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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, November 3, 2022, Vol. 23, No. 214

                           Headlines



A U S T R I A

A-TEC INDUSTRIES: Bank Debt Trades at 99.8% Discount


F R A N C E

BUFFALO GRILL: Bank Debt Trades at 30% Discount
IM GROUP: S&P Upgrades ICR to 'B' on Continued Deleveraging
SARATOGA FOOD: Moody's Rates $320MM Term Loan B Tranche 'B2'


G E R M A N Y

HEUBACH GROUP: S&P Lowers ICR to 'B-', Outlook Negative
WITTUR HOLDING: EUR240M Bank Debt Trades at 30.5% Discount
WITTUR HOLDING: EUR565M Bank Debt Trades at 34% Discount


I C E L A N D

LBI EHF: EUR150M Bank Debt Trades at 83% Discount
LBI EHF: EUR240M Bank Debt Trades at 83% Discount
LBI EHF: EUR450M Bank Debt Trades at 83% Discount


I R E L A N D

BARINGS EURO 2022-1: S&P Assigns Prelim. B-(sf) Rating on F Notes
PENTA CLO 12: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes


I T A L Y

ITALIAONLINE SPA: 2015 Bank Debt Trades at 99% Discount
ITALIAONLINE SPA: 2016 Bank Debt Trades at 99% Discount


L U X E M B O U R G

SK MOHAWK: S&P Affirms 'B-' ICR & Alters Outlook to Stable
TRAVELPORT FINANCE: Bank Debt Trades at 30.5% Discount


N E T H E R L A N D S

LEALAND FINANCE: Bank Debt Trades at 46.5% Discount
NOBEL BIDCO: Bank Debt Trades at 33% Discount


S P A I N

CODERE LUXEMBOURG 2: S&P Lowers ICR to 'CCC', Outlook Negative
DURO FELGUERA: Bank Debt Trades at 34% Discount


S W E D E N

ANTICIMEX GLOBAL: S&P Affirms 'B' ICR on Incremental Debt Add-On


S W I T Z E R L A N D

ARCHROMA HOLDINGS: S&P Affirms 'B' ICR Amid Huntsman's Deal


U K R A I N E

CITY OF KYIV: S&P Affirms 'CCC+' LongTerm ICR, Outlook Stable


U N I T E D   K I N G D O M

ARENA COVENTRY: Applies for Administration, Launches Sale Process
CIEP EPOCH: Bank Debt Trades at 42% Discount
COBHAM ULTRA: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
COMET BIDCO: GBP315MM Bank Debt Trades at 34% Discount
COMET BIDCO: USD420M Bank Debt Trades at 35.6% Discount

CONSTELLATION AUTOMOTIVE: GBP325M Bank Debt Trades at 42% Discount
DIDSBURY VILLAGE: Enters Liquidation, Owes More Than GBP150,000
DOORSTEPS: Goes Into Liquidation, Taps Begbies Traynor
ENQUEST PLC: S&P Upgrades ICR to 'B' on Completed Refinancing
EUROMAX VI: S&P Lowers Rating on Class D Notes to CCsf

SANDTASSEL LIMITED: Enters Voluntary Liquidation
TERRY JEWELL: Goes Into Liquidation, Owes More Than GBP100,000
VALLUGA GROUP: Goes Into Administration, Put Up for Sale
VUE INTERNATIONAL: Bank Debt Trades at 32% Discount

                           - - - - -


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A U S T R I A
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A-TEC INDUSTRIES: Bank Debt Trades at 99.8% Discount
----------------------------------------------------
Participations in a syndicated loan under which A-TEC Industries AG
is a borrower were trading in the secondary market around 0.17
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR798 million loan was a revolving guarantee facility.  The
loan matured in 2013.

Based in Vienna, Austria, A-TEC Industries AG manufactured drive
systems, metallurgy and machine tools. A-TEC went bankrupt in 2010
and the company's assets were sold off by a trustee. The sell-off
was completed by mid-2012.




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F R A N C E
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BUFFALO GRILL: Bank Debt Trades at 30% Discount
-----------------------------------------------
Participations in a syndicated loan under which Buffalo Grill SAS
is a borrower were trading in the secondary market around 69.875
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR200 million facility is a term loan.  The loan is scheduled
to mature in January 2025.   As of October 28, 2022, the amount was
fully drawn and outstanding.

Buffalo Grill is an American-themed steakhouse chain headquartered
in Montrouge, France.


IM GROUP: S&P Upgrades ICR to 'B' on Continued Deleveraging
-----------------------------------------------------------
S&P Global Ratings raised to 'B' from 'B-' its ratings on French
luxury goods maker Isabel Marant's holding company, IM Group, and
on the company's EUR186 million outstanding senior secured notes.

The '3' recovery rating on the debt remains unchanged, indicating
our expectation of 60% recovery prospects.

The stable outlook reflects S&P's view that, over the next 12
months, Isabel Marant will maintain its leverage around 4.0x, based
on resilient operating performance thanks to ongoing investments in
the expansion of its retail network and online penetration, while
maintaining broadly stable profitability despite challenging market
conditions.

Isabel Marant's leverage reduced significantly on the back of
strong operating performance. Last year, the company continued to
perform better than expected and successfully executed its strategy
by strengthening its presence in the various geographies and
channels, resulting in a sharp decrease in leverage to 4.7x
compared with S&P's estimated 8.0x-8.5x in 2020, which it now
forecasts to reach 4.0x by the end of 2022. Efforts included the
expansion of its retail network through the opening of 16 new
stores, the consolidation of its wholesale partner base, and the
reinforcement of its digital offering. The company posted revenue
growth of 48% year on year in 2021 (+33% on a like-for-like basis
for existing retail) with all regions and channels contributing to
the revenue growth. Revenue totaled EUR231 million, the majority of
which stemmed from strong increase in the wholesale channel (+44%)
thanks to a record number of orders for the spring-summer-2021 and
fall-winter-2021 collections. The company has also continued its
strategy to consolidate its wholesale partner base by cutting out
smaller players and by ensuring that there is a corner for each
adjacent product category (bags, menswear) to boost these growing
categories. Although the company is still operating mainly through
wholesale channels in some countries, like the U.S., S&P believes
it retains good control over its brand image thanks to the presence
of a local team in each geography. Also contributing to the good
performance in 2021 is the retail channel (+59% including its own
e-shop) driven by new openings and increased store traffic compared
with 2020 performance, which was affected by COVID-19 restrictions.
Also in 2021, the company reported EBITDA of EUR75 million,
resulting in a historically high margin of 32.4% and solid FOCF of
EUR28.4 million.

Supportive industry trends will continue to drive performance
momentum in 2022 and 2023. S&P believes the brand is well
positioned in the luxury apparel industry, providing the company
resilience in times of weak macroeconomic conditions. According to
Euromonitor, designer apparel and footwear (ready-to-wear) retail
sales are expected to grow on average 5% annually over the
2022-2026 period in France and 8% in the U.S. On top of retail
growth, we believe the online channel will continue to contribute
to Isabel Marant's growth, driven by shifting consumer habits as
many customers became increasingly comfortable shopping for items
of high value online without first trying them on. S&P also
estimates that Isabel Marant will benefit from the growing demand
for luxury ready-to-wear items by the younger generation, thanks to
its efforts to increase online sales, its social media strategy,
and the lower price point of the Etoile line. For the first half of
2022, the company's sales increased by 24% and EBITDA by 21%
compared with the same period of 2021, despite the performance lag
in China (representing 6% of total sales in 2021) still impacted by
the pandemic, with stores closed during 26% of their theoretical
opening times in Q2. In S&P's view, the company's online strategy
is supported by an efficient inventory management system across
channels, which provides revenue growth opportunities. Moreover,
the company benefits from supportive customer engagement owing to
its local and loyal customer base, which limits its exposure to
tourist spending.

S&P said, "We believe Isabel Marant still has room to grow and we
expect a 11%-13% sales increase over the next 12 months. The
company's long-term relationships with wholesalers provide revenue
visibility and represent an additional driver of revenue growth,
thanks to the company's efforts to penetrate the U.S. wholesale
market and to the dynamism of online retail sales. In 2021, Isabel
Marant had generated about 66% of its sales from wholesalers
(including wholesalers' e-shop) and it receives orders before
manufacturing. That being said, due to ongoing conflict between
Russia and Ukraine, we incorporate in our base-case a potential
reduction of orders and we anticipate only a moderate increase in
orders for the spring-summer-2023 collection versus the prior year,
although the company does not directly operate in those markets.
Regarding the retail channel, we forecast new store openings will
continue in the second half of 2022 and 2023. In the first six
months of 2022, the company opened new stores in China and a men's
boutique in Paris; relocated its outlet store in the main avenue of
the Marne La Vallée outlet; and operated three pop-up stores.
Total operated stores should reach 76 by the end of 2022, with the
opening of an additional seven stores across Asia, Europe, and the
U.S. in second-half 2022. This will further strengthen the brand
image, open new geographies, and increase diversity in the
company's geographic footprint. We believe Isabel Marant's ongoing
expansion of retail activities and consolidation of its wholesale
channel will fuel growth of 16%-18% in 2022 and 11%-13% in 2023.
Our base-case scenario also considers the execution risks inherent
to retail network expansion in new geographies and ramp-up period
of newly opened stores in new locations where there is the need to
build a local customer base, potentially leading to higher costs
and capital expenditure (capex) than planned. We view positively
the stability of the management team, which has successfully
expanded the retail network, from 38 owned stores in 2019 to 69 as
of June 2022. Moreover, the company's strategy to balance its
exposure between retail and wholesale, and to reinforce growing
categories like bags and menswear, will benefit its scale and
diversification, in our view.

"We forecast Isabel Marant will maintain a healthy EBITDA margin of
28%-29% over the next 12 months, due to the company's limited
exposure to cost inflation. Despite challenging market conditions
over the past two years, Isabel Marant has quickly restored its
profitability levels, posting an S&P Global Ratings-adjusted EBITDA
margin of 28.5% in 2021, higher than about 23% reported in 2020,
thanks to greater store activity. The resilience of the EBITDA
margin points to the good management of cost inflation and supply
chain operations and to the successful execution of its marketing
strategies. We believe the company is well placed to navigate the
current inflationary environment with headroom to increase prices
to cover higher staff and rental expenses, which the company does
equally between the different product categories. That said, and
because the company sources 30% of its raw materials and finished
goods from Asia (including India), we see potential disruption
coming from transport availability and high shipping costs that
could continue pressure the group's profit margins in the next 12
months. Our forecasts also consider the company's marketing
investment to elevate Isabel Marant brand awareness, offer a
tailor-made experience to clients, and drive penetration of the
online channel. In our view, Isabel Marant's targeted marketing
approach and strong brand recognition will continue to drive margin
protection. In addition, the company has maintained good control
over staff costs and has negotiated favorable rent terms in China.
Therefore, we anticipate Isabel Marant's EBITDA margin will remain
stable at 28%-29% in 2022 and 2023. Our EBITDA calculation includes
the design costs, which the group capitalizes.

"Although we forecast Isabel Marant's capital structure will remain
highly leveraged due to the financial-sponsor ownership, we
forecast the company will continue its deleveraging trend, with a
debt-to-EBITDA ratio of about 3.5x-4.0x over the next 12 months.
Last year's better-than-expected performance underpinned an
improvement in Isabel Marant's leverage, with adjusted debt to
EBITDA improving to 4.7x at end-2021 and funds from operations
(FFO) cash interest coverage around 4.0x. Our main adjustments to
the outstanding EUR186 million notes and the outstanding EUR26.2
million French state-guaranteed loan include EUR53 million of
operating lease commitments and EUR15 million of trade receivables
sold under the factoring program. We forecast additional
deleveraging over 2022-2023, with the leverage ratio improving to
around 4.0x in 2022 and in the range of 3.5x-4.0x in 2023,
supported by continued profitable growth and the amortization of
the French state-guaranteed loan by EUR6 million per year. We also
note that the company repaid EUR5.9 million of its notes in June
2022. We consider this transaction opportunistic and do not factor
any more debt repayment, in line with company's guidance. The
company is owned by private equity firm Montefiore Investments
since 2016. Although we have not included future dividends or
acquisitions in our base case, we assume that the financial sponsor
ownership limits Isabel Marant's appetite for deleveraging, since
private equity sponsors typically tend to prefer reinvesting cash
in business opportunities or returns to shareholder. Therefore, we
do not deduct available cash from our calculation of adjusted debt.
We also note that our adjusted debt figure does not include the
convertible bond, which we treat as equity. Our forecasts also
consider the company's strategy to expand its network of retail
stores, which makes the business more lease intensive. Lastly, we
anticipate FFO cash interest coverage of 3.5x-4.0x, supported by
higher cash flow generation.

"We expect the company to maintain an adequate liquidity profile
and be able to self-fund its expansion strategy, thanks to FOCF of
EUR35 million-EUR40 million over the next 12 months. The company
generated FOCF of EUR28.4 million in 2021. Despite required
investments to support expansion and IT projects which weigh on
cash flow generation, the company has a good management of its
working capital, thanks to a timely production and delivery of the
different season collections and the use of its factoring line when
needed. Moreover, 55% if its portfolio is renewable collection,
allowing a smoother inventory management. As such, the company will
likely continue to generate solid FOCF before annual lease payments
of EUR35 million-EUR40 million in 2022 and 2023, which translates
into about EUR20 million-EUR25 million of FOCF after annual lease
payments. On top of cash flow generation and to meet incoming
liquidity requirements, the company has about EUR74 million of cash
on the balance sheet as of June 2022. Liquidity requirements
include the annual amortization of the French state-guaranteed
loan, capex spending for the retail network's expansion, and
working capital to support revenue growth.

"The stable outlook reflects our view that Isabel Marant will
continue to consolidate its position in mature markets, expand in
Asia and other growing markets, and pursue the development of its
online channel. We expect the company to generate 11%-13% revenue
growth and achieve an S&P Global Ratings-adjusted EBITDA margin of
about 28%-29% in 2022 and 2023, thanks to good management of cost
inflation and resilience to economic downturns. We forecast that
the company will improve its adjusted debt-to-EBITDA ratio to about
4.0x and achieve an FFO cash interest coverage ratio in the
3.5x-4.0x range in the next 12 months. We anticipate generation of
FOCF will remain solid at about EUR35 million-EUR40 million in
2022, enabling the company to self-fund its expansion strategy.

"We could lower the rating if Isabel Marant's S&P Global
Ratings-adjusted debt to EBITDA deteriorates toward 7.0x, or if the
company is unable to generate sufficient FOCF to self-fund its
planned expansion. In this scenario, the company's FFO cash
interest coverage ratio would likely deteriorate toward 2.0x. This
could materialize, for example, in case of significant setbacks in
store openings that result in greater costs and capex requirements
than in our base case. Another factor that could weigh on the
company's profitability are significantly higher input costs driven
by the current economic environment.

"Although we consider another upgrade over the next 12 months as
unlikely, we could consider a positive rating action if we see that
Isabel Marant can sustain an adjusted debt-to-EBITDA ratio at close
to 4.0x, and we perceive that the risk of releveraging is low,
based on the company's financial policy and our view of the owner's
financial risk appetite."

Environmental, Social, And Governance

ESG Credit Indicators: E-2, S-2, G-3

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Isabel Marant, as is
the case for most rated entities owned by private-equity sponsors.
We believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns.
Environmental and social factors are an overall neutral
consideration in our credit rating analysis. The group has a
material exposure to online sales and was able to offer distance
sales in its owned stores, in line with local government
guidelines, overall softening the impact from the COVID-19 pandemic
on its retail and wholesale sales."


SARATOGA FOOD: Moody's Rates $320MM Term Loan B Tranche 'B2'
------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior secured rating
to the $320 million Term Loan B (TLB) tranche borrowed by Saratoga
Food Specialties LLC, a wholly owned subsidiary of Solina Group
Holding ("Solina" or the company), a leading ingredients and
seasoning solutions provider to the food industry headquartered in
France. The outlook on the rating is stable.

Proceeds from the additional tranche under the existing term loan,
together with equity contribution from Solina's owner Astorg
Partners will be used for the acquisition of Saratoga, a US
manufacturer of dry savory solutions and sauces serving the North
America food service market, and to repay existing drawings under
the company's EUR141.5 million revolving credit facility (RCF),
borrowed by Solina Group Services. The acquisition, which is
expected to close at the end of October 2022, amounts to a total
price of EUR591 million, which will be funded with EUR282 million
of debt and EUR306 million of new equity. Saratoga generated around
EUR259 million of revenues in the LTM ending August 2022.

RATINGS RATIONALE

Moody's views the acquisition of Saratoga as credit neutral, as the
business profile benefits are broadly offset by the increase in
leverage resulting from the transaction.

The acquisition of Saratoga will allow Solina to further expand its
presence in the fast growing US market, becoming one of the largest
suppliers in its addressable market while expanding its exposure to
the food service channel and improving its diversification and
cross selling opportunities.

While the transaction leads to an increase in leverage of around
0.4x, Moody's notes that the significant equity contribution
provided by Astorg Partners compensates for the relatively high
multiple paid (16x excluding potential synergies and adjustment;
14x including these).

This is a transformational transaction that comes shortly after
other four smaller acquisitions completed since the beginning of
2021. Frequent acquisitions complicate the monitoring of Solina's
underlying performance because the rating agency has to rely on pro
forma accounts.

Saratoga and other acquisitions completed in the last 18 months
will represent more than a third of the company's pro-forma EBITDA.
Frequent acquisitions also create execution risks, because
management will need to focus on integrating the various
acquisitions and extracting synergies from their combination. In
addition, the current deterioration in macroeconomic conditions, on
top of the ongoing volatility in commodity prices, interest rates
and USD to EUR exchange rate, increase execution risks.

Pro-forma for the acquisitions and the new USD tranche, Moody's
expects that the company's Moody's adjusted gross debt to EBITDA
will  be around 7.1x at the end of 2022, marginally higher than the
7.0x maximum leverage tolerance for the current rating. The rating
agency, however, expects some gradual deleveraging on the back of
synergies and lower one off costs, leading to a gross leverage of
around 6.5x over the next 12 to 18 months.

The initial high leverage is partially compensated by the company's
strong track record at generating positive free cash flow and
integrating acquisitions  while maintaining a broadly stable
financial profile and generating some, albeit modest, synergies and
cross selling opportunities. Moody's also recognises the company's
positive organic growth trends in recent years and its ability to
withstand  the current commodity price volatility, which provide
some degree of visibility into next year's performance.  

Solina's B2 corporate family rating (CFR) is supported by the
company's leadership position as a provider of savoury food
seasoning solutions in a number of European countries, its loyal
and diversified customer base which includes food manufacturers,
food service companies, butchers and retailers, and its good
diversification in terms of end markets, including meat, fish,
snacks, vegetables, ready meals and culinary products such as
sauces, coatings and soups. Following the acquisition of Saratoga,
the US market will represent approximately 34% from 10%, on top of
overall good diversification across Europe. Following the recent
acquisitions, the company's revenue will exceed EUR1 billion.

Solina's rating is constrained by its appetite for small,
debt-funded acquisitions which creates some execution risks and
makes monitoring of underlying performances more difficult. The
rating also reflects the mature nature of the food industry,
particularly in Europe, which is growing in the low to mid-single
digit rates, and the company's exposure to commodity price
volatility and the general downturn in the macroeconomic
environment. Although the increasing exposure to the food service
industry is positive as it should support faster growth rates and
cross selling opportunities, the channel might suffer more over the
next 12 to 18 months as consumers are facing high inflation and
their disposable income will reduce.

LIQUIDITY

Solina's liquidity remains good, supported by Moody's expectation
of positive free cash flow on an ongoing basis and the full
availability under the increased EUR141.5 million revolving credit
facility due in January 2028. The company has recently increased
the size of the RCF to EUR141.5 million from EUR100 million and the
company repaid the EUR38 million drawings that were used for
earlier acquisitions.

Solina's liquidity is also supported by Moody's expectation that
the company will maintain sufficient capacity under its single net
leverage covenant set at 9.6x, offering plenty of headroom against
the 5.6x ratio pro-forma for the new capital tranche. The covenant
is only applicable to the company's RCF and tested when drawings
exceed 40%.

STRUCTURAL CONSIDERATIONS

The B2 rating assigned to the new USD tranche is in line with the
rating of Solina's main term loan B facility as the tranche is part
of the same facility and shares the same seniority and ranking as
the existing facility. The B2 ratings on the senior secured term
loan B and the EUR141.5 million senior secured revolving credit
facility reflect the fact that the two instruments are part of the
same facility, rank on a pari passu basis and benefit from the same
guarantee and security package.

Moody's has assumed a 50% family recovery rate, as it is standard
for capital structures that include first lien bank debt with a
springing covenant only. The security package is weak, as the bank
facilities are secured mainly by share pledges, but they are
guaranteed by subsidiaries representing at least 80% of the group's
EBITDA.

RATIONALE FOR STABLE OUTLOOK

The company is currently weakly positioned in the rating category
because of its high leverage but the stable outlook reflects
Moody's expectation that the company will maintain its current
operating performance over the next 12-18 months, successfully
integrating recent acquisitions. The stable outlook also reflects
Moody's assumption that any debt-funded acquisition activity will
be bolt-on in nature and will not significantly increase leverage.

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

Positive pressure on the rating could materialise if Solina were
to, on a sustained basis, maintain a Moody's-adjusted EBIT margin
in the mid-teens and achieve a Moody's-adjusted debt/EBITDA below
5.5x, whilst generating positive free cash flow and maintaining a
good liquidity profile.

Conversely, Moody's would consider downgrading Solina's rating if
the company's liquidity profile and credit metrics deteriorate as a
result of a weakening of its operational performance, large
debt-financed acquisitions, or a change in its financial policy.
Quantitatively, negative pressure could materialise if the
company's Moody's-adjusted EBIT margin falls towards 10%, if
Moody's-adjusted debt/EBITDA ratio rises towards 7.0x, or free cash
flow is negative, all on a sustained basis.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Saratoga Food Specialties LLC

Senior Secured Bank Credit Facility, Assigned B2

Outlook Actions:

Issuer: Saratoga Food Specialties LLC

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Consumer Packaged
Goods published in June 2022.

COMPANY PROFILE

Headquartered in Brittany, France, Solina is a seasoning solutions
provider for the food industry. The company mainly provides
culinary solutions to improve taste and appearance of food and
functional solutions to improve the taste, texture, shelf life and
stability of meat products. It is also active in the professional
and food service markets and offers nutrition products, food
supplements and health foods for high protein/low calories food and
beverages.

In 2021, the company reported EUR598 million of revenue and EUR90
million of EBITDA. These stood at EUR649 million and EUR108 million
respectively, pro-forma of the twelve months contribution from the
companies acquired in 2021, and EUR699 million and EUR121 million
respectively, pro-forma of the twelve months contribution from the
companies acquired already in 2022. Pro-forma for the Saratoga
acquisition, the company's revenue stood at EUR923 million.




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HEUBACH GROUP: S&P Lowers ICR to 'B-', Outlook Negative
-------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
pigment maker Heubach Group to 'B-' from 'B'. At the same time, S&P
lowered its issue rating on its $610 million term loan B (TLB) due
in 2029 and the revolving credit facility (RCF) to 'B-' from 'B'.
The '3' recovery rating remains unchanged, indicating its
expectation of meaningful (50%-70%; rounded estimate: 65%) recovery
in the event of a default.

S&P said, "The negative outlook reflects that we could lower the
rating on Heubach if its operating performance declines further due
to macroeconomic weakness, delays in realizing synergies, or as a
result of disruptions to gas supply in Europe, causing leverage to
remain elevated above 8.0x for longer-than-anticipated, with cash
flow remaining negative beyond the next 12 months--potentially
creating an unsustainable capital structure.

"We forecast Heubach's S&P Global Ratings-adjusted EBITDA to
decline sharply to about EUR70 million in 2022 from about EUR120
million in 2021 (pro forma), due to very high exceptional costs
related to its acquired majority stake in Clariant AG's pigments
business and inflationary cost pressure.

"For 2023, we now assume a slower adjusted EBITDA rebound to EUR70
million-EUR75 million--compared with EUR100 million-EUR110 million
in our previous base case--as we expect that the uncertain
macroeconomic outlook will lead to depressed demand and compressed
margins.

"We expect that Heubach's leverage and cash-flow metrics will be
significantly weaker than we previously anticipated. We think that
the macroeconomic environment will prove more challenging for the
rest of 2022 and in 2023, and will weigh on Heubach's profitability
and cash generation. Heubach is exposed to end-markets that we
consider cyclical and dependent on general macroeconomic
conditions--notably coatings and plastics.

"In such context, we expect sales growth to turn negative for the
rest of 2022 and moderate in 2023, and operating margins to erode.
We forecast Heubach's adjusted EBITDA to decline sharply to about
EUR70 million in 2022 from about EUR120 million in fiscal 2021 (pro
forma), partly driven by high exceptional costs of about EUR30
million. These include stand up costs and costs related to the
transitional service agreement (TSA) with Clariant for the
provision of back-office services. Our adjusted EBITDA excludes
adjustments for items like restructuring costs but includes about
EUR55 million transaction costs incurred year-to-date following the
closing of the acquisition of Clariant's pigments business, which
we view as a transformational event. We anticipate stand up costs
to reduce significantly in 2023, as Heubach replaces the TSA with
internal resources.

"In addition, we forecast profit margins to weaken as input costs
rise." Recent trends, as evidenced by the company's reported second
quarter results, suggest to us that it is becoming increasingly
difficult for Heubach to recover higher energy and commodity costs
and maintain its margins, given the backdrop of weaker consumption
in the economy. While the company has passed through higher costs
on a dollar-for-dollar basis in the first half of 2022, its
management-adjusted EBITDA margin declined to about 8% in the
second quarter, from 12% in the first quarter. S&P said, "We expect
these headwinds to persist in 2023 as rising input prices pressure
costs, lower GDP growth causes a slowdown in demand, and rising
interest rates drive down the important building and construction
end markets. Besides, the company's commoditized products (such as
the traditional azo and phthalocyanine pigments) face competition
from low-cost producers in China and India, which are less exposed
to high energy prices and could soften the pricing capability of
western producers such as Heubach. For these reasons, we forecast
adjusted EBITDA of about EUR70 million in 2022 and EUR70
million-EUR75 million in 2023--compared with EUR100 million-EUR110
million in our previous base case--leading to adjusted leverage of
about 10.0x by 2023. This is much higher than the 5.0x-6.5x we view
as commensurate with a 'B' rating. We anticipate that the company
may attain adjusted leverage of about 8.0x only in 2024, provided
that EBITDA margins gradually improve as a result of the
realization of synergies and recovering operating performance. Our
EBITDA calculation includes about EUR30 million of costs to achieve
synergies by 2023, partly offset by EUR15 million-EUR20 million of
realized synergies over the same period, in addition to about EUR10
million for items such as stand-up costs and TSA-related costs. We
do not deduct cash from debt in our calculation owing to Heubach's
private-equity ownership and adjust debt for items like lease
liabilities, pension obligations, and factoring."

High working capital outflows, and significant exceptional costs
will weigh on Heubach's liquidity in 2022 before strengthening in
2023. The company borrowed EUR55 million under its RCF at the end
of second-quarter 2022, largely to fund inventory. Specifically,
Heubach's net working capital increased by approximately EUR72
million in the six months to June 2022. S&P said, "We anticipate
the company to gradually repay the draws under the revolver over
the coming quarters as production volumes decline, inventory levels
normalize, and the company puts a new cash-pooling arrangement in
place in 2023. We forecast that Heubach will generate FOCF of
negative EUR25 million-negative EUR35 million in 2022, before
improving to about EUR2 million-EUR5 million in 2023-2024."
Heubach's cash generation is supported by the business' asset-light
nature that needs limited capital expenditure (capex; about 3% of
sales).

"The negative outlook captures the risk of a one-notch rating
downgrade if Heubach's operating performance weakens further due to
macroeconomic weakness, delays in realizing synergies on time and
budget, or as a result of disruptions of gas supply to Europe. This
could cause leverage to remain elevated above 8.0x, which we view
as commensurate with 'B-' rating, for longer-than-anticipated, with
cash flow remaining negative beyond the next 12 months--potentially
creating an unsustainable capital structure."

S&P could lower the ratings if:

-- The group experienced further margin pressure, for example due
to a slower-than-anticipated pass-through of raw material prices to
customers, sustained disruption in gas supply, or
higher-than-expected costs related to the integration of Clariant
Pigments and the realization of synergies;

-- Adjusted debt to EBITDA remained elevated at above 8.0x for
longer-than-anticipated;

-- Liquidity pressure arose as a result of larger-than-expected
cash outflows and resulting in an unsustainable capital structure;
or

-- Heubach and its sponsor were to follow a more aggressive
strategy with regards to higher leverage or shareholder returns.

S&P could revise its outlook on Heubach to stable if:

-- The company's cash generation improves so that its FOCF is
consistently positive; or

-- Adjusted debt-to-EBITDA trended toward 8.0x.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Heubach, as is the
case for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects generally finite
holding periods and a focus on maximizing shareholder returns.
Environmental and social factors are an overall neutral
consideration. Heubach is a pioneer in sustainable alternatives to
carcinogenic and hazardous chrome-based anti-corrosive pigments.
This side of the business has higher margins than the rest of the
group's operations. The former Clariant Pigments' business is also
a pioneer in the use of bio-based succinic acid in the production
of high-performance quinacridone, further reducing CO2 emissions."


WITTUR HOLDING: EUR240M Bank Debt Trades at 30.5% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Wittur Holding GmbH
is a borrower were trading in the secondary market around 69.5
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR240 million facility is a PIK term loan.  The loan is
scheduled to mature in September 2027.   As of October 28, 2022,
the amount was fully drawn and outstanding.

Wittur Holding GmbH is the operating entity of The Wittur Group.
The Company is a worldwide producer and supplier of elevator
components. Founded 1968 in Germany, the group is today present
with various subsidiaries in Europe, Asia and Latin America.


WITTUR HOLDING: EUR565M Bank Debt Trades at 34% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Wittur Holding GmbH
is a borrower were trading in the secondary market around 66.3125
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR565 million facility is a term loan.  The loan is scheduled
to mature in September 2026.   As of October 28, 2022, the amount
was fully drawn and outstanding.

Wittur Holding GmbH is the operating entity of The Wittur Group.
The Company is a worldwide producer and supplier of elevator
components. Founded 1968 in Germany, the group is today present
with various subsidiaries in Europe, Asia and Latin America.




=============
I C E L A N D
=============

LBI EHF: EUR150M Bank Debt Trades at 83% Discount
-------------------------------------------------
Participations in a syndicated loan under which LBI ehf is a
borrower were trading in the secondary market around 17.4
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR150 million facility is a revolving loan that matured in
2009.

LBI ehf. is a private limited liability company incorporated and
domiciled in Iceland. LBI's main activity is the management and
controlled monetization of its asset portfolio.


LBI EHF: EUR240M Bank Debt Trades at 83% Discount
-------------------------------------------------
Participations in a syndicated loan under which LBI ehf is a
borrower were trading in the secondary market around 17
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR240 million facility is a revolving loan that matured in
2010.

LBI ehf. is a private limited liability company incorporated and
domiciled in Iceland. LBI's main activity is the management and
controlled monetization of its asset portfolio.


LBI EHF: EUR450M Bank Debt Trades at 83% Discount
-------------------------------------------------
Participations in a syndicated loan under which LBI ehf is a
borrower were trading in the secondary market around 17.4
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR450 million facility is a term loan that matured in 2009.  
As of October 28, 2022, the amount was fully drawn and
outstanding.

LBI ehf. is a private limited liability company incorporated and
domiciled in Iceland. LBI's main activity is the management and
controlled monetization of its asset portfolio.




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

BARINGS EURO 2022-1: S&P Assigns Prelim. B-(sf) Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Barings
Euro CLO 2022-1 DAC's A-1 Loan, and class A-1, A-2, B-1, B-2, C, D,
E, and F notes. At closing, the issuer will issue unrated
subordinated notes.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

--The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                       CURRENT
  S&P weighted-average rating factor                  2,683.89
  Default rate dispersion                               580.94
  Weighted-average life (years)                           4.77
  Obligor diversity measure                              96.59
  Industry diversity measure                             19.35
  Regional diversity measure                              1.24

  Transaction Key Metrics
                                                       CURRENT
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                         1.50
  Covenanted 'AAA' weighted-average recovery (%)         36.65
  Covenanted weighted-average spread (%)                  4.05
  Covenanted weighted-average coupon (%)                  4.10

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the rated notes will switch to semiannual payments. The portfolio's
reinvestment period will end one year after closing.

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR300 million target par
amount, the covenanted weighted-average spread (4.05%), the
reference weighted-average coupon (4.10%), and the covenanted
minimum 'AAA' weighted-average recovery rate (36.65%) as indicated
by the collateral manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

“We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the A-1
Loan and class A-1, A-2, B-1, B-2, C, D, and E notes. Our credit
and cash flow analysis indicates that the available credit
enhancement for the class B-1, B-2, D, and E notes could withstand
stresses commensurate with the same or higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our preliminary
ratings assigned to these notes.

"The class F notes' current breakeven default rate (BDR) cushion is
a negative cushion at the current rating level. Nevertheless, based
on the portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and recent
economic outlook, we believe this class is able to sustain a
steady-state scenario, in accordance with our criteria." S&P's
analysis further reflects several factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 24.66% (for a portfolio with a
weighted-average life of 4.77 years) versus 14.80% if we were to
consider a long-term sustainable default rate of 3.1% for 4.77
years.

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

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

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

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

S&P said, "Taking the above factors into account and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, we believe that our preliminary ratings are
commensurate with the available credit enhancement for all of the
rated classes of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
based on four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Barings (U.K.)
Ltd.

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to the following: An obligor involved
in:

-- The marketing, manufacturing or trade of illegal drugs or
narcotics;

-- The marketing, manufacturing or distribution of opioids;

-- The use of child or forced labor;

-- Payday lending;

-- Providing storage facilities or services for oil or other
infrastructure;

-- Tobacco production;

-- Trading, for commercial purposes, endangered, or critically
endangered species; or

-- The development of genetic engineering or genetic
modification.

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
S&P's ESG benchmark for the sector, no specific adjustments have
been made in our rating analysis to account for any ESG-related
risks or opportunities.

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

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

  Corporate ESG Credit Indicators
                              ENVIRONMENTAL   SOCIAL   GOVERNANCE

  Weighted-average credit indicator*   2.08    2.18     2.89

  E-1/S-1/G-1 distribution (%)         0.33    0.00     0.00

  E-2/S-2/G-2 distribution (%)        75.33   72.43    19.90

  E-3/S-3/G-3 distribution (%)         6.77    4.83    56.53

  E-4/S-4/G-4 distribution (%)         0.00    5.17     1.33

  E-5/S-5/G-5 distribution (%)         0.00    0.00     4.67

  Unmatched obligor (%)               16.33   16.33    16.33

  Unidentified asset (%)               1.24    1.24     1.24

  *Only includes matched obligor.


PENTA CLO 12: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 12 DAC expected ratings. The
assignment of final ratings is contingent on the receipt of final
documents conforming to information already reviewed.

   Entity/Debt             Rating        
   -----------             ------        
Penta CLO 12 DAC

   A-Loan             LT AAA(EXP)sf  Expected Rating
   A-N XS2544631323   LT AAA(EXP)sf  Expected Rating
   B XS2544641710     LT AA(EXP)sf   Expected Rating
   C XS2544642874     LT A(EXP)sf    Expected Rating
   D XS2544643179     LT BBB-(EXP)sf Expected Rating
   E XS2544643500     LT BB-(EXP)sf  Expected Rating
   F XS2544643765     LT B-(EXP)sf   Expected Rating
   Subordinated Notes
   XS2544644060       LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Penta CLO 12 DAC is a securitisation of mainly senior secured
obligations (at least 92.5%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to fund a portfolio with a target par of EUR300
million. The portfolio is actively managed by Partners Group. The
collateralised loan obligation (CLO) has a 4.5-year reinvestment
period and an 8.5- year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 24.87.

High Recovery Expectations (Positive): At least 92.5% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 63.5%.

Diversified Asset Portfolio (Positive): The transaction includes
two Fitch matrices: one effective at closing and corresponding to a
top 10 obligor concentration limit at 20%, a fixed-rate asset limit
at 5% and a 8.5 year WAL test; and one that can be selected by the
manager at any time from one year after closing as long as the
portfolio balance (including defaulted obligations at their
Fitch-calculated collateral value) is above target par and
corresponding to the same limits as the previous matrix, apart from
a 7.5 year WAL test.

The transaction also includes various concentration limits,
including the maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Neutral): The WAL used for the stressed-cased
portfolio was 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limitation 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 no more than two notches for
the class E and 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 and shorter life of the current portfolio
than the stressed-case portfolio, the class E notes display a
rating cushion of three notches, the class B, D and F notes of two
notches, the class C notes of one notch and the class A notes of no
rating cushion.

Should the cushion between the current portfolio and the
stressed-case portfolio be eroded either due to manager 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 stressed-case portfolio would lead to downgrades of up to
five notches for the rated notes.

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

A 25% reduction of the RDR across all ratings and a 25% increase in
the RRR across all ratings of the stressed-case portfolio would
lead to upgrades of up to three notches for the rated notes, except
for the 'AAAsf' rated notes.

During the reinvestment period, upgrades, which are based on the
stressed-case portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades, except for the 'AAAsf' notes,
may occur in case of a stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

DATA ADEQUACY

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.




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

ITALIAONLINE SPA: 2015 Bank Debt Trades at 99% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Italiaonline SpA is
a borrower were trading in the secondary market around 0.70
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR90 million facility is a revolving credit facility.  The
loan matured in December 2015.   As of October 28, 2022, the amount
was fully drawn and outstanding.

Italiaonline S.p.A. offers web marketing and digital advertising
solutions.


ITALIAONLINE SPA: 2016 Bank Debt Trades at 99% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Italiaonline SpA is
a borrower were trading in the secondary market around 0.70
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR631 million facility is a term loan.  The loan matured in
June 2016.   As of October 28, 2022, EUR571 million of the amount
was drawn and outstanding.

Italiaonline S.p.A. offers web marketing and digital advertising
solutions.




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

SK MOHAWK: S&P Affirms 'B-' ICR & Alters Outlook to Stable
----------------------------------------------------------
S&P Global Ratings revised its outlook on SK Mohawk Holdings
S.a.r.l. (doing business as SI Group) to stable from positive and
affirmed all existing ratings, including its 'B-' issuer credit
rating.

The stable outlook reflects S&P's expectation that despite
macroeconomic headwinds, SI Group will maintain weighted average
leverage of 6.5-7.5x.

Credit metrics will remain solidly in the highly leveraged
category, as fallout from inflation and negative free cash flow
constrains deleveraging. The outlook revision reflects the
challenging macroeconomic environment and the company's leverage
metrics remaining high with limited prospects for improvement over
the next 12 months. Although the company to date has been able to
grow top-line revenues year over year, most of that is the result
of price increases and margins have since taken a hit given the
elevated material, manufacturing, and distribution costs --
particularly in energy and freight. Additionally, the company has
exposure to both Asia and Europe, which has seen hampered growth
compared to historical levels, with a challenging European gas
situation.

S&P said, "In our base-case forecast, we now expect debt to EBITDA
will remain between 7.0x and 7.5x in 2022. Given the challenging
macroeconomic environment, and SI Group's exposure to weakened
geographic markets, cash flows and metrics will remain strained
throughout 2022 and into 2023. Through the first six months of
2022, SI Group generated negative free cash flow, which we expect
for the full year 2022, leading to reduced prospects for
de-leveraging. In a challenging environment, we do believe that SI
Group has levers to pull, such as reducing its capital spending, as
demonstrated in 2020." If negative free cash flow were to extend
for a couple of quarters, it could begin to diminish liquidity. SI
Group credit metrics are weaker than a specialty chemical peers
such as Diamond (BC) B.V. (Diversey).

SI Group benefits from longstanding customer relationships in
diverse end markets. The company has strong geographic
diversification, with nearly half of its sales generated
internationally (split between EMEA and Asia-Pacific). Many of the
company's performance additives products are critical to its
customers' products and only make up a small portion of their raw
material spending, leading to customer loyalty. Nevertheless, the
geographic exposure to Asia and Europe could continue to pressure
profitability. The business strengths are somewhat offset by the
company's moderate customer concentration; relatively limited
overall market share in the combined additives, intermediates, and
health and wellness addressable markets; and exposure to volatile
key raw materials phenol and isobutylene, which account for about
40% of the combined company's raw material spending. SI Group has
multiple suppliers for these key raw materials, but unexpected
swings in pricing could pressure profitability.

S&P said, "The stable outlook on SI Group reflects our expectations
for earnings weaker than we previously forecasted and remaining in
highly leveraged levels as the result of a weakened global economic
environment. We project SI Group's S&P Global Ratings-adjusted
weighted-average debt to EBITDA will be 6.5x-7.5x over the next
couple of years. We expect the company will see pressure in EBITDA
and EBITDA margins as the result of raw material headwinds and
slowing demand.

"We could take a negative rating action within the next couple of
quarters on SI Group if EBITDA deteriorates, driven by weaker
demand across key end markets because of a prolonged slowdown in
the global economy. Additionally, if cash flow remains negative for
the next few quarters and strains liquidity, we could downgrade the
company. We could lower the rating within the next 12 months if the
global macroeconomic challenges weakens beyond our expectations,
leading to S&P Global Ratings-adjusted debt to EBITDA remaining
above 7.5x. Finally, we could lower the rating if the company's
liquidity declines such that free cash flow remains negative and
liquidity sources fall below 1.2x uses.

"Although unlikely, we could take a positive rating action on SI
Group within the next 12 months if the company shows
quarter-over-quarter earnings improvement globally through its key
end markets and segments. We believe S&P Global Ratings-adjusted
debt to EBITDA would need to be sustained below 6.5x on a
weighted-average basis, which would occur with a 400-basis point
improvement in margins from our base case. Before considering an
upgrade, we would need to believe these credit metrics are
sustainable, even after considering the company's growth
initiatives."

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

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis on SI Group, as is the case for most rated
entities owned by private-equity sponsors. We view financial
sponsor-owned companies with aggressive or highly leveraged
financial risk profiles as demonstrating corporate decision-making
that prioritizes the interests of the controlling owners, typically
with finite holding periods and a focus on maximizing shareholder
returns."


TRAVELPORT FINANCE: Bank Debt Trades at 30.5% Discount
------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 69.5 cents-on-the-dollar during the week ended Fri., October
28, 2022, according to Bloomberg's Evaluated Pricing service data.


The USD1.96 billion facility is a term loan.  The loan is scheduled
to mature in May 2026.  As of October 28, 2022, the amount was
fully drawn and outstanding.

Travelport Finance (Luxembourg) S.a.r.l. operates as a subsidiary
of Travelport Holdings Ltd.




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

LEALAND FINANCE: Bank Debt Trades at 46.5% Discount
---------------------------------------------------
Participations in a syndicated loan under which Lealand Finance Co
BV is a borrower were trading in the secondary market around 53.5
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The USD500 million facility is a term loan.  The loan is scheduled
to mature in June 2025.   As of October 28, 2022, the amount was
fully drawn and outstanding.

Lealand Finance  is an affiliate of CB&I Holdings B.V. and Chicago
Bridge & Iron Company B.V.  The Company's country of domicile is
The Netherlands.


NOBEL BIDCO: Bank Debt Trades at 33% Discount
---------------------------------------------
Participations in a syndicated loan under which Nobel Bidco BV is a
borrower were trading in the secondary market around 67
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR1.05 billion facility is a term loan.  The loan is scheduled
to mature in June 2028.   As of October 28, 2022, the amount was
fully drawn and outstanding.

Nobel Bidco B.V. operates as the new parent company of Philips'
domestic appliances business.




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

CODERE LUXEMBOURG 2: S&P Lowers ICR to 'CCC', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on Spain-based gaming
operator Codere Luxembourg 2 and its super senior notes to 'CCC'
from 'CCC+', and our ratings on the senior notes to 'CC' from
'CCC-'. The recovery ratings are unchanged.

The negative outlook reflects the risk that, in the next 12 months,
the probability of a default event may increase if the company's
cash position deteriorated or the group's capital structure were
increasingly exposed to either a distressed exchange, debt
repurchase, restructuring, or similar change.

S&P said, "The downgrade stems from our view that Codere's
liquidity might become strained in the near term because of
negative cash flow generation, low cash balances, and no revolving
credit facility. Codere's cash position is expected to decline by
year-end 2022, with available cash at EUR50 million-EUR60 million
(excluding about EUR40 million of cash restricted in the online
business), versus EUR127.8 million in 2021. In addition, Codere's
FOCF is expected to be materially negative, and it does not have a
revolving credit facility. We forecast the company's uses of cash
will exceed its sources over the next 12 months. Expected cash
outflows include, among others, license renewal costs and unwinding
of deferred payments, which are likely to be material. We
understand the group may be able to access additional funding in
the short term, such as additional local facilities. However, at
this time these facilities are not committed and, in our view, may
not be substantial enough to fund the group's consolidated
strategic needs. We also note Codere's limited capacity under its
current debt documentation to raise non-guaranteed debt. Therefore,
in our view, there are mounting risks of a liquidity shortfall over
the next 12 months, particularly if macroeconomic conditions worsen
or the group faces any unforeseen setbacks.

"Despite the positive trend in reported operating earnings, we
expect Codere's profitability and cash flows to remain subdued in
2022 and 2023. We expect Codere's revenue to strengthen in 2022 as
it recovers toward pre-pandemic levels. At the same time,
consolidated S&P Global Ratings-adjusted EBITDA remains
constrained. We expect profitability to remain below pre-pandemic
levels, with our adjusted EBITDA margin for Codere approaching 7%
in 2022 versus about 20% in 2019. For this projection, we also
consider the negative contribution from the expanding online
business, excluding which, margins could be close to 12%. The
company continues to face operating challenges with ongoing
restrictions in Mexico, inflationary pressures, stiff competition
in the online segment, sizeable license renewal costs, the
unwinding of deferred payments, and capital expenditure (capex). We
also note the high cost of accessing and repatriating cash from
Argentina. Additionally, there are some execution risks associated
with the company's recent management team changes including a
succession plan for the CEO and recent changes to the chief
financial officer role. However, we regard as positive governance
changes following the conclusion of a legal dispute with the
Martinez Sampedro family. With this backdrop and ongoing
macroeconomic uncertainty, we continue to view the capital
structure as unsustainable based on current credit metrics.

"Although the company has no near-term debt maturities, adjusted
leverage is very high and free cash flow negative. Codere has a
highly leveraged balance sheet. We estimate that about EUR1.25
billion of S&P Global Ratings-adjusted debt will be outstanding by
year-end 2022, including a material portion of payment-in-kind
(PIK) debt accruing interest. Adjusted leverage is well above 10x,
and we expect it will be about 14x by year-end 2022, sharply above
our previous forecast of around 10x for the full year, at a time
when liquidity is expected to be low. The company has no near-term
debt maturities and the super senior notes are due only in 2026.
Nevertheless, we believe the company will need to significantly
reduce leverage to eventually refinance or repay its debt at par."

The negative outlook reflects the risk that, in the next 12 months,
the group may face an increasing probability of a default event,
for example as the result of a liquidity shortfall or other capital
management activities we may consider a selective default.
Specifically, the company's cash could deteriorate or the group's
capital structure could be increasingly exposed to either a
distressed exchange, debt repurchase, restructuring, or similar
change.

S&P said, "We could lower the ratings if we observe severely
deteriorating operating performance or liquidity, such that a
default was increasingly likely in the next six to nine months, and
the group was increasingly reliant on favorable economic and
financial developments to meet its obligations. We could also lower
the ratings if the group announced or otherwise defaulted on its
financial obligation through a conventional or selective default,
which could include a liquidity shortfall, missed payments,
distressed exchange, debt repurchases, or restructuring.

"We could take a positive rating action if default scenarios were
no longer a potential risk over the next 12 months. This could
occur if Codere enhanced its EBITDA and cash flow generation, such
that liquidity improved, and the company were expected to remain in
compliance with its financial covenants while keeping financial
leverage at more sustainable levels."

ESG credit indicators: To E-2, S-3, G-4; From E-2, S-4, G-5

S&P said, "Governance factors are now a negative consideration in
our credit rating analysis of Codere because we believe the group
has strengthened its governance with the implementation of a new
board of directors and management team, following the recent
restructuring and the conclusion of its legal dispute with the
Martinez Sampedro family. Still, we note the group's multiple
restructurings over the past 18 months, which in our view, point to
an inability to implement a permanent, sustainable capital
structure amid current marketplace conditions. This constrains our
assessment because we believe the current capital structure is
unsustainable in the medium term."

Social factors are now a moderately negative consideration. Like
most gaming companies, Codere is exposed to regulatory and social
risks and the associated costs related to increasing health and
safety measures for players, prevention of money laundering, and
changing gaming taxes and laws. Temporary closures and
social-distancing measures during the pandemic stunted Codere's
operations, with revenue falling by more than 50% and EBITDA
turning materially negative in 2020, which ultimately led to
restructuring. Nevertheless, S&P acknowledges that Codere's revenue
is on track to return to pre-pandemic levels by year-end 2022.


DURO FELGUERA: Bank Debt Trades at 34% Discount
-----------------------------------------------
Participations in a syndicated loan under which Duro Felguera SA is
a borrower were trading in the secondary market around 65.75
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR85 million facility is a term loan.  The loan is scheduled
to mature in July 2023.   As of October 28, 2022, the amount was
fully drawn and outstanding.

Duro Felguera, S.A. manufactures industrial equipment for the
mining industry.




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

ANTICIMEX GLOBAL: S&P Affirms 'B' ICR on Incremental Debt Add-On
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Sweden-based pest control service provider Anticimex and its 'B'
issue rating on its first-lien debt (including the proposed add-on
facility).

The stable outlook reflects S&P's expectation that the company will
continue to grow organically, successfully integrate recent
acquisitions, and maintain strong EBITDA margin, such that it
reduces debt to EBITDA toward 8.0x in 2023, sustains funds from
operations (FFO) cash interest coverage at about 2x, and generates
sound free operating cash flow.

Anticimex' aggressive acquisitive policy will result in weaker
credit measures than we previously anticipated in 2022 and 2023.
This is the second time in the past 12 months that Anticimex has
raised additional debt to repay RCF drawings and add cash to the
balance sheet to fund acquisitions. Year to date, Anticimex has
closed 33 transactions. S&P said, "We anticipate total acquisition
spending of about SEK3.8 billion in 2022, including earn-out
payments. As a result of the new add-on, the company's leverage
reduction will be delayed compared to our previous expectations. We
now expect debt to EBITDA to remain elevated at about 9.0x in 2022
(compared to 8.0x in our previous forecast) before declining to
about 8.0x in 2023 (compared to 7.5x). That said, we think
continued organic revenue growth, sustained strong margins, and the
full-year contribution of recent acquisitions will support leverage
reduction and sound free operating cash flow (FOCF) after lease
payments of Swedish krona (SEK) 200 million–SEK300 million in
2022 and SEK500 million–SEK600 million in 2023."

Elevated leverage and higher interest costs have tightened headroom
for the rating. A continued focus on debt-funded acquisitions could
put pressure on the rating. S&P said, "Although acquisitions are
part of Anticimex's operating model, we anticipate a more selective
approach to mergers and acquisitions in a weaker macroeconomic
environment. Increasing interest costs have also tightened the
cushion within the 'B' rating. We now expect an FFO cash interest
coverage ratio of about 2x in 2022 and 2023 (compared to our
previous expectation of above 2.7x), given the higher interest rate
environment. We acknowledge that Anticimex prudently manages its
interest rate risk exposure via hedging."

S&P said, "We expect the company's resilient performance to
continue in 2022-2023 despite macroeconomic headwinds. As of Sept.
30, 2022, it reported last 12 months organic revenue growth of
4.0%. Excluding the decreasing volumes of pandemic-related
disinfection services, organic growth was 7.0%. Given the essential
nature of the service, the company is relatively resilient to
economic cycles. In addition, the company's client retention rate
improved to about 85% as of Q2 2022, thereby increasing the
contribution from recurring revenues to about 75%. The company's
digitalization initiatives position it well for future growth. Its
digital pest control solution "SMART" is seeing a rapid expansion,
with more than 340,000 units installed as of September 2022
(compared to about 225,000 as of December 2021). We expect volume
and price increases to support revenue growth, such that Anticimex
sustains organic growth of 4%-5% in 2022-2023, in line with its
historical trend.

"We forecast an adjusted EBITDA margin of 23%-24% in 2022 and 2023,
supported by scalability of the company's operations as it
continues to integrate acquisitions and an ability to pass on cost
increases.

"The proposed term loan B add-on will modestly reduce Anticimex
lenders' recovery prospects. Although the issue rating and recovery
rating remain unchanged for the first-lien debt at 'B' and '3'
respectively, we have lowered our recovery estimate to 55% from 60%
because of the increased first-lien debt burden.

"The stable outlook reflects our view that Anticimex will continue
to generate stable organic growth and a strong adjusted EBITDA
margin of 23%-24%, along with sound cash generation. We expect that
the company will reduce debt to EBITDA to about 8x by the end of
2023."

S&P could lower the ratings if:

-- Anticimex were unable to maintain FFO cash interest coverage at
about 2x; or

-- FOCF remained negative on a prolonged basis, which could
heighten liquidity pressure.

This could happen if:

-- Anticimex incurred higher costs relating to acquisitions or
exceptional items, as the company faces increased acquisition
integration risk; or

-- Anticimex undertook aggressive transactions in the form of
larger debt-funded acquisitions or cash returns to shareholders
than S&P anticipates in its base case.

S&P said, "Although unlikely in the next 12 months, we could raise
the ratings if Anticimex improved its market share and scale while
continuing to diversify geographically, grew its revenue base, and
sustained its solid margins. Additionally, we could raise the
ratings if adjusted debt to EBITDA improved toward 5x, with FFO to
debt trending at about 12%, and a financial policy commitment from
the financial sponsor to support the metrics at these levels."

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




=====================
S W I T Z E R L A N D
=====================

ARCHROMA HOLDINGS: S&P Affirms 'B' ICR Amid Huntsman's Deal
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit and
issue ratings on Switzerland-based Archroma Holdings S.a.r.l.
(Archroma) and its first-lien senior secured term loan.

The stable outlook reflects S&P's expectation that Archroma will
maintain adjusted debt to EBITDA below 6.5x, generate positive free
operating cash flow (FOCF) in fiscal 2023, and maintain adequate
liquidity.

S&P said, "Archroma signed a definitive agreement to buy Huntsman's
textile effects division and we expect the transaction to close in
first-quarter 2023.The agreement, announced on Aug. 9, is based on
a cash purchase price of $588.5 million, which reflects a $680
million enterprise value, net of $87 million in net pension
liabilities and about $5 million in other liabilities. The
acquisition is being mostly financed with preferred equity ($575
million) and common equity ($100 million). We treat the preferred
equity instruments as debt, because the noncommon equity financing
and common equity will not be owned and sold together. We
understand that the preferred equity will be provided by third
parties with limited interest in the common equity.

"Synergy plans should improve Archroma's cost position in the
coming years. We understand that management has identified about
$120 million of EBITDA synergies to target five years post
acquisition. About two-thirds rely on cost optimization. The main
contribution comes from a simplified selling, general, and
administrative expense structure through reduction of overlapping
positions and organizations, economies of scale in procurement, as
well as improved commercial performance. The company estimates
one-off costs of $130 million to deliver these synergies, with most
expected in the early years of integration. Synergies will
therefore be temporarily offset by exceptional items in fiscal
2023, but we believe that the combined group's cost position will
structurally improve, especially after 2025. As a result, we
revised up our business risk assessment to fair from weak.

“The acquisition will create a world leader in fragmented textile
chemicals and dyes. We believe that the combined group will have
improved size and scale and expect it to generate about $2.0
billion-$2.2 billion of pro-forma sales in fiscal 2023. This
compares with our stand-alone revenue expectation of $1,350
million-$1,400 million in fiscal 2022. Archroma's scale and scope
will benefit from the acquired business' well-established
industrial footprint of 10 manufacturing sites in six countries,
serving more than 2,200 annual clients. Overall, the company's
market share in the textile chemical additive industry should
increase to 9% from 5% following the integration of Huntsman's
business. The acquisition will also increase Archroma's exposure to
Asia Pacific, which will represent 49% of pro-forma sales (based on
fiscal 2021 figures). We view the increased exposure to high growth
countries as somewhat mitigated by the also increased exposure to
those displaying higher country risk. Furthermore, we believe the
acquisition will increase the company's exposure to the apparel end
market, which is highly competitive and cyclical.

"Archroma's adjusted leverage could deteriorate to 6.3x-6.5x in
fiscal 2023 from about 6.0x in fiscal 2022. We now anticipate that
Archroma will report weaker results than previously expected for
fiscal 2022, with $30 million lower S&P Global Ratings-adjusted
EBITDA to about $145 million. This is mainly due to
weaker-than-expected profitability amid high raw material and
energy costs and low consumer sentiment. As the environment remains
challenging, we do not expect profitability to improve, with S&P
Global Ratings-adjusted EBITDA of $130 million-$150 million at
constant scope. After including 12 months of the acquired business'
operations, this should translate to EBITDA of $230 million-$250
million and leverage of 6.3x-6.5x (after treating the $575 million
preferred equity certificates as debt).

"Following a year of negative FOCF, it could turn positive in
fiscal 2023. We anticipate Archroma will report negative FOCF for
fiscal 2022, spurred by lower-than-expected earnings and larger
working capital outflows. This is despite the company's decision to
postpone noncritical investments to preserve cash. We forecast
working capital outflows of about $50 million by year-end fiscal
2022 amid higher input prices and proactive inventory increases
earlier in 2022 to overcome logistics and supply chain challenges.
For fiscal 2023, we expect combined cash generation to improve
because the integration brings additional earnings without
significantly increasing cash interest expense and working capital
outflows versus fiscal 2022. That said, we understand the company
will be evaluating refinancing options for its senior debt in the
coming months and that higher interest rates could lead to higher
cash interest expenses than currently factored in our base case.

"The stable outlook reflects our expectation that Archroma will
maintain adjusted debt to EBITDA comfortably below 6.5x, generate
positive FOCF in fiscal 2023, and maintain adequate liquidity."

S&P could lower the ratings if:

-- The group experiences margin pressure, for example due to
slower-than-anticipated pass-through of rising energy costs to
customers, leading to negative FOCF or adjusted debt to EBITDA
remaining significantly and constantly above 6.5x;

-- The group does not refinance its capital structure shortly
after closing the transaction; or

-- The sponsor follows a more aggressive strategy with regards to
higher leverage or shareholder returns.

S&P could raise the rating if:

-- Adjusted leverage is sustained below 5x and the shareholder
commits to maintain it below this level; and

-- S&P is confident that Archroma would generate consistently
positive FOCF of at least $50 million, supported by resilient
profitability.

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




=============
U K R A I N E
=============

CITY OF KYIV: S&P Affirms 'CCC+' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings, on Oct. 28, 2022, affirmed its 'CCC+' long-term
foreign and local currency issuer credit ratings on Ukraine's
capital city Kyiv. The outlook remains stable.

Outlook

The stable outlook reflects that on the sovereign and the balance
between Kyiv's high cash reserves and low debt service, and the
significant uncertainty stemming from the ongoing war between
Russia and Ukraine.

Downside scenario

S&P could lower the ratings in the next 12 months if it observed
increased security risks, if Kyiv's liquidity position deteriorated
significantly, or if there were indications that the city might
deprioritize debt servicing in favor of meeting spending needs.

Upside scenario

S&P could consider raising the rating on Kyiv if it took a similar
action on Ukraine, all else being equal.

Rationale

A 'CCC+' rating means the issuer is currently vulnerable and is
dependent upon favorable business, financial, and economic
conditions to meet its financial commitments. The 'CCC+' rating on
Kyiv reflects S&P's T&C assessment of Ukraine. S&P assesses Kyiv's
stand-alone credit profile (SACP) as being one notch higher than
our issuer credit rating.

Kyiv's current liquidity position is sound, with cash reserves
exceeding debt service by almost 11x in the next 12 months. The
city has only one foreign-currency-denominated debt issue
outstanding, $28.8 million maturing in December 2022. In S&P's base
case, it assumes the city will likely meet this payment, given its
currently high cash reserves of about Ukrainian hryvnia (UAH) 20.5
billion (about $560 million) as of Oct. 1, 2022, and its
management's commitment to fulfil its debt obligations. Regarding
local currency debt, the city has a credit line from the State
Savings Bank of Ukraine (Oschadbank) of UAH1.2 billion maturing in
2023-2026, and three local currency bonds totaling UAH1.1 billion
maturing in 2024-2026. Kyiv continues to pay interest on these
obligations.

The rating on Kyiv is constrained by the Russia-Ukraine conflict,
which brings significant uncertainties to the city's economy and
financials. S&P said, "Our rating also remains constrained by the
very volatile and centralized Ukrainian institutional setting for
LRGs, the city's modest GDP per capita relative to LRGs in other
countries, and very weak financial management, in our view. Our
ratings are supported by the city's solid financials so far, high
cash reserves, and very low debt-service needs." Kyiv's
tax-supported debt is relatively low in an international context.

Institutional settings remain volatile, exacerbated by the war, and
the national economy will have likely contracted by 40% in 2022,
but the city is committed to honoring its obligations
S&P said, "We estimate Ukraine's real GDP will contract by 40% in
2022, owing to a collapse of exports, consumption, and investment.
Given substantial damage to physical infrastructure and human
capital, Ukraine's medium-term growth prospects are uncertain and
hinge on regaining a level of territorial integrity and access to
the Black Sea, alongside sizable reconstruction efforts. We project
Kyiv's economy will follow the trajectory of the national economy,
albeit as the capital, Kyiv remains Ukraine's most diversified
region." The city contributes more than 20% of national GDP and
benefits from a strong labor market. Moreover, its GDP per capita
is 2x above the national average.

The city operates within a very volatile institutional framework
which is even more challenging in the current circumstances. Kyiv's
budgetary performance remains significantly affected by the central
government's decisions regarding key taxes, transfers, and
expenditure responsibilities.

S&P said, "In our view, Kyiv's ability to make debt-service
payments remains uninterrupted for now, although we acknowledge
that the situation might change quickly due to the war. According
to the latest information available, the city is still honoring its
debt-service obligations and has pledged to continue doing so.

"We regard financial management as very weak. However, we expect
the city to stay committed to honoring its debt obligations. We see
for instance that the city's management demonstrated its commitment
to not default when the Ukrainian government defaulted in August
2022. We also acknowledge that the city's administration remains
fully operational despite the security challenges."

With fairly stable tax revenue, the city will likely post a surplus
after capital accounts in 2022, while debt and debt-service needs
remain low

S&P said, "We anticipate Kyiv will demonstrate relatively solid
financial performance in 2022, largely owing to stable tax revenue
and the significant downsizing of capital investments. We project
the city's surplus after capital accounts will equal 3% of total
revenue this year, compared with 2.6% in 2021. We understand Kyiv's
balance after capital accounts has been in surplus for the first
nine months of 2022. In our base case, we assume that the city's
revenue will remain on par with the 2021 level and operating
spending will increase by about 15%.

"We therefore expect that Kyiv's direct debt will remain very low
through 2024. The city's direct debt consists of $28.8 million
outstanding on its Eurobonds, UAH1.1 billion in local currency
bonds, and UAH1.2 billion credit line from Oschadbank. Kyiv
continues to pay interest on these obligations, and don't
anticipate any new borrowing this year. We assess the city's access
to external funding as uncertain. Also, we understand that
Ukraine's capital markets and banking sector are not fully
operational at the moment.

"In addition to direct debt, our assessment of the city's total
debt burden (tax-supported debt) includes liabilities of municipal
government-related entities (GREs), which require assistance from
the city's budget. In particular, we factor in all debt of GREs
explicitly guaranteed by Kyiv (Kyivpastrans, Kyivmetro, GVP Energy
Saving Company, and Kyivteploenergo), as well as the commercial
debt of the water utility, given the ongoing support from the
city's budget or strong links with the city. In 2021, Kyiv provided
a new EUR140 million guarantee to its heating company, which has
not yet been utilized.

"We assume that Kyiv's contingent liabilities are low and include
mostly accumulated payables at its utility and transportation
companies. We include all municipal companies' debt in Kyiv's
tax-supported debt. We also include in the city's contingent
liabilities UAH3.7 billion (about $100 million) of central
government loans received as of Oct. 27, 2021, related to finance
mandates set by the central government in 2014.

"As of Oct. 1, 2022, Kyiv had about UAH20.5 billion (about $560
million) available in cash. We therefore believe the city has a
solid liquidity position that covers debt service due in the next
12 months more than 11x. The next 12 months' debt service of UAH1.9
billion consists of roughly UAH600 million of coupon payments on
local currency bonds and interest on the credit line, the remaining
$28.8 million (UAH 1 billion) due on the Eurobond in December 2022,
and a UAH300 million principal payment on the credit line. Lack of
a fully functioning domestic capital market and banking sector
constrains the city's availability to funding."

S&P Global Ratings notes a high degree of uncertainty about the
extent, outcome, and consequences of the Russia-Ukraine war.
Irrespective of the duration of military hostilities, related risks
are likely to remain in place for some time. As the situation
evolves, S&P will update its assumptions and estimates accordingly.


In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  KYIV (CITY OF)

   Issuer Credit Rating       CCC+/Stable/--




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

ARENA COVENTRY: Applies for Administration, Launches Sale Process
-----------------------------------------------------------------
ITV News reports that companies that run the Coventry Building
Society Arena have requested to be put into administration.

Arena Coventry Limited (ACL), Arena Coventry (2006) Limited and IEC
Experience Limited have issued a statement which says
administration orders will be made "in the forthcoming weeks", ITV
News relates.

Former Newcastle United owner Mike Ashley is the preferred bidder,
although no confirmation has been issued, ITV News notes.

According to ITV News, a spokesperson from ACL said: "Arena
Coventry Limited (ACL), Arena Coventry (2006) Limited and IEC
Experience Limited have confirmed that they have applied to the
Court for the Companies to be placed in administration.

"We anticipate that the administration orders will be made in the
forthcoming weeks.

"The Companies and the proposed administrators from FRP Advisory
have run an accelerated sales process to sell the business and
assets of the Companies and have identified a preferred bidder.

"The arena will continue to trade as normal."

ACL has confirmed further updates will be provided in due course.

Coventry City's game on Nov. 1 against Blackburn Rovers took place
at the Coventry Building Society Arena, despite administration
fears.

In a statement on Oct. 31, the club wrote that they "will continue
to communicate with fans regarding the situation at the Arena as
and when we are able to do so".


CIEP EPOCH: Bank Debt Trades at 42% Discount
--------------------------------------------
Participations in a syndicated loan under which CIEP Epoch Bidco
Ltd is a borrower were trading in the secondary market around 57.76
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The GBP200 million facility is a term loan.  The loan is scheduled
to mature in December 2024.   As of October 28, 2022, the amount
was fully drawn and outstanding.

CIEP Epoch Bidco Limited operates as a mechanical system
contractor. The Company serves customers in the United Kingdom.


COBHAM ULTRA: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to U.K.-based defense supplier Cobham Ultra and its 'B-' issue
rating to the new first-lien term loan B, with a recovery rating of
'3'.

The stable outlook indicates that S&P expects operating performance
to improve because of Ultra's exposure to the defense sector, which
should support a gradual improvement in its key credit metrics
through 2023 and into 2024.

After Advent International acquired Ultra Electronics in August
2022, gross debt and S&P Global Ratings-adjusted leverage rose
sharply. Advent funded the acquisition by issuing:

-- A new first-lien term loan B, equivalent to GBP980 million but
denominated in U.S. dollars and euros;

-- GBP320 million equivalent in preplaced senior unsecured notes,
denominated in U.S. dollars; and

-- A GBP190 million multicurrency revolving credit facility (RCF),
from which the company drew down about $145 million when the
transaction closed, to pay down some of the existing debt.

The financing package also included $440 million of payment-in-kind
(PIK) notes held by third-party investors, and $1,578 million of
funds from Advent, split between interest-free preferred equity
certificates (IFPECs) and equity-preferred certificates (EPCs). S&P
views all of these instruments as debt-like. S&P refers to the
IFPECs and the EPCs as shareholder loans throughout the rest of
this publication. The total purchase price paid was GBP2,555
million.

Ultra's gross debt now stands at about GBP2.8 billion in 2022. S&P
said, "By drawing the RCF to partially fund the transaction,
leverage rose slightly higher than we forecast when we assigned the
preliminary ratings. This limited the ratings upside and our
expectation for deleveraging; therefore, we have assigned a stable
outlook. We forecast that S&P Global Ratings-adjusted EBITDA will
increase to about GBP200 million in 2022 and to more than GBP225
million in 2023, from about GBP150 million in 2021. Growth in
EBITDA is supported by efficiency improvements, and positive FOCF
could be used to gradually reduce leverage if management chooses
that strategy. Nevertheless, we forecast that debt to EBITDA,
excluding shareholder loans, will be close to 8.5x in 2023
(12x-13x, including shareholder loans). We expect funds from
operations (FFO) to debt, excluding shareholder loans, to be
5.5%-6.0% (3.5%-4.5%, including shareholder loans). Even excluding
the effect of the shareholder loans, Ultra is one of the most
highly leveraged issuers in its aerospace and defense peer group.
We reflect this in our negative comparable ratings analysis, which
has a one-notch effect on the rating. The company's FFO cash
interest coverage is forecast to be about 2.0x-2.5x in 2023."

Ultra's exposure to the defense sector and its long-term contracts
offer it good order book visibility that will support revenue
growth. Generally, over 85% of Ultra's annual revenue is covered
through its order book at the start of each year. This provides it
with stable and predictable revenue and cash flows. As of the end
of September 2022, the company's order book covered GBP849 million
of 2023 revenue, and there was also significant coverage for 2024.

The company has potential to win new contracts in the long term
because of increased defense spending by governments, particularly
in Europe. The Russia-Ukraine conflict has resulted in rising
political will amongst NATO members to increase their defense
spending toward 2% of GDP or more. We forecast that Ultra's revenue
will grow by almost 15% in 2022, reaching about GBP960 million to
GBP980 million--and by 5%-10% in 2023, to above GBP1
billion--supported by new contract wins, strong order books, and
resilient end-markets. S&P said, "We also anticipate that EBITDA
generation will increase across Ultra's three segments, supported
by operational improvements as part of the "ONE Ultra"
transformation program. This program has been in place since 2019
and aims to drive efficiency improvements, as well as new contract
wins. The company also saved up to GBP20 million in overheads
following its delisting. We expect adjusted EBITDA to increase to
about GBP200 million this year and to more than GBP225 million next
year, and that margins will remain above 20%."

Ultra benefits from its niche technological capabilities and its
long-standing relationships with government-related defense
customers. Ultra is a tier 2/3 supplier in the aerospace and
defense industry and its capabilities are split across three
segments: maritime; intelligence and communication; and critical
detection and control. It also benefits from its leading niche
market positions across key technologies and products, which
include sonobuoys, upper-tier radios, and sonar systems. Ultra is
significantly exposed to the defense sector, from which it
generates around three-quarters of its revenue. It derives the
remainder from exposure to commercial aerospace, law enforcement,
and nuclear energy. Positively, the company has long-term contracts
with the U.S. Department of Defense and the U.K. Ministry of
Defense. It is also a key supplier to the larger aerospace and
defense primes and original equipment manufacturers such as BAE
Systems, Lockheed Martin, Boeing, Northrop Grumman, and Pratt &
Whitney. The company has an incumbency advantage, given that it
develops specialized products, has in-house design capabilities,
undergoes lengthy certification processes, and has long-term
contracts of up to 30 years, which can often also be recurring.
Ultra also benefits from being the sole-source provider for most of
its key product and service lines.

Ultra could face price competition from larger defense players on
some contracts. The company's revenue is concentrated in North
America (63% in 2021), and the U.K. (around 19%). The rest of its
revenue stems from Europe and Asia-Pacific. Revenue is also
somewhat concentrated in its sonobuoys product, which represents
40% of maritime revenue (itself 46% of total revenue). That said,
Ultra is confident that the existing and increasing demand for this
product should support its leading position. The company has some
exposure to the commercial aerospace sector, which has been slower
to recover from the impact of the pandemic than the defense sector.
It is also exposed to law enforcement, where it focuses on
forensics, and the energy sector. The rating is also somewhat
constrained by the company's still relatively small scale and
scope.

The sonobuoys product was hampered by supply-chain disruption in
2022, but other segments remain relatively unaffected.
Semiconductor chips are a key input into Ultra's sonobuoys product,
and the maritime segment has been affected by the ongoing
shortages. S&P said, "However, demand has remained high and we
anticipate that the maritime division's revenue will grow this
year. Ultra exhibited a working capital outflow of more than GBP30
million in the first half of the year, as its inventory levels
rose. Although we expect this to unwind slightly, we still expect
outflows of up to about GBP20 million for the year. The sonobuoys
product is predicted to suffer from supply-chain bottlenecks until
at least the end of 2022 and potentially into the first quarter of
2023."

S&P said, "We do not expect high inflationary pressures or the
energy crisis to have a significant effect on Ultra. The company
can pass through increases in its cost base to its customers, and
its fixed-price contracts have annual repricing clauses. As such,
we do not anticipate that rising cost pressures will have a
material effect on the company's margins." Furthermore, the effect
of any potential gas rationing or supply shortages is unlikely to
significantly affect production. Ultra's manufacturing activity
remains low, and where it is involved in energy-intensive
manufacturing processes, this is concentrated in the U.S., rather
than in Europe, where countries may be more affected by reduced
supplies from Russia.

Low capital-intensity, combined with an ability to partner with
customers and receive funding for research and development (R&D)
costs, supports positive cash generation. Ultra has a relatively
low capital expenditure (capex) to sales ratio, which is typically
about 2%-3%. Capex is expected to be close to GBP45 million in
2022, compared with the GBP20 million-GBP25 million seen in the
previous two years due to moving the company's U.K. production
facilities and increased investment through the business plan that
it introduced in 2019. From 2023, we expect capex to revert to
maintenance levels. The company's R&D expenditure is also low--most
costs are funded by its customers. Ultra paid for only 21% of its
total R&D costs in 2018-2020, and we expect similar percentages in
future. Total R&D spending, as a percentage of sales, is expected
to rise slightly, from a three-year average of 3.7%.

S&P anticipates the company will generate positive free operating
cash flow (FOCF) of about GBP35 million-GBP55 million in 2023,
constrained by the high level of cash interest costs. Sustained
positive FOCF is key as it underpins Ultra's ability to reduce
leverage from its relatively high starting point.

The stable outlook indicates that operating performance should
continue to improve because of Ultra's exposure to the defense
sector, and that its key credit metrics should gradually improve
through 2023.

S&P said, "We could lower the ratings on Ultra if adjusted margins
deteriorated below 18% on a sustainable basis and if we expected
FFO cash interest coverage to reduce toward 1.5x. This could occur
because it is exposed to floating interest rates. We could also
downgrade Ultra if its FOCF generation fell to break-even levels.

"We could raise the ratings if debt to EBITDA demonstrates a clear
and declining trajectory to below 8x (excluding shareholder loans).
An upgrade would also require FFO cash interest coverage to be
consistently above 2.5x and EBITDA margins to remain sustainably
above 20%. In addition, we would expect the company to consistently
generate positive FOCF, in line with our base case."

Environmental, Social, And Governance

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Cobham Ultra SunCo
S.a.r.l. (Ultra), as is the case for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of the controlling owners. This also
reflects the generally finite holding periods and a focus on
maximizing shareholder returns."


COMET BIDCO: GBP315MM Bank Debt Trades at 34% Discount
------------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 65.76
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The GBP315 million facility is a term loan.  The loan is scheduled
to mature in October 2024.   As of October 28, 2022, the amount was
fully drawn and outstanding.

Comet Bidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. Comet Bidco is
the holding company of the restricted group that owns Clarion
Events.


COMET BIDCO: USD420M Bank Debt Trades at 35.6% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 64.36
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.

The USD420 million facility is a term loan.  The loan is scheduled
to mature in October 2024.   As of October 28, 2022, USD401.67
million of the amount was drawn and outstanding.

Comet Bidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. Comet Bidco is
the holding company of the restricted group that owns Clarion
Events.


CONSTELLATION AUTOMOTIVE: GBP325M Bank Debt Trades at 42% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 58 cents-on-the-dollar during the week ended Fri., October
28, 2022, according to Bloomberg's Evaluated Pricing service data.


The GBP325 million facility is a term loan.  The loan is scheduled
to mature in 2029.   As of October 28, 2022, the amount was fully
drawn and outstanding.

Constellation Automotive Group --
https://www.constellationautomotive.com/ -- is the largest
vertically integrated digital car marketplace in Europe.


DIDSBURY VILLAGE: Enters Liquidation, Owes More Than GBP150,000
---------------------------------------------------------------
Jon Robinson at BusinessLive reports that the firm that was behind
a well-known restaurant in Didsbury Village has entered liquidation
owing more than GBP150,000, it has been revealed.

Dow Schofield Watts Business Recovery has been appointed to oversee
the process of liquidating Didsbury Village Ventures Ltd, which
trades as Saints & Scholars, BusinessLive relates.

BusinessLive understands that Saints & Scholars remains open
despite the company entering liquidation.  It is also understood
that a new company is to take over the running of the venue,
BusinessLive states.

According to a document filed with Companies House, Didsbury
Village Ventures Ltd owed GBP97,995 to HMRC, GBP50,000 to Santander
and GBP2,500 to Walker Begley Ltd when it entered liquidation,
BusinessLive notes.

A separate document confirms that the business was to be "wound up
voluntarily", BusinessLive discloses.


DOORSTEPS: Goes Into Liquidation, Taps Begbies Traynor
------------------------------------------------------
Robyn Hall at The Negotiator reports that online estate agency
Doorsteps has gone into liquidation as market conditions falter
further.

Just three years ago, Doorsteps was believed to be turning over
GBP1 million a year and employing 60 people with ambitious plans to
reach GBP6 million a year by 2020, The Negotiator discloses.

According to The Negotiator, Doorsteps liquidation is being
overseen by the Colchester office of Begbies Traynor Group.

Partner Lee De'ath is handling the process for the firm alongside
insolvency administrator Charlie Robinson, The Negotiator notes.


ENQUEST PLC: S&P Upgrades ICR to 'B' on Completed Refinancing
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on oil
producer EnQuest PLC to 'B' from 'B-'. S&P removed the rating from
CreditWatch, where it was placed with positive implications on Oct.
10, 2022.

The stable outlook reflects S&P's expectation that EnQuest will
continue to strengthen its balance sheet over the coming quarters.

On Oct. 26, 2022, EnQuest announced it had completed the
refinancing of its senior unsecured notes. Thanks to the
transaction, EnQuest's liquidity has improved with limited
maturities in 2023.

S&P's upgrade of EnQuest to 'B' follows the company's completed
refinancing. The transaction helped to strengthen the company's
liquidity, with most maturities now in 2027. The new capital
structure consists of:

-- $500 million senior secured reserve-based lending facility
(RBL; $400 million drawn), due 2027;

-- $305 million senior unsecured notes, due 2027;

-- GBP133 million ($163 million) retail bond, due 2027;

-- GBP111 million ($136 million) retail bond, due 2023; and

-- About $8 million Sullom Voe Terminal working capital facility,
due 2023.

S&P said, "The stable outlook indicates our expectation that
EnQuest will continue to reduce its adjusted debt using strong free
cash flow and build rating headroom over time.

"Under our Brent oil price assumptions ($100 per barrel [/bbl] for
the rest of 2022, $85/bbl in 2023, and $55/bbl long term), we
expect EnQuest's S&P Global Ratings-adjusted EBITDA will reach $900
million–$1,000 million in 2022 and $950 million-$1,050 million in
2023, translating into funds from operations (FFO) to debt
comfortably above 20% and adjusted debt to EBITDA comfortably below
3.5x, in line with our expectations for a 'B' rating."

S&P may downgrade EnQuest if it met one or more of the following
conditions:

-- Higher leverage, with FFO to debt below 20% and debt to EBITDA
above 3.5x with no clear prospects of near-term recovery;

-- Falling production to 40,000 barrels of oil equivalent per day
(boepd) and below, translating into higher operating costs per
barrel; and

-- Weakening liquidity (including pressure on financial
maintenance covenant), which is possible if Brent declines below
$55/bbl.

S&P sees an upgrade as unlikely in the next 12-18 months. Over
time, it may upgrade EnQuest if it demonstrated the following:

-- Sustainable improvement in business, including production
growth to at least 70,000 boepd;

-- Maintenance of conservative capital structure with FFO to debt
of above 45%, which implies comfortable headroom under the
company's own target of net debt to EBITDA below 0.5x; and

-- Track record of capital allocation (including capital
expenditure [capex] and dividends) under the new capital
structure.

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


EUROMAX VI: S&P Lowers Rating on Class D Notes to CCsf
------------------------------------------------------
S&P Global Ratings raised its ratings to 'BB (sf)' from 'B+ (sf)'
and lowered to 'CC (sf)' from 'CCC- (sf)' its credit ratings on
EUROMAX VI ABS Ltd.'s class B and D notes, respectively. At the
same time, S&P affirmed its 'CCC- (sf)', and 'CC (sf)' ratings on
the class C and E notes, respectively.

S&P said, "The rating actions follow our analysis of the
transaction's performance and the application of our relevant
criteria, and our credit and cash flow analysis of the transaction
based on the August 2022 trustee report. Considering the
concentrated nature of the portfolio, we have applied these
criteria as a starting point for our analysis.

"Our ratings address timely payment of interest and ultimate
principal on the class B notes and ultimate payment of interest and
principal on the class C, D, and E notes."

Since S&P's previous review, the class A notes fully redeemed.

S&P said, "Over the same period, the class B notes continued to
receive timely interest payments and started to amortize, with only
36% of their initial balance now outstanding. The credit
enhancement for these notes has significantly increased since our
previous review, so our cash flow results indicate a higher rating.
Considering the current portfolio, the outstanding portfolio of
assets in the investment grade ratings is enough to pay the
remaining balance outstanding on the class B notes. Given the
current macroeconomic environment, we applied an analytical
judgement to our cash flow results to apply a larger cushion for
future downgrades of the portfolio and the increased concentration
risk. Therefore, we raised to 'BB (sf)' from 'B+ (sf)' our rating
on the class B notes.

"The class C, D, and E notes continued to defer their interest
payments and pay-in-kind (PIK), with just over EUR9 million
outstanding. In our opinion, the full repayment of these notes
significantly depends on the market value of the defaulted assets
in the portfolio, in addition to the current credit enhancement
they benefit from. This includes, for example, assuming whether
defaulted assets can realize a higher recovery than anticipated
under our analysis. Therefore, in our view, the class C notes
remain commensurate with their current ratings. Therefore, in
applying our relevant criteria, we affirmed our 'CCC- (sf)' rating
on the class C notes.

"Even after incorporating the above recovery analysis, we believe
the class D notes are highly vulnerable to nonpayment. We therefore
lowered to 'CC (sf)' from 'CCC- (sf)' our rating on the class D
notes."

The class E notes continue to be highly vulnerable to nonpayment.
S&P therefore affirmed its 'CC (sf)' rating on the class E notes.

EUROMAX VI ABS is a cash flow mezzanine structured finance
collateralized debt obligation of a portfolio of predominantly
mortgage-backed securities. The transaction closed in November 2006
and Collineo Asset Management GmbH manages it. In S&P's analysis,
the largest performing asset currently comprises 36% of the
available collateral.


SANDTASSEL LIMITED: Enters Voluntary Liquidation
------------------------------------------------
Jon Robinson at BusinessLive reports that Sandtassel Limited, which
is behind Long Bar in Bramhall, Stockport, has also entered
voluntary liquidation.  That venue is also understood to be staying
open.

That company, whose sole director is Colin Lowes, owed GBP139,338
to its creditors including GBP85,000 to HMRC, GBP50,000 to
Santander, GBP1,838 to Water Plus, and GBP2,500 to Walker Begley
Ltd., BusinessLive discloses.

Dow Schofield Watts Business Recovery is also acting as liquidator
of Sandtassel Limited, BusinessLive notes.


TERRY JEWELL: Goes Into Liquidation, Owes More Than GBP100,000
--------------------------------------------------------------
William Telford at PlymouthLive reports that another Plymouth
construction company has gone out of business this time leaving
debts of more than GBP100,000 which are unlikely to be paid.

Terry Jewell Plastering and Building Contractors Ltd, based in
Efford, appointed liquidators in October and has filed documents
revealing it had not a penny to its name, PlymouthLive relates.

The company, which was involved in house building, was only
incorporated in March 2021, but its LinkedIn page said Terry Jewell
Plastering and Building Contractors had been operating since March
2003.  It held a meeting of creditors last month and followed this
by passing a resolution to wind-up the business voluntarily,
PlymouthLive recounts.

Documents filed at Companies House reveal it has no assets
available for creditors and owes more than GBP100,000 which is
unlikely to be paid, PlymouthLive discloses.  Of that sum,
GBP28,090 is owed to the taxman, PlymouthLive notes.

The company also owes Barclays Bank Plc GBP44,887 and trade and
expense creditors GBP27,744, PlymouthLive states.  This last sum
includes GBP11,229 due to Saint-Gobain Building Distribution Ltd,
of Loughborough, PlymouthLive notes.

Plymouth City Council is claiming GBP400 and Plymouth concrete
supplier Plymcrete Southwest Ltd is asking for GBP900, according to
PlymouthLive.  In total, it is estimated that GBP100,724 of debt
will be outstanding, according to PlymouthLive.

The company never got to filing its first set of accounts, which
were due by December 26, 2022, but its confirmation statement,
containing details of directors and shareholders, was overdue and
should have been sent to Companies House by April 8, 2022,
PlymouthLive relates.


VALLUGA GROUP: Goes Into Administration, Put Up for Sale
--------------------------------------------------------
Ian Evans at TheBusinessDesk.com reports that a Northamptonshire
company that provides "speed services" for drivers including
exclusive track days at Silverstone Park has collapsed into
administration.

Carrie James and James Hopkirk of Kreston Reeves were appointed
administrators of Valluga Group Limited -- trading as The Valluga
Concierge -- on Oct. 25, TheBusinessDesk.com relates.

According to TheBusinessDesk.com, a spokesperson for Kreston Reeves
told TheBusinessDesk.com, the administrators are currently
reviewing the stricken company's affairs before publishing their
proposals in mid-December 2022.

On Oct. 31, Ben Sharpe, a race car technician at Ben Sharpe Racing,
said he and "several" friends and colleagues were owed "large
amounts of money" by the company, TheBusinessDesk.com notes.

The Valluga Concierge turned over GBP2.65 million last year and
generated profits of around GBP215,000, TheBusinessDesk.com
discloses.

It was unclear what caused the company to collapse,
TheBusinessDesk.com states.

The administrators have instructed Hilco Valuation Services to sell
the firm, with expressions of interest due no later than 10:00 a.m.
on Thursday, Nov. 10, TheBusinessDesk.com relays.


VUE INTERNATIONAL: Bank Debt Trades at 32% Discount
---------------------------------------------------
Participations in a syndicated loan under which Vue International
Bidco PLC is a borrower were trading in the secondary market around
67.75 cents-on-the-dollar during the week ended Fri., October 28,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR634 million facility is a term loan.  The loan is scheduled
to mature in June 2026.   As of October 28, 2022, the amount was
fully drawn and outstanding.

Vue International is a multinational cinema holding company based
in London, England. It operates in the United Kingdom and Ireland
as Vue, with international operations in Denmark and Germany;
Italy; Poland and Lithuania; Netherlands; and Taiwan.



                           *********


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

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

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

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

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

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