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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

          Wednesday, January 4, 2023, Vol. 24, No. 4

                           Headlines



F R A N C E

GINKGO PERSONAL 2020-1: Fitch Hikes Rating on Cl. E Notes to 'BBsf'


G E R M A N Y

ROEHM HOLDING: Fitch Puts 'B-' LongTerm IDR on Rating Watch Neg.


I R E L A N D

ARBOUR CLO V: Fitch Hikes Rating on F Notes to B+sf, Outlook Stable
JUBILEE 2016-XVII: Fitch Alters Outlook on 'B-sf' Rating to Stable


L U X E M B O U R G

ACU PETROLEO: Fitch Affirms 'BB' Rating on $600MM Sr. Secured Notes
ARDAGH GROUP: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
ARDAGH METAL: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
EP BCO: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable


N E T H E R L A N D S

DTEK ENERGY: Fitch Lowers LongTerm IDRs to 'Restricted Default'
DTEK RENEWABLES: Fitch Lowers LongTerm IDRs to 'Restricted Default'


U N I T E D   K I N G D O M

CINEWORLD GROUP: To Focus on Sale of Business as Group
CONSTELLATION AUTOMOTIVE: Fitch Alters Outlook on 'B-' IDR to Neg.
HOUSE OF FRASER: Closes Store in Westfield Shopping Centre
JOYTUN BARI: Goes Into Voluntary Liquidation
TOUCAN ENERGY: Owed GBP692 Million to English Local Council

[*] UK: Care Home Insolvencies Up 400% in November 2022

                           - - - - -


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

GINKGO PERSONAL 2020-1: Fitch Hikes Rating on Cl. E Notes to 'BBsf'
-------------------------------------------------------------------
Fitch Ratings has upgraded Ginkgo Personal Loans 2020-1 class B, C,
D, and E notes, and affirmed the class A notes.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
Ginkgo Personal
Loans 2020-1

   A FR0013463270   LT AAAsf  Affirmed   AAAsf
   B FR0013463288   LT AA+sf  Upgrade    AA-sf
   C FR0013463312   LT Asf    Upgrade     A-sf
   D FR0013463346   LT BBBsf  Upgrade   BBB-sf
   E FR0013463304   LT BBsf   Upgrade    BB-sf

TRANSACTION SUMMARY

Ginkgo Personal Loans 2020-1 was initially a 27-month revolving
securitisation of French unsecured consumer loans originated in
France by CA Consumer Finance (CACF, A+/Stable/F1). The revolving
period ended in June 2022. The securitised portfolio consists of
general-purpose personal loans advanced to individuals. All the
loans bear a fixed interest rate and are amortising with constant
monthly instalments.

KEY RATING DRIVERS

Good Transaction Performance: The transaction has been performing
better than expected, with the cumulative default rate being 2%,
compared with an initial base case expectation of 4.3%. Fitch
expects the outstanding principal deficiency ledger (PDL) of 0.05%
of the current notes' balance due to a peak of defaults in one
period to be cured in the next six months.

The transaction has started amortising sequentially in July 2022,
leading to an increase in terms of credit enhancement (CE) for the
rated notes. As of October 2022, CE for the class A, B, C, D, and E
notes stood respectively at 42.1%, 32%, 22.9% 15.9%, and 11.3%
(versus 36.2%, 27.5%, 19.7%, 13.7%, and 9.8% at closing in April
2020). This rapid increase in CE across all notes is underlined by
today's rating actions.

Higher Credit Risk on Inflation: In the current economic
environment of rising interest rates and high inflation, Fitch
expects greater defaults across Europe as a higher cost of living
impairs borrowers' capacity to repay debt. However, France benefits
from government measures that have protected real income. The
portfolio of the transaction comprises 100% fixed-rate loans,
shielding borrowers from increasing interest rates. The assumed
remaining life default rate encompasses potential macroeconomic
deterioration and is considered adequate in the current economic
environment.

Hybrid Pro-Rata Redemption: The transaction has a hybrid pro-rata
redemption. The transaction is currently amoritising sequentially,
and will continue to do so until each class of notes reaches about
the double of its CE at closing. From that point, if no sequential
amortisation event occurs and no PDL trigger is breached, all the
notes will continue amortising pro-rata until the portfolio reaches
10% of its initial balance, when it will switch back to sequential
amortisation.

Servicing Continuity Risk Mitigated: CACF is the transaction
servicer. No back-up servicer was appointed at closing. However,
servicing continuity risks are mitigated by, among other things, a
monthly transfer of borrowers' notification details, a commingling
reserve, a reserve fund to cover liquidity and the management
company being responsible for appointing a substitute servicer
within 30 calendar days upon a servicer termination event.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce larger losses than expected in
Fitch base case and could result in negative rating action on the
notes.

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

Current ratings: 'AAAsf'/'AA+sf'/'Asf'/'BBBsf'/'BBsf'

Increase defaults by 25%: 'AA+sf'/'AA-sf'/'BBB+sf'/'BB+sf'/'Bsf'

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

Decrease recoveries by 25%: 'AAAsf'/'AA+sf'/'Asf'/'BBBsf'/'BBsf'

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

Increase defaults and decrease recoveries by 25%:
'AA+sf'/'AA-sf'/'BBB+sf'/'BB+sf'/'B-sf'

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

Expected impact on the notes' rating of decreased defaults (class
A/B/C/D/E):

Current ratings: 'AAAsf'/'AA+sf'/'Asf'/'BBBsf'/'BBsf'

Decrease defaults by 25%: 'AAAsf'/'AAAsf'/'A+sf'/'Asf'/'BBBsf'

Expected impact on the notes' rating of increased recoveries (class
A/B/C/D/E):

Increase recoveries by 25%:
'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'

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

Decrease defaults and increase recoveries by 25%:
'AAAsf'/'AAAsf'/'A+sf'/'Asf'/'BBBsf'

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

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



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

ROEHM HOLDING: Fitch Puts 'B-' LongTerm IDR on Rating Watch Neg.
----------------------------------------------------------------
Fitch Ratings has placed Roehm Holding GmbH's Long-Term Issuer
Default Rating (IDR) and senior secured rating of 'B-' on Rating
Watch Negative (RWN) following its agreement to acquire Saudi Basic
Industries Corporation's (SABIC, A/Positive) polycarbonate sheets
and films business.

The RWN reflects uncertainty regarding Roehm's liquidity position,
which will depend on funding arrangements and may substantially
weaken in 2024, when the transaction is expected to close. The
timing coincides with the finalisation of its investment into the
new LiMA plant, whose capex will consume the company's currently
high cash buffer, and with a period of highly volatile market
conditions.

Fitch aims to resolve the RWN once Fitch has obtained more clarity
on acquisition funding and its impact on Roehm's projected
liquidity headroom.

Roehm's IDR reflects its position as a leading European producer of
methyl methacrylate (MMA) and its derivatives, and its
diversification by geography and end-market. The rating is
constrained by a highly leveraged capital structure, execution risk
and an exposure to commodity-based products, high gas costs as well
as cyclical end-markets.

KEY RATING DRIVERS

M&A Weakens 2024 Liquidity: Roehm will pay for the acquisition in
2024, which coincides with its lowest point of liquidity in its
rating case, due to the completion of the LiMA project. This will
limit Roehm's liquidity headroom until the new plant generates
positive cash flows. The temporary liquidity weakness is manageable
but leaves little room for underperformance, and Roehm may not be
able to access additional external funding. However, the
acquisition will improve the group's scale, product offering and
pricing power in sheets and films, with possible commercial and
cost synergies.

Margins Hedged, Volumes under Pressure: Roehm's prudent natural gas
procurement strategy protects its margins in Europe, which
mitigates the impact of decreasing volumes. Fitch expects lower
production at its German plants from 2H22 to extend into 2023 due
to weaker demand, in particular from the coating and construction
sectors. Roehm also faces competition from producers in low-cost
regions while it tackles rising gas prices. Fitch however believes
that Roehm's production is curtailed to a lesser extent than its
regional competitors', which highlights the quality of its assets
and execution.

Leverage, Capex Peak in 2023: Fitch has revised down its EBITDA
forecast for 2022 to by 6% to EUR277 million due to weak market
conditions and Roehm's decision to extend the shutdown of its
monomer production in Worms in November, after the October
turnaround. Fitch expects EBITDA to decline in 2023 due to high
natural gas prices in Europe limiting production, amid weak demand
and decreasing MMA prices. As this coincides with the bulk of capex
at its LiMA project, Fitch expects funds from operations (FFO)
gross leverage to rise to 8.3x in 2023 from 6.7x in 2022.

Swift Deleveraging Capacity: Fitch forecasts FFO gross leverage to
decrease to 6.9x in 2024 when LiMA produces additional volumes at a
competitive gas cost. However, Fitch estimates that a potential gas
rationing in Germany and a temporary plant shutdown by Roehm, which
is not its base case, would further hit EBITDA and drive leverage
up in 2023. But even in this scenario Fitch would expect Roehm to
deleverage to below its negative rating sensitivity from 2024.

LiMA Execution Risk: Fitch sees Roehm's investment in an
ethylene-based MMA production plant in the US as positive for its
cost position as it will provide it with a large and
cost-competitive capacity. However, the project exposes Roehm to
significant execution risk due to the size of the investment and
the uncertainty related to its proprietary technology that has
never been used on a commercial scale. Roehm is mitigating these
risks by building the plant on its partner's site, and through
extensive testing. Fitch conservatively assumes a slow production
ramp-up and 5% cost overrun.

Flexible Capex, LiMA Prioritised: Roehm will prioritise LiMA over
other growth capex due to its strategic importance, although it
could also delay LiMA capex to preserve liquidity. The phasing of
the capex has shifted, with the bulk now concentrated in 2023.
LiMA's total expected capex has increased as it pays for some of
the project's infrastructure costs, and also due to the
strengthened US dollar relative to the euro.

Diversified Despite Germany Exposure: Gas supply disruption and
recession risks in Germany could affect Roehm's largest assets,
which Fitch estimates account for about 60% of revenue.
Nevertheless, this is mitigated by its industrial footprint in
other regions. Beyond the key cyclical end-markets of construction
and automotive, which account for around 60% of the company's
sales, some of its products are used in a broad range of sectors
including medical, packaging, lighting and electronics.

Commodity, Automotive Exposure: Roehm's upstream division remains
the main contributor to consolidated EBITDA, even although the
company is vertically integrated and generates 60% of its revenue
from its downstream division. Falling MMA prices can have a
dramatic impact on profitability, especially when coupled with weak
demand for high-margin automotive uses, as seen in 2019 and 1H20.
Roehm is expanding its downstream capacity, which will support more
steady margins, but Fitch expects MMA prices to remain a
significant driver of profitability.

European Market and Cost Leader: Roehm is the leader in the
European market and its integrated plants in Germany are the most
competitive in the region. It is number two worldwide after
Mitsubishi Chemicals, with a presence in China, where its cost
position is average, and in the US, where its Fortier plant is less
competitive. The industry is consolidated and has high barriers to
entry including technological knowledge and raw material access.
However, high European natural gas prices reduce the
competitiveness of European producers compared with global
competitors.

DERIVATION SUMMARY

Root Bidco S.a.r.l. (B/Stable) has similar ownership and leverage
profile to Roehm, significantly weaker scale and diversification,
but more stable markets with better growth prospects supporting its
deleveraging capacity.

Nobian Holding 2 B.V. (B/Stable) is a European salt, chlor-alkali
and chloromethanes producer with high leverage since its carve-out
from Nouryon Holding B.V. (B+/Stable) in 2021. Nobian has weaker
geographical diversification and similar exposure to cyclical
sectors, but stronger profit margins and higher barriers to entry
based on its dominant position in high-purity salt and pipeline
supply of chlorine to large off-takers with effective cost
pass-through mechanisms.

Lune Holdings S.a.r.l. (B/Stable) is a regional polyvinyl chloride
producer. It is smaller and less geographically diversified than
Roehm. They are both exposed to cyclical end-markets but Roehm is
significantly more leveraged.

Nitrogenmuvek Zrt (B-/Rating Watch Negative) is a smaller
fertiliser producer with high exposure to gas prices, weaker
diversification and single-plant operations, but has less debt and
benefits from barriers to entry in landlocked Hungary.

KEY ASSUMPTIONS

- Volumes sold to decrease to about 605 thousand tonnes (kt) in
2022, 619 kt in 2023, before growing above 700 kt from 2024

- EBITDA margin of about 15% in 2022-2023, increasing to about 20%
in 2025

- No dividend in 2022-2025

- Average annual capex of EUR262 million in 2022-2025, peaking in
2023

- Year-end 1 euro/US dollar from end-2022

- Planned acquisition to close in 1H24

RATING SENSITIVITIES

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

- As the ratings are on RWN, Fitch does not expect a positive
rating action, at least in the short term. However, additional
information on the funding of the transaction and manageable impact
on the projected liquidity buffer could lead to a removal of the
RWN and rating affirmation with a Stable Outlook.

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

- Worsened liquidity resulting from financial and/or operational
underperformance in combination with a funding of the announced
acquisition

- FFO gross leverage above 8.0x on a sustained basis, which could
result from unsustainably high natural gas prices or gas rationing
leading to protracted production disruptions or material delays and
cost overruns in the LiMA project, in combination with the
announced acquisition

- FFO interest coverage below 1.5x on a sustained basis

- EBITDA margin durably below 15% and negative FCF generation on a
sustained basis

LIQUIDITY AND DEBT STRUCTURE

Capex, M&A Reduce Liquidity: At 30 September 2022, Roehm's
liquidity was about EUR482 million, consisting of EUR182 million
cash and a fully undrawn EUR300 million revolving credit facility
(RCF) due in 2026. Fitch expects this to fall below EUR100 million
in 2024 due to capex for the LiMA plant and for the acquisition of
SABIC's polycarbonate sheet and films business.

Fitch believes that Roehm's shareholder would provide funding
support in case of reduced liquidity, given its demonstrated
commitment. However, expected cash outgoings expose Roehm to higher
liquidity risks. It has no significant debt maturities until its
term loans B comes due in 2026.

ISSUER PROFILE

Roehm is a vertically integrated manufacturer of MMA and its
derivatives, owned by Advent International since 2019. It has the
production capacity for 580 thousand tonnes of MMA across its
plants in Germany, the US and China.

SUMMARY OF FINANCIAL ADJUSTMENTS

- Depreciation of rights-of-use assets and lease-related interest
expense reclassified as cash operating costs. Lease liabilities
removed from debt

- Receivables and financial debt increased by amount of factoring
use on the balance sheet. Changes in factoring use reclassified to
cash flow from financing from cash flow from operations

- Treated EUR5 million cash as restricted to account for cash held
in jurisdictions where it cannot be made readily available for debt
repayment at group level

- Preferred equity certificates treated as shareholder loans, and
excluded from financial debt

- Nominal value of the term loans and RCF is used for the
calculation of financial debt

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
   -----------             ------               --------   -----
Roehm Holding GmbH   LT IDR B-  Rating Watch On               B-

   senior secured    LT     B-  Rating Watch On    RR4        B-



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

ARBOUR CLO V: Fitch Hikes Rating on F Notes to B+sf, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Arbour CLO V DAC's class B-1 to F notes
and affirmed the class A notes.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
Arbour CLO V DAC

   A XS1836409927     LT AAAsf  Affirmed   AAAsf
   B-1 XS1836410693   LT AA+sf  Upgrade     AAsf
   B-2 XS1836411071   LT AA+sf  Upgrade     AAsf
   C XS1836411667     LT A+sf   Upgrade      Asf
   D XS1836412392     LT BBB+sf Upgrade    BBBsf
   E XS1836413283     LT BB+sf  Upgrade     BBsf
   F XS1836413010     LT B+sf   Upgrade      Bsf

TRANSACTION SUMMARY

Arbour CLO V DAC is a cash flow collateralised loan obligation
(CLO) backed by a portfolio of mainly European leveraged loans and
bonds. The transaction is actively managed by Oaktree Capital
Management (UK) LLP and will exit its reinvestment period in March
2023.

KEY RATING DRIVERS

Reinvestment Period Near End: Given the manager's ability to
reinvest after the reinvestment period ends in March 2023, its
analysis is based on stressing the portfolio to its covenanted
limits for Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread, weighted average coupon, fixed-rate asset share and
weighted average life (WAL).

Fitch has applied a haircut of 1.5% to the stressed WARR covenant
to reflect the old recovery rate definition in the transaction
documents, which can result in a 1.5% inflation on average of the
WARR relative to Fitch's latest CLO Criteria. Fitch also tested the
resilience of the ratings based upon a scenario that assumes a
one-notch downgrade of the Fitch-derived rating for assets with a
Negative Outlook on the driving rating of the obligor as further
explained in its CLO criteria.

Upgrade Reflects Good Performance: The upgrade was driven by the
transaction's good performance and a shorter WAL test compared with
the previous analysis in February 2022. The transaction is
marginally above par and is passing all its collateral quality,
portfolio profile and coverage tests as of 30 November 2022 except
for a marginal failure of the WAL test. Exposure to assets with
Fitch-derived ratings of 'CCC+' and below is 3.6% and hence well
below the 7.5% limit, and the portfolio had 0.2% exposure to
defaulted assets. The large default rate cushion at the current
ratings based on both the stressed portfolio and the current
portfolio supports the upgrade of the notes.

Limited Deleveraging Prospects: The Stable Outlooks on all notes
reflect limited deleveraging prospects as long as the deal can
still reinvest. Even if reinvestment is constrained after the
reinvestment period ends, Fitch expects deleveraging to remain
limited in the next 12-18 months with only 0.5% of the portfolio
maturing in 2023.

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

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio is 33.31 as of 30 November 2022, against a covenanted
maximum of 34.00.

High Recovery Expectations: Senior secured obligations comprise
96.26% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio is at 64.9% as of
30 November 2022, compared with a covenanted minimum of 63.9%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.72%, and no single obligor represents more than
2% of the portfolio balance, as reported by the trustee.

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on the class A to B-2 and D notes but would
lead to downgrades of one notch for the class C and E notes and two
notches for the class F notes.

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

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

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

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

DATA ADEQUACY

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

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

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.

JUBILEE 2016-XVII: Fitch Alters Outlook on 'B-sf' Rating to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on six tranches of Jubilee
CLO 2016-XVII DAC to Stable from Positive. All ratings have been
affirmed.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
Jubilee CLO
2016-XVII DAC
  
   A-1-R-R XS2307741533   LT AAAsf  Affirmed    AAAsf
   A-2-R-R XS2307740725   LT AAAsf  Affirmed    AAAsf
   B-1-R-R XS2307739123   LT AAsf   Affirmed     AAsf
   B-2-R-R XS2307741293   LT AAsf   Affirmed     AAsf
   C-R XS1874093575       LT Asf    Affirmed      Asf
   D-R XS1874093906       LT BBB-sf Affirmed   BBB-sf
   E-R XS1874094201       LT BB-sf  Affirmed    BB-sf
   F-R XS1874094466       LT B-sf   Affirmed     B-sf

TRANSACTION SUMMARY

Jubilee CLO 2016-XVII DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction is actively managed by
Alcentra Ltd and exited its reinvestment period in October 2022.

KEY RATING DRIVERS

Reinvestment Period Exited: The transaction exited its reinvestment
period in October 2022. The transaction is passing all its tests
(portfolio profile, collateral quality and coverage tests) so the
manager can continue to reinvest unscheduled principal proceeds and
sale proceeds from credit-risk and credit improved obligations,
subject to compliance with the reinvestment criteria. Given the
manager's ability to reinvest, Fitch's analysis is based on a
stressed portfolio run testing all the points in the matrix.

Limited Deleveraging Prospects: The Stable Outlooks on all notes
reflect limited deleveraging prospects as long as the deal can
still reinvest. Even if reinvestment becomes constrained due to
tests failing, Fitch expects deleveraging to remain limited in the
next 12-18 months with few assets maturing in 2023. The Stable
Outlooks also reflect the macroeconomic headwinds currently faced
by the sector.

Affirmation Reflects Stable Performance: The affirmation was driven
by the transaction's stable performance. The transaction is passing
all relevant tests. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below is 3.8% excluding non-rated assets, as
calculated by Fitch, below the 7.5% limit. While the transaction is
0.8% below par and has one defaulted obligation, the positive
default rate cushion at the current ratings using the current
portfolio supports the affirmation of the notes.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/'B-'. The reported
WARF of the current portfolio was 24.49 as of 2 November 2022,
against a covenanted maximum of 27.00.

High Recovery Expectations: Senior secured obligations comprise 99%
of the portfolio, as calculated by the trustee. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. Fitch calculates the
WARR at 62.00% and the Fitch WARR reported by the trustee for the
current portfolio was 62.16% as of 2 November 2022, which compare
favourably with the covenanted minimum of 55.64%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 17.4%, and no obligor represents more than 2.5% of
the portfolio balance, as reported by the trustee.

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would result in no impact on the ratings of
the tranches.

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

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than five notches across the structure, apart
from the class A notes.

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

DATA ADEQUACY

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.



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

ACU PETROLEO: Fitch Affirms 'BB' Rating on $600MM Sr. Secured Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed at 'BB' rating the fixed-rate USD 600
million senior secured notes issued by Acu Petroleo Luxembourg
S.A.R.L. (Acu Petroleo Luxembourg). The Rating Outlook is Stable.

RATING RATIONALE

Acu Petroleo Luxembourg's rating reflects the characteristics of
the underlying asset, an operational oil transshipment port with a
revenue profile that is exposed to contract renewal and volume
ramp-up risks. The project expects volumes to increase as a result
of the development of the pre-salt fields which depends on long
term oil prices. The rating further reflects a regulatory model
that does not impose minimum or maximum pricing restrictions and
Fitch's expectation that the premium tariff, related to the
reliability of the port's services, will at least remain stable
during the following years.

The issuance includes a full guarantee from Vast Infraestrutura
S.A. (Vast, previously Acu Petroleo S.A.), and the structure
contemplates a legal and target amortization schedule that allows
for the debt to be fully amortized in 10 years through a target
amortization cash sweep mechanism. This structure partially
mitigates future reductions in volumes.

Under the rating case, the project presents strong loan life
coverage ratio (LLCR) of 2.1x and the project presents consolidated
minimum and average debt service coverage ratios (DSCRs) from 2023
to 2026 of 1.7x and 2.3x, respectively. The metrics have improved
as a reflection of the new contracts signed and higher volumes
forecast given the higher oil prices expected. Although the metrics
are commensurate with a higher rating, as per the applicable
criteira, the rating is constrained by Brazil's country ceiling as
the transaction is exposed to transfer and convertibility risk.

KEY RATING DRIVERS

Revenue Risk - Volume - Midrange

Concentrated Business Model: Vast is a transshipment port that has
been operational since 2016. Vast's business plan includes a
ramp-up in volumes in the next years based on the development of
the pre-salt fields in the Santos Basin in Brazil. Although it
benefits from a long-term take-or-pay (ToP) agreement with Shell
Brasil, a subsidiary of Royal Dutch Shell plc (AA-/Stable), it is
exposed to contract renewals since most of other ToPs contracts
will mature in the next years.

The port is also exposed to the long-term oil prices since the
long-term price expectation should determine the development of new
fields. The port does not present a diversified business model with
the operation fully focused on the transshipment of crude oil.

Revenue Risk - Price - Midrange

Inflation Linked Contract: The regulatory model does not impose
minimum or maximum pricing restrictions. The ToP agreements set
forth annual tariffs readjustments that follows U.S. inflation,
measured by PPI for Industrial Commodities, and they have been
readjusted in a timely manner since the port began operations. The
revenues and debt are U.S. dollar-denominated, but some operational
costs and expenses are denominated in Brazilian real (BRL),
exposing the transaction to the risk of BRL appreciation.

Infrastructure Dev. & Renewal - Stronger

Modern and Well-Maintained Infrastructure: Vast facilities are
modern and well maintained and are likely to have long, useful
lives. The capacity is above Fitch's medium-term volume forecast,
and planned investments are predominantly comprised of channel
dredging and widening, in case volumes ramp-up according to base
case projections. The investments and maintenance capex should be
funded with operational cash generation.

Debt Structure - Senior - Stronger

Fixed-Rate Debt with a Target Cash Sweep Mechanism: The rated debt
is senior, fully amortizing, has a fixed interest rate and count
with a guarantee from Vast Infraestrutura S.A. The structure
includes a legal and target amortization schedule set to allow for
the debt to be fully amortized in 10 years, through a target
amortization cash sweep mechanism. The structure presents a strong
covenant package that includes financial triggers for dividends
distribution (DSCR above 1.30x), change of control provision, a
six-month offshore debt service reserve account (DSRA) and a
six-month operations & maintenance reserve account (OMRA). The
structure also limits new senior indebtedness, which requires
rating confirmation.

Financial Profile

Under the rating case, Açu Petroleo is able to meet the target
amortization in all years. Minimum LLCR is 2.1x and the minimum and
average DSCRs, from 2023 to 2026, are 1.7x and 2.3x, respectively.
These DSCRs were calculated considering only the interest payment,
which is mandatory. If the principal payments are included as debt
service, following the target amortization, average DSCR would be
1.54x. These metrics are commensurate with higher ratings, however
the rating is constrained by Brazil's country ceiling as the
transaction is exposed to transfer and convertibility risk.

PEER GROUP

Prumo Participacoes e Investimentos S/A (Prumopar) (senior secured
notes; BB/Stable) and Newcastle Coal Infrastructure Group Pty Ltd
(NCIG) (senior secured notes; BBB-/Positive) are Acu Petroleo
Luxembourg's closest peers. Prumopar and NCIG benefit from a larger
revenue share driven by ToP contracts through the tenor of the debt
than Acu Petroleo Luxembourg and present similar financial metrics.
Under the rating case Prumopar presents a PLCR of 1.6x and NCIG
presents an average DSCR of 1.5x. Acu Petroleo Luxembourg's and
Prumopar's metrics, are commensurate with higher ratings, but their
ratings are constrained by Brazil's country ceiling.

RATING SENSITIVITIES

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

- A negative rating action on Brazil's sovereign rating;

- Fitch's expectations of oil prices to be below USD65 per barrel,
leading to a lower uplift on volume projections

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

- A strengthening of the credit profile of the Brazilian sovereign,
particularly the risk of imposing controls on the transfer of
foreign currency;

TRANSACTION SUMMARY

Acu Petroleo Luxembourg S.A.R.L. is a non-operation entity that is
fully owned by Vast Infraestrutura S.A. (former Acu Petroleo S.A.)
and is a special purpose vehicle created for the notes' issuance.
The notes are fully guaranteed by Vast Infraestrutura S.A. that is
the Brazilian largest private crude oil transshipment port. Vast is
operational since 2016, and there is an expectation that volumes
should ramp-up considerably with the development of the pre-salt
fields.

The notes are in the amount of USD600 million, senior secured,
annual fixed-rate of 7.5%, issued in the 144A/Reg S market which is
backed by the fully operational terminal and all material assets
related thereto. The structure contemplates a legal and target
amortization schedule set to allow for the debt to be fully
amortized in 10 years, through a target amortization cash sweep
mechanism. The structure includes financial triggers for dividends
distribution (DSCR > 1.30x), change of control provision and a
six-month offshore Debt Service Reserve Account (DSRA) and
Operation and Maintenance Reserve Account (OMRA). The structure
limits new senior indebtedness, which will require rating
confirmation.

CREDIT UPDATE

Vast's operating performance was positively impacted by Brazilian
oil production and oil exports level during 2022. Vast invoiced 116
operations and handled an average daily volume of 398kbpd along the
nine months ended in September 2022 and was responsible for over
30% of all Brazilian oil exports.

Throughout 2022 Vast also renewed oil transshipment service
contracts with current offtakers, as well as signed agreements with
new customers, increasing the duration of the contracted volume of
its portfolio.

Vast's results were above Fitch's Base Case. In the 9M 2022, net
revenues reached USD93.6 million, 36.6% above the same period of
the previous year. Vast´s adjusted EBITDA in the 9M 2022 has
increased 30.0% reaching USD55.6 million. The company complied with
the first interest payment in 2022.

FINANCIAL ANALYSIS

Fitch has reviewed the projected volumes considering the higher
forecasts for long-term oil prices. The key assumptions within
Fitch's base case for the issuer include:

- U.S. PPI: 7.0% in 2022, 3.6% in 2023, 2.7% in 2024 and 2.0% from
2025 onwards;

- Foreign Exchange Rate (BLR/USD): 5.25 in 2022, 5.25 in 2023, 5.25
in 2024, and depreciation according with the difference between
IPCA (Brazilian CPI) and PPI from 2025 onwards;

- Volume: 526Kbpd in 2023, 719Kbpd in 2024, 802Kbpd in 2025 and
878Kbpd in 2026;

- Operational and maintenance same as management;

- Capital expenses: 5% over management.

The same assumptions were used in the rating case scenario, with
the exception of:

- Volume: 508Kbpd in 2023, 688Kbpd in 2024, 757Kbpd in 2025 and
787Kbpd in 2026;

- Capital expenses: 10% over management.

Fitch has not differentiated tariffs between the cases as there is
a limited operational history and lack of information to form a
view about the level of tariffs when demand is higher.

In Fitch's base case, minimum and average (2023-2026) DSCRs and
LLCR are 1.7x, 2.4x and 2.5x respectively. Under the rating the
minimum and average (2023-2026) DSCRs and LLCR are 1.7x, 2.3x and
2.1x, respectively.

ESG CONSIDERATIONS

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

   Entity/Debt            Rating        Prior
   -----------            ------        -----
Acu Petroleo
Luxembourg S.A.R.L.


   Acu Petroleo
   Luxembourg
   S.A.R.L./Senior
   Secured Debt/1 LT   LT BB  Affirmed     BB

ARDAGH GROUP: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
---------------------------------------------------------------
Fitch has affirmed Ardagh Group S.A.'s Long-Term Issuer Default
Rating (IDR) at 'B'. The Outlook is Stable.

The IDR reflects continued high leverage and a complex funding
structure. While Fitch now forecasts slower EBITDA growth in
2022-2023, Fitch still sees potential for deleveraging. Fitch
believes Ardagh's growth investments, albeit reduced recently, and
the recent acquisition of Consol will support cash flow generation.
Fitch forecasts leverage will remain well above its main peers' in
the next two years. However, Fitch expects the group to prioritise
the current investments alongside deleveraging.

The rating is supported by Ardagh's leading positions in the metal
and glass packaging segment in Europe, North America, South Africa
and Brazil and strong customer diversification. Fitch views
Ardagh's capacity to generate stable earnings as strong with free
cash flow (FCF) generation turning positive in 2024 once a large
part of its growth investments become operational.

KEY RATING DRIVERS

Leverage Remains High: Continued high leverage is a major rating
constraint for Ardagh. Fitch expects EBITDA gross leverage at
10.3x-8.8.x in 2022-2023 before it reduces to 6.8x in 2024 and
settles comfortably within its rating sensitivities. The
acquisition of Consol will increase debt in 2022 as it inherits
some local debt. A full-year contribution to EBITDA will result in
neutral leverage from this acquisition in 2023. Fitch views
Ardagh's operations as highly cash-generative and expect capex to
support its future growth and profitability. Any deleveraging will
therefore be driven by EBITDA growth in the next two years rather
than expectations of debt repayment.

Inflated Costs Temporarily Pressure Margins: Fitch forecasts
Fitch-adjusted EBITDA margins of 12.5%-13.3% in 2022-2023, 1pp
lower than previous projection before it recovers to 14.5%. Fitch
sees inflated costs and a recent sharp decline in aluminum price
temporarily hitting margins especially in Europe and in the metal
cans segment. Fitch believes the annual price indexation mechanism,
pass-through of energy costs and the highly EBITDA-accretive
acquisition of Consol will improve margins from 2023. Fitch
estimates Consol to generate EBITDA margins above 20% on a
standalone basis with an estimated 14% of Ardagh's consolidated
EBITDA.

Slower Growth Capex: Ardagh has initiated expansion investments in
new capacity to meet structural demand for primarily recyclable
metal beverage cans. Output from its new projects is generally
contracted with customers before the investment is made, which
minimises execution risk. Fitch has revised down its expectations
for revenue and EBITDA growth on the recent reduction of growth
investments by subsidiary Ardagh Metal Packaging (AMP) driven by
weaker demand. Fitch now forecasts revenue to reach around USD11.1
billion (previously USD11.6 billion) and EBITDA of USD1.6billion
(USD1.7 billion) respectively by 2024.

Cash Flow Recovery in 2024: FCF generation will remain under
pressure in 2022-2023 from capex and constrained EBITDA generation,
resulting in high leverage. Fitch expects capex to ease from 2024,
which coupled with growing EBITDA, will return FCF generation to
positive territory. Ardagh is like to use its cash to repay debt,
or fund dividends or, potentially, acquisitions. Fitch expects
Ardagh to prioritise gradual deleveraging from the currently high
levels.

Strong Business Profile: Fitch views Ardagh's business profile as
commensurate with an investment-grade rating due to its exposure to
the stable beverage sector, which contributes around 85% of its
revenue. It further benefits from strong geographical
diversification, with a presence in the stable markets of EMEA and
north America and the growing Brazilian market. Customer
diversification is another credit-positive factor, with no single
customer contributing more than 10% of revenue.

DERIVATION SUMMARY

Fitch views Ardagh's business profile as strong and similar to that
of peers, like Ball Corporation, Smurfit Kappa Group plc (SKG;
BBB-/Stable) and CANPACK S.A. (BB-/Negative). Ardagh is comparable
with the majority of its higher-rated peers in size, geographical
and customer diversification and end-market exposure, with limited
sensitivity to economic cycles. Like most investment-grade peers,
Ardagh benefits from long-term contracts with a cost pass-through
mechanism with its customers.

Ardagh's capital structure is highly leveraged, with EBITDA gross
leverage at 10.3x-8.8x in 2022-2023. It is significantly higher
than that of other packaging companies in a 'B' rating category,
such as Titan Holdings II BV (B/Positive) at 4.5x-4.6x, Fiber Bidco
S.p.A. (B+/Stable) at 5.2x-5.1x and Rimini Bidco S.P.A. (B+/Stable)
at 4.8x-5.0x in the same period. Ardagh rating is supported by a
stronger business profile than these peers with a larger scale and
better diversification.

Ardagh's forecast EBITDA margins (13%-14%) are better than that of
higher-rated CANPACK's (10%-11%), Rimini's (11%-12%) and similar to
Fiber's (13%-14%). Similar to CANPACK, Ardagh's FCF generation is
currently under pressure from its material capex programme.

KEY ASSUMPTIONS

- Revenue to grow 22% in 2022 and 9%-10% in 2023-2024, supported by
increased capacity and price inflation. Growth to slow to nearly 7%
in 2025

- EBITDA margin to weaken in 2022 to 12.5% due to high cost
inflation, followed by a recovery to 13.3% in 2023, 14.5% in 2024
and 15.8% in 2025 on the back of new packaging investments and
costs pass-through

- Cash interest paid including the interest on the toggle notes at
ARD Finance level as well as on Ardagh's debt

- Common dividends of 2018-2021 include interest expenses on ARD
Finance's payment-in-kind (PIK) toggle notes as well as USD10
million to common shareholders. For 2022 onwards, dividends paid to
ARD Finance to cover interest expenses are included in interest
paid

- Capex as a share of revenue at around 12% in 2022 to include
growth investments in subsidiary AMP, followed by a reduction to
9.4% in 2023 and 7.2%-6.3% in 2024-2025

- Issuance of preference shares of EUR250 million by AMP to Ardagh
financed by cash at Ardagh and netted in consolidated accounts

- Share buy-back of USD35 million in 2022 and USD100 million in
2023

- Acquisition of South African glass packaging producer Consol in
2Q22

RECOVERY ASSUMPTIONS

As Ardagh's IDR is in the 'B' rating category, Fitch applies a
bespoke recovery analysis, in line with its criteria. Recoveries
for debt at Ardagh exclude debt that is issued by AMP, which are
under separate agreements and effectively ring-fenced from Ardagh.

The recovery analysis assumes that Ardagh would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated. Fitch
estimates the GC EBITDA of the glass business at USD650 million
(including Consol). Fitch applies a 5.5x distressed enterprise
value/EBITDA multiple, which is in line with similarly rated
peers'.

A GC enterprise value includes the book value of USD260 million of
a 42% shareholding in Trivium Packaging B.V.

After deducting 10% for administrative claims and USD160 million
for factoring, Ardagh's senior secured notes are rated
'BB-'/'RR2'/89%, its senior unsecured notes 'CCC+'/'RR6'/0% and the
senior secured notes issued by ARD Finance 'CCC'/RR6/0%.

As the majority of revenue and security under the notes is
generated in group A countries under Fitch's criteria, Fitch is not
capping the senior secured notes' Recovery Ratings despite Ardagh
being domiciled in Luxembourg.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Successful implementation of the capex plan and efficient
pass-through of cost inflation leading to positive FCF margins on a
sustained basis

- EBITDA interest coverage greater than 2.5x on a sustained basis

- Clear deleveraging commitment and disciplined financial policy
with EBITDA leverage below 7.0x on a sustained basis

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Sustained negative FCF, thereby reducing financial flexibility

- EBITDA interest coverage below 2.0x

- EBITDA leverage including PIK greater than 8x

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Ardagh had around USD1 billion of
Fitch-adjusted cash at end-September 2022 supported by undrawn
global asset-based loan facilities of USD467 million due in
February 2027 (available for Ardagh) and USD415 million (available
for AMP) due in August 2026. The liquidity sources are sufficient
to cover working-capital needs and the ongoing extensive capex
programme. Fitch forecasts negative FCF margins in 2022-2023 and a
recovery to 0.8% in 2024 and 3.3% in 2025.

Debt Structure: Ardagh has a complex debt structure with a series
of senior secured and unsecured notes with the nearest maturity in
2025. Ardagh also covers interest payments under the PIK toggle
notes issued by ARD Finance (treated as debt under the rating
case). Ardagh is currently working on refinancing Consol's local
debt (equivalent to USD305 million).

ISSUER PROFILE

Ardagh is one of the largest producers of metal beverage cans and
glass containers primarily for the beverage and food markets. With
production facilities across Europe, The US, Africa and Brazil,
turnover reached USD7.6 billion and EBITDA USD1.1 billion in 2021.

ESG CONSIDERATIONS

Ardagh Group S.A. has an ESG Relevance Score of '4' for Management
Strategy due to the complex funding strategy, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

Ardagh Group S.A. has an ESG Relevance Score of '4' for Group
Structure due to complexity of the ownership and funding structure,
which reduces transparency. This 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.

   Entity/Debt             Rating          Recovery   Prior
   -----------             ------          --------   -----
Ardagh Group S.A.    LT IDR B    Affirmed                B

Ardagh Holdings
USA Inc.

   senior secured    LT     BB-  Affirmed     RR2       BB-

ARD Finance S.A.

   senior secured    LT     CCC  Affirmed     RR6       CCC

Ardagh Packaging
Finance plc

   senior
   unsecured         LT     CCC+ Affirmed     RR6      CCC+

   senior secured    LT     BB-  Affirmed     RR2       BB-

ARDAGH METAL: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Ardagh Metal Packaging S.A.'s (AMP)
Long-Term Issuer Default Rating (IDR) at 'B'. The Outlook is
Stable. Fitch has also affirmed ratings to AMP's senior secured and
unsecured notes, jointly issued by Ardagh Metal Packaging Finance
USA LLC and Ardagh Metal Packaging Finance plc, at 'BB'/'RR1' and
'B'/'RR4', respectively.

AMP's IDR is aligned with and based on the consolidated credit
profile of Ardagh Group S.A. (Ardagh; B/Stable). This reflects
'open' legal and access and control linkages between AMP and Ardagh
under its Parent and Subsidiary Linkage (PSL) Rating Criteria.

AMP's Standalone Credit Profile (SCP) of 'bb-' is stronger than
that of Ardagh and is underpinned by a leading market position in
metal beverage packaging, long-term partnership with customers,
geographical diversification, healthy profitability and expected
moderate leverage after the completion of a large capex programme.
Limited product diversification and eroded free cash flow (FCF)
generation in 2021-2023 from significant capacity investments
constrain its SCP.

The Stable Outlook reflects expected sustainable operating and
financial performance supported by stable demand in the industry.
While AMP's profitability has been under the pressure during 2022
Fitch forecasts a recovery of cash flow generation in the short
term and see sustainably positive FCF from 2024.

KEY RATING DRIVERS

Profitability Under Pressure: In 2022 AMP's Fitch-defined EBITDA
margin has been under severe pressure from cost inflation and a
recent sharp decline in aluminum prices. In particular, AMP's
profitability is weaker in Europe due to energy cost fluctuations.
Fitch now expects a Fitch-defined EBITDA margin of about 11.2% in
2022 (versus 13% forecast previously) and 12% in 2023 and towards
14.3% in 2025. Nevertheless, absolute EBITDA in 2022 will only be
slightly below 2021 level due to ongoing strong demand, growing
sales volume and higher sales prices. Fitch forecasts strong
absolute EBITDA in 2023 that should support AMP's deleveraging.

Historically Healthy Profitability: Despite current temporary
pressure on profitability Fitch view AMP's revenue and cash flow
generation as resilient through the cycle. This is underpinned by
its exposure to the non-cyclical beverage end-market and increased
sustainability awareness and demand for metal beverage cans.
Profitability resilience and ability to recover earnings generation
is supported by AMP's contractual ability to pass on cost increases
to customers, mitigating volatility in raw-material prices.

Revised Capex Lower: Due to expected economic slowdown and as a
result of slow, albeit still solid, demand growth in 2023 AMP will
reduce its growth capex materially. Its current forecast
incorporates total capex, including for maintenance, of about USD1
billion during 2022-2023 versus about USD1.5 billion projected
previously. AMP will focus on completing all projects that are
currently under construction given the current lack of need in the
market for a further enlargement of production capacity.

Capex to Boost Revenue Growth: Fitch expects completion of the
large capex programme initiated in 2021 will help AMP capitalise on
a structural increase in demand for beverage cans while also
increasing its share of specialty cans to over 60% by 2024 from 47%
in 3Q22. Fitch expects this will support revenue growth in the
mid-teens in the medium term, its operating profitability recovery
and competitive position.

Increased Leverage to Improve: Squeezed profitability, together
with ongoing capex and start of dividend payments, has put
considerable pressure on AMP's free cash flow (FCF) generation in
2022. Moreover, to fund its large capex in 2022 AMP issued new
senior secured notes of USD600 million and preferred shares of
EUR250 million to which Fitch has assigned 50% equity credit. As a
result, EBITDA leverage is to increase to about 6.6x by end-2022
from about 5.0x as at end-2021. Nevertheless, following expected
profitability rebound Fitch sees strong deleveraging to about 5.5x
in 2023 and 4.3x in 2024.

'bb-' SCP: The SCP of AMP reflects its leading market position,
good geographical diversification, exposure to non-cyclical
end-markets, sustainable demand in the industry for AMP's products,
and long-term relationship with key customers and pass-through cost
mechanism embedded into contracts. It reflects forecast EBITDA
leverage of about 6.6x by end-2022 as a result of its large capex
programme accompanied by squeezed EBITDA generation in 2022.
Nevertheless, Fitch forecasta strong deleveraging capacity and
sustainable positive FCF generation from 2024. In its rating case,
EBITDA leverage will not exceed 4.5x at end-2024.

Parent and Subsidiary Linkage: Using its PSL Criteria Fitch has
taken the stronger subsidiary-and-weaker parent approach to assess
AMP. Ardagh as majority shareholder controls AMP's strategic
decisions, with significant governance overlap in board of
directors. In addition, Ardagh provides AMP with services including
IT, financial reporting, insurance and risk management, but also
financing and treasury management via long-term service
agreements.

Consolidated Approach: AMP's debt financing is separate from
Ardagh's, with no cross-guarantees or cross-default provisions and
with separate security packages. However, the effective control by
the parent, and covenant-lite high-yield documentation with limited
effective caps on cash outflows leads to its assessment of 'open'
access and control and 'open' legal ring-fencing. AMP's rating is
therefore aligned with Ardagh's IDR and based on the group's
consolidated credit profile.

Solid Global Market Position: AMP is among the largest global metal
beverage can producers with exposure to stable end-markets. It
benefits from high operational flexibility through its global
network of manufacturing facilities that are located close to its
customers. Its market position, long-term partnership with
customers, and capital-intensive business act as moderate-to-high
entry barriers.

Preferred Shares Equity Treatment: The instrument is perpetual with
an ability to defer its 9% annual preferred dividend. Fitch has
assigned 50% equity credit to the instrument using its Corporate
Hybrids Treatment and Notching Criteria, as any deferred dividend
is still payable upon redemption. In its view the common dividend
stopper is a strong incentive not to defer, as this would prevent
Ardagh from extracting dividends from AMP. The preferred shares
represent a limited part of AMP's overall capital structure. A
change in structure, including materiality, could lead to a
reassessment of our analysis and, ultimately, a different
treatment.

DERIVATION SUMMARY

AMP is one of the leading metal beverage can producers globally.
Its business profile is weaker than that of higher-rated peers such
as Berry Global Group, Inc (BB+/Stable) and Silgan Holdings Inc.
(BB+/Stable). AMP has smaller-scale operations and lower customer
diversification, but this is offset by its leading position in the
growing beverage can sector, and expected strong cash flow
generation.

AMP compares favourably with CANPACK S.A. (BB-/Negative) and Titan
Holdings II B.V. (B/Positive), which are similarly focussed on
beverage and food metal packaging. AMP has greater scale versus
both peers, but shares these entities' limited product
diversification.

While AMP's direct metal can-producing peers are larger in revenue,
such as Ball Corporation at USD13.8 billion (2021) and Crown
Holdings at USD11.4 billion (2021), AMP has similar market
positions and compares well in terms of its SCP. All three
companies had strong annual revenue growth in 2021 and 9M22 of over
15%. Like its main direct peers', AMP's profitability was squeezed,
but remained at healthy levels in 2022. And similar to Ball
Corporation, Crown Holdings and CANPACK, AMP reduced its growth
capex for 2023, which should support FCF margins and deleveraging.

Similar to that of most Fitch-rated peers in the packaging
industry, AMP's EBITDA margin deteriorated in 2022, although the
absolute amount of EBITDA generation remained broadly in line with
2021's. Overall, EBITDA margin of AMP compares well with Rimini
BidCo S.p.A.'s (B+/Stable), and Fiber Bidco S.p.A.'s (B+/Stable),
and is expected to be stronger than that of CANPACK, which is
suffering more from the current macroeconomic environment. AMP's
EBITDA margin is somewhat below Titan Holdings' and Silgan
Holdings' at an expected 15%-17% during 2022-2023.

Material capex programme during 2021-2023 accompanied by dividends
payment since 2022 erodes AMP's FCF generation during 2022-2023.
This puts the company in a weaker position versus higher-rated
peers such as Berry Global and Silgan Holdings with sustained
positive FCF generation. Both AMP and CANPACK are expected to see
negative FCF margins in the medium term, owing primarily to large
investment programmes.

AMP's leverage remains weaker than higher-rated peers', with
forecast EBITDA gross leverage at about 6.6x at end-2022 following
its debt issue and constrained EBITDA generation. This is higher
than EBITDA leverage reported by Berry Global of 4.3x and Silgan
Holdings' 4.6x at end-2021. This is reflected in its SCP
differentials with the higher-rated peers'.

KEY ASSUMPTIONS

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

- Mid-teens growth of revenue during 2022-2025

- EBITDA margin at about 11.2% in 2022, rising to about 14.3% by
2025

- Issuance of preferred shares of up to EUR250 million in 2022 at
50% equity credit

- Annual preferred dividends payments of about USD24 million p.a.
to 2025

- Capex of about USD600 million in 2022, about USD350 million in
2023 and USD250 million in 2024-2025

- Additional USD600 million of senior secured notes issued in 2022,
followed by no further debt issuance to 2025

- Dividend payments of about USD240 million p.a. to 2025

- Share buyback of USD35 million in 2022, up to USD100 million in
2023

- No M&A to 2025

Fitch's Key Recovery Rating Assumptions

- The recovery analysis assumes that AMP would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated

- Its GC value available for creditor claims is estimated at about
USD2.7 billion, assuming GC EBITDA of USD580 million. The GC EBITDA
is lower than its previous estimate in June 2022 based on
structurally lower EBITDA derived from capacity investments
following the revised investment plan and expected lower demand for
beverage cans amid economic downturn

- The GC EBITDA reflects distressed EBITDA, which incorporates the
potential loss of a major customer, secular decline or ESG-related
adverse regulatory changes related to AMP's operations or the
packaging industry in general. The GC EBITDA also reflects
corrective measures taken in a reorganisation to offset the adverse
conditions that trigger a default

- A 10% administrative claim

- An enterprise value (EV) multiple of 5.5x EBITDA is used to
calculate a post-reorganisation valuation. The multiple is based on
AMP's global market leading position in an attractive sustainable
niche with resilient end-market demand. The multiple is constrained
by a less diversified product offering and some commoditisation
within packaging

- Fitch deducts about USD160 million from the EV, relating to AMP's
highest usage of its factoring facility, in line with Fitch's
criteria

- Fitch estimates the total amount of senior debt claims at USD3.2
billion, which includes senior secured notes of USD1.6 billion
(equivalent) and senior unsecured notes of USD1.5 billion
(equivalent)

- After deducting priority claims, the principal waterfall results
in Recovery Rating 'RR1'/100% for the senior secured notes and in
Recovery Rating 'RR4'/47% for the senior unsecured notes

- As the majority of revenue and security under the notes is
generated in group A countries under Fitch's criteria, Fitch is not
capping the senior secured notes' Recovery Rating, despite Ardagh
being domiciled in Luxembourg

RATING SENSITIVITIES

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

- An upgrade of Ardagh's IDR from an improved consolidated credit
profile

- Weakening of operational and legal ties between Ardagh and AMP

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

- A downgrade of Ardagh's IDR

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-September 2022, AMP reported
Fitch-defined readily available cash of USD489million, which was
adjusted for USD94 million to cover intra-year working-capital
needs. Following the issue of secured and unsecured notes in 2021
and in 2022 for a total of about USD3.2 billion, AMP has no
material scheduled debt repayments until 2027. Available liquidity
will be sufficient to cover negative FCF in the next 12 months due
to its large capex.

Fitch-adjusted short-term debt is represented by a drawn factoring
facility of about USD160 million. This debt self-liquidates with
factored receivables. In addition, AMP has an undrawn asset-based
lending facility of USD415 million due in 2026, which supports its
liquidity position.

ISSUER PROFILE

AMP is one of the largest producers of metal beverage cans globally
with current production capacity of over 40 billion cans p.a.

ESG CONSIDERATIONS

AMP has an ESG Relevance Score of '4' for Management Strategy due
to a complex funding strategy, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.

AMP has an ESG Relevance Score of '4' for Group Structure due to
complexity of the ownership and funding structure that reduces
transparency, 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.

   Entity/Debt                 Rating         Recovery   Prior
   -----------                 ------         --------   -----
Ardagh Metal Packaging
Finance USA LLC
  
   senior unsecured      LT     B  Affirmed      RR4        B

   senior secured        LT     BB  Affirmed     RR1       BB

Ardagh Metal Packaging
S.A.                     LT IDR B  Affirmed                 B

Ardagh Metal Packaging
Finance plc

   senior unsecured      LT     B  Affirmed      RR4        B

   senior secured        LT     BB Affirmed      RR1       BB

EP BCO: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable
------------------------------------------------------------
Fitch Ratings has revised the Outlook on EP BCo S.A.'s (Euroports)
Long-Term Issuer Default Rating to Stable from Negative and
affirmed the IDR at 'BB-'. Fitch has also downgraded Euroports'
EUR365 million first-lien term loan B (TLB) and EUR45 million
revolving credit facility (RCF) to 'BB-' from 'BB+', and upgraded
the EUR105 million second-lien TLB to 'BB-' from 'B+', following
its change of approach for Recovery Ratings (see "Fitch Places EP
BCo's Debt on Rating Watch on Final Infrastructure Criteria", dated
25 July 2022). The Recovery Ratings on the first lien TLB and RCF
remain 'RR2', while that on the second lien TLB has been revised to
'RR6' from 'RR5'.

RATING RATIONALE

The revision of the Outlook to Stable reflects Euroports' stronger
than expected performance, driven by its terminals business as well
as the solid performance of its freight forwarding segment, which
is a low margin, and in our view, a more volatile business.
However, this segment should enhance the stability of the group's
core cash flow generation as it makes the customer base stickier.

The equalisation of the instruments' ratings with the Long-Term IDR
reflects Fitch's recently updated Infrastructure & Project Finance
criteria, indicating that instrument ratings must be solely
premised on considerations of vulnerability to default. The updated
Recovery Rating on the TLBs do not influence the instrument ratings
and reflect the updated Recovery Rating approach incorporated in
the Infrastructure & Project Finance criteria.

Euroports' IDR reflects its stable cash flows from mature terminals
that are concentrated in the commodity sector. They also reflect
its bullet debt structure, which entails refinancing risk at the
TLBs' maturities in 2026 and 2027. However, liquidity position is
solid as Euroports has no bullet maturities until 2026.

KEY RATING DRIVERS

Diversified Portfolio of Commodity Terminals - Volume Risk: High
Midrange

Fitch has revised its assessment of Revenue Risk (Volume) to 'High
Midrange' for Euroports, following the publication of its new
Transportation Infrastructure Rating Criteria, which assesses
volume risk on a five-point scale

Euroports' portfolio of 39 terminal areas is strategically located
close to production and consumption centres and benefits from good
hinterland and multi-modal connectivity. The portfolio comprises
mature assets, such as the German and Finnish terminals, as well as
terminals with projects under development, backed in some cases by
long-term contracts. Customer concentration is moderate.

Cargo is largely origin and destination and concentrated in the
commodity sector. However, its wide variety has a low degree of
correlation, hedging the volatility of Euroports' volumes to some
extent. The company is exposed to competition but this is generally
limited by its proximity to port end-users and a lower proportion
of standardised cargo volume than a port container operator.

Pricing Tracks Inflation - Price Risk: Midrange

Euroports has long-standing relationships with a diversified
customer base, with predominantly long-term contracts in the
terminals' division. Take-or-pay clauses underpin a small part of
revenue. The terminal operator benefits from full price flexibility
across all regions. However, tariff increases tend to be limited by
contractual arrangements, generally indexed at inflation to varying
degrees.

Self-Funded Capex Plan - Infrastructure Development & Renewal:
Midrange

Euroports is well-equipped to deliver its investment programme,
given its record of implementation of large maintenance and
expansionary investments in its network. Its capex plan is largely
flexible, self-funded and focused on projects such as new
warehouses, backed by long-term contracts with group clients and
short payback periods of up to six years. Fitch expects
expansionary capex to remain lower than in the past as major
projects are completed, although we still expect some catch-up in
the coming years due to some delay during the pandemic.

Refinance Risk and Floating-Rate Debt - Debt Structure: Weaker

Euroports' acquisition finance bullet debt is secured, exposed to
variable rates and looser covenants than a pure project finance
(PF) debt structure. The structure entails some protection against
re-leveraging risk, as the additional facility limit allows for
future taps only up to net leverage at financial close, tested at
both the senior and second-lien levels. Excess cash flow sweep and
lock-up features are less protective than typical PF transactions,
and Fitch does not assume any debt repayment until the facilities
mature.

The significant refinancing risk of the bullet structure weighs on
our assessment. However, Euroports has a history of extending
concession tenors ahead of its legal maturity. In its view, the
first- and second-lien TLBs have a similar probability of default,
as second-lien creditors can undertake enforcement actions upon an
event of default, and collapse the entire debt structure once the
standstill period lapses.

Recovery Considerations

Fitch uses a generic approach to assess Euroports' first- and
second-lien TLB recovery rates.

The Recovery Rating for Euroports' first-lien instrument is based
upon a base recovery estimate of 65%, which considers the senior
secured debt ranking in a demand-driven asset. This estimate
reflects average recovery characteristics of similar-ranking
instruments under single-lien structures and is adjusted upward to
consider the dual tranche structure, which enhances the recovery
prospect of the first lien in a post enforcement scenario. This
results in a Recovery Rating of 'RR2'.

The Recovery Rating for Euroports' second-lien instrument is based
upon a base recovery estimate of 5%, which considers the
subordinated debt ranking in a demand-driven asset. No adjustments
are applied to the second-lien TLB, resulting in 'RR6' Recovery
Rating.

Financial Profile

Under the Fitch rating case (FRC), gross debt to EBITDA is stable
at below 6x over the rating horizon, following a large decrease in
2022, driven by stronger than expected performance. Finance and
operating leases are captured as an operating expense, reducing
EBITDA.

PEER GROUP

Fitch compares Euroports with DP World Limited (BBB-/Positive). DP
World has lower leverage, is much larger in size, and its
operations are more geographically diversified, supporting its
higher rating.

RATING SENSITIVITIES

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

- Failure to maintain the leverage trend below 6x on a sustained
basis.

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

- Clear deleveraging trend below 5.5x on a sustained basis,
provided there is a clear visibility of management's strategy of
debt-funded acquisitions.

TRANSACTION SUMMARY

Euroports is a leading port terminal operator with a global network
of 34 port terminals and five inland terminals across Europe and
China. The group is a market leader in essential bulk and breakbulk
commodities such as paper, pulp, fertilisers, agribulk or sugar. EP
also provides end-to-end supply chain and freight forwarding
services. Operations are generally based on long-term agreements
and concessions with port authorities or other public bodies. The
EBITDA-weighted average remaining concession life is 30 years.

CREDIT UPDATE

Revenues increased 39% in 2021, and 41% in 9M22, exceeding its
expectations. This was mainly driven by the MPL
(freight-forwarding) division, with lower margins. Consequently,
the Fitch EBITDA margin decreased to around 9% from around 10% in
2020, and compared with its expectations of above 11%. Debt
increased in 2021 due to the GöR acquisition, and the RCF was
partially drawn in 2022.

At the end of 2021 Euroports acquired Hangö, a Finnish stevedoring
company that operates in the Port of Hanko, strengthening its
competitive position in Finland. To partially fund this, Euroports
sold a minority stake in an asset, in line with management's
long-term objectives.

FINANCIAL ANALYSIS

Fitch-adjusted 2022 revenues and EBITDA are in line with
management's expectations. Thereafter, under the Fitch base case
(FBC), volumes are expected to grow in line with GDP for the
eurozone, and inflation to grow below assumed eurozone inflation.
In the FRC, Fitch applied a haircut of 20% in both volumes and
tariff growth rates assumed in the FBC. Fitch assumed an EBITDA
margin of about 9%, weighed down because of the lower margins of
the MPL business. In its FRC, leverage decreases below 6x in 2022
and stays relatively stable below that level over the five-year
rating horizon.

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
   -----------                ------          --------   -----
EP BCo S.A.             LT IDR BB-  Affirmed               BB-

   EP BCo S.A./
   Senior Secured
   Debt/1 LT            LT     BB-  Downgrade    RR2       BB+

   EP BCo S.A./
   Senior Secured
   Debt – Subordinate
   /2 LT                LT     BB-  Upgrade      RR6        B+



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

DTEK ENERGY: Fitch Lowers LongTerm IDRs to 'Restricted Default'
---------------------------------------------------------------
Fitch Ratings has downgraded DTEK Energy B.V.'s Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDRs) to 'Restricted
Default' (RD) from 'C' following the execution of the tender offer
and the company's disclosure of the result of its consent
solicitation related to changes in the notes' documentation.

Fitch views the tender offer as a distressed debt exchange (DDE).
Fitch has simultaneously upgraded the IDR to 'CC', reflecting DTEK
Energy's post-restructuring profile with high default risk.

DTEK Energy's IDR of 'CC' reflects its tight liquidity, which
follows the severe operational disruptions resulting from Russia's
invasion of Ukraine. DTEK Energy is a Netherlands-based company
with operating assets in Ukraine.

KEY RATING DRIVERS

Distressed Debt Exchange: Its view of DTEK Energy's tender offer as
a DDE reflects the company's weak financial standing, chiefly
limited foreign-currency (FC) liquidity held abroad and
restrictions on cross-border foreign-currency payments. Its
treatment of the tender offer as a DDE also reflects the consent
solicitation for the amendments and waivers in the bond
documentation.

Tender Offer Lower than Target: Following the execution of the
tender offer, DTEK Energy used USD19.8 million of its cash in
offshore accounts to repurchase part of its USD80 million
outstanding 7%-7.5% senior secured payment-in-kind (PIK) toggle
notes due 2027. The buyback consisted of a material reduction in
terms as it is well below par (the highest accepted price was
EUR270 per EUR1,000 in principal amount). The tender offer was
executed in a lower amount than the targeted USD50 million, thus
reducing the future debt service by less than half of what was
expected.

Low Residual Liquidity: Following the repayment of USD10 million
principal, USD28 million coupon payment of the toggle notes due in
December 2022 and the bond repurchase, the cash available outside
Ukraine should be sufficient for only one more cash coupon payment
of about USD26 million in March 2023, or three coupon payments if
the company elects to pay interest partly in PIK and partly in
cash. Under the bond documentation it is allowed to pay interest
partly in PIK and partly in cash for consecutive three more
quarters after its first use in March 2022.

DTEK Energy's upcoming debt maturities are low, with USD10 million
notes repayment in June 2023 and USD10 million in December 2023.
The interest payments will average USD26 million every quarter.

DTEK Energy so far has not been granted an exception to Ukraine's
foreign-exchange (FX) transfer moratorium, without which it cannot
transfer abroad any cash available in Ukraine to service the FC
notes.

Amendments and Waivers: The waivers relate to the reporting
requirements in relation to publication of quarterly operational
and financial report, the annual audited, half-year unaudited
financial statements and quarterly reports on the company's website
and a publicly accessible conference call to discuss financial
results.

Amendments include changes to the definitions of asset sale and
permitted investments to permit the company to make additional
charitable and social contributions of up to USD10 million per year
and consent for certain repurchased notes to be held by the issuer
or its restricted subsidiaries in treasury.

Operating Activity Distorted: DTEK Energy's post-DDE rating
reflects its tight liquidity, which follows the severe operational
disruptions resulting from Russia's invasion of Ukraine. Fitch
views the risk of further material disruptions in the company's
operations as high, which may prevent DTEK Energy from generating
sufficient free cash flow to pay its interest and debt obligations
scheduled for 2023, once the company gets exception to the FX
payment moratorium.

The war that has resulted in low electricity demand and production,
reduced payment collections, increased critical repairs, and
mandatory fixed costs. DTEK Energy's main priority is to ensure
supplies of electricity and heat to industrial and residential
consumers, thereby supporting the energy security of Ukraine.

DTEK Energy Substituted DTEK Finance plc: DTEK Energy and DTEK
Finance plc announced that the latter has transferred to DTEK
Energy substantially all of its properties or assets as well as its
obligations, including its 7%-7.5% senior secured PIK toggle notes
due 2027.

DERIVATION SUMMARY

In Fitch's view, the company's liquidity metrics are in line with
the 'CC' category, which indicates very high credit risk.

KEY ASSUMPTIONS

KEY RECOVERY RATING ASSUMPTIONS

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

- A 10% administrative claim

GC Approach

- Its GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level, upon which Fitch has based the
valuation of the company

- The Fitch-calculated GC EBITDA of UAH2 billion reflects potential
pressure resulting from the sustained invasion of Ukraine

- Debt is based on its estimate of post-restructuring debt

- An enterprise value multiple of 3.0x

- Eurobonds, bank loans and other debt rank equally among
themselves

Its waterfall analysis generated a waterfall generated recovery
computation for the notes in the 'RR5' band (11%-30%), indicating a
'C' instrument rating

RATING SENSITIVITIES

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

- Cessation of military operations, and resumption of normal
business operations with the stabilisation of cash flow and an
improved liquidity position

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

- The rating would be downgraded on signs that a renewed
default-like process has begun, for example, a formal launch of
another debt exchange proposal involving a material reduction in
terms to avoid a traditional payment default

- Non-payment of the coupon or debt obligations, or steps towards
further debt restructuring

- The IDR will be downgraded to 'D' if DTEK Energy enters into
bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedures, or ceases business

ISSUER PROFILE

DTEK Energy is the largest private power-generating company in
Ukraine, with a market share of electricity production of about
18%-19% in 2019-2020.

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
   -----------              ------             --------   -----
DTEK Finance plc
  
   senior
   unsecured       LT        C       Affirmed     RR5        C

DTEK Energy B.V.   LT IDR    RD      Downgrade               C
                   LT IDR    CC      Upgrade                RD
                   ST IDR    RD      Downgrade               C
                   ST IDR    C       Upgrade                RD     
   
                   LC LT IDR RD      Downgrade               C
                   LC LT IDR CC      Upgrade                RD
                   LC ST IDR RD      Downgrade               C
                   LC ST IDR C       Upgrade                RD
                   Natl LT   RD(ukr) Downgrade           C(ukr)
                   Natl LT   CCC(ukr)Upgrade            RD(ukr)

   senior
   unsecured       LT        C       Affirmed     RR5        C

DTEK RENEWABLES: Fitch Lowers LongTerm IDRs to 'Restricted Default'
-------------------------------------------------------------------
Fitch Ratings has downgraded DTEK Renewables B.V.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to
'Restricted Default' (RD) from 'C' following the company's
disclosure of the result of its tender offer. Fitch views this as a
distressed debt exchange (DDE). Fitch has simultaneously upgraded
the IDR to 'CC', reflecting DTEK Renewables B.V.'s
post-restructuring profile with continuing high default risk.

DTEK Renewables is a Netherlands-based company with operating
assets in Ukraine.

KEY RATING DRIVERS

Distressed Debt Exchange: Its view of DTEK Renewables' tender offer
as a DDE reflects the company's weak financial standing, chiefly
limited foreign-currency liquidity held abroad, and restrictions on
cross-border foreign-currency payments.

Repurchase Below Par: Following the execution of the tender offer,
DTEK Renewables used EUR2.6 million of its cash in offshore
accounts to repurchase EUR8.6 million of its outstanding
EUR325million green bonds. The buyback consisted of a material
reduction in terms as it is well below par (the highest accepted
price was EUR300 per EUR1,000 in principal amount). As the tender
offer was executed in a lower amount than the targeted EUR20
million, the repurchase reduced only some of the future debt
service and left DTEK Renewables with liquidity sufficient only for
the upcoming coupon payment (about EUR13 million) in May 2023.

Moratorium on Foreign-Currency Payments: DTEK Renewables has so far
not been granted exception to the foreign-exchange (FX) transfer
moratorium, without which it cannot transfer abroad cash available
in Ukraine to pay its international bondholders. Despite recent
repayment by State Enterprise Guaranteed Buyer (UAH807 million) and
PJSC National Power Company Ukrenergo (CC) of some of their
liabilities to DTEK Renewables, the amounts received, being located
in Ukraine, cannot be deployed for international bond debt
service.

Insufficient Offshore Cash for Debt Service: Over the following
months since the war started, DTEK Renewables has been servicing
its foreign-currency debt only from its cash and other financial
sources held outside Ukraine. This has gradually depleted cash on
dedicated debt service (for loans) or interest reserve accounts
(for bonds). The remaining cash held outside Ukraine is sufficient
for only one upcoming coupon payment of EUR13 million in May 2023.

In Fitch's view cash outside Ukraine may prove insufficient to
cover debt service falling due in 2023, unless the company is
granted an exception to the FX moratorium and allowed to transfer
abroad its cash accumulated in Ukraine.

Negotiations to Defer Loan Repayment: DTEK Renewables is actively
negotiating with its bank creditors amend the repayment schedule to
end-2023. In September 2022 DTEK Renewables used the remaining cash
from its debt service reserve account (DSRA), which has since not
been topped up. In November 2022 a project finance subsidiary
failed to pay EUR9 million of the next scheduled payment on its
bank debt, although it is not guaranteed by DTEK Renewables B.V.

Severe Operational Disruptions: DTEK Renewables' production has
been significantly reduced by the war, with energy produced from
March 2022 to October 2022 67% lower than year ago. Its wind farms
stopped operations immediately when the war started due to grid
connection disruptions and being located in Russian-occupied
territories. A significant majority of solar farms continue to
generate electricity but Ukraine's energy infrastructure has
increasingly been targeted by Russia's attacks, both the generating
assets themselves and the electricity grids.

Strained Cash Flows: DTEK Renewables has faced reduced settlements
by the guaranteed buyer since the war started. Payments from the
guaranteed buyer under the feed-in-tariff started to improve from
July, rising to 68% in September and 75% in October from only about
17% of the amounts due from March to May 2022 (98% in
January-February 2022). However, the level of settlements in the
following months is conditional on the overall energy market in
Ukraine, including the financial and liquidity position of the main
energy market participants and liquidity support from international
financial institutions.

Relaxed Bond Terms: In May and September 2022 DTEK Renewables
obtained formal noteholder consent to amend and waive certain bond
terms, which Fitch has not treated as DDEs. In May some notes
provisions were relaxed - eg those relating to use of the interest
reserve account and its replenishment within six months, while
group restructuring was aimed at giving banks and noteholders, in
case of default, access to the entities (loan or bond guarantors)
and the assets they financed.

In September the noteholders allowed DTEK Renewables to hold off
replenishing the interest reserve account with cash when the
martial law ends. They have also agreed to waive certain events of
default that may occur on the acceleration of project-finance
debt.

DERIVATION SUMMARY

In Fitch's view the company's liquidity metrics are in line with
the 'CC' category, which indicates very high credit risk.

KEY ASSUMPTIONS

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

- Operations and available assets maintained at current levels into
2023, with a majority of solar plants operating and no operation of
wind farms, except for the 36MW Tiligul wind farm

- Electricity production to remain at current level, 67% lower than
in pre-war times

- Collection of receivables from the guaranteed buyer at 70% of the
amounts due from 2023 onwards

- Capex limited only to maintenance (about EUR10 million annually
from 2023) with all development projects postponed, including the
Tiligul project with 386MW)

- Repayments from the guranteed buyer of UAH2,700 million at the
start of 2022 not included in EBITDA

KEY RECOVERY RATING ASSUMPTIONS

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

- A 10% administrative claim

- The assumptions cover the guarantor group only

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

- The GC EBITDA of subsidiaries Orlovsk WPP, Pokrovsk SPP and
Trifanovka SPP of about EUR23 million is factored into its GC
EBITDA for DTEK Renewables

- Enterprise value multiple at 3x

- These assumptions result in a recovery rate for the senior
unsecured debt at 'RR5' with a waterfall generated recovery
computation within the 11%-30% band.

RATING SENSITIVITIES

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

- Cessation of military operations, and resumption of normal
business operations with stabilisation of cash flow and an improved
liquidity position

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

- The rating would be downgraded on signs that a renewed
default-like process has begun, for example, a formal launch of
another debt exchange proposal involving a material reduction in
terms to avoid a traditional payment default

- Non-payment of coupon or debt obligations, or steps towards
further debt restructuring

- The IDR will be downgraded to 'D' if DTEK Renewables enters into
bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedures, or ceases business

ISSUER PROFILE

DTEK Renewables is the owner of wind and solar power generation
assets with a 986MW capacity in Ukraine.

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
   -----------             ------         --------   -----
DTEK Renewables
Finance B.V.
  
   senior
   unsecured      LT        C   Affirmed     RR5        C

DTEK Renewables
B.V.              LT IDR    RD  Downgrade               C
                  LT IDR    CC  Upgrade                RD
                  LC LT IDR RD  Downgrade               C
                  LC LT IDR CC  Upgrade                RD



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

CINEWORLD GROUP: To Focus on Sale of Business as Group
------------------------------------------------------
Aby Jose Koilparambil at Reuters reports that Cineworld will focus
on a sale of the group as a whole rather than individual assets,
the British cinema operator said on Jan. 3, sending the troubled
company's shares sharply lower.

The world's second-largest cinema group filed for U.S. bankruptcy
protection in September to try to restructure its debt and
strengthen its balance sheet as the industry navigates a bumpy road
to recovery after COVID-related restrictions and shutdowns battered
the sector, Reuters relates.

According to Reuters, the company, the finances of which were also
bled by aggressive expansion including its move into the United
States, has warned that any restructuring or sale will result in
significant dilution of equity interests with no guarantee of
recovery for existing investors.

"Shareholders have been told on numerous occasions that their
investment could be significantly diluted . . . so the situation is
more about getting back pennies in the pound rather than waiting
for a big payday," Reuters quotes AJ Bell investment director Russ
Mould as saying in a note.

Cineworld shares plunged 20% to a more than two-month low of 2.9
pence, notes the report.

The company, which announced a settlement agreement with its
landlords and lenders in October, said it expects to begin
approaching potential buyers this month, Reuters recounts.

Global market leader AMC Entertainment last month said it was no
longer in talks to buy some theatres owned by Cineworld, Reuters
notes.

                  About Cineworld Group PLC

London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain.  Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the US.

According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years.  Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).

The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, had pinned
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.

Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt.

PJT Partners LP is providing financial advice, Kirkland & Ellis LLP
and Slaughter and May are acting as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Cineworld.  Jackson
Walker LLP is the co-bankruptcy counsel.  Kroll is the claims
agent.


CONSTELLATION AUTOMOTIVE: Fitch Alters Outlook on 'B-' IDR to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Constellation Automotive
Group Limited's (CAG) Issuer Default Rating (IDR) to Negative from
Stable and affirmed the IDR at 'B-'. Fitch has also affirmed the
senior secured financing package of CAG at 'B-'/'RR4' and
second-lien debt at 'CCC'/RR6.

The Negative Outlook reflects its expectation that CAG's weak
operating performance in the fiscal year ending April 2023 (FY23)
will lead to a significant increase in leverage and reduce
available liquidity due to negative free cash flow (FCF). While the
market environment is likely to become less challenging from FY24,
leading to some EBITDA recovery, Fitch forecasts leverage to remain
excessive for a 'B-' rating over the next three years. Furthermore,
Fitch projects interest coverage to come under pressure from
increased interest rates as majority of its debt is floating rate,
and not hedged.

The 'B-' rating continues to reflect CAG's aggressive financial
profile, balanced by sustainable business model with the UK
market-leading positions as an integrated auto-service provider.
Fitch believes that the business model strength will allow CAG to
recover EBITDA quickly, should there be a stronger rebound in UK
car transactions and volumes than Fitch currently projects. The
'B-' rating also considers the absence of near-term refinancing
risks with long-dated debt maturities in 2027-2029.

KEY RATING DRIVERS

EBITDA Plunged in FY23: CAG's EBITDA fell to GBP66 million in
1HFY23 from GBP191 million in 1HFY21. Fitch projects the market
will remain tough at the beginning of 2023, resulting in FY23
EBITDA at around GBP120 million, materially below GBP281 million in
FY22. Assuming a gradual market recovery over the next three years,
the company's EBITDA is unlikely to reach the FY22 level over the
rating horizon. The visibility of EBITDA improving towards GBP250
million would be a prerequisite for a revision of the Outlook to
Stable as Fitch estimates that at this level CAG is able to
generate positive FCF and stay in line with leverage sensitivities
for the 'B-' rating.

Car Production at Historical Lows: The UK used vehicles market is
significantly disrupted by the impact of constrained new car
supply, which resulted from semiconductor supply issues and other
car component shortages. UK new car transactions in 2022 will
likely be 1.5 million, the lowest level since 1982, leading to
significant under utilisation of CAG's auction capacity. Fitch
expects the semi-conductor shortage (the main bottleneck of new car
production) to ameliorate in the medium term and therefore expects
a gradual rebound in the market towards 2 million new cars by
FY26.

Weak Consumer Sentiment: In addition to challenges with supply, it
is uncertain how car demand will evolve in view of the cost of
living crisis and increased fuel prices in the UK. At the moment,
its rating case does not incorporate significant pressures from
this factor. The business has previously demonstrated
counter-cyclical capabilities, as volumes grew through the last
financial crisis from 766,000 to 799,000 over 2007-2009.

Furthermore, there could be pent-up demand as more than 2 million
new car transactions were lost in the UK between 2020 and 2022 from
the pandemic and supply constraints and the proportion of cars
under three years old reduced below normal levels.

Excessive Leverage: CAG's leverage is excessively high and Fitch
considers it an outlier among peers. High leverage is driven by a
high debt burden that resulted from an aggressive financial policy,
in particular the dividend recapitalisation completed in 2021, and
weakened profit generation due to the challenging operating
environment. Fitch expects CAG's EBITDA gross leverage to be above
17x in FY23, materially exceeding its negative rating sensitivity
of 8.5x.

Based on its current assumptions for market recovery, Fitch no
longer expect this to be temporary and leverage is likely to stay
above the negative threshold over the next three years. If combined
with increasing liquidity risks, this could drive a downgrade over
the next 12-18 months.

Strong Market Position: CAG's market leading positions (around 2.5x
larger than its nearest competitor), density of auction networks
across the UK, large land requirements and in-house logistics
capabilities are strong competitive advantages. An integrated
business model means CAG benefits from fees across the automotive
value chain, generating diversified revenue streams from
preparation, logistics, vehicle-buying and financing of vehicles on
top of the core fees from operating car auctions. This positions
CAG at the centre of the used-car market, providing a large pool of
vehicle data that informs its valuation models.

Limited Diversification: The rating considers CAG's limited
diversification by product and geography as the company is focused
on vehicle buying and remarketing predominantly in the UK.
International vehicle remarketing (mostly Europe) accounted for
less than 20% of EBITDA on average for the past three years. The
company has made some acquisitions to diversify its offer in
preparation, logistics, vehicle-buying and financing of vehicles,
but CAG's performance remains tightly correlated with new car
production and sales, as demonstrated by recent weak trading.

Reduced Financial Flexibility: Fitch forecasts weak EBITDA to lead
to negative FCF over the next three years, despite a significant
reduction in capex from high levels of FY22. Fitch expects high
interest rate environment to also weigh on cash generation. Around
60% of CAG's debt is floating rate and not hedged, leaving the
company exposed to base rate increases Fitch expects in FY24.

Potential to Support Near-term Liquidity: The Negative Outlook
reflects a weakened FCF profile but Fitch believes the company
could still shore up its liquidity. CAG has already performed a
small asset disposal and Fitch expects it to execute GBP40 million
proceeds from additional divestments over the rest of FY23 and
FY24. In addition, it may request a repayment of GBP56.4 million
outstanding under its loan to a related party or liquidate some of
its inventory. Nevertheless, if market recovery is delayed and the
company has exhausted these options, liquidity risks will have a
greater weight in its analysis and put more significant pressure on
the rating.

DERIVATION SUMMARY

CAG benefits from a well-integrated business model with a
market-leading position in the UK and growing presence in Europe,
having transitioned to fully online auctions post-pandemic. CAG is
larger and better-integrated across the value chain than peers in
the automotive service industry, which allows for diversified
sources of income and a more resilient financial profile. Its
integration of vehicle-buying, partner-finance and logistics
services is unique among direct peers and allows for some downside
protection.

CAG has a substantially more aggressive financial policy and is
facing stronger industry challenges than its 'B' category business
services peers, such as Irel Bidco S.a.r.l. (B+/Stable), which
typically have a leverage of 5.0x to 6.5x.

KEY ASSUMPTIONS

- Car volumes FY23 to end at 1.5 million new car registration, and
FY24 to increase mid-single digit. FY25/FY26, car market to recover
by high single digits;

- Revenues to decrease low double digits in FY23 and to rebound by
mid-single digits in FY24 and high single digits in FY25/FY26;

- EBIT breakeven in FY23 and positive in FY24, FY25, FY26;

- Interest expenses on floating rate debt to rise in FY23;

- Working Capital: Cash inflow in FY23 for around GBP17 million
after a GBP35 million inventories wind out; Outflows under working
capital in FY24/ FY25/ FY26.Capex assumption focused on maintenance
over the period;

- Potential to receive repayment of GBP56.4 million intercompany
loan in addition to GBP24 million received in FY23;

- No dividend, no acquisitions.

RECOVERY RATING ASSUMPTIONS

Its recovery analysis assumes CAG would be restructured as a going
concern rather than be liquidated in an event of default. Fitch has
assumed a 10% administrative claim in the recovery analysis.

CAG's post-reorganisation, going-concern EBITDA reflects Fitch's
view of a sustainable EBITDA of GBP165 million. It incorporated
some recovery from projected FY23 EBITDA of GBP120 million, which
is affected by extremely challenging market conditions with new car
registrations in UK at the lowest since 1982.

A distressed enterprise value (EV)/EBITDA multiple of 5.5x has been
applied to calculate a going-concern EV; this multiple reflects
CAG's leading market positions and logistics capabilities, strong
cash generation, and trusted brand.

CAG's GBP300 million asset-backed finance facility to fund the
Partner Finance business (ring-fenced) ranks super senior in the
recovery analysis. Fitch assumes it is drawn down at its average
level of utilisation, of roughly GBP200 million. Fitch assumes
CAG's revolving credit facility (RCF) and ancillary facilities
(GBP250 million in total) are fully drawn in a restructuring
scenario.

Its waterfall analysis generates a ranked recovery for senior
secured first lien debt creditors in the 'RR4' band, indicating a
'B-' instrument rating assigned to the secured debt, in line with
the IDR. The waterfall analysis output percentage on current
metrics and assumptions is 36%. Conversely, its analysis generates
a ranked recovery in the 'RR6' band, indicating a 'CCC' rating for
the second lien debt with 0% recovery expectations based on current
metrics and assumptions.

RATING SENSITIVITIES

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

- FFO gross leverage below 8.0x or EBITDA gross leverage below
7.0x, both on a sustained basis

- Improving profitability within core business divisions driving
positive FCF generation

- FFO interest coverage above 2.0x or EBITDA interest coverage
above 2.2x

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

- Market recovery leading to an improving EBITDA and FCF
generation

- Visibility of FFO gross leverage falling below 9.5x or EBITDA
gross leverage below 8.5x on a sustained basis

- Visibility of FFO interest coverage increasing towards 1.5x or
EBITDA interest coverage towards 1.7x

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

- FFO gross leverage remaining above 9.5x or EBITDA gross leverage
above 8.5x, both on a sustained basis

- Sustained free cash outflows

- Increasing liquidity risk

- FFO interest coverage below 1.5x or EBITDA interest coverage
below 1.7x

LIQUIDITY AND DEBT STRUCTURE

Weakening Liquidity: On 2 October 2022, CAG had GBP64.4 million of
cash and cash equivalents (GBP51.5 million net of overdraft) and
GBP130 million and GBP35million available under its GBP210 million
RCF and under its GBP35 million net overdraft facility,
respectively. CAG's liquidity has worsened since end-FY22 due to
negative FCF and Fitch expects that positive FCF generation may not
be restored until FY26, further eroding the liquidity profile.

ISSUER PROFILE

CAG operates the UK's and Europe's largest digital used vehicle
exchanges (both business-to-business and consumer-to-business) and
is a leading provider of automotive solutions in the UK, including
vehicle movement, logistics, storage, pre-delivery inspections,
fleet management, de-fleeting services and refurbishment.

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
   -----------            ------          --------   -----
Constellation
Automotive
Financing plc

   senior secured   LT     B-   Affirmed     RR4        B-

Constellation
Automotive
Limited
  
   senior secured   LT     B-   Affirmed     RR4        B-

   Senior Secured
   2nd Lien         LT     CCC  Affirmed     RR6       CCC

Constellation
Automotive
Group Limited       LT IDR B-   Affirmed                B-

HOUSE OF FRASER: Closes Store in Westfield Shopping Centre
----------------------------------------------------------
Georgia Wright at Retail Gazette, citing This is Money, reports
that House of Fraser has officially left Central London after
closing its store in Westfield shopping centre in Shepherd's Bush.

The exit follows its departure from Oxford Street and the closure
of its City store, meaning that Croydon is now the department store
retailer's closest location to Central London, Retail Gazette
notes.

According to Retail Gazette, House of Fraser has closed a number of
stores in recent months including those in Leeds, Norwich and
Huddersfield with its High Wycombe branch also earmarked for
closure.

The retailer will be left with about 30 shops in the UK -- almost
half the number it had before collapsing into administration in
2018, Retail Gazette notes.

Sports Direct bought House of Fraser out of administration for
GBP90 million, just hours after it announced its collapse as
last-ditch talks to save it failed and is now part of his Frasers
Group, Retail Gazette discloses.


JOYTUN BARI: Goes Into Voluntary Liquidation
--------------------------------------------
The Daily Echo reports that the company behind an iconic
Southampton restaurant where Prime Minister Rishi Sunak once waited
tables has gone into liquidation.

Joytun Bari Limited -- trading as Kuti's Brasserie -- has gone into
administration after owner Kuti Miah previously said these were the
"hardest times" they've faced, The Daily Echo relates.

The company Joytun Bari Limited has voluntarily gone into
liquidation, The Daily Echo discloses.

It's understood the restaurant will remain open to customers, The
Daily Echo notes.

Housed at the Grade II-listed Royal Pier gatehouse, the restaurant
has been an iconic landmark for most city residents.

According to The Daily Echo, speaking in November, Mr. Miah told
Australian TV news said: "Times are tough at his old workplace.

"Rising prices have made it difficult for this place to break even.
In 42 years this is the hardest time I've gone through.

"All the electricity has gone up, gas has gone up.  We cannot pass
to our customers."



TOUCAN ENERGY: Owed GBP692 Million to English Local Council
-----------------------------------------------------------
Sabah Meddings at Bloomberg News reports that solar farm company
Toucan Energy owed GBP692 million to an effectively bankrupt
English local council when the business collapsed, administrators
revealed.

Interpath Advisory, which was appointed administrator to Toucan
Energy Holdings 1 Ltd. in November, said in new documents that
along with the GBP655 million Thurrock Council had invested in the
solar farms, it was also owed GBP37 million in interest payments,
Bloomberg relates.

Interpath is hoping to recover losses through the sale of the solar
farms, and has hired advisers from KPMG to oversee an auction of
the 53 sites, Bloomberg relays, citing a document outlining its
proposals.

Thurrock Council said in November that it was in financial distress
and barred itself from any non-essential spending, Bloomberg
recounts.  The local authority in Essex, near London, disclosed a
GBP470 million black hole in its budget following a series of
investments that appear to have backfired, Bloomberg notes.

Interpath, as cited by Bloomberg, said it hoped to complete the
sale of the farms, which were expected to generate revenue of more
than GBP72 million in 2022, in the second half of this year.


[*] UK: Care Home Insolvencies Up 400% in November 2022
-------------------------------------------------------
Sam Lewis at Care Home Professional reports that care home
insolvencies are up 400% on last year, according to the UK
Government's Insolvency Service.

This comes via the "Monthly Insolvency Statistics" from the month
of November 2022, released last month, Care Home Professional
notes.

"There were 290 compulsory liquidations in November 2022, more than
5 times as many as in November 2021 and 7% higher than in November
2019," Care Home Professional quotes the Insolvency Service as
saying.

According to Care Home Professional, the government explained the
above data, writing: "Numbers of compulsory liquidations have
increased from historical lows seen during the coronavirus
(COVID-19) pandemic, partly as a result of an increase in
winding-up petitions presented by HMRC.  In October and November
the numbers of compulsory liquidations were higher than the
pre-pandemic comparison months, due to 95 petitions from a single
bank."

Elsewhere, general insolvencies were 21% higher than in the same
month in the previous year (1,676 in November 2021), and 35% higher
than the number registered three years previously (pre-pandemic;
1,505 in November 2019), Care Home Professional discloses.



                           *********


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

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

Copyright 2023.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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