer will pay
the swap counterparty an amount equal to the swap notional amount
multiplied by the swap rate and, in turn, the Issuer will receive
the swap notional amount multiplied by Sonia. Santander currently
has a DBRS Morningstar Long Term Critical Obligations Rating of AA
(low) and a Long-Term Issuer Rating of A (high), both with Stable
trends. Following a review of the provisions outlined in the swap
agreement, DBRS Morningstar concludes that Santander meets DBRS
Morningstar's criteria to act in such capacity. The transaction
documents contain downgrade and collateral posting provisions with
respect to Santander's role as hedging counterparty, consistent
with DBRS Morningstar's criteria.

Furthermore, approximately 4.3% of the portfolio by loan balance
comprises loans originated to borrowers with a prior county court
judgement, 0.1% comprises those with a flagged bankruptcy, and 2.0%
comprises those in arrears. In addition, 17.3% of the loans were
granted to self-employed borrowers, unemployed borrowers, or
pensioners (referring to the primary borrower's employment status
only). The weighted-average (WA) seasoning of the portfolio is
relatively low at 22 months and the WA remaining term is
approximately 15 years. The WA current loan-to-value ratio,
including any prior-ranking balances of the portfolio, is 64.1%.

The initial credit enhancement for the Class A notes and Class A
Loan note is 27.25% at closing and is provided by the subordination
of the Class B to Class H notes (excluding the uncollateralized
Class X notes). The Class A notes benefit from further liquidity
support provided by an amortizing liquidity reserve, which can
support the payment of senior fees and interest on the Class A
notes. The liquidity reserve fund (LRF) is zero at closing and its
required amount of 1.0% of the outstanding balance of the Class A
notes and Class A Loan note balance will be funded through
principal receipts. Any subsequent use of the LRF will be
replenished from revenue receipts. The excess amounts following
amortization of the Class A notes and Class A Loan note will form
part of available principal.

The structure includes a principal deficiency ledger (PDL)
comprising seven subledgers (Class A PDL to Class H PDL) that
provision for realized losses as well as the use of any principal
receipts applied to meet any shortfall in payment of senior fees
and interest. The losses will be allocated starting from the Class
H PDL and then to the subledgers of each class of notes in
reverse-sequential order.

Available principal funds can be used to provide liquidity support
to the transaction. Following the application of the available
revenue funds and liquidity reserve, available principal funds can
be used to pay senior fees, swap payments, and interest shortfalls
on the Class A to Class F notes. In more detail, principal is
available to provide liquidity support to the Class B to Class G
notes, provided that the respective PDL balance is less than 10% of
the outstanding balance of the respective class of notes. There is
no condition for principal used to provide liquidity support for
the Class A notes, given that available revenue funds and the LRF
have been applied first. Any use will be recorded as a debit in the
PDL.

The coupon on the notes will step up on the interest payment date
falling in February 2026, which is also the first optional
redemption date. The notes can be redeemed in full, at the
outstanding balance plus accrued interest, on any subsequent
payment date. DBRS Morningstar considered the increased interest
payable on the notes on the step-up date in its cash flow
analysis.

The Issuer account bank is Citibank N.A./London Branch. Based on
DBRS Morningstar's private rating on the account bank, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

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

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

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

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X notes according to the terms of the
transaction documents.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents. DBRS Morningstar
analyzed the transaction structure in Intex DealMaker, considering
the default rates at which the rated notes did not return all
specified cash flows.

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

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

Notes: All figures are in British pounds sterling unless otherwise

GLOBAL SHIP: S&P Upgrades Long-Term ICR to 'BB', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Global Ship Lease (GSL) to 'BB' from 'BB-'.

The stable outlook reflects S&P's forecast of solid EBITDA
performance and a prudent financial policy, allowing GSL to gain
financial flexibility under the improved credit metrics for
unforeseen operational setbacks or opportunistic fleet expansion.

S&P said, "Charter rates have settled at elevated levels across
various containership classes for now, contrary to our previous
expectations. Significant and widespread congestion in major
maritime ports and disruption of logistical supply chains are tying
up containership capacity and boosting shipping rates. Since
September 2021, an average of 37% of global containership fleet
capacity was in ports (significantly more than the 2019 average of
31%), according to the Containership Port Congestion Index
published by Clarkson Research, with China and the U.S. west and
east coasts remaining congestion hotspots. We note that widespread
lockdowns in China, as well as the Russia-Ukraine conflict's
knock-on effects on global supply chains, have aggravated the
already strained situation. This has stimulated a surge in
containership ordering (lifting the containership order book to a
new record high 28% of the global fleet as of June 2022, from an
all-time low of 8% in October 2020, according to Clarkson Research)
and will likely trigger a flood of ship deliveries in 2023 and
2024. We now forecast that charter rates could start moderating
from late 2022 at the earliest. Thereafter, as overall industry
capacity increases and vessels on order are delivered from 2023,
rates could face a further correction and ultimately stabilize at
profitable levels that are likely above the 2020 base, according to
our base-case scenario.

GSL's contracted revenue base, underpinned by recent rechartering
transactions at strong rates, continues to support earnings
visibility. GSL benefits from a fleet of 65 vessels that are
predominantly on medium-term charters, with a stable company
contract coverage duration of 2.5 years on a 20-foot equivalent
unit (TEU) weighted pro forma basis as of March 31, 2022, and a
contracted revenue backlog of $1.76 billion (from $1.37 billion in
June 2021). Contracted revenue of $580 million for 2022 (as of
end-March 2022) is 30% higher than 2021, reflecting the incremental
full-year impact of the 23 new vessels integrated into the group's
fleet. It also reflects the company's recent rechartering activity,
which has allowed it to recharter vessels at the currently
record-high market rates, which were two times higher on average
compared to preceding charters on its fleet. S&P said,
"Higher-than-anticipated charter rates have led to an upward
revision of our 2022-2023 revenue base case for GSL. This
represents an increasingly beneficial position for the company,
given an uncertain macroenvironment plagued by sluggish GDP growth
and more uncertain container trade volume demand. We now forecast
that GSL should be able to surpass revenue of $600 million in 2022
and $700 million in 2023. Our base case incorporates GSL's current
time-charter cover of close to 100% of its ship available days for
the remainder of 2022, 80% for 2023, and 55% for 2024. Provided the
counterparties deliver on their commitments, which we assume in our
base case, this charter coverage should equip it to be better
prepared for a cooling down of charter rates, which we do not
expect before the end of 2022."

S&P said, "We think GSL is well placed to continue securing decent
charter rates, despite the record high containership orderbook
weighted toward large mega vessels. The shipping industry in
general and container shipping in particular are prone to frequent
supply-demand imbalances. There is a history of meaningful
oversupply in the market, which has contributed to periods of low
rates and weak credit quality of container liners (GSL's
counterparties). We think GSL's 2,200-9,900 TEU focus segment
should be better shielded from the expected surge of additional
tonnage expected to hit the market in 2023, given that the majority
of new orders comprise more than 10,000 TEU (large) containerships.
GSL's 2,200-9,900 TEU vessels maintain a more modest 11.7%
orderbook-to-fleet ratio, suggesting remote easing of existing
supply-demand imbalances, potentially forcing container liners to
continue paying premiums for GSL's assets and allowing GSL to
continue benefiting from a market characterized by supply
shortages. However, there is a high degree of uncertainty about the
levels at which charter rates will settle when they begin to
moderate. We acknowledge risks stemming from the shift in consumer
spending back to services from tangible goods and potential
slowdown in e-commerce as the pandemic's effects continue easing,
weighing on shipping volumes. These risks may be aggravated by the
slowing economy and accelerated deliveries of new vessels, leading
to likely overcapacity from 2023. We also understand that
environmental pressure on the container shipping industry is
increasing, which could accelerate fleet upgrades, requiring higher
capital expenditure (capex) and potential additional operating
costs with vessels' owners that GSL might have to at least partly
cover.

"GSL's credit metrics have strengthened to a position commensurate
with a 'BB' rating. Notwithstanding the uncertainty about the
future level of charter rates starting from 2023, our updated base
case reflects that GSL should be able to reach an adjusted
FFO-to-debt ratio of at least 30%, the level we view as consistent
with a 'BB' rating, from 2022. Our conclusions are supported by the
company's current time/charter (T/C) profile, which should enable
the company to reach EBITDA of at least $390 million per year in
2022-2023. This is further underpinned by GSL's current debt
amortization profile leading to debt reduction (including leases)
of about $150 million-$160 million on average over the next couple
of years. We expect GSL to fully cover these debt repayments,
capex, and dividend payments with operating cash flows, while
maintaining an ample cash position and retaining financial
flexibility against unexpected operational adversities. The company
currently does not have any ships on order and our base case does
not incorporate any material growth investments. We expect the
company to carefully weigh the operating environment, rechartering
prospects, and available liquidity before it commits to any sizable
fleet expansion. We also expect GSL to preserve its balanced
approach to leverage to finance growth.

"We view positively GSL's recent refinancing, which has reduced the
cost of debt and pushed out maturities. GSL has continued to
proactively manage its debt maturity profile. The company has used
the proceeds of its recently issued $350 million senior secured
notes due 2027 to repay its more expensive legacy debt facilities
and smoothen its debt repayment schedule. GSL faces debt
amortization payments of about $135 million (including leases) in
2022, increasing to about $190 million in 2023, which we expect it
to cover with internally generated funds. The transaction has also
reduced the company's cost of debt to 4.6% from 6.3% at the end of
2020.

"The stable outlook reflects our forecast of solid EBITDA
performance and positive free cash flow generation in the next 12
months, underpinned by the company's medium-term charter coverage.
We expect this will allow GSL to gain financial flexibility under
the improved credit metrics for unforeseen operational setbacks or
potential further ship acquisitions and prudent shareholder
returns."

S&P could consider a downgrade if adjusted FFO to debt failed to
improve and stay above 30%. This could occur in the event of a
sharp and abrupt industry downturn leading to weakening credit
quality of container liners, increasing the risk of amendments to
existing contracts, delayed payments, or nonpayment under the
charter agreements, for example.

Over the medium term, rating pressure could also arise if industry
supply-and-demand conditions deteriorated unexpectedly, resulting
in a significant drop in utilization and charter rates for
containerships.

A negative rating action could also follow any unforeseen
deviations in terms of financial policy, such as pursuing
significant and largely debt-funded investments in additional
tonnage or aggressive shareholder distributions, which would
depress credit metrics.

S&P could consider raising the rating if it thought GSL would
achieve and maintain adjusted FFO to debt of more than 50%. This
would be contingent on industry momentum persisting and allowing
the company to recharter its ships at rates consistent with (or
higher than) its base case, extend its charter profile duration in
due course, and further enhance earnings predictability, while
continuing to reduce debt in line with the mandatory amortization
schedule. Given the industry's inherent volatility, an upgrade
would also depend on the company demonstrating an ability to
achieve and retain an ample cushion under the improved credit
measures for potential EBITDA fluctuations.

Furthermore, management would need to demonstrate a financial
policy that did not allow for significant increases in leverage.
For example, this would mean that the company would not
unexpectedly embark on any significant debt-financed fleet
expansion without an offsetting increase in earnings, applying
excess cash for fleet expansion or rejuvenation, with dividend
distributions remaining prudent.

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis GSL, since the global
shipping industry faces increasingly stringent regulatory
standards. Regulations on ballast water treatment and sulfur
emissions already exist. The latter can either be met by using fuel
oil with a low sulfur content (0.5%) or by employing exhaust gas
cleaning systems (scrubbers). Shipping emissions regulations, set
to tighten, may lead to higher running costs since cleaner fuels
are more expensive, and accelerate capital spending on modern
eco-friendly ships or retrofits to existing vessels. That said, GSL
typically passes fuel-cost inflation on to customers via time
charter contracts, under which fuel is the charterers'
responsibility and cost. Furthermore, its fleet investment strategy
focuses on small and midsize containerships, with fleet capacity
weighted toward post-Panamax (wide beam) ships. These vessels
retain high operational flexibility while also reducing costs and
GHG emissions per unit of cargo carried. Nine of GSL's 65
containerships are latest-generation, wide beam, eco vessels. The
company can improve its fuel efficiency (and reduce its emissions
footprint) of existing ships by applying energy-saving devices and
measures such as retrofitting bulbous bows and applying
high-specification hull coatings to reduce underwater friction, as
well as optimizing vessel trim and weather routing."


MCGILL FACILITIES: To Enter Administration Again, 120 Jobs at Risk
------------------------------------------------------------------
Scottish Construction Now, citing The Courier, reports that
construction firm McGill, who recently won contracts with Dundee
City Council and the Scottish Police Authority, and several housing
associations, is preparing to enter administration for the second
time in less than four years.

McGill Facilities Management Limited has submitted a notice of
intent to appoint administrators with the Court of Session, placing
120 jobs at risk, Scottish Construction Now relates.

Interim liquidators at William Duncan (Business Recovery) Limited
have been appointed, Scottish Construction Now discloses.

The Dundee-based firm previously went into administration in
January 2019, causing around 400 employees to lose their jobs,
Scottish Construction Now recounts.

In March 2019, the McGill assets were initially purchased from
administration for around £1 million by Dundee businessman Graeme
Carling, Scottish Construction Now relays.  They were purchased
under his company Catalus Energy Investments Ltd., Scottish
Construction Now notes.  This business, which was renamed Qwerty100
Ltd at the end of last year, is currently being pursued by HMRC for
unpaid liabilities, Scottish Construction Now states.

However, a company spokesman has now revealed that its lender,
Lloyds Bank, had withdrawn its support, leaving it with no working
capital, according to Scottish Construction Now.


NEWDAY FUNDING 2022-2: DBRS Gives Prov. B Rating to Class F Notes
-----------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the notes (the
Notes) to be issued by NewDay Funding Loan Note Issuer Ltd (Class A
Loan Note only) and NewDay Funding Master Issuer plc (collectively,
the Issuers) as follows:

-- Series 2022-2, Class A Loan Note at AA (sf)
-- Series 2022-2, Class C Notes at A (low) (sf)
-- Series 2022-2, Class D Notes at BBB (low) (sf)
-- Series 2022-2, Class E Notes at BB (low) (sf)
-- Series 2022-2, Class F Notes at B (sf)

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuers and their agents as of the date of this
press release. The ratings can be finalized upon review of final
information, data, legal opinions, and the governing transaction
documents. To the extent that the information or the documents
provided to DBRS Morningstar as of this date differ from the final
information, DBRS Morningstar may assign different final ratings to
the Notes.

The ratings address the timely payment of scheduled interest and
the ultimate repayment of principal by the relevant legal final
maturity dates.

The Notes are backed by a portfolio of own-branded credit cards
granted by NewDay Cards, the originator, to individuals domiciled
in the UK.

The ratings are based on the following analytical considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement to support DBRS
Morningstar's revised expectation of charge-off, principal payment,
and yield rates under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Notes.

-- The originator's capabilities with respect to origination,
underwriting, and servicing.

-- An operational risk review of the originator, which DBRS
Morningstar deems to be an acceptable servicer.

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

-- The credit quality, diversification of the collateral, and
historical and projected performance of the securitized portfolio.

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

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

TRANSACTION STRUCTURE

The Notes are to be issued out of NewDay Funding Loan Note Issuer
and NewDay Funding Master Issuer as part of the NewDay Funding
related master issuance structure, where all series of notes are
supported by the same pool of receivables and generally issued
under the same requirements regarding servicing, amortization
events, priority of distributions, and eligible investments.

The transaction includes a scheduled revolving period. During this
period, additional receivables may be purchased and transferred to
the securitized pool, provided that the eligibility criteria set
out in the transaction documents are satisfied. The revolving
period may end earlier than scheduled if certain events occur, such
as the breach of performance triggers or servicer termination. The
scheduled revolving period may be extended by the servicer by up to
12 months. If the Notes are not fully redeemed at the end of the
respective scheduled revolving periods, the transaction enters into
a rapid amortization.

As the Notes carry floating-rate coupons based on the rate of daily
compounded Sterling Overnight Index Average (Sonia), the interest
rate mismatch risk between the fixed-rate collateral and the
floating rate Notes is to certain degree mitigated by excess spread
in the transaction and is considered in DBRS Morningstar's cash
flow analysis.

The transaction includes a series-specific liquidity reserve that
is available to cover the shortfalls in senior expenses and
interest due on the Class A, Class C, and Class D Notes and would
amortize to a floor of GBP 250,000.

COUNTERPARTIES

HSBC Bank plc is the account bank for the transactions. Based on
DBRS Morningstar's private rating on HSBC Bank plc and the
downgrade provisions outlined in the transaction documents, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be commensurate with the ratings assigned.

PORTFOLIO ASSUMPTIONS

Recent total payment rates including the interest collections in
the servicer report are above historical levels and the estimated
monthly principal payment rates (MPPRs) of the securitized
portfolio after removing the interest collections have been stable
above 8%. Nonetheless, it remains to be seen if these levels are
sustainable in the current challenging environment of further
Coronavirus Disease (COVID-19) variants, uneven economic recovery,
persistent inflationary pressures and interest rate increases. DBRS
Morningstar therefore elected to maintain the expected MPPR at 8%.

The portfolio yield was largely stable over the reported period
until March 2020. The most recent performance in May 2022 showed a
total yield of 30.3%, which increased from the record low of 25.0%
in May 2020 due to higher delinquencies and the forbearance
measures offered (such as payment holidays and payment freeze).
Based on the observed trend, DBRS Morningstar maintained the
expected yield at 24.5%.

The reported historical annualized charge-off rates have been high
but stable at around 16% until June 2020. The most recent
performance in May 2022 showed a charge-off rate of 10.5% after
reaching a record high of 17.1% in April 2020. Based on the
analysis of historical data and in consideration of the current
challenging environment, DBRS Morningstar continued to maintain the
expected charge-off rate at 18%.

DBRS Morningstar also elected to stress the asset performance
deterioration over a longer period for the Notes rated below
investment grade in accordance with its "Rating European Consumer
and Commercial Asset-Backed Securitizations" methodology.

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


O'KEEFE CONSTRUCTION: Unsec. Creditors to Miss Out on GBP13MM+
--------------------------------------------------------------
Joshua Stein at Construction News reports that unsecured creditors
of O'Keefe Construction are set to miss out on more than GBP13
million.

The civils firm's assets were sold to Byrne Group last month, after
it defaulted on a company voluntary agreement (CVA), Construction
News recounts.

The measure, which allows insolvent companies to settle debts with
creditors by agreeing to pay a proportion of what they owe them
over time, was put in place in a bid to prevent O'Keefe from
collapsing into administration last year, Construction News notes.

Some 150 staff were transferred over to concrete-frame specialist
Byrne, after O'Keefe was bought in the deal, worth about GBP10
million, Construction News states.

The former company, O'Keefe Construction (Greenwich Ltd), appointed
RSM Restructuring Advisory as administrators at the same time,
Construction News relays.

Its collapse means more than 400 unsecured creditors are owed about
GBP13.2 million, which the administrators said they are not
expected to receive, Construction News discloses.

O'Keefe Demolition itself is expected to lose out on GBP741,000,
according to Construction News.

Santander Bank, the firm's only secured creditor, will be paid back
the GBP5.7 million it is owed, Construction News says.

O'Keefe had successfully paid its creditors more than GBP3.2
million in the first months of the CVA, as agreed last year,
Construction News relates.  But "increasing cash constraints”
meant it was unable to make the second payment, which was due by
the end of June, a report from RSM, as cited by Construction News,
said.

In the 18 months to November 30, 2021, O'Keefe's net loss ramped up
to more than GBP12.7 million, according to accounts submitted by
the contractor to the administrators -- compared with a GBP1.7
million loss in the previous year, Construction News discloses.


OLD MILL: To Reopen Under New Ownership Following Administration
----------------------------------------------------------------
Hannah Molnar at WiltshireLive reports that the Old Mill in
Harnham, Salisbury is set to open back up in eight weeks after
shutting down suddenly, alongside the Cathedral Hotel when the
company went into administration.

Last month, the riverside hotel closed its doors "until further
notice," as Sarum Hotels Ltd were forced to say goodbye to the
community after 15 long years serving the community, WiltshireLive
relates.

According to WiltshireLive, on Aug. 2 Steve Harris announced that
he and partner, Maria were taking over the Old Mill and are looking
to welcome customers back in within eight weeks.


VIRIDIS: DBRS Confirms BB(high) Rating on Class E Notes
-------------------------------------------------------
DBRS Ratings Limited confirmed its ratings of the Commercial
Mortgage-Backed Floating-Rate Notes Due July 2029 (the notes)
issued by Viridis (European Loan Conduit No. 38) DAC (the Issuer),
as follows:

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

DBRS Morningstar also changed the trends on all ratings to Negative
from Stable.

The rating confirmations reflect the underlying property's
relatively stable performance over the past 12 months. The negative
trends on all tranches of notes reflect the fact that a sizeable
tenant, representing 12.9% of annual contracted rent, is in rent
arrears and will be vacating the property in October 2022.
Consequently, it is expected that the loan will be in debt yield
(DY) cash trap at the July 2022 interest payment date (IPD), all
else being the same. The negative trends on the notes also reflect
the high vacancy level once the sizeable tenant vacates the
property, as well as the loan no longer benefiting from a
loan-level capital expenditure (capex) reserve or a loan-level
interest reserve, as this was released to the borrower following
temporary compliance with the relevant thresholds.

The transaction was originally backed by a GBP 192 million senior
loan, which was split into two facilities: Facility A, which
totalled GBP 150 million (which is the securitized loan), and
Facility B (a syndicated loan, not forming part of the CMBS
transaction), which totalled GBP 42 million. The senior loan
refinanced the borrower's existing debt. The senior loan was
advanced by Morgan Stanley Bank, N.A. to Aldgate Tower S.A.R.L.,
which is controlled by Brookfield Property Partners L.P.
(Brookfield) and China Life Insurance Company Limited (China Life).
The senior loan is secured by the Aldgate Tower in the outskirts of
the City of London.

In April 2021, Savills valued the Aldgate Tower building at GBP 330
million, representing a 58.2% day-one loan-to-value (LTV) ratio,
which has since dipped slightly to 58.18%. This is because the LTV
is the net debt as a percentage of the property's market value. The
net debt equates to principal minus cash held in the deposit,
reserve, and cash trap accounts. The April 2022 investor report
confirms that as there are no more funds held in the reserve
account, compared with GBP 5,614,315.84 in the last quarter; as a
result, the net debt increased to GBP 192 million (the current
senior loan balance) from GBP 186,385,684. The current DY ratio is
6.8%.

The senior loan carries a floating rate of Sterling Overnight Index
Average (Sonia; floored at 0%) plus a 2.85% margin for a three-year
term. The interest rate risk is fully hedged with a prepaid cap
provided by Standard Chartered Bank, with a strike rate of 1.0%,
and a term expiring on the loan termination date.

The interest-only loan had a three-year term to 20 July 2024 with
no extension options.

There are no DY or LTV financial covenants applicable either prior
to a permitted transfer or following a permitted transfer. DBRS
Morningstar's view is that potential performance deteriorations can
be captured and mitigated by the presence of the tightening cash
trap covenants in the facility agreement. The loan is structured
with increasingly stringent DY cash trap covenants requiring the
sponsors to improve the asset performance in order to remain
compliant with the loan terms. The covenants are tested quarterly
on each IPD in years 2 and 3 at 7% and 8%, respectively.
Additionally, the structure includes a senior LTV cash trap
covenant set at 70% LTV for the three-year loan term.

The April 2022 investor report states that the DY was 6.8%,
compared to 8.2% on the January 2022 IPD. The decrease in DY has
been mainly driven by GBP 2 million rental arrears from an outgoing
tenant (representing 12.9% of the annual contracted rent) being
removed from the rental income. The outgoing tenant will be
exercising its break option in October 2022. Currently, the
adjusted net rental income (NRI) excludes the rent due from the
outgoing tenant due to the arrears being more than 90 days past
due, but includes a new incoming tenant (discussed below). The most
recent investor report from April 2022 shows that the loan is
currently performing. However, from DBRS Morningstar's enquiries to
the servicer, all things being the same, it is likely that the 7%
DY cash trap will be breached on the July 2022 IPD, as it will now
be year 2, so the DY cash trap threshold will now be 7% when, in
year 1, there was no DY cash trap event. Therefore, after
accounting for payments of interest, the remaining excess cash will
likely be transferred to the cash trap account.

The loan previously benefited from a GBP 2.7 million capex/tenant
improvement reserve and a GBP 5 million interest reserve. The
property had been fully let until shortly before issuance; however
as at the April 20, 2021 cut-off date, due to the loss of a key
tenant, the property was only 68.4% occupied. This was mitigated
by: (1) the loan-level interest reserve of GBP 5 million, which
could be released to the borrower on the latter of occupancy being
greater than 90%, or the interest coverage ratio equaling or
exceeding 1.8x; and (2) a loan-level capex reserve of GBP 2.7
million (amortized to GBP 1.7 million at issuance, with the
loan-level capex reserve being available to fund deficits in
interest shortfall reserve amounts). On the January 2022 IPD, the
conditions to release the loan-level interest reserve of GBP 5
million were met, and it was consequently released to the borrower
at its request. Hence, once the outgoing tenant vacates the
property in October 2022, the loan-level interest reserve as well
as the loan-level capex reserve (which the servicer has confirmed
is no longer available) will not serve as mitigants as they did at
issuance.

The transaction also benefits from an issuer liquidity reserve in
an aggregate amount of GBP 5.8 million. The issuer liquidity
reserve can be used to cover interest shortfalls on the Class A,
Class B, Class C, and Class D notes. According to DBRS
Morningstar's analysis, the issuer liquidity reserve amount, as at
closing, provided interest payment on the covered notes up to 16.7
months or 11.5 months based on the interest rate cap strike rate of
1% or on the Sonia cap of 4%, respectively.

The transaction, expected to repay on or before July 2024, is
structured with a five-year tail period to allow the special
servicer to work out the loan at maturity by July 2029 at the
latest, which is the final legal maturity of the notes.

As of the April 2022 IPD, the servicer reported an adjusted NRI of
GBP 13.1 million. Rent shall be deemed to have been received for
any rent-free period that falls during the calculation period.

The vacancy as of the April 2022 IPD has decreased to 9.7%, from
28.5% last quarter and 31.6% on the April 2021 cut-off date. This
is due to the completion of a new lease representing 20.6% of the
annual contracted rent. However, as mentioned above, the outgoing
tenant (representing 12.9% of the annual contracted rent) will be
vacating the property in October 2022, and according to the
servicer, once that outgoing tenant vacates the property, the
vacancy rate will increase to 21.9%.

The weighted-average unexpired lease term (WAULT) and the
weighted-average unexpired lease term to break option (WAULB) have
also remained relatively long (i.e., longer than the maturity of
the loan) at 8.8 years and 6.5 years, respectively. The WAULT and
WAULB include the outgoing tenant (representing 12.9% of the annual
contractual rent) that is expected to vacate the property in
October 2022.

The tenant profile is concentrated and currently includes the
outgoing tenant (representing 12.9% of the annual contractual rent)
that is expected to vacate the property in October 2022. There is
significant tenant concentration and exposure to a single firm (a
consultancy). In DBRS Morningstar's view, the risk is mitigated by
the high credit quality of the tenant. The largest tenant
represents 31.2% of the annual contractual rent in the portfolio
and the second largest tenant represents 20.6% of the annual
contractual rent (i.e., the two largest tenants represent 51.8% of
the annual contractual rent), while the top 5 tenants provide in
total 87 % of the GRI of the portfolio, and the top 10 tenants
provide in total 99.5% of the annual contractual rent.

DBRS Morningstar updated its underwriting by updating the issuer
net cash flow (NCF) to GBP 13,077,161 (which is the adjusted NRI
according to the April 2022 investor report) and maintained its
other assumptions. The resulting DBRS Morningstar value of EUR
232.88 million reflects a 29.4% haircut to the initial valuation.

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



                           *********


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

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

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

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