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

                          E U R O P E

          Wednesday, August 17, 2022, Vol. 23, No. 158

                           Headlines



F R A N C E

POSEIDON BIDCO: S&P Assigns Preliminary 'B+' Rating, Outlook Stable


I R E L A N D

BARINGS EURO 2018-2: Moody's Affirms B2 Rating on Class F Notes
BLUEMOUNTAIN EUR 2016-1: Moody's Ups Rating on Cl. F-R Notes to B1
CAIRN CLO IX: Moody's Affirms B2 Rating on EUR12MM Class F Notes


N E T H E R L A N D S

SENSATA TECHNOLOGIES: Moody's Rates $500MM Sr. Unsec. Notes 'Ba3'


T U R K E Y

LIMAK ISKENDERUN: Moody's Affirms B3 Rating on Sr. Secured Notes


U N I T E D   K I N G D O M

33 LEGAL: Owed GB1.4 Million at Time of Administration
BLACKMORE BOND: Ex-FCA Chief Under Fire Over Handling of Collapse
CEI ELECTRICAL: Administrator Sells Some Assets, Goodwill
ROLLS-ROYCE PLC: Moody's Affirms Ba3 CFR, Alters Outlook to Stable
SAINTS TRANSPORT: Enters Administration

SIGNATURE LIVING: Goes Into Administration

                           - - - - -


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F R A N C E
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POSEIDON BIDCO: S&P Assigns Preliminary 'B+' Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' ratings to payment
terminal provider Poseidon BidCo S.A.S. (TSS), and to the proposed
EUR1.05 billion senior secured term loan.

The stable outlook reflects S&P's expectation that TSS' adjusted
debt to EBITDA will be between 5.0x and 5.5x in 2022 and 2023,
coupled with free operating cash flow (FOCF) to debt at about
7%-8%.

In February 2022, Apollo-affiliated investment funds (Apollo funds)
announced the acquisition of TSS through its holding company
Poseidon Bidco, for EUR2.3 billion, including about EUR640 million
of class B shares. The transaction, which we expect will close by
end of September 2022, will be partly funded by a EUR1.05 billion
senior secured term loan and a EUR250 million revolving credit
facility.

TSS is the global market leader for payment terminals. With a large
installed base of about 35 million units, TSS ranks No. 1 globally
for payment terminals with a 24% market share (excluding mobile
POS) in 2020 (in POS shipment volumes), well ahead of competitors
Verifone (15%), Pax (10%), and other smaller Asia-based players.
The company benefits from a broad, high-quality product portfolio
it has developed over the years that covers all market segments.
TSS charges a price premium compared with Asian players thanks to a
focus on high-end terminals, and continuous investments in new
products, including 2,500 of its own applications (including 1,100
certified payment apps that provide some differentiation, with
strong integration in local payment markets) and leadership in
patents. As a result, its market share is even higher in terms of
revenue, at about 30%-35%, compared with 25%-30% for Verifone and
15%-20% for Pax. However, TSS has been facing continuous price
erosion both due to pricing pressure from Asian players entering
the market with Android terminals and a changing product mix, with
a growing portion of cheaper mobile POS (mPOS).

TSS' operations in the POS terminals industry benefit from high
barriers to entry. The payment terminal industry is characterized
by high barriers to entry given security and certification
requirements, since new entrants need to get certifications for the
products to comply with the local regulations. As a result, the
customer base is very sticky, and TSS has long-term relationships
with customers (more than five years, with 90% of its top 30
clients) and some of the largest banks and acquirers contribute
about 65% of its revenue. This is partly because switching costs
for merchants that would like to opt for another terminal provider
are high, hence there's little incentive to switch to a
competitor.

Well-diversified geographic presence and modest customer
concentration. TSS is a global player generating about 40% of its
revenue from Europe, Middle East, and Africa (EMEA), 25% from North
America, 14% from Latin America, 12% from Asia-Pacific, and 10%
from China. This also bolsters its relationship with global retail
chains that require services in multiple countries. Overall, TSS
also has modest customer concentration, with the top 10 customers
representing about 25% of revenues, Worldline being the largest
with 7%. To maintain this relationship, TSS has entered a five-year
agreement, including certain volume commitments with Worldline that
corresponds to a material proportion of Worldline's need for
terminals and related services purchases.

TSS' strategy to transition from hardware into service and software
revenue will reduce revenue volatility and drive growth. TSS has
been gradually increasing its recurring revenue to about 19% in
2021 and targets over 35% by 2026 due to several initiatives. S&P
believes that these will somewhat address the inherent volatility
TSS faces due to a one-time payment model sale of its terminals
that severely affected its operations in both 2020 and 2021 when
shipments declined due to lockdowns and supply chain issues. In
addition, more recurring revenues will also drive TSS' revenue and
profitability growth by providing innovative complementary software
services. The three main initiatives supporting more recurring
revenues consists of:

-- Android hardware + software (HW+SW) model, where TSS offers
complementary software services on its Android terminals and,
instead of a large upfront payment, it receives a relatively
smaller initial fee for the terminal but annual contracted revenues
for software over the terminal life of five years.

-- Terminal as a service (Taas), whereby TSS provides
hardware-related services (logistics, customization, field
services, repairs and help desk) for a monthly fee.

-- Launched in 2022, Payment Platform as a service (PPaas) is a
payment platform developed by TSS. It provides an integrated
solution to all parts in the payment ecosystem, including payment
service providers, independent software vendors, and value-added
service providers. The platform is designed to provide "plug and
play" connectivity, POS integration, and certifications on a global
scale, and to remove complexity, solving main issues faced by
participants in the ecosystem. It will contribute to TSS' software
service revenue.

S&P said, "We expect the POS market will remain stable. After
peaking in 2019, POS shipment volumes declined severely during 2020
due to lockdowns across the globe and even further in 2021 and the
first months of 2022 mainly due to supply chain issues. We expect
shipment volumes to partially recover in the second half of 2022
and stabilize (not yet back to highest levels) over the next
two-to-three years. We believe that future growth will be driven by
more noncash transactions driven by regulatory and government
initiatives (digitalization and anti-tax evasion), technological,
and security update requirements (contactless, payments with
different types of cards or means including smartphones) even as
e-commerce abounds."

TSS is exposed to technology risks. TSS is also exposed to the key
risk that new technologies could reduce or even replace the need
for terminals, for example, fewer in-store purchases due to
e-commerce. However, S&P expects that in-store purchases will
continue to grow, although more slowly than e-commerce purchases.
The rapid evolution of new payment methods requiring no traditional
terminals (primarily because apps have turned smartphones into POS
terminals, and smartphones can accept payments via a card or
another smartphone) could also create technology risks for TSS.
However, alternative devices/applications (mPOS and softPOS) are
mainly used by smaller merchants, and often for few products.
Therefore, S&P thinks they are more an alternative to cash payment.
Furthermore, alternative payment methods using smartphones or
tablets using static QR codes still require a terminal. Therefore,
the potential removal of terminals is more a medium- or long-term
risk. TSS also is positioned well in softPOS as it continues to
focus on software-based services as a growth area.

S&P said, "We expect TSS' margins to remain low in 2022 and 2023 as
it adopts a deferred revenue model and rolls out its cost-saving
initiatives.We expect TSS' S&P Global Ratings-adjusted EBITDA
margins to decline to 16%-17% in 2022 and 2023 from about 20% in
2021. This is partly because the company is in the process of
adopting a deferred revenue model strategy that will lower its
short-term profitability. In addition, inflationary pressure on
component prices in the first half of 2022 have had some impact on
margins, but we expect this will be gradually offset by price
increase on new terminals in the second half of the year. At the
same time, TSS has also identified several cost-saving
opportunities, and expects to realize EUR40 million in run-rate
cost savings by 2024 and EUR53 million by 2026. Some of the main
opportunities include enhancing processes, hardware services
optimization, centralizing key spending categories, and digital
transformation. To achieve these, we expect TSS to incur
restructuring costs of about EUR12 million in 2022 and another
EUR30 million in 2023, thus hampering its EBITDA margin."

Worldline will remain a minority owner in TSS, and under Apollo
funds TSS will maintain S&P Global Ratings-adjusted leverage of
above 5.0x. Worldline has agreed to a selling price of EUR2.3
billion for TSS, of which EUR1.6 billion (including transaction
fees) will be received upfront, EUR72.5 million as deferred equity
payments in 2024 and 2025 and about EUR640 million will be in the
form of rolled over class B shares held by Worldline. TSS common
equity is expected to be fully owned by Apollo funds once the
transaction closes. While the ownership structure is not finalized,
Apollo funds will own more than 75% and Worldline will have about
5% of voting rights and at least 10% economic interest in TSS. S&P
said, "We treat class B shares held by Worldline as equity
given--they cannot be sold unless Apollo funds also divests its
controlling ownership, and they do not carry any fixed coupon or
dividend payments. We expect S&P Global Ratings-adjusted leverage
to remain between 5.0x and 5.5x in 2022 and 2023."

S&P said, "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. 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.

"The stable outlook reflects our expectations that TSS' revenues
will grow following its move toward more recurring revenues, and
that adjusted debt to EBITDA will be between 5.0x and 5.5x in 2022
and 2023, coupled with FOCF to debt above 7.0%.

"We could lower the rating if operating performance is weaker than
expected over the next 12 months. This could occur for instance due
to a weaker revenue trajectory caused by competitive pressure, or
higher-than-expected restructuring costs, which would raise
leverage to over 5.5x sustainably, and if we do not see sufficient
progress under the company's transformation strategy to
successfully grow recurring revenue toward 35%. Additionally, we
could allow leverage to increase temporarily up to 6.0x if
operating performance is strong, resulting in FOCF to debt
remaining above 7.5%.

"Rating upside is unlikely over the next 12 months, but we could
consider an upgrade over the longer term if the company deleverages
below 4.5x, with FOCF to debt exceeding 10%."

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

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




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I R E L A N D
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BARINGS EURO 2018-2: Moody's Affirms B2 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Barings Euro CLO 2018-2 Designated Activity
Company:

EUR8,000,000 Class B-1A Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 24, 2020 Affirmed Aa2
(sf)

EUR10,000,000 Class B-1B Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 24, 2020 Affirmed Aa2
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Jun 24, 2020 Affirmed Aa2 (sf)

EUR13,300,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jun 24, 2020
Affirmed A2 (sf)

EUR15,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jun 24, 2020
Affirmed A2 (sf)

EUR18,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on Jun 24, 2020
Confirmed at Baa2 (sf)

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

EUR229,000,000 Class A-1A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 24, 2020 Affirmed Aaa
(sf)

EUR5,000,000 Class A-1B Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Jun 24, 2020 Affirmed Aaa (sf)

EUR14,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 24, 2020 Affirmed Aaa
(sf)

EUR30,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jun 24, 2020
Confirmed at Ba2 (sf)

EUR12,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jun 24, 2020
Confirmed at B2 (sf)

Barings Euro CLO 2018-2 Designated Activity Company, issued in
September 2018, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Barings (U.K.) Limited. The transaction's
reinvestment period will end in October 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1A, B-1B, B-2, C-1, C-2, and D
Notes are primarily a result of the benefit of the shorter period
of time remaining before the end of the reinvestment period in
October 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: EUR396.36m

Defaulted Securities: EUR3.14m

Diversity Score: 60

Weighted Average Rating Factor (WARF): 3014

Weighted Average Life (WAL): 4.66 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.91%

Weighted Average Coupon (WAC): 4.11%

Weighted Average Recovery Rate (WARR): 43.44%

Par haircut in OC tests and interest diversion test: 0.65%

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:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: Once reaching the end of the reinvestment
period in October 2022, 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.

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

BLUEMOUNTAIN EUR 2016-1: Moody's Ups Rating on Cl. F-R Notes to B1
------------------------------------------------------------------
Moody's Investors Service as upgraded the rating on the following
notes issued by BlueMountain EUR CLO 2016-1 Designated Activity
Company:

EUR11,200,000 Class F-R Deferrable Junior Floating Rate Notes due
2032, Upgraded to B1 (sf); previously on Feb 18, 2022 Affirmed B2
(sf)

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

EUR235,200,000 (Current outstanding balance EUR235,104,177) Class
A-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Feb 18, 2022 Affirmed Aaa (sf)

EUR50,000,000 Class B-R Senior Secured Floating Rate Notes due
2032, Affirmed Aa1 (sf); previously on Feb 18, 2022 Upgraded to Aa1
(sf)

EUR26,400,000 Class C-R Deferrable Mezzanine Floating Rate Notes
due 2032, Affirmed A1 (sf); previously on Feb 18, 2022 Upgraded to
A1 (sf)

EUR21,800,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2032, Affirmed Baa1 (sf); previously on Feb 18, 2022 Upgraded
to Baa1 (sf)

EUR25,000,000 Class E-R Deferrable Junior Floating Rate Notes due
2032, Affirmed Ba2 (sf); previously on Feb 18, 2022 Affirmed Ba2
(sf)

BlueMountain EUR CLO 2016-1 Designated Activity Company, issued in
April 2016 and refinanced in April 2018, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by BlueMountain
Fuji Management, LLC. The transaction's reinvestment period ended
in April 2022.

RATINGS RATIONALE

The rating upgrade on the Class F-R Notes is primarily a result of
the improvement of the certain credit metrics of the underlying
pool 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: EUR398.4m

Defaulted Securities: EUR1.5m

Diversity Score: 62

Weighted Average Rating Factor (WARF): 2876

Weighted Average Life (WAL): 4.72 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%

Weighted Average Coupon (WAC): 4.39%

Weighted Average Recovery Rate (WARR): 44.78%

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 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.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

CAIRN CLO IX: Moody's Affirms B2 Rating on EUR12MM Class F Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Cairn CLO IX DAC:

EUR31,500,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Mar 21, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Mar 21, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR23,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Mar 21, 2018
Definitive Rating Assigned A2 (sf)

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

EUR247,500,000 Class A Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Mar 21, 2018 Definitive
Rating Assigned Aaa (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa2 (sf); previously on Mar 21, 2018
Definitive Rating Assigned Baa2 (sf)

EUR24,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Mar 21, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Mar 21, 2018
Definitive Rating Assigned B2 (sf)

Cairn CLO IX DAC, issued in March 2018, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Cairn Loan
Investments LLP. The transaction's reinvestment period ended in
July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2, and C Notes are
primarily a result of the transaction having reached the end of the
reinvestment period in July 2022.

The affirmations on the ratings on the Class A, D, E and F Notes
are primarily a result of the expected losses on the notes
remaining consistent with their current ratings after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralization (OC) levels.

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. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher spread levels than it had assumed at closing.

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: EUR397.3 million

Defaulted Securities: EUR3.6 million

Diversity Score: 51

Weighted Average Rating Factor (WARF): 3005

Weighted Average Life (WAL): 4.4 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.8%

Weighted Average Recovery Rate (WARR): 44.6%

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 and swap provider,
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:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: As the deal has reached its reinvestment
period in July 2022, 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 liquidation agent/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.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.  Moody's
analysed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.



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N E T H E R L A N D S
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SENSATA TECHNOLOGIES: Moody's Rates $500MM Sr. Unsec. Notes 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Sensata
Technologies B.V.'s ("Sensata") planned $500 million senior
unsecured notes offering due 2030. All other ratings for Sensata
and Sensata Technologies, Inc. ("Technologies") are unchanged at
this time including the company's Ba2 corporate family rating,
Ba2-PD probability of default rating, Baa3 senior secured, and Ba3
senior unsecured debt rating. The outlook is stable. The company's
speculative grade liquidity rating of SGL-1 is also unchanged.

This new debt at Sensata will be guaranteed similar to the other
debt of Sensata and Technologies. Sensata plans to use the proceeds
from the notes to redeem, repurchase, or otherwise repay the
company's 4.875% senior notes due 2023 or other existing debt.

Assignments:

Issuer: Sensata Technologies B.V.

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)

RATINGS RATIONALE

Sensata's Ba2 rating reflects the company's good scale in the
specialized and fragmented sensors and controls market and its deep
entrenchment in its customer's products. The company is winning a
significant amount of new business from its differentiated product
offerings in key megatrend areas for its customers in
electrification and insights (providing data insights to
transportation and logistics customers using telematics and asset
tracking devices). Sensata's ratings also reflect the company's
exposure to cyclical end markets, the largest being automotive,
where many customers continue to experience difficult supply
conditions.

Sensata also has a history of leveraging acquisitions and
debt-to-LTM EBITDA is high at around 4.5 times at June 30, 2022.
Moody's expects it to improve and approach 4.0 times over the next
12-18 months driven by topline growth of 4% for 2022 that will
drive profit dollar growth. Sensata has implemented pricing actions
to offset inflationary increases in input costs, but Moody's
continues to expect 2022 profit margin to decline from increasing
investment in electrification and insights and to a lesser extent
supply chain challenges that are softening volumes. Sensata is
expected to have over $350 million of free cash flow in 2022, which
also takes into consideration the 2022 initiation of a dividend.

The stable outlook reflects Moody's expectations that Sensata's
profit dollars will grow and debt-to-EBITDA will approach 4 times
by the end of 2023.

Sensata's SGL-1 speculative liquidity rating is indicative of very
good liquidity, which is largely supported by its large cash
balance of nearly $1.8 billion at June 30, 2022 (pro forma for $219
million of proceeds from the July 2022 sale of Qinex) and Moody's
expectation for free cash flow of over $350 million in 2022. In
addition, substantially all of the company's $750 million revolving
credit facility will be available for borrowing. Moody's does not
expect revolver drawings in the near term due to the company's
large cash balance.

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

The ratings could be upgraded if Sensata can sustain debt-to-EBITDA
below 3.0 times, free cash flow to debt above 15%, and EBITA margin
in excess of 20%.

The ratings could be downgraded if debt-to-EBITDA is sustained
above 4.25 times, free cash flow is below 10%, or
EBITDA-to-interest is below 4.5%. In addition, the rating could be
downgraded with a shift towards more aggressive financial practices
or if there is a material deterioration in liquidity.

The principal methodology used in this rating was Manufacturing
published in September 2021.

Sensata Technologies B.V. and Sensata Technologies, Inc., are
indirect wholly-owned subsidiaries of Sensata Technologies Holding
plc, which is a global manufacturer of sensors and controls
products for the automotive, industrial, HVAC and aerospace
markets. The company's products include sensors measuring
pressure/force/speed, thermal and magnetic-hydraulic circuit
breakers and switches. The company is publicly traded on the NYSE
under the symbol ST.



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T U R K E Y
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LIMAK ISKENDERUN: Moody's Affirms B3 Rating on Sr. Secured Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 rating on the senior
secured notes issued by Limak Iskenderun Uluslararasi Liman
Isletmeciligi A.S. (LimakPort), the concessionaire for the port of
Iskenderun located in the south-east of Turkiye. The outlook
remains stable.

The rating action follows the downgrade of the ratings of the
Government of Turkiye to B3 from B2 with a stable outlook.

RATINGS RATIONALE

LimakPort is exposed to the Turkish sovereign, given the location
of the port, and vulnerable to developments in the domestic
macroeconomic and operating environment.

The rating affirmation recognises LimakPort's solid financial
performance, with revenue supported by demand in overseas markets,
and strong liquidity in the context of its fully amortising debt
structure. The company is not reliant on domestic bank market for
funding, and it continues to have good access to foreign currency
as 78% of its revenue is collected in US dollars.

In 2021, LimakPort's revenue was up 20% and EBITDA increased by 33%
on the previous year. These results were achieved despite a 0.3%
decline in container volumes, which was more than offset by the 16%
growth in general cargo, and lower operating costs supported by
depreciation of Turkish lira. The company's EBITDA of around USD53
million was, however, not sufficient to cover its financial
expenses and capital expenditure. As a result, LimakPort reported a
negative free cash flow of USD7.1 million. Nevertheless, the
company's cash position was boosted by the proceeds from the
issuance of the USD370 million notes. As of end-December 2021,
LimakPort held USD42.3 million in cash and cash equivalents. Its
liquidity was further supported by USD17.7 million in cash held in
reserve accounts, as required by the terms of the debt
documentation.

The port of Iskenderun's throughput has remained strong this year
supporting the company's cash flow generation in the context of
lower investments. As of end-March 2022, LimakPort's liquidity
amounted to USD64.8 million. Scheduled debt repayments are very
limited this year, but they will increase over time, which will
require the company to deliver growth in cash flows to support
these repayments.

Overall, the B3 rating continues to positively reflect (1) the port
of Iskenderun's role as a gateway for Turkish international trade,
with a balanced mix of imports and exports, and fairly good product
diversification; (2) the port's proximity to some of the main
industrial centres in the southeast of Turkiye; (3) the port's
competitive tariffs and regular calls from major shipping lines;
and (4) the significant element of LimakPort's revenue supported by
demand in overseas markets, with 78% of revenue collected in US
dollar. The rating is, however, constrained by (1) its exposure to
Turkiye's political, legal, fiscal and regulatory environment; (2)
a fairly high level of competition, including from Mersin port and
Assan port, with potential for competitive dynamics to change as
Mersin port seeks to expand its capacity; (3) the port's fairly
small size and exposure to container volumes variations, albeit
these have exhibited strong growth since the completion of the
port's major investment programme; and (4) high financial leverage,
which is partially offset by the terms of the senior secured
notes.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that LimakPort will
grow its volumes and earnings, improving its financial metrics and
building financial flexibility ahead of the increasing scheduled
debt repayments. It further reflects the stable outlook on the
sovereign rating of Turkiye.

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

The rating could be upgraded if the sovereign rating of Turkiye was
upgraded. Any upgrade would be also predicated on the visibility
around LimakPort's financial flexibility in the context of the
increasing scheduled debt repayments.

A downgrade of Turkiye's sovereign rating could put a downward
pressure on LimakPort's rating. In addition, downward rating
pressure could arise if container volume growth was to slow down
materially from the historical levels, and the company had not
built enough financial flexibility to accommodate this weaker
performance in the context of its scheduled debt amortisation
profile, or if government-imposed measures were to have an adverse
impact on the company's operations.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Privately Managed
Ports Methodology published in May 2021.

LimakPort is the concessionaire for the port of Iskenderun. The
company was granted a 36-year concession for the operation,
maintenance and development of the port in 2011. In 2021, its
revenue amounted to USD80 million. LimakPort is 80% owned by the
Limak Group, a Turkish conglomerate. The remaining 20% is held by
InfraMed.



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

33 LEGAL: Owed GB1.4 Million at Time of Administration
------------------------------------------------------
John Hyde at The Law Society Gazette reports that a claims
management company specialising in personal injury has gone into
administration following a winding up petition by the tax
authorities.

According to The Law Society Gazette, Manchester-based 33 Legal
Limited had fallen behind in its obligations to HM Revenue &
Customs and owed GBP1.4 million by the time the petition was filed,
according to an insolvency statement.

An update by administrators Leonard Curtis outlined that the
company could not pay its debts and, without an unlikely injection
of working capital, needed to enter a formal insolvency process,
The Law Society Gazette discloses.

The update also reveals that 33 Legal, which began trading in May
2017, was owed around GBP2 million by three connected companies at
the time of its collapse: Exclusive Repair Network, Exclusive Hire
Solutions (dealing with repair and credit hire respectively) and
Exclusive Law Limited, an SRA-registered practice based in
Manchester, The Law Society Gazette states.  All the Exclusive
businesses, as well as 33 Limited, are jointly owned by directors
Andrew Doyle, a solicitor, and Jordan Green, The Law Society
Gazette notes.

The business model of 33 Legal was to refer leads to connected
companies on the basis that a referral fee would be paid upon
completion of the claim.  But the administrators' statement says
that the connected companies are not in a position to make
payments, The Law Society Gazette relays.

In particular, it notes, the legal practice, which owes GBP575,000,
has been "affected by severe delays in the court process since the
commencement of Covid-19 which has resulted in cashflow
difficulties for that business".

The credit hire business was hit by a shortage of new cars during
the pandemic and, more recently, because of the war in Ukraine, The
Law Society Gazette discloses.

Following insolvency proceedings beginning, the 33 Legal business
was marketed for sale in June and received 15 expressions of
interest -- 14 from unconnected parties and one from a connected
party, The Law Society Gazette recounts.  The only offer received
was from the connected party, and the sale was agreed, The Law
Society Gazette states.  The purchaser, whose directors are Doyle
and Green, will pay GBP25,000 for the business over several
instalments, according to The Law Society Gazette.  All 19 members
of 33 Legal's staff have been transferred to the purchaser, The Law
Society Gazette notes.

Administrators said it was unlikely there will be sufficient funds
to enable any form of distribution to unsecured creditors, The Law
Society Gazette relates.


BLACKMORE BOND: Ex-FCA Chief Under Fire Over Handling of Collapse
-----------------------------------------------------------------
Kathryn Gaw at Peer2Peer Finance News reports that the governor of
the Bank of England has come under fire for his handling of the
Blackmore Bond collapse while he was the chief executive of the
Financial Conduct Authority (FCA).

Andrew Bailey was the FCA chief from 2016 until 2020.  Blackmore
Bond went into administration in April 2020 amid allegations of
inappropriate payments and unethical marketing tactics, Peer2Peer
Finance News recounts.

When the company collapsed, GBP46.8 million was owed to investors,
and the administrators warned that thousands would not be refunded,
Peer2Peer Finance News discloses.

However, a BBC Panorama investigation has uncovered evidence that
the FCA was aware of issues at the mini-bond company as early as
2017, Peer2Peer Finance News notes.

A bipartisan group of MPs have now called for an inquiry into the
FCA's handling of the Blackmore Bond, Peer2Peer Finance News
states.

Panorama: The Billion-Pound Savings Scandal was broadcast on Aug.
15 and featured a number of Blackmore victims and finance experts,
Peer2Peer Finance News relates.

According to Peer2Peer Finance News, Paul Carlier, a finance and
banking expert, told Panorama that he first reported his concerns
about the marketing of the Blackmore Bond to the FCA in 2017. He
said his office was next door to the company selling the bond, and
he overheard them using high-pressure "boiler room" sales tactics,
which are banned.

"[The sales people] were literally cold-calling people and
approaching people with an intent to sell them a toxic or worthless
investment product, including the Blackmore Bond," he told BBC
Panorama.

Mr. Carlier contacted the FCA again in 2018 when he learned that
the company was still in operation, escalating his complaint
directly to Mr. Bailey, Peer2Peer Finance News relates.

According to Peer2Peer Finance News, Mr. Carlier added that when he
complained to the FCA about its lack of action, the regulator sent
a response which stated: "However, I consider there was a missed
opportunity to reconsider and act on the intelligence you
provided."  This line had been crossed out.

"Somebody has sought to conceal that," he told the BBC.  "That is
the definition of a cover-up."

The FCA has denied that it attempted to cover up its actions and
said the letter to Mr. Carlier was changed because "further
evidence came to light", notes the report.

Following the Panorama investigation, there have been fresh calls
for regulatory reform, and new criticisms of Mr. Bailey's conduct,
Peer2Peer Finance News discloses.


CEI ELECTRICAL: Administrator Sells Some Assets, Goodwill
---------------------------------------------------------
Darren Slade at Southern Daily Echo reports that nearly 30 jobs
have been saved at an electrical installer which went into
administration after suffering a "significant bad debt" from the
collapsed builder Brymor Construction.

According to Southern Daily, CEI Electrical Limited, based at Hedge
End, was left with the "irrecoverable" debt on top of its existing
problems of falling revenue and rising costs.

Insolvency practitioner SFP said it had sold some assets and
goodwill of CEI Electrical Limited, which installed electrical and
mechanical services for commercial and industrial buildings,
Southern Daily relates.

The sale saved 29 jobs, although other staff were made redundant
before the administration, Southern Daily notes.

CEI was set up in 1991 by owner and managing director Adam Chafe.
Together with wife Colleen, he incorporated it as a limited company
in 1994, and turnover peaked at GBP9.7 million in 2019.

"The company secured a number of favourable framework contracts
with local authorities working as a sub-contractor to Brymor
Construction on fixed price contracts and other regional and
national main contractors," Southern Daily quotes a statement from
SFP as saying.

"But as the pandemic took hold, revenues fell whilst material
supply costs increased, and margins declined during 2020 and 2021.

"To support its cashflow, the previously self-funded firm took
Coronavirus Business Interruption Loans (CBILs).

"Unfortunately, despite this, matters were compounded when the
company's biggest contractor, Brymor Construction, went into
administration.  This caused a significant bad debt to CEI which
was irrecoverable, obliging the directors to make redundancies and
sell assets to reduce overheads."

The directors took professional guidance and considered various
options before deciding on administration, SFP said.

David Kemp and Richard Hunt of SFP were appointed as administrators
on July 19, Southern Daily recounts.

Mr. Kemp said the sale of business and assets had saved a family
business and a "significant number of essential jobs".


ROLLS-ROYCE PLC: Moody's Affirms Ba3 CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Rolls-Royce plc, as well as the company's Ba3 long-term
backed senior unsecured rating. The outlook has been changed to
stable from negative.

The rating action reflects:

The company's improved trading results with free cash flows
approaching breakeven

The pending GBP2 billion repayment of debt from the proceeds of the
company's disposal programme

Expected continued recovery in operating profit and cash flows as
engine flying hours and maintenance shop visits increase within the
Civil Aerospace division

Moody's has also affirmed the (P)Ba3 rating on the company's backed
senior unsecured Euro Medium Term Notes (EMTN) programme, the Ba3
rating of the backed senior unsecured notes issued under the EMTN
programme, and the company's Ba3-PD probability of default rating.

RATINGS RATIONALE

The company's Ba3 CFR reflects: 1) high barriers to entry given the
critical technological content of the company's engines; 2)
expected growth as the commercial aerospace market continues to
recover from the pandemic, alongside solid prospects across Defence
and Power Systems divisions; 3) the strong performance of the
company's Trent XWB and Trent 7000 engine programmes which
represent the majority of future orders and installed engine base;
4) the strategic importance of the company to UK defence
capabilities and to the aerospace supply chain; and 5) the
company's commitment to a conservative financial profile.

The rating also reflects: 1) uncertainty over the recovery profile
of the company's profits and cash flows; 2) supply chain
constraints and inflation pressures which may restrict the ability
of the company to grow and affect profit margins; 3) a degree of
concentration risk with reliance on a small number of commercial
aerospace engines for widebody aircraft; 4) a weakening economic
environment alongside uncertainty over the relaxation of travel
restrictions in Asia which may impact the pace of recovery of
commercial aviation; 5) longer-term strategic challenges to
maintain a competitive position on future large commercial
aero-engine programmes and to achieve profitable growth in small
modular nuclear reactors and other new business segments.

Rolls-Royce reported free cash outflow of GBP125 million in the
first half of 2022, after exceptional cash flows, compared to an
outflow of close to GBP1.5 billion in the first half of 2021. The
improvement of approximately GBP1.3 billion was driven by a
recovery in its commercial engine flying hours (EFH), to around 60%
of 2019 levels, compared with 43% in the prior period, alongside an
improvement in working capital movements and lower exceptional and
other costs. Moody's expects cash flows to be maintained at around
breakeven for the full year, with further growth in EFH partially
offset by higher cash costs from increasing engine shop visits.
Improvement in underlying cash flows is expected to continue in
2023 and beyond as EFH recover towards 2019 levels, although
adverse working capital movements of GBP300 million relating to
concession movements on deliveries of Boeing 787 aircraft will
likely impact cash flows in 2023.

Rolls-Royce's company-adjusted operating profit of GBP125 million
in the first half of 2022 benefited from GBP219 million of contract
catch ups on long term service agreements, although trading was
also adversely impacted by a relatively slow ramp up in engine shop
visits, which are expected to accelerate in the second half. There
remains uncertainty over the timing of recovery in revenues and
profitability, depending particularly on the degree of relaxation
of travel restrictions in China which represented around 17% of
pre-pandemic EFH.

Rolls-Royce has a substantial degree of cost pass-through
protection in its contracts, including inflation indexation within
its Civil Aerospace long term service agreements. The company is
focusing more of its spend with leading suppliers to optimise costs
and secure supplies, and is also able to divert engineering
resource previously focused on engine fixes towards improving
engine performance and increasing time-on-wing. However a
proportion of cost inflation will be borne by the company, and the
phasing of cost increases, materials hedging and price indexation
is uneven, which results in a relatively high degree of uncertainty
over future profitability.

Rolls-Royce has successfully delivered its targeted disposal
programme, which will achieve approximately GBP1.75 billion of
proceeds, excluding cash retained in disposed businesses, once the
sale of ITP completes in the next few weeks, having received
regulatory clearance. The company has stated that it will apply the
proceeds to repay its GBP2 billion loan partially guaranteed by UK
Export Finance, which will result in total Moody's-adjusted gross
debt reducing to GBP7.0 billion. Accordingly, Moody's forecasts
that the company will reduce Moody's-adjusted leverage to around
5.6x in 2022, and reducing further over the next 12-18 months.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations that Moody's includes in its credit
assessment of Rolls-Royce include: (1) the company adopts a
conservative financial policy targeting reduction in leverage, as
evidenced by the intended debt repayment from disposal proceeds;
(2) the company is listed on the London Stock Exchange and reported
that during 2021 it was compliant with the UK 2018 Corporate
Governance Code; and (3) Rolls-Royce's complex business model and
financial reporting is a significant challenge in understanding
financial performance, particularly in relation to profitability on
long-term aftermarket contracts, quality of cash flows, and
adjustments to normalised profits.

LIQUIDITY

Rolls-Royce's liquidity remains substantial. As at June 30, 2022
the company's total liquidity amounted to GBP7.3 billion,
comprising cash of GBP2.8 billion, and GBP4.5 billion of undrawn
credit facilities maturing between January 2024 and March 2026.
There are no material debt maturities prior to 2024 excluding
finance lease obligations. Moody's forecasts the company to
maintain approximately breakeven cash flows over the second half of
2022 and in 2023, with more material cash generation levels
thereafter. Moody's also recognises the need for the company to
maintain high cash balances given seasonal working capital outflows
of GBP0.5 - 1.0 billion and net liabilities on commercial aerospace
long term service contracts of GBP6.7 billion.

STRUCTURAL CONSIDERATIONS

The company's EMTN programme is rated (P)Ba3, and its backed senior
unsecured notes issued under this programme are rated Ba3, in line
with the corporate family rating. This reflects their pari passu
ranking with the rest of the company's debt facilities.

OUTLOOK

The stable outlook reflects Moody's expectations that the company
will grow its revenues and operating profit over the next 12-18
months as the commercial aerospace market continues to recover from
the pandemic, alongside solid demand in Defence and Power Systems
sectors. The outlook assumes that the company will repay GBP2
billion of its term debt in the coming weeks from disposal
proceeds, and will generate at least break even free cash flows.
The outlook also assumes that the company will maintain a
conservative financial policy targeting further reductions in
leverage and will maintain substantial cash balances of at least
GBP2.0 - 2.5 billion, alongside substantial liquidity.

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

The ratings could be upgraded if:

Moody's-adjusted leverage reduces sustainably towards 5.0x, whilst
maintaining at least GBP2.5 billion cash on balance sheet

Moody's-adjusted free cash flow becomes materially positive

The company demonstrates a track record of strengthening operating
margins and interest coverage metrics

In addition positive rating pressure would require the company to
generate a track record of performance in line with guidance, and
to maintain a conservative financial policy.

The ratings could be downgraded if:

Moody's-adjusted debt / EBITDA increases towards 6.5x, especially
if not sufficiently balanced by cash on balance sheet

Moody's-adjusted FCF / debt remains materially negative

there is a weakening of interest cover metrics or operating
margins

there are signs of a weaker business profile, including a weakening
in the company's market positions, or lower than expected
aftermarket profitability

the company adopts more aggressive shareholder return initiatives
or financial policies

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Rolls-Royce plc

Probability of Default Rating, Affirmed Ba3-PD

LT Corporate Family Rating, Affirmed Ba3

BACKED Senior Unsecured MTN Program, Affirmed (P)Ba3

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

Outlook Actions:

Issuer: Rolls-Royce plc

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in London, England, Rolls-Royce is a leading global
manufacturer of aero-engines, gas turbines and reciprocating
engines with operations in three principal business segments --
Civil Aerospace, Defence and Power Systems. In 2021 the company
reported revenue from continuing operations of GBP11.2 billion and
Moody's-adjusted EBITDA of GBP1.2 billion.

SAINTS TRANSPORT: Enters Administration
---------------------------------------
Carol Millett at MotorTransport reports that Saints Transport has
entered administration after struggling with the impact of the
Covid-19 pandemic on the aviation sector.

The company has appointed Paul Ellison and David Taylor of
Reading-based KRE Corporate Recovery as its administrators,
MotorTransport relates.

The Heathrow-based firm is the largest privately owned air freight
specialist in the UK, employing around 350 staff and operating a
fleet of 200 trucks.  The company also specialises in high value
security loads, temperature controlled transport, hanging garment
carriers, nationwide airside capabilities, art logistics, among
others.



SIGNATURE LIVING: Goes Into Administration
------------------------------------------
Jamie Lopez at LancsLive reports that Preston's long awaited
Shankly Hotel was hit with another major setback after the company
behind it went into administration.

The city centre development had first been planned to open in 2019
only for multiple delays to push it to 2020 and then summer 2021
only for that target to pass as well, LancsLive discloses.  Another
year, seemingly little has progressed and now Signature Living
Preston Ltd, the company behind the hotel, has entered
administration, LancsLive relates.

Matthew Ingram and Michael Vincent Lennon of Manchester-based Kroll
Advisory Ltd were appointed as administrators for the company on
Aug. 5, LancsLive says, citing a filing with the Gazette.

What happens next with the hotel development remains unclear,
LancsLive notes.





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

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

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

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