/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/221107.mbx 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 Monday, November 7, 2022, Vol. 23, No. 216 Headlines A U S T R I A A-TEC INDUSTRIES: EUR798M Bank Debt Trades at 99.8% Discount B E L G I U M APOLLO FINCO: EUR348M Bank Debt Trades at 16% Discount F R A N C E BISCUIT HOLDING: EUR490M Bank Debt Trades at 32% Discount BUFFALO GRILL: EUR200M Bank Debt Trades at 30% Discount G E R M A N Y PHOENIX PHARMAHANDEL: S&P Affirms 'BB+' LT ICR, Outlook Stable RAFFINERIE HEIDE: Moody's Puts 'Caa2' CFR on Review for Upgrade I R E L A N D ARMADA EURO III: Moody's Affirms B2 Rating on EUR10MM Cl. F Notes BAIN CAPITAL 2018-2: Moody's Affirms B2 Rating on Class F Notes DRYDEN 32 EURO 2014: Moody's Lowers Rating on F-R Notes to 'B3' PENTA CLO 12: S&P Assigns Prelim. B-(sf) Rating on Class F Notes TRINITAS EURO III: S&P Assigns B-(sf) Rating on Class F Notes K A Z A K H S T A N BATYS TRANSIT: S&P Affirms 'B/B' Issuer Credit Ratings L U X E M B O U R G ADB SAFEGATE: $145M Bank Debt Trades at 20% Discount ADB SAFEGATE: EUR344M Bank Debt Trades at 19% Discount ALTISOURCE SARL: US$412M Bank Debt Trades at 17% Discount ARMORICA LUX SARL: EUR335M Bank Debt Trades at 20% Discount ATENTO LUXCO 1: Moody's Cuts CFR to B2 & Alters Outlook to Negative BERING III SARL: EUR146M Bank Debt Trades at 18% Discount N E T H E R L A N D S JUBILEE PLACE 5: S&P Assigns BB-(sf) Rating on Class F Notes PEARLS (NETHERLANDS): S&P Raises LT ICR to 'B+' on Planned Merger U N I T E D K I N G D O M AMPHORA FINANCE: GBP301M Bank Debt Trades at 32% Discount DC BUILDING: Sole Director Faces 10-Year Disqualification GCC MANAGEMENT: Directors Get 25-Year Disqualification Order INEOS ENTERPRISES II: Moody's Rates New EUR350MM Term Loan 'Ba3' MADE.COM: Set to Enter Administration Today, 500 Jobs at Risk MISSOURI TOPCO: S&P Lowers ICR to 'CCC-', Outlook Negative NEWGATE FUNDING 2007-3: S&P Affirms B+(sf) Rating on Cl. E Notes NO1 BOTANICALS: Enters Administration, Put Up for Sale RUTHERFORD HEALTH: Taunton Diagnostic Centre's Future Secured V LARKIN: Director Gets 6-Year Disqualification Order VEDANTA RESOURCES: Moody's Lowers CFR to B3, Outlook Remains Neg. WOODHEAD CONSTRUCTION: Council to Set Up Development Company X X X X X X X X [*] BOND PRICING: For the Week October 31 to November 4, 2022 - - - - - ============= A U S T R I A ============= A-TEC INDUSTRIES: EUR798M Bank Debt Trades at 99.8% Discount ------------------------------------------------------------ Participations in a syndicated loan under which A-TEC Industries AG is a borrower were trading in the secondary market around 0.175 cents-on-the-dollar during the week ended Fri., November 4, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR798 million facility is a revolving guarantee facility loan. The loan was scheduled to mature on August 5, 2013. A-TEC Industries AG manufactures drive systems, metallurgy and machine tools. The Company's country of domicile is Austria. ============= B E L G I U M ============= APOLLO FINCO: EUR348M Bank Debt Trades at 16% Discount ------------------------------------------------------ Participations in a syndicated loan under which Apollo Finco BV is a borrower were trading in the secondary market around 84.5 cents-on-the-dollar during the week ended Fri., Nov. 4, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR348 million facility is a term loan. The loan is scheduled to mature on September 9, 2028. The Company's country of domicile is Belgium. =========== F R A N C E =========== BISCUIT HOLDING: EUR490M Bank Debt Trades at 32% Discount --------------------------------------------------------- Participations in a syndicated loan under which Biscuit Holding SASU/FR is a borrower were trading in the secondary market around 68.38 cents-on-the-dollar during the week ended Fri., November 4, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR490 million facility is a term loan. The loan is scheduled to mature on February 14, 2027. The amount is fully drawn and outstanding. The Company's country of domicile is France. BUFFALO GRILL: EUR200M Bank Debt Trades at 30% Discount ------------------------------------------------------- Participations in a syndicated loan under which Buffalo Grill SAS is a borrower were trading in the secondary market around 70.3 cents-on-the-dollar during the week ended Fri., November 4, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR200 million facility is a term loan. The loan is scheduled to mature on January 31, 2025. Buffalo Grill operates as a restaurant. The Company offers hamburgers, salads, grilled meats, cocktails, beverages, and desserts for on-premise consumption. The Company's country of domicile is France. ============= G E R M A N Y ============= PHOENIX PHARMAHANDEL: S&P Affirms 'BB+' LT ICR, Outlook Stable -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term issuer credit and issue ratings on Germany-headquartered pharmaceutical distributor and pharmacy operator Phoenix Pharmahandel GmbH & Co. KG and removed them from CreditWatch, where they were placed with negative implications July 7, 2021. The stable outlook reflects S&P's view that Phoenix will successfully integrate McKesson's continental European assets and continue to post resilient performance such that its adjusted leverage remains below 4.0x one year after the transaction's close. Phoenix's acquisition of McKesson's continental European assets will increase the group's adjusted leverage to about 4.0x in 2023 and within the 3.5x-4.0x in 2024, below S&P's previous expectations of above 4.0x. The company will finance the acquisition with a EUR300 million promissory note and internal funds. The overall quantum of debt raised is lower than the originally planned EUR1 billion bridge facility. This, coupled with the group's deleveraging and strong cash flow over the past year, increases Phoenix's financial headroom. The targeted McKesson assets are expected to contribute annual sales of EUR10 billion. Brocacef is already entirely consolidated in the group's income statement. This acquisition will reduce minority interests and improve net profit, but by only a relatively small amount. S&P expects the group's adjusted EBITDA margin to drop slightly below 2% in 2023-2024 in light of the expected one-off and restructuring costs related to the acquisition. The acquisition supports Phoenix's long-term strategy, but the pace of deleveraging will not only depend on the integration's success but the existing business' continuous operational improvement. The acquired assets are across Europe, including in countries where Phoenix is already present, such as France and Italy. This will allow the group to reinforce its market position and turn around the business in France. On top of adding geographical diversity and market shares, the deal could reinforce Phoenix's profitability because it will benefit from economies of scale. The synergies mainly relate to the reduction of the double-cost structure for the headquarters as well as the logistics and distribution capabilities. Although synergies have been clearly identified, rationalization and restructuring of the new organization would require material upfront investment, including capital expenditure (capex), which will delay a more pronounced improvement in EBITDA in the near-to-medium term. Phoenix operates in a highly regulated business environment, which limits profitability improvement. In Germany, where the group only operates in the wholesale business and which remains the largest country in terms of revenue contribution (34% of revenue), profitability improvement is extremely limited because of very strict regulations and a highly competitive environment. Since an adverse regulatory change in 2012, the margin allowed in wholesale business is 3.15% plus 70 cents of the fixed fee, with a cap at EUR37.80. Reducing rebates or negotiating better purchasing conditions could impact profitability, but only to a limited extent given stiff market competition. However, post-transaction, the group's German exposure will decrease to an estimated 25% of total revenue. S&P said, "We expect Phoenix's operating performance to remain resilient, with revenue growth stabilizing around 2% post-transaction. The group has shown resilience to the pandemic-induced shock, given the essential nature of the service that it provides. In fiscal 2021, revenue increased 8.9% to EUR30.7 billion, reflecting organic business growth across all regions, especially Eastern Europe (up 12.4%) and Germany (9.9%) due to an increase in retail demand as pandemic-related restrictions eased. Phoenix's growth in Germany, its most important market, has been mainly price-driven thanks to a shift to high price prescription drugs from consumers which has to partly offset inflationary pressure. Although we expect the group to offset rising inflation with higher prices for drugs, we still expect margin erosion from the elevated inflation in Germany, pressure on salaries, and increasingly competitive market conditions. "We forecast that Phoenix's free operating cash flow (FOCF) will remain positive over the next two years, but lower than historical levels. We expect that the group's capacity to generate FOCF could fluctuate due to large working capital requirements in light of the acquisition. Still, the group's working capital management has improved, thanks to the implemented inventory optimization program. We forecast capex to remain relatively stable, in the EUR250 million-EUR300 million range in 2023 and 2024. Overall, we expect that Phoenix 's FOCF should remain at EUR50 million-EUR150 million in 2023 and 2024, then increase above EUR200 million from 2025 onward. "The stable outlook reflects our view that Phoenix will gradually improve its profitability, benefiting from the full-year contribution of the McKesson's continental European assets and continuous operational improvements. We also expect the company will manage its working capital, capex, and returns to shareholders in a way that will not materially increase its leverage. This should enable it to maintain its adjusted debt to EBITDA below 4x. "We could lower the rating if the group's fails to successfully integrate McKesson's continental European assets, leading to higher-than-expected one-off costs or significant delays in synergies materialization that push Phoenix's adjusted debt to EBITDA above 4x one year after the transaction's close. Similarly, accelerated absorption of cash into working capital or capex from the integration could also trigger a downgrade if it results in persistently low or negative FOCF. "We would consider raising the ratings if we saw Phoenix's business risk profile reinforced by increasing the proportion of revenue from the retail business, resulting in materially higher profitability; and adjusted leverage fell below 3x sustainably." ESG credit indicators: E-2, S-2, G-2 ESG factors have an overall neutral influence on S&P's credit rating analysis of Phoenix. This is because of its well-established track record of adjusting to the shifting competitor and regulatory landscape in pharmaceutical distribution across multiple countries in Europe. RAFFINERIE HEIDE: Moody's Puts 'Caa2' CFR on Review for Upgrade --------------------------------------------------------------- Moody's Investors Service has changed the outlook on Raffinerie Heide GmbH to ratings under review from negative. Concurrently, the agency has placed the company's Caa2 long term corporate family rating, its Caa2-PD probability of default rating and the Caa2 rating of the EUR250 million secured bond due in December 2022 on review for upgrade. RATINGS RATIONALE/FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The action reflects a decreasing probability that Raffinerie Heide will default over the next 12-18 months under Moody's definitions. Most notably, the likelihood has increased that even if the company is not able to access the capital markets before December, it will be willing and able to repay the EUR250 million guaranteed senior secured bond due December 1, 2022 from internal cash flow generation. This assessment is primarily driven by a strong operating momentum in the refining market since the start of the conflict in Ukraine. The geopolitical tensions have supported refining margins that reached unprecedently high levels during the second quarter, enabling strong cash flow generation. For instance, Raffinerie Heide's debt/EBITDA, as adjusted by Moody's, significantly declined from 13.1x in 2021 to 3.2x for 12 months to June 2022 and its reported cash and cash equivalents increased to EUR90 million at the end of December 2021 to EUR200 million at the end of June 2022. Even though at the end of June 2022 the company still did not have sufficient liquidity to fully repay the maturing bond, Moody's expects that the strong operational momentum and cash generation continued during the third quarter, and it is likely to continue at least until the maturity of the bond, providing sufficient cash reserves to repay the maturing bond. The review process will primarily focus on the assessment of the capital structure and financial policies after the maturity of the bond. This process may lead to an upgrade of Raffinerie Heide's ratings by more than one notch after the repayment of the bond. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Governance considerations include the agency's assumption of increasing likelihood that the company will be willing and able to service obligations related to its bond. Raffinerie Heide's exposure to social and environmental risk is very high, primarily reflecting very high carbon transition risk, which also drives increasing regulation and societal pressure to speed up the transition to electric vehicles. The company's ratings could be upgraded if: (1) the refinery shows a resilience to highly volatile crude prices and its end market demand were about to stabilize; (2) it lowers its adjusted debt to EBITDA below 7.0x on a sustained basis; (3) it continues to generate meaningful positive free cash flows; (4) it strengthens its liquidity profile, and (5) repay its bond latest at the maturity. Conversely, the company's ratings could be downgraded if it fails to service the EUR250 million senior secured bond maturing in December 2022. Raffinerie Heide is a small-sized refining company based in Germany. The company mainly processes crude oil and other hydrocarbons to produce refined mineral oil products and petrochemical products such as middle distillates, gasoline, aromatics and olefins. LIST OF AFFECTED RATINGS: Issuer: Raffinerie Heide GmbH Placed On Review for Upgrade: LT Corporate Family Rating, currently Caa2 Probability of Default Rating, currently Caa2-PD Senior Secured Regular Bond/Debenture, currently Caa2 Outlook Actions: Outlook, Changed To Ratings Under Review From Negative PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Refining and Marketing published in August 2021. ============= I R E L A N D ============= ARMADA EURO III: Moody's Affirms B2 Rating on EUR10MM Cl. F Notes ----------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Armada Euro CLO III Designated Activity Company: EUR35,000,000 Class B Senior Secured Floating Rate Notes due 2031, Upgraded to Aa1 (sf); previously on Mar 31, 2021 Definitive Rating Assigned Aa2 (sf) EUR27,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2031, Upgraded to A1 (sf); previously on Mar 31, 2021 Definitive Rating Assigned A2 (sf) EUR27,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2031, Upgraded to Baa2 (sf); previously on Mar 31, 2021 Definitive Rating Assigned Baa3 (sf) Moody's has also affirmed the ratings on the following notes: EUR218,000,000 Class A-1 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Mar 31, 2021 Definitive Rating Assigned Aaa (sf) EUR30,000,000 Class A-2 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Mar 31, 2021 Definitive Rating Assigned Aaa (sf) EUR23,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2031, Affirmed Ba2 (sf); previously on Mar 31, 2021 Affirmed Ba2 (sf) EUR10,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2031, Affirmed B2 (sf); previously on Mar 31, 2021 Affirmed B2 (sf) Armada Euro CLO III Designated Activity Company, issued in December 2018 and refinanced in March 2021, is a collateralised loan obligation (CLO) backed by a portfolio of predominantly European senior secured loan and senior secured bonds. The portfolio is managed by Brigade Capital Europe Management LLP ("Brigade Capital"). The transaction's reinvestment period will end in January 2023. RATINGS RATIONALE The rating upgrades on the Class B, C and D Notes are primarily a result of the short time remaining before the end of the reinvestment period. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. In particular, Moody's assumed that the deal will benefit from a shorter amortisation profile and lower Weighted Average Rating Factor than it had assumed at the last review in September 2022. The affirmations on the ratings on the Class A-1, A-2, E and F Notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. 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: EUR402.25m Diversity Score: 53 Weighted Average Rating Factor (WARF): 2784 Weighted Average Life (WAL): 4.46 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.52% Weighted Average Coupon (WAC): 4.76% Weighted Average Recovery Rate (WARR): 45.11% Par haircut in OC tests and interest diversion test: None The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2021. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties 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 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. 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. BAIN CAPITAL 2018-2: Moody's Affirms B2 Rating on Class F Notes --------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Bain Capital Euro CLO 2018-2 Designated Activity Company: EUR13,800,000 Class B-1 Senior Secured Floating Rate Notes due 2032, Upgraded to Aaa (sf); previously on Apr 20, 2021 Definitive Rating Assigned Aa2 (sf) EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032, Upgraded to Aaa (sf); previously on Apr 20, 2021 Definitive Rating Assigned Aa2 (sf) EUR29,100,000 Class C Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to A1 (sf); previously on Apr 20, 2021 Affirmed A2 (sf) Moody's has also affirmed the ratings on the following notes: EUR232,500,000 Class A Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Apr 20, 2021 Definitive Rating Assigned Aaa (sf) EUR18,900,000 Class D Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed Baa2 (sf); previously on Apr 20, 2021 Affirmed Baa2 (sf) EUR22,900,000 Class E Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed Ba2 (sf); previously on Apr 20, 2021 Affirmed Ba2 (sf) EUR11,600,000 Class F Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed B2 (sf); previously on Apr 20, 2021 Affirmed B2 (sf) Bain Capital Euro CLO 2018-2 Designated Activity Company, issued in November 2018, refinanced in April 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Bain Capital Credit U.S. CLO Manager, LLC. The transaction's reinvestment period will end in January 2023. RATINGS RATIONALE The rating upgrades on the Class B-1, B-2 and C Notes are primarily a result of the improvement in over-collateralisation ratios since the payment date in October 2021. The rating affirmations on the Class A, D, E and F Notes reflect the expected losses of the notes continuing to remain consistent with their current ratings after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralization levels. The over-collateralisation ratios of the rated notes have improved since the payment date in October 2021. According to the trustee report dated October 2022 [1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 139.44%, 125.71%, 118.15% and 110.12% compared to October 2021 [2] levels of 137.86%, 124.28%, 116.81% and 108.88% respectively. 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: EUR370.4m Defaulted Securities: EUR2.1m Diversity Score: 65 Weighted Average Rating Factor (WARF): 2882 Weighted Average Life (WAL): 4.35 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.71% Weighted Average Coupon (WAC): 4.74% Weighted Average Recovery Rate (WARR): 44.42% 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: 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. 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. Foreign currency exposure: The deal has a small exposure to USD denominated assets. Volatility in foreign exchange rates will have a direct impact on interest and principal proceeds available to the transaction, which can affect the expected loss of rated tranches. 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. DRYDEN 32 EURO 2014: Moody's Lowers Rating on F-R Notes to 'B3' --------------------------------------------------------------- Moody's Investors Service has taken a variety of rating actions on the following notes issued by Dryden 32 Euro CLO 2014 Designated Activity Company: EUR16,950,000 Class B-1-R Senior Secured Floating Rate Notes due 2031, Upgraded to Aa1 (sf); previously on Jun 26, 2020 Affirmed Aa2 (sf) EUR24,050,000 Class B-2-R Senior Secured Fixed Rate Notes due 2031, Upgraded to Aa1 (sf); previously on Jun 26, 2020 Affirmed Aa2 (sf) EUR12,275,000 Class C-1-R Mezzanine Secured Deferrable Floating Rate Notes due 2031, Upgraded to A1 (sf); previously on Jun 26, 2020 Affirmed A2 (sf) EUR12,225,000 Class C-2-R Mezzanine Secured Deferrable Fixed Rate Notes due 2031, Upgraded to A1 (sf); previously on Jun 26, 2020 Affirmed A2 (sf) EUR12,500,000 Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2031, Downgraded to B3 (sf); previously on Dec 8, 2020 Upgraded to B2 (sf) Moody's has also affirmed the ratings on the following notes: EUR230,945,000 Class A-1-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Jun 26, 2020 Affirmed Aaa (sf) EUR12,155,000 Class A-2-R Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf); previously on Jun 26, 2020 Affirmed Aaa (sf) EUR17,500,000 Class D-1-R Mezzanine Secured Deferrable Floating Rate Notes due 2031, Affirmed Baa2 (sf); previously on Dec 8, 2020 Upgraded to Baa2 (sf) EUR5,000,000 Class D-2-R Mezzanine Secured Deferrable Fixed Rate Notes due 2031, Affirmed Baa2 (sf); previously on Dec 8, 2020 Upgraded to Baa2 (sf) EUR30,500,000 Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2031, Affirmed Ba2 (sf); previously on Dec 8, 2020 Upgraded to Ba2 (sf) Dryden 32 Euro CLO 2014 Designated Activity Company, issued in July 2014, refinanced in February 2017 and reset in August 2018 is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by PGIM Limited. The transaction's reinvestment period will end in November 2022. RATINGS RATIONALE The rating upgrades on the Class B-1-R, Class B-2-R, Class C-1-R and Class C-2-R Notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in November 2022. 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 in November 2021. The rating downgrade on the Class F-R notes is primarily a result of the deterioration in over-collateralisation ratios since October 2021. Other contributing factor is the loss of the Euribor floor benefit consequent to a change in Euro forward rates. According to the trustee report dated September 2022 [1] the Class A/B, Class C, Class D, Class E and Class F ratios are reported at 140.86%, 129.68%, 120.87%, 110.67%, 106.97% compared to October 2021 [2] levels of 141.57%, 130.33%, 121.47%, 111.23% and 107.51%, respectively. 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: EUR399.55m Defaulted Securities: EUR3.76m Diversity Score: 59 Weighted Average Rating Factor (WARF): 2942 Weighted Average Life (WAL): 4.66 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 4.04% Weighted Average Coupon (WAC): 4.8% Weighted Average Recovery Rate (WARR): 41.02% Par haircut in OC tests and interest diversion test: 0.26% The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2021. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank and swap provider, using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance" published in June 2022. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Additional uncertainty about performance is due to the following: Portfolio amortisation: Once reaching the end of the reinvestment period in November 2022, 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. 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. PENTA CLO 12: S&P Assigns Prelim. B-(sf) Rating on Class F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary credit ratings to Penta CLO 12 DAC's class A Loan and class A, B, C, D, E, and F notes. At closing, the issuer will also issue unrated subordinated notes. The F class of notes is a delayed draw tranche which has a maximum notional amount of EUR12 million, and a spread of three/six-month Euro Interbank Offered Rate (EURIBOR) plus 10.50%. The class F notes can only be issued once and only during the reinvestment period with an issuance amount totaling EUR12 million. The issuer will use the full proceeds received from the sale of the class F notes to redeem the subordinated notes. Upon issuance, the class F notes' spread could be subject to a variation and, if higher, is subject to rating agency confirmation. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. This transaction has a 1.5 year non-call period and the portfolio's reinvestment period will end approximately 4.4 years after closing. The preliminary ratings reflect S&P's assessment of: -- The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization (OC). -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. Portfolio Benchmarks CURRENT S&P Global Ratings weighted-average rating factor 2,875.70 Default rate dispersion 464.22 Weighted-average life (years) 4.48 Obligor diversity measure 106.71 Industry diversity measure 18.18 Regional diversity measure 1.17 Transaction Key Metrics CURRENT Total par amount (mil. EUR) 300.00 Defaulted assets (mil. EUR) 0 Number of performing obligors 123 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 3.37 'AAA' covenanted weighted-average recovery (%) 35.99 Covenanted weighted-average spread (%) 3.70 Covenanted weighted-average coupon (%) 3.75 Rating rationale S&P said, "Our preliminary ratings reflect our assessment of the preliminary collateral portfolio's credit quality, which has a weighted-average rating of 'B'. We consider that the portfolio will primarily comprise broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we modelled the EUR300 million par amount, the covenanted weighted-average spread of 3.70%, the covenanted weighted-average coupon of 3.75%, and the covenanted weighted-average recovery rates. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "We expect that the transaction's documented counterparty replacement and remedy mechanisms will adequately mitigate its exposure to counterparty risk under our counterparty criteria. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned preliminary ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "At closing, we consider that the transaction's legal structure will be bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicate that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher rating levels than those we have assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our assigned preliminary ratings on these notes. The class A Loan and class A and F notes can withstand stresses commensurate with the assigned preliminary ratings. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our preliminary ratings are commensurate with the available credit enhancement for the class A Loan and class A, B, C, D, E, and F notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A to E notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance (ESG) factors S&P said, "We regard the exposure to ESG credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to the following industries: the sale or extraction of thermal coal and oil sands, oil and gas extraction from unconventional sources, and fossil fuel transportation, processing or refining; controversial weapons; ozone depleting substances; endangered or protected wildlife; pornography and prostitution; tobacco and tobacco-related products; gambling and payday lending; illegal drugs and recreational cannabis; opioid drug manufacturing and distribution; alcohol production; civilian firearms; non-sustainable palm oil production; or speculative transactions of soft commodities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." The manager will provide an ESG monthly report that will include: -- The portfolio's average ESG score and distribution; -- The list of obligors with an ESG-linked loan; and -- The list of obligors that have been classified as an ESG ineligible obligation. Environmental, social, and governance (ESG) corporate credit indicators S&P said, "The influence of ESG factors in our credit rating analysis of European CLOs primarily depends on the influence of ESG factors in our analysis of the underlying corporate obligors. To provide additional disclosure and transparency of the influence of ESG factors for the CLO asset portfolio in aggregate, we've calculated the weighted-average and distributions of our ESG credit indicators for the underlying obligors. We regard this transaction's exposure as being broadly in line with our benchmark for the sector, with the environmental and social credit indicators concentrated primarily in category 2 (neutral) and the governance credit indicators concentrated in category 3 (moderately negative)." Corporate ESG Credit Indicators ENVIRONMENTAL SOCIAL GOVERNANCE Weighted-average credit indicator* 2.12 2.14 2.92 E-1/S-1/G-1 distribution (%) 0.00 0.00 0.00 E-2/S-2/G-2 distribution (%) 69.40 70.42 9.68 E-3/S-3/G-3 distribution (%) 9.30 4.53 66.69 E-4/S-4/G-4 distribution (%) 0.00 3.41 1.00 E-5/S-5/G-5 distribution (%) 0.00 0.00 1.33 Unmatched obligor (%) 9.63 9.97 9.63 Unidentified asset (%) 11.67 11.67 11.67 *Only includes matched obligor Penta CLO 12 DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Partners Group (UK) Management Ltd. will manage the transaction. Ratings List CLASS PRELIM PRELIM SUB(%) INTEREST RATE* RATING AMOUNT (MIL. EUR) A AAA (sf) 133.00 39.00 Three/six-month EURIBOR plus 2.10% A Loan AAA (sf) 50.00 39.00 Three/six-month EURIBOR plus 2.10% B AA (sf) 24.90 30.70 Three/six-month EURIBOR plus 4.24% C A (sf) 17.40 24.90 Three/six-month EURIBOR plus 5.08% D BBB- (sf) 18.10 18.87 Three/six-month EURIBOR plus 6.64% E BB- (sf) 11.40 15.07 Three/six-month EURIBOR plus 8.96% F§ B- (sf) 12.00 11.07 Three/six-month EURIBOR plus 10.50% Sub NR 36.25 N/A N/A * The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. § Class F is a delayed drawdown tranche, which is not issued at closing. EURIBOR -- Euro Interbank Offered Rate. NR -- Not rated. N/A -- Not applicable. TRINITAS EURO III: S&P Assigns B-(sf) Rating on Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Trinitas Euro CLO III DAC's class A, B-1, B-2, C, D, E, and F notes. The issuer has also issued subordinated notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior-secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio Benchmarks CURRENT S&P weighted-average rating factor 2,685.40 Default rate dispersion 548.69 Weighted-average life (years) 4.89 Obligor diversity measure 135.14 Industry diversity measure 20.98 Regional diversity measure 1.24 Transaction Key Metrics CURRENT Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.38 Covenanted 'AAA' weighted-average recovery (%) 37.23 Covenanted weighted-average spread (%) 3.90 Covenanted weighted-average coupon (%) 4.57 Delayed draw tranche Class F is a delayed draw tranche. It is unfunded at closing and has a maximum notional amount of EUR17.0 million and a spread of three/six-month Euro Interbank Offered Rate (EURIBOR) plus 10.00%. The class F notes can only be issued once and only during the reinvestment period. The issuer will use the proceeds received from the issuance of the class F notes to redeem the subordinated notes. Upon issuance, the class F notes' spread could be higher (in comparison with the issue date) subject to rating agency confirmation. For the purposes of S&P's analysis, it has assumed the class F notes to be outstanding at closing. Asset priming obligations and uptier priming debt Under the transaction documents, the issuer can purchase asset priming (drop down) obligations and/or uptier priming debt to address the risk of a distressed obligor either moving collateral outside the existing creditors' covenant group or incurring new money debt senior to the existing creditors. In this transaction, current pay obligations are limited to 5.0%, but those obligations that are uptier priming debt can have up to 1.0% more. Corporate rescue loans and uptier priming debt that comprise defaulted obligations are limited to 5%. There is an overall limit on all uptier priming debt of 1.0%. Rating rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. For the class C and D notes additional interest is paid on the first payment date of EUR33,022 and EUR55,650, respectively. The portfolio's reinvestment period will end approximately four and a half years after closing. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior-secured term loans and senior-secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (3.90%), the reference weighted-average coupon (4.57%), and actual weighted-average recovery rates at each rating level. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned preliminary ratings." Until the end of the reinvestment period on May 2, 2027, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and it compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under S&P's current counterparty criteria. The transaction's legal structure and framework is bankruptcy remote, in line with S&P's legal criteria. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to E notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1, B-2, C, D, and E notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO will be in its reinvestment phase starting from closing, during which the transaction's credit risk profile could deteriorate, we have capped our preliminary ratings assigned to the notes. "For the class F notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift (to 'B-') reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 24.77% (for a portfolio with a weighted-average life of 4.89 years), versus if it was to consider a long-term sustainable default rate of 3.1% for 4.89 years, which would result in a target default rate of 15.16%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Taking the above factors into account and following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our preliminary ratings are commensurate with the available credit enhancement for all the rated classes of notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A to E notes to five of the 10 hypothetical scenarios we looked at in our publication "How Credit Distress Due To COVID-19 Could Affect European CLO Ratings," published on April 2, 2020. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." The transaction securitizes a portfolio of primarily senior-secured leveraged loans and bonds, and it is managed by Trinitas Capital Management, LLC. Environmental, social, and governance (ESG) S&P said, "We regard the exposure to ESG credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average." For this transaction, the documents prohibit assets from being related to certain activities, including, but not limited to the following: An obligor involved in: -- The marketing, manufacturing or trade of illegal drugs or narcotics; -- The marketing, manufacturing or distribution of opioids; -- The use of child or forced labor; -- Payday lending; -- Providing storage facilities or services for oil or other infrastructure; -- Tobacco production; -- Trading, for commercial purposes, endangered, or critically endangered species; or -- The development of genetic engineering or genetic modification. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities. Environmental, social, and governance (ESG) corporate credit indicators S&P said, "The influence of ESG factors in our credit rating analysis of European CLOs primarily depends on the influence of ESG factors in our analysis of the underlying corporate obligors. To provide additional disclosure and transparency of the influence of ESG factors for the CLO asset portfolio in aggregate, we've calculated the weighted-average and distributions of our ESG credit indicators for the underlying obligors. We regard this transaction's exposure as being broadly in line with our benchmark for the sector, with the environmental and social credit indicators concentrated primarily in category 2 (neutral) and the governance credit indicators concentrated in category 3 (moderately negative)." Corporate ESG Credit Indicators ENVIRONMENTAL SOCIAL GOVERNANCE Weighted-average credit indicator* 2.09 2.08 2.84 E-1/S-1/G-1 distribution (%) 0.50 0.75 0.00 E-2/S-2/G-2 distribution (%) 74.08 74.63 18.19 E-3/S-3/G-3 distribution (%) 6.63 5.33 59.65 E-4/S-4/G-4 distribution (%) 0.50 1.00 3.00 E-5/S-5/G-5 distribution (%) 0.00 0.00 0.88 Unmatched obligor (%) 13.82 13.82 13.82 Unidentified asset (%) 4.47 4.47 4.47 *Only includes matched obligor. Ratings List CLASS RATING AMOUNT INTEREST RATE CREDIT (MIL. EUR) ENHANCEMENT (%) A AAA (sf) 245.00 3mE + 1.87% 38.75 B-1 AA (sf) 26.10 3mE + 3.75% 29.73 B-2 AA (sf) 10.00 6.95% 29.73 C A (sf) 20.90 3mE + 4.74% 24.50 D BBB- (sf) 26.50 3mE + 6.30% 17.88 E BB- (sf) 17.40 3mE + 7.91% 13.53 F B- (sf) 17.00 3mE + 10.00% 9.28 Subordinated NR 45.30 N/A N/A NR--Not rated. N/A--Not applicable. 3mE--Three-month Euro Interbank Offered Rate. =================== K A Z A K H S T A N =================== BATYS TRANSIT: S&P Affirms 'B/B' Issuer Credit Ratings ------------------------------------------------------ S&P Global Ratings affirmed its 'B/B' global scale long- and short-term issuer credit ratings on Batys Transit JSC and its 'kzBBB-' long-term Kazakhstan national scale rating. The stable outlook reflects S&P's view of stable EBITDA of KZT3.6 billion-KZT5.1 billion, cash accumulation to repay maturing bonds in 2025, and good visibility on future cash flows, supported by material, although declining, earnings from the transition business. Batys' EBITDA will fall on the back of lower tariffs, only partially compensated by an expanding contribution from new street lighting projects. When the government reviewed Batys' five-year investment program and tariffs in June 2022, it approved only KZT6 billion of investments from the KZT10 billion claimed, relating mostly to 500 kilovolt (kV) line modernization. S&P said, "As a result, we expect the company to charge on average of KZT1.8-KZT1.9 per kilowatt hour (kWh) in 2022-2027, compared to the requested KZT2.6-KZT3.0 per kWh. Tariffs continue to compensate for debt service costs, investments, and inflation, including 20% wage increases forced by the government in 2022 following social unrest in January. However, combined with expected transmission volumes of 2.9 billion kWh-3.4 billion kWh, EBITDA from the transmission business will drop to KZT2.3 billion–KZT2.7 billion in 2022-2023, compared with KZT3.8 billion in 2021. Although in our base case we assume a material contribution from the Atyrau-4 and 5 street-lighting projects in 2023, this will only partially compensate for the reduction in electricity transmission EBITDA. As a result, we expect total EBITDA will fall almost 35% compared to 2021 levels to KZT3.1 billion by 2024." S&P expects new street-lighting projects will lead to negative free operating cash flow (FOCF) and additional debt accumulation in 2022-2023. The company recently signed the Atyrau-5 contract to install and maintain a modern street lighting system for another area of Atyrau city--the company's sixth tender in this field. S&P positively notes the contracts have been signed with a city administration that has no history of delayed or missed payments. Another supportive factor is the short-term nature of these projects; they are usually completed in stages, with one-to-two years of construction followed by four-to-five years of returns. At the same time, these contracts, like any other engineering and construction (E&C) projects, require material working capital outflows linked to equipment purchases in the early stages. This, combined with a capital expenditure (capex) program of KZT6 billion for the next five years, will lead to negative FOCF in 2022-2023. S&P said, "We understand Batys plans to keep financing its street-lighting projects with loans from its bondholder, Eurasian Development Bank (EABD; BBB-/Negative/A-3). As a result, we forecast gross debt will peak at KZT24 billion–KZT25 billion by 2023, with further gradual deleveraging as Batys receives project repayments." S&P said, "Nevertheless, we believe sizable cash balance, partially reserved for bond repayment, and tight control on distributions imposed by EABD, support the rating.Batys reported KZT13.1 billion of cash and equivalents on its balance sheet at year-end 2021. We understand about half of this amount is reserved on the account with EABD and stored for 2025 debt repayment. We believe management will continue to accumulate KZT1.7 billion annually, in line with the schedule agreed with the bank and Ministry of Finance, to finally repay the outstanding 2025 bonds of KZT12.6 billion. That said, we net this reserved cash from our adjusted debt amount, supporting FFO to debt of 14%-16% in 2022-2023. We further note several financial covenants and the obligatory approval by the bank for new debt and dividends, which somewhat protect debtholders from management's ambitions to increase debt and dividend payouts. "Declining EBITDA from the stable and regulated transmission business and an expanding contribution from E&C activity may lead us to reconsider business sustainability and the rating. Although we highlight that existing regulation does not protect the company from volume risk, the tariff system still provides an adequate return on investment and visibility on future cash generation. At the same time, cash flows from Batys' second business segment, construction of street-lighting systems, are volatile, requiring material upfront investments in working capital while depending on its success in winning tenders organized by city administrations. Still, current projects have no history of delayed or missed payments. We project EBITDA from street-lighting projects will contribute up to 35% of total EBITDA on average in the forecast period. In the longer term, tariffs and stable EBITDA generation could further reduce on the back of reducing capital investments, which coupled with tender activity, could lead to large exposure to volatile cash generating E&C business. This could lead us to reconsider the business risk profile and rating. "The company is continuing its ambitious plans for new street-lighting projects, which will lead to an increase in debt. In addition to existing street-lighting projects in Atyrau and Eastern Kazakhstan, we expect the company's project pipeline to further expand due to its participation in several tenders for similar projects. If undertaken, these are likely to be material (several billion tenge each) and will require external borrowings. Our base case does not include any other investments in new street-lighting projects given the uncertainties regarding timing, budget, and contract-tender terms. However, we reflect the risk of debt accumulation to finance these projects in our negative view of the company's financial policy. "The stable outlook reflects our view that the risks associated with its small size, lack of solid regulatory protection, exposure to one large industrial customer, and undiversified asset base are balanced by relatively healthy projected operating cash flows in the next three years, a sizable cash position, adequate profitability, and a solid 10-year track record of operations. "In our base-case scenario, we assume that Batys will generate stable EBITDA of KZT2.3 billion–KZT 2.7 billion from transmission business, with up to KZT2.8 billion from street-lighting projects. Our base case includes KZT6 billion of capex for 500-kV line modernization in the next five years, as well as material working capital outflows of up to KZT6 billion by 2023, related to street-lighting projects, which will turn FOCF negative in 2022-2023. However, given the sizable cash reserve of KZT13.1 billion, we believe management will accumulate the required funds for the 2025 bonds repayment. We project FFO to debt of 14%-16% in 2022-2023. "We could consider a negative rating action if the company demonstrates heightened related-party transactions (raising concerns about governance issues) or if its liquidity materially deteriorates, for instance due to an increased reliance on short-term borrowings. We will also revise the business risk profile if the business mix shifts toward more volatile activities." In addition, the ratings will come under pressure if leverage materially increases, notably because: -- Batys undertakes a more aggressive stance toward investments or dividends than we currently assume. -- The company shows material operating underperformance (for instance, as a result of Kazchrome off-taking much lower volumes or delaying payments on its electricity bills, or due to a technical disruption) leading to weakened metrics. An upgrade is less likely in the next two years given Batys' small size and appetite for undertaking ambitious projects. S&P could raise the ratings if: -- The company diversifies its asset and customer base significantly, leading to reduced single-customer exposure in the electricity transmission segment; -- The regulatory environment improves in a way that eliminates Batys' exposure to volume risk; or -- The company demonstrates improved financial performance and a commitment to maintaining moderate debt leverage, with FFO to gross debt of above 20% and headroom at all times. ESG credit indicators: E-2, S-2, G-4 Governance factors are a negative consideration in S&P's analysis of Batys. All the company's assets and operations are concentrated in Kazakhstan where it sees governance risks as elevated relative to developed countries. Additionally, the company demonstrates a very ambitious development plan accompanied by aggressive investments, which weigh on its governance profile. =================== L U X E M B O U R G =================== ADB SAFEGATE: $145M Bank Debt Trades at 20% Discount ---------------------------------------------------- Participations in a syndicated loan under which ADB Safegate Luxembourg 2 Sarl is a borrower were trading in the secondary market around 80 cents-on-the-dollar during the week ended Fri., November 4, 2022, according to Bloomberg's Evaluated Pricing service data. The US$145 million facility is a term loan. The loan is scheduled to mature on October 2, 2024. The amount is fully drawn and outstanding. ADB Safegate provides airfield lighting solutions and services. The Company offers in-pavement and elevated lighting, guidance sign, mounting systems, light-emitting diode lighting, controlling, monitoring, and power equipment, as well as cables, connectors, tools, heliports, and accessories. The Company's country of domicile is Luxembourg. ADB SAFEGATE: EUR344M Bank Debt Trades at 19% Discount ------------------------------------------------------ Participations in a syndicated loan under which ADB Safegate Luxembourg 2 Sarl is a borrower were trading in the secondary market around 80.85 cents-on-the-dollar during the week ended Fri., November 4, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR344 million facility is a term loan. The loan is scheduled to mature on October 2, 2024. The amount is fully drawn and outstanding. ADB Safegate provides airfield lighting solutions and services. The Company offers in-pavement and elevated lighting, guidance sign, mounting systems, light-emitting diode lighting, controlling, monitoring, and power equipment, as well as cables, connectors, tools, heliports, and accessories. The Company's country of domicile is Luxembourg. ALTISOURCE SARL: US$412M Bank Debt Trades at 17% Discount --------------------------------------------------------- Participations in a syndicated loan under which Altisource Sarl is a borrower were trading in the secondary market around 83 cents-on-the-dollar during the week ended Fri., November 4, 2022, according to Bloomberg's Evaluated Pricing service data. The US$412 million facility is a term loan. The loan is scheduled to mature on April 3, 2024. About US$244 million of the loan is drawn and outstanding. Altisource Solutions S.a.r.l. specializes in developing and providing services and technology solutions for real estate, mortgage, and asset recovery and customer relationship management. The Company's country of domicile is Luxembourg. ARMORICA LUX SARL: EUR335M Bank Debt Trades at 20% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Armorica Lux Sarl is a borrower were trading in the secondary market around 79.9 cents-on-the-dollar during the week ended Fri., Nov. 4, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR335 million facility is a term loan. The loan is scheduled to mature on July 28, 2028. The amount is fully drawn and outstanding. Armorica Lux S.ar.l. is the parent company of idverde, a provider of landscaping services in Europe, offering a broad range of services for public or private clients across all segments. The Company's country of domicile is Luxembourg. ATENTO LUXCO 1: Moody's Cuts CFR to B2 & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Investors Service downgraded to B2 from Ba3 Atento Luxco 1 ("Atento")'s corporate family rating and senior secured notes due 2026, irrevocably and unconditionally guaranteed by Atento S.A. and certain subsidiaries. The outlook was changed to negative from stable. Downgrades: Issuer: Atento Luxco 1 Corporate Family Rating: to B2 from Ba3 Gtd Senior Secured Notes: to B2 from Ba3 Outlook Actions: Issuer: Atento Luxco 1 Outlook changed to negative from stable RATINGS RATIONALE The downgrade of Atento to B2 considers the deterioration in its liquidity profile. Despite the positive top line trend and expectation of improving margins, large interest and hedge payments will maintain liquidity risk high through August 2023. Cash needs have been high for Atento with lower-than-expected EBITDA because of cyber-attack losses since October 2021 and lower than expected volumes in the first half of 2022. Additionally, cash flow generation was reduced with higher interest expenses and expenses relating to hedges which swapped currency risk to a floating rate based on the Brazilian base rate (Selic). In June 2022 Atento had a cash position of $104 million. Moody's expects Atento cash balance to reduce in the third quarter after interest and hedge expenses of $42 million paid in August. But, as observed historically, Atento will present a higher cash inflow in October-December which should take cash balance to between $85 million and $95 million by year-end. As of June, Atento had $47 million in short-term debt. The next relevant cash outlay to service its debt is in February 2023 when Atento will conclude another interest payment for its bonds including hedges in the amount of approximately $40 million. Availability under committed facilities is only $7 million after Atento having drawn $43 million in 2022. Apart from its cash balance and operating cash generation Atento also counts on its receivables from large customers that can be used as a short-term liquidity source. Moody's estimates EBITDA of $147 million for 2022, returning to a margin of 10.2% for the year compared to 7.5% in the first half of 2022, and Debt/EBITDA of 4.96x. In 2022 Moody's estimates Cash Flow from Operations minus reported Capex of negative $15.2 million (compared to negative $34 million in the first half of the year). In 2023 Moody's expects a normalized EBITDA of $187.9 million, 12.7% EBITDA margin, leverage reducing to 3.86x, and Cash Flow from Operations minus reported Capex between $5 million and $11 million. Atento's B2 ratings are supported by its size and scale, among the top five Business Process Outsourcing ("BPO") providers globally by revenues, its geographic and product diversity and leading position in the markets it operates. The ratings also consider its long-term service contracts, including the service agreement between Atento and its largest client Telefonica S.A. that expires in 2023 for Brazil and Spain. The agreement mitigates the risk of Atento's concentration in Telefonica ("TEF"), although currently the concentration is at 32% of revenues, from 50% in 2012. The growth prospects of the BPO and customer relationship management (CRM) industry in Latin America also support the company's ratings. Moody's views as positive the increasing contribution of hard currency revenue streams as observed in the last 2 years. Its leading position in Latin America and technological capabilities allow Atento to address the United States market from the lower cost countries in Latin America (segment defined as Nearshore). Conversely, Atento's ratings are constrained by the tight liquidity and momentarily high leverage. Also constraining the ratings is the large component of labor in the cost structure of this industry, which weakens the operating flexibility and potentially generates high contingency provisions. The industry's fragmented nature and the necessity to diversify, implement technological innovation and boost value-added offerings to remain competitive increase the likelihood of M&A activity. Also, the exposure of EBITDA generation to currencies which are susceptible to sharp depreciations against the US dollar increases the risk of higher leverage and reduced debt coverage because of currency mismatch. The negative outlook reflects the risk of further deterioration in Atento's liquidity profile if cash generation until December 2022 is lower than expected, cash balance falls short of expectation without a viable liquidity source to mitigate such risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if Atento is unable to extend its maturity profile or if liquidity deteriorates further. The ratings would suffer downward pressure if Atento's total adjusted debt to EBITDA remains above 5.5x on a sustained basis and if company's retained cash flow to net adjusted debt remains below 9.0% for an extended period of time. Atento's ratings could be upgraded if the company is able to continue diversifying its customer base while registering sustained organic revenue and EBITDA growth, higher operating margins and gradual deleveraging. Additionally, the company would need to refinance comfortably it's upcoming debt maturities while maintaining total adjusted debt/EBITDA below 4.5x and retained cash flow/net debt above 12.5% on a sustained basis for a rating upgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Headquartered in Luxembourg, Atento Luxco 1 (Atento) is the holding company of the Atento group with direct and indirect subsidiaries operating in Latin America, North America and EMEA. The company is the largest provider of CRM and BPO services in Latin America, and ranks among the top providers globally, with net revenue of $1.5 billion for the 12 months ended September 2020 and more than 130,000 employees. Atento is ultimately owned by Atento S.A., a publicly listed company since October 2014. BERING III SARL: EUR146M Bank Debt Trades at 18% Discount --------------------------------------------------------- Participations in a syndicated loan under which Bering III Sarl is a borrower were trading in the secondary market around 82.3 cents-on-the-dollar during the week ended Fri., Nov. 4, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR146 million facility is a term loan. The loan is scheduled to mature on November 30, 2024. The amount is fully drawn and outstanding. Bering III S.a.r.l operates as a newly formed parent company of Iberconsa, a Spanish fishing company with operations in Argentina, Namibia, South Africa and Spain. The Company's country of domicile is Luxembourg. ===================== N E T H E R L A N D S ===================== JUBILEE PLACE 5: S&P Assigns BB-(sf) Rating on Class F Notes ------------------------------------------------------------ S&P Global Ratings assigned credit ratings to Jubilee Place 5 B.V.'s class A loan and class B-Dfrd to F-Dfrd interest deferrable notes. On closing, Jubilee Place 5 also issued unrated G-Dfrd, S1, S2, and R notes. Jubilee Place 5 is an RMBS transaction that securitizes a portfolio of buy-to-let (BTL) mortgage loans secured on properties located in the Netherlands. This is the fourth Jubilee Place transaction, following Jubilee Place 2020-1, 2021-1, 3 and 4, which were also rated by S&P Global Ratings. The loans in the pool were originated by DNL 1 B.V. (DNL; 22.3%; trading as Tulp), Dutch Mortgage Services B.V. (DMS; 62%; trading as Nestr), and Community Hypotheken B.V. (Community; 15.7%; trading as Casarion). All three originators are new lenders in the Dutch BTL market, with a very limited track record. However, the key characteristics and performance to date of their mortgage books are similar to peers. Moreover, Citibank N.A., London Branch, maintains significant operational oversight and due diligence is conducted by an external company, Fortrum, which completes an underwriting audit of all the loans for each lender before a binding mortgage offer can be issued. At closing, the issuer used the issuance proceeds to purchase the full beneficial interest in the mortgage loans from the seller. The issuer grants security over all its assets in favor of the security trustee. Citibank retains an economic interest in the transaction in the form of a vertical risk retention (VRR) loan note accounting for 5% of the pool balance at closing. The remaining 95% of the pool is funded through the proceeds of the mortgage-backed rated notes and class A loan amount. S&P considers the collateral to be prime, based on the originators' prudent lending criteria, and the absence of loans in arrears in the securitized pool. Credit enhancement for the rated debt consists of subordination from the closing date and the liquidity reserve fund, with any excess amount over the target being released to the principal priority of payment. The class A loan benefits from liquidity support in the form of a liquidity reserve, and the class A loan and B-Dfrd through F-Dfrd notes benefit from the ability of principal to be used to pay interest, provided that, in the case of the class B-Dfrd to F-Dfrd notes, they are the most senior class outstanding. There are no rating constraints in the transaction under our counterparty, operational risk, or structured finance sovereign risk criteria. S&P considers the issuer to be bankruptcy remote and the legal framework to be compliant with its legal criteria. Ratings CLASS RATING* CLASS SIZE (MIL. EUR)§ Class A loan AAA (sf) 327.42 B-Dfrd AA (sf) 21.38 C-Dfrd A (sf) 10.69 D-Dfrd BBB+ (sf) 6.22 E-Dfrd BBB- (sf) 4.47 F-Dfrd BB- (sf) 3.89 G-Dfrd NR 14.57 S1 NR N/A S2 NR N/A R NR N/A NR--Not rated. N/A--Not applicable. PEARLS (NETHERLANDS): S&P Raises LT ICR to 'B+' on Planned Merger ----------------------------------------------------------------- S&P Global Ratings raised its long-term ratings to 'B+' from 'B' on specialty chemicals businesses Caldic Group's parent company Pearls (Netherlands) Bidco B.V.; its outstanding EUR1.1 billion-equivalent term loan B (TLB), including the new EUR175 million debt add-on; and its EUR155 million RCF. The recovery rating remains at '3'. The stable outlook reflects S&P's expectation that Caldic Group will not raise additional debt in the next 12-18 months, and continues deleveraging, while the combined group maintains solid top-line growth and profitability, enhanced exposure to growth markets such as Latin America and Asia-Pacific, and continued strong cash flow generation. On Oct. 14, 2022, Caldic Group's financial sponsor Advent International announced its agreement with Connell's owner Wilbur-Ellis to merge the two specialty chemicals distribution businesses. The combined group will continue to operate under the Caldic brand. S&P expects the merger to close in the first quarter of 2023. As part of the transaction, Caldic plans to raise a new EUR175 million TLB add-on to fund the cash purchase price portion and repay drawings on the RCF used to fund bolt-on acquisitions. Following the merger, Wilbur-Ellis will remain as a strategic shareholder, with a minority stake, with the remainder owned by Advent International. S&P said, "The transaction improves Caldic Group's deleveraging prospects, and we expect S&P Global Ratings-adjusted debt to EBITDA to stand at about 5.5x at year-end 2022. Pro forma the merger, we expect our adjusted debt-to-EBITDA ratio for the group will be about 5.5x at year-end 2022, which is better than our previous projection of about 6.5x for Caldic Group alone. The significant leverage improvement is mostly thanks to Connell's largely debt-free balance sheet and the transaction being mainly funded through a share merger. The capital structure pro forma the merger includes a TLB of about EUR1.3 billion equivalent, about EUR279 million equivalent of second-lien senior secured debt, and about EUR25 million of other bank debt. Our debt adjustments as of year-end 2022 include about EUR68 million of operational leases, about EUR8 million of pension deficits, and other adjustments of about EUR27 million. We do not net cash in our adjusted debt calculation, owing to the company's private-equity ownership. The outstanding shareholder loan, which we believe qualifies for equity treatment under our methodology, has been converted into common equity following the merger. "We believe Caldic Group's financial-sponsor ownership continues to limit the potential for leverage reduction over the medium term. We expect faster deleveraging following the transaction, based on both parties' expressed commitment to not incur new debt in the foreseeable future. Given their intention to continue deleveraging by focusing on integration and cash flow generation, we expect S&P Global Ratings-adjusted-debt to EBITDA to be about 5x in 2023, leading to our core credit metric remaining in the highly leveraged category over 2022-2023. The financial sponsor's strong commitment to deleveraging and a track record of keeping adjusted debt to EBITDA below 5.0x would be necessary for us to revise upward our assessment of the financial risk profile. We believe strategic mergers and acquisitions (including bolt on transactions) will continue, in line with Caldic Group's acquisition strategy, and be funded through cash flow generation, thereby supporting the company's deleveraging path, in line with Advent's and the group's management's representations." The merger with Connell improves Caldic's size, geographic diversification, and market position in the Asia Pacific region. With about EUR2.7 billion of sales and about EUR302 million of S&P Global Ratings-adjusted EBITDA in 2022 pro forma the transaction, Caldic will be the third largest player in the pure specialty chemicals distribution market, just behind peers such as IMCD and Azelis. The enlarged group will have a presence in about 43 countries spread across Europe (about 31% of the sales), North America (about 13% of sales), Latin America (about 31% of sales), and Asia-Pacific (about 25% of sales). S&P said, "We believe that Connell will also improve the group's overall market position, thanks to cross-selling opportunities, the opportunity to further extend the number of partners (principals) in Asia-Pacific, and leveraging on Caldic's and Connell's branded products. Given that the two businesses are highly complementary without any significant geographic overlaps, we do not expect any loss of key principals following the merger, and we believe there is potential to further optimize the cost base through procurement-cost savings, logistics, and warehousing, as well as by reducing selling and administrative expenses. We believe that Caldic is better positioned than some of its close peers, such as Barentz, in terms of size and geographic diversification." S&P said, "We believe that Caldic Group's rapid acquisitive growth, although common in the industry, still carries some integration risk. We forecast Caldic Group's sales to increase to a pro forma EUR2.7 billion in 2022 from about EUR1.7 billion reported at the end of 2021 pro forma the GTM transaction. Given the market's fragmented nature, it is very common for chemicals distributors to expand through acquisitions, and we see a similar trend among peers such as IMCD, Azelis, and Barentz." In less than 12 months, Caldic Group has pursued two large mergers, with GTM announced in November 2021 and with Connell, announced in October, alongside six bolt-on acquisitions. Although Caldic Group has shown its ability to integrate acquired companies in previous years, it still needs to demonstrate a track record of successfully merging with larger businesses. Caldic Group has shown resilient operating performance during the challenging economic environment and should withstand a potential recession. Despite the difficult economic environment in 2022 due to the ongoing Russia-Ukraine conflict, cost inflation, and continued supply chain disruptions in Asia, Caldic Group has performed well in 2022. The company reported about 36% growth for the 12 months ended Sept. 30, 2022, and EBITDA growth of about 38% on a like for like basis. S&P said, "We expect continued solid top-line growth and strong ability to pass on cost increases to customers during the last quarter of 2022, leading to EBITDA margins of 11.0%-11.5%. In 2023, we expect softening demand, especially in developed economies and the industrial end market, will be more than compensated by continued growth in Latin America and Asia-Pacific and by the very resilient life sciences end market. This translates into our expectation of revenue growth of 4.5%-5.5% in 2023 with stable profitability." S&P said, "The stable outlook reflects our view that Caldic Group will continue to show resilient performance following the merger, successfully integrating GTM and Connell and showing profitability improvements, supported by good growth prospects in its end markets, as well as significant cost savings and cross-selling opportunities. We expect the adjusted debt to EBITDA will gradually decrease to 5.0x-5.5x over the coming two years with continued positive free operating cash flow (FOCF)." S&P could lower the ratings if: -- Caldic Group pursues larger-than-expected debt-funded mergers or acquisitions, resulting in adjusted debt to EBITDA approaching 6.0x; -- The group experiences adverse operational developments, such as lagging growth in mature markets, loss of market share, disruption of delivering planned synergies, or unanticipated one-off costs, leading to materially lower EBITDA; -- Caldic Group and its sponsor adopt a more aggressive debt tolerance stance and financing strategy with regards to acquisitions or shareholder remuneration; or -- Caldic Group reports a meaningful deterioration of FOCF, although S&P views this as unlikely at this stage. S&P could consider an upgrade if: -- Caldic Group reduces gross debt using organic cash flow generation in the coming years, leading to adjusted debt to EBITDA consistently and meaningfully below 5.0x; and -- There is a track record and continuing commitment from the owners to support deleveraging and preserve credit metrics in line with a higher rating. Environmental, Social, And Governance ESG credit indicators: E-2, S-2, G-3 S&P said, "Environmental and social factors have an overall neutral influence on our credit rating analysis of Pearls (Netherlands) Bidco B.V. The group is a specialty chemicals and ingredients distributor focusing on several end markets, including the pharmaceutical and food industries. It has several initiatives to reduce its impact along the supply chain and increase the number of sustainable products in its portfolio. Governance is a moderately negative consideration, as for most rated entities owned by private-equity sponsors. We believe the group's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of 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 =========================== AMPHORA FINANCE: GBP301M Bank Debt Trades at 32% Discount --------------------------------------------------------- Participations in a syndicated loan under which Amphora Finance Ltd is a borrower were trading in the secondary market around 68.19 cents-on-the-dollar during the week ended Fri., Nov. 4, 2022, according to Bloomberg's Evaluated Pricing service data. The GBP301 million facility is a term loan. The loan is scheduled to mature on June 1, 2025. The amount is fully drawn and outstanding. Amphora Finance Limited operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. The Company's country of domicile is the United Kingdom. DC BUILDING: Sole Director Faces 10-Year Disqualification --------------------------------------------------------- The Insolvency Service on Nov. 4 disclosed that Daniel Eric Carter was the sole director of DC Building & Extensions Ltd, previously known as Carters Building Ltd. Incorporated in August 2017, the company provided building services for residential properties. DC Building & Extensions Ltd, however, experienced trading difficulties throughout the life of the company and by May 2019, the building firm had entered into compulsory liquidation following a petition by one of its creditors. The Official Receiver was appointed as Liquidator and the building firm's insolvency triggered an investigation by the Insolvency Service before investigators uncovered that DC Building & Extensions Ltd substantially abused its position. Daniel Carter caused the building firm to take deposits and advance payments totalling close to GBP182,000 from 5 new customers. However, these customers were put at unreasonable risk as the building firm accepted their cash despite knowing it was insolvent Further enquiries found that Daniel Carter caused the building firm to continue trading despite it being placed into liquidation by the court, he failed to disclose GBP35,000 of assets to the Official Receiver, and withdrew more than GBP25,000 from DC Building & Extensions Ltd's account for personal use and to pay other third parties. On June 28, 2022, a 10-year disqualification order was made against Mr. Carter in the High Court by Deputy Judge Greenwood, after he failed to file an acknowledgement of service or any evidence in response to the claim. Mr. Carter was also ordered to pay costs of GBP6,649. Mike Smith, Chief Investigator for the Insolvency Service, said: "When people paid deposits for building works they were doing so in good faith that their jobs would get completed. Daniel Carter, however, completely abused this trust when he caused the company to take clients' money knowing there was substantial risk his firm couldn't carry out the works he had promised. "Daniel Carter's 10-year ban issued by the court is a substantial disqualification and should serve as a clear warning to other service providers that there are serious consequences if you take money from clients while insolvent with no likelihood of being able to complete projects." GCC MANAGEMENT: Directors Get 25-Year Disqualification Order ------------------------------------------------------------ The Insolvency Service on Nov. 2 disclosed that Christopher Bateman (49) and his business partner, Nicola Fairweather (48) are banned for 25 years from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court. The Insolvency Service's investigations were triggered when two connected companies, GCC Management Ltd and Amek Solutions Ltd, entered into insolvency procedures. Mr. Bateman, from Knutsford, and Ms. Fairweather, from Macclesfield, were directors of both companies. GCC Management was an unregulated company that offered people the opportunity to invest in the purchase of care homes, with the promise of fixed rate returns of 10% to 30%. Amek Solutions advised on and/or arranged investments in GCC Management. Investigators found Mr. Bateman caused Amek Solutions to breach the Financial Services and Markets Act 2000. Misconduct included: advising people -- many being unsophisticated investors -- to transfer funds from their pensions; failing to advise investors to seek independent financial advice; and Amek did not have authority to encourage investments. Amek Solutions promoted GCC Management's scheme to at least 133 people, who invested close to GBP6.3 million from their pensions despite not being protected under the Financial Services Compensation Scheme. Amek Solutions was rewarded by receiving more than GBP5.4 million in commission from GCC Management. Investigators also looked into the affairs of GCC Management and found that when the company entered into liquidation, investors were owed GBP13.2 million. GCC Management produced misleading and unrealistic marketing materials based on a business plan which lacked commercial viability, there were no mitigation plans to help investors if returns couldn't be made, and the company sent false information to investors about when their returns would be repaid. By September 2012, GCC Management only had one operating care home that had generated income, which was much lower than expected. However, the company continued to push their investment opportunities to dupe more investors. Investigators calculated that at least 243 people invested more than GBP11.6 million with GCC Management. A total of 166 of these investors transferred more than GBP7.8 million from their existing pensions. From the funds they received through deception, GCC Management made unaccounted payments worth millions that did not benefit the company or its investors. This included GBP1.4 million paid to connected companies Mr. Bateman and Ms. Fairweather were directors of and another GBP1.4 million to foreign exchange companies. Robert Clarke, Chief Investigator for the Insolvency Service, said: "Our thorough investigations uncovered extensive abuse of investors who have lost millions of pounds through Bateman and Fairweather's deceitful activities. Many investors were regular people who were not familiar with investments and were duped to transfer money from their hard-earned pensions. "The judge commented in court that this was an appalling exploitation of relatively unsophisticated investors. Thankfully Bateman and Fairweather have been removed from the corporate arena for a significant amount of time and this should send a clear message to other company directors that there are serious consequences if you dupe those seeking to invest pension funds to best effect." INEOS ENTERPRISES II: Moody's Rates New EUR350MM Term Loan 'Ba3' ---------------------------------------------------------------- Moody's Investors Service assigned Ba3 rating to INEOS ENTERPRISES HOLDINGS II LIMITED's proposed EURO and USD equivalent EUR350 million senior secured term loan A (TLA) due 2026. Other ratings of INEOS Enterprises Holdings Limited (INEOS Enterprises) are unaffected. These included the corporate family rating of INEOS Enterprises at Ba3 and probability of default rating at Ba3-PD, as well as the Ba3 rating of INEOS ENTERPRISES HOLDINGS II LIMITED's EUR780 million senior secured term loan B due 2026, and INEOS ENTERPRISES HOLDINGS US FINCO LLC's $370 million senior secured term loan B due 2026. The outlook on all three entities is stable. The proceeds of the proposed TLA are slated to refinance the outstanding EUR147 million senior secured term loan A due 2024 and to partially fund the acquisition of ASHTA Chemicals Inc. (ASHTA), a producer of chlorine and potassium hydroxide, for EUR290 million. RATINGS RATIONALE The rating action reflects good strategic fit of the ASHTA acquisition. ASHTA will provide an opportunity to add chlorine, a key raw material for INEOS Enterprises' Pigments business, into the group, while also adding potassium hydroxide production to INEOS Enterprises portfolio. ASHTA's plant is proximate to INEOS Enterprises' site in Ashtabula, OH, and has recently benefitted from investments into a modern membrane cell chlor-alkali plant which utilizes INEOS' BichlorTM technology. The acquisition is expected to be largely debt financed including partial proceeds of the proposed TLA, a EUR50 million draw on the securitization facility and a EUR50 million of available cash. Moody's expects INEOS Enterprises' pro forma gross leverage to be just below 4x in 2022 which the agency views as the highest level commensurate with the current rating. Moody's expects INEOS Enterprises' leverage to remain largely stable in 2023 before reducing in 2024. INEOS Enterprises has benefitted from solid performance in recent years supported by its diversified portfolio of specialty chemical businesses. Most recently, in the second quarter of 2022, pigments and composites businesses were the key EBITDA contributors while solvents, the largest EBITDA contributor in the first quarter of 2022, was impacted by unplanned outage of its acetylene production plant, resulting in lost volume. Still, the company's overall profitability increased with EUR500 million of EBITDA generated for the twelve months ended June 2022 compared to EUR445 million in 2021 and EUR390 million in 2020. INEOS Enterprises' leverage was 3.3x for the twelve months ended June 2022 and the company generated over EUR120 million of free cash flow after capex and dividends. The Ba3 corporate family rating (CFR) of INEOS Enterprises reflects its robust business profile, which benefits from leading positions in many of its markets and high degree of diversification, despite the moderate scale of its overall revenue base. INEOS Enterprises' assets and sales are evenly balanced between EMEA and the Americas, albeit with a limited presence in the fast growing Asia Pacific. Counterbalancing these strengths are the intrinsic cyclicality of INEOS Enterprises' business and the parent company's history of shareholder friendly policies. LIQUIDITY INEOS Enterprises' liquidity position is good. At the end of June 2022, the group had cash balances of around EUR360 million. In addition, it has access to a EUR250 million securitisation facility collateralised by trade receivables. At the end of June 2022, availability under the programme was around EUR227 million. Looking ahead, Moody's expects the group to generate sufficient FCF to meet scheduled term loan amortisations under a range of scenarios. The senior secured term loans are covenant-lite, with the exception of a net total leverage covenant which only applies to TLA and for which Moody's expects INEOS Enterprises to maintain comfortable headroom particularly given the re-setting of the TLA covenant back to 4.75x from 4.0x. STRUCTURAL CONSIDERATIONS The Ba3 ratings assigned to the TLA and TLB of INEOS ENTERPRISES HOLDINGS II LIMITED and the TLA of INEOS ENTERPRISES HOLDINGS US FINCO LLC reflects the fact that both loans are senior secured obligations of the borrowers, rank pari passu with each other and benefit, to the extent legally possible, from the same first ranking guarantees from all material subsidiaries representing at least 85% of the restricted group's consolidated EBITDA and assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating momentum may arise over time should INEOS Enterprises demonstrate (i) consistent profitability by maintaining or growing its Moody's-adjusted EBITDA margin in the teens; (ii) sustained positive FCF generation after capex and dividends; (iii) Moody's-adjusted total and net debt to EBITDA below 3.0x and 2.5x through the cycle; and (iv) conservative financial policy in line with its stated net leverage target of below 3.0x through the cycle. Conversely, the ratings could come under downward pressure, should INEOS Enterprises' operating results fall short of Moody's expectations and FCF generation turn negative, resulting in some deterioration in liquidity and leverage reflected in Moody's-adjusted total and net debt to EBITDA rising above 4x and 3.5x for an extended period of time. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in June 2022. Headquartered in the UK, INEOS Enterprises Holdings Limited is a leading producer of intermediary chemicals with strong manufacturing platforms in Europe and North America, operating fourteen sites in each of the two regions. In 2021, INEOS Enterprises reported revenues of EUR2.7 billion and EBITDA of EUR445 million. MADE.COM: Set to Enter Administration Today, 500 Jobs at Risk ------------------------------------------------------------- Zoe Wood at The Guardian reports that the online furniture retailer Made.com's dream of becoming the "new Ikea" will die today when administrators are appointed, triggering about 500 job losses and leaving thousands of customers in the lurch. It will complete a fall from grace for the London-based company which was valued at almost GBP800 million when it listed on the stock exchange in summer 2021 and was vaunted as the future of furniture retail. The Made.com name is expected to be sold straight away, most likely to its high street rival Next, in a cut-price deal, The Guardian states. After a desperate hunt, no buyers interested in taking on the whole company came forward; one industry expert described it as a "basket case", The Guardian notes. Like other online companies, Made.com's sales rocketed during the pandemic only to slump when life returned to normal, The Guardian relates. It has spent several desperate months trying to raise the extra cash it needed to continue operating, according to The Guardian . Made.com's shares were suspended from the stock exchange and the company confirmed that administration was now on the cards, The Guardian recounts. Insolvency experts at PricewaterhouseCoopers (PwC) are lined up to handle the job and are expected to be formally appointed at a court hearing this morning, The Guardian discloses. There were buyers in the wings but they wanted only Made.com's brands and other intellectual property, The Guardian notes. According to The Guardian, insiders say the Made.com business model was flawed. Its early success was built on a just-in-time model, with pieces shipped from manufacturers only after orders were placed. Rather than dealing with a handful of suppliers, it worked with more than 200 factories, The Guardian notes. But that model meant that when the pandemic hit, causing huge supply chain disruption, manufacturers did not prioritise Made.com, The Guardian states. At the time of its flotation, Made.com employed close to 700 people but as it struggled to piece together a rescue deal in September it disclosed that more than 200 workers were being made redundant, The Guardian discloses. It is estimated about 500 mainly UK-based staff remain and they are expected to be let go by the administrators, according to The Guardian. Made.com has already stopped taking orders but customers who have already bought something face a nervous wait to be reunited with their money, The Guardian notes. After PwC are appointed, they will advise customers how to claim a refund. However, there is no guarantee shoppers will get their money back because it is likely that the company will also have other debts, The Guardian states. MISSOURI TOPCO: S&P Lowers ICR to 'CCC-', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Missouri TopCo, Parent Of Retailer Matalan, to 'CCC-' from 'CCC'. S&P also lowered its issue ratings on the first-lien senior secured notes to 'CCC-' (recovery rating '3') and the second-lien secured debt to 'C' (recovery rating '6'). The negative outlook indicates that S&P could lower its ratings on Matalan if the company announces a distressed debt exchange on any of its instruments or it sees escalation in its risk of a conventional default. If successful, the sale of the group will trigger the refinancing of its debt instruments. S&P said, "The group is currently going through a strategic sale process, which we expect will close in the upcoming months. We think the risk of the resulting refinancing of some or all debt instruments at less than their par value has escalated amid the unfavorable operating environment. In the first half of the fiscal year ending Feb. 25, 2023 (fiscal 2023), the group has suffered a decline in its S&P Global Ratings-adjusted gross margin to close to 52% revenue compared to the same period last year, from about 60%. Over that same period, the company posted adjusted EBITDA of GBP81 million, GBP21 million less than in the six months to Aug. 28, 2021." If the strategic sale process is unsuccessful, the group's activist first-lien lenders have agreed an alternative recapitalization plan aimed at materially reducing the group's total debt. S&P would likely consider such a recapitalization as a distressed debt exchange, and therefore envision specific default scenarios under its criteria over the next six months, absent unforeseen positive developments in the issuer's circumstances. As at Aug. 27, 2022, the group had GBP409.6 million debt due for repayment within 12 months, comprising the GBP349.6 million 6.75% notes and GBP60 million fully drawn ABL. In addition, the group had GBP79.6 million 9.5% second-lien notes due in January 2024 (plus payment-in-kind accrued interest) and GBP49.6 million 9.5% shareholder notes due in July 2024. The six-month extension of the first-lien notes maturity gives the company some headroom to continue its trading uninterrupted during the holiday season. The group has extended the maturities of its GBP350 million first-lien notes and its ABL to July 31, 2023, resolving the pressure from the imminent refinancing risk. In addition, the group has raised a new GBP8 million cash-collateralized ancillary facility, replacing its guarantee and letter-of-credit facilities available under the previous bank financing package, which matured on July 25, 2022. As at Aug. 27, 2022, the group had GBP101.6 million unrestricted cash, net of the GBP0.3 million cash collateral associated with utilization of the new ancillary facility. S&P said, "The negative outlook indicates that we could lower our ratings on Matalan over the next six months if the company announces a distressed debt exchange on any of its instruments or if its risk of a conventional default escalates." S&P could lower its ratings if the company announces a distressed debt exchange offer, launches reorganization, or stops servicing its debt. Although not its core assumption at this stage, it would downgrades the company if it were to file for insolvency. Any upside would reflect an improvement in the company's ability to timely service its debt and pay all of its obligations in full and in a timely manner. This would likely depend on drastic improvement in operating performance over the next few weeks and strategic sale at a price sufficient to fully repay all borrowings. S&P considers these developments unlikely in the currently unfavorable operating environment and credit market conditions. ESG credit indicators: E-2, S-2, G-3 NEWGATE FUNDING 2007-3: S&P Affirms B+(sf) Rating on Cl. E Notes ---------------------------------------------------------------- S&P Global Ratings raised its credit ratings on Newgate Funding PLC's series 2007-1 class Cb and Db notes, series 2007-2 class Bb and Cb notes, and series 2007-3 class Cb and D notes. At the same time, S&P affirmed its ratings on the series 2007-1 class A3, Ma, Mb, Ba, Bb, E, and F notes, series the 2007-2 class A3, M, Db, E, and F notes, and the series 2007-3 class A2b, A3, Ba, Bb, and E notes. In these transactions, S&P's ratings address timely receipt of interest and ultimate repayment of principal for all classes of notes. Collateral performance has been stable. Total arrears have marginally decreased for all three transactions, mainly due to a decrease in 90+ days arrears. S&P said, "Compared with our previous reviews, the weighted-average foreclosure frequency (WAFF) has increased at all rating levels for the three transactions. This is following an increase in our originator adjustment to reflect that the non-conforming borrowers in these pools will generally have lower resilience to current inflationary pressures and interest rate rises. Our 'AAA' weighted-average loss severity (WALS) has reduced following an update to the jumbo valuation thresholds. Overall required credit coverage has slightly increased at all rating levels for the three transactions compared to previous reviews. Over the same period, credit enhancement has also increased for all classes of notes. WAFF And WALS Levels RATING LEVEL WAFF (%) WALS (%) CREDIT COVERAGE(%) NEWGATE SERIES 2007-1 AAA 43.32 34.97 15.15 AA 36.81 28.11 10.35 A 33.16 17.67 5.86 BBB 29.49 12.24 3.61 BB 25.46 8.95 2.28 B 24.55 6.35 1.56 NEWGATE SERIES 2007-2 AAA 44.60 36.26 16.17 AA 38.60 29.54 11.40 A 35.07 19.18 6.73 BBB 31.29 13.62 4.26 BB 27.10 10.12 2.74 B 26.15 7.46 1.95 NEWGATE SERIES 2007-3 AAA 37.22 37.20 13.84 AA 31.11 30.52 9.49 A 27.67 20.50 5.67 BBB 24.20 15.05 3.64 BB 20.28 11.51 2.33 B 19.40 8.69 1.69 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. In all three transactions, the notes benefit from a liquidity facility and a reserve fund, which are nonamortizing as the respective cumulative loss triggers have been breached. In addition, the transactions are paying pro rata as all conditions required are satisfied. S&P said, "For each of the three transactions, our conclusions on operational, legal, and counterparty risk analysis remain unchanged since our previous full reviews. The liquidity facility and bank account provider (Barclays Bank PLC; A/Positive/A-1) breached the 'A-1+' downgrade trigger specified in the transaction documents, following our lowering of its long- and short-term ratings in November 2011. Because no remedial actions were taken following our November 2011 downgrade, our current counterparty criteria cap the maximum potential rating on the notes in these transactions at our 'A' long-term issuer credit rating (ICR) on Barclays Bank PLC. "In our cashflow analysis, we have considered the sensitivity of the notes to a deterioration in the WAFF since the nonconforming borrowers in these transactions will generally have lower resilience to the current inflationary pressures and interest rate rises. "We have begun to see increasing divergence between Term SONIA and the Bank of England Base Rate. In this transaction, the rate of increase on the liability referenced index (Term SONIA) is higher than the asset referenced index (Bank of England Base Rate), which may lead to reduced excess spread. Although this risk is currently captured within our basis risk stresses as well as other stresses that we apply to assess liquidity in transactions, we have performed an additional sensitivity cashflow run, which applied a higher basis risk stress. "After taking these risks into account, the available credit enhancement is still commensurate with higher ratings than those currently assigned for six classes of notes. We therefore, raised our ratings on the series 2007-1 class Cb and Db notes, the series 2007-2 class Bb and Cb notes, and the series 2007-3 class Cb and D notes. At the same time, we affirmed our ratings on the series 2007-1 class E and F notes, series 2007-2 class Db, E, and F notes, and series 2007-3 class E notes. "For all classes currently rated 'A (sf)', the available credit enhancement is commensurate with higher ratings than that currently assigned. However, given the ratings on all the notes are capped at the long-term ICR on Barclays, we affirmed our 'A (sf)' ratings on these classes of notes." Newgate Funding series 2007-1, series 2007-2, and series 2007-3 are U.K. RMBS transactions, which securitize pools of nonconforming loans secured on first-ranking U.K. mortgages. Ratings List CLASS RATING TO RATING FROM NEWGATE FUNDING PLC (SERIES 2007-1) RATINGS RAISED Cb BBB (sf) BB+ (sf) Db B+ (sf) B (sf) RATINGS AFFIRMED A3 A (sf) A (sf) Ma A (sf) A (sf) Mb A (sf) A (sf) Ba A (sf) A (sf) Bb A (sf) A (sf) E B (sf) B (sf) F B (sf) B (sf) NEWGATE FUNDING PLC (SERIES 2007-2) RATINGS RAISED Bb A (sf) BBB+ (sf) Cb BB (sf) BB- (sf) RATINGS AFFIRMED A3 A (sf) A (sf) M A (sf) A (sf) Db B (sf) B (sf) E B- (sf) B- (sf) F B- (sf) B- (sf) NEWGATE FUNDING PLC (SERIES 2007-3) RATINGS RAISED Cb A (sf) BBB+ (sf) D BBB (sf) BBB- (sf) RATINGS AFFIRMED A2b A (sf) A (sf) A3 A (sf) A (sf) Ba A (sf) A (sf) Bb A (sf) A (sf) E B+ (sf) B+ (sf) NO1 BOTANICALS: Enters Administration, Put Up for Sale ------------------------------------------------------ Business Sale reports that No1 Botanicals, an upmarket soft drinks supplier, has fallen into administration and a buyer is now being sought for the business. No1 Botanicals, which trades as Rosemary Water Ltd., has seen considerable growth since it was founded in 2017, but fell into financial difficulties as a result of the disruption facing the hospitality sector, Business Sale relates. Clare Lloyd and Henry Shinners of Evelyn Partners were appointed as joint administrators of No1 Botanicals on Oct. 25 and are now marketing the business and its assets, including intellectual property, for sale, with the hope of securing a rescue deal for the company, Business Sale recounts. The company was founded by David Spencer-Percival in London in 2017. In 2019, the company raised GBP1.2 million from 568 investors via a crowdfunding campaign on Crowdcube, which valued the business at over GBP25 million. In its accounts for the year ending December 31 2020, the company's fixed assets were valued at GBP52,390 and current assets at GBP1.5 million, while its net assets amounted to GBP346,603, Business Sale discloses. No1 Botanicals produces a range of sparkling waters blended with herbs including ginger, rosemary and ashwagandha. The firm's drinks are free from sugar, sweeteners and preservatives and come in fully recyclable packaging. RUTHERFORD HEALTH: Taunton Diagnostic Centre's Future Secured ------------------------------------------------------------- Daniel Mumby at SomersetLive reports that a vital health facility in Taunton has been secured for at least the next 15 years following a new deal with local health bosses. The Taunton Diagnostic Centre opened its doors in September 2021, allowing patients to have a range of tests and access numerous different health services without having to travel to Musgrove Park Hospital. The facility's future seemed in jeopardy in June when Rutherford Health, the company tasked with running it on behalf of the NHS, went into liquidation, SomersetLive, SomersetLive recounts. The Somerset NHS Foundation Trust has now announced a new partnership with Alliance Medical Ltd., which will run the centre until at least 2037, SomersetLive discloses. The Taunton Diagnostic Centre was created by redeveloping the Zenith Fire Control Centre on Blackbrook Park Avenue, which was meant to be used as a regional centre to handle 999 calls but was never used. According to SomersetLive, Peter Lewis, chief executive of the Somerset NHS Foundation Trust, said: "The Taunton Diagnostic Centre is a real asset to the NHS in Somerset and has made a significant contribution to our ability to be able to diagnose and treat NHS patients as quickly as possible. "When our previous partners, Rutherford Health, went into liquidation in June, we stepped in to run the centre on a short-term basis. Now I am delighted that we have formed a strong partnership with Alliance Medical to run the centre and continue providing an excellent service to Somerset patients. "The centre helps us to prioritise the capacity that we have available at Musgrove Park Hospital for emergency patients or those who are already in the hospital. This is not only good for our patients, but also the way we care for people across the whole Somerset healthcare system by enabling them to have imaging scans away from the acute hospital." V LARKIN: Director Gets 6-Year Disqualification Order ----------------------------------------------------- The Insolvency Service on Nov. 3 disclosed that on October 18, 2022, Vincent Christopher Larkin (51), from Bracknell, Berkshire, received a 6-year disqualification order in the High Court of Justice before Insolvency & Companies Court Judge Jones. During proceedings, the court heard that Vincent Larkin was the director of a scaffolding company called V Larkin Limited. Trading as Olympic Scaffolding, the scaffolders was incorporated in February 2006. The scaffolding firm, however, went into liquidation in May 2019 and V Larkin Limited's insolvency triggered an investigation by the Insolvency Service. Investigators uncovered that Vincent Larkin caused the scaffolders to trade to the detriment of the tax authorities when V Larkin Limited failed to pay GBP209,000 worth of business and employee-related tax from the tax year ending 2016/2017. Further enquiries revealed that between April 2017 and right up to the point the company was heading into liquidation in May 2019, Vincent Larkin caused the scaffolders to make payments totalling close to GBP489,000 but no payments were identified as having been made to the tax authorities. Mr. Larkin did not attend court and in his absence was disqualified and ordered to pay costs of GBP7,355.80. Lawrence Zussman, Deputy Head of Company Investigations at the Insolvency Service, said: "As a company director, Vincent Larkin had a duty to ensure the scaffolding firm declared and paid the correct amount of taxes due. Our enquiries, however, clearly showed that Vincent Larkin systematically abused the tax authorities when the scaffolders failed to pay more than GBP200,000 of tax. This type of behaviour from a company director is deplorable and we will not hesitate in taking action against tax abuse." VEDANTA RESOURCES: Moody's Lowers CFR to B3, Outlook Remains Neg. ----------------------------------------------------------------- Moody's Investors Service has downgraded the corporate family rating of Vedanta Resources Limited (VRL) to B3 from B2. At the same time, Moody's has downgraded the ratings to Caa1 from B3 on the senior unsecured bonds issued by VRL, and those issued by Vedanta Resources Finance II Plc and guaranteed by VRL. The outlook on the ratings remains negative. "The rating action reflects VRL's rising refinancing pressure given that the company has yet to obtain funding for its large maturities due in April 2023 and Vedanta Resources Finance II Plc's due in May 2023, which is taking longer than Moody's earlier expectations of completion by October 2022. The proximity of the large maturities' due dates without a refinancing completed well in advance indicates VRL's aggressive liability management," says Kaustubh Chaubal, a Moody's Senior Vice President. "The negative outlook reflects holding company VRL's persistently weak liquidity profile and Moody's concerns over the elevated refinancing risk arising from its looming debt maturities," adds Chaubal, also Moody's Lead Analyst for VRL. RATINGS RATIONALE Holding company (holdco) VRL's persistently weak liquidity and high refinancing needs with large, looming debt maturities are a pertinent credit risk, especially amid rising inflation and higher interest rates weighing on global economic growth. Moody's had earlier expected holdco VRL to refinance Vedanta Resources Finance II Plc's April 2023 and VRL's May 2023 US dollar bond maturities by October this year. In addition to these $900 million bond maturities in the first quarter (Q1) of the year ending March 31m 2024, holdco VRL has $830 million loan repayments between October 2022 and March 2023. While cash dividends can somewhat ease the holdco's woes, large dividend payments will erode its operating subsidiaries' liquidity. Moody's continues to view the company's unsustainable capital structure, weak liquidity and poor liability management -- as illustrated through the holdco addressing debt maturities extremely close to the scheduled debt maturity dates -- as signs of an aggressive risk appetite, with implications on the company's financial strategy and risk management, a key component of the agency's corporate governance risk assessment framework. Moody's estimates that holdco VRL would have reduced its gross debt by almost $1 billion during the first half (H1) of fiscal 2023. Still, holdco VRL has substantial cash needs over the 18-month period from October 2022 through March 2024. These include: (1) external debt maturities of around $3.8 billion, comprising almost half of holdco VRL's debt as of September 2022; (2) $450 million of an intercompany loan; and (3) an annual interest bill of around $600 million. Given VRL is purely a holding company without any operations, it will stay reliant on dividends from operating subsidiaries and on Indian and multinational banks for funding, because Moody's expects cross-border capital markets to remain very challenging. In addition to the $1.6 billion of dividends VRL received during H1 fiscal 2023, VRL's operating subsidiaries -- 69.7% owned Vedanta Limited (VDL) and VDL's 64.9% owned subsidiary Hindustan Zinc Limited (HZL) -- could pay dividends using their cash balances. Still, Moody's expects that such dividends will fall substantially short of the holdco's large cash needs until March 2024, necessitating continued bank financing. Moody's notes that VRL is negotiating financing arrangements toward addressing part of its near-term debt maturities, although the quantum and timing remain uncertain. Moreover, the rating agency believes that holdco VRL is unlikely to proactively address refinancing at least 12 months prior to scheduled maturity dates, indicating characteristics of a low-B-category CFR. Based on Moody's commodity price assumptions, VRL's consolidated credit metrics will somewhat weaken in fiscal years 2023 and 2024 from fiscal 2022, mirroring the weakening trajectory in the prices of its key commodities. Spot prices in October 2022 across VRL's key commodities were 8%-20% lower than their respective averages during April through September this year. Moody's forecasts for VRL are based on the rating agency's price sensitivities for metals ($1.00-$1.30 per pound [/lb] for aluminum, $1.10-$1.40/lb for zinc, and $17-$21 per ounce for silver). For oil and gas, Moody's forecasts are based on a crude oil assumption of $90 per barrel for the remainder of fiscal 2023, incorporating the windfall tax imposed by the government of India and $60 per barrel for fiscal 2024 (and no windfall tax). Moody's expects these price sensitivities to translate into consolidated adjusted EBITDA of around $5.2 billion-$5.4 billion and cash flow from operations of around $3.0 billion-$3.8 billion for fiscal years 2023 and 2024. Moody's believes VRL will require additional borrowings to fund its capital expenditure, especially since the rating agency expects operating subsidiaries to pay large cash dividends. As a result, Moody's expects VRL's leverage -- measured by consolidated adjusted gross debt/EBITDA -- will increase from 2.8x as of March 2022 but will stay in the 3.2x-3.6x range over fiscal years 2023 and 2024, still comfortably below the revised downgrade trigger of 5.5x. Meanwhile, VRL's equity base is thin with a capital structure that remains highly skewed towards debt (comprising around 90% of total capital). Given VRL's earnings are inherently susceptible to volatile commodity prices, headroom under its financial covenants could narrow. While VRL was in compliance with all financial maintenance covenants as of March 2022, it has previously operated with bank waivers for periods when in breach. Covenant compliance will be key to its credit quality, especially with bank loans comprising more than two thirds of VRL's consolidated debt. In a scenario where VRL foresees a potential covenant breach, Moody's expects the company to proactively seek covenant waivers, ahead of the covenant testing date. VRL's B3 CFR reflects the company's exposure to the inherent volatility in commodity prices as well as the company's weak liquidity and high refinancing risk, especially at holding company VRL. On balance, the B3 CFR also reflects VRL's credit strengths that comprise its large-scale and diversified low-cost operations; exposure to a wide range of commodities such as zinc, aluminum, iron ore, oil and gas, steel and power; strong position in key markets, enabling it to command a pricing premium; and history of relative margin stability through commodity cycles. VRL's senior unsecured bonds are rated at Caa1, one notch lower than the B3 CFR, reflecting Moody's view that the bondholders are in weaker position relative to operating subsidiaries' creditors. The one-notch differential between the bond ratings and the CFR reflects the legal and structural subordination of the holding company bondholders to the rest of the group. Moody's calculates operating company claims at around 60% of total consolidated claims as of March 2022, with the balance of the claims distributed across holding company VRL and its intermediate holding companies that have a direct shareholding in Vedanta Limited (VDL). OUTLOOK The negative outlook reflects VRL's persistently weak liquidity profile and Moody's concerns over the elevated refinancing risk arising from holdco VRL's looming debt maturities. LIQUIDITY Holding company VRL's liquidity remains weak. Moody's estimates that VRL's cash holding, new loans, management/branding fee and dividends from operating subsidiaries will still not be sufficient to meet the holding company's cash needs through March 2024. ESG CONSIDERATIONS VRL's very highly negative exposure to environmental considerations relates to carbon transition, water management and natural capital. The company's very highly negative social risk exposure emanates from health and safety risks with an incidence of fatalities in each of the past four years. The company's highly unionized work force presents the risk of human capital, although the company has not had any labor strikes in recent years. The company has a very highly negative governance exposure due to VRL's concentrated ownership with sole shareholder, Volcan Investments Ltd. This keeps governance risk elevated given the company's past related party transactions to the detriment of creditors. Governance risks also reflect the company's aggressive liquidity risk management. VRL's CIS-5 score reflects very high risks on environmental, social and governance considerations. Absent these risks, the company's large scale and efficient asset base could support a higher rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's expects holdco VRL to find sufficient funds through bank loans and dividends to address its debt maturities until June 2023. However, Moody's could further downgrade VRL's ratings if (1) holdco VRL fails to address its January 2024 US dollar bond maturity by June 2023, after depleting liquidity at operating subsidiaries to repay near-term debt maturities; (2) VRL pursues aggressive financial policies, in particular large debt-funded investments that materially skew its financial profile; (3) there is exposure to VRL's ultimate shareholder, Volcan Investments, other than through modest dividends; (4) a sustained breach on any of the company's financial covenants limits its ability to raise debt; or (5) an adverse ruling on any of the company's lawsuits results in large cash outflows. Downward ratings pressure could also emerge if commodity prices soften substantially and reduce VRL's EBITDA and free cash flow generation, causing a sustained weakening in credit metrics, such as adjusted debt/EBITDA stays above 5.5x, EBIT/interest coverage remains below 1.0x, or cash flow from operations less dividends/debt sustains below 7%. An upgrade is unlikely, given the downgrade action and the negative outlook on all ratings. In addition, downward pressure on VRL's senior unsecured Caa1 ratings could also emerge if the company is unable to sustain reductions in the level of priority claims ranking ahead of the holding company's senior unsecured debt. While Moody's expects that there may be some volatility in the ratio of priority claims to total claims, a sustained deterioration in this metric toward historical levels would likely cause the rating agency to widen the difference between the CFR and the senior unsecured notes' rating to two notches. The outlook could return to stable if VRL (1) adopts prudent financial and liquidity risk management strategies, including a sustained approach to proactive refinancing; and (2) maintains sufficient funding to fully address its debt maturities on a 12-18 month forward basis. The principal methodology used in these ratings was Mining published in October 2021. Vedanta Resources Limited (VRL), headquartered in London, is a diversified resources company with interests mainly in India. Its main operations are held by Vedanta Limited (VDL), a 69.7%-owned subsidiary. Through VRL's various operating subsidiaries, the group produces oil and gas, zinc, lead, silver, aluminum, iron ore, steel and power. Delisted from the London Stock Exchange in October 2018, VRL is now wholly owned by Volcan Investments Ltd. Founder chairman of VRL, Anil Agarwal, and his family, are the key shareholders of Volcan. For the fiscal year ending March 31, 2022, VRL generated revenues of USD17.6 billion and adjusted EBITDA of USD6.4 billion. For the first half of the fiscal year ending March 31, 2023, VDL reported consolidated revenue of INR744.9 billion (USD9.3 billion) and consolidated EBITDA of INR187.8 billion (USD2.3 billion). WOODHEAD CONSTRUCTION: Council to Set Up Development Company ------------------------------------------------------------ Tom Oakley at BBC News reports that a Derbyshire council's plans to set up its own development company following the collapse of a contractor have been given the go-ahead. Woodhead Construction went into liquidation when it was half-way through a four-year contract with Bolsover District Council, BBC relates. The contractor had agreed to build up to 400 homes in Langwith and Shirebrook -- and a wellbeing centre in Creswell, BBC discloses. According to BBC, councillors approved plans to establish Dragonfly Development on Nov. 2. The company will take over building contracts and identify other development projects over the next five years, BBC states. Woodhead Construction, based in Edwinstowe, Nottinghamshire -- which was believed to have employed 150 people -- went into liquidation in September. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week October 31 to November 4, 2022 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- ------- ----- Metalcorp Group SA 8.500 6/28/2026 EUR 28.006 Banca Monte dei Pasch5.375 1/18/2028 EUR 69.100 Credit Suisse Group A4.500 USD 58.275 Credit Suisse Group A0.625 1/18/2033 EUR 57.634 Credit Suisse Group A5.625 SGD 73.039 Credit Suisse Group A6.375 USD 74.250 Credit Suisse Group A5.100 USD 60.900 Casino Guichard Perra4.498 3/7/2024 EUR 66.947 Credit Suisse Group A2.875 4/2/2032 EUR 74.968 Credit Suisse Group A7.250 USD 74.700 Casino Guichard Perra3.992 EUR 14.000 Credit Suisse Group A3.000 CHF 68.686 Castellum AB 3.125 EUR 54.034 Orpea SA 2.625 3/10/2025 EUR 41.907 Vedanta Resources Ltd6.125 8/9/2024 USD 62.960 United Kingdom Gilt 1.125 10/22/2073 GBP 43.538 Casino Guichard Perra4.262 EUR 10.583 Metalcorp Group SA 7.000 10/2/2022 EUR 31.957 Carnival PLC 1.000 10/28/2029 EUR 42.846 Webuild SpA 3.875 7/28/2026 EUR 71.096 Tullow Oil PLC 7.000 3/1/2025 USD 66.454 Audax Renovables SA 4.200 12/18/2027 EUR 59.838 Unibail-Rodamco-Westf2.125 EUR 72.769 Gol Finance SA 7.000 1/31/2025 USD 44.843 Orpea SA 2.000 4/1/2028 EUR 41.582 Credit Suisse Group A3.875 CHF 68.445 Signa Development Fin5.500 7/23/2026 EUR 54.250 Banca Monte dei Pasch8.500 9/10/2030 EUR 73.790 Credit Suisse Group A4.875 5/15/2045 USD 67.733 Allianz SE 3.875 USD 60.057 Banca Monte dei Pasch8.000 1/22/2030 EUR 72.962 Casino Guichard Perra5.250 4/15/2027 EUR 39.969 Credit Suisse Group A3.091 5/14/2032 USD 69.217 Atento Luxco 1 SA 8.000 2/10/2026 USD 40.882 CECONOMY AG 1.750 6/24/2026 EUR 55.983 R-Logitech Finance SA10.250 9/26/2027 EUR 69.235 International Persona9.750 11/12/2025 EUR 74.375 Nordea Bank Abp 3.750 USD 68.875 Webuild SpA 3.625 1/28/2027 EUR 71.112 Heimstaden Bostad AB 2.625 EUR 44.966 Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 53.663 Frigoglass Finance BV6.875 2/12/2025 EUR 37.859 Aroundtown SA 0.375 4/15/2027 EUR 72.021 Romanian Government I3.624 5/26/2030 EUR 73.436 Casino Guichard Perra3.580 2/7/2025 EUR 47.347 Orpea SA 0.375 5/17/2027 EUR 73.467 Constellation Automot4.875 7/15/2027 GBP 62.140 Nobel Bidco BV 3.125 6/15/2028 EUR 59.384 Cimpress PLC 7.000 6/15/2026 USD 61.222 Aegon NV 4.101 USD 73.110 JT International Fina2.250 9/14/2031 USD 69.008 Ulker Biskuvi Sanayi 6.950 10/30/2025 USD 68.966 Barclays PLC 4.375 USD 63.800 HSBC Holdings PLC 4.600 USD 66.622 Casino Guichard Perra6.625 1/15/2026 EUR 41.980 Casino Guichard Perra4.048 8/5/2026 EUR 41.231 Credit Suisse Group A3.500 CHF 70.291 Republic of Belarus I6.875 2/28/2023 USD 24.700 UBS Group AG 4.375 USD 67.040 Estonia Government In0.125 6/10/2030 EUR 74.214 Credit Suisse Group A0.650 9/10/2029 EUR 68.618 Jababeka Internationa6.500 10/5/2023 USD 55.580 BNP Paribas SA 4.625 USD 65.696 Standard Chartered PL4.300 USD 65.470 AT Securities BV 5.250 USD 70.508 Castellum Helsinki Fi0.875 9/17/2029 EUR 59.609 EnfraGen Energia Sur 5.375 12/30/2030 USD 57.013 Altice France Holding8.000 5/15/2027 EUR 71.481 British American Toba3.000 EUR 70.143 Elior Group SA 3.750 7/15/2026 EUR 70.097 Telecom Italia SpA/Mi1.625 1/18/2029 EUR 67.664 Swan Housing Capital 3.625 3/5/2048 GBP 56.190 DIC Asset AG 2.250 9/22/2026 EUR 61.032 Jaguar Land Rover Aut4.500 7/15/2028 EUR 67.934 Gazprom PJSC Via Gaz 1.450 3/6/2023 CHF 52.687 BAT International Fin4.000 11/23/2055 GBP 52.996 Aroundtown SA 2.875 EUR 46.973 Banco Comercial Portu1.750 4/7/2028 EUR 71.580 Saipem Finance Intern3.125 3/31/2028 EUR 69.367 VTR Finance NV 6.375 7/15/2028 USD 54.163 Fastighets AB Balder 2.873 6/2/2081 EUR 58.711 Deutsche Bank AG/New 3.742 1/7/2033 USD 64.921 United Kingdom Gilt 1.125 1/31/2039 GBP 62.989 Credit Agricole SA 4.750 USD 69.242 Ocado Group PLC 3.875 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Turkey Government Int5.250 3/13/2030 USD 71.363 BNP Paribas SA 1.625 7/2/2031 EUR 71.391 Rumo Luxembourg Sarl 4.200 1/18/2032 USD 74.983 Enel Finance Internat0.875 1/17/2031 EUR 70.502 BNP Paribas SA 3.132 1/20/2033 USD 73.274 AXA SA 1.875 7/10/2042 EUR 69.375 Atento Luxco 1 SA 8.000 2/10/2026 USD 41.063 Prosus NV 3.832 2/8/2051 USD 55.102 Vonovia SE 0.750 9/1/2032 EUR 62.025 Enel Finance Internat0.875 9/28/2034 EUR 59.653 Synthos SA 2.500 6/7/2028 EUR 74.741 Zalando SE 0.625 8/6/2027 EUR 74.188 Deutsche Bank AG 1.750 11/19/2030 EUR 73.192 Russian Railways Via 0.840 3/12/2026 CHF 18.588 Serbia International 2.050 9/23/2036 EUR 51.548 Albania Government In3.500 11/23/2031 EUR 70.851 BCP V Modular Service6.750 11/30/2029 EUR 68.113 Enel Finance Internat1.875 7/12/2028 USD 74.098 Helvetia Europe SA 2.750 9/30/2041 EUR 73.486 Hellenic Republic Gov0.750 6/18/2031 EUR 70.423 Dtek Renewables Finan8.500 11/12/2024 EUR 35.090 Evraz PLC 5.375 3/20/2023 USD 50.000 ADLER Group SA 2.250 4/27/2027 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SPP-Distribucia AS 1.000 6/9/2031 EUR 62.564 Eurotorg LLC Via Boni9.000 10/22/2025 USD 52.029 Energizer Gamma Acqui3.500 6/30/2029 EUR 70.268 Haya Holdco 2 PLC 9.542 11/30/2025 EUR 63.505 Republic of Austria G0.250 10/20/2036 EUR 66.524 UniCredit SpA 1.625 1/18/2032 EUR 69.327 Hungary Government Bo3.000 10/27/2027 HUF 66.514 Aviva PLC 4.000 6/3/2055 GBP 67.099 Shell International F3.000 11/26/2051 USD 61.328 RL Finance Bonds NO 44.875 10/7/2049 GBP 66.001 Flamingo Lux II SCA 5.000 3/31/2029 EUR 72.086 CTP NV 1.500 9/27/2031 EUR 51.301 Russian Foreign Bond 4.375 3/21/2029 USD 42.805 Vnesheconombank Via V6.800 11/22/2025 USD 5.870 BUPA Finance PLC 4.000 GBP 58.320 Electricite de France2.875 EUR 73.477 Idorsia Ltd 2.125 8/4/2028 CHF 68.158 Romanian Government I2.875 3/11/2029 EUR 74.286 Picard Bondco SA 5.375 7/1/2027 EUR 74.133 Czech Republic Govern1.500 4/24/2040 CZK 51.253 SATO Oyj 1.375 2/24/2028 EUR 73.386 Siemens Financierings1.750 2/28/2039 EUR 71.522 Tikehau Capital SCA 1.625 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Siemens Financierings0.500 9/5/2034 EUR 67.578 Ozon Holdings PLC 1.875 2/24/2026 USD 55.899 DVI Deutsche Vermoege2.500 1/25/2027 EUR 72.572 Zurich Finance Irelan3.500 5/2/2052 USD 69.273 Vodafone Group PLC 3.375 8/8/2049 GBP 63.998 Cadent Finance PLC 2.750 9/22/2046 GBP 54.922 Lloyds Banking Group 3.369 12/14/2046 USD 57.948 Prosus NV 2.085 1/19/2030 EUR 71.607 Jaguar Land Rover Aut5.500 7/15/2029 USD 68.289 DXC Capital Funding D0.950 9/15/2031 EUR 71.486 Momox Holding AG 7.498 7/10/2025 EUR 58.108 Pension Insurance Cor3.625 10/21/2032 GBP 65.315 Citycon Treasury BV 1.625 3/12/2028 EUR 71.141 Samhallsbyggnadsbolag1.125 9/4/2026 EUR 74.061 Korian SA 2.250 10/15/2028 EUR 70.982 EnBW International Fi0.250 10/19/2030 EUR 70.466 Annington Funding PLC2.924 10/6/2051 GBP 51.893 Polyus Finance PLC 3.250 10/14/2028 USD 49.257 Sanctuary Capital PLC2.375 4/14/2050 GBP 52.149 Antofagasta PLC 2.375 10/14/2030 USD 72.966 Lloyds Banking Group 2.707 12/3/2035 GBP 67.114 Sherwood Financing PL4.500 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41.509 Nestle Finance Intern0.875 6/14/2041 EUR 61.449 Grand City Properties2.500 EUR 72.848 Jaguar Land Rover Aut5.500 7/15/2029 USD 68.178 Banco Santander SA 1.000 11/4/2031 EUR 71.147 FIGEAC-AERO 1.750 10/18/2028 EUR 21.938 CPI Property Group SA2.750 1/22/2028 GBP 66.439 Republic of Belarus I7.625 6/29/2027 USD 19.696 Cadent Finance PLC 2.625 9/22/2038 GBP 60.736 Barclays PLC 3.811 3/10/2042 USD 57.298 Novafives SAS 5.500 6/15/2025 EUR 58.430 HSBC Holdings PLC 2.357 8/18/2031 USD 70.809 Vonovia SE 0.250 9/1/2028 EUR 73.633 UNIQA Insurance Group2.375 12/9/2041 EUR 67.134 Moby SpA 7.750 2/15/2023 EUR 65.688 UBS Group AG 2.746 2/11/2033 USD 71.209 MMC Norilsk Nickel OJ3.375 10/28/2024 USD 55.903 Bank Gospodarstwa Kra2.375 11/27/2040 PLN 39.315 UBS Group AG 0.875 11/3/2031 EUR 71.165 Verbund AG 0.900 4/1/2041 EUR 58.489 UniCredit SpA 3.127 6/3/2032 USD 69.160 Virgin Media Secured 4.250 1/15/2030 GBP 73.717 Banco Santander SA 1.625 10/22/2030 EUR 72.133 Annington Funding PLC3.935 7/12/2047 GBP 65.741 Hellenic Republic Gov1.875 2/4/2035 EUR 70.660 BPCE SA 2.125 10/13/2046 EUR 64.699 AerCap Ireland Capita3.400 10/29/2033 USD 70.594 ContourGlobal Power H3.125 1/1/2028 EUR 71.359 Severstal OAO Via Ste3.150 9/16/2024 USD 10.830 Barclays PLC 2.894 11/24/2032 USD 70.110 Glencore Capital Fina0.750 3/1/2029 EUR 73.319 Latvia Government Int0.250 1/23/2030 EUR 74.844 Electricite de France2.000 12/9/2049 EUR 50.078 Delivery Hero SE 2.125 3/10/2029 EUR 59.264 Royalty Pharma PLC 2.200 9/2/2030 USD 74.359 Upjohn Finance BV 1.908 6/23/2032 EUR 69.483 Zurich Insurance Co L1.500 5/3/2052 CHF 73.221 Mallinckrodt Internat10.000 6/15/2029 USD 56.057 Eurochem Finance DAC 5.500 3/13/2024 USD 54.000 Phosagro OAO Via Phos3.949 4/24/2023 USD 59.401 Constellium SE 3.125 7/15/2029 EUR 72.172 gategroup Finance Lux3.000 2/28/2027 CHF 69.033 Muenchener Rueckversi1.250 5/26/2041 EUR 69.661 Stora Enso Oyj 0.625 12/2/2030 EUR 72.767 Credit Agricole SA 1.125 7/12/2032 EUR 71.672 Desenio Group AB 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Holding BV 0.500 6/9/2031 EUR 73.756 Altice France SA/Fran5.125 7/15/2029 USD 73.746 Coca-Cola Europacific0.700 9/12/2031 EUR 74.225 Realkredit Danmark A/1.500 10/1/2050 DKK 74.895 Nordea Kredit Realkre1.500 10/1/2053 DKK 73.934 Telefonica Emisiones 4.665 3/6/2038 USD 72.906 Shell International F3.125 11/7/2049 USD 63.615 Cooperatieve Rabobank0.625 2/25/2033 EUR 67.133 Ukraine Government Bo9.790 5/26/2027 UAH 54.368 ABN AMRO Bank NV 0.625 1/24/2037 EUR 68.178 National Grid Electri2.750 2/6/2035 GBP 69.237 DH Europe Finance II 3.400 11/15/2049 USD 67.862 Royal Schiphol Group 0.875 9/8/2032 EUR 71.468 NIBC Bank NV 2.850 2/21/2040 EUR 70.150 Realkredit Danmark A/1.000 10/1/2053 DKK 59.031 London & Quadrant Hou3.750 10/27/2049 GBP 68.452 Prologis Internationa2.750 2/22/2032 GBP 74.601 DWR Cymru Financing U2.375 3/31/2034 GBP 67.419 Gecina SA 0.875 6/30/2036 EUR 60.361 TenneT Holding BV 1.500 6/3/2039 EUR 64.837 DLR Kredit A/S 1.000 10/1/2050 DKK 71.545 Catalyst Housing Ltd 3.125 10/31/2047 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Praktiker AG 5.875 2/10/2016 EUR 2.232 Siemens Financierings3.300 9/15/2046 USD 67.952 Orpea SA 3.000 11/25/2041 EUR 36.263 Bulgaria Government B0.500 12/21/2029 BGN 74.179 Ministeries Van de Vl1.500 4/11/2044 EUR 68.473 Thomas Cook Finance 23.875 7/15/2023 EUR 1.268 Credit Suisse AG/Lond2.600 1/27/2032 USD 67.201 Basler Kantonalbank 0.250 3/10/2036 CHF 74.787 Russian Foreign Bond 12.750 6/24/2028 USD 67.326 Credit Agricole Home 0.375 2/1/2033 EUR 73.828 FEL Energy VI Sarl 5.750 12/1/2040 USD 68.075 National Grid Electri1.625 10/7/2035 GBP 58.787 Nykredit Realkredit A0.500 10/1/2050 DKK 64.561 Hellas Telecommunicat6.054 1/15/2015 USD 0.014 Ukraine Government In7.375 9/25/2034 USD 16.107 UBS Group AG 3.179 2/11/2043 USD 59.470 Air Berlin PLC 6.750 5/9/2019 EUR 0.301 SCOR SE 1.375 9/17/2051 EUR 67.737 Action Logement Servi0.500 10/30/2034 EUR 70.146 EYEMAXX Real Estate A5.500 9/24/2024 EUR 1.457 Altice France Holding8.000 5/15/2027 EUR 71.425 Landwirtschaftliche R0.625 10/31/2036 EUR 70.325 Republic of Ireland I1.425 9/18/2119 EUR 50.155 Republic of Poland Go1.750 4/25/2032 PLN 56.152 Pershing Square Holdi3.250 10/1/2031 USD 80.632 Cirio Del Monte NV 7.750 3/14/2005 EUR 0.364 Wessex Water Services1.500 9/17/2029 GBP 72.917 ABN AMRO Bank NV 3.324 3/13/2037 USD 67.820 Verisure Midholding A5.250 2/15/2029 EUR 74.098 DSV Finance BV 0.750 7/5/2033 EUR 68.243 blueplanet Investment5.500 2/26/2026 EUR 26.609 Deutsche Lichtmiete A5.750 12/1/2023 EUR 8.000 Intesa Sanpaolo SpA 2.100 11/13/2030 USD 68.181 Manchester Airport Gr2.875 3/31/2039 GBP 61.348 Alfa Bank AO Via Alfa6.950 USD 5.080 Equinor ASA 1.625 11/9/2036 EUR 73.416 Stonewater Funding PL1.625 9/10/2036 GBP 59.817 BNG Bank NV 0.875 10/17/2035 EUR 73.933 Ukraine Government In7.750 9/1/2026 USD 18.794 NAK Naftogaz Ukraine 7.625 11/8/2026 USD 20.281 Lehman Brothers UK Ca5.125 EUR 13.466 Region de Bruxelles-C1.121 5/11/2071 EUR 47.913 Berner Kantonalbank A0.100 9/30/2039 CHF 65.317 nVent Finance Sarl 2.750 11/15/2031 USD 72.533 Nederlandse Waterscha0.375 9/28/2046 EUR 54.215 Lukoil Capital DAC 3.600 10/26/2031 USD 72.500 Free State of Bavaria0.010 1/18/2035 EUR 67.412 Autonomous Community 2.965 9/8/2039 JPY 65.548 Lehman Brothers UK Ca3.875 EUR 13.466 City of Lausanne Swit0.680 3/11/2058 CHF 61.428 UBS Group AG 3.875 USD 74.250 Realkredit Danmark A/0.500 10/1/2043 DKK 74.411 Shell International F3.750 9/12/2046 USD 71.345 Ukraine Government Bo16.000 5/24/2023 UAH 59.000 BNG Bank NV 1.600 11/27/2030 AUD 73.916 Cirio Holding Luxembo6.250 2/16/2004 EUR 1.822 Region Wallonne Belgi1.250 6/22/2071 EUR 49.740 Region Provence-Alpes1.574 6/8/2037 EUR 74.616 Hellenic Republic Gov3.250 3/20/2050 EUR 73.364 Alfa Bank AO Via Alfa5.500 10/26/2031 USD 7.359 Hungary Government In2.125 9/22/2031 USD 66.767 B2W Digital Lux Sarl 4.375 12/20/2030 USD 67.759 Erste Group Bank AG 0.500 1/12/2037 EUR 66.120 Credit Suisse AG/Lond1.352 4/8/2034 EUR 74.179 Standard Chartered PL4.316 USD 76.750 Bourbon Corp 8.305 EUR 0.196 Nestle 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Fastighets AB Balder 1.293 3/3/2031 EUR 50.690 Banco Espirito Santo 4.193 EUR 0.120 Basque Government 1.000 10/31/2050 EUR 47.858 Nordea Kredit Realkre1.500 10/1/2053 DKK 66.000 ABN AMRO Bank NV 0.375 1/14/2035 EUR 69.517 European Financial St1.450 9/5/2040 EUR 74.691 Sveriges Sakerstallda0.750 6/9/2032 SEK 73.412 Salerno Pompei Napoli2.800 1/19/2045 EUR 69.996 Charm Finance PLC 3.509 4/12/2048 GBP 67.959 Unibail-Rodamco-Westf1.875 1/15/2031 EUR 72.804 State Agency of Roads6.250 6/24/2030 USD 15.334 CSN Resources SA 5.875 4/8/2032 USD 72.175 Ukraine Government Bo12.520 5/13/2026 UAH 58.399 Banca Popolare di Vic9.500 9/29/2025 EUR 0.096 Dexia Credit Local SA2.063 EUR 2.551 Ukreximbank Via Biz F10.426 2/9/2023 USD 30.000 Nordea Kredit Realkre0.500 10/1/2043 DKK 74.619 Metalloinvest Finance3.375 10/22/2028 USD 56.000 Very Group Funding Pl6.500 8/1/2026 GBP 67.201 A2A SpA 0.625 10/28/2032 EUR 63.034 BPCE SA 3.116 10/19/2032 USD 68.127 Zurich Finance Irelan1.600 12/17/2052 EUR 65.137 Ukraine Government In9.750 11/1/2030 USD 19.497 ESFIL-Espirito Santo 5.250 6/12/2015 EUR 0.111 Hampshire Trust Bank 7.250 5/10/2028 GBP 57.500 EA Partners II BV 6.750 6/1/2021 USD 0.615 Deutsche Lichtmiete A5.250 2/1/2027 EUR 3.030 Societe Generale SA 3.653 7/8/2035 USD 73.358 State of Saxony-Anhal0.500 3/24/2051 EUR 52.983 Argenta Spaarbank NV 0.500 10/8/2041 EUR 59.822 Prosus NV 3.832 2/8/2051 USD 55.027 Engie SA 1.500 3/13/2035 EUR 69.005 DSV Finance BV 0.500 3/3/2031 EUR 72.781 Santander UK Group Ho5.625 9/15/2045 USD 70.647 City of Zurich Switze0.250 5/26/2039 CHF 72.857 Evraz PLC 5.250 4/2/2024 USD 48.886 Ministeries Van de Vl1.000 1/23/2051 EUR 54.848 Basque Government 1.375 10/31/2070 EUR 41.316 RAC Bond Co PLC 5.250 11/4/2027 GBP 74.068 Takarek Mortgage Bank3.000 10/22/2031 HUF 48.650 Land Berlin 0.150 2/22/2036 EUR 65.986 Concessio Estacions A3.520 12/31/2037 EUR 74.834 Gazprom PJSC via Gaz 3.500 7/14/2031 USD 49.838 FF Group Finance Luxe3.250 11/2/2021 CHF 4.900 Vasakronan 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Heineken NV 4.000 10/1/2042 USD 73.398 VEON Holdings BV 4.000 4/9/2025 USD 61.000 Deutsche Bahn Finance0.100 1/28/2036 CHF 72.537 Suek Securities DAC 3.375 9/15/2026 USD 11.976 Banque Cantonale Vaud0.400 5/5/2036 CHF 74.655 Solarworld AG 9.691 2/24/2019 EUR 14.883 Mallinckrodt Internat4.750 4/15/2023 USD 38.500 Castle UK Finco PLC 7.000 5/15/2029 GBP 62.417 Luzerner Kantonalbank0.160 12/23/2043 CHF 64.247 Orpea SA 2.000 8/9/2029 EUR 42.891 Avianca Midco 2 PLC 9.000 12/1/2028 USD 72.972 Affinity Water Financ3.278 8/22/2042 GBP 70.776 State of North Rhine-1.550 6/16/2048 EUR 73.314 National Grid Electri1.608 8/24/2040 GBP 48.478 Muenchener Hypotheken0.010 11/2/2040 EUR 55.025 Ville de Paris 1.200 6/25/2039 EUR 69.416 Yuksel Insaat AS 9.500 11/10/2015 USD 0.105 Flughafen Zurich AG 0.200 2/26/2035 CHF 71.305 City of Lausanne Swit0.600 11/30/2056 CHF 60.750 Perrigo Co PLC 5.300 11/15/2043 USD 70.215 Peach Property Financ4.375 11/15/2025 EUR 71.917 BAE Systems PLC 1.900 2/15/2031 USD 73.355 VEON Holdings BV 4.950 6/16/2024 USD 71.000 Barclays Bank PLC 2.000 8/2/2030 USD 73.449 State of North Rhine-0.750 8/16/2041 EUR 64.782 DZ Bank AG Deutsche Z0.550 4/29/2024 EUR 68.010 Realkredit Danmark A/2.000 10/1/2053 DKK 73.043 State of North Rhine-0.375 9/2/2050 EUR 50.144 Nobel Bidco BV 3.125 6/15/2028 EUR 59.500 Alitalia-Societa Aere5.250 7/30/2020 EUR 0.230 Agence Francaise de D0.500 5/31/2035 EUR 68.511 Realkredit Danmark A/1.500 10/1/2050 DKK 72.035 Ukraine Government In7.750 9/1/2028 USD 18.144 Nykredit Realkredit A1.500 10/1/2053 DKK 66.001 Ukraine Government In6.876 5/21/2031 USD 15.991 Evraz PLC 5.375 3/20/2023 USD 50.000 Antofagasta PLC 2.375 10/14/2030 USD 73.044 Metropolitano de Tene1.229 7/30/2036 EUR 68.382 Deutsche Wohnen SE 1.300 4/7/2041 EUR 47.975 Euronext NV 0.750 5/17/2031 EUR 73.989 DLR Kredit A/S 1.500 10/1/2053 DKK 70.466 Electricite de France4.990 10/21/2056 USD 68.203 Caisse Francaise de F0.375 2/13/2040 EUR 60.338 Rallye SA 1.000 2/28/2032 EUR 14.682 Metinvest BV 7.750 4/23/2023 USD 55.000 Credit Agricole Home 0.010 11/3/2031 EUR 74.216 JSM Global Sarl 4.750 10/20/2030 USD 69.099 Communaute Francaise 0.625 6/11/2035 EUR 70.132 Caisse Francaise de F0.500 10/1/2046 EUR 55.092 Credit Bank of Moscow7.500 10/5/2027 USD 14.374 Norwegian Air Shuttle6.379 2/7/2023 SEK 39.852 Free and Hanseatic Ci0.200 9/3/2049 EUR 48.492 Waste Italia SpA 10.500 11/15/2019 EUR 0.550 VF Ukraine PAT via VF6.200 2/11/2025 USD 53.023 Aroundtown SA 4.900 2/1/2038 USD 66.043 Ukreximbank Via Biz F9.750 1/22/2025 USD 32.717 KTG Agrar SE 7.125 6/6/2017 EUR 2.007 Virgolino de Oliveira11.750 2/9/2022 USD 0.498 Stadt Graz 1.878 10/31/2046 EUR 72.647 Rumo Luxembourg Sarl 4.200 1/18/2032 USD 74.431 BNG Bank NV 0.125 7/9/2035 EUR 66.991 Luzerner Kantonalbank0.150 10/7/2044 CHF 62.232 La Banque Postale Hom0.250 2/12/2035 EUR 67.690 BPCE SA 3.648 1/14/2037 USD 69.513 Ceske Drahy AS 3.000 6/4/2035 EUR 64.129 Linde PLC 0.375 9/30/2033 EUR 67.503 2i Rete Gas SpA 0.579 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Deutsche Z0.700 10/16/2034 EUR 68.553 Republic of Armenia I3.950 9/26/2029 USD 71.333 Romanian Government I2.875 4/13/2042 EUR 49.208 Credit Suisse AG/Lond3.500 3/28/2032 USD 72.893 State of Rhineland-Pa1.500 4/25/2052 EUR 71.208 Banco Santander SA 3.830 9/22/2032 USD 73.477 Cofinimmo SA 1.470 6/22/2028 EUR 74.613 Reckitt Benckiser Tre1.750 5/19/2032 GBP 71.505 Chrome Holdco SASU 5.000 5/31/2029 EUR 70.820 Futureal Development 4.000 3/23/2031 HUF 58.000 Ziggo BV 2.875 1/15/2030 EUR 72.781 Ukraine Government In16.000 5/24/2023 UAH 59.000 ABN AMRO Bank NV 1.115 3/3/2042 EUR 67.289 Novolipetsk Steel Via1.450 6/2/2026 EUR 55.514 Yarlington Treasury S3.410 9/18/2057 GBP 63.663 Takko Luxembourg 2 SC5.375 11/15/2023 EUR 68.726 Anadolu Efes Biracili3.375 6/29/2028 USD 71.258 Comunidad Foral de Na1.450 5/8/2040 EUR 67.325 Region Wallonne Belgi1.246 5/12/2070 EUR 48.765 Finance and Credit Ba9.250 1/25/2019 USD 0.001 Del Monte Finance Lux6.625 5/24/2006 EUR 1.401 Pfandbriefbank schwei0.375 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0.319 JAB Holdings BV 2.000 12/19/2039 EUR 64.520 Allgemeine Sparkasse 2.500 1/27/2034 EUR 69.442 Societe Nationale SNC2.842 3/31/2036 AUD 70.228 Credit Suisse AG/Lond1.450 12/20/2030 EUR 74.048 Credit Suisse AG/Lond4.600 3/31/2023 USD 8.520 DZ Bank AG Deutsche Z2.200 12/29/2031 EUR 72.960 Getin Noble Bank SA 10.930 4/29/2024 PLN 22.775 United Utilities Wate1.474 8/24/2031 USD 66.860 UBS AG/London 1.500 2/2/2031 USD 69.160 Region of Pays de la 0.877 10/28/2041 EUR 62.274 Odea Bank AS 8.606 8/1/2027 USD 63.315 Walliser Kantonalbank0.010 3/12/2035 CHF 71.961 Credit Suisse AG/Lond4.450 6/28/2023 USD 8.370 Deutsche Bank AG 2.400 2/25/2032 EUR 70.924 Raiffeisen Landesbank0.250 3/4/2036 EUR 65.494 OGX Austria GmbH 8.500 6/1/2018 USD 0.002 Kingdom of Belgium Go1.600 6/22/2047 EUR 70.040 International Hotel I3.650 12/7/2031 EUR 73.187 Sovcombank Via SovCom7.750 USD 3.353 Communaute Francaise 2.350 8/18/2062 EUR 73.537 Zurcher Kantonalbank 16.000 11/18/2022 CHF 32.100 North Macedonia Gover1.625 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68.829 BNP Paribas SA 2.050 8/14/2039 EUR 74.103 Region de Bruxelles-C1.800 8/17/2048 EUR 68.272 Landesbank Baden-Wuer0.570 2/27/2034 EUR 59.452 Landesbank Hessen-Thu1.200 2/9/2052 EUR 68.446 UBS AG/London 6.750 2/23/2024 CHF 68.950 UBS AG/London 8.500 11/30/2022 CHF 38.750 Zurcher Kantonalbank 10.000 1/27/2023 USD 72.910 Banque et Caisse d'Ep0.880 2/10/2037 EUR 72.054 Banque Cantonale Vaud5.000 4/6/2023 CHF 45.150 Kreditanstalt fuer Wi1.175 4/14/2051 EUR 66.558 Credit Agricole Corpo3.200 3/11/2036 AUD 71.907 Landesbank Baden-Wuer0.760 3/31/2036 EUR 56.247 DekaBank Deutsche Gir0.250 1/31/2031 EUR 73.203 NRW Bank 0.642 2/9/2051 EUR 57.738 Credit Agricole Corpo2.000 2/19/2031 AUD 73.067 Single Platform Inves1.650 6/1/2038 EUR 74.742 Caisse des Depots et 0.571 2/18/2041 EUR 62.382 Brussels Municipaliti0.892 3/29/2041 EUR 62.727 OR PJSC 16.000 11/22/2025 RUB 18.000 UBS AG/London 7.000 7/12/2023 CHF 52.250 Natixis SA 3.600 11/16/2041 AUD 65.823 Landeskreditbank Bade1.017 3/15/2061 EUR 55.389 Credit Suisse AG/Lond15.000 3/17/2023 USD 52.960 Bayer Construct Epito3.700 10/21/2031 HUF 53.340 Single Platform Inves1.240 5/21/2032 EUR 74.023 Region de Bruxelles-C1.065 6/22/2047 EUR 57.475 Barclays Bank PLC 2.600 4/6/2031 NZD 74.541 Landesbank Baden-Wuer0.500 4/16/2031 EUR 68.583 DNB Boligkreditt AS 1.570 9/27/2038 EUR 74.649 DNB Boligkreditt AS 1.573 11/2/2038 EUR 74.534 Stadt Graz 1.824 10/31/2047 EUR 69.175 Nordea Bank Abp 5.000 1/20/2025 SEK 61.120 Credit Agricole Corpo3.020 4/22/2036 AUD 70.071 Barclays Bank PLC 2.000 5/7/2036 MXN 28.038 ING Bank NV 2.330 5/12/2031 USD 74.789 Muenchener Hypotheken1.185 5/5/2059 EUR 59.803 UBS AG/London 10.000 10/2/2023 CHF 68.600 DZ Bank AG Deutsche Z3.000 3/24/2023 EUR 73.740 BPCE SFH SA 1.523 6/14/2038 EUR 74.954 Department of Bouches1.563 6/18/2038 EUR 74.722 Specialfastigheter Sv2.375 6/25/2048 SEK 69.119 Leonteq Securities AG7.000 9/27/2023 CHF 56.050 Societe Generale SA 29.000 4/19/2023 USD 50.650 Leonteq Securities AG23.400 1/18/2023 CHF 28.430 Kuntarahoitus Oyj 1.150 9/24/2051 EUR 65.075 Credit Mutuel Arkea S2.060 9/21/2038 EUR 67.787 Swedbank Hypotek AB 1.450 9/14/2038 EUR 73.922 Societe d'Infrastruct1.913 7/12/2033 EUR 70.664 ING Groep NV 0.975 2/14/2034 EUR 59.650 Banco Santander SA 2.750 9/5/2037 EUR 74.660 Nederlandse Waterscha1.950 8/29/2058 EUR 72.705 Credit Suisse AG/Lond7.000 10/31/2022 USD 54.620 Nordea Bank Abp 2.000 2/3/2027 SEK 63.310 NRW Bank 0.921 10/20/2041 EUR 66.900 Aareal Bank AG 0.220 3/10/2028 EUR 71.856 UniCredit Bank AG 1.560 1/20/2031 EUR 64.720 Credit Agricole Corpo3.100 4/28/2041 AUD 65.064 Landesbank Baden-Wuer0.420 4/12/2030 EUR 71.653 Cooperatieve Rabobank2.250 9/15/2047 EUR 67.819 JP Morgan Structured 11.000 12/30/2026 ZMW #N/A N/A DZ Bank AG Deutsche Z1.150 4/30/2035 EUR 71.407 Nordea Bank Abp 8.250 1/20/2025 SEK 60.990 ABN AMRO Bank NV 1.585 1/21/2039 EUR 74.531 ING Bank NV 1.557 1/17/2039 EUR 74.606 ING Bank NV 1.560 1/21/2039 EUR 74.640 Credit Agricole Corpo2.300 6/16/2031 USD 72.679 UBS AG/London 16.000 4/1/2024 USD 70.350 Landesbank Baden-Wuer4.000 11/25/2022 EUR 66.800 Nordea Bank Abp 1.424 2/20/2034 EUR 73.969 Landesbank Hessen-Thu1.600 3/22/2034 EUR 72.079 Landeskreditbank Bade1.443 3/18/2042 EUR 72.576 DNB Boligkreditt AS 1.355 12/18/2037 EUR 72.756 DNB Boligkreditt AS 1.455 1/11/2038 EUR 73.841 DNB Boligkreditt AS 1.452 1/19/2038 EUR 73.697 Deutsche Bank AG/Lond12.780 3/16/2028 TRY 42.981 BNG Bank NV 1.603 3/19/2048 EUR 70.528 Stadshypotek AB 1.444 4/19/2038 EUR 74.241 Erste Group Bank AG 7.250 6/30/2026 EUR 66.850 Banco Santander SA 1.000 1/14/2034 EUR 66.473 Norddeutsche Landesba1.100 10/13/2034 EUR 66.705 Premium Green PLC 3.500 9/15/2041 EUR 71.447 Swedbank Hypotek AB 1.500 7/2/2038 EUR 72.864 Banco Santander SA 1.020 1/4/2034 EUR 66.146 BPCE SA 2.730 10/5/2036 AUD 57.126 Leonteq Securities AG17.000 11/22/2022 USD 14.360 Bank Vontobel AG 15.000 11/28/2022 CHF 56.100 Cie de Financement Fo1.887 1/31/2049 EUR 73.616 Lloyds Bank PLC 2.280 1/29/2044 EUR 70.987 Oberbank AG 2.250 2/1/2039 EUR 69.813 Swedbank Hypotek AB 1.292 2/11/2037 EUR 73.482 Sibur Holding PAO 1.500 10/1/2032 USD 47.000 DZ HYP AG 1.505 3/12/2038 EUR 74.846 Ukraine Government Bo4.000 1/25/2024 USD 40.778 BPCE SFH SA 1.529 12/14/2038 EUR 74.331 BPCE SFH SA 1.536 12/21/2038 EUR 74.312 Aareal Bank AG 0.255 9/17/2029 EUR 64.669 NRW Bank 0.650 7/20/2037 EUR 69.535 Vasakronan AB 1.781 10/30/2030 NOK 73.065 Norddeutsche Landesba1.600 8/1/2039 EUR 64.165 BNP Paribas SA 3.660 8/9/2039 AUD 66.511 NRW Bank 1.000 2/26/2050 EUR 61.766 Land Thueringen 1.000 3/29/2039 EUR 70.780 Nederlandse Waterscha1.486 4/24/2052 EUR 70.641 Landesbank Baden-Wuer1.250 4/24/2039 EUR 63.040 Department of L'Eure 1.110 6/18/2039 EUR 67.703 BKS Bank AG 1.160 2/4/2031 EUR 73.677 Credit Agricole Corpo1.830 2/4/2031 AUD 71.836 Kuntarahoitus Oyj 0.040 2/9/2034 EUR 69.691 Vasutvillamosito Kft 3.000 2/3/2031 HUF 65.000 BNP Paribas SA 3.580 7/23/2040 AUD 69.004 Caisse des Depots et 0.678 7/23/2040 EUR 64.513 Rikshem AB 2.370 6/17/2032 NOK 72.842 Aareal Bank AG 0.660 6/26/2028 EUR 72.315 Region Wallonne Belgi0.808 6/24/2038 EUR 64.829 Kreditanstalt fuer Wi0.400 8/12/2040 EUR 62.357 Daniella Kereskedelmi3.000 7/30/2030 HUF 54.700 Regie Autonome des Tr0.875 8/18/2080 EUR 36.256 UniCredit SpA 1.050 1/23/2031 EUR 67.466 Single Platform Inves1.150 5/25/2066 EUR 42.493 Caisse des Depots et 1.630 12/28/2046 EUR 74.742 Ville de Paris 0.831 2/23/2056 EUR 45.595 Vasakronan AB 3.270 6/26/2034 AUD 69.830 Royal Schiphol Group 3.090 7/1/2034 AUD 68.635 BNP Paribas SA 3.950 7/11/2039 AUD 69.123 Collectivite Europeen0.487 10/9/2045 EUR 49.831 DZ Bank AG Deutsche Z0.500 10/21/2032 EUR 72.143 Societe Generale SA 3.300 7/8/2034 AUD 66.669 UniCredit Bank AG 0.310 10/15/2035 EUR 65.937 Societe Generale SA 27.300 10/20/2025 USD 17.250 Hypo Vorarlberg Bank 0.390 10/21/2030 EUR 70.380 Landesbank Baden-Wuer0.440 10/19/2035 EUR 66.863 Nederlandse Waterscha0.436 10/22/2040 EUR 60.892 BNG Bank NV 1.410 7/28/2031 AUD 71.056 Mostotrest PJSC 0.010 7/29/2026 RUB 62.660 UBS AG/London 12.250 11/18/2022 EUR 27.040 Deutsche Pfandbriefba1.000 12/2/2030 EUR 64.887 Standard Chartered Ba1.730 1/26/2031 USD 71.735 Nederlandse Waterscha0.932 12/2/2060 EUR 53.346 Hypo Tirol Bank AG 0.740 5/29/2040 EUR 63.339 Single Platform Inves2.320 9/18/2041 EUR 71.269 Kuntarahoitus Oyj 0.983 11/3/2060 EUR 58.623 DNB Boligkreditt AS 1.538 5/18/2038 EUR 74.499 EFG International Fin9.100 9/20/2023 EUR 37.020 BKS Bank AG 1.160 2/4/2031 EUR 73.615 Santander Internation1.365 1/28/2061 EUR 42.817 NRW Bank 0.600 1/28/2051 EUR 51.026 Landesbank Baden-Wuer1.100 5/7/2040 EUR 56.839 HSBC Bank PLC 10.300 12/10/2024 TRY 60.725 Kreditanstalt fuer Wi0.210 11/18/2037 EUR 61.951 State of Lower Austri0.550 11/13/2080 EUR 28.907 Societe Wallonne de F0.750 5/22/2030 EUR 74.552 Metropole de Lyon 0.466 12/7/2046 EUR 47.989 Landesbank Saar 0.400 1/14/2031 EUR 73.133 Societe Generale SA 1.100 2/20/2034 EUR 64.217 Region Bretagne SCI 0.150 1/19/2035 EUR 66.967 Credit Agricole Corpo11.340 2/12/2026 TRY 54.122 Regie Autonome des Tr0.953 5/24/2052 EUR 57.390 Single Platform Inves0.785 3/20/2039 EUR 57.178 Credit Agricole Corpo0.650 11/5/2034 EUR 62.346 SBAB Bank AB 0.928 11/7/2034 SEK 70.325 Region de Bruxelles-C1.467 3/1/2039 EUR 72.778 Single Platform Inves1.340 5/10/2044 EUR 56.663 OR PJSC 12.600 9/28/2025 RUB 5.000 Region de Bruxelles-C1.819 1/22/2048 EUR 69.384 HSBC Continental Euro2.220 1/24/2048 EUR 70.112 BPCE SFH SA 1.458 1/26/2038 EUR 74.280 Landesbank Hessen-Thu2.435 2/6/2048 EUR 70.710 Deutsche Apotheker-un1.715 2/13/2037 EUR 66.724 Landesbank Baden-Wuer1.690 2/7/2033 EUR 71.715 La Banque Postale Hom1.470 12/1/2037 EUR 74.995 State of Rhineland-Pa0.872 10/31/2036 EUR 71.694 Ministeries Van de Vl1.564 11/12/2046 EUR 64.794 DZ Bank AG Deutsche Z0.750 7/30/2032 EUR 74.686 Single Platform Inves0.678 2/15/2041 EUR 51.717 Batigere Grand Est SA1.550 8/12/2041 EUR 49.126 Cooperatieve Rabobank0.540 8/3/2040 EUR 59.838 Kuntarahoitus Oyj 0.726 1/8/2060 EUR 43.118 Aktia Bank Oyj 0.965 12/11/2040 EUR 59.164 UBS AG/London 10.250 12/15/2022 CHF 49.950 Single Platform Inves0.656 9/20/2050 EUR 41.249 Skandinaviska Enskild8.600 7/17/2023 SEK 53.450 Metropole de Lyon 0.500 12/28/2048 EUR 45.917 Single Platform Inves1.000 7/15/2036 EUR 64.493 Banque Cantonale Vaud5.000 5/17/2023 CHF 61.390 UBS AG/London 8.250 11/21/2022 CHF 41.700 Credit Agricole Corpo10.800 3/24/2026 TRY 52.458 ********* 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 * * *