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

                          E U R O P E

          Thursday, December 22, 2022, Vol. 23, No. 249

                           Headlines



F R A N C E

FCT SAPPHIREONE 2022-1: Moody's Assigns Ba2 Rating to Cl. E Notes
IQERA GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Stable


G E R M A N Y

UNIPER: European Commission Approves EUR34.5-Bil Bailout


I R E L A N D

NASSAU EURO II: Moody's Assigns (P)Ba3 Rating to EUR22.6MM E Notes


K A Z A K H S T A N

FREEDOM FINANCE: S&P Raises LT ICR to 'B+' on Resilient Earnings
LONDON-ALMATY INSURANCE: S&P Withdraws 'B+' LT Issuer Credit Rating


L U X E M B O U R G

LIBRA HOLDCO: Moody's Affirms B2 CFR & Alters Outlook to Negative


N O R W A Y

SECTOR ALARM: Moody's Cuts CFR to B2 & Alters Outlook to Negative


R U S S I A

APEX INSURANCE: S&P Ups Fin'l. Strength Rating to B, Outlook Stable


U N I T E D   K I N G D O M

BOUJEE RESTAURANT: Owed More Than GBP3MM at Time of Collapse
CONSUMA PAPER: Bought Out of Administration, 200 Jobs Saved
JOULES: Confirms Closure of Dorchester Branch
LGC SCIENCE: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
WILKO: Appoints New Chief Executive Amid Refinancing Talks


                           - - - - -


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F R A N C E
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FCT SAPPHIREONE 2022-1: Moody's Assigns Ba2 Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the Notes issued by FCT SapphireOne Auto 2022-1:

EUR329.7M Class A Asset-Backed Floating Rate Notes due March 2041,
Definitive Rating Assigned Aaa (sf)

EUR25.9M Class B Asset-Backed Floating Rate Notes due March 2041,
Definitive Rating Assigned Aa2 (sf)

EUR25.9M Class C Asset-Backed Floating Rate Notes due March 2041,
Definitive Rating Assigned A2 (sf)

EUR21.2M Class D Asset-Backed Floating Rate Notes due March 2041,
Definitive Rating Assigned Baa2 (sf)

EUR25.9M Class E Asset-Backed Floating Rate Notes due March 2041,
Definitive Rating Assigned Ba2 (sf)

Moody's has not assigned any rating to the EUR51.7M Class F
Asset-Backed Fixed Rate Notes due March 2041.

RATINGS RATIONALE

The transaction is a 13 months revolving securitisation of auto
loans and leases extended by Societe Reunionnaise de Financement
S.A. ("Sorefi", not rated) with operations in the French
departements of La Reunion, and Somafi-Soguafi S.A.
("Somafi-Soguafi", not rated) with operations in the French
departements of Guadeloupe, Martinique and French Guiana. Both
originators are ultimately owned by My Money Bank S.A. ("MMB", not
rated) located in Paris, France. The obligors are located in the
four departements. This represents the third issuance out of the
SapphireOne Auto label.

The portfolio of assets amounts to approximately EUR469.6 million
as of October 31, 2022 pool cut-off date. The Reserve Fund will be
funded at 2% of the rated Notes' balance at closing. Credit
enhancement of Class A Notes comprises Notes' subordination of 30%,
the reserve fund and excess spread.

Moody's analysis focused, amongst other factors, on: (i) an
evaluation of the underlying portfolio of Auto loans and lease
instalments at closing and incremental risk due to loans and leases
being added during the 13 months revolving period; (ii) the
historical performance information of the total book; (iii) the
credit enhancement provided by subordination, the liquidity reserve
and excess spread; (iv) the liquidity support available in the
transaction including the liquidity reserve; and (v) the overall
legal and structural integrity of the transaction.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising Reserve
Fund sized at 2% of the rated Notes balance. However, Moody's notes
that the transaction features some credit weaknesses such as high
degree of linkage, small unrated originators and servicers, and a
risk of portfolio deterioration due to the 13-month revolving
period. Various mitigants are included in the transaction structure
such as a back-up servicer facilitator, which is obliged to appoint
a back-up servicer upon a servicer termination event, as well as
revolving criteria and early amortisation triggers. Early
amortisation triggers to stop the revolving period include a
cumulative default trigger (default ratio surpasses 6%), a
delinquency trigger (the 30+ arrears ratio surpasses 4%) and a PDL
trigger (unpaid PDLs are higher than 2.5% after all payments have
been made on a payment date).

Hedging: the interest rate mismatch between fixed rate loan
portfolio and floating rate Class A to E Notes is hedged with an
interest rate swap. The transaction benefits from an interest rate
swap, with Credit Agricole Corporate and Investment Bank
(Aa2(cr)/P-1(cr)) as swap counterparty, where the issuer will pay a
fixed swap rate and will receive one-month EURIBOR on a notional
linked to the outstanding balance of the Class A to E Notes.

The portfolio of underlying auto finance contracts was distributed
through dealers to retail individuals (75.7%) and commercial
borrowers (24.3%) to finance auto loans/leases (64.3%/35.7%) of new
(84.7%) and used (15.3%) cars. As of October 31, 2022, the
portfolio consists of 30,783 auto finance contracts to 28,392
borrowers and lessees with a weighted average seasoning of 15.2
months. Some of the leases in the pool include an RV component
which has not been securitized. 100% of the loans are originated in
the French overseas territories. These loans are more exposed to
climate risks like sea level rises, heat stress, hurricanes than
the average French portfolio. Moody's regard the exposure to
climate risks as an environmental risk under Moody's ESG framework,
given its potential impact on the local economy and performance of
the portfolio.

Moody's determined the portfolio lifetime expected default rate of
7.0%, expected recoveries of 40% and a portfolio credit enhancement
("PCE") of 22%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the cash flow model to rate Auto ABS.

The portfolio expected default rate of 7.0% is higher than the EMEA
Auto ABS average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historical
performance of the book of the originators, (ii) the current
economic environment, (iii) benchmark transactions, and (iv) other
qualitative considerations.

The portfolio expected recovery rate of 40% is in line to the EMEA
Auto ABS average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historical
performance of the originators' book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

The PCE of 22% is higher than the EMEA Auto ABS average and is
based on Moody's assessment of the pool, which is mainly driven by:
(i) geographic concentration of the pool in regions with increased
natural disaster risk, and (ii) the relative ranking to originator
peers in the EMEA market. The PCE level of 22% results in an
implied coefficient of variation ("CoV") of 43.9%.

Principal Methodology:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.

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

Factors that may cause an upgrade of the ratings include: (i) a
significantly better than expected performance of the pool or (ii)
an increase in credit enhancement of the Notes.

Factors that may cause a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of the swap
counterparty ratings; or (ii) economic conditions being worse than
forecasted resulting in higher arrears and losses.

IQERA GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed iQera Group SAS' B2
corporate family rating and B2 backed senior secured debt rating
and changed the outlook to stable from positive.

RATINGS RATIONALE

The affirmation of iQera Group's CFR reflects the company's
long-standing experience and solid track record, its leadership in
the French debt purchasing market and successful diversification
into debt servicing business and geographical diversification into
Italy. However, the B2 CFR also takes into account sustained
pressure on key credit metrics, particularly on profitability, debt
maturity and interest coverage. The company's subdued profitability
raises concerns as rising interest rates, an increased cost base
and constrained supply of portfolios will make it more difficult to
restore its profitability during this more challenging
macroeconomic environment. Furthermore, iQera Group will need to
refinance its concentrated maturities amid presumably still
volatile financial markets and tightening financing conditions.

The affirmation of the B2 rating of iQera Group's backed senior
secured notes reflects their position within the company's funding
structure, and the amount outstanding relative to total debt.  

OUTLOOK

The stable outlook reflects Moody's expectations that iQera Group's
key credit metrics will remain within a range commensurate with
current B2 category during the outlook period and that iQera Group
will be able to refinance its high-yield bonds maturities well
ahead during 2023.

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

An upgrade of iQera Group's CFR could be warranted if the firm
realizes the expected cost and operational synergies, resulting in
an improvement in its profitability and also achieves further
reduction in its leverage over the next 12-18 months. An upgrade of
the CFR would likely lead to a corresponding change in iQera
Group's backed senior secured debt rating.

iQera Group's CFR could be downgraded if the company fails to
address effectively its cost and profitability challenges in the
near-term, if its leverage reaches and remains above the threshold
of 5x debt/EBITDA. Negative rating pressure could develop if the
company fails to refinance its backed senior secured notes due in
September 2024 well in advance of their maturity.

A downgrade of the CFR would likely lead to a corresponding change
in iQera Group's backed senior secured debt rating. Furthermore,
Moody's could downgrade iQera Group's backed senior secured debt
rating if the company increases drawings under its currently
undrawn revolving credit facility (RCF), which is senior to the
senior secured liabilities.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: iQera Group SAS

LT Corporate Family Rating, Affirmed B2

BACKED Senior Secured Regular Bond/Debenture, Affirmed B2

Outlook Actions:

Issuer: iQera Group SAS

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.



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G E R M A N Y
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UNIPER: European Commission Approves EUR34.5-Bil Bailout
--------------------------------------------------------
GV De Clercq and Christoph Steitz at Reuters report that the
European Commission said it had approved Germany's EUR34.5 billion
(US$36.60 billion) plan to recapitalise German natural gas trader
Uniper, subject to future divestment, management pay and
acquisitions.

According to Reuters, the Commission said in a statement the plan
complies with EU state aid rules on the necessity, appropriateness
and size of the intervention.

"The measure aims at restoring the financial position and liquidity
of Uniper in the exceptional situation caused by Russia's war of
aggression against Ukraine and the subsequent disruption of gas
deliveries, while maintaining the necessary safeguards to limit
competition distortions," Reuters quotes the Commission as saying.

The recapitalisation involves an immediate cash capital increase of
EUR8 billion, which will be subscribed at a price of 1.70 euros per
share, it added, Reuters notes.

It also approved authorised capital of up to EUR26.5 billion, which
Germany intends to pay in stages through to 2024, with the first
tranche of EUR5.54 billion announced on Dec. 21, Reuters relates.
The share price is linked to the difference between Uniper's costs
to purchase gas at higher market prices, and its price under
previous long-term contracts with Russian suppliers, Reuters
states.

Until the end of 2026, Uniper may not buy stakes in other companies
unless essential to ensure its long-term viability, according to
Reuters.

To preserve competition, Uniper will have to divest parts of its
business, including the Datteln IV power plant in Germany, and the
Gonyu power plant in Hungary, and will release parts of its gas
storage and pipeline capacity bookings to competitors.

Uniper said other requirements include the disposal of Uniper's 84%
stake in Russia's Unipro, along with its German district heating
business, its North American power business, its stakes in the OPAL
and BBL pipelines as well as an 18% stake in Latvijas Gaze, Reuters
discloses.

Further conditions include the sale of Uniper's international
helium business as well as its marine fuels business Uniper Energy
DMCC, which operates a low sulphur marine fuel oils production site
in Fujairah, Reuters notes.

Berlin's Uniper rescue, which has so far cost more than EUR50
billion and will essentially lead to full nationalisation, won
clearance from EU competition regulators on Dec. 16 but still
required state aid approval from the EU executive, according to
Reuters.




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I R E L A N D
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NASSAU EURO II: Moody's Assigns (P)Ba3 Rating to EUR22.6MM E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Nassau Euro
CLO II DAC (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2036, Assigned (P)Aaa (sf)

EUR33,800,000 Class B-1 Senior Secured Floating Rate Notes due
2036, Assigned (P)Aa2 (sf)

EUR5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2036,
Assigned (P)Aa2 (sf)

EUR17,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)A2 (sf)

EUR22,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)Baa3 (sf)

EUR22,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)Ba3 (sf)

Up to EUR[5,700,000] Class F Senior Secured Deferrable Floating
Rate Notes due 2036, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 70% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.

Nassau Corporate Credit (UK) LLP ("Nassau") will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
two-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

The Class F Notes are delayed draw tranche. On the closing date,
the issuer will subscribe to Class F Notes with a notional of up to
EUR[5,700,000] for a zero net cash flow. During the reinvestment
period only, subordinated noteholders may direct the issuer to sell
the Class F Notes, such sale proceeds will be used to redeem part
of subordinated noteholders.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR55,625,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.



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K A Z A K H S T A N
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FREEDOM FINANCE: S&P Raises LT ICR to 'B+' on Resilient Earnings
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit and financial
strength ratings on Freedom Finance Life JSC (FFL) to 'B+' from
'B'. The outlook is stable. S&P also raised the Kazakhstan national
scale rating to 'kzBBB' from 'kzBBB-'.

FFL has been resilient to challenging economic and financial
conditions over the first seven months of 2022. The company
continues to strengthen its solid market position, and its
profitability results are well above the local market average. As
of Aug. 1, 2022, the insurer posted a return on assets (ROA) of
6.3% and return on equity (ROE) of 47.4% year to date, compared
with our system-wide estimate of about 6.0% and 35.2%,
respectively, for the same period. S&P expects FFL will report
average annual net profit between Kazakhstani tenge (KZT) 5 billion
and KZT6 billion, ROE of 32%, and ROA of 5%-6%.

Thanks to FFL's efforts to reshuffle its product business mix over
the first seven months of the year, its life insurance products
increased to 26% of total premium income as of Aug. 1, 2022, from
8% at end-2021. S&P said, "We also note that FFL's annuity
insurance--usually associated with more risks--decreased to 44% of
total gross premiums written (GPW) from 62% in 2021. The remaining
30% primarily stem from employers' liability. We assume that the
lower insurance risk exposure will support improvements in FFL's
capital position over the next two years. Additionally, earnings
will likely continue to be capital accretive, further bolstering
FFL's capitalization."

S&P said, "We acknowledge, however, FFL's relatively high-risk
asset mix. Investment-grade bonds represented about 57% during the
first seven months of 2022 and are concentrated in debt instruments
issued by the government of Kazakhstan (BBB-/Negative/A-3) or
government-related entities. As such, FFL's asset mix somewhat
exposes the company to sovereign credit risk.

"We assume the regulatory framework will continue to prevent an
outflow of funds from FFL to support its parent Freedom Group, for
example, through dividend payments or material investments.
Therefore, we still consider FFL to be an insulated subsidiary of
Freedom Group, enabling us to rate FFL up to two notches above its
parent.

"Furthermore, we view FFL as a moderately strategic subsidiary of
Freedom Group. We believe that FFL is important to the group's
long-term strategy, which envisages diversification of businesses
within the group. That said, we observe that the effectivity of the
integration and business cooperation between the two entities has
yet to be tested.

"The stable outlook reflects our expectation that, over the coming
12 months, FFL will continue to report profitability stronger than
peers', while enhancing its franchise on the Kazakhstani life
insurance market."

S&P could consider a negative rating action during the next 12
months if FFL's:

-- Underwriting and overall operating performance are weaker than
S&P's expectations or that of peers, indicating potential
weaknesses in its competitive standing;

-- Capital position weakened, squeezed either by
weaker-than-expected operating performance, investment losses, or
considerable dividends.

At this time, S&P considers the possibility of an upgrade to be
unlikely. A positive rating action would hinge on an improvement in
the overall financial strength of the wider group.

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


LONDON-ALMATY INSURANCE: S&P Withdraws 'B+' LT Issuer Credit Rating
-------------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit and
financial strength ratings on London-Almaty Insurance Co. JSC (LA).
The outlook was positive at the time of the withdrawal.

S&P also withdrew its 'kzBBB+' national scale rating on the
insurer.

The withdrawals follow the reorganization by merger deed with
Freedom Finance Insurance JSC (FFI; B+/Stable/--) on Dec. 19, 2022.
S&P understand that LA will hand over its license and will cease to
exist as separate legal entity. All the liabilities of the former
entity's existing policyholders were consolidated into FFI as of
Dec. 19, 2022.




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L U X E M B O U R G
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LIBRA HOLDCO: Moody's Affirms B2 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 long term corporate
family rating and B2-PD probability of default rating of Libra
HoldCo Sarl (Lutech or the company). Moody's has also affirmed the
B2 rating on the EUR338 million backed senior secured notes
borrowed by Libra GroupCo S.p.A. due 2027. The outlook on both
entities has been changed to negative from stable.

"The rating action reflects Moody's expectation that Lutech's
adjusted leverage will remain at the weaker end of the B2 guidance
around 6.0x in the next 12-18m amid the current challenging
economic environment where IT budget might be reduced or postponed.
On the other hand, Moody's see the recent acquisition of Atos
Italia improving Lutech's business profile while being leverage
neutral supported by a material equity contribution from Apax
Partners" says Dirk Goedde, a Moody's Vice President-Senior Analyst
and lead analyst for Lutech. "In addition, given the size of the
acquisition, Moody's see integration risks that could lead to
higher costs and thus reduce the deleveraging potential, albeit
Moody's acknowledge the group's track record of integration and
synergies realization from previous bolt-ons " Mr. Goedde adds.

RATINGS RATIONALE

The rating affirmation of Lutech's B2 ratings positively reflects
the business profile improvements following the acquisition of Atos
Italia. Supported by the acquisition, Lutech increases scale in the
competitive Italian IT service market and adds a highly
complementary product offering to its existing services, both
fostering its competitive positioning. The financing of the
acquisition includes a significant equity portion of the financial
sponsor Apax Partners in form of cash equity and is accompanied by
a EUR100 million term loan. Atos is less profitable than Lutech and
thus will temporarily dilute the company's margins. Moody's
nevertheless expect Lutech to gain synergies from the combination
and expect to return to former profitability of around 13% Moody's
adjusted EBITDA-margin in 2024 which is in line with other IT
service providers that Moody's rate. Moody's expect Moody's
adjusted debt/EBITDA to remain at around 6.0x in the next 12-18
months in Moody's base case, which is at the weaker end of Moody's
requirements for the B2 rating category. Moody's furthermore expect
free cash flow generation to normalize for the broader group
towards low-single digits in percentage of Moody's adjusted debt
following a weak 2022 which was characterized by inventory
buildup.

More general, Lutech's B2 CFR is supported by (1) an attractive
Italian IT market with significant medium-term growth potential,
(2) the company's broad product portfolio for defined industry
verticals and high technological expertise, (3) its solid, regional
market position and long-standing and well diversified customer
base with ca. 50% share of recurring revenues, (4) forecasted
Moody's adjusted free cash flow towards 5% of Moody's adjusted
debt.

Conversely, the CFR is constrained by (1) Lutech's limited
geographic diversification with 90% of revenues being generated in
Italy as well as the company's overall limited scale, (2) the
competitive Italian IT market with limited barriers to entry and
the company's entrenched position between large international
players and a long tail of highly specialized smaller players, (3)
an elevated leverage following the leveraged buy-out in 2021 and
the add-ons since then, and (4) the possibility of delayed
deleveraging due to further debt-funded acquisitions or
shareholder-friendly actions.

RATING OUTLOOK

Lutech is weakly positioned in the B2 rating category, but the
rating factors in gradual leverage improvements over the next
quarters. The negative outlook reflects the continuous high
leverage above 6.0x and the risk that leverage will remain elevated
given the acquisitive strategy as well as subdued EBITDA generation
from a more challenging economic environment. In addition, Moody's
see a risk that Moody's free cash flow (FCF) will not return to
previous levels in the mid-single digits as percentage of Moody's
adjusted debt. A return to a deleveraging trajectory supported by a
successful integration of the Atos acquisition could support a
stabilization of the outlook over the next quarters.

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

Although unlikely at the moment, positive pressure could arise if
there is a significant increase in size and scale the company's
Moody's-adjusted debt/EBITDA moves sustainably below 4.5x, and its
Moody's adjusted FCF/debt moves sustainably towards 10%, and there
is adequate liquidity without major debt-funded acquisitions.

Conversely, negative pressure could arise if Lutech's revenue and
EBITDA decline substantially, or the company's Moody's-adjusted
debt/EBITDA increases above 6.0x on a sustained basis, or its
Moody's-adjusted FCF/debt declines to low-single digits in
percentage terms, or there is any sign of weakening liquidity.

LIQUIDITY

Moody's consider the liquidity of Lutech as adequate, supported by
cash on balance sheet of EUR30 million after the acquisition of
Atos Italia as well as an increase of revolving credit facility
(RCF) by EUR20m to EUR95m, which is fully undrawn. Moody's also
expect the combined new company to generate free cash flow of at
least EUR16 million per year. The liquidity is in Moody's view
sufficient to pay the deferred consideration obligation of EUR10m
in 2023 (EUR20m earnout net with EUR10m of equity injection in case
the earnout is due).

The revolving credit facility entails a springing covenant only
tested if the utilization is greater 40% of the committed amount.
Given the positive free cash flow Moody's do not expect the company
to draw on its revolving credit facility, but in the event it does,
Moody's expect ample capacity under the covenant level.

STRUCTURAL CONSIDERATIONS

The capital structure of Lutech primarily consists of the EUR338
million backed senior secured notes due in 2027 issued under Libra
GroupCo S.p.A.; a EUR95 million super senior revolving credit
facility due in 2026, which benefits from the same guarantor and
collateral package as the notes but ranks senior in an enforcement
scenario; the EUR100 million new term loan A due in 2026 in line
with the SSRCF, and ranked pari passu with existing Notes; and EUR7
million other bank debt. The collateral package includes certain
share pledges, intercompany receivables and bank accounts. The
guarantor coverage is set at a minimum level of 80% of consolidated
EBITDA. The capital structure also includes a deferred
consideration component of EUR36 million of which Moody's expect
EUR20 million to be paid in 2023, thereof via a EUR10 million
further equity injection, and EUR16 million to be paid in 2024 and
be backed by the sponsor in case that Lutech is no able to fulfill
the obligation.

The B2-PD probability of default rating is at the same level as the
corporate family rating reflecting the use of a 50% recovery rate
as typical for these structures. The backed senior secured notes
rank in line with the corporate family rating at B2.

ESG CONSIDERATIONS

Moody's have considered in Moody's analysis of Lutech the following
environmental, social and governance (ESG) considerations.

In terms of social considerations, the industry faces the risk of
data leakages from cyberattacks, which could harm the company's
reputation and ultimately affect revenue and profitability.
However, the company has taken all necessary measures to protect
its customers' data and has structures in place to prevent such
events.

In terms of governance, Lutech is ultimately owned and controlled
by funds advised by private equity firm Apax Partners. Financial
policy is likely to be aggressive across the period as illustrated
by the high starting leverage. Despite the company's deleveraging
potential, Moody's see a risk of debt-funded shareholder
distributions and acquisitions because the tolerance for leverage
is high.

PRINCIPAL METHODOLOGY

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



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N O R W A Y
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SECTOR ALARM: Moody's Cuts CFR to B2 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 corporate
family rating, to B2-PD from B1-PD probability default rating and
to B2 from B1 senior secured bank credit facilities of Sector Alarm
Holding AS. The outlook was changed to negative from stable.

RATINGS RATIONALE

Moody's downgraded the ratings because the significantly higher
investments for both new customer acquisition and other capital
expenditure in a more challenging operating environment has led to
materially higher leverage alongside weaker liquidity and negative
free cash flow generation (FCF).

Organic net customer growth in Q3 2022 increased 16% and revenues
were up 5% compared to the previous year. However, company reported
adjusted EBITDA was down 25% in the quarter driven by a combination
of factors including (1) much higher investment in new customers
(2)  materially higher headquarter cost (especially IT investments)
(3) elevated cash acquisition cost per new customer (CPA) which was
up 24% (4) higher hardware cost following the roll-out of the new
technology platform and (5) negative impact from a strong USD which
is the purchase currency for the hardware coupled with short-term
supply chain challenges (6) normalisation of call-out and travel
cost following the COVID-19 pandemic.

Moody's-adjusted debt / EBITDA stood at 7.9x for the last twelve
months to September 30, 2022, which is considerably above the
rating agency's expectations and guidance for the B1 CFR. FCF was
negative for the same period and the company's EUR100 million
senior secured multi-currency revolving credit facility (RCF) drawn
by EUR28.8 million as of September 30, 2022.              

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

ESG considerations have a highly negative credit impact (CIS-4) on
the company. This primarily reflects governance risks from the
company's tolerance for high leverage and concentrated decision
making that creates potential for event risk and decisions that
favour shareholders over creditors.

OUTLOOK

The negative outlook reflects the risk that credit metrics,
liquidity and FCF could further deteriorate if the current rate of
growth and investment is sustained into 2023. The outlook also
reflects the risk that the company may need to raise additional
debt to support its aggressive growth plans, which may further
increase leverage.

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

An upgrade is unlikely in the near term given the negative outlook,
but Moody's could stabilise the outlook if the company pursues a
balanced growth strategy alongside solid operating performance that
sees it on a clear, short, and sustained deleveraging path below a
Moody's-adjusted gross debt/ EBITDA of 6.5x.

Moody's could downgrade the ratings if:

Moody's-adjusted gross debt/ EBITDA is sustained above 6.5x for a
prolonged period.

A downgrade could also occur if there is a decline in the
company's operating performance or if its FCF (after customer
acquisition costs) remains materially negative on a sustained
basis.

Any change in financial policy that increases expected leverage,
including using debt to finance growth in the subscriber base.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Sector Alarm Holding AS

Probability of Default Rating, Downgraded to B2-PD from B1-PD

LT Corporate Family Rating, Downgraded to B2 from B1

Senior Secured Bank Credit Facility, Downgraded to B2 from B1

Outlook Action:

Issuer: Sector Alarm Holding AS

Outlook, Changed To Negative From Stable

METHODOLOGY

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

PROFILE

Headquartered in Oslo, Norway, Sector Alarm is a leading provider
of monitored alarm solutions. It operates in eight countries across
Europe under the Sector Alarm brand name (as well as Phone Watch in
Ireland). The company sells and installs alarms and provides
ongoing monitoring services primarily to the residential market
with a customer base of more than 630,000 subscribers. In the last
12 months up to September 30, 2022, Sector Alarm reported NOK2,978
million in revenue and NOK908 million in adjusted EBITDA. The
company is majority owned by its current CEO and founder, Jorgen
Dahl, with KKR holding a 30% minority stake.



===========
R U S S I A
===========

APEX INSURANCE: S&P Ups Fin'l. Strength Rating to B, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings raised its long-term financial strength rating
on Apex Insurance JSC (Apex) to 'B' from 'B-'. The outlook is
stable.

Apex's market share almost doubled and reached 14% in terms of
gross premium written (GPW) as of Oct. 1, 2022, compared to 7% a
year ago, and it is now the second largest player in Uzbekistan's
insurance market. The company's profitability has also increased
noticeably since last year and S&P expects it will report average
annual net profit above Uzbekistani sum (UZS) 27 billion and ROE
above 25%.

Thanks to Apex's efforts to reshuffle its product business mix over
the first nine months of the year, its financial risk
insurance--usually associated with greater risks--declined to 17%
of net premium written (NPW) as of Oct. 1, 2022, from 38% at
end-2021, while its motor hull insurance increased to 48% of total
NPW from 29% in 2021. S&P said, "By the end of 2022, we expect the
company will build up its property insurance portfolio, which could
increase to 26% of NPW from about 10% a year ago after the company
secured a large insurance contract in the fourth quarter of 2022.
We assume that the lower insurance risk exposure will support
improvements in Apex's capital position over the next two years.
Additionally, earnings will likely remain capital accretive,
further bolstering Apex's capitalization together with the recent
recapitalization by UZS20 billion. That said, we acknowledge that
the company's capital buffers remain relatively modest in the
international context amid its expected high growth (above 100% in
terms of net premium earned in 2022), with its capital adequacy
remaining 20%-25% below our 'BBB' benchmark in the next two years.
We also note the company has a small capital base in absolute terms
(about $10 million), which makes it susceptible to single-event
losses, for example, a catastrophic earthquake in the Tashkent
region."

Apex's solvency level meets local regulatory requirements, albeit
at a lower margin compared to last year (1.0x as of Oct. 1, 2022
versus 1.2x as of end-2021). Under S&P's base case, S&P expects it
will remain above the minimal level of 1.0x in the next 12 months.
Furthermore, S&P does not think a slight breach of the regulatory
requirement would automatically trigger regulatory intervention,
which we think would likely happen in the event of a deep and
sustained shortfall to minimum regulatory requirements.

About 45% of the company's investment portfolio comprises cash,
bank deposits in the local banking sector, and bonds with average
credit quality in the 'B' range, which attracts higher charges in
our capital model. S&P said, "We consider the company's sizable
investments in real estate risky, albeit justified to some extent
by the rapid development of Uzbekistan's real estate market and
quickly increasing prices on the back of expanding business
activity in the country. We also note that a material portion of
property is pledged as collateral for the medium-term borrowings of
a related party. We consequently assess the company's risk profile
as high."

S&P said, "We expect that the company's financial leverage, which
predominantly comprises lease obligations (vehicles), will not
exceed 40% in 2022-2023, compared with 13.5% in 2021. Despite high
allocation to real estate, Apex has a sufficient liquidity cushion
in cash and deposits to meet its obligations.

"We base our analysis of Apex on the consolidated financials of
Apex Insurance, which are prepared according to International
Financial Reporting Standards. The group also includes Apex's 100%
subsidiary, Apex Life JSC. Apex Insurance is an integral part of
the group because it represents more than 70% of premium and
consolidated assets and is the driving force behind the group's
creditworthiness. The group credit profile (GCP) is 'b'. Our
financial strength rating on Apex Insurance is equalized with the
GCP.

"The stable outlook reflects our expectation that Apex's overall
risk-adjusted capital adequacy will benefit from expected changes
in business mix and higher retained earnings, while sustainable and
profitable growth will continue supporting its business risk
profile."

S&P could consider a negative rating action during the next 12
months if it saw:

-- Deterioration of the capital base (due to weaker-than-expected
operating performance and investment losses) not offset by
shareholder capital injections.

-- Deterioration in the regulatory solvency margin due to
higher-than-expected growth, for example, resulting in an increased
risk of regulatory intervention--although S&P sees this as a remote
risk.

-- Significant and sustained asset-quality deterioration.

-- Deficiencies in management and governance, including financial
reporting or risk controls, that S&P views as detrimental for
Apex's credit profile.

S&P said, "We could take a positive rating action over the next 12
months if the company's risk-adjusted capital adequacy improved
significantly above our current expectations, benefiting from
higher-than-expected earnings or capital injections, for example,
along with the company diversifying its investment portfolio. We
could also consider a positive rating action if Apex's competitive
standing improved, which could stem from the company maintaining
leading market positions and sustainable and profitable growth.

"For a positive rating action, we would also expect no significant
deficiencies in management and governance, whether in financial
reporting standards or risk controls, including related-party
transactions."

Environmental, Social, And Governance

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

S&P said, "Governance factors are a negative consideration in our
credit rating analysis of Apex and other rated insurers in
Uzbekistan. This is mainly driven by our assessment of Uzbekistan's
governance practices. In particular, the institutional framework is
evolving but lags behind some emerging and most developed markets,
while the quality and level of disclosures remain limited. In our
view, these risks reduce insurers' predictability of performance in
Uzbekistan."




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

BOUJEE RESTAURANT: Owed More Than GBP3MM at Time of Collapse
------------------------------------------------------------
Jon Robinson at Liverpool Echo reports that the business that ran
the all-pink Boujee restaurant and bar in Liverpool owed more than
GBP3 million when it collapsed into administration, it has been
revealed.

With two other sites in Manchester and Chester, Boujee Restaurant
and Bar Ltd was backed by Real Housewives of Cheshire star Lystra
Adams, Liverpool Echo discloses.  

Dow Schofield Watts Business Recovery has now published a document
detailing how the company entered administration, how much it owes
to its creditors and whether they will get their money back,
Liverpool Echo relates.  Boujee Restaurant and Bar was set up in
September 2020 by Stephen Cliff, with Minesh Parekh and Lystra
Adams joining as directors two months later, Liverpool Echo
recounts.

Its first site in Liverpool was forced to close on December 30,
2020, because of Covid-19 restrictions and could only reopen on May
17, 2021, Liverpool Echo relates.

According to Liverpool Echo, administrators Dow Schofield Watts
Business Recovery said the company operated at a loss during that
time as the "majority of the Covid specific support packages were
unavailable to the company due to the infancy of the business".

The administrators added that throughout late 2021 and early 2022,
the Liverpool venue was "failing to achieve its expected turnover"
and that the company accumulated arrears of rent with the landlord
and also fell into arrears with HMRC over VAT and PAYE payments,
Liverpool Echo notes.

"This resulted in significant cash flow difficulties for the
company which was compounded further with suppliers increasing
prices for food and drink produce which could not wholly be passed
on to the customers," Liverpool Echo quotes the administrators as
saying.

In March 2022, the directors entered negotiations with the landlord
of the Liverpool venue over a new lease as the current deal was due
to expire in July.  However, because of the rent arrears, the
administrators said the landlord was not willing to enter into a
new agreement, Liverpool Echo notes.

As a result, the venue closed in July 2022 and all staff were made
redundant, Liverpool Echo relays.  Dow Schofield Watts Business
Recovery added that GBP12,000 was owed to the employees at the
venue when it closed, "which the company was not in a position to
discharge", according to Liverpool Echo.

The Dow Schofield Watts Business Recovery document, which has been
filed with Companies House, also details how much the company owed
to its creditors when it entered administration, Liverpool Echo
discloses.

Unsecured creditors were owed over GBP2.8 million but the
administrators said it is "currently expected that realisations
will be insufficient to allow the distribution to the unsecured
creditors", Liverpool Echo relates.

HMRC was also owed GBP802,783 but the firm added that it is also
currently expected that there will not be enough money for a
repayment, Liverpool Echo discloses.

According to Liverpool Echo, Dow Schofield Watts Business Recovery
added that while a dividend will be paid to former employees who
are owed almost GBP50,000 collectively, how much they will end up
receiving and when it "currently uncertain".


CONSUMA PAPER: Bought Out of Administration, 200 Jobs Saved
-----------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that some 200 jobs have
been saved at a Lincolnshire paper products manufacturer after the
firm was sold out of administration.

Mike Dillon and Andrew Poxon from Leonard Curtis were appointed
joint administrators to Consuma Paper Products (CPP) on Dec. 1,
selling the business on the same day to a connected party,
TheBusinessDesk.com relates.

According to TheBusinessDesk.com, the business will now operate as
Northwood Consuma Tissue (NCT) under the ownership of The Northwood
Companies, focused on supplying own brand facial tissues, household
towels and toilet paper to some of the UK's biggest grocery
retailers.

The Northwood Companies has several market-leading brands in the
consumer and AfH (Away from Home) sector, including Rhino Kitchen
Towel, Hush, Freedom, Raphael, North Shore and Whisper,
TheBusinessDesk.com discloses.

Paul Fecher, chairman of The Northwood Companies, said the deal
would allow for the planned integration of the Birmingham and
Grantham-based operations into The Northwood Companies group,
TheBusinessDesk.com notes.



JOULES: Confirms Closure of Dorchester Branch
---------------------------------------------
Mike Taylor at DorsetLive reports that Joules has announced the
closure of its branch in Dorchester.

The clothes and homeware brand has had a presence at Brewery Square
for nearly 10 years and has served countless customers over the
years, DorsetLive discloses.

According to DorsetLive, the retailer announced on its Instagram
page that its store in Dorchester will close for the final time on
Thursday, Dec. 29.  Customers have been signposted to visit its
other branches in Ringwood and Street in Somerset or its website.

The closures come after Joules fell into administration in recent
weeks, DorsetLive notes.

Next and Joules founder Tom Joule has taken over the business, but
the rescue package saw the closure of 19 branches including shops
in Lyme Regis and Sherborne, DorsetLive relates.  Next, as cited by
DorsetLive, said it plans to continue to run around 100 of Joules'
124 stores and transfer over around 1,450 shop and head office




LGC SCIENCE: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of life science
and testing materials company LGC Science Group Holdings Limited
(LGC or the company), including its corporate family rating of B3
and its probability of default rating of B3-PD. Concurrently, the
rating agency has affirmed the B3 ratings on the backed senior
secured first lien bank credit facilities of LGC's financing
subsidiary Loire Finco Luxembourg S.a r.l. Moody's also changed the
outlook on all entities to stable from positive.

The following factors drove the rating action:

decline in high-margin COVID-related revenues will sharpen

any compensation by base business growth, albeit high, will take
time

sustainable leverage and free cash flow but will remain short of
requirements for a B2 rating

RATINGS RATIONALE

LGC continues to generate strong growth in its base business (i.e.
excluding COVID-19 revenue) at double digit percentages annually.
However, despite the absence of decline in COVID-19 revenue in the
first half of the fiscal year ending March 31, 2023 (fiscal 2023)
and no debt-funded acquisitions, LGC's key credit ratios are still
somewhat short of levels Moody's requires for LGC to attain a B2
rating. The rating agency calculates that at the end of September
2022 LGC had a Moody's-adjusted leverage, measured as
Moody's-adjusted gross debt to EBITDA of 6.6x and the ratio of the
company's Moody's-adjusted free cash flow (FCF) to Moody's-adjusted
debt was 2%.

In addition, Moody's forecasts a decline in EBITDA to the end of
fiscal 2023 from the peak in the 12 months to September 2022, and a
further reduction in fiscal 2024. These declines will mostly
reflect limited COVID-19 revenue from the second half of fiscal
2023 compared with around GBP127 million in the 12 months to
September. The rating agency estimates that this revenue carries an
EBITDA margin of at least 50% overall and that the margin would
have been particularly high for the one-off GBP25 million revenue
from the settlement of a contractual minimum income. Without such
minimum volume commitments from the UK government, visibility on
COVID-19 revenue is low.

As a result, the rating agency expects LGC's Moody's adjusted
leverage will edge up over the next couple of years and will likely
exceed the 7.3x level at the time the company was acquired by
Astorg and Cinven in April 2020. This forecast is subject to a
degree of variability depending on FX rates and the amount of
exceptional items (e.g. restructuring, share-based payments, some
M&A-related costs) which Moody's expenses in its adjusted EBITDA.

LGC has started to generate positive FCF during the pandemic, with
support not only from COVID-19 tailwinds but also its increased
scale as a result of acquisitions and solid underlying performance,
particularly in Genomics. However, the combination of non-recurring
items, growth capital spending, working capital outflows and some
exposure to rising interest rates will keep the company's
Moody's-adjusted FCF/debt well below 5% in the next two years.

The following factors support LGC's B3 CFR: (1) its strong niche
market positions benefiting from high barriers to entry and a large
proportion of recurring revenue; (2) a diversified customer base
with an average relationship length of 10 years; (3) underlying
annual revenue growth at least in the high single-digit percentage
rates sustainably in most markets; (4) solid albeit reducing
profitability, as measured by Moody's-adjusted EBITDA margin of
above 30%; and positive free cash flow.

However, LGC operates in competitive and fragmented end markets.
Its Genomics division has much larger customers including labs,
pharmaceutical and biotech companies, with greater customer
concentration and short cycle sales leading to low revenue
visibility, even though sales tend to re-occur as LGC's products
and services usually cater for long-term development projects.
LGC's Quality Assurance division (in particular Standards,
representing around 20% of group revenue) is growing more slowly
than expected, despite high recurring revenues, as a result of some
exposure to China where COVID-19 limits activity, lost business in
Russia, Belarus and Ukraine and some demand softness in certain
areas such as industrial sectors.

ESG CONSIDERATIONS

LGC's governance exposure is highly negative, reflecting its
concentrated private equity ownership, lack of independent board
and highly levered capital structure with a history of shareholder
friendly actions including a dividend recapitalisation in 2021.
Non-cash paying PIK debt of nearly $700 million outside the
restricted group is a financial policy consideration which also
adds some structural complexity and risk that it would be
refinanced within the restricted group.

LIQUIDITY

LGC's liquidity remains good. The company had GBP133 million of
unrestricted cash at the end of September 2022, boosted by over
GBP50 million disposal proceeds from the sale of its DDS business
(part of Quality Assurance). In addition, Moody's expects that LGC
will generate positive FCF in the next 12 to 18 months and the
company has access to a fully undrawn GBP265 million backed senior
secured revolving credit facility (RCF) maturing in 2026. Moody's
expects ample headroom under the RCF's springing covenant based on
a consolidated senior secured net leverage ratio not exceeding
11.5x.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that over the next
12-18 months LGC's credit ratios will gradually deteriorate as
COVID-19 revenue tailwinds significantly recede, although from a
solid starting point. The stable outlook also assumes (i) organic
revenue and EBITDA growth in the base business (excluding COVID
revenue) at least in the high single-digit percentages, (ii) no
debt-funded shareholder distributions or acquisitions and (iii) at
least adequate liquidity.

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

Upward pressure on the ratings could develop if leverage, as
measured by Moody's-adjusted debt/EBITDA, were to be sustained
below 6.5x and FCF/debt increased toward 5% sustainably. An upgrade
would also require the absence of any releveraging transaction.

Conversely, downward pressure on the rating could occur if (i)
there is a loss of major accreditations or clients leading to
revenue declines, or (ii) Moody's-adjusted free cash flow was
sustainably negative, or (iii) Moody's-adjusted debt/EBITDA were to
increase sustainably to above 7.5x driven by business
underperformance or (iv) if liquidity deteriorates materially.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: LGC Science Group Holdings Limited

Probability of Default Rating, Affirmed B3-PD

LT Corporate Family Rating, Affirmed B3

Issuer: Loire Finco Luxembourg S.a.r.l.

BACKED Senior Secured Bank Credit Facility, Affirmed B3

Outlook Actions:

Issuer: LGC Science Group Holdings Limited

Outlook, Changed To Stable From Positive

Issuer: Loire Finco Luxembourg S.a.r.l.

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.

CORPORATE PROFILE

LGC, headquartered in Teddington, UK, provides analytical testing
products and services to a wide range of end markets including
molecular and clinical diagnostics, pharma and biotech, food,
agricultural biotech and environmental industries. LGC also
fulfills crucial roles for the UK government. LGC had revenue of
around GBP801 million and management adjusted EBITDA of GBP296
million in the 12 months ended September 30, 2022 (LTM Q2 FY2023).
LGC has been owned by Astorg and Cinven since April 2020.

WILKO: Appoints New Chief Executive Amid Refinancing Talks
----------------------------------------------------------
Jonathan Eley at The Financial Times reports that UK retail chain
Wilko has appointed a new chief executive with extensive
restructuring experience as talks continue over a refinancing to
secure its future.

The family-owned group said Mark Jackson would join the business as
chief executive designate, the FT relates.  He is at present chief
executive of Bensons for Beds, a furniture retailer that was
acquired by private equity firm Alteri in 2020.

Wilko's current chief executive, Jerome Saint-Marc, will step down
with immediate effect, the FT discloses.

Mr. Jackson's appointment comes as Wilko looks to safeguard its
future by putting in place new credit facilities rather than
relying on supplier financing and short-term overdrafts, the FT
notes.

According to the FT, the company's recent annual accounts were
accompanied by a "going concern" warning in which it stated there
was a risk of it running out of cash by the end of 2023 if trading
conditions deteriorated further and it did not secure access to
credit.

Nottinghamshire-based Wilko, whose sales mix is tilted towards
homeware, garden and DIY products, said it regarded the scenario as
unlikely and had GBP63 million of cash in November, but has opened
talks with lenders, the FT relays.



                           *********


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

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