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

                          E U R O P E

          Thursday, October 27, 2022, Vol. 23, No. 209

                           Headlines



F R A N C E

CASPER TOPCO: S&P Upgrades LongTerm ICR to 'B-', Outlook Stable
HESTIAFLOOR 2: Fitch Lowers LongTerm IDR to 'B', Outlook Stable


G E R M A N Y

UNIPER SE: German Gov't. May Need to Double Financial Aid
WEPA HYGIENEPRODUKTE: Moody's Alters Outlook on B1 CFR to Negative


I R E L A N D

BLACKROCK EUROPEAN V: Fitch Hikes Class F Notes to 'B+sf'
CVC CORDATUS VII: Fitch Upgrades Rating on Class E-R Notes to 'BB+'
CVC CORDATUS XI: Fitch Hikes Rating on Class F Notes to 'Bsf'


I T A L Y

BANCA UBAE: Fitch Alters Outlook on 'B+' LongTerm IDR to Stable
CAPITAL MORTGAGE 2007-1: Moody's Hikes Rating on Cl. C Notes to Ba2
ESSELUNGA SPA: Moody's Affirms Ba1 CFR & Alters Outlook to Negative
MULTIVERSITY SPA: Moody's Alters Outlook on 'B2' CFR to Positive


N E T H E R L A N D S

CREDIT EUROPE: Fitch Alters Outlook on 'B+' LongTerm IDR to Stable
JUBILEE PLACE 5: S&P Assigns Prelim. 'BB-' Rating on Class F Notes


S P A I N

IDFINANCE SPAIN: Fitch Affirms & Then Withdraws 'B-' LongTerm IDR


U N I T E D   K I N G D O M

DOISY & DAM: Bought Out of Administration by Nurture Brands
EG GROUP: Fitch Alters Outlook on 'B-' LongTerm IDR to Stable
PUREARTH: Collapses Following Cash Woes, Halts Operations
UK CLOUD: Goes Into Liquidation Following Loss
[*] UK: Scottish Company Insolvencies Up in Q3 2022 to 265


                           - - - - -


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F R A N C E
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CASPER TOPCO: S&P Upgrades LongTerm ICR to 'B-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised to 'B-' from 'CCC+' its long-term issuer
credit and issue ratings on parent company Casper Topco and its
first-lien term loan B (TLB) and to 'CCC' from 'CCC-' its issue
rating on the second-lien TLB, issued by Casper Bidco SAS.

The stable outlook indicates that, although B&B Hotels faces
macroeconomic headwinds, S&P expects it to pursue revenue and
EBITDA growth thanks to its operating model, hedging policy, and
strong presence as a budget and economy hotel operator.

France-based B&B Hotels reported stronger-than-expected operating
performance in the third quarter, thanks to strong summer trading
and a positive contribution from new openings.

Pandemic-related restrictions were lifted in all B&B Hotels' main
countries of operations (France, Germany, Italy, and Spain) during
the second quarter of 2022, allowing the company to operate freely.
Revenue per available room (RevPar) rose to EUR53 during the third
quarter of 2022, about 25% above pre-pandemic levels, because of
higher occupancy rates combined with higher average daily rates.

As S&P expected, once restrictions were lifted, European travelers
resumed the leisure and business trips they had postponed. This
contributed to the company's strong momentum in revenue growth. In
addition, B&B Hotels was able to pass through inflationary
pressures to customers, raising average daily rates. The company
uses an acute revenue management system that allows it to optimize
proposed rates against the competition and find the optimal
equilibrium between rooms sold through online travel agencies and
those sold as direct reservations.

The company added 132 hotels to its network between 2020 and the
first nine months of 2022, which also boosted RevPar. The ramp-up
period for new openings has significantly reduced and now averages
18 months, rather than the two-to-three years required before the
pandemic. Furthermore, the newer hotels are higher in quality than
the pre-pandemic network, which helped them generate RevPar about
5% higher than that from the older hotels during June-September
2022. As a result, S&P now expects B&B Hotels' revenue to reach
about EUR895 million in 2022, compared with EUR500 million in 2021
and EUR638 million in 2019.

The company's positioning in the budget and economy segment and its
business model will support its resiliency, despite macroeconomic
headwinds. The stronger-than-expected RevPar recovery enabled B&B
Hotels to navigate inflationary pressures in continental Europe
over the past six months without significantly changing its
operating model. The company operates about 80% of its hotels under
a mandate management system. It pays a variable fee to the mandate
managers, who operate as service providers. This business model
gives B&B Hotels some protection against wage inflation, by
externalizing staff costs for these hotels to the mandate managers.
Food and energy costs take up only about 7% of total revenue and
S&P expects inflation to have a limited impact on these two costs.
Although some of the company's leases are indexed to inflation, it
expects rents to remain stable at about EUR215 million, thanks to a
cap on indexation clauses in Germany and France, and protection
from variable rents in France and Italy.

Budget and economy hotel operators are expected to remain resilient
during the economic recession, as they did while the pandemic was
at its height. Small and midsize enterprises (SMEs) will still need
to undertake business travel, even though corporate travel could be
cut significantly due to the spread of hybrid working models. S&P
said, "In a tough macroeconomic environment, we anticipate that
holiday makers may trade down, using budget and economy hotels
rather than reducing leisure activities completely. The average
European still considers leisure to be highly important. As a
result, we expect B&B Hotels' reported EBITDA (before operating
lease adjustments and including opening and nonrecurring renovation
expenses) to increase to EUR185 million in 2022 and EUR215 million
in 2023. This implies S&P Global Ratings-adjusted debt to EBITDA of
about 7.0X in 2022 and about 6.5 in 2023, compared with 7.6x in
2019. Our previous forecast for 2022 was EUR145 million."

B&B Hotels' FOCF generation benefits from EBITDA uplift and hedging
contracts. During the 2022 summer season, the recovery in revenue
and RevPar accelerated, leading us to raise the ratings. S&P
expects RevPar for the full year 2022 to rise to EUR43 per day,
about 11% above pre-pandemic levels. FOCF after leases and
sale-and-lease-back operations is expected to reach about EUR20
million in 2022, well above the EUR10 million reported in 2019.
Moreover, close to 100% of exposure to floating-rate debt is hedged
until the end of October 2024, offering protection against future
Euro Interbank Offered Rate hikes. By the end of September 2022,
B&B Hotels had about EUR240 million of cash on its balance sheet
and a fully undrawn revolving credit facility (RCF) of about EUR120
million. S&P expects the company to spend about EUR70 million on
opening about 50 hotels over the next 12 months. That said, if
macroeconomic conditions become tougher from 2023, the company can
delay maintenance and reduce the spending program by at least 50%
to about EUR65 million. This should enable it to preserve its
liquidity position, if necessary.

S&P said, "The stable outlook indicates that we expect B&B Hotels'
revenue management system and the strong contribution from newly
opened hotels to support further revenue growth over the next 12
months. Despite macroeconomic headwinds, we expect the company to
protect its profitability by passing the effects of inflation on to
customers, such that adjusted leverage will decline below 7x and
FOCF after leases and sale-and-lease-back proceeds will turn
positive by at least EUR15 million-EUR20 million over the next 12
months."

S&P could consider lowering the rating in the next 12 months if:

-- B&B Hotels' operating performance does not improve in line with
S&P's its expansion strategy, if it cannot maintain its revenue
growth, or if inflation in the eurozone causes costs to rise more
than expected;

-- FOCF after leases and sale-and-lease-back proceeds turns
negative for a prolonged period, weakening the group's liquidity
position and putting additional strain on its capital structure;
or

-- S&P sees an increasing probability of specific default events,
such as the likelihood of interest forbearance, a broader debt
restructuring, or debt purchases below par.

S&P could raise its rating if the company's revenue and EBITDA
increase in line with its base-case assumptions, such that adjusted
debt to EBITDA falls to 6.5x-6.0x, and the company maintains
positive FOCF after leases and divestments of over EUR30 million,
such that adjusted FOCF to debt improves toward 5%.

ESG credit indicators: To E-2, S-3, G-3; From E-2, S-4, G-3

S&P said, "Social factors are now a moderately negative
consideration in our credit rating analysis of Casper Topco. During
the pandemic, travel restrictions and subsequent lockdowns prompted
a decline in B&B Hotels' 2020 revenue of about 50% compared with
2019. We now see these risks as having been alleviated. B&B Hotels
continues to increase its market share and hotel footprint in the
budget and economy segment. Nevertheless, we see social risks as an
inherent part of the hotel industry, which is exposed to health and
safety concerns, terrorism, cyber attacks, and geopolitical
unrest."

Governance factors are a moderately negative consideration, as is
the case for most rated entities owned by private-equity sponsors.
The company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners and a focus on maximizing shareholder returns.
It also suggests that holding periods will generally be finite.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Health and safety


HESTIAFLOOR 2: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has downgraded HESTIAFLOOR 2's (Gerflor) Long-Term
Issuer Default Rating (IDR) to 'B' from 'B+' and senior secured
rating to 'B+' from 'BB-'. The Outlook on the IDR is Stable.

The downgrade reflects continuing high leverage metrics, with gross
debt/EBITDA remaining outside its previous negative sensitivity of
5.5x in 2022-2023 and bordering it in 2024, and a limited
deleveraging capacity. This represents a further delay to
deleveraging compared with its previous rating case and a
significant deviation from the initially expected leverage profile
post its acquisition by Cobepa in 1H20.

The high leverage and small scale of operations constrain Gerflor's
ratings. These weaknesses are counterbalanced by Gerflor's strong
positions in a number of flooring market segments across several
geographic regions and end-customer segments, and significant
exposure to renovation activities (75%-80% of revenue). All this
allows Gerflor to generate sound profit margins and free cash flow
(FCF) that are consistent with a 'B' rating category.

KEY RATING DRIVERS

Delayed Deleveraging: Deleveraging below its previous negative
sensitivity of 5.5x gross debt/EBITDA now extends to 2024, instead
of 2023 expected by Fitch in March 2022. The slower deleveraging
path is driven by a weaker post-pandemic recovery of commercial
flooring than its expectations; weaker profitability due to
inflated costs; a slower-than-expected pass-through of higher input
prices to customers; and margin-dilutive acquisitions in 2022.
Deleveraging is further vulnerable to a deteriorating economic
environment across Gerflor's key geographical regions hitting
demand for flooring products.

High Leverage to Continue: Gerflor's gross debt/EBITDA of 7x in
2021 and expected 6.2x-6.0x in 2022-2023 are high for the 'B+'
rating and higher than similarly rated peers'. This represents an
increase of 0.5x and 0.9x in 2022 and 2023, respectively, versus
its previous expectations. Fitch forecasts gross debt/EBITDA to
improve to 5.4x only in 2024, and provided they do not undertake
further debt-funded acquisitions. The financial structure maps to a
'ccc+' midpoint under Fitch's Building Products Navigator.

Energy Crisis Slows Recovery: Fitch believes Gerflor's limited
exposure to gas (heating purposes only), only moderately
energy-intensive operations and electricity hedging, help mitigate
high energy prices. However, Fitch's rating case factors in the
potential impact of an energy crisis in Europe. It is likely to
hamper its production output due to the non-critical nature of
flooring products or weaken demand due to limited investments or
renovation activities in commercial and residential segments. This
further slows the earnings recovery post-pandemic and -acquisition
by Cobepa.

Weaker Profitability: Fitch now forecasts an EBITDA margin at 13%
in 2022-2023 compared with 13.4% and 14.3%, respectively, under its
previous expectations. High input costs and margin-dilutive
acquisitions weigh on margins despite actions to pass on higher
costs to customers. Fitch forecasts a negative FCF margin of 0.3%
in 2022 on negative working-capital changes affected by stock
build-up and high inflation. Fitch expects the FCF margin to
improve to around 3% in 2023 and beyond, which is slightly lower
than previously expected due to higher interest expenses.
Nonetheless, profitability remains strong and in line with a 'bbb'
midpoint under Fitch's Building Products Navigator.

Focus on Bolt-on M&A: Gerflor's bolt-on acquisitions are aimed at
broadening its product portfolio and distribution channels and have
a strong flooring-niche rationale. Fitch views the breadth and
depth of Gerflor's product category and its focus on innovation as
key to serving various end-markets and attracting customers with
new design and features. Its rating case assumes cash-funded small
bolt-on acquisitions while higher-than-forecast acquisitions could
involve additional debt issues. Fitch views debt-funded
acquisitions as indicative of a more aggressive financial policy.

Above-Average Recovery for Senior Secured: The senior secured debt
rating of 'B+' is one notch higher than the IDR, reflecting Fitch's
expectation of above-average recoveries for Gerflor's term loan B
(TLB) and revolving credit facility (RCF) in a default.

DERIVATION SUMMARY

Gerflor has a leading market position in its resilient niche
flooring segment and is larger than industry peers, such as Balta
Group or Terreal Holding and similar in size to Victoria PLC
(BB-/Stable). It is much smaller than Mohawk Industries, Inc.
(BBB+/Stable) and other industry peers like Tarkett Participation
(B+/Stable). Gerflor has better geographical diversification than
Victoria although both have a fairly high exposure to Europe, while
Tarkett is more geographically diversified. Gerflor's exposure to
transport flooring provides end-product diversification.

Like most building-product companies, Gerflor has limited product
differentiation but has developed innovative product solutions
enabling it to cater to a wide range of end-customers, which
compares positively with peers such as Ideal Standard International
SA (B-/Stable). Gerflor's distribution channels result in a strong
exposure to renovation or refurbishment construction activities
(estimated at 75%-80% of revenue) similar to that of Tarkett and
Ideal Standard.

Gerflor's FFO margins (around 7%) are stronger than that of
higher-rated Tarkett (4%-5%) and similar to or weaker than
Victoria's (7%-8%). Fitch sees Gerflor's leverage profile as much
weaker and expect gross debt/EBITDA to be 6.2x and 6.0x in 2022 and
2023, respectively, compared with 'B+' rated peers like LSF11
Skyscraper Holdco's (B+/RWP) 4.7x and 4.3x, Tarkett's 6.3x and 5.5x
and PCF GmbH's (B+/Stable) 5.2x and 4.9x over the same period.

KEY ASSUMPTIONS

- Revenue to grow 18% in 2022 on acquisitions and price increases,
followed by flat growth in 2023 and low single-digit growth in
2024-2025

- EBITDA margin at around 13% in 2022-2023, improving to around
14% in 2024-2025

- Capex at 4% of revenue in 2022 and 3.5% until 2025

- No dividend payments to 2025

- M&A of around EUR60 million in 2022 and EUR20 million in
2023-2025

RECOVERY ASSUMPTIONS

- The recovery analysis assumes that Gerflor would be reorganised
as a going concern (GC) in bankruptcy rather than liquidated

- A 10% administrative claim

- Factoring line and other credit facilities rank super senior

- The GC EBITDA estimate of EUR120 million reflects its view of a
sustainable, post-reorganisation EBITDA upon which we base the
valuation of Gerflor

- An enterprise value multiple of 5.5x is used to calculate a
post-reorganisation valuation. It reflects Gerflor's leading
position in its niche markets (such as sport and transportation),
long-term relationship with blue-chip clients and loyal customers
base due to its direct distribution channel

- The waterfall analysis output for the senior secured debt
(EUR900 million TLB and EUR125 million RCF) generated a ranked
recovery in the 'RR3' band, indicating an instrument rating of
'B+'. The waterfall analysis output percentage on current metrics
and assumptions was 52%.

RATING SENSITIVITIES

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

- Gross debt/EBITDA below 5.0x

- FFO gross leverage below 6.0x

- FCF margin in mid-single digits

- Greater diversification across segments or geographies

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

- Gross debt /EBITDA above 7.0x

- FFO gross leverage above 8.0x

- EBITDA/interest paid below 3.0x

- EBITDA margin below 12%

- Neutral to negative FCF margin

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-June 2022, Gerflor had around EUR55
million of Fitch-adjusted cash balance and EUR75million available
(EUR85million in July) under its EUR125 million RCF. Temporary
drawings under the RCF are driven by two cash-funded acquisitions
completed in 1Q22. Fitch believes the outstanding RCF amount will
be largely repaid by end-2022 based on accretive earnings from
acquisitions.

Its FCF margin is under pressure from negative working-capital
changes in 2022 before it improves to around 3% in 2023 and beyond.
This, together with no dividend payments, should provide Gerflor
with sufficient headroom to pursue small bolt-on acquisitions, but
larger transactions are likely to be debt-funded.

Refinancing Risk Mitigated: Gerflor's EUR900 million TLB due in
2027 leads to bullet-refinancing risk on maturity but this is
mitigated by an interest coverage ratio of 3x.

ESG CONSIDERATIONS

HESTIAFLOOR 2 has an ESG Relevance Score of '4' for Financial
Transparency due to insufficient financial and non-financial
information observed historically, which has a negative impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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

   Debt                    Rating        Recovery    Prior
   ----                    ------        --------    -----
HESTIAFLOOR 2       LT IDR   B   Downgrade             B+

   senior secured   LT       B+  Downgrade  RR3        BB-




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G E R M A N Y
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UNIPER SE: German Gov't. May Need to Double Financial Aid
---------------------------------------------------------
Kamil Kowalcze, Petra Sorge and Vanessa Dezem at Bloomberg News
report that Germany is preparing for a worst-case scenario in which
it needs to double financial aid to Uniper SE, the nation's biggest
gas supplier, to EUR60 billion.

According to Bloomberg, Uniper's financial situation is worsening
with an expected adjusted net loss of EUR3.2 billion (US$3.2
billion) for the first nine months of the year as it buys more
expensive wholesale gas to meet supply contracts after Moscow cut
flows.

Prices would have to stay high for two years for the shortfall to
hit the government's maximum projection, Bloomberg relays, citing
people familiar with the matter.

The staggering figure assumes gas prices remain at highs seen
during the summer months.  The fuel has eased in recent weeks but
is expected to surge again as soon as the weather gets cold and
heating demand rises.  Uniper urgently needs money to fund
replacements for its supply contracts with hundreds of local German
utilities, Bloomberg notes.

As things stand, Uniper will receive around EUR31 billion from the
state from a EUR200 billion aid package, Bloomberg discloses.  The
bailout will result in the full nationalization of the utility by
the end of the year, according to Bloomberg.  If the law is
confirmed by the German Senate on Friday, Oct. 28, the funds could
be transferred as soon as next week, Bloomberg relays, citing the
people who declined to be identified because the matter is
private.

According to Bloomberg, German Deputy Finance Minister Florian
Toncar said the government will ensure that Uniper can be operative
and have the necessary funding.

"Uniper is a crucial company for the gas supply in Germany,
otherwise we wouldn't jump to such high stakes," Bloomberg quotes
Toncar as saying in an interview with Bloomberg Television.  He
didn't comment on the size of any potential additional aid.

Bloomberg Intelligence analyst Patricio Alvarez said EUR60 billion
would only be conceivable in case of extremely high gas prices of
about EUR200 for at least two years.

The Dusseldorf-based Uniper has to buy the fuel at levels beyond
what it was paying for supplies piped from Russia, Bloomberg
discloses.

Uniper, Bloomberg says, was expecting to be able to pass along some
of the extra costs to consumers via a levy planned by the German
government, which has been scrapped and replaced with a price cap
for consumers which doesn't help suppliers at all.


WEPA HYGIENEPRODUKTE: Moody's Alters Outlook on B1 CFR to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and the B1-PD probability of default rating of the German
tissue producer WEPA Hygieneprodukte GmbH (WEPA or the company).
Concurrently, Moody's has affirmed the B2 instrument ratings on the
guaranteed senior secured bonds maturing in 2026 and 2027. The
outlook on the ratings has been changed to negative from stable.

RATINGS RATIONALE

The rating action reflects Moody's revised expectation that the
earnings recovery and associated deleveraging will require longer,
so that Moody's adjusted gross leverage will remain very high in
2022 and may potentially stay above the quantitative downgrade
trigger of 5.5x in 2023. Moreover, the pace of deleveraging becomes
increasingly uncertain as volatility of energy prices and the
time-lag in passing on costs to customers result in significant
swings in WEPA's profitability.

Despite several rounds of price adaptations this year, the
shortening of contracts' durations to 3-4 months from typically
annual in the past and the improved margin in the second quarter
2022, WEPA's June 2022 LTM gross leverage (Moody's adjusted) of
9.2x remained very high for the rating category. Considering
further spikes in energy costs (especially natural gas prices)
thereafter, margins will likely be weak in the second half of the
year and leverage will likely remain above 7x by the year-end
2022.

Moody's believe the demand for WEPA's tissue products is
non-cyclical and stable, allowing the company to recover its
increased cost base over time. Furthermore, WEPA as one of the
largest private label producers in Europe is in a more favorable
position compared to its peers in the economic downturn. Moody's
also expect pulp prices to decline in 2023 as the economy slows
down, alleviating some of the margin pressure. The volatility in
WEPA's energy costs may also subside in 2023 if Germany decides to
implement a price cap on natural gas as suggested by the energy
commission. Approximately 50% of WEPA's production and converting
capacity is located in Germany. The company implements an active
hedging of its energy expenses and has hedged c. 60% of energy
costs for the winter 2022/23 and c. 45% for 2023. Having a
diversified production network across Europe allows the company to
temporarily shift production in case of larger turbulences with
energy supply.  

Yet managing the volatility of raw materials and energy presents a
considerable challenge for the company and the rating action
reflects the uncertainty in terms of its performance in the next
12-18 months.    

The period of high volatility in earnings and credit metrics is
also accompanied by tightened liquidity headroom. In the last 12
months ended June 2022, WEPA's free cash flow (FCF) (Moody's
adjusted) was distinctly negative at - EUR109 million (of which -
EUR69 million in H1 2022) due to strategic investments and a large
working capital buildup. While Moody's expect some working capital
release in the fourth quarter 2022, the full year FCF will remain
strongly negative in the range of EUR80 - EUR100 million. WEPA
largely covers the cash consumption with a higher usage of its ABS
programme (additional EUR42 million in H1 2022), which increases
Moody's adjusted gross debt amount. Moody's expect a further
increase in ABS utilization to around EUR200 million (additional
EUR70 million for the full year 2022) by the year-end.

The rating is mainly supported by (1) the group's leading market
position in the production of private-label consumer tissue
products, which benefit from fairly stable demand; (2) long
relationships and strong ties with customers, including joint
product development; (3) strategically located good-quality assets,
which are close to customers and limit transportation costs; (4)
focus on continuous efficiency improvements, including risk
management for raw material fluctuations; and (5) financial policy
that targets reported net debt/EBITDA of 2.5x – 3.5x (7.9x in the
LTM ended June 2022).

The rating is primarily constrained by (1) WEPA's susceptibility to
volatile input costs, which has resulted in accelerated volatility
in its credit metrics because of the time-lag in passing the
increased costs to customers, though the company managed to
proactively reduce its contract duration; (2) very weak credit
metrics currently with Moody's adjusted gross leverage at around 9x
in LTM June 2022; (3) risks of further increases in energy prices
that would delay earnings recovery; (4) limited geographical
diversification, with operations mainly in mature Western European
markets, and a relatively narrow product portfolio compared with
larger peers, such as Essity Aktiebolag (Essity, Baa1 stable); and
(5) some customer concentration, with a few large customers having
significant pricing power.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that WEPA's
profitability will remain depressed in coming quarters and leverage
will be very high for the rating category in 2022 with a risk of
staying above 5.5x in 2023. The outlook also reflects the
uncertainty in terms of sustainable earnings recovery in a highly
volatile environment that is largely dependent on the future
evolution of energy and raw material prices.

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

Positive rating pressure could arise if:

- Moody's-adjusted gross debt/ EBITDA, including securitisation,
   below 4.5x on a sustained basis;

- Moody's-adjusted EBITDA margin above 10% on a sustained basis;

- Positive free cash flow generation, though expansion capex
   may over time lead to limited periods of negative free cash
   flow.

Conversely, negative rating pressure could arise if:

- Moody's-adjusted gross debt/ EBITDA, including securitisation,
   above 5.5x on a sustained basis;

- Moody's-adjusted EBITDA margin below 7% on a sustained basis

- Negative free cash flow leading to a deterioration in
   liquidity profile.

LIQUIDITY

WEPA's liquidity has further tightened but still remains adequate.
Cash sources consist of EUR24 million of cash on balance sheet as
of June 30, 2022 and EUR150 million undrawn revolving credit
facility (RCF) maturing in 2026. Because the net leverage in LTM H1
2022 of 7.9x is above the covenant level of 6.5x (for testing
periods until the year-end 2022) only 50% of the RCF is available
for WEPA.

The company's ABS facility is an additional source of funds,
although Moody's consider it less reliable than cash or the RCF.
The facility has been recently refinanced and Moody's expect its
size to increase to EUR220 million by the year-end 2022. Moody's
assume the usage to increase as well to c. EUR200 million in Dec
2022 from EUR130 million in Dec 2021, largely covering the cash
consumption of EUR80 -100 million that Moody's foresee for 2022.
Earlier this year the company has arranged EUR25.7 million
subordinated money market line that, as Moody's understand, has
matured in the meantime. Its replacement will likely require some
temporary RCF drawdown, which Moody's expect to be repaid through
additional ABS utilisation by the year-end 2022.

Moody's expect earning recovery in 2023 to improve the company's
liquidity headroom, which however will remain tight during the
winter 2022/23. The assumed earnings recovery and the associated
leverage reduction would also allow WEPA to regain full access to
the RCF.

STRUCTURAL CONSIDERATION

The B2 rating on the EUR600 million guaranteed senior secured notes
is one notch below the group's CFR. The rating on this instrument
reflects its junior ranking behind the EUR150 million super senior
RCF and Moody's assumption of preferred treatment for trade
payables in a going-concern scenario.

The RCF and the guaranteed senior secured notes share the same
collateral package, consisting of materially all of the group's
assets, as well as upstream guarantees from most of the group's
operating subsidiaries, representing a substantial share of assets
and EBITDA. However, RCF lenders benefit from priority treatment in
a default scenario because their claims have a priority right of
payment before any remaining proceeds are distributed to the
holders of the guaranteed senior secured notes.

ESG CONSIDERATIONS

Moody's considers environmental and social risks to be moderately
negative for Paper and Forest Products industry. WEPA has
identified sustainability as one of its strategic priorities and
aims to increase the use of recycled fiber sources in tissue
production. It also aims to reduce emissions, transportation and
energy consumption while using more sustainable packaging. WEPA is
a private family-owned company, targeting a moderate level of
financial leverage defined as 2.5x – 3.5x net leverage.  

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.

PROFILE

Headquartered in Arnsberg, Germany, WEPA Hygieneprodukte GmbH
(WEPA) is among the leading producers and suppliers of tissue paper
products in Europe. The company focuses on private-label consumer
tissue products, which generate around 85% of its group sales, with
the remainder generated primarily from tissue solutions for
away-from-home applications. The company operates 22 paper machines
and over 90 converting lines in 13 production sites across Europe
and has around 4,000 employees. WEPA generated around EUR1.4
billion of sales in the 12 months that ended June 2022. The company
operates in Europe, with an established footprint in Germany,
Italy, Benelux, France, Poland and the UK.  




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I R E L A N D
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BLACKROCK EUROPEAN V: Fitch Hikes Class F Notes to 'B+sf'
---------------------------------------------------------
Fitch Ratings has upgraded BlackRock European CLO V DAC's class F
notes and affirmed the others.

   Debt                  Rating            Prior
   ----                  ------            -----
BlackRock European
CLO V DAC

   A-1 XS1785483790   LT AAAsf  Affirmed   AAAsf
   A-2 XS1793326718   LT AAAsf  Affirmed   AAAsf
   B XS1785484335     LT AA+sf  Affirmed   AA+sf
   C XS1785485654     LT A+sf   Affirmed   A+sf
   D XS1785486207     LT BBB+sf Affirmed   BBB+sf
   E XS1785486546     LT BB+sf  Affirmed   BB+sf
   F XS1785486462     LT B+sf   Upgrade    B-sf

TRANSACTION SUMMARY

BlackRock European CLO V DAC is a cash flow CLO mostly comprising
senior secured obligations. The transaction is actively managed by
BlackRock Investment Management (UK) Limited and exited its
reinvestment period on 16 October 2022.

KEY RATING DRIVERS

Resilient Asset Performance: Today's rating actions reflect the
transaction's resilient asset performance. The transaction is above
par by 0.6%, but trading gains can be re-characterised as interest
proceeds under certain conditions. The current portfolio weighted
average life (WAL) is 4.19 years and is slightly in breach of the
WAL test (4.16 years). However, the transaction was passing its
other collateral quality tests, as well as the portfolio profile
tests and the coverage tests as of 15 September 2022.

Exposure to assets with Fitch-derived ratings of 'CCC+' and below
is 4% as calculated by the trustee. The portfolio had exposure to
defaulted assets of EUR0.4 million as of 15 September, and
Fitch-calculated exposure to 'CC' and below rated obligors was zero
as of 8 October 2022.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. Fitch calculated a weighted average
rating factor (WARF) of 24.75 for the current portfolio and 26.63
for the stressed portfolio.

High Recovery Expectations: Senior secured obligations comprise
94.49% of the portfolio balance. Fitch views the recovery prospects
for these assets as more favourable than for second-lien, unsecured
and mezzanine assets. The Fitch-calculated weighted average
recovery rating (WARR) of the current portfolio as reported by the
trustee was 64.6%.

Diversified Portfolio: The portfolio remains well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 12%, and no obligor represents more than 1.5% of
the portfolio balance.

Deviation from Model-implied Rating: The class B notes' 'AA+sf'
rating is one notch below their model-implied rating (MIR), the
class D notes' 'BBB+sf' rating is two notches below their MIR, and
the class F notes' 'B+sf' rating is three notches below their MIR,
reflecting the limited cushion on these classes of notes for the
Fitch-stressed portfolio.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings would result in no
rating downgrades. Downgrades may occur if the loss expectation of
the current portfolio is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.

Due to the better metrics of the current portfolio than the
Fitch-stressed portfolio, the class B and E notes display a rating
cushion of one notch, while the class D and F notes display a
three-notch rating cushion.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than three notches across the structure, apart
from the 'AAAsf' class A notes. Upgrades, except for the class A
notes, may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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


CVC CORDATUS VII: Fitch Upgrades Rating on Class E-R Notes to 'BB+'
-------------------------------------------------------------------
Fitch Ratings has upgraded CVC Cordatus Loan Fund VII DAC 's class
D-R-R and E-R notes, while affirming the rest.

   Debt                    Rating            Prior
   ----                    ------            -----
CVC Cordatus Loan Fund
VII DAC

   A-R-R XS2305369618   LT AAAsf  Affirmed   AAAsf
   B-1-R-R XS2305370202 LT AAsf   Affirmed   AAsf
   B-2-R-R XS2305370897 LT AAsf   Affirmed   AAsf
   C-R-R XS2305371515   LT Asf    Affirmed   Asf
   D-R-R XS2305372166   LT BBB+sf Upgrade    BBBsf
   E-R XS1865598947     LT BB+sf  Upgrade    BBsf
   F-R XS1865598863     LT Bsf    Affirmed   Bsf

TRANSACTION SUMMARY

CVC Cordatus Loan Fund VII DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction is actively managed by
CVC Credit Partners Group Limited and will exit its reinvestment
period in March 2023.

KEY RATING DRIVERS

Resilient Asset Performance: Today's rating actions reflect the
transaction's resilient asset performance. As per the trustee
report dated 2 September 2022, the transaction was slightly below
par at about 0.8%; albeit improved since the last rating action in
January 2022. The transaction was reported as passing all its
collateral-quality, as portfolio-profile and the coverage tests.
Exposure to assets with Fitch-derived ratings of 'CCC+' and below
was 2.3% as calculated by the trustee.

Reinvestment Period Near Close: Following the expiry of the
reinvestment period, the manager can still reinvest unscheduled
principal proceeds and sale proceeds from credit impaired
obligations as long as the reinvestment criteria are satisfied.

Given that the transaction is still in the reinvestment period,
Fitch has assessed the transaction by stressing to their covenanted
limits for Fitch weighted average rating factor (WARF), Fitch
weighted average recovery rate (WARR), weighted average spread,
fixed-asset limit and weighted average life. Fitch has applied a
haircut of 1.5% to the stressed WARR covenant to reflect the old
recovery rate definition in the transaction documents, which can
result in on average a 1.5% inflation of the WARR relative to
Fitch's latest CLO Criteria.

Stable Outlook: The Stable Outlooks on all notes reflect an
uncertain macroeconomic environment, and its expectation that
deleveraging will be limited since the transactions can still
reinvest.

Deviation from Model-implied Ratings: The class B-1-R-R, B-2-R-R,
C-R-R and F-R notes' ratings are one notch below their respective
model-implied ratings (MIRs), reflecting the limited cushion on
these notes under the Fitch-stressed portfolio and due to the
current uncertain macro-economic environment.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 33.44 as of 2 September 2022, against a covenanted
maximum of 34.

High Recovery Expectations: Senior secured obligations comprise
99.8% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 64.1% as
of 2 September 2022, compared with the covenanted minimum of
61.23%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 15.6%, and no single obligor represents more than
2.2% of the portfolio balance, as reported by the trustee.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest-coverage
tests.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no impact on the class A-R-R,
B-1-R-R and B-2-R-R notes and would lead to downgrades of no more
than two notches for the class C-R-R to E-R notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
stressed portfolio, the class B-1-R-R, B-2-R-R, class D-R-R and
class F notes display a rating cushion of two notches, the class
C-R-R notes of one notch, and the class E notes of zero notches.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to four notches for the
rated notes, except for the 'AAAsf' rated notes. Upgrades may also
occur, except for the 'AAAsf' notes, if the portfolio's quality
remains stable and the notes start to amortise, leading to higher
credit enhancement across the structure.

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

CVC CORDATUS XI: Fitch Hikes Rating on Class F Notes to 'Bsf'
-------------------------------------------------------------
Fitch Ratings has upgraded CVC Cordatus Loan Fund XI DAC 's class B
to F notes, while affirming the class A notes.

   Debt                       Rating           Prior
   ----                       ------           -----
CVC Cordatus Loan Fund XI DAC

   Class A-R XS2310127027  LT AAAsf  Affirmed  AAAsf
   Class B-1R XS2310127613 LT AA+sf  Upgrade   AAsf
   Class B-2R XS2310128264 LT AA+sf  Upgrade   AAsf
   Class C-R XS2310128934  LT A+sf   Upgrade   Asf
   Class D-R XS2310129585  LT BBB+sf Upgrade   BBBsf
   Class E XS1859251370    LT BB+sf  Upgrade   BBsf
   Class F XS1859251610    LT Bsf    Upgrade   B-sf

TRANSACTION SUMMARY

CVC Cordatus Loan Fund XI DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction is actively managed by
CVC Credit Partners European CLO Management LLP and will exit its
reinvestment period in April 2023.

KEY RATING DRIVERS

Resilient Asset Performance: Today's rating actions reflect the
transaction's resilient asset performance. The transaction is below
par by about 0.5% and passed all its collateral-quality, portfolio-
profile and coverage tests as of 31 August 2022. Exposure to assets
with Fitch-derived ratings of 'CCC+' and below was 2.2% as
calculated by the trustee and the portfolio had no exposure to
defaulted assets as of 31 August 2022 as per Fitch's rating
mapping.

Reinvestment Period Near Close: Given the manager's ability to
reinvest post the reinvestment period ending in April 2023, its
analysis is based on stressing the portfolio to its covenanted
limits for Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread (WAS), weighted average coupon (WAC), fixed-rate
asset share and weighted average life (WAL). Fitch has applied a
haircut of 1.5% to the stressed WARR covenant to reflect the old
recovery rate definition in the transaction documents, which can
result in on average a 1.5% inflation of the WARR relative to
Fitch's latest CLO Criteria.

Deviation from Model-implied Ratings: The class B and F notes'
rating are respectively one and two notches below their
model-implied ratings (MIRs), reflecting the limited cushion on
these of notes under the Fitch-stressed portfolio.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 33.17 as of 31 August 2022, against a covenanted
maximum of 35.

High Recovery Expectations: Senior secured obligations comprise 99%
of the portfolio as calculated by the trustee. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 63.7% as
of 31 August 2022, compared with a covenanted minimum of 62%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration was 13.7%, and no single obligor represented more
than 1.5% of the portfolio balance, as reported by the trustee.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest-coverage
tests.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no impact on the class A to D
notes but would lead to downgrades of three notches for the class E
notes and to below 'CCCsf' for the class F notes.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics of the current portfolio than the
Fitch-stressed portfolio the rated notes display a rating cushion
to downgrades of up to three notches.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio erode due to manager post-reinvestment
period trading or negative portfolio credit migration, a 25%
increase of the mean RDR across all ratings and a 25% decrease of
the RRR across all ratings of the Fitch-stressed portfolio would
lead to downgrades of up to three notches for the rated notes,
except for the class F notes, which would fall below 'CCCsf'.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of up to four notches across the structure, apart from the
'AAAsf' class A notes. Upgrades, except for the class A notes, may
occur on better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess spread
available to cover losses in the remaining portfolio.

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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



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I T A L Y
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BANCA UBAE: Fitch Alters Outlook on 'B+' LongTerm IDR to Stable
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Banca UBAE S.p.A.'s (UBAE)
Long-Term Issuer Default Rating (IDR) to Stable from Negative and
affirmed the IDR at 'B+' and Viability Rating (VR) at 'b+'.

The Outlook revision reflects overall improvement in the bank's
business profile, capturing progress on its de-risking plan,
gradual improvement in profitability and its expectation that the
bank's capitalisation will maintain adequate buffers over
regulatory requirements.

Fitch has withdrawn UBAE's Support Rating of '5' and Support Rating
Floor of 'No Floor' as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria. In line with the updated criteria, Fitch has assigned
UBAE a Government Support Rating (GSR) of 'No Support' (ns).

KEY RATING DRIVERS

Niche Franchise, Weak Profitability: UBAE's ratings reflect its
specialist trade finance franchise based on flows between Italy and
the Middle East and North Africa region. They also reflect the
bank's weak profitability and above industry-average non-performing
assets (NPAs).

Weakening Operating Environment: Fitch expects the bank's operating
environment to deteriorate due to a low global GDP growth in 2023,
according to its forecasts. However, Fitch expects the impact to
the trade finance banks to be mitigated, to some extent, by the
nature of activity, focusing mainly on less cyclical trades of
essential goods and short-term transactions.

Business Model Stabilisation: UBAE's business model has been
pressurised by capital constraints hampering business growth and
resulting in losses. The bank has implemented a number of
cost-cutting and de-risking measures, which have started to bear
fruit, leading the bank to a return to net profit in 2021.

Reduced Risk Appetite, Still High-Risk: UBAE has a high-risk
appetite, which is inherent with the nature of its business and
exposure to emerging markets. In recent years, the bank has
tightened underwriting standards and increased its focus on growing
its trade finance business.

Weak Asset Quality: UBAE's asset quality remains weak. Its NPA
ratio was largely stable over the past two years at about 9%, and
Fitch expects it to remain at this level. The risk of further
deterioration in asset quality is moderate, given exposures to
cyclical sectors and uncertain macroeconomic conditions.

Weak Profitability: UBAE's profitability remains a rating weakness
despite having returned to positive in 2021, mainly due to higher
revenue, lower operating expenses and lower loan impairment charges
compared with previous years. Profitability is likely to remain
weak in the short term, as Fitch expects revenue generation and
business volumes to grow only gradually, especially in the context
of the expected global trade slowdown.

Adequate Capital Buffers; Small Capital: UBAE's common equity Tier
1 (CET1) ratio weakened to 17.7% at end-1H22, and Fitch expects it
to remain at the current level in the short term as a result of the
amortisation of the capital shortfall, modest earnings retention
and low risk-weighted asset growth.

High Reliance on Parent Funding: UBAE's funding profile remains
significantly reliant on stable funds provided by the majority
shareholder Libyan Foreign Bank and its affiliates, which Fitch
expects to continue. The bank's liquidity benefits from the
self-liquidating and short-term nature of trade finance
transactions and a large pool of liquid assets, consisting of cash
and bank placements, Italian government securities and central bank
reserves.

RATING SENSITIVITIES

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

UBAE's ratings are vulnerable to a significant weakening of asset
quality and earnings, causing significant capital erosion. The
bank's ratings could be downgraded if the CET1 ratio falls below
12% and the NPA ratio deteriorates above 10% without prospects of
recovery in the short term.

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

For UBAE's rating to be upgraded, the financial profile of the bank
would need to materially strengthen, for example as a result of
stronger and more stable operating environments leading to a
sustained improvement in the bank's earnings and asset quality.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

No Support: UBAE's GSR of 'ns' reflects Fitch's view that although
external extraordinary sovereign support is possible, it cannot be
relied on. Senior creditors can no longer expect to receive full
extraordinary support from the sovereign in the event that the bank
becomes non-viable.

This is because the EU's Bank Recovery and Resolution Directive and
the Single Resolution Mechanism for eurozone banks provide a
framework for resolving banks that requires senior creditors
participating in losses, if necessary, instead of or ahead of a
bank receiving sovereign support.

In its view, the likelihood of extraordinary support from UBAE's
key shareholder cannot be reliably assessed.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

An upward revision of the GSR would be contingent on a positive
change in the sovereign's propensity to support the bank. In
Fitch's view, this is highly unlikely, although not impossible.

VR ADJUSTMENTS

The Operating Environment score of 'bb' has been assigned below the
'bbb' category implied score due to the following adjustment
reason: International operations (negative).

The Capitalisation and Leverage score of 'bb+' has been assigned
below the 'bbb' category implied score due to the following
adjustment reason: Size of capital base (negative).

The Funding and Liquidity score of 'bb-' has been assigned above
the 'b & below' category implied score due to the following
adjustment reason: Liquidity access and ordinary support
(positive).

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
   -----------              ------         -----
Banca UBAE S.p.A.

          LT IDR             B+  Affirmed   B+  
          ST IDR             B   Affirmed   B
          Viability          b+  Affirmed   b+
          Support            WD  Withdrawn  5
          Support Floor      WD  Withdrawn  NF
          Government Support ns  New Rating


CAPITAL MORTGAGE 2007-1: Moody's Hikes Rating on Cl. C Notes to Ba2
-------------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the Class D
Notes and Class E Notes in Cordusio RMBS Securitisation S.r.l. -
Series 2007 and the Class B Notes and Class C Notes in Capital
Mortgage S.r.l. (Capital Mortgages Series 2007-1). The rating
action reflects the increased levels of credit enhancement for the
affected tranches together with better thanexpected performance in
Cordusio RMBS Securitisation S.r.l. - Series 2007.

Moody's affirmed the rating of the notes that had sufficient credit
enhancement to maintain the current ratings on the affected notes.

Issuer: Cordusio RMBS Securitisation S.r.l. - Series 2007

EUR738.6M Class A3 Notes, Affirmed Aa3 (sf); previously on Dec 22,
2021 Affirmed Aa3 (sf)

EUR71.1M Class B Notes, Affirmed Aa3 (sf); previously on Dec 22,
2021 Affirmed Aa3 (sf)

EUR43.8M Class C Notes, Affirmed Aa3 (sf); previously on Dec 22,
2021 Affirmed Aa3 (sf)

EUR102M Class D Notes, Upgraded to Aa3 (sf); previously on Dec 22,
2021 Upgraded to A1 (sf)

EUR19.5M Class E Notes, Upgraded to A1 (sf); previously on Dec 22,
2021 Upgraded to A3 (sf)

Issuer: Capital Mortgage S.r.l. (Capital Mortgages Series 2007-1)

EUR1736M Class A1 Notes, Affirmed Aa3 (sf); previously on Dec 22,
2021 Affirmed Aa3 (sf)

EUR644M Class A2 Notes, Affirmed Aa3 (sf); previously on Dec 22,
2021 Affirmed Aa3 (sf)

EUR74M Class B Notes, Upgraded to A2 (sf); previously on Dec 22,
2021 Upgraded to Baa1 (sf)

EUR25.4M Class C Notes, Upgraded to Ba2 (sf); previously on Dec
22, 2021 Upgraded to Ba3 (sf)

Maximum achievable rating is Aa3 (sf) for structured finance
transactions in Italy, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
in both transactions for the affected tranches together with better
than expected performance in Cordusio RMBS Securitisation S.r.l. -
Series 2007.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The portfolio backing Cordusio RMBS Securitisation S.r.l. has seen
a significant reduction in 60 days plus arrears currently standing
at 0.64% of the current pool balance compared to 1.17% a year ago.
Cumulative defaults have remained stable to 5.60% of original pool
balance compared to 5.56% a year ago.

The portfolio backing in Capital Mortgage S.r.l. (Capital Mortgages
Series 2007-1) has remained stable in 60 days plus arrears
currently standing at 0.61% of the current pool balance compared to
0.60% a year ago. Cumulative defaults have remained stable to
14.30% of original pool balance compared to 14.22% a year ago.

For Cordusio RMBS Securitisation S.r.l. Moody's has decreased the
loss assumption to 2.66% from 2.70% as a percentage of original
pool balance.

For Capital Mortgage S.r.l. (Capital Mortgages Series 2007-1)
Moody's has maintained the loss assumption of 9.20% as a percentage
of original pool balance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the CE assumption for
both Cordusio RMBS Securitisation S.r.l. and Capital Mortgage
S.r.l. (Capital Mortgages Series 2007-1), at respectively 9% and
12%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For the Class D and E Notes of Cordusio RMBS Securitisation S.r.l.
affected by the upgrade action, the credit enhancement increased
respectively to 17.06% and 11.94% compared to 13.51% and 9.41% and
since the last rating action in December 2021.

For the Class B and C Notes of Capital Mortgage S.r.l. (Capital
Mortgages Series 2007-1) affected by the upgrade action, the credit
enhancement increased respectively to 17.16% and 9.50%, compared to
14.26% and 7.49% and since the last rating action in December
2021.

PRINCIPAL METHODOLOGY

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) a decrease in sovereign risk; (2) performance
of the underlying collateral that is better than Moody's expected;
(3) an increase in the notes available credit enhancement; and (4)
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.


ESSELUNGA SPA: Moody's Affirms Ba1 CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating and the Ba1-PD probability of default rating of Esselunga
S.p.A. ("Esselunga" or "the company"). Concurrently, Moody's
affirmed the Ba1 instrument rating on the EUR1 billion senior
unsecured bonds. The outlook on the ratings was changed to negative
from stable.

RATINGS RATIONALE

The change in outlook to negative reflects the sharp decrease in
Esselunga's EBITDA to EUR214 million in the first half of 2022 (H1
2022) compared to EUR427.1 million H1 2021, and the risk that
Esselunga's profitability and free cash flows generation will
remain depressed over the next 12-18 months. The company's sharp
decrease in profitability resulted from price investment in the
first half of 2022, coupled with growing cost inflation.
Esselunga's low price campaign, which started in November 2021 and
ended April 2022, is coherent with the company's long term strategy
to retain clients and market share amid growing competition and to
be recognised as the most competitive banner in its trading area.
However, the timing of this campaign coincided with steep
inflation-of cost of goods sold, leading to a steep reduction in
gross margin, which is the biggest driver of the EBITDA reduction.
The negative outlook reflects also an increasingly challenging
economic environment in Italy, with high inflation affecting
consumer spending even for groceries, as well as rising costs,
particularly energy and wages, only partly mitigated by cost saving
initiatives.

The affirmation of Esselunga's Ba1 CFR reflects Moody's expectation
that the company will be able to improve its profitability in the
second half of 2022 by repositioning its prices, while remaining
competitive compared to peers in its trading area, and that the
free cash flow in 2022 will remain positive thanks to a temporary
reduction in the company's capex (albeit remaining around 4% of
revenues which is above the average for European grocers and not
compromising its growth plans). The affirmation reflects also the
reduction of Moody's Adjusted Debt in H1 2022 through the EUR255
million cash repayment of the EUR435 million 32.5% minority
preferred shares in La Villata S.p.A. ("La Villata"), which Moody's
considered as debt. La Villata is the real estate company that owns
most of Esselunga's stores, contributing to the group's property
book value of around EUR3.1 billion in 2021. Despite the debt
reduction and the expected EBITDA margin recovery in H2 2022,
Moody's Adjusted Debt/ EBITDA is likely to be around 5.8x in fiscal
2022, a level which is well above the 4.5x threshold for the Ba1
rating.

Moody's expects leverage to return below 4.5x, within the next 12
to 18 months driven by the ongoing EBITDA recovery by restoring
margins gradually through price repositing and cost control, and
through further debt repayments in 2023. The agency expects
Esselunga to maintain positive free cash flows by improving its
profitability compared to 2022 levels, controlling capex and
continuing to optimize working capital. Failure to generate free
cash flows or to reduce leverage below 4.5x in the next 12 to 18
months could lead to a downgrade.

Moody's expects continuity in the company's financial policy, with
no specific leverage target but a priority to maintain positive
free cash flow generation and gradually reduce leverage. The
largest part of Esselunga's capital spending is discretionary,
which gives the company a lever to preserve cash flow, as evidenced
by the EUR68 million capex reduction in H1 2022 compared to H1
2021, which partially compensate for the lower EBITDA in H1 2022.
The repayment of minorities in La Villata, which received a regular
dividend for their share, simplifies the organizational structure
and provides more flexibility to stop shareholder remuneration in
case of need. However, Moody's expects the company to pay around
EUR15 million dividends to its shareholders each year, broadly in
line with the dividends previously paid to La Villata minority
shareholder.

Esselunga S.p.A.'s Ba1 CFR continues to reflect the product
offering primarily made of food products, characterized by low
cyclicality and low seasonality; its well-established position as
Italy's fourth-largest grocery retailer; its exposure to some of
the wealthiest parts of Italy; and Moody's expectation that the
company's free cash flow (FCF) will remain positive, despite its
significant investments and the hit on its EBITDA margin in the
first half of 2022.

The rating is constrained by Esselunga's currently high leverage;
its lack of international diversification, which results in its
exposure to the economic conditions in Italy; its modest size and
higher geographical concentration compared with that of other
European retailers that Moody's rates; and the intense competition,
which continues to strain its margin.

LIQUIDITY

Liquidity remains good. The cash balance is expected to shrink to
around towards EUR550 million at December 2022 despite expected
positive free cash flow generation, compared to a cash balance at
EUR756 million at December 31, 2021 as a result of the cash
financing of La Villata. Despite the lower cash balance, the
liquidity remains good because Moody's expects the company to
remain free cash flow positive, thanks to its flexibility to reduce
its higher than average project related capex and to the expected
improvement in profitability. Moody's expects free cash flow
generation of approximately EUR45 million in 2022 and EUR100
million in 2023.

The lower cash balance is also compensated by the company's
increased committed bilateral revolving credit facilities (RCF) to
EUR600 from EUR300 million. The EUR300 million RCF matures in 2026
and the remaining EUR300 million in 2027. These facilities are
currently fully undrawn and don't have covenants. The company's
next debt maturity is the EUR500m senior unsecured bond due in
October 2023 which the company can repay with its available
liquidity. There are limited further refinancing needs, given the
EUR500 million senior unsecured bond outstanding matures in October
2027, while the acquisition facility will mature in January 2027.
The company has a maintenance covenant on its acquisition facility
which is set at 3.75x in December 2022 and is based on the
company's adjusted net debt to EBITDA pre IFRS16. Moody's expects
the company to maintain a good capacity under this covenant.

STRUCTURAL CONSIDERATIONS

Esselunga's capital structure includes both bank debt and senior
unsecured bonds, and as a result, Moody's has assumed a 50% family
recovery rate, resulting in a PDR of Ba1-PD. The EUR1 billion
senior unsecured bonds are rated Ba1, in line with the CFR, as the
vast majority of debt is sitting at Esselunga's level, and the
senior unsecured bonds rank pari passu.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects increasingly challenging economic
environment in Italy, with high inflation affecting consumer
spending even for groceries, as well as rising costs, particularly
energy and wages and the risk that Esselunga's profitability and
cash flows would continue to remain depressed over the next 12-18
months and that its Moody's Adjusted Debt/EBITDA would fail to
decrease to 4.5x.

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

Upward pressure is unlikely in the next 12 to 18 months, as would
require an improvement in operating performance with growing
revenues and EBITDA which, combined with a more prudent financial
policy, would result in an improvement in the company's financial
profile. Quantitatively, that would require (1) adjusted (gross)
debt/ EBITDA to reduce below 3.75x, and (2) retained cash flow/net
debt above 25%.

Downward pressure would be exerted on Esselunga's ratings if (1)
the company's operating performance does not improve leading to a
Moody's adjusted (gross) debt/EBITDA ratio remaining sustainably
above 4.5x; (2) free cash flow generation turns negative; (3)
liquidity deteriorates, or (4) Moody's Adjusted EBIT/ Interest
expense remains below 3x.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Esselunga is a leading food retailer in Italy. In 2021, the company
reported revenues of EUR8.6 billion and EBITDA of EUR690 million.
The company distributes its products through integrated
multichannel capabilities, which included, as of December 31, 2021,
a network of 177 food retail stores and La Esse, an e-commerce
platform and other sales channels, including 105 cafe bars under
the Bar Atlantic brand and 44 perfumeries through the eb profumerie
brand sales channel.


MULTIVERSITY SPA: Moody's Alters Outlook on 'B2' CFR to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and the B2-PD probability of default rating of Multiversity
S.p.A. ("Multiversity" or "the company"), a leading private higher
education online provider in Italy. Concurrently, Moody's has
affirmed the B2 rating on the EUR765 million senior secured
floating rate notes (FRNs) due 2028. The rating outlook has changed
to positive from stable.

"The positive outlook reflects the company's strong operating
performance in 2022, ahead of Moody's initial projections when
Moody's first assigned the rating, and Moody's expectations for
further improvement over the next 12-18 months", says Agustin
Alberti, Moody's Vice President-Senior Analyst and lead analyst for
Multiversity.

"However, Moody's acknowledge that recent proposed regulatory
changes reduce visibility on future performance over the medium
term because of implied higher costs, and therefore Moody's will
assess how the company will adapt to the new framework" adds Mr.
Alberti.

RATINGS RATIONALE

Since the first rating assignment in October 2021, the business
profile of the company has improved thanks to the recent
acquisition of Universita Telematica San Raffaele Roma. This
acquisition will increase Multiversity's scale, expand its
portfolio of program degrees in the area of medical-healthcare
professions, increase its relevance in Northern Italy, and will
allow for cross selling opportunities, given the wider reach and
presence of Multiversity in Italy.

Moody's forecasts that Multiversity will report strong organic
revenue growth of around 30% and 10% in 2022 and 2023 respectively,
mainly driven by the increase in undergraduate enrolments, with pro
forma revenue projected to reach around EUR350 million and EUR385
million respectively.

Under current macroeconomic environment, the company will continue
to benefit from the digital nature of its operations, its cost
competitiveness and its asset light business model. Consequently,
the rating agency expects that the company will maintain healthy
pro forma EBITDA margins (as adjusted by Moody's) of around 50-55%,
with strong FCF generation of around EUR80-90 million per year.

Moody's expects pro forma gross leverage to improve to 4.7x in 2022
from 5.7x in 2021, and to trend over the next 12-18 months towards
the 4.0x level, the leverage threshold set for an upgrade, mainly
supported by EBITDA growth. In light of the company's strong free
cash flow generation and in the absence of acquisitions and
dividends distribution, Moody's expects the company's leverage on a
net basis to improve even further.

However, Moody's projections could be negatively impacted by the
application of the Italian Government approved the Ministerial
Decree 1154/2021, which requires all universities, including online
providers, a higher ratio of teachers per student for undergraduate
programs to be implemented by 2025. The company will need to
gradually adapt its business model to comply with the new
regulation, by increasing the number of teachers and its overall
costs, which could result in EBITDA margins lower than currently
expected by Moody's and consequently, higher gross leverage
levels.

The rating agency acknowledges that the company has appealed
against the Decree and the outcome is still unknown adding a degree
of uncertainties on the future cost structure of the company.
Moody's also notes that the final application under currents terms
could bring potential extra revenue to the company in the form of
post graduate and non-regulated courses by the new teachers, which
could help to mitigate the negative impact of the higher costs. In
addition, Moody's also believes that some incremental revenue could
be generated from the Law no.33 approved by the Italian Government
in April 2022, which allows the possibility for students to
simultaneously enroll in two higher education courses.

Moody's will assess how these regulatory changes will affect the
company's credit profile and the measures taken by the company to
comply and to mitigate potential negative impacts. The rating
agency takes comfort from the strong growth underlying dynamics of
the online higher education industry in Italy and from the
company's robust FCF generation.

The B2 rating reflects the company's (1) well established market
leading position in the niche segment of the online higher
education market in Italy; (2) increasing penetration of the online
education in the Italian market; (3) good revenue and earnings
visibility in light of committed student enrollment; (4) the
company's good liquidity supported by strong free cash flow
generation and lean cost structure with low CAPEX requirements,
despite the full drawing of the company's revolving credit
facility; and (5) Moody's expectations that Multiversity's credit
metrics will improve further over the next 12-18 months positioning
the company strongly within the B2 rating category.  

However, the rating also reflects (1) the limited scale of
operations, compared to other rated peers; (2) high revenue
concentration in Italy and social sciences, although this has been
improved by the acquisition of Università Telematica San Raffaele
Roma; (3) the risk of potential shareholder distribution or
debt-financed M&A, particularly given the company's strong free
cash flow generation and the fact that it operates in a fragmented
sector with high multiple of valuation; and (4) changes in
regulation as the new Ministerial Decree 1154/2021, issued by the
Italian Government in November 2021 and to be fully implemented in
2025.

LIQUIDITY

Moody's considers Multiversity's liquidity profile to be good,
supported by its robust free cash flow generation and high cash on
balance sheet. At the end of 2022, Moody's expects a cash balance
of around EUR100-110 million, which however is represented largely
by drawings of EUR94 million under the company's EUR100 million
SSRCF due 2028, with no financial covenants. Moody's expects this
to be repaid gradually during 2023 with cash generated from
operations. The company will not have any material debt maturities
until 2028, when the SSRCF and the EUR765 million FRNs mature.

STRUCTURAL CONSIDERATIONS

After the reverse merger, Multiversity S.p.A. is the top entity of
the restricted group and assumed the rights and obligations of
Paganini BidCo S.p.A. under the FRNs and the SSRCF becoming the
issuer of the notes and the borrower under the company's EUR100
million SSRCF. Multiversity S.p.A. will also be the reporting
entity for the consolidated group.

Multiversity probability of default rating is B2-PD based on an
expected family recovery rate of 50%. The B2 rated bonds and the
unrated SSRCF benefit from the same security and guarantee
structure. The notes are secured against share pledges of key
operating subsidiaries, and benefits from guarantees from operating
entities accounting for at least 80% of group EBITDA. The SSRCF
ranks ahead of the notes in an enforcement scenario. Given the
relatively small size of the SSRCF ranking ahead of the senior
secured notes, the notes are rated B2, at the same level as the
CFR.

CHANGE OF RATING OUTLOOK

The positive outlook reflects Moody's expectations of solid
operating performance and credit metrics improvement over the next
12-18 months, despite current macroeconomic environment and changes
in regulation.

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

Upgrade pressure on the ratings would require the company to
sustain a strong operating performance, while keep improving its
business risk profile. Upward pressure could develop if the
company's Moody's-adjusted gross leverage decreases towards 4.0x,
while maintaining its robust free cash flow generation and solid
liquidity. In addition, an upgrade would require that the company
adapts to the new Decree successfully with credit metrics in line
with a B1 rating.

Downward pressure on the ratings could arise if the company's
operating performance weakens or it engages in debt financed
acquisitions such that Multiversity's gross adjusted leverage
remains well below 5.5x on a sustained basis. The ratings could
also be downgraded if liquidity deteriorates significantly; or
changes in the accreditation and/or regulatory landscape materially
weaken the company's business prospects.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Following the reverse merger of Paganini BidCo S.p.A., Wversity
S.p.A. and Multiversity S.p.A. into Multiversity S.r.l. and
conversion of Multiversity S.r.l. in Multiversity S.p.A.,
Multiversity S.p.A. became the top company of the restricted group.
Multiversity is the leading private higher education online
provider in Italy with c.130k enrolled students, owner of
Universita Telematica Pegaso founded in 2006, and majority
shareholder of Universitas Mercatorum (67% ownership) and
Universita Telematica San Raffaele Roma (acquired in 2022). Pegaso,
Mercatorum and Universita Telematica Pegaso are among the 11 online
universities recognized by the Italian Ministry of Education with
their degrees having the same legal value as traditional ones. The
group reported EUR255 million revenues and adjusted EBITDA of
EUR150 million in 2021.




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

CREDIT EUROPE: Fitch Alters Outlook on 'B+' LongTerm IDR to Stable
------------------------------------------------------------------
Fitch Ratings has revised Credit Europe Bank N.V.'s (CEB) Outlook
to Stable from Negative, while affirming its Long-Term Issuer
Default Rating (IDR) at 'B+' and Viability Rating (VR) at 'b+'.

The revision of the Outlook reflects reduced asset-quality
pressures following tightened underwriting and post-pandemic
recovery, as well as its expectation that CEB's capitalisation will
remain adequate through the cycle. Fitch believes the bank's
financial profile will remain comfortably within the rating
tolerance levels, despite an expected global economic slowdown amid
higher interest rates and inflationary pressures.

Fitch has withdrawn CEB's Support Rating of '5' and Support Rating
Floor of 'No Floor' as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria. In line with the updated criteria, Fitch has assigned CEB
a Government Support Rating (GSR) of 'no support' (ns).

KEY RATING DRIVERS

Emerging Markets Exposure; Weak Profitability: CEB's ratings
capture its improved post-pandemic performance and reduced impaired
loans, although profitability remains weak due to its significant
exposure to emerging markets and cyclical industries. Also, capital
encumbrance is higher than that of peers. The bank's niche and
established franchise and stable and experienced management are
rating strengths. CEB also benefits from a stable and granular
funding profile.

Weakening Operating Environment: Fitch expects the bank's operating
environment to deteriorate due to slower-than-expected global GDP
growth in 2023 under Fitch's forecast. However, Fitch expects the
impact to trade finance banks to be mitigated to some extent by
their focus on less cyclical trades of essential goods and
short-term transactions.

Niche Trade-Finance Bank: CEB has a niche commodity-trade finance
and corporate franchise with diversification into the retail
segment in Romania. CEB's trade-finance business volumes should
continue to benefit from high commodity prices, though the bank's
exposure to developing economies makes it vulnerable to stress.

High Concentration; Low Coverage: Impaired loans declined to 7.5%
of total loans at end-1H22 (still above that of peers), helped by
tightened underwriting policies and increased lending in developed
markets. However, sizeable concentrations and exposure to emerging
markets make the bank's asset quality potentially more volatile
than traditional banks'. Also, coverage of impaired loans by total
loan loss allowances was low, reflecting its reliance on
collateral.

Performance Remains Weak: CEB's revenue largely depends on global
trade flows and commodity volumes, but profitability remains
modest. Its operating profit/risk-weighted assets (RWAs) has been
low over the past three years, and pre-impairment profits only
provide a weak buffer against credit losses.

High Capital Encumbrance: CEB's consolidated common equity Tier 1
(CET1) ratio (14.3% at end-1H22) will likely be maintained around
current levels due to its modest performance and low loan growth
expectations.

Capitalisation metrics are moderately above the regulatory minimum
requirements, but the buffer is small in nominal terms in light of
business concentrations and capital encumbrance. Unreserved
impaired loans amounted to about a quarter of CEB's CET1 capital.
Fitch believes CEB has capacity to scale down RWAs fairly swiftly
due to the short-term nature of its trade-finance portfolio, which
should help strengthen its capital ratios in case of need.

Granular Deposit Franchise: CEB is mainly funded by granular retail
deposits, which are collected online mostly in Germany, and, to a
lesser extent, in the Netherlands and Romania. Almost all household
deposits benefit from deposit-guarantee schemes in all three
countries, contributing to funding stability. Corporate and
interbank deposits are originated from CEB's trade-finance and
corporate-banking operations. Wholesale borrowings are limited to
one subordinated bond placement.

RATING SENSITIVITIES

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

Fitch would likely downgrade CEB's ratings if the challenging
macroeconomic environment leads to asset- quality deterioration
(with impaired loans over 10% of total loans), resulting in
persistently weak profitability, in particular if coverage by loan
loss allowances remains low.

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

Fitch could upgrade the ratings on an improvement in the operating
environment, a continued reduction in impaired loans, lower capital
encumbrance and wider buffers against CEB's minimum capital
requirements. Stronger profitability, with an operating
profit/risk-weighted assets above 1%, would also be
credit-positive.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

CEB's Tier 2 subordinated debt is rated two notches below the
banks' VR, reflecting poor recovery prospects for this type of
debt.

CEB's GSR of 'ns' reflects Fitch's view that senior creditors
cannot rely on receiving full extraordinary support from the
sovereign if CEB becomes non-viable. The EU's Bank Recovery and
Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that
requires senior creditors participating in losses, if necessary,
instead of, or ahead of, a bank receiving sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The subordinated debt's rating is primarily sensitive to a
downgrade of the VR, from which it is notched. The rating is also
sensitive to an adverse change in the notes' notching, which could
arise if Fitch changes its assessment of their non-performance
relative to the risk captured in the VR.

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

The subordinated debt's rating is primarily sensitive to an upgrade
of the VR.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely, although not impossible.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the category
implied score of 'aa' due to following adjustment reason:
international operations (negative).

The business profile score of 'bb-' is above the category implied
score of 'b' due to following adjustment reason: management and
governance (positive).

The capitalisation and leverage score of 'b+' is below the category
implied score of 'bb' due to following adjustment reason: reserve
coverage and assets valuation (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,
neither due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt                      Rating        Recovery   Prior
   -----------                      ------        --------   -----

Credit Europe Bank  N.V. LT IDR         B+  Affirmed           B+

                         ST IDR         B   Affirmed           B

                         Viability      b+  Affirmed           b+

                         Support        WD  Withdrawn          5

                         Support Floor  WD  Withdrawn          NF

                         Gov't. Support ns  New Rating

   Subordinated          LT             B-  Affirmed    RR6    B-


JUBILEE PLACE 5: S&P Assigns Prelim. 'BB-' Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Jubilee
Place 5 B.V.'s class A loan and class B-Dfrd to F-Dfrd interest
deferrable notes. On closing, Jubilee Place 5 will also issue
unrated G-Dfrd, S1, S2, and R notes.

Jubilee Place 5 is an RMBS transaction that securitizes a portfolio
of buy-to-let (BTL) mortgage loans secured on properties located in
the Netherlands. This is the fourth Jubilee Place transaction,
following Jubilee Place 2020-1, 2021-1, 3 and 4, which were also
rated by S&P Global Ratings.

The loans in the pool were originated by DNL 1 B.V. (DNL; 22.3%;
trading as Tulp), Dutch Mortgage Services B.V. (DMS; 62%; trading
as Nestr), and Community Hypotheken B.V. (Community; 15.7%; trading
as Casarion).

All three originators are new lenders in the Dutch BTL market, with
a very limited track record. However, the key characteristics and
performance to date of their mortgage books are similar to peers.
Moreover, Citibank N.A., London Branch, maintains significant
operational oversight and due diligence is conducted by an external
company, Fortrum, which completes an underwriting audit of all the
loans for each lender before a binding mortgage offer can be
issued.

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

Citibank will retain an economic interest in the transaction in the
form of a vertical risk retention (VRR) loan note accounting for 5%
of the pool balance at closing. The remaining 95% of the pool will
be funded through the proceeds of the mortgage-backed rated notes
and class A loan amount.

S&P considers the collateral to be prime, based on the originators'
prudent lending criteria, and the absence of loans in arrears in
the securitized pool.

Credit enhancement for the rated debt will consist of subordination
from the closing date and the liquidity reserve fund, with any
excess amount over the target being released to the principal
priority of payment.

The class A loan will benefit from liquidity support in the form of
a liquidity reserve, and the class A loan and B-Dfrd through F-Dfrd
notes will benefit from the ability of principal to be used to pay
interest, provided that, in the case of the class B-Dfrd to F-Dfrd
notes, they are the most senior class outstanding.

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

  Preliminary Ratings

  CLASS         PRELIM. RATING*    CLASS SIZE (%)§

  Class A loan      AAA (sf)         84.25

  B-Dfrd            AA (sf)           5.50

  C-Dfrd            A (sf)            2.75

  D-Dfrd            BBB+ (sf)         1.60

  E-Dfrd            BBB- (sf)         1.15

  F-Dfrd            BB-(sf)           1.00

  G-Dfrd            NR                3.75

  S1                NR                N/A

  S2                NR                N/A

  R                 NR                N/A

  NR--Not rated.
  N/A--Not applicable.




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

IDFINANCE SPAIN: Fitch Affirms & Then Withdraws 'B-' LongTerm IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed IDFinance Spain S.A.'s (IDF Spain) and
withdrawn all ratings including its Long-Term Issuer Default Rating
(IDR) at 'B-' with a Stable Outlook.

Fitch has chosen to withdraw IDF Spain's ratings for commercial
reasons. Fitch will no longer provide ratings or analytical
coverage of the company.

KEY RATING DRIVERS

IDR

The ratings of IDF Spain reflect its modest size both in tangible
equity and net loans, its fairly short operating history, a
business model focused on an under-banked population leading to
heightened credit risk and sensitivity to regulatory developments,
and a corporate structure with significant related-party
transactions.

The ratings also reflect IDF Spain's strong operating margins, a
lean cost structure, a short-dated loan portfolio, moderate market
risk and an experienced management team.

IDF Spain has announced its plan to extend its outstanding bond
maturity by two years to 3Q25, with changes to some of the bond's
terms and conditions. The amended terms and conditions will
introduce financial covenants restricting interest coverage and
capital ratios, with the bond coupon unchanged at 9.5%.

While the extension represents a material reduction in terms under
Fitch's criteria (largely because of the maturity extension), it
is, Fitch believes, not being conducted to avoid bankruptcy,
similar insolvency or intervention proceedings, or a traditional
payment default. This view is based on IDF Spain's acceptable
liquidity, availability of alternative funding sources, a
cash-generative portfolio, and sufficient time to the original
maturity in September 2023. Consequently, Fitch does not treat the
extension offer as a distressed debt exchange.

IDF Spain's funding profile is concentrated on secured loans from
peer-to-peer lending platforms (44% of total debt at end-1H22) and
a three-year unsecured bond (56%) with the original maturity in
September 2023. Fitch believes the bond extension should support
IDF Spain's funding profile in the medium-to-long term.

IDF Spain's acceptable leverage, with gross debt/tangible equity at
3.1x at end-1H22 is sensitive to higher impairment charges or
changes in lending volumes, but this is mitigated by high margins,
adequate provisioning and moderate market risk.

IDF Spain paid a sizable dividend in 1H22 of EUR5.3 million (around
50% of 2021's net profit), which eroded its capital position. IDF
Spain's small absolute equity base means that leverage remains
sensitive to loss events. In Fitch's view a continued strong
internal capital generation or a capital injection would support
the company's growth plans.

IDF Spain maintains wide net interest margins, which compare well
with peers'. IDF's profitability was strong with an annualised
pre-tax return on average assets at 17.6% in 1H22 (21.6% in 2021).

The company's credit risk appetite remains high, with an impaired
loans ratio (90 days overdue or Stage 3 loans/gross loans) at a
high 41% at end-1H22 (29% at end-2021) and impairment
charges/revenue at 65% in 1H22 (59% in 2021). Positively, impaired
loans were 1.2x covered by loss provisions at end-1H22 (1.4x at
end-2021).

SENIOR UNSECURED DEBT RATING

IDF Spain's senior unsecured debt rating is equalised with the
company's Long-Term IDR, reflecting Fitch's expectation of average
recoveries for the notes.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given the rating
withdrawal.

ESG CONSIDERATIONS

IDF Spain has an ESG Relevance Score of '4' for customer welfare
given its exposure to higher-risk under-banked borrowers with
limited credit histories and variable incomes. This has a
moderately negative impact on IDF's Spain's rating and is relevant
to the rating in conjunction with other factors.

IDF Spain has as ESG Relevance Score of '4' for exposure to social
impacts. This reflects risks arising from a business model focused
on extending credit at high rates, which could give rise to
potential consumer and market disapproval, and potential regulatory
changes and conduct-related risks. This has a moderately negative
impact on the rating and is relevant to the rating in conjunction
with other factors.

IDF Spain has an ESG Relevance Score of '4' for group structure.
This reflects increased related-party activity and lack of
transparency, which has a moderately negative impact on the rating
and is relevant to the rating in conjunction with other factors.

Unless stated otherwise, 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
   ----                       ------         --------   -----
IDFinance Spain S.A.   LT IDR  B-   Affirmed              B-

                       LT IDR  WD   Withdrawn             B-

                       ST IDR  B    Affirmed              B

                       ST IDR  WD   Withdrawn             B

   senior unsecured    LT      B-   Affirmed   RR4        B-

   senior unsecured    LT      WD   Withdrawn             B-




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

DOISY & DAM: Bought Out of Administration by Nurture Brands
-----------------------------------------------------------
Edwad Devlin at The Grocer reports that Nurture brands has rescued
Doisy & Dam from administration, continuing its buy-and-build
strategy and expanding its sustainable plant-based consumer
products offering into the confectionery category.

Insolvency practitioner FRP Advisory was appointed as administrator
of Doisy & Dam on Oct. 19, with the business and assets sold in a
pre-pack deal to ensure the survival of the challenger brand, The
Grocer can reveal.

Sales at the business -- founded by Ed Smith and Richard Wilkinson
in 2013 -- had continued to grow on the back of major listings with
the likes of Sainsbury's, Ocado, Amazon, Holland & Barrett and
Boots but soaring input cost inflation drove the brand to the point
of collapse, The Grocer relates.

Mr. Wilkinson told The Grocer the business had suffered "death by a
thousand cuts" as energy costs and raw material prices spiralled.

Doisy & Dam, which was certified a B Corp in 2016, supplies a
variety of vegan, palm-oil free chocolate products, made with
ethically sourced cocoa, across impulse packs and sharing formats.
Nurture Brands is also a certified B-Corp and commits 1% of net
revenues to good causes. Including Doisy & Dam, the group now
counts eight sustainable plant-based brands in its portfolio: Rebel
Kitchen, Myracle Kitchen, Emily, The Primal Pantry, Ape Jax Coco
and Indie Bay Snacks.


EG GROUP: Fitch Alters Outlook on 'B-' LongTerm IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised EG Group Limited's (EG) Outlook to Stable
from Positive, and affirmed the Long-Term Issuer Default Rating
(IDR) at 'B-'.

The change of Outlook to Stable reflects its expectations of its
funds from operations (FFO) gross leverage remaining high at above
8.5x, which together with neutral to negative free cash flow (FCF),
translates into increasing refinancing risks in the absence of
other cash preservation measures. While leverage is not reducing
below 7.5x as previously anticipated, it is still in line with the
rating.

Fitch expects EG to experience a mild impact from a recessionary
environment, which will partly be mitigated by its scale and
diversification, as well as some profitability pressures and higher
interest cost due to large part of its debt at variable rates.

The 'B-' IDR reflects high leverage following a large number of
successive, mainly debt-funded, acquisitions, although Fitch now
sees receding execution risks. Fitch may revise the Outlook to
Negative if the macro-economic challenges have a larger impact on
trading that leads to higher leverage ahead of EG's refinancing in
2024 or weakening liquidity. Further M&A is an event risk.

KEY RATING DRIVERS

High Leverage to Persist: Fitch no longer expects EG to deleverage
towards its positive rating threshold, due to a weaker economic
outlook, cost pressures and higher interest cost. Under Fitch's
forecasts FFO adjusted gross leverage should remain at around 8.5x-
9x, assuming no cash-preservation measures ahead of refinancing,
against its previous expectations of below 7.5x from 2023. This
assumes EG will not be raising incremental debt until 2024, tight
cost management and no more acquisitions, while Fitch incorporates
around USD0.5 billion reduction in reported debt due to a strong US
dollar in 2022. Under its forecasts Fitch does not expect EG to
reach management's medium-term target of 4.0x-4.5x net debt/EBITDA
over the next four years.

Exposure to Increasing Interest Rates: EG is exposed to increasing
interest rates as two thirds of its debt are at floating rates.
Fitch expects weaker coverage ratios as interest cost is forecast
to escalate to around USD730 million in 2023 as effective interest
rate for its debt increases 320bp between 2021 and 2023. EG is
exposed to increasing refinancing risk given its highly
concentrated debt structure with material debt maturities of USD8.5
billion coming due in 2025, which Fitch expects the company to
address 12-18 months in advance. While its revolving credit
facility (RCF) and a smaller share of debt mature in 2024.

Lower Profit Forecast: Fitch said, "We have lowered our
(Fitch-defined) EBITDA forecast, which is below management's
expectations, to around USD1.2 billion (post around USD350 million
rents) for 2022-2024 from around USD1.6 billion under our previous
rating case. Our forecast incorporates mild recessionary impact on
various EG business segments, and materially lower fuel volumes
than under previous forecasts. We expect a minor reduction in
grocery sales with inflation offsetting volume declines."

Profitability Pressures: Its forecast incorporates continued
negative foreign-exchange impact on sales and profits in 2023,
following nearly a 6% negative impact on 1H22 EBITDA from
strengthening US dollar. EG benefits from a natural hedge from its
currency mix in earnings and debt. Fitch also assumes foodservice
margin to remain on average at 55%, which is 5pp below previous
forecast. Fitch expects costs to be managed tightly during the
downturn.

Lower Cash Flow Generation: Fitch expects lower cash generation
amid weaker profits and higher interest costs assuming broadly
neutral trade working capital flows. Fitch forecasts EG to generate
negative FCF post deferred tax payments (USD70 million in 2022 and
USD86 million thereafter) and USD400 million capex, of which less
than one third relates to maintenance.

Normalising Fuel Gross Profit: Fitch expects EG's fuel gross profit
to decline 7.5% y-o-y in 2023. Its forecast incorporates low
single-digit reduction in fuel volumes in 2023, despite
contribution from the recently acquired OMV, and a normalised fuel
margin, which is still well above pre-pandemic levels. Fitch
believes the OMV acquisition will slightly negatively affect
overall fuel margin, expressed in US cents per litre, as this will
increase volumes sold in continental Europe, where fuel margins are
around 25% lower amid a materially higher share of sites operated
by dealers than elsewhere. Fuel contributed just under half of EG's
gross profit, at nearly USD1 billion in 1H22.

Food Service Most Exposed: Fitch views EG's highest-margin food
service segment as most exposed to declining consumer confidence
with its standalone foodservice sites (579 at end-2021) in the UK.
Its forecast incorporates around a 5% decline in discretionary
foodservice revenue for 2023, helped by affordable price point for
most brands and the opportunity to capture demand as consumers
trade down. Its high-margin foodservice and grocery segments
contribute over 75% of EG's gross profit in the UK & Ireland.

The US is EG's largest grocery segment and broadly similar in size
to its US fuel business, such that an increase in EG's US grocery
margin in 2021 helped to offset a slight reduction in gross profits
from fuel. Both continental Europe and Australia are less
diversified into non-fuel activities.

Diversified, Large Scale Operator: EG's rating remains
fundamentally supported by scale and diversification, following a
large number of acquisitions since 2018. EG's scale, with its
EBITDAR exceeding USD1.5 billion in 2021, maps to a 'bbb' rating
category. It is a leading petrol filling station, convenience
retail and foodservice operator that is well-diversified across its
markets - the US (42% of 1H22 gross profit), UK (21%), continental
Europe (27%) and Australia (10%). Is has a good product /service
diversification with non-fuel activities contributing just over
half of EG's gross profit. Increased purchasing scale allows EG to
benefit from a stronger negotiating position on fuel contracts with
oil majors.

DERIVATION SUMMARY

The majority of EG's business is broadly comparable to that of
other peers that Fitch covers in its food/non-food retail rating
and Credit Opinion portfolios, although the "company-owned,
company-operated" model should provide more flexibility and
profitability for EG.

EG can be compared to UK's motorway services group Moto Ventures
Limited (Moto) and, to a lesser extent, to emerging-markets oil
product storage/distributor/PFS vertically integrated operators
such as Puma Energy Holdings Pte. Ltd (Puma; BB-/Stable) and Vivo
Energy plc (Vivo; BBB-/Stable).

EG is materially larger and more geographically diversified with
exposure to 10 markets, including the US, Australia and western
European countries, against Moto's concentration in the UK,
although the latter is strategically positioned in more protected
motorway locations. Moto benefits from a robust business model with
its long-dated infrastructure asset base and a less discretionary
nature of motorway customers, reflected in a higher EBITDAR margin
than for EG. Both companies invest to increase their exposure to
the higher-margin convenience and foodservice operations.

Puma's and Vivo's ratings are restricted by their concentration in
emerging markets, which limits the quality of cash flows available
to service its debts at the holding company level. EG has higher
profitability than Vivo or Puma due to its materially higher share
of revenue from non-fuel activities.

KEY ASSUMPTIONS

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

- Annual fuel volumes to stay largely flat at 17.6 billion litres
in 2022 and drop slightly to 17.4 billion in 2023

- Fuel margin in 2022 slightly above 2021 level, then decrease in
2023 to remain marginally below 2021 level

- Total gross profit evenly split between fuel and non-fuel

- Working-capital outflows over 2022-2025, reflecting the
unwinding of deferred taxes (USD330 million)

- Capex at USD400 million-USD425 million per year in 2022-2023,
reducing to GBP300 million to 2025

- No further M&A in the next four years. However, if further
acquisitions materialise, Fitch would assess their impact based on
their scale, funding, multiples paid and how accretive to earnings
they are, including synergies.

- No dividends

RATING SENSITIVITIES

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

- Stronger-than-expected performance through recession, tight cost
control and successful integration of acquired businesses,
increasing EBITDA towards USD1.6 billion along with expanding
margins

- Increased commitment to a financial policy, with FFO
lease-adjusted gross leverage below 8.0x or total adjusted
debt/EBITDAR declining to 7.0x or below on a sustained basis

- FFO fixed-charge coverage or EBITDAR/interest plus rents at 2.0x
or higher on a sustained basis

- Positive FCF on a sustained basis

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

- Negative impact from rising oil prices or deterioration in other
segments in recession, or lack of cost control leading to
materially weaker EBITDA after including the newly acquired
businesses

- FFO lease-adjusted leverage increasing to or above 9.5x or total
adjusted debt/EBITDAR increasing to or above 8.5x, both on a
sustained basis

- FFO fixed-charge coverage or EBITDAR/interest + rents
sustainably below 1.4x beyond 2023, alongside deteriorating
liquidity buffer and lack of meaningful progress in addressing
refinancing needs 12 to 18 months ahead of major debt maturities

- Neutral-to-negative FCF on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Total available liquidity was about USD740
million end-1H22, including around USD460 million of undrawn RCF
and excluding Fitch's assumed restricted cash of USD150 million for
intra-year working capital purposes. Fitch expects available
liquidity to remain satisfactory on the back of nearly a USD500
million RCF being available at end-2022, which should support
negative FCF generation over the next two years.

Its forecasts envisage that FCF generation will weaken on lower
earnings, higher interest costs and payment of deferred taxes.
Therefore, Fitch factors in drawings under the RCF to increase to
USD225 million at end-2023 from around USD125 million at end-2022,
as well as refinancing of euro-denominated senior secured notes due
February 2024 to a higher estimated amount of around USD400
million, driven mostly by negative FCF.

A portion of the RCF (about USD100 million) matures in 2022, with
the remainder (nearly USD500 million) maturing in 2024. The bulk of
debt maturities are in 2025-2026.

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
   -----------                ------        --------   -----
EG Global Finance plc

   senior secured        LT     B   Affirmed  RR3       B

EG Group Limited         LT IDR B-  Affirmed            B-

   senior secured        LT     B   Affirmed  RR3       B

   Senior Secured
   2nd Lien              LT     CCC Affirmed  RR6       CCC


PUREARTH: Collapses Following Cash Woes, Halts Operations
---------------------------------------------------------
Edward Devlin at The Grocer reports that premium wellness drinks
maker Purearth is the latest fast-growing challenger brand to
collapse as the tough inflationary grocery market ramps up the
pressure on SMEs.

The business, which sold a wide range of organic health drinks,
appointed insolvency firm Begbies Traynor on Oct. 20 following a
meeting of creditors last week, The Grocer relates.

Purearth ceased trading on Oct. 3 after running out of cash to
support its high-level of growth, Begbies told The Grocer, The
Grocer discloses.

It closed a GBP705,000 crowdfunding campaign on Seedrs in December
2021 to help expand in the UK and overseas but was unable to raise
new investment to save the business, The Grocer recounts.  Its
hundreds of shareholders will not see any return on their
investment, The Grocer states.

Begbies added Purearth -- which had been lossmaking since being
launched by Angelina Riccio and Tenna Anette in 2021 -- also
suffered from high overheads and cost inefficiencies, The Grocer
notes.

The liquidator is seeking a buyer for the business and assets,
including the brand, trademark and customer base, The Grocer
discloses.

Interested parties are invited to contact PDS Valuers, an
independent agent instructed to run the process on behalf of
Begbies, The Grocer relays.

Aside from rise in the price of raw materials, cardboard packaging
and energy, the business faced a squeezed from the rising cost of
glass bottles, The Grocer states.  It was also offering steep
promotions to attract new customers, including introductory offers
of 50% off, The Grocer notes.


UK CLOUD: Goes Into Liquidation Following Loss
----------------------------------------------
Paul Kunert at The Register reports that UKCloud and its parent
Virtual Infrastructure Group have been forced into liquidation,
potentially bringing an end to the ailing business.

As a British public-sector IT provider, UKCloud had central and
local governments, the police, the Ministry of Defence, the NHS,
Genomics England, the University of Manchester, and more as
clients.

According to The Register, a notice from the UK government's
Insolvency Service on Oct. 25 states that "winding up orders were
made against" both UKCloud and its parent, and that a court has
appointed the Official Receiver, Gareth Jonathan Allen, as
liquidator.

Mr. Allen has asked for Alan Hudson and Joanne Robinson of Ernst &
Young LLP to be brought in as special managers to oversee the next
steps, The Register relates.

Mr. Allen is said to be "maintaining operations whilst the
liquidation strategy is being developed, The Register notes.  The
strategy will consider the provision of services, transition of
contracts and whether a sale is viable."

UKCloud filed its latest profit and loss accounts for the year
ended March 31, 2020 in September last year, The Register recounts.
They showed a business that had swung to a loss of GBP17.4 million
on revenues of GBP37.1 million following spending increases in
sales, marketing, development, and platforms, coupled with a
reduction in cloud usage by some clients, The Register discloses.

UKCloud sought inward investment of around GBP30 million in 2021 to
"generate sufficient cash from trading to offset capital
expenditure and debt service costs" as well as providing working
capital, The Register relays.


[*] UK: Scottish Company Insolvencies Up in Q3 2022 to 265
----------------------------------------------------------
Project Scotland reports that new analysis from the Accountant in
Bankruptcy (AiB) shows the number of Scottish companies entering
insolvency increased during Q3 2022 -- with fears of more to
follow.

The Scottish figures reflect the UK market generally, with 265 UK
companies going into administration between July and September, up
from 176 during the same period in 2021, Project Scotland notes.
Although these figures show increases, they are yet to hit the
pre-pandemic levels of 401 administrations in the third quarter of
2019, Project Scotland discloses.

According to Project Scotland, Steven Jansch, head of business
restructuring and support at law firm Gilson Gray, said the numbers
are not surprising considering the end of a lot of Covid-19 support
measures, turmoil in financial markets, increase in interest rates,
and rising costs.

"The pressures businesses are facing are also not restricted to any
one sector, with retail, food and drink, construction, and
manufacturing all seeing casualties," Project Scotland quotes Mr.
Jansch as saying.  "We only see this trend continuing into next
year.

"The significant increases in interest rates is having and will
continue to cause significant problems for companies with high
levels of debt, as will labour shortages, increased labour costs,
and soaring expenditure on costs like energy bills.  Businesses
with any form of intentional trade are also suffering from a weak
sterling and consumers continue to try to tighten purse strings to
cope with higher mortgage payments and their own huge energy bill
increases."



                           *********


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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