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

                          E U R O P E

          Thursday, January 5, 2023, Vol. 24, No. 5

                           Headlines



F R A N C E

RENAULT SA: DBRS Confirms BB(high) Issuer Rating


G R E E C E

PIRAEUS BANK: DBRS Hikes Longterm Issuer Rating to B(high)


I R E L A N D

BRIDGEPOINT CLO IV: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes


I T A L Y

EMERALD ITALY 2019: Fitch Puts 'Bsf' Cl. D Debt Rating UCO
TAURUS 2018-1: DBRS Confirms BB(high) Rating on Class D Notes


L U X E M B O U R G

LSF11 BOSON: DBRS Confirms BB Rating on Class C Notes


P O R T U G A L

ARES LUSITANI: DBRS Confirms B(high) Rating on Class D Notes


R O M A N I A

ALTUR: Lodges Application to Launch Insolvency Proceedings


S P A I N

AUTONORIA SPAIN 2019: DBRS Confirms BB Rating on Class E Notes
MIRAVIT 2019: DBRS Hikes Class E Notes Rating to BB(high)


S W E D E N

SWEDEN: Bankruptcies Hit Record High in Second Half of 2022
SWEDEN: To Offer Tax Deferral to Businesses to Ease Pressure


U N I T E D   K I N G D O M

BERRY SUPERFOS: Faces Closure, 95 Jobs at Risk
CINEWORLD GROUP: Shut Down 23 Theater Sites Since Bankruptcy
FROST CMBS 2021-1: DBRS Confirms BB(high) Rating on Class E Notes
GATEWAYS EVENT: Goes Into Liquidation Amid Financial Woes
PAVILLION MORTGAGES 2022-1: DBRS Rates Class E Notes Prov. BB(high)


                           - - - - -


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

RENAULT SA: DBRS Confirms BB(high) Issuer Rating
------------------------------------------------
DBRS Limited confirmed the Issuer Rating on Renault S.A. (Renault
or the Company) at BB (high). The rating action incorporates the
Company's ongoing earnings improvement, albeit from weak levels.
The trend on the rating remains Negative, however, reflecting
considerable headwinds in form of inflationary pressures, rising
interest rates, and geopolitical uncertainty, which appear to be
most pronounced in Renault's core European market.

The Company's 2021 earnings performance improved year over year
(YOY), with the operating profit of Renault's automotive division
reverting to positive levels (from losses incurred in 2020).
Contributing factors included a firmer product mix, stronger
pricing, and attained efficiency gains; these were partly offset by
higher raw material costs and volume constraints reflecting the
global semiconductor shortage and other supply base challenges.
Through the first half of 2022 (H1 2022), the Company's earnings
performance continued to trend favorably with the automotive
segment attaining an operating margin of 2.1% (the underlying
causal factors remaining consistent with 2021).

Renault recently announced an update of its strategic plan
(designated as Renaulution by the Company) that notably included
plans to create five distinct businesses, including "Ampere"
(focusing on electric vehicles (EVs)); "Alpine" (focusing on
zero-emission sports cars); "Mobilize" (consisting of financial
services and new mobility businesses); and "Power" (new vehicle
development based on internal combustion engine (ICE) and hybrid
technologies). Additionally, under the Company's "Horse" project,
Renault plans to form a 50-50 joint venture (JV) with Geely Holding
Group and Geely Automobile Holdings Limited (collectively, Geely)
to supply ICE and hybrid powertrains. Concerning Ampère, Renault
is envisaging an initial public offering of a minority stake in
this business no earlier than H2 2023, subject to market
conditions. In addition to the above-cited planned reorganization,
the Company is in discussions with Nissan Motor Co., Ltd. (Nissan,
rated BBB (low) with a Stable trend by DBRS Morningstar) regarding
a potential investment in Ampere as well as the future composition
of its alliance (substantially) with Nissan (that may eventually
entail changes in the companies' respective cross-ownership
positions). DBRS Morningstar generally regards Renault's strategic
update somewhat positively, although considerable implementation
risk is involved in addition to associated challenges in corporate
governance.

Despite lackluster earnings and operating cash flow in recent
years, Renault's liquidity remains sound, partly reflecting
implemented cost reductions, curtailed capital expenditures, and
the cancellation of ordinary dividends (that the Company plans to
reinstate next year). As of June 30, 2022, the liquidity position
of the Company's automotive segment amounted to EUR 15.8 billion
(consisting of EUR 12.4 billion in cash balances and EUR 3.4
billion in available committed credit lines). This is deemed
sufficient by DBRS Morningstar in the context of moderately
positive gross free cash flow (i.e., before working capital
effects) projected over the near to medium term, with the
automotive business also benefitting from ongoing dividends from
the financial services segment.

Consistent with the Negative trend, material losses of Renault in
forthcoming periods would likely result in a rating downgrade.
Conversely, markedly stronger operating performance over the
similar time horizon could have positive rating implications; DBRS
Morningstar notes, however, such improvement stands to be hindered
by market and cost headwinds facing the industry.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental (E) Factors

DBRS Morningstar considered that the environmental factor,
specifically costs relating to carbon and greenhouse gas emissions,
represents a relevant factor as Renault is subject to a wide range
of environmental compliance requirements relating to carbon dioxide
(CO2), fuel efficiency, emissions control, and other factors. In
the event that the Company would not comply with applicable
regulations, significant penalties and reputational harm could
result. Correspondingly, in 2021, Renault announced its climate
strategy that outlined its aim to achieve carbon neutrality in
Europe by 2040 and worldwide by 2050 by reducing its carbon
emissions over the entire life cycle of the vehicle. Moreover,
given its five common electric platforms covering most segments,
the Renault brand aims to become 100% electric by 2030 for
passenger cars in Europe. As a function of these objectives,
Renault and the Alliance have publicly targeted EUR 23 billion in
electrification investments over the 2022–26 time period.

Notes: All figures are in euros unless otherwise noted.




===========
G R E E C E
===========

PIRAEUS BANK: DBRS Hikes Longterm Issuer Rating to B(high)
----------------------------------------------------------
DBRS Ratings GmbH upgraded the long-term ratings of Piraeus Bank
S.A. (the Bank), including the Long-Term Issuer Rating to B (high)
from B. The trend on all ratings is Stable. The Bank's Intrinsic
Assessment (IA) has been upgraded to B (high) from B and its
Support Assessment has been maintained at SA3. A full list of
rating actions is included at the end of this press release.

KEY RATING CONSIDERATIONS

Piraeus Bank S.A. (the Bank) is the main operating entity of the
Piraeus Financial Holdings Group (Piraeus or the Group), which is
one of the four systemic banking groups in Greece. Following the
corporate transformation completed in 2020, the Bank is a 100%
subsidiary of Piraeus Financial Holdings S.A.

The upgrade reflects the Group's recent sizeable improvement in
asset quality, whilst also noting that it still remains weak by
international standards. Our view is that Piraeus should be able to
maintain a stronger risk profile compared to the recent past, even
when incorporating the expected pressure from high inflation and
weaker economic growth, on the back of continued de-risking and net
credit expansion as well as more robust coverage against
non-performing exposures (NPEs). The upgrade also incorporates the
strengthening in the Group's capital position, and we expect the
Group to continue with further internal capital generation
supported by higher interest margins and lower credit costs given
the improved risk profile. For the same reason, we anticipate
stronger core earnings generation, reflecting improved operating
efficiency following a deep restructuring process.

The ratings continue to take into account the Group's robust
domestic franchise in retail and corporate banking, and moderate
business diversification. We consider the Group's funding and
liquidity position to be sound, although it does potentially remain
vulnerable to shocks, should Piraeus struggle to continue to
improve its credit fundamentals. The ratings also incorporate the
high level of deferred tax credits (DTC) included in the Group's
capital structure which we view as a weaker form of capital.

RATING DRIVERS

An upgrade would occur if Piraeus is able to improve its current
risk profile further, while strengthening its capital buffers and
consistently demonstrating an improved track record in generating
underlying profitability.

A downgrade would occur in the event of a material deterioration in
capitalization and asset quality.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate/Weak

Piraeus is one of the four systemic banking groups in Greece with
total assets of around EUR 83 billion at end-September 2022 and a
leading domestic market position. The Hellenic Financial Stability
Fund (HFSF) remains the Group's main shareholder, holding 27% of
its share capital. After a deep restructuring process due to the
global financial crisis and the Greek sovereign debt crisis,
Piraeus is aiming to enhance its revenue sources and operational
efficiency, increase lending volumes, improve its asset quality,
and strengthen capital buffers. Notwithstanding the recent
progress, we continue to view the Group's franchise strength as
constrained by the still high, albeit reduced, level of NPEs, the
subdued but recovering credit demand and a moderate level of
business diversification.

Earnings Combined Building Block (BB) Assessment: Very Weak

Piraeus's profitability has been very weak in recent years,
pressured by lower revenues due to loan book deleveraging and low
diversification, as well as restructuring charges and elevated
credit costs. This was further exacerbated by the impact from
COVID-19 and accelerated de-risking. However, the Group seems to
have reversed this trend, reporting a net profit of EUR 780 million
in 9M 2022, which compares with a net loss of EUR 3.1 billion in 9M
2021. Excluding one-off items in both periods, net profit would
have gone up 72% YoY in 9M 2022. Notwithstanding reduced net
interest income due to de-risking, and the volatility in the
financial markets, total revenues were up 6% YoY in 9M 2022,
underpinned by higher net fees, and sizeable other non-interest
income, including the gain on the disposal of the merchant
acquiring business. In 9M 2022, the Group's cost-to-income ratio
was 48% on an underlying basis, up from 45% in 9M 2021. Loan
impairment charges were EUR 512 million in 9M 2022, markedly down
from EUR 4.1 billion in 9M 2021, although still implying a sizeable
annualized cost of risk of 190 bps. We see the Group's
profitability as progressively improving, against the backdrop of
higher interest rates and a reduction in cost of risk due to the
improved risk profile.

Risk Combined Building Block (BB) Assessment: Weak/Very Weak

Piraeus's asset quality metrics have improved significantly in
recent years, mainly through NPE sales and securitizations under
the Hercules Asset Protection Scheme (HAPS), however they remain
weak by international standards. As of end-September 2022, gross
NPEs were EUR 3.3 billion, down 44% YoY, and down 85% compared to
end-2020. Nevertheless, this translates to a still material gross
NPE ratio of 8.7% as of end-September 2022, down from 16.6% one
year earlier. We consider positive the increase in the Group's NPE
cash coverage to 49.4% as of end-September 2022 from 38.9% one year
earlier, based on total loan loss reserves. Also, the Group's new
loan generation was above expectations, up 46% YoY in 9M 2022,
mostly driven by corporate activity and projects connected with the
European Recovery and Resilience Facility (RRF) funds program, a
trend we expect to continue.

Net NPE formation remained negative in 9M 2022, as manageable new
NPE inflows were more than offset by NPE outflows, sales, and
write-offs, despite the expiry of the pandemic-related support
measures. Our view is that new NPE inflows could increase in the
coming quarters due to the deterioration in the operating
environment. Nonetheless, our expectation is that Piraeus should be
able to preserve a stronger risk profile compared to its recent
past, on the back of continued de-risking and net credit expansion
as well as more robust NPE coverage.

Funding and Liquidity Combined Building Block (BB) Assessment:
Moderate

DBRS Morningstar considers that the Group's funding profile has
improved recently, driven by increasing customer deposits, up 9%
YoY as of end-September 2022, as well as recourse to ECB sources
and to the interbank market, and enhanced access to capital
markets, including the issuance of a EUR 350 million senior
preferred bond completed in November 2022. However, funding
diversification remains only moderate, with customer deposits
accounting for 77% of Piraeus's total funding as of end-September
2022, followed by ECB funding (19%), debt securities issued (3%),
and interbank market (1%). The loan book deleveraging coupled by
deposit accumulation led to a reduction in the net loan-to-deposit
ratio to 63% at end-September 2022. The Group's Liquidity Coverage
Ratio (LCR) and its Net Stable Funding Ratio (NSFR) were 192% and
129% respectively as of end-September 2022, and upcoming bond
maturities are manageable. Nonetheless, we consider the funding and
liquidity profile to remain potentially vulnerable to shocks should
Piraeus struggle to continue to demonstrate structural improvements
in its credit fundamentals.

Capitalization Combined Building Block (BB) Assessment: Weak/Very
Weak

Despite the recent improvement thanks to restored organic capital
generation and capital management actions, we still view the
Group's capital position as relatively weak, due to the impact from
massive de-risking. As of October 1, 2022, and pro-forma for a bond
portfolio reclassification from Fair Value Through Other
Comprehensive Income (FVOCI) to Amortized Cost (AC), Piraeus
reported phased-in CET1 and Total Capital ratios of 12.2% and 16.8%
respectively, up from 9.9% and 14.4% at end-September 2021. As a
result, the capital buffers were 271 bps and 257 bps respectively
over the SREP minimum requirements for CET1 and Total Capital
ratios, excluding the ECB's relaxation of requirements which will
end on January 1, 2023. We see the reduction in the Group's Pillar
2 Requirement (P2R) for 2022 by 25 bps to 3% as a testament to its
overall strengthened credit profile. On a pro-forma basis, fully
loaded CET1 and Total Capital ratios were 10.7% and 15.4%
respectively, implying buffers of around 120 bps. We see the
Group's capitalization as set to benefit from more sustained
internal capital generation going forward, on the back of higher
interest rates, reduced credit costs, and a lower burden from
unreserved NPEs. The Group's capital structure, however, remains
weak due to sizeable deferred tax credits representing 94% of CET1
Capital as of end-September 2022.

Notes: All figures are in EUR unless otherwise noted.




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

BRIDGEPOINT CLO IV: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Assigns Bridgepoint CLO IV DAC Expected Ratings.

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

   Entity/Debt             Rating        
   -----------             ------        
BridgePoint CLO
IV DAC

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

TRANSACTION SUMMARY

Bridgepoint CLO IV DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. The note proceeds have been used
to fund an identified portfolio with a target par of EUR319m. The
portfolio is managed by Bridgepoint Credit Management Limited. The
CLO envisages a four-year reinvestment period and a seven-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor of the identified
portfolio is 24.98.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.83.

Diversified Portfolio (Positive): At closing, the matrices will be
based on a top 10 obligors limit of 21%, and maximum fixed-rate
asset limits of 15.0% and 7.5%. The transaction includes various
concentration limits, including the maximum exposure to the three
largest (Fitch-defined) industries in the portfolio at 45%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

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

Cash-flow Modelling (Neutral): The WAL used for the transaction
stress portfolio is 12 months less than the WAL covenant to account
for strict reinvestment conditions after the reinvestment period,
including the OC tests and Fitch 'CCC' limit passing together with
a linearly decreasing WAL covenant. This ultimately reduces the
maximum possible risk horizon of the portfolio when combined with
loan pre-payment expectations.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in a downgrade of up to four notches.

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high levels
of defaults and portfolio deterioration.

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

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

After the end of the reinvestment period, upgrades may occur on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

DATA ADEQUACY

BridgePoint CLO 4 DAC

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

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

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



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

EMERALD ITALY 2019: Fitch Puts 'Bsf' Cl. D Debt Rating UCO
----------------------------------------------------------
Fitch Ratings has placed 37 EMEA CMBS ratings Under Criteria
Observation (UCO) following the publication of its EMEA CMBS and
CRE Loan Rating Criteria on 16 December 2022.

   Entity/Debt          Rating                             Prior
   -----------          ------                             -----
Emerald Italy
2019 S.R.L.

   A IT0005387896    LT A-sf  Under Criteria Observation    A-sf
   B IT0005387953    LT BBBsf Under Criteria Observation   BBBsf
   C IT0005387961    LT BB-sf Under Criteria Observation   BB-sf
   D IT0005387979    LT Bsf   Under Criteria Observation     Bsf

Logicor 2019-1
UK PLC
  
   £900,000,000
   Fixed Rate
   1.875 per cent.
   Notes due 2031
   XS2066013611      LT AAsf  Under Criteria Observation    AAsf

Deco 2019 –
Vivaldi S.r.l.
  
   A IT0005372435    LT Asf   Under Criteria Observation     Asf
   C IT0005372468    LT Bsf   Under Criteria Observation     Bsf

EOS (EUROPEAN LOAN
CONDUIT NO. 35) DAC
  
   D XS2008991643    LT AA-sf Under Criteria Observation   AA-sf

Canary Wharf
Finance II Plc

   Class A1
   XS0112279616      LT AAAsf Under Criteria Observation   AAAsf

   Class A3
   XS0130681512      LT AAAsf Under Criteria Observation   AAAsf

   Class A7
   XS0295171341      LT AAAsf Under Criteria Observation   AAAsf

Last Mile
Securities - PE
2021 DAC
  
   A2 XS2320421501   LT AA+sf Under Criteria Observation   AA+sf
   B XS2320420529    LT AA-sf Under Criteria Observation   AA-sf
   C XS2320420875    LT A-sf  Under Criteria Observation    A-sf
   D XS2320421683    LT BBB-sf Under Criteria Observation BBB-sf
   E XS2320421766    LT BB-sf Under Criteria Observation   BB-sf
   F XS2320421410    LT Bsf   Under Criteria Observation     Bsf

The Trafford
Centre Finance
Ltd

   Class B 7.03%
   Secured Notes
   due 2029
   XS0108043968      LT BBsf  Under Criteria Observation    BBsf

   Class B2
   Floating Rate
   Secured Notes
   Due 2038
   XS0222489014      LT BBsf  Under Criteria Observation    BBsf

   Class B3 Fixed
   rate notes
   XS1031629808      LT BBsf  Under Criteria Observation    BBsf

Meadowhall Finance
PLC
  
   Class A1 Tap
   Issue
   XS0278325476      LT A+sf  Under Criteria Observation    A+sf

   Class A2
   Floating Notes
   Tap Issue
   XS0278327415      LT A+sf  Under Criteria Observation    A+sf

   Class M1
   Floating Notes
   XS0278328496      LT Bsf   Under Criteria Observation     Bsf

Taurus 2021-4 UK
DAC

   B XS2368100389    LT AA-sf Under Criteria Observation   AA-sf
   C XS2368105008    LT A-sf  Under Criteria Observation    A-sf
   D XS2368114505    LT BBB-sf Under Criteria Observation BBB-sf
   E XS2368115494    LT BB-sf Under Criteria Observation   BB-sf
   F XS2368118167    LT B+sf  Under Criteria Observation    B+sf

Arrow CMBS 2018
DAC

   D XS1906450611    LT BBB+sf Under Criteria Observation BBB+sf

Taurus 2018 - 2 UK  
DAC

   B XS1856354730    LT AA+sf Under Criteria Observation   AA+sf

Taurus 2019-2 UK
DAC
  
   Class B
   XS2049075877      LT AAsf  Under Criteria Observation    AAsf

   Class C
   XS2049076339      LT Asf   Under Criteria Observation     Asf

   Class D
   XS2049077147      LT BBBsf Under Criteria Observation   BBBsf

   Class E
   XS2049081925      LT BBsf  Under Criteria Observation    BBsf

PIETRA NERA
UNO S.R.L.

   A IT0005324402    LT Asf   Under Criteria Observation     Asf
   C IT0005324428    LT BBsf  Under Criteria Observation    BBsf  

Usil (European
Loan Conduit No.
36) DAC

   F XS2069482052    LT Bsf   Under Criteria Observation     Bsf

KEY RATING DRIVERS

EMEA CMBS and CRE Loan Rating Criteria Updated: Fitch published its
EMEA CMBS and CRE Loan Rating Criteria on 16 December 2022. The
criteria incorporated a number of updates, including an overhaul of
how guidance assumptions are derived. The expected rating impact is
estimated at up to four notches on the upside and one notch on the
downside. Rating changes are more likely for investment-grade
tranches with the overall effect across transactions being weighted
towards upgrades.

UCO indicates the possibility of rating change as a result of the
application of the new criteria. Fitch will resolve the UCO status
on a transaction-specific basis by undertaking a full review of
each transaction with the new criteria and either affirming,
upgrading or downgrading each rating. Fitch will resolve the UCO
status of all ratings by 16 June 2023.

DATA ADEQUACY

Fitch has not conducted any checks on 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.

TAURUS 2018-1: DBRS Confirms BB(high) Rating on Class D Notes
-------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings on all classes of the
Commercial Mortgage-Backed Floating Rate Notes (the Notes) issued
by Taurus 2018-1 IT S.R.L. (the Issuer) and changed the trends on
the Class B to D Notes to Negative from Stable.

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at BBB (high) (sf)
-- Class D Notes at BB (high) (sf)

The trend on the Class A Notes remained Stable.

The rating confirmations reflect the transaction's continued stable
performance over the last year and improving financial metrics. The
trend change reflects macroeconomic volatility concerns and the
lack of liquidity, particularly affecting the retail sector in
Italy, ahead of the last remaining loan's expected maturity in
February 2023. The borrower proposed a restructure and requested a
loan and note extension, which requires noteholders' written
consent via extraordinary resolution. A transaction notice
outlining the proposed amendment was published announcing that the
first noteholders meeting will be held on December 22, 2022.

The transaction is a securitization of one floating-rate senior
commercial real estate loan (the Bel Air loan). The Logo and
Camelot loans that also formed part of the original transaction
have been fully repaid since origination. The remaining Bel Air
loan, which is sponsored by Partners Group L.P. (Partners Group)
and managed by Kryalos Asset Management S.r.l., is currently backed
by five shopping centers in Italy.

The outstanding Bel Air loan amount was EUR 78.0 million as of the
November 2022 interest payment date (IPD) compared with EUR 110.0
million at the cut-off date in May 2018. This loan was initially
backed by a portfolio of six shopping centers. Since then, one
property—Primavera shopping Centre—was sold in June 2020. A
voluntary prepayment of EUR 5 million was made in November 2020
when the loan breached the debt yield (DY) cash trap covenants and
an additional prepayment of EUR 4.6 million in cash-trapped funds
was applied on the May 2021 IPD. A further amortization of EUR
200,000 occurred in August 2022 because a small parcel of the
Borgogioioso shopping Centre was sold.

Based on market value (MV), 65% of the portfolio is located in
southern Italy and 35% is located in northern and central Italy. No
asset in the portfolio represents more than 35% of the gross rental
income (GRI) and 38% of the portfolio's MV.

The latest servicer report indicates a GRI of EUR 15.4 million as
of November 2022, which is 12.7% higher than the GRI reported on
the November 2021 IPD. The top 10 tenants represent 25.0% of the
GRI and weighted-average lease term is 4.5 years. As of the
November 2022 IPD, the occupancy stands at 96.1%. The footfall
increased 14% as of the last twelve months (LTM) that ended
September 2022 compared with the LTM as of September 2021. Sales
have nearly returned to pre-Coronavirus Disease (COVID-19) levels
and represent an increase of 15% as of the LTM per September 2022
compared with the LTM per September 2021 and a decrease of 6%
compared with the LTM per September 2019.

The portfolio exhibits improving financial metrics in terms of
leverage and DY. Due to the loan's deleveraging, the loan-to-value
ratio declined to 42.6% as of the November 2022 IPD, which is based
on the most recent valuation of EUR 182.84 million produced by Jon
Lang Lasalle dated December 31, 2021, from 51.0% at issuance. The
portfolio's DY climbed to 15.6% as of the November 2022 IPD from
13.4% at issuance. There was no continuing default or cash trap
event as of the November 2022 IPD.

DBRS Morningstar previously updated its underwriting net cash flow
(NCF) for the Bel Air portfolio by removing the contribution
generated by the Primavera asset that was sold without amending the
capitalization rates it applied. DBRS Morningstar maintained its
NCF assumption at EUR 8.1 million since origination by deducting
only the contribution of the asset sold. In addition, DBRS
Morningstar maintained its cap rate assumption at 7.3%, which
translates to a DBRS Morningstar value of EUR 110.1 million,
representing a 39.3% haircut to the most updated MV.

The loan is non-amortizing with bullet repayment at the maturity
date in February 2023. The borrower has no further extension
options. The loan bears interest at a floating rate equal to
three-month Euribor (subject to a floor of zero) plus a margin of
2.5%.

The transaction benefits from a liquidity reserve facility of EUR
3.96 million available to the Class A and Class B Notes. Based on
the Euribor cap strike rate of 1.25%, DBRS Morningstar estimated
that the liquidity reserve would cover 31 months. Based on the
Euribor cap of 4%, DBRS Morningstar estimates that the liquidity
reserve would cover 15 months of interest payment shortfalls.

The transaction is structured with a seven-year tail period to
allow the special servicer to work out the loans at final legal
note maturity in May 2030. DBRS Morningstar believes that the
underlying loan's security structure and jurisdiction provide
sufficient time to enforce on the loan collateral, if necessary,
and repay the noteholders.

Notes: All figures are in euros unless otherwise noted.




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

LSF11 BOSON: DBRS Confirms BB Rating on Class C Notes
-----------------------------------------------------
DBRS Ratings GmbH confirmed the ratings on the notes (the rated
notes) issued by LSF11 Boson Investments S.a.r.l. (Compartment 2)
(the Issuer) and changed the trends to Stable from Negative.

-- Class A1 at A (low) (sf)
-- Class A2 at BBB (high) (sf)
-- Class B at BB (high) (sf)
-- Class C at BB (sf)

The ratings on the Class A1 and Class A2 notes (together, the Class
A notes) address the timely payment of interest and the ultimate
repayment of principal by the final legal maturity date. The
ratings on the Class B and Class C notes address the ultimate
payment of interest and principal. DBRS Morningstar's ratings do
not address payments of Additional Note Payments (as defined in the
transaction documents). DBRS Morningstar does not rate the Class D
or Class P notes (together with the rated notes, the notes) issued
in this transaction.

The notes are collateralized by a pool of secured Spanish
nonperforming loans (NPLs) and real estate owned assets (REOs)
originated by Banco de Sabadell S.A (Sabadell) and acquired by Lone
Star from Sabadell via one of its subsidiaries, LSF11 Boson
Investments S.a.r.l. (Compartment 1) (formerly LSF113 S.a.r.l.; the
transferor) in December 2020 (the original purchase date). In July
2021, Sabadell and the transferor also entered into a
subparticipation agreement in respect of certain nonaccelerated
loans included in the portfolio. The transferor allocated all its
contractual positions to the Issuer in 2021. As of the July 2021
cut-off date, the gross book value of the loan pool was
approximately EUR 626.8 million and the total outstanding balance
of the subparticipated loans was EUR 21.7 million. The total real
estate value (REV) backing the portfolio amounted to EUR 564.9
million and mostly consisted of residential properties situated in
Spain (93.8% by REV). About 5.4% of the real estate assets by value
were already repossessed as of the cut-off date.

Servihabitat Servicios Inmobiliarios, S.L.U. services the secured
loans and REOs. Hudson Advisors Spain, S.L.U. is the asset manager
and backup administrator facilitator and, as such, acts in an
oversight and monitoring capacity, providing input on asset
resolution strategies.

RATING RATIONALE

The rating confirmations and changed trends follow a review of the
transaction and are based on the following analytical
considerations:

-- Transaction performance: Assessment of the portfolio recoveries
as of July 31, 2022, with a focus on: (1) a comparison of actual
gross collections against the servicer's initial business plan
forecast; (2) the collection performance observed over the past
months; and (3) a comparison of current performance and DBRS
Morningstar's expectations.

-- Portfolio characteristics: Loan pool composition as of 31 July
2022 and the evolution of its core features since issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the notes (i.e., the
Class A2 notes will begin to amortize following the full repayment
of the Class A1 notes unless an enforcement notice has been
delivered, the Class B notes will begin to amortize following the
full repayment of the Class A2 notes, and the Class C notes will
begin to amortize following the full repayment of the Class B
notes).

-- Liquidity support: The Class A, Class B and Class C reserve
funds provide liquidity support to the respective classes of notes
and currently stand at EUR 10.2 million, EUR 0.8 million and EUR
1.4 million, respectively (amounts at closing of EUR 11.0 million,
EUR 1.0 million and EUR 1.8 million, respectively, and target
amounts equivalent to 5.0%, 8.25%, and 11.0% of the outstanding
balances, respectively).

-- The exposure to the transaction account bank and the downgrade
provisions outlined in the transaction documents.

Additionally, the Issuer operating expenses account, the Issuer
general account, and the REO company (ReoCo) general account are
aimed at providing support to both the Issuer and the ReoCo in
respect of operating expenses, corporate costs, servicing fees and
expenses, and subparticipation fees since inception. The accounts
were funded at closing with proceeds from the issuance of the notes
at EUR 1.0 million, EUR 2.0 million, and EUR 3.0 million,
respectively, and they are replenished on each interest payment
date (IPD) for an amount equal to the estimated budget for the
following two IPDs. The total balance of the three accounts as of
the August IPD was EUR 6.8 million.

According to the latest investor report dated 24 August 2022, the
principal amount outstanding on the Class A1, Class A2, Class B,
Class C, Class P, and Class D notes was EUR 173.9 million, EUR 20.0
million, EUR 12.0 million, EUR 16.0 million, EUR 2.0 million and
EUR 376.8 million, respectively. The balance of the Class A1 notes
has amortized by approximately 13.1% since issuance. The current
aggregated transaction balance is EUR 600.7 million.

As of August 2022, the transaction was performing significantly
above the servicer's initial expectations. The actual cumulative
collections (before servicing fees and corporate costs) was EUR
29.6 million, whereas the servicer's initial business plan
estimated cumulative collections (before servicing fees and
corporate costs) of EUR 11.1 million for the same period.
Therefore, as of August 2022, the transaction was overperforming by
EUR 18.5 million (+166.3%) compared with initial expectations.

At issuance, DBRS Morningstar estimated cumulative collections
(before servicing fees and corporate costs) for the same period of
EUR 4.0 million at the A (low) (sf) stressed scenario, EUR 4.0
million at the BBB (high) (sf) stressed scenario, EUR 4.3 million
at the BB (high) (sf) stressed scenario, and EUR 4.3 million at the
BB (sf) stressed scenario. Therefore, as of August 2022, the
transaction was overperforming compared with DBRS Morningstar's
initial stressed expectations.

The updated DBRS Morningstar A (low) (sf), BBB (high) (sf), BB
(high) (sf), and BB (sf) rating stresses assume haircuts of 40.2%,
39.1%, 34.6%, and 33.5% to the servicer's executed business plans,
respectively, considering future expected collections (before
servicing fees and corporate costs).

The final maturity date of the transaction is 30 November 2060.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. For this transaction, DBRS Morningstar incorporated its
expectation of a moderate medium-term decline in commercial real
estate prices for certain property types.

Notes: All figures are in euros unless otherwise noted.




===============
P O R T U G A L
===============

ARES LUSITANI: DBRS Confirms B(high) Rating on Class D Notes
------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by Ares
Lusitani - STC, S.A. (Pelican Finance No. 2) (the Issuer) as
follows:

-- Class A Notes at AA (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at B (high) (sf)

The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal final maturity date in January 2035. The ratings on the Class
B, Class C, and Class D Notes (together with the Class A Notes, the
rated notes) address the ultimate payment of interest while junior
to other outstanding classes of notes but the timely payment of
scheduled interest when they are the senior-most tranche, and the
ultimate repayment of principal by the legal final maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the November 2022 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the rated notes to
cover the expected losses at their respective rating levels.

The transaction is a static securitization of Portuguese consumer
and auto loan receivables originated and serviced by Caixa
Economica Montepio Geral and Montepio Credito - Instituicao
Financeira de Credito, S.A.. The transaction closed in December
2021 with an initial portfolio balance of EUR 356.8 million, and
has been repaying principal on the rated notes on a pro rata basis
since.

PORTFOLIO PERFORMANCE

As of the November 2022 payment date, loans that were 0 to 30, 30
to 60, and 60 to 90 days delinquent represented 1.7%, 0.4%, and
0.1% of the outstanding collateral balance, respectively. Gross
cumulative defaults, defined as loans more than 90 days in arrears,
amounted to 0.5% of the original collateral balance, of which 7.5%
has been recovered to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 5.6% and 42.2%, respectively.

CREDIT ENHANCEMENT

Credit enhancement to the rated notes is provided by subordination
of the respective junior obligations and, partially, the cash
reserve, as amortized amounts are released as principal available
funds to amortize the notes. As of the November 2022 payment date,
credit enhancement to the Class A, Class B, Class C , and Class D
Notes was 20.5%, 14.8%, 9.9% and 4.5%, respectively, up from 20.0%,
14.2%, 9.3% and 3.9%, respectively, at the time of the initial
ratings date 12 months ago.

The transaction benefits from an amortizing cash reserve, funded at
closing to EUR 3.43 million, and has a target balance equal to 1.0%
of the outstanding balance of the rated notes, subject to a floor
of EUR 1.78 million. The reserve provides liquidity support to the
transaction as it is available to cover senior expenses and
interest payments on the Class A Notes. As of the November 2022
payment date, the reserve was equal to its target balance of EUR
2.55 million.

Citibank N.A., London Branch (Citibank London) acts as the account
bank for the transaction. Based on DBRS Morningstar's private
rating on Citibank London, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

Credit Agricole Corporate and Investment Bank (CACIB) acts as the
cap counterparty for the transaction. DBRS Morningstar's private
rating on CACIB is consistent with the first rating threshold as
described in DBRS Morningstar's "Derivative Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.




=============
R O M A N I A
=============

ALTUR: Lodges Application to Launch Insolvency Proceedings
----------------------------------------------------------
Razvan Timpescu at SeeNews reports that the board of directors of
Romanian aluminium car parts manufacturer Altur said it approved
the opening of insolvency proceedings and plans to reorganise the
company's operations.

The company submitted to the Olt County court an application for
the launch of insolvency proceedings, it said in a filing to the
Bucharest Stock Exchange on Jan. 3, SeeNews relates.

According to SeeNews, Altur also declared before the court its
intention to restructure the company's activities on the basis of a
reorganisation plan, it added without elaborating.

During the first three quarters of 2022, the company booked a
turnover of RON103.8 million (US$22.3 million/EUR21 million) and
swung to a net profit of RON3.2 million, compared to a net loss of
RON3.4 million in the like period of the previous year, SeeNews
discloses.

In 2021, the company registered a net loss of RON7 million (US$1.49
million/EUR1.42 million) on a turnover of RON93.5 million, SeeNews
relays, citing the latest data published on the finance ministry's
website.



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

AUTONORIA SPAIN 2019: DBRS Confirms BB Rating on Class E Notes
--------------------------------------------------------------
DBRS Ratings GmbH confirmed the following ratings on the bonds
(together, the rated notes) issued by Autonoria Spain 2019, FT (the
Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (sf)
-- Class G Notes at C (sf)

The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal final maturity date. The ratings on the Class B, Class C,
Class D, Class E, Class F, and Class G Notes address the ultimate
payment (then timely as most-senior class) of interest and the
ultimate repayment of principal by the legal final maturity date in
December 2035.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the October 2022 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

The transaction is a securitization backed by retail auto loan
receivables associated with a portfolio of new and used vehicle
loans originated by Banco Cetelem S.A.U. (Banco Cetelem) to Spanish
borrowers. The transaction included an initial one-year revolving
period, which ended on the December 2020 payment date.

PORTFOLIO PERFORMANCE

As of the October 2022 payment date, loans that were one to two
months delinquent represented 0.2% of the portfolio balance while
loans that were two to three months and loans more than three
months delinquent both represented 0.1% of the portfolio balance.
Gross cumulative defaults in terms of the initial portfolio
balance, including additional purchases that occurred during the
revolving period, amounted to 0.7%, of which 51.2% has been
recovered so far.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan review of the remaining
pool of receivables and maintained its base case PD and LGD
assumptions at 4.4% and 85.3%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior class of notes provides
credit enhancement to the rated notes. As of the October 2022
payment date, credit enhancements to the Class A, Class B, Class C,
Class D, Class E, Class F, and Class G Notes have remained
unchanged since closing at 21.0%, 18.0%, 12.5%, 7.0%, 5.0%, 2.5%,
and 0%, respectively, because of the pro rata amortization of the
notes. If a sequential redemption event is triggered, the principal
repayment of the notes will become sequential and nonreversible.

The structure benefits from a liquidity reserve that was funded at
closing and is available to cover interest deficiencies on the
rated notes if principal collections are not sufficient to cover
shortfalls. The liquidity reserve is currently at its target of EUR
4.65 million. The target amount may be maintained through the
transaction's priority of payments during the normal redemption
period, up to the earlier of the full repayment of the Class D
Notes or the commencement of the accelerated amortization period.
Once the Class D Notes have been redeemed, the target amount will
be set at zero.

BNP Paribas S.A. Sucursal en Espana acts as the account bank for
the transaction. Based on DBRS Morningstar's private rating on BNP
Paribas S.A. Sucursal en Espana, the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the rated notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

Banco Cetelem acts as the swap counterparty for the transaction,
which in turn is guaranteed by BNP Paribas Personal Finance. DBRS
Morningstar's private rating on BNP Paribas Personal Finance is
consistent with the first rating threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


MIRAVIT 2019: DBRS Hikes Class E Notes Rating to BB(high)
---------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the bonds
issued by Miravet S.a r.l. acting on behalf of its Compartment
2019-1 (Miravet 2019) and Compartment 2020-1 (Miravet 2020), as
follows:

Miravet 2019:

-- Class A notes confirmed at AAA (sf)
-- Class B notes upgraded to A (high) (sf) from A (low) (sf)
-- Class C notes upgraded to BBB (high) (sf) from BBB (low) (sf)
-- Class D notes upgraded to BBB (sf) from BB (high) (sf)
-- Class E notes upgraded to BB (high) (sf) from B (high) (sf)

Miravet 2020:

-- Class A notes confirmed at AAA (sf)
-- Class B notes upgraded to A (high) (sf) from A (sf)
-- Class C notes upgraded to BBB (high) (sf) from BBB (low) (sf)
-- Class D notes upgraded to BB (high) (sf) from BB (sf)
-- Class E notes confirmed at B (low) (sf)

The ratings on the Class A notes in both transactions address the
timely payment of interest and the ultimate payment of principal on
or before the legal final maturity dates in May 2065. The ratings
on the Class B, Class C, Class D, and Class E notes in both
transactions address the ultimate payment of interest and principal
on or before the legal final maturity dates in May 2065.

The rating actions follow an annual review of the transactions and
are based on the following analytical considerations:

-- Portfolio performances, in terms of delinquencies, defaults,
and losses, as of the November 2022 payment dates;

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the rated notes to
cover the expected losses at their respective rating levels.

The transactions are securitizations of residential mortgage loans
originated by Catalunya Banc S.A., Caixa d'Estalvis de Catalunya,
Caixa d'Estalvis de Tarragona, and Caixa d'Estalvis de Manresa, all
entities currently integrated into Banco Bilbao Vizcaya Argentaria,
S.A. (BBVA). BBVA acts as collection account bank and master
servicer, with servicing operations delegated to Anticipa Real
Estate, S.L.U. at closing and then transferred to Pepper Spanish
Servicing, S.L.U. (Pepper).

Both portfolios exhibit a high percentage of loans that have been
restructured or benefitted from a grace period in the past, or
those that have credit line facilities. Additionally, the
portfolios are highly concentrated in the autonomous region of
Catalonia (72.0% and 73.8% for Miravet 2019 and Miravet 2020,
respectively, as of the October 2022 cut-off dates).

Both transactions are static with a first optional redemption date
at the November 2024 payment date for Miravet 2019 and at the
November 2023 payment date for Miravet 2020. Additionally, the
transactions' step-up coupon dates are the November 2024 payment
date for Miravet 2019 and the November 2025 payment date for
Miravet 2020.

PORTFOLIO PERFORMANCE

The delinquency levels have been high since the initial ratings on
both transactions. As of the October 2022 cut-off dates, mortgages
one to three months in arrears and more than three months in
arrears were as follows:

-- Miravet 2019: 3.7% and 12.5%, respectively, compared with 4.6%
and 11.3%, respectively, as of the October 2021 cut-off date; and

-- Miravet 2020: 3.9% and 12.0%, respectively, compared with 4.2%
and 11.9%, respectively, as of the October 2021 cut-off date.

As of the October 2022 cut-off dates, the gross cumulative default
ratios were as follows:

-- Miravet 2019: 7.3%, up from 5.5% as of the October 2021 cut-off
date; and

-- Miravet 2020: 7.7%, up from 6.1% as of the October 2021 cut-off
date.

Cumulative losses of the initial portfolio balances remain
immaterial at 0.1% for both transactions.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions as follows:

-- Miravet 2019: 20.7% and 24.1%, respectively; and
-- Miravet 2020: 20.3% and 24.1%, respectively.

CREDIT ENHANCEMENT

The credit enhancement (CE) to all the notes consists of the
subordination of their respective junior notes. As of the November
2022 payment dates, the CE to the notes had increased since the
November 2021 payment dates as follows:

Miravet 2019:

-- Class A to 41.5% from 37.4%;
-- Class B to 26.6% from 23.9%;
-- Class C to 21.3% from 19.1%;
-- Class D to 19.5% from 17.5%; and
-- Class E to 17.9% from 16.0%.

Miravet 2020:

-- Class A to 41.4% from 37.4%;
-- Class B to 26.4% from 23.8%;
-- Class C to 20.3% from 18.2%;
-- Class D to 18.1% from 16.3%; and
-- Class E to 16.0% from 14.3%.

Both transactions benefit from amortizing liquidity reserves,
funded via the Class Z notes issuance and available to cover senior
fees, Class A interest, and Class X interest. As of the November
2022 payment dates, the liquidity reserves for Miravet 2019 and
Miravet 2020 were at their target levels of EUR 5.9 million and EUR
12.5 million, respectively.

Elavon Financial Services DAC (Elavon) acts as the account bank for
both transactions. Based on DBRS Morningstar's private rating on
Elavon, the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent to the
transactions' structures, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

BNP Paribas SA (BNP Paribas) acts as the interest cap provider for
both transactions. DBRS Morningstar's Long Term Critical
Obligations Rating of AA (high) on BNP Paribas is above the first
rating threshold as described in DBRS Morningstar's "Derivative
Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.




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

SWEDEN: Bankruptcies Hit Record High in Second Half of 2022
-----------------------------------------------------------
Al Mayadeen reports that the accelerating rate of inflation, the
high electricity prices, and the number of bankruptcies in Sweden
rose to the highest level during the second half of 2022.

The Swedish government said the Nordic country is entering a
long-term recession that is expected to last until 2025, with
shrinking GDP and rising unemployment, Al Mayadeen relates.

According to Al Mayadeen, the business and credit reference agency
UC said the number of bankruptcies in Sweden reached a decade high
in the second half of 2022.

Between July and December 2022, there were 22% more bankruptcies
than in the same period in 2021, casting doubt on the post-COVID
recovery and the early-year optimism, Al Mayadeen discloses.

By easing pandemic-related restrictions, Sweden observed the lowest
number of bankruptcies on record in 2021, Al Mayadeen states.  The
year 2022 also started on a high note, but the situation quickly
deteriorated, Al Mayadeen notes.

Nearly 3,500 businesses declared bankruptcy in the second half of
the year alone, nearly 300 more than in 2013, according to UC, when
the previous high was set, Al Mayadeen discloses.  The proportion
of bankruptcies was highest in hotels, restaurants, and retailers,
with the figures generally worsening month after month, according
to Al Mayadeen.

The ongoing Ukraine conflict, the accelerating rate of inflation,
and the high electricity prices that resulted from the EU's
ill-conceived sanctions against Russia, which only exacerbated
Europe's energy crisis, were blamed by the agency for the
escalating bankruptcy crisis, Al Mayadeen states.

It also predicted a "tough 2023," with smaller companies facing
"liquidity setbacks as a result of increased electricity and
purchase costs, as well as interest."  Furthermore, it predicted an
increase in bankruptcies and a long-term decline in the number of
startups, Al Mayadeen notes.

According to Al Mayadeen, credit information company Creditsafe
took a similar stance, calling the recent surge in bankruptcies
"the start of a major bankruptcy wave." "The forecast is that
bankruptcies will continue to increase in the coming years,"
Creditsafe CEO Henrik Jacobsson said in a statement, citing piling
debts.

"Many companies that historically would have gone bankrupt survived
the pandemic thanks to government support but with deferred tax
liabilities that are creeping ever closer.  Add to that higher
interest costs, high electricity and fuel prices, and a recession.
We are in an uncertain environment with extremely many warning
signals," Al Mayadeen quotes Mr. Jacobsson as saying.


SWEDEN: To Offer Tax Deferral to Businesses to Ease Pressure
------------------------------------------------------------
The Local Sweden reports that high energy prices and high inflation
are hitting Sweden's businesses hard.

According to The Local Sweden, with energy price subsidies for
these consumers delayed, the government is now extending existing
tax deferral schemes implemented during the pandemic to ease the
pressure.

Finance Minister Elisabeth Svantesson and Energy and Business
Minister Ebba Busch announced the scheme at a press conference on
Dec. 29, The Local Sweden relates.

"Many, many companies are now struggling with their liquidity," The
Local Sweden quotes Mr. Svantesson as saying.

The deferral scheme is similar to that proposed by the previous
government in order to ease the effects of the Covid-19 pandemic on
companies, which was due to run out in February, The Local Sweden
states.  The government has now proposed extending this scheme,
allowing companies to delay their tax payments, The Local Sweden
notes.

According to rough estimates, the government believes that around
12,000 companies will apply for tax deferral, which would mean
around SEK16 billion in tax payments being delayed until a later
date, The Local Sweden relays.

Foeretagarna, Sweden's largest organisation of business owners
representing around 60,000 companies across different branches, has
welcomed the move, despite also voicing criticism that it's just
pushing these problems further into the future.

"It's a loan and all loans need to be paid back over time,"
Foeretagarna's CEO Guenther Marder said.

Mr. Foeretagarna did, however, agree that the scheme will be
necessary for some businesses to survive,
The Local Sweden notes.

"Most companies going under are doing so because of liquidity
problems, and this new measure will strengthen liquidity in the
short-term," Mr. Marder said, adding that the measure could "save
businesses".

However, with many businesses already owing back taxes delayed
during the pandemic, Mr. Marder believes this could just be adding
to the mountain of debt already faced by some companies, according
to The Local Sweden.

The Confederation of Swedish Enterprise is positive towards the
government's proposal, adding that the many Swedish companies are
currently in a difficult situation, The Local Sweden relates.

"Since the repayment of bottleneck revenues [energy price
subsidies] is delayed, it is good and fair that companies have the
opportunity to extend their tax deferrals," The Local Sweden quotes
Jonas Frycklund, vice chief finance officer of the Confederation of
Swedish Enterprise as saying in a statement.

"This will lower the risk of having to let employees go
unnecessarily."




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

BERRY SUPERFOS: Faces Closure, 95 Jobs at Risk
----------------------------------------------
BBC News reports that a factory that produces plastic packaging for
supermarkets could close with the possible loss of 95 jobs.

According to BBC, a consultation is ongoing with workers at Berry
Superfos Thermoforming in Corby, Northamptonshire, regarding the
possible closure.

Berry Global Group has proposed the closure to "streamline
operations, increase capacity utilization, and best serve its
customers", BBC relates.

The company said it would "work diligently" to help those affected,
BBC notes.

"If the closure moves forward, approximately 95 employees will be
impacted," BBC quotes a spokeswoman as saying. "Should this be the
case, we will work diligently to help those employees affected with
a job loss to identify new opportunities in the Corby community and
at other Berry locations."


CINEWORLD GROUP: Shut Down 23 Theater Sites Since Bankruptcy
------------------------------------------------------------
Thomas Buckley at Bloomberg News reports that Cineworld Group Plc
has shuttered 23 theater sites since filing for bankruptcy last
year and plans many more closures, according to a legal adviser in
a restructuring hearing Wednesday (Jan. 4).

Bloomberg relates that the cuts so far represent about 5% of the
company's theater count in August. The world's second-largest
cinema chain now has 478 sites.

The closures are potentially good news for other theater operators,
which will have less competition for customers, notes Bloomberg
News.  The theater industry has suffered from a dearth of films and
consumers still skittish to return to cinemas during the pandemic,
it adds.

According to the report, the owner of Regal theaters in the US and
Cineworld theaters in the UK said it will consider more closures of
venues that aren't turning a profit. Cineworld, which is based in
London, has also been renegotiating its theater leases with
landlords, the report notes.

Earlier this week, Cineworld said it would run a sale process
focused on proposals for the group as a whole and will begin talks
with interested parties starting this month, Bloomberg recalls. The
company denied comments made by rival AMC Entertainment Holdings
Inc. in a regulatory filing in December that it had held talks with
Cineworld to acquire its US and European assets. Cineworld's
creditors had also held early discussions about selling its eastern
European operations, Bloomberg reported previously.

Cineworld filed for Chapter 11 bankruptcy protection in September,
to help pay off nearly $9 billion of debt and leases accumulated as
part of an acquisition spree, Bloomberg recounts. The company also
increased its debt as a result of pandemic-related closures.

                  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, 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.

FROST CMBS 2021-1: DBRS Confirms BB(high) Rating on Class E Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the following classes
of notes issued by Frost CMBS 2021-1 DAC (the Issuer) due in
November 2033:

-- Class A (GBP) notes at AAA (sf)
-- Class B (GBP) notes at AAA (sf)
-- Class C (GBP) notes at AA (sf)
-- Class D (GBP) notes at A (low) (sf)
-- Class E (GBP) notes at BBB (sf)
-- Class F (GBP) notes at BBB (low) (sf)
-- Class A (EUR) notes at AAA (sf)
-- Class B (EUR) notes at AA (sf)
-- Class C (EUR) notes at A (low) (sf)
-- Class D (EUR) notes at BBB (low) (sf)
-- Class E (EUR) notes at BB (high) (sf)

The trends on all ratings remain Stable.

The rating confirmations are based on the underlying loan
performance, which has been in line with the terms of the
facilities agreement. The borrower fulfilled all debt service
requirements over the past 12 months and the debt yield (DY) ratio
remains well above the cash trap covenant threshold.

The transaction is a securitization of two commercial real estate
loans advanced by Goldman Sachs Bank Europe SE (Goldman Sachs) to
entities owned and managed by NewCold European Holding B.V., which
is ultimately owned by NewCold Holdings LLC, a
temperature-controlled logistics company based in the Netherlands.
The GBP loan is secured by a single cold-storage property in
Wakefield, Yorkshire, UK (the Wakefield property). The EUR loan is
secured by one cold-storage asset in Rheine, Westphalia, Germany
(the Rheine property) and one asset in Argentan, France (the
Argentan property). Together, the GBP loan (GBP 112.35 million) and
the EUR loan (EUR 92.0 million) form the loan under the facilities
agreement. The purpose of the loan is to refinance existing
indebtedness or, in respect of the Argentan property, refinance the
purchase of the Argentan property; to pay related financing costs;
and for the NewCold Group's general corporate purposes.

The loans are cross-collateralized and cross-defaulted. No
amortization is scheduled for the first year. The loans will start
amortizing from the second year onwards.

Interest payments have been made regularly and funds were
distributed to the noteholders at the November 2022 interest
payment date (IPD), upon the Wakefield Propco's receipt of an
HMRC(HM Revenue & Customs) relief direction in respect of the
Issuer.

The loans bear interest equal to the sterling overnight index
average (Sonia) plus a loan margin of 3.25% in respect of the GBP
loan and three-month Euribor plus a loan margin of 2.80% in respect
of the EUR loan for the terms of the loans. The interest rate risk
is fully hedged in accordance with the terms of the facilities
agreement, including a prepaid cap with a strike rate of 2.0%
provided by Goldman Sachs.

Each borrower must repay the loans made available to it on the
fifth, sixth, seventh, and eighth loan IPDs in an aggregate amount
equal to 0.25%. Thereafter, if certain conditions pertaining to DY,
loan-to-value (LTV), and capital expenditures (capex) in respect of
the Rheine property are not satisfied, the loan will further
amortize by 0.25% per quarter. If the DY at the time is higher than
10.31%, the loan amortizes by 0.25% per quarter; if the DY is less,
the loan amortizes by 0.50% per quarter.

Based on CBRE Limited's (CBRE) 1 October 2021 valuations of GBP
185.6 million for the Wakefield property, EUR 108.4 million for the
Rheine property, and EUR 39.1 million for the Argentan property,
the LTV ratios stood at 60.5% and 62.4% for the GBP and EUR loans,
respectively. In aggregate, the LTV ratio stood at 61.3%.

The financial cash trap covenants are set at an LTV of 68.77% and a
DY of 8.74% for the initial loan term while the default covenants
are such that the LTV must always be less than or equal to 76.27%
and the DY on each loan IPD must be higher than 7.71%.

Reported DY at the August 2022 IPD was 9.79% based on adjusted net
operating income (NOI) of EUR 21.8 million, 4.5% lower than in the
previous year. In spite of higher revenue (+6.4%), increased direct
expenses resulting from energy price increases, overflow expenses,
and transport expenses (+18.7%) offset the positive result.

The initial loan maturity date is in November 2024 with two
one-year extension options available thereafter. If fully extended,
the transaction is expected to repay in full by November 2026. If
the loans are not repaid by then, the transaction will have seven
years tail period to allow the special servicer to work out the
loan(s) by November 2033 at the latest, which is the legal final
maturity date.

DBRS Morningstar maintains initial underwriting assumptions of cap
rate at 7.5% for both loans and net cash flow (NCF) of GBP 10.7
million for the GBP loan and EUR 8.5 million for the EUR loan.
Based on data from the most recent investor reporting in August
2022, the Issuer's adjusted net operating income (NOI) for the GBP
loan dropped by 14% since origination along with a decrease in
occupancy rate to 74%, from 76% at cut off, while the issuer's
adjusted NOI for the EUR loan remain unchanged along with a slight
increase of occupancy rate to 90.5%, from 89.7%. DBRS Morningstar's
haircut on the NCF for the GBP loan and the EUR loan stands at 15%
and 16%, respectively. As at August 2022, DBRS Morningstar's
haircut on the appraised value remained unchanged at -38% and -22%
for the GBP and EUR loan, respectively.

To maintain compliance with applicable regulatory requirements,
Goldman Sachs Bank USA retained an ongoing material economic
interest of no less than 5% of the securitization via an Issuer
loan, which Goldman Sachs Bank USA advanced on the closing date
(November 30, 2021).

The Issuer also established two reserves, one for the GBP notes
(the Issuer GBP liquidity reserve) and one for the EUR notes (the
Issuer EUR liquidity reserve). The liquidity reserve in respect of
both the GBP and EUR notes covers the interest payments on Class A
to Class D. The Class GBP E, Class EUR E, and Class GBP F notes are
subjected to an available funds cap where the shortfall is
attributable to an increase in the weighted-average margin on the
notes. Based on a cap strike rate of 2%, DBRS Morningstar estimates
that the liquidity reserve will cover 11 months of interest
payments in respect of the covered GBP notes and 18 months of
interest payments in respect of the covered EUR notes. The interest
rates on the notes will be capped at 4.0% plus their respective
margins. Based on a Sonia and a Euribor cap of 4.0%, DBRS
Morningstar estimates that the liquidity reserve will cover seven
months of interest payments in respect of the covered GBP notes and
11 months of interest payments in respect of the covered EUR notes,
assuming the Issuer does not receive any revenue.

Notes: All figures are in British pound sterling unless otherwise
noted.


GATEWAYS EVENT: Goes Into Liquidation Amid Financial Woes
---------------------------------------------------------
Miran Rahman at BBC News reports that West Yorkshire-based Gateways
Event Limited has gone into liquidation, amidst a furious response
from some angry ticket holders.

The business was the organiser of the recently postponed Gateways
Festival and The Great Yorkshire Dales Proms, which was due to take
place between September 1 and September 3, 2023, BBC discloses.

Kate Ellis, of insolvency practitioners Ellis Breese, has been
appointed as Liquidator, BBC relates.

According to BBC, Ms. Breese said: "The festival organisers
Gateways Event Limited have faced considerable financial challenges
and have worked very hard to resolve these.

"Unfortunately, the financial failure of StagedUK and Festickets
has directly damaged the viability of Gateways Event Limited.

"I am currently trying to determine the position between Gateways
Event Limited and Festicket Ltd to ascertain where certain
creditors sit.

"I encourage Festicket customers, in the first instance, to contact
their credit card providers or payment card provider to determine
whether a chargeback can be claimed.

"There are ticket holders who understandably remain dissatisfied.
Regrettably, some have taken to online abusive behaviour even to
the extent of death threats.  Any such occurrences will be referred
to the police for full investigation."

The supplier of the festival staging, StagedUK, suffered financial
problems and ceased trading in July 2022, despite a deposit being
paid in advance, BBC states.

This forced Gateways Event Limited to postpone its 2022 event until
September 2023, with customers allowed to transfer their tickets
and receive additional free tickets, BBC notes.

Separately, Festicket Ltd, the company's ticket agent, then
collapsed and was placed into administration in September 2022, BBC
relays.  Festicket Ltd held a proportion of customers' ticket money
at the time of its collapse, BBC notes.

According to BBC, once the decision to postpone the event was made,
Gateways Event Limited refunded a number of event contractors who
had made payments direct to Gateways Event Limited.

These were the contractors for The Kids' Zone, Food Traders and
Non-Food Traders. A  refund was also made to Skipton Bid and
volunteers' deposits were returned, BBC says.

Refunds were made to ticket holders who had purchased tickets from
local outlets, as well as any customers who purchased direct from
Gateways Event Limited, BBC discloses.  The firm also paid as many
people who worked for it as it could, BBC notes.

Due to the company indemnifying Festicket for all costs and losses
in relation to event cancellations and customer chargeback charges
it is unclear if Gateways Event Limited will be able to prove as a
creditor in the administration, BBC states.

Sums were paid in advance to artists and contractors.  Gateways
Event Limited has approached each of them to request refunds, given
the collapse of Festicket, BBC relays.

This would have enabled Gateways to process refunds to the
customers who had requested them, BBC states.  However, only a
small amount of money has been refunded -- not enough to process
the refund amount required, BBC notes.

Gateways Event Limited has approached lenders and private investors
but has not been successful in funding the business any further,
according to BBC.


PAVILLION MORTGAGES 2022-1: DBRS Rates Class E Notes Prov. BB(high)
-------------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by Pavillion Mortgages 2022-1 PLC
(the Issuer):

-- Class A notes at AAA (sf)
-- Class B notes at AAA (sf)
-- Class C notes at AA (high) (sf)
-- Class D notes at A (sf)
-- Class E notes at BB (high) (sf)

The provisional ratings on the Class A and Class B notes address
the timely payment of interest and the ultimate repayment of
principal by the legal final maturity date. The provisional ratings
on the Class C to Class E notes (together with the Class A and
Class B notes, the rated notes) address the timely payment of
interest once most senior and the ultimate repayment of principal
by the legal final maturity date. DBRS Morningstar does not rate
the Class R notes also expected to be issued in this transaction.

RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the UK. The collateralized notes are backed by
first-lien owner-occupied residential mortgage loans originated by
Barclays Bank UK PLC (BBUK).

A liquidity reserve fund (LRF) will provide liquidity support to
the Class A and Class B notes and to the senior deferred
consideration in the priority of payments. The LRF's initial
balance will be 0.5% of the Class A and Class B notes' outstanding
balance at closing. On each interest payment date (IPD), the target
level will be 0.5% of the Class A and Class B notes' outstanding
balance as at the end of the collection period until the Class B
notes are redeemed.

A general reserve fund (GRF) will provide liquidity and credit
support to the rated notes. On the closing date and on each IPD
thereafter, the GRF will have a target balance equal to 2.50% of
the portfolio's outstanding balance at closing, minus the LRF
required amount.

DBRS Morningstar calculated the credit enhancement to the Class A
notes at 15.55%, provided by the subordination of the Class B to
Class E notes and the GRF's initial balance. Credit enhancement to
the Class B notes will be 11.30%, provided by the subordination of
the Class C to Class E notes and the GRF's initial balance. Credit
enhancement to the Class C notes will be 7.20%, provided by the
subordination of the Class D to Class E notes and the GRF's initial
balance. Credit enhancement to the Class D notes will be 3.15%,
provided by the subordination of the Class E notes and the GRF's
initial balance. Credit enhancement to the Class E notes will be
2.05%, provided by the GRF's initial balance.

As of October 31, 2022, the mortgage portfolio consisted of 2,044
loans with an aggregate principal balance of GBP 498.5 million. The
majority of the loans in the pool (77% of the initial collateral
balance) were originated in the third quarter of 2022 while the
rest were granted in the remaining part of 2022. The mortgage loans
in the asset portfolio are all secured by a first-ranking mortgage
right and almost all were granted to employed borrowers (94.0%).

The portfolio's weighted-average (WA) original loan-to-value (LTV)
ratio and WA indexed current LTV are substantially the same at
89.7% because the properties have not benefitted from material
price rises in the short time that has elapsed since origination,
and the loans have amortized by less than 0.4% compared with their
original balance. This relatively high LTV compared with peer
transactions in the UK reflects the pool selection criteria that
target high LTV loans in the BBUK book that were granted to
first-time buyers.

The final portfolio contains 100% fixed-rate loans with a
fixed-rate period. Once their fixed-rate period is over, the loans
will switch to a floating rate. As of the final cut-off date, all
mortgage loans were performing. The Issuer will enter into a
fixed-to-floating swap with BBUK to hedge the interest rate
mismatch between the fixed-rate mortgage loans and the compounded
Sterling Overnight Index Average (Sonia) rate payable on the
notes.

BBUK originated and services the mortgages. CSC Capital Markets UK
Limited will be the backup servicer facilitator in the
transaction.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction's capital structure and form and the
sufficiency of available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated the probability of default (PD), loss given
default (LGD), and expected loss outputs on the mortgage portfolio,
which DBRS Morningstar used as inputs into the cash flow tool. DBRS
Morningstar analyzed the mortgage portfolio in accordance with its
"European RMBS Insight: UK Addendum."

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, and
Class E notes according to the terms of the transaction documents.
DBRS Morningstar analyzed the transaction structure using Intex
DealMaker, considering the default rates at which the rated notes
did not return all specified cash flows.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents.

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland at AA (high), Under Review with
Negative Implications, as of the date of this press release.

-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology and presence of legal opinions
that are expected to address the assignment of the assets to the
Issuer.

Notes: All figures are in British pound sterling unless otherwise
noted.



                           *********


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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