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

                          E U R O P E

          Tuesday, January 24, 2023, Vol. 24, No. 18

                           Headlines



F R A N C E

ASSYSTEM TECHNOLOGIES: EUR494M Bank Debt Trades at 19% Discount
BISCUIT HOLDING: EUR490M Bank Debt Trades at 27% Discount
CERELIA PARTICIPATION: EUR457.5M Bank Debt Trades at 16% Discount


G E R M A N Y

UNIPER SE: Jutta Doenges to Take Over as Chief Financial Officer
WIRECARD: Judge Chides EY for Failing to Act on Evidence of Fraud


I R E L A N D

BRIDGEPOINT CLO IV: Fitch Assigns 'B-sf' Rating on Class F Notes
BRIDGEPOINT CLO IV: S&P Assigns B-(sf) Rating on Class F Notes


I T A L Y

DIOCLE SPA: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
TELECOM ITALIA: Moody's Rates New Senior Unsecured Notes 'B1'


L U X E M B O U R G

COVIS FINCO: EUR309M Bank Debt Trades at 42% Discount
LSF10 XL BIDCO: EUR1.95B Bank Debt Trades at 15% Discount
TRAVELPORT FINANCE: $1.96B Bank Debt Trades at 38% Discount
VENATOR FINANCE: $375M Bank Debt Trades at 20% Discount
VIVION INVESTMENTS: S&P Affirms 'BB' ICR & Alters Outlook to Neg.



N E T H E R L A N D S

COLUMBUS FINANCE: EUR350M Bank Debt Trades at 21% Discount


S P A I N

SAN PATRICK: EUR61M Bank Debt Trades at 63% Discount


U N I T E D   K I N G D O M

BRIDGEGATE FUNDING: Fitch Assigns CCC Rating on Class F Notes
BRIDGEGATE FUNDING: S&P Assigns BB+(sf) Rating on Class F Notes
BRITISHVOLT: Coventry's MTC Offers Roles for Redundant Employees
COMET BIDCO: GBP315M Bank Debt Trades at 27% Discount
CONSTELLATION AUTOMOTIVE: GBP400M Debt Trades at 28% Discount

FIRST QUANTUM: Fitch Puts 'B+' LongTerm IDR on Watch Negative
MIDDLETONS MOBILITY: Shuts Down Following Administration
MILLTAG: Goes Into Liquidation, Owes Trade Creditors GBP35,172
PRAESIDIAD LTD: $36M Bank Debt Trades at 22% Discount
THG OPERATIONS: EUR600M Bank Debt Trades at 30% Discount

UK: Company Insolvencies Up 32% in Scotland in Dec. 2022,  R3 Says
[*] UK: South West Companies Falling Into Administration Up 56%

                           - - - - -


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F R A N C E
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ASSYSTEM TECHNOLOGIES: EUR494M Bank Debt Trades at 19% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Assystem
Technologies Services SASU is a borrower were trading in the
secondary market around 80.8 cents-on-the-dollar during the week
ended Friday, January 20, 2023, according to Bloomberg's Evaluated
Pricing service data.

The EUR494.4 million facility is a Term loan that is scheduled to
mature on September 28, 2024.  The amount is fully drawn and
outstanding.

Assystem Technologies Services provides engineering services. The
Company offers industrial processes development, embedded systems,
software, aero structures, risk management, and supply chain
solutions, as well as project management support, commissioning of
production units, and consultancy services.  The Company's country
of domicile is France.


BISCUIT HOLDING: EUR490M Bank Debt Trades at 27% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Biscuit Holding
SASU/FR is a borrower were trading in the secondary market around
73.1 cents-on-the-dollar during the week ended Friday, January 20,
2023, according to Bloomberg's Evaluated Pricing service data.

The EUR490 million facility is a Term loan that is scheduled to
mature on February 14, 2027.  The amount is fully drawn and
outstanding.

Biscuit International produces snacks and confectionery products.
The Company manufactures a wide range of label biscuits and other
related products. The Company's country of domicile is France.


CERELIA PARTICIPATION: EUR457.5M Bank Debt Trades at 16% Discount
-----------------------------------------------------------------
Participations in a syndicated loan under which Cerelia
Participation Holding SASU is a borrower were trading in the
secondary market around 83.9 cents-on-the-dollar during the week
ended Friday, January 20, 2023, according to Bloomberg's Evaluated
Pricing service data.

The EUR457.5 million facility is a Term loan that is scheduled to
mature on March 31, 2027.  The amount is fully drawn and
outstanding.

Cerelia Participation Holding SAS is the holding company for
Cerelia Group, a producer of frozen and refrigerated dough. The
Company's country of domicile is France.




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

UNIPER SE: Jutta Doenges to Take Over as Chief Financial Officer
----------------------------------------------------------------
Kamil Kowalcze and Michael Nienaber at Bloomberg News report that
Jutta Doenges, a former Goldman Sachs Group Inc. banker who also
ran Germany's debt management agency, will take over as chief
financial officer of recently nationalized utility Uniper SE.

Ms. Doenges will take over on March 1, and replace Tiina Tuomela,
whose contract expires, the company said in a statement, confirming
an earlier report by Bloomberg.

According to Bloomberg, the Dusseldorf-based company suffered
massive losses after Russia's invasion of Ukraine triggered a surge
in gas prices, and is in the midst of a management shakeup
following a government takeover.  Both its chief executive officer
and chief operating officer said this month they were stepping
down, Bloomberg notes.

Ms. Doenges, as cited by Bloomberg, said her goal was to lead
Uniper through a stabilization phase and eventually to
"successfully reopen it to capital markets."

The German government decides the makeup of Uniper's executive
board because it took over of the company at the end of last year
as Russia's war in Ukraine upended energy markets, Bloomberg
states.

Uniper imported most of its gas from Russia and was facing
bankruptcy, Bloomberg relays.  The utility reported a net loss of
around EUR40 billion (US$43 billion) in the first nine months of
the year, including costs for replacing gas in the more expensive
wholesale markets and anticipated future losses, Bloomberg
discloses.

The nationalization is part of a EUR200 billion package Scholz's
ruling coalition put together to help companies and households cope
with energy crisis, Bloomberg notes.  Uniper supplies gas to
thousands of local German utilities and companies and its
nationalization was needed to avert a collapse of the country's
energy system, according to Bloomberg.


WIRECARD: Judge Chides EY for Failing to Act on Evidence of Fraud
-----------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that the Wirecard
trial's presiding judge criticised EY on Jan. 19 for allegedly
failing to act on clear evidence of fraud at the German payments
group.

The comments came after the prosecutors' chief witness Oliver
Bellenhaus described how an internal investigation had in 2019
found that a contract for a software sale was fake, the FT notes.

The finding triggered a EUR12 million writedown and was shared with
the group's auditor EY, according to Judge Bellenhaus, a former
Dubai-based manager for Wirecard, who is facing charges of fraud,
embezzlement, accounting and market manipulation alongside former
chief executive Markus Braun and the former head of accounting
Stephan von Erffa, the FT relates.

"So EY at this time knew that Wirecard was forging contracts? What
were the consequences?" Judge Markus Foedisch asked Bellenhaus.
After hearing that there were no consequences, Mr. Foedisch said in
apparent disbelief: "I am just puzzled  . . . [EY] could have
handled it differently, and then the whole issue would have been
uncovered more than a year earlier."

Wirecard collapsed into insolvency in June 2020 after disclosing
that EUR1.9 billion in corporate cash and half its revenue were a
sham, the FT recounts.  In the 12 months before the collapse, it
raised more than EUR1.4 billion in fresh debt, the FT states.  EY
had been the auditor of the disgraced German payments company and
for more than a decade gave its annual accounts a clean bill of
health, the FT notes.

EY, the FT says, is still under investigation by Germany's audit
watchdog Apas over its work for Wirecard.  The body, which in 2020
filed a criminal complaint against several EY audit partners,
flagged potential violations of professional duties, the FT
recounts.

One year later, an investigation on behalf of the German parliament
concluded that the auditor's work suffered from serious
shortcomings over a period of years, the FT relays.  The Big Four
firm is facing an avalanche of lawsuits by Wirecard investors and
creditors who suffered billions of losses in the crash, the FT
states.

According to the FT, Judge Bellenhaus told the court in Munich that
he managed to reduce the required writedown to EUR2 million by
fabricating two new contracts, inventing new software sales of
EUR10 million.  The EUR2 million writedown was considered
insignificant by EY, according to Judge Bellenhaus, the FT
relates.




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I R E L A N D
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BRIDGEPOINT CLO IV: Fitch Assigns 'B-sf' Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Bridgepoint CLO IV DAC final ratings.

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

   A XS2562485222       LT AAAsf   New Rating    AAA(EXP)sf

   B-1 XS2562485578     LT AAsf    New Rating    AA(EXP)sf

   B-2 XS2562485735     LT AAsf    New Rating    AA(EXP)sf

   C XS2562485909       LT Asf     New Rating    A(EXP)sf

   D XS2562486113       LT BBB-sf  New Rating    BBB-(EXP)sf

   E XS2562486386       LT BB-sf   New Rating    BB-(EXP)sf

   F XS2562486543       LT B-sf    New Rating    B-(EXP)sf

   Subordinated Notes
   XS2562486899         LT NRsf    New Rating    NR(EXP)sf

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 EUR319
million. 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 at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) 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 (WARR) of the identified portfolio is 61.81.

Diversified Portfolio (Positive): At closing, the transaction's
matrices are based on a top 10 obligor limit of 21%, and maximum
fixed-rate asset limits of 15% 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
stressed-case portfolio is 12 months less than the WAL covenant to
account for strict reinvestment conditions after the reinvestment
period, including the over-collateralisation (OC) test, Fitch 'CCC'
limit and a constantly 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 downgrades 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 upgrades of
up to two notches across the structure except for the 'AAAsf' rated
notes.

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 losses in the remaining portfolio.

DATA ADEQUACY

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

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

BRIDGEPOINT CLO IV: S&P Assigns B-(sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Bridgepoint CLO
IV DAC's class A to F European cash flow CLO notes. At closing, the
issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately four years after
closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.

  Portfolio Benchmarks
                                                         CURRENT

  S&P weighted-average rating factor                    2,870.70

  Default rate dispersion                                 395.27

  Weighted-average life (years)                             4.93

  Obligor diversity measure                               114.44

  Industry diversity measure                               18.85

  Regional diversity measure                                1.14


  Transaction Key Metrics

                                                         CURRENT

  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                            B

  'CCC' category rated assets (%)                           2.56

  Covenanted 'AAA' weighted-average recovery (%)           34.33

  Covenanted weighted-average spread (%)                    4.10

  Reference weighted-average coupon (%)                     5.00


Unique Features

Delayed draw tranche

S&P said, "The class F notes is a delayed draw tranche. It is
unfunded at closing and has a maximum notional amount of EUR13.6
million and a spread of three/six-month Euro Interbank Offered Rate
(EURIBOR) plus 8.75%. The class F notes can only be issued once and
only during the reinvestment period. The issuer will use the
proceeds received from the issuance of the class F notes to redeem
the subordinated notes. Upon issuance, the class F notes' spread
could be higher (in comparison with the issue date) subject to
rating agency confirmation. For the purposes of our analysis, we
assumed the class F notes to be outstanding at closing."

Asset priming obligations and uptier priming debt

Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk of a distressed obligor either moving collateral
outside the existing creditors' covenant group or incurring new
money debt senior to the existing creditors.

Rating rationale

S&P said, "We understand that the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds on effective date. Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs.

"In our cash flow analysis, we used the EUR319 million target par
amount, the covenanted weighted-average spread (4.10%), the
covenanted weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates for the 'AAA' rating level. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"Until the end of the reinvestment period on Jan. 20, 2027, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to E notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned ratings on
the notes.

"The class F notes' current break-even default rate (BDR) cushion
is a negative cushion at the current rating level. Nevertheless,
based on the portfolio's actual characteristics and additional
overlaying factors, including our long-term corporate default rates
and recent economic outlook, we believe this class is able to
sustain a steady-state scenario, in accordance with our criteria."
S&P's analysis further reflects several factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P said, "Our model-generated portfolio default risk, which is
at the 'B-' rating level at 23.40% (for a portfolio with a
weighted-average life of 4.93 years) versus 15.28% if S&P was to
consider a long-term sustainable default rate of 3.1% for 4.93
years. Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.

-- Following S&P's analysis of the credit, cash flow,
counterparty, operational, and legal risks, it believes that its
assigned ratings are commensurate with the available credit
enhancement for the class A, B-1, B-2, C, D, E, and F notes.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes based on four hypothetical scenarios. The results are
shown in the chart below.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and is managed by Bridgepoint Credit
Management Ltd.

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries: the
production or trade of illegal drugs or narcotics; the development,
production, maintenance of weapons of mass destruction, including
biological and chemical weapons; manufacture or trade in
pornographic materials; payday lending; performing oil exploration
or providing pipelines intended for use in the oil life cycle; and
tobacco production. Accordingly, since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

Environmental, social, and governance (ESG) corporate credit
indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."

  Corporate ESG Credit Indicators
          
                               ENVIRONMENTAL   SOCIAL   GOVERNANCE

  Weighted-average credit indicator*    2.01    2.08     2.86

  E-1/S-1/G-1 distribution (%)          0.35    0.71     0.00

  E-2/S-2/G-2 distribution (%)         71.05   66.30    13.44

  E-3/S-3/G-3 distribution (%)          1.27    4.96    57.33

  E-4/S-4/G-4 distribution (%)          0.00    0.71     0.71

  E-5/S-5/G-5 distribution (%)          0.00    0.00     1.20

  Unmatched obligor (%)                16.01   16.01    16.01

  Unidentified asset (%)               11.31   11.31    11.31

  Only includes matched obligor.

  Ratings List

  CLASS     RATING     AMOUNT    INTEREST RATE(%)* CREDIT
                     (MIL. EUR)                     ENHANCEMENT(%)

  A         AAA (sf)    186.60     3mE + 2.20        41.50

  B-1       AA (sf)      22.10     3mE + 3.82        32.51

  B-2       AA (sf)       6.60          6.875        32.51

  C         A (sf)       24.70     3mE + 4.54        24.76

  D         BBB- (sf)    22.40     3mE + 6.55        17.74

  E         BB- (sf)     14.30     3mE + 7.91        13.26

  F§        B- (sf)      13.60     3mE + 8.75         9.00

  Subordinated   NR      35.90     N/A                 N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

§The class F notes is a delayed drawdown tranche, which is not
issued at closing.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.




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

DIOCLE SPA: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B+' long-term issuer credit
and debt ratings on Italian pharmaceutical company Diocle SpA (DOC
Generici) at the company's request. The withdrawal follows the
recent change in ownership and repayment of the 470 million
floating rate notes in 2022. The outlook at the time of the
withdrawal was stable.


TELECOM ITALIA: Moody's Rates New Senior Unsecured Notes 'B1'
-------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
new senior unsecured notes to be issued by Telecom Italia S.p.A.,
the leading integrated telecommunications provider in Italy. The
outlook is negative.

Proceeds from this debt issuance will be used to enhance liquidity
after the repayment of the EUR1 billion senior unsecured MTN notes
which matured on January 16, 2023, and to partially address the
refinancing of the upcoming maturities in 2023. The transaction
also marks Telecom Italia's return to the bond market for the first
time since January 2021, which would help liquidity management.

"The transaction is leverage neutral and it allows Telecom Italia
to push the maturity of part of its 2023 debt payments at a time of
significant refinancing needs. However, because of the change in
the market conditions, the interest rates on the new senior
unsecured debt will likely be higher than the debt that is retired,
with a negative impact on free cash flow," says Ernesto Bisagno, a
Moody's VP-Senior Credit Officer and lead analyst for Telecom
Italia.

RATINGS RATIONALE

The B1 rating primarily reflects (1) the company's scale and
position as the incumbent service provider in Italy, with strong
market shares in both fixed and mobile segments; (2) its integrated
business profile; and (3) its international diversification in
Brazil, a business that is reporting steady earnings growth.

The rating is constrained by (1) Telecom Italia's high leverage,
weak interest coverage metrics and negative free cash flow (FCF);
(2) the fierce competition in Italy and the ongoing earnings
decline, with the company's uneven history of achieving its
earnings guidance; and (3) the increased complexity of the group's
structure.

Despite the potential for a network separation, Moody's continues
to consider the company's current perimeter and configuration and
factor in the evolution of the credit metrics for the group as a
whole. If the company continues to execute its delayering strategy,
Moody's would assess its implications on the business model of each
entity, as well as the future financial profile, including the
leverage reduction trajectory and potential to generate FCF. This
assessment could ultimately lead to a different rating outcome.

Telecom Italia reported a 9.3% decline in organic EBITDA in the
first nine months of 2022 (-16.9% for domestic operations) to
EUR4.5 billion, because of a 1.6% drop in revenue (-6.8% for
domestic operations), exacerbated by its high operating leverage
and higher labour and energy costs.

However, its operating performance stabilised in 2022, with Q3 2022
EBITDA increasing by 1.7% from Q2 2022. In the domestic operations,
the performance stabilization was mostly driven by reduced churn in
both fixed and mobile, and improved ARPUs in fixed, while Brazil
benefited from steady organic growth and contribution from the
recently consolidated Oi assets.

As a result, Moody's now expects the company's Moody's adjusted
EBITDA to decline in the mid-single digit range in 2022 and to
start recovering in 2023, while the rating agency was expecting a
more significant profit decline in 2022, when the rating was
downgraded to B1 in July 2022.

However, because of the high capital spending requirement and the
likely increase in funding costs, Telecom Italia's Moody's-adjusted
FCF will remain at negative EUR200 million- EUR300 million each
year over 2022-23.

The rating agency expects that Telecom Italia's Moody's-adjusted
net leverage will increase from 2021 but remain below 5.0x in 2022,
better than the 5.4x expected in July 2022. However, Moody's
anticipates that the interest coverage ratio will remain below 1.5x
over 2022-23, leaving the company weakly positioned in the rating
category.

The key downside risks to Moody's expectations include the exposure
to the highly competitive domestic market conditions, the execution
risks related to the company's turnaround strategy and the weakened
macroeconomic environment.

LIQUIDITY

Telecom Italia had adequate liquidity as of December 2022, with
expected cash and cash equivalents of around EUR5 billion, and EUR4
billion available under its senior unsecured revolving credit
facility (RCF) agreements due in 2026.

However, the company will likely generate negative FCF of around
EUR200 million in 2023 and has significant debt maturities of
around EUR9 billion over 2023-24 (including IFRS 16 liabilities).
As a result, Moody's expects the company to continue to proactively
address its funding requirements in the near term.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on the rating reflects Moody's expectation of
Telecom Italia's weak interest coverage over 2022-23 and modestly
negative FCF. The negative outlook also reflects the execution
risks related to the company's turnaround strategy and the low
visibility into its operating performance because of the
deteriorated macroeconomic environment.

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

Upward rating pressure over the next 12-18 months is unlikely
because of the company's weak credit metrics for the rating
category. However, upward rating pressure could develop if Telecom
Italia's operating performance improves significantly, such that
its Moody's-adjusted debt/EBITDA ratio declines below 4.25x and its
Moody's-adjusted EBITDA minus capital spending/interest expense
ratio rises above 2.0x, while the company demonstrates an
improvement in FCF.

Further downward rating pressure could develop if Telecom Italia
fails to address the upcoming refinancing needs  or if its
operating performance does not stabilize, such that its
Moody's-adjusted net leverage ratio fails to reduce below 5.0x, and
its Moody's-adjusted EBITDA minus capital spending/interest expense
ratio remains below 1.5x, with sustained negative FCF.

LIST OF AFFECTED RATINGS

Assignment:

Issuer: Telecom Italia S.p.A.

Senior Unsecured Regular Bond/Debenture, Assigned B1

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was
Telecommunications Service Providers published in September 2022.

COMPANY PROFILE

Telecom Italia is the leading integrated telecommunications
provider in Italy. The company provides a full range of services
and products, including telephony, data exchange, interactive
content, and information and communications technology solutions.
In addition, the group is one of the leading telecom companies in
the Brazilian mobile market, operating through its subsidiary, TIM
Brasil. In 2021, Telecom Italia reported EUR15.3 billion in revenue
and EUR6.4 billion in Moody's-adjusted EBITDA.




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

COVIS FINCO: EUR309M Bank Debt Trades at 42% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 57.6
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR309.6 million facility is a Term loan that is scheduled to
mature on February 18, 2027.  About EUR303.8 million of the loan is
withdrawn and outstanding.

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

LSF10 XL BIDCO: EUR1.95B Bank Debt Trades at 15% Discount
---------------------------------------------------------
Participations in a syndicated loan under which LSF10 XL Bidco SCA
is a borrower were trading in the secondary market around 84.6
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR1.95 billion facility is a Term loan that is scheduled to
mature on April 9, 2028. The amount is fully drawn and
outstanding.

LSF10 XL Bidco SCA was formed by Lone Star Funds to facilitate its
acquisition of the Xella group from PAI Partners SAS and investment
funds managed by the merchant banking division of Goldman Sachs.
The Company's country of domicile is Luxembourg.


TRAVELPORT FINANCE: $1.96B Bank Debt Trades at 38% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 61.9 cents-on-the-dollar during the week ended Friday,
January 20, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $1.96 billion facility is a Term loan that is scheduled to
mature on May 29, 2026. The amount is fully drawn and outstanding.

Travelport Finance Luxembourg Sarl operates as a subsidiary of
Travelport Holdings Ltd.  The Company's country of domicile is
Luxembourg.


VENATOR FINANCE: $375M Bank Debt Trades at 20% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Venator Finance
Sarl is a borrower were trading in the secondary market around 79.8
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $375 million facility is a Term loan that is scheduled to
mature on August 8, 2024.  About $352.2 million of the loan is
withdrawn and outstanding.

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


VIVION INVESTMENTS: S&P Affirms 'BB' ICR & Alters Outlook to Neg.
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Vivion Investments
S.a.r.l. (Vivion) to negative from stable. S&P also affirmed its
'BB' long-term issuer credit rating on the company and its 'BB+'
rating on the senior unsecured debt.

The negative outlook indicates that S&P could lower the ratings in
the next six to 12 months if Vivion fails to address its next large
debt maturities well in advance, and does not address the perceived
lack of transparency, leading to an increased risk in its
management and governance structure.

S&P's outlook revision incorporates the increasing risk to Vivion's
capital structure due to significant refinancing needs.

S&P said, "We think the ongoing unfavorable capital market
conditions and high credit spreads could hinder Vivion's ability to
address its next large debt maturities well in advance. As of Dec.
31, 2022, Vivion's average debt maturity stands at about three
years (pro forma the recent announced refinancing), with
significant debt maturities coming due by 2025. More precisely, the
company has about 862 million of debt maturing in 2024 (about 660
million of bonds maturing August 2024 and about 202 million of
various bank loans maturing across 2024; 38.4.% of its total debt
as of Dec. 31, 2022) and about 842 million of debt maturing in 2025
(about 38 % of its total debt as of Dec. 31, 2022). Considering the
unfavorable capital market conditions and significantly widening
credit spread of Vivion's senior unsecured bonds (currently trading
at 78%-82% of nominal value), we see increasing risk on the timely
management of the company's upcoming refinancing needs. Further
deterioration in the length of its weighted average debt maturity
profile will likely increase pressure on Vivion's liquidity
position and overall capital structure, hence weakening its overall
creditworthiness. In January 2023, the company refinanced a £200
million secured bank loan in the U.K., which improved its WAM to
close to three years from 2.7, and had a cash and cash equivalent
of 722 million as of June 30, 2022, which covers well the
short-term debt maturities in next 12 months. Furthermore, we
understand Vivion is targeting alternative funding sources, such as
increasing secured lending or private placements, which can be
issued more competitively than the ones currently in the bond
markets. We note the company's unencumbered asset base was about
3.1 billion as of June 30, 2022. However, we remain cautious about
the amount and timing of the funding that can be raised.

"Although Vivion's financial statements are prepared in accordance
with IFRS and it has received unqualified audit opinions for its
annual reports, in our view, the company´s transparency under its
financial disclosures is weaker compared to other private European
rated real estate companies. Vivion's response to recent market
concerns on its financial disclosures led it to provide additional
information presented in Vivion's financial statements on a net
basis (in accordance to and in compliance with IFRS) on several
transactions, such as the movements of shareholder loans over the
last couple of years, increased clarification on its cash flow
statement, and on its financial notes. After reviewing all the
information, in our view, the presentation of its financial
statements and degree of disclosure compares weaker than other
private European rated real estate companies and contributes to a
perceived lack of transparency for the market. That said, we
understand that Vivion has committed to take steps to improve its
financial and nonfinancial transparency with all its stakeholders
going forward.

"We continue to assess Vivion's shareholder loans as equity under
our criteria, because historical transactions have maintained
credit protective terms, such as subordination and lack of
cross-default or cross acceleration, no fixed periodic cash
interest or dividend payments, and Vivion's sole right to convert
any and all shareholder loans to equity at any point in time
without needing consent from other holders. Furthermore, the
historical transactions have maintained the alignment of economic
incentives between common equity and noncommon equity holders.

"Vivion's liquidity remains adequate, supported by a strong cash
position and limited short-term debt maturities in the 12 months
starting June 30, 2022. Vivion has a strong cash position of 722
million as of June 30, 2022, which more than sufficiently covers
the next 12 months' debt maturities of around 332.8 million. We
understand that Vivion recently partially refinanced £272 million
of its UK secured bank loan, which was due in second-quarter 2023,
through another £200 million secured bank loan and cash and cash
equivalent. Also, Vivion received 161 million in cash from its
receivables from the disposal of nontraded bonds. That said, given
the absence of undrawn committed credit lines and large debt
maturities due in 2024 and 2025, we anticipate liquidity could come
under pressure in the next six to 12 months if Vivion does not
timely address its large refinancing needs. We understand the
company's covenants have sufficient headroom (well above 10%) per
latest testing.

"We view positively Vivion's solid operating performance, which we
expect to remain stable over the next 12 to 24 months despite
macroeconomic uncertainties. This should enable the company to
maintain credit metrics commensurate within our financial
thresholds for its current rating. Vivion benefits from long-term
leases and partially inflation-linked rental contracts in its
office and hotel segments, supporting stable and predictable
revenues. We have not revised our base-case assumptions on Vivion.
We continue to expect Vivion's S&P Global Ratings-adjusted debt to
debt plus equity ratio will be about 40%, EBITDA interest coverage
2.2x-2.4x, and net debt to EBITDA 10.0x-11.0x in the next 12-18
months.

"The negative outlook indicates we could lower the ratings in the
next six to 12 months if Vivion's fails to address its next large
debt maturities in a timely manner, hence failing to improve its
WAM to well above three years and does not address its perceived
lack of transparency--leading to an increased risk in its
management and governance structure."

S&P could downgrade Vivion if:

-- It fails to address its upcoming near-term debt maturities in a
timely manner, so that its weighted average debt maturity falls
well below three years; and

-- It is not able to address the perceived lack of transparency
and disclosure in its financial reporting, as well as communication
to its stakeholders, resulting in an increased risk to its overall
management and governance structure.

S&P could also lower the rating if the company fails to maintain
EBITDA interest coverage above 1.8x and debt to debt plus equity
below 60%; its liquidity deteriorates; or Vivion's operating
performance, including occupancy rates, rental growth, and asset
values, deteriorated materially because of the ongoing effects from
the weakening economy.

S&P could revise the outlook to stable if Vivion:

-- Improves its weighted average debt maturity well above three
years and increases liquidity headroom for the coming years; and

-- Addresses its perceived lack of transparency and disclosures
under its financial reporting as well as communication with
stakeholders, which would entail the absence of unexpected events
that could harm its credit profile.

Environmental, Social, And Governance

ESG credit indicators: To E-2, S-2, G-4; From E-2, S-2, G-3

S&P said, "Governance factors are a negative consideration in our
credit rating analysis of Vivion. We note Vivion's financial
statements are prepared in accordance with IFRS, and it has
received unqualified audit opinions on its annual accounts.
However, in our view, the company´s transparency under its
financial disclosures is weaker compared to other private European
rated real estate companies. That said, we understand that Vivion
plans to improve its financial transparency as well as
communication with stakeholders.

"Our analysis takes also into account that Vivion is ultimately
controlled by one principal shareholder, its founder Amir Dayan
(70% stake). The board of directors (board of managers) has five
members, including one representative from the minority
shareholders. However, there are no independent board members. We
understand Vivion has an advisory board that consists of three
members, only one of whom recently joined is considered
independent."

Although about one-half of Vivion's portfolio is composed of hotel
assets, social factors are an overall neutral consideration, given
the fixed lease structure under these assets. This translates into
minimal disruption in rent collection as about 88% of third-quarter
2022 and 93% of 2021 rents have been already collected.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Transparency and reporting




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

COLUMBUS FINANCE: EUR350M Bank Debt Trades at 21% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Columbus Finance BV
is a borrower were trading in the secondary market around 79.3
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.

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

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



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

SAN PATRICK: EUR61M Bank Debt Trades at 63% Discount
----------------------------------------------------
Participations in a syndicated loan under which SAN Patrick SL is a
borrower were trading in the secondary market around 37
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR61 million facility is a Term loan that is scheduled to
mature on October 2, 2024. The amount is fully drawn and
outstanding.

SAN Patrick SL manufactures apparel. The Company offers wedding
gowns, dresses, and accessories for women. SAN Patrick serves
customers in Spain.




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

BRIDGEGATE FUNDING: Fitch Assigns CCC Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned Bridgegate Funding PLC final ratings.

   Entity/Debt           Rating                  Prior
   -----------           ------                  -----
Bridgegate Funding PLC

   A XS2549049539    LT AAAsf  New Rating   AAA(EXP)sf

   B XS2549049885    LT AAsf   New Rating   AA(EXP)sf

   C XS2549050032    LT Asf    New Rating   A(EXP)sf

   D XS2549050206    LT BBBsf  New Rating   BBB(EXP)sf

   E XS2549050461    LT BBsf   New Rating   BB(EXP)sf

   F XS2549050628    LT CCCsf  New Rating   CCC(EXP)sf

   R XS2442283219    LT NRsf   New Rating   NR(EXP)sf
   S1 Certificate

   XS2442283649      LT NRsf   New Rating   NR(EXP)sf
   S2 Certificate

   XS2442284027      LT NRsf   New Rating   NR(EXP)sf

   X XS2442283482    LT CCsf   New Rating   CC(EXP)sf

   Z XS2549050891    LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The transaction is a securitisation of mortgages originated by The
Mortgage Business (TMB), a subsidiary of Bank of Scotland. Over
half of the assets were held in a previous securitisation, Deva
Financing plc, which was rated by Fitch. The rest of the loans are
from the TMB book and were not previously securitised.

KEY RATING DRIVERS

Seasoned Non-Prime Loans: The asset pool contains characteristics
that were common in UK non-conforming origination prior to the
global financial crisis. The collateral portfolio contains seasoned
loans (16.2 years) and a high proportion of borrowers with
late-stage arrears (12.4% has more than three monthly payments in
arrears). In addition, the owner-occupied (OO) sub-pool also
contains a high proportion of interest-only (IO) loans (86.9%) and
borrowers with self-certified income (87.7%).

Fitch considered the historical performance of TMB's previous
transaction in its analysis and found it to be generally in line
with the sector's indices. Fitch analysed the OO and buy-to-let
(BTL) portions of the pool using its non-conforming and BTL
criteria assumptions, respectively. For both sectors Fitch applied
a lender adjustment of 1.0x.

Loans Past Maturity: The provisional pool includes a significant
share of loans (7.4% by current balance) that have passed the
maturity date without making the final balloon payment. A portion
of these (4.5% of the total pool) is flagged as performing as they
are current with their interest payments. Fitch has made a data
adjustment for these loans by classifying them as restructured
(while the original field was marked as no data), reflecting the
assumption of separate payment arrangements put in place between
borrower and lender or implicit term extension.

Unhedged Basis Risk: Excluding defaulted loans, the portfolio
contains 54.6% loans linked to the Bank of England base rate (BBR)
and 45.4% linked or reverting to a standard variable rate (SVR).
There was no hedging in place at close. As the notes pay daily
compounded SONIA, the transaction is exposed to basis risk between
the BBR and SONIA. Fitch has incorporated this risk into its
analysis by applying a 0.15% margin reduction in the rising and
stable interest-rate stress scenarios, in line with its UK RMBS
Rating Criteria.

Limited Excess Spread: Assets linked to BBR have a low weighted
average (WA) margin above the base rate of 1.6%, while the SVR
loans yield an all-in rate of 6.2% as of October 2022 (increased to
6.7% from 10 November 2022). Fitch projects a yield compression by
assuming the SVR as margin over the notes index (SONIA). In line
with its UK RMBS Rating Criteria, Fitch assumed a margin of 3% in
rising interest rates and 4.0% in stable and decreasing interest
rates.

At closing, in a 'Bsf' scenario, assuming rising interest rates,
the resulting excess spread after payment of floating fees, S1
certificate payments and the WA cost of the collateralised notes is
0.11%. Post step-up date, assuming the same asset margins and the
increased notes spread, the excess spread becomes negative. As a
result, Fitch considers that the class X notes are consistent with
a 'CCsf' rating definition, which is 'default of some kind appears
probable'.

PDL Expected on First IPD: Fitch expects the time lag between BBR
increases and corresponding increases in the rates (BBR and SVR)
being charged to borrowers, combined with a one-off servicing fee
payment due at closing to cause a debit on the principal deficiency
ledger (PDL) on the first interest payment date (IPD). Fitch has
taken this in to account by modelling an estimated PDL of GBP6
million or approximately 9% of the class Z notes' balance. As a
result of the expected PDL debit at the first IPD, credit
enhancement (CE) available to the rated notes is likely to reduce
and lock-out triggers for the use of principal to cover for
interest shortfalls are more likely to be breached.

RATING SENSITIVITIES

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

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

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

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potentially
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF and an increase in the RR of 15%
each. The impact on all notes except for the class A notes could be
upgrades of up to four notches.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

Bridgegate Funding PLC has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
high proportion of IO loans in legacy OO mortgages, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Bridgegate Funding PLC has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to a
significant proportion of the pool containing OO loans advanced
with limited affordability checks, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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

BRIDGEGATE FUNDING: S&P Assigns BB+(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Bridgegate
Funding PLC's class A to X notes. At closing, the issuer also
issued unrated Z and R notes, a residual certificate, and S1 and S2
certificates.

Bridgegate Funding PLC is a static RMBS transaction. The portfolio
comprises a mix of owner-occupied and buy-to-let (BTL) mortgage
loans. Of the portfolio approximately 63% was previously
securitized in the Deva Financing PLC transaction which redeemed in
2021. The remaining 37% of the loans were never securitized and
were kept by the seller on its books.

At closing, the seller (The Mortgage Business Public Limited
Company; TMB) following the Mortgage Sale Agreement, sold the loans
and their related security comprising the portfolio of assets to
the issuer in exchange for the consideration. The issuer will grant
security over all its assets in the security trustee's favor.

The pool is well seasoned. All of the loans are first-lien U.K.
loans (either owner-occupied and BTL residential mortgage loans).
The loans are secured on properties in England, Wales, Scotland,
and Northern Ireland and were mostly originated between 2006 and
2008.

Of the pool, 91% of loans are interest-only, and 12.6% of the
mortgage loans are currently in arrears greater than (or equal to)
one month (these include loans considered as defaulted for the
purposes of our analysis).

The transaction has a general reserve fund and a liquidity reserve
fund which is funded from the issuance proceeds of the class R
notes.

The transaction has no rating constraints under S&P's counterparty,
operational risk, or structured finance sovereign risk criteria.
The issuer is bankruptcy remote in accordance with its legal
criteria.

S&P said, "We expect inflation to continue to be high in U.K. in
the near term. Although high inflation is overall credit negative
for all borrowers, inevitably some borrowers will be more
negatively affected than others and to the extent inflationary
pressures materialize more quickly or more severely than currently
expected, risks may emerge. Borrowers in this transaction are
largely paying a floating rate of interest (standard variable rate
or tracker). As a result, they will feel the effect of rising cost
of living pressures. We have considered these risks in our loan
characteristic and originator adjustments. Based on our most recent
macroeconomic forecasts, we have also maintained our mortgage
market outlook for the U.K. to reflect uncertain economic
conditions and increased credit risk. These continue to affect our
'B' foreclosure frequency assumptions for the archetypal pool. We
have also performed sensitivities related to higher levels of
defaults in our cash flow analysis and the assigned ratings remain
robust to these sensitivities."

  Ratings

  CLASS     RATING     CLASS NOTIONAL (MIL. GBP)

  A         AAA (sf)     2317.61

  B         AA+ (sf)      137.95

  C-Dfrd    AA- (sf)       96.57

  D-Dfrd    A (sf)         55.18

  E-Dfrd    BBB+ (sf)      41.39

  F-Dfrd    BB+ (sf)       41.39

  X         BBB- (sf)      20.69

  Z         NR             68.98

  R         NR             35.87

  Residual certs  NR         N/A

  S1 certificate  NR         N/A

  S2 certificate  NR         N/A

  N/A--Not applicable.
  NR--Not rated.


BRITISHVOLT: Coventry's MTC Offers Roles for Redundant Employees
----------------------------------------------------------------
Rachel Covill at TheBusinessDesk.com reports that Coventry's
Manufacturing Technology Centre is offering a lifeline to redundant
employees of the collapsed battery manufacturer Britishvolt.

According to TheBusinessDesk.com, the MTC is offering Britishvolt
employees the chance to fill more than 50 engineering,
manufacturing and supporting roles at its Ansty Park headquarters.
The roles available include engineers of all levels as well as
project managers and trainers, TheBusinessDesk.com notes.

The MTC is to hold an open day on Jan. 25 to give Britishvolt
employees the chance to learn about the MTC and its facilities,
TheBusinessDesk.com discloses.

The MTC has already taken on three Britishvolt apprentices,
allowing them to transfer their employment and training and
complete their apprenticeships at the centre.

"Following the sad news that Britishvolt has fallen into
administration, the MTC is offering Britishvolt employees who have
been made redundant a wide range of manufacturing, engineering and
supporting roles within the MTC organisation.  The UK has long
suffered from a shortage of people with the right engineering and
associated skills to take the country's manufacturing industry into
the future, so it is important that these skills are not lost to
other sectors.  The MTC, as a proud supporter of UK manufacturing
and a progressive employer, has more than 50 roles in the West
Midlands available and we are offering Britishvolt employees the
chance to take these opportunities," TheBusinessDesk.com quotes MTC
chief people officer Vicki Sanderson as saying.

More than 300 jobs were lost when Britishvolt collapsed into
administration last week, TheBusinessDesk.com recounts.  MTC roles
available include research engineers, laser and metrology
engineers, mechanical and electrical team leaders, technology
managers, business transformation advisors, manufacturing
engineers, project managers and engineering trainers, as well as
maintenance, finance and health and safety roles.


COMET BIDCO: GBP315M Bank Debt Trades at 27% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 72.8
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.

The GBP315 million facility is a Term loan that is scheduled to
mature on October 6, 2024.  The amount is fully drawn and
outstanding.

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


CONSTELLATION AUTOMOTIVE: GBP400M Debt Trades at 28% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 72.1 cents-on-the-dollar during the week ended Friday,
January 20, 2023, according to Bloomberg's Evaluated Pricing
service data.

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

Constellation Automotive Group Limited offers digital used car
marketplace. The Company offers used passenger cars, utility
vehicles, and trucks, as well as provides parts and accessories,
repairs and maintenance, finance, and insurance services. The
Company's country of domicile is the United Kingdom.

FIRST QUANTUM: Fitch Puts 'B+' LongTerm IDR on Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed First Quantum Minerals Ltd.'s (FQM)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
of 'B+' on Rating Watch Negative (RWN) following the government of
Panama's resolution to put Cobre Panama mine on care and
maintenance.

The RWN reflects the uncertainty of FQM's operations at its
flagship Cobre Panama mine following a dispute between FQM and the
Panama government over the final terms of a revised concession
contract. Any material and protracted disruption to operations at
Cobre Panama would negatively affect the company's financial
profile while simultaneously weakening geographic diversification,
which could lead to a reassessment of Fitch's approach in
determining the applicable Country Ceiling.

Fitch expects to resolve the RWN once Fitch has greater clarity
regarding the scope and duration of the care and maintenance plan,
if implemented, and the final terms of the new contract, the timing
of which remains uncertain and may take place subsequent to six
months in the future.

KEY RATING DRIVERS

Cobre Panama at Risk: Fitch sees a risk of disruption to FQM's
Cobre Panama mine after the government of Panama ordered the
company to suspend operations, following the passing of a
government-imposed deadline to agree on a revised concession
contract last December. This was followed by a government
resolution sent to FQM requiring its Cobre Panama subsidiary to
submit a plan to put the operation on care and maintenance. FQM has
lodged a legal appeal to this resolution, while operations at Cobre
Panama continue to run as normal.

Key Mining Asset: Cobre Panama is fundamental to both the economy
of Panama and FQM's operational and financial profile. The mine
accounted for around 50% of FQM's EBITDA and 41% of its copper
production in 2021. It has also helped FQM achieve material
geographic diversification beyond Zambia (RD; Country Ceiling of
B-), which before Cobre Panama's start-up generated 80% of total
copper production and earnings in 2018. Cobre Panama represents up
to 4% of Panama's GDP, the majority of its export revenues, and
employs 40,000 people, including direct employees, contractors and
indirect workers supporting the mine.

Resolution Likely, Timing Uncertain: Considering the strategic
importance of the mine to both parties, Fitch believes it is likely
that FQM and the government will eventually reach an agreement on
the revised concession contract for Cobre Panama. However, Fitch
sees significant uncertainty over the timing required for an
agreement to be negotiated and finalised, and the mine's
utilisation rate during this time. Fitch conservatively assumes
Cobre Panama will be put on care and maintenance and run at reduced
capacity for six months in 2023, before returning to normal
operations.

Differences on Agreement Terms: FQM and the government have been
negotiating since January 2022 on a new concession agreement, which
includes an annual minimum payment of USD375 million. This payment
comprises corporate taxes and a profit-based mineral royalty of
12%-16%, with downside protections. Fitch understands from
management that both parties have agreed on the payment amount but
differences remain on the terms relating to the stability and
duration of the agreement.

Applicable Country Ceiling May Change: Given FQM's diversification
of earnings from several jurisdictions, Fitch applies a
multiple-countries approach to determine the applicable Country
Ceiling for FQM, in this case Panama's at 'A-'. Assuming that Cobre
Panama runs at reduced capacity only for six months in 2023, cash
flows generated from Panama are likely to be sufficient to cover
hard currency gross interest expense, which will support the
applicability of Panama's Country Ceiling of 'A-'.

Should production at Cobre Panama be halted for a protracted period
of time or indefinitely, earnings from other higher rated
jurisdictions (Australia, Spain) would likely not cover the
company's hard currency gross interest expense, which would lead to
the application of Zambia's Country Ceiling of 'B-' instead.

Financial Profile Uncertain: Strong copper pricing and a ramp-up in
production at Cobre Panama has continued to support FQM's financial
profile, contributing to close-to-record earnings, an ample cash
buffer and deleveraging in recent years. Fitch forecasts USD3.3
billion of EBITDA and USD581 million of free cash flow (FCF) in
2022, with EBITDA gross and net leverage at 2.6x and 2.2x,
respectively. Performance in 2023 is uncertain with EBITDA net
leverage potentially rising to 2.8x if Fitch assumes reduced
operations under care and maintenance for six months before normal
production resumes.

DERIVATION SUMMARY

FQM's peers include copper producers Freeport-McMoRan Inc.
(BBB-/Stable), Hudbay Minerals Inc. (BB-/Stable) and precious
metals producers like Endeavour Mining plc (BB/Stable).

FQM and Freeport both focus on copper and are among the top 10
global producers. FQM is smaller with production of 816,435 tonnes
in 2021 compared with Freeport's 1.2 million tonnes. FQM's
medium-term cost position is in the third quartile while Freeport's
assets on average are placed below the 50th percentile due to
low-cost operations at its Grasberg mine.

Freeport benefits from wider diversification across geographies
with a more stable operating environment and more sizable assets
with longer reserve life. Freeport's medium-term debt/EBITDA is
below 2.0x.

Currently FQM has a stronger business profile than Hudbay due to a
much larger scale, longer reserve life and better cost position.
However, Hudbay operates in the lower-risk jurisdictions of Canada
and Peru, and has some commodity diversification. Fitch expects
Hudbay's debt/EBITDA to remain below 2.5x, although leverage may
increase depending on the investment decision on its new Rosemont
project in the US.

Endeavour Mining, a gold miner in west Africa, is smaller than FQM
(assuming current scale) but with a better cost position in the
second quartile. Operations are spread across three countries,
Senegal (about 45% of mine FCF), Cote d'Ivoire (about 20% of mine
FCF) and Burkina Faso (about 35% of mine FCF). Burkina Faso has a
very weak operating environment with many challenges, including
security.

Endeavour's rating balances its strong financial and business
profiles, including a conservative financial policy of maintaining
net debt/EBITDA below 0.5x through the cycle, with a weaker
operating environment, reflecting the group's focus on west African
countries with diversification across Senegal, Burkina Faso and
Cote d'Ivoire. The applicable Country Ceiling is Cote d'Ivoire's
(BB).

KEY ASSUMPTIONS

- Copper price at USD8,000/tonne in 2023, USD7,500/tonne in 2024
and 2025, and USD7,000/tonne in 2026; gold price at USD1,600/oz in
2023, USD1,400/oz in 2024 and USD1,300/oz in 2025 and 2026; nickel
at USD20,000/tonne in 2023, USD17,000/tonne in 2024 and
USD15,000/tonne in 2025 and 2026

- Reduced production in 2023, assuming care and maintenance of
Cobre Panama for six months followed by normal levels of output

- Capex at USD1,250 million for 2022-2023 and USD1,375 million in
2024. Las Cruces underground and greenfield expansion projects not
included in capex

- Common dividends of USD75 million in 2022. Forecast dividends to
2026 in line with public dividend policy

- No large debt-funded acquisitions over the next four years

- Existing royalties in Panama replaced by a minimum royalty of
USD375 million payable in our forecast

- No changes in the tax regime in Zambia to 2026

KEY RECOVERY ANALYSIS ASSUMPTIONS

The recovery analysis assumes that FQM would be considered a going
concern in bankruptcy and that it would be reorganised rather than
liquidated. The analysis is based on its assumption of the
temporary introduction of care and maintenance in 2023 with the new
agreement being reached and operations continuing at normal levels
after that.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA upon which Fitch bases the
valuation of the company. Its going-concern EBITDA estimate of USD2
billion assumes a sharp drop in copper prices followed by a
moderate recovery.

An enterprise value/EBITDA multiple of 4.5x was used to calculate
the post-reorganisation enterprise value, which factors in FQM's
scale, growth prospects and exposure, albeit decreasing, to Zambia

FQM's senior secured revolving credit facility (RCF) is assumed to
be fully drawn

Secured debt reflected in the waterfall was USD2.9 billion of a
combined RCF and a term-loan bank facility, and a USD1 billion
streaming agreement with Franco-Nevada related to the Cobre Panama
project (at September 2022).

Senior unsecured debt reflected in the waterfall was USD4.7 billion
consisting of bonds and a USD28 million FQM Trident term loan (at
September 2022).

After deducting 10% for administrative claims and taking into
account Fitch's Country-Specific Treatment of Recovery Ratings
Rating Criteria, its analysis resulted in a waterfall-generated
recovery computation (WGRC) in the 'RR4' band, indicating a 'B+'
instrument rating. The WGRC output percentage on current metrics
and assumptions was 50%.

RATING SENSITIVITIES

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

- The ratings are on RWN, and Fitch, therefore, does not expect a
positive rating action at least in the short term. However, a
revised concession contract to secure Cobre Panama's future
operations with final terms that are in line with its expectations,
along with a record of stable operations, could lead to a removal
of RWN and the affirmation of the rating with a Stable Outlook

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

- A significant reduction in the diversification of earnings caused
by material and protracted disruption to operations in Panama

- Funds from operations (FFO) gross leverage sustained above 4.0x
(debt/EBITDA above 3.5x)

- Failure to maintain positive FCF

- Debt-funded acquisitions or higher-than-expected capex leading to
a material impact on the financial profile

- Signs of a deteriorating operating environment in Zambia

LIQUIDITY AND DEBT STRUCTURE

At end-September 2022, FQM's unrestricted cash balances amounted to
USD1,789 million and the company had available USD590 million of a
committed undrawn RCF (with maturity in October 2025). Assuming
significantly reduced production in 2023 due to care and
maintenance liquidity is sufficient to cover 2023 maturities.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating              Recovery   Prior
   -----------           ------              --------   -----
First Quantum
Minerals Ltd.     LT IDR B+  Rating Watch On               B+

   senior
   unsecured      LT     B+  Rating Watch On    RR4        B+


MIDDLETONS MOBILITY: Shuts Down Following Administration
--------------------------------------------------------
Daniel Angelini at Swindon Advertiser reports that a Swindon store
specialising in mobility scooters has closed.

According to Swindon Advertiser, Middletons Mobility on Hobley
Drive shut this month after the company which owns the national
chain collapsed into administration.

Matthew Steven Roe and Richard Michael Hawes were appointed joint
administrators of Middleton Mobility Limited on January 16, 2023,
Swindon Advertiser relates.

A notice on the business' website informs customers that these
joint administrators act as agents of the company and contract
without personal liability, and are authorised by the Institute of
Chartered Accountants in England and Wales, Swindon Advertiser
notes.

According to mobility news service THIIS Magazine, Mr. Towler left
the firm last December and Mr. Powell wrote to staff on January 9
to confirm that the company will stop trading, Swindon Advertiser
states.

The letter explained that the business had experienced rises in
costs, difficulty with its supply chain, and a fall in consumer
confidence due to the current economic climate, and that Middletons
was not able to adapt quickly enough to the challenging trading
conditions or to meet the additional financial demands placed upon
it, Swindon Advertiser discloses.

The administrators will assist with any wages due for the period
from January 1, 2023, according to Swindon Advertiser.


MILLTAG: Goes Into Liquidation, Owes Trade Creditors GBP35,172
--------------------------------------------------------------
Adam Becket at Cycling Weekly reports that British cycling clothing
brand Milltag has been forced into voluntary insolvency, according
to documents filed on Companies House.

The company was known for its striking custom designs based on
music, arts and culture, and was the brand behind Cycling Weekly's
130th anniversary heritage kit just two years ago.

According to Cycling Weekly, documents filed on Jan. 17 reveal that
the London-based brand owed HMRC GBP11,509 when it entered
liquidation earlier this month.  It also owed trade creditors
GBP35,172 and one of its founder Michael Cowburn a further
GBP12,500, Cycling Weekly discloses.

The company's statement of affairs showed it had assets worth
GBP6,847 to work help pay off some of its tax bill, meaning it
appeared likely to leave trade creditors and its founder out of
pocket, Cycling Weekly states

The company appointed David Wilson of Leeds-based DFW Associates to
handle the winding-up of the business, which was agreed by its
shareholders on Jan. 9, Cycling Weekly relates.


PRAESIDIAD LTD: $36M Bank Debt Trades at 22% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Praesidiad Ltd is a
borrower were trading in the secondary market around 78.5
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $35.9 million facility is a Term loan that is scheduled to
mature on October 4, 2024. The amount is fully drawn and
outstanding.

Praesidiad Limited provides security products and solutions. The
Company offers force protection solutions, perimeter security
systems, industrial mesh, and fencing products that defend and
protect military, commercial, and domestic end-users.  The
Company's country of domicile is the United Kingdom.


THG OPERATIONS: EUR600M Bank Debt Trades at 30% Discount
--------------------------------------------------------
Participations in a syndicated loan under which THG Operations
Holdings Ltd is a borrower were trading in the secondary market
around 70.4 cents-on-the-dollar during the week ended Friday,
January 20, 2023, according to Bloomberg's Evaluated Pricing
service data.

The EUR600 million facility is a Term loan that is scheduled to
mature on December 11, 2026.  The amount is fully drawn and
outstanding.

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



UK: Company Insolvencies Up 32% in Scotland in Dec. 2022,  R3 Says
------------------------------------------------------------------
According to Business Sale Report, new research from insolvency and
restructuring trade body R3 has revealed a 32% increase in
insolvency-related activity in Scotland in December 2022, compared
to the same period a year earlier.

The jump in activity comes amid a UK-wide increase in insolvencies,
as companies struggle with a range of headwinds, Business Sale
Report discloses.

R3's analysis of Creditsafe data found that there were 142
instances of insolvency-related activity in Scotland last month,
compared to 107 in December 2021, Business Sale Report states.
This figure was the second-highest for 2022, behind only March,
which saw 201 cases of insolvency-related activity, Business Sale
Report notes.

The figure was the biggest year-on-year increase in insolvency
activity across all the regions and nations of the UK, according to
Business Sale Report.  The next highest increase was in the East
Midlands (22.8%), followed by the West Midlands (9.8%) and the
South West (9.2%), Business Sale Report states.

Recent figures from the UK's Insolvency Service found that there
had been 1,964 company insolvencies across the UK in December 2022,
up 32% from December 2021 and a 76% increase compared to December
2019, prior to the COVID-19 pandemic, Business Sale Report relays.

This increase was largely driven by a 22% year-on-year increase in
creditors' voluntary liquidations, which rose to 1,659 in December
2022, Business Sale Report notes.  A range of factors are
contributing to this sharp rise in insolvencies, including rising
costs, falling consumer sentiment, COVID-19-related debts and owner
fatigue following the pandemic and several years of economic and
political uncertainty, Business Sale Report discloses.

Figures from PwC also found that 346 winding-up petitions (a key
indicator of approaching financial distress) were issued in
December 2022, according to Business Sale Report.  This was on top
of the nearly 3,000 winding-up petitions issued during the first 11
months of last year, more than three times the number that were
issued during the first 11 months of 2021, and points to continuing
financial distress among UK businesses, Business Sale Report
states.


[*] UK: South West Companies Falling Into Administration Up 56%
---------------------------------------------------------------
Hannah Baker at BusinessLive reports that the number of South West
companies collapsing into administration in 2022 jumped by more
than half as rising inflation, weaker trade and geopolitical
uncertainty continued to put businesses under pressure.

According to BusinessLive, a total of 100 companies in the region
fell into administration last year -- up from 64 companies in 2021
-- analysis of notices in the Gazette public record by business
support firm Interpath Advisory has revealed.  The increase is a
rise of 56% on the previous year but is still below the
pre-pandemic figure of 166 in 2019, BusinessLive notes.

Lee Swinerd, director and head of Interpath's Bristol team, said
the longer-term outlook remained "highly uncertain and rather
gloomy" despite new figures released by the Office for National
Statistics confirming the UK economy grew by 0.1 % in November,
BusinessLive relates.

He said: "2022 came as a body blow for many businesses who had been
hoping for a year of respite following two years' of disruption
caused by the pandemic. Instead, spiralling inflation, rising
interest rates, faltering consumer confidence, political turbulence
and weaker cross-border trade served to pile on even more
pressure."

Nationally, a total of 1,039 companies fell into administration in
2022 -- up from 710 companies in 2021 -- but the figure is lower
than the 1,422 that went bust in 2019, BusinessLive discloses.  A
wide range of sectors were impacted, with retail and casual dining
firms experiencing particular challenges as the year drew to a
close, BusinessLive states.

There were 96% more filings for insolvency (100 appointments) in
the retail sector in comparison to 2021, and 67% more filings (70
appointments) in the leisure and hospitality industry, according to
BusinessLive.

The pandemic and broader economic headwinds have made the last few
years a particularly tough period for those working across the UK
retail and hospitality sectors, with a number of high-profile
administrations in recent months such as Joules, AMT Coffee, and
Byron Burger -- familiar names to many consumers and some of the
UK's best-known brands, BusinessLive relays.

And while retailers benefited from an increase in sales in the busy
trading month of December -- rising by 6.9% compared with a year
earlier -- the British Retail Consortium attributed much of the
increase to high inflation pushing up the value of goods, masking
weaker sales volumes, BusinessLive notes.

Interpath Advisory, as cited by BusinessLive, said it expects to
see more administrations in 2023 and a growing number of firms
being forced to restructure amid the economic uncertainty.



                           *********


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

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

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

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