---

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

                          E U R O P E

          Tuesday, August 16, 2022, Vol. 23, No. 157

                           Headlines



G R E E C E

NAVIOS MARITIME: Moody's Withdraws 'B2' Corporate Family Rating


I R E L A N D

NSR ENGINEERING: High Court Appoints Provisional Liquidator
OAK HILL IV: Moody's Affirms B2 Rating on EUR12MM Class F-R Notes


S W E D E N

SAS AB: Enters Into US$700MM Financing Agreement with Apollo Global


U K R A I N E

UKRAINE: S&P Lowers FC SCRs to 'SD' on Approved Debt Restructuring


U N I T E D   K I N G D O M

GRESWOLDE CONSTRUCTION: Enters Administration, Ceases Trading
M&M MOBILE: Enters Administration, Halts Trading
RESLOC UK 2007-1: S&P Raises Class E1b Notes Rating to BB+ (sf)
STREETTEAM SOFTWARE: Financials Show Going Concern Doubt

                           - - - - -


===========
G R E E C E
===========

NAVIOS MARITIME: Moody's Withdraws 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 Corporate Family
Rating and B2-PD Probability of Default Rating of Navios Maritime
Partners L.P. (Navios Maritime Partners). The stable outlook has
also been withdrawn.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

COMPANY PROFILE

Navios Maritime Partners L.P. is an international owner and
operator of dry bulk, container and tanker vessels.



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

NSR ENGINEERING: High Court Appoints Provisional Liquidator
-----------------------------------------------------------
Aodhan O Faolain at The Irish Times reports that the High Court has
appointed a provisional liquidator to an electrical contracting
company that has more than 50 people working for it on various
projects.

The order was made in respect of NSR Engineering Ltd, whose
financial difficulties have been largely caused by the impact of
the Covid-19 pandemic on the sector, and significant increases in
the costs of obtaining materials, The Irish Times relates.

Ms Justice Carmel Stewart appointed insolvency practitioner John
Healy of Kirby Healy as provisional liquidator to the company, with
a registered address at Kinsealy Business Park in Co Dublin, after
being satisfied that the firm was insolvent and unable to pay its
debts, The Irish Times discloses.

The judge was also satisfied that it was in the best interests of
all the relevant parties, including its creditors, that Mr. Healy
be appointed as provisional liquidator, The Irish Times notes.

The company, represented in court on Aug. 11 by Brian Walker BL
instructed by solicitor Tom Casey, says that it was insolvent to
the tune of about EUR800,000, The Irish Times relays.

Mr. Walker, as cited by The Irish Times, said that while the
company has valuable contracts worth some EUR15.6 million, it has
been experiencing cash flow difficulties.

Counsel said that since early 2020 the Covid-19 pandemic has had an
"extreme effect on the company". Its workers and subcontractors
were not able to complete works due to the lengthy lockdown, The
Irish Times notes.

In addition, costs for materials such as copper and steel products
have increased by between 20% and 30%, counsel added, The Irish
Times relates.  This increase in costs could not be passed on to
clients regarding projects it had tendered form according to The
Irish Times.

Counsel added that the company owes Revenue EUR1.1 million, which
it does not have the capacity to pay, The Irish Times discloses.

It was also unable to service its debts to its creditors, and its
suppliers had been seeking cash on delivery for goods, The Irish
Times states.  Trade creditors are owed some EUR650,000, counsel
added, The Irish Times, relates.

Mr. Walker added the company also experienced difficulties in
getting paid for works it had carried out, The Irish Times says.

Counsel said that the company has 50 to 60 employees and
subcontractors working for it on several projects.  The appointment
of a liquidator was the best way to protect those workers and
ensure an orderly wind-up of the company, counsel said, The Irish
Times notes.

The court was told the company had considered all the options
available to it, but unfortunately the situation was such that its
board of directors had no option other than to put the firm into
liquidation, The Irish Times recounts.

According to The Irish Times, counsel said the company attempted to
secure additional funding from lenders.  It was unable to get extra
credit due to the loss it sustained in 2020, The Irish Times
notes.

The judge, after confirming Mr Healy's appointment, adjourned the
hearing of the full petition to wind up the company to a date in
October, The Irish Times states.


OAK HILL IV: Moody's Affirms B2 Rating on EUR12MM Class F-R Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Oak Hill European Credit Partners IV Designated
Activity Company:

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Feb 4, 2022
Upgraded to A1 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR222,000,000 (Current outstanding amount EUR219,431,533) Class
A-1-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa
(sf); previously on Feb 4, 2022 Affirmed Aaa (sf)

EUR25,000,000 (Current outstanding amount EUR24,710,758) Class
A-2-R Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Feb 4, 2022 Affirmed Aaa (sf)

EUR30,550,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aa1 (sf); previously on Feb 4, 2022 Upgraded to Aa1
(sf)

EUR11,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Affirmed Aa1 (sf); previously on Feb 4, 2022 Upgraded to Aa1
(sf)

EUR22,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa1 (sf); previously on Feb 4, 2022
Upgraded to Baa1 (sf)

EUR25,800,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Feb 4, 2022
Affirmed Ba2 (sf)

EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Feb 4, 2022
Affirmed B2 (sf)

RATINGS RATIONALE

The rating upgrade on the Class C-R Notes is primarily a result of
the benefit of the transaction having reached the end of the
reinvestment period in January 2022 and the deleveraging of the
senior notes following amortisation of the underlying portfolio
since the last rating action in February 2022.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR392.3m

Defaulted Securities: None

Diversity Score: 57

Weighted Average Rating Factor (WARF): 2873

Weighted Average Life (WAL): 4.23 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.59%

Weighted Average Coupon (WAC): 4.92%

Weighted Average Recovery Rate (WARR): 44.86%

Par haircut in OC tests and interest diversion test: None

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behavior; (2) divergence in the legal interpretation of CDO
documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.



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

SAS AB: Enters Into US$700MM Financing Agreement with Apollo Global
-------------------------------------------------------------------
Mrinmay Dey at Reuters reports that Scandinavian airline SAS said
on Aug. 13 it entered into an agreement with Apollo Global
Management to raise US$700 million of fresh financing it needs to
see it through bankruptcy.

The airline filed for bankruptcy protection in the United States in
early July to help cut debt after the collapse of wage talks
between the airline and its pilots, triggering a 15-day strike that
added to travel chaos across Europe, Reuters recounts.

According to Reuters, SAS said in a statement it expects to
complete the Chapter 11 restructuring process in nine to 12 months.
The airline anticipates receiving court approval for its US$700
million financing by the end of September, Reuters notes.

SAS chief executive Anko van der Werff has said the strike
accelerated its decision to file for Chapter 11 status, Reuters
relays.

The airline has said the industrial action had cost it more than
US$145 million, affecting 380,000 passengers in the peak summer
travel season, and might jeopardize the firm's ability to secure
additional financing, according to Reuters.

SAS grounded some 3,700 flights during the strike, saying its
number of passengers fell 32% in July from June and capacity by
23%, Reuters discloses.

Swedish, Danish and Norwegian pilot union members, who voted to
adopt a collective bargaining agreement reached with SAS last
month, say they will not resume their strike, Reuters recounts.

While the Swedish government has rejected the plea for more cash,
Denmark says it might inject fresh funds if SAS also finds support
from private-sector investors, Reuters notes.

                   About Scandinavian Airlines

SAS SAB -- https://www.sasgroup.net -- is a Scandinavian airline
with main hubs in Copenhagen, Oslo and Stockholm, and flies to
destinations in Europe, USA and Asia. In addition to flight
operations, SAS offers ground handling services, technical
maintenance and air cargo services.  SAS is a founder member of the
Star Alliance, and together with its partner airlines offers a wide
network worldwide. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation.  The airline also aims to reduce total carbon emissions
by 25 percent by 2025, by using more sustainable aviation fuel and
its modern fleet with fuel-efficient aircraft.

SAS AB and its affiliates, including Scandinavian Airlines Systems
Denmark-Norway-Sweden and Scandinavian Airlines of North America
Inc., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 22-10925) on July 5, 2022.  In the
petition filed by Erno Hildén, as authorized representative, the
Debtor SAS AB estimated assets between $10 billion and $50 billion
and liabilities between $1 billion and $10 billion.

Weil, Gotshal & Manges LLP is serving as global legal counsel and
Mannheimer Swartling Advokatbyra AB is serving as Swedish legal
counsel to SAS. Seabury Securities LLC and Skandinaviska Enskilda
Banken AB are serving as investment bankers, Seabury is also
serving as restructuring advisor.  FTI Consulting is serving as
financial advisor.  Kroll Restructuring Advisors is the claims
agent.



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

UKRAINE: S&P Lowers FC SCRs to 'SD' on Approved Debt Restructuring
------------------------------------------------------------------
On Aug. 12, 2022, S&P Global Ratings lowered its FC long-term and
short-term sovereign credit ratings to 'SD/SD' from 'CC/C' and the
long-term rating on the affected FC issues to 'D' from 'CC'. S&P
also lowered its LC and national scale ratings to 'CCC+/C' from
'B-/B' and 'uaBB-' from 'uaBBB-', respectively. At the same time,
S&P kept its transfer and convertibility assessment at 'CCC+'.

The outlook on the LC rating is negative.

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

Outlook

S&P does not assign an outlook to our long-term FC rating on
Ukraine, since the rating is 'SD' (selective default).

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

Downside scenario

S&P could lower the LC ratings if it sees indications that
Ukrainian-hryvnia-denominated obligations could suffer nonpayment
or restructuring.

Upside scenario

S&P said, "We expect to raise our long-term FC rating on Ukraine
once the FC debt restructuring has been implemented and the new
amendments to bond terms and conditions have become legally
effective. Our analysis will incorporate the sovereign's
post-restructuring credit factors, including the new terms and
conditions of its external debt.

"We could take a positive action on the LC ratings if Ukraine's
security environment and medium-term macroeconomic outlook
improves."

Rationale

The rating action follows the consent of the required majority of
Ukraine's commercial creditors to the government's recent proposal
to defer debt service payments on its Eurobonds over the next 24
months. S&P understands that the required majority (as per the bond
prospectus) of Ukraine's Eurobond holders have accepted the offer.
S&P considers this debt restructuring as distressed, according to
its ratings definitions.

In July, the group of official creditors from G-7 nations and Paris
club members agreed to a similar proposal on their concessional
loans to Ukraine. Our sovereign ratings reflect S&P's view of an
issuer's ability and willingness to meet its commercial,
nonofficial financial obligations in full and on time.

Upon the FC commercial debt restructuring taking effect, S&P could
consider the default as cured and the rating could be raised from
'SD'. It tends to rate most sovereigns emerging from default in the
'CCC' or 'B' categories depending on post-default credit factors,
including the new terms of government debt.

Ukraine's debt restructuring comes amid significant macroeconomic,
external, and fiscal pressures emanating from the war. Authorities
estimate Ukraine's resulting fiscal gap at a minimum of $5 billion
per month on substantial defense spending and disruptions to the
government's tax mobilization capacity (this amount is equivalent
to 2.5% of pre-war GDP). Of the $30 billion of financial aid
pledged by the international community since the beginning of the
war, only 45% has been disbursed, whereas almost half of government
funding needs have been covered by Ukraine's central bank and
government domestic issuance. The war-related shocks have also
weakened Ukraine's international reserves, with its headline level
decreasing one-fifth from February to July 2022, to $22.4 billion.

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





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

GRESWOLDE CONSTRUCTION: Enters Administration, Ceases Trading
-------------------------------------------------------------
Tamlyn Jones at BusinessLive reports that a construction contractor
has ceased trading after falling into administration as a result of
the impact of the covid pandemic.

Administrators from Quantuma Advisory were appointed to
Solihull-based Greswolde Construction earlier this month and the
company has now closed down, BusinessLive relates.

According to BusinessLive, Nick Simmonds, managing director at
Quantuma Advisory and joint administrator, said: "Along with many
other businesses in the construction sector, Greswolde has
experienced unprecedented trading conditions over the last couple
of years as a direct result of the global pandemic.

"Its customers have been substantially disrupted by unpredictable
economic conditions and the business has experienced severe supply
chain challenges.

"Having exhausted all options for the business, it is with deep
regret that this business is no longer able to continue to trade
and has ceased to operate with immediate effect."

Established in 1983, Greswolde specialised in new build, design and
build, refurbishments and fit-outs.  The company's latest accounts
reported a turnover of GBP19.4 million and it employed 24 staff.


M&M MOBILE: Enters Administration, Halts Trading
------------------------------------------------
Dan Mountney at Welwyn Hatfield Times reports that a crane rental
company with a depot in Welwyn Garden City has gone into
administration and ceased trading.

M&M Mobile Crane Hire called in the administrators on Aug. 12, when
staff across the business were informed and most let go, Welwyn
Hatfield Times relays, citing vertikal.net.

The last accounts filed with Companies House for the 12 months to
the end of March 2021, show M&M to have a net worth of GBP2.4
million, and a networking capacity of GBP576,000, Welwyn Hatfield
Times discloses.

It is still unclear who the appointed administrator is and what the
future holds for the business, but their social media accounts have
been deleted, although their website remain, Welwyn Hatfield Times
notes.

Established in 1988, M&M Mobile Crane Hire is run by the Tierney
family and based in Slough.  It has depots in Kent, Aylesbury and
Welwyn Garden City, and operates a fleet of different cranes
available for hire.



RESLOC UK 2007-1: S&P Raises Class E1b Notes Rating to BB+ (sf)
---------------------------------------------------------------
S&P Global Ratings raised its credit ratings on ResLoC U.K. 2007-1
PLC's class C1, D1, and E1b notes. At the same time, S&P affirmed
its ratings on the class A3, M1, and B1 notes.

The rating actions follow its 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 our previous review. The transaction is
amortizing on a pro rata basis.

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 prices 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            27.38      30.14        8.25

  AA             22.37      22.58        5.05

  A              19.36      11.54        2.23

  BBB            16.18       6.39        1.03

  BB             12.74       3.67        0.47

  B              11.97       2.00        0.24

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

S&P said, "Considering the results of our credit and cash flow
analysis, the increased available credit enhancement, and the
transaction's performance, we consider that the available credit
enhancement for the class C1, D1 and E1b notes is now commensurate
with higher ratings than those currently assigned. We have
therefore raised our ratings on these classes of notes.

"Our cash flow analysis for the class C-Dfrd notes indicates a
higher rating, but the notes are capped at 'A+' due to counterparty
risk on the swap provider.

"Similarly, our cash flow analysis indicates higher ratings for the
class D1 and E1b notes. The ratings on these notes
reflecttheirpotential exposure to tail-end risk, in light of the
high proportion of borrowers with an interest-only loan and the
nonconforming nature of the borrowers, particularly in the ongoing
inflationary environment.

"We affirmed our 'A+ (sf)' ratings on the class A3, M1, and B1
notes, as the available credit enhancement continues to be
commensurate with the assigned ratings. The ratings on these notes
are constrained at 'A+' by counterparty risk.

"We expect U.K. inflation to top 10% in 2022 and remain high in
2023. Although high 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."

The transaction is a repack of the Warwick 2 Finance Residential
Mortgages Number One PLC transaction. It is a static RMBS
transaction, which securitizes a portfolio of first-lien mortgage
loans, both owner-occupied and buy-to-let (BTL), secured on
properties in the U.K.

  Ratings List

  CLASS     RATING TO     RATING FROM

  A3a       A+ (sf)       A+ (sf)

  A3b       A+ (sf)       A+ (sf)

  A3c       A+ (sf)       A+ (sf)

  M1a       A+ (sf)       A+ (sf)

  M1b       A+ (sf)       A+ (sf)

  B1a       A+ (sf)       A+ (sf)

  B1b       A+ (sf)       A+ (sf)

  C1a       A+ (sf)      BBB+ (sf)

  C1b       A+ (sf)      BBB+ (sf)

  D1a       BBB (sf)     BB+ (sf)

  D1b       BBB (sf)     BB+ (sf)

  E1b       BB+ (sf)     BB (sf)


STREETTEAM SOFTWARE: Financials Show Going Concern Doubt
--------------------------------------------------------
Music Ally reports that Pollen's parent firm StreetTeam Software
Limited had filed its financials for 2021 last month.

According to Music Ally, they reveal that the company's revenues
grew by 76.5% in 2021 to GBP48.3 million (US$58.9 million) --
although bear in mind that strong growth is partly about the
bounceback from the height of Covid-19 lockdowns in 2020.

However, the company's operating losses grew from GBP39.5 million
in 2020 to GBP53.1 million in 2021, Music Ally discloses.  The
report acknowledges a "material uncertainty" about StreetTeam's
"ability to continue as a going concern", while also revealing that
six of its nine directors resigned in May and June 2022, Music Ally
notes.



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *