---

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

                          E U R O P E

          Friday, September 23, 2022, Vol. 23, No. 185

                           Headlines



F R A N C E

ZF INVEST: Moody's Lowers CFR & Sr. Secured Term Loan B to 'B3'


I R E L A N D

RICHMOND PARK CLO: Moody's Ups Rating on EUR31MM E-R Notes to Ba2


S P A I N

BAHIA DE LAS ISLETAS: Moody's Withdraws Ca Corporate Family Rating
GRUPO ANTOLIN: Moody's Cuts CFR to B3, Outlook Stable


S W E D E N

POLYGON GROUP: Moody's Affirms B2 CFR & Alters Outlook to Negative


U N I T E D   K I N G D O M

ARJOWIGGINS GROUP: Subsidiaries Placed Into Administration
AVONSIDE: Owed GBP17MM+ to Creditors at Time of Administration
DOWSON PLC 2022-2: Moody's Assigns B1 Rating to GBP13.8MM X Notes
DOWSON PLC 2022-2: S&P Assigns CCC Rating on Class X Notes
FARFETCH LIMITED: Moody's Assigns First Time B3 Corp. Family Rating

FARFETCH LIMITED: S&P Assigns Preliminary 'B-' ICR, Outlook Stable
FESTICKET: Officially Falls Into Administration
ICELAND FOODS: S&P Affirms 'B' ICR & Alters Outlook to Negative
JK DOMESTICS: 18 Jobs Saved Following Pre-packaged Sale
LF WOODFORD: Link's UK Unit Faces GBP50MM Fine on Top of Redress

WORCESTER WARRIORS: DCMS Responds to MP's Call for Administration


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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

ZF INVEST: Moody's Lowers CFR & Sr. Secured Term Loan B to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and to B3-PD from B2-PD the probability of
default rating of ZF Invest ("Prosol" or "the company").
Concurrently, Moody's downgraded to B3 from B2 Prosol's EUR1,382
million senior secured term loan B (TLB) due 2028 and the EUR250
million senior secured revolving credit facility (RCF) due 2028.
The outlook remains stable.

RATINGS RATIONALE

The downgrade of the CFR to B3 reflects a sharp decrease in
profitability resulting from price investment and reducing volumes
in the first half of 2022 in addition to growing cost inflation and
loss-making new format openings. This has resulted in a significant
EBITDA reduction as of June 30, 2022 and a very high leverage, with
Moody's-adjusted (gross) debt/EBITDA estimated to be around 11.9x
for the fiscal year ending September 2022 (fiscal 2022). Excluding
the EUR189 million outstanding convertible bond, leverage is
forecast to be 10.9x in fiscal 2022.

The B3 CFR is also constrained by the company's aggressive
financial policy in light of a dividend recapitalisation in 2021,
EUR107 million worth of debt to finance a bolt-on acquisition and
capital expenditures during 2022 and execution risks associated
with the company's expansion strategy in a context of deteriorating
macroeconomic conditions in France. The company's ambitious
expansion plan constrains the rating because new operations undergo
a ramp-up phase before reaching break even in terms of earnings,
which in turn initially depresses the company's overall earnings
and free cash flows. The concentration of its earnings in France is
another credit weakness reflected in the rating.

Despite these weaknesses the company maintains an adequate
liquidity profile, which includes EUR164 million cash on balance
sheet and EUR160 million undrawn senior secured revolving credit
facility as of June 30, 2022 and a track record of positive free
cash flow generation until 2021. The CFR also reflects the
company's long track record of sales and EBITDA growth, which came
to a halt in fiscal 2022, and Moody's expectation that the company
will be able to restore its profitability close to historic levels.
Moody's expects profitability will benefit from a ramp up of recent
store openings, a less aggressive promotional strategy and
supportive social trends including customer preferences for fresh
and healthy products, currently affected by weaker disposable
income. The CFR also reflects the company's ability to source
high-quality products from farmers because of their close
relationships.

The leverage increase in fiscal 2022 takes also into account the
ramp up costs linked to the growth of Prosol's digital business,
small format stores and Italian operations. As these activities
ramp up, Moody's expects Prosol will reduce its leverage towards
7.5x in the next 18-24 months. Moody's calculations of Prosol's
leverage also include around EUR189 million of convertible bonds at
ZF Invest.  Moody's recognizes that these convertible bonds have
equity like characteristics and are fully subordinated to the
company's debt, but these do not meet the requirements for equity
treatment under Moody's Hybrid Equity Credit methodology. Moody's
gross adjusted leverage excluding the EUR189 million outstanding
convertible bond would be 10.9x in fiscal 2022 and 8.1x in fiscal
2023.

Governance and social risks were key rating drivers for the rating
action. Prosol has high governance risks (G-4) reflecting, among
other things, its aggressive financial strategy and tolerance for a
high leverage. Despite its already high leverage resulting from a
dividend recapitalization in 2021 and despite pressure on
profitability in 2022 due to its costly expansion strategy, the
company still raised EUR107 million additional debt in 2022 to fund
bolt on acquisitions, a further signal of an aggressive financial
policy. The decision to maintain a stable outlook, as opposed to
negative, is, among other things, supported by social trends
including customer preferences for fresh and healthy products,
although currently affected by decreasing purchasing power due to
high inflation and deteriorating macroeconomic conditions in
France.

LIQUIDITY

Prosol's liquidity is adequate because of the EUR 164 million cash
balance and the EUR160 million undrawn senior secured RCF as of
June 2022, expected to be almost fully undrawn in fiscal 2022, but
negative, albeit improving, free cash flow in most quarters during
the next 12-18 months because of high capital expenditure in
relation with the investment policy of the company.

Moody's expects that the company will continue to improve its free
cash flow in the next 12 to 18 months on the back of the ramp up of
recent store openings and recovering margins, and by 2024 be able
to generate positive free cash flows and cover capital expenditure
needs, which will be around 5% of sales (excluding lease
payments).

The senior secured RCF is subject to a 11.0x net leverage ratio
covenant tested when drawings net of cash exceed 40% of total
commitments. The company maintains significant capacity over the
covenant limit as of June 2022.

The company has no immediate refinancing needs as the senior
secured TLB matures in 2028.

STRUCTURAL CONSIDERATIONS

The EUR1,382 million senior secured term loan B and the EUR250
million senior secured revolving credit facility raised by ZF
Invest are rated B3, in line with the CFR. This reflects the pari
passu capital structure and the presence of upstream guarantees
from material subsidiaries of the group. The outstanding EUR189
million convertible bonds are fully subordinated to the senior
secured debt. The B3-PD probability of default rating, in line with
the CFR, reflects Moody's hypothetical recovery rate of 50%, which
Moody's believe is appropriate for a capital structure comprising
bank debt and with a single springing covenant under the senior
secured RCF with significant headroom.

OUTLOOK

The stable outlook reflects Moody's expectation that the company
will maintain an adequate liquidity, supported by improving free
cash flows, expected to turn positive within the next 24 months.
The stable outlook also reflects Moody's expectation that the
company will be able to improve its profitability and its EBITDA in
absolute terms as a result of a ramping-up of new stores and less
aggressive promotional activity compared to 2022. The stable
outlook also reflects the expectation that leverage will decrease
towards 8x in the next 12 to 18 months driven by higher EBITDA and
that the company's Moody's Adjusted EBIT/Interest expense returns
above 1.0x.

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

Upward pressure on the ratings could arise in the event there is a
sustained decline in Moody's-adjusted (gross) debt/EBITDA ratio to
comfortably below 7.5x, a track record of positive free cash flow
generation and a more conservative financial policy.

Downward pressure on the ratings could arise if Prosol's
profitability and free cash flow generation fails to improve, if
Moody's Adjusted EBIT/Interest expense remains below 1.0x or if
leverage does not decrease from current levels towards 8x over the
next 12 to 18 months. Moody's could also consider downgrading the
rating in of the event there is a material financial
underperformance of Grand Frais' partners if this leads to a
disruption in footfall in Grand Frais stores.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
published in November 2021.

COMPANY PROFILE

Headquartered in Chaponnay, France, Prosol is the largest member of
the Grand Frais group, a store network focused on fresh quality
products. Each Grand Frais store is 1,000 square meters large and
sells five different types of products: fruit and vegetable, fish
and dairy, which are managed by Prosol and meat and grocery
products, which are managed by third parties.

Prosol controls 50% of the Grand Frais group and the remainder is
equally split between two private companies, Calsun and Despinasse.
Prosol generated EUR2.3 billion revenue in fiscal 2021 and had 317
stores as of 30 June 2022.

Prosol was founded by Denis Dumont, who retains a minority stake
and exerts a meaningful influence on the group's strategy. The
company is managed by an experienced team led by Herve Vallat, the
CEO, who joined the company in 2014, Fabien Kermorgant, the Deputy
CEO, who joined the company in 2019, and Pierre Leverger, the CFO,
who joined Prosol in 2018. Prosol's majority shareholder is Ardian,
a European private equity company.




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

RICHMOND PARK CLO: Moody's Ups Rating on EUR31MM E-R Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Richmond Park CLO Designated Activity Company:

EUR13,000,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Mar 7, 2022
Affirmed A1 (sf)

EUR21,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Mar 7, 2022
Affirmed A1 (sf)

EUR22,800,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on Mar 7, 2022
Affirmed Baa2 (sf)

EUR31,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Ba2 (sf); previously on Mar 7, 2022
Affirmed Ba3 (sf)

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

EUR321,900,000 (Current outstanding amount EUR 212.2m) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Mar 7, 2022 Affirmed Aaa (sf)

EUR18,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 7, 2022 Upgraded to Aaa
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Mar 7, 2022 Upgraded to Aaa (sf)

EUR23,100,000 Class B-3 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 7, 2022 Upgraded to Aaa
(sf)

EUR14,300,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Caa1 (sf); previously on Mar 7, 2022
Affirmed Caa1 (sf)

Richmond Park CLO Designated Activity Company originally issued in
January 2014, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Blackstone Ireland Limited. The
transaction's reinvestment period ended in July 2021.

RATINGS RATIONALE

The rating upgrades on the Class C-1, C-2, D-R and E-R Notes are
primarily a result of the deleveraging of the most senior notes
following amortisation of the underlying portfolio since the last
rating action in March 2022.

The Class A Notes have paid down by approximately EUR54.3 million
(20.3%) since the last rating action in March 2022. As a result of
the deleveraging, over-collateralisation (OC) has increased across
the capital structure. According to the trustee report dated August
10, 2022 [1] the Class A/B, Class C, Class D and Class E OC ratios
are reported at 149.45%, 132.67%, 123.38% and 112.65% compared to
February 2022 [2] levels of 141.17%, 127.73%, 120.06% and 111.00%,
respectively.

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 March 2022.

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: EUR401.8m

Defaulted Securities: none

Diversity Score: 49

Weighted Average Rating Factor (WARF): 2984

Weighted Average Life (WAL): 3.5 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.48%

Weighted Average Coupon (WAC): 3.65%

Weighted Average Recovery Rate (WARR): 45.3%

Par haircut in OC tests and interest diversion test:  none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
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.

Additional uncertainty about performance is due to the following:

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




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

BAHIA DE LAS ISLETAS: Moody's Withdraws Ca Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca corporate family
rating and the Ca-PD probability of default rating of Bahia De Las
Isletas, S.L. (Naviera) due to insufficient information. The
outlook has been changed to ratings withdrawn from ratings under
review. The rating action concludes the review for upgrade placed
on April 12, 2022.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings. 


GRUPO ANTOLIN: Moody's Cuts CFR to B3, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has downgraded Grupo Antolin-Irausa,
S.A.'s corporate family rating to B3 from B2 and the probability of
default rating to B3-PD from B2-PD. Concurrently, Moody's
downgraded Grupo Antolin's guaranteed senior secured notes to B3
from B2. The outlook remains stable.

"The rating downgrade was driven by Grupo Antolin's inability to
improve profitability and credit metrics to the extent expected for
the B2 rating category, driven by a challenging environment for the
global auto parts suppliers, in particular those with a high focus
on Europe, considering ongoing cost inflation and only moderate
pricing power," said Falk Frey, a Moody's Senior Vice President and
lead analyst for Grupo Antolin. "The solid liquidity profile
provides some cushion, but Moody's expect a gradual improvement in
operating performance over the next quarters to support credit
metrics required for the B3 rating category", Mr. Frey continues.

RATINGS RATIONALE

Grupo Antolin's margin and leverage have been below the
requirements for the previous B2 rating category for quite some
time and Moody's do not expect the company to be able to recover
these key credit metrics within the next 12-18 months to become
more adequate for the B2 rating level given the current
inflationary environment with high raw material, energy and
logistics costs and a weakened consumer confidence. Grupo Antolin's
LTM EBITA margin of -0.1% is way below the 2.5% - 3.5% range for
the B2 rating category. Moody's anticipate Grupo Antolin to improve
its EBITA margin to around 1% at the end of 2022 with little
further improvement in 2023.

In addition, Grupo Antolin has burned a sizable amount of cash in
the first half of the year. Reported FCF was -EUR29 million in Q2
and -EUR145 million in the first half of FY22. The negative FCF was
driven by weak operating performance and seasonally high working
capital investments offset by lower capex (4.2% of sales vs 5%
target for 2022). Although, management expects a substantial
release of working capital in H2 2022, Grupo Antolin will burn cash
over the next three years in Moody's base case scenario.

At the same time a positive operating impact from the realization
of negotiated price adjustments should improve cash generation
ability in the second half. Moody's notes that Grupo Antolin's
solid liquidity profile provides some cushion against moderate
negative free cash flow generation over the next years. However, a
timely turnaround of profitability and free cash flow generation is
required given Grupo Antolin's highly leveraged capital structure.

The B3 rating balances Grupo Antolin's (1) strong position in the
market for automotive interior products, (2) size and scale as a
tier 1 automotive supplier, and (3) adequate liquidity.

The rating also reflects (1) Grupo Antolin's exposure to the
cyclicality of the global automotive industry; (2) a highly
competitive market environment for interior products, with
relatively little growth prospects and high pricing pressure,
reflected by a EBITA margin of 0.6% in 2021 (breakeven on
LTM06/2022) which was already weak in 2019 (1.9%) pre-Covid impact;
(3) its high gross leverage of 7.1x in 2021 and  7.4x on an
LTM06/2022 basis; and (4) its low free cash flow (FCF), a negative
of around EUR150 million over the last five years and a negative
EUR123 million in H1 2022, given its high capital spending and low
operating profit margin.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation of continued
progress in Grupo Antolin's financial recovery that should lead to
financial metrics becoming more adequate for the B3 rating level
over the next quarters e.g. EBIT margin improvement to around 1%
and leverage below 6x. Nonetheless, in the absence of material debt
maturities Moody's anticipate Grupo Antolin's liquidity profile to
remain adequate.

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

Grupo Antolin's ratings could become under upward pressure in case
of (1) a sustainable reduction in leverage (Debt/Ebitda) to below
5.5x; (2) an EBITA margin exceeding 2.5% sustainably; (3) interest
cover (EBITA/interest expense) to clearly exceed 1.0x as well as
(4) a positive free cash flow on a sustainable basis.

The B3 rating could be downgraded in case of (1) Grupo Antolin's
inability to improve its EBITA margin sustainably above 1.0%, or
(2) leverage (Debt/Ebitda) remaining above 6.5x; (3) interest cover
not to materially improve towards 1.0x and (4) a material negative
FCF beyond the expected double digit amounts for the next two years
or (5) a weakening of Grupo Antolin's liquidity profile.

LIQUIDITY

As of the end of June 2022, the company's cash balance was around
EUR273 million in addition to the availability of its EUR194
million revolving credit facility (RFC) with sufficient headroom
under its maintenance covenants. Test levels of net debt/adjusted
EBITDA are gradually being tightened from 4.5x (in Q3 2022) to less
than 3.5x from Q1 2023 onwards.

Grupo Antolin has no major debt maturities until 2025 and only
minor amounts of short-term debt falling due, most of which are
renewable credit facilities that are typically rolled over. Against
previous assumptions, Moody's expect the group to generate a
negative free cash flow in an amount of above EUR100 million for
2022 and a high double digit negative amount thereafter.

LIST OF AFFECTED RATINGS

Issuer: Grupo Antolin-Irausa, S.A.

Downgrades:

LT Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Senior Secured Regular Bond/Debenture, Downgraded to B3 from B2

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

COMPANY PROFILE

Headquartered in Burgos, Spain, Grupo Antolin is a family-owned
tier 1 supplier to the automotive industry. It focuses on the
design, development, manufacturing and supply of components for
vehicle interiors, which includes cockpits, overheads (headliners),
door trims, and interior lighting and electronic components. In
2021, Grupo Antolin generated revenues of almost EUR4.1 billion.




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

POLYGON GROUP: Moody's Affirms B2 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed Polygon Group AB's B2
corporate family rating and B2-PD probability of default rating.
Moody's has also affirmed the B1 senior secured instrument ratings
of the EUR430 million first-lien term loan B1, the EUR55 million
delayed draw first-lien term loan B2, and the EUR90 million
revolving credit facility (RCF). The outlook on all ratings has
been changed to negative from stable.

RATINGS RATIONALE

The negative outlook reflects the decrease in Polygon's margins in
the first half of 2022 compared to H1 2021, and the risk that its
profitability will remain under pressure over the next 12-18
months. While the company recorded a double digit revenue growth in
H1 2022, the company's adjusted EBITDA margin declined to 10% from
around 12% in H1 2021. The profitability was affected by the higher
use of external subcontractors to support the strong sales growth,
which was driven by the severe floods in Europe in summer 2021, but
also higher covid-related sickness leaves. Combined with the rising
cost of wages, energy and transport, Moody's expects lower earnings
growth over the next 12-18 months than initially estimated.

As a result, the risks of Moody's adjusted leverage remaining above
6.0x over the next 12-18 months has increased. The leverage
includes the EUR55 million senior secured delayed draw first-lien
term loan B2, which was fully drawn in H1 2022. A leverage
sustained above 6.0x could increase downward pressure on the
ratings. The lower profitability, in addition to rising interest
rates, will also limit positive free cash flow over the next 12-18
months and reduce the company's interest cover.

Despite these challenges, Moody's expects the company to continue
to benefit from its leading market position in the fragmented
European property damage restoration (PDR) market, which should
help the company to pass on price increases on to customers and
drive further cost efficiency measures. The higher covid-related
sickness leaves should also gradually normalise, although risks of
new outbreaks remain. The company benefits from positive market
dynamics and relatively low cyclicality of its business model,
which should continue to support the demand for its services.

Governance risks mainly relate to the company's private-equity
ownership, which tends to tolerate a higher leverage, a greater
propensity to favour shareholders over creditors as well as a
greater appetite for M&A to maximise growth and their return on
investment.

STRUCTURAL CONSIDERATIONS

Polygon's capital structure consists of a EUR430 million senior
secured first-lien term loan B1, the EUR55 million delayed-draw
senior secured first-lien term loan B2 that has been fully drawn,
ranking pari passu with the EUR90 million senior secured RCF. These
facilities are rated one notch above the CFR, reflecting their
seniority in the capital structure, given the presence of a EUR120
million second-lien loan (not rated). The instruments share the
same security package and are guaranteed by a group of companies
accounting for at least 80% of the consolidated group's EBITDA. The
security package is relatively weak, consisting of shares, bank
accounts and intercompany loans. The B2-PD probability of default
rating is on a par with the company's CFR, reflecting the use of a
standard 50% recovery rate, as is customary for capital structures
with first- and second-lien bank loans and covenant-lite
documentation.

LIQUIDITY

Polygon's liquidity is adequate supported by EUR22 million in cash
on balance sheet and an undrawn RCF of EUR90 million as of June
2022. Moody's expects these sources of liquidity to provide
sufficient buffer to cover working capital and capital spending
needs over the next 12-18 months although FCF will likely be
limited. The debt structure is covenant-lite, with one springing
maintenance covenant set at 7.8x senior secured net leverage,
tested only when more than 40% of the RCF is drawn. Polygon is
likely to maintain an adequate buffer under this covenant over the
next 12-18 months. The company does not have any major debt
maturity until 2028.

RATING OUTLOOK

The negative outlook reflects the current weak positioning of the
rating and the risk of downgrade if the company is not able to
improve its credit metrics to levels more commensurate with the B2
rating over the next quarters.

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

Upward pressure on the rating could develop if Moody's adjusted
debt/EBITDA falls towards 4.5x on a sustainable basis while
sustaining Moody's adjusted EBIT margin well above 5%; Moody's
adjusted FCF/debt moves above 5% on a sustained basis and improves
its liquidity profile to good. An upgrade will also require a
commitment to a conservative financial policy, including the
absence of any excessive profit distributions to shareholders or
large debt-funded acquisitions.

Downward pressure on the ratings could arise if Moody's adjusted
debt/EBITDA remains above 6.0x on a sustained basis, if Moody's
adjusted EBIT margin falls below 5%, Moody's adjusted FCF turns
negative on a sustained basis or the liquidity position
deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.

COMPANY PROFILE

Headquartered in Stockholm, Sweden, Polygon provides property
restoration services for water and fire damage, major and complex
claims, temporary climate solutions and leak detection services.
The group is present in 16 countries in Western and Northern
Europe, North America and Singapore, and employs more than 6,400
people across more than 350 depots.




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

ARJOWIGGINS GROUP: Subsidiaries Placed Into Administration
----------------------------------------------------------
Brian Donnelly at The Herald reports that administrators have been
called in to Arjowiggins Group subsidiaries across the UK.

Blair Nimmo and Alistair McAlinden from Interpath Advisory were
appointed joint administrators to ten Arjowiggins Group UK
subsidiaries on Sept. 23, The Herald relates.

With origins dating back to 1738, the group is an independent paper
manufacturer, producing fine and custom papers for various purposes
including graphic design, packaging and labelling, and security
printing.

The group owns and operates two mills in the UK, in Stoneywood,
Aberdeen, and Chartham, Kent.

The group has faced a difficult trading environment since the
negative impact of Covid-19 on trading and cashflow which meant it
has been loss-making, with losses exacerbated in more recent times
by the significant increases in energy costs and the price of raw
materials, including pulp, The Herald discloses.

The administrators said the directors of the group "worked
extensively, exploring all options to safeguard the future of the
business, but with a solvent solution unable to be secured, took
the difficult decision to place the group's UK companies into
administration".

The joint administrators made 368 of the group's 463 UK-based
employees redundant immediately following their appointment, The
Herald notes.  A total of 95 members of staff have been retained by
the joint administrators "to assist them with the operation of
limited activity across the two sites whilst they explore any
possibility of a sale of the sites and assets".

"Arjowiggins has a long and proud history dating back more than 260
years, so this is immensely troubling news for UK and Scottish
manufacturing," The Herald quotes Blair Nimmo, chief executive of
Interpath Advisory and joint administrator, as saying.

"Unfortunately, and following on from the severe challenges posed
by the pandemic, the significant economic headwinds which have been
impacting industrial manufacturing businesses up and down the
country, including skyrocketing energy costs and spiralling input
prices, have proved to be overwhelming for the group."

The Group also owns and operates mills in Spain and China via its
Guarro Casas and ArjoWiggins Quzhou subsidiaries.  Neither
operating company is subject to insolvency proceedings.

According to The Herald, Blair Nimmo and Alistair McAlinden from
Interpath Advisory were appointed joint administrators to the
following companies within the Arjowiggins Group:

   -- AW Creative Papers Group Limited
   -- Arjowiggins Group Limited                           
   -- AW Branding Limited             
   -- AW Estates Holdings Limited
   -- AW Estates Scotland Limited
   -- AW Estates England Limited
   -- Arjowiggins Papers Limited
   -- Arjowiggins Translucent Papers Limited
   -- Arjowiggins Chartham Mill Limited
   -- Arjowiggins Scotland Limited


AVONSIDE: Owed GBP17MM+ to Creditors at Time of Administration
--------------------------------------------------------------
Grant Prior at Construction Enquirer reports that roofing giant
Avonside owed more than GBP17 million to suppliers and
subcontractors when it fell into administration earlier this
month.

An update from administrators Begbies Traynor has revealed the
scale of debts at the country's largest roofing contractor,
Construction Enquirer notes.

Unsecured creditors are unlikely to receive a dividend for their
debts leaving them holding hundreds of worthless invoices,
Construction Enquirer discloses.

The report also reveals the details of a pre-pack sale of nine of
Avonside's 37 branches, Construction Enquirer states.

The branches were sold to Andrew Morley Business Consultancy (AMBC)
for GBP437,500 days after the administration, Construction Enquirer
notes.

According to Construction Enquirer, the report stated: "This led to
concerns over billing which caused cash flow difficulties, working
capital funding issues, and margin erosion and ultimately led to
the point where the group's financial records were considered to be
materially inaccurate."


DOWSON PLC 2022-2: Moody's Assigns B1 Rating to GBP13.8MM X Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Dowson 2022-2 Plc:

GBP89.347M Class A Floating Rate Loan Note due August 2029,
Definitive Rating Assigned Aaa (sf)

GBP98.753M Class A Floating Rate Notes due August 2029, Definitive
Rating Assigned Aaa (sf)

GBP35.8M Class B Floating Rate Notes due August 2029, Definitive
Rating Assigned Aa1 (sf)

GBP26.9M Class C Floating Rate Notes due August 2029, Definitive
Rating Assigned A2 (sf)

GBP14.9M Class D Floating Rate Notes due August 2029, Definitive
Rating Assigned Baa3 (sf)

GBP17.9M Class E Floating Rate Notes due August 2029, Definitive
Rating Assigned Ba3 (sf)

GBP14.9M Class F Floating Rate Notes due August 2029, Definitive
Rating Assigned Caa3 (sf)

GBP13.8M Class X Floating Rate Notes due August 2029, Definitive
Rating Assigned B1 (sf)

RATINGS RATIONALE

The Notes and the Loan Note – except for the Class X Notes are
backed by a static pool of United Kingdom auto finance contracts
originated by Oodle Financial Services Limited ("Oodle", NR). This
represents the sixth issuance sponsored by Oodle. The originator
also acts as the servicer of the portfolio during the life of the
transaction.

The portfolio of auto finance contracts backing the Notes consists
of Hire Purchase ("HP") agreements granted to individuals resident
in the United Kingdom. Hire Purchase agreements are a form of
secured financing without the option to hand the car back at
maturity. Therefore, there is no explicit residual value risk in
the transaction. Under the terms of the HP agreements, the
originator retains legal title to the vehicles until the borrower
has made all scheduled payments required under the contract.

The portfolio of assets amount to approximately GBP298 million as
of August 22, 2022 pool cut-off date. The portfolio consisted of
33,625 agreements originated over the past 6 years and
predominantly made of used 99.5% vehicles distributed through
national and regional dealers as well as brokers. It has a weighted
average seasoning of 9.25 months.

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

The transaction's main credit strengths are the significant excess
spread, the static and granular nature of the portfolio, and
counterparty support through the back-up servicer (Equiniti Gateway
Limited (NR)), interest rate hedge provider (BNP Paribas (Aa3(cr)/
P-1(cr)) and independent cash manager (Citibank N.A., London Branch
(Aa3(cr)/ P-1(cr)). The structure contains specific cash reserves
for each asset-backed tranche which cumulatively equal 1.32% of the
pool and amortise in line with the Notes. Each tranche reserve is
purely available to cover liquidity shortfalls related to the
relevant Note throughout the life of the transaction and can serve
as credit enhancement following the tranche's repayment. The Class
A reserve provides approximately 3 months of liquidity at the
beginning of the transaction. The portfolio has an initial yield of
16.8% (excluding fees). Available excess spread can be trapped to
cover defaults and losses, as well as to replenish the tranche
reserves to their target level through the waterfall mechanism
present in the structure.

Moody's determined the portfolio lifetime expected defaults of 14%,
expected recoveries of 30% and portfolio credit enhancement ("PCE")
of 37.5% related to borrower receivables. The expected defaults and
recoveries capture Moody's expectations of performance considering
the current economic outlook, while the PCE captures the loss
Moody's expect the portfolio to suffer in the event of a severe
recession scenario. Expected defaults and PCE 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 its ABSROM cash flow model.

Portfolio expected defaults of 14% is higher than the UK auto
transactions and is based on Moody's assessment of the lifetime
expectation for the pool taking into account (i) the higher average
risk of the borrowers, (ii) historic performance of the book of the
originator, (iii) benchmark transactions, and (iv) other
qualitative considerations.

Portfolio expected recoveries of 30% is in line with the UK auto
transaction average and is based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

PCE of 37.5% is higher than the EMEA Auto ABS average and is based
on Moody's assessment of the pool which is mainly driven by: (i)
the relative ranking to originator peers in the UK market and (ii)
the weighted average current loan-to-value of 97.5% which is worse
than the sector average. The PCE level of 37.5% results in an
implied coefficient of variation ("CoV") of 33.1%.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
July 2022.

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

Factors that would lead to an upgrade of the ratings of Class B - X
Notes include significantly better than expected performance of the
pool together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of swap counterparty
ratings; and (ii) economic conditions being worse than forecast
resulting in higher arrears and losses.


DOWSON PLC 2022-2: S&P Assigns CCC Rating on Class X Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dowson 2022-2
PLC's asset-backed floating-rate class A Loan Notes and class A, B,
C, D, E, F-Dfrd, and X-Dfrd notes. The class X-Dfrd notes are
excess spread notes. The proceeds from the class X-Dfrd notes are
used to fund the initial required cash reserves, the premium
portion of the purchase price, and pay certain issuer expenses and
fees.

Dowson 2022-2 is the sixth public securitization of U.K. auto loans
originated by Oodle Financial Services Ltd. S&P also rated the
first five securitizations, Dowson 2019-1 PLC, Dowson 2020-1,
Dowson 2021-1 PLC, Dowson 2021-2 PLC, and Dowson 2022-1 PLC, which
closed in September 2019, March 2020, April 2021, October 2021, and
April 2022 respectively.

Oodle is an independent auto lender in the U.K., with a focus on
used car financing for prime and near-prime customers.

The underlying collateral comprises U.K. fully amortizing
fixed-rate auto loan receivables arising under hire purchase (HP)
agreements granted to private borrowers resident in the U.K. for
the purchase of used and new vehicles. There are no personal
contract purchase (PCP) agreements in the pool. Therefore, the
transaction is not exposed to residual value risk.

Of the underlying collateral, 19.4% is currently securitized in
Dowson 2020-1 PLC. At closing, the issuer credited an amount
required to purchase these receivables in a prefunding reserve
ledger. On Dowson 2020-1's first optional redemption date, these
amounts will be drawn on for the purchase of receivables. If the
purchase of Dowson 2020-1 receivables does not occur, then these
amounts will be applied as available principal proceeds to pay down
the notes.

About 4.53% of the pool are multi-part agreements that include
certain add-on components, which covers for insurance, warranties,
and refinancing of amounts owed by the obligor under any
pre-existing HP, lease, or other auto finance agreement, which is
terminated by the obligor in connection with its entry into a new
agreement. Currently, the add-on components form about 0.39% of the
pool.

Collections will be distributed monthly with separate waterfalls
for interest and principal collections, and the notes amortize
fully sequentially from day one.

A dedicated reserve ledger for each of the class A Loan Notes and
class A, B, C, D, E, and F-Dfrd notes is in place to pay interest
shortfalls for the respective class over the transaction's life,
any senior expense shortfalls, and once the collateral balance is
zero or at legal final maturity, to cure any principal
deficiencies. The class A dedicated reserve ledger will also be
used to cure any class A principal deficiency before the legal
final maturity date. The required reserve amount for each class
will amortize in line with the outstanding note balance.

A combination of note subordination, the class-specific cash
reserves, and any available excess spread provides credit
enhancement for the rated notes.

Commingling risk is partially mitigated by sweeping collections to
the issuer account within two business days, and a declaration of
trust is in place over funds within the collection account.
However, due to the lack of minimum required ratings and remedies
for the collection account bank, S&P has assumed one week of
commingling loss in the event of the account provider's
insolvency.

Although the originator is not a deposit-taking institution, there
are eligibility criteria preventing loans to Oodle employees from
being in the securitization, and Oodle has not underwritten any
insurance policies for the borrowers. The new add-on product may
give rise to potential for setoff risk between the borrower and the
seller, which may be subject to claims under section 75 CCA for any
breach of contract or misrepresentation although Oodle would
normally have a claim against the dealer in such scenario. We have
received satisfactory legal comfort that the add-on portion used to
refinance any pre-existing HP agreement will not give rise to any
setoff risk. In S&P's analysis, it has considered a setoff loss for
the add-on portion, which is used to cover for insurance,
warranties, or paint protection products, which forms 0.24% of the
pool.

Oodle remains the initial servicer of the portfolio. A moderate
severity and portability risk along with a moderate disruption risk
initially caps the maximum potential ratings on the notes at 'AA'
in the absence of a back-up servicer. However, following a servicer
termination event, including insolvency of the servicer, the
back-up servicer, Equiniti Gateway Ltd., will assume servicing
responsibility for the portfolio. S&P said, "We have therefore
incorporated a three-notch uplift, which enables the transaction to
achieve a maximum potential rating of 'AAA' under our operational
risk criteria. Therefore, our operational risk criteria do not
constrain our ratings on the notes."

The assets pay a monthly fixed interest rate, and all notes pay
compounded daily sterling overnight index average (SONIA) plus a
margin subject to a floor of zero. Consequently, these classes of
notes benefit from an interest rate swap with a fixed amortization
profile, with an option to rebalance subject to satisfaction of
certain conditions.

Interest due on all classes of notes, other than the most senior
class of notes outstanding, is deferrable under the transaction
documents. Once a class becomes the most senior, interest is due on
a timely basis. S&P said, "However, although interest can be
deferred, our ratings on the class A Loan Notes and class A, B, C,
D, and E notes address timely payment of interest and ultimate
payment of principal. Our ratings on the class F-Dfrd and X-Dfrd
notes address the ultimate payment of interest and ultimate payment
of principal."

The transaction also features a clean-up call option, whereby on
any interest payment date (IPD) when the outstanding principal
balance of the assets is less than 10% of the initial principal
balance, the seller may repurchase all receivables, provided the
issuer has sufficient funds to meet all the outstanding
obligations. Furthermore, the issuer may also redeem all classes of
notes at their outstanding balance together with accrued interest
on any IPD on or after the optional redemption call date in May
2025.

S&P said, "Our ratings on the transaction are not constrained by
our structured finance sovereign risk criteria. The remedy
provisions at closing adequately mitigate counterparty risk in line
with our counterparty criteria. The legal opinions adequately
address any legal risk in line with our criteria."

  Ratings

  CLASS           RATING*     AMOUNT (MIL. GBP)

   A              AAA (sf)       89,347,000

   A Loan Notes   AAA (sf)       98,753,000

   B              AA (sf)        35,800,000

   C              A (sf)         26,900,000

   D              BBB+ (sf)      14,900,000

   E              BB (sf)        17,900,000

   F-Dfrd         B- (sf)        14,900,000

   X-Dfrd†        CCC (sf)       13,800,000

*S&P's ratings on the A Loan Note and class A, B, C, D, and E notes
address the timely payment of interest and ultimate payment of
principal, while its ratings on the class F-Dfrd and X-Dfrd notes
address the ultimate payment of both interest and principal no
later than the legal final maturity date.
TBD--To be determined.


FARFETCH LIMITED: Moody's Assigns First Time B3 Corp. Family Rating
-------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B3 corporate
family rating and a B3-PD probability of default rating to Farfetch
Limited (Farfetch or the company), the leading global platform for
the luxury fashion industry. Concurrently, Moody's has also
assigned a B1 rating to the $400 million senior secured term loan B
to be borrowed by the company's subsidiary, Farfetch US Holdings,
Inc. The outlook on all ratings is stable.

RATINGS RATIONALE

Farfetch's B3 CFR is underpinned by Moody's expectations that the
company's liquidity will remain good over the next 2 to 3 years and
that it will achieve a sustained improvement in its
Moody's-adjusted EBITDA. Before taking account of share based
compensation the rating agency's Base Case is that the company's
Moody's-adjusted EBITDA will be at least $60 million in 2023 and
close to $200 million in 2024, with the improvement from the
company's 2022 target of break-even driven by operational gearing
as sustained topline growth outpaces cost increases, most notable
in general overheads.

In addition, the CFR positively recognises (a) Farfetch's success
in building a globally diverse and sophisticated technology
platform through which a wide array of luxury brands are available
to consumers; (b) the company's track record of strong growth in
end-customer numbers and improving profitability, albeit from a
negative Moody's-adjusted EBITDA position; and (c) favourable long
term sector dynamics in particular with respect to a material and
sustained increase in online penetration within the personal luxury
goods industry.

Less positively, the CFR also reflects (a) Moody's expectations
that the company will continue to generate negative free cash flows
in the next two years; (b) exposure to an ultimately highly
discretionary segment of consumer spending at a time of
macro-economic slowdown which will test the ongoing resilience of
demand for luxury brands; (c) degrees of concentration of risks
including among the higher spending users of the company's Digital
Platform, and within its Brand Platform; and (d) a founder-based
and controlled entrepreneurial culture coupled with a shareholder
base which is likely focused on upside potential, which increases
the possibility that strategic decisions and financial policies may
not best serve the interests of creditors.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's believes that Environmental and Social considerations do
not currently have a meaningful bearing on Farfetch's credit
quality. However, like all consumer facing businesses the company
is exposed to reputational damage in the event that it failed to
live up to consumer's expectations for service levels or was to
suffer from a data breach. Moody's believes the company recognises
the need to manage these potentially high impact risks in order to
keep the probability of them occurring very low. The rating agency
understands that the company has a strong track record to date.

The founder driven entrepreneurial culture is chief among
governance considerations. The dual class voting structure means
that the CEO, Mr Neves, holds over 70% of the voting rights (as of
December 31, 2021), limiting the extent to which other shareholders
can influence corporate matters. Moreover, Moody's believes that
the broader shareholder base is particularly focused on upside
potential. In combination, the rating agency feels there is more
limited certainty that strategic decisions and financial policies
will be balanced between the interests of shareholders and
creditors than in the cases of more mature slower growth
businesses.

LIQUIDITY

Pro-forma for the proposed loan proceeds Moody's considers
Farfetch's liquidity position to be good, and expects that to
remain the case in the years ahead. This assessment factors in an
assumption that working capital dynamics will normalise and be
positive for free cash flow, thanks to relatively modest inventory
levels (in respect of the New Guards Group brands and Browns) and a
payment cycle that sees the company receive the full proceeds from
individual sales via the Farfetch Marketplace when a consumer
places an order, but only pay the marketplace sellers after thirty
days.

The rating agency's base case does not factor in any material cash
outflows in respect of acquisitions. As such, to the extent that
future acquisitions were funded with cash and/or sizeable put
obligations were settled in cash rather than equity, the company's
cash balances would be depleted more quickly than the rating agency
currently envisages, a clear credit negative.

STRUCTURAL CONSIDERATIONS

The B1 rating of the proposed new senior secured term loan B in the
name of Farfetch US Holdings, Inc is two notches higher than the
CFR. This reflects the loss absorption cushion provided by the
unsecured and structurally subordinated Convertible Notes issued by
Farfetch Limited. In its Loss Given Default calculations Moody's
has used a 50% recovery rate assumption, applicable to capital
structures with more than one class of debt. While the security
package for the term loan comprises guarantees from other group
companies, share pledges, and security interests over bank
accounts, inter-group receivables and intellectual property, the
rating agency notes the asset light nature of Farfetch's business.

RATIONALE FOR THE STABLE OUTLOOK

The company's current low level of profitability and negative free
cash flow means that Farfetch is currently weakly positioned in the
B3 rating category. However, the stable outlook reflects
expectations that the company will achieve results at least in line
with Moody's current base case in 2023 with continued expectations
of growth in 2024. As well as EBITDA growth this will involve the
company maintaining good liquidity underpinned by material cash
balances, and achieving a material improvement in negative free
cash flow over this period.

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

Upward rating pressure will not build until and unless the company
grows it's Moody's-adjusted EBITDA materially, such that it's
Moody's-adjusted leverage is expected to be sustainably below 6x,
and its positive free cash flow represents at least 10% of
Moody's-adjusted gross debt.

Conversely, a downgrade will be considered if any of the
assumptions underpinning the stable outlook at B3 CFR no longer
apply.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

London headquartered Farfetch Limited is the leading global
platform for the luxury fashion industry, operating the Farfetch
Marketplace which connects consumers around the world with over
1,400 brands, boutiques and department stores. The company's
additional businesses include Browns and Stadium Goods, which offer
luxury products to consumers, New Guards Group, a platform for the
development of global fashion brands, and Farfetch Platform
Solutions, which services enterprise clients with e-commerce and
technology capabilities.

The company is listed on the New York Stock Exchange and has a
current market capitalisation of around $4 billion. In the 12
months to June 2022 it generated revenues of $2.3 billion.


FARFETCH LIMITED: S&P Assigns Preliminary 'B-' ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' issuer credit
rating to Farfetch Ltd. and its preliminary 'B-' issue-level and
preliminary '3' recovery rating to the company's proposed senior
secured TLB. The recovery rating reflects S&P's estimate of about
55% recovery in the event of a payment default.

The outlook is stable because S&P thinks Farfetch will continue
expanding the scale of its operations at the fast pace observed in
recent years, and thereby achieve positive S&P Global
Ratings-adjusted profitability in the next 24 months, gradually
improve its cash generation by reducing its negative FOCF after
leases, and maintain sufficient cash balances.

Farfetch operates in the luxury fashion industry, characterized by
its general resilience to the economic cycle and rapid recovery to
pre-pandemic levels, and where online penetration has doubled
during the pandemic to 20% and is expected at 30% by 2025.

Farfetch, one of the largest global online platforms in the luxury
fashion segment, has been expanding its revenue above the industry
rate over the last decade, with compound annual growth rate of
about 60% between 2015-2021. S&P said, "We anticipate that over the
next two to three years, the group's organic growth will largely
follow the growth expectations for the industry, and Farfetch will
likely strengthen its competitive standing further with key
partnerships, such as the recent conditional agreement with
Richemont (subject to regulatory approval). The group is well
positioned to benefit from the structural shifts in the industry
toward online channels, sustainability (including the fast growing
pre-owned offering), purchasing habits of the younger customer
cohorts (where Millenials and GenZ are expected to account for 70%
of the market by 2025, versus 40% currently), and from its global
footprint capitalizing on luxury fashion spending gaining faster
momentum in China and in the U.S. We forecast revenue growth of
approximately 30% compound annual growth rate over our forecast
period (2021-2026)."

Farfetch benefits from a well-diversified portfolio of fashion
brands and from its track record of retaining and expanding
partnerships and longstanding relationships. The group has been
successful in onboarding and retaining new brands, boutiques, and
multi-brand retailers on its platform and entering into strategic
partnerships, among which the recent examples include Reebok,
Salvatore Ferragamo, and Neiman Marcus Group. It includes more than
600 brand partners and 800 retailers via the Farfetch Marketplace
and is focused on expanding its Farfetch Platform Solutions (FPS)
outreach.

Nevertheless, Farfetch is still a small player in the overall
luxury fashion industry. With about $2 billion revenue in 2021 and
over $4 billion annual Gross Merchandise Value (GMV), the group
captures less than 1% of the global luxury fashion market (6% of
the online segment) and is highly reliant on the appetite of brands
and retailers to collaborate. In S&P's opinion, the group is
exposed to potential competition from new entrants into the digital
space or the brands increasingly relying on their own
direct-to-customer channels.

Farfetch has entered into a strategic agreement with Richemont for
the potential acquisition of 47.5% of Yoox Net-A-Porter as well as
the addition of Richemont Maisons as a partner into the Farfetch
Marketplace and adoption of FPS. Subject to receiving regulatory
approvals and the satisfaction of other deal-specific conditions,
the agreement will allow Farfetch to enhance its presence in the
fashion digital space, as well as grow its top line from 2024
thanks to the e-concessions on the marketplace and FPS. In S&P's
opinion, it could solidify the competitiveness of the group and
highlights the support of one of the largest players in the luxury
industry, as well as the group expanding its investor base.

While the group's geographic diversity supports its ability to
continuously expand its operations by shifting focus to higher
growth markets, S&P thinks that there is still a substantial
reliance on the Chinese market for continued growth. China has been
gaining prominence for several years, and is the largest market in
the luxury fashion industry, thanks to a growing middle-to-high
income class with higher disposable income. Farfetch currently has
a joint venture with Alibaba and Richemont (where Alibaba and
Richemont currently hold, in aggregate, 25% ownership of Farfetch
China and could potentially increase to 49% if certain targets are
met). Nevertheless, the slowdown of the Chinese economy as a result
of the COVID-19 restrictions has constrained Farfetch's growth
prospects in the current year, and, together with Farfetch's exit
from Russia, has caused a temporary overstocking issue for the
group.

High technology investment and recently elevated volatility in the
trading environment caused by geopolitical and macroeconomic
factors delay the group's S&P Global Ratings-adjusted profitability
turning positive. The group's focus on rapid platform and revenue
growth has led to negative management-adjusted EBITDA since its
inception, which only reached a reported break-even level in 2021,
on a management-adjusted EBITDA basis. Under our methodology we
consider the capitalized development costs attributed to FPS
projects as operating expense, resulting in S&P Global
Ratings-adjusted EBITDA of negative $29 million in 2021 and
negative $85 million forecast for 2022. S&P understands that the
group is shifting its strategic focus over the next three to five
years to raising the efficiency of its operations and profitability
from its aggressive pursuit of top-line growth, and we expect
positive S&P Global Ratings-adjusted EBITDA in 2023 and thereafter
following a challenged 2022 exacerbated by escalating inflationary
pressures.

S&P said, "We anticipate Farfetch will continue to have sizable
negative FOCF; however, our rating is supported by the large cash
balances above $1.1 billion, which are expected to support the
group's liquidity needs in the next 12-24 months. Limited cash flow
from operations as a result of low profitability, working capital
disruption over the last 12 months, and high capital expenditure
(capex) required to fund strategic growth projects are expected to
lead to sizable annual cash burn during 2022-2024, albeit by a
diminishing amount each year. We expect the group to benefit as
well from a positive working capital cycle after 2022-2023, once
the management has resolved supply chain issues, the inventory
backlog has been cleared, and the impact of the pandemic retracts.
We consider the cash reserves pro forma for the proposed debt
issuance sufficient for the group to fund its liquidity needs over
the next 24 months and to sustain its capital structure, while the
elevated leverage (above 10x) is likely to persist until
2024-2025."

Founder and CEO of the group, Jose Neves, has significant influence
over important corporate matters. Jose Neves founded the company in
2007 and has held the position of CEO since then. He is currently a
board member, chairman of the board, and CEO of the Farfetch group.
As of Dec. 31, 2021, Mr. Neves holds more than 70% of the voting
power through 100% ownership of the Class B shares. While
instrumental in the growth and success of the company, S&P assesses
the concentration of responsibilities and the dependency of the
group on Jose Neves as key risks for the group's operations.

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

"The stable outlook reflects our expectation that Farfetch should
continue fast growth of the scale of its operations as per our base
case, thereby allowing for positive adjusted EBITDA by 2023 and
positive FOCF after leases by 2025. We also expect the group to
stabilize its working capital position in the next 12-18 months,
while maintaining abundant cash balances that ensure an adequate
liquidity funding at all times until the group becomes
self-sustainable.

"We could lower our rating over the next 12-18 months if Farfetch
were not able to expand its earnings, generate positive adjusted
EBITDA, or reduce volatility of its working capital. In such a case
we would likely see higher-than-expected FOCF after leases outflow
and a deterioration of its liquidity. This scenario could
crystallize if we saw lower demand in the luxury fashion industry,
profitability suffered because of unfavorable contract terms or
disruption in the supply or fulfilment capacity, or other
operational issues that could cause, among others, significant
working capital swings.

"Upside is unlikely over the next 12-24 months, given the near-term
negative EBITDA and cash flow expectations and our base case and
preliminary rating already factoring in substantial improvement in
the operating performance. We could consider an upgrade if the
group materially outperformed our base case, leading to a
significant uplift in its profit base and cash generation sooner
than anticipated. We would also need to see that the company had
resolved its supply chain issues, and achieved sustainable inflow
from the annual changes in working capital."

ESG credit factors: E-2; S-2; G-3

S&P said, "Governance factors are a moderately negative
consideration in our credit analysis of Farfetch. We understand
that Farfetch's founder, Jose Neves, exercises material direct and
indirect influence over the group and holds both CEO and chairman
positions. In addition to that, he holds more than 70% of voting
power in the group through 100% ownership of Class B shares as of
Dec. 31, 2021. We therefore see higher risk of corporate
decision-making that prioritizes the interests of the controlling
owners than at other listed companies.

"Environmental and social factors are a neutral consideration in
our credit rating analysis of Farfetch. The overall fashion
industry was hit by the recent COVID-19 pandemic, but the luxury
fashion segment has rapidly rebounded and it is currently
performing at higher levels than before the pandemic. The group has
made a public commitment to responsible sourcing standards and use
of cleaner energy to reduce the impact of its operations."


FESTICKET: Officially Falls Into Administration
-----------------------------------------------
Chris Cooke at Complete Music Update reports that ticketing company
Festicket has officially fallen into administration, with a
Companies House filing this week confirming that ReSolve Advisory
Limited has been appointed to oversee that process.

This isn't a surprise, given another recent filing which stated
that the company's board had "resolved on Aug. 29 that the company
should enter administration proceedings and that a Notice Of
Intention To Appoint Administrators be filed", CMU notes.

Then clients of Event Genius, a provider of various ticketing tools
that was acquired by Festicket back in 2019, received an update
telling them that talks were underway to sell many of its assets to
US-based ticketing tech business Lyte, while the Event Genius
company itself was being wound up, CMU relates.

According to CMU, that update added: "We are in a process to wind
down the existing business, which includes the appointment of an
administrator to determine what monies will be on-hand to pay out
unsecured creditors and promoter obligations.  You will be hearing
more on that process from us soon".

It seems likely that the disruption caused by the COVID pandemic
and the resulting shutdown of live music ultimately proved too
challenging for the wider Festicket business -- which specialised
in selling special packages around festivals and music events, and
which also operated Ticket Arena, another consumer-facing ticketing
service it acquired alongside Event Genius in 2019, CMU discloses.


ICELAND FOODS: S&P Affirms 'B' ICR & Alters Outlook to Negative
---------------------------------------------------------------
S&P Global Ratings revised its outlook on that Lannis Ltd., the
parent entity of food retailer Iceland Foods Group, to negative. At
the same time, S&P's affirmed its 'B' long term issuer credit
rating on the group, its 'B' issue rating on the group's senior
secured notes due in March 2025 and May 2028, and its 'BB' issue
rating on the super senior secured revolving credit facility
(SSRCF).

Iceland Foods Group showed resilient topline performance during
fiscal 2022 and Q1 2023, maintaining its market share in a
challenging environment. After results exceeded pre-pandemic levels
in fiscal 2022, the group has reported marginally improving revenue
in Q1 2023. It is navigating a volatile trading environment and
weakening consumer sentiment stemming from the significant increase
in the cost of living in the U.K. The group is currently benefiting
from increased demand for private label and value-range products as
people trade down, although this has also resulted in some of its
U.K.-based competitors losing market share to Aldi and Lidl.
Iceland Foods Group's competitive and value-driven price
positioning has allowed the group to maintain its market share in
grocery market and increase its share in the frozen food segment.
Moreover, the group kept a largely stable gross margin thanks to
selective price increases sufficient to offset input cost and wage
inflation.

However, volatile energy markets and the inability to fully hedge
its energy exposure at competitive prices have left the group
exposed to the sharp spike in energy costs. S&P said, "We expect
energy costs for the group to more than double during fiscal 2023
as a result of increasing energy prices stemming from the
Russia-Ukraine conflict and knock-on effects on energy markets. The
U.K. government is currently working on measures to offer support
to households and companies to help tackle this unprecedented
increase in energy prices. Although many details on the scheme and
the extent of benefits to the businesses are not clear at this
point, S&P expects Iceland to benefit from them.

The group currently has only short-term hedges in place, which
exposes the group to the uncertainty of future price movements. In
addition to this, the group has higher exposure to energy prices
movements than a typical food retailer due to its focus on frozen
foods, which rely on energy-intensive refrigeration equipment in
stores and warehouses, as well as during transportation.

S&P said, "We forecast that higher energy prices and overall
inflation will weaken Iceland Foods Group's S&P Global
Ratings-adjusted EBITDA in fiscal 2023 such that its margin falls
toward 5.3%-5.8% and adjusted debt to EBITDA rises to 6.5x-7.5xWe
expect rising energy prices and wages inflation to have a
significant effect during fiscal 2023. Although the group has put
in place several cost-saving measures, we do not expect these to
fully offset the overall cost increase. For example, during Q1
2023, the GBP19 million increase in energy costs halved reported
EBITDA. We expect this trend to continue during the second half of
the year and the overall energy cost to more than double over the
next 12 months. We expect this to have an effect not only on EBITDA
profitability but also on the group's sales, given the potential
for the group to temporarily halt new store openings. We expect the
year-on-year decline of the adjusted EBITDA margin for fiscal 2023
to be about 130-180 basis points.

"Although we do not expect the group to need to raise additional
debt, we expect the sharp decrease in profitability to have a
significant effect on leverage, with debt to EBITDA increasing to
6.5x-7.5x in fiscal 2023. We see some normalization during fiscal
2024 and beyond, but we expect debt to EBITDA to remain elevated
above 5.5x.

"Liquidity remains adequate thanks to more than GBP160 million cash
on balance as of the end of Q1 2023, but it could come under
pressure if energy costs lead to a deterioration of profitability
and cash generation beyond our forecast. We expect Iceland Foods
Group to report negative FOCF after leases of up to GBP15 million
during 2023 as a result of weakening EBITDA before returning to
positive cash flow generation by 2024. We anticipate the existing
cash balances will absorb the impact while leaving enough cash for
day-to-day operations. However, the liquidity position could come
under pressure if the group is not able to navigate the current
environment and enter 2024 with positive cash flow generation.

"We understand that management views liquidity as paramount for the
rest of the fiscal 2023 and no debt buybacks in the secondary
market will take place until the inflationary environment and
resulting high energy costs stabilize. The medium-term strategy
remains unchanged, and the group could resume its debt buybacks
when cash generation and liquidity are sufficiently robust.

"The negative outlook indicates the possibility of a downgrade over
the next 12-18 months if the group cannot preserve its liquidity,
cash generation, and profitability by mitigating the steep increase
in energy and other costs."

S&P could take a negative rating action if Iceland Foods Group's
operating performance weakened beyond its base case. In particular,
S&P could lower the ratings if:

-- Reported EBITDAR to cash interest plus rents coverage remained
at about 1.2x for a prolonged period;

-- FOCF after leases remained persistently negative; or

-- Liquidity weakened.

S&P said, "Although not our expectation at this point, we could
downgrade the group if it made any changes to its capital structure
that we perceived as a shift in financial policy or deemed akin to
a distressed debt exchange offer under our methodology.

"We could revise the outlook to stable if Iceland Foods Group
outperformed our base case, posting robust sales growth,
close-to-historical profitability margins, and sustainably positive
and growing FOCF after leases."

This would hinge on a sustained improvement in credit metrics,
including adjusted debt to EBITDA reducing toward 5.5x, EBITDAR
cover of comfortably more than 1.2x, and full availability under
its RCF. A positive rating action would also hinge on Iceland Foods
Group's financial policy being consistent and supportive of such
metrics in the medium term.

ESG credit indicators: E-2, S-2, G-4


JK DOMESTICS: 18 Jobs Saved Following Pre-packaged Sale
-------------------------------------------------------
Jon Robinson at BusinessLive reports that jobs have been saved
after a white goods repair company in Liverpool was acquired out of
administration in a pre-packaged deal.

A total of 17 roles have been secured after the deal for
Wavertree-based JK Domestics was agreed by Begbies Traynor,
BusinessLive relates.

The business offered repair services on white goods across the
region and was founded in 2010. Last year, it reported a turnover
of GBP978,000.

According to BusinessLive, Begbies Traynor said the business had
suffered due to Covid-19 lockdown restrictions and being unable to
enter people's homes to repair appliances.

Despite restrictions being lifted, JK Domestics was subsequently
hit by a steep reduction in new orders resulting from the impact of
inflation, BusinessLive relays.

Jason Greenhalgh and Dean Watson of Begbies Traynor were appointed
as joint administrators to JK Domestics North West Ltd on Sept. 13,
BusinessLive discloses.

The firm then secured a pre-packaged sale of the business and
certain assets to Pacifica, a nationwide appliance repair service
headquartered in the North East, BusinessLive recounts.  Pacifica
undertakes more than 350,000 repairs every year and employs more
than 240 engineers.


LF WOODFORD: Link's UK Unit Faces GBP50MM Fine on Top of Redress
----------------------------------------------------------------
Sameer Manekar and Navya Mittal at Reuters report that Australia's
Link Administration said on Sept. 21 Britain's financial regulator
may fine the company's UK unit GBP50 million (US$56.86 million) in
addition to potential GBP306.1 million in redress over its
management of a now defunct fund.

The potential fine and redress payment casts doubts over the share
registry firm's nine-month-long buyout talks with Canada's Dye &
Durham, which has already slashed its offer by a fifth from an
agreed price to A$1.95 billion (US$1.30 billion).

UK-based Link Fund Solutions Ltd (LFSL), which managed the LF
Woodford Equity Income Fund (WEIF), is being investigated by
Britain's Financial Conduct Authority (FCA) for the fund's collapse
in June 2019.

The FCA said on Sept. 21 that Link has 14 days to say if it will
challenge its draft fine before an independent committee, or
resolve the case by agreement and thereby earn a discount.

The FCA said its redress figure does not reflect any amount which
may be owed to anyone else, including members of the fund, as a
result of potential wrongdoing by other parties.

"FCA-determined redress is based on misconduct rather than losses
caused by fluctuations in the market value or price of
investments," the watchdog said.

Link said on Sept. 21 it had not made any commitment to fund or
financially support LFSL, and considered any liabilities related to
the probe to be confined to the fund manager.

LFSL was the authorised corporate director for the GBP3.7-billion
WEIF, which closed in October 2019, and whose assets were picked by
veteran star manager Neil Woodford.

Mr. Woodford was criticised by lawmakers and investors for holding
a large number of illiquid assets, making it hard to meet
redemption calls after months of underperformance.


WORCESTER WARRIORS: DCMS Responds to MP's Call for Administration
-----------------------------------------------------------------
Marcello Cossali-Francis at The Shuttle reports that the government
have responded to Worcester MP Robin Walker's call for Worcester
Warriors to be entered into administration during a parliamentary
debate in the House of Commons on Sept. 22.

Mr. Walker spent around 15 minutes providing his argument that
administration remains the best solution for the survival of the
rugby club, The Shuttle relates.

According to The Shuttle, in response, DCMS Minister, Stuart
Andrew, who is rumoured to become the Sports Minister today, Sept.
23, confirmed that professional advisors are being sent into
Warriors to "take a closer look" at the club.

"The department is working tirelessly with the club's directors,
Premiership Rugby and the RFU to seek the best possible outcome for
all concerned," The Shuttle quotes Justice Minister, Stuart Andrew,
as saying.

"We have expended more energy than we have with any other club and
we will continue to do so.

"This has included daily dialogue with both the stakeholders and
the club's directors to explore all options available and to take
appropriate professional advice.

"At this state, we are not ruling out any options and we are
sending in professional advisors imminently to take a closer look
at the club and explore all the potential options.

"If it emerges from that work that the most viable option to save
the club is to put it in administration then that is a decision we
will not be afraid to take."

The fear for most with administration is the potential for the
Warriors to be relegated from the Premiership, along with other
potential repercussions such as loss of P-share and local suppliers
losing out on money owed, The Shuttle notes.

But with the club's owners still appearing to be no nearer to
selling the club, time is running out for a solution to be found,
The Shuttle states.

The RFU have given Warriors a midnight deadline on Monday, Sept.
26, to prove they have insurance cover in place, availability of
funds to meet the monthly payroll, and a credible plan to take the
club forward, The Shuttle discloses.

Mr. Andrew says the DCMS will act as quickly as possible to ensure
the best outcome is found for all involved, The Shuttle relays.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html
Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

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

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

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

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

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



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *