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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

          Thursday, August 18, 2022, Vol. 23, No. 159

                           Headlines



I R E L A N D

CLONMORE PARK: S&P Assigns B-(sf) Rating to Class F Notes


T U R K E Y

PETKIM PETROKIMYA: Moody's Downgrades Rating to B3, Outlook Stable
YAPI VE KREDI: Moody's Cuts LT Deposit, Sr. Unsec Debt Rating to B3


U N I T E D   K I N G D O M

EVENTS PEOPLE: Enters Voluntary Liquidation
MORGARD COURT: Bought Out Administration, 100+ Jobs Saved
UK: Company Administrations Expected to Rise in 2022
WELCOME TO YORKSHIRE: Unsecured Creditors Set to Lose GBP1.8MM
WORKSMART CONTRACTS: Goes Into Liquidation, 24 Jobs At Risk


                           - - - - -


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I R E L A N D
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CLONMORE PARK: S&P Assigns B-(sf) Rating to Class F Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Clonmore Park CLO
DAC's class A-Notes, A-Loan, B-1, B-2, C-1, C-2, D-1, D-2, E, and F
notes. At closing, the issuer issued unrated subordinated notes.

The reinvestment period will be 4.5 years, while the non-call
period will be 1.5 years after closing.

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

The ratings assigned to the 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 transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with our
counterparty rating framework.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,815.11
  Default rate dispersion                               461.289
  Weighted-average life (years)                            5.29
  Obligor diversity measure                              122.31
  Industry diversity measure                              17.03
  Regional diversity measure                               1.40

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil.  EUR)                           350.00
  Defaulted assets (mil.  EUR)                             0.00
  Number of performing obligors                             153
  Portfolio weighted-average rating
   derived from our CDO evaluator                             B
  'CCC' category rated assets (%)                          1.21
  Actual 'AAA' weighted-average recovery (%)              34.84
  Actual weighted-average spread (%)                       3.97
  Actual weighted-average coupon (%)                       4.08

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio will be well-diversified on the
effective date, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the  EUR350 million par amount,
the actual weighted-average spread of 3.97%, the covenanted
weighted-average coupon of 3.90%, and we have assumed
weighted-average recovery rates, at all rating levels, in line with
the recovery rates of the actual portfolio presented to us. 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."

The transaction has a reinvestment target par adjustment, which is
capped at  EUR3 million, any par leakage could have a negative
ratings effect on the junior rated classes.

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under S&P's current counterparty criteria.

S&P said, "Following the application of our structured finance
sovereign risk criteria, we consider the transaction's exposure to
country risk to be limited at the assigned ratings, as the exposure
to individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1, B-2, C-2, and D-1 notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes. The
class A-Loan, A-Notes, C-1, D-2, and E notes can withstand stresses
commensurate with the assigned ratings. In our view the portfolio
is granular in nature, and well-diversified across obligors,
industries, and asset characteristics when compared to other CLO
transactions we have rated recently. As such, we have not applied
any additional scenario and sensitivity analysis when assigning
ratings on any classes of notes in this transaction.

"For the class F notes, our credit and cash flow analysis indicates
a negative cushion at the assigned rating. Nevertheless, based on
the portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and recent
economic outlook, we believe this class is able to sustain a
steady-state scenario, in accordance with our criteria." S&P's
analysis reflects several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that has 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 (BDR) at the 'B-'
rating level of 23.78% (for a portfolio with a weighted-it was  to
consider a long-term sustainable default rate of 3.1% for 5.29
years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

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

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

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.

S&P said, "Until the end of the reinvestment period on February
2027, 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 compares
that with the default potential of the current portfolio 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.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-Notes, A-Loan, B-1, B-2, C-1, C-2, D-1, D-2, E, and F notes.

"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-Notes 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."

Clonmore Park CLO is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by sub-investment grade borrowers.
Blackstone Ireland Ltd. will manage the transaction.

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:
production of biological, nuclear, chemical or similar
controversial weapons, anti-personnel land mines, or cluster
munitions; the production or trade in any product or activity
deemed illegal under international law or the local law of the
obligor; or the trade in cannabis. More than 5% revenue from
tobacco, oil and gas production, coal extraction, or harmful
activities affecting animal welfare. More than 10% revenue from
trade in weapons or firearms. More than 20% revenue from trade in
pornography or prostitution. More than 10% revenue from hazardous
chemicals, pesticides and wastes, ozone-depleting substances;
predatory or payday lending activities; or opioids. More than 10%
electricity from thermal coal. Activities that are in violations of
the UNGC Ten Principles. 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, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

Environmental, social, and governance (ESG) corporate credit
indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."

  Corporate ESG Credit Indicators

                               ENVIRONMENTAL  SOCIAL   GOVERNANCE

  Weighted-average credit indicator*  2.05     2.14     2.88

  E-1/S-1/G-1 distribution (%)        0.86     0.00     0.00

  E-2/S-2/G-2 distribution (%)       78.06    75.27    16.25

  E-3/S-3/G-3 distribution (%)        4.84     4.92    63.23

  E-4/S-4/G-4 distribution (%)        0.00     3.57     1.99

  E-5/S-5/G-5 distribution (%)        0.00     0.00     2.29

  Unmatched obligor (%)              16.24    16.24    16.24

*Only includes matched obligor


  Ratings List

  CLASS     RATING     AMOUNT     SUB (%)     INTEREST RATE*
                    (MIL.  EUR)

  A-Notes   AAA (sf)    60.000    40.50   Three/six-month EURIBOR
                                          plus 1.70%

  A-Loan    AAA (sf)   148.250    40.50   Three/six-month EURIBOR
                                          plus 1.70%

  B-1       AA (sf)     27.125    29.00   Three/six-month EURIBOR
                                          plus 3.68%

  B-2       AA (sf)     13.125    29.00   4.25%

  C-1       A+ (sf)     14.500    24.86   Three/six-month EURIBOR
                                          plus 4.29%

  C-2       A (sf)       6.500    23.00   Three/six-month EURIBOR
                                          plus 4.55%

  D-1       BBB (sf)    15.750    18.50   Three/six-month EURIBOR
                                          plus 6.09%

  D-2       BBB- (sf)    6.125    16.75   Three/six-month EURIBOR
                                          plus 6.38%

  E         BB- (sf)    15.500    12.32   Three/six-month EURIBOR
                                          plus 8.62%

  F         B- (sf)     11.000     9.18   Three/six-month EURIBOR
                                          plus 11.02%

  Sub       NR          23.000      N/A   N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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




===========
T U R K E Y
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PETKIM PETROKIMYA: Moody's Downgrades Rating to B3, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of seven
non-financial corporates domiciled in Turkiye and changed the
outlook to stable.

The rating actions follow the weakening of the Turkish government's
credit profile, as captured by Moody's recent decision to downgrade
Turkiye's government bond ratings to B3 from B2 and change the
outlook to stable from negative. Moody's also lowered Turkiye's
foreign currency bond ceiling to B3 from B2.

Moody's has downgraded the ratings of the following seven Turkish
corporates to B3 from B2 with stable outlooks:

Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir)

Koc Holding A.S. (Koc Holding)

Ordu Yardimlasma Kurumu (OYAK)

Petkim Petrokimya Holding A.S. (Petkim)

Turkcell Iletisim Hizmetleri A.S. (Turkcell)

Turkiye Petrol Rafinerileri A.S. (Tupras)

Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam)

Moody's has also repositioned the national scale corporate family
rating of Erdemir to A3.tr from A2.tr to reflect the mapping of
Global Scale Ratings to National Scale Ratings.

A List of Affected Credit Ratings is available at
https://bit.ly/3pqREn8

RATINGS RATIONALE

The rating actions on these corporates are a direct consequence of
the downgrade of the Government of Turkiye and the lowering of
Turkiye's foreign currency bond ceiling, both to B3. As a result,
corporates which were previously constrained at the B2 ceiling are
now constrained at B3. The stable outlooks continue to reflect the
stable outlook on the sovereign rating.

Most rated corporates continue to have prudent financial policies,
adequate liquidity, moderate leverage and strong business profiles
which in some cases is supported by geographic diversification
outside of Turkiye or export revenues. However, their ratings are
constrained by the foreign currency bond ceiling because these
companies are materially exposed to Turkiye's political, legal,
fiscal and regulatory environment.

For Petkim, the downgrade of the ratings to B3 from B2 also
reflects the weakening in the company's liquidity ahead of its
January 2023 $500 million notes maturity, which is a Governance
consideration under Moody's ESG methodology. While Petkim had $437
million in cash as of the end of June 2022, this will not be
sufficient to repay the company's $500 million notes, capital
spending of around $220 million and working capital movements.
Nevertheless, the B3 CFR and stable outlook assume that Petkim will
roll-over its working capital facilities and the notes will be
refinanced by receiving timely support from its majority
shareholder, State Oil Company of the Azerbaijan Republic (SOCAR,
Ba1 stable) ahead of the notes' maturity. The rating assumes that
SOCAR has both the willingness and capacity to support Petkim.
SOCAR continues to see Petkim as a strategic investment that aligns
with its objective to establish itself as a major industrial
investor in Turkiye. In addition, SOCAR has a cross-default clause
in its documentation related to SOCAR's subsidiaries, including
Petkim's outstanding borrowings. This rating action concludes the
review that was initiated on Petkim on June 16, 2022.

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

The ratings of the above listed companies could be upgraded if
Turkiye's foreign-currency bond ceiling is raised. This would also
require no material deterioration in the companies' operating and
financial performance, market positions and liquidity.

Their ratings could be downgraded in case of a further downgrade of
Turkiye's sovereign rating and a lowering of the foreign-currency
bond ceiling. In addition, downward rating pressure could arise if
there are signs of a deterioration in liquidity or if government
imposed measures were to have an adverse impact on corporate credit
quality.

In addition, the following company specific rating guidance
applies.

PETKIM

Absent sovereign considerations, positive pressure on the rating
would require a strengthening of Petkim's liquidity position
including significantly reduced reliance on short-term facilities.
An upgrade would also require credit metrics to remain well
positioned for a B2 rating such that adjusted gross debt/EBITDA is
sustained below 4.0x through the commodity cycle.

Downward pressure on the rating could occur if Petkim's liquidity
position weakens and if the company is not able to secure funding
ahead of its January 2023 notes maturity in a timely manner.

PRINCIPAL METHODOLOGY

The principal methodologies used in rating Turkcell Iletisim
Hizmetleri A.S. were Telecommunications Service Providers published
in January 2017.

YAPI VE KREDI: Moody's Cuts LT Deposit, Sr. Unsec Debt Rating to B3
-------------------------------------------------------------------
Moody's Investors Service has downgraded the foreign-currency
long-term deposit ratings of 10 banks in Turkiye and the
foreign-currency long-term senior unsecured debt ratings of seven
banks. At the same time, Moody's has affirmed the Baseline Credit
Assessments (BCAs) and Adjusted BCAs of 16 Turkish banks. The
outlooks on the long-term deposit, senior unsecured debt and issuer
ratings - where applicable - of 16 banks were changed to stable
from negative. At the same time, Moody's has placed on review for
upgrade the long-term ratings of Sekerbank T.A.S. (Sekerbank).

A List of Affected Credit Ratings is available at
https://bit.ly/3STQHkN
The rating action follows Moody's downgrade of the Government of
Turkiye's bond rating to B3 with stable outlook from B2 with
negative outlook, which also resulted in the lowering of the
ceilings for foreign-currency to B3 from B2 and local-currency to
B1 from Ba3.

RATINGS RATIONALE

Moody's affirmation of  the BCAs of 16 Turkish banks reflects the
rating agency's view that operating conditions faced by Turkish
banks remain challenging. Nevertheless, these difficulties are
captured by the Very Weak + macro profile of Turkiye and countered
by relatively resilient financial metrics. Bank-specific
considerations are given later in this press release.

The Very Weak + macro profile incorporates the rising pressures on
Turkiye's balance of payments position with potential further
weakening of the country's foreign-currency reserves position and
the authorities' increasingly unorthodox policy measures, which
have not yet succeeded in stabilising the currency. The macro
profile also captures unpredictable policymaking that has resulted
in very high inflation, the weak credibility of the central bank,
low investor confidence and the banking system's still significant
levels of short-term wholesale foreign-currency funding and
foreign-currency deposits, which are equivalent to 45% of total
liabilities of the banking sector.

Despite these challenges the macro profile takes into account the
fact that there has been some improvement in Turkish banks' funding
and liquidity profiles. Reliance on short-term wholesale foreign
funding has reduced to USD59 billion at end-May 2022 from USD75
billion at end-December 2018, while at the same time foreign
currency liquidity has increased (USD104 billion at end-May 2022).
Moody's also notes that Turkish banks have continued to maintain
access to the syndicated loans market throughout the coronavirus
pandemic and periods of heightened risks with respect to domestic
and global operating conditions.  

The rating agency also highlighted the relatively resilient
performance of the Turkish banks, despite the challenging operating
environment. Turkish banks have reported improvements in
profitability in recent quarters  primarily driven by robust
business volumes, strong income from investments in Turkish
government securities and widening margins. Internal capital
generation continues to support Turkish banks' capital levels. In
addition, there has been only a limited increase in the nominal
stock of problem loans. However, banks' asset quality remains
vulnerable to an eventual deterioration in borrower repayment
capacity given Turkiye's very high inflation and the consistent
deterioration in the value of the Turkish lira. The banks' BCAs
adequately balance these downside risks against their liquidity and
capital buffers.

ADJUSTED BCAS AFFIRMED DUE TO UNCHANGED UPLIFT FROM AFFILATE
SUPPORT

A number of Turkish banks are owned by overseas banking groups
which benefits their ratings via the inclusion of affiliate
support. Moody's sees this support as unchanged.

Consequently the Adjusted BCAs of five banks were affirmed. The
Adjusted BCAs of Alternatifbank A.S. (Alternatifbank), Denizbank
A.S. (Denizbank) and HSBC Bank A.S. (Turkey) (HSBC Turkey) benefit
from three notches of uplift, while the Adjusted BCAs of QNB
Finansbank A.S. (QNB Finansbank) and Turk Ekonomi Bankasi A.S.
(TEB) benefit from two notches of uplift. The difference in uplifts
reflects the differences in relative creditworthiness between
parents and subsidiaries, as well as the rating agency's
expectations of extraordinary support in case of need.

DOWNGRADE OF LONG-TERM DEPOSIT, ISSUER AND SENIOR UNSECURED DEBT
RATINGS

PROBABILITY OF GOVERNMENT SUPPORT IS UNCHANGED WHILE CAPACITY TO
PROVIDE SUPPORT HAS WEAKENED, DRIVING DEPOSIT RATING DOWNGRADES

The downgrade of Turkiye's bond rating to B3 from B2 marks a
reduction in the government's capacity to support its banks, even
though Moody's expectations of the probability of such support is
unchanged.

The lower sovereign rating led to a one-notch downgrade of the
long-term deposit ratings of T.C. Ziraat Bankasi A.S. (Ziraat Bank)
and Turkiye Vakiflar Bankasi T.A.O. (VakifBank).

The ratings of four banks - Turkiye Garanti Bankasi A.S. (Garanti
BBVA), Akbank T.A.S. (Akbank),Yapi ve Kredi Bankasi A.S.(YapiKredi)
and Export Credit Bank of Turkiye A.S. (EXIM Bank) - that
previously benefited from one-notch of uplift from government
support no longer receive any uplift as their long-term deposit and
issuer ratings - where applicable - are now in line with Turkiye's
long-term issuer rating at B3. As a result, long-term deposit and
issuer ratings - where applicable - of these banks were downgraded
by one notch.  

DEPOSIT RATINGS DOWNGRADED OWING TO LOWER SOVEREIGN CEILINGS

Following the downgrade of the sovereign rating to B3 from B2
Moody's also lowered Turkiye's foreign-currency country ceiling to
B3 from B2 and local-currency ceiling to B1 from Ba3.

As a consequence, the long-term foreign-currency deposit ratings of
five Turkish banks were downgraded and are constrained at the
foreign-currency country ceiling. These banks are: QNB Finansbank,
Denizbank, TEB, HSBC Turkey and Alternatifbank.

STABLE OUTLOOK

The long-term deposit, issuer and senior unsecured ratings - where
applicable - of all the Turkish banks rated by Moody's, except
Sekerbank, now have a stable outlook. This is in line with the
stable outlook on the sovereign rating. The outlook balances
resilience of the Turkish banks' performance and solvency profiles
against the persistently challenging domestic operating
environment.

REVIEW FOR UPGRADE OF SEKERBANK'S LONG-TERM RATINGS

In contrast to the general trend, Moody's placed all of Sekerbank's
ratings, except short-term ratings, on review for upgrade
reflecting the material idiosyncratic improvements in the bank's
solvency profile following the improvements in the bank's asset
quality and profitability metrics over the last three years.

Following a major loss in 2019 due to a spike in loan loss charges,
Sekerbank's profitability has now substantially recovered.
Sekerbank's strengthening profitability is underpinned by its
established and growing domestic franchise coverage in Turkiye,
reflected in the considerable extent of retail deposits as a
portion of deposits at 72% of total deposits and the granularity of
the bank's deposit base, which compares favorably with Turkish
banking sector average and underpins the bank's strong net interest
margin of 4.9% in 2021.

The rating agency's review for upgrade of Sekerbank will also
consider the sustainability of asset quality improvements reflected
in the decline in the bank's problem loans to gross loans to 5.4%
as of June 2022 (December 2019: 13.4%). The improvement was
underpinned by the bank's enhanced risk monitoring and management
practices following the spike in problem loans in 2019.
Nevertheless, Moody's notes that the bank's current problem loans
ratio is still above the Turkish banking sector average and the
bank has a high exposure to the SME sector at 56% of total loans.

Moody's expects the problem loans ratio to increase, which could
also weaken the bank's profitability due to higher expected credit
losses, driven by challenges in the operating environment stemming
constraining borrower repayment capacity given Turkiye's very high
inflation and consistent weakening in the value of the lira.

BANK SPECIFIC CONSIDERATIONS

Akbank T.A.S. (Akbank)

Moody's affirmed the BCA and Adjusted BCA of Akbank at b3 and
downgraded the long-term foreign-currency and local-currency
deposit ratings and the foreign-currency senior unsecured debt
rating to B3 from B2.

Akbank's b3 BCA reflects the bank's resilient core capital,
profitability and provisioning coverage against problem loans
offset by high asset risk in a very weak operating environment and
significant reliance on market funding.

Moody's assessment of a high probability of government support now
results in no uplift, from one-notch previously for Akbank's
ratings, reflecting Turkiye's lower issuer rating of B3, which is
at the same level as the bank's standalone BCA.

Alternatifbank A.S. (Alternatifbank)

Moody's affirmed the BCA of Alternatifbank at caa1, the Adjusted
BCA at b1 and long-term local-currency deposit rating at B1. At the
same time, Moody's downgraded the bank's long-term foreign-currency
deposit rating to B3 from B2.

Alternatifbank's BCA is driven by modest profitability and
capitalisation and moderate problem loans, mitigated by robust
liquidity and the benefit of parental funding.

Alternatifbank's b1 Adjusted BCA reflects a three-notch uplift from
the bank's caa1 BCA based on Moody's assumption of very high
probability of affiliate support from The Commercial Bank
(P.S.Q.C.) (CBQ, A3 Stable, ba1), based on the close brand
affiliation of the two banks, 100% ownership and Alternatifbank's
status as a material subsidiary of CBQ.

The downgrade of Alternatifbank's long-term foreign-currency
deposit rating was driven by Turkiye's lower foreign currency
ceiling at B3.

Denizbank A.S. (Denizbank)

Moody's affirmed the BCA of Denizbank at caa1, the Adjusted BCA at
b1 and long-term local-currency deposit rating at B1. At the same
time, Moody's downgraded the bank's long-term foreign-currency
deposit rating to B3 from B2.

The standalone BCA of caa1 is driven by Denizbank's relatively weak
asset quality in a challenging operating environment. At the same
time the bank's BCA is supported by robust liquidity and capital
and high loan loss coverage.

Denizbank's b1 Adjusted BCA reflects a three-notch uplift from the
bank's caa1 BCA based on Moody's assumption of very high
probability of affiliate support from Emirates NBD PJSC (ENBD, A2
stable, baa3), based on 100% ownership and Denizbank's status as a
material and strategically important subsidiary of ENBD.

The downgrade of Denizbank's long-term foreign-currency deposit
rating was driven by Turkiye's lower foreign-currency ceiling at
B3.

Export Credit Bank of Turkiye A.S. (EXIM Bank)

Moody's affirmed the BCA of EXIM Bank and the Adjusted BCA at b3.
At the same time, Moody's downgraded the long-term foreign-currency
and local-currency issuer ratings to B3 from B2.

Turk EXIM Bank's b3 BCA is driven by modest profitability and
significant reliance on wholesale funding in a weak operating
environment, mitigated by negligible problem loans and moderate
capitalisation.

Moody's assessment of a very high probability of government support
now results in no uplift, from one-notch previously, for EXIM
Bank's deposit ratings, reflecting Turkiye's lower issuer rating of
B3.

HSBC Bank A.S. (Turkey) (HSBC Turkey)

Moody's affirmed the BCA of HSBC Turkey at caa1, the Adjusted BCA
at b1 and long-term local-currency deposit rating at B1. At the
same time, Moody's downgraded the long-term foreign-currency
deposit rating to B3 from B2.

HSBC Turkey's caa1 BCA is driven by sound profitability and
liquidity, offset by expected pressure stemming from the very weak
operating environment on the bank's asset quality and its
capitalisation levels.

HSBC Turkey's b1 Adjusted BCA reflects a three-notch uplift from
the bank's caa1 BCA based on Moody's assumption of very high
probability of affiliate support from HSBC Holdings plc (A3 stable,
a3) based on HSBC Turkey's enhanced strategic fit with the group,
following completion of its strategic realignment, as well as its
improved performance and strong brand association.

The downgrade of HSBC Turkey's long-term foreign-currency deposit
rating was driven by Turkiye's lower foreign-currency ceiling at
B3.

Nurol Investment Bank A.S. (Nurol)

Moody's affirmed the BCA and Adjusted BCA of Nurol at caa2 and
affirmed the long-term foreign-currency and local-currency issuer
ratings at Caa2.

Nurol's caa2 BCA is supported by the bank's strong profitability.
This is counterbalanced by the bank's lack of business
diversification, significant borrower and sector concentration
risks, weakened capitalisation and high reliance on market
funding.

The affirmation of Nurol's issuer ratings reflects the affirmation
of the bank's BCA, the fact that these ratings are not constrained
by Turkiye's local-currency and foreign-currency ceilings and the
fact that Moody's assessment of a low probability of government
support results in no uplift for the bank's ratings.

Odea Bank A.S. (Odea)

Moody's affirmed the BCA and Adjusted BCA of Odea at caa1 and
affirmed the long-term foreign-currency and local-currency deposit
ratings at Caa1.

Odea's caa1 standalone BCA reflects high problem loans, relatively
low profitability and modest capitalisation in a very weak
operating environment, only partly mitigated by moderate dependence
on wholesale funding.

The affirmation of Odea's deposit ratings reflects the affirmation
of the bank's BCA, the fact that these ratings are not constrained
by Turkiye's local-currency and foreign-currency ceilings and the
fact that Moody's assessment of a low probability of government
support results in no uplift for the bank's ratings.

QNB Finansbank A.S. (QNB Finansbank)

Moody's affirmed the BCA of QNB Finansbank at b3, the Adjusted BCA
at b1 and the long-term local-currency deposit rating at B1. At the
same time, Moody's downgraded the bank's long-term foreign-currency
deposit rating to B3 from B2.

QNB Finansbank's b3 BCA is supported by the bank's established
franchise in Turkiye, moderate capital ratios and robust
profitability. At the same time, the bank's BCA is constrained by
its relatively weak asset quality, which is pressured further by
the challenging operating environment, and its high reliance on
wholesale funding, although mitigated to some extent by parental
funding.

QNB Finansbank's b1 Adjusted BCA reflects a two-notch uplift from
the bank's b3 BCA based on Moody's assumption of very high
probability of affiliate support from Qatar National Bank (Q.P.S.C)
(QNB, Aa3 stable, baa1) driven by QNB Finansbank's strategic
importance to QNB and greater integration and increasing
significance of QNB Finansbank to QNB.

The downgrade of QNB Finansbank's long-term foreign-currency
deposit rating was driven by Turkiye's lower foreign currency
ceiling at B3.

T.C. Ziraat Bankasi A.S. (Ziraat Bank)

Moody's affirmed the BCA and Adjusted BCA of Ziraat Bank at caa1
and downgraded the long-term foreign-currency and local-currency
deposit ratings to B3 from B2.

Ziraat Bank's caa1 BCA is driven by moderate capital which is
susceptible to a depreciation of the Turkish lira and moderate
profitability in a very weak operating environment, mitigated by a
relatively low stock of problem loans, although expected to
increase, and robust liquidity.

Moody's assessment of very high probability of government support
now results in a one-notch uplift, from two-notches previously, for
Ziraat Bank's deposit ratings, reflecting Turkiye's lower issuer
rating at B3.

Turk Ekonomi Bankasi A.S. (TEB)

Moody's affirmed TEB's BCA at b3, the Adjusted BCA at b1 and the
long-term local-currency deposit rating at B1. At the same time,
Moody's also downgraded the bank's long-term foreign-currency
deposit rating to B3 from B2.

TEB's b3 BCA reflects the bank's sound profitability and parental
funding supporting liquidity. These strengths are moderated by high
asset risk in a very weak operating environment and relatively
modest core capital buffers.

TEB's b1 Adjusted BCA reflects a two-notch uplift from the bank's
b3 BCA based on Moody's assumption of high probability of affiliate
support from BNP Paribas (BNPP, Aa3/Aa3 stable, baa1), based on its
strong brand association and ownership around 70%.

The downgrade of TEB's foreign currency deposit rating was driven
by Turkiye's lower foreign currency ceiling at B3.

Turkiye Garanti Bankasi A.S. (Garanti BBVA)

Moody's affirmed the BCA of Garanti BBVA and the Adjusted BCA at b3
and downgraded the long-term foreign-currency and local-currency
deposit ratings to B3 from B2.

Garanti BBVA's b3 BCA reflects the bank's sound risk management,
strong profitability and capital and relatively lower market
funding balanced against a very weak operating environment.

Moody's assessment low probability of affiliate support from the
parent, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; A2 stable,
baa2), results in no uplift to the bank's ratings.

Moody's assessment of high probability of government support now
results in zero-notch uplift, from one-notch previously, for
Garanti BBVA's deposit ratings, reflecting Turkiye's lower issuer
rating of B3.

Turkiye Halk Bankasi A.S. (Halkbank)

Moody's affirmed the BCA and Adjusted BCA of Halkbank at caa3 and
the long-term foreign-currency and local-currency deposit ratings
at B3.

Halkbank's caa3 BCA is driven by the bank's weak capital,
susceptible to a further depreciation of the Turkish lira, lack of
international market access and governance considerations and legal
risk in a very weak operating environment in Turkiye.

Moody's assessment of very high probability of government support
assumptions provides an unchanged three-notches uplift for
Halkbank's deposit ratings.

Turkiye Is Bankasi A.S. (Isbank)

Moody's affirmed the BCA and Adjusted BCA of Isbank at caa1 and the
long-term foreign-currency and local-currency deposit ratings at
B3.

Isbank's caa1 BCA is driven by moderate consolidated capital and a
relatively elevated stock of problem loans in a very weak operating
environment, mitigated by strong profitability and liquidity.

Moody's assessment of high probability of government support
assumptions provides an unchanged one-notch uplift from the BCA to
Isbank's deposit ratings.

Turkiye Sinai Kalkinma Bankasi A.S. (TSKB)

Moody's affirmed the BCA and the Adjusted BCA of TSKB at caa1 and
long-term foreign-currency and local-currency issuer ratings at
B3.

TSKB's caa1 BCA is driven by the bank's modest capitalisation and
high reliance on wholesale funding in a very weak operating
environment. These are partially offset by the low level of problem
loans, robust profitability and the favorable term structure of the
wholesale funding.

Moody's assessment of high probability of government support
assumptions provides an unchanged one-notch uplift for TSKB's
issuer ratings as previously.

Turkiye Vakiflar Bankasi T.A.O. (VakifBank)

Moody's affirmed the BCA and Adjusted BCA of VakifBank at caa2 and
downgraded the long-term foreign-currency and local-currency
deposit ratings and the senior unsecured debt rating to B3 from
B2.

VakifBank's caa2 standalone BCA is driven by high asset risk, still
moderate capital and high dependence on wholesale funding in a weak
operating environment, only partly mitigated by satisfactory
profitability and strong liquidity.

Moody's assessment of very high probability of government support
now results in two-notches uplift, from three-notches previously,
for VakifBank's deposit ratings, reflecting Turkiye's lower issuer
rating of B3.

Yapi ve Kredi Bankasi A.S. (YapiKredi)

Moody's affirmed the BCA and Adjusted BCA of YapiKredi at b3 and
downgraded the long-term local-currency and foreign-currency
deposit ratings and the senior unsecured debt rating to B3 from
B2.

YapiKredi's b3 BCA is driven by the bank's moderate capital and
relatively high problem loans in a very weak environment, mitigated
by strong liquidity and profitability.

Moody's assessment of high probability now results in zero-notch
uplift, from one-notch  previously, for YapiKredi's deposit
ratings, reflecting Turkiye's lower issuer rating of B3.

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

The ratings could be upgraded  due to a combination of following:
(1) a sustained improvement in the domestic operating environment,
(2) strengthening solvency profiles with resilient asset quality
and strong profitability, (3) further reduction of reliance on
market funding while maintaining the liquidity buffers, or (4) an
upgrade of the government's ratings.

The ratings could be downgraded due to: (1) a further deterioration
in the operating conditions of Turkish banks, including further
currency depreciation and weaker investor confidence, (2) a
material increase in problem loans or a deterioration in
profitability or (3) a further downgrade of the government's rating
or foreign-currency and local-currency ceilings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.



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

EVENTS PEOPLE: Enters Voluntary Liquidation
-------------------------------------------
Telegraph & Argus reports that an events company that put on
large-scale festivals in Bradford has entered voluntary
liquidation.

Events People Limited, which is run by Bradford-born popstar Gareth
Gates, Nicholas Martin and Jonathan Oldroyd, brought The Big 1980s
Festival and Bradford Dance Festival to Odsal Stadium in June,
while The Big Pop Festival was due to run in September, the
Telegraph & Argus discloses.

According to the Telegraph & Argus, a meeting of creditors was held
on July 20 and Simon Weir, of DSI Business Recovery, confirmed he
had been appointed liquidator and the company had been placed in
Creditors' Voluntary Liquidation.

A letter, seen by the Telegraph & Argus, addressed to creditors
from DSI Business Recovery, headed Events People Limited, was sent
on July 6 and said: "The director(s) of the above company, having
regards to its financial position, have decided to commence
liquidation proceedings in order that the company should be wound
up voluntarily."

It added: "It is not anticipated that there will be a distribution
to any class of creditor, due to the paucity of realisable
assets."

Mr. Weir told the Telegraph & Argus: "On the basis of the
information supplied by the directors at the creditors' meeting
there are likely to be insufficient assets available to enable a
distribution to the unsecured creditors in this case."

According to a statement of affairs on Companies House, 16
creditors are owed a total of GBP90,925, the Telegraph & Argus
states.


MORGARD COURT: Bought Out Administration, 100+ Jobs Saved
---------------------------------------------------------
Lauren Phillips at BusinessLive reports that a print company in
Cardiff has been bought out of administration saving more than 100
jobs.

According to BusinessLive, Morgard Court, which trades as Gardners,
one of Europe's biggest large-format print manufacturers, has been
acquired by PFI Group in a pre-pack administration sale.

The company went into administration during the pandemic, but has
now been bought by the Manchester-headquartered firm for
GBP100,000, BusinessLive discloses.

All 102 staff roles at the printing firm have been saved as part of
the deal, BusinessLive notes.

Gardners, which operates in a four-acre leasehold facility in
Avenue Industrial Park in the capital, will continue to be led by
managing director Richard Courtney along with the current
management team, BusinessLive states.

Michael Lennon and Phil Dakin from American corporate investigation
and risk consulting firm Kroll were appointed joint administrators
to manage the firm's assets and sale to the PFI Group, BusinessLive
recounts.

The business had historically been profitable with Gardners' client
base including major brands such as Asda, Wimbledon and Beats by
Dre.

However, the administrators said a decline in the demand for
in-house print sales during the pandemic had impacted margins,
BusinessLive relays.

They added that some of these sales had been replaced with
incremental non-print project work, but the overall impact "further
compounded the cash flow difficulties already faced as a
consequence of cost increases, labour challenges and supply chain
disruptions."


UK: Company Administrations Expected to Rise in 2022
----------------------------------------------------
Kathryn Gaw at Peer2Peer Finance News reports that the number of
company administrations in 2022 is set to rise, but will still be
lower than pre-Covid levels.

According to a new analysis from global risk and financial advisory
Kroll, approximately 895 companies will enter into administration
this year, up from 659 in 2021, Peer2Peer Finance News discloses.
However, administrations are still set to be lower than they were
before the Covid-19 pandemic, Peer2Peer Finance News notes.  A
total of 1,392 companies went into administration in 2019,
Peer2Peer Finance News states.

Kroll noted that UK businesses have been facing a series of
economic headwinds such as rising inflation, supply chain
disruption and a lack of access to finance, Peer2Peer Finance News
relays.

During the month of July, 75 businesses entered administration,
bringing the total number of administrations this year to 522,
Peer2Peer Finance News discloses.

Businesses in the construction sector have been most affected, with
76 administrations in the year to date. Manufacturing, real estate
and the leisure and hospitality sectors have also been highly
affected.

"There is a lot of focus on the health of the economy and the
impact it will have on consumers and businesses," Peer2Peer Finance
News quotes Benjamin Wiles, managing director, restructuring,
Kroll, as saying.

"At current rates, we are expecting to see a lower number of
company administrations this year. Despite the pressures on
companies, there is still a lot of support for business -- through
Covid loans or rate relief -- but also through the support from
creditors, notably HMRC, who have given more leeway and support of
payment arrangements over the last few years."



WELCOME TO YORKSHIRE: Unsecured Creditors Set to Lose GBP1.8MM
--------------------------------------------------------------
Chris Burn at The Yorkshire Post reports that companies and
councils owed money by Welcome to Yorkshire -- including a local
government pension fund -- are set to lose out on more than GBP1
million.

According to The Yorkshire Post, an update from administrators
Armstrong Watson on placing the region's former official tourism
agency into liquidation states that unsecured creditors are set to
receive 40p in the pound -- slightly down from the 43p in the pound
that had been expected when an initial calculation was made in
April.

Unsecured creditors are collectively owed GBP1.8 million, with the
largest being the North Yorkshire Pension Fund with a debt of
GBP1.49 million, The Yorkshire Post discloses.

Under the current calculation, unsecured creditors will only
collectively receive GBP720,000 -- leaving a shortfall of GBP1.08
million, The Yorkshire Post states.

The fund alone would only receive GBP596,000 -- leaving it with a
shortfall of GBP894,000, The Yorkshire Post notes.

The liquidation process may take up to a year to conclude, with
matters that need to be settled before money can be repaid to
creditors including dealing with GBP10,600 believed to belong to
the Welcome to Yorkshire Charitable Trust, refunding advance
payments made by WtY members and confirming the final rental
invoice for the company's offices in Leeds, The Yorkshire Post
states.

According to The Yorkshire Post , Gary Fielding, the treasurer to
the North Yorkshire Pension Fund, Gary Fielding, said the
"unfortunate" situation will not result in any council having to
pay more into it.

"The North Yorkshire Pension Fund has been carefully managed and
will continue to be so," he said.

"Due to this financial diligence, the latest assessment showed that
there are currently GBP900 million of assets above the obligations
of the fund.

"While any situation such as this is unfortunate, the pension fund,
which currently stands at approximately GBP4.6 billion, will be
able to service its obligations.

"It remains in an extremely strong financial position, so
contributors can be confident it is robust now and in the future.

"We have remained in discussions with the administrators of Welcome
to Yorkshire, and we are committed to ensuring that we can recover
the maximum amount of money possible.

"Any shortfall will be countered by the additional money that is
available in the fund. No council which is a member will have to
pay more into the fund."

Welcome to Yorkshire held more than GBP1 million in cash at the
time of its collapse at the start of March following council
leaders deciding they would no longer provide public funding.

In April, a statement of administrator's proposal revealed HM
Revenue and Customs was among those owed money by the original
iteration of Welcome to Yorkshire, The Yorkshire Post relays.

The report said HMRC, which is owed GBP296,000 by Welcome to
Yorkshire for unpaid tax, is to receive GBP290,662 of that sum back
in full after being listed as a preferential creditor -- with the
remaining GBP5,453 falling under the "unsecured creditors" scheme,
according to The Yorkshire Post.


WORKSMART CONTRACTS: Goes Into Liquidation, 24 Jobs At Risk
-----------------------------------------------------------
Paul Behan at Daily Record reports that an Ayrshire business which
boasted a turnover of more than GBP9 million per annum has
collapsed with the expected loss of 24 jobs.

Interior design contractor Worksmart Contracts has plunged into
liquidation after profits sank and directors pulled the plug, Daily
Record relates.

Based in Kilmarnock's Bank Street, with a 24-strong workforce,
Worksmart was a commercial interior fit-out and refurbishment
contractor for clients operating across a wide range of industrial
sectors, including the Scottish Government.

Now Wylie & Bisset, Accountants and Business Advisors, has been
appointed as liquidator of the business, Daily Record discloses.

According to Daily Record, Wylie & Bisset managing partner Donald
McKinnon said: "Following Worksmart's turnover falling from circa
£9m to around £5/6m during the pandemic, the directors have
arrived at the regretful decision to wind up the business as soon
as practicably possible.

"Worksmart's directors have reached the view that the business
cannot continue to trade due to a number of factors; competition is
fierce and profit margins have been squeezed to the extent that the
business is no longer financially sustainable.

"Furthermore, it appears that, in response to Covid, Brexit and the
recession, Worksmart's customers are tightening their purse
strings, with the result that the level of work required to sustain
the business no longer exists."

"Over the past few years, Worksmart has been challenged by several
external factors, including recession, Brexit and, more recently,
the ongoing Covid pandemic," Daily Record quotes Steve Neilson,
managing director of Worksmart Contracts, as saying.

"The consequences of these factors have resulted in persistent cost
increases for the business, including in materials, labour,
utilities, and fuel resulting in the highest inflation rate in over
40 years.

"This increase in business operating costs has been coupled with
recent National Insurance and tax increases.

"The business has also had to cope with significant bad debts owed
to us and, in general, slow payments from some clients over recent
months.

"In parallel to these cost increases, our revenue has been affected
by numerous and consistent client delays, uncertainty and
indecision in starting new project work, and workload has stagnated
in recent months as a result.

"With the ongoing uncertainty in the general economy, we foresee
this trend continuing and our work streams being further reduced
and delayed.

"As a result of these factors, and despite our continued efforts,
we have taken the regretful step to appoint a liquidator to help
manage the situation."



                           *********


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
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