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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

          Friday, August 5, 2022, Vol. 23, No. 150

                           Headlines



B E L A R U S

BELARUS: S&P Lowers Foreign Currency SCRs to 'SD/SD'


F R A N C E

TECHNICOLOR CREATIVE: S&P Assigns Prelim 'B' ICR, Outlook Stable


I R E L A N D

BAIN CAPITAL 2022-2: S&P Assigns Prelim B- (sf) Rating to F Notes
CVC CORDATUS XXIV: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes


I T A L Y

BRIGNOLE CO 2021: DBRS Confirms B(low) Rating on Class X Notes


N E T H E R L A N D S

DOMI 2019-1: S&P Affirms 'BB+ (sf)' Rating on Cl. X-Dfrd Notes
DOMI 2020-1: S&P Affirms 'CCC (sf)' Rating on Cl. X1-Dfrd Notes


P O R T U G A L

TAGUS-SOCIEDADE: DBRS Confirms BB(high) Rating on Class C Notes


R U S S I A

PETROPAVLOVSK: To Sell Domestic Subsidiaries to UMMC for US$600MM


S P A I N

HIPOCAT 10: S&P S&P Affirms 'D (sf)' Ratings on Class B, C, D Notes
HIPOCAT 11: S&P Affirms 'D (sf)' Ratings on Class B, C, D Notes


U N I T E D   K I N G D O M

BROOMHALL CASTLE: Enters Administration as Cost of Living Bites
CHESTER B1: S&P Raises Class E-Dfrd Notes Rating to 'BB (sf)'
CONSORT HEALTHCARE: Moody's Cuts Rating on GBP93.3MM Bonds to Caa1
HARLEQUIN GROUP: Chairman Found Guilty of Fraud in UK Court
HIGHGROVE PROPERTIES: Goes Into Administration, Owes GBP1.3MM

NEWCASTLE GLASSWORKS: Bought Out of Administration
NEWDAY FUNDING 2022-2: DBRS Finalizes B Rating on Class F Notes
STOLT-NIELSEN LTD: Egan-Jones Retains CCC+ Sr. Unsecured Ratings
VEDANTA RESOURCES: Moody's Affirms 'B2' CFR, Outlook Remains Neg.


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


=============
B E L A R U S
=============

BELARUS: S&P Lowers Foreign Currency SCRs to 'SD/SD'
----------------------------------------------------
On Aug. 3, 2022, S&P Global Ratings lowered its foreign currency
sovereign credit ratings on Belarus to 'SD/SD' from 'CC/C' and the
issue rating on the 2027 Eurobond to 'D' from 'CC'.

At the same time, S&P affirmed the local currency sovereign credit
ratings at 'CCC/C'. The outlook on the local currency long-term
rating is negative.

S&P kept its 'CC' rating on the remaining senior unsecured debt on
CreditWatch negative.

S&P also maintained its 'CC' transfer and convertibility assessment
on Belarus.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Belarus are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the reason for the
deviation is Belarus paying in Belarusian rubles the coupon that
was due in U.S. dollars on its dollar-denominated bond. The next
publication on the Belarus sovereign rating is scheduled for Sept.
16, 2022.

Outlook

S&P's long-term foreign currency rating on Belarus is 'SD'
(selective default). It does not assign outlooks to 'SD' ratings.

The negative outlook on the long-term local currency rating
reflects S&P's view that macroeconomic and fiscal stress may weaken
the government's ability to stay current on its local currency
debt.

Downside scenario

S&P could lower the long-term local currency rating if it sees
indications that obligations denominated in Belarusian rubles could
suffer nonpayment or restructuring.

Upside scenario

S&P said, "We could take a positive rating action on the long-term
local currency rating if the macroeconomic and fiscal fallout from
the Russia-Ukraine military conflict for Belarus proves weaker than
we anticipate.

"We would raise our long-term foreign currency rating if the
government cures the nonpayment on the 2027 Eurobond, and if we do
not believe further nonpayments on other Eurobonds are virtually
certain. Our post-default sovereign ratings tend to be in the 'CCC'
or low 'B' categories, depending on our evaluation of a sovereign's
post-default credit factors."

Rationale

S&P lowered the foreign currency rating since the Belarusian
government did not make the coupon payment of some US$23 million on
its U.S.-dollar-denominated 2027 Eurobond in dollars by the end of
the contractual grace period. On the payment due date, June 29,
2022, the government made a payment in Belarusian rubles, a
currency not stipulated by the bond's original terms, to an account
opened in one of Belarus' domestic banks. Since then, the
authorities have been attempting to establish alternative routes
for dollar debt payments.

Belarus has been facing technical difficulties in making payments
on the foreign-currency-denominated debt it owes to some creditors
since the start of the Russia-Ukraine military conflict, with the
international sanctions that followed denying or significantly
diminishing Belarusian authorities' access to global financial
infrastructure. S&P understands that the designated payment
channels for dollar debt, including Eurobonds, are no longer
available for the government.

S&P said, "Our ratings focus on an issuer's ability and willingness
to meet its commercial financial obligations in full and on time,
in accordance with the terms of its obligations. Under our rating
definitions, we may also consider that a default has taken place if
a payment is not made in the currency stipulated in the terms of
the obligation, and we believe that the investor has not agreed to
the alternative payment. If an issuer cannot make a payment in
accordance with the contractual terms of the debt and on the due
date because it is subject to sanctions, we deem the nonpayment to
be a default, unless we believe that the payment will be made
within our timeliness standards. This also applies when the issuer
pays a paying agent on time, but a government sanction or judicial
order against the issuer interferes, preventing the payment being
made to the investor.

"We would lower our ratings on Belarus' other foreign currency
bonds to 'D' upon nonpayment of interest or principal on those
obligations as per their original terms.

"We currently believe that a default on the
local-currency-denominated government debt is less likely than on
U.S.-dollar bonds, given its small size (less than 3% of the total
debt stock) relative to the government's adequate ruble liquidity
position, as well as the authorities' willingness and technical
ability to honor it."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Other governance factors

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

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

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

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

  Ratings List

  DOWNGRADED; RATINGS AFFIRMED; CREDITWATCH UPDATE  
                                      TO           FROM
  BELARUS

  Sovereign Credit Rating   

  Foreign Currency                  SD/SD       CC/Watch Neg/C

  Local Currency               CCC/Negative/C   CCC/Negative/C

  Transfer & Convertibility Assessment  CC          CC

  Senior Unsecured (2027 Eurobond)      D        CC/Watch Neg

  Senior Unsecured             CC/Watch Neg      CC/Watch Neg




===========
F R A N C E
===========

TECHNICOLOR CREATIVE: S&P Assigns Prelim 'B' ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit and issue ratings to Technicolor Creative Studios (TCS) and
the proposed term loan (TL).

The stable outlook reflects S&P's expectations that TCS' adjusted
EBITDA margin will improve toward 14.5%-17.5% in 2022-2023
following the spin-off, with adjusted leverage declining to
4.3x-4.9x and free operating cash flow (FOCF) to debt remaining at
2%-5% in the next 18 months.

Technicolor S.A. announced it would spin off and list TCS, a
provider of visual and animation studio effects in the third
quarter of 2022.

TCS intends to set up a new stand-alone financing structure and
issue a EUR623 million-equivalent TL, alongside a EUR40 million
revolving credit facility (RCF) expected to remain undrawn at the
transaction's closing.

S&P said, "Our rating factors in TCS' strong position and
supportive growth prospects for visual effects and animation
activities, but reflects still modest FOCF generation following its
planned spin-off from Technicolor S.A. in third-quarter 2022. The
spun off entity operates in an industry with favorable tailwinds,
and we believe TCS will benefit from increasing content spending
that supports the growth prospects of its film and episodic visual
effects (FEV) segment. The revenue pipeline for this segment is
already 85% committed for the year as of the end of June 2022.
Content production in this segment works on a six-18 months length
project basis, which provides some revenue visibility, but revenue
predictability beyond this time horizon is limited because the
timing for rolling out a movie or a show is quite unpredictable. We
believe that the postponement or cancellation of one or several
projects in extreme situations, or softness in advertising
spending, could have a material impact on TCS' earnings and cash
flow, potentially incurring a high degree of volatility in credit
metrics. This is mitigated by our expectation that leverage will
remain below 5.6x at the end of 2022 and gradually reduce as a
result of continued revenue and EBITDA growth amid robust global
demand for content. Under our base case, FOCF to debt will remain
modest, at below 5%, constraining the rating and limiting TCS'
potential for further deleveraging.

"We anticipate the major global media companies will continue to
spend on content to fuel the growth of video streaming services and
platforms in 2022 and 2023. TCS' revenue increased 43.7% during the
first half of 2022, compared to first-half 2021 at constant rate
and perimeter, driven by significant demand for original content.
With the rise in direct-to-consumer streaming services roll-outs
globally, media companies are investing aggressively to gain or
maintain their subscriber base. Furthermore, we expect the content
quality to become more sophisticated as streaming services compete
to launch bigger projects to keep subscribers and maintain low
churn rates. In addition, we expect the return of several film and
television production projects affected by the pandemic in 2020 and
first half of 2021 to keep TCS' FEV activities at high levels for
at least the next 18 months. As a result, we assume revenue of
EUR420 million in 2022, followed by healthy revenue growth of about
10% in 2023.

"We forecast strong growth in TCS' advertising segment, but the
uncertain macroeconomic environment creates pressure on the
downside. We expect TCS' advertising segment revenue will grow at
about 11% in 2022, from 15.4% in 2021, and at about 8% in 2023.
Although this is supported by our expectation that global
advertising spending will grow above real GDP rates, further pushed
by digital advertising, we note that activity growth in 2022 is
being slowed by an uncertain global economic environment." As a
result, TCS recently revised its expected growth assumption for
this segment, and took initiatives to mitigate the recessionary
risks. This could potentially lead to a high degree of volatility
in TCS' credit metrics if growth prospects deteriorate further.

TCS operates in a relatively small and highly competitive market in
contrast to diversified global media companies and studios. With
revenue slightly below EUR900 million anticipated in 2022 and
presence in 10 countries, TCS has a relatively small scale of
operations and addresses only a small part of the production value
chain compared with major studios or bigger and better capitalized
media peers. Moreover, it competes in a fragmented industry with
high levels of competition from numerous visual effects (VFX)
providers and exposure to inherent volatility associated with the
production business. Given its specialized services to studios and
advertisers, TCS also relies on handful of customers and large
studios, particularly for the FEV segment, which may accentuate the
volatility risk. At the same time, a little more than half of FEV's
revenue is generated from television production, which provides
some degree of stability, given television production is relatively
more stable than film because of its episodic nature and the
potential for renewals and new seasons. Finally, S&P notes that TCS
is diversifying its product portfolio and it expects the FEV
segment's revenue contribution to decline to about 45% in 2022,
from about 55% in 2019 as animation and gaming segments grow from a
small base.

S&P forecasts TCS' adjusted EBITDA margins will improve to
14.5%-17.5% in the next 18 months, from pro forma 12.6% in 2021,
despite some hiring difficulty owing to the small pool of qualified
talent amid growing demand. This is spurred by scale efficiencies
from growing production volume, a strategic move toward larger
projects, a pricing strategy based on a standard cost approach plus
margin, and a higher contribution from cost-advantage locations
such as India. This partly offset the additional costs to operate
independently from Technicolor S.A. and the difficulties in hiring
that may inflate staff costs. TCS operates in a labor intensive
business, with labor representing about 45% of revenue. There is
intense hiring and talent competition due to increasing demand for
people specializing in VFX as the demand for content increases. In
2021, the company made more than 6,500 gross direct hires but
experienced a talent shortage which also resulted in the delay of
some projects, thereby affecting the company's revenue and
earnings.

TCS has launched a EUR623 million-equivalent TL to support the
entity upon its spin-off from Technicolor S.A. The proposed
financing package includes a four-year senior secured TL to be
borrowed by TCS for the euro-denominated tranche and Technicolor
Creative Services USA LLC for the U.S. dollar tranche, along with a
EUR40 million three-year senior secured RCF, which S&P's expect to
remain undrawn at the transaction's close. The capital structure
also includes operating leases and miscellaneous net pension
obligations for a total of about EUR130 million.

The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. The preliminary ratings should therefore not be
construed as evidence of final ratings. S&P said, "If we do not
receive final documentation within a reasonable time, or if the
final documentation and final terms of the transaction depart from
the materials and terms reviewed, we reserve the right to withdraw
or change the ratings." Potential changes include, but are not
limited to, utilization of the proceeds, maturity, size and
conditions of the facilities, financial and other covenants,
security, and ranking.

S&P said, "The stable outlook reflects our expectation that TCS'
revenue will increase by 48%-52% in 2022, and then by 9%-12% in
2023 amid an intense resumption of production activity as global
demand for content increases, with adjusted EBITDA margin to
improve toward 14.5%-17.5% in the next 18 months. We expect that
TCS' adjusted leverage will decline to 4.3x-4.9x in 2023, and its
FOCF to debt will stay within 2%-5% in the next 18 months.

"We could lower the rating on TCS if adjusted debt to EBITDA
weakens and remains above 5x, with FOCF to debt falling toward zero
in the next 18 months. This could happen if backlog for new
projects does not materialize as TCS anticipates and to the extent
we foresee in our base case, or if the company faces postponement
or cancellation of one or several large projects, and weaker demand
for advertising, resulting in accrued earnings and cash flow
volatility.

"We could raise the rating if TCS' adjusted leverage sustainably
and materially reduces to less than 4x, with FOCF to debt
approaching 10%. This could stem from faster revenue growth than we
forecast, combined with sustainably higher profitability better
covering interest payments and capital expenditure (capex)
requirements."

ESG credit indicators: E2; S2; G2




=============
I R E L A N D
=============

BAIN CAPITAL 2022-2: S&P Assigns Prelim B- (sf) Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Bain
Capital Euro CLO 2022-2 DAC's class A, B-1, B-2, C, D, E, and F
notes. At closing, the issuer will also issue unrated subordinated
notes.

The preliminary ratings assigned to Bain Capital Euro CLO 2022-2's
notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The issuer's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,855.23
  Default rate dispersion                                 417.26
  Weighted-average life (years)                             4.67
  Obligor diversity measure                               145.78
  Industry diversity measure                               21.73
  Regional diversity measure                                1.34

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
   derived from our CDO evaluator                              B
  'CCC' category rated assets (%)                            0.0
  Covenanted 'AAA' weighted-average recovery (%)           34.29
  Floating-rate assets                                     90.00
  Weighted-average spread (net of floors; %)                4.00

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.

The portfolio's reinvestment period will end approximately 4.4
years after closing, and the portfolio's maximum average maturity
date will be 8.5 years after closing.

S&P said, "On the effective date, we expect that the portfolio will
be well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs. As
such, we have not applied any additional scenario and sensitivity
analysis when assigning ratings to any classes of notes in this
transaction.

"In our cash flow analysis, we used the EUR400.00 million target
par, a weighted-average spread (3.90%), the reference
weighted-average coupon (4.00%), and the covenanted
weighted-average recovery rates as indicated by the issuer. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category. Our credit and
cash flow analysis indicates that the available credit enhancement
for the class B-1 to E notes could withstand stresses commensurate
with higher ratings than those we have assigned. However, as the
CLO will be in its reinvestment phase starting from closing, during
which the transaction's credit risk profile could deteriorate, we
have capped our preliminary ratings assigned to the notes.

"Under our structured finance ratings above the sovereign criteria,
we consider that the transaction's exposure to country risk will be
sufficiently mitigated at the assigned rating levels.

"At closing, we expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate the
exposure to counterparty risk under our current counterparty
criteria.

"We expect the issuer's legal structure to be bankruptcy remote, in
line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC' rating. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and the class F notes' credit
enhancement, this class is able to sustain a steady-state scenario,
in accordance with our criteria. S&P's analysis further reflects
several factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs we have rated and that have recently
been issued in Europe.

-- S&P's model-generated portfolio default risk at the 'B-' rating
level is 23.08% (for a portfolio with a weighted-average life of
4.67 years) versus 14.48% if it was to consider a long-term
sustainable default rate of 3.1% for 4.67 years.

-- Whether the tranche is vulnerable to nonpayment soon.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche will default in the next 12-18
months.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes to five of the 10 hypothetical scenarios we looked at in
"How Credit Distress Due To COVID-19 Could Affect European CLO
Ratings," published on April 2, 2020."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries
(non-exhaustive list): the manufacturing or marketing of
controversial weapons or thermal coal production. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, we have not made any specific adjustments
in our rating analysis to account for any ESG-related risks or
opportunities."

  Prelim. Ratings

  CLASS   PRELIM.     PRELIM.     CREDIT        INTEREST RATE
          RATING      AMOUNT    ENHANCEMENT
                    (MIL. EUR)     (%)

  A       AAA (sf)    240.00      40.00    Three/six-month EURIBOR

                                           plus 2.10%

  B-1     AA (sf)      26.40      30.90    Three/six-month EURIBOR

                                           plus 4.08%

  B-2     AA (sf)      10.00      30.90    6.50%

  C       A (sf)       22.80      25.20    Three/six-month EURIBOR

                                           plus 4.85%

  D       BBB- (sf)    25.20      18.90    Three/six month EURIBOR

                                           plus 6.26%

  E       BB- (sf)     15.60      15.00    Three/six-month EURIBOR

                                           plus 8.19%

  F       B- (sf)      22.00       9.50    Three/six-month EURIBOR

                                           plus 9.00%

  Subordinated  NR     45.00        N/A    N/A

  NR--Not rated.
  N/A--Not applicable.
  EURIBOR--Euro Interbank Offered Rate.


CVC CORDATUS XXIV: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to the class
A to F European cash flow CLO notes issued by CVC Cordatus Loan
Fund XXIV DAC. At closing, the issuer will also issue unrated
subordinated notes.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                   CURRENT
  S&P weighted-average rating factor              2,988.62
  Default rate dispersion                           473.58
  Weighted-average life (years)                       5.14
  Obligor diversity measure                         114.41
  Industry diversity measure                         21.54
  Regional diversity measure                          1.20

  Transaction Key Metrics
                                                   CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                      B
  'CCC' category rated assets (%)                     3.66
  Covenanted 'AAA' weighted-average recovery (%)     35.28
  Covenanted weighted-average spread (%)              4.05
  Covenanted weighted-average coupon (%)              4.23

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.

The portfolio's reinvestment period will end approximately one year
after closing, as will the non-call period.

S&P said, "We understand that at closing, the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs."

Under the transaction documents, the issuer can purchase loss
mitigation obligations, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of an obligation, to improve
the related collateral obligation's recovery value.

S&P said, "In our cash flow analysis, we used the EUR355 million
target par amount, the covenanted weighted-average spread (4.05%),
the covenant weighted-average recovery of 35.28% at the 'AAA'
rating, and the actual weighted-average recovery rates calculated
in line with our CLO criteria for all other ratings. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis shows that our preliminary
ratings are commensurate with the available credit enhancement for
the class A to E notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1, B-2, and C
notes could withstand stresses commensurate with higher ratings
than those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned to the notes.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a lower rating. However, we have applied our
'CCC' rating criteria resulting in a preliminary 'B- (sf)' rating
on this class of notes." The ratings uplift (to 'B-') reflects
several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that we rate, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 26.30% (for a portfolio with a weighted-average
life of 5.14 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 5.14 years, which would result
in a target default rate of 15.93%.

-- The actual portfolio is generating higher spreads versus the
covenanted thresholds that S&P has modelled in its cash flow
analysis.

-- S&P said, "For us to assign a rating in the 'CCC' category, we
also assess (i) whether the tranche is vulnerable to non-payments
in the near future, (ii) if there is a one in two chance of this
tranche defaulting, and (iii) if we envision this tranche to
default in the next 12-18 months. Following this analysis, we
consider that the available credit enhancement for the class F
notes is commensurate with a preliminary 'B- (sf)' rating."

Under S&P's structured finance sovereign risk criteria, it
considers that the transaction's exposure to country risk is
sufficiently mitigated at the assigned preliminary ratings.

Until the end of the reinvestment period on Sept. 23, 2024, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

S&P said, "We expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"At closing, we expect the transaction's legal structure to be
bankruptcy remote, in line with our legal criteria.

"Considering the abovementioned factors and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe our preliminary ratings are commensurate with the
available credit enhancement for each class of notes."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and will be managed by CVC Credit
Partners Investment Management Ltd.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes to five of the 10 hypothetical scenarios we looked at in
our publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance (ESG)

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average." For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to the following:

-- Any obligor where any revenue is derived from the manufacture
or marketing of weapons (nuclear, biological, chemical, etc.);

-- Any obligor where over 10% of its revenue is involved in the
manufacturing of civilian firearms;

-- Any obligor where any revenue is derived from tobacco
production;

-- Any obligor that derives over 10% of its revenue from the
mining of thermal coal;

-- Any obligor that derives over 10% of its revenue from oil sands
extraction;

-- Any obligor that primarily provides predatory payday lending;
and

-- Oil and gas producer that derives less than 40% of its revenue
from natural gas or renewables.

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
S&P's ESG benchmark for the sector, S&P has not made any specific
adjustments in its rating analysis to account for any ESG-related
risks or opportunities.

  Ratings List

  CLASS     PRELIM.     PRELIM.    INTEREST RATE    CREDIT       
            RATING      AMOUNT                    ENHANCEMENT(%)
                      (MIL. EUR)

  A         AAA (sf)     211.20     3mE + 1.20%     40.51

  B-1       AA (sf)       27.10     3mE + 3.51%     28.00

  B-2       AA (sf)       17.30           4.79%     28.00

  C         A (sf)        21.30     3mE + 4.56%     22.00

  D         BBB- (sf)     20.20     3mE + 6.15%     16.31

  E         BB- (sf)      15.30     3mE + 7.47%     12.00

  F         B- (sf)       10.40     3mE + 11.02%     9.07

  Subordinated  NR        24.10              N/A      N/A

NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.




=========
I T A L Y
=========

BRIGNOLE CO 2021: DBRS Confirms B(low) Rating on Class X Notes
--------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by
Brignole CO 2021 S.r.l. (the Issuer) as follows:

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

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date in July 2036. 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 while junior to other outstanding classes of notes,
but the timely payment of interest when they are the senior-most
tranche. The rating on the Class X Notes addresses the ultimate
payment of interest and the ultimate repayment of principal by the
legal final maturity date.

The confirmations 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 Class A to Class E
Notes to cover the expected losses at their respective rating
levels.

The transaction is a securitization of Italian consumer loan
receivables originated and serviced by Creditis Servizi Finanziari
S.p.A. (Creditis). The transaction closed in July 2021 and includes
a 18-month revolving period, which is scheduled to end on the
January 2023 payment date.

PORTFOLIO PERFORMANCE

As of June 30, 2022, loans that were one, two, and three months in
arrears represented 0.7%, 0.2%, and 0.1% of the outstanding
portfolio balance, respectively, while loans more than three months
in arrears represented 0.2%. Gross cumulative defaults amounted to
0.4% of the aggregate original portfolio balance, with cumulative
recoveries of 6.3% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and maintained its base case PD and LGD
assumptions at 3.3% and 70.0%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations and, in the
case of the Class A Notes, the cash reserve provides credit
enhancement to the rated notes. As of the June 2022 payment date,
credit enhancement was: 14.0% to the Class A Notes, unchanged since
the DBRS Morningstar initial rating because of the revolving
period; 10.3% to the Class B Notes; 6.0% to the Class C Notes; 3.5%
to the Class D Notes; and 1.0% to the Class E Notes.

The Class X Notes, the proceeds from the subscription of which were
used to fund the cash reserve and fund the Issuer's start-up
expenses at closing, do not benefit from any credit enhancement and
are repaid using excess spread available through the interest
priority of payments.

The transaction benefits from liquidity support provided by an
amortizing cash reserve available to cover senior expenses and
interest payments on the Class A and Class B Notes. The reserve is
also available to clear any amounts outstanding on the Class A
principal deficiency ledger, providing credit support to the Class
A Notes. The reserve has a target balance equal to 1.0% of the
outstanding balance of the Class A to Class E Notes, subject to a
floor of EUR 1.36 million. As of the June 2022 payment date, the
reserve was at its target balance of EUR 2.73 million.

BNP Paribas Securities Services, Milan branch (BNP Paribas Milan)
acts as the account bank for the transaction. Based on DBRS
Morningstar's private rating on BNP Paribas Milan, 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.

Natixis S.A. acts as the cap counterparty for the transaction. DBRS
Morningstar's private rating on Natixis S.A. is above 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.




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

DOMI 2019-1: S&P Affirms 'BB+ (sf)' Rating on Cl. X-Dfrd Notes
--------------------------------------------------------------
S&P Global Ratings raised to 'AA+ (sf)', 'AA+ (sf)', and 'A (sf)'
from 'AA (sf)', 'AA- (sf)', and 'BBB (sf)' its credit ratings on
Domi 2019-1 B.V.'s class C-Dfrd, D-Dfrd, and E-Dfrd notes,
respectively. At the same time, S&P affirmed its 'AAA (sf)', 'AA+
(sf)', and 'BB+ (sf)' ratings on the class A, B-Dfrd, and X-Dfrd
notes, respectively.

S&P said, "In this transaction, our ratings address timely receipt
of interest and ultimate repayment of principal for the class A
notes, and ultimate receipt of interest and repayment of principal
for all the other classes of notes. Interest on each class of
notes, except the class A notes, can be deferred even when they
become the most senior outstanding, and deferred interest is due
only at maturity.

"The rating actions follow our full analysis of the most recent
information that we have received and reflect the transaction's
current structural features. Our review reflects the application of
our relevant criteria.

"In our opinion, the performance of the loans in the collateral
pool has been strong since closing. There are no arrears in the
pool as of May 2022 (latest investor report received) and no losses
have been recorded since closing.

"We lowered our originator adjustment to account for Domivest
B.V.'s (the originator's) longer performance track record and the
fact that it is becoming a major lender in the Dutch buy-to-let
market."

The overall effect of our updated credit analysis is a decrease in
the weighted-average foreclosure frequency (WAFF) at all ratings.
The loans' amortization and higher property prices in the
Netherlands decreased the weighted-average current loan-to-value
(LTV) ratio, leading to decreased weighted-average loss severity
(WALS) at all ratings.

  WAFF And WALS Levels

  RATING LEVEL   WAFF (%)   WALS (%)

  AAA            17.18      25.53

  AA             11.61      17.22

  A               8.67       6.18

  BBB             6.05       2.47

  BB              3.11       2.00

  B               2.45       2.00

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

S&P's operational, legal, and counterparty risk analysis remains
unchanged since closing.

The notes' sequential amortization has increased the available
credit enhancement for the class A, B-Dfrd, C-Dfrd, D-Dfrd, and
E-Dfrd notes.

  Credit Enhancement Levels

  CLASS      CE (%)    CE AS AT CLOSING

  A          34.69      14.5

  B-Dfrd     21.53       9.0

  C-Dfrd     13.16       5.5

  D-Dfrd      8.37       3.5
  
  E-Dfrd      3.59       1.5

  X-Dfrd       N/A        N/A

  CE--Credit enhancement.
  N/A--Not applicable.

The transaction features a reserve fund, which can cover shortfalls
in senior fees and the interest on the class A to E-Dfrd notes. It
does not provide enhancement because it is not available
immediately to cover losses.

S&P said, "During our review we considered the stable and good
asset performance, increased credit enhancement for the rated
notes, and high level of excess spread. In addition to our standard
cash flow analysis, we also considered the sensitivity to
reductions in excess spread caused by prepayments, potential
increased exposure to tail-end risk, and the tranches' relative
positions in the fully sequential capital structure to determine
the ratings on the class A to X-Dfrd notes. We therefore raised to
'AA+ (sf)', 'AA+ (sf)', and 'A (sf)' from 'AA (sf)', 'AA- (sf)',
and 'BBB (sf)' our ratings on the class C-Dfrd to E-Dfrd notes, and
we affirmed our 'AAA (sf)' and 'AA+ (sf)' ratings on the class A
and B-Dfrd notes. The available credit enhancement on the class
A-Dfrd through E-Dfrd is commensurate with these ratings.

"Although the class B-Dfrd, C-Dfrd, and D-Dfrd notes can achieve
higher ratings under our cash flow analysis, the presence of the
interest deferral mechanism is not in line with our 'AAA' rating
definition. Consequently, our ratings on these classes of notes are
capped at 'AA+ (sf)'.

"The class X-Dfrd notes can also achieve a higher rating under our
cash flow analysis when we consider actual servicing fees and the
expected level of prepayment, and when we do not apply the
commingling stress. With the current pace of amortization, the
class X-Dfrd notes could fully amortized in the next two years.
From the step-up date in 2024, the class F-Dfrd notes would rank
subordinate to the class X-Dfrd notes, which would ease the
repayment of interest and principal on the latter. Nevertheless, we
affirmed our 'BB+ (sf)' rating on the class X-Dfrd notes because
this excess spread note is sensitive to the level of prepayment and
asset reset rates, and we have also considered risks stemming from
rising inflation and macroeconomic uncertainties."

S&P Global Ratings acknowledges a high degree of uncertainty about
the extent, outcome, and consequences of the military conflict
between Russia and Ukraine. Irrespective of the duration of
military hostilities, sanctions and related political risks are
likely to remain in place for some time. The potential effects
could include dislocated commodities markets (notably for oil and
gas) supply chain disruptions, inflationary pressures, weaker
growth, and capital market volatility. As the situation evolves,
S&P will update its assumptions and estimates accordingly.

S&P expects Dutch inflation to reach 8.9% in 2022. Although
elevated inflation is overall credit negative for all borrowers,
inevitably some borrowers will be more negatively affected than
others. To the extent inflationary pressures materialize more
quickly or more severely than currently expected, risks may
emerge.

Domi 2019-1 is a Dutch RMBS transaction, which closed in May 2019
and securitizes a pool of buy-to-let loans secured on first-ranking
mortgages in the Netherlands.


DOMI 2020-1: S&P Affirms 'CCC (sf)' Rating on Cl. X1-Dfrd Notes
---------------------------------------------------------------
S&P Global Ratings raised to 'AA+ (sf)', 'AA (sf)', and 'A (sf)'
from 'AA (sf)', 'A+ (sf)', and 'BBB (sf)' its credit ratings on
Domi 2020-1 B.V.'s class C-Dfrd, D-Dfrd, and E-Dfrd notes,
respectively. At the same time, S&P affirmed its 'AAA (sf)', 'AA+
(sf)', and 'CCC (sf)' ratings on the class A, B-Dfrd, and X1-Dfrd
notes, respectively.

S&P said, "In this transaction, our ratings address timely receipt
of interest and ultimate repayment of principal for the class A
notes, and ultimate receipt of interest and repayment of principal
for all the other classes of notes. Interest on each class of
notes, except the class A notes, can be deferred even when they
become the most senior outstanding, and deferred interest is due
only at maturity.

"The rating actions follow our full analysis of the most recent
information that we have received and reflect the transaction's
current structural features. Our review reflects the application of
our relevant criteria.

"In our opinion, the performance of the loans in the collateral
pool has been strong since closing. As of the March 2022 investor
report, arrears are low, at 0.44%, and no losses have been recorded
since closing.

"We lowered our originator adjustment to account for Domivest
B.V.'s (the originator's) longer performance track record and the
fact that it is becoming a major lender in the Dutch buy-to-let
market.

"The overall effect of our updated credit analysis is a decrease in
the weighted-average foreclosure frequency (WAFF) at higher
ratings. On May 1, 2020, we revised our mortgage market outlook for
the Netherlands due to the updated macroeconomic expectations.  We
therefore increased our base foreclosure frequencies in our
analysis at the 'B' to 'AA+' ratings and this, along with small
increase in arrears in March 2022, is driving the slight increased
WAFF at the 'B' and 'BB' rating categories." The loans'
amortization and higher property prices in the Netherlands
decreased the weighted-average current loan-to-value (LTV) ratio,
leading to decreased weighted-average loss severity (WALS) at all
ratings.

  WAFF And WALS Levels

  RATING LEVEL    WAFF (%)    WALS (%)

   AAA            17.94       32.22

   AA             12.30       24.32

   A               9.31       11.34

   BBB             6.66        5.29

   BB              3.67        2.45

   B               3.01        2.00

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

S&P's operational, legal, and counterparty risk analysis remains
unchanged since closing.

The notes' sequential amortization has increased the available
credit enhancement for the class A, B-Dfrd, C-Dfrd, D-Dfrd, and
E-Dfrd notes.

  Credit Enhancement Levels

  CLASS     CE (%)    CE AS AT CLOSING(%)

   A         20.41      11.50

   B-Dfrd    11.53       6.50

   C-Dfrd     7.10       4.00

   D-Dfrd     4.44       2.50

   E-Dfrd     1.77       1.00

   X1-Dfrd     N/A        N/A

  CE--Credit enhancement.
  N/A--Not applicable.

The transaction features a reserve fund, which can cover shortfalls
in senior fees and the interest on the class A to E-Dfrd notes. It
does not provide enhancement because it is not available
immediately to cover losses.

S&P said, "During our review we considered the stable and good
asset performance, increased credit enhancement for the rated
notes, and high level of excess spread. In addition to our standard
cash flow analysis, we have also considered the sensitivity to
reductions in excess spread caused by prepayments, potential
increased exposure to tail-end risk, and relative positions of
tranches in the fully sequential capital structure to determine the
ratings on the class A to E-Dfrd notes. We therefore raised to 'AA+
(sf)', 'AA (sf)', and 'A (sf)' from 'AA (sf)', 'A+ (sf)', and 'BBB
(sf)' our ratings on the class C-Dfrd, D-Dfrd, and E-Dfrd notes,
and we affirmed our 'AAA (sf)' and 'AA+ (sf)' ratings on the class
A and B-Dfrd notes. The available credit enhancement on the class
A-Dfrd through E-Dfrd is commensurate with these ratings.

"Although the class B-Dfrd and C-Dfrd notes can achieve higher
ratings under our cash flow analysis, the presence of the interest
deferral mechanism is not in line with our 'AAA' rating definition.
Consequently, our ratings on these classes of notes are capped at
'AA+ (sf)'.

"The class X1-Dfrd notes do not pass the 'B' level stresses, even
when we consider actual servicing fees and the expected level of
prepayment, and when we do not apply the commingling stress.
However, they only miss one scenario out of the eight we run. This
class of notes relies entirely on excess spread to be repaid and is
sensitive to the level of prepayment and asset reset rates. We
believe that the repayment of interest and principal is dependent
upon favorable economic, financial and business conditions. As a
result, based on our methodology for assigning 'B-' and
'CCC'-category ratings, we affirmed our 'CCC (sf)' rating on this
class of notes."

S&P Global Ratings acknowledges a high degree of uncertainty about
the extent, outcome, and consequences of the military conflict
between Russia and Ukraine. Irrespective of the duration of
military hostilities, sanctions and related political risks are
likely to remain in place for some time. The potential effects
could include dislocated commodities markets (notably for oil and
gas) supply chain disruptions, inflationary pressures, weaker
growth, and capital market volatility. As the situation evolves,
S&P will update its assumptions and estimates accordingly.

S&P expects Dutch inflation to reach 8.9% in 2022. Although
elevated inflation is overall credit negative for all borrowers,
inevitably some borrowers will be more negatively affected than
others. To the extent inflationary pressures materialize more
quickly or more severely than currently expected, risks may
emerge.

Domi 2020-1 is a Dutch RMBS transaction, which closed in March 2020
and securitizes a pool of buy-to-let loans secured on first-ranking
mortgages in the Netherlands.




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

TAGUS-SOCIEDADE: DBRS Confirms BB(high) Rating on Class C Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the notes issued by
Tagus - Sociedade de Titularizacao de Creditos, S.A. (Victoria
Finance No. 1) (the Issuer) as follows:

-- Class A Notes at A (high) (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (high) (sf)

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

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

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

-- No revolving termination events have occurred.

The Issuer is a securitization of credit card receivables granted
to individuals under credit card agreements originated and serviced
by WiZink Bank, S.A.U. Portuguese branch (WiZink Portugal). WiZink
Portugal is the rebranding of the BarclayCard operation acquired in
Portugal (which was previously acquired from Citigroup). The
transaction closed in July 2020 and has a revolving period that is
scheduled to end in September 2023.

PORTFOLIO PERFORMANCE

As of the June 2022 payment date, the monthly principal payment
rate (MPPR) was 8.9%, averaging 7.6% since closing. The annualized
gross charge-off rate was 3.1%, averaging 1.9% since closing. The
annualized yield rate was 24.2%, averaging 19.1% since closing.

As of the June 2022 payment date, receivables two- to three-months
in arrears represented 0.3% of the outstanding portfolio balance,
while receivables more than three months in arrears represented
1.4% of the outstanding portfolio balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base case monthly principal payment
rate (MPPR), charge-off rate, and yield rate assumptions at 4.8%,
10.5%, and 15.0%, respectively, at the B (low) (sf) rating level.

CREDIT ENHANCEMENT

Credit enhancement available to the rated notes during the
amortization period consists of subordination of the junior notes
and SICF note, potential overcollateralization, and excess spread.

The cash reserve was funded at closing through the proceeds of the
Class S Notes. The cash reserve is funded to its target level of
EUR 3.9 million, equal to 1% of the outstanding Class A Notes
balance, and is available to cover senior fees and interest on the
Class A Notes.

Elavon Financial Services DAC (Elavon) acts as the issuer account
bank for the transaction. Based on DBRS Morningstar's private
ratings of Elavon, and the downgrade provisions outlined in the
transaction documents, DBRS Morningstar considers the risk arising
from the exposure to the issuer 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.

DBRS Morningstar analysed the transaction structure in DBRS
Morningstar's proprietary Excel-based cash flow engine.

Notes: All figures are in euros unless otherwise noted.




===========
R U S S I A
===========

PETROPAVLOVSK: To Sell Domestic Subsidiaries to UMMC for US$600MM
-----------------------------------------------------------------
Eva Mathews and Aby Jose Koilaparambil at Reuters report that
Russian miner Petropavlovsk has agreed to sell its domestic
subsidiaries and a majority of its other units to metal producer
UMMC-Invest for US$600 million, after a months-long crisis set off
by Western sanctions over the Ukraine invasion.

Petropavlovsk went into administration in July after sanctions on
Gazprombank, its main lender and the sole buyer of its gold, left
it unable to repay loans, making it one of the most high-profile
Russian corporate casualties of the Ukraine situation, Reuters
recounts.

The Ukraine invasion, which Moscow terms "a special military
operation", led to Western sanctions that made doing business in
Russia more difficult, Reuters notes.  The miner's extensive
commercial and financial relationship with Gazprombank created
particular challenging since Russia invaded Ukraine on Feb. 24,
Reuters states.

According to Reuters, the company in a separate statement said
administrators expect the sale proceeds will be sufficient to pay
creditors in full but without any return for shareholders.

Gazprombank had assigned all its rights under the term loan to
UMMC, Reuters discloses.

Petropavlovsk said the sale is conditional on a number of matters
but should be completed by Sept. 30, Reuters relays.




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

HIPOCAT 10: S&P S&P Affirms 'D (sf)' Ratings on Class B, C, D Notes
-------------------------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)' from 'AA+ (sf)' its credit
rating on Hipocat 10, Fondo de Titulizacion de Activos' class A2
notes. At the same time, S&P affirmed its 'D (sf)' ratings on the
class B, C, and D notes.

The rating actions reflect its full analysis of the most recent
information that it has received and the transaction's current
structural features.

S&P said, "After applying our global RMBS criteria, our
weighted-average foreclosure frequency assumptions (WAFF) decreased
because of the transaction's reduction in both the effective
loan-to-value ratio and arrears. In addition, our weighted-average
loss severity (WALS) assumptions increased due to an increase in
our repossession market value decline assumptions."

  Table 1

  Credit Analysis Results

  RATING     WAFF (%)     WALS (%)    CREDIT COVERAGE (%)

  AAA        19.52        34.36         6.71

  AA         13.59        29.84         4.06

  A          10.58        22.12         2.34

  BBB         8.17        17.94         1.46

  BB          5.59        15.09         0.84

  B           3.77        12.58         0.47

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

S&P said, "Loan-level arrears are low at 1.37%. Overall
delinquencies remain well below our Spanish RMBS index. Cumulative
defaults, defined as loans in arrears for 18 months or more,
represent 18.70% of the closing pool balance.

"Our operational and legal risk analyses remain unchanged since our
previous review. Therefore, the ratings assigned are not capped by
any of these criteria."

The servicer, Banco Bilbao Vizcaya Argentaria S.A. (BBVA), has a
standardized, integrated, and centralized servicing platform. It is
a servicer for many Spanish RMBS transactions.

The available credit enhancement has increased since our previous
review because the amortization deficit--i.e., the difference
between accrued and paid principal--decreased to EUR10.91 million
in June 2022 from EUR13.7 million in January 2021. The reserve fund
has been fully depleted since July 2010 as it was used to provision
for loans in foreclosure and in arrears over 18 months.

S&P said, "We also applied our counterparty criteria as part of our
analysis of this transaction. BBVA provides the interest rate swap
contract, which is in line with our previous counterparty criteria.
Under our revised criteria, considering the collateral
arrangement's enforceability, the maximum supported rating is 'A+',
unless we delink our ratings on the notes from those on the
counterparty. Our rating on the class A2 notes is delinked from the
swap counterparty.

"Our analysis indicates that the available credit enhancement for
the class A2 notes is commensurate with a higher rating than that
currently assigned and therefore the notes could withstand stresses
at a higher rating. We therefore raised to 'AAA (sf)' from 'AA+
(sf)' our rating on the class A2 notes. Our rating on this class of
notes is not capped by our sovereign risk criteria.

"The class B and C notes continue to experience ongoing interest
shortfalls because of interest deferral trigger breaches and lack
of excess spread in the transaction. The class D notes, which is
non-asset backed, also has interest shortfalls due to the lack of
excess spread. Our ratings in Hipocat 10 address the timely payment
of interest and ultimate principal during the transaction's life.
We therefore affirmed our 'D (sf)' ratings on the class B, C, and D
notes.

"We lowered our growth forecasts for the eurozone economy. Higher
inflationary pressures are the main driver of our downward
revision. We now expect consumer price inflation to reach 7.0% this
year and 3.4% in 2023 (from 6.4% and 3.0% forecasted previously) on
the back of higher energy and food prices resulting from the
current geopolitical context. Lower international demand is also
expected to dampen growth. Although elevated inflation is overall
credit negative for all borrowers, inevitably some borrowers will
be more negatively affected than others. To the extent inflationary
pressures materialize more quickly or more severely than currently
expected, risks may emerge. We consider the borrowers in the
transaction to be prime borrowers and as such they will generally
have high resilience to inflationary pressures. The borrowers in
this transaction pay fixed interest rates. As a result, we do not
expect them to face near-term pressure from a rate rise
perspective."


HIPOCAT 11: S&P Affirms 'D (sf)' Ratings on Class B, C, D Notes
---------------------------------------------------------------
S&P Global Ratings raised to 'AA+ (sf)' from 'A+ (sf)' its credit
rating on Hipocat 11, Fondo de Titulizacion de Activos' class A2
notes. At the same time, S&P affirmed its 'D (sf)' ratings on the
class B, C, and D notes.

The rating actions reflect its full analysis of the most recent
information that it has received and the transaction's current
structural features.

S&P said, "After applying our global RMBS criteria, our
weighted-average foreclosure frequency (WAFF) assumptions decreased
because of the transaction's reduction in both the effective
loan-to-value ratio and in arrears. In addition, our
weighted-average loss severity (WALS) assumptions have increased
due to an increase in our repossession market value decline
assumptions. The reduction in our WALS is partially offset by the
increase in our foreclosure cost assumptions."

  Table 1

  Credit Analysis Results

  RATING    WAFF (%)    WALS (%)    CREDIT COVERAGE (%)

  AAA       21.54       38.02         8.19

  AA        15.07       33.92         5.11

  A         11.73       26.89         3.15

  BBB        9.07       23.02         2.09

  BB         6.22       20.30         1.26

  B          4.22       17.75         0.75

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

Loan-level arrears are low at 1.87%. Overall delinquencies remain
well below our Spanish RMBS index. Cumulative defaults, defined as
loans in arrears for 18 months or more, represent 25.12% of the
closing pool balance.

S&P's operational and legal risk analyses remain unchanged since
our previous review. Therefore, the ratings assigned are not capped
by any of these criteria.

The servicer, Banco Bilbao Vizcaya Argentaria S.A. (BBVA), has a
standardized, integrated, and centralized servicing platform. It is
a servicer for many Spanish RMBS transactions.

S&P said, "Available credit enhancement has increased since our
previous review as the amortization deficit--i.e., the difference
between accrued and paid principal--has decreased to EUR62.45
million in June 2022 from EUR67.6 million in January 2021. The
reserve fund has been fully depleted since July 2009 as it was used
to provision for loans in foreclosure and in arrears over 18
months.

"We also applied our counterparty criteria as part of our analysis
of this transaction. BBVA provides the interest rate swap contract,
which is in line with our previous counterparty criteria. Under our
revised criteria, considering the collateral arrangement's
enforceability, the maximum supported rating is 'A+', unless we
delink our ratings on the notes from those on the counterparty. Our
rating on the class A2 notes is delinked from the swap
counterparty.

"Our analysis indicates that the available credit enhancement for
the class A2 notes is commensurate with a higher rating than that
currently assigned. Therefore these notes could withstand stresses
at a higher rating than that assigned. However, we limited our
upgrade based on their overall credit enhancement and the current
macroeconomic environment. We therefore raised to 'AA+ (sf)' from
'A+ (sf)' our rating on the class A2 notes. Our rating on this
class of notes is not capped by our sovereign risk criteria.

"The class B and C notes continue to experience ongoing interest
shortfalls because of interest deferral trigger breaches and lack
of excess spread in the transaction. The class D notes, which are
not asset-backed, also has interest shortfalls due to the lack of
excess spread. Our ratings in Hipocat 11 address the timely payment
of interest and ultimate principal during the transaction's life.
We therefore affirmed our 'D (sf)' ratings on the class B, C, and D
notes.

"We lowered our growth forecasts for the eurozone economy. Higher
inflationary pressures are the main driver of our downward
revision. We now expect consumer price inflation to reach 7.0% this
year and 3.4% in 2023 (from 6.4% and 3.0% forecasted previously) on
the back of higher energy and food prices resulting from the
current geopolitical context. Lower international demand is also
expected to dampen growth. Although elevated inflation is overall
credit negative for all borrowers, inevitably some borrowers will
be more negatively affected than others. To the extent inflationary
pressures materialize more quickly or more severely than currently
expected, risks may emerge. We consider the borrowers in the
transaction to be prime borrowers and as such they will generally
have high resilience to inflationary pressures. The borrowers in
this transaction pay fixed interest rates. As a result, we do not
expect them to face near-term pressure from a rate rise
perspective."




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

BROOMHALL CASTLE: Enters Administration as Cost of Living Bites
---------------------------------------------------------------
Sophie Parsons at The National reports that a popular Stirling
hospitality venue has collapsed into administration as the cost of
living crisis bites.

Business ceased trading at popular wedding spot Broomhall Castle on
Aug. 2 and all 12 staff were made redundant after administrators
were brought in, The National relates.

It comes after industry leaders warned soaring interest rates could
be the "final straw" for struggling hospitality businesses as the
Bank of England made its biggest increase in UK interest rates in
27 years, The National notes.

The small hotel, which can trace its history back to 1874, had 18
weddings booked up in the coming months as it struggled to get back
on its feet following pandemic lockdowns, The National discloses.

According to The National, administrator from Begbies, Ken Pattullo
said: "We are currently in the process of realising any assets we
can to provide the best return for creditors, as well as liaising
with anyone who has bookings at the hotel to advise them of the
situation so that they can make alternative arrangements for their
weddings."


CHESTER B1: S&P Raises Class E-Dfrd Notes Rating to 'BB (sf)'
-------------------------------------------------------------
S&P Global Ratings raised to 'AA+ (sf)', 'AA (sf)', 'A (sf)', and
'BBB (sf)' from 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB (sf)' its
credit ratings on Chester B1 Issuer PLC's (Chester B1) class
B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes, respectively. At the same
time, S&P affirmed its 'AAA (sf)' rating on the class A notes.

The rating actions follow S&P's review of the current asset pool,
capital structure, and performance under its related criteria.

The transaction's available credit enhancement has increased for
all classes of notes since S&P's previous review because of the
sequential note amortization.

S&P said, "Our weighted-average foreclosure frequency (WAFF) and
our weighted-average loss severity (WALS) assumptions have
decreased for all levels since our previous review. The WAFF has
decreased due to a decrease in arrears and the loan-to-value (LTV)
ratio. Meanwhile a reduction in the weighted-average indexed
current LTV ratio due to a steady increase in house price has
caused a drop in the WALS. Overall, credit coverage has decreased
at all rating levels since our previous review."

  WAFF And WALS Assumptions

  RATING LEVEL    WAFF (%)    WALS (%)    CREDIT COVERAGE (%)

  AAA             37.69       34.07       12.84

  AA              30.09       27.22        8.19

  A               25.87       16.98        4.39

  BBB             21.61       11.76        2.54

  BB              16.91        8.50        1.44

  B               15.84        5.97        0.95

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

There are no counterparty constraints on the ratings on the notes
in this transaction. The replacement language in the documentation
is in line with S&P's current counterparty criteria.

S&P said, "Considering the results of our credit and cash flow
analysis, the increase in available credit enhancement, and the
transaction's performance, we consider that the available credit
enhancement for the class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes
is now commensurate with higher ratings than those currently
assigned. We therefore raised to 'AA+ (sf)' from 'AA (sf)', to 'AA
(sf)' from 'A (sf)', to 'A (sf)' from 'BBB (sf)', and to 'BBB (sf)'
from 'BB (sf)' our ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, and
E-Dfrd notes, respectively.

"Our cash flow analysis on the class B-Dfrd notes indicates a
higher rating than that assigned, but we do not consider deferrable
notes to be commensurate with our 'AAA (sf)' rating.

"Similarly, our cash flow analysis indicated higher ratings for the
class C-Dfrd to E-Dfrd notes than those assigned. However, we
consider the borrowers in the transaction to be nonconforming, and
as such will generally have lower resilience to inflationary
pressures than prime borrowers. The ratings assigned also consider
the risk of interest-only (IO) loans within this pool. About 47% of
the pool is IO for life, while less than 6% of the pool is
buy-to-let. Therefore, a large proportion of the pool comprises IO
loans on owner-occupied properties. Since there is no mandatory
capital repayment over the loan's term, there is a risk that the
outstanding principal balance will not be paid by the end of the
loan term. Additionally, our 'AA (sf)', 'A (sf)', and 'BBB (sf)'
ratings on the class C-Dfrd, D-Dfrd, and E-Dfrd notes also consider
their relative credit enhancement levels in light of the notes'
strictly sequential amortization profile.

"We also affirmed our 'AAA (sf)' rating on the class A notes, as
the available credit enhancement continues to be commensurate with
the assigned rating.

"We expect U.K. inflation to top 10% in 2022 and remain high in
2023. Although elevated inflation is overall credit negative for
all borrowers, inevitably some borrowers will be more negatively
affected than others, and to the extent inflationary pressures
materialize more quickly or more severely than currently expected,
risks may emerge.

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

Chester B1 is a securitization of a pool of nonconforming
residential mortgage loans.


CONSORT HEALTHCARE: Moody's Cuts Rating on GBP93.3MM Bonds to Caa1
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
underlying and backed ratings for the GBP93.3 million index-linked
guaranteed senior secured bonds due 2041 (the "Bonds") issued by
Consort Healthcare (Tameside) plc ("ProjectCo") and changed the
outlook to negative from ratings under review. This concludes the
review for downgrade of the ratings that was initiated on March 4,
2022.

RATINGS RATIONALE

On July 14, 2022, ProjectCo disclosed[1] that it had entered
adjudication over disputed Service Failure Points ("SFPs") and
deductions withheld from its Unitary Payment ("UP") by the Tameside
and Glossop Integrated Care NHS Foundation Trust (the "Trust").
Deductions began in the November 2020 UP, representing performance
in September 2020, and followed the Trust bringing in an
independent third-party consultancy, P2G LLP, to monitor the
project.

ProjectCo also disclosed that it had entered into two standstill
agreements, on May 27, 2022 and July 1, 2022 respectively, which
limit the amount of deductions that can be withheld while the
adjudication is in progress and meaning ProjectCo should be paid
most of the monthly UP until either November or December 2022.

The downgrade reflects significant ongoing uncertainty which will
not be resolved until the adjudication process is concluded. If the
Trust is successful at adjudication, deductions which have been
accrued rather than withheld from the UP would likely crystalise
against ProjectCo. Additionally, ProjectCo may have to return
GBP1.2 million previously paid to ProjectCo from the Trust on a
without prejudice basis so that ProjectCo could meet its September
2021 debt service obligations without needing to utilise its Debt
Service Reserve Account ("DSRA").  The rating agency has
previously estimated that the adjudicated amount may be up to GBP14
million, depending on if accrued deductions are capped at the
monthly UP amount and the treatment of the GBP1.2 million
previously paid to ProjectCo.

Moody's understands that the parties have agreed to discuss the
potential of spreading any settlement amount, following
adjudication, across the remainder of the concession period, being
approximately 19.5 years.  There is not currently an agreement on
this, however, exposing ProjectCo to risk that any settlement
amount would be payable in a single sum, which would impair its
ability to meet future debt service obligations.

If the adjudicator upholds the disputed SFPs, the Trust would also
have the right to terminate the Project Agreement with ProjectCo,
albeit the Trust has not utilised this right to date.

Additionally, the downgrade reflects growing systemic risk in the
UK PFI hospitals sector as evidenced by the recent experience at
the Coventry and Rugby Hospital Company Plc (The) ("CRHC", Ba2
negative) where the smaller of two offtaker trusts (representing 8%
of CRHC's UP) was successful at adjudication against the project
company, and subsequently served a notice of termination.

The rating was placed on review on March 4, 2022 after the Trust
had requested the parties move to formal adjudication under the
Dispute Resolution Procedure ("DRP") in the Project Agreement and,
as no standstill was in effect at the time, withheld the entirety
of the February UP. Subsequent UPs have since been paid with only
limited deductions, reflecting day-to-day operations at the
hospital site.

The Bonds benefit from an unconditional and irrevocable guarantee
of scheduled principal and interest from Ambac Assurance UK Limited
(Ambac). However, on April 7, 2011, Moody's ratings on Ambac were
withdrawn and accordingly the backed rating reflects the rating of
the Project on a stand-alone basis.

Consort Healthcare (Tameside) plc is a special purpose company that
in September 2007 signed a PA with the then Tameside and Glossop
Acute Services NHS Trust to redevelop the existing Tameside General
Hospital site in Ashton-under-Lyne, Greater Manchester and to
provide certain hard FM services until August 2041.

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

Given the negative outlook, Moody's currently does not envisage any
upward rating pressure. The outlook could be changed to stable if
the outcome of adjudication is significantly better than Moody's
base case, either through a lower quantum or a profile which limits
the financial pressure on ProjectCo.

Conversely, Moody's could downgrade the ratings if: (1) the outcome
of adjudication is applied in a way that places additional
financial pressure on ProjectCo; or (2) the Trust begins formal
termination procedures.

The principal methodology used in these ratings was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
Methodology published in June 2021.

HARLEQUIN GROUP: Chairman Found Guilty of Fraud in UK Court
-----------------------------------------------------------
Kirstin Ridley at Reuters reports that the chairman of failed
luxury Caribbean hotel and resort developer Harlequin Group was
convicted on Aug. 3 of defrauding GBP226 million (US$274 million)
from more than 8,000 investors in Britain.

According to Reuters, David Ames was found guilty by a jury at
London's Southwark Crown Court of two counts of fraud by abuse of
position, the UK Serious Fraud Office (SFO) said in a statement,
adding that he offered no evidence in his defence.

The SFO told Reuters that Ames had pleaded not guilty to the
charges against him in 2017.  The 70-year-old Briton, whose lawyer
was not immediately available for comment, will be sentenced on
Sept. 22.

The SFO said investors paid a 30% deposit to purchase an unbuilt
villa or hotel room in places such as the Dominican Republic,
Barbados, St Lucia, Saint Vincent and the Grenadines, Reuters
notes.  Half went towards fees for Harlequin and salespeople, while
Harlequin put the remaining 15% towards construction, Reuters
states.

The SFO said scheme expanded exponentially and investor money was
diverted between resorts, Reuters relates.  But by 2012, the
venture faced a GBP1.2 billion funding shortfall, it added, Reuters
notes.

Harlequin went into administration in 2013 and more than 99% of
investors, some of whom had invested retirement and life savings to
finance deposits, received no return, Reuters recounts.

The SFO said Ames made GBP6.2 million from the projects, adding
that he repeatedly ignored warnings that the business was likely
insolvent and sacked associates who raised the alarm, Reuters
discloses.


HIGHGROVE PROPERTIES: Goes Into Administration, Owes GBP1.3MM
-------------------------------------------------------------
William Telford at PlymouthLive reports that another Plymouth
construction industry business has gone bust, this time leaving
debts of GBP1.3 million which are unlikely to be paid.

According to PlymouthLive, Highgrove Property Services Ltd, which
operated from an office building in North Hill, has gone into
liquidation owing money to its bank, the taxman and several small
city construction firms.

The company, which traded as Highgrove Properties, is listed on
Companies House as being involved in construction of commercial
buildings and the management of real estate.  A business
crowdfunding campaign started by the business in 2018 said it
looked to pair landlords and tenants, offering bespoke letting
services with an in-house property maintenance and repair service.

The firm, incorporated in 2009, recently held a meeting of
creditors and appointed liquidators at corporate restructuring
giant Begbies Traynor, PlymouthLive relates.  Documents filed at
Companies House revealed it only had GBP6,000 in assets, which will
be swallowed by the taxman, a preferential creditor, PlymouthLive
discloses.

However, HMRC is still short of GBP24,090 owed, plus another
GBP10,427 in unpaid Corporation Tax, PlymouthLive states.  That is
all part of a total owed to creditors of GBP1,340,828 -- and
liquidators said there would be no money to settle these debts,
PlymouthLive notes.

Among unsecured creditors, GBP415,495 is owed to trade creditors,
Natwest Bank is owed GBP72,697, and there is GBP86,946 in unsecured
loans, according to PlymouthLive.   A list of 30 creditors, owed a
total of GBP655,615, features several Plymouth firms including GR
Mechanical Services Ltd, based at Queen Anne's Battery, which is
short of GBP60,389, and XCAVS8 DW Ltd, from Roborough, owed
GBP10,366, PlymouthLive relays.  Other city businesses due smaller
amounts include Infinite Tiling, Jem Scaffolding, Plymouth Ground
Works and Tuler Ltd., PlymouthLive says.


NEWCASTLE GLASSWORKS: Bought Out of Administration
--------------------------------------------------
Tom Keighley at BusinessLive reports that a trio of companies
behind a prominent Newcastle student accommodation site have been
acquired out of administration.

Newcastle Glassworks Limited, Newcastle Glassworks Management
Limited and Bricks K5 Capital Ltd -- all part of the wider Hong
Kong-based Bricks Capital group -- developed and managed via a
leasehold structure the 270-bed Glassworks property in the city's
Ouseburn area.  The three businesses were placed into
administration at the behest of lender CIMC Leasing Transportation
Ltd -- also registered in Hong Kong -- which acquired the property
in a pre-pack deal, BusinessLive relates.

According to BusinessLive, Interpath Advisory, administrators of
the firms, said the move had been prompted by "several years" in
which the group had not serviced its debt.  The most recent
accounts for Newcastle Glassworks Limited show the company suffered
losses of GBP3.49 million in 2020, and that it was overdue
repayment of a GBP9.77 million loan facility, BusinessLive
discloses.

Writing in the accounts published earlier this year, director Peter
Prickett -- founder of the Bricks Group, which boasts of owning
GBP500 million worth of development assets -- said he was working
to finder a buyer for Newcastle Glassworks that could refinance the
loan, BusinessLive notes.

"An initial pre-pack transaction was completed by the Joint
Administrators immediately upon appointment to two purchasing
entities under the control of the ultimate owner of the secured
lender.  The purchasers have put in place arrangements to ensure
the ongoing operation of the Glassworks student accommodation and
will be contacting all student tenants directly.  The group's eight
employees have all transferred to the purchasing entities,"
BusinessLive quotes a statement from Interpath Advisory as saying.


NEWDAY FUNDING 2022-2: DBRS Finalizes B Rating on Class F Notes
---------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the notes
(the Notes) 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 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 were 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 a 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 June 2022 showed a
total yield of 30.9%, 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 June 2022 showed a charge-off rate of 10.3% 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.


STOLT-NIELSEN LTD: Egan-Jones Retains CCC+ Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on July 26, 2022, retained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Stolt-Nielsen Limited.

Headquartered in London, United Kingdom, Stolt-Nielsen Limited
provides transportation and storage for liquids, notably specialty
and bulk liquid chemicals.



VEDANTA RESOURCES: Moody's Affirms 'B2' CFR, Outlook Remains Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed Vedanta Resources Limited's
(VRL) B2 corporate family rating and the B3 rating on the senior
unsecured notes issued by VRL and those issued by its wholly-owned
subsidiary Vedanta Resources Finance II Plc, and guaranteed by
VRL.

The outlook on all ratings remains negative.

"The rating affirmation reflects our view that VRL's diversified,
cost-competitive operations comfortably position it at the B2 CFR
even as higher energy costs and some moderation in commodity prices
dampen earnings over the next two fiscal years," says Kaustubh
Chaubal, a Moody's Senior Vice President.

The affirmation also reflects holding company VRL's credit positive
fund raising during the first quarter of the fiscal year ending
March 2023 (Q1 fiscal 2023). It secured $950 million from Indian
and multinational banks, largely comprising long-term financing
with two-to-five year maturities. In addition, VRL received two
interim cash dividends totaling $1.6 billion from its 69.7% owned
subsidiary, Vedanta Limited ($1.02 billion in May and another $600
million in July), and a $200 million management fee from its
subsidiaries for their use of the 'Vedanta' brand.

"While these cash sources will be sufficient to address VRL's debt
maturities and interest servicing needs until September 2022, the
negative outlook reflects its consistently weak liquidity and
elevated refinancing risk given the holding company's debt
maturities in fiscal 2024," adds Chaubal, also Moody's Lead Analyst
for VRL.

RATINGS RATIONALE

Moody's estimates that holding company VRL would have reduced its
gross debt by $700 million in Q1 fiscal 2023, from $9.1 billion at
March 2022. Moreover, $4.3 billion -- half of its outstanding $8.4
billion debt -- will mature by January 2024. These debt maturities
include senior unsecured notes: (1) 6.375% July 2022 notes ($531
million); (2) 8.0% April 2023 notes ($400 million); (3) 7.125% May
2023 notes ($500 million); and (4) 13.875% January 2024 notes ($1
billion).

VRL will remain reliant on Indian and multinational banks for its
funding, given the limited liquidity in cross-border capital
markets with only a few high-yield issuances for the most of 2022.
While VRL was in compliance with all financial maintenance
covenants as of March 2022, it has previously operated with bank
waivers for periods when in breach. Covenant compliance will be key
to its credit quality, especially with bank loans comprising around
60% of VRL's consolidated debt. In a scenario where VRL foresees a
potential covenant breach, Moody's expects the company to
proactively seek covenant waivers, ahead of the covenant testing
date.

VRL improved its leverage in fiscal 2022 due to EBITDA increasing
on the back of high commodity prices, while its debt remained flat
compared with March 2021 levels. The company's leverage, measured
by Moody's adjusted debt/EBITDA will climb to 3.5x-4.0x during
fiscal years 2023 and 2024, from 2.8x at March 2022, but stay
comfortably below 5.0x, the threshold for a downgrade to a B3 CFR.

Moreover, VRL's capital structure is highly skewed towards debt,
which comprises around 90% of its total capital. Given VRL's
earnings are inherently susceptible to volatile commodity prices,
headroom under its financial covenants could narrow.

Prices of most commodities will retreat during fiscal years 2023
and 2024 from their peaks in 2022. Moody's forecasts for VRL are
based on the rating agency's price sensitivities for metals
($1.00-$1.30 per pound [/lb] for aluminum, $1.10-$1.40/lb for zinc,
and $17-$21 per ounce for silver). As for oil and gas, Moody's
forecasts are based on a crude oil assumption of $105-$107 per
barrel, and incorporate the windfall tax imposed by the government
of India with effect from July 1, 2022 (INR23,250 per metric ton
(/mt) from July 1, which was subsequently lowered on July 20 to
INR17,000/mt).

These price sensitivities will translate into consolidated adjusted
EBITDA of $5.0 billion-$5.4 billion and cash flow from operations
of $3.0 billion-$3.4 billion for fiscal years 2023 and 2024. VRL's
annual capital expenditure of $2.3-$2.5 billion will likely require
some additional borrowings, especially since the rating agency
expects VRL to receive at least $2.0 billion in annual cash
dividends from its operating subsidiaries.

VRL's B2 CFR reflects the company's strengths, including its
large-scale and diversified low-cost operations; exposure to a wide
range of commodities such as zinc, aluminum, iron ore, oil and gas,
steel and power; strong position in key markets, enabling it to
command a pricing premium; and history of relative margin stability
through commodity cycles.

On balance, the CFR also incorporates the company's exposure to the
inherent volatility in commodity prices as well as the company's
weak liquidity and high refinancing risk, especially at holding
company VRL.

VRL's senior unsecured bonds are rated at B3, one notch lower than
the B2 CFR, reflecting the bondholders' weak position relative to
operating subsidiaries' creditors. The one-notch differential
between the bond ratings and the CFR reflects the legal and
structural subordination of the holding company bondholders to the
rest of the group. Operating company claims accounted for around
60% of total consolidated claims as of March 2022, with the balance
of the claims distributed across holding company VRL and its
intermediate holding companies that have a direct shareholding in
Vedanta Limited (VDL).

OUTLOOK

The negative outlook reflects the company's weak liquidity profile
and Moody's concerns over the high refinancing risk arising from
the holding company's looming debt maturities.

LIQUIDITY

Holding company VRL's liquidity is weak. Its $145 million cash
holding as of March 2022 and new loans, management/branding fee and
dividends from operating subsidiaries will still not be sufficient
to meet the holding company's cash needs through January 2024.

ESG CONSIDERATIONS

VRL's very highly negative exposure to environmental considerations
relates to carbon transition, water management and natural capital.
The company's very highly negative social risk exposure emanates
from health and safety risks with an incidence of fatalities in
each of the past four years. The company's highly unionized work
force presents the risk of human capital, although the company has
not had any strikes in recent years. The company has a very highly
negative governance exposure due to VRL's concentrated ownership
with sole shareholder, Volcan Investments Ltd. This keeps
governance risk elevated given the past related party transactions
to the detriment of creditors.

VRL's CIS-5 score reflects very high risks on environmental, social
and governance considerations. Absent these risks, the company's
large scale and efficient asset base could support a higher
rating.

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

Moody's could downgrade the ratings if (1) holding company VRL
fails to refinance its April and May 2023 US dollar bond maturities
with long-term financing by October 2022; (2) VRL pursues
aggressive financial policies, in particular large debt-funded
investments that materially skew its financial profile; (3) there
is exposure to VRL's ultimate shareholder, Volcan Investments,
other than through modest dividends; (4) a sustained breach on any
of the company's financial covenants limit its ability to raise
debt; or (5) an adverse ruling on any of the company's lawsuits
results in large cash outflows.

Downward ratings pressure could also emerge if commodity prices
soften substantially and reduce VRL's EBITDA and free cash flow
generation, causing a sustained weakening in credit metrics, such
as adjusted debt/EBITDA above 5.0x, EBIT/interest coverage below
1.25x, or cash flow from operations less dividends/debt below 10%.

In addition, downward pressure on VRL's senior unsecured B3 ratings
could also emerge if the company is unable to sustain recent
reductions in the level of priority claims ranking ahead of the
holding company's senior unsecured debt. While Moody's expects that
there may be some volatility in the ratio of priority claims to
total claims, a sustained deterioration in this metric toward
historical levels would likely cause the rating agency to widen the
difference between the CFR and the senior unsecured notes' rating
to two notches.

An upgrade is unlikely, given the acute refinancing and liquidity
risks at the holding company. VRL will need to demonstrate prudent
financial and risk management strategies, including a sustained
approach to proactive refinancing and liquidity management at the
holdco and maintain sufficient funding to fully address its debt
maturities on a 15-18 month forward basis, for the outlook to
return to stable.

The principal methodology used in these ratings was Mining
published in October 2021.

Vedanta Resources Limited (VRL), headquartered in London, is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Limited (VDL), a 69.7%-owned
subsidiary. Through its various operating subsidiaries, the group
mainly produces oil and gas, zinc, lead, silver, aluminum, iron ore
and power. VRL is wholly owned by Volcan Investments Ltd, whose key
shareholders are founder chairman, Anil Agarwal and his family.

For the fiscal year ended March 31, 2022, VRL generated
consolidated revenue of $17.6 billion and EBITDA of $6.3 billion.



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X X X X X X X X
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[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today. Albert Waldo
Snoke was director of the Grace-New Haven Hospital in New Haven,
Connecticut from 1946 until 1969. In New Haven, Dr. Snoke also
taught hospital administration at Yale University and oversaw the
development of the Yale-New Haven Hospital, serving as its
executive director from 1965-1968. From 1969-1973, Dr. Snoke worked
in Illinois as coordinator of health services in the Office of the
Governor and later as acting executive director of the Illinois
Comprehensive State Health Planning Agency. Dr. Snoke died in April
1988.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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