---

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

                          E U R O P E

          Friday, November 4, 2022, Vol. 23, No. 215

                           Headlines



B E L G I U M

CASPR SARL CASPR-1: Fitch Affirms 'BB+sf' Rating on Cl. D Notes


G E R M A N Y

GALERIA KARSTADT: To File for Insolvency for Second Time
SC GERMANY 2022-1: Fitch Assigns 'B-sf' Rating on Class F Notes
UNIPER SE: Posts Net Loss of US$39.3 Bil. for First Nine Months


I R E L A N D

ADAGIO V CLO: Moody's Affirms B2 Rating on EUR10.5MM Cl. F-R Notes
GOLDENTREE LOAN 1: Fitch Affirms B-sf Rating on Class F Debt
MADISON PARK XII: Fitch Hikes Rating on Class F Notes to 'B+sf'


I T A L Y

SOCIETA DI PROGETTO: Fitch Alters Outlook on Secured Notes to Neg.


N E T H E R L A N D S

IPD 3: Fitch Affirms LongTerm IDR at 'B', Outlook Stable


S P A I N

SANTANDER HIPOTECARIO 2: Moody's Ups Rating on Class E Notes to B2


S W E D E N

ANTICIMEX GLOBAL: Moody's Rates New $200MM Term Loan Add-on 'B2'


S W I T Z E R L A N D

COVIS PHARMA: S&P Lowers ICR to 'CCC+', Outlook Stable


U N I T E D   K I N G D O M

BRITISHVOLT: Renews Plea for GBP30 Million of Government Funding
EUROSAIL PRIME-UK 2007-A: Fitch Affirms B- Rating on Class B Notes
GREENSILL: Underwriter Alleges Misleading, Deceptive Conduct
INEOS ENTERPRISES: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
JEHU GROUP: Work at Ledbury Scheme Halted After Administration

L1R HB FINANCE: Moody's Appends 'LD' Designation to Ca-PD PDR
SENTOR SOLUTIONS: Put Into Liquidation Following Investment Fraud
[*] UK: Corporate Insolvencies Remain at High Levels, R3 Says


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


=============
B E L G I U M
=============

CASPR SARL CASPR-1: Fitch Affirms 'BB+sf' Rating on Cl. D Notes
---------------------------------------------------------------
Fitch Ratings has affirmed CASPR S.a.r.l. Compartment CASPR-1's
notes.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
CASPR S.a.r.l.
Compartment CASPR-1

   A XS2265971742   LT AAsf   Affirmed   AAsf
   B XS2265972559   LT A+sf   Affirmed   A+sf
   C XS2265972807   LT BBB+sf Affirmed   BBB+sf
   D XS2265973011   LT BB+sf  Affirmed   BB+sf

The transaction is a synthetic securitisation of a residential
loans portfolio originated by AXA Bank Belgium (ABB). The issuer
used the proceeds to fund a credit default swap (CDS) that protects
the originator from losses of the reference portfolio. The
reference portfolio consists of mortgage loans secured by
residential properties in Belgium. The transaction is designed for
risk-transfer and capital- relief purposes.

KEY RATING DRIVERS

Weak Asset Performance: The transaction's asset default trend is
slightly worse than its expectations. As of end-June 2022, gross
cumulative defaults stood at 3.1%, mainly due to the transaction's
short default definition of 90 days past due. The class B and C
notes' ratings have been affirmed below the model-implied ratings.
This reflects the weaker than expected performance and the notes'
ratings vulnerability to lower observed recoveries than modelled
recoveries.

Excessive Counterparty Exposure: The proceeds used to fund the CDS
are deposited in the deposit account held by Bank of New York
Mellon S.A./N.V., Luxembourg Branch (BoNY, AA/Stable/F1+). These
funds will be used for the payments under the CDS and to amortise
the notes. If the funds are totally or partially lost due to a
deposit account bank default the notes will not be reimbursed. As a
result, the notes' ratings are limited to the rating of BoNY,
Luxembourg Branch.

Resilience of Investment-Grade Notes: Fitch considered in its
analysis the resilience of the transaction to unforeseen events
that could increase the number of defaulted reference obligations
without leading to a final loss. These events could translate into
an important "temporary write-off" of the notes, leading to a
reduction on the interest paid to noteholders. Investment-grade
notes have sufficient credit enhancement (CE) against a write-off
if 25% of the portfolio is in default and the expected losses are
calculated using ABB's current IFRS provisioning percentage. This
test currently limits the class D notes' rating to non-investment
grade.

Exposure to ABB: Under the CDS, the issuer bears the risk of losses
from the reference portfolio. Following the default of a loan, the
issuer will pay the expected loss to ABB. At the end of the
recovery process, the final loss will be known, giving rise to an
adjustment payment. If the expected loss is larger than the final
loss, ABB will pay the difference to the issuer. If ABB defaults on
the adjustment payment, it may result in a loss for the notes.
Fitch has limited the notes' ratings to a stress scenario where the
available CE offsets the exposure to ABB.

Higher-Risk Portfolio: The reference portfolio has been selected
from the higher-risk loans in ABB's book and has a higher-risk
credit profile than typically seen in Belgian RMBS transactions.
The pool consists of loans originated with original LTVs of close
to 90% and a debt-to-income distribution skewed toward highest
buckets. The selection of this higher-risk portfolio translates
into weaker asset performance than the average Belgian RMBS
portfolio.

Governance Impact: The transaction has an ESG Relevance Score of
'5' for Transaction Parties & Operational Risk due to the exposure
to BoNY as deposit account provider, whose default would result in
redemption funds in being lost. As a result, Fitch capped at and
linked the rating of the class A notes to that of BoNY.

RATING SENSITIVITIES

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

Reducing recoveries by 25% would result in the class A notes being
downgraded by one notch to 'AA-sf', class B notes by four notches
to 'BBBsf', class C notes by six notches to 'B+sf' and class D
notes by three notches to 'B+sf'.

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

The class A notes' rating is capped by the rating of the account
bank. If BoNY was upgraded, the class A notes would also be
upgraded.

Decreasing defaults by 15% and increasing recoveries by 15% would
result in the class B and C notes being upgraded to 'AAsf'. The
class D notes' rating would be unchanged as it is limited to
non-investment grade due to a lack of resilience to unforeseen
events.

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

CASPR S.a.r.l. Compartment CASPR-1 has an ESG Relevance Score of
'5' for Transaction Parties & Operational Risk due to the exposure
to BoNY as deposit account provider, whose default would result in
redemption funds to be lost. As a result, Fitch capped and linked
the rating of the notes at that of BoNY.

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




=============
G E R M A N Y
=============

GALERIA KARSTADT: To File for Insolvency for Second Time
--------------------------------------------------------
Cathrin Schaer at Women's Wear Daily reports that after its board
meeting on Oct. 31, Galeria Karstadt Kaufhof said it would file for
insolvency again, for the second time in two years.

According to WWD, the Galeria Karstadt Kaufhof stores will file for
what is known in Germany as protective administrative insolvency.
This is Germany's version of the U.S.' Chapter 11 proceedings.  The
chain, which is more than a century old, had already filed for this
kind of insolvency back in April 2020, at the beginning of the
COVID-19 pandemic, WWD notes.  As part of this, the company was
forgiven more than EUR2 billion worth of debt, WWD discloses.

This new insolvency means the company will again restructure, WWD
states.  Management suggested that around a third of its remaining
131 stores will now be shuttered, according to WWD.  The company
employs more than 17,000 people and any closures will involve
thousands more redundancies, WWD states.

After the 2020 filing, around 40 locations were closed, WWD relays.
Other stores were renovated though and the original restructuring
plan was to completely remodel 50 to 60 of the remaining department
stores, bringing them back to profitability, WWD states.

The decision to file for insolvency again is a controversial one.

The Galeria Karstadt Kaufhof chain had not been doing well for
years previously, making a loss of EUR78 million in 2019, even
before the health crisis hit, WWD relates.

According to WWD, management consultants told German media the
states' decision to give the struggling stores more money at the
beginning of this year was a "scandal." "Given the financial state
of the business I don't see how they will ever repay this taxpayer
money," one expert said.

The Galeria Karstadt Kaufhof chain, which has a presence in 97
German cities, was bought by Austrian real estate company, Signa,
for an estimated EUR1 billion in 2019, WWD recounts.

In October, an Austrian investigation into tax irregularities and
possible corruption targeted Signa owner, Rene Benko, WWD
discloses.

German commentators have suggested that the investigation into Mr.
Benko make it less likely that the Galeria Karstadt Kaufhof chain
will get another tranche of state money, WWD relates.  That is even
though, many municipal officials in Germany see the stores as an
essential attraction and employer in their central cities, WWD
notes.


SC GERMANY 2022-1: Fitch Assigns 'B-sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned SC Germany S.A., Compartment Consumer
2022-1's (SCGC 2022-1) notes final ratings.

   Entity/Debt                 Rating              Prior
   -----------                 ------              -----
SC Germany S.A.,
Compartment Consumer
2022-1

   Class A XS2482884850   LT AAAsf  New Rating   AAA(EXP)sf
   Class B XS2482885071   LT AA-sf  New Rating   AA-(EXP)sf
   Class C XS2482886046   LT Asf    New Rating   A(EXP)sf
   Class D XS2482886475   LT BBBsf  New Rating   BBB(EXP)sf
   Class E XS2482886558   LT BBsf   New Rating   BB(EXP)sf
   Class F XS2482886632   LT B-sf   New Rating   B-(EXP)sf
   Class G XS2482886806   LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

SCGC 2022-1 is a securitisation of unsecured consumer loans
originated by Santander Consumer Bank AG (SCB, A-/Stable/F2). The
transaction has a 12-month revolving period. The class A to E notes
will then pay down pro rata until a performance or other trigger is
breached. The class F notes will then be paid sequentially while
also benefiting from a turbo amortisation through excess spread via
the interest priority of payments.

This is the eighth public unsecured consumer loan transaction from
SCB and the third that Fitch has rated.

KEY RATING DRIVERS

Default Expectations Above Recent Vintages: Fitch has set its
default base case at 4.5%, which is lower than that determined for
the predecessor transaction in November 2021, but above recent
vintages.

There is uncertainty about economic dynamics in Germany due to
looming energy supply shortages, the persistence of supply chain
disruptions, weakening international trade and higher inflation.

The combination of these factors could impair borrowers' ability to
service debt. However, the base case recognises the originator's
prudent risk management in recent years. A buffer above the
pre-pandemic default vintages is built into the base case, which
appropriately reflects our expectation of a more challenged economy
over the next 12 to 18 months.

Pro-rata Length Key to Notes Repayment: In Fitch's cash-flow
modelling, the full repayment of senior notes is dependent on the
length of the pro-rata attribution of principal funds. Fitch finds
the three-month rolling average dynamic net loss ratio to be the
most effective trigger to stop the pro-rata period in the event of
performance deterioration. This makes the transaction less
sensitive to cumulative loss assumptions during the replenishment
period than for most other recently encountered pro-rata structures
in EMEA ABS.

Counterparty Risks Addressed: The transaction has a fully funded
liquidity reserve for payment interruption and reserves for
commingling and set-off risk, which will be funded if the seller or
Santander Consumer Finance, S.A. (A-/Stable/F2) is downgraded below
'BBB' or 'F2'. All reserves are adequate to cover their respective
exposures, in line with its Structured Finance and Covered Bonds
Counterparty Rating Criteria.

Replacement criteria for the servicer, account bank and swap
counterparty are adequately defined and the relevant ratings are
above its criteria thresholds.

RATING SENSITIVITIES

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

Downside risks have increased and Fitch has published an assessment
of the potential rating and asset performance impact of a
plausible, but worse-than-expected, adverse stagflation scenario on
Fitch's major structured finance and covered bond sub-sectors (see
What a Stagflation Scenario Would Mean for Global Structured
Finance).

Fitch expects the EMEA ABS unsecured sector in the assumed adverse
scenario to experience a "Medium Impact" on asset performance, and
a "Mild to Modest Impact" on rating performance, indicating a low
risk of rating changes. Transactions with exposure to non-prime
borrowers may experience increased negative pressure on their
sub-investment-grade tranches in the adverse case.

Fitch found the most stressful scenario for all notes to be one in
which interest rates remain negative, prepayments are high and
defaults are clustered later in the transaction's life. This is
mostly due to the pro-rata mechanism.

The senior notes are particularly affected by this mechanism. If
defaults come in late in the transaction's life, i.e. are
recognised later, excess spread, which would have been available to
cure defaults is lost and the sequential payment triggers may be
hit later. Prepayments have a similar effect. With a faster
repayment of the assets, excess spread that would otherwise be
applied to repay principal is lost.

Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E/F)

Increase default rate by 10%:
'AA+sf'/'A+sf'/'A-sf'/'BBB-sf'/'BB-sf'/'CCCsf'

Increase default rate by 25%:
'AAsf'/'Asf'/'BBB+sf'/'BB+sf'/'Bsf'/'NRsf'

Increase default rate by 50%:
'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/'CCCsf'/'NRsf'

Expected impact on the notes' ratings of decreased recoveries
(class A/B/C/D/E/F)

Reduce recovery rates by 10%:
'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'B-sf'

Reduce recovery rates by 25%:
'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'B-sf'

Reduce recovery rates by 50%:
'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'B-sf'

Expected impact on the notes' ratings of increased defaults and
decreased recoveries (class A/B/C/D/E/F)

Increase default rates by 10% and decrease recovery rates by 10%:
'AA+sf'/'A+sf'/'A-sf'/'BBB-sf'/'BB-sf'/'CCCsf'

Increase default rates by 25% and decrease recovery rates by 25%:
'AAsf'/'Asf'/'BBBsf'/'BB+sf'/'Bsf'/'NRsf'

Increase default rates by 50% and decrease recovery rates by 50%:
'A+sf'/'BBB+sf'/'BBB-sf'/'BB-sf'/'CCCsf'/'NRsf'

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

Actual defaults lower and losses smaller than assumed.

Reduction in inflationary pressure on food and energy and improving
growth prospects for western European economies due to resolution
of the Ukrainian war.

The observed increase in asset yield over recent months continues
throughout the revolving period, increasing excess spread available
for a paydown of the class F notes beyond its current
expectations.

DATA ADEQUACY

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

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

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

ESG CONSIDERATIONS

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


UNIPER SE: Posts Net Loss of US$39.3 Bil. for First Nine Months
---------------------------------------------------------------
The Wall Street Journal reports that energy giant Uniper SE posted
a net loss of around US$39.3 billion for the first nine months of
the year -- one of the biggest in Germany's corporate history
-- highlighting the financial fallout from Russia's decision to
throttle natural-gas deliveries to Europe.

According to the Journal, the company, which is soon to be
nationalized by Germany in an attempt to stabilize it and protect
its customers, said on Nov. 3 it was finalizing the details of
additional state-support measures.




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

ADAGIO V CLO: Moody's Affirms B2 Rating on EUR10.5MM Cl. F-R Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Adagio V CLO Designated Activity Company:

EUR26,930,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Mar 29, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR9,000,000 Class B-2-R-R Senior Secured Fixed Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Mar 29, 2021 Definitive
Rating Assigned Aa2 (sf)

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

EUR215,500,000 Class A-R-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 29, 2021 Definitive
Rating Assigned Aaa (sf)

EUR23,310,000 Class C-R-R Deferrable Mezzanine Floating Rate Notes
due 2031, Affirmed A2 (sf); previously on Mar 29, 2021 Definitive
Rating Assigned A2 (sf)

EUR21,000,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2031, Affirmed Baa3 (sf); previously on Mar 29, 2021 Affirmed
Baa3 (sf)

EUR19,430,000 Class E-R Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on Mar 29, 2021 Affirmed Ba2
(sf)

EUR10,500,000 Class F-R Deferrable Junior Floating Rate Notes due
2031, Affirmed B2 (sf); previously on Mar 29, 2021 Affirmed B2
(sf)

Adagio V CLO Designated Activity Company, issued in September 2016
and refinanced in October 2018 and in March 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by AXA Investment Managers US Inc. The transaction's
reinvestment period will end in January 2023.

RATINGS RATIONALE

The rating upgrades on the Classes B-1-R-R and B-2-R-R Notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in January
2023.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in March 2021.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR345.06m

Defaulted Securities: EUR2.7m

Diversity Score: 59

Weighted Average Rating Factor (WARF): 2944

Weighted Average Life (WAL): 5.03 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.76%

Weighted Average Coupon (WAC): 4.04%

Weighted Average Recovery Rate (WARR): 44.83%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: Once reaching the end of the reinvestment
period in January 2023, The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. Moody's tested for a possible
extension of the actual weighted average life in its analysis. The
effect on the ratings of extending the portfolio's weighted average
life can be positive or negative depending on the notes'
seniority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

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

GOLDENTREE LOAN 1: Fitch Affirms B-sf Rating on Class F Debt
------------------------------------------------------------
Fitch Ratings has revised the Outlook on GoldenTree Loan Management
EUR CLO 1 DAC's class B to F notes to Stable from Positive, and
affirmed all tranches.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
GoldenTree Loan
Management EUR
CLO 1 DAC

   A-1A XS1772820657   LT AAAsf  Affirmed   AAAsf
   A-1B XS1784284389   LT AAAsf  Affirmed   AAAsf
   A-2 XS1772820905    LT AAAsf  Affirmed   AAAsf
   B-1A XS1772821119   LT AA+sf  Affirmed   AA+sf
   B-1B XS1772821549   LT AA+sf  Affirmed   AA+sf
   C-1A XS1772821978   LT A+sf   Affirmed   A+sf
   C-1B XS1772822273   LT A+sf   Affirmed   A+sf
   D XS1772822513      LT BBB+sf Affirmed   BBB+sf
   E XS1772822869      LT BBsf   Affirmed   BBsf
   F XS1772823248      LT B-sf   Affirmed   B-sf

TRANSACTION SUMMARY

GoldenTree Loan Management EUR CLO 1 is a cash flow CLO comprising
mostly senior secured obligations. The transaction is actively
managed by GoldenTree Loan management and has already exited its
reinvestment period in April 2022.

KEY RATING DRIVERS

Transaction Outside Reinvestment Period: The transaction exited its
reinvestment period in April 2022 but the manager can still
reinvest unscheduled principal proceeds and sale proceeds from
credit-risk obligations, subject to compliance with the
reinvestment criteria. Consequently, Fitch analysis is based on a
stressed portfolio, testing the Fitch-calculated weighted average
life (WAL), Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread and fixed-rate asset share to their covenanted
limits.

Fitch has applied a haircut of 1.5% to the stressed WARR covenant
to reflect the old recovery rate definition in the transaction
documents. This can result in on average a 1.5% inflation of the
WARR relative to Fitch's latest CLO Criteria.

Limited Deleveraging Prospects: The Stable Outlooks on all notes
reflect the uncertain macroeconomic environment, and its
expectation that deleveraging will be limited since the transaction
can still reinvest.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is passing all coverage,
collateral quality tests (excluding the Fitch WAL test) and
portfolio profile tests that have a bearing on Fitch's rating
analysis. Exposure to assets with a Fitch-derived rating (FDR) of
'CCC+' and below is 1.79% excluding non-rated assets, as calculated
by Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 32.97 as of 15 September 2022, against a covenanted
maximum of 35.00.

High Recovery Expectations: Senior secured obligations comprise
95.5% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 66.10% as
of 15 September 2022, which compares favourably with the covenanted
minimum of 62.90%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 15.77%, as calculated by Fitch, and no single
obligor represents more than 2.10% of the portfolio balance, as
reported by the trustee.

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

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

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
would result in downgrades of two notches for the class E notes and
one notch for the class F notes.

Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio, the class
B notes display a rating cushion of one notch, the class E notes
two notches, and class D and F notes three notches.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the stressed portfolio would result in
upgrades of no more than five notches across the structure, apart
from the 'AAAsf' class A notes, which are at the highest level on
Fitch's scale and cannot be upgraded.

Upgrades may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

DATA ADEQUACY

GoldenTree Loan Management EUR CLO 1 DAC

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations 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.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

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.


MADISON PARK XII: Fitch Hikes Rating on Class F Notes to 'B+sf'
----------------------------------------------------------------
Fitch Ratings has upgraded Madison Park Euro Funding XII DAC's
class B1 to F notes and affirmed the class A notes.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
Madison Park Euro
Funding XII DAC

   A XS1861231667    LT AAAsf  Affirmed   AAAsf
   B1 XS1861232046   LT AA+sf  Upgrade    AAsf
   B2 XS1861235908   LT AA+sf  Upgrade    AAsf
   C XS1861236039    LT A+sf   Upgrade    Asf
   D XS1861232806    LT BBB+sf Upgrade    BBBsf
   E XS1861233101    LT BB+sf  Upgrade    BBsf
   F XS1861233366    LT B+sf   Upgrade    B-sf

TRANSACTION SUMMARY

Madison Park Euro Funding XII DAC is a cash flow collateralised
loan obligation (CLO) backed by a portfolio of mainly European
leveraged loans and bonds. The transaction is actively managed by
Credit Suisse Asset Management and will exit its reinvestment
period in April 2023.

KEY RATING DRIVERS

Resilient Asset Performance: The rating actions reflect the
transaction's resilient asset performance. The transaction is below
par by about 0.6% and passed all its collateral quality, portfolio
profile and coverage tests as of 12 September 2022. Exposure to
assets with Fitch-derived ratings of 'CCC+' and below was 6.8% as
calculated by the trustee and the portfolio had 0.34% exposure to
defaulted assets as of 15 October 2022 as per Fitch's rating
mapping.

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

Deviation from MIR: The class B1 and B2 notes' ratings are one
notch below their model-implied ratings (MIR), reflecting the
limited cushion for these of notes under the Fitch-stressed
portfolio.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 33.72 as of 12 September 2022, against a covenanted
maximum of 34.00.

High Recovery Expectations: Senior secured obligations comprise
99.3% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 65.4% as
of 12 September 2022, compared with a covenanted minimum of 61.4%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration was 12.60%, and no single obligor represented more
than 1.43% of the portfolio balance, as reported by the trustee.

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) 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 B2 notes but would lead to
downgrades of one notch for classes C and D notes and downgrades of
two notches for classes E and F notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics of the current portfolio than the Fitch-stressed
portfolio, the notes display a rating cushion to downgrades of up
to three notches. Should the cushion between the current portfolio
and the Fitch-stressed portfolio erode due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to three
notches for the notes, except the class F notes, which would be
downgraded below 'CCCsf'.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of up to three notches across the structure, apart from
the 'AAAsf' class A notes, which are at the highest level on
Fitch's scale and cannot be upgraded.

Upgrades may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

DATA ADEQUACY

Madison Park Euro Funding XII DAC

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations 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.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

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
=========

SOCIETA DI PROGETTO: Fitch Alters Outlook on Secured Notes to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Societa di Progetto
Brebemi S.p.A.'s senior secured notes to Negative from Stable and
affirmed the rating at 'BB+'.

RATING RATIONALE

The Negative Outlook reflects the ongoing delay in traffic ramp up
and recent regulatory interference in the 2022 tariff setting,
which will pressure the debt service coverage ratio (DSCR) in the
Fitch Rating Case (FRC), given the escalation in mandatory debt
service.

2022 traffic is expected to be 2% above the pre-pandemic level
compared with 41% forecast in the traffic study commissioned in
2019. This is due to the ongoing Covid-19 legacy as well as delays
in developments of the westbound road connections out of Milan.
This is limiting the full potential of the stretch of road, eight
years since it opened to traffic. Fitch's expectations of a subdued
Italian economy in 2023 will increase traffic challenges in the
next 12 months.

Brebemi 's proposed 2022 tariff increase of 4.49% has been put on
hold by the Ministry of Transport & Mobility, which notified the
grantor that the request was not admissible due to ongoing approval
of the 2021- 2025 economic and financial plan. Fitch also does not
expect a 2023 tariff increase.

Under the updated Fitch rating case (FRC), the DSCR remains around
1.1x until 2025. Fitch believes this is amply mitigated by the
protections in the lock-up mechanism, trapping cash until the DSCR
remains below 1.25x as well as strong minimum project life coverage
ratio (PLCR) of 1.70x. This is reflected in the affirmation at
'BB+'.

KEY RATING DRIVERS

Brebemi's benefits from its route location linking fairly wealthy
and densely populated Milan and Brescia in the economically
diversified region of Lombardy. Brebemi has a balanced user profile
of commuters and heavy vehicles willing to pay the relatively high
toll rates in exchange for shorter travel times and high quality
service compared with the competing tolled alternative on the A4
motorway.

Class A1 and A2 Ratings

The class A1 and A2 notes' 'BB+' ratings reflect the favourable
northern Italy catchment area and a regulatory asset base (RAB)
based pricing system, which sustains revenue growth. Under the
updated FRC, Fitch expects normalised and mature traffic volumes
only by2026-2027 when the DSCR stabilises at around 1.3x for some
years and then grows materially

Class A3 Rating

The class A3 zero coupon notes' 'BB+' rating reflects the risk
associated with the timely payment of the terminal value (TV) at
concession maturity by the grantor, Concessioni Autostradali
Lombarde (CAL).

Its assessment of CAL's obligation to pay the TV is notched down
from Fitch's internal assessment of the Region of Lombardy. CAL is
contractually bound to pay the TV by 2042. A cash sweep mechanism
caps class A3 accretion at EUR760 million, but the TV payment from
CAL remains the sole pledged funding source for the full repayment
of the class A3 notes at maturity.

Fitch views the TV mechanism as robust. The TV payment is
contractually equal to the non-amortised value of the asset and
allows Brebemi to recover its investment. Under the current setup,
the TV will be paid by the new concessionaire at concession
maturity (2040) or in case of delays by the grantor (CAL) two years
later (2042). Amid the uncertainty of re-tendering the asset, Fitch
assesses the grantor's contractual obligation to pay the TV.

As class A3 is contractually pari passu with the senior fully
amortising tranches, the credit profile of the class A3 notes is
similar to that of the senior fully amortising debt, but ultimately
linked to the creditworthiness of CAL's obligation to pay the TV in
a timely manner.

Favourable Location, Limited History - Revenue Risk (Volume):
Midrange

Fitch maintains its 'Midrange' assessment of revenue risk (volume),
following the publication of its new Transportation Infrastructure
Rating Criteria, which assess volume risk on a five-point scale.

Brebemi opened to traffic in 2014 but remains in ramp-up due to the
coronavirus impact and a delayed opening of interface connections,
with additional network connections and pandemic-induced delays
expected to extend ramp-up through 2027. Brebemi's toll rates are
relatively high on a euro/km basis compared with the competing A4
motorway, but only moderately higher for a full trip than the A4.
In Fitch's view, limited traffic history limits adequate testing of
price elasticity, and higher annual tariff increases on Brebemi
compared with A4 could impair elasticity over time. Fitch views
positively the wealthy Lombardy region's familiarity with tolling
and its economic strength.

RAB-Based Pricing - Revenue Risk (Price): Midrange

The price-cap mechanism allows a fair return (weighted average cost
of capital; WACC) on the asset base and recovery of operating costs
and depreciation of assets, resulting in a residual TV at
concession maturity. The grantor has been supportive of Brebemi
during ramp-up and the pandemic and demonstrated a favourable
rebalancing mechanism in 2014 and in 2022, which included public
grants, extension of concession tenor and implementing a TV payment
at concession maturity to ensure maintenance of the WACC.

New Road, Minimal Maintenance Needs - Infrastructure Development
and Renewal: Stronger

Brebemi is a new asset, with minimal infrastructure renewal needs
expected over the concession's life. While capex costs were
elevated while constructing the roadway, the contractual
fixed-price operations & maintenance (O&M) agreement covers a
modest capex component, which is expected to be sufficient. No
heavy maintenance capex is currently envisaged in the concession.
Fitch expects any additional capex would be eligible for
remuneration, based on guidelines set by the transport authority
(ART) in an updated business plan.

The debt structure comprises around EUR2.0 billion senior and
junior debt .

Senior amortising debt (EUR1.4 billion split into a bank loan, the
class A1 and A2 notes and a restructured swap) is fully amortising
and hedged to almost 100% fixed rate, with adequate protections
(robust forward-and-backward looking lock-up and no re-leverage
undertakings). However, Brebemi only has a six-month debt service
reserve account (nine months until 2021) and a back-ended repayment
profile.

The class A3 notes (EUR0.6 billion) are partially reliant on
project cash flows via a two-phase cash sweep mechanism, but their
full repayment is currently expected to rely on the timely payment
of the TV by a new concessionaire or in case of delay by the
grantor. The class A3 notes rank pari passu with the senior
amortising debt and have no unilateral enforcement action until
2040 when non-payment of interest becomes an event of default.

Junior debt (EUR0.2 billion, not rated by Fitch) is repaid through
a cash sweep capped at a target amortisation schedule. It is
floating rate and fully subordinated to senior debt that cannot be
accelerated even in case of a junior event of default.

Financial Profile

Fitch expects the DSCR under the updated FRC to average 1.2x until
2029 and remain slightly below 1.1x from 2023 to 2025. Fitch
expects the ramp-up to end by 2027 and traffic to grow at a pace
slightly above Italian GDP. This results in an average annual DSCR
of 1.3x until 2035.

The TV always covers net senior debt and the TV/net debt ratio
improves to 1.7x in 2038 as the senior debt retires and the class
A3 notes remain flat at the agreed threshold of EUR760 million.

PEER GROUP

Brebemi is comparable with Salerno Pompei Napoli S.p.A. (SAM;
BBB/Stable), North Carolina Turnpike Authority (NCTA; BBB/Stable)
and a number of other privately rated toll roads.

SAM and Brebemi have a similar RAB-based concession framework while
catchment areas are different. Notably, SAM traffic profile is
well-established in a very densely populated area, while Brebemi is
still in ramp-up and exposed to competition. Conversely, Brebemi
has only minimal plain-vanilla capex requirements when compared
with SAM, which needs to undertake some capex up to 2030. Both
projects' debt structure is fully amortising and strongly
covenanted, supporting their 'Stronger' assessments. The current
average DSCR for SAM is around 1.5x (minimum of 1.4x) while
Brebemi's average DSCR is 1.3x until 2035.

Like Brebemi, NCTA provides peak-period time savings for commuters
in a well-developed roadway network in a wealthy and industrialised
catchment area, with competition from larger facilities nearby.
NCTA had a successful ramp-up phase with growth continually
exceeding sponsor expectations, despite being located in an area
with low familiarity with toll roads. NCTA further benefits from a
backstop from the State of North Carolina to cover operating
expenses if revenues are insufficient, creating a gross pledge of
revenues for debt.

The current mandatory DSCR of 1.5x is limited by the completion of
an extension. Lifetime scheduled DSCRs under the rating case
average 2.1x when excluding outliers.

RATING SENSITIVITIES

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

- Material worsening of traffic profile compared with its
expectations, resulting in further delays of the expected ramp-up
well beyond 2027.

- Before the implementation of the ongoing rebalancing process,
Fitch views the grantor's obligation to pay the TV as ranking below
the Region of Lombardy's direct debt and the class A3 notes' rating
could move in tandem with Fitch's internal assessment of the Region
of Lombardy. A change in the assessment of CAL's credit linkage
with the Region of Lombardy could also widen the notching.

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

- Greater visibility of traffic and tariff patterns until 2024,
supporting a projected DSCR of at least 1.3x could lead to a
revision of the Outlook to Stable.

CREDIT UPDATE

Performance Update

2021 traffic in 2021 was up by 33%, above its expectations in the
FRC in September 2021, when Fitch expected a 26% increase. Traffic
ended 2021 5% below 2019. 9M22 traffic was up by 6% vs. same period
in 2019, which is above Italian peers.

Fitch expects traffic to continue on its recovery path, more than
recovering 2019 levels this year. Fitch expects 2023 and 2024 to be
slightly lower than the around 8% yoy traffic growth provided by a
third-party report for this period, reflecting the current
macroeconomic environment. From 2025, traffic should continue to
increase, leading to mature and stabilised traffic from 2028.

Regulatory Framework

There was no tariff increase in 2022, unlike in 2021 when Brebemi
was one of the few Italian toll roads entitled to a tariff increase
(3.5%). The company has started negotiations with the grantor (CAL)
earlier in the year with the aim of agreeing the key terms of the
next regulatory period. As the process is not yet finalised, Fitch
does not envisage any tariff increase for 2023.

Brebemi recently agreed its rebalancing process (STID Proposal
delivered in July 2022) with the grantor and lenders and
bondholders, following the expiry of the previous regulatory period
(October 2016-October2021). However, the agreement is yet to be
implemented and will at best occur in 2023.

The negotiations with lenders and CAL resulted in a favourable
concession extension of six years, an increase of the TV and poste
figurative (financial adjustments) at the end of new maturity and a
tariff increase profile of around 5.5% per year during the upcoming
regulatory period. Given the timeline of the rebalancing, Fitch
understands that it will only be implemented from 2H23.

Once implemented, noteholders will no longer directly rely on TV
payment. Instead, the zero coupon bond will have to be repaid by
2042 with a new facility that relies on cash flows from the
concession until 2046 and the TV payment. Fitch assumes that the
new loan will be fully repaid from cash-flow generation, assuming a
50% cash sweep from the date of the refinancing until the new
maturity in 2046.

This would impact its rating approach for the class A3 notes as
Fitch may no longer relys on an internal assessment of the Region
of Lombardy to derive their rating. The class A3 notes' rating
would be fully equalised with the class A1 and A2 tranches given
their pari passu ranking.

Liquidity

Brebemi's liquidity position is comfortable as available cash and
the debt service reserve account (six months DSRA) is sufficient to
cover next 18 months debt service. Brebemi had around EUR75.4
million cash and a EUR35.5 million DSRA as at June 2022, in
contrast to a EUR32 million debt repayment for the rest of 2022 and
EUR77 million for 2023.

Asset Description

Brebemi operates a 62.1 km stretch of toll road directly linking
Milan and Brescia, in one of the wealthiest and industrialised
European regions. Traffic is still in ramp up phase amid delays in
the opening of interface connections as well as expected network
enhancements both east (Brescia) and west (Milan). Brebemi is
exposed to competition from another toll road managed by Autostrade
per l'Italia (A4 Milan-Brescia).

FINANCIAL ANALYSIS

The Fitch base case (FBC) financial projections assume prudent
traffic growth rates, in line with the external traffic
consultant's P90 forecast, resulting in CAGR of traffic of around
3.5% until 2039. Fitch maintained expenses in line with the
sponsor's forecast, as the majority of costs are covered under a
fixed-price contract. However, Fitch updated its forecast with
internal long-term inflation, which affects the portion not covered
by fixed contracts. Fitch also made conservative assumptions on
non-toll revenues and the revenue loss from the discount policy.

Fitch assumed that tariff in 2023 will remain flat compared with
2022 and then align with the sponsor's assumption from 2025 at
4.9%. These assumptions result in an average senior annual DSCR of
1.3x from 2022 to 2029 under the FBC. The average until 2035 is
closer to 1.5x

The FRC has a more conservative stance on traffic (external
consultant's P90 forecast but limiting the traffic growth in the
short term, CAGR of 3.2%) and O&M (5% stress on opex not covered
under the fixed-price contract from 2025). Similar to the FBC, the
FRC assumes some tariff differences, with a 0% tariff increase for
2023, 3.5% for 2024 and 5.0% for 2025, and fully aligned with the
sponsor's case from 2026. The resulting average senior annual DSCR
is 1.2x from 2022-2029, although it jumps to around 1.4x if its
average up to 2035. As an offsetting factor, the PLCR is a minimum
of 1.7x in the FRC.

The results of the sensitivities are in line with the rating as the
project shows moderate resilience to stresses such as a delayed
traffic ramp-up, a flat 2% yoy increase in tariff or 10% increase
in opex. However, Fitch notes that in the short term metrics may be
tight for its current rating, which further underpins the Negative
Outlook.

Under scenarios where the rebalancing process is implemented, there
will be no major changes to the senior debt average DSCR as the
main changes will occur at the end of the concession period from
2040 and once the debt is repaid.

ESG CONSIDERATIONS

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

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Societa di Progetto
Brebemi S.p.A.

   Societa di Progetto
   Brebemi S.p.A./Senior
   Secured Debt/1 LT       LT BB+  Affirmed   BB+

   Societa di Progetto
   Brebemi S.p.A./Senior
   Secured Notes/1 LT      LT BB+  Affirmed   BB+




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

IPD 3: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed IPD 3 B.V.'s (trading as Infopro
Digital) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook. Fitch has also affirmed EUR815 million of senior secured
notes at 'B+'/'RR3',

IPD's rating reflects its high leverage due to the impact of the
pandemic and the acquisition of Haynes Group. It also reflects the
company's leading position in its product niches, with a high share
of subscription revenues underpinned by strong renewal rates,
established and reputable brands, and moderate barriers to entry.

The Stable Outlook reflects recovery in the trade shows business to
pre-pandemic levels and the expectation of fairly resilient
margins, even with the weakening economic environment.

KEY RATING DRIVERS

Deleveraging Progressing: In 2021 funds from operations (FFO) gross
leverage materially declined to 6.6x from a peak of 9.6x after the
acquisition of Haynes in 2020. The company has recovered strongly
from the impact of the pandemic on its face-to-face business and
Fitch forecasts a further reduction in leverage to 6.1x at the end
of FY22. The pace of deleveraging may temporarily slow in 2023 due
to a weaker economy and inflationary pressures.

Trade Shows Recovery: The highly profitable trade shows business
reached revenues of EUR28 million in 1H22, matching the
pre-pandemic level for 1H19. Full 2022 bookings of EUR74 million is
in line with segment revenue in 2019. Although trade shows sales
organised by IPD declined by 68% to EUR23 million in 2020, Fitch
does not expect a similar contraction as Fitch assumes of no
further material Covid-19 related restrictions in Europe. The
majority of face-to-face events organised by IPD are local and are
therefore less affected by international travel restrictions.

Despite the recovery Fitch does not expect IPD to materially expand
this line of business. In its view, it will remain a complementary
offering to the remaining business lines.

Inflation and Interest Rate Impact: IPD's margins remained
resilient during the pandemic and it successfully passed on costs
to customers in 1H22. As cost inflation continues and end-customers
may start to experience budget constraints, the margin development
in 2023 remains uncertain. Approximately 55%-60% of IPD's operating
costs are related to staff costs, which means wage inflation could
reduce margins if full cost pass through is not realised.

Interest rate risk is limited as EUR315 million out of the total
EUR815 million notes is subject to variable interest rate. Fitch
forecasts FFO interest cover to be moderately below its 3.0x
sensitivity during 2022-2025. In its view, weaker interest cover is
offset by its assumption that IPD will maintain adequate liquidity
during this period.

Bolt-on Acquisitions: Fitch assumes annual bolt-on acquisitions of
EUR25 million per year. IPD currently has sufficient leverage
headroom as well as available cash and undrawn EUR95 million credit
facilities for more meaningful bolt-ons without needing additional
financing or sponsor support. It is not its base case, but
acquisitions supported by the revolving credit facility (RCF) could
increase leverage and reduce liquidity. Takeover of a larger target
could also expose IPD to integration risks and short-term margin
pressure from restructuring costs.

Exposure to Cyclical End-Markets: In 2021, around 70% of IPD's
revenue came from more cyclical end-markets such as construction
(around 30-35% excluding public sector), auto aftermarket (23%),
and industrials (13%). The company would be exposed to the impact
of a prolonged economic downturn. IPD's customer base comprises
predominately small and medium-sized enterprises (SMEs), which may
be more vulnerable to a recession than larger companies. The
customer base remained resilient during pandemic, partially due to
government and EU support and the economic slowdown has not yet had
a material effect on IPD's clients.

High Proportion of Subscription Revenue: Contracted sales remain
the backbone of IPD's business. The group has increased its revenue
mix from subscriptions following the acquisition of Haynes. The
Data and Information segment, which is mainly subscription revenue,
makes up around two-thirds of group revenue. Customer contracts
with typical durations of one to three years provide some profit
and cash flow generation visibility. IPD benefits from strong
customer retention rates, even for services which are
non-subscription based. In addition, IPD's services are often an
essential part of its customers' business and account for a low
proportion of operating costs, making them less likely to be scaled
back.

Established Position in Niches: IPD offers a wide range of
platforms and services but two-thirds of its revenue is generated
from 15 key brands, which are strongly positioned within their
respective niche markets. Broad data sets and experience in
tailoring information towards customers' needs, combined with
reliable services, also increases the loyalty of IPD customers and
creates barrier of entry for potential competitors.

DERIVATION SUMMARY

IPD is a leading European business services provider focused on six
core sub-segments including automotive aftermarket, construction
and industrials. High leverage and smaller scale are the key
differentiating factors compared with larger peers such as RELX Inc
(BBB+/Stable), Thomson Reuters Corporation (BBB+/Stable) and Daily
Mail and General Trust Plc (BB+/Negative).

IPD benefits from a strong share of subscription revenues and has a
well-established position in its core segments, but is more exposed
to more cyclical end-markets and less diversified globally. Its
scale also makes it more vulnerable in an economic recession, and
its face to face business is exposed to event risks such as
Covid-19 restrictions.

KEY ASSUMPTIONS

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

-- Revenue growth by around 12% in 2022, 2% in 2023 and 4% in
    2024-2025

-- Fitch-defined EBITDA margin of 28.5% in 2022, reducing to
    26.5% in 2023 and recovering to 27.5%-28.0% in 2024-2025

-- Capex of 9.5% of revenue in 2022 and 9% thereafter

-- Bolt-on acquisitions of EUR25 million per year in 2022-2025

-- No dividends

Key Recovery Rating Assumptions

IPD would be considered a going concern in bankruptcy and that the
company would be reorganised rather than liquidated.

A 10% administrative claim.

Fitch estimates post-restructuring going concern EBITDA of EUR110
million and use an enterprise value (EV) multiple of 5.5x to
estimate a post-reorganisation value.

After deduction of 10% administrative claims, Fitch calculates the
recovery prospects for the senior secured instruments at 55%,
assuming the super senior secured RCF of EUR95 million is fully
drawn, which implies a one-notch uplift of the ratings relative to
the company's IDR to arrive at 'B+' with a Recovery Rating of 'RR3'
for the company's EUR815 million of senior secured debt.

RATING SENSITIVITIES

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

-- FFO gross leverage below 5.0x on a sustained basis
    (4.5x Fitch-defined gross debt to EBITDA)

-- FFO interest charge cover above 3x on a sustained basis
    (3.3x Fitch-defined EBITDA interest coverage)

-- Free cash flow (FCF) margin above 8% on a sustained basis

-- Improved visibility on EBITDA and cashflow generation,
    with reduced exposure to the face-to-face businesses

-- Stronger-than-expected rebound in the trade show and
    information and insights segments

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

-- FFO gross leverage above 7.0x on a sustained basis
    (6.0x Fitch-defined gross debt to EBITDA)

-- FFO interest cover failing to improve to around 2.5x
    (2.8x Fitch-defined EBITDA interest coverage)

-- EBITDA margin deterioration towards 20%

-- FCF margin below 3% on a sustained basis

-- Sizeable, fully debt-funded acquisitions

-- Material loss of subscription contracts and decline
    in trade shows and information and insights business

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: IPD has adequate liquidity comprising an
undrawn EUR95 million RCF due 2025 and cash balance of EUR92
million as of June 2022. The issuer has modest working capital
swings and no material debt maturities until 2025 when the EUR815
million notes are due. Liquidity could be negatively impacted if
amounts spent on acquisitions exceed FCF generation.

ISSUER PROFILE

IPD is a leading European business information services provider
located in France. IPD provides workflow solutions, creates
business opportunities through access to its databases, software
and online platforms, facilitates networking via organisation of
industry-specific trade shows as well as providing
industry-specific content through websites, magazines, events and
training

ESG CONSIDERATIONS

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
IPD 3 B.V.          LT IDR B  Affirmed               B

   senior secured   LT     B+ Affirmed      RR3      B+




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

SANTANDER HIPOTECARIO 2: Moody's Ups Rating on Class E Notes to B2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two Notes in
FTA SANTANDER HIPOTECARIO 2. The upgrades reflect the increased
levels of credit enhancement for the affected Notes and better than
expected collateral performance.

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

Moody's affirmed the ratings of the Classes of Notes that had
sufficient credit enhancements to maintain their current ratings.

EUR1801.5M Class A Notes, Affirmed Aa1 (sf); previously on Mar 4,
2021 Affirmed Aa1 (sf)

EUR51.8M Class B Notes, Affirmed Aa1 (sf); previously on Mar 4,
2021 Affirmed Aa1 (sf)

EUR32.3M Class C Notes, Affirmed Aa1 (sf); previously on Mar 4,
2021 Upgraded to Aa1 (sf)

EUR49.8M Class D Notes, Upgraded to A3 (sf); previously on Mar 4,
2021 Upgraded to Baa3 (sf)

EUR19.6M Class E Notes, Upgraded to B2 (sf); previously on Mar 4,
2021 Upgraded to Caa1 (sf)

RATINGS RATIONALE

The upgrade action is prompted by the increase in credit
enhancement for the affected tranches, as well as decreased key
collateral assumptions, namely the portfolio Expected Loss (EL)
assumption due to better than expected collateral performance.

Moody's affirmed the ratings of the Classes of Notes that had
sufficient credit enhancements to maintain their current ratings.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction. The credit enhancement
of the upgraded tranches increased as follows since the previous
rating action: for the Classes D and E Notes to 9.7% and 3.6% as of
October 2022, from 6.4% and 1.6% respectively.

Revised Key Collateral Assumption

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

The performance of the transaction has continued to be stable since
the last rating action. Total delinquencies have been stable in the
past year, with 90 days plus arrears currently standing at 0.36% of
current pool balance as of October 2022, compared to 0.42% in
January 2021. Cumulative defaults currently stand at 3.39% of
original pool balance, stable from 3.35% in January 2021.

Moody's decreased the expected loss assumption to 2.80% as a
percentage of original pool balance from 2.86% due to improving
performance. The MILAN CE and recovery rate assumptions remain
unchanged.

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in the Notes'
available credit enhancement; (3) improvements in the credit
quality of the transaction counterparties; and (4) a decrease in
sovereign risk.

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



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

ANTICIMEX GLOBAL: Moody's Rates New $200MM Term Loan Add-on 'B2'
----------------------------------------------------------------
Moody's Investors Service assigns a B2 rating to Anticimex Global
AB's new $200 million senior secured first lien term loan B5
add-on, due in 2028. The company's B3 corporate family rating and
B3-PD probability of default rating as well as B2 instrument
ratings remain unchanged. The outlook is stable.

The proceeds from the new incremental term loan will be used to
repay the outstanding SEK1,050 million senior secured revolving
credit facility (RCF), pay for transaction-related fees and finance
future acquisitions.

RATINGS RATIONALE

The transaction is credit negative as it will further delay the
pace of leverage reduction and increase the company's cost of debt.
Moody's estimates that as of September 2022 Anticimex's pro forma
Moody's adjusted leverage (including the pro forma impact from
acquisitions completed as of September 2022) will increase to
around 9.7x from 9.4x before the transaction. Moody's notes that
earlier this year the company already raised a SEK3 billion
equivalent senior secured term loan add-on. The higher debt load in
a rising interest rate environment will limit the company's free
cash flow and further reduce its interest coverage ratio, weakening
its position within the B3 rating category.

At the same time, the rating continues to be supported by
Anticimex's leading position in the preventive pest control market,
supported by its digitally enabled solutions; good geographical
diversification; low customer concentration and strong retention
rates; and solid profitability with a high share of recurring
revenue. The rating also benefits from favourable market
fundamentals, driven by mega-trends such as urbanisation and
climate change, as well as stricter regulation; and the mostly
noncyclical, critical nature of its services which should continue
to support demand.

Moody's expects the company to continue to grow organically in the
mid-single digits in percentage terms over the next 12-18 months.
As of LTM September 2022, the company recorded a year on year
organic revenue growth of 4.0% and 7.0%, excluding the disinfection
services. While rising costs will weigh on margins, the ongoing
efficiency gains from acquisitions will help reduce the pressure.
Acquisitions allow the company to increase its network density,
driving higher efficiencies and better fixed cost absorption.
Moody's also expects Anticimex to continue to raise prices to at
least partly offset cost inflation. As of September 2022, the
company's adjusted EBITA margin increased to 20.7% from 20.1% in
YTD September 2021, despite rising operating costs and the ongoing
decline of its high margin disinfection services, reflecting the
resilience of its business model. As of September 2022, Anticimex
closed 36 acquisitions representing around SEK900 million of
annualised M&A revenue. Moody's expects the company to continue its
external growth strategy, although the company highlighted that the
selection process will be more stringent given the more volatile
capital market, including higher cost of debt.

As a result, Moody's expect Moody's adjusted leverage to decline to
below 9.0x in 2023. The pace of deleveraging will, however,
continue to depend on the overall M&A volume, valuation multiples
and cash/debt funding split. Moody's adjusted EBITA/Interest cover
is expected to remain below 2.0x over the next 12-18 months given
the higher interest costs. Anticimex manages its interest rate
exposure via hedging.

LIQUIDITY

The pro-forma liquidity is good supported by a cash on balance
sheet of around SEK2.7 billion and an undrawn RCF of SEK3 billion
as of September 2022. Moody's expects the company to continue to
generate positive FCF with no major debt maturities until 2028.

STRUCTURAL CONSIDERATIONS

Anticimex's capital structure consists of around SEK22 billion
equivalent seven-year first-lien senior secured TLB (including the
new $200 million senior secured TLB add-on) and a first-lien senior
secured RCF, which rank pari passu. The facilities share the same
security package and are guaranteed by a group of companies
accounting for at least 80% of consolidated EBITDA. The instruments
are rated one notch above the CFR, reflecting their seniority in
the capital structure because of the presence of a SEK4.2 billion
equivalent eight-year second-lien senior secured TLB, unrated. The
B3-PD is on par with the company's CFR, reflecting the use of a
standard 50% recovery rate, as is customary for capital structures
with first- and second-lien bank loans and covenant-lite
documentation.

OUTLOOK

The stable rating outlook reflects Moody's expectation that the
company will continue to increase its earnings and generate
positive free cash flow (FCF), which will support a gradual
reduction in leverage from its currently high level despite the
company remaining highly acquisitive. Furthermore, the stable
outlook is conditional upon Anticimex maintaining adequate
liquidity.

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

Positive rating pressure could arise if Moody's-adjusted gross
leverage were to remain below 6.5x on a sustained basis;
Moody's-adjusted retained cash flow/net debt were to exceed 10% on
a sustained basis; and the company were to generate positive FCF on
a sustained basis.

Conversely, negative rating pressure could arise if the company is
unable to reduce its leverage from the currently high level;
Moody's-adjusted EBITA/interest declines below 1.5x; or its
liquidity weakens substantially as a result of overly aggressive
M&A activity, negative FCF or shareholder distributions.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.



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

COVIS PHARMA: S&P Lowers ICR to 'CCC+', Outlook Stable
------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S. branded
pharmaceutical platform Covis Pharma's parent, Covis Finco S.a.r.l.
to 'CCC+' from 'B'.

The stable outlook reflects that there is no immediate liquidity
pressure over the next 12 months.

The downgrade reflects a meaningful weakening in EBITDA and free
operating cash flow (FOCF) over the past few quarters following
operational disruptions and the slower-than-expected European
roll-out of Alvesco, Duaklir, and Bretaris (recently acquired from
AstraZeneca).

This translates into elevated risks to capital-structure
sustainability, as Covis Pharma tries to bridge its performance gap
in relation to its underlying business plan.

S&P expects Covis Pharma's revenue and EBITDA shortfall to continue
in the second half of 2022, stemming from persistent competitive
pressure and delayed resource deployment for promotions.

Parallel trading is also likely to continue affecting the
performance of Duaklir and Bretaris products. This follows a
decline in Covis Pharma's revenues in second-quarter 2022, with its
COPD portfolio across Europe lagging, and revenues from Makena and
Feraheme falling lower than expected. Overall market softness for
the group's core products in the U.S. and Canada in the first half
and the increasing generic pressure on Feraheme, which the company
did not mitigate in its planned product life cycle initiative, saw
second-quarter net revenue decline by about 16%. Its adjusted
EBITDA decreased by 19% versus the company's budget. In the same
quarter free cash flow generation was negative, affected by the
EBITDA shortfall and higher one-off costs than previously
anticipated, as well as working capital build up for the Falmouth
COPD products, M&A, and financing-related cash outflows.

This rating action is not linked to Makena being withdrawn in the
U.S. given that our previous forecasts (published in November)
already incorporated this assumption, along with increasing
competitive pressure from Sandoz's generic launch affecting
Feraheme.

S&P said, "Our previous 2022 forecast already embedded a 33%
decrease in sales of Makena before assuming no revenues in 2023,
but it seems that our assumption for Makena for 2022 will fall
short. Similarly, our forecast integrated a 65% decrease in sales
of Feraheme in 2022 due to the expected entrance of Sandoz's
generic leading to price erosion and a significant volume decrease,
but it will now be worse than expected. We expect a single-digit
increase in sales in 2023 and 2024, owing to life cycle initiatives
to mitigate to pressure on volume and prices, but the life cycle
measures will not pay off as planned.

"Covis Pharma's leverage is unlikely to materially improve from
10.5x-11.0x in 2022, and we project EBITDA interest coverage to
decrease toward 1x.

"We now expect its S&P Global Ratings-adjusted debt to EBITDA to be
above 10x over the next 12 months, well above our threshold for a
rating in the 'B' category , with EBITDA interest coverage
decreasing toward 1x. The tough first half of 2022 dealt a severe
blow to earnings and we do not anticipate a strong recovery over
the second half. This has led us to revise down our 2022 S&P Global
Ratings-adjusted EBITDA forecast (including $65 million of M&A,
R&D, legal, financing, or restructuring costs) to $110 million,
which is about $60 million below our previous forecasts. This is
mainly due to the sales shortfall and higher selling, general and
administrative expenses (SG&A) costs, leading to
lower-than-expected margins, alongside effects from
higher-than-expected working capital outflow. This should translate
into negative FOCF of about $50 million-$55 million this year.

"We expect Covis Pharma's cash flows to be further pressured in
2023 from a sales and EBITDA shortfall, increasing its debt burden,
and sizable working capital outflows.

"Its sales and operating results will continue to be hampered by
demand disruption and uncertain contributions from Alvesco,
Duaklir, Britaris, and Feraheme in 2023, resulting in an expected
decrease in sales of about 13% versus 2022. We have notably revised
down our 2023 base case, with expected sale of $388 million and S&P
Global Ratings-Adjusted EBITDA of $127 million. We forecast FOCF
will be heavily negative again in 2023, at nearly minus $50
million, largely driven by EBITDA margin shrinkage, a higher
interest burden, and larger working requirements. The company also
has scheduled debt amortization payments of close to $40 million
per year until 2027. We believe it could face challenges meeting
its debt obligations in 2024, based on assumptions of rising
interest rates putting pressure on fixed charges and eroding cash
flows. At this stage, we believe the debt capital structure is
sized for a more stable competitive environment, with debt service
and refinancing prospects relying on significant mitigating efforts
to restore revenue and profitability growth.

"The stable outlook reflects no immediate liquidity pressure and
the company's ability to generate sufficient EBITDA to meet
mandatory fixed charges, including the repayment of amortized debt
over the next 12 months."

S&P could lower its rating if it expects a default within the next
six months to 12 months. This could occur if:

-- The company is unable to meet its covenant requirements amid
worsening operational performance, pressuring EBITDA interest
coverage and liquidity;

-- It is unable to repay its amortized debt; or

-- It pursues a distressed debt exchange that S&P would view as a
default.

S&P could raise its rating if:

-- The company increases its debt service coverage comfortably to
1x-2x; coupled with

-- Positive free operating cash flow.

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 Covis Finco
S.a.r.l., because of its controlling ownership. 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. This also reflects generally finite holding periods and a
focus on maximizing shareholder returns."




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

BRITISHVOLT: Renews Plea for GBP30 Million of Government Funding
----------------------------------------------------------------
Harry Dempsey and Peter Campbell at The Financial Times report that
Britishvolt has renewed its plea for GBP30 million of government
funding, which the embattled battery start-up says a private equity
firm is willing to match and would secure its short-term survival.

Peter Rolton, Britishvolt chair, said the combined GBP60 million of
funding would see the group through to the new year when it would
be able to tap the debt markets to build its planned GBP3.8 billion
battery manufacturing "gigafactory" in Blyth, north-east England,
the FT relates.

"I would love to be able to convince them that the right thing to
do is put the GBP30 million on the table," the FT quotes Mr. Rolton
as saying at the company's near-deserted 230-acre site.  "We can
match it with another GBP30 million from private equity and private
equity has offered to guarantee the government's GBP30 million, so
there's no risk."

His comments come just days after commodity group and cornerstone
investor Glencore stepped in with eleventh hour bridge funding to
pull Britishvolt back from the brink of administration, an
injection that gives the business five weeks to source more
financing or find a long-term buyer, the FT notes.

Mr. Rolton, as cited by the FT, said it was in talks with two
possible strategic buyers and institutional investors over funding
to secure the group's future.

The UK government in January promised the company a GBP100 million
grant but it is yet to receive any of that funding, the FT
recounts.  Despite the crisis that has engulfed Britishvolt in
recent days, Mr. Rolton said he had not spoken with Grant Shapps,
who was appointed business minister nine days ago, the FT relays.

The renewed call for government support underlines the precarious
situation in which Britishvolt finds itself after employee salaries
were slashed and executives agreed to work for free to save the
business, the FT discloses.

Britishvolt has managed to raise about GBP200 million since it was
founded three years ago by two Swedish entrepreneurs, the FT
relates.  But it ran into a cash crunch this year after financing
became harder to secure, with its GBP3 million monthly wage bill
for its 300 employees quickly burning through its cash pile, the FT
recounts.


EUROSAIL PRIME-UK 2007-A: Fitch Affirms B- Rating on Class B Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Eurosail Prime-UK 2007-A Plc, as
detailed below:

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Eurosail Prime-UK
2007-A PLC

   Class A1
   XS0328494157       LT AAAsf  Affirmed   AAAsf

   Class A2
   (restructured)
   XS1074651628       LT AAAsf  Affirmed   AAAsf

   Class B
   (restructured)
   XS1074654481       LT B-sf  Affirmed    B-sf

   Class C
   (restructured)
   XS1074654648       LT CCCsf Affirmed    CCCsf

   Class M
   (restructured)
   XS1074652782       LT B+sf  Affirmed    B+sf

TRANSACTION SUMMARY  

The transaction comprises non-conforming and buy-to-let UK mortgage
loans originated by Southern Pacific Mortgage Limited (formerly a
wholly-owned subsidiary of Lehman Brothers) and Alliance &
Leicester.

KEY RATING DRIVERS

Removed From UCO: The rating actions take into account the update
to Fitch's UK RMBS Rating Criteria on 23 May 2022. Fitch updated
its sustainable house price for each of the 12 UK regions. The
changes increased the multiple for all regions other than North
East and Northern Ireland, updated house price indexation and
updated gross disposable household income. The sustainable house
price is now higher in all regions except Northern Ireland. This
has had a positive impact on recovery rates (RR) and consequently
Fitch's expected loss in UK RMBS transactions. The class M, B and C
notes' ratings have been removed from Under Criteria Observation
(UCO).

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

Ratings Lower than Model-implied Rating: The class M notes have
been affirmed at a level below their model-implied rating. As this
class is sensitive to senior costs, which have been higher than
average in the past two years, Fitch tested a permanent rise in
senior fees. Fitch also tested adverse scenarios assuming a modest
increase in defaults and decreases in recovery rates, given the
current economic outlook and low loan count. Fitch found the
ratings to be resilient to these scenarios.

Tail Risks Could Arise: The transaction has a significant
proportion of owner-occupied interest-only (IO) loans (78.3%),
which represents an elevated back-loaded risk profile for the
portfolio. To reflect this risk, Fitch floored the performance
adjustment factor (PAF) at 100% in line with its UK RMBS Rating
Criteria.

The loan count across the transaction was 429 as at September 2022.
The diminishing loan count may lead to performance volatility,
which will limit any upgrades of the mezzanine and junior notes.

A worsening performance could materially impact the repayment
capacity of the notes given the reduced granularity of the
transaction's collateral pool.

Base Rate-Linked Notes: All of the loans in the pool are linked to
the Bank of England base rate. No swap agreement is available to
hedge basis risk arising from the mismatch between SONIA-linked
notes and base rate-linked loans. Fitch applied a basis risk
adjustment in accordance with its UK RMBS Rating Criteria, reducing
the margins of the loans in order to account for this discrepancy.

RATING SENSITIVITIES

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

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

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to potential negative rating action depending on the
extent of the decline in recoveries. Fitch conducts sensitivity
analyses by stressing both a transaction's base-case FF and RR
assumptions, and examining the rating implications for all classes
of issued notes. Fitch tested a sensitivity scenario by applying
15% increase in the weighted average (WA) FF and a 15% decrease in
WARR. The results indicate a downgrade of up to one notch.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potential upgrades.
Fitch tested an additional rating sensitivity scenario by applying
a decrease in the FF of 15% and an increase in the RR of 15%. The
results indicate an upgrade of up to eight notches.

DATA ADEQUACY

Eurosail Prime-UK 2007-A PLC

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ESG CONSIDERATIONS

ES 2007-A has an ESG Relevance Score of '4' for "Human Rights,
Community Relations, Access & Affordability" due to a significant
proportion of the pools containing owner-occupied loans advanced
with limited affordability checks, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

ES 2007-A has an ESG Relevance Score of '4' for "Customer Welfare -
Fair Messaging, Privacy & Data Security" due to the pools
exhibiting an interest-only maturity concentration of legacy
non-conforming owner-occupied loans of greater than 20%, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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


GREENSILL: Underwriter Alleges Misleading, Deceptive Conduct
------------------------------------------------------------
Nic Fildes and Robert Smith at The Financial Times report that an
underwriter who signed off on billions of dollars of insurance
policies for Greensill Capital ahead of its collapse has said he
would not have approved the cover if he had been aware of alleged
"misleading and deceptive conduct".

Greg Brereton, who worked for Sydney insurer The Bond & Credit Co,
set out his defence in a court filing in response to a case brought
by US investment firm White Oak, which bought some of the debts
owed to Greensill Capital by steel group GFG Alliance, the FT
relates.

It is the first time that Mr. Brereton has issued any statement on
the collapse last year of SoftBank-backed Greensill Capital
following the cancellation of its insurance cover, the FT notes.

BCC provided US$10 billion worth of coverage against the risk of
default on Greensill Capital's lending to its clients, which was
then packaged up into investment products and sold to investors
such as Credit Suisse, the FT discloses.

Mr. Brereton's relationship and email exchanges with Greensill
Capital's Australian founder Lex Greensill form a critical part of
the Australian court case that will be a test case for insurers and
reinsurers, as well as investors, who stand to lose billions on
their investments with Greensill Capital if the policies do not pay
out, the FT relays.

BCC has already made the case that it was "induced to enter into
the relevant insurance instruments by reason of non-disclosures and
misrepresentations" from Greensill Capital, the FT states.

According to the FT, Mr. Brereton's filing says that he "would not
have signed" the insurance policies if he had been "aware" of these
matters, adding that this alleged "misleading and deceptive
conduct" would have "induced" him into signing off on the cover. He
blamed the "misrepresentations" for any losses or damages claimed
by White Oak.

Court documents filed by BCC allege that Greensill Capital failed
to disclose material details during negotiations with Brereton over
insurance cover and in one case presented him with customers "based
on their perceived attractiveness to an insurer", the FT notes.

Mr. Brereton, however, also laid some of the blame on insurer IAG,
which he said had also "misled" him, the FT relates.

IAG, whose subsidiary Insurance Australia Limited is named on the
key insurance policies, told investors last year that the sale of
its 50 per cent stake in BCC to Tokio Marine in 2019 had eliminated
its exposure to Greensill Capital, the FT recounts.

It has also argued in its defence that BCC overstepped its
authority by providing oversized levels of cover to Greensill
Capital, including outside Australia, and that it had not approved
the wording and structure of the policies, according to the FT.


INEOS ENTERPRISES: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed INEOS Enterprises Holdings Limited's
(IE) Long-Term Issuer Default Rating (IDR) at 'BB-' with Stable
Outlook. Fitch has also affirmed INEOS Enterprises Holdings II
Limited's euro term loan B (TLB) and INEOS Enterprises Holdings US
Finco LLC's US dollar TLB senior secured ratings of 'BB+' with
Recovery Ratings of 'RR2'.

The affirmation follows IE's acquisition of Ashta Chemicals, which
it will finance as part of a partial refinancing with a new EUR350
million term loan, EUR50 million receivables factoring and cash.
Ashta is a strategic fit that should support margins in the
pigments segment. Fitch anticipates funds from operations (FFO) net
leverage will temporarily increase in 2022-2023 and marginally
breach its negative sensitivity in 2023 due to the acquisition,
high energy costs and weaker demand. However, Fitch forecasts
deleveraging from 2024.

The rating is supported by recent robust performance,
diversification, and resilience against a potential natural gas
shut-off in its Germany-based solvents' business. However, it is
constrained by IE's moderate scale and margins, complex group
structure, aggressive M&A strategy, and the potential for
opportunistic dividends.

KEY RATING DRIVERS

Improved Business Profile: The acquisition would lead to an
improved business profile, which would mitigate the slight increase
in net leverage associated with the purchase. The Ashta acquisition
represents a strong strategic fit by improving chlorine input
self-sufficiency within the pigments value chain and would benefit
from limited integration risk due to logistical proximity of the
assets. Given high prices for chlorine in an increasingly tight
market, the acquisition should further allow IE to better manage
its raw material sourcing.

Excellent Performance Continues: IE experienced strong growth in
2021 in the composites business due to a rebound in the
construction and infrastructure end-markets. Despite broad global
challenges in 2022, IE managed to improve on its 2021 performance
with the most success in the pigments and composites segments.
Higher prices driven by strong demand, particularly in north
America, more than offset raw-material price increases. While Fitch
still expects a strong 2022, Fitch expects 2H22 to moderate,
particularly in the solvents business due to higher energy costs in
Europe. Fitch forecasts 2023 EBITDA returning to 2021 levels after
adjusting for incremental EBITDA from Ashta.

IE's solvents business is energy-intensive and exposed to the
German market. However, Fitch anticipates that FFO net leverage
will breach its negative sensitivity only in 2023-2024, even in a
stress scenario of potential gas rationing in Germany and a
temporary plant shut-down.

Moderate Scale, Niche Segments: IE's operations are dispersed
across small to medium-scale plants with limited integration or
intra-group operational overlaps. With moderate scale (despite
M&A-driven growth), the group holds leading positions in certain
niche markets including top-two Titanium Dioxide (TiO2) in the US
and top three global niche positions in its composites business. It
also holds strong regional leadership in most products.

Strong Diversification but Cyclical Exposure: The company's four
segments - pigments, composites, solvents and intermediates - offer
diversification across regions and end-markets. End-market
diversification provides some earnings stability as medical and
personal hygiene end-markets of its solvents segment can offset
some pressures in construction and automotive end-markets of the
pigments and composites segments. While the group's end-markets are
diverse, Fitch identifies some concentration, particularly in
pigments and composites, which jointly contribute roughly
two-thirds of consolidated EBITDA and are both exposed to
construction end-markets.

Leverage Likely to Remain Stable: IE de-leveraged to 2.8x FFO net
leverage in 2021 largely on strong EBITDA generation. During 2022,
IE has further de-leveraged with an early debt repayment and
continued robust performance. However, due to the recent Ashta
acquisition, IE has re-leveraged to 3.4x FFO net leverage on a
pro-forma basis for new debt and incremental EBITDA. Fitch expects
FFO net leverage to remain stable around 3.5x for 2022-2024 on
slowing demand and rising costs. Fitch continues to assume the
possibility of bolt-on M&A and opportunistic shareholder payments
and expect IE to remain within its 3x net debt-to-EBITDA internal
target.

Rated on Standalone Basis: IE is part of a wider INEOS Limited.
Fitch rates the company on a standalone basis. It operates as a
restricted group with no cross guarantees or cross-default
provisions with INEOS Limited or other entities within the wider
group.

DERIVATION SUMMARY

IE, Ineos Group Holdings S.A. (IGH, BB+/Stable) and Ineos Quattro
Holdings Limited (BB/Stable) are independently managed subsidiaries
of INEOS Limited. All three companies have good operational,
regional and product diversification. Unlike IGH and Ineos Quattro,
IE has a smaller scale and is only a regional leader in niche
chemical markets, yet with modestly higher margins.

IE's direct pigments peer is US-based Kronos Worldwide, Inc
(B+/Stable), which is twice as large in pigments by capacity but
with weaker margins and product concentration. Closest peers in
specialty chemicals are W. R. Grace Holdings LLC (B+/ Negative),
H.B. Fuller Company (BB/Stable), Ingevity Corporation (BB/Stable),
all medium-sized specialty producers with market leadership in
niche segments.

In the remaining two commoditised segments IE's peers either
include much larger OCI N.V. (BBB-/Stable) with good regional and
product diversification, or similar-scale but single-site
petrochemical manufacturers Petkim Petrokimya Holdings A.S.
(B/Negative).

IE's profitability during normal economic conditions combines an
EBITDA margin of 25% in TiO2, in high teens in composites and in
low teens in other segments, leading to an overall 16%-18% margin.
This level is above that of H.B. Fuller, Petkim and Kronos but lags
other the above chemical peers. Fitch expects IE's post-acquisition
FFO net leverage to stabilise at around 3.5x, higher than for
Kronos or OCI, but comparable with that of other INEOS Limited
companies and Ingevity, and markedly below that of other peers
(3.5x and above).

KEY ASSUMPTIONS

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

- Revenue growth in low teens in 2022 with a similar decrease in
2023 on falling prices in pigments, solvents and chemical
intermediates, and volume contraction in composites and chemical
intermediates. In 2024, revenue to show modest single-digit
increase as solvents/composites volumes recover. Revenue to decline
in the mid-single digits for 2025 as prices further normalise.

- EBITDA to increase towards EUR480 million in 2022 pro-forma for
the Ashta acquisition, and return to levels comparable to 2021
levels in 2023, on strong price momentum in 2022 and EBITDA
contribution from Ashta mitigating modest margin moderation.

- Capex stable at around EUR120 million per year.

- Shareholder distributions in line with previous years' and to be
commensurate with 3x internal net leverage target.

RATING SENSITIVITIES

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

- Significant improvement in scale or a record of more conservative
financial policies underpinning FFO net leverage below 2.5x or net
debt/EBITDA below 2.0x on a sustained basis

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

- Aggressive M&A or shareholder distributions leading to FFO net
leverage above 3.5x or net debt/EBITDA above 3.0x on a sustained
basis

- Protracted market pressure translating into EBITDA margins below
14% on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects IE's cash balance
post-acquisition and refinancing to be around EUR190 million with
manageable maturities in 2023 and 2024.

Fitch sees IE as a business with fundamentally positive free cash
flow generation through the cycle, providing additional liquidity
support. It has a EUR250 million securitisation facility, which
matures in 2024 and will be EUR50 million drawn at end-2022. After
the refinancing, the bulk of IE's outstanding debt will come due in
2026.

ISSUER PROFILE

IE is a chemicals company that operates under the following
business segments: pigments, composites, solvents as well as
chemical intermediates. The company is an independently managed
subsidiary of INEOS Limited.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
INEOS Enterprises
Holdings US Finco
LLC
  
   senior secured   LT     BB+  Affirmed    RR2      BB+

INEOS Enterprises
Holdings Limited    LT IDR BB-  Affirmed             BB-

INEOS Enterprises
Holdings II Limited

   senior secured   LT     BB+  Affirmed    RR2      BB+


JEHU GROUP: Work at Ledbury Scheme Halted After Administration
--------------------------------------------------------------
Emily Twinch at Housing Today reports that work has halted on
93-home affordable housing development in Ledbury in the wake of
Jehu Group collapse.

The Welsh contractor and developer Jehu Group has gone into
administration, which has brought a halt to at least two housing
developments and an extra care scheme, Housing Today relates.

According to Housing Today, administrators Begbies Traynor Group
has been called in to act as agents for the group, which had 15
live projects, along with its associated companies, Jehu Project
Services and Waterstone Homes.

The Connexus Group confirmed to Housing Today that as a result its
93-home affordable housing scheme in Ledbury, for which the Jehu
Group was the main contractor, has been stopped for now, Housing
Today notes.

"Connexus remains committed to developing new affordable homes for
local people in the area. We are working with the administrators
and appraising various options which will enable us to complete
construction at the Full Pitcher site," Housing Today quotes Amanda
Knowles, head of development at the housing association, as
saying.

Housing association Linc Cymru has had to stop work on a 48-home
affordable housing site in City Road, Cardiff.  Also on a 60-flat
extra care scheme, Dan Y Mynydd, in Rhondda Cynon Taf, Housing
Today notes.

According to Housing Today, Sian Diaz, development director at
Linc, said: "Work will now begin to source a new contractor to take
over the construction and we will work alongside our colleagues in
Rhondda Cynonn Taff Council and Cardiff Council to ensure the
successful delivery of Dan Y Mynydd extra care scheme and our new
homes on City Road, Cardiff."

Jehu Group, which was established in 1935, works for social
landlords and local authorities, and had a total remaining value in
excess of GBP100 million.

The administrators, as cited by Housing Today, said Waterstone
Homes was delivering two further contracts for housing
associations.   

Begbies Traynor Group said the 104 employees across the Group had
been made redundant on Oct. 21.  Five members of staff had been
retained to help the directors assist with duties, Housing Today
relates.

Huw Powell, Katrina Orum and Paul Wood were appointed as joint
administrators, without personal liability, of the Jehu Group and
its companies, Housing Today notes.  

Mr. Powell, managing partner at Begbies Traynor, said the firm's
collapse was due to inflation following the Covid pandemic, as
fixed-price contracts with single digit margins agreed before the
pandemic suffered cost increases in excess of 25%, Housing Today
relays.


L1R HB FINANCE: Moody's Appends 'LD' Designation to Ca-PD PDR
-------------------------------------------------------------
Moody's Investors Service has appended a limited default (/LD)
designation to L1R HB Finance Limited's (Holland & Barrett or the
company) Ca-PD probability of default rating, changing it to
Ca-PD/LD from Ca-PD. The /LD designation reflects the limited
default under Moody's definition arising from the completion of the
tender offer by the company's shareholders under which lenders were
offered between 75% and 80% of the facilities' face value. Moody's
will remove the /LD designation in approximately three business
days.

The company's corporate family rating of Caa3 is unaffected as are
the Caa3 ratings of the company's backed senior secured credit
facilities, comprising the equivalent GBP825 million term loan B
(split between a GBP450 million and a euro-denominated GBP375
million equivalent tranche), and a GBP75 million revolving credit
facility (RCF), due to mature in August 2024 and August 2023
respectively. The outlook on all ratings is negative.

RATINGS RATIONALE

Holland & Barrett's results have been on a negative trajectory for
a year since the rise in the Omicron variant of Covid led to a
reversal of the steady upward trend in footfall to retail stores,
in particular in high street and shopping centre locations.
Subsequently, rising inflation has also squeezed disposable incomes
and driven consumer confidence to record lows.

Against this backdrop Moody's considers it unlikely that over the
next 12-18 months the company's profitability and credit metrics
will recover from the weakness that has developed this year. As
such, the rating agency considers that until and unless there is a
comprehensive balance sheet restructuring the company's debt burden
is unsustainable.

RATING OUTLOOK

The negative outlook reflects Moody's view that Holland & Barrett's
capital structure is unsustainable and that its balance sheet will
need restructuring ahead of its debt maturities.

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

An upgrade is unlikely in the short term but could arise if a
sustainable capital structure is put in place following a
restructuring.

Conversely, downward pressure could arise if expected recovery
rates for lenders are less than 65%.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations have a low impact on the credit rating
of Holland & Barrett. While the coronavirus pandemic was supportive
of the company's credit quality in that it reinforced demand for
immunity and health products, in Moody's view the long term
dynamics around increasing awareness of the benefits of health
supplements have only limited positive impact on credit quality in
light of the ultimately discretionary nature of the products and
multi-faceted competition.

From a governance perspective Moody's has historically noted the
company's highly leveraged capital structure and the lower
reporting requirements typical of private companies compared to
listed ones. More recently, in early March this year, Mikhail
Fridman and Petr Aven, stepped down from the board of the company's
parent LetterOne after being sanctioned by the EU following the
invasion of Ukraine. They were subsequently also sanctioned by the
UK, and while LetterOne and Holland & Barrett issued statements
stating that they are not affected by the sanctions, in Moody's
view the events increased an existing lack of clarity about
LetterOne's medium to long term strategy for its investments and
this remains the case following the tender offer.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Retail published
in November 2021.

PROFILE

Holland & Barrett is a chain of health food shops with over 1,000
stores, mainly located in the UK but also in The Netherlands,
Ireland and Belgium. In its fiscal year 2021, ended September 30,
2021, H&B reported GBP727 million of revenue and an operating
profit of GBP55 million. The company is headquartered in Nuneaton,
England and is owned by L1 Retail, a division of LetterOne, a
privately-owned investment vehicle which invests across energy,
health, technology and retail.

SENTOR SOLUTIONS: Put Into Liquidation Following Investment Fraud
-----------------------------------------------------------------
Sally Hickey at FTAdviser reports that a group of companies have
been put into liquidation after scamming investors out of GBP2.4
million.

The Sentor group, including Sentor Solutions Commercial, Fabcourt
Developments, Sentor Solutions Advisory and Sentor Solutions (the
latter two of which had changed their names to Hall Contracting
Services and Clarkson Murphy Partners) have all been wound up by
the High Court, FTAdviser relates.

Between them, the companies took over GBP2 million and US$500,000
(GBP432,000) from investors for a scam that offered fixed rate
investment products known as convertible loan notes, FTAdviser
discloses.

According to FTAdviser, the companies fraudulently claimed these
products were government-backed and covered by the Financial
Services Compensation Scheme, and offered a high monthly or
quarterly interest rate for between two and three years.

The investigation by the Insolvency Service found that investors in
the schemes offered by the companies, called Sampson Property
Developments and Fabcourt Developments, were paid out a handful of
monthly interest payments on their investments before the companies
went silent and left them "substantially out of pocket", FTAdviser
notes.

The properties advertised were owned by unrelated entities and
videos promoting the investment schemes had been cloned, FTAdviser
states.

The official receiver has been appointed liquidator of the
companies, FTAdviser relates.

Fabcourt Developments was the successor to Sampson Property
Developments, previously known as Texmoore Limited, which had
operated a similar scam until it was entered into compulsory
liquidation in March this year following a petition from creditors,
according to FTAdviser.


[*] UK: Corporate Insolvencies Remain at High Levels, R3 Says
-------------------------------------------------------------
Business Sale reports that insolvency and restructuring firm R3 has
said UK companies are facing a "perfect storm" as corporate
insolvencies remain at high levels.

Corporate insolvencies recently hit their second highest level in a
decade, as businesses contend with rising costs, mounting debts and
the ongoing impact of COVID-19 and Brexit, Business Sale
discloses.

During the third quarter of the year, government data showed that
there were 5,595 seasonally-adjusted corporate insolvencies in
England and Wales, Business Sale relates.  According to Business
Sale, while this was down 1% compared to Q2 2022, it was 40 per
cent higher than Q3 2021 and 28 per cent higher than Q3 2019 --
prior to the onset of the COVID-19 pandemic.

Creditors' Voluntary Liquidations (CVLs), meanwhile, stood at
4,800. While this was down compared to the 4,908 seen in Q2 2022
(helping to drive the overall quarterly reduction in corporate
insolvencies), figures remain close to that level, which was the
highest in 10 years and close to the highest figures seen since
1960, Business Sale notes.

As costs rise, consumer sentiment wanes amid the cost-of-living
crisis and debts accrued during the pandemic begin to drag on
businesses, the high level of CVLs indicate that many company
owners are taking the decision to close their companies of their
accord, Business Sale states.

According to Business Sale, commenting on the latest figures, R3's
North West chair Allan Cadman said: "Two years of economic
turbulence are translating into a rise in corporate insolvencies.
Government support paused rather than prevented the economic
effects of the pandemic from leading to more businesses entering
insolvency, but now that support has ended, we're starting to see
numbers exceed pre-pandemic ones.

"Although the figures show a quarterly fall in corporate
insolvencies -- driven mainly by a reduction in Creditors'
Voluntary Liquidations and administrations, as well as the
traditional summer slowdown in enquiries and appointments -- they
are still the second highest quarterly figures for corporate
insolvencies in a decade."




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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *