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

                          E U R O P E

          Wednesday, October 26, 2022, Vol. 23, No. 208

                           Headlines



C Z E C H   R E P U B L I C

NET4GAS SRO: Fitch Affirms LongTerm IDR at 'BB+', Outlook Negative


F I N L A N D

AHLSTROM-MUNKSJO: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


F R A N C E

SOLOCAL GROUP: Fitch Affirms LongTerm IDR at 'CCC+'


I R E L A N D

PALMERSTON PARK: Moody's Affirms B2 Rating on Class E Notes


I T A L Y

ALMAVIVA SPA: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable


N E T H E R L A N D S

DOMI BV 2022-1: Moody's Upgrades Rating on 2 Tranches to Caa1


P O L A N D

BANK OCHRONY: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable


U N I T E D   K I N G D O M

CROWN AGENTS: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
ENSAFE CONSULTANTS: Goes Into Administration
MADE.COM: On Brink of Administration After Rescue Talks Fail
NO 34 GARDEN: Enters Administration, Halts Operations
POLLEN: Owes More Than GBP78.6MM to Creditors, Report Shows

STONEYWOOD: Deadline to Sell Mill Passes Without Success
WASPS: Funding Sought to Avert Stadium Business Liquidation

                           - - - - -


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C Z E C H   R E P U B L I C
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NET4GAS SRO: Fitch Affirms LongTerm IDR at 'BB+', Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Net4gas, s.r.o.'s Long-Term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB+' and
removed them from Rating Watch Negative. The Outlook on the
Long-Term IDR is Negative.

Fitch's base scenario now incorporates full or near-complete
shut-off of Russian pipeline gas to Europe and no payments from
Gazprom. Fitch now bases its analysis on Net4gas's capacity to
carry alternative flows, and to thus receive capacity bookings to
service demand nationally and from neighbouring eastern European
countries, as well as for the north-to-south German transit.

Net4gas maintains strong liquidity and the Negative Outlook
reflects uncertainties related to the magnitude of alternative
transits, related profits as well as the shareholders' commitment
towards a lower leverage.

KEY RATING DRIVERS

Long-Term Contracts at High Risk: Fitch sees a material risk of the
long-term ship-or-pay transit contracts between Net4gas and Gazprom
not being fulfilled, due to the continuous escalation of sanctions
and no Russian gas transit through the pipeline at present.
Gazprom's payments account for a large majority of Net4gas's
revenue.

Cashflow From Alternative Flows: While Fitch acknowledges that
Gazprom's ability to pay has not been hampered by sanctions and it
is honouring the contract with Net4gas at present, Fitch now
assesses the latter's credit risk under a scenario of alternative
flows, given the extremely high risk of non-payment by Gazprom in
the future. Fitch acknowledges that Net4gas may be entitled to some
form of compensation, but any additional monthly payment, Russian
gas transit or financial compensation would represent an upside to
its forecast.

Structurally Lower EBITDA: Its new projections see slightly below
33 billion cubic meters (bcm) of non-Russian gas transited through
Net4gas' pipelines to meet demand nationally, from German
intra-country and from neighbouring CEE countries. Such transits
are expected to be based on short- term capacity bookings, leading
to its estimates of 30%-35% lower transit EBITDA compared with its
pre-Ukrainian conflict estimates. Overall, Fitch expects an average
EBITDA of CZK5.5 billion over 2024-2026.

Risks and Upside to Forecasts: The key uncertainties over the
assumed alternative transits include the large Hungarian imports
directly through the Turkish Stream route, the infrastructural
debottleneck between north and south Germany as well as the level
of Ukrainian imports. New long-term contracts would represent an
upside to visibility and the business profile.

FCF Mitigates Leverage Rise: Under its assumptions of payments only
related to alternative flows from 4Q22 onwards, Fitch expects funds
from operations (FFO) net leverage to increase sharply in 2023 to
7.0x. However, Fitch expects Net4gas to generate pre-dividend free
cash flow (FCF) of more than CZK3.2 billion in 2022, and cumulative
FCF of CZK6.9 billion in 2023-2025, leaving the group with enough
levers to progressively deleverage to within its updated
sensitivities barring substantial shareholder distributions. Fitch
forecasts 4.5x FFO net leverage at end-2025. No medium-term
leverage commitment has been expressed so far by Net4gas, while
dividends are temporarily suspended "until the risk of an external
shock materialising has significantly reduced".

Solid Regulatory Framework: Net4gas's business profile benefit from
its role as national transmission system operator (TSO), which
would account for around 30% of its operating cash flow generation
in its updated estimates. Gas transmission is fully regulated
within a transparent and supportive framework and currently in
their fifth regulatory period (RP5), which provides cash flow
visibility up to 2025.

Protection Against Volume Risk: Net4gas's regulatory framework
shields the company from a potential reduction in intra-state
transmitted volumes arising from warmer temperatures or a lack of
supply, through regulatory compensation with a two-year time lag.
Further, in case of state of emergency, new amendments to the Czech
Energy Act would allow TSOs to ask for compensation in the same
year directly from the state budget for any intra-state capacity
fees lost. Such amendments would also smooth cash flow volatility
arising from the risk of gas supply curtailments to Czech
industrial sectors.

Investment-Grade Debt Capacity: Under Fitch assumptions, Net4gas's
international transit activities would almost exclusively stem from
annual or monthly "ship-or-pay" bookings, compared with the current
large long-term agreements with Gazprom. Under these circumstances
the maximum FFO net leverage for an investment-grade rating would
be around 4.3x, assuming a good credit quality of alternative
shippers and the benefits of the solid features of the TSO
business.

DERIVATION SUMMARY

eustream, a.s. (BBB/Negative; 'bbb-' Standalone Credit Profile) is
Net4gas's closest rated peer since both companies own and operate
gas transit pipelines in Slovakia and the Czech Republic,
respectively, although Net4gas benefits from a higher share of
domestic business with more supportive regulation and no potential
liabilities related to historical gas-in-kind hedging. Both
companies are highly dependent on the Russian gas transit to
Europe, with concentrated counterparty risk in Gazprom while
eustream's balance sheet is significantly less leveraged (around
2.0x FFO net leverage vs. 4.0x historically for Net4gas).

Net4gas is in a weaker competitive position than fully regulated
national TSO peers such as Snam S.p.A. (BBB+/Stable) and REN -
Redes Energeticas Nacionais, SGPS, S.A. (BBB/Stable) and pure gas
distributor Czech Gas Networks Investments S.a r.l (BBB/Stable).
The latter shares the same country, regulator and a supportive
fifth regulatory period as Net4gas, but its earnings from
traditionally regulated networks allow for a higher debt capacity
than ship-or-pay contracts, especially if the latter are short-term
in nature.

Furthermore, under its current corporate rating methodology,
ship-or-pay contracts do not intrinsically strengthen recovery
prospects for senior creditors, and, therefore, do not allow
Net4gas's senior unsecured debt to be notched up from the IDR,
unlike that of Czech Gas Network Investment, given the dominant
contribution of high-quality regulated activities.

KEY ASSUMPTIONS

- Cash flows related to only alternative flows from 4Q22 onwards

- TSO revenues based on the current regulatory framework for
2021-2025 (RP5), which entails a weighted average cost of capital
set at 6.43%, the alignment of regulated asset base (RAB) with net
asset value within RP5 and the inclusion of MCE investments in RAB
in 2022

- Alternative transited gas flows run on short-term bookings up to
24bcm in the medium term (on top of domestic consumption)

- Transit operating expenditure reduced by 30%-35% from 2023
onwards, reflecting estimated potential rationalisation

- Cumulative capex of CZK 8.8billion in 2022-2026, assuming some
estimated potential rationalisation

- No dividend payments from 2022 onwards and internally generated
cash sufficient to fully repay 2025 and 2026 debt at maturity

RATING SENSITIVITIES

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

- Due to the Negative Outlook, an upgrade of Net4Gas is unlikely
in the near future

- Fitch would revise the Outlook to Stable when visibility on gas
flow and revenue from gas transit is enhanced, coupled with a
structural FFO net leverage below 5.0x

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

- FFO net leverage sustainably above 5.0x

- Evidence of permanent loss of a large part of current transit
income that is replaced by lower-than-expected alternative
bookings

- Reinstatement of dividend distribution while current gas-market
uncertainties remain

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Net4gas's adequate liquidity is supported by
the cash-generative nature of the gas transport business, leading
to positive pre-dividend FCF generation under normal conditions.
Its next debt maturities are not until 2025 (around CZK10 billion)
and 2026 (around CZK5 billion). Net4gas does not have an undrawn
committed credit line, but had at end-August accumulated around
CZK6.6 billion of cash and cash- equivalents.

ISSUER PROFILE

Net4gas is the Czech Public national gas TSO, and a crucial
infrastructure for gas transit from Russia to European markets.
With a large bi-directional flows capacity, Net4gas operates a
large-scale high-pressure gas transmission and transit system of
3,973km of pipelines.

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.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
NET4GAS, s.r.o.      LT IDR BB+  Affirmed     BB+

   senior unsecured  LT     BB+  Affirmed     BB+




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F I N L A N D
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AHLSTROM-MUNKSJO: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Ahlstrom-Munksjö Holding 3 Oy's
Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook. Fitch has also affirmed senior secured instrument ratings
at 'B+-'/'RR4'.

The IDR reflects Ahlstrom's high leverage with forecasted
debt/EBITDA of 5.4x at end-2022, close to its negative sensitivity
of 5.5x countered by its moderate deleveraging capacity in
2023-2024 supported by organic EBITDA growth and improved margins.

The Stable Outlook is supported by Ahlstrom's strong market
positions in several end markets and solid geographical
diversification. Fitch expects the business profile to be largely
resilient despite a weakening economic environment and some
exposure to cyclical markets. This is supported by the company's
broad product range, its ability to control costs despite high
inflation, cost-cutting initiatives and projects to limit its
dependency on gas.

KEY RATING DRIVERS

Moderate Deleveraging: Fitch forecasts debt/EBITDA at 5.4x-4.9x in
2022-2024 (without the divested Décor segment, which covers
decorative paper materials for furniture and laminate flooring)
which is 0.2x-0.3x higher than its previous expectations. Fitch
forecasts a similar absolute EBITDA trajectory as previously on
strong price increases and cost-cuttings offset by the Décor
divestment. Since its acquisition by Bain in February 2021,
Ahlstrom has added about EUR342 million of long-term debt and
additional working capital facilities.

The near-term leverage metrics commensurate with a 'b' midpoint
according to Fitch's Diversified Industrials and Capital Goods
Navigator. Weaker-than-expected cost optimisation and the absolute
EBITDA growth are likely to delay deleveraging.

Inflation Manageable but Slows Margins Improvement: Pulp price
volatility is managed through pricing adjustment clauses in a
material share of customer contracts, albeit with a time lag of
around three months. Electricity prices are mitigated through
regular hedging in 70%-80%. Fitch expects cost-cutting measures to
further preserve margins and allow for improvement, albeit at the
slower pace than previously expected. Fitch forecasts EBITDA
margins at 13.3%-14.1% in 2022-2024, lower than previously expected
due to the protracted inflationary environment.

Free Cash Flow Pressured: The company's free cash flow (FCF)
generation in 2021 was heavily pressured by negative working
capital changes, restructuring and transformational costs. Fitch
forecasts a negative FCF margin at 0.8% in 2022 on temporarily
higher capex and further restructuring costs. Fitch expects the FCF
margin to improve to 2.3% in 2023 and above 3% in subsequent years,
driven by improving profitability, limited restructuring costs and
normalised capex.

Energy Rationing Risk Mitigated: Fitch views the company's energy
costs-intensity as moderate (about 10% of sales) compared with
other diversified manufacturers. The energy mix includes gas but
the company plans to replace it with other energy sources in its
largest European plants in the next few months to mitigate the risk
of gas rationing. Fitch believes very limited exposure to the
German market after the disposal of Décor and application of fibre
materials in essential sectors, such as healthcare, food & consumer
packaging, generating together about half of sales, will further
mitigate the risk and ensure operational continuity.

Solid Business Profile: Ahlstrom's business profile is in line with
an investment-grade rating based on the group's strong position in
a high number of niche markets and its solid geographical and
end-market diversification. It has some exposure to cyclical end
markets, such as automotive, trucks, building materials and
industrial applications, but this is mitigated by its limited
exposure to new vehicle production, sustainable fibre-based
material offering and high exposure (above 50% of sales) to
non-cyclical and resilient applications. Fitch views the end-market
mix is more resilient in the absence of Décor's discretionary
products.

DERIVATION SUMMARY

Ahlstrom's business profile is close to such investment-grade peers
as GEA Group Aktiengesellschaft, KION GROUP AG (both 'BBB'/Stable)
based on solid market positions, strong diversification and
exposure to non-cyclical end markets.

Ahlstrom's EBITDA margins of 12%-14% are weaker than those for the
lower-rated INNIO Group Holding GmbH (B/Stable) and the similarly
sized and higher rated ams-OSRAM AG (BB-/Positive). This is mainly
an effect of its position in the value chain as a producer of the
fibre-based material used in the end products, but not of the
product itself.

Debt/EBITDA leverage is higher than at ams-OSRAM. Ahlstrom's
short-term deleveraging profile is slightly better than that of
INNIO and Flender International GmbH (B+/Negative).

KEY ASSUMPTIONS

- Revenue to increase by 10.9% in 2022 on price increase
mitigating the inflationary pressures and the divestment of Décor.
Low-to-mid-single-digit revenue growth in 2023-2025.

- EBITDA margin to improve to 13.3% in 2022 on long-term cost
savings and pricing benefits. Continued strengthening to about 14%
in 2024 on additional costs and market stabilisation.

- Transformational costs of EUR80 million in 2022 and EUR20
million in 2023.

- Average capex at 5.3%-4.5% of revenue in 2022-2025.

- Preferred dividend of EUR30 million a year, no ordinary dividend
payments.

- Divestment of Décor in 2022 with cash proceeds of EUR200
million.

RECOVERY ASSUMPTIONS:

- The recovery analysis assumes that Ahlstrom would be
restructured as a going concern rather than liquidated in a
default.

- Fitch applies a distressed enterprise value (EV)/EBITDA multiple
of 5.5x to calculate a going-concern EV, reflecting Ahlstrom's
strong market positions and solid diversification in end markets,
products and geography.

- Post-restructuring going-concern EBITDA is estimated at EUR252
million and remains the same as previously despite the divestment
of the Décor business. Fitch believes the absolute growth of
EBITDA since Fitch first rated the company and the lowest absolute
contribution of the Décor's EBITDA to the consolidated figure
support this assumption. Fitch believes the going-concern EBITDA
reflects a post-restructuring financial profile with low
profitability margins, reduction of capital expenditures and
neutral-to-negative cash flow generation.

- These assumptions result in a recovery rate for the senior
secured instrument rating within the 'RR4' range, resulting in the
instrument rating and the IDR being equal. The principal and
interest waterfall analysis output percentage on current metrics
and assumptions is 41%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade: - Debt/EBITDA below 4.5x

- Funds from operations (FFO) gross leverage sustainably below
5.5x

- EBITDA margin above 15%

- FCF margin above 1.5%

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

- Debt/EBITDA above 5.5x

- FFO gross leverage sustainably above 6.5x

- EBITDA margin below 12%

- FCF margin below 1.0%

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: The company had readily available cash of
EUR53 million at end-June 2022. This includes Fitch adjustments of
EUR36 million restricted cash (at end-2021) due to offshore
holdings and 2% of revenue (around EUR69 million) due to intra-year
working capital changes. Fitch expects a larger cash balance at
end-2022 due to the EUR200 million cash proceeds from the
divestment of Décor.

Liquidity is supported by a revolving credit facility of EUR325
million with maturity in June 2027, which is currently used only by
bank guarantees in EUR65 million, and FCF margins that Fitch
expects to recover to at least 2.3% from 2023. Ahlstrom benefits
also from available committed local overdraft facilities of EUR32.7
million.

Debt Structure: The debt structure is fairly diversified and
consists of term loans B of EUR942 million and USD547million, and
senior secured notes of EUR350 million and USD305 million. The
maturities are long, and concentrated to one year (February 2028),
which could increase the refinancing risk once the maturity dates
are approached.

ISSUER PROFILE

Ahlstrom is a global leader in manufacturing specialty fibre-based
materials with a wide range of uses in such sectors as industrial
applications, filtration and food packaging. It is headquartered in
Finland and has about 7,000 employees globally with 48 plants in 13
countries generating about EUR3 billion a year in revenue.

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
   ----                    ------        --------  -----
Ahlstrom-Munksjo    
Holding 3 Oy         LT IDR  B+  Affirmed           B+

   senior secured    LT      B+  Affirmed  RR4      B+

Spa US Holdco, Inc.

   senior secured    LT      B+  Affirmed  RR4      B+




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

SOLOCAL GROUP: Fitch Affirms LongTerm IDR at 'CCC+'
---------------------------------------------------
Fitch Ratings has affirmed Solocal Group's Long-Term Issuer Default
Rating (IDR) at 'CCC+'. Fitch has also affirmed Solocal's senior
secured debt at 'B-' with a Recovery Rating of 'RR3'.

The ratings reflect Solocal's slow deleveraging prospects as well
as neutral-to-positive free cash flow (FCF) generation through the
cycle. The company has completed its operational turnaround and
made related contingency payments. However, EBITDA growth is
constrained by poor commercial results and high staff turnover.

Mitigating its heightened refinancing risk is key for Solocal.
Fitch believes that a full reimbursement of its outstanding
revolving credit facility (RCF) may increase the options for
refinancing its 2025 senior secured notes. However, a full
repayment of the RCF in 2023 may put liquidity under stress. This
challenging trade-off results in execution and financial risks that
are commensurate with a 'CCC+' rating.

KEY RATING DRIVERS

Refinancing Risk Remains Central: Solocal's RCF expires in
September 2023, while its senior secured notes mature in 2025.
Fitch expects Solocal to target a full cash reimbursement of its
outstanding EUR34 million RCF, which can improve its options to
refinance its 2025 notes. However, poorer trading and tighter
liquidity may result in a request to lenders to accept a
share-based payment. Fitch believes this is likely to be rejected
by creditors, who may instead opt for an extension of the maturity
into 2024, as allowed by the financial documentation.

In any event, challenging debt-capital markets mean Solocal is
likely to incur higher interest costs to refinance its debt.

High but Stabilised Leverage: Solocal reduced its gross debt in
2022 for the first time since its 2020 restructuring, ahead of the
expected expiry of its pay-in-kind (PIK) interest and scheduled
reimbursements of its RCF and BPI France loan. Fitch expects funds
from operations (FFO) gross leverage of around 2.8x in 2022,
equivalent to 2.6x total debt/EBITDA. Fitch believes this is the
maximum sustainable leverage for Solocal, given its record of
debt-to-equity conversions. Resumed EBITDA growth will be key to
accelerating its deleveraging pace.

Debt Reimbursements Pressure Liquidity: Fitch estimates minimum
cash for running Solocal's operations at around EUR25 million.
Fitch assumes EUR38 million of debt repayments in 2023 under its
RCF and the BPI France loan to result in minimal liquidity
headroom, though this can be partially mitigated by some capex
flexibility. Consequently, Solocal faces a challenging trade-off
between mitigating its refinancing risk, through the RCF cash
reimbursement, and liquidity preservation. As a result Fitch sees
high execution risk for the next 12 to 18 months.

Improving Cash Generation: Solocal's FCF benefits from the
completion of its contingency payments. Fitch assumes EUR2 million
of non-recurring expenses in 2022, and around EUR8 million of
state-aid reiumbursement. Fitch expects non-recurring expenses to
be minimal thereafter. Assuming annual average of EUR35 million
capex and EUR17 million working-capital outflows for 2022-2025,
Fitch projects positive FCF from 2023 onwards. This buffer provides
only partial protection against higher interest expense should
Solocal choose to refinance its debt.

Clients Continue to Decline: The number of Solocal's clients
continues to slowly decline. Fitch expects around 290,000 clients
at end-2022, down from 313,000 at end-2021, despite the recent
introduction of a yearly renewal subscription model. Fitch
understands from management that around 95% of its current customer
base has at least renewed once. However, turnover of sales staff
generated poor commercial results in certain French regions,
affecting new customer intake. Additionally, Solocal has lost some
non-SME large accounts. Fitch expects the number of clients to
resume growth in 2024, as a result of a commercial overhaul in
2023.

Profitability Lowered by Adverse Mix: Solocal's offer includes
Connect, an entry-level digital storefront, Booster, a wider
digital marketing suite and a website service. Revenue from the
basic offer increased around 17% between 1H21 and 1H22. Over the
same period Booster declined by about 20% and the website by about
3%. Technical flaws and an inadequate commercial approach towards
large clients affected growth of its most profitable services.
While Fitch expects Solocal to revamp its sales approach in 2023,
Fitch assumes a slower recovery in profitability. SMEs are expected
to control their advertising expense to counter cost inflation.

Financial Policy to Unfold: Fitch said, "We assess Solocal's
financial policy as ineffective. We believe that its key
stakeholders are supportive of the company's operational and
financial turnaround. However, uncertainties around their strategy
and value proposition remain. Currently, we do not expect any cash
equity injections to de-risk Solocal's financial structure ahead of
key debt maturities. Fitch believes that further clarity around
shareholders' plans to increase value in Solocal's business
transition would help address its refinancing risk."

DERIVATION SUMMARY

Solocal's rating reflects a transitioning business model, in
particular in its shift to a subscription-based digital platform
from directories. Competition in digital advertising is fierce.
Changes to management and leading shareholders as well as high
salesforce turnover add to execution risk.

Since Solocal's recent restructuring of its financial liabilities,
leverage is lower than others 'CCC' category peers'. However, it is
at the maximum sustainable level given its record of debt-to-equity
conversions. However, Solocal's debt-to equity swaps keep financial
risk high, particularly in terms of limited refinancing
alternatives.

Solocal's most direct comparable peer is Yell, part of the Hibu
group, which has a similar market position in the UK and is
currently facing similar operational and financial challenges.
Comparisons can be made between Solocal and specialised directories
businesses such as Speedster Bidco GMBH (Autoscout24, B/Negative)
or online classifieds media groups such as Adevinta ASA (BB/Stable)
and Traviata BV (B/Stable).

Autoscout 24 is more geographically diversified, and is better
positioned in its business niche, while Adevinta has materially
larger scale, with stronger profitability and cash generation,
underpinned by its greater diversification and strong eBay
classifieds brand. Traviata, the owner of a minority stake in Axel
Springer SE, also has a stronger business model than Solocal, due
to larger scale and greater diversification and stronger brands.
Although these peers have higher leverage metrics, they are
protected by stronger barriers to entry and by a higher product
criticality for its customers, resulting in a higher debt capacity
and lower refinancing risk.

In comparison with other post-distressed debt exchange ratings in
European leveraged credits such as Subcalidora 1 S.a.r.l.
(Mediapro, B/Stable) Fitch sees similar reduction in leverage and
comparable declines in revenue and profitability. However,
Imagina's competitive position is stronger in its covered regions,
with higher barriers to entry, although its customer
diversification remains weak.

KEY ASSUMPTIONS

- Number of customers slowly declining to around 290,000 in 2023
followed by slight growth to 2025

- Average Fitch-calculated average revenue per account (ARPA) at
EUR1,360 for 2022, slightly increasing to 2025

- EBITDA margin at 22.4% in 2022 and to increase to 25.4% by 2025

- Average capex EUR37 million annually for 2022-2025

- Average working-capital outflows of EUR18 million-EUR19 million
for 2022-2025

- Super senior facility prepayment of EUR38 million in 2023

Key Recovery Assumptions

Fitch adopts a going-concern (GC) approach to assessing recoveries
for Solocal. This reflects the higher probability of a surviving
cash-generative business with GC enterprise value (EV) as the basis
for financial stakeholder recovery than liquidation in the event of
default. Fitch has assumed a 10% administrative claim.

Fitch expects Solocal to be potentially attractive to trade buyers
in light of its stabilised cost structure, in particular after the
completion of its redundancy plan. Fitch estimates a Fitch-defined
GC EBITDA of EUR90 million, factoring in the current capital
structure, the potential for slow growth in the number of clients,
and a lower interest burden.

Its EV/EBITDA is constant at 2.0x, considering business-model
pressures and below 50% recoveries for senior secured loans after
the restructuring in 2020.

Fitch factors in the outstanding super senior facility ranking
ahead of the bonds and view the BPI France state-guaranteed loan as
unsecured. The outcome of its analysis is a Recovery Rating of
'RR3'/66% for the senior secured debt. The marginally improved
recoveries compared with its previous review are derived from
repayment of its super senior facility and the absence of
working-capital facility commitments.

RATING SENSITIVITIES

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

- Declines in gross leverage due to EBITDA growth or debt
prepayments

- Neutral-to-positive FCF margin

- Mitigation of refinancing risk, including material prepayments
under the RCF in 2023, in the presence of a cash buffer for 2023
and 2024, also through access to alternative funding sources

- Evidence of progress in business overhaul, with an increase in
the number of clients and ARPA, improving churn and EBITDA margin

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

- Increases in gross leverage

- Evidence of challenging refinancing prospects, including
pressures from secondary markets and lack of lender's appetite for
sector or issuer-specific factors

- Deterioration of liquidity with reduced available cash buffer

- Negative FCF in 2022 and 2023

- Increasing operational challenges with decreasing orders and
increasing pressure on EBITDA margin

LIQUIDITY AND DEBT STRUCTURE

Minimal Liquidity: Fitch forecasts Solocal's liquidity to be
sufficient until the 2025 refinancing, with minimal headroom after
the repayment of its EUR34 million of RCF due in September 2023.
Liquidity may be put under pressure from deteriorating business
conditions. Further drawdown capacity under the committed
facilities is limited, and the capacity to incur further
indebtedness is close to none.

ISSUER PROFILE

Solocal (formerly PagesJaunes, rebranded in 2013) is a French
advertising company, providing digital content, websites and media
campaign services to customers and businesses on a local basis. The
customer base mainly includes small businesses in sub-urban or
rural areas of France, belonging to housing, general services and
health professions.

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.

   Entity/Debt            Rating         Recovery  Prior
   -----------            ------         --------  -----
SOLOCAL Group      LT IDR  CCC+  Affirmed           CCC+

   senior secured  LT      B-    Affirmed  RR3      B-




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

PALMERSTON PARK: Moody's Affirms B2 Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Palmerston Park CLO Designated Activity Company:

EUR26,000,000 Class A-2A Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Jun 14, 2021 Upgraded to
Aa1 (sf)

EUR20,000,000 Class A-2B Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Jun 14, 2021 Upgraded to
Aa1 (sf)

EUR14,000,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Jun 14, 2021
Upgraded to A1 (sf)

EUR10,000,000 Class B-2-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Jun 14, 2021
Upgraded to A1 (sf)

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

EUR233,000,000 (current outstanding amount EUR194.3m) Class A-1A-R
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jun 14, 2021 Affirmed Aaa (sf)

EUR10,000,000 (current outstanding amount EUR8.3m) Class A-1B-R
Senior Secured Fixed Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jun 14, 2021 Affirmed Aaa (sf)

EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa1 (sf); previously on Jun 14, 2021
Upgraded to Baa1 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jun 14, 2021
Affirmed Ba2 (sf)

EUR11,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Jun 14, 2021
Affirmed B2 (sf)

Palmerston Park CLO Designated Activity Company, issued in April
2017 and refinanced in November 2019, 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
April 2021.

RATINGS RATIONALE

The rating upgrades on the Class A-2A, A-2B, B-1-R, B-2-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 June 2021.

The Class A-1A-R and A-1B-R Notes have paid down by approximately
EUR40.4 million (16.6%) in the last 12 months and as a result of
the deleveraging, over-collateralisation (OC) has increased across
the capital structure. According to the trustee report dated August
2022 [1]  the Class A, Class B, Class C and Class D OC ratios are
reported at 145.08%, 132.31%, 122.84% and 113.38% compared to May
2021 [2]  levels of 138.47%, 127.85%, 119.81% and 111.62%,
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 and than
it had assumed at the last rating action in June 2021.

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: EUR359.7m

Defaulted Securities: EUR984k

Diversity Score: 53

Weighted Average Rating Factor (WARF): 2972

Weighted Average Life (WAL): 3.7 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.45%

Weighted Average Coupon (WAC): 4.04%

Weighted Average Recovery Rate (WARR): 44.8%

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.

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.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



=========
I T A L Y
=========

ALMAVIVA SPA: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed AlmavivA S.p.A. (Almaviva)'s Long-Term
Issuer Default Rating (IDR) at 'BB-' with a Stable Rating Outlook.
Fitch has also affirmed at 'BB'/'RR3' the instrument rating on
Almaviva's secured debt facilities.

Almaviva's ratings reflect its established positions as a leading
Italian IT services company with a large order backlog, good
relationships with key customers, positive growth outlook, strong
FCF, moderate leverage and significant deleveraging flexibility.

KEY RATING DRIVERS

Key Customer Retained: Almaviva has successfully extended and
enhanced its relationships with its largest customer, Gruppo
Ferrovie dello Stato, after winning three tenders worth EUR1.1
billion (Almaviva's share) for seven years at end-2021. With IT
services mission-critical for the efficient provision of railway
services and infrastructure management, Fitch views Almaviva with
its capability to provide services under high-standard service
level agreement terms, as well positioned to maintain key customer
relationships.

Strong Order Portfolio: Almaviva significantly increased its
backlog order portfolio which improves visibility of its revenue
and cash flow streams in 2022-2023 and supports its medium-term
growth outlook and deleveraging flexibility. The company reported
its backlog at EUR2,544 million at end-June 2022, equal to
approximately 3.5x its LTM IT revenues, compared with EUR1,370
million (2.3x years of LTM IT revenues) at end-1H21.

Significant Customer Concentration: Almaviva remains exposed to
significant customer concentration slightly below 30% of IT
services and over 20% of international customer relationship
management (CRM) revenues coming from a single customer in the
respective segments, although this share has reduced during
2016-2022. The company is aiming to further reduce its reliance on
its largest customers, but Fitch believes significant change may
only be achieved in the long term.

Positive IT Growth Outlook: Almaviva faces a good IT growth outlook
supported by a rising digitalization trend and EUR101 billion of
Italian Recovery and Resilience Plan (PNPR) funding dedicated to
sectors that the company views as its core business areas including
transportation and public administration. Overall, Fitch expects
Almaviva to demonstrate at least mid-to-high single-digit organic
yoy growth until 2025. Fitch understands the company has a
flexibility to pass through cost increases to its customers.

IT Driven Credit Profile: Almaviva's credit profile is primarily
shaped by its IT services segment - the company is one of the
leading Italian providers of IT services. It is focused on the
domestic market and has successfully competed against international
IT giants there, with formidable local presence being its strength.
Almaviva's domestic CRM segment makes a lower contribution to its
credit profile, and Fitch expects its contribution to EBITDA to
remain broadly neutral as Almaviva continues downsizing in this
segment.

Stable Customer Relationships: Almaviva benefits from typically
stable and long-lasting customer relationships in its IT segment,
with the bulk of its IT services revenue coming from customers with
contractual relationships of more than 10 years. Close to 40% of
Almaviva's IT revenues are recurring, which is broadly comparable
to IT peers, and this share is growing which Fitch views as credit
positive.

Healthy International CRM: Fitch expects Almaviva' s international
CRM operations to continue revenue growth and profitability
improvement as this segment has achieved a sufficiently large scale
while the contribution of low-margin revenues such as from telecoms
operations keeps declining. The expansion into debt collector
segment entails some execution risks but its contribution to EBITDA
generation is strongly positive.

Almaviva has grown to be the second largest CRM operator in Brazil,
where offshoring risk is low due to the lack of any
Portuguese-speaking off-shoring alternatives. Fitch views the CRM
segment as intrinsically more volatile than IT services, with more
intense pricing competition and lower service differentiation.

Moderate FX Risk: International CRM operations expose Almaviva to
moderate foreign exchange (FX) risk, with this segment's cash flows
predominantly in Brazilian reals while all of the company's debt is
in euros. International CRM accounted for 28% of the group's EBITDA
in 1H22.

Moderate Leverage: Almaviva significantly improved its leverage in
2021, and Fitch expects it to remain in the comfortable territory
for 'BB-' rating. Fitch projects the company's FFO leverage at 3.1x
at end-2022 corresponding to 2.7x Debt/EBITDA. Leverage may be
pushed up by acquisitions or shareholder distributions after a
period of moderate pay-outs on average in 2019-2022.

In the absence of any ring-fencing or clear shareholder
distributions policy, Fitch primarily relies on metrics based on
gross debt. If the company keeps on spending cash on the balance
sheet and internally generated cash flow on EBITDA-accretive
acquisitions without taking new debt, this may also improve gross
leverage.

Strong Cash Flow: Fitch expects pre-dividend FCF margins in
mid-to-high single digits in 2022-2024. Cash flow may be pressured
by investments into working capital (WC) to accommodate for revenue
growth, with billing typically delayed by 3 months-9 months after
commencing a new project. Fitch views the 2021 WC move of negative
EUR70 million as exceptional, with likely more moderate WC
investments in future.

DERIVATION SUMMARY

Almaviva's closest domestic peer is Ingegneria Informatica S.p.A.
(Engineering), a leading Italian software developer and provider of
IT services to large Italian companies (Fitch rates Centurion Bidco
S.p.a., the acquisition vehicle for this company, at B+/Stable).
Engineering has a greater absolute size and wider industrial scope,
faces lower FX risks, and does not have any lower credit quality
non-IT segments (such as CRM for Almaviva). Almaviva is rated
higher than Engineering due to its lower leverage.

Almaviva's range of offered services has some overlap with large
multi-country, multi-segment IT services companies, such as DXC
Technology Company (BBB/Stable) and Accenture plc (A+/Stable), but
on a significantly smaller scale, with a focus on a single country
and fewer segments.

Almaviva is rated higher than Enterprise Resource Planning software
providers with higher leverage such as Italian-based TeamSystem
S.p.A. (B/Stable), a leading Italian accounting and ERP software
company with over 75% of recurring revenue, and Cedacri MergeCo
S.p.A. (B/Stable), a leading Italian provider of software
solutions, infrastructure and outsourcing services for the
financial sector in Italy.

KEY ASSUMPTIONS

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

- IT services revenue growing by mid-single percentage yoy in
2022-2025 on average;

- Broadly break-even EBITDA generation in the domestic CRM
business on the back of continued operational downsizing;

- Stronger contribution of international CRM to total EBITDA after
acquiring CRC in Brazil and stronger contribution of non-telecoms
segments;

- Modestly improving overall EBITDA margin, to the 13%-14% range
in 2023-2025;

- Capex at close to 2% of revenues in 2022-2025 (excluding R&D
capitalised capex, which Fitch treats as a cash expense);

- Negative EUR20 million working-capital change in 2022 followed
by EUR10 million per annum WC investments thereafter;

- Moderately growing dividends from the 2022 level of EUR25
million.

RATING SENSITIVITIES

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

- FFO gross leverage sustainably below 3x broadly corresponding to
2.5x total debt/EBITDA;

- A significant increase of recurring revenues in the revenue mix
and lower customer concentration.

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

- FFO gross leverage persistently above 4x broadly corresponding
to 3.5x total debt/EBITDA, with slow deleveraging progress likely
driven by key customer contracts loss or downsizing;

- Weaker cash flow generation with pre-dividend FCF margin
declining to below 4% through the cycle.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch view's Almaviva's liquidity as
comfortable. The company had EUR157.5 million of cash on the
balance sheet at end-1H22 supported by EUR70 million of untapped
super-senior RCF and positive cash flow generation. The company's
senior secured debt is rated 'BB'/'RR3' under a generic approach
but reflecting caps for Italy under Fitch's country-specific
treatment recovery ratings rating criteria.

ISSUER PROFILE

Almaviva is a leading Italian IT services company with strong
positions in the transport and public administration sectors. It
also has significant domestic and international CRM operations, and
holds a majority ownership in Almawave, its fast-growing
speech-recognition and artificial intelligence subsidiary.

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.

   Entity                  Rating        Recovery  Prior
   ------                  ------        --------  -----
AlmavivA S.p.A.     LT IDR  BB-   Affirmed          BB-

   senior secured   LT      BB    Affirmed  RR3     BB




=====================
N E T H E R L A N D S
=====================

DOMI BV 2022-1: Moody's Upgrades Rating on 2 Tranches to Caa1
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of four notes
and upgraded the rating of two notes in Domi 2022-1 B.V.

EUR298.5M Class A Notes, Affirmed Aaa (sf); previously on Apr 25,
2022 Definitive Rating Assigned Aaa (sf)

EUR13.3M Class B Notes, Affirmed Aa1 (sf); previously on Apr 25,
2022 Definitive Rating Assigned Aa1 (sf)

EUR8.3M Class C Notes, Affirmed Aa3 (sf); previously on Apr 25,
2022 Definitive Rating Assigned Aa3 (sf)

EUR8.3M Class D Notes, Affirmed Baa1 (sf); previously on Apr 25,
2022 Definitive Rating Assigned Baa1 (sf)

EUR5M Class E Notes, Upgraded to Caa1 (sf); previously on Apr 25,
2022 Definitive Rating Assigned Caa2 (sf)

EUR10M Class X Notes, Upgraded to Caa1 (sf); previously on Apr 25,
2022 Definitive Rating Assigned Caa2 (sf)

The rating action reflects the correction of an input error in the
cash flow modeling, where the asset yield vector was previously
calculated incorrectly. The correction of the input error results
in additional excess spread, which has a positive impact on the
Class E and Class X ratings.

RATINGS RATIONALE

The rating action is prompted by a correction of an input error in
the calculation of the asset yield vector, which is used in Moody's
cash flow model.

The portfolio backing this transaction is comprised of fixed-rate
mortgage loans which, at their interest reset dates, revert to a
new fixed rate for a new fixed-rate period. In order to mitigate
the fixed-floating mismatch against the floating-rate notes, the
issuer entered into a swap agreement with the swap counterparty,
BNP Paribas (Aa3/P-1; Aa3(cr)/P-1(cr)). Under this agreement, the
issuer pays a fixed swap rate to the swap counterparty, and
receives three-month Euribor in return. The fixed swap rate paid by
the issuer is derived from a weighted-average swap rate of the
loans in the pool, which is calculated on a loan-level basis based
on swap rates depending on the interest reset date of the loans. As
mortgage loans reset, the swap rate is adjusted to swap market
rates.

In order to mitigate the risk of excess spread compression
following loan reset, the seller has undertaken to repurchase loans
for which the new fixed rate results in a margin over the swap rate
which is lower than 2.25% on loan-level, and 2.50% on
portfolio-level. In Moody's calculation of the portfolio yield
vector Moody's therefore assumed compression to the 2.50% margin
over the swap rate after loan reset. The input error consisted of
the fact that Moody's subtracted the initial swap rate of 0.116%
from this 2.50% margin, whereas the requirement is to maintain a
portfolio margin of 2.50% after swap costs. The correction of this
input error has a positive impact on excess spread in this
transaction, which affects the Class E and X notes in particular.

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 an RMBS security 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 or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.




===========
P O L A N D
===========

BANK OCHRONY: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Bank Ochrony Srodowiska S.A.'s (BOS)
Long-Term Issuer Default Rating (IDR) at 'BB-' and Viability Rating
(VR) at 'bb-'. The Outlook on the IDR is Stable.

Fitch has withdrawn BOS's Support Rating of '4' and Support Rating
Floor of 'B' as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria on November 12, 2021. In line with the updated criteria,
Fitch has assigned BOS a Government Support Rating (SSR) of 'b'.

KEY RATING DRIVERS

BOS's IDRs and VR reflect the bank's weaker franchise and less
stable business model than larger peers', higher-than-average risk
appetite, weak asset quality and only moderate capitalisation. At
the same time, the ratings are underpinned by the bank's improving
profitability and substantial liquidity buffers.

BOS's National Ratings reflect its creditworthiness relative to
Polish peers'. Fitch affirmed the ratings of the senior unsecured
bond programme at the same level as BOS's National Ratings as Fitch
views the likelihood of default on such obligations as the same as
default of the bank.

Intervention Risk in Operating Environment: In August 2022 Fitch
revised the Polish banks' operating- environment score to 'bbb'
from 'bbb+'. This reflected its view that payment holidays on
local-currency (LC) mortgages are further evidence of the
willingness of the Polish authorities to intervene in the banking
sector and impose large additional costs on banks. This is also
reflected in BOS's ESG Relevance Score of '4' for Management
Strategy.

Narrow Franchise, Volatile Performance: BOS's limited market
franchise as well as weaker and more volatile performance through
cycles than peers' weigh on its assessment of its business profile.
The bank has been increasingly focused on specialised 'green'
lending, which strengthens its niche franchise and underlines a
more consistent and less opportunistic strategy than in the past.

Credit Risk Concentrations: In its view, BOS's risk profile is
higher than the industry average due to risks inherent in its
growing specialisation in financing of green activities, greater
appetite for the cyclical real estate and construction sectors and
high single-name loan book concentrations.

Further potential losses resulting from a materialisation of legal
risks related to legacy Swiss franc mortgages should be manageable
for the bank, given the moderate size of its exposure and increased
reserve coverage (54% including loan loss allowances at end-1H22).

Increasing Asset-Quality Pressures: In Fitch's view, loan-quality
metrics are likely to further deteriorate in light of a challenging
macroeconomic outlook and muted loan-book expansion, with major
pressures in the non-retail segment.

Fitch sees BOS's considerable exposure (about PLN1.2 billion or 69%
of common equity Tier 1 (CET1) capital at end-1H22) to customers
with business or organisational links to Ukraine/Russia/Belarus as
a potential source of additional loan impairment. BOS's Stage 3
loans ratio (15.1% at end-1H22) remains among the weakest across
Fitch-rated Polish banks'.

Rates Drive Profits Up: Fitch said, "We believe that high interest
rates will continue to strongly support BOS's profitability in 2H22
and 2023, though this is not sustainable in the long term.
Extraordinary charges imposed by the government (related to credit
holidays and the borrower-support scheme), while sizeable in
absolute terms, should be easily absorbed by the bank through
interest revenue. We expect the operating profit at around 1% of
risk-weighted assets (RWAs) in 2022 and moderately higher in
2023."

Moderate Capitalisation: BOS's capitalisation is likely to be
supported until end-2023 by increased internal capital generation
and slowdown in new lending. In its view, the bank's capital levels
are only moderate for its risk profile, high single-name
concentrations and high unreserved Stage 3 loans. The bank has
maintained reasonable capital buffers over regulatory minimums
(5.5pp for the CET1 ratio and 2.8pp for the total capital ratio at
end-1H22).

Term Deposits, Solid Liquidity: BOS's weaker-than-peers' deposit
franchise and significant reliance on price-sensitive term deposits
weigh on its assessment of its funding profile. The bank has
comfortable liquidity as reflected in its modest 67% loans/deposits
(L/D) ratio as of end-1H22, manageable foreign-currency refinancing
needs and strong liquidity buffers. The latter have benefitted from
limited loan- book expansion and strong deposit growth.

RATING SENSITIVITIES

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

BOS's VR and IDRs have moderate headroom. The ratings could be
downgraded on substantial and prolonged deterioration of asset
quality (the Stage 3 loans ratio sustainably above 18%) that would
put significant pressure on the bank's profitability or
capitalisation (CET1 ratio below 12% without credible plans to
restore it).

The bank's National Ratings are sensitive to adverse changes to the
Long-Term IDR and the bank's credit profile relative to Polish
peers'.

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

The VR and Long-Term IDR could be upgraded over the medium term as
a result of a deepening of the bank's franchise and reduced risk
appetite, accompanied by a material improvement in asset-quality
metrics (in particular if the Stage 3 loans ratio decreases below
10%), and maintenance of current capital buffers.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The National long-term rating of BOS's subordinated debt is notched
down twice from the bank's National Long-Term Rating for loss
severity to reflect poor recovery prospects. No notching is applied
for incremental non-performance risk because write-down of the
notes will only occur once the point of non-viability is reached,
and there is no coupon flexibility before non-viability.

The bank's GSR of 'b' reflects Fitch's view of a limited
probability of extraordinary sovereign support for BOS, given that
the Polish resolution framework constrains provision of public
support for troubled banks, in line with EU state-aid rules. At the
same time, Fitch believes that the state would endeavour to act
pre-emptively to avoid BOS breaching regulatory capital adequacy
requirements, due to the state's indirect ownership of the bank and
its niche role in financing environmental projects in Poland.

The state-owned National Fund for Environment Protection and Water
Resource Management (the fund) remains BOS's majority shareholder
with a 58% stake at end-1H22, while state-related entities jointly
hold an estimated 72% share. Fitch believes that it would be
difficult for the fund to increase capital at BOS without
triggering state-aid and bail-in considerations if private
investors are unwilling to participate in the capital injection.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The National long-term rating of BOS's subordinated debt is
primarily susceptible to a change in the bank's National Long-Term
Rating, from which they are notched.

BOS's GSR could be downgraded if the state's indirect ownership in
the bank falls below 50%.

An upgrade of the bank's GSR would be contingent on a positive
change in the sovereign's propensity to support the bank. While not
impossible, this is highly unlikely, in Fitch's view, due to the
Polish resolution framework and EU state-aid considerations.

VR ADJUSTMENTS

The capitalisation and leverage score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reason: risk
profile and business model (negative), and reserve coverage and
asset valuation (negative).

The funding and liquidity score of 'bb' is below the 'bbb' category
implied score due to the following adjustment reason: deposit
structure (negative).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The GSR of BOS is based on Fitch's assessment of the support from
the Polish sovereign.

ESG CONSIDERATIONS

BOS's ESG Relevance Scores for Management Strategy has been revised
to '4' from '3'. This reflects its view of heightened government
intervention risk in the Polish banking sector, which impacts the
banks' operating environment and their ability to define and
execute on their strategies and has a negative implication for
their ratings in combination 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.

   Entity/Debt                     Rating                Prior
   -----------                     ------                -----
Bank Ochrony
Srodowiska S.A.      LT IDR         BB-       Affirmed   BB-

                     ST IDR         B         Affirmed   B

                     Natl LT        BBB-(pol) Affirmed   BBB-(pol)


                     Natl ST        F3(pol)   Affirmed   F3(pol)

                     Viability      bb-       Affirmed   bb-

                     Support        WD        Withdrawn  4

                     Support Floor  WD        Withdrawn  B

                     Gov't Support  b         New Rating

   senior unsecured  Natl LT        BBB-(pol) Affirmed   BBB-(pol)


   subordinated      Natl LT        BB(pol)   Affirmed   BB(pol)

   senior unsecured  Natl ST        F3(pol)   Affirmed   F3(pol)




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

CROWN AGENTS: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Crown Agents Bank Limited's (CABK)
Long-Term Issuer Default Rating (IDR) at 'BB' with Stable Outlook.
Fitch has also affirmed CABK's Viability Rating (VR) at 'bb'.

Fitch has withdrawn CABK's Support Rating of '5' and Support Rating
Floor of 'No Floor' as they are no longer relevant to Fitch's
coverage under its updated Bank Rating Criteria in September 2022.
In line with the updated criteria, Fitch has assigned Government
Support Ratings (GSR) of 'no support' (ns) to CABK.

KEY RATING DRIVERS

The ratings are driven by CABK's small, concentrated but
established niche franchise and are supported by its liquid and
conservatively managed balance sheet and healthy asset quality. The
ratings also reflect material exposure to operational, reputational
and other non-financial risks given CABK's focus on payment
services between developed and emerging and frontier markets.

Emerging Market Focus: Its operating-environment assessment for
CABK considers the bank's UK domicile and regulation and
significant exposure to the UK, mainly in the form of cash held at
the Bank of England (BoE). However, it also factors in higher risk
exposures to emerging and frontier markets than its credit exposure
would indicate.

Improving Risk Controls: CABK has been investing in risk management
to accommodate its evolving business model and growth, and
processes and controls are increasingly automated. Transactions in
emerging and frontier markets expose the bank to compliance risks.
Controls have been largely effective to date, but the bank has a
limited track record and has grown rapidly in recent years.

Highly Liquid Balance Sheet: CABK's credit exposure consists
largely of cash held at the BoE (over half of total assets at
end-2021), highly rated government and bank securities from and a
reducing share of trade-finance exposures. Concentration by
counterparty is high, but counterparties mostly have high ratings.
CABK had no impaired exposures at end-2021.

Improving Profitability: CABK's operating profit (2021: GBP11
million) remains small in absolute terms but is expected to
increase with growing volumes, and therefore Fitch has revised the
outlook on this factor to positive from stable. The bank's
long-term profitability remains dependent on the successful
execution of its expansion strategy in its payments and
foreign-exchange (FX) business lines. The bank's growth focus in
regions with more volatile economies adds potential earnings
volatility.

Modest Absolute Capital Buffer: CABK's common equity Tier 1 (CET1)
ratio has improved organically in recent years to 30.5% at end-2021
(end-2019: 20.7%), primarily reflecting lower risk-weighted assets
(RWAs) and improving profitability. However, CABK's small CET1
(end-2021: GBP 57 million) capital base provides only a modest
buffer for potential losses.

Deposit-Led Funding Model: CABK's funding is based on a highly
concentrated deposit base, mitigated by long-standing relationships
with customers. The highly liquid balance sheet mitigates the risk
of unexpected large withdrawals. CABK's liquidity coverage ratio
was 132% at end-2021.

RATING SENSITIVITIES

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

CABK's ratings would be downgraded on signs of inadequate controls
of compliance or operational risks. The ratings would also come
under pressure if the bank falls significantly behind its
medium-term targets, such as below-target profitability resulting
in lasting weak internal capital generation, or if the bank incurs
material credit impairment or operational charges.

A weakening franchise, for example due to reputational damage,
would also be negative for its ratings.

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

Beside reduced economic uncertainty, an upgrade would require
successful execution of CABK's expansion and transformation
strategy, sustained and significant improvements in risk-adjusted
returns and a materially larger capital base.

An upgrade would also require evidence that the strengthened risk
controls can cope with the greater planned business volumes and
maintain sound asset quality and liquidity.

The GSR reflects Fitch's view that senior creditors cannot rely on
extraordinary support from the UK authorities if the bank becomes
non-viable. In its opinion, the UK has implemented legislation and
regulations that provide a framework requiring senior creditors to
participate in losses for resolving even medium-sized and large
banking groups.

Fitch believes that while CABK may receive support from its
shareholders, this cannot be relied on.

Fitch does not expect changes to the GSR given the low systemic
importance of the bank and because of the current legislation in
place that is likely to require senior creditors to participate in
losses in the event of a resolution of CABK.

VR ADJUSTMENTS

The 'bbb' operating environment score is below the 'aa' category
implied score due to the following adjustment reason(s):
international operations (negative)

The 'bb-' business profile score is above the 'b' category implied
score due to the following adjustment reason(s): historical and
future developments (positive)

The 'bbb' asset quality score has is below the a' category implied
score due to the following adjustment reason(s): concentration &
non-loan exposure (negative)

The 'bb-' earnings and profitability score is below the 'bbb'
category implied score due to the following adjustment reason(s):
risk-weight calculation (negative)

The 'bb-' capitalisation & leverage score is below the 'a' category
implied score due to the following adjustment reason(s): size of
capital base, risk profile and business model.

The 'bbb-' funding & liquidity score is below the 'a' category
implied score due to the following adjustment reason(s): deposit
structure and non-deposit funding (negative)

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.

   Entity/Debt                   Rating          Prior
   -----------                   ------          -----
Crown Agents
Bank Limited    LT IDR             BB  Affirmed    BB
                ST IDR             B   Affirmed    B
                Viability          bb  Affirmed    bb
                Support            WD  Withdrawn   5
                Support Floor      WD  Withdrawn   NF
                Government Support ns  New Rating


ENSAFE CONSULTANTS: Goes Into Administration
--------------------------------------------
Ian Evans at TheBusinessDesk.com reports that Ensafe Consultants,
the Northamptonshire-headquartered environmental and health and
safety services company, has collapsed into administration.

Ensafe -- a trading name of Challen Commercial Investigations
Limited -- employs more than 175 people at its offices in Daventry,
Glasgow, Manchester, Ripponden, Plymouth, Burton and Dundalk.

Greg Palfrey of Evelyn Partners LLP and William Turner of Verulam
Advisory Ltd were appointed joint administrators of Challen
Commercial Investigations on October 19, 2022, TheBusinessDesk.com
relays, citing a statement published on the company's website.

The firm's accounts for the year ended March 31, 2021 -- its most
recent accounts published on Companies House -- offer little clue
as to what might have caused it to call in administrators,
TheBusinessDesk.com discloses.

Ensafe turned over GBP10.75 million in 2021 -- roughly equivalent
to the previous year's figure -- although it did post a loss of
GBP654,567, TheBusinessDesk.com notes.

Incorporated in 1997, Ensafe offers a wide range of asbestos,
health and safety, geo-environmental, air quality and training and
compliance services.


MADE.COM: On Brink of Administration After Rescue Talks Fail
------------------------------------------------------------
Joanna Partridge at The Guardian reports that Made.com has moved
closer to collapsing into administration, after rescue talks to
find a buyer for the struggling online furniture business failed.

The company, known for its fashionable homeware including velvet
sofas, lighting and rattan furniture, announced at the start of
October that it was in discussions with a number of interested
parties, The Guardian relates.  It had set a deadline for receiving
firm offers of the end of the month, The Guardian discloses.

According to The Guardian, the retailer said none of its potential
buyers were able to meet the timetable, adding it was "no longer in
receipt of funding proposals or possible offers for the issued and
to be issued share capital of the company".

As a result, Made.com ended the rescue talks and said it could not
be certain that any offer would be made for the business, or that
any offer or investment would be suitable, The Guardian notes.

"If further funding cannot be raised, or a firm offer for the
company is not received before the company's cash reserves are
fully depleted, the board will take the appropriate steps to
preserve value for creditors," The Guardian quotes Made.com as
saying in a statement to the stock market.

The retailer's shares plunged by nearly 90% on the London Stock
Exchange on Tuesday, Oct. 25, taking them below 1p, from a listing
price of 200p, The Guardian discloses.  The shares have tumbled by
99.5% so far this year, The Guardian notes.

Made.com warned of job cuts in July as increasingly cash-strapped
consumers reined in their spending, particularly on "big-ticket"
items such as furniture, The Guardian recounts.

In 2021, when still enjoying strong consumer demand for its
products, Made.com was hit by industry-wide supply chain problems,
as Covid lockdowns led to global port congestion and extended
shipping times lengthened delivery delays, according to The
Guardian.


NO 34 GARDEN: Enters Administration, Halts Operations
-----------------------------------------------------
Katherine Price at The Caterer reports that No 34 Garden & Grill
pub in Warwick has fallen into administration just seven months
after opening.

According to The Caterer, a post on Instagram said: "It's with
great sadness that we announce that No.34 Garden & Grill has
entered into administration and must close its doors for good.

"Our hope is that our brewery Everards will find suitable new
tenants to take on this wonderful community pub / restaurant as
soon as possible.

"Over 50 pubs are closing every month and for all of those
businesses still surviving we wish you well and sincerely hope
there's a rapid turnaround for the hospitality sector.

"We'd like to say a huge thank you to our team, suppliers and whole
community for supporting our journey, albeit a short one."

Caviar & Chips, founded by Jonathan Carter-Morris and Marc Hornby,
still operates the Virgins & Castle, the oldest pub in Kenilworth
and wedding venue Stockton House.


POLLEN: Owes More Than GBP78.6MM to Creditors, Report Shows
-----------------------------------------------------------
Chris Cooke at Complete Music Update reports that administrators
for collapsed events and ticketing business Pollen have revealed
that the company owes more than GBP78.6 million, including GBP4.5
million to recruiters and management consultants and GBP150,000 to
a private jet charter firm.

According to CMU, in a report filed with Companies House,
administrators write: "The group has been loss making since it
commenced trading with reported losses before tax of GBP57.4
million, GBP42.7 million and GBP52.4 million in 2021, 2020 and 2019
respectively.  The losses have been supported by equity raises and
the support of its secured creditor [Global Growth Capital]".

"Trading was significantly impacted due to COVID-19", they then
confirm, "where a number of events had to be rearranged and
cancelled.  This further impacted on cash flows due to the level of
customer refunds that fell due.  The cash position continued to
worsen and in June 2022 a winding up petition was issued by a
creditor, which was withdrawn in July 2022 to allow a potential
solvent transaction to continue to be explored".

The administrators then confirm there were various efforts in early
summer to find a buyer for the business, with offers sought both to
buy the company as a going concern or via a so called pre-pack
administration, CMU discloses.  However, in the end only one offer
was made, CMU notes.

According to CMU, the report goes on: "On Aug. 9, 2022, the
directors had received an indicative offer for some of the assets
of the company and its subsidiary company on an insolvent basis
totalling US$2.5 million".  Given the size of the company's debts
at that point, it was agreed by Pollen's management, secured
creditor and lawyers that it wouldn't be inappropriate to accept
that offer at that time.

As a result, the company was put into administration and new
efforts were made to find a buyer for the company's assets, CMU
relays.  But only the original proposed buyer was interested, it
reducing its offer to $500,000, CMU states.  Though that offer
included the buyer acquiring one of Pollen's subsidiary companies,
JusExperiences UK, which wasn't part of the deal, according to
CMU.

Ultimately the buyer offered US$250,000 for the assets of the
Pollen parent company, which includes its technology platform, the
Pollen brand and shares in Abode Records Limited, CMU discloses.
The administrators confirm they are now in the process of
finalising that deal and "hope to complete the transaction
imminently", CMU notes.

In addition to the pretty nominal profits of that deal, the Pollen
company is due a VAT refund of GBP267,805 and had GBP280,443 in
cash when it fell into administration, CMU states.

According to CMU, significant sums are owing to the Pollen parent
company from other companies within the group, though the
administrators say that "based on current information" they
anticipate that there "will be insufficient funds to enable a
distribution" to the firm's secured, preferential and unsecured
creditors.

A total of GBP78.6 million is owing, CMU says.  That money is
mainly owed to financial backers, employees and service providers,
which makes the collapse of Pollen different to that of another
ticketing company, Festicket, where most of the monies owed were
due to promoters that had worked with the company, according to
CMU.


STONEYWOOD: Deadline to Sell Mill Passes Without Success
--------------------------------------------------------
BBC News reports that the deadline for selling a historic Aberdeen
paper mill, which went into administration with the loss of more
than 300 jobs, has passed.

Stoneywood paper mill -- which operated for more than 250 years --
suddenly went into administration last month, BBC relates.

According to BBC, administrators have been trying to find a buyer
who would run the business as a going concern.

However, that deadline has now passed without success and assets at
the site will now be sold off, BBC notes.

In 2019, the business was sold to a new parent company, securing
the jobs at the mill, BBC recounts.

However, administrators were appointed in September, and a total of
301 out of the 372 members of staff in Aberdeen were made
redundant, BBC discloses.

The remainder were retained to continue limited activity while the
administrators explored the possibility that the mill and assets
could be sold, BBC states.

The mill's problems were blamed on the Covid pandemic and the
economic challenges facing industrial manufacturing businesses,
including rising energy costs, BBC relates.

Administrators were also appointed at the Arjowiggins Group mill at
Chartham, Kent, BBC relays.

Scottish Enterprise has given the mill owners more than GBP12
million worth of support over the last three years, BBC notes.


WASPS: Funding Sought to Avert Stadium Business Liquidation
-----------------------------------------------------------
Simon Gilbert at BBC News reports that bondholders owed GBP35
million by Wasps have been asked for more money as the threat of
liquidation looms over the Coventry Building Society Arena stadium
business.

According to BBC, a letter from bondholder trustee, US Bank
Trustees Limited, to bondholders said the funding was needed to
continue to market the stadium to potential investors or new
owners.

Parent company Wasps Holdings has already entered administration --
with debts reported as running into nine figures, BBC relates.

That resulted in all the players and coaching staff at the rugby
club being released from their contracts as administrators FRP were
appointed on Oct. 17, BBC states.

But the companies which make up the stadium business -- Arena
Coventry Limited and Arena Coventry (2006) -- are not yet in
administration and continue to operate, with Championship football
club Coventry City continuing to play their home games at the CBS
Arena, BBC notes.

According to BBC, the letter to bondholders read: "In the absence
of receipt of additional funding in short order, it may not be
possible to continue marketing the assets which form part of the
security.

"In such event, the statutory purpose of administration may not be
capable of being achieved and the directors of Arena Coventry
Limited and/or Arena Coventry (2006) Limited may have no choice
other than to apply to court for an order placing ACL and/or
ACL2006 into compulsory liquidation."

The stadium companies have until Monday to secure funding, or a new
buyer, for the stadium or they too could enter administration, BBC
discloses.

But an application could be made to the Insolvency Court for
another extension to that deadline if they can show new funding, or
a takeover deal, is close to being agreed, BBC notes.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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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.

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