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

                          E U R O P E

          Tuesday, November 15, 2022, Vol. 23, No. 222

                           Headlines



D E N M A R K

NUUDAY A/S: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Negative
NUUDAY A/S: Moody's Assigns First Time B2 Corporate Family Rating
NUUDAY: S&P Assigns Preliminary 'B-' ICR, Outlook Stable


F R A N C E

ELECTRICITE DE FRANCE: France Won't Dismantle Firm After Buyout
FINANCIERE VERDI I: GBP245M Bank Debt Trades at 19% Discount
GINGER CEBTP: EUR125M Bank Debt Trades at 17% Discount


G E R M A N Y

CORESTATE CAPITAL: S&P Downgrades ICR to 'CC', Outlook Negative
E-MAC DE 2006-II: S&P Raises Class C Notes Rating to 'B (sf)'
IREL BIDCO: Fitch Affirms LongTerm IDR at 'B+', Outlook Stable
ROHM HOLDING: US$601M Bank Debt Trades at 22% Discount
SEFE: German Gov't to Nationalize Business to Avert Bankruptcy

SPEEDSTER BIDCO: EUR225M Bank Debt Trades at 17% Discount


I R E L A N D

ALTADA TECHNOLOGY: Nicholas O'Dwyer Appointed as Receiver
ARES EUROPEAN XVI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
AVOCA CLO XVI: Moody's Affirms B2 Rating on EUR13.5MM F-R Notes
BARINGS EURO 2022-1: Fitch Gives 'B-(EXP)sf' Rating on Cl. F Notes
CARLYLE GLOBAL 2016-1: Fitch Hikes Rating on Cl. E-R Notes to 'Bsf'

PENTA CLO 12: Fitch Assigns B- Rating on F Notes, Outlook Stable


I T A L Y

COMDATA SPA: EUR355M Bank Debt Trades at 21% Discount
MILIONE SPA: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable


L U X E M B O U R G

ADB SAFEGATE: EUR344M Bank Debt Trades at 20% Discount
ARMORICA LUX: EUR335M Bank Debt Trades at 21% Discount
COVIS FINCO: US$595M Bank Debt Trades at 32% Discount
ENDO LUXEMBOURG: US$2B Bank Debt Trades at 19% Discount
SK NEPTUNE: US$610M Bank Debt Trades at 19% Discount

VENATOR FINANCE: US$375M Bank Debt Trades at 28% Discount


N E T H E R L A N D S

COLUMBUS FINANCE: EUR350M Bank Debt Trades at 24% Discount
GLOBAL BLUE: EUR630M Bank Debt Trades at 17% Discount
GLOBAL UNIVERSITY: S&P Withdraws 'B-' LT Issuer Credit Rating
GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 35% Discount
GTT COMMUNICATIONS: US$140M Bank Debt Trades at 35% Discount

HUNKEMOLLER: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
HUVEPHARMA INT'L: Moody's Withdraws Ba2 Corp Family Rating


S P A I N

BOLUDA TOWAGE: S&P Affirms 'BB-' ICR, Outlook Negative
CELLNEX TELECOM: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
DURO FELGUERA: EUR85M Bank Debt Trades at 33% Discount
UNICAJA BANCO: Fitch Gives BB+(EXP) Rating on Non-Preferred Notes


S W E D E N

FUSILLI HOLDCO: EUR300M Bank Debt Trades at 18% Discount


T U R K E Y

TURK TELEKOMUNIKASYON: Fitch Affirms 'B' LongTerm IDR, Outlook Neg.
TURKCELL ILETISIM: Fitch Affirms LongTerm IDR at 'B', Outlook Neg.


U N I T E D   K I N G D O M

ALTERA INFRASTRUCTURE: Updates Altera Parent Equity Interests
AMPHORA FINANCE: GBP301M Bank Debt Trades at 33% Discount
BULB ENERGY: High Court to Scrutinize Administrators' GBP25MM Fee
CHARTER MORTGAGE 2018-1: Fitch Affirms BB+ Rating on Class E Notes
COMET BIDCO: US$420M Bank Debt Trades at 37% Discount

CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 27% Discount
CONSTELLATION AUTOMOTIVE: GBP325M Bank Debt Trades at 44% Discount
CONSTELLATION AUTOMOTIVE: GBP400M Bank Debt Trades at 31% Discount
DEBENHAMS: Administrators Made More Than GBP7.2 Million in Fees
FORMENTERA ISSUER: Fitch Affirms 'Bsf' Rating on Class F Notes

GEMGARTO 2021-1: Fitch Hikes Rating on Class X Notes to 'BB+sf'
GENESIS SPECIALIST: Moody's Cuts Sr. Sec. Term Loan Rating to Caa2
INEOS GROUP: EUR400M Bank Debt Trades at 98% Discount
INFINITY BIDCO: GBP224M Bank Debt Trades at 19% Discount
JOULES: Set to Appoint Administrators After Funding Talks Fail

PATAGONIA BIDCO: GBP550M Bank Debt Trades at 17% Discount
PLATFORM BIDCO: GBP418M Bank Debt Trades at 17% Discount
ROLLS-ROYCE PLC: Fitch Alters Outlook on 'BB-' IDR to Positive
THG OPERATIONS: Moody's Cuts CFR to B2, Outlook Stable

                           - - - - -


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D E N M A R K
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NUUDAY A/S: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has assigned Nuuday A/S a first-time expected
Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a Negative
Outlook. It has also assigned Nuuday's senior secured EUR500
million term loan B (TLB) an expected 'BB-(EXP)' rating with a
Recovery Rating of 'RR2'.

Net proceeds from the TLB will be used together with net proceeds
from new funds at parent DKT Holdings ApS ((DKT); and related
intermediate holding companies) to fully redeem DKT Finance ApS's
EUR1,050 million 7% 2023 and USD410 million 9.375% 2023 fixed-rate
notes. The expected ratings will be converted to final ratings
after Nuuday's planned TLB and DKT-related financing transactions
are completed on terms that are consistent with Fitch's
expectations.

Nuuday's Standalone Credit Profile (SCP) of 'b' is limited to one
notch above the 'b-' consolidated credit profile of DKT combined
with Nuuday. This reflects 'porous' legal ring-fencing and 'open'
access and control linkages between Nuuday and DKT under our Parent
and Subsidiary Linkage (PSL) Rating Criteria.

The Negative Outlook reflects high leverage and negative free cash
flow (FCF) under the consolidated profile of DKT combined with
Nuuday, as well as uncertainty around DKT's ongoing debt service
capacity post-refinancing. Fitch does not see significant scope for
Nuuday and main network partner TDC NET A/S to use their own cash
in 2023-2024 to service holding company debt.

KEY RATING DRIVERS

'b' SCP: Nuuday's SCP of 'b' reflects high leverage for an
asset-light telecoms service company, negative FCF owing to high
capex, and intense competition in the Danish market. This is
balanced by Nuuday's strong domestic position in its mobile,
broadband and TV businesses.

The 'b' SCP also reflects its view that Nuuday will be able to
address competitive pressures on revenue with an improved focus on
consumer operations and efficient cost-optimisation measures. Fitch
also assumes reduced capex intensity by end-2025, and a prudent M&A
and financial policy, with no acquisitions or dividends in our base
case.

PSL Linkage: Fitch has applied its PSL Criteria and taken the
stronger subsidiary and weaker parent approach. Nuuday's debt
financing is separate from that of its DKT, with no
cross-guarantees or cross-default provisions and separate security
packages. However, the overall control of the parent leads to its
assessment of 'open' access and control and 'porous' legal
ring-fencing, with a consolidated profile +1 notch rating
approach.

High Cash Flow Leverage: Fitch expects Nuuday to have Fitch-defined
EBITDA leverage of 3.6x-3.4x in 2023-2024, which is significantly
stronger than the thresholds of 4.5x-5.5x for the 'B' rating.
However, Fitch expects Nuuday's other leverage metric, cash flow
from operations less capex/total debt, to remain negative to 2024,
which is a key rating constraint. Fitch believes that asset-light
operators bear higher operational risks than integrated telecom
companies, so the leverage thresholds for them are typically
tighter.

Negative FCF, High Capex: Fitch expects Nuuday's FCF to remain
negative in 2022-2024, primarily due to investments in streamlining
its product portfolio, organisational structure and a newly
launched IT transformation programme. The IT programme (capex and
operating spending) is spread across 2022-2024, and is part funded
by cash overfunding in connection with the TLB financing of Nuuday.
Fitch also forecasts that its revolving credit facility (RCF) will
be utilised by around 75% in 2024, to fund cash outflows.

Capex Flexibility: Nuuday maintains some flexibility in capex,
which can help it mitigate pressures on cash flow in case of
operational underperformance. Capex should start to decrease
materially from 2025 as a result of improved efficiencies and
completion of the IT transformation programme.

Delayed Margin Improvement: Nuuday's Fitch-defined EBITDA margin in
2023-2024 is affected by its expectations that competitive
pressures will delay the company in passing on cost inflation to
its customers. Fitch also incorporates DKK40 million-80 million of
annual operating spending from the IT transformation programme into
Fitch-defined EBITDA, which should come to an end by 2025.

Fitch expects Nuuday to remain cost-efficient and cost-optimisation
initiatives should continue to support underlying margin
improvement. TDC Group, from which Nuuday has been split, has a
disciplined approach to cost, as demonstrated by its history of
operating margin growth, and Fitch expects Nuuday to inherit this
approach.

Refinancing Risk Linkage with DKT: The rating of Nuuday is
interlinked with the refinancing risk on DKT's debt, as share
pledges under DKT's debt under an acceleration event could lead to
a mandatory prepayment under Nuuday's debt structure.

Leading Market Positions: Nuuday holds the leading position in the
end-user market for mobile, broadband and pay-TV services in
Denmark with a strong portfolio of brands in both B2C and B2B
segments, underpinned by the leadership in infrastructure quality
and coverage of TDC NET. Fitch believes the structural separation
of TDC NET will not affect Nuuday's market position and expect it
to continue benefitting from its long-term partnership with TDC
NET. At the same time, Nuuday's partnerships with utility companies
that offer wholesale fibre should provide it with additional
flexibility for its broadband expansion.

Access to Best Infrastructure: Its long-term contracts and
established relationships with TDC NET allow Nuuday to maintain its
competitive advantage in infrastructure despite its split from TDC
Group. Fitch expects TDC NET's quality leadership to persist, which
is a major strength for Nuuday over its competitors. This is
particularly the case in the mobile segment, where Nuuday benefits
from being well ahead of the competition in 5G. In broadband,
competition is likely to be stronger due to the ability of all
service providers to gain non-discriminatory access to TDC NET's
and the utilities' fibre networks.

Commercial Risks Increase: The separation of network infrastructure
from Nuuday effectively passes the risks of increasing competition
to service companies. Intense competition may put pressure on
prices and increase churn, which, combined with a high share of
fixed costs for wholesale network services, may squeeze margins.

However, the separation of networks can help operators increase
focus on customer satisfaction and operational efficiency. It also
removes the risks associated with investing in new technologies,
passing them to wholesale network providers.

DERIVATION SUMMARY

The operating profile of asset-light operators' is weaker than
integrated telecoms' due to the former's dependence on third-party
infrastructure, higher exposure to the risk of stiff competition
and operational underperformance, and lower margins. Nuuday's
closest peer is UK fixed-line operator TalkTalk Telecom Group Plc
(B+/Negative). Compared with TalkTalk, Nuuday benefits from notably
stronger market positions and a diversification across telecom
segments.

Nuuday's peer group includes small and medium-sized domestically
focused telecom operators Lorca Holdco Limited (B+/Stable), PLT VII
Finance S.a r.l. (Bite; B/Stable), Melita Limited (B+/Stable) and
eircom Holdings (Ireland) Limited (B+/Stable). Different leverage
thresholds for this peer group reflect differences in domestic
market competitive intensity, as well as strength of market
positions, margins and cash flow generation. Fitch sees lower
margins and negative FCF as constraining factors for Nuuday's
ratings.

KEY ASSUMPTIONS

- Fitch-defined EBITDA margin of 8.4% in 2022, on the back of
higher inflation and increased costs associated with the IT
transformation programme, increasing towards 10.1% in 2025

- Capex at DKK1.6 billion in FY22 (including IT capex), gradually
reducing to DKK950 million in 2025

- Working capital outflows of 1.2%-0.3% of revenue in 2022-2025
(excluding impact from IT programme)

- Negative FCF in 2022-2024, funded by cash overfunding at closing
and RCF drawings

KEY RECOVERY ASSUMPTIONS

- Reorganised as a going concern in distress or bankruptcy rather
than liquidated

- A 10% administrative claim

- Post-restructuring EBITDA estimated at DKK1.1 billion, reflecting
stress assumptions of intensifying market competition, and failure
to deliver planned cost savings

- A distressed enterprise value multiple of 4.0x to calculate a
post-restructuring valuation

Fitch deducts administrative claims and thereafter EUR635 million
of senior secured claims. Fitch expects the EUR135 million RCF to
be fully drawn in a default, ranking pari-passu with the EUR500
million TLB.

Based on current metrics and assumption, the waterfall analysis
generates a ranked recovery at 85% in the 'RR2' band, indicating a
'BB-' instrument rating for the senior secured TLB.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to an
upgrade:

- Cash flow from operations less capex above 3% of total debt,
reflecting a stable competitive market position and a normalising
capex profile

- Gross debt sustainably below 4.5x EBITDA and below 5.0x funds
from operations (FFO)

- An improved consolidated credit profile of DKT combined with
Nuuday

- Weakening of operational and legal ties between DKT and Nuuday

Factors that could, individually or collectively, lead to a
revision of Outlook to Stable

- An improved consolidated credit profile of DKT combined with
Nuuday with improved FCF, and sustainable debt service metrics in
the holding company

Factors that could, individually or collectively, lead to a
downgrade:

- Weakening of the consolidated credit profile of DKT combined with
Nuuday

- Total debt sustainably above 5.5x EBITDA and above 6.0x FFO

- Increased competitive intensity in the Danish telecoms market,
resulting in declining EBITDA and sustained negative FCF

- Weak liquidity, including continued reliance on RCF to fund
negative FCF

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: We forecast negative FCF of around DKK1.6
billion in 2022-2024 owing to initial high capex, and the IT
transformation programme. Fitch expects the outflows to be funded
by cash overfunding pro forma for the TLB financing, and drawings
under the committed EUR135 million RCF (DKK1 billion).

ISSUER PROFILE

Nuuday is the service company resulting from the split of the
Danish incumbent telecoms operator TDC Group. The company offers
unbundled products covering mobile, broadband, TV and telephony
using the fixed and mobile network from TDC NET and third-party
regional fibre networks.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Nuuday's IDR is limited to one notch above the 'b-' consolidated
credit profile of DKT and Nuuday.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating                    Recovery   
   -----------             ------                    --------   
Nuuday A/S          LT IDR B(EXP)   Expected Rating

   senior secured   LT     BB-(EXP) Expected Rating    RR2


NUUDAY A/S: Moody's Assigns First Time B2 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating and a B2-PD probability of default rating to Danish
telecom service provider Nuuday A/S ("Nuuday" or "the company"), a
100% indirectly owned subsidiary of DKT Holdings ApS (DKT, rated B3
negative). Concurrently, Moody's has assigned a B2 rating to the
EUR500 million senior secured term loan B (TLB) due 2027 and the
EUR135 million senior secured revolving credit facility (RCF) due
2026 issued by Nuuday. The outlook on the ratings is stable.

Proceeds from the senior secured TLB issuance will be mainly used
to partially repay the backed senior secured bonds issued by DKT
Finance ApS (Caa2 negative), and fund capital spending at Nuuday.

"The B2 rating balances Nuuday's asset light business model and
negative free cash flow generation expected over the next three
years, with its leading market position in the Danish telecom
market and its moderate leverage," says Carlos Winzer, a Senior
Vice President and lead analyst for Nuuday.

RATINGS RATIONALE

Nuuday's B2 CFR  reflects the fact that the company has a unique
access to TDC Net A/S's high quality mobile and fixed networks
through a long term contract. In addition, it has partnerships with
all major alternative fiber providers.

Nuuday is the market leading telecommunications service provider in
Denmark with a high market share and a strong multi-brand portfolio
diversified across B2C and B2B. It has an operating model in place
to continuously improve and differentiate, and gradually strengthen
margins through a cost reduction plan.

Nuuday's commercial performance is driven by the successful
implementation of a multibrand strategy, combined with a smart
service offering and price positioning. Nuuday has been able to
take most of the market's growth in new adds, without destroying
value through aggressive discounts.

Nuuday will continue to operate in a still challenging and mature
telecommunications market, characterized by pressure on ARPU in the
context of a high level of promotions. In addition, a slowing
macroeconomic environment and increasing inflation are factors that
reduce visibility into the company's operating performance over the
next 12 to 18 months. For example, EBITDA in Q2 2022 dropped by 7%
owing to increasing third party and energy costs.

The rating also reflects the asset light nature of Nuuday's service
provider business model, which leads to very low EBITDA margins of
around 10%, compared with other rated peers. Its margin has reduced
from 13% in 2019 to 10% forecasted in 2022 due to revenue decline
and higher costs of sales, and Moody's expects that margins will
stabilise at around 10% between 2023 and 2025 owing to cost
rationalization efforts.

While Nuuday's leverage is moderate for the rating category, its
weak cash flow generation limit its financial flexibility, given
the business risk characteristics of its asset light business
model. Moody's expects Nuuday's leverage to reach 2.9x in 2022
following the senior secured TLB issuance, with no significant
improvement over the next three years.

Moody's expects Nuuday to continue to generate negative
Moody's-adjusted free cashflow (FCF) until at least 2024, because
of weak margins, high interest payments and capital spending
primarily into IT systems. While investments will progressively
come down from 2023 onwards, the low margins and large interest
expense limit the headroom in the capital structure for any
deviation in terms of operating performance. This leads to a very
weak (EBITDA-Capex)/Interest expense ratio, which is expected to
grow from zero in 2022 to 0.7x in 2024.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Nuuday's ESG Credit Impact Score is Highly Negative (CIS-4), mainly
reflecting corporate governance considerations associated with its
financial policy and liquidity risk management, as well as its
concentrated ownership.

Nuuday's exposure to environmental risks is Neutral-to-Low (E-2)
owing to its limited exposure to physical climate risk and very low
emissions of pollutants and carbon.

Social risks are moderately negative (S-3) as it faces exposure to
well entrenched labour unions and changing demographic and societal
trends towards the use of telecom related technology. This is
partially mitigated through company's end products and services
which include the company's ability to adapt its services to cater
to its customers' requirements.

From a corporate governance perspective, Nuuday is highly
negatively exposed (G-4) due to its aggressive financial strategy
and liquidity risk management. The company is indirectly controlled
by a private equity consortium led by Macquarie and Danish pension
funds. While Nuuday's leverage is moderate compared with peers in
the same rating category, this level of leverage reflects the
company's limited financial flexibility given its high capex and
high interests relative to the margin that it generates.

LIQUIDITY PROFILE

Nuuday's liquidity is mainly supported by a EUR135 million senior
secured RCF due in 2026, and expected cash and cash equivalents of
around EUR85 million in 2022. However, Moody's expects that
Nuuday's FCF generation will be negative until at least 2024.

The debt facilities contain one net leverage-based maintance
leverage covenant set initially at 5.75x and that is tightening
towards 5.0x by 2025.

The company will have a clean debt maturity profile until 2027,
when its senior secured TLB matures.

STRUCTURAL CONSIDERATIONS

Nuuday's PDR of B2-PD, in line with the CFR, reflects Moody's
assumption of a 50% family recovery rate, which is consistent with
a covenant-lite senior secured TLB structure.

The B2 rated senior secured TLB and senior secured RCF benefit from
the same security and guarantee structure, granted over its shares,
bank accounts and intra-group loans. Guarantors account for at
least 80% of consolidated EBITDA.  

RATIONALE FOR STABLE OUTLOOK

The stable outlook on Nuuday's ratings reflects Moody's expectation
that the company's  operating performance will gradually improve on
the back of some, albeit marginal, revenue growth as well as cost
savings, and that the company's leverage will remain around 3x over
the next two to three years.

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

Upward pressure on the ratings could develop if the company
successfully delivers on its business plan and generates positive
cash flow on a sustainable basis, its adjusted debt/EBITDA ratio
drops below 2.5x and its EBITDA minus Capex over interest ratio
raises above  1.75x on a sustained basis.

Nuuday's rating could be lowered if its operating performance
weakens beyond Moody's expectations or the company executes debt
financed acquisitions or shareholder remuneration policies that
weaken credit metrics, including sustained negative free cash flow
generation, adjusted gross debt/EBITDA above 3.5x and EBITDA minus
Capex over interest below 1.25x, all on a sustained basis. A
deterioration in liquidity could also lead to downward pressure on
the rating.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Nuuday A/S

Probability of Default Rating, Assigned B2-PD

LT Corporate Family Rating, Assigned B2

Senior Secured Bank Credit Facility, Assigned B2

Outlook Actions:

Issuer: Nuuday A/S

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.

COMPANY PROFILE

Nuuday A/S, is the leading national Danish telecommunications
service provider. In 2019, TDC Group was legally separated into
Nuuday and TDC Net A/S. In 2021, Nuuday generated revenues of
DKK14.7 billion and EBITDA of DKK1.8 billion. Nuuday provides
traditional fixed-line, internet and mobile services. Nuuday's
ultimate controlling entity is DKT Holdings ApS, a company
controlled by a consortium of Danish pension funds Arbejdsmarkedets
Tillaegspension (ATP), PFA Ophelia InvestCo I 2018 K/S, PKA Ophelia
Holding K/S, and Macquarie Infrastructure and Real Assets Inc.


NUUDAY: S&P Assigns Preliminary 'B-' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' long-term issuer
credit rating to Danish telecom services provider Nuuday, and its
preliminary 'B' issue rating and '2' recovery rating to the
proposed EUR500 million term loan B, for which S&P estimates
recovery prospects at about 80% in the event of a default.

The stable outlook reflects S&P's expectation that Nuuday's revenue
and EBITDA will be relatively flat in the next 12 months and its
adjusted leverage ratio at about 4.8x.

Since its separation from TDC Net in 2019, Nuuday operates as a
stand-alone asset-light telecommunication services operator. TDC
Net and Nuuday, the two operating subsidiaries of DKT Holdings,
were legally and operationally separated in 2019. While TDC Net
operates as the group's telecom infrastructure arm, Nuuday is a
re-seller providing broadband, communication, and entertainment
services with nine different brands. In line with the group's
strategy to also separate the two entities financially, TDC Net
raised EUR3.3 billion of bank financing in March 2022 and repaid
debt at TDC Holding. Nuuday is now issuing EUR500 million of debt;
most of the proceeds will be upstreamed to TDC Holding and about
EUR120 million will be kept on balance sheet to fund the group's
digital transformation. Simultaneously, TDC Holding will use the
amount it receives from Nuuday to transfer money to DKT Finance to
partly repay its high yield notes. S&P said, "We also note that the
shareholders have committed to support refinancing of the
outstanding high-yield notes. Therefore, we anticipate we will
resolve the CreditWatch on DKT Holdings in the coming weeks. After
the issuance, we anticipate Nuuday's adjusted leverage will be
around 4.8x."

S&P said, "We assess Nuuday's business risk profile as weaker than
that of the DKT group. Our assessment of Nuuday's business risk
profile is constrained by the company's reliance on agreements with
telecom infrastructure owners, a decline in legacy copper cable
revenue, unfavorable structural changes in the TV and landline
market, limited scale, geographic concentration, and relatively low
profitability. These constraints are partly offset by Nuuday's
leading market position, long-term agreement with TDC Net in
mobile, strong and wide portfolio of brands, and unique position as
the only company with a quadruple-play strategy in Denmark.

"We view the lack of ownership of telecommunication assets as a
constraint for Nuuday, mainly in accessing fiber networks. Nuuday
is a re-seller and, as such, doesn't own any telecom
infrastructure; therefore it relies on agreements with
infrastructure owners to offer services to its customers. Until
recently, Nuuday only offered fixed-network services based on
access to TDC Net's network, which includes a nationwide copper
cable network and high-speed broadband in some regions of western
Denmark, while other regions are serviced by utility companies.
Customers demanding faster networks have been moving primarily to
providers offering fiber connections and away from those with
copper cable. Up to 2021, utility companies were not required to
open up their fiber networks to third parties like Nuuday. However,
since 2021, new regulation requires them to do so. This has enabled
Nuuday to offer high-speed broadband across Denmark through
agreements with seven utility companies. We believe that Nuuday
could gain market share in fiber over time, offsetting the decline
in copper revenue."

In the mobile segment, Nuuday benefits from its long-term agreement
with TDC Net. In 2019, Nuuday signed a mobile service agreement
with TDC Net to utilize its mobile network. TDC Net has the largest
mobile network in Denmark, with a 63% market share by revenue and
53% larger spectrum portfolio than its peers. Moreover, TDC Net is
the dominant 5G mobile infrastructure operator in Denmark, thanks
to its spectrum acquisition in 2020 with a duration of 20 years.
The contract between Nuuday and TDC Net is for eight years, with an
additional seven-year phase-out period should the contract be
terminated after eight years, based on a flat fee of Danish krone
(DKK) 2.5 billion (about EUR335 million) with an annual increase.
In S&P's view, the contract has been designed in such a way that
both TDC Net and Nuuday have an incentive to pursue a long-term
partnership and extend the contract beyond its current 2027 end
date, given that Nuuday has guaranteed access to Denmark's best
mobile network while TDC Net has a secure and stable revenue for
the future.

Nuuday faces headwinds from structural changes in the TV and
landline market. Customers are moving to video on demand (OTT) from
linear TV products (pay-TV), where they pay for what they use. As
such, Nuuday is experiencing customer attrition, with TV revenue
declining in its revenue mix. Although Nuuday has collaborated with
OTT providers in the past, the rising price for content resulted in
a related dispute with content provider Discovery in 2020. This led
to the termination of the contract between Discovery and Nuuday,
and therefore a loss of some TV and broadband customers. Nuuday
launched a streaming service in 2020 called youTV, leading to
increased investments in content for its end customers. Similarly,
a shift of customers to mobile communication from landline is a
near-term hurdle for Nuuday. Although Nuuday is also a mobile
services provider, we expect that customer losses in the landline
segment will exceed customer gains in the mobile market in the near
term.

The company's limited scale and geographic concentration are partly
offset by its leading market positions. Nuuday only operates in
Denmark, a relatively small market, where in 2021, it generated
DKK14.5 billion in revenue and DKK1.6 billion of EBITDA. S&P said,
"In our view, the Danish telecom market is one of the most
competitive in Europe, mainly in fixed-line business, due to the
presence of utility fiber providers and their regional brands.
Despite the challenges, Nuuday holds the No. 1 position in mobile
telecom services (36% market share), broadband (39% market share),
TV (49% market share), and fixed voice (60% market share) in
Denmark. This diversified offering also positions Nuuday as the
only quadruple-player in Denmark. We expect pressure on TV,
fixed-voice, and copper cable revenue to be offset by growth in
high-speed mobile and internet services, leading to a largely flat
top line in 2022-2023."

S&P said, "We anticipate Nuuday's adjusted EBITDA margin will
decline to below 28% in 2022 from 29.4% in 2021 and FOCF after
leases to remain negative, due to increased expenses for its
digital transformation.Nuuday's profitability margin is below that
of integrated telecom companies due to its asset-light business
model, which requires it to make significant payments to access
networks. To enhance its medium- to long-term profitability, Nuuday
has recently launched a new digital transformation program. We
believe this program will improve Nuuday's customers' experience
and increase its digital sales, strengthening the company's top
line while lowering customer acquisition costs and other operating
expenses in the long term. However, we don't expect profitability
to benefit in the next two to three years and implementation of the
program will require significant investments. In fact, we
anticipate that the increased digital investments, costs related to
Nuuday's separation from TDC Net, increased cost for content, and a
decline in gross margins from customer loss in legacy products, to
reduce the adjusted EBITDA margin to 27.5%-28.0% in 2022 from 29.4%
in 2021 (or to nearly 12% reported from 13%). Furthermore, most of
the digital investments will be reported as capex, hence we also
forecast FOCF to remain negative for the next two to three years as
a result of lower profitability and relatively high capex (around
8% of revenue). Nuuday, having been part of an integrated telecom
group for many years, has many legacy IT systems that need to be
replaced. The development of new applications and features in the
system will lead to larger capex over the next two-to-three years.
We think these digital investments are important to the company's
strategy for differentiating itself in the future by increasing
customer satisfaction and engagement.

"The final ratings depend upon our receipt and satisfactory review
of the final transaction documentation. Accordingly, the
preliminary rating should not be construed as evidence of the final
rating. If S&P Global Ratings does not receive final documentation
within a reasonable time frame, or if the final documentation
departs from materials reviewed, it reserves the right to withdraw
or revise its rating.

"We view Nuuday as moderately strategic to its ultimate parent DKT
Holdings.This is because we believe that the group would likely
provide extraordinary support to Nuuday in certain circumstances.
Because DKT's group credit profile is only one notch higher than
Nuuday's stand-alone credit profile, our preliminary credit rating
is not affected by our assessment of Nuuday's group status.

"The stable outlook reflects our expectation that Nuuday's revenue
and EBITDA will be relatively flat in the next 12 months, with
adjusted leverage at about 4.8x and negative FOCF."

Upside scenario

S&P said, "We could raise the rating if Nuuday sustainably
generates positive FOCF while keeping leverage below 6.0x. This
could happen if Nuuday's cash flows performed better than
anticipated, with for instance higher EBITDA or lower capex, while
maintaining at least a stable market position in Denmark. We could
also upgrade Nuuday if we took a similar rating action on DKT
Holdings, given Nuuday's moderately strategic group status."

Downside scenario

S&P said, "We could lower the rating if Nuuday's capital structure
became unsustainable, with continuous revenue declines, EBITDA
margin deterioration, and negative FOCF generation. This could
occur if Nuuday lost material market share and increased costs, for
instance due to inflationary pressure, while being unable to reduce
its operating costs and capex or pass them through to customers.

"Although unlikely in the next 12 months, we could also lower the
rating if liquidity deteriorated materially or if we saw a risk of
an event of default."

Environmental, Social, And Governance

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

ESG factors have had no material influence on S&P's credit rating
analysis of Nuuday. Improved customer experience and engagement is
at the heart of Nuuday's strategy, further strengthened by its new
digital transformation program. Nuuday has also made good progress
on its climate and environment agenda against its target of
becoming carbon neutral by 2028 for its scope 1 and 2 emissions and
by 2030 for its scope 3 emissions.

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




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

ELECTRICITE DE FRANCE: France Won't Dismantle Firm After Buyout
---------------------------------------------------------------
Francois de Beaupuy at Bloomberg News reports that the French
government, which plans to retake full ownership of Electricite de
France SA, has no plan to subsequently dismantle the utility after
the EUR9.7 billion (US$10 billion) buyout, according to the Finance
Ministry.

The state, which already owns 84% of the nuclear giant, wants the
company to keep growing its output of renewable energy alongside
building new nuclear plants, Finance Ministry officials said at a
press briefing on Nov. 14, Bloomberg relates.  Earlier, a lawmaker
had said the government was still pursuing a project to spin off
minority stakes in some of EDF's activities, Bloomberg recounts.  

According to Bloomberg, the government also has no intention of
auctioning EDF's hydropower concessions, the officials told
journalists, under the condition they wouldn't be named.  They said
the utility's incoming Chief Executive Officer Luc Remont will have
to make proposals for the group's strategy, including the financing
of nuclear plants, Bloomberg relays.

France, Bloomberg says, is seeking approval from the financial
markets regulator to launch the nationalization of the debt-laden
utility.  The buyout aims to streamline decision making at the
company, reassure its creditors, and help it finance the
construction of at least six new nuclear reactors, Bloomberg
states.     


FINANCIERE VERDI I: GBP245M Bank Debt Trades at 19% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Financiere Verdi I
SASU is a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The GBP245 million facility is a term loan. The loan is scheduled
to mature on April 15, 2028. The amount is fully drawn and
outstanding.

Financiere Verdi I 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 France.


GINGER CEBTP: EUR125M Bank Debt Trades at 17% Discount
------------------------------------------------------
Participations in a syndicated loan under which Ginger CEBTP SASU
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR125 million facility is a term loan.  The loan is scheduled
to mature on October 28, 2028.   

Ginger CEBTP provides construction and civil engineering services.
The Company specializes in soil engineering, materials testing,
instrumentation and monitoring of works, measuring equipment,
geotechnical designs, and on-site tests.  The Company's country of
domicile is France.





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

CORESTATE CAPITAL: S&P Downgrades ICR to 'CC', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Germany-based Corestate Capital Holding S.A (Corestate)
and the two outstanding bonds to 'CC' from 'CCC-'.

The negative outlook reflects S&P's expectation that Corestate will
either execute a debt restructuring that it views as tantamount to
a default or file for insolvency.

On Nov. 10, Corestate presented debt restructuring proposals to
bondholders because it is unable to repay the debt maturity on Nov.
28.

Even if Corestate reaches an agreement with bondholders, S&P
expects them to receive less value than originally promised for one
or both sets of rated bonds, and so it would very likely consider
this a distressed debt restructuring once executed.

Corestate has struggled to pay its latest coupon The semi-annual
coupon on Corestate's EUR300 million senior unsecured bond was due
Oct. 15, 2022, but not paid on time because the company apparently
lacked the funds to do so. S&P understands it has now made the
coupon payment, within the 30-day grace period.

S&P said, "In our view, Corestate will either restructure its debt
or file for insolvency. The company has said that it is unable to
repay its EUR200 million convertible bond maturing on Nov. 28,
2022. It also faces another significant debt maturity when the
EUR300 million senior bond matures in April 2023. A bondholder
meeting has been scheduled for Nov. 28 to try and agree a
restructuring of its liabilities to ensure the company can operate
as a going concern. Several alternative schemes are proposed: two
envisage a restructuring of both sets of bonds; one envisages a
five-month extension of the convertible notes. Despite negotiations
with debtholders, we consider the securing of a debt restructuring
agreement uncertain. In any case, we expect such a restructuring
would be tantamount to a default on affected debt, since investors
would receive less value than originally promised. If no agreement
is reached, we expect Corestate to be liquidated.

"The negative outlook reflects our expectation that Corestate will
either execute a debt restructuring that we view as tantamount to a
default or file for insolvency.

"We expect to lower our long-term issuer credit rating on Corestate
to 'SD' (selective default) or 'D' (default) and our issue-level
rating on the two unsecured bonds to 'D' upon the completion of a
distressed debt restructuring or the filing for insolvency."

ESG credit indicators: E-2, S-2, G-5


E-MAC DE 2006-II: S&P Raises Class C Notes Rating to 'B (sf)'
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on E-MAC DE 2006-II
B.V.'s class B notes to 'A (sf)' from 'BBB+ (sf)' and class C notes
to 'B (sf)' from 'CCC+ (sf)'. At the same time, S&P affirmed its
'CCC (sf)' and 'D (sf)' ratings on the class D and E notes,
respectively.

E-MAC DE 2006-II B.V. is a German RMBS transaction that closed in
December 2006 and securitizes first-ranking mortgage loans
originated by Paratus AMC GmbH (previously GMAC-RFC Bank).

The rating actions reflect its full analysis of the most recent
information it has and the transaction's current structural
features.

S&P said, "The portfolio collateral performance of this transaction
has remained stable and in line with our expectations since our
previous full review on May 10, 2019. According to the August 2022
investor report, just over 13.50% of the pool are in arrears. Our
credit analysis shows a decrease in the weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS) since our previous full review in May 2019. The WAFF has
decreased mainly due to reduction in the loan-to-value (LTV) ratio
we used, which reflects 80% of the original LTV ratio and 20% of
the current LTV ratio, as well as the reduction in arrears. The
pool continues to benefit from strong seasoning (197 months).

"Our WALS assumptions have decreased at all rating levels because
of increase in property prices throughout Germany. The observed
loss severities on the foreclosed properties in this transaction
are higher than the loss severities as calculated under our global
residential mortgage-backed securities (RMBS) criteria (see "Global
Methodology And Assumptions: Assessing Pools Of Residential Loans,"
published on Jan. 25, 2019). Therefore, we are considering the
reliability of original valuations given this difference. To
account for this risk in our analysis, we have applied a valuation
haircut (discount) of 20%."

  Table 1

  Credit Analysis Results August 2022

  RATING     WAFF (%)     WALS (%)

  AAA        61.33        30.30

  AA         47.95        24.57

  A          40.82        14.37

  BBB        33.84         9.03

  BB         26.38         5.77

  B          24.54         3.34

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

The collateral's poor performance has resulted in the reserve funds
being fully depleted. Furthermore, the principal deficiency ledgers
(PDLs) for the subordinated notes have been credited, leading to
interest shortfalls for the class E notes.

S&P said, "Although the class B notes pass our cash flow stresses
at higher ratings than that currently assigned, given the
deleveraging of these notes, under our counterparty criteria, our
rating on the class B notes is capped at 'A (sf)' as they are
linked to the ratings on the swap counterparty and bank account
provider, respectively. We have therefore raised our rating on the
class B notes to 'A (sf)' from 'BBB+ (sf)'. At the class B notes'
current amortization rate, we expect this class of note to redeem
within a year.

"We have raised to 'B (sf)' from 'CCC+ (sf)' our rating on the
class C notes because we consider the current available credit
enhancement to be commensurate with a higher rating than that
currently assigned. Although these notes pass our cash flow
stresses at higher ratings than those currently assigned, we also
considered our view of the tail-end risk due to the transactions'
small pool factor (the outstanding collateral balance as a
proportion of the original collateral balance). We also considered
the collateral pools' poor performance and sensitivity of the notes
to a deterioration in the WAFF as the borrowers in this transaction
will generally have lower resilience to the current inflationary
pressures and interest rate rises.

"In our standard cash flow analysis, the class E notes face
shortfalls at all rating levels. In our view, given the positive
PDLs and the results of our cash flow analysis, payment of interest
and principal on these notes is dependent upon favorable business,
financial, and economic conditions to be repaid, according to our
criteria for assigning 'CCC+', CCC, 'CCC-', and 'CC' ratings. We
have therefore affirmed our 'CCC (sf)' rating on the class E
notes.

"We have affirmed our 'D (sf)' rating on class E notes, as the
interest due is not being paid on this class of notes."

NatWest Markets PLC is the swap counterparty. Under S&P's current
counterparty criteria, it assesses the collateral framework as
weak. Based on the combination of the replacement commitment and
the collateral-posting framework, the maximum supported rating in
this transaction is 'A'.

E-MAC DE 2006-II B.V. is true sale German RMBS transaction,
originated by Paratus AMC GmbH (previously GMAC-RFC Bank) and
serviced by Adaxio AMC.


IREL BIDCO: Fitch Affirms LongTerm IDR at 'B+', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Germany-based Irel BidCo S.a.r.l.'s
(IFCO) Long-Term Issuer Default Rating (IDR) at 'B+' with Stable
Outlook. Fitch has also affirmed IFCO's senior secured rating at
'BB-' with a Recovery Rating of 'RR3'.

The rating reflects IFCO's high leverage and concentration risk,
which are balanced by its leading market position in reusable
packaging container (RPC) pooling solutions, and the stable,
non-cyclical demand of its end-markets. Current high inflation is
squeezing the group's EBITDA margin, but this is partly mitigated
by rising revenue, which keeps EBITDA value at a sustainable
level.

The Stable Outlook reflects its expectations that cash flow
generation and debt service capacity will be supported by stable
demand for RPCs, expansion to new markets, an enlarged network and
newly implemented price indexation.

KEY RATING DRIVERS

Earlier Profitability Resilience Being Tested: IFCO's profitability
resilience through the pandemic is being tested by the current high
inflation, which is reducing consumption of fresh fruits and
vegetables that might put pressure on its revenue generation. This
is mitigated by recent price indexations, extension of the group's
network via acquisitions and a flexible cost base. Fitch expects
Fitch-defined EBITDA margin to ease to 20.6% in financial year to
June 2023 from 21.1% in FY22, before it gradually improves towards
22.2% in FY24 as price indexation covers increased costs including
for logistics. While accelerated inflation may significantly
squeeze margins, it is not our base case.

Raw Material Prices Hit Capex: Gradually rising resin
(polypropylene) prices have led to an increase in the price of
containers, which hit IFCO's capex costs in FY22. While resin
prices have since come down, this is expected to affect IFCO with a
delay. To mitigate the rising costs, IFCO is increasingly selling
back scrapped and re-grinded crates to its suppliers, thereby
achieving eco-sustainable savings. Other cost inflation such as
logistics and fuel are covered by separate transport and fuel
surcharges.

New Retailer Contracts: Fitch expects new contracts with US-based
retailers to boost revenue in the region by up to EUR20 million in
FY23. Similarly, a new account in Europe will add a higher amount
to revenue once fully ramped up. Fitch expects the addition of
large retail chains to result in a modest weakening of margins and
the volumes under the new contracts to fully ramp-up by 2025. The
additional revenue and EBITDA benefit is offset in the short-
to-medium term by capex on the additional containers required to
fulfil the contracts.

Leverage Remains High: IFCO's leverage remains high following the
debt-funded acquisition of Japanese Sanko Lease's RPC pooling
service business, and continued high capex on additional containers
for new contracts. As a result of higher inflation on 2022, Fitch
expects gross debt/EBITDA to remain high at about 5.6x for FY23
versus its negative sensitivity of 5.5x. Fitch expects lower
inflation and lower capex to support deleveraging capacity from
FY24 onwards, when free cash flow (FCF) generation should turn
slightly positive.

Narrow Service Offering: IFCO's service offering is limited to
providing RPCs, primarily to fruit and vegetable producers for
further transport to retailer warehouses or shops. This is
mitigated by its strong market position and geographic
diversification (central and southern Europe (75%), the US and
Canada (17%), Latin America (4%) and China/Japan (3%). It has
concentration risk as its top 10 customers represent nearly 50% of
trip volumes, but Fitch believes this represents a lower proportion
of revenue. This is expected to diminish with the addition of new
customers and other customers also adding other food categories,
such as meat and bread, to the RPC service.

The acquisition of Sanko Lease's RPC pooling business will more
than double IFCO's business in Japan, making it the market leader,
albeit at only 5% of group revenue.

Sound Growth Prospects: Fitch expects IFCO to grow consistently due
to population growth, replacement of cardboard packaging and
healthier lifestyle choices. With pooled RPC only accounting for
some 20% of global fresh produce shipping volumes and the majority
still shipped in one-way carton-board containers, the RPC market is
less than mature. Ongoing retailer trends such as automation,
supply-chain efficiencies and environmental awareness should
support the increased prevalence of multi-use packaging.

Global Niche Market Leader: IFCO is the market leader with strong
shares of the European and north American pooled RPC markets. Its
strong international coverage across more than 50 countries offers
retailers a network that is stronger than its competitors'. IFCO's
size and coverage offer further scale benefits and price
leadership, and the group is renowned for building strong
relationships with larger retail chains. Competition comes from
single-use packaging, from which IFCO is taking market share,
retailers' own pools as well as small regional RPC providers.

Overall, Fitch views IFCO's business profile as being in line with
a 'BB' rating given its solid market position and long-term
customer relationships in a sector with low cyclicality.

Organic Growth Preferred: The acquisition of Sanko Leases'
portfolio was IFCO's first in the last four years. IFCO's strategy
has earlier focused on organic growth by adding new retailers to
its pooled service. Fitch believes further M&A is limited and
IFCO's focus is to integrate the Japanese addition as well as to
ramp up two new accounts that are driving revenue in Europe and
north America. However, given the fragmented market for pooled
logistics services providers, we see ample scope for bolt-on
acquisitions that could further consolidate IFCO's leading market
position over the next four years.

DERIVATION SUMMARY

Fitch compares IFCO with manufacturers of plastic containers
(suppliers of IFCO), packaging manufacturing companies and business
services companies. Packaging producers include the larger Ardagh
Group S.A. (B/Stable), Stora Enso Oyj (BBB-/Stable) and Smurfit
Kappa Group plc (SKG; BBB-/Stable), who are more diversified than
IFCO. Ardagh Group has substantially higher gross debt/EBITDA of
above 9x as at end-2021, relative to IFCO's near 6x for FY22. IFCO
also has better 21%-23% EBITDA margin versus around 11%-15% for its
packaging industry peers.

IFCO compares well against Fitch-rated medium-sized companies in
niche markets, including property damage restoration service
provider Polygon Group AB (B/Negative), installation and service
provider Assemblin Group AB (B/Stable), and rental service provider
of cranes Sarens Bestuur NV (B/Stable).

IFCO's profitability is in line with that of Sarens but stronger
than that of Assemblin and Polygon. Also, IFCO's FCF (excluding
current growth capex to ramp up for new accounts) and its funds
from operations (FFO) generation is higher than peers', but its
leverage is higher than Assemblin's while lower than Polygon's.

KEY ASSUMPTIONS

- Revenue growth of 7% in FY23 mainly due to pass-through of cost
inflation and additional revenue in Japan in March 2022. Revenue
growth on average 3% for FY24-FY26

- EBITDA margin of 22% and 21% in FY22 and FY23, respectively, down
from 25% in prior years, due to cost inflation. EBITDA margin to
improve towards 24% by FY26 as cost increases slow

- Capex at about EUR270 million in FY23 and about EUR240 million
during FY24-FY26, due to the ramp- up of capacity for new accounts

- No M&A to FY26

- Higher interest rates, no debt amortisations and two bullet
maturities in 2026

Recovery Assumptions

The recovery analysis assumes that IFCO would be reorganised as a
going-concern (GC) rather than liquidated in a default. Fitch has
assumed a 10% administrative claim

The GC EBITDA estimate of EUR210 million reflects the loss of a
number of its largest retailers, increased substitution to one-way
cardboard packaging among some clients and increased competition

An enterprise value (EV) multiple of 5.0x EBITDA is applied to the
GC EBITDA to calculate a post-reorganisation EV. The choice of this
multiple considers the concentration around one product/service
only, albeit as market leader and supported by fairly good
geographic diversification and a flexible cost base

IFCO's revolving credit facility (RCF) to be fully drawn and ranks
pari passu with its term loans B (TLBs)

These assumptions result in a 56% recovery rate for the first-lien
RCF and TLBs, resulting in 'BB-'/'RR3' ratings

RATING SENSITIVITIES

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

- FFO gross leverage sustainably below 5.0x

- Gross debt/EBITDA sustainably below 4.5x

- FFO interest coverage above 3.5x and EBITDA/interest paid above
4.0x

- FCF margin in the high single digits on a sustained basis

- Larger scale while maintaining an EBITDA margin greater than 20%
and reduced customer concentration

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

- Operating under-performance resulting from a loss of large
customers, significant pricing pressure, technology risk or
margin-dilutive debt-funded acquisitions

- FFO gross leverage sustainably at or above 6.0x

- Gross debt/EBITDA sustainably above 5.5x

- FFO interest coverage sustainably below 2.0x and EBITDA/interest
paid below 3.0x

- FCF margin in low single digits on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: At FYE22 readily available cash (net of
Fitch-restricted cash of EUR18 million) was EUR160 million. IFCO
has a favourable debt maturity repayment profile with bullet
payments due on May 2026. Liquidity is supported by an upsized
committed RCF of EUR270 million, of which about EUR68 million was
drawn in February 2022 to finance the Japanese acquisition.

While the group's liquidity has been supported by strong FCF
generation, its current forecast incorporates negative FCF during
FY22-FY25 due to capex to build up capacity for its new accounts.
Nevertheless, available liquidity is sufficient to cover expected
negative FCF.

Debt Structure: At FYE22 IFCO had two first-lien TLBs on its
balance sheet of EUR1,292 million and USD160 million, both maturing
on May 2026. IFCO's RCF is available until 2026.

ISSUER PROFILE

IFCO runs a global network of RPC operations, servicing some 320
retailers and more than 14,000 growers worldwide.

ESG CONSIDERATIONS

IFCO has an ESG Relevance Score of '4' [+] for Waste & Hazardous
Materials Management; Ecological Impacts due to product design that
benefits life cycle management, which has a positive impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
Irel Bidco S.a.r.l.   LT IDR B+  Affirmed                B+

IFCO Management GmbH
  
   senior secured    LT      BB-  Affirmed    RR3       BB-


ROHM HOLDING: US$601M Bank Debt Trades at 22% Discount
------------------------------------------------------
Participations in a syndicated loan under which Rohm Holding GmbH
is a borrower were trading in the secondary market around 78
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$601 million facility is a term loan. The loan is scheduled
to mature on July 31, 2026. The amount is fully drawn and
outstanding.

Rohm Holdings GmbH, a company operating mainly in the Electric
Power sector. The Company's country of domicile is Germany.


SEFE: German Gov't to Nationalize Business to Avert Bankruptcy
--------------------------------------------------------------
Christian Kraemer at Reuters reports that Germany will nationalise
gas importer Sefe, formerly known as Gazprom Germania, the economy
ministry said on Nov. 14, in a move to protect it from bankruptcy
and force Russia out of the company.

Sefe was dropped by Russia's Gazprom earlier this year and put
under German state trusteeship, Reuters recounts.  It has since
received close to EUR10 billion (US$10.31 billion) in state-backed
credit lines, Reuters notes.

The step was necessary to ensure the nation's energy supply, the
ministry said, with Sefe threatened by insolvency after a plunge in
Russian imports forced it and other gas importers to source gas on
the expensive spot market, Reuters states.

After Uniper, Sefe is the second German company to be nationalised
as a result of the energy crisis triggered by the war in Ukraine.

According to Reuters, under a new energy security act, the German
economy ministry on Nov. 14 ordered a capital cut, setting Sefe's
previous existing registered capital of EUR225.6 million to zero.
Gazprom will lose its investment as a result.

Under the ordered measures, Sefe will then issue new shares to the
same nominal amount that will be subscribed by Germany, Reuters
discloses.


SPEEDSTER BIDCO: EUR225M Bank Debt Trades at 17% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Speedster Bidco
GmbH is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR225 million facility is a term loan. The loan is scheduled
to mature on March 31, 2028. The amount is fully drawn and
outstanding.

Speedster Bidco GmbH is controlled by Hellman & Friedman, which had
acquired AutoScout24 in 2020.  The Company's country of domicile is
Germany.




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

ALTADA TECHNOLOGY: Nicholas O'Dwyer Appointed as Receiver
---------------------------------------------------------
Ian Curran at The Irish Times reports that a receiver has been
appointed to Altada Technology Solutions, the troubled Cork-based
data management and artificial intelligence company led by husband
and wife duo Allan Beechinor and Niamh Parker.

Documents filed with the Companies Registration Office indicate
that Grattan Boylan, Alan Bruce, Lynn Bruce and Noreen Gallagher --
who provided debt finance to the company in September -- have
appointed Nicholas O'Dwyer, a partner in Grant Thornton as receiver
to Altada after months of speculation about its future, The Irish
Times relates.

The troubled tech company has also recently had a judgment of
almost EUR12,000 registered against it by, Aidan Quigley, a
Dublin-based web designer, who says he was not paid for work he
undertook for the business, The Irish Times discloses.

In August, Altada announced that it had furloughed a number of
staff on "temporary" basis due to "unforeseen market conditions",
The Irish Times recounts.  The company, which employed 13 people in
Ireland last year, had plans to grow its headcount to 100 before it
faced financing issues following delays to a planned funding round
earlier this year, The Irish Times relays.

Senior management had expected Altada to achieve a US$1 billion
valuation in 2022 after it raised US$11.5 million in a funding
round last September, led by Rocktop Partners along with Elkstone
Partners and Enterprise Ireland, The Irish Times notes.

Mr. Beechinor, as cited by The Irish Times, said that the company
has been "in a holding pattern" as it looks to secure fresh
investment, which he said was imminent.


ARES EUROPEAN XVI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Ares European CLO XVI DAC expected
ratings, as detailed below.

   Entity/Debt        Rating        
   -----------        ------        
Ares European
CLO XVI DAC

   X             LT AAA(EXP)sf  Expected Rating
   A             LT AAA(EXP)sf  Expected Rating
   A-Loan        LT AAA(EXP)sf  Expected Rating
   B-1           LT AA(EXP)sf   Expected Rating
   B-2           LT AA(EXP)sf   Expected Rating
   C             LT A(EXP)sf    Expected Rating
   D             LT BBB-(EXP)sf Expected Rating
   E             LT BB-(EXP)sf  Expected Rating
   F             LT B-(EXP)sf   Expected Rating
   Sub Notes     LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Ares European CLO XVI DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds are being used to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by Ares
Management Limited. The collateralised loan obligation (CLO) has a
4.6-year reinvestment period and a 8.5-year weighted average life
(WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor of the identified portfolio is
25.62.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.16%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 16%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis was reduced by 12 months. This reduction
to the risk horizon accounts for the strict reinvestment conditions
envisaged after the reinvestment period. These include passing the
coverage tests and the Fitch 'CCC' maximum limit after reinvestment
and a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. In the
agency's opinion, these conditions would reduce the effective risk
horizon of the portfolio during the stress period.

Class F Delayed Issuance (Neutral): At closing, the class F notes
will be issued with a pool factor (outstanding principal out of the
original balance) of zero and subscribed by the issuer for a zero
net cash price. The tranche can be sold at the option of the
subordinated noteholders at any time during the reinvestment period
only. Once sold the tranche will be deemed to have a 100% pool
factor.

In Fitch's view, the sale of the tranche would reduce available
excess spread to cure the reinvestment over-collateralisation test
by the class F interest amount. Consequently, Fitch has modelled
the deal assuming the tranche is issued on the issue date to
reflect the maximum stress the transaction could withstand if that
occurred.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of one notch for
the class E and F notes and no impact for the other notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class E notes display a rating cushion of three notches while the
class B, D and F have a two-notch cushion. There is a one-notch
rating cushion for the class C and no rating cushion for the class
A notes. Should the cushion between the identified portfolio and
the stress portfolio be eroded due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of up to four notches
for the notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch's stress
portfolio would lead to upgrades of up to three notches, except for
the 'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

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

DATA ADEQUACY

Ares European CLO XVI DAC

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

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


AVOCA CLO XVI: Moody's Affirms B2 Rating on EUR13.5MM F-R Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Avoca CLO XVI Designated Activity Company:

EUR20,000,000 Class B-1R Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Aug 8, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR9,000,000 Class B-2R Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Aug 8, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR16,300,000 Class B-3R Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Aug 8, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR16,900,000 Class C-1R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to A1 (sf); previously on Aug 8, 2018 Definitive
Rating Assigned A2 (sf)

EUR15,000,000 Class C-2R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to A1 (sf); previously on Aug 8, 2018 Definitive
Rating Assigned A2 (sf)

EUR20,400,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to Baa1 (sf); previously on Aug 8, 2018
Definitive Rating Assigned Baa2 (sf)

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

EUR265,500,000 Class A-1R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Aug 8, 2018 Definitive
Rating Assigned Aaa (sf)

EUR13,500,000 Class A-2R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Aug 8, 2018 Definitive
Rating Assigned Aaa (sf)

EUR29,500,000 Class E-R Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on Aug 8, 2018 Definitive
Rating Assigned Ba2 (sf)

EUR13,500,000 Class F-R Deferrable Junior Floating Rate Notes due
2031, Affirmed B2 (sf); previously on Aug 8, 2018 Definitive Rating
Assigned B2 (sf)

Avoca CLO XVI Designated Activity Company, issued in June 2016 and
refinanced in August 2018, 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
KKR Credit Advisors (Ireland) Unlimited Company ("KKR"). The
transaction's reinvestment period ended in October 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1R, B-2R, B-3R, C-1R, C-2R and
D-R Notes are primarily a result of the transaction having reached
the end of the reinvestment period in October 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 and lower
Weighted Average Rating Factor than it had assumed at the last
review in April 2022.

The affirmations on the ratings on the Class A-1R, A-2R, E-R and
F-R 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: EUR451.23M

Diversity Score: 67

Weighted Average Rating Factor (WARF): 2866

Weighted Average Life (WAL): 4.3 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.63%

Weighted Average Coupon (WAC): 4.56%

Weighted Average Recovery Rate (WARR): 45.58%

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 October 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 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.


BARINGS EURO 2022-1: Fitch Gives 'B-(EXP)sf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Barings Euro CLO 2022-1 DAC expected
ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt          Rating        
   -----------          ------        
Barings Euro CLO
2022-1 DAC

   A-1 Loan         LT AAA(EXP)sf  Expected Rating
   A-1 Note         LT AAA(EXP)sf  Expected Rating
   A-2              LT AAA(EXP)sf  Expected Rating
   B-1              LT AA(EXP)sf   Expected Rating
   B-2              LT AA(EXP)sf   Expected Rating
   C                LT A+(EXP)sf   Expected Rating
   D                LT BBB-(EXP)sf Expected Rating
   E                LT BB-(EXP)sf  Expected Rating
   F                LT B-(EXP)sf   Expected Rating
   Sub              LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Barings Euro CLO 2022-1 DAC is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. The note proceeds will be used to
fund an identified portfolio with a target par of EUR300 million.
The portfolio is managed by Barings (U.K.) Limited. The CLO
envisages a one-year reinvestment period and a seven-year weighted
average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.6.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.7%.

Diversified Portfolio (Positive): At closing, the matrix will be
based on a top 10 obligors limit of 20%, and maximum fixed-rate
asset limits of 15%. The transaction includes various concentration
limits, including the maximum exposure to the three largest
(Fitch-defined) industries in the portfolio at 40%. These covenants
ensure that the asset portfolio will not be exposed to excessive
concentration.

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

Cash-flow Modelling (Neutral): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant to account for structural and reinvestment conditions
after the reinvestment period, including the satisfaction of the OC
tests and Fitch 'CCC' limit, together with a linearly decreasing
WAL covenant. In Fitch's opinion, these conditions would reduce the
effective risk horizon of the portfolio during a stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A notes
and lead to downgrades of one notch for the class B, D E and F
notes, and two notches for the class C notes.

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed portfolio would lead to downgrades of up to four
notches.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would result in upgrades of up to five notches across the
structure except for the 'AAAsf' rated notes, which are already at
the highest rating on Fitch's scale and cannot be upgraded.

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

DATA ADEQUACY

Barings Euro CLO 2022-1 DAC

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

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


CARLYLE GLOBAL 2016-1: Fitch Hikes Rating on Cl. E-R Notes to 'Bsf'
-------------------------------------------------------------------
Fitch Ratings has upgraded Carlyle Global Market Strategies Euro
CLO 2016-1 DAC's class E-R notes, and revised the Outlook on the
class A-2 to D-R notes to Stable from Positive, as detailed below.

   Entity/Debt               Rating            Prior
   -----------               ------            -----
Carlyle Global
Market Strategies
Euro CLO 2016-1 DAC

   A-1-R XS1813993091    LT AAAsf  Affirmed    AAAsf
   A-2-A-R XS1813993760  LT AA+sf  Affirmed    AA+sf
   A-2-B-R XS1813994149  LT AA+sf  Affirmed    AA+sf
   A-2-C-R XS1815318867  LT AA+sf  Affirmed    AA+sf
   B-1-R XS1813994578    LT A+sf   Affirmed     A+sf
   B-2-R XS1815315418    LT A+sf   Affirmed     A+sf
   C-R XS1813994735      LT BBB+sf Affirmed   BBB+sf
   D-R XS1813994909      LT BB+sf  Affirmed    BB+sf
   E-R XS1813992366      LT Bsf    Upgrade      B-sf

TRANSACTION SUMMARY

Carlyle Global Market Strategies Euro CLO 2016-1 DAC is a cash
flow-collateralised loan obligation (CLO). The underlying portfolio
of assets mainly consists of leveraged loans and is managed by CELF
Advisors LLP. The deal will exit its reinvestment period on 17
November 2022.

KEY RATING DRIVERS

Reinvesting Portfolio: The transaction will exit its reinvestment
period on 17 November 2022 and will be allowed to reinvest
unscheduled principal proceeds and sale proceeds from credit risk
obligations as long as the Fitch 'CCC' limit is satisfied and the
other tests are maintained or improved. As such the analysis relies
on the current portfolio for which the weighted average rating
factor (WARF), weighted average recovery rate (WARR), weighted
average spread and fixed-rate exposure have been stressed to their
covenanted limits.

WARR Haircut: Fitch also applied a 1.5% haircut to the WARR, to
mitigate the impact of the old definition of the recovery rate in
the transaction documents. The old definition can inflate the WARR
on average by 1.5% in EMEA CLOs compared with the latest recovery
assumptions in the agency's CLO criteria.

Reduced Risk Horizon Drives Upgrade: The current weighted average
life (WAL) is 3.7 years and is unlikely to be increased due to the
post reinvestment period condition of matched maturities between
assets sold and assets bought. This compares with the five-year WAL
modelled in the previous review based on the applicable WAL test as
the deal was still in its reinvestment period. The WAL reduction
along with stable asset performance have led to the upgrade of the
class E-R notes.

Limited Deleveraging Prospect: The Stable Outlooks on all notes
reflect Fitch's expectation that deleveraging of the notes would be
constrained in the next 12-18 months by the small portion of assets
maturing by 2023 and limited prepayment expectation in the current
uncertain macroeconomic environment.

Resilient Asset Performance: The transaction's metrics indicate
resilient asset performance, despite being 1.8% below par as of 11
October 2021. The transaction was reported as passing all relevant
tests. Exposure to assets with Fitch-derived ratings of 'CCC+' and
below is 4.9% as calculated by the trustee, below its covenanted
limit of 7.5%. The portfolio had an exposure to defaulted assets of
EUR5.5 million as reported by the trustee as of 11 October 2022 and
of EUR8.6 million as calculated by Fitch as of 29 October for
collateral obligations rated 'CC' or below.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-reported WARF of the current
portfolio was 35.1 against a maximum covenant of 37.

High Recovery Expectations: Senior secured obligations comprise
99.1% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch WARR of the current portfolio as
reported by the trustee was 65.9% against a covenanted minimum of
63.7%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top- 10 obligor
concentration is 13.45%, and no obligor represents more than 1.4%
of the portfolio balance.

Deviation from Model-implied Rating: The class E-R notes' rating
deviates from the model-implied ratings (MIR) by one notch. This
reflects the limited cushion on the Fitch-stressed portfolio at the
MIR.

RATING SENSITIVITIES

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

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

Downgrades based on the current portfolio may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics of the current portfolio than that of the
Fitch-stressed portfolio and to the model deviation, the class C-R
and E-R notes display a rating cushion of two notches and the class
A-2-R of one notch while the rest have no rating cushion.

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

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

Upgrades, except for the 'AAAsf' notes, may occur on stable
portfolio credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.

DATA ADEQUACY

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

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

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


PENTA CLO 12: Fitch Assigns B- Rating on F Notes, Outlook Stable
----------------------------------------------------------------
Fitch has assigned Penta CLO 12 DAC notes final ratings.

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

   A-Loan              LT AAAsf  New Rating    AAA(EXP)sf
   A-N XS2544641553    LT AAAsf  New Rating    AAA(EXP)sf
   B XS2544641710      LT AAsf   New Rating     AA(EXP)sf
   C XS2544642874      LT Asf    New Rating      A(EXP)sf
   D XS2544643179      LT BBB-sf New Rating   BBB-(EXP)sf
   E XS2544643500      LT BB-sf  New Rating    BB-(EXP)sf
   F XS2544643922      LT B-sf   New Rating     B-(EXP)sf
   Subordinated Notes
   XS2544644227        LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

Penta CLO 12 DAC is a securitisation of mainly senior secured
obligations (at least 92.5%) with a component of corporate rescue
loans, senior unsecured, mezzanine, second-lien loans and
high-yield bonds.

Net proceeds from the note issuance have been used to fund a
portfolio with a target size of EUR300 million. The portfolio is
managed by Partners Group (UK) Management Limited. The
collateralised loan obligation (CLO) has a 4.5-year reinvestment
period and an 8.5-year weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 24.9.

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

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices: one effective at closing with an 8.5-year WAL test
and another one with a 7.5-year WAL test that can be selected by
the manager at any time from one year after closing as long as the
collateral principal balance (defaulted obligations at their
Fitch-calculated collateral value) is at least at target par. Both
matrices correspond to a top-10 obligor concentration limit at 20%
and a fixed-rate asset limit at 5%.

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

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

Cash-flow Modelling (Positive): The WAL used for the transaction's
stressed portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for strict reinvestment conditions after
the reinvestment period, including the satisfaction of
over-collateralisation tests and Fitch's 'CCC' limit tests,
together with a progressively decreasing WAL covenant. In the
agency's opinion, these conditions reduce the effective risk
horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A to D
notes and would lead to downgrades of no more than two notches for
the class E and F notes.

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
four notches for the rated notes.

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

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

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

DATA ADEQUACY

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

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




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

COMDATA SPA: EUR355M Bank Debt Trades at 21% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Comdata SpA/Via
Caboto is a borrower were trading in the secondary market around 79
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR355 million facility is a term loan.  The loan is scheduled
to mature on May 30, 2024.   The amount is fully drawn and
outstanding.

Comdata S.P.A. provides business process outsourcing and document
management services. The Company offers contact centers, help desk,
back office, and credit management solutions.  The Company's
country of domicile is Italy.


MILIONE SPA: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook of Milione S.p.A.
to stable from negative. Concurrently, the Ba1 corporate family
rating, the Ba1 senior secured rating on the EUR300 million bond,
and the Ba2-PD probability of default rating have been affirmed.
Milione is the holding company of SAVE S.p.A. (SAVE), the
concessionaire operating the Venice and Treviso airports in Italy.

RATINGS RATIONALE

The rating action reflects Moody's expectation that the continued
recovery in traffic will allow Milione to improve its operating and
financial performance with credit metrics trending towards levels
commensurate with the current Ba1 ratings, namely a funds from
operations (FFO)/debt ratio above 6% and a debt service coverage
ratio (DSCR) above 1.4x.

Following the severe reduction in passenger volumes during 2020-21,
traffic at Milione´s airports continued to rebound in the first
ten months of 2022, recovering to around 82% of the 2019 level, in
line with the middle range of Moody's rated European airports. More
specifically, Milione's traffic recovery is sustained by strong
pent-up travel demand, the attractiveness of Venice as one of the
world's most popular travel destinations, and the high share of
domestic and short intra-EU traffic (around 82% of total traffic as
of December 2019).

Moody's currently anticipates that Milione's passenger traffic will
be around 12% below pre-pandemic levels in full-year 2023 and
volumes will fully recover by around 2024. Nevertheless, there
remain uncertainties around the traffic recovery given
deteriorating macroeconomic conditions in Europe. In addition,
rising inflationary pressures may limit the improvement in
Milione's operating profit over the coming years.

Overall, the company has limited flexibility to deal with downside
scenarios given its relatively leveraged financial profile when
compared with rated peers and the requirement to reduce
consolidated leverage to meet financial covenants, such that net
debt/EBITDA should be below 9.5x by year-end 2023. In this context,
the strengthening of Milione's credit metrics will be underpinned
by revenue and cash flow generation because debt levels are not
expected to decrease over the coming years due to the company's
debt profile, which mainly includes bullet maturities, and the
planned increase in capital expenditure following subdued
investments during the pandemic.

The Ba1 ratings of Milione reflect (1) the strong fundamentals of
the Venice and Treviso airports and the strength of its service
area; (2) the favourable competitive position of its managed
airports, albeit with some transmodal competition for domestic
traffic; (3) the high proportion of origin and destination
passengers characterised by a significant component of European
travelers and (4) a diversified carrier base with no meaningful
exposure to weak airlines.

On the other hand, the Ba1 ratings also continue to reflect (1) a
financial profile that is one of the most leveraged amongst rated
European airports; (2) the concentration of debt maturities over
the 2027-28 period, which heightens an exposure to refinancing
costs and (3) the remaining uncertainty around the pace of traffic
recovery.

A CFR is an opinion on the expected loss associated with the debt
obligations of a group of companies assuming that it had one single
class of debt and is a single consolidated legal entity. The CFR
assigned to Milione consolidates the legal and financial
obligations of the group and reflects the structural features of
Milione's debt structure. Milione's probability of default rating
of Ba2-PD is one notch below the CFR, reflecting a low family-wide
loss given default, in line with Moody's standard assumptions for
infrastructure and utility companies.

LIQUIDITY AND DEBT COVENANTS

Moody's considers Milione's liquidity profile to be good. At the
end of September 2022, the company's liquidity was supported by
EUR55 million of cash and EUR125 million of undrawn credit
facilities. These cash sources should be sufficient to cover all
cash requirements, including operating expenses and interest
payments, until at least March 2024. The assessment is also based
on the expectation that shareholders will maintain a prudent
approach to distributions aiming at preserving the liquidity
position of the group as traffic and cash flows recover.

Milione's debt documentation includes two financial covenants — a
minimum net debt/EBITDA ratio which reduces progressively from 9.5x
for 2023 to 7.5x for 2027 and a minimum interest cover ratio which
increases progressively from 2.5x for 2023 to 4.0x for 2027, tested
as of end-June and end-December on a historical basis. In July
2020, Milione received approvals to waive its financial covenants
and the holiday period has been subsequently extended until and
including the test date falling December 2022. While this has
negated covenant breaches in the short term, Moody's consider that
covenant breaches beyond the current waiver period are still
possible given the uncertain macroeconomic environment, and the
company's high financial leverage. In this regard, the current
credit assessment assumes that the group will take actions in order
to avoid any potential debt acceleration and creditors will remain
supportive.

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

Milione's ratings could be upgraded in the scenario of a
stronger-than-expected traffic recovery and a favorable operating
environment, such that the group's FFO/debt ratio returns above 8%
and Moody's DSCR above 1.5x, on a sustained basis. The absence of
risk of covenant breaches over the coming years and maintenance of
a solid liquidity position would also be required in order to
upgrade the ratings.

Milione's ratings could be downgraded if (1) the company's credit
metrics weaken, such that the FFO/Debt ratio was below 6% and
Moody's DSCR was below 1.4x on a sustained basis; (2) there was a
risk of covenant breaches without adequate mitigating measures in
place; or (3) the group's liquidity profile deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in September 2017.

COMPANY PROFILE

Milione is the holding company for SAVE, the operator of the Venice
and Treviso airports under long-term concessions expiring in 2043
and 2055, respectively. With 4.7 million passengers in 2021 (14.8
million in 2019), SAVE is the third-largest Italian airport group,
after Rome and Milan. SAVE also holds stakes in the Verona and
Brescia airports (43%) and Brussels Charleroi airport (48%).

Milione is ultimately owned by Finanziaria Internazionale, which
holds investments in a number of financial and industrial sectors
in Italy (12% stake), and the infrastructure funds managed by DWS
(part of the Deutsche Bank Group) and InfraVia Capital Partners,
each with a 44% stake.




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

ADB SAFEGATE: EUR344M 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.,
Nov. 11, 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.



ARMORICA LUX: EUR335M Bank Debt Trades at 21% Discount
------------------------------------------------------
Participations in a syndicated loan under which Armorica Lux Sarl
is a borrower were trading in the secondary market around 79
cents-on-the-dollar during the week ended Fri., Nov. 11, 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.  The Company's country of
domicile is Luxembourg.


COVIS FINCO: US$595M Bank Debt Trades at 32% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 67.6
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$595 million facility is a term loan.  The loan is scheduled
to mature on February 14, 2027.

Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management.  Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses.  Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.

ENDO LUXEMBOURG: US$2B Bank Debt Trades at 19% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Endo Luxembourg
Finance Co I Sarl is a borrower were trading in the secondary
market around 81.4 cents-on-the-dollar during the week ended Fri.,
Nov. 11, 2022, according to Bloomberg's Evaluated Pricing service
data.

The US$2 billion facility is a term loan.  The loan is scheduled to
mature on March 25, 2028.   About US$1.98 billion of the loan is
drawn and outstanding.

Endo Luxembourg Finance Co I Sarl is incorporated in the state of
Luxembourg.

Endo Luxembourg Finance Co I Sarl / Endo US Inc operates as a dual
issuer entity. The Company was formed for the purpose of issuing
debt securities to repay existing credit facilities, refinance
indebtedness, and for acquisition purposes.

Endo operates in the Pharmaceutical Preparation and Biotechnology
industry.

SK NEPTUNE: US$610M Bank Debt Trades at 19% Discount
----------------------------------------------------
Participations in a syndicated loan under which SK Neptune Husky
Group Sarl is a borrower were trading in the secondary market
around 81.4 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.


The US$610 million facility is a term loan.  The loan is scheduled
to mature on January 3, 2029. The loan is fully drawn and
outstanding.

SK Neptune Husky Group Sarl has its registered office in
Luxembourg.

VENATOR FINANCE: US$375M Bank Debt Trades at 28% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Venator Finance
Sarl is a borrower were trading in the secondary market around 72
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$375 million facility is a term loan. The loan is scheduled
to mature on August 8, 2024. About US$353 million of the loan is
drawn and outstanding.

Venator Finance SARL is a provider of financial investment
services. The Company was founded in June 2017 and is located in
Luxembourg.





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

COLUMBUS FINANCE: EUR350M Bank Debt Trades at 24% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Columbus Finance BV
is a borrower were trading in the secondary market around 76
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR350 million facility is a term loan.  The loan is scheduled
to mature on February 27, 2027.  The amount is fully drawn and
outstanding.

Columbus Capital BV operates as a tour operator. The Company's
country of domicile is the Netherlands.



GLOBAL BLUE: EUR630M Bank Debt Trades at 17% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Global Blue
Acquisition BV is a borrower were trading in the secondary market
around 82.8 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.


The EUR630 million facility is a term loan. The loan is scheduled
to mature on August 28, 2025. The loan is fully drawn and
outstanding.

Global Blue Acquisition BV operates as a holding company. The
Company, through its subsidiaries, provides online travel
information and booking services.  The Company's country of
domicile is the Netherlands.

GLOBAL UNIVERSITY: S&P Withdraws 'B-' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Ratings has withdrawn its 'B-' long-term issuer credit rating
on Netherlands-based private higher education provider Global
University Systems, as well as the  'B-' issue rating on its EUR1
billion (about GBP895 million) term loan B. S&P has withdrawn the
ratings at the issuer's request and due to a lack of timely and
sufficient information. S&P notes that the company has been unable
to provide audited annual accounts for the fiscal year ended May
31, 2022 that were due at the end of September 2022, and it has
obtained a waiver from its lender group. At the time of withdrawal,
its outlook on the ratings was negative.


GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 35% Discount
------------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
BV is a borrower were trading in the secondary market around 65.1
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR750 million facility is a term loan.  The loan is scheduled
to mature on May 31, 2025.   About EUR374 million of the loan is
drawn and outstanding.

GTT Communications B.V. provides telecommunication services. The
Company's country of domicile is the Netherlands.


GTT COMMUNICATIONS: US$140M Bank Debt Trades at 35% Discount
------------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
BV is a borrower were trading in the secondary market around 65.0
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$140 million facility is a term loan.  The loan is scheduled
to mature on May 31, 2025.  About US$70 million of the loan is
drawn and outstanding.

GTT Communications B.V. provides telecommunication services. The
Company's country of domicile is the Netherlands.

HUNKEMOLLER: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Hunkemoller and its 'B-' rating and '3' recovery rating
(recovery expectations: 50%-70%; rounded estimate: 60%) to the
EUR272.5 million senior secured notes.

S&P said, "The stable outlook reflects our expectation that, in the
next two years, Hunkemoller will maintain stable profitability
despite macroeconomic headwinds, with a ratio of EBITDAR to cash
interest and rent of about 1.3x and free operating cash flow (FOCF)
after leases approximately neutral."

Shero Bidco B.V., the holding company of a Netherlands-based
retailer of women's intimate wear, Hunkemoller, has issued EUR272.5
million in senior secured notes. This is for a partial refinancing
of the bridge facility used in the June 2022 buyout of a majority
stake in the company by a financial-sponsor consortium led by
Parcom.

S&P said, "Following the leveraged buyout led by Parcom in June
2022, we expect Hunkemoller's adjusted leverage to stay at
4.8x-5.0x in FY2022 and FY2023 amid weaker consumer confidence and
cost inflation.Shero Bidco B.V. issued EUR272.5 million in senior
secured notes due in November 2027 to refinance part of the EUR340
million bridge financing used in the acquisition. A super senior
revolving credit facility (RCF) of EUR50 million, maturing in
December 2026 is also in place, and there are no non-common equity
instruments in the capital structure. We anticipate a deceleration
in sales growth to about 8% in FY2022 from 22% in FY2021, following
Hunkemoller's exceptionally strong year-on-year expansion in FY2021
as it recovered from the pandemic. This mainly reflects
accelerating inflation affecting disposable incomes and consumers'
discretionary spending. We also believe the company will be able to
achieve neutral to moderately positive FOCF after leases by the end
of our forecast period (FY2024) and maintain stable S&P Global
Ratings-adjusted leverage at about 4.5x-5.0x.

"Profitability over the forecast period will likely suffer from
macroeconomic headwinds, exacerbated by high operating leverage. In
the near term, we expect inflation to affect consumer confidence
and Hunkemoller's costs for transport, labor, utilities, and
materials. We expect it will limit the decline in profitability
largely by passing through input-cost inflation via price
increases. In the first half of FY2022, it contained its gross
margin decline to about 190 basis points lower than the 72.6%
reported in the same period in FY2021. We forecast its gross profit
margin to remain around 70% through the fiscal-year end.
Hunkemoller is also pursuing mitigation measures such as
encouraging click-and-collect rather than home delivery, as well as
cutting down on promotional spending and making changes to store
opening hours. We forecast only a 3%-5% annual increase in
Hunkemoller's rents, from EUR77 million in FY2022, building on its
strong relationships with landlords and its track record of
successful rent negotiations. However, a large portion of contracts
could be to an extent indexed to retail price inflation, which
could lead to a steeper increase in payments than we currently
anticipate. We forecast its S&P Global Ratings-adjusted EBITDA
margin will settle at 22%-24% in FY2022–FY2023 and increase to up
to 25% in FY2024 compared with about 27% in FY2021.

"We forecast weaker FOCF after leases over our forecast period
compared with a substantial inflow in FY2022.In the first half of
FY2022, Hunkemoller's FOCF after leases was materially hit by cost
inflation notably in labor, raw materials, transportation, and
energy. Moreover, its working capital consumed about EUR10 million
in cash as it increased its inventory to mitigate supply-chain
issues and shipping-container price increases. We think that the
abnormal working-capital cycle will negatively affect FY2022 cash
flows before they return to neutral in FY2023. We forecast capital
expenditure (capex) of about EUR20 million in FY2022 and about
EUR30 million in FY2023. This incorporates discretionary spending
on the completion of a new distribution center to support
Hunkemoller's omni-channel strategy, and normalized store
refurbishment and expansion plans that have resumed post-pandemic.
Together with higher interest on its debt, we forecast cash-flow
generation will be significantly constrained compared to historical
levels. As a result, we estimate mildly negative FOCF after leases
of about EUR5 million in FY2022, reverting to neutral in FY2023,
from the EUR32.4 million inflow in FY2021."

Hunkemoller's limited scale and concentration in the niche lingerie
market constrain the rating. With limited diversification into
accessories, swimwear, and athleisure--which together accounted for
just 13% of gross sales in FY2021--the company is exposed to the
discretionary and competitive lingerie subsegment of the apparel
market. Functionality, quality, and fit drive purchasing decisions
and brand loyalty in this market. Compared with outerwear, fashion
trends are less likely to drive the frequency of lingerie
purchases, but this also leaves less room for any missteps in
managing the fashion risk of the merchandise.

S&P said, "We expect the company will preserve its competitive
position because of its solid brand equity, omni-channel
capabilities, affordability, and geographic diversity.With
approximately 5,000 fashion styles, Hunkemoller offers affordable
intimate wear for women. It has strong positions in Northern Europe
with 18% market share in the Netherlands, 12% in Belgium, and 7% in
Germany where Hunkemoller was a leading brand in the intimate
apparel market in 2019. Near-term expansion plans are mainly to
strengthen the omni-channel proposition, increasing its penetration
in the German market, and expanding its footprint in
less-saturated, higher-growth markets such as Norway and
Switzerland. Over our FY2022-FY2024 forecast, we expect the company
will increase its e-commerce net sales to 44% of revenue from 36%
in FY2021 and open 50-60 new stores, underpinning annual revenue
growth of 2%-5%."

Management's track record of profitable growth and its
five-million-member loyalty program support the credibility of its
business plan. Management's experience and performance track record
underpin S&P's expectation of the timely execution of its strategy.
In the last decade, sales have increased by a compound annual rate
of 9% as Hunkemoller has expanded its market share and maintained
steady profitability. The EBITDA margin (after full lease expenses)
was about 13%-15% in this period, except for temporary dips to
12.5% in FY2013 following the financial crisis and to 8.8% in
FY2020 during the pandemic. In FY2021, the five million active
members of the company's loyalty program accounted for 75% of its
sales. S&P believes this program will underpin the company's brand
recognition and top-line growth due to its direct reach and the
frequency of engagement with members. Moreover, consistent and
measurable customer feedback is used in product design,
merchandising, and pricing strategy, supporting market-specific
competitiveness.

The ratings are line with the preliminary ratings S&P assigned on
Oct. 25, 2022.

S&P said, "The stable outlook reflects our expectation that,
despite macroeconomic headwinds, Hunkemoller will largely be able
to pass through inflationary pressures on raw material and
transportation costs to customers and capitalize on cost-saving
initiatives. This would result in a ratio of EBITDAR to cash
interest and rents of about 1.3x, with FOCF after leases remaining
negative to neutral over the next 12 months.

"We could lower the rating over the next 12 months if Hunkemoller's
operating performance and earnings fall short of our forecast and
reduce our confidence in its ability to sustain its capital
structure over the long term." This could occur if consumer
sentiment is weaker than S&P anticipates, inflationary pressures
are higher, or its strategy execution were to stall, resulting in:

-- EBITDAR to cash interest and rent falling to 1.2x or less;

-- Reported FOCF after leases remaining negative beyond FY2022 or
the outflow being steeper than S&P anticipates;

-- Weaker liquidity; or

-- In S&P's opinion, a heightened probability of a distressed
exchange or a conventional default, including any interest
forbearance or debt purchases below par.

Evidence of an aggressive financial policy focused on debt-financed
shareholder remuneration or acquisitions could also lead to a
sustained weakening of credit metrics and therefore a negative
rating action.

S&P said, "We could take a positive rating action if Hunkemoller
meaningfully outperformed our base case, consistently expanding its
earnings, margins, and cash-flow generation. This could mitigate
the risks we associate with the company's high operating leverage
and our current forecast of subdued cash-flow generation. To
consider a higher rating, we would expect the company to maintain a
financial policy with consistently robust credit metrics, such that
EBITDAR to cash interest and rent approaches 1.5x and reported FOCF
after leases is sustainably positive at EUR15 million-EUR20 million
annually."

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

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


HUVEPHARMA INT'L: Moody's Withdraws Ba2 Corp Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating and Ba3-PD probability of default rating of Huvepharma
International BV (Huvepharma). The negative outlook has been
withdrawn.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

COMPANY PROFILE

Huvepharma International BV is a vertically integrated developer,
manufacturer and distributor of a wide range of health products for
livestock. The company sells its products in more than 100
countries, with Europe and North America being its key markets. In
the 12 months ended June 30, 2022, the company generated EUR660
million of revenue and EUR149 million of Moody's adjusted EBITDA.




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

BOLUDA TOWAGE: S&P Affirms 'BB-' ICR, Outlook Negative
------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
Spanish tugboat operator Boluda Towage and its 'BB-' issue rating
on its secured term loan facilities.

The negative outlook reflects an at least one-in-three probability
that Boluda's adjusted FFO to debt will drop below the 12%
threshold for the rating in 2023.

S&P said, "We expect Boluda's EBITDA to recover to EUR165
million-EUR170 million this year because maritime port activity is
rebounding. This exceeds pre-pandemic levels of about EUR145
million and is significantly above the EUR119 million achieved in
2021 and EUR104 million in 2020. Our EBITDA forecast reflects the
strong results in the first nine months of 2022 and continues to
benefit from the removal of pandemic-related mobility restrictions
and recovery in maritime port activity (number of tugboat moves)
for all cargo shipments--liquefied natural gas (LNG), dry bulk,
tankers, containers and others. Our EBITDA forecasts also benefit
from the increased average tariffs thanks to a higher contribution
from the typically high-margin services rendered to oil tankers and
gas carriers.

"Strong EBITDA generation will translate into positive--albeit
lower than expected--free operating cash flow (FOCF) generation and
improved adjusted FFO to debt of 12%-13% in 2022, up from 9% in
2021. That said, we now expect adjusted debt in 2022 to decrease to
only about EUR880 million-EUR890 million from EUR904 million in
2021, which is less of a reduction than we previously forecast.
This is primarily due to our increased capital expenditure (capex)
forecast of up to EUR80 million, as well as an unexpected dividend
payment of EUR10 million earlier this year.

"We view Boluda's top line revenue as more resilient to the
worsening global trade outlook in 2023 when compared to ship
operators, for example.This reflects its relatively limited direct
exposure to trade volumes and freight rates and large contribution
from vital energy trades. We understand the pandemic-related plunge
in activity at ports to unprecedented weak levels has so far been
the most severe stress test in the company's history, with the
magnitude of the drop far exceeding previous economic downturns.
Since Boluda's operating performance is a factor of ship moves and
vessel sizes, we understand it is less vulnerable to GDP swings
compared to cargo ship operators.

"That said, we note pressure on credit metrics from inflation and
rising interest rate costs. We think the inflationary environment
could weigh on Boluda's EBITDA performance in 2023, although we
also acknowledge some protection thanks to the company's exposure
to the likely increasing oil and gas trades, above-average tariffs
it earns on services provided to energy ship operators, strong
negotiating power at many ports, and the ability to pass through
higher costs as embedded in some customer contracts. Boluda is also
exposed to rising interest rates, since the majority of its debt is
floating (with the Euribor the applicable base rate). We currently
project the eurozone policy rate to increase to 2.5% by the end of
2023 from 1.63% by the end of 2022 (compared to 0% in 2021). That
said, the risk of higher-than-forecasted rate hikes remains. This
could result in adjusted FFO to debt sliding back to below 12% in
2023.

"Uninterrupted FOCF generation and leverage reduction are key
rating considerations. We forecast Boluda will continue generating
positive FOCF in 2023, supported by the anticipated moderation in
capex. In addition, we understand Boluda has some flexibility to
defer part of its capex if traffic is weaker than the company's
expectations. We also expect the company will maintain a prudent
financial policy and prioritize debt reduction. Adjusted debt to
EBITDA reached elevated levels of 8.6x in 2020 and 7.6x in 2021,
but lower adjusted debt to EBITDA of close to 5.0x is likely in
2022 and 2023 according to our base case.

"The negative outlook reflects an at least one-in-three probability
that Boluda's adjusted FFO to debt will fall back beneath the
threshold for the rating in 2023.

"We would lower the rating in the next 12 months if we expected
Boluda's adjusted FFO to debt to drop below 12% on a sustainable
basis, from the 12%-13% we forecast this year. This could happen if
the company did not sustain the strong EBITDA performance of 2022
or interest costs increased materially beyond our forecast. We
could also lower the rating if Boluda's capex significantly
exceeded our base-case assumption or in the event of unexpected
major debt-funded acquisitions or sizable dividend distribution.

"We could revise the outlook to stable if Boluda's EBITDA
performance remained resilient despite the macroeconomic and
inflationary headwinds, enabling the company to keep its adjusted
FFO to debt at least 12%. We could also revise the outlook to
stable if the company were to generate stronger-than-expected FOCF,
use it for early debt repayment, and so reduce the interest cost
burden, in combination with resilient operating performance."

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


CELLNEX TELECOM: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
------------------------------------------------------------------
S&P Global Ratings revised the outlook on Cellnex Telecom S.A.
(Cellnex) to positive from stable and affirmed its 'BB+' long-term
issuer credit rating.

The positive outlook reflects S&P's expectation that Cellnex will
maintain solid operating performance, leading to deleveraging below
7.0x and positive free operating cash flow (FOCF) after leases and
build-to-suit (BTS) capital expenditure (capex) in the next 12-24
months.

The outlook revision reflects Cellnex's new financial policy to
reach and maintain credit metrics commensurate with a 'BBB-' rating
in the next 12-24 months. Under its newly announced financial
policy framework, the company is seeking an investment-grade rating
with a commitment to achieve and maintain debt to EBITDA below
7.0x. S&P said, "We think this represents a considerable change in
its financial strategy, shifting to a potentially more credit
supportive policy focusing on organic growth and operating leverage
rather from relentless large-sized acquisitions. We expect Cellnex
to maintain its sound operational performance in the coming years,
translating in an adjusted EBITDA increase to EUR3.1 billion-EUR3.3
billion in 2024, from EUR2.7 billion-EUR2.8 billion expected in
2022, driven by organic growth and efficiencies. Due to this higher
EBITDA and lower BTS programs anticipated beyond 2022, we forecast
positive FOCF after leases and BTS program capex by 2024.
Therefore, we forecast Cellnex's S&P Global Ratings-adjusted debt
to EBITDA will progressively fall to below 7.0x in the next 12-24
months, from nearly 8.0x expected in 2022. We expect leverage will
be higher than previously anticipated this year, mainly due to
higher expansionary capex and BTS programs. However, deleveraging
might also be quicker than currently forecast should Cellnex
accelerate deleveraging with credit enhancement actions.

"Cellnex's highly stable revenue and cash generation, with low
operating risk, support our decision to provide it with more
leverage tolerance. We relaxed our upside trigger to 7.0x from
6.5x, given the company's role as a critical infrastructure
provider to mobile network operators; scale and existing barriers
to market entry; long-term contractual predictability with
automatic or inflation indexed-lease escalators; and high margins,
which have good upside potential from colocation and are largely
protected from downside. The threshold revision is also supported
by Cellnex's disciplined focus on a credit quality supportive
business, position in mature and stable markets with low country
risk, and lack of exposure to operational and cost volatility from
onsite fossil fuel power generation or less credit supportive
business lines or markets. In addition, Cellnex is weathering the
energy and inflation environment, with automatic price escalators
and energy cost pass through mechanisms, providing earnings
stability and visibility.

"The positive outlook reflects our expectation that Cellnex will
maintain solid performance, while continuing to operate under very
long-term, all-or-nothing contracts with its tenant customers,
smoothly integrating acquired assets, and steadily extracting
synergies through site portfolio optimization.

"We could raise the rating in the next 12-24 months if S&P Global
Ratings-adjusted debt to EBITDA declines to below 7.0x and we are
convinced it will remain at that level, with the company adhering
to a financial policy along its newly established parameters.

"We could revise the outlook to stable if we anticipate that S&P
Global Ratings-adjusted debt to EBITDA will remain above 7.0x. We
think this could occur if Cellnex pursues a more aggressive
financial policy with additional debt-funded acquisitions or
higher-than-expected shareholder remuneration, or if organic
revenue growth and cash flow are weaker than we currently
anticipate in our base case, owing particularly to setbacks in
integrating acquired assets."

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


DURO FELGUERA: EUR85M Bank Debt Trades at 33% Discount
------------------------------------------------------
Participations in a syndicated loan under which Duro Felguera SA is
a borrower were trading in the secondary market around 67
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR85million facility is a term loan.  The loan is scheduled to
mature on July 27, 2023.   The amount is fully drawn and
outstanding.

Duro Felguera, S.A. manufactures industrial equipment for the
mining industry. The Company also markets and sells control systems
for producing steel for machinery and railroad components. Duro
Felguera operates through its subsidiaries. The Company's country
of domicile is Spain.


UNICAJA BANCO: Fitch Gives BB+(EXP) Rating on Non-Preferred Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Unicaja Banco, S.A.'s (BBB-/Stable)
upcoming inaugural senior non-preferred (SNP) notes issue a
'BB+(EXP)' expected long-term rating.

The assignment of the final rating is subject to the receipt of
final documentation conforming to information already received by
Fitch.

KEY RATING DRIVERS

Unicaja's SNP debt is rated one notch below the bank's Long-Term
Issuer Default Rating (IDR; BBB-/Stable), reflecting its
expectation that Unicaja will use senior preferred debt to meet its
resolution buffer requirements, and that the combined buffer of
additional Tier 1, Tier 2 and SNP debt is unlikely to exceed 10% of
the bank's risk-weighted assets (RWA).

SNP obligations are senior to any subordinated claims and junior to
senior preferred liabilities.

RATING SENSITIVITIES

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

The SNP rating would be downgraded if Unicaja's Long-Term IDR is
downgraded.

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

The SNP rating would be upgraded if Unicaja's Long-Term IDR is
upgraded.

The rating would also be upgraded if the bank is expected to meet
its resolution buffer requirements exclusively with SNP debt and
more junior instruments or if Fitch expects resolution buffers
represented by SNP and more junior instrument to sustainably exceed
10% of RWAs, both of which we currently view as unlikely.

ESG CONSIDERATIONS

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

   Entity/Debt                 Rating        
   -----------                 ------        
Unicaja Banco, S.A.

   Senior non-preferred   LT   BB+(EXP)  Expected Rating




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

FUSILLI HOLDCO: EUR300M Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Fusilli Holdco AB
is a borrower were trading in the secondary market around 82.0
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR300 million facility is a term loan. The loan is scheduled
to mature on October 12, 2023. The loan is fully drawn and
outstanding.

Fusilli HoldCo AB manufactures HVAC building products. The
Company's country of domicile is Sweden.



===========
T U R K E Y
===========

TURK TELEKOMUNIKASYON: Fitch Affirms 'B' LongTerm IDR, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed Turk Telekomunikasyon A.S.'s (TT)
Long-Term Foreign- (FC) and Local-Currency (LC) Issuer Default
Ratings (IDR) at 'B' with a Negative Outlook. Fitch has also
affirmed the telecoms company's National Long-Term Rating at
'AAA(tur)' with a Stable Outlook.

As a government-related entity, TT's ratings are constrained by the
Turkish sovereign's 'B' FC and LC IDRs, which are on Negative
Outlook. The ratings also reflect uncertainty over TT's fixed-line
concession, intensifying competition and EBITDA margin pressure
from cost inflation.

Rating strengths are its strong market position as the country's
incumbent integrated telecoms operator with a leading converged
offering across mobile and TV. It is an essential service provider
to customers in Turkiye, meaning limited churn and good revenue
growth in a difficult economic environment.

Its financial policy continues to be prudently managed with an
effective hedging strategy, which should allow TT to maintain ample
leverage headroom over the next four years.

KEY RATING DRIVERS

Government Related Entity: The controlling interest held by the
Turkiye Wealth Fund (B/Negative) in TT underpins its view of the
company as a government-related entity (GRE). Its assessment of the
overall links under its GRE methodology is 'Strong' and as such
TT's FC and LC IDRs are capped by the sovereign's 'B' ratings.
Fitch believes TT's Standalone Credit Profile is higher than the
sovereign rating.

EBITDA Margin Decline: Consumer price index (CPI) inflation reached
85.5% in October 2022 according to the Turkish Statistical
Institute. Over the same period the lira has depreciated against
hard currencies like the dollar and euro. Retail and wholesale
price increases will help drive record revenue growth of around 37%
but Fitch expects operating expenses will grow faster.
Fitch-defined EBITDA margins are expected to decline around 10% in
2022 before improving gradually thereafter.

Fixed-Line Competition Intensifying: Domestic competitor Turkcell
and other operators are rapidly building out their own fibre
networks in Turkiye. Turkcell has now passed more than 5 million
homes with fibre to the home (FTTH). Investments in fibre are
expensive and rapid subscriber growth is key to a return on
investment. In regions of overlap with TT's own 9.8 million FTTH
homes passed churn rates could increase as promotional activity
intensifies.

Fixed Line ARPU Lags Mobile: Stiff competition, restrictions on
wholesale price rises and longer average contract duration in fixed
broadband all mean TT's fixed-line average revenue per user (ARPU)
growth is likely to be slower than mobile's. TT's recent move to a
12+12 month fixed-line contract from a 24-month flat fee contract
allows for a price increase during the contract term, which should
accelerate the repricing of its customer base in future compared
with previous years.

Low Leverage: Gross debt has increased 44% to TRY41 billion this
year, reflecting high depreciation in the lira against the dollar
and euro and around 85% of gross debt being raised in hard
currencies. TT's hard- currency cash and foreign currency (FX)
derivatives mitigate the impact of increased debt on net leverage
and have helped it maintain reported leverage below 2x over the
last two years. TT's effective hedging strategy should enable it to
maintain ample leverage headroom below its negative rating
threshold of 4x funds from operations (FFO) net leverage over the
next four years.

Long-Term Concession Uncertainty: TT's ratings factor in some
long-term uncertainty relating to the expiry of the company's
fixed-line concession agreement with the Turkish government in
2026. The government may not automatically extend this concession
with TT but instead tender the contract out to third parties. In
this scenario Fitch would expect TT to participate in any tender
process but Fitch does not have visibility to evaluate its
potential impact on TT's financials at this stage. Fitch believes
that TT's management will continue to pursue a conservative
financial policy.

DERIVATION SUMMARY

TT has a similar operating profile to other European incumbent
peers such as Royal KPN N.V. (BBB/Stable) and BT Group
(BBB/Stable). The strength of TT stems mainly from its leading
fixed-line operations in Turkiye with its increasing fibre
deployment as a key advantage. It is also a fully integrated
telecoms operator with a growing mobile market share and increasing
pay-TV penetration.

Leverage thresholds for TT's current ratings are tighter than for
European peers' due to higher risk from the foreign-exchange (FX)
mismatch between mainly hard-currency debt and lira-denominated
cash flow generation. On the National Rating scale, TT's profile
compares well with Turkiye Petrol Rafinerileri A.S.'s (Tupras,
A(tur)/Stable) and Arcelik A.S. (AAA(tur)/Stable). The latter
benefits from its exposure to international markets, which is also
reflected in its IDR being higher than the Turkish sovereign
rating.

KEY ASSUMPTIONS

- Revenue growth of 37% in 2022, gradually slowing thereafter to
15% by 2025

- Fitch-defined EBITDA margin to fall to 35% in 2022, before
improving to 41% by 2025

- Capex at around 29% of revenue in 2022 and remaining at around
25%-27% to 2025

- Dividend payments averaging just over TRY4 billion in in
2022-2025

Key Recovery Assumptions

- The recovery analysis assumes that TT would be a going concern in
bankruptcy and that the company would be reorganised rather than
liquidated

- A 10% administrative claim

Going-Concern Approach

- The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the valuation of the company

- The going-concern EBITDA is estimated at TRY12.3 billion

- An enterprise value multiple of 4x

With these assumptions, its waterfall generated recovery
computation (WGRC) for the senior unsecured notes is in the 'RR1'
band. However, according to Fitch's Country-Specific Treatment of
Recovery Ratings Criteria, the Recovery Rating for Turkish
corporate issuers is capped at 'RR4'. The Recovery Rating for
senior secured notes is therefore 'RR4' with the WGRC output
percentage at 50%.

RATING SENSITIVITIES

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

- Positive rating action on Turkiye, would lead to a corresponding
action on TT, provided TT's SCP is at the same level or higher than
the sovereign rating, and the links between the government and TT
remain strong

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

- FFO net leverage above 5.0x on a sustained basis (equivalent to
net debt/EBITDA of 5.0x)

- Material deterioration in pre-dividend FCF margin, or in the
regulatory or operating environments

- Negative action on Turkiye's Country Ceiling or Long-Term LC IDRs
could lead to a corresponding action on TT's Long-Term FC or LC
IDRs, respectively

- Sustained increase in FX mismatch between TT's net debt and cash
flows

- Excessive reliance on short-term funding, without adequate
liquidity over the next 12-18 months

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-September 2022 TT had TRY25 billion of
debt maturing in the next two years. The company's liquidity is
supported by strong free cash flow (FCF) generation, TRY5.8 billion
of cash on balance sheet (of which 69% is in foreign currencies)
and a strong record of access to international capital and loan
markets. Net of cross-currency swaps, forwards and futures
contracts net debt exposure to foreign currencies is TRY0.4
billion. The company also has access to TR 5.3 billion of
FX-protected time deposits, which are not included in cash.

Nevertheless, refinancing risk remains and reliance on short-term
borrowings may exacerbate pressure on TT's liquidity profile in an
uncertain FX environment. Fitch expects the company to remain
FCF-positive in each of the next four years on a pre-dividend
basis.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

TT's ratings are capped by the sovereign ratings of Turkiye.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating             Recovery      Prior
   -----------           ------             --------      -----
Turk
Telekomunikasyon
A.S.             LT IDR    B       Affirmed                B

                 LC LT IDR B       Affirmed                B

                 Natl LT   AAA(tur)Affirmed            AAA(tur)

   senior
   unsecured     LT        B       Affirmed    RR4         B


TURKCELL ILETISIM: Fitch Affirms LongTerm IDR at 'B', Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Turkcell Iletisim Hizmetleri A.S's
(Tcell) Long-Term Issuer Default Rating (IDR) at 'B' with a
Negative Outlook. Fitch has also affirmed the company's National
Long-Term Rating at 'AAA(tur)' with a Stable Outlook.

The ratings are constrained by Turkiye's Country Ceiling of 'B'.
The ratings also reflect near-term EBITDA margin pressures and
considerable fibre-to-home (FTTH) capex. Rating strengths are
Tcell's leading market share in mobile in Turkiye, a growing fibre
broadband customer base and low leverage.

Funds flow from operations (FFO) net leverage was 0.6x at end-2021,
which is well below the average for EMEA investment-grade peers.
Fitch expects Tcell to maintain ample leverage headroom over the
next four years and good pre-dividend free cash flow (FCF)
generation.

KEY RATING DRIVERS

Operating Cost Inflation Pressures Margins: Consumer price index
inflation reached just under 84% in September 2022, according to
the Turkish Statistical Institute. Over the same period the lira
has depreciated sharply against hard currencies like the dollar and
euro. This will drive inflation in Tcell's operating spending and
capex. Mid-year price increases will help drive record revenue
growth of around 47% in 2022 but Fitch expects operating expenses
to grow faster. Fitch expects Fitch-defined EBITDA margins to
decline around 2% in 2022 before gradually improving thereafter.

Fibre Upsell Challenges: High inflation and a weakened lira have
significantly increased Turkish households' living costs in 2022.
As essential service providers, Tcell has kept churn rates low but
customers could delay plans to move to higher average revenue per
user (ARPU) products such as FTTH when they can settle for slower,
lower ARPU services. If penetration rates of new fibre homes passed
drop it could mean weaker FCF margins as Tcell continues its
expensive fibre roll-out.

Low Leverage: Gross debt (excluding leases) increase over 40% to
TRL49 billion in 9M22, reflecting the sharp depreciation in the
lira against the dollar and euro and around 80% of gross debt being
raised in hard currencies. Tcell's hard-currency cash and
foreign-currency (FX) derivatives mitigate the impact of increased
debt on net leverage and have helped Tcell maintain reported net
debt at below 1.5x EBITDA over the last two years. Tcell's
effective hedging strategy should enable it to maintain ample
headroom to its negative rating threshold of 5x FFO net leverage.

Ukraine Growth Continues: Lifecell is Tcell's Ukrainian subsidiary
and represents just over 8% of consolidated revenues. Its network
footprint is national and with most of the company's towers being
in central and western regions of Ukraine, only around 9% of sites
were inactive at September 2022. The migration of Ukrainian
citizens from the country during the year has reduced active
subscriber numbers by 8% in 9M22. Under difficult conditions,
Lifecell was able to grow local-currency EBITDA by 15% and increase
its EBITDA margin in 9M22. This demonstrates the essential nature
of the services provided and the strength of its business model.

Liquidity Limits Refinancing Risk: The first of Tcell's two USD500
million bonds matures in less than three years. Higher inflation
and interest rates plus the weakened lira mean macroeconomic
conditions are tougher than when the bonds were initially launched.
Tcell has a large reserve of FX cash at over USD1.2 billion at
end-3Q22 and Fitch expects the company to continue to generate FCF.
This should help mitigate refinancing risk but future interest
coverage ratios may weaken as the cost of debt rises.

DERIVATION SUMMARY

Tcell's ratings are well-positioned relative to closest peer
Turkish incumbent, Turk Telekomunikasyon A.S.'s (TT; B/Negative).
TT has a similar operating profile, although its strength stems
from its incumbent fixed-line operations, has higher leverage and
greater FX risk associated with its hard currency-denominated debt.
Both undertake active debt portfolio management using derivative
instruments.

Absent FX risk and associated sovereign pressures, Tcell has a
similar or stronger rating profile, both business and financial, to
that of western European telecom peers such as Royal KPN N.V.
(BBB/Stable) and Telefonica Deutschland Holding AG (BBB/Stable).
Tcell has stronger growth potential than these peers even when
adjusted for inflation, and has developed a broader understanding
of mobile-based digital services and data monetisation. Tcell's
ratings are constrained by Turkiye's Country Ceiling of 'B'. No
parent/subsidiary or operating environment aspects affect the
rating.

Fitch does not consider Tcell's parent, the Turkiye Wealth Fund
(TWF, B/Negative), in assessing the telecoms company's direct links
with Turkiye (B/Negative), as per its criteria. TWF acts as the
strategic long-term investment arm and equity solutions provider of
Turkiye. Fitch believes that the strength of links between Tcell
and its majority shareholder TWF is 'Weak' to 'Moderate' and hence
rate Tcell on a standalone basis, without support from the parent.

Tcell's rating is not automatically constrained by Turkiye's IDR as
its debt is ring-fenced from TWF and extraction of excessive
dividends is limited by capital markets laws. High minority
interest also makes any excessive dividends unlikely.

KEY ASSUMPTIONS

- Revenue growth of 47% in 2022, gradually slowing to around 14% by
2025, reflecting its view that inflation will begin to slow after
2023

- Fitch-defined EBITDA margin of around 35% in 2022-2025

- Capex at around 23%-30% of revenue in 2022-2025, including
license payments

- Average dividend payments of just under TRY4 billion during
2022-2025

Recovery Rating Assumptions

- The recovery analysis assumes that Tcell would be a going-concern
(GC) in bankruptcy and that the company would be reorganised rather
than liquidated

- A 10% administrative claim

- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch's bases the
enterprise valuation (EV) of Tcell

- GC EBITDA is estimated at TRY10 billion

- An EV multiple of 4x

All the above assumptions result in its waterfall generated
recovery computation (WGRC) for Tcell's senior unsecured notes in
the 'RR2' band. However, according to Fitch's Country-Specific
Treatment of Recovery Ratings Criteria, the Recovery Rating for
Turkish corporate issuers is capped at 'RR4'. The RR for Tcell's
senior secured notes is, therefore, 'RR4' with the WGRC output
percentage at 50%.

RATING SENSITIVITIES

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

- An upgrade of Turkiye's Country Ceiling, assuming no change in
Tcell's underlying credit quality

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

- FFO net leverage above 5.0x on a sustained basis (equivalent to
net debt / EBITDA of 5.0x)

- Material deterioration in pre-dividend FCF margin, or in the
regulatory or operating environments

- Sustained increase in FX mismatch between net debt and cash
flows

- A downgrade of Turkiye's Country Ceiling

- Excessive reliance on short-term funding, without adequate
liquidity over the next 12-18 months

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Tcell reported cash of TRY24.3 billion at
end-September 2022, which was sufficient to meet short-term
liabilities of TRY12.7 billion. Fitch expects a slight decline in
2022 EBITDA margin but continued positive pre-dividend FCF margins
in 2022-2025. The company uses a mix of proxy hedges, currency and
cross-currency swaps to prevent FX fluctuations in future debt
repayments.

ISSUER PROFILE

Turkcell is the leading mobile network operator in Turkiye with
leading market shares in mobile, along with fibre broadband and
IPTV providing a converged product.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Recovery     Prior
   -----------             ------           --------     -----
Turkcell Iletisim
Hizmetleri A.S     LT IDR  B       Affirmed                B

                   Natl LT AAA(tur)Affirmed            AAA(tur)

   senior
   unsecured       LT      B       Affirmed    RR4         B




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

ALTERA INFRASTRUCTURE: Updates Altera Parent Equity Interests
-------------------------------------------------------------
Altera Infrastructure L.P., et al., submitted a Third Amended Joint
Chapter 11 Plan of Reorganization dated November 3, 2022.

The Debtors propose this joint chapter 11 plan of reorganization
for the resolution of the outstanding claims against, and equity
interests in, the Debtors.

Class 13 consists of all Existing Common Equity Interests in Altera
Parent. On the Effective Date, each Existing Common Equity Interest
in Altera Parent shall be cancelled, released, and extinguished
without any distribution, and will be of no further force or
effect, and each holder of an Existing Common Equity Interest in
Altera Parent shall not receive or retain any distribution,
property, or other value on account of its Existing Common Equity
Interest in Altera Parent. Class 13 is Impaired under the Plan.

Like in the prior iteration of the Plan, each holder of a General
Unsecured Claim at Debtors other than Altera Parent and Altera
Finance Corp. shall receive, at the Debtors' option and with the
consent of the Consenting Sponsor: (a) payment in full in Cash; (b)
reinstatement pursuant to section 1124 of the Bankruptcy Code; or
(c) such other treatment rendering such Claim unimpaired in
accordance with section 1124 of the Bankruptcy Code.

Each of the Credit Agreement Claims shall be Allowed in the
following principal amounts (which, for avoidance of doubt, does
not include accrued and unpaid interest, fees, costs, and expenses
as of the Petition Date): (a) Credit Agreement Claims arising under
or in connection with the Knarr Facility, $290,624,999.90; (b)
Credit Agreement Claims arising under or in connection with the
Petrojarl I Facility, $43,750,000.00; (c) Credit Agreement Claims
arising under or in connection with the Gina Krog Facility,
$52,026,864.56; (d) Credit Agreement Claims arising under or in
connection with the Suksan Salamander Facility, $12,500,000.00; (e)
Credit Agreement Claims arising under or in connection with the
Arendal Facility, $8,500,000.00; (f) Credit Agreement Claims
arising under or in connection with the 6x ALP Facility,
$42,544,000.00; and (g) Credit Agreement Claims arising under or in
connection with the 4x ALP Facilities, $101,705,413.00.

The Debtors and the Reorganized Debtors, as applicable, shall fund
distributions under the Plan with: (1) Cash on hand, including Cash
from operations, the DIP Facility, and the proceeds of the Rights
Offering; (2) the New Common Stock; (3) the New GP Common Stock and
(4) the New Warrants, as applicable.

A full-text copy of the Third Amended Joint Plan dated November 3,
2022, is available at https://bit.ly/3EgZI2a from PacerMonitor.com
at no charge.

Proposed Co-Counsel to the Debtors:

     Matthew D. Cavenaugh, Esq.
     Kristhy M. Peguero, Esq.
     Rebecca Blake Chaikin, Esq.
     Victoria N. Argeroplos, Esq.
     JACKSON WALKER LLP
     1401 McKinney Street, Suite 1900
     Houston, TX 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com
             kpeguero@jw.com
             rchaikin@jw.com
             vargeroplos@jw.com

          - and -

     Joshua A. Sussberg, Esq.
     Brian Schartz, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     E-mail: joshua.sussberg@kirkland.com
             brian.schartz@kirkland.com

          - and -

     John R. Luze, Esq.
     300 North LaSalle
     Chicago, IL 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200
     E-mail: john.luze@kirkland.com

                 About Altera Infrastructure L.P.

Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.

After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliates sought
Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 22-90130) on
Aug. 12, 2022. Judge Marvin Isgur oversees the cases.

As of the petition date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.

Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively.  The Debtors also
tapped Evercore Group LLC as investment banker and
PricewaterhouseCoopers LLP as tax compliance, tax consulting, and
accounting advisory services provider.  David Rush, senior managing
director at FTI Consulting, Inc., serves as restructuring advisor
to the Debtors.  Stretto is the claims agent.

The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors on Aug. 22, 2022.  The unsecured creditors
committee tapped Friedman Kaplan Seiler & Adelman, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsel; and
AlixPartners, LLP as financial advisor.

A committee of coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom. The CoCom is
represented by Norton Rose Fulbright US, LLP and Norton Rose
Fulbright, LLP as legal counsel and PJT Partners (UK) Ltd. As
financial advisor.

The Noteholder Ad Hoc Group tapped Vinson & Elkins LLP and
Wachtell, Lipton, Rosen & Katz as its attorneys.


AMPHORA FINANCE: GBP301M Bank Debt Trades at 33% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 67.3
cents-on-the-dollar during the week ended Fri., Nov. 11, 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 loan is fully drawn and
outstanding.

Amphora Finance Limited operates as a special purpose entity.
Amphora is a holding company that wholly owns Accolade Wines.  The
Company's country of domicile is the United Kingdom.


BULB ENERGY: High Court to Scrutinize Administrators' GBP25MM Fee
-----------------------------------------------------------------
Jane Croft and Nathalie Thomas at The Financial Times report that a
High Court judge is to scrutinise GBP25 million of fees charged by
the administrators of Bulb Energy, plus a further GBP3 million in
pre-appointment costs which will ultimately be paid by the
taxpayer.

Teneo applied to the High Court on Nov. 10 to ask for its approval
to be paid fees dating back to last November when it became
administrator to Bulb, which was Britain's seventh-largest
household energy supplier, the FT relates.

According to the FT, Judge Sally Barber, Insolvency and Companies
Court judge, heard that the application was the first of its kind
in connection with a company in energy supply administration but
ordered that the fees which cover an eight-month period should be
analysed by a High Court judge.

Bulb was put into "special administration" in November 2021,
initially with a GBP1.7 billion taxpayer loan to keep it operating
after it admitted to regulators that it was no longer able to
withstand surging wholesale power and gas prices, the FT recounts.
The move represented the biggest taxpayer rescue since the bailouts
of Royal Bank of Scotland and HBOS in the 2008-09 financial crash.
It had 1.5mn customers.

The UK government recently agreed a sale of Bulb to rival Octopus
Energy, although terms of the deal have not been disclosed, the FT
relays.  

According to the FT, on Nov. 10 Judge Barber ordered 55% of the
fees to be paid as an interim measure but said the fees should be
assessed by a High Court judge as certain aspects warranted "a
fuller exploration of underlying evidence" than was possible in the
two-hour hearing.

The judge singled out GBP5.7 million charged for 9,926 hours for
work undertaken to secure business operations -- when she noted
that key Bulb staff had been kept on and their salaries paid by the
government, the FT notes.

She also pointed to a "significant amount of time" spent by
administrators negotiating an indemnity agreement "for the benefit
of the administrators", saying she expressed no view but this would
warrant greater scrutiny, the FT relays.

The High Court was told that 107 Teneo staff had worked on the
administration and the Department of Business, Energy & Industrial
Strategy (BEIS) had scrutinised and received fortnightly reports on
work done, the FT states.

According to the FT, Henry Phillips, barrister representing the
administrators, said in written arguments to the court that BEIS
had "negotiated a substantial discount (of 27.5%) to the Energy
Administrators' normal commercial rates" to "provide best value for
money to the UK taxpayer".

The court document detailed the administrators' seven main
workstreams -- including 9,926 staff hours charged to ensure the
continued operation of the company's business costing GBP5.7
million -- plus an M&A workstream totalling around 2,409 staff
hours costing around GBP1.6 million, the FT discloses.

The energy administrators had been subject to "significant
political, public and creditor scrutiny" and had "overseen and
managed the running of an energy supply company to ensure 1.5mn
customers received gas and electricity . . . in a highly
complex, heavily regulated industry", the written arguments
continued, the FT notes.


CHARTER MORTGAGE 2018-1: Fitch Affirms BB+ Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Charter Mortgage Funding 2018-1 PLC's
(CMF 2018-1) class D notes and CMF 2020-1 PLC's class C and D
notes. The other notes have been affirmed.

   Entity/Debt           Rating             Prior
   -----------           ------             -----
Charter Mortgage
Funding 2018-1 PLC

   A XS1821502405     LT AAAsf  Affirmed    AAAsf
   B XS1821502744     LT AAAsf  Affirmed    AAAsf
   C XS1821503049     LT AAAsf  Affirmed    AAAsf
   D XS1821503478     LT AAsf   Upgrade      A+sf
   E XS1821503635     LT BB+sf  Affirmed    BB+sf

CMF 2020-1 PLC

   A XS2096745216     LT AAAsf  Affirmed    AAAsf
   B XS2096745307     LT AAAsf  Affirmed    AAAsf
   C XS2096745729     LT AA+sf  Upgrade      AAsf
   D XS2096745992     LT A+sf   Upgrade    BBB+sf
   E XS2096749127     LT BBB-sf Affirmed   BBB-sf

TRANSACTION SUMMARY

The transactions are static pass-through RMBS securitisations of
prime owner-occupied loans originated by Charter Court Financial
Services in the UK (excluding Northern Ireland). The assets were
drawn entirely from CCFS's highest tier product lines, which
excluded any borrowers with material adverse credit
characteristics.

The loans were positively selected to be LCR eligible and the
eligibility criteria is stricter than CCFS's standard prime
eligibility criteria.

KEY RATING DRIVERS

Removed From UCO: In the update of its UK RMBS Rating Criteria on
23 May 2022, Fitch updated its sustainable house price for each of
the 12 UK regions. The changes increased the multiple for all
regions other than North East and Northern Ireland, updated house
price indexation and updated gross disposable household income. The
sustainable house price is now higher in all regions except
Northern Ireland. This had a positive impact on recovery rates (RR)
and consequently Fitch's expected loss in UK RMBS transactions.

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

The changes to the criteria contributed to the rating actions.

Stable Asset Performance: The overall pool composition of both
transactions has not significantly changed since the last annual
review. One-month plus arrears have increased since the last review
to 1.4% from 1.0% for CMF 2018-1 and to 1.4% from 0.8% for
CMF2020-1 (as per the September 2022 investor reports). This has
not resulted in any repossessions, with cumulative repossessions in
the transactions at 0.01% for CMF 2018-1 and zero for CMF 2020-1.

Fitch anticipates transaction performance may deteriorate in the
near future due to rising interest rates and falling real wages.
Fitch tested a sensitivity to higher arrears and defaults and found
an increase could result in lower model-implied ratings (MIR) in
future model updates. As a result, Fitch constrained CMF 2018-1's
class D notes' rating and CMF 2020-1's class C notes' rating at one
notch below their respective MIRs.

CE Accumulation: Credit enhancement (CE) for CMF 2018-1 and CMF
2020-1 has increased as a result of their sequential amortisation
structure. CE for the class A notes has increased by 4.8% to 29.4%
for CMF 2018-1, and by 3.7% to 19.8% for CMF 2020-1, since the last
review. No pro-rata amortisation is allowed in the documentation,
and this has resulted in the notes being able to withstand higher
rating stresses, driving the upgrades.

Liquidity Protection Mechanism: The transactions benefit from a
liquidity protection mechanism in the form of a reserve fund, sized
at closing at 1.5% of the collateralised notes balance. This
includes a liquidity reserve fund, sized at 1.5% of the outstanding
balance of the class A and B notes (prior to applying any
redemption priority of payment funds), which is entirely dedicated
to cover senior fees, and interest shortfalls on the class A and B
notes. These are both at their target levels, supporting the
ratings and Outlook. The remainder of the reserve fund is not
available to cover for losses on the asset pool, but instead acts
as liquidity support for the class C notes and below.

No Turbo Benefit above 'BB+sf': On any payment date on or after the
first optional redemption date, any excess spread available will be
diverted to principal available funds and used to pay down the
notes (turbo feature). However, any subordinated hedging amount
that could be payable (in the event of default of the swap
counterparty) is senior to this turbo feature in the revenue
priority of payments. If the swap mark-to-market is in favour of
the swap counterparty, excess spread may not be available to pay
principal, and for this reason, Fitch has not given credit to the
turbo feature in scenarios above 'BB+sf'.

The swap in the CMF 2018-1 transaction expires in March 2023 and
therefore the restriction to the turbo feature in Fitch's cash flow
modelling will be removed. This is likely to lead to a higher MIR
for the class E notes and led to the revision of their Outlook to
Positive in this review.

Help-to-Buy Affects ESG: Nearly 27.6% (CMF 2018-1) and 36.0% (CMF
2020-1) of the pools comprise loans in which the UK government has
lent up to 40% inside London and 20% outside London of the property
purchase price in the form of an equity loan. This allows borrowers
to fund a 5% cash deposit and mortgage the remaining balance.

Fitch has taken the balances of both the mortgage loan and equity
loan into account when calculating the borrower's FF, in line with
its UK RMBS Rating Criteria. Given this impact on the FF,
accessibility to affordable housing through the Help-to-Buy
Government Scheme is deemed a negative factor affecting Fitch's ESG
scores.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening asset performance
would be strongly correlated to increasing levels of delinquencies
and defaults that could reduce CE available to the notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to potential negative rating action depending on the
extent of the decline in recoveries. Fitch conducts sensitivity
analyses by stressing both a transaction's base-case FF and RR
assumptions, and examining the rating implications on all classes
of issued notes.

Fitch assumed a 15% increase in the weighted average (WA) FF and a
15% decrease in the WARR. The results indicate up to a two-notch
adverse rating impact in CMF 2018-1 and up to three notches in CMF
2020-1.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF of 15% and an increase in the RR of
15%. The ratings for the subordinated notes could be upgraded by
four notches for CMF 2018-1 and CMF 2020-1.

DATA ADEQUACY

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

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

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

CMF 2020-1 PLC has an ESG Relevance Score of '4' for Human Rights,
Community Relations, Access & Affordability due to accessibility to
affordable housing, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Charter Mortgage Funding 2018-1 PLC has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to accessibility to affordable housing, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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


COMET BIDCO: US$420M Bank Debt Trades at 37% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 63
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$420 million facility is a term loan.  The loan is scheduled
to mature on October 6, 2024.   About US$402 million of the loan is
drawn and outstanding.

CometBidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. The Company uses
range of exhibitions, conferences, trade shows, and websites to
target new business, demonstrate their products, build relationship
with their clients, and identify new opportunities for performance
improvement. The Company's country of domicile is the United
Kingdom.


CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 27% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 72.9 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.


The EUR400 million facility is a term loan.  The loan is scheduled
to mature on July 28, 2028. The loan is fully drawn and
outstanding.

Constellation Automotive Group Limited is the largest vertically
integrated digital used car marketplace in Europe.


CONSTELLATION AUTOMOTIVE: GBP325M Bank Debt Trades at 44% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 55.7 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.


The GBP325 million facility is a term loan.  The loan is scheduled
to mature on July 16, 2029. The loan is fully drawn and
outstanding.

Constellation Automotive Group Limited is the largest vertically
integrated digital used car marketplace in Europe.


CONSTELLATION AUTOMOTIVE: GBP400M Bank Debt Trades at 31% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 69.2 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.


The GBP400 million facility is a term loan.  The loan is scheduled
to mature on July 28, 2028. The loan is fully drawn and
outstanding.

Constellation Automotive Group Limited is the largest vertically
integrated digital used car marketplace in Europe.

DEBENHAMS: Administrators Made More Than GBP7.2 Million in Fees
---------------------------------------------------------------
Georgia Wright at Retail Gazette, citing The Times, reports that
the administrators of Debenhams have made millions in fees since
the department store went under in 2020.

According to reports, FRP Advisory has made more than GBP7.2
million in fees since the business filed for insolvency, Retail
Gazette notes.

The administrators managed the sale of the retailer's brand and
website to fast-fashion giant Boohoo for GBP55 million in January
2021, and documents show that FRP Advisory received an additional
GBP1.9 million in remuneration between April and October this year
due to increased staff rates, Retail Gazette discloses.

Debenhams first filed for administration in 2019, and the news
comes as retail giants like Made.com face a similar fate, Retail
Gazette recounts.



FORMENTERA ISSUER: Fitch Affirms 'Bsf' Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has upgraded Formentera Issuer PLC's class C, D and E
notes. The other notes have been affirmed.

   Entity/Debt               Rating            Prior
   -----------               ------            -----
Formentera Issuer PLC

   Class A XS2434843756   LT AAAsf  Affirmed   AAAsf
   Class B XS2434846692   LT AAsf   Affirmed    AAsf
   Class C XS2434846858   LT A+sf   Upgrade      Asf
   Class D XS2434846932   LT A-sf   Upgrade    BBBsf
   Class E XS2434847153   LT BBB-sf Upgrade     BBsf
   Class F XS2434847237   LT Bsf    Affirmed     Bsf

TRANSACTION SUMMARY

The transaction refinanced two Fitch-rated transactions that
contained a mix of first-lien residential non-conforming and
buy-to-let (BTL) assets - Residential Mortgage Securities 23 plc
(RMS23) and Uropa Securities 2008 plc (Uropa) - that were
originated pre-global financial crisis (GFC) in the UK and
securitised in 2008 and 2009, respectively.

KEY RATING DRIVERS

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

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

Ratings Lower than MIR: The class C, D and E notes' ratings are
below their model-implied ratings (MIR) due to their sensitivity to
asset performance deterioration. Fitch tested adverse scenarios
assuming a modest increase in defaults and decreases in recovery
rates, given the current economic outlook. Fitch found the ratings
to be resilient to these scenarios.

Seasoned Non-Prime Loans: The asset pool contains seasoned loans
that were typical of UK non-conforming originations pre-GFC. The
pool contains a high proportion of borrowers with adverse credit
histories and early-stage arrears. In addition, the owner-occupied
sub-pool also contained a high proportion of interest-only loans
and borrowers who self-certified their income. Both sub-pools
contained loans in arrears but the BTL sub-pool had a materially
lower proportion at closing.

One-month plus arrears have increased since closing to 12.1%
(October 2022 investor report) from 9.9% (November 2021 pool tape),
while late stage arrears have decreased to 6.7% from 7.6%. Nine
loans are currently in possession.

Base Rate-linked Notes: The pool contains 45.9% loans linked to the
Bank of England base rate. No swap agreement is available to hedge
basis risk arising from the mismatch between SONIA-linked notes and
base rate-linked loans. Fitch applied a basis risk adjustment in
accordance with its UK RMBS Rating Criteria, reducing the margins
of the loans in order to account for this discrepancy.

RATING SENSITIVITIES

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

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

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain note ratings
susceptible to negative rating actions, depending on the extent of
the decline in recoveries. Fitch conducts sensitivity analyses by
stressing both a transaction's base-case FF and RR assumptions, and
examining the rating implications for all classes of issued notes.
A 15% increase in the weighted average (WA) FF and a 15% decrease
in the WARR indicate downgrades of up to three notches across the
capital structure.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement levels and
potentially upgrades. Fitch tested an additional rating sensitivity
scenario by decreasing the FF by 15% and increasing the RR by 15%.
The impact on all notes except the class A notes could be upgrades
of up to eight notches.

DATA ADEQUACY

Formentera Issuer PLC

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

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

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for this transaction.

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

ESG CONSIDERATIONS

Formentera Issuer PLC has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
accessibility to affordable housing, which has a negative impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

Formentera Issuer PLC has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to
accessibility to affordable housing, which has a negative impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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


GEMGARTO 2021-1: Fitch Hikes Rating on Class X Notes to 'BB+sf'
---------------------------------------------------------------
Fitch Ratings upgraded Gemgarto 2021-1 plc's class B and X notes
and affirmed the rest. All three tranches have been removed from
Under Criteria Observation (UCO).

   Entity/Debt           Rating            Prior
   -----------           ------            -----
Gemgarto 2021-1 PLC

   A XS2279559889     LT AAAsf  Affirmed   AAAsf
   B XS2279560036     LT AA+sf  Upgrade     AAsf
   C XS2279560200     LT A+sf   Affirmed    A+sf
   D XS2279560465     LT A+sf   Affirmed    A+sf
   E XS2279560895     LT CCCsf  Affirmed   CCCsf
   X XS2279561356     LT BB+sf  Upgrade     BBsf

TRANSACTION SUMMARY

Gemgarto 2021-1 plc is a securitisation of owner-occupied (OO)
mortgages originated by Kensington Mortgage Company Limited (KMC)
and backed by properties in the UK. The transaction features
originations of OO loans up to December 2020 and the residual
origination of the Finsbury Square 2018-1 PLC (FSQ2018-1)
transaction.

KEY RATING DRIVERS

Updated Criteria Drive Upgrades: In its latest UK RMBS Rating
Criteria on 23 May 2022, Fitch updated its sustainable house prices
for each of the 12 UK regions. The changes include increased
multiples for all regions other than the north east and northern
Ireland, as well as updated house price indexation and gross
disposable household income. The sustainable house prices are now
higher in all regions except northern Ireland. This has had a
positive impact on recovery rates (RR) and, consequently, Fitch's
expected loss in UK RMBS transactions.

Reduced Foreclosure Frequency Assumptions: Fitch also reduced its
foreclosure frequency (FF) assumptions for loans in arrears based
on a review of historical data from its rated UK RMBS portfolio.
The changes better align Fitch's expected-case assumptions with
observed performance and incorporate a margin of safety at the
'Bsf' level. The updated criteria contributed to the rating actions
and the removal of the ratings from UCO.

Lower than Model-Implied Ratings: Fitch expects asset performance
to weaken as a result of rising interest rates and the
cost-of-living crisis. This is particularly relevant for specialist
lending transactions where arrears have historically been higher
than the UK prime average. An increase in arrears could result in
lower model-implied ratings (MIR) in future model updates. The
rating on the class B notes is reduced by one notch below the MIR
to account for this risk.

Stable Asset Performance: Since the transaction's close, asset
performance has been stable in arrears levels with no
repossessions. The transaction is not utilising the revolving
conditions to their limits, as principal collections have been used
to pay down its class A notes over and above its amortisation
schedule.

RATING SENSITIVITIES

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

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

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to negative rating action, depending on the extent of
the decline in recoveries. Fitch conducts sensitivity analyses by
stressing both a transaction's base-case FF and RR assumptions, and
examining the rating implications on all classes of issued notes.
Fitch tested a 15% increase in the weighted average (WA)FF and a
15% decrease in the WARR, which may result in downgrades of no more
than one notch.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and, potentially,
upgrades. Fitch tested an additional rating sensitivity by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%,
which may result in upgrades of no more than one notch.

DATA ADEQUACY

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

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

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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


GENESIS SPECIALIST: Moody's Cuts Sr. Sec. Term Loan Rating to Caa2
------------------------------------------------------------------
Moody's Investors Service has downgraded Genesis Care Finance Pty
Ltd's (GenesisCare) corporate family rating to Caa2 from B3.  The
outlook remains negative.

At the same time, Moody's has downgraded to Caa2 from B3 the
ratings of the backed senior secured term loan B facility entered
into by Genesis Specialist Care Finance UK Limited, a 100%-owned
and guaranteed subsidiary of GenesisCare. Moody's has also
downgraded to Caa2 from B3 the backed senior secured ratings of the
senior secured term loan B facility entered into by GenesisCare USA
Holdings, Inc., a 100%-owned and guaranteed subsidiary of
GenesisCare.

The outlooks on all ratings remain negative.

"The downgrade reflects Moody's view that GenesisCare's capital
structure has become unsustainable due to lower revenues, higher
costs and continued capital spending, and that the company will
experience material liquidity issues over the next 12-18 months
without further shareholder support," says Maadhavi Barber, a
Moody's Analyst.

RATINGS RATIONALE

Capital management initiatives, including sale and leasebacks,
shareholder loans and the sale of the cardiology segment, have
helped the company to avoid a potential default to date.  As of
September 30, 2022, GenesisCare held USD154 million cash on its
balance sheet compared with USD54.3 million as of June 30, 2022,
bolstered by the USD84.7 million proceeds from the recent
cardiology business sale. However, Moody's estimates GenesisCare
will be free cash flow negative by November 2023 in the absence of
shareholder or external third-party capital support.

The company has drawn almost 40% of its multi-currency AUD200
million revolving credit facilities.  GenesisCare cannot draw any
more than 40% without breaching financial covenants under the
Senior Facilities Agreements, given that the Senior Secured
Leverage ratio (based on the company's calculations) exceeds 7.5x.

Furthermore, the company has continued to increase its capital
expenditure and integrate new sites, which results in higher
leverage due to the timing mismatch between opening the clinic and
realizing full earnings capacity.

GenesisCare's leverage (as measured by Moody's adjusted debt to
EBITDA) increased to 21.8x as of June 30, 2022 due to weak EBITDA,
from 14.8x in the year ended June 30, 2021.  

The negative outlook reflects Moody's view that there will not be a
material improvement in GenesisCare's earnings and credit metrics
due to slow radiotherapy volume recovery in some jurisdictions,
higher costs and continued capital spending.

Moody's expects patients to become more comfortable in attending
appointments, or their need to attend appointments will become
critical given that screenings and treatments have been postponed
during the pandemic. However, the rate of recovery in each
operating jurisdiction will vary in line with differences in the
pandemic's severity. For example, Moody's estimates a faster
recovery in Australia and the UK, compared with a slower and more
gradual recovery in the US and Spain.  The company also lost a high
margin contract in Spain, which offsets improving performance in
the UK.

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

The ratings are unlikely to be upgraded in the near term, given the
company's current weak liquidity position and elevated leverage as
a result the pandemic, high costs and continued capital spending.


The outlook could return to stable if the company improves its
overall earnings levels, reduces its level of gross debt and/or
receives material liquidity support from shareholders or an
external third party. Any further positive momentum in the
company's rating level would require a significant improvement in
its capital structure and business fundamentals so that they become
sustainable.

Moody's could downgrade the rating if GenesisCare cannot achieve a
sustainable capital structure.

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

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS (ESG)

GenesisCare's ESG considerations have a very highly negative
(CIS-5) impact on its rating, reflecting governance considerations,
and are a driver of this rating action.

Genesis Care's exposure to governance risks is very highly negative
(G-5 issuer profile score), reflecting aggressive financial
policies under private equity ownership, high financial leverage,
and a track record of operational underperformance. In addition,
the company's controlled ownership limits the independence of the
company's board.

COMPANY PROFILE

GenesisCare is a healthcare company focusing primarily on cancer
care through the provision of radiotherapy services. The company
currently operates cancer clinics and radiotherapy treatment
centers across the US, Australia, the UK and Spain. GenesisCare is
owned by China Resources Group (36.3%), Kohlberg Kravis Roberts &
Co. L.P. (KKR) (31.2%) and doctors and management (32.5%).

INEOS GROUP: EUR400M Bank Debt Trades at 98% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Ineos Group
Holdings Ltd is a borrower were trading in the secondary market
around 2.1 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR400 million facility is a term loan.  The loan is scheduled
to mature on March 25, 2027. The loan is fully drawn and
outstanding.

INEOS Group Holdings operates as a holding company. The Company,
through its subsidiaries, manufactures petrochemicals and oil
products such as ethylene oxide, acetate esters, glycol, and
polymers. INEOS Group Holdings serves customers worldwide.

INFINITY BIDCO: GBP224M Bank Debt Trades at 19% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Infinity Bidco 1
Ltd is a borrower were trading in the secondary market around 81.5
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The GBP224 million facility is a term loan.  The loan is scheduled
to mature on June 16, 2028. The loan is fully drawn and
outstanding.

Infinity Bidco 1 Limited is the top entity of the restricted group
of Corialis. Headquartered in Lokeren, Belgium, Corialis designs,
manufactures and distributes aluminium profile systems for in-wall,
outdoor and
indoor products.

JOULES: Set to Appoint Administrators After Funding Talks Fail
--------------------------------------------------------------
Holly Williams at The Scotsman reports that around 1,600 jobs are
under threat after fashion retailer Joules revealed it is set to
appoint administrators following a failure to secure a vital cash
injection.

The brand said talks over an emergency cash-call with investors,
including its founder Tom Joule, were unsuccessful and have ended,
The Scotsman relates.  According to The Scotsman, it said it would
file a notice of intention to appoint Interpath Advisory as
administrators to the firm and its subsidiaries "as soon as
reasonably practicable".

Mr. Joules, as cited by The Scotsman, said: "The board is taking
this action to protect the interests of its creditors." It will
suspend trading of its shares on the stock market due to the
decision, adding that further announcements will be made "in due
course".

It is expected to formally appoint administrators in the next five
to 10 working days, but stressed its stores and websites are
continuing to trade as normal, The Scotsman discloses.

The Leicestershire-based chain employs around 1,600 staff and has
more than 130 shops.

Next had also been in talks with Joules over a deal to buy a
minority stake in the business, but discussions between the two
collapsed in September, The Scotsman recounts.

Joules then revealed it was in talks over a so-called cornerstone
equity raise with strategic investors, including Mr. Joule, who
recently returned to the firm in an executive position as product
director, The Scotsman notes.

It was also holding discussions with Mr. Joule and its lender over
a possible bridge financing deal to allow the funding talks to
continue, but failed to secure the crucial strategic investment
needed, The Scotsman relays.

At the same time, the group was considering the option of a company
voluntary arrangement (CVA) -- which typically involves a firm
agreeing delayed or reduced payments to landlords or other
creditors -- as part of a restructuring to turn around its
fortunes, The Scotsman notes.

It has suffered a slump in shares over the past year following
profit warnings amid soaring costs and a downturn in consumer
spending, The Scotsman recounts.


PATAGONIA BIDCO: GBP550M Bank Debt Trades at 17% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Patagonia Bidco Ltd
is a borrower were trading in the secondary market around 83.3
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The GBP550 million facility is a term loan.  The loan is scheduled
to mature on October 28, 2028. The loan is fully drawn and
outstanding.

Patagonia Bidco Limited (Huws Gray) is an independent General
Builders Merchant (GBM) distributor in the UK
that provides a broad range of building materials to both trade and
retail customers.

PLATFORM BIDCO: GBP418M Bank Debt Trades at 17% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Platform Bidco Ltd
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The GBP418 million facility is a term loan.  The loan is scheduled
to mature on September 23, 2028.  About GBP258 million of the loan
is drawn and outstanding.

Platform Bidco Limited is an entity created for the acquisition of
Valeo Foods Group Ltd, an Irish leading producer and distributor of
branded and non-branded ambient food products.
The company operates primarily in Ireland, UK, Italy, the
Netherlands, the Czech Republic and Germany and owns well
recognized local brands including Jacob's, Rowse, Batchelors,
Odlums, Kettle Chips, Chef, Matthew Walker and Kelkin, which hold
leading market shares within their respective product categories.

The Company's country of domicile is the United Kingdom.


ROLLS-ROYCE PLC: Fitch Alters Outlook on 'BB-' IDR to Positive
--------------------------------------------------------------
Fitch Ratings has revised Rolls-Royce plc's Outlook to Positive
from Stable while affirming its Long-Term Issuer Default Rating
(IDR) and senior unsecured rating at 'BB-' with a Recovery Rating
of 'RR4'.

The change in Outlook reflects a gradual but sustainable recovery
in wide-body engine flying hours (EFH) as key air travel regions
continue to open up, which should result in continued improvement
in key credit ratios in the short-to-medium term. The Positive
Outlook also reflects strong performance in Rolls-Royce's defence
division, expected continuation of improvement at its power systems
division, and the benefits of prior restructuring measures.

The IDR of Rolls-Royce reflects its still weak, albeit improving,
financial profile and modest business profile, the constraints of
which were demonstrated in the challenges it faced through the
pandemic. In response, the group has implemented recapitalisation
to shore up its balance sheet and support liquidity, plus
successfully resized its business to meet future demands. The
business still faces risks to recovery in certain key end-markets,
which will also determine the speed of the improvement in
profitability.

KEY RATING DRIVERS

Operational Restructuring Yielding Results: Fitch expects
Rolls-Royce to continue improving its profitability to end-2022 and
beyond, with the full long-term impact of its restructuring
measures soon to be realised (an estimated GBP1.3 billion in cost
savings from 2022 and onwards). Over the past two years,
Rolls-Royce managed to significantly decrease costs and increase
efficiencies, outperforming its previous free cash flow (FCF)
expectations in both 2021 and 1H22.

Slow Civil Aerospace Recovery: Despite a leaner cost structure, as
underlined by a reduction in its headcount by about a third,
Rolls-Royce's challenge remains the turnaround in its civil engine
business, which is impeded by slow recovery in long-haul travel.
Engine flight hours are growing gradually, and Fitch anticipates
that the civil aerospace division's profitability recovery will be
mostly fuelled by shop visits and, consequently, service income. As
the defence and power systems divisions both remain a stable source
of profit and cash flow for the group, Fitch anticipates FCF to
turn positive in 2023.

Market Recovery Challenges: While the aerospace and defence
industry has been steadily recovering from the pandemic, the
recovery has been dominated by narrow body aircraft demand, a
segment in which Rolls-Royce does not have a significant share.
Supply chain challenges, particularly a shortage of semi-conductors
and forgings could also disrupt production levels. Manufacturers
will face margin pressures in 2022 and 2023 due to price volatility
of specific inputs as well as higher personnel and energy costs.
The latter's impact will be mitigated by the widespread use of
long-term contracts and some ability to pass on cost increase to
customers, though such mechanisms are limited and often delayed.

ITP Aero Sale Boosts Capital: Rolls-Royce has significantly reduced
its debt burden by GBP2 billion, via the repayment of its
UKEF-backed facility in September 2022, with proceeds from the sale
of ITP Aero for EUR1.6 billion, and from the smaller disposals of
Civil Nuclear Instrumentation & Control (in November 2021), Bergen
Engines (December 2021) and AirTanker Holdings (early 2022). This
significant reduction in gross debt will act as a key driver in
improving leverage to levels that are appropriate for a high 'BB'
category rating in the sector.

Recovery in Leverage: In addition to the full long-term impact from
the restructuring measures and the proceeds from the ITP Aero sale,
Fitch expects leverage metrics to approach its upgrade
sensitivities at end-2023. Fitch expects gross funds from
operations (FFO) gross leverage to materially improve over the
short- to-medium term, to around 2.6x by end-2024, from an
estimated 4.3x at end-2022.

Liquidity Supports Rating: Rolls-Royce has continued to maintain
strong liquidity for the business at GBP7.3 billion at end-1H22,
including GBP2.8 billion of reported cash on hand. This position
was significantly supported by the recapitalisation at end-2020,
providing an additional GBP7.3 billion of funding through both debt
and equity sources, underlining the strong capital market access
the group continues to benefit from. While Fitch sees a risk of
higher interest rates as a result of global inflationary pressures,
Rolls-Royce is largely protected from higher re-financing interest
rates because its debt is at fixed rates.

DERIVATION SUMMARY

Rolls-Royce's business profile remains fairly strong for its rating
although its assessment of certain business profile factors has
weakened (including innovation and revenue visibility), while its
product diversification remains significantly exposed to the
hardest-hit segments of commercial aerospace, which are wide-body
aircraft and associated aftermarket engine services. Rolls-Royce is
therefore significantly exposed to a part of the sector with the
slowest recovery. Its restructuring and recapitalisation have
improved cash burn and liquidity, respectively, providing some
operating headroom.

Its business profile reflects strong revenue and geographical
diversification and a high portion of turnover sourced from service
activities, although it is weak performance in these service
activities that is currently putting pressures on operating
profitability and cash flow. Its broad operational profile firmly
positions the group's business risk profile against that of global
peers, such as General Electric Company (BBB/Stable) or Lockheed
Martin Corporation (A-/Stable).

Rolls-Royce's financial risk profile has recently been
significantly weaker than major peers', due to weaker profitability
and cash generation resulting from operational problems, and
significant short-term deterioration due to the pandemic. However,
given the significant operational restructuring that Rolls-Royce
has undergone, Fitch expects leverage to return to within our
sensitivities by 2023.

No Country Ceiling, parent/subsidiary or operating environment
aspects affect the ratings.

KEY ASSUMPTIONS

- Slower recovery of estimated engine flying hours for 2022 at
approximately 70% of 2019 levels

- Modest revenue growth of 4.3% for 2022, driven by the continued
recovery in civil aerospace, strong performance in power systems
and a stable defence outlook

- Underlying EBIT margins to remain stable by end-2022

- No dividend distribution to 2025

- Working-capital outflow in 2022 as a result of inventory build-up
and lower advances on new engines

RATING SENSITIVITIES

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

- FFO gross leverage sustainably below 4.5x

- Gross debt/EBITDA below 4.0x

- FCF margin above 1%

- (Cash flow from operations (CFO) less capex)/total debt above 5%

- FFO margin above 7%

- EBITDA margin above 10%

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

- Inability to deliver the longer-term annual cost savings of
around GBP1.3 billion associated with the group's reorganisation by
end-2022

- FFO gross leverage above 5.5x

- Gross debt/EBITDA above 5.0x

- Consistently negative FCF margin

- FFO margin below 5%

- EBITDA margin below 8%

- (CFO less capex)/total debt neutral to negative

- Additional Trent 1000 costs beyond those announced

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Rolls-Royce's had strong liquidity of GBP7.3
billion at end-1H22, including GBP2.8 billion of cash on hand and a
GBP2.5 billion revolving credit facility. With the completion of
the sale of ITP Aero in September 2022, Rolls-Royce fully repaid
its GBP2 billion UKEF backed facility and entered into a new GBP1
billion UKEF backed facility, which matures in September 2027.
Rolls-Royce expects this new GBP1 billion facility to remain
undrawn.

ESG CONSIDERATIONS

Fitch has revised its ESG Relevance Score to '3' from '4' for
Management Strategy as recent engineering design issues
(representing potential reputational damage risk), together with
strategic implications arising from limited diversification within
the civil aerospace market are no longer material rating drivers.

Rolls-Royce has an ESG Relevance Score of '4' for Financial
Transparency due to complexities and somewhat limited disclosure
regarding certain balance-sheet components, notably working
capital, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Rolls-Royce plc     LT IDR BB- Affirmed               BB-

   senior
   unsecured        LT     BB- Affirmed     RR4       BB-


THG OPERATIONS: Moody's Cuts CFR to B2, Outlook Stable
------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of THG Operations Holdings Limited (THGO or the company) to
B2 from B1. In addition the rating agency downgraded the company's
probability of default rating to B2-PD from B1-PD and rating of the
company's guaranteed senior secured bank credit facilities
comprising a EUR600 million term loan B and GBP170 million
revolving credit facility (RCF) to B2 from B1. The outlook on all
ratings remains stable.

RATINGS RATIONALE

The rating action reflects Moody's view that lower profit growth in
2023 than the rating agency previously expected in combination with
higher gross borrowings will result in the THGO's credit metrics
remaining weaker than Moody's consider acceptable to maintain a B1
CFR for the company.

The year to date results of the company's listed parent THG PLC
have been adversely affected by compressed gross margins, notably
within the company's Nutrition division, as it chose to limit price
increases despite high input cost inflation. As a consequence, and
considering the weak consumer sentiment across many markets as the
company enters its peak trading season, Moody's expects THG's full
year company-adjusted EBITDA to be towards the lower end of its
publicly guided range of GBP100 million to GBP130 million,
materially lower than the GBP161 million recorded in 2021.

While Moody's base case is that the company's 2023 EBITDA can grow
strongly to more than GBP150 million, this is below the rating
agency's initial expectations for 2022 and well short of its
previous 2023 base case. After factoring in the company's recently
drawn GBP156 million new loan as well as lease liabilities of more
than GBP350 million, the company's gross debt exceeds GBP1 billion.
As such, Moody's forecasts that the company's Moody's-adjusted
gross leverage will remain close to 7x at the end of 2023,
considerably higher than the 5.5x level the agency considers the
maximum acceptable for THGO to have a B1 rating.

More positively, Moody's considers that THGO has good liquidity,
thanks to a sizeable cash balance on THG's consolidated Balance
Sheet, which the rating agency expects to be in the region of
GBP500 million at the end of this year. This is despite Moody's
expectations that THG will in 2022 once more have negative free
cash flow of over GBP200 million, broadly similar to the outflows
in both 2020 and 2021 and that its free cash flow will remain
negative in 2023, albeit likely to a materially lower extent than
in 2022. This year's negative free cash flow is largely offset by
the proceeds of the new loan, which means net debt at the end of
2022 will remain broadly in line with Moody's previous
expectations. The rating agency considers this positive in terms of
liquidity management.

STRUCTURAL CONSIDERATIONS

THGO is the company at the top of the operational sub-group that
was established in 2019 (i.e. pre-IPO) and is the borrower in
respect of the B2 rated EUR600 million equivalent term loan B and
GBP170 million RCF put in place that year, as well as the GBP156
million new loan facilities signed in October this year. These
pari-passu senior secured facilities have medium dated maturities
(December 2024 and 2026 for the RCF and Term Loan B respectively
and October 2025 for the new borrowing) and benefit from guarantees
from material subsidiaries and THGO's immediate parent, THG
Intermediate Opco Limited.

LIQUIDITY

THG's cash balances are sizeable in the context of around GBP650
million funded debt. While the extent to which cash is held by
companies outside the THGO borrowing group is not disclosed,
Moody's working assumption is that any such funds would be
available to support THGO and operating companies if necessary. On
this basis, there is a significant cushion for working capital
management as well as further negative free cash flow in 2023. The
rating agency expects the company to maintain at least good
liquidity over the next 12-18 months, and to have no need to draw
its RCF during this time. Moody's does not expect the company to
make any material acquisitions within this time frame unless it was
able to raise equity to fund them.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

THG's online focus means that its revenue continues to benefit from
the systemic shift of consumer spending away from physical retail
stores. While Moody's expects overall online retail sales growth to
ease back from the highs of the pandemic, the rating agency expects
that companies like THG which are growing from a relatively modest
base and benefit from wide geographic diversification to sustain
strong year-on-year growth in 2023 and beyond.

At the time of the IPO THG's governance structure was unusual for a
publicly listed company in several ways, including the dual role of
Matthew Moulding as Executive Chairman and CEO, his right to veto
hostile takeovers for three years post IPO, and his position as the
company's landlord as well its largest shareholder.

Since then the company has appointed an independent non-executive
Chairman and Mr Moulding has agreed to relinquished the veto rights
if and when the company to steps up from a Standard Stock Market
listing to a Premium one, and the resultant eligibility for FTSE
index inclusion should be positive for future access to equity
capital.

Moody's recognises that even before the IPO the executive team had
been subject to the scrutiny of non-executive directors and several
institutional shareholders. However, notwithstanding the progress
being made on governance, including appointments of additional
independent non-executive directors this year, the current
concentrated ownership, particularly in the hands of executive
management, is seen as moderately negative by Moody's.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that over the next 12
months cost headwinds in the Nutrition division will reverse and
therefore support strong profit growth and deleveraging. The stable
outlook also reflects the rating agency's expectation that the
company will maintain at least good liquidity.

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

Moody's would consider upgrading the ratings if the company's
Moody's-adjusted EBITDA margin recovers towards the historic level
of around 9% while it maintains strong organic revenue growth.
Quantitatively this would equate to an ability to sustain
Moody's-adjusted gross leverage well below 5.5x. Moreover, an
upgrade would likely require the company to generate positive free
cash flows, maintain good liquidity, and demonstrate conservative
financial policies.

Conversely, Moody's could downgrade the ratings if the company
fails to generate growth in profitability such that the ratings
agency considers the company's Moody's-adjusted gross leverage will
not be on a trajectory to reduce to sustainably below 6.0x within
the next 18 months. A negative rating action could be appropriate
before then if the company's good liquidity were to deteriorate due
to a sizeable depletion of the company's cash balances, or if
contrary to Moody's current expectations the company raised
additional debt to fund acquisitions.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

THG PLC is headquartered in Manchester, England and has a diverse
range of e-commerce focused activities, and certain associated
manufacturing facilities. Its largest brands lookfantastic.com and
myprotein.com operate in the beauty and wellness retail segments
respectively.

The company listed on the London Stock Exchange in September 2020
and has a current market capitalisation of around GBP0.8 billion.
In 2021 the company reported revenues of GBP2.2 billion and
adjusted EBITDA of GBP161 million. 41% of revenue was generated in
the UK, 21% elsewhere in Europe, 19% in the US, and 19% in the rest
of the world.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

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