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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 12, 2023, Vol. 24, No. 10

                           Headlines



A R M E N I A

NAIRI INSURANCE: Moody's Assigns 'B1' IFS Rating, Outlook Stable


G E R M A N Y

DEUTSCHE TELEKOM: Egan-Jones Retains BB Senior Unsecured Ratings


I R E L A N D

OCP EURO 2022-6: Moody's Gives Ba3 Rating to EUR17.5MM Cl. E Notes


I T A L Y

BRIGNOLE CO 2021: DBRS Confirms B(high) Rating on Class E Notes
COLT SPV: DBRS Assigns B(high) Rating to Class B Notes


L U X E M B O U R G

CATLUXE ACQUISITION: Moody's Cuts CFR to Ca, Outlook Remains Neg.


S P A I N

GRUPO COOPERATIVO: DBRS Confirms BB(high) LT Issuer Ratings


U N I T E D   K I N G D O M

BATEMAN OPTICIANS: Sold to Julian Davies Via Pre-Pack Deal
BLACKMORE: FCA Did Not Share Full Intelligence Info with Police
BOBBY CHARLTON SOCCER: Financial Woes Prompt Liquidation
CANTERBURY FINANCE 4: DBRS Confirms B Rating on Class F Notes
COVENTRY AND RUGBY: Moody's Cuts Rating on Sr. Secured Bonds to Ba3

NEWDAY FUNDING: DBRS Hikes Rating  on 2 Note Classes to B(high)
ORCHARD HOUSE: Set to Appoint Administrators
SAFETYNET: Enters Administration, Customers Can Submit Claims

                           - - - - -


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A R M E N I A
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NAIRI INSURANCE: Moody's Assigns 'B1' IFS Rating, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has assigned B1 local currency (LC) and
foreign currency (FC) insurance financial strength ratings (IFSR)
to "NAIRI INSURANCE" LLC (Nairi Insurance). The outlook is stable.

Nairi Insurance, founded in 1996, is an insurance company focusing
on retail lines mostly motor and health insurance, which
contributed around 83% of total premium in 2021. The company
operates in Armenia (Ba3 negative).

RATINGS RATIONALE

The B1 IFSRs of Nairi Insurance reflect its: (i) strong market
position and brand, with a top 3 position in the Armenian insurance
market and around 20% market share in terms of gross premium
written in 2021, (ii) good profitability, supported by good
underwriting results and investment returns, (iii) limited product
risk, thanks to the company's focus on retail lines. However, these
strengths are offset by the group's concentration in Armenia, a
small economy with potentially volatile operating environment as
well as its high exposure to non-investment grade assets (mostly
bank deposits and government securities) relative to its equity.

Nairi Insurance ranks among the top 3 largest insurers in the
growing Armenian market, with a market share of around 17-20% in
recent years. The company's good position is supported by its
nationwide presence through its extended agency network.

Nairi Insurance's product risk is limited thanks to its focus on
retail lines. Motor and health insurance contributed around 83% of
total premium in 2021 and the company is the leading motor insurer
in Armenia. The company also underwrites property and various other
commercial and personal lines products, which contributes to
diversify the company's risk profile.

Nairi Insurance reported good profitability in recent years, with a
return on capital (ROC) of around 20% in 2021 and 39% in 2020.
Profitability was supported by good underwriting results, as
evidenced by a three-year average combined ratio of 86% between
2019 and 2021, as well as strong investment returns.

The company's capital of AMD2.9 billion as at YE2021, is adequate
to underwriting risks assumed, as reflected in its gross
underwriting leverage (gross premiums and reserves as a percentage
of equity) metric of 4.8x.

Nonetheless, Moody's assessment of Nairi Insurance's capital
adequacy also takes into account the company's exposure to
non-investment grade financial assets.

Nairi Insurance's investments are highly concentrated in domestic
assets, which comprise mainly Ba3 rated government bonds and
deposits at local banks (1.25x and 1.17x shareholders equity
respectively). Moody's does not expect the composition of Nairi
Insurance's investment portfolio to materially change.

According to Moody's, the company's geographic concentration to a
single underdeveloped and potentially volatile operating
environment is also a key credit challenge for Nairi Insurance.

The ratings of Nairi Insurance also take into account the
effectiveness of its governance as part of Moody's assessment of
environmental, social and governance (ESG) considerations. Nairi
Insurance is beneficiary owned by two individuals and the main
corporate governance risks arise from the concentrated ownership
structure.

OUTLOOK

The stable rating outlook reflects Moody's expectation that Nairi
Insurance will maintain its leading market shares, good
profitability performance while protecting capital position.

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

Moody's could upgrade Nairi Insurance's ratings if: (1) there were
a significant improvement in the quality of invested asset
portfolio, as evidenced by a reduced concentration to below
investment grade financial assets, (2) there were a material
improvement in Armenian's insurance operating environment and (3)
the capital position relative to underwriting and investment risks
strengthened significantly.

Conversely, downward rating pressure would arise in the event of:
(1) a significant and sustained deterioration in profitability, or
(2) a material reduction in capital relative to the group's
underwriting risks and investment exposures, or (3) a meaningful
loss of market share, or (4) a significant deterioration in the
credit quality of the government of Armenia, which would negatively
impact the company's asset quality and its operating environment.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Property and
Casualty Insurers Methodology published in August 2022.



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G E R M A N Y
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DEUTSCHE TELEKOM: Egan-Jones Retains BB Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on December 27, 2022, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Deutsche Telekom AG.

Deutsche Telekom AG is a German telecommunications company that is
headquartered in Bonn and is the largest telecommunications
provider in Europe by revenue.




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I R E L A N D
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OCP EURO 2022-6: Moody's Gives Ba3 Rating to EUR17.5MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by OCP Euro CLO 2022-6
Designated Activity Company (the "Issuer"):

EUR238,000,000 Class A Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aaa (sf)

EUR23,250,000 Class B Senior Secured Floating Rate Notes due 2033,
Definitive Rating Assigned Aa2 (sf)

EUR17,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned A2 (sf)

EUR19,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned Baa3 (sf)

EUR17,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

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

The Issuer is a static CLO. The issued notes are collateralized
primarily by broadly syndicated senior secured corporate loans. The
portfolio is fully ramped as of the closing date.

Onex Credit Partners, LLC (the "Manager") may sell assets on behalf
of the Issuer during the life of the transaction. During the
Non-Call Period, proceeds from the sale of Credit Risk Obligations
may be reinvested into Substitute Collateral Obligations subject to
certain conditions including a limit of 5% of the Target Par
Amount.

In addition, the Issuer will issue EUR24,000,000 of Subordinated
Notes due 2033 which are not rated.

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

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The Manager's investment decisions and management
of the transaction will also affect the debt's performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR350,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2809

Weighted Average Spread (WAS): 3.89% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 3.29% (actual spread vector of the
portfolio)

Weighted Average Recovery Rate (WARR): 44.50%

Weighted Average Life (WAL): 4.54 years (actual amortization vector
of the portfolio)



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I T A L Y
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BRIGNOLE CO 2021: DBRS Confirms B(high) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by Brignole CO 2021 S.r.l. (Brignole CO 2021) and Brignole
CQ 2022 S.r.l. (Brignole CQ 2022) (together, the Issuers):

Brignole CO 2021:
-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (sf)
-- Class C Notes confirmed at A (sf)
-- Class D Notes confirmed at BBB (high) (sf)
-- Class E Notes confirmed at B (high) (sf)
-- Class X Notes upgraded to BB (low) (sf) from B (low) (sf)

Brignole CQ 2022:
-- Class A Notes confirmed at AA (low) (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes confirmed at A (low) (sf)
-- Class D Notes upgraded to BBB (low) (sf) from BB (low) (sf)
-- Class X Notes upgraded to A (low) (sf) from B (low) (sf)

For Brignole CO 2021, the rating on the Class A Notes addresses the
timely payment of interest and the ultimate repayment of principal
on or before the legal final maturity date in July 2036. The
ratings on the Class B, Class C, Class D, and Class E Notes address
the ultimate payment of interest and the ultimate repayment of
principal by the legal final maturity date while junior to other
outstanding classes of notes, but the timely payment of interest
when they are the senior-most tranche. The rating on the Class X
Notes addresses the ultimate payment of interest and the ultimate
repayment of principal by the legal final maturity date.

For Brignole CQ 2022, the rating on the Class A Notes addresses the
timely payment of interest and the ultimate repayment of principal
on or before the legal final maturity date in March 2038. The
ratings on the Class B and Class C Notes address the ultimate
payment of interest and the ultimate repayment of principal by the
legal final maturity date while junior to other outstanding classes
of notes, but the timely payment of interest when they are the
senior-most tranche. The ratings on the Class D and Class X Notes
address the ultimate payment of interest and the ultimate repayment
of principal by the legal final maturity date.

The rating actions follow the execution of an amendment effective
as of the 28 December 2022 payment date relating to the interest
rate hedging structure in the transactions, encompassing the
following:

-- Termination of the existing respective interest rate cap
agreements in the transactions with Natixis S.A. (Natixis), with a
cap termination amount payable by the cap counterparty to the
Issuers;

-- Execution of respective interest rate swap agreements with
Natixis, with a swap premium amount payable by the Issuers to the
swap counterparty;

-- The resulting net swap premium amount (i.e., the difference
between the swap premium amount and the cap termination amount)
will be paid by the originator, Creditis Servizi Finanziari S.p.A.
(Creditis), on the effective date; and

-- Amendments to the relevant transaction documents to reflect the
incorporation of these changes.

Under the terms of the new swap agreements, the Issuers will pay a
fixed swap rate of 1.5% to the swap counterparty on each payment
date and receive an amount equal to the one-month Euribor rate from
the swap counterparty, based on a notional amount equal the lower
of (1) the outstanding principal balance of the listed notes
(excluding the respective Class X Notes) and (2) the outstanding
principal balance of the nondefaulted collateral.

Brignole CO 2021 is a securitization of Italian consumer loan
receivables originated and serviced by Creditis, which closed in
July 2021 and includes a 18-month revolving period scheduled to end
on the January 2023 payment date.

Brignole CQ 2022 is a securitization of Italian salary- and
pension-assignment loans as well as payment delegation loans
originated and serviced by Creditis, which closed in March 2022 and
included a six-month revolving period that ended on the September
2022 payment date.

PORTFOLIO PERFORMANCE

Brignole CO 2021

As of the November 2022 payment date, loans that were one, two, and
three months in arrears represented 0.7%, 0.2%, and 0.2% of the
outstanding nondefaulted portfolio balance, respectively, while
loans more than three months in arrears represented 0.2%. Gross
cumulative defaults amounted to 0.6% of the aggregate initial and
subsequent portfolios original balance, with cumulative recoveries
of 7.8% to date.

Brignole CQ 2022

As of the November 2022 payment date, loans that were one, two, and
three months in arrears represented 22.1%, 2.7%, and 0.4% of the
outstanding nondefaulted portfolio balance, respectively, while
loans more than three months in arrears represented 0.2%. Gross
cumulative defaults amounted to 1.1% of the aggregate initial and
subsequent portfolios original balance, with cumulative recoveries
of 38.9% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

For Brignole CO 2021, DBRS Morningstar conducted a loan-by-loan
analysis of the remaining pool of receivables and maintained its
base case PD and LGD assumptions at 3.3% and 70.0%, respectively.

For Brignole CQ 2022, DBRS Morningstar conducted a loan-by-loan
analysis of the remaining pool of receivables and maintained its
base case PD assumption at 8.4% and updated its base case LGD
assumptions to 2.9%.

The rating upgrades on the junior notes reflect the end (Brignole
CQ 2022) or near end (Brignole CO 2021) of the revolving period in
the transactions as well as the benefit from the repayment of the
respective Class X Notes to date.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations and the cash
reserve provides credit enhancement to the rated notes (except the
Class X Notes). As of the November 2022 payment date, credit
enhancement to the rated notes in Brignole CO 2021 remained
unchanged at 14.0%, 10.3%, 6.0%, 3.5%, and 1.0% for the Class A,
Class B, Class C, Class D, and Class E Notes, respectively, since
closing because of the revolving period. The credit enhancement to
the rated notes in Brignole CQ 2022 increased marginally to 20.0%,
2.6%, 1.1%, and 0.0% from 19.0%, 2.5%, 1.0%, and 0.0% for the Class
A, Class B, Class C, and Class D Notes, respectively, at closing as
the notes have only begun to amortize recently following the end of
the revolving period.

The respective Class X Notes, the proceeds from the subscription of
which the Issuers used to fund the cash reserve and the startup
expenses at closing, do not benefit from principal collections on
the collateral portfolios and are repaid solely using the available
excess spread remaining in the interest priority of payments.

The transactions benefit from liquidity support provided by an
amortizing cash reserve. For Brignole CO 2021, the reserve is
available to cover interest payments on the Class A and Class B
Notes and to cure the Class A principal deficiency ledger (PDL)
balance. The reserve has a target balance equal to 1.0% of the
outstanding balance of the Class A to Class E Notes, subject to a
floor of EUR 1.36 million. As of the November 2022 payment date,
the reserve was at its target balance of EUR 2.73 million. For
Brignole CQ 2022, the reserve is available to cover interest
payments and to cure PDL balances on the Class A to Class C Notes.
The reserve has a target balance equal to 1.0% of the outstanding
balance of the Class A to Class C Notes, subject to a floor of EUR
0.25 million. As of the November 2022 payment date, the reserve was
at its target balance of EUR 1.55 million.

BNP Paribas, Succursale Italia (BNP Paribas Italy) acts as the
account bank for the transactions. Based on DBRS Morningstar's
private rating on BNP Paribas Italy, the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction 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.

Natixis acts as the swap counterparty for the transactions. DBRS
Morningstar's private rating on Natixis 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.



COLT SPV: DBRS Assigns B(high) Rating to Class B Notes
------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the notes issued by Colt SPV
S.r.l. (Colt SPV or the Issuer) as follows:

-- EUR 375,000,000 Class A Asset Backed Floating Rate Notes due
February 2040 (the Class A Notes) at A (sf)

-- EUR 79,100,000 Class B Asset Backed Floating Rate Notes due
February 2040 (the Class B Notes and, together with the Class A
Notes, the Rated Notes) at B (high) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the final
maturity date. The rating on the Class B Notes addresses the
ultimate payment of interest and the ultimate repayment of
principal by the final maturity date, in accordance with the
Issuer's default definition provided in the transaction documents
(i.e., the timely payment of interest when they become the most
senior tranche).

DBRS Morningstar does not rate the EUR 116,012,000 Class J Asset
Backed Fixed Rate and Additional Return Notes due February 2040
(Class J Notes).

Colt SPV is a static cash flow securitization collateralized by a
portfolio of non-mortgage floating-rate loans granted to Italian
corporates and small and medium-size enterprises (SMEs) by illimity
Bank S.p.A. (illimity). The loans are assisted by a guarantee
issued either by SACE S.p.A. (SACE, 76.2% of the portfolio balance
or 42.7% of the loans) or by Fondo Centrale di Garanzia (FCG, 23.8%
of the portfolio balance or 57.3% of the loans). The portfolio is
serviced by illimity, with Banca Finanziaria Internazionale S.p.A.
acting as the backup servicer.

As of October 31, 2022 (the initial selection date), the portfolio
consisted of 82 loans extended to 69 borrowers, with an aggregate
outstanding principal balance of EUR 531.74 million. As of the
initial selection date the loans were performing, however as per
DBRS Morningstar's understanding, some borrowers have been
classified as non-performing in the past and have been subject to
restructuring measures. The portfolio is non-granular, with top 1,
10, and 20 borrowers representing 5.3%, 41.1%, and 65.8% of the
portfolio balance, respectively. As of 31 October 2022, 55 loans
were in the pre-amortization phase (i.e., temporarily paying
interest-only instalments).

The transaction benefits from a fully funded cash reserve equal to
EUR 11.25 million, available to the Issuer to cover senior expenses
and interest payments on the Class A Notes. Released amounts will
be available to pay principal on the Class A Notes. The cash
reserve was funded through over-issuance of the Class J Notes and
has a target amount of 3.0% of the Class A Notes' outstanding
balance. The transaction also benefits from a set-off reserve
totaling EUR 23.93 million, fully funded at the issue date through
over-issuance of the Class J Notes. The reserve is available to the
Issuer to partially mitigate the set-off risk and will be released
upon full redemption of the Rated Notes.

The transaction features a combined waterfall with a fully
sequential amortization mechanism, which allows excess spread to be
used to pay down principal on the Rated Notes. Interest on the
Class B Notes is paid senior to the Class A Notes principal, unless
a cumulative gross default based trigger is breached.

The Class A and Class B Notes benefit from a total credit
enhancement of 31.6% and 14.6%, respectively. Credit enhancement is
provided by the portfolio's outstanding principal balance (and the
cash reserve for the Class A Notes).

The portfolio is geographically concentrated in the northern
Italian regions, which represent 83.1% of the portfolio (or 79.3%
of the loans). The portfolio shows a relatively good level of
industry diversification when compared with other Italian SME CLO
transactions rated by DBRS Morningstar. The top three industries,
as per DBRS Morningstar industry classification, are building &
development, automotive, and business equipment & services, and
they represent 13.0%, 12.7%, and 11.2% of the portfolio balance,
respectively (or 15.9%, 7.3%, and 19.5% of the loans,
respectively).

DBRS Morningstar was not provided with historical performance data,
due to the relatively short origination history of the bank.
However, the originator provided the borrower's private ratings
assigned by an ESMA-registered credit rating agency specialized in
Italian non-financial companies. DBRS Morningstar assessed the
portfolio credit quality using its internal mapping of such
ratings. Furthermore, DBRS Morningstar applied additional
adjustments to reflect the expectations of a higher probability of
default (PD) associated to borrowers with past adverse credit
history that underwent a turnaround process.

The entire portfolio benefits from state guarantees issued by
either SACE or FCG (which cover, on average, 88.4% and 82.0% of the
loans' outstanding principal balance, respectively). The unsecured
recovery rates have been adjusted to account for the benefit of the
guarantee. In its credit analysis, DBRS Morningstar did not give
full credit to the guarantee for rating scenarios above BBB (high),
in line with the current long-term issuer rating of the Italian
sovereign. Moreover, DBRS Morningstar assumed that in all rating
scenarios a portion of the guarantee would not be honored to
account for possible rescissions of the guarantee due to
noncompliance with its terms. DBRS Morningstar adjusted the
guarantees' rescission rates to account for the non-granular nature
of the portfolio.

The transaction is exposed to set-off risk, which represents 7.2%
of the portfolio, if all borrowers opt to claim the first EUR
100,000 covered by the deposit guarantee scheme. The set-off
reserve partially mitigates this risk. DBRS Morningstar factored
the set-off reserve in its analysis and assumed a set-off loss of
EUR 7.4 million.

The Bank of New York Mellon SA/NV – Milan Branch acts as the
account bank for the transaction. Based on the DBRS Morningstar AA
(high) long-term public rating of the account bank, the downgrade
provisions outlined in the transaction documents, and the
structural mitigants 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, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

DBRS Morningstar determined its ratings based on the principal
methodology and the following analytical considerations:

-- DBRS Morningstar determined the PD for the portfolio using the
previously mentioned borrower's private ratings. DBRS Morningstar
assumed a weighted-average annualized portfolio PD of 13.1%.

-- The weighted-average life (WAL) of the portfolio is 2.9 years.

-- DBRS Morningstar used the PDs and the WAL as inputs in its SME
Diversity Model to generate the hurdle rate for the assigned
ratings.

-- DBRS Morningstar determined the recovery rates by giving
partial credit to the SACE and FCG guarantees. The weighted-average
recovery rate is 42.1% and 59.2% at the A (sf) and B (high) (sf)
rating levels, respectively.

-- DBRS Morningstar determined the breakeven rates for the
interest rate stresses and default timings using its cash flow
tool.

Notes: All figures are in euros unless otherwise noted.




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L U X E M B O U R G
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CATLUXE ACQUISITION: Moody's Cuts CFR to Ca, Outlook Remains Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of CatLuxe Acquisition S.a.r.l. (Pronovias or the company)
to Ca from Caa2, and the company's probability of default rating to
C-PD from Caa2-PD. Concurrently, the rating agency has downgraded
the ratings of CatLuxe S.a.r.l.'s senior secured bank credit
facilities, consisting of a EUR215 million senior secured term loan
B (TLB) and a EUR45 million senior secured revolving credit
facility (RCF) to Ca from Caa1. The outlook remains negative on
both entities.

RATINGS RATIONALE

The downgrade of Pronovias' CFR and PDR reflects Moody's view that
the company's probability of default, including the potential for a
restructuring that Moody's considers a distressed exchange, is very
high over the near term. The company disclosed on December 20, 2022
that BC Partners, the company's existing shareholder, and the
company's lenders, led by Bain Capital, have entered into a binding
agreement to recapitalise the company.

As a result of the proposed debt restructuring, expected to
conclude by the end of March 2023, the company's debt leverage will
be meaningfully lower and its interest burden considerably reduced.
A new money senior secured loan of approximately EUR110 million
will serve to refinance existing bridge loans and will improve the
company's liquidity, with approximately EUR40 million cash flows
injected into the business and approximately EUR20 million cash on
balance sheet at closing. The existing senior secured bank credit
facilities lenders will become the new majority shareholders of
Pronovias and will receive a new EUR78 million PIK loan stapled to
equity and subordinated to the proposed new money senior secured
loan. Based on these transaction terms, which also include the full
equitisation of the current second lien debt and shareholder loan,
Moody's considers that a Ca CFR and a Ca rating in respect of the
existing senior secured bank credit facilities are appropriate.

The execution risks on the transaction are limited as the new money
senior secured debt is backstopped by an ad hoc group of first lien
lenders and the parties have entered into a legally binding
agreement that formalises the transaction.

ESG CONSIDERATIONS

Governance considerations have been a key driver of the rating
action reflecting the lack of explicit support offered by
Pronovias' shareholders while creditors will incur a loss through
the debt restructuring to enhance the company's liquidity position
and reduce its debt burden. Moody's Governance Issuer Profile Score
(IPS) remains G-5 (very highly negative) and the company Credit
Impact Score remains CIS-5 (very highly negative).

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on the ratings reflects the high likelihood of
default on the senior secured first lien bank credit facilities
over the coming months, if the announced debt restructuring
transaction concludes successfully.

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

An upgrade is unlikely in the short term but could arise if a
sustainable capital structure is put in place following a
restructuring.

Conversely, downward pressure could arise if expected recovery
rates for lenders are lower than Moody's current expectations.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Apparel
published in June 2021.

COMPANY PROFILE

CatLuxe Acquisition S.a.r.l. (Pronovias) is an international bridal
wear company with a presence in 95 countries. In 2021, the company
reported net sales and EBITDA (as adjusted by the company) of 104.0
million and 16.0 million, respectively. The company is mostly
present in Europe (around 67% of sales). The company's largest
markets are Italy (22% of sales), followed by Spain (17%) and the
US (18%).



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S P A I N
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GRUPO COOPERATIVO: DBRS Confirms BB(high) LT Issuer Ratings
-----------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings of Grupo Cooperativo
Cajamar (GCC, the Group), Cajamar Caja Rural, Sociedad Cooperativa
de Credito (Cajamar), and Banco de Credito Social Cooperativo S.A.
(BCC). The Long-Term Issuer Ratings remain at BB (high) and the
Short-Term Issuer Ratings at R-3. The trend on all ratings has been
revised to Positive from Stable. DBRS Morningstar has also
maintained the Group's Intrinsic Assessment (IA) at BB (high) and
the Support Assessment at SA3. Cajamar's and BCC's Support
Assessments are SA1.

KEY RATING CONSIDERATIONS

The change of the trend to Positive from Stable reflects the
Group's increased capital position and progress in reducing
Non-Performing Assets (NPAs) in recent years. DBRS Morningstar
expects the Group to improve key asset quality metrics in coming
quarters, despite the current challenging economic environment. The
ratings also take into account that profitability levels, albeit
weak, are back to pre-COVID levels, and are expected to continue to
strengthen on the back of higher interest rates. The ratings also
reflect the Group's sound cooperative franchise in Spain,
particularly in the agriculture sector in its home markets of
Almeria and Valencia, which provides the Group with a stable
customer deposit base. The ratings also take into account that
despite reporting an improved capital cushion, its capitalization
is lower than the average of its Spanish peers, and that the Group
still has significant levels of foreclosed asset exposures.

The IA of BB (high) for Grupo Cooperativo Cajamar is now positioned
below the three-notch Intrinsic Assessment Range (IAR) generated by
the Methodology. Despite the progress made by the Group, NPA levels
are still significant and require further reduction.

RATING DRIVERS

An upgrade of the Long-Term Issuer Rating would require further
reduction of the Group's NPAs without negatively affecting capital
and profitability metrics.

The trend would return to Stable if Cajamar is unable to improve
its key asset quality ratios. A downgrade of the Long-Term Issuer
Rating would result if the Group registers a sustained
deterioration in the loan portfolio, a reduction in profitability,
or a weakening of the Group's capital cushions.

BCC's and Cajamar's ratings are equalized with the ratings of GCC.
As a result, any positive or negative actions on GCC's ratings
would be mirrored in the ratings of BCC and Cajamar.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate

GCC's IA of BB (high) is underpinned by the Group's sound franchise
position as the largest cooperative bank in Spain, as measured by
total assets. The Group enjoys significant market shares for
agriculture loans in Spain of around 15%, and has meaningful
regional market shares in the regions of Almeria (around 45%) and
Valencia (around 10%). However, the Group's national market shares
are more modest at around 2.9% for loans at end-September 2022.

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

DBRS Morningstar views GCC's profitability as recovering after the
economic disruption resulting from COVID-19. In 9M 2022 the Group
recorded a net attributable profit of EUR 79 million, up from EUR
62 million in 9M 2021. Excluding TLTRO III financing operations
income, GCC's net interest income (NII) rose 7% Year-on-Year (YoY).
Nevertheless, the Group's Return on Equity (RoE) was still 3% in 9M
2022, which is still low compared to peers. This reflects the high
Cost of Risk of 94 bps in 9M 2022 (including foreclosed asset
provisions) given that the Group is still in the process of
de-risking the balance sheet by reducing its legacy NPAs. DBRS
Morningstar considers that profitability will continue to be
affected by a high cost of risk in coming quarters. However, GCC is
well positioned to further benefit from higher market interest
rates given that most of its loan portfolio is at variable rates
(c. 80%).

Risk Combined Building Block (BB) Assessment: Moderate

The recent improvement in GCC's asset quality is a key
consideration for the trend change to Positive. The Group continued
to reduce its problematic exposures in the past 12 months. At
end-Q3 2022, NPAs totaled EUR 2.8 billion, down 26% YoY. As a
result, at end-September 2022 the NPL ratio is close to 3.0% (as
calculated by DBRS Morningstar), below the average of the Spanish
Banking system. However, given its legacy foreclosed asset
exposures, the Group's NPA ratio is still high, at around 7.3% (as
calculated by DBRS Morningstar). DBRS Morningstar expects that the
Group will continue to reduce its problematic assets in coming
quarters, mainly through organic reduction.

Other risks include portfolios affected by extraordinary measures
during the COVID-19 outbreak. As of end-September 2022, all the
Group's loans under moratoria had expired and their performance has
been better than expected. Existing loans provided under the state
guarantee schemes amounted to EUR 1.5 billion, representing around
4.2% of the Group's total gross loans at end-September 2022.
However, given the guarantees from the Kingdom of Spain (which
covers up to 80% of the credit losses), DBRS Morningstar does not
expect any deterioration in this portfolio to have a major impact
on the Group's asset quality profile. Another source of risk is the
Bank's fixed income portfolio, which represented 22% of total
assets at end-June 2022. Most of the fixed income portfolio is held
in the amortized cost book (88% at end-June 2022), reducing capital
sensitivity to credit spread changes. Nevertheless, for the fixed
income portfolio, we still take into account the potential risks
from unrealized losses on the back of the recent spike in interest
rates.

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

DBRS Morningstar views GCC's funding and liquidity position as
being underpinned by the solid and stable customer deposit base
generated through its cooperative business model. At end-Q3 2022,
the reported loan to deposit ratio was 85%. The Group also has a
solid liquidity position supported by an adequate pool of liquid
assets totaling EUR 12 billion, or 19% of end-Q3 2022 total assets.
GCC reported a Liquidity Coverage Ratio (LCR) of 160.9% and a Net
Stable Funding Ratio (NSFR) of 139% at end-Q3 2022. Funding from
the European Central Bank (ECB) was around EUR 10.4 billion at
end-Q3 2022, accounting for around 16.4% of total assets.

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

GCC's CET1 ratio (phased-in) stood at 13.1% at end-Q3 2022, down
from 13.3% at end-Q3 2021, largely resulting from higher Risk
Weighted Assets (RWAs) and further capital deductions. The Group's
total capital ratio (phased-in) stood at 15.52%. This compares to a
minimum SREP Capital Requirement (OCR) for total capital of 13.0%
for 2023. As a result, the capital cushion over the requirement was
252 bps, which is lower than the average of Spanish peers. However,
capital ratios and cushions over requirements have increased since
recent years. The cooperative credit institutions within the Group
(including Cajamar) are owned by its members who contribute to
capital. DBRS Morningstar views this positively as the Group's
ability to increase capital through retained profits or capital
markets is limited.

Notes: All figures are in EUR unless otherwise noted.




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

BATEMAN OPTICIANS: Sold to Julian Davies Via Pre-Pack Deal
----------------------------------------------------------
Lauren Phillips at BusinessLive reports that jobs have been saved
following a merger of two well-known high street opticians in
Wales.

According to BusinessLive, Julian Davies Opticians has agreed to a
prep-pack administration deal to rescue Bateman Opticians saving 19
jobs.

Bateman Opticians, which has four practices in Cardiff, Newport and
Blackwood, had been placed into administration and facing closure,
BusinessLive relates.

The rescue package sees the optician's practices remain open with
staff continuing in their current roles, BusinessLive states.

The administration deal was handled by insolvency and restructuring
specialist Leonard Curtis, BusinessLive discloses.



BLACKMORE: FCA Did Not Share Full Intelligence Info with Police
---------------------------------------------------------------
Sally Hickey at FTAdviser reports that the Financial Conduct
Authority did not share its full intelligence findings about the
Blackmore Bond scandal with the City of London Police due to "human
error", its chief executive has said.

In a letter to the chair of the Treasury committee, Harriett
Baldwin, in December 2022, Nikhil Rathi said not all information
was shared between the FCA and City of London Police relating to
the Blackmore Bond issue, in which 2,000 investors lost GBP46
million, FTAdviser relates.

Mr. Rathi also said the City of London Police shared intelligence
with the FCA, but not until February 2020, FTAdviser notes.

According to FTAdviser, a Freedom of Information request released
by the City of London Police shows that 45 action fraud reports,
where a member of the public can report a scam, relating to
Blackmore were sent to the FCA.

The first of these was July 2016, with the majority sent in
February 2020, FTAdviser relays.

Mr. Rathi also countered a claim by Labour MP Siobhain McDonagh
that the FCA said it "missed an opportunity to act" in relation to
the mini-bonds scandal.

"Any suggestion that the FCA took no action in relation to
Blackmore would not be correct," he said.

The allegations refer to a draft letter to a whistleblower where
the FCA said there may have been a "missed opportunity to act" on
intelligence provided about the scandal, FTAdviser states.

The letter was never sent and in his statement in December Rathi
said new evidence meant that the FCA now believes it did not ignore
information received in 2017, FTAdviser relates.

The scope of the FCA's powers have been called into question as a
result of the scandal.

Blackmore Bond was set up in 2016, and until 2018 ran an investment
scheme where potential clients were offered mini-bonds with an
attractive level of interest.

As these products, as well as Blackmore itself, were unregulated,
neither had to adhere to the FCA's rules and regulations.,
FTAdviser notes

The promotion of these bonds was approved by Northern Provident
Investments, which, after FCA involvement, withdrew this approval
in March 2019, FTAdviser discloses.

Blackmore eventually collapsed into administration in April 2020,
depriving 2,000 investors of £46mn, much of which was never
recovered, FTAdviser recounts.

Blackmore used a marketing agency, Amyma, to promote the bonds.

The FCA took the company's website down, and in the letter released
on Jan. 11 Mr. Rathi countered allegations that the regulator
ignored intelligence related to Amyma, FTAdviser states.


BOBBY CHARLTON SOCCER: Financial Woes Prompt Liquidation
--------------------------------------------------------
Consultancy.uk reports that a football school set up by Manchester
United and England legend Bobby Charlton has collapsed into
administration.

According to Consultancy.uk, professionals from advisory firm Leigh
Adams are overseeing the company's liquidation.

Established in 1978, the Bobby Charlton Soccer & Sports Academy was
set up by Bobby Charlton -- a 1966 World Cup winner -- in 1978.
Some sources maintain it was the first of its kind, staging
football skills sessions around the country, in a bid to uncover
the next generation of footballing talent.

Mr. Charlton himself is no longer involved in the company, while
long-term Managing Director John Shiels also exited in 1999, after
two decades at the helm, Consultancy.uk notes.

In recent years, the Academy struggled to make ends meet -- in part
thanks to the Covid-19 pandemic, Consultancy.uk relays.  As noted
by The Manchester Evening News, lockdown hit the company hard, as
most of its students were made up of young people who would travel
to the UK from abroad, to participate in residential courses,
according to Consultancy.uk.

As a result, its finances deteriorated quickly, Consultancy.uk
discloses.  Reports in the UK press cite a document filed with
Companies House, which states that the business owes almost
GBP40,000 to its creditors, Consultancy.uk notes.  Among them are
Lloyds Bank -- owed over GBP30,000, having provided a Covid-19
Bounce Bank Loan to the Academy -- and the firm's sole Director,
Geraldine Shiels, who loaned it almost GBP9,000, Consultancy.uk
says.  Ms. Shiels' LinkedIn states she has been its Managing
Director since 2008, according to Consultancy.uk.

The deepening crisis eventually saw the company enter voluntary
liquidation just before Christmas 2022, Consultancy.uk recounts.
Paul Weber, a Partner at advisory firm Leigh Adams, is currently
overseeing the process, Consultancy.uk states.


CANTERBURY FINANCE 4: DBRS Confirms B Rating on Class F Notes
-------------------------------------------------------------
DBRS Ratings Limited upgraded and confirmed its ratings on 128
tranches in 22 UK residential mortgage-backed securities (RMBS)
transactions and removed the relevant classes of notes from Under
Review with Positive Implications (UR-Pos.), where they were placed
on 4 October 2022.

The rating actions are the result of full transaction reviews
following DBRS Morningstar's finalization of its "European RMBS
Insight: UK Addendum" (the Methodology) on September 16, 2022 and
the end of the review period for the transactions, which began on
October 4, 2022.

The Methodology presents the criteria for which UK RMBS ratings,
and, where relevant, UK covered bonds ratings, are assigned and/or
monitored. The changes to the Methodology include updates to the
market value decline assumptions in the UK, which DBRS Morningstar
now derives using a base year of 2017, as opposed to 2002
previously, and updates to house price indexation to reflect data
through Q4 2021.

Along with the material changes introduced in the Methodology, the
rating actions are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses;

-- Portfolio default rate (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.

For certain tranches, ratings may be one or two notches lower than
those implied by the quantitative model. DBRS Morningstar opted for
more conservative ratings in these instances due to heightened
uncertainty regarding the residential mortgage market outlook in
the UK as well as certain collateral and structural characteristics
in the relevant transactions that may render these tranches more
susceptible to performance deterioration.

Avon Finance No. 2 plc

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

The rating on the Class A Notes addresses the timely payment of
interest and the full payment of principal by the legal final
maturity date. The ratings on the Class B and Class C Notes address
the ultimate payment of interest and principal, and the timely
payment of interest while the senior-most class outstanding. The
ratings on the Class D, Class E, and Class F Notes address the
ultimate payment of interest and principal on or before the legal
final maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 13.7% and 6.1%,
respectively.

Canterbury Finance 4 PLC

-- Class A1 confirmed at AAA (sf)
-- Class A2 confirmed at AAA (sf)
-- Class B confirmed at AA (high) (sf)
-- Class C confirmed at A (high) (sf)
-- Class D upgraded to A (low) (sf) from BBB (high) (sf)
-- Class E confirmed at BB (high) (sf)
-- Class F confirmed at B (sf)
-- Class X confirmed at AAA (sf)

The ratings on the Class A1, Class A2, and Class X notes address
the timely payment of interest and the full payment of principal by
the legal final maturity date. The ratings on the Class B, Class C,
Class D, Class E, and Class F notes address the ultimate payment of
interest and principal and the timely payment of interest while the
senior-most class outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 3.9% and 11.5%,
respectively.

Castell 2020-1 plc

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

The ratings on the Class A, Class B, Class C, Class D, Class E, and
Class F notes address the timely payment of interest and the full
payment of principal by the legal final maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 4.8% and 15.5%,
respectively.

Castell 2021-1 PLC

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

The ratings on the Class A and Class B notes address the timely
payment of interest and the full payment of principal by the legal
final maturity date. The ratings on the Class C, Class D, Class E,
and Class F notes address the ultimate payment of interest and
principal, and the timely payment of interest while the senior-most
class outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 3.1% and 33.7%,
respectively.

Castell 2022-1 PLC

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

The ratings on the Class A, Class A Loan, and Class X notes address
the timely payment of interest and the full payment of principal by
the legal final maturity date. The ratings on the Class B, Class C,
Class D, Class E, and Class F notes address the ultimate payment of
interest and principal, and the timely payment of interest while
the senior-most class outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 4.3% and 28.8%,
respectively.

Durham Mortgages A plc

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

The rating on the Class A Notes addresses the timely payment of
interest and the full payment of principal by the legal final
maturity date. The rating on the Class B Notes addresses the
ultimate payment of interest and principal, and the timely payment
of interest while the senior-most class outstanding. The ratings on
the Class C, Class D, Class E, and Class F Notes address the
ultimate payment of interest and principal on or before the legal
final maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 8.7% and 5.8%,
respectively.

Durham Mortgages B plc

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AA (sf) from AA (low) (sf)
-- Class C Notes upgraded to A (sf) from A (low) (sf)
-- Class D Notes confirmed at BBB (sf)
-- Class E Notes confirmed at BB (sf)
-- Class F Notes confirmed at B (sf)
-- Class X Notes confirmed at BB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the full payment of principal by the legal final
maturity date. The rating on the Class B Notes addresses the
ultimate payment of interest and principal, and the timely payment
of interest while the senior-most class outstanding. The ratings on
the Class C, Class D, Class E, Class F, and Class X Notes address
the ultimate payment of interest and principal on or before the
legal final maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 6.5% and 15.4%,
respectively.

Elvet Mortgages 2021-1 plc

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

The ratings on the Class A and Class B notes address the timely
payment of interest and the full payment of principal by the legal
final maturity date. The rating on the Class C notes addresses the
ultimate payment of interest and principal, and the timely payment
of interest while the senior-most class outstanding. The ratings on
the Class D and Class E notes address the ultimate payment of
interest and principal on or before the legal final maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 0.8% and 6.5%,
respectively.

Finsbury Square 2019-3 plc

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

The ratings on the Class A and Class B Notes address the timely
payment of interest and the full payment of principal by the legal
final maturity date. The ratings on the Class C, Class D, and Class
E Notes address the ultimate payment of interest and principal, and
the timely payment of interest while the senior-most class
outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 8.9% and 6.3%,
respectively.

Finsbury Square 2020-1 plc

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AAA (sf) from AA (high) (sf)
-- Class C Notes upgraded to AA (high) (sf) from A (high) (sf)
-- Class D Notes upgraded to AA (low) (sf) from BBB (high) (sf)

The ratings on the Class A and Class B Notes addresses the timely
payment of interest and the full payment of principal by the legal
final maturity date. The ratings on the Class C and Class D Notes
address the ultimate payment of interest and principal, and the
timely payment of interest while the senior-most class
outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 7.6% and 6.5%,
respectively.

Gemgarto 2021-1 Plc

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

The ratings on the Class A and Class X notes address the timely
payment of interest and the full payment of principal by the legal
final maturity date. The ratings on the Class B, Class C, and Class
D notes address the ultimate payment of interest and principal, and
the timely payment of interest while the senior-most class
outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 6.4% and 5.9%,
respectively.

Genesis Mortgage Funding 2022-1 plc

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

The rating on the Class A notes addresses the timely payment of
interest and the full payment of principal by the legal final
maturity date. The ratings on the Class B, Class C, Class D, and
Class E notes address the ultimate payment of interest and
principal, and the timely payment of interest while the senior-most
class outstanding. The rating on the Class X notes addresses the
ultimate payment of interest and principal on or before the legal
final maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 10.0% and 5.1%,
respectively.

Harbour No. 1 plc

-- Class A1 Notes confirmed at AAA (sf)
-- Class A2 Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AA (high) (sf) from AA (sf)
-- Class C Notes upgraded to AA (sf) from A (high) (sf)
-- Class D Notes upgraded to A (high) (sf) from BBB (high) (sf)
-- Class E Notes upgraded to A (low) (sf) from BBB (low) (sf)
-- Class F Notes upgraded to BBB (low) (sf) from BB (sf)
-- Class G Notes upgraded to BB (low) (sf) from B (high) (sf)
-- Class X Notes upgraded to AA (high) (sf) from BB (high) (sf)

The ratings on the Class A1, Class A2, and Class X Notes address
the timely payment of interest and the full payment of principal by
the legal final maturity date. The ratings on the Class B and Class
C Notes address the ultimate payment of interest and principal, and
timely payment of interest while the senior-most class outstanding.
The ratings on the Class D, Class E, Class F, and Class G Notes
address the ultimate payment of interest and the ultimate payment
of principal.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 29.5% and 7.4%,
respectively.

Pavillion Mortgages 2021-1 PLC

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

The ratings on the Class A, Class B, and Class C notes address the
timely payment of interest and the full payment of principal by the
legal final maturity date. The ratings on the Class D and Class E
notes address the ultimate payment of interest and principal, and
timely payment of interest while the senior-most class
outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 1.2% and 5.7%,
respectively.

Together Asset Backed Securitization 2019-1 Plc

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

The ratings on the Class A and Class B notes address the timely
payment of interest and the full payment of principal by the legal
final maturity date. The ratings on the Class C, Class D and Class
E notes address the ultimate payment of interest and principal, and
timely payment of interest while the senior-most class
outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 9.9% and 8.2%,
respectively.

Towd Point Mortgage Funding 2018-Auburn 12 Plc

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

The rating on the Class A notes addresses the timely payment of
interest and the full payment of principal by the legal final
maturity date. The ratings on the Class B, Class C, and Class D
notes address the ultimate payment of interest and principal, and
the timely payment of interest while the senior-most class
outstanding. The rating on the Class E notes addresses the ultimate
payment of interest and principal on or before the legal final
maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 4.3% and 4.3%,
respectively.

Towd Point Mortgage Funding 2019-Vantage2 Plc

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

The rating on the Class A notes addresses the timely payment of
interest and the full payment of principal by the legal final
maturity date. The ratings on the Class B and Class C notes address
the ultimate payment of interest and principal, and the timely
payment of interest while the senior-most class outstanding. The
ratings on the Class D, Class E, and Class F notes address the
ultimate payment of interest and principal on or before the legal
final maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 34.8% and 8.3%,
respectively.

Tower Bridge Funding 2021-1 plc

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes upgraded to AA (sf) from A (high) (sf)
-- Class D Notes upgraded to A (high) (sf) from BBB (high) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the full payment of principal by the legal final
maturity date. The ratings on the Class B, Class C, and Class D
Notes address the ultimate payment of interest and principal, and
timely payment of interest while the senior-most class
outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 5.9% and 8.2%,
respectively.

Tower Bridge Funding 2021-2 plc

-- Class A notes confirmed at AAA (sf)
-- Class B notes confirmed at AA (high) (sf)
-- Class C notes upgraded to AA (sf) from A (high) (sf)
-- Class D notes upgraded to A (sf) from BBB (high) (sf)
-- Class X notes upgraded to AAA (sf) from AA (sf)

The ratings on the Class A and Class X notes address the timely
payment of interest and the full payment of principal by the legal
final maturity date. The ratings on the Class B, Class C, and Class
D notes address the ultimate payment of interest and principal, and
timely payment of interest while the senior-most class
outstanding.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 5.2% and 10.3%,
respectively.

Trinidad Mortgage Securities 2018-1 plc

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

The ratings on the Class A and Class B notes address the timely
payment of interest and the full payment of principal by the legal
final maturity date. The ratings on the Class C and Class D notes
address the ultimate payment of interest and principal, and the
timely payment of interest while the senior-most class outstanding.
The ratings on the Class E and Class F notes address the ultimate
payment of interest and principal on or before the legal final
maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 18.3% and 5.7%,
respectively.

Tudor Rose Mortgages 2021-1 PLC

-- Class A notes confirmed at AAA (sf)
-- Class B notes upgraded to AA (high) (sf) from AA (low) (sf)
-- Class C notes upgraded to AA (low) (sf) from A (low) (sf)
-- Class D notes upgraded to A (low) (sf) from BBB (sf)
-- Class RFN notes upgraded to BBB (low) (sf) from BB (high) (sf)
-- Class X1 notes upgraded to AAA (sf) from A (low) (sf)

The ratings on the Class A and Class X1 notes address the timely
payment of interest and the full payment of principal by the legal
final maturity date. The ratings on the Class B and Class C notes
address the ultimate payment of interest and principal, and the
timely payment of interest while the senior-most class outstanding.
The ratings on the Class D and Class RFN notes address the ultimate
payment of interest and principal on or before the legal final
maturity date.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 4.8% and 7.4%,
respectively.

Warwick Finance Residential Mortgages Number Four Plc

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

The rating on the Class A notes addresses the timely payment of
interest and the full payment of principal by the legal final
maturity date. The rating on the Class B notes addresses the
ultimate payment of interest and principal, and the timely payment
of interest while the senior-most class outstanding. The ratings on
the Class C, Class D, and Class E notes address the ultimate
payment of interest and principal on or before the legal final
maturity date.

The rating on the Class D notes issued by Warwick Finance
Residential Mortgages Number Four Plc at BBB (high) (sf) materially
deviates from the higher rating implied by the quantitative model.
DBRS Morningstar considers a material deviation to be a rating
differential of three or more notches between the assigned rating
and the rating implied by a quantitative model that is a
substantial component of a rating methodology. In this case, the
rating action takes into account the current level of interest
shortfall on the mezzanine and junior notes, where interest
payments have been deferred since June 2022. DBRS Morningstar notes
that such deferrals are permissible until the maturity date and
considers such interest deferrals to be temporary in nature. DBRS
Morningstar will continue to monitor the situation and may take
positive rating actions once cumulative interest shortfalls
reduce.

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) rating level to 9.5% and 5.0%,
respectively.

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


COVENTRY AND RUGBY: Moody's Cuts Rating on Sr. Secured Bonds to Ba3
-------------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
underlying rating for the GBP407.2 million index-linked guaranteed
senior secured bonds (including GBP35 million of variation bonds)
due 2040 ("the Bonds") issued by The Coventry and Rugby Hospital
Company Plc ("ProjectCo") and continued the review for downgrade.

The Bonds benefit from an unconditional and irrevocable guarantee
of scheduled principal and interest from Assured Guaranty UK
Limited ("AG", A1 stable). The backed rating on the bond is
unaffected by the action and remains A1.

RATINGS RATIONALE

The downgrade follows ProjectCo's disclosure on December 15,
2022[1] that it expects to have insufficient cashflow to fully fund
contractually required reserve amounts on December 31, 2022 and
subsequent payment dates, and will consequentially report covenant
Debt Service Coverage Ratios ("DSCRs") below 1.0x. The transfer to
the reserve accounts, treated as a cash outflow when calculating
the DSCR, has increased following a significant increase in
forecast lifecycle expenditure for the April 1, 2023 to March 31,
2024 period, which ProjectCo is contractually obligated to reserve
for in advance.

The disclosure demonstrates the lack of financial flexibility at
ProjectCo, and comes on top of existing issues including: (1) the
smaller of the two NHS Trusts, the Coventry and Warwickshire
Partnership NHS Trust ("CWPT"), having issued a Termination Notice;
and (2) the larger University Hospitals Coventry and Warwickshire
NHS Trust ("UHCW") issuing an Unavailability Notice, which could be
the precursor to deductions from future payments.

The downgrade to Ba3 reflects this limited financial flexibility at
ProjectCo, which lessens the projects' ability to manage further
payment deductions if they cannot be passed down to the relevant
subcontractors, or to manage the impact of other unexpected shocks.
The cashflow shortfalls will also require management attention, at
a time when management resource is already dealing with numerous
other issues.

Acting as a partial mitigate to the financial inflexibility are the
high levels of cash held within contractually required reserve
accounts, being GBP93 million. Whilst the majority of the reserve
balances are allocated for future costs, the reserves also contain
GBP32 million of cumulative underspend on lifecycle works and GBP5
million held in a DSCR smoothing reserve, which with AG's consent
could be used for other purposes, including senior debt service.
While this offsets some of the financial pressure, Moody's notes
that the relative value of the cash balances reduces over time when
compared to the index-linked nature of the bonds in the current
high inflationary environment. Additionally, ProjectCo has built up
trapped cash since it entered into distribution lock-up in December
2020. However, Moody's believes this cash will be required to
resolve the reserving shortfalls.

Moody's expects ProjectCo will still be able to meet all its debt
service obligations in full as: (1) payment of debt service ranks
ahead of funding of reserves; and (2) the debt service reserve
account, funded to the greater of senior debt service at the next
semi-annual payment date or the average of the next three
semi-annual payment dates, remains fully funded.

The rating was placed on review for downgrade on November 30, 2022
and the review remains in effect. The review was initiated
following the larger UHCW, accounting for 92% of the Unitary
Payment ("UP"), issuing a whole site Unavailability Notice for the
acute facility following various leaks in the Girpi plastic hot
water pipes. While Moody's understands that the specific leaks were
repaired within a few days, the Unavailability Notice may lead to
UHCW making unavailability deductions from its quarterly payment to
ProjectCo, due at the end of January 2023.  Under the terms of a
Supplemental Agreement ("SA") between ProjectCo and the
construction contractor (a joint venture of Skanska Construction UK
Limited and Skanska Rashleigh Weatherfoil Limited, "CJV") signed in
2013, CJV is liable for any defects or costs (including deductions)
associated with the Girpi piping for the duration of the Project
Agreement ("PA"). Whilst the SA provides some protection to
ProjectCo, the company could incur legal costs in enforcing the SA
and may also need to procure remedial works in advance of recovery
under the SA.

In addition to the developments with UHCW, the CWPT, representing
around 8% of the UP, had previously issued a notice to the Security
Trustee (under the Funders Direct Agreement) of its intention to
issue a partial termination notice under the PA. CWPT and ProjectCo
have entered into a standstill whereby no termination can take
place until January 31, 2023. CWPT continues to make 100% payment
deductions because of claimed inadequacies with fire doors and fire
stopping among other things within the mental health unit.
Settlement discussions are continuing.

The rating agency plans to revisit the review for rating downgrade
once further information is available on both the unavailability
deduction at UHCW and the termination notice at CWPT.

The Coventry and Rugby Hospital Company Plc is a special purpose
vehicle, formed in 2002 to build an acute hospital, medical school
facilities and a mental health unit, and to provide FM, MES and
lifecycle services.

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

Given the review for downgrade, Moody's does not currently envision
any upward rating pressure. The rating could be confirmed if: (1)
UHCW does not impose unavailability deductions on ProjectCo in its
next UP; and (2) CWPT elects not to terminate its part of the PA,
or elects to terminate its part of the PA but pays sufficient
compensation proceeds or the amount received from a PA market
tender process is sufficient to enable debt prepayments such that
projected DSCR metrics do not deteriorate. Positive pressure could
develop if additionally: (3) remedial works are completed at the
UHCW site without ProjectCo incurring significant costs; (4)
ProjectCo demonstrates a track record of sustained satisfactory
performance and relationships improve.

Conversely, Moody's could downgrade the rating if: (1) UHCW imposes
unavailability deductions on ProjectCo or relationships otherwise
deteriorate further; (2) CWPT terminates its portion of the PA
without paying sufficient compensation or the amount received from
a PA market tender process is insufficient, such that projected
DSCRs weaken; (3) ProjectCo experiences difficulty in completing
remedial works; or (4) further sudden and unexpected increases in
future lifecycle expenditure occur.

The principal methodology used in this rating was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
Methodology published in June 2021.

NEWDAY FUNDING: DBRS Hikes Rating  on 2 Note Classes to B(high)
---------------------------------------------------------------
DBRS Ratings Limited upgraded its ratings of the Class F Notes of
the sub-series V1 and the Class A and Class F Notes of the
sub-series V2 of the VFN-F1 Loan Notes (collectively, the Notes)
issued by NewDay Funding Loan Note Issuer Ltd. (the Issuer) as
follows:

-- Series VFN F1-V1, Class F Notes to B (high) (sf) from B (low)
(sf)

-- Series VFN F1-V2, Class A Notes to A (low) (sf) from BBB (low)
(sf)

-- Series VFN F1-V2, Class F Notes to B (high) (sf) from B (low)
(sf)

The ratings address the timely payment of scheduled interest and
the ultimate repayment of principal by the relevant legal final
maturity dates.

RATING RATIONALE

The rating actions follow a review of the transaction structures
where subordination levels are commensurate with the rating upgrade
after the following analytical considerations:

-- The transactions' capital structure, including the form and
sufficiency of available credit enhancement to support DBRS
Morningstar's expectation of charge-off, monthly principal payment,
and yield rates under various stress scenarios.

-- The ability of the transactions to withstand stressed cash flow
assumptions and repay the Notes.

-- The originator's capabilities with respect to origination,
underwriting, and servicing.

-- An operational risk review of the originator, which DBRS
Morningstar deems to be an acceptable servicer.

-- The transaction parties' financial strength regarding their
respective roles.

-- The credit quality, the diversification of the collateral, and
the securitized portfolio's historical and projected performance.

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

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

TRANSACTION STRUCTURE

The Notes include respective scheduled revolving periods. During
this period, additional receivables may be purchased and
transferred to the securitized pool, provided that the eligibility
criteria set out in the transaction documents are satisfied. The
revolving period may end earlier than scheduled if certain events
occur, such as the breach of performance triggers or servicer
termination. If the notes are not fully redeemed at the end of the
respective scheduled revolving periods, the transactions enter into
a rapid amortization.

The VFN-F1 sub-series V1 and V2 transactions also include
respective series-specific liquidity reserves that the originator
initially funded at closing and which have been replenished to the
target amounts of 1.4% and 1.7% of the Class A Notes' balance,
respectively, in the transactions' interest waterfalls. The
liquidity reserve is available to cover the shortfalls in senior
expenses and interest due on the Class A Notes and would amortize
to the target amount, subject to a floor of GBP 250,000.

As the Notes carry floating-rate coupons based on the rate of daily
compounded Sterling Overnight Index Average (Sonia), there is an
interest rate mismatch between the fixed-rate collateral and the
floating-rate notes. While the potential risk is to a certain
degree mitigated by the excess spread and the originator's ability
to increase the credit card contractual rate, the levels of
subordination and liquidity reserve are deemed commensurate with
the ratings if further interest rate hikes occur during the
revolving period. This approach is consistent with DBRS
Morningstar's view to maintain the rating stability of a master
issuance structure.

COUNTERPARTIES

HSBC Bank plc (HSBC Bank) is the account bank for the Notes. Based
on DBRS Morningstar's private rating on HSBC Bank and the downgrade
provisions outlined in the transaction documents, DBRS Morningstar
considers the risk arising from the exposure to the account bank to
be commensurate with the ratings assigned to the Notes.

PORTFOLIO ASSUMPTIONS

Recent total payment rates, including the interest collections in
the servicer report, continue to be higher than the historical
levels. Nonetheless, it remains to be seen if these levels are
sustainable in the current challenging macroeconomic environment of
persistent inflationary pressures and interest rate increases. DBRS
Morningstar therefore elected to maintain the securitized
portfolio's expected monthly principal payment rate (MPPR) at 8%
after removing the interest collections.

The portfolio yield was largely stable over the reported period
until March 2020. The most recent performance report in November
2022 showed a total yield of 31.9%, up from the record low of 25.0%
in May 2020 due to higher delinquencies and the forbearance
measures offered (such as payment holidays and payment freezes).
After considering the observed trend and the removal of
spend-related fees, DBRS Morningstar maintained the expected yield
at 24.5%.

The reported historical annualized charge-off rates were high but
stable at around 16% until June 2020. The most recent performance
report in November 2022 showed a charge-off rate of 12.1% after
reaching a record high of 17.1% in April 2020. Based on the
analysis of historical data and in consideration of the current
challenging environment, DBRS Morningstar continued to maintain the
expected charge-off rate at 18%.

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



ORCHARD HOUSE: Set to Appoint Administrators
--------------------------------------------
Kate Cronin at Northamptonshrie Telegraph reports that one of
Corby's biggest employers is set to be plunged into administration
following weeks of turmoil.

The owners of Orchard House Foods, which employs around 500 people
in Corby, formally announced that they had begun the legal process
of appointing administrators amid "extremely challenging
conditions".

It comes as workers at the firm's Gateshead plant are owed
thousands in redundancy payments that were promised to them at the
beginning of December, leaving them having to use foodbanks and get
crisis loans.

Orchard House, headquartered in Manton Road, Corby, is one of the
town's longest-established firms and supplies big companies
including M&S with food products.  It was one of a number of
manufacturers that offered hope to locals when it opened in 1985 in
the wake of the steelworks closure.

But last month, it shut its sister factory in Gateshead.  Staff had
been promised redundancy and other payments on Dec. 9, but that
date came and went without workers getting what was owed to them,
leading to many of them having no funds to pay for Christmas.  They
still haven't been paid and their redundancy will now be arranged
by the insolvency service.

A spokesperson for Orchard House Foods said: "We have announced the
start of a legal process to appoint an administrator.  We have had
to take this action given the extremely challenging economic and
trading conditions that have badly hit Orchard House Foods.  The
economic conditions have meant increased input prices and
overheads, and this has significantly increased pressure on our
cash position.  As a result, the Directors have taken the difficult
decision to file with the Courts a notice of intention to appoint
an administrator.

"For our colleagues at our site in Corby, once appointed, the
administrator will step in to run the business, repay our creditors
and review strategic options for the business.  For our former
employees at Gateshead, once an administrator is appointed, they
will be able to claim any outstanding monies owed, including the
delayed redundancy payments, via The Insolvency Service.  We expect
this to happen as soon as the administrator has been appointed and
we will be providing them with additional support to help with
their claims."


SAFETYNET: Enters Administration, Customers Can Submit Claims
-------------------------------------------------------------
Petar Lekarski at MoneySavingExpert.com reports that credit
providers SafetyNet and Tappily have collapsed into administration
and stopped taking on new customers -- but there's no immediate
change for existing borrowers.

According to MoneySavingExpert.com, both former and existing
customers can still submit mis-selling complaints, though there's
no guarantee you'll get anything back.

The firms, which are both owned by parent company Indigo Michael
Limited and reportedly have a combined 150,000 customers, offered
short-term loans of up to GBP1,000 at interest rates of up to 68.7%
APR, MoneySavingExpert.com discloses.

Those customers with an outstanding balance with SafetyNet or
Tappily, the administrator, AlixPartners, says they must carry on
paying it back in the usual way, MoneySavingExpert.com notes.

Complaints against SafetyNet and Tappily were among those most
likely to be upheld by the independent Financial Ombudsman Service,
MoneySavingExpert.com states.

For existing customers who think their loan was unaffordable or may
have been mis-sold, they can still raise a complaint by writing to
SafetyNet or Tappily directly at:
customer.services@safetynetmail.co.uk or
customer.services@tappilymail.co.uk, MoneySavingExpert.com relays.

However, they're unlikely to get any cash back as a result of the
complaint -- the administrator has warned that "there is very
little prospect" of any money being available for refunds or
compensation, according to MoneySavingExpert.com.

Debt expert Sara Williams, author of the Debt Camel blog, says the
most they can expect if the complaint succeeds is for any
outstanding debt they have to be cleared, MoneySavingExpert.com
notes.





                           *********


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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