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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

          Tuesday, September 20, 2022, Vol. 23, No. 182

                           Headlines



F R A N C E

BANIJAY GROUP: S&P Raises LongTerm ICR to 'B+', Outlook Stable
GRANITE FRANCE: Moody's Assigns B2 CFR, Outlook Stable


G E R M A N Y

DEUTSCHE LUFTHANSA: S&P Raises Hybrid Bonds Rating to 'CCC+'
SCHAEFFLER AG: Fitch Affirms 'BB+' Rating on Sr. Unsecured Debt
THYSSENKRUPP AG: Egan-Jones Cuts Senior Unsecured Ratings to BB-


I R E L A N D

OZLME IV: Moody's Affirms B2 Rating on EUR12MM Class F Notes


K A Z A K H S T A N

FREEDOM FINANCE: S&P Raises LT ICR to 'B+' on Resilient Earnings


L U X E M B O U R G

ROOT BIDCO: Moody's Rates New EUR387MM Incremental Term Loan 'B2'


N O R W A Y

B2HOLDING ASA: Moody's Gives B1 Rating on New Sr. Unsecured Notes
B2HOLDING ASA: S&P Assigns 'B+' LT Rating on New EUR150MM Bond


R O M A N I A

MAS PLC: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive


S E R B I A

[*] SERBIA: In Talks with IMF Over Financial Assistance


S P A I N

JOYE MEDIA: Moody's Upgrades CFR to B2 & Alters Outlook to Stable


S W E D E N

SAS AB: CEO Optimistic on Chapter 11 Exit After Financing Okayed


U N I T E D   K I N G D O M

CANARY WHARF: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
CROWN UK: Moody's Downgrades CFR to Ca Following Chapter 11 Filing
GFG ALLIANCE: Auditor Resigns From Two UK Steel Businesses
HOPS HILL 2: Moody's Assigns (P)B1 Rating to Class E Notes
HOPS HILL 2: S&P Assigns Prelim. B-(sf) Rating on Class E Notes

ISLAND HARBOUR: Goes Into Administration
LANZET INTERIORS: Goes Into Administration
ROBERT WOODHEAD: Confirms Liquidation, Sacks Majority of Workers
TOWD POINT 2019-GRANITE 4: Fitch Hikes Rating on G-R Debt to BB+
VODAFONE GROUP: Egan-Jones Retains BB+ Senior Unsecured Ratings

[*] UK: Co. Insolvencies in England & Wales Up 43% in August 2022

                           - - - - -


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F R A N C E
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BANIJAY GROUP: S&P Raises LongTerm ICR to 'B+', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Banijay Group SAS (Banijay) to 'B+', its issue rating on its senior
secured notes to 'B+', and its issue rating on its senior
subordinated notes to 'B-'. S&P removed all the ratings from
CreditWatch, where it placed them with positive implications on May
16, 2022.

The stable outlook on Banijay reflects S&P's anticipation that the
company's S&P Global Ratings-adjusted debt to EBITDA will reduce to
less than 5.0x in 2022-2023, while the credit quality of its
ultimate parent LOV Group will also improve.

The upgrade reflects that S&P anticipates Banijay's credit metrics
will strengthen over the next 12 to 18 months, supported by
earnings growth and sound cash flow generation.

S&P said, "We forecast Banijay's adjusted debt to EBITDA will
decrease to about 5.0x in 2022, and toward 4.8x-5.0x in 2023, from
5.7x in 2021. This is because we expect continued strong demand for
Banijay's well-known and long-lived shows, as well as new scripted
and unscripted content, will translate into revenue growth of
5%-10% in 2022 and 1%-3% in 2023. We also think the adjusted EBITDA
margin will continue improving to 14.5%-15.5% in 2022-2023, from
14.2% in 2021. This will reflect topline growth; Banijay's
portfolio, which contains a high share of unscripted shows (about
80%) that have higher margins than scripted shows in the short
term; and the group's ability to largely pass on production cost
increases to customers. In the first quarter of 2022, the group
delivered 21% year-on-year revenue growth and 140 basis point
margin improvement (at a constant currency rate).

"We also anticipate free operating cash flow (FOCF) will improve to
EUR150 million-EUR200 million per year in 2022 and 2023, from about
EUR150 million in 2021. This is spurred by profitability gains and
modest capital expenditure (capex) at about 1%-2%, which will be
only partly offset by working capital outflows, reflecting the
ramp-up in production.

"We continue to factor into our rating on Banijay the strategic
influence of its ultimate parent, LOV Group.In July 2022, Banijay's
immediate parent company FLE listed on the Amsterdam Stock
Exchange. We continue to view LOV Group, which has 72.64% voting
rights in FLE, as the ultimate parent of the wider group and of
Banijay. This is because we think LOV Group has significant
influence over Banijay's and FLE's strategy and financial policy,
Banijay remains one of its two main operating assets (alongside
Betclic), and Banijay will remain fully consolidated in LOV Group's
financial accounts." S&P thinks LOV Group will have material
influence over FLE's strategy and board of directors because:

-- Mr. Stephane Courbit, who controls LOV Group with his family,
is the chairman of FLE's board;

-- Mr. François Riahi, acting as LOV Group's CEO, is also FLE's
CEO; and

-- LOV Group nominates six of the 11 board members (including one
of the board's five independent members).

S&P said, "We acknowledge the presence of minority shareholders in
FLE, the limitations on the use of cash since FLE has publicly
disclosed its financial policy targets, and the restrictions for
LOV Group's representatives to vote on certain financial and
governance matters. However, we note that LOV Group owns earnout
preference shares in FLE, which, if converted into common equity,
could further dilute minority shareholders.

"We expect improvement in Banijay's credit metrics and FLE's
intention to reduce leverage will support leverage reduction at LOV
Group. In our view, LOV Group's credit profile benefits from its
ownership of Banijay and online betting business Betclic through
FLE. We think LOV Group's leverage will reduce in the next two to
three years following leverage reduction at Banijay and FLE, which
have both set out public financial policy targets. We also note the
group's track record of reducing leverage in the past. We forecast
that Banijay--the main operating subsidiary of LOV Group,
accounting for about 75% of consolidated revenue--will reduce
leverage toward its net leverage target of less than 4.0x
(excluding earnout liabilities, which translates into less than
4.5x on an adjusted basis). This assumes Banijay will pay modest
dividends and will not carry out large debt-funded mergers or
acquisitions in the period. We also assume FLE--which makes almost
95% of LOV Group's consolidated revenue--will follow its publicly
communicated financial policy, which assumes reducing its net debt
to EBITDA to 3.0x in the medium term from about 3.5x in 2022. FLE
will benefit from consolidating the fast-growing, lower-leveraged,
and highly cash-generative online betting business Betclic, in
addition to Banijay, and using cash from its listing transaction to
repay about EUR300 million of debt at Betclic and holding levels.
We therefore view LOV Group's credit quality as similar to that of
Banijay, with a group credit profile assessment of 'b+'.

"The stable outlook reflects our view that Banijay's adjusted
leverage will reduce to less than 5.0x and FOCF to debt will
improve to more than 7% by end-2023. This will reflect continued
organic revenue growth and the adjusted EBITDA margin improving
toward 14.5%-15.5% on the back of strong global demand for content
and the company's ability to deliver successful shows. The stable
outlook also factors in our expectation that leverage will reduce
at Banijay's parent, LOV Group."

S&P could lower the rating if Banijay's earnings failed to improve
as expected, and FOCF was weaker than it currently anticipates,
such that adjusted debt to EBITDA remained above 5x. This could
occur if:

-- Banijay's operating performance weakened, for example if
broadcasters and streaming platforms cut their content budgets or
Banijay was unable to deliver successful shows or retain creative
talent. This could lead to its adjusted debt to EBITDA remaining
above 5.0x on a prolonged basis and FOCF to debt falling below 7%.

-- LOV Group's credit quality weakened, for example if it followed
a more aggressive financial policy leading to slower leverage
reduction than it expects.

In S&P's view, an upgrade is unlikely over the next 12 months. Over
the longer term, it could raise the rating if Banijay were to gain
scale and diversity of its operations, improving our view of its
business. The upside would also hinge on the company and its
parent's financial policy focusing on maintaining stronger credit
metrics, as well as on its view of the improving credit quality of
the parent.

ESG credit indicators: To E-2, S-2, G-2; From E-2, S-3, G-2

S&P said, "ESG factors now have no material influence on our credit
rating analysis of Banijay. The COVID-19 pandemic had disrupted the
production business due to social distancing and health and safety
requirements, but Banijay has resumed production worldwide since
2021, and its earnings and cash flows have significantly recovered
since then. The rating on Banijay is capped by our view of the
credit quality of its parent, LOV Group, which we think has
significant influence over Banijay's strategy and financial policy.
However, we factor into our credit rating analysis the group's
largely prudent financial policy and track record of leverage
reduction."


GRANITE FRANCE: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default rating to Granite France Bidco SAS
(Inetum or the company). Concurrently, Moody's has assigned B2
ratings to the company's proposed EUR200 million backed senior
secured revolving credit facility (RCF), EUR433 million backed
senior secured term loan A and EUR350 million backed senior secured
term loan B. The proceeds of the aforementioned term loans will be
used, along with other senior secured debt, to finance a portion of
the acquisition of Inetum SA by Granite France Bidco SAS. The
outlook on the ratings is stable.

"Inetum benefits from an attractive business profile, characterized
by its established position as a multi-local information technology
(IT) and consulting services company with a presence across the IT
services value chain", said Fabrizio Marchesi, Vice
President-Senior Analyst and Moody's lead analyst for the company.
"However, its capital structure is aggressive, with high opening
leverage and low expected free cash flow (FCF) generation. The
rating is weakly positioned in its rating category, which means the
company will need to continue its track record of growth to improve
its financial metrics going forward", added Mr. Marchesi.

RATINGS RATIONALE

Inetum's B2 CFR is supported by 1) an attractive IT market which
benefits from ongoing digitalisation; 2) Inetum's well-recognized
brand and top-4 market positions, though its overall market share
is low and the industry is fragmented and competitive; 3) a certain
degree of revenue visibility provided by recurring and repeat
business; and 4) the company's long-term track record of growth,
which Moody's forecast will continue, with benefits also expected
from identified efficiency measures.

Concurrently, the rating is constrained by Inetum's 1) limited
geographic diversification, when compared to the broader Moody's
rated universe, and a certain degree of client concentration; 2)
low margins, high opening Moody's-adjusted leverage of above 6x,
and low levels of forecast Moody's-adjusted FCF generation (only 1%
as a percentage of Moody's-adjusted debt in 2023); 3) execution
risks related to the successful implementation of its business
plan; and 4) the rating agency's view that Inetum could continue to
pursue an active acquisition strategy, which could limit future
deleveraging.

Moody's expects that Inetum's top line will continue to grow,
following a coronavirus pandemic induced setback in 2020, with
gains across each geography driving revenue towards EUR2.3 billion
in 2022 and EUR2.4 billion in 2023. Top line growth, in combination
with the delivery of cost savings, are expected to drive
company-adjusted EBITDA (on a pre-IFRS 16 basis) towards EUR220
million in 2022 and EUR230 million in 2023. As a result, the rating
agency forecasts that Moody's-adjusted leverage will gradually
improve from 6.3x as of June 2022, based on unaudited management
accounts, towards 6.0x by December 2022 and towards 5.5x by
December 2023. These forecasts do not include any impact from
potential future debt-funded acquisitions or shareholder-friendly
actions. The rating agency estimates that Inetum's Moody's-adjusted
FCF / debt will remain between 1-3% per year until December 2024,
which is at the weaker-end of the B2 credit rating category and is
partly due to expected spending on operational restructuring in
2022 and 2023. Moody's expects that revenue and EBITDA growth will
help drive Moody's-adjusted FCF towards mid-single digit levels as
a percentage of debt over the longer-term. However, Moody's also
notes that Inetum's free cash flow generation could be further
constrained if its interest burden increases due to a rising rate
environment.

Governance was considered a key rating driver in line with Moody's
ESG framework. Inetum is owned by Bain Capital (Bain) and NB
Renaissance Partners (NBRP). As is often the case in highly
levered, private-equity-sponsored deals, Moody's considers that
Inetum's shareholders will have a higher tolerance for
leverage/risk, and that governance will be comparatively less
transparent, when compared to publicly traded companies.

LIQUIDITY

Moody's considers Inetum's liquidity to be adequate. It is
supported by access to a fully undrawn EUR200 million backed senior
secured RCF and Moody's expectations of positive FCF generation of
around EUR15-45 million per year over 2022 and 2024. The RCF has a
springing Senior Secured Net Leverage ratio test, which is tested
when the RCF is drawn above 40% and must be maintained below
8.35x.

STRUCTURAL CONSIDERATIONS

The proposed capital structure includes a EUR433 million backed
senior secured term loan A due 2027, EUR350 million backed senior
secured term loan B due 2028, and a EUR200 million backed senior
secured RCF due 2028, as well as other senior secured debt due
2028. The security package provided to senior secured lenders is
limited to pledges over shares and intercompany receivables, which
the rating agency considers to be weak.

The B2 ratings assigned to the proposed backed senior secured term
loans and backed senior secured RCF are in line with the CFR,
reflecting the pari passu nature of the facilities. The B2-PD
probability of default rating is at the same level as the CFR,
reflecting Moody's assumption of a 50% family recovery rate.

RATING OUTLOOK

The stable outlook reflects Moody's expectations of continued
growth in revenue as well as Moody's-adjusted EBITDA and EBITDA
margin over the next 12 to 18 months, such that Moody's-adjusted
leverage falls to below 6.0x and Moody's-adjusted FCF remains at
least in the low-single digits, gradually improving towards
mid-single digits in the longer-term, as a percentage of
Moody's-adjusted debt. The outlook also assumes no material
releveraging from any future debt-funded acquisitions or
shareholder distributions, as well as the company maintaining an
adequate liquidity profile.

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

Positive pressure on the rating is unlikely, considering Inetum's
weak positioning in its rating category, but could develop over
time if the company continues to record growth in revenue and
Moody's-adjusted EBITDA and improves its EBITDA margin, such that
Moody's-adjusted leverage improves to below 4.5x on a sustained
basis; and Moody's-adjusted FCF / debt rises sustainably towards
high single-digit levels. Any positive rating action would also
require the company to maintain adequate liquidity and demonstrate
a more prudent financial policy. For example, positive rating
action would be less likely in the event of material debt-funded
acquisitions or shareholder distributions.

Conversely, negative rating pressure could occur if expected
organic revenue and EBITDA growth does not materialize;
Moody's-adjusted leverage remains above 6.0x on a sustained basis;
FCF generation is weaker than expected; or the company's liquidity
deteriorates so that it is no longer adequate.

PRINCIPAL METHODOLOGY

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




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G E R M A N Y
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DEUTSCHE LUFTHANSA: S&P Raises Hybrid Bonds Rating to 'CCC+'
------------------------------------------------------------
S&P Global Ratings has raised its issue rating on the junior
subordinated notes maturing in 2075 issued by Deutsche Lufthansa AG
(BB-/Stable/B) to 'CCC+' from 'CC'.

The upgrade of the hybrid follows the Sept. 14 announcement that
the Economic Stabilization Fund (ESF) has sold its shareholding in
Lufthansa in full. With this change, Lufthansa ceases to be subject
to the conditions of the EU Temporary Framework, under which it
received a state-aid package from the German government in June
2020. One of these conditions restricted coupon payments on the
hybrid. S&P also understands that Lufthansa will compensate for the
coupon payment deferred on Feb. 12, 2022, in a timely manner, well
ahead of the first anniversary of the deferral date, and expect
this to be in accordance with terms.

The 'CCC+' rating on the hybrid notes takes into account a
three-notch deduction (including one for deferral risk) from
Lufthansa's stand-alone credit profile (SACP), currently at 'b+'.


SCHAEFFLER AG: Fitch Affirms 'BB+' Rating on Sr. Unsecured Debt
---------------------------------------------------------------
Fitch Ratings has assigned Schaeffler AG's (BB+/Stable) senior
unsecured instrument, which is rated 'BB+', a Recovery Rating of
'RR4'.

The 'RR4' on Schaeffler's senior unsecured instrument is in line
with our generic approach described in Fitch's Corporate Recovery
Rating Criteria and treatment for issuers rated in the 'BB' range.

Schaeffler's ratings reflects sound 2021 results and resilient 1H22
earnings, despite challenging conditions from supply chain issues
and inflationary pressures. Schaeffler's resilient operating
performance reflects low double-digit margins from its less
cyclical Automotive Aftermarket (AA) and Industrial Division (ID),
which to a large extent have been able to pass on cost inflation.

This is offset by profitability pressures in the Automotive
Technology (AT) division, due to rising input costs and lack of
pass-through mechanisms. Schaeffler recently technically completed
price negotiations with most carmakers to obtain price adjustments
that at least partially reflect the inflationary environment.

The consolidated group combines the standalone accounts of IHO-V
and the full consolidation of Schaeffler's accounts, and we include
the dividends from IHO-V's 36% direct holding in Continental AG in
funds from operations (FFO). The group's credit profile
incorporates Schaeffler's Standalone Credit Profile (SCP). We
expect moderate deleveraging over the rating horizon, providing
IHO-V continues to benefit from Continental AG dividends and
Schaeffler's operations are not materially disrupted by gas
deliveries or recessionary demand.

KEY RATING DRIVERS

Diversification Support Earnings: Schaeffler's operating
profitability and cash flow generation are stronger than pure-play
auto suppliers due to its exposure to the industrial and automotive
aftermarket, which represent around 40% of annual sales. Both
divisions have relatively stable double-digit operating margins due
to a less cyclical and more diversified customer base, which allows
inflation pass-through to a large extent, with little time lag.
Healthy margins from both also offset the profitability erosion
seen in AT during the past 12 months.

Automotive Technologies Earnings Under Stress: Supply chain issues
and increasing input costs burdened AT's operating margins in the
last 18 months. Schaeffler recently completed negotiation with most
of its original equipment manufacturers (OEMs) to adjust prices.
Price increases, or avoidance of contractual price reductions, will
fully materialise from 2H22 and be partially applied
retrospectively to 1H22 orders.

Fitch believes that price revision will only partly restore AT's
profitability, since negotiations do not typically include
inflation in indirect areas such as logistics, labour and energy.
The Chinese lockdown in 2Q22 and volatile production schedules
increased the burden on profitability. We expect AT's profitability
to bottom out in 2022 and moderately recover from 2023, when
inflationary pressures should start to ease.

Exposure to Gas Interruption: Fitch expects a full gas delivery
stoppage would have a major effect on Schaeffler's earnings and
cash flow, given the supply chain and customer demand would be
severely impaired. A sudden gas delivery stoppage is likely to
result in certain production lines stoppages or worsened supply
chain issues. Schaeffler's energy bill accounts for a low single
digit percentage of sales.

The company has secured a big portion of the gas prices for 2022
and has contingency plans. At present it is unknown how authorities
will prioritise gas use in case of rationing. Schaeffler is
confident it can run operations to a certain extent with a reduced
gas supply. In the absence of supply issues and providing that
energy prices remain at current levels, Schaeffler will face large
energy cost inflation in 2023 as the company typically secures a
significant portion of its annual energy needs in advance.

E-Mobility Business Ramp-up: Schaeffler revised its operating model
within AT, separating mature technologies in relation to legacy
powertrain systems from the portfolio and establishing an
E-mobility unit dedicated to electrification. The company reported
strong growth of E-mobility, with 1H22 order intake already
exceeding the FY22 target. In anticipation of accelerated ramp-up,
Schaeffler has opened a new plant in Hungary.

Before there is meaningful volume to completely absorb fixed costs,
the E-mobility and Chassis divisions are margin-dilutive for the
group, but heavy investments are necessary for winning new business
and maintaining the competitive advantage.

M&A Activities: Fitch said, "We expect Schaeffler to remain active
with its M&A strategy. Targets are typically small and mid-sized
companies in Schaeffler's existing divisions and those that would
increase product or geographic diversification. The Ewellix
acquisition of July 2022 expanded Schaeffler's product offering
towards less cyclical and more profitable areas than AT, such as
robotics, medical technologies and mobile machinery. Our forecasts
include EUR200 million of annual acquisitions between 2023 and
2025."

Parent and Subsidiary Linkage Established: Schaeffler's 'BB+'
rating incorporates a one-notch uplift from the consolidated group
(IHO-V) rating of 'BB', due to Schaeffler's higher underlying SCP
of 'bbb-' and the porous link between Schaeffler and IHO-V. Limited
documentary constraints on dividend payments do not ring-fence it
from additional leverage at IHO-V. Fitch expects dividends to
remain predictable and support modest deleveraging at Schaeffler.

DERIVATION SUMMARY

Schaeffler's business profile compares adequately with auto
suppliers in the 'BBB' rating category. Schaeffler benefits from
stronger business and customer diversification than peers in
Fitch's portfolio of publicly rated auto suppliers, outranked only
by Robert Bosch GmbH (F1+) and Continental. Like other large and
global suppliers, including Continental and Aptiv PLC (BBB/Stable),
Schaeffler has a broad and diversified exposure to large
international OEMs. However, the share of its aftermarket business
is smaller than tyre manufacturers such as Compagnie Generale des
Etablissements Michelin (A-/Stable), but greater than Faurecia S.E.
(BB+/Negative).

Schaeffler also has stronger operating margins than a typical
auto-supplier that does not benefit from exposure to the tyre
businesses. However, Schaeffler's free cash flow (FCF) and
financial structure is moderately weaker than peers in the 'BBB'
rating category. Fitch used its Parent and Subsidiary Linkage
Criteria to derive Schaeffler's ratings. No Country Ceiling or
operating environment aspects affect the rating.

KEY ASSUMPTIONS

2021-2025 revenue CAGR of 5.2% (4.5% organic), sustained by
post-pandemic car production recovery and price increases. In 2023,
we expect the top line to grow more quickly due to the first-time
consolidation of Ewellix.

Fitch EBIT/margin declining at mid-single digit in 2022 and 2023
due to input cost inflationary pressures. Fitch said, "We expect
the automotive aftermarket and industrial business to maintain
double digit margins over the rating horizon while automotive
technologies will be affected by only partial recovery of cost
inflation.

Dividends received from Continental averaging EUR165 million per
year to 2025.Net working capital to increase in 2022 to maintain
safety stock and ensure seamless production. Investments to
moderate from 2023.

Capex slightly above Schaeffler's 2022 guidance. Slightly above 6%
of sales between 2023-2025.

Schaeffler dividend payout of at around 44% over the rating
horizon, in line with the company's dividend policy.

IHO-V average dividend of around EUR130 million per year to 2025.

Schaeffler 2023-2025 average acquisition of EUR200 million per
year.

RATING SENSITIVITIES

IHO-V

Factors that could, individually or collectively, lead to positive
rating action/upgrade: (BB+)

-- FFO net leverage below 3.5x and net debt to EBITDA below 2.5x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade: (BB-)

-- FFO net leverage above 4.5x and net debt to EBITDA above 3.5x

-- Weakening of formal linkage ties between Schaeffler and IHO-V
    without adequate deleveraging

-- A reduction in IHO-V's stake in Continental AG without
    adequate deleveraging

Schaeffler AG

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Positive rating action on IHO-V combined with Schaeffler EBIT
     margin above 8%, FCF margin of more than 1.5%, FFO net
    leverage below 2.5x and net debt to EBITDA below 2.0x

-- Weakening of formal links between Schaeffler and IHO-V
    combined with Schaeffler EBIT margin above 8%, FCF margin of
    more than 1.5%, FFO net leverage below 2.5x and net debt to
    EBITDA below 2.0x

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Negative rating action on IHO-V

-- Schaeffler EBIT margin below 6%

-- Schaeffler FCF neutral to negative

-- Schaeffler FFO net leverage above 3.0x and net debt to EBITDA
    above 2.5x

-- Strengthening of formal links between Schaeffler and IHO-V

LIQUIDITY AND DEBT STRUCTURE

Healthy Liquidity: Schaeffler's liquidity is supported by readily
available cash of around EUR1.8 billion at end-December 2021,
including Fitch's adjustment of around EUR350 million. The company
has EUR1.8 billion committed and undrawn revolving credit
facilities (RCF) and bilateral credit lines of EUR138 million. In
addition, as of end 1H22, Schaeffler has a fully undrawn and
uncommitted commercial paper programme of EUR1 billion and a
factoring programme of EUR200 million (EUR166 million drawn).
Schaeffler's healthy cash flow generation further supports
liquidity. Following the acquisition of Ewellix, Schaeffler could
draw available credit lines or access the debt capital market in
2022 to partly fund the takeover.

IHO-V's liquidity benefits from the absence of a material maturity
before 2025 and access to an EUR800 million committed revolving
credit facility (RCF) (EUR260 million drawn at year end) available
until December 2024. IHO's liquidity headroom will further increase
in 2022 following dividend inflows from Continental and
Schaeffler.

The financing and the treasury of IHO-V and Schaeffler are strictly
separated.

Unsecured Debt Structure for Schaeffler: Schaeffler's debt profile
is diversified and consists mainly of five euro-denominated notes
for EUR3.5 billion outstanding. In 1Q22, Schaeffler repaid a EUR545
million bond originally maturing in March 2022. Consequently, the
company has no immediate refinancing concerns as the next bond is
due in March 2024. Schaeffler also raised debt through unsecured
Schuldschein loans for EUR298 million outstanding as at
end-December 2021.

Secured Debt Structure for IHO-V: The debt structure remains
secured. It mainly consists of three euro-denominated notes and
three dollar-denominated notes for a total outstanding amount of
around EUR3.5 billion at year-end 2021. The nearest maturity of the
notes is May 2025. In 2021, IHO converted the EUR400 million term
loan maturing in 2024 into a drawn committed RCF. Later in the
year, IHO used EUR140 million in available cash to reduce RCF use
to EUR260 million.

ISSUER PROFILE

Schaeffler is a leading global automotive and industrial supplier.
At end-2021, the company employed almost 83,000 people in 90 plants
and campus location and 20 R&D centres. Europe remains the core
market but APAC and China represent a significant portion of
revenues

ESG CONSIDERATIONS

IHO-V has an ESG Relevance Score of '4' for Governance Structure,
reflecting the limited number of independent directors as a
constraining factor for board independence and effectiveness. This
has a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

Schaeffler AG has an ESG Relevance Score of '4' for Governance
Structure, reflecting concentrated ownership and the lack of voting
rights for minority shareholders. This has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

  Debt                Rating             Recovery  Prior
  ----                ------             --------  -----

Schaeffler AG
  
  senior unsecured    LT  BB+ Affirmed   RR4       BB+


THYSSENKRUPP AG: Egan-Jones Cuts Senior Unsecured Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 9, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by thyssenkrupp AG to BB- from B+.

Headquartered in Essen, Germany, thyssenkrupp AG manufactures
industrial components.




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I R E L A N D
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OZLME IV: Moody's Affirms B2 Rating on EUR12MM Class F Notes
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by OZLME IV Designated Activity Company:

EUR 37,000,000 Class B Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Jul 7, 2020 Affirmed Aa2
(sf)

EUR 5,250,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Jul 7, 2020
Affirmed A2 (sf)

EUR22,750,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Jul 7, 2020
Affirmed A2 (sf)

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

EUR223,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jul 7, 2020 Affirmed Aaa
(sf)

EUR25,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Jul 7, 2020 Affirmed Aaa (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa2 (sf); previously on Jul 7, 2020
Confirmed at Baa2 (sf)

EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jul 7, 2020
Confirmed at Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Jul 7, 2020
Confirmed at B2 (sf)

OZLME IV Designated Activity Company, issued in August 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Sculptor Europe Loan Management Limited (previously
Och-Ziff Europe Loan Management Limited). The transaction's
reinvestment period will end in October 2022.

RATINGS RATIONALE

The rating upgrades on the Class B, C-1 and C-2 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.

The rating affirmations on the Class A-1, A-2, D, E and F Notes
reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization 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 than it
had assumed at the last rating action in July 2020.

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: EUR 396.35m

Defaulted Securities: EUR2.75m

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2819

Weighted Average Life (WAL): 4.38 years

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

Weighted Average Coupon (WAC): 3.87%

Weighted Average Recovery Rate (WARR): 44.03%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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.




===================
K A Z A K H S T A N
===================

FREEDOM FINANCE: S&P Raises LT ICR to 'B+' on Resilient Earnings
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit and financial
strength ratings on Freedom Finance Life JSC (FFL) to 'B+' from
'B'. The outlook is stable. S&P also raised the Kazakhstan national
scale rating to 'kzBBB' from 'kzBBB-'.

FFL has been resilient to challenging economic and financial
conditions over the first seven months of 2022. The company
continues to strengthen its solid market position, and its
profitability results are well above the local market average. As
of Aug. 1, 2022, the insurer posted a return on assets (ROA) of
6.3% and return on equity (ROE) of 47.4% year to date, compared
with our system-wide estimate of about 6.0% and 35.2%,
respectively, for the same period. S&P expects FFL will report
average annual net profit between Kazakhstani tenge (KZT) 5 billion
and KZT6 billion, ROE of 32%, and ROA of 5%-6%.

Thanks to FFL's efforts to reshuffle its product business mix over
the first seven months of the year, its life insurance products
increased to 26% of total premium income as of Aug. 1, 2022, from
8% at end-2021. S&P said, "We also note that FFL's annuity
insurance--usually associated with more risks--decreased to 44% of
total gross premiums written (GPW) from 62% in 2021. The remaining
30% primarily stem from employers' liability. We assume that the
lower insurance risk exposure will support improvements in FFL's
capital position over the next two years. Additionally, earnings
will likely continue to be capital accretive, further bolstering
FFL's capitalization."

S&P said, "We acknowledge, however, FFL's relatively high-risk
asset mix. Investment-grade bonds represented about 57% during the
first seven months of 2022 and are concentrated in debt instruments
issued by the government of Kazakhstan (BBB-/Negative/A-3) or
government-related entities. As such, FFL's asset mix somewhat
exposes the company to sovereign credit risk.

"We assume the regulatory framework will continue to prevent an
outflow of funds from FFL to support its parent Freedom Group, for
example, through dividend payments or material investments.
Therefore, we still consider FFL to be an insulated subsidiary of
Freedom Group, enabling us to rate FFL up to two notches above its
parent.

"Furthermore, we view FFL as a moderately strategic subsidiary of
Freedom Group. We believe that FFL is important to the group's
long-term strategy, which envisages diversification of businesses
within the group. That said, we observe that the effectivity of the
integration and business cooperation between the two entities has
yet to be tested.

"The stable outlook reflects our expectation that, over the coming
12 months, FFL will continue to report profitability stronger than
peers', while enhancing its franchise on the Kazakhstani life
insurance market."

S&P could consider a negative rating action during the next 12
months if FFL's:

-- Underwriting and overall operating performance are weaker than
S&P's expectations or that of peers, indicating potential
weaknesses in its competitive standing;

-- Capital position weakened, squeezed either by
weaker-than-expected operating performance, investment losses, or
considerable dividends.

At this time, S&P considers the possibility of an upgrade to be
unlikely. A positive rating action would hinge on an improvement in
the overall financial strength of the wider group.

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




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

ROOT BIDCO: Moody's Rates New EUR387MM Incremental Term Loan 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the proposed
EUR387 million equivalent senior secured incremental term loan
issued by Root Bidco S.a.r.l. (Rovensa or the company). The
existing EUR115 million senior secured revolving credit facility
(RCF) has been upsized by a EUR50 million add-on. All other
ratings, including the B2 corporate family rating, B2-PD
probability of default rating and B2 ratings on the existing senior
secured credit facilities remain unchanged. The outlook is stable.

Rovensa will use proceeds from the incremental term loan to finance
the acquisition of Cosmocel (announced in May), a Mexican producer
of biostimulants, and pay for transaction-related fees. Additional
sources of funding include an equity contribution from its private
equity shareholders and rolled-over equity from the shareholders of
Cosmocel.

RATINGS RATIONALE

Based on the company's preliminary results, Moody's estimates that
Rovensa's gross leverage for the last 12 months ended June 2022, on
a pro-forma basis, will increase to around 7x from around 6x on a
stand-alone basis, which positions the company weakly in the
current rating category. The envisaged transaction will delay the
deleveraging trajectory compared with Moody's previous estimates.

Moody's believes that the company's gross leverage can fall towards
6x on a 18-month forward looking period based on organic volume
growth, however any additional debt-funded acquisitions may further
delay the leverage reduction trajectory, weaken credit quality and
increase negative pressure on the current rating.

The acquisition of Cosmocel strengthens Rovensa's business and is
consistent with its strategy to expand its sales exposure to
biosolutions' products, which benefit from greater growth
prospects, higher margins and higher cash generation compared to
its off-patent crop protection products. With the acquisition,
Rovensa will become the largest manufacturer of biosolutions'
products and reduce its sales exposure to the Iberian agriculture
markets.

More generally, Rovensa's B2 rating continues to be supported by
its adequate liquidity, its focus on sustainable agricultural
products which exhibit above average growth rates and
profitability, and its entrenched position in the Iberian
off-patent crop protection market. Rovensa's credit profile also
reflects its strong focus on high-value specialty crops (for
example fruit and vegetable products), supported by a good
innovation track record, and strong formulation and registration
know-how.

Rovensa's high pro-forma gross leverage, its relatively small scale
of operations compared with those of R&D-led crop science
companies, and some risk related to further debt-funded
acquisitions constrain the rating. Furthermore, the company's
earnings are exposed to the risk of adverse weather conditions,
such as droughts or floods, in its main markets.

LIQUIDITY

Moody's views Rovensa's liquidity profile as adequate, supported by
an estimated pro-forma cash balance of around EUR43 million as of
end June 2022. Also, the company has access to a committed RCF, of
which EUR28 million were drawn. The company upsized its committed
RCF to EUR165 million from EUR115 million as part of the
transaction. In combination with forecasted funds from operations
over the next 12 months, the sources will be sufficient to meet its
working capital requirements, capital spending and short-term
debt.

STRUCTURAL CONSIDERATIONS

The proposed senior secured incremental term loan ranks pari passu
with the existing senior secured term loan B2 and the RCF. The
senior secured facilities benefit from guarantors representing at
least 80% of consolidated group EBITDA, subject to certain
limitations and excluding certain jurisdictions under the
definition of the guarantor coverage test. However, the effective
guarantor coverage as a percentage of consolidated EBITDA,
including all jurisdictions, is materially lower because the
majority of acquired subsidiaries are non-guarantors and are
located in jurisdictions which are not eligible under the
definition of the guarantor coverage test.

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

Moody's would consider a rating upgrade, although unlikely at this
stage, in the context of further significant expansion of Rovensa's
revenue base, as well as EBITDA growth, which would allow the group
to use substantial FCF to reduce debt, so that its Moody's-adjusted
total debt/EBITDA trends towards 4.0x on a sustained basis.

Rovensa's ratings could come under negative pressure should the
company fail to decrease its Moody's adjusted gross leverage
towards 6.0x on a sustainable basis or if the group generates
sustained negative FCF or with any other deterioration of its
liquidity profile.

The principal methodology used in this rating was Chemicals
published in June 2022.

COMPANY PROFILE

With dual headquarters in Madrid, Spain and Lisbon, Portugal, Root
Bidco S.a.r.l. (Rovensa) provides crop life cycle management
solutions, including bionutrition, biocontrol and off-patent CP
products, with a particular focus on high-value cash crops, such as
fruit or vegetable products. Pro forma for the Cosmocel
acquisition, the company generated estimated revenue and
company-adjusted EBITDA of around EUR667 million and EUR172
million, respectively, in fiscal 2022. In June 2020, Partners Group
acquired a significant equity stake of Rovensa from Bridgepoint,
which remains to be a shareholder of Rovensa.



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N O R W A Y
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B2HOLDING ASA: Moody's Gives B1 Rating on New Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured debt
rating to B2Holding ASA's proposed senior unsecured notes.
B2Holding's Ba3 corporate family rating remains unchanged. The
outlook is stable.

B2Holding has announced a senior unsecured bond issuance with an
initial amount of EUR150 million. Proceeds of the bond will be used
to partially repay borrowings under its revolving credit facility
and to refinance outstanding bonds. The issuance follows
B2Holding's decision in November 2021 to postpone a senior
unsecured transaction.      

RATINGS RATIONALE

The B1 senior unsecured debt rating reflects B2Holding's Ba3 CFR,
B2Holding's capital structure, specifically the priorities of
claims and asset coverage in the company's current liability
structure. In particular, the total size of B2Holding's secured
EUR610 million revolving credit facility (RCF) indicates higher
loss-given default for senior unsecured creditors, leading to
issuer ratings one notch below the company's Ba3 CFR.

The stable outlook reflects Moody's view that B2Holding will be
able to maintain its credit profile commensurate with that of a Ba3
CFR, despite current macroeconomic challenges, during the 12-18
month outlook period and continue to ensure sufficient liquidity to
seize purchasing opportunities, while safeguarding sufficient
covenant headroom.

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

B2Holding's CFR could be upgraded if the company improves its cash
flow while maintaining low leverage and high interest coverage and
continues to demonstrate strong liquidity management.

The CFR could also be upgraded if B2Holding continues to reduce its
operational and execution risks related to its rapid expansion
prior to the pandemic, and if B2Holding successfully completes the
current reorganization phase. The reorganization includes
establishing co-investment partnerships in the secured segment,
improvements in scalability and increasing less cyclical servicing
revenue, thus reducing the concentration on NPL revenue and
de-risking its balance sheet.

An upgrade of B2Holding's CFR would likely result in an upgrade of
the senior unsecured debt rating. B2Holding's senior unsecured
rating could also be upgraded if the recovery rate for senior
unsecured debt classes improves.

Downward rating pressure could develop if the company's
capitalization weakens significantly, if profitability and leverage
metrics deteriorate substantially or if the improved liquidity
position significantly weakens.

A downgrade of B2Holding's CFR would likely result in a downgrade
of the senior unsecured debt rating. B2Holding's long-term ratings
could also be downgraded if the company were to significantly
increase the utilization of its RCF, which is senior to the
company's senior unsecured liabilities.

LIST OF AFFECTED RATINGS

Issuer: B2Holding ASA

Assignments:

Senior Unsecured Regular Bond/Debenture, Assigned B1

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.


B2HOLDING ASA: S&P Assigns 'B+' LT Rating on New EUR150MM Bond
--------------------------------------------------------------
S&P Global Ratings assigned a new 'B+' long-term foreign currency
rating to the estimated EUR150 million proposed bond to be issued
by B2Holding ASA, in line with its issuer credit rating on the
company. At the same time, S&P revised the recovery rating on
B2Holding's senior unsecured bonds to '4' from '3', indicating its
expectation of about 45% recovery in the event of a payment default
versus 60% previously. S&P's 'B+' issue rating on the EUR200
million bond maturing in May 2024 is unchanged.

S&P understands the proceeds of the bond issuance will be used to
repurchase approximately EUR100 million of outstanding bonds, in
addition to repaying the company's revolving credit facility (RCF).
Consequently, the issuance does not affect its view of B2Holding's
financial risk profile.

S&P said, "Although all of our other ratings on B2Holding are
unchanged, the recent closing of the initial project phase to carve
out the majority of secured nonperforming loans (NPLs) has in our
view somewhat reduced recovery prospects for senior bondholders. By
year-end 2022, we expect about EUR4.4 billion of purchased
portfolios and owned real estate to have been transferred to a
nonrecourse special-purpose vehicle, owned and consolidated by
B2Holding, but funded by PIMCO. We do not think these assets will
be available to B2Holding's bondholders in a distressed scenario,
which is why we revised down our recovery expectations for the
company's senior unsecured bonds.

"We might incorporate B2Holding's servicing entity, Veraltis Asset
Management, should we conclude that it has a value in a
hypothetical default scenario. For now, however, in that scenario
we conduct a discrete asset valuation of B2Holding's assets only."

B2Holding's first-half result, published on Aug. 23, 2022, was
largely in line with our expectations, with good collection
performance and increased investments, but future performance
depends on the highly uncertain economic environment. Although S&P
expects a good supply of NPLs, the energy crisis in Europe and
related inflation will gradually reduce debtors' repayment
capacity, in its view, and could potentially reduce collections on
B2Holding's back book.

Issue Ratings--Recovery Analysis

Key analytical factors

-- In S&P's default scenario, it contemplates a default in 2026,
reflecting a significant decline in cash flow because of lost
clients, difficult collection conditions, or greater competitive
pressures, leading to the mispricing of portfolio purchases.

-- S&P uses a discrete asset-valuation approach, in line with our
approach for other debt purchasers with revenue concentrated from
own-debt collections.

-- S&P said, "We consider EUR510 million of the multi-currency
senior secured RCF, with a current volume of EUR610 million, as a
priority claim. We consider that the additional EUR100 million of
the RCF that matures on Dec. 31, 2023, will not be prolonged, given
the current bond issuance and reduced need for an extension. Hence
the facility won't be in place in our simulated default year. The
remaining EUR510 million matures in the third quarter of 2025 and
is planned to be extended. We assume that 85% of the EUR510 million
will be drawn."

-- S&P said, "We assume that B2Holding will use 70% of the assumed
drawings for additional portfolio purchases and consider this
amount in our analysis. As of June 30, 2022, EUR374 million of the
RCF was utilized. However, we reduce the current drawing by EUR125
million received from PIMCO (funding for the Beta portfolio), EUR45
million of net proceeds from the sale of the Bulgarian subsidiary
(expected to be received in October), and about EUR50 million from
the new bond issuance."

-- Given the carve-out of the secured portfolio (which remains
fully consolidated) and its underlying nonrecourse financing
structure with PIMCO, S&P excludes the carved-out assets from its
analysis and does not consider the funding received from PIMCO on
the debt side.

-- S&P assumes the company's portfolio of receivables would find a
potential acquirer, albeit with a 25% haircut to the carrying
value.

-- S&P also includes B2Holding's participation loan/notes as well
as investments in associated companies and joint ventures into the
asset base, applying a 25% haircut.

Simulated default assumptions

-- Year of default: 2026
-- Jurisdiction: Norway

Simplified waterfall

-- Gross enterprise value at default: EUR792 million, equivalent
to Norwegian krone (NOK) 7.99 billion.

-- Administrative costs: 5%

-- Net enterprise value after administrative costs: EUR752 million
(NOK7.495 billion)

-- Prior-ranking claims: About EUR450 under the RCF (NOK4.646
billion)

-- Senior unsecured debt claims: about EUR656 million (NOK6.5
billion)

-- Recovery expectations: 30%-50% (rounded estimate: 45%)

Note: All debt amounts include six months of prepetition interest.




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R O M A N I A
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MAS PLC: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed Romania-based retail property company
MAS PLC's Long-Term Issuer Default Rating (IDR) at 'BB' with a
Positive Outlook. Fitch has also affirmed MAS's senior unsecured
rating at 'BB'/RR4, and MAS Securities B.V.'s EUR300 million senior
unsecured bond at 'BB'/RR4, which is guaranteed by MAS.

The ratings reflect MAS's competitive position from its portfolio
of convenience-led, community-based, shopping centres in Romania,
Bulgaria and Poland. In secondary locations, the assets cover large
catchments areas with limited competition. On June 30, 2022, MAS
acquired six retail assets from its 40%-owned development joint
venture (DJV), PKM Development Limited, increasing its wholly-owned
gross leasable area by around 133,000 sqm and adding EUR22 million
of net rental income. The transaction improves MAS's corporate
structure by increasing its wholly-owned portfolio and reducing
asset concentration.

The Positive Outlook reflects Fitch's expectations of growth in the
MAS portfolio, while maintaining conservative cash leverage, and
increasing the stability of the company structure as the company's
transition progresses.

KEY RATING DRIVERS

Acquisition of Six Assets Positive: The acquisition of six retail
properties from the DJV under the Spark II transaction (Spark II)
increased the fair value of MAS's wholly-owned portfolio to above
EUR850 million at end-June 2022 (FYE22) from FYE21's EUR456 million
(excluding held-for-sale Western European assets). Built in 2019 or
later, the malls have an average occupancy of 97% and more than
EUR21 million of net rent per year. Integration risk is minimal as
MAS had been operating the acquired assets. Of the EUR320 million
total consideration, MAS assumed EUR122 million of secured debt,
paid cash of EUR90 million, and the balance was netted against
MAS's share of preference share redemptions and capital profits
from the DJV.

Small, Growing Retail Portfolio: MAS's portfolio now comprises 20
assets (eight open-air, five enclosed and seven strip malls)
totalling 375,000 sqm. The majority of rents are generated in
Romania (76%), followed by Bulgaria (13%) and Poland (11%). The
portfolio is located mainly in secondary cities, but with large
catchment areas and limited competition. The malls are oriented
toward convenience-led stores with affordable rents. The average
occupancy cost ratio (total occupancy costs/tenants' sales) was a
low 11.1% at FYE22.

Asset Concentration Remains: Despite the acquired malls, asset
concentration remains high with the top 10 assets generating more
than 70% of rents. This should reduce over time from expected
growth. Tenant concentration remains relatively high with the top
10 tenants producing 37% of rent. The average lease maturity (to
break) was 3.7 years at FYE22, similar to many EMEA peers. Only
around 1% of leases expire in FY23. The portfolio's average net
rental yield is a comparatively high 7.1%, mainly reflecting the
portfolio's secondary locations.

DJV Relationship: New assets are exclusively developed by the DJV,
which is 40%-owned by MAS and 60% by Prime Kapital, a
privately-owned real estate company with investment and development
experience in CEE. MAS indirectly funds development by buying
preference shares issued by the DJV, receiving post-interest
expense profits through the shares' 7.5% coupon, as well as common
dividends.

Apart from the Spark II, MAS extended the DJV relationship by five
years to 2035 and increased MAS's commitment to buy DJV preference
shares by EUR50 million to EUR470 million. MAS has already acquired
EUR233 million (FY22), netting the Spark II redemptions. MAS will
also provide a EUR30 million revolving credit facility to the DJV
(with a fixed interest rate of 7.5%). The DJV normally retains
developed assets, which MAS manages at cost, while MAS grows
through acquisitions and expansions of its retail assets. As MAS
could not find appropriate retail assets, it bought the new assets
through this related-party transaction, subject to MAS shareholder
approval. Only one operational asset currently remains in the DJV.

Significant, Largely Uncommitted, Development Pipeline: Development
in the DJV is budgeted at more than EUR1.9 billion, although this
is mostly uncommitted. Around 60% is for build-to-sell residential
projects, profits from which will go to MAS on receiving its share
of DJV's dividends. The remaining development is mainly for retail
assets, but includes two phased office projects, one of which is
underway.

Recovery From the Pandemic: MAS's operations in 1HFY22 were
affected by pandemic-related restrictions that limited access to
its malls. While lfl footfall was 17% below pre-pandemic 2019's
levels, tenant sales were down only 3% and no rent waivers were
granted. Restrictions were lifted by the beginning of March 2022,
after which footfall in 2HFY22 approached or surpassed 2019 levels
and overall tenant sales were 15% higher. Convenience-led stores
and open-air malls, as well as lower exposure to restaurants and
entertainment, helped buoy MAS's rents during the pandemic.

Financial Profile: When calculating MAS's EBITDA, Fitch only
includes cash-paid preference share coupons from the DJV's
recurring rental income, which average more than 30% of MAS's
EBITDA during FY23-FY26 in Fitch's rating case. MAS's assumption of
the Spark II debt increased net debt/EBITDA to 5.6x at FYE22. Fitch
forecasts this to fall to around 5.3x at FYE23, as the new assets
contribute a full year of rent, and remain relatively stable
thereafter. The Spark II debt, which has an average maturity of
over five years, is secured against the acquired assets. MAS's
unencumbered asset cover was 1.8x at FY22.

Potential Conflicts of Interest: The DJV relationship complicates
MAS's corporate structure as it includes long-term financial
commitments and heightens the risk of conflicts of interest. The
company has taken steps to reduce some of this exposure,
eliminating most cross-management between MAS and Prime Kapital
(60% owners of the DJV). However, Prime Kapital and its management,
including the DJV still own 21% of MAS. Corporate governance is
also being improved with transactions scrutinised by MAS's
majority-independent board members.

DERIVATION SUMMARY

MAS has similarities with other CEE-based real estate companies.
One of its closest peers is NEPI Rockcastle plc (BBB/Positive),
which has managerial links to MAS. The founders of Prime Kapital
and former executive directors of MAS originally set up New
European Properties Investments, the predecessor of NEPI, and MAS
has significantly invested in NEPI shares. NEPI owns and operates a
EUR5.6 billion retail-focused portfolio across nine countries in
CEE, giving it higher asset and geographic diversification than
MAS. NEPI also focusses on destination malls in primary cities,
while MAS has a slant toward convenience-led shopping in secondary
locations.

Akropolis Group, UAB (BB+/Stable) has a similarly sized, all-retail
portfolio valued at (EUR0.8 billion) in Lithuania. Its rating is
constrained by its limited number of assets, which restricts asset
and geographical diversification. Romania-focussed Office-focused
Globalworth Real Estate Limited (BBB-/Stable) has a portfolio of
EUR2.8 billion, which is similar in size to the EUR2.1 billion
office (65% of market value) and retail (35%) portfolio of
Poland-based Globe Trade Centre S.A. (GTC; BBB-/Stable).

The key difference between MAS and peers is its complex corporate
structure, under which properties are developed through the DJV,
which MAS mainly funds through acquiring DJV issued preference
shares. MAS gains profits through a 7.5% coupon on the preference
shares, as well as common dividends by virtue of its 40% ordinary
equity holding. Peers typically directly develop and own their
assets.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

- The cash-paid preference share coupon that is generated from
   the DJV's post-interest expense, recurring rental-derived,
   profits (not planned residential development and sales) is
   included in MAS's Fitch-adjusted EBITDA.

- FYE22 rent increase of more than 40% mainly from the new assets

   generating a full year of rents

- No planned acquisitions.

- MAS capex for the directly-owned assets of EUR105 million over
   the next four years.

- Under its commitment, MAS buys DJV issued preference shares of
   EUR234 million over the next two years and, accordingly,
   receives DJV fixed-coupon returns.

- Remaining Western European property disposals in FY23, along
   with additional asset disposals in FY24.

- FY23 dividends similar to FY22, growing in line with company
   guidance.

- Dividends and net disposal proceeds from MAS's listed
   investments are excluded from EBITDA, but included in cashflow.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- MAS's standalone property portfolio reaching at least EUR1
     billion

  -- Material increase in geographic diversity, while maintaining
     portfolio quality

  -- Net debt/EBITDA (including cash-paid preference share
     coupons) below 7.5x (FYE22 pro forma: 6.0x)

  -- MAS's standalone unencumbered asset/unsecured debt cover
     above 2.0x (YE22: 1.8x)

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Material deterioration of operating metrics, such as
     occupancy below 90%

  -- Net debt/EBITDA (including cash-paid preference share
     coupons) exceeding 8.5x

  -- A liquidity score below 1.0x on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At FYE22, the company had EUR174 million of
cash. The cash includes EUR90 million that MAS paid for the DJV for
the new assets (the transaction effective date was 30 June 2022,
but cash settlement took place post-FYE2022). Netting this cash,
available cash was EUR85 million. MAS also has an undrawn EUR20
million revolving credit facility (maturing in August 2024), which
can be increased to EUR60 million.

Total available liquidity of EUR105 million comfortably covers
small amortisations in FY23 and Fitch-forecast free cash outflows
of EUR28 million. MAS's liquidity score exceeds 11x. MAS has no
large debt maturities until May 2026, when its EUR300 million bond
matures.

MAS is not a REIT so there is no regulatory requirement for
dividends, which are discretionary. The company suspended dividends
in FY21, but paid EUR62.6 million in FY22 and expects to steadily
increase dividends as the company grows.

Before Spark II, the portfolio was almost wholly unencumbered. The
debt transferred with the new assets is secured against
approximately EUR320 million of assets. There is also secured debt
of EUR34 million secured against the remaining Western European
assets that will be repaid when these assets are divested. The
unencumbered asset ratio, excluding the held-for-sale Western
European assets, was 1.8x at FYE22.

The company has a commitment to acquire EUR234 million of preferred
equity from the DJV, as well as to provide a EUR30 million
revolving credit facility to the DJV. The funding must be provided
by MAS when the DJV notifies it. However, if available funding is
insufficient, MAS's obligation is limited to EUR120 million on a
rolling six-month basis.

ISSUER PROFILE

MAS is a real estate company owning and operating a portfolio of
retail assets mainly in Romania, but also Bulgaria and Poland. The
shopping centres are largely focused on secondary locations with a
slant towards convenience-led stores. MAS develops assets
exclusively through the DJV, which is 40%-owned by MAS and 60% by
Prime Kapital.

ESG CONSIDERATIONS

Fitch's credit relevance score of '4' for MAS's Governance
Structure reflects the potential for conflicts of interest in the
corporate structure. While most management common between MAS and
the DJV is now minimal, Prime Kapital and its management, including
the DJV, own 21% of MAS. As part of ongoing restructuring, MAS is
trying to further reduce the risk of conflicts of interest with
MAS's majority-independent board members scrutinising most dealings
and transactions. Nonetheless, the structure negatively impacts the
credit profile, and is relevant to the ratings in conjunction with
other factors.

The score of '4' for Group Structure reflects the group's
complexity including disclosed related-party transactions
(including preference shares, previous property disposal
transactions to MAS) and cross-holdings (such as the unusual
circumstance of DJV owning shares in MAS). This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

  Debt                      Rating          Recovery  Prior
  ----                      ------          --------  -----

MAS PLC              LT IDR  BB    Affirmed            BB

  senior unsecured   LT      BB    Affirmed    RR4     BB

MAS Securities B.V.
  
  senior unsecured   LT      BB    Affirmed    RR4     BB




===========
S E R B I A
===========

[*] SERBIA: In Talks with IMF Over Financial Assistance
-------------------------------------------------------
Alexander Saeedy at The Wall Street Journal reports that Serbia has
started discussions with the International Monetary Fund to receive
financial assistance as the southeastern European country faces
soaring borrowing costs on international bond markets.

According to the Journal, officials in Belgrade are currently in
talks to receive a so-called stand-by arrangement, a financial
lifeline to help manage balance of payments imbalances for a short
period, usually less than two years.

Serbia has around US$19 billion in external debt and its foreign
debt-to-GDP ratio is expected to reach 33% by the end of 2022,
compared with 17% on average for similarly rated governments, the
Journal relays, citing Fitch Ratings.

"The authorities in Serbia have expressed interest in a program
with the IMF and we're following that up and holding discussions
with the government to discuss financing needs and the appropriate
policy response," the Journal quotes IMF spokesman Gerry Rice as
saying on Sept. 15.




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

JOYE MEDIA: Moody's Upgrades CFR to B2 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from Caa2 the
corporate family rating and to B2-PD from Ca-PD the probability of
default rating of Joye Media S.L. ("Joye", "Mediapro", or "the
company"), the parent entity of the restricted group that owns Grup
Mediapro, S.A.U. (formerly Imagina Media Audiovisual, S.A.U.), a
leading global integrated sports, media and entertainment group.

Concurrently, Moody's has assigned a B2 rating to the new EUR500
million senior secured amortising term loan A due 2027, issued by
Subcalidora 2 S.a r.l. The outlook for Joye has changed to stable
from ratings under review. This concludes the review for upgrade
initiated on June 22, 2022.

"The rating upgrade is mainly driven by the significant reduction
in leverage following the large equity injection and the
refinancing of the company's capital structure," says Víctor
García Capdevila, a Moody's Vice President-Senior Analyst and lead
analyst for Mediapro.

"The upgrade also reflects Moody's expectation of modest positive
free cash flow generation over the next two years, a good liquidity
profile and the improvement in the company's business risk profile.
However, the credit quality of Mediapro is constrained by the
expiration of LaLiga international agency contract in the season
2023-2024 and the large contribution of this contract to the
overall cash flow generation of the group," adds Mr. Garcia.

RATINGS RATIONALE

In May 2022, Mediapro completed a capital increase of EUR620
million fully subscribed by the company's majority shareholder
Southwind Media Holdings Ltd. Most of these funds were used to
reduce the company's high debt levels. This facilitated the
successful refinancing in July 2022 of the outstanding debt in the
capital structure with a new EUR500 million senior secured term
loan A facility. All creditors were repaid in full following the
refinancing process.

Leverage reduced significantly as a result of the equity injection.
Pro forma for the debt reduction with the funds from the capital
increase, Mediapro's Moody's adjusted gross leverage was 4.0x,
compared to 7.1x excluding the transaction.

The company benefits from a relatively large scale of operations, a
global footprint, good geographic diversification, well-integrated
operations across the value chain. The business risk profile has
been enhanced through an increased focus on the content production
and audiovisual services divisions and a lower contribution from
the less predictable and more capital-intensive sports rights
brokerage business.

Mediapro's credit quality is constrained by the uncertainty around
the renewal of the international agency contract with LaLiga, for
the commercialization of the Spanish football broadcasting rights,
that expires in the season 2023-2024. Moody's estimates that this
contract generated around 30% of the company's EBITDA in 2021. The
low capital spending and working capital requirements to fulfill
successfully the intermediary role in LaLiga international agency
contract translate into a very high cash flow conversion rate,
making this contract the group's largest cash flow contributor.

Moody's sees the contract renewal risk for the next contract cycle
as low. However, there are downside risks associated with the terms
and conditions of a potential new contract, which are likely to be
less favorable for Mediapro than the existing contract.

The ratings also factor in the operating and financial
underperformance over the last few years compared to Moody's
expectations at the time of the original rating assignment, and
which eventually led to a default caused by a missed payment on the
debt in June 2021.

Moody's base case scenario assumes a reduction in Moody's-adjusted
EBITDA of around 15% in 2022 to around EUR140 million compared with
EUR161 million in 2021. This is mainly due to change in the
commission rate from the International Agency contract with LaLiga
and one-off effects, including (1) higher volume of events in 2021
originally scheduled for 2020 due to the pandemic; (2) lower number
of football games in 2022 due to the Qatar World Cup; and (3)
timing differences in the CONCACAF competition in 2021 and 2022.

Moody's forecasts Moody's-adjusted gross leverage of around 4.6x in
2022 before reducing to 3.8x in 2023 driven by a strong recovery in
EBITDA toward 2021 levels.

The equity injection and the debt refinancing is a financial
policy/governance consideration under Moody's General Principles
for Assessing Environmental, Social and Governance Risks
Methodology for assessing ESG risks.

LIQUIDITY

Mediapro's liquidity profile is good. The company had a cash
balance of EUR200 million as of August 31, 2022 and Moody's
estimates that the group will generate positive free cash flow of
around EUR10 million in 2022 and EUR40 million in 2023. However,
the company does not have a revolving credit facility under the new
capital structure.

The new EUR500 million senior secured term loan A is amortising.
The company shall repay EUR5 million in July 2023, EUR15 million in
July 2024, EUR25 million in July 2025, EUR25 million in July 2026
and EUR430 million in July 2027. The senior secured term loan A is
subject to a net leverage maintenance covenant of 4.5x that
gradually decreases over time toward 3.25x.

STRUCTURAL CONSIDERATIONS

Following the refinancing closed in July 2022, Mediapro's capital
structure comprises a EUR500 million senior secured amortising term
loan A due in July 2027.

The B2-PD probability of default rating is in line with the B2 CFR,
reflecting the 50% family recovery rate used for capital structures
comprised of bank debt only with loose financial maintenance
covenants. The B2 rating assigned to the senior secured term loan A
is in line with the company's CFR reflecting the absence of any
other debt instrument in the capital structure.

The security package is limited to share pledges, intercompany
receivables and bank accounts. The group is subject to a minimum
EBITDA guarantor coverage test of 80%.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the benefits of the capital increase
and the debt refinancing in the form of a lower debt load, improved
liquidity and extended debt maturities. The outlook also reflects
Moody's assumption that the company will maintain its
Moody's-adjusted gross leverage ratio within the maximum leverage
threshold set for the B2 rating category. The outlook does not
factor in any large debt-funded acquisitions and reflects Moody's
assumption that the company will maintain adequate liquidity at all
times.

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

Upward rating pressure is currently limited but could develop
overtime if the company manages to renew the international agency
contract with LaLiga at current or more favorable terms, develops a
good track record of operating and financial performance, maintains
a Moody's-adjusted gross leverage below 4.0x on a sustained basis
and increases the diversification of its cash flow sources.

Negative rating pressure could build up if the company fails to
renew the international agency contract with LaLiga, earnings
deteriorate, Moody's-adjusted gross leverage increases above 5.5x
on a sustained basis, or a deterioration in free cash flow
generation leads to a weaker liquidity profile. Aggressive
debt-funded inorganic growth strategies and large shareholder
distributions could also lead to negative rating pressure.

LIST OF AFFECTED RATINGS

Upgrades, Previously Placed On Review For Upgrade:

Issuer: Joye Media S.L.

Probability of Default Rating, Upgraded to B2-PD from Ca-PD

LT Corporate Family Rating, Upgraded to B2 from Caa2

Assignment:

Issuer: Subcalidora 2 S.a r.l.

Senior Secured Bank Credit Facility, Assigned B2

Outlook Actions:

Issuer: Joye Media S.L.

Outlook, Changed To Stable From Rating Under Review

Issuer: Subcalidora 2 S.a r.l.

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Joye Media S.L. (Joye) is the parent entity above the restricted
group that owns Grup Mediapro, S.A.U. (formerly Imagina Media
Audiovisual, S.A.U.) a leading integrated international media group
with operations in sports rights management, audiovisual services,
content production and technology. It is present in more than 150
countries and employs more than 6,700 people worldwide. In 2021,
Joye reported revenue and normalised EBITDA of EUR1.2 billion and
EUR168 million, respectively.



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

SAS AB: CEO Optimistic on Chapter 11 Exit After Financing Okayed
----------------------------------------------------------------
Rafaela Lindeberg at Bloomberg News reports that SAS AB Chief
Executive Officer Anko van der Werff said he's confident the
Scandinavian airline will emerge successfully from a Chapter 11
restructuring after winning clearance for a US$700 million
financing package and seeing a rebound in its own performance.

Approval for the Apollo Global Management funding from a US
bankruptcy judge is "the biggest and most important news" for SAS
and will be "vital" as it seeks to move forward with a new
strategic plan, Mr. Der Werff said on Sept. 15 in an interview in
Gothenburg, Sweden, Bloomberg relates.

According to Bloomberg, operations have stabilized since the end of
a pilot strike in August, the CEO said, and while the dispute cost
"considerable money" and "disappointed a lot of people," the first
two weeks of September have produced a "far better" operational
performance at the airline, with passengers rushing back.

"Operationally we are stable," he said, adding that the company's
forecasts still stand, with no sign so far that a cost-of-living
squeeze will curb demand, Bloomberg notes.  "We are not going to
put additional capacity in.  But right now we are really content
with how the winter is developing."

Stockholm-based SAS expects the Chapter 11 process to continue
until May or June, during which time the tri-national carrier will
have sufficient liquidity, aided by the flow of cash from its own
operations, Bloomberg relays, citing the CEO.

He said negotiations are progressing on winning support for
converting SEK20 billion (US$1.9 billion) of debt into equity, with
more than half of the amount pledged, including Swedish, Danish and
Norwegian state holdings, according to Bloomberg.

Mr. Der Werff, as cited by Bloomberg, said the Apollo funding
remains a loan and declined say if he's keen to have the
private-equity firm as a shareholder, while praising its expertise
in turnarounds and aviation investments.

                  About Scandinavian Airlines

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

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

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

PJT Partners LP is acting as financial advisor to Apollo, the DIP
lender. Akin Gump Strauss Hauer & Feld LLP is acting as legal
counsel to Apollo. Watson Farley & Williams LLP is acting as
special aviation counsel to Apollo.




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

CANARY WHARF: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Canary Wharf Group Investment Holdings
plc's Long-Term Issuer Default Rating (IDR) at 'BB+' and senior
secured rating at 'BBB-'/'RR2'. The Outlook on the IDR is Stable.

The ratings reflect the group's landmark Canary Wharf campus, and
specifically a sub-segment of mainly rental income-producing
properties (the pooled portfolio) totalling GBP1.5 billion in value
as at end-December 2021 and related GBP900 million of secured
bonds. Fitch's analysis focuses on the financial profile resulting
from the pooled portfolio's retail and car park assets, selected
income-producing offices and subordinated income from the group's
other secured financings, which flow to the rated entity.

KEY RATING DRIVERS

Established East London Location: Canary Wharf is a large London
office campus with complementary retail and residential assets,
open spaces, security and entertainment in east London, an area
that is expanding. Canary Wharf's office rents and all-in occupancy
cost ratios are lower than the West End, Mid-Town, City and
Southbank office equivalents. The site has recently expanded its
residential content, and plans to develop life-science units at
North Quay.

Office Remote Working: Remote working continues to significantly
reduce weekday footfall compared with 2019. Canary Wharf has some
multi-let buildings and leases that have not been renewed, but the
bulk of its portfolio is made up of long-dated leases, single-let
buildings of prime offices, which are conducive to reconfiguring
for more flexible and less dense workspaces. Canary Wharf's
co-ordination of a green, vibrant campus with prime offices and
long-dated leases helps reduce the risk of significant voids.

Pandemic's Effect on Retail: The retail portfolio constitutes
around 16% of the wider group's, and half of the pooled portfolio's
2022 income, based on Fitch's forecasts. Pandemic effects have
adversely affected Canary Wharf's retail portfolio in three main
ways. Firstly, lower office worker volumes (even with improving
mid-week anchor days attendance) has adversely affected on-site
footfall. Although post-Elizabeth Line opening, all days' footfall
has improved and weekend footfall in 2021 and 2022 has risen in
importance, total footfall remains lower than 2019.

F&B Tenant Mix: Secondly, food & beverage (F&B) tenants, which are
a significant 30% of the portfolio's rent, were affected by low
footfall in 2021. F&B tenants had been the main beneficiary of
landlord support. This will be a balance of Canary Wharf wanting to
preserve campus vibrancy, but acknowledging that F&B units,
alongside introducing new concepts, need footfall volume to make
their rental levels sustainable. Canary Wharf states that F&B
tenants' sales were ahead in 2Q22.

Lower Retail Rents: Thirdly, retail rents are declining. Retail
rental income had already fallen due to tenant insolvencies. The
pooled portfolio's re-letting and re-leasing of space in 2021 would
have seen declines in new rent versus previous passing rent - also
representative of peers' retail portfolios too. Additional space
increased rental income. Fitch believes that this decline is not
only reflecting the retail sector's secular challenges but Canary
Wharf's footfall data, which has since picked-up in 2022.
Nevertheless, Fitch's rating case assumes 20% and 10% lower passing
rents on 2022 and 2023 lease expiries.

Retail Portfolio Operations: 2022 footfall data has improved yoy.
Indicative of 2022 improvements, the retail portfolio's rent
collection has increased (2Q22: 93%) and occupancy was 97% at
end-December 2021. The retail weighted average unexpired lease term
is a reported 8.7 years.

Analytical Approach: The IDR reflects the group's qualitative
factors and the financial metrics of the pooled portfolio. The
wider group has secured asset financings with different
loan-to-value (LTV) and interest cover ratios, liquidity features
and debt maturities. Secured financings are non-recourse, although
reputational risk may prompt management to cure covenant breaches.
Consistent with Fitch's treatment of peers' secured funding, we
include the cash rents of the issuer's direct portfolio and
recurring 'subordinated income' (post-debt service of the secured
financings) to form synthetic EBITDA for the pooled portfolio.

Pooled Portfolio Composition: Cashflow-based rental income for 2022
is derived from (i) retail and car park assets (around 50%); (ii)
two Westferry offices (16%); and (iii) rental-derived regular
subordinated income (32%) up-streamed to the rated entity, mainly
from the CMBS and 25 Churchill secured financings. After other
income streams and deducting central administration costs, pooled
portfolio 2022 cashflow EBITDA is forecast to be GBP40 million. It
rises in 2023 when more subordinated income flows from the CMBS
financing (after its asset sale).

Pooled Portfolio Financial Profile: When including GBP150-200
million cash at the issuer level (end-2021: GBP100 million), net
debt/EBITDA improves to around 9x in 2023 and 2024. The interest
cover is above 3x, benefiting from the GBP900 million green bonds'
average 2.5% cost of debt. The pooled portfolio totalled GBP1.5
billion of assets at end-2021.

Security Package: The rated debt is secured by (i) a floating
charge over the material assets of CWG NewCo Limited, which
indirectly includes the asset-owning property vehicles within the
group, and those of the pooled portfolio; (ii) charges over the
shares in entities including CWG NewCo Limited and its subsidiary
Canary Wharf Group plc; and (iii) assignments of certain existing
and future structural intercompany receivables between Canary Wharf
Group Investment Holdings plc and group entities.

Bond Covenants: Other group secured financings are non-recourse and
constitute prior-ranking debt, which (under this transaction's debt
incurrence covenants) is expected to be less than 45% of the
property portfolio, including investments (end-2021: around 40%),
within the bounds of a maximum 60% net LTV covenant (financial
policy: less than 50%) for all debt of the wider group.

DERIVATION SUMMARY

The wider Canary Wharf group's GBP8.1 billion (end-2021) property
portfolio is comparable in size and quality with rated peers
including The British Land Company Plc's (IDR: A-/Stable) GBP10.5
billion (at share) and Land Securities plc's (Short-Term IDR: F1)
GBP12 billion and Derwent London (IDR: BBB+/Stable) GBP7.5 billion.
Canary Wharf has a detailed group structure with segregated funding
for different assets. Consequently, this transaction's 'BB+' IDR
reflects a sub-segment of the group and its bespoke financing.

All four entities have high-quality office properties in good
business locations with attractive ESG credentials to attract
future tenants. BL's four London campus clusters, and Land
Securities' Victoria portfolio, like the Canary Wharf campus, have
the advantage of a central landlord coordinating and investing in
the amenities for the location, complimentary adjacent rental
evidence, and gradually building-out or refurbishing the location
in a phased approach. This is different to an investor like Derwent
who operates in districts with multiple (competing) landlords with
different agendas and investment time-horizons, such that appetite
to re-invest in the location is less coordinated. The topped-up net
initial yields - including rent-frees - for the respective office
portfolios denote their high quality (BL: 4%; Land Securities 4.4%;
Derwent: 4.4%).

Fitch's analytical approach for Canary Wharf's pooled portfolio is
similar to peers, and measures net debt/recurring rental-derived
EBITDA, encompassing subordinated rental-derived income streams
whether from debt-free and debt-funded JVs or equivalent CMBS-type
financings. The pooled portfolio's EBITDA-equivalent has a higher
proportion of subordinated income streams than peers' EBITDA, and
the issuer has the potential risk of the wider group's property
development activity to make demands upon its liquidity.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Retail rent: scheduled lease renewals (10%-15% per year) are
     re-leased 20% lower than previous passing rent in 2022 and
     10% lower in 2023. New lettings also occur, filling some of
     the existing voids.

  -- Office lettings: 7 Westferry Circus is multi-let with various

     leases expiries from 2025 until 2029. 15 Westferry Circus
     continues to be let to its tenant until lease expiry in 2026.

  -- To form the pool portfolio's EBITDA, the group's central
     operating costs (FY21: GBP56 million) are allocated to the
     pooled portfolio's rental income and "excess cashflow".

  -- Readily available cash held at the issuer level (not
     including that restricted under secured financings) is netted

     against the GBP900 million of the pooled portfolio bonds.
     Given proceeds from office and residential disposals, the 9x
     net debt/EBITDA is achieved with GBP150-200 million of cash
     (end-2021: GBP100 million).

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Pooled portfolio net debt/cash-based rental-derived EBITDA
     below 9.0x. Fitch's forward-looking analysis may include
     existing/new collateral assets that have pre-let rent
     incentives maturing in 12-18 months to quality tenants

  -- Pooled portfolio net interest cover above 2x

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Pooled portfolio net debt/cash-based rental-derived EBITDA
     above 10.5x

  -- Pooled portfolio net interest cover below 2x

  -- Events which cause issuer cashflows to be diverted to support

     secured financings (including debt-servicing of development
     activity) and speculative property development

LIQUIDITY AND DEBT STRUCTURE

Significant Liquidity: As of end-2021, the issuer had GBP98.7
million of unrestricted cash, which will be enhanced during 2022
with disposal proceeds from 20 Cabot Square (net of CMBS debt
repayments) and other proceeds from residential development
proceeds.

The issuer has a GBP30 million super-senior revolving credit
facility available (undrawn at year-end) and the wider group has
undrawn construction loan facilities totalling GBP136.6 million at
end-2021. Overall, 82% of the group's loan facilities were at fixed
or hedged rates at end-2021, and the group's average cost of debt
(including legacy debt) is 4.1%.

Management is arranging the refinancing of the wider group's GBP101
million March 2023 and GBP302 million December 2022 scheduled debt
maturities (for Wood Wharf and Newfoundland assets).

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

  Debt     Rating                    Recovery    Prior
  ----     ------                    --------    -----

Canary Wharf Group Investment Holdings plc

           LT IDR   BB+  Affirmed                BB+

senior secured
          
           LT       BBB- Affirmed    RR2         BBB-

EUR 300 mln 1.75% bond/note 07-Apr-2026 XS2327414228
        
           LT       BBB- Affirmed    RR2         BBB-

GBP 350 mln 2.625% bond/note 23-Apr-2025 XS2327414574

           LT       BBB- Affirmed    RR2         BBB-

GBP 300 mln 3.375% bond/note 23-Apr-2028 XS2327414814

           LT       BBB- Affirmed    RR2         BBB-


CROWN UK: Moody's Downgrades CFR to Ca Following Chapter 11 Filing
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Crown UK Holdco Limited ("Cineworld" or "the company") to
Ca from Caa2 and the probability of default to D-PD from Caa2-PD,
following the announcement on the September 7, 2022 that the
company had filed for protection under Chapter 11 of the US
Bankruptcy Code. Moody's has also downgraded the backed senior
secured $462.3 million revolving credit facility to Ca from Caa2
issued by Crown UK Holdco Limited, and the backed senior secured
$450 million term loan to Caa2 from B3, the backed senior secured
$200 million term loan to Caa2 from B3, the backed senior secured
$110.8 million term loan to Caa2 from B3, the backed senior secured
$3.325 billion term loan to Ca from Caa2, the backed senior secured
$650 million term loan to Ca from  Caa2, and the backed senior
secured EUR607.64 million term loan to Ca from Caa2 issued by Crown
Finance US, Inc. The outlook on all entities remains negative.

RATINGS RATIONALE

On September 7, 2022, Cineworld Group plc ("the Group") announced
that the Group and certain of its subsidiaries ("the Chapter 11
companies") have commenced Chapter 11, proceedings in the United
States Bankruptcy Court. According to the announcement, as part of
the Chapter 11 proceedings, the Group will seek to implement a
de-leveraging transaction that will significantly reduce its debt,
strengthen its balance sheet and provide the financial flexibility
to move forward with its strategy in the cinema industry. The
Chapter 11 companies have received commitments of an approximate
$1.94 billion debtor-in-possession financing facility from existing
lenders, which will meet immediate liquidity needs and operating
expenses so that the company can continue in the ordinary course
while implementing a reorganization.

Cineworld has an unsustainable capital structure following the
significant deterioration in the company's operating and financial
performance driven by the prolonged shutdown of its movie theatres
in the wake of the coronavirus pandemic, despite efforts to
restructure its cost base and raise additional financing during the
pandemic. Cineworld has been in negotiation with its debt
providers. The company's Chapter 11 filing resulted in a  downgrade
of Crown UK Holdco Limited's PDR to D-PD from Caa2-PD. The CFR and
the rating on the company's senior secured ratings were downgraded
to reflect Moody's view on potential recoveries.

Subsequent to the actions, Moody's will withdraw all of its ratings
for Cineworld given the company's bankruptcy filing.

ESG CONSIDERATIONS

Cineworld's exposure to governance risks is very highly negative.
Governance risks relate to the aggressive financial strategy, with
high leverage going into the pandemic, and subsequently an
unsustainable capital structure with an increased likelihood of
debt restructuring.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Crown Finance US, Inc.

BACKED Senior Secured Bank Credit Facility, Downgraded to Ca from
Caa2

BACKED Senior Secured Bank Credit Facility, Downgraded to Caa2
from B3

Issuer: Crown UK Holdco Limited

Probability of Default Rating, Downgraded to D-PD from Caa2-PD

LT Corporate Family Rating, Downgraded to Ca from Caa2

BACKED Senior Secured Bank Credit Facility, Downgraded to Ca from
Caa2

Outlook Actions:

Issuer: Crown Finance US, Inc.

Outlook, Remains Negative

Issuer: Crown UK Holdco Limited

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

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

GFG ALLIANCE: Auditor Resigns From Two UK Steel Businesses
----------------------------------------------------------
Sylvia Pfeifer and Michael O'Dwyer at The Financial Times report
that the long-term auditor to Sanjeev Gupta's metals conglomerate
has resigned from at least two of the tycoon's main UK steel
businesses, months after accounting regulators launched
investigations into its work.

According to the FT, King & King, a two-office firm that has
audited scores of companies in Mr. Gupta's GFG Alliance, has
resigned as auditor from Liberty Speciality Steels and Liberty
Steel Dalzell, according to filings at Companies House.

The companies include GFG's main UK steelmaking operations at
Rotherham and Stocksbridge in South Yorkshire, as well as the
Dalzell plate mill at Motherwell in Scotland, the FT discloses.

Mr. Gupta has been racing to secure fresh financing since the
collapse of its main lender Greensill Capital in March last year,
but has yet to secure a long-term alternative, the FT notes. The
industrialist had relied on the group to help fund a global
acquisition spree to build GFG Alliance, which at its peak employed
more than 35,000 people and boasted annual revenues of
US$20 billion, the FT states.

GFG, as cited by the FT, said it had "parted company with King &
King due to overall issues resulting from the collapse of Greensill
Capital".

"We are in the process of appointing new auditors.  There is no
impact on the operations of any of our businesses."

A FT analysis last year revealed that King & King, which has about
40 staff, including secretaries and junior accountants, audited the
most recent accounts of more than 60 GFG companies in the UK, with
combined revenues of almost GBP2.5 billion.

The company is expected to sever ties with other GFG companies
whose accounts it signs off, according to the FT.

The UK accounting regulator announced in May that it was probing
the firm's audits of four GFG companies, including Liberty
Speciality Steels, for the year to March 2019, the FT recounts.

King & King faced questions from MPs last year about whether it had
the size and expertise needed to scrutinise the accounts of such a
large business, the FT relays.


HOPS HILL 2: Moody's Assigns (P)B1 Rating to Class E Notes
----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Hops Hill No.2 plc:

GBP []M Class A Mortgage Backed Floating Rate Notes due November
2054, Assigned (P)Aaa (sf)

GBP []M Class B Mortgage Backed Floating Rate Notes due November
2054, Assigned (P)Aa2 (sf)

GBP []M Class C Mortgage Backed Floating Rate Notes due November
2054, Assigned (P)Aa3 (sf)

GBP []M Class D Mortgage Backed Floating Rate Notes due November
2054, Assigned (P)Baa2 (sf)

GBP []M Class E Mortgage Backed Floating Rate Notes due November
2054, Assigned (P)B1 (sf)

Moody's has not assigned any ratings to the GBP []M Class F
Mortgage Backed Floating Rate Notes due November 2054 and to the
GBP [] Class J Variable Funding Notes due November 2054.

RATINGS RATIONALE

The Notes are backed by a pool of UK buy-to-let ("BTL") mortgage
loans originated by Keystone Property Finance Limited. The
originator sold the beneficial title to UK Mortgages Corporate
Funding DAC. This represents the second issuance out of the Hops
Hill label.

The portfolio of assets amount to approximately GBP464 million as
of July 31, 2022 pool cut-off date. The Reserve Fund will be funded
to 0.9% of the total Class A Notes balance at closing and the total
credit enhancement for the Class A Notes will be 17.15%; including
the liquidity reserve fund.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at 0.9% of Class A Notes balance. However, Moody's
notes that the transaction features some credit weaknesses such as
an unrated servicer and no back-up servicer. Various mitigants have
been included in the transaction structure such as a back-up
servicer facilitator which is obliged to appoint a back-up servicer
if certain triggers are breached, as well as liquidity for the
Class A Notes of 3.2 months.

Moody's determined the portfolio lifetime expected loss of 2.0% and
Aaa MILAN credit enhancement ("MILAN CE") of 13.0% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 2.0%: This is higher than the United
Kingdom RMBS sector and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i) the
WA current LTV of the pool of 71.5%, (ii) the performance of
comparable originators, (3) the expected outlook for the UK economy
in the medium term and (4) benchmarking with similar UK BTL
transactions.

MILAN CE of 13.0%: This is in line with the United Kingdom sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
WA current LTV of the pool of 71.5%, (ii) the fact that the top 20
borrowers constitute 8.2% of the pool, (iii) the share of
self-employed borrowers is 15.9%, and that of legal entities (with
full recourse to borrowers) is 59.7%, (iv) the presence of 13.3% of
House in Multiple Occupation (HMO) and Multi-Unit Block (MUB) loans
in the pool and (v) the benchmarking with similar UK BTL
transactions.

At closing, the transaction benefits from an amortising liquidity
reserve which is equal to 0.9% of Class A and will amortise to 1.8%
of the current balance of Class A Notes. The liquidity reserve fund
will be available to cover senior fees and costs and Class A
interest and will be fully funded at closing from issuance of the
notes. The liquidity reserve fund will be replenished in the
waterfall after payment of Class A interest. The Reserve fund will
be released once Class A has been fully redeemed.

Operational Risk Analysis: Pepper (UK) Limited is the servicer in
the transaction whilst Citibank N.A., London Branch, will be acting
as the cash manager. To mitigate the operational risk, Intertrust
Management Limited (NR) will act as back-up servicer facilitator.
To ensure payment continuity over the transaction's lifetime, the
transaction documentation incorporates estimation language whereby
the cash manager can use the most recent servicer reports available
to determine the cash allocation in case no servicer report is
available. Finally, there is principal to pay interest as an
additional source of liquidity for the Classes A to E. Principal
can be used to pay interest on Class A without any conditions. For
Classes B to E notes, the respective class of notes has to be the
most senior outstanding note to be able to use principal to pay
interest.

Interest Rate Risk Analysis: 100% of the loans in the pool are
fixed rate loans reverting to BBR. The Notes are floating rate
securities with reference to daily SONIA. To mitigate the
fixed-floating mismatch between the fixed-rate assets and floating
liabilities, there will be a scheduled notional fixed-floating
interest rate swap provided by Banco Santander S.A. (Spain)
(A3(cr)/P-2(cr)).

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes; or (ii) a
deleveraging of the capital structure.

Factors that would lead to a downgrade of the ratings include: (i)
an increase in the level of arrears resulting in a higher level of
losses than forecast; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.

HOPS HILL 2: S&P Assigns Prelim. B-(sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to Hops
Hill No. 2 PLC's class A notes and class B-Dfrd to E-Dfrd interest
deferrable notes.

S&P said, "The issuer, Hops Hill No.2, is an English
special-purpose entity, which we consider to be bankruptcy remote.
We analyzed its corporate structure in line with our legal
criteria. We expect the transaction documents and legal opinions to
be in line with our legal criteria at closing."

Interest will be paid monthly after the first interest payment
date, which will be in November 2022. The rated notes pay interest
equal to compounded daily SONIA plus a class-specific margin, with
a further step up in margin following the optional call date in
September 2026. All of the notes will reach their legal final
maturity in November 2054.

Hops Hill No.2 is a static RMBS transaction that securitizes a
portfolio of buy-to-let (BTL) mortgage loans secured on properties
located in the U.K. The closing mortgage portfolio is approximately
£464 million as of July 31, 2022. The loans in the pool were
originated by Keystone Property Finance. The loans were all
originated in the past two years.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer will grant security over all of its assets in the
security trustee's favor.

S&P considers the collateral to be prime, based on the originator's
conservative lending criteria, the fact that none of the loans are
related to borrowers currently under a bankruptcy proceeding, and
loans in arrears in the securitized pool are minimal (only three as
of July 31, 2022).

Credit enhancement for the rated notes will consist of
subordination and excess spread.

A liquidity reserve will provide liquidity support to cover senior
fees, swap payments, and cure interest shortfalls on the class A
notes. The class A and B-Dfrd through E-Dfrd notes will benefit
from principal to be used to pay interest, provided that, in the
case of the class B-Dfrd to E-Dfrd notes, they are the most senior
class outstanding or the outstanding principal deficiency ledger is
less than 10%.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. It considers the issuer to be bankruptcy remote.

  Preliminary Ratings

  CLASS      PRELIMINARY RATING*     CLASS SIZE (%)

   A            AAA (sf)               83.75

   B-Dfrd       AA (sf)                 7.00

   C-Dfrd       A (sf)                  3.75

   D-Dfrd       BBB (sf)                2.50

   E-Dfrd       B- (sf)                 3.25

   F-Dfrd       NR                      0.50

   J-VFN        NR                       TBD

  NR--Not rated.
  TBD--To be determined


ISLAND HARBOUR: Goes Into Administration
----------------------------------------
Lori Little at Isle of Wight County Press reports that Island
Harbour has gone into administration, it has been confirmed.

Business rescue, recovery and insolvency company Lucas Ross has
been appointed to deal with the administration and also all
enquiries from concerned parties, The County Press relates.

The County Press has asked them for further details about what this
means for the company and how concerned parties can get in touch
with them.

UAVEND, the company that owned Island Harbour, is currently
uncontactable, The County Press discloses.  The company website is
also down, The County Press notes.

UAVEND Investments LLP has two officers listed on Companies House -
Eamon O'Connor and Kevin Webb.


LANZET INTERIORS: Goes Into Administration
------------------------------------------
Amy Farnworth at Lancashire Telegraph reports that Lanzet
Interiors, a kitchen company once embroiled in a row with nearby
residents over disturbing noises coming from its factory machines,
has fallen into administration.

The Darwen-based company went into administration on Sept. 2, with
James Saunders and Steven Muncaster both of Kroll Advisory Ltd, The
Chancery, Spring Gardens, Manchester, appointed as joint
administrators, Lancashire Telegraph relates.

The reason for the company's demise is not yet clear, although
bosses at Lanzet have been contacted for a statement, Lancashire
Telegraph notes.

At the beginning of the year, the kitchen installation company came
under fire as residents living close to its headquarters complained
they were being subjected to horrendous sounds, Lancashire
Telegraph recounts.

Lanzet, as cited by Lancashire Telegraph, said it was doing all it
could to minimise the noise from some of its machines and bosses
confirmed they were in discussions with the council and residents
about the issues with their biomass boiler and compressor, which
people living nearby said made a continuous droning noise, which
often went on throughout the night.

According to official Companies House documents, Lanzet Interiors
remained a dormant company from 2019 up until its recent demise,
Lancashire Telegraph notes.


ROBERT WOODHEAD: Confirms Liquidation, Sacks Majority of Workers
----------------------------------------------------------------
Joel Moore at Nottinghamshire Live reports that
Nottinghamshire-based contractor Robert Woodhead Ltd. has confirmed
it is going into liquidation, resulting in mass redundancies.

The company, which is headquartered in Edwinstowe, said the
majority of its staff had lost their jobs, according to the
report.

The firm announced on Sept. 16, that it would be placed into
voluntary liquidation.  It follows a report by Nottinghamshire Live
on Sept. 15 of employees taking to LinkedIn to say they were
looking for new jobs.

Robert Woodhead Limited said it had taken the decision due to price
increases throughout the supply chain, as well as fixed price
contracts.  Managing director Teresa Westwood said: "The directors
are devastated at having to make this decision.

"Having worked tirelessly to mitigate these issues over recent
months, ultimately the business faced a range of cash flow
challenges in recent weeks that proved insurmountable and concluded
that the company could not continue trading."

The company is working with accountancy firm RSM, which will
shortly be writing to all creditors to explain the formalities
around placing the company into voluntary liquidation.


TOWD POINT 2019-GRANITE 4: Fitch Hikes Rating on G-R Debt to BB+
----------------------------------------------------------------
Fitch Ratings has upgraded Towd Point Mortgage Funding 2019 -
Granite 4 plc's class B, D, E, F and G notes and removed them from
Under Criteria Observation.

  Debt                       Rating                Prior
  ----                       ------                -----
Towd Point Mortgage Funding 2019 - Granite 4 plc
  
  Class A1 XS1968576568      LT  AAAsf  Affirmed  AAAsf
  Class A2 - R XS2395599132  LT  AAAsf  Affirmed  AAAsf
  Class B - R XS2395707636   LT  AAAsf  Upgrade   AA+sf
  Class C - R XS2395708014   LT  A+sf   Affirmed  A+sf
  Class D - R XS2395709848   LT  A+sf   Upgrade   Asf
  Class E - R XS2395712396   LT  Asf    Upgrade   BBBsf
  Class F - R XS2395714681   LT  BBBsf  Upgrade   BBsf
  Class G - R XS2395715738   LT  BB+sf  Upgrade   B+sf

TRANSACTION SUMMARY

This transaction is a securitisation of prime UK owner-occupied
(OO) mortgages originated by Northern Rock plc prior to the 2008
global financial crisis.

KEY RATING DRIVERS

Updated UK RMBS Criteria: In the update of its UK RMBS Rating
Criteria on May 23, 2022, Fitch updated its sustainable house price
for each of the 12 UK regions. The changes increased the multiple
for all regions other than north-east and Northern Ireland, updated
house price indexation and updated gross disposable household
income. The sustainable house price is now higher in all regions
except Northern Ireland. This has a positive impact on recovery
rates (RR) and consequently Fitch's expected loss in UK RMBS
transactions.

Fitch also reduced its foreclosure frequency (FF) assumptions for
loans in arrears based on a review of historical data from its UK
RMBS rated portfolio. The changes better align the assumptions with
observed performance in the expected case and incorporate a margin
of safety at the 'Bsf' level.

The updated criteria contributed to the rating actions.

Increasing Credit Enhancement: Credit enhancement (CE) has
increased since the last rating actions due to sequential
amortisation. The increased CE contributed to the rating actions.
CE for the class A1 notes has increased by approximately 3pp over
the previous nine months since the junior notes were refinanced.

Robust to Deteriorating Performance: Fitch considered additional
stress cases in its rating determination to capture the potential
impact on the transaction's performance if faced with a modest
increase in defaults. All of the notes' ratings were robust to
these tests.

Liquidity Access Constrains Class C Rating: Only the class A1, A2
and B notes have access to dedicated liquidity. Fitch requires all
'AAsf' category rated notes and above to be able to withstand a
payment interruption event. The liquidity provisions are
insufficient for the class C notes and notes more junior to achieve
a rating above 'A+sf'.

Back-loaded Default Risks: The pool contains a high share of
interest-only loans, resulting in elevated refinancing risks later
in the transaction's life. This led Fitch to apply a performance
adjustment factor floor of 1.0x in line with its UK RMBS Rating
Criteria.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A deterioration in asset performance due to the increased cost of
living and energy prices in the UK could result in Fitch taking
negative rating action on the notes.

The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated with increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to potential negative rating action depending on the
extent of the decline in recoveries. Fitch tested a 15% increase in
the weighted average (WA) FF and a 15% decrease in the WARR. The
results indicate up to a four-notch negative impact on the notes'
ratings.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF of 15% and an increase in the RR of
15%. The ratings on the subordinated notes could be upgraded by up
to four notches.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Towd Point Mortgage Funding 2019 - Granite 4 plc has an ESG
Relevance Score of '4' for Customer Welfare - Fair Messaging,
Privacy & Data Security due to a high proportion of interest-only
loans in legacy OO mortgages, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


VODAFONE GROUP: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 9, 2022, retains its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Vodafone Group PLC.

Headquartered in Berkshire, United Kingdom, Vodafone Group PLC
provides wireless communication services.


[*] UK: Co. Insolvencies in England & Wales Up 43% in August 2022
-----------------------------------------------------------------
Jasper Jolly at The Guardian reports that the number of companies
in England and Wales declared insolvent jumped by 43% in August,
according to government data, which adds to concerns for the health
of the UK economy.

According to The Guardian, the Insolvency Service said there were
1,933 insolvencies in August, compared with 1,348 in the same month
last year.  It was 42% above the level in August 2019, before the
Covid-19 pandemic hit, The Guardian discloses.

Economists are concerned that businesses will increasingly struggle
as consumers cut back spending amid high inflation, The Guardian
states.  The government has stepped in with an energy price freeze
that will cushion the blow of increased cost of gas and
electricity, but the unit price paid by households this winter will
still be well over double the levels of recent years, The Guardian
notes.

At the same time, businesses are faced with similar energy price
pressures and other cost rises, The Guardian relays.  The
government has pledged "equivalent support" for six months, but the
prime minister's office has admitted that details of the package
may not be available for several weeks, according to The Guardian.

Business groups have complained that delays to support are likely
to force many companies into insolvency, as they cope with
unavoidable soaring bills, The Guardian relates.

The prime minister, Liz Truss, and the chancellor, Kwasi Kwarteng,
are expected to reveal further details of their package to prevent
the UK economy from shrinking in a mini-budget on Friday, Sept. 23,
The Guardian discloses.  However, some economists have warned that
a recession may be unavoidable, The Guardian notes.  

Some British companies had been protected from much of the economic
turmoil of the past two-and-a-half years by the unprecedented
government pandemic support, The Guardian says. That included the
furlough scheme, which paid for wages of people who could not work
during lockdowns, and a series of loan schemes, The Guardian
notes.

However, corporate insolvencies in England and Wales have risen
markedly since hitting their pandemic low of less than 750 a month
in February 2021, The Guardian discloses.

Separately collected data for Scotland and Northern Ireland showed
elevated levels of corporate failures compared with recent months,
according to The Guardian.



                           *********


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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Information contained herein is obtained from sources believed to
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