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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, February 16, 2023, Vol. 24, No. 35

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

REPUBLIKA SRPSKA: S&P Affirms 'B' LongTerm ICR, Outlook Stable


I R E L A N D

SHAMROCK RESIDENTIAL 2023-1: S&P Gives Prelim. B- Rating on G Notes


I T A L Y

ITALMATCH CHEMICALS: S&P Raises ICR to 'B', Outlook Stable


K A Z A K H S T A N

NOSTRUM OIL: Moody's Withdraws 'Ca' CFR on Debt Restructuring


T U R K E Y

LIMAK ISKENDERUN: Moody's Puts B3 Rating on Review for Downgrade


U N I T E D   K I N G D O M

AIM ALTITUDE: Unsecured Creditors Expected to Get Some Money
COUNTYROUTE (A130) PLC: S&P Affirms 'B' Rating on Sr. Secured Debt
COVENTRY AND RUGBY: Moody's Confirms Ba3 Rating on Gtd. Sec. Bonds
FLYBE GROUP: To Wind Down After Rescue Talks Fail
GO TRAIN: Files for Liquidation, Over 100 Jobs Affected

HEALTHPLAN.CO.UK: Sante Partners Buys Assets Out of Receivership
INTERGEN NV: S&P Affirms & Then Withdraws 'B+' ICR
MILLER HOMES: S&P Affirms 'B+' ICR & Alters Outlook to Negative
MISSOURI TOPCO: S&P Withdraws 'SD' LongTerm Issuer Credit Rating
ORBIT PRIVATE I: S&P Affirms 'B' LongTerm ICR, Outlook Stable

PLANET PENSIONS: Declared in Default, Receives 222 Claims
UNITY BREWING: Covid, Rising Costs Prompt Liquidation

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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REPUBLIKA SRPSKA: S&P Affirms 'B' LongTerm ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings, on Feb. 10, 2023, affirmed its 'B' long-term
issuer credit rating on Republika Srpska (RS), a constituent region
of Bosnia and Herzegovina (BiH; B/Positive/B). The outlook is
stable.

Outlook

The stable outlook reflects S&P's view that contained political
tensions between RS and the central government of BiH will allow RS
to maintain satisfactory access to external sources of funding. It
also reflects S&P's view that weaker economic growth and
inflation-driven expenditure will affect RS's budgetary
performance.

Downside scenario

S&P said, "We could lower the rating if intergovernmental relations
became more tense in BiH, for instance, if the authorities took
concrete steps toward secession. This could lead to disruptions in
its access to external funding sources. We could also lower the
rating if RS's budgetary performance weakens, and in such a case
its management does not take measures to prevent RS's debt burden
increasing."

Upside scenario

S&P could raise the rating on RS if it upgrades BiH and
coordination between the different levels of government in BiH
improves. More visibility on long-term fiscal planning could also
be supportive for the ratings, particularly if this leads to
significantly better budget performance than expected.

Rationale

S&P said, "We expect that RS will maintain access to international
capital markets and multilateral funding through the sovereign,
particularly since we do not expect its political leaders to take
concrete action toward secession from state level institutions. RS
operates under complex and volatile political and financial
arrangements with the central government of BiH. Although we expect
that subdued economic growth, inflation-driven spending, and rising
interest costs will affect RS's budgetary performance in the next
two years, we also forecast tax-supported debt will remain below
120% of consolidated operating revenue.

RS's economy is weak in an international context, and it operates
within complex and volatile political and financial arrangements

Weak global economic conditions will affect BiH, with low real GDP
growth of 1% by 2023, before picking up slowly in 2024 and 2025. We
expect RS to expand broadly in line with the national trend. The
region accounts for about one-third of national GDP and, at $7,700,
its expected GDP per capita in 2023 is slightly under the national
average, which itself is well below that of most other European
countries. BiH's population is aging due to younger people leaving
the country, which will increase pressure on RS's expenses.
However, BiH is only partly exposed to hikes in energy prices given
that it produces most of its electricity via thermal or hydro
generation.

RS operates under complex and volatile political and financial
arrangements with the central government. The institutional
framework in BiH is hampered by a lack of coordination between the
different levels of government, and disagreements among the
country's ethnicities. Although policymakers at the different
government levels broadly agree on the need for some institutional
and economic reforms, implementation is slow due to diverging views
and interests between the different ethnicities. Confrontations
between the entities and the high representative of BiH frequently
occur following his decisions and powers over state politics, as
defined by the Dayton agreement.

S&P said, "Although RS's political leadership sometimes uses
secession rhetoric in relation to three state-level institutions
(the Indirect Tax Authority; High Judiciary; and the defense and
security services), particularly in pre-election periods such as
autumn 2022, we continue to consider the likelihood of concrete
steps toward secession low. Furthermore, we note some signals for
better cooperation between the different government levels,
including the relatively smooth formation of a central government
at the BiH state level. We continue to believe that the
international community will not support political escalation from
RS, including traditional allies such as Serbia, which is trying to
avoid harming its path to EU accession. Moreover, RS is highly
dependent on financing from international financial institutions
like the IMF and European Bank for Reconstruction and Development,
which could be significantly reduced in such a case, weakening its
liquidity position."

The very volatile institutional framework is partially offset by
the autonomy that entities in BiH hold in terms of managing their
own fiscal policies and setting direct tax rates. RS's government
sets the rates for half of its revenue, including direct taxes,
social security contributions, and other charges and fees. However,
the central government sets and collects indirect taxes. It
allocates part of this revenue for financing central government
institutions and retains sufficient funds to service the external
debt issued on behalf of the constituent entities. The rest is
distributed to the three Bosnian entities.

S&P said, "We regard RS's financial management as weak in an
international context, lacking reliable long-term planning and a
formal liquidity policy, and with weak control of
government-related entities compared to peers. RS's financial
planning is limited to headline figures, investment plans, and debt
issuance needs over a three-year horizon, and typically those plans
are updated significantly and frequently. In addition, we note that
effective implementation often deviates from budget planning. We
understand that reforms in terms of public enterprise management
and public investment programs are still in an implementation phase
and have not yet led to major changes.

"We do not expect RS's financial policies to change over the next
few years under the coalition in place since the 2022 elections in
the region. The Alliance of Independent Social Democrats (SNSD)
party, headed by Milorad Dodik, won the majority of votes. A
coalition government based on a comfortable majority in the state
parliament has already been formed from eight parties and is not
significantly different from the previous government."

Satisfactory access to liquidity helps to refinance loans and cover
deficits, but an increasing interest bill will continue to burden
RS

S&P said, "We expect RS's budgetary performance to weaken in 2023
due to inflation-related spending growth and the implementation of
election promises. For example, we expect expenditure pressure from
wages and pensions increases, social benefits, and subsidies to
households and companies. We also expect higher prices will affect
investment costs.

"In the next few years, we expect a mild improvement in budgetary
performance, although we anticipate the deficit after capital
spending will still be about 6% of total revenue by 2025. We
believe budgetary performance will be supported by higher economic
growth and receding inflation, leading to less pressure on
expenditure growth. In addition, we think RS has higher
flexibility, if needed, than other local and regional governments
to raise revenue or contain spending, due to its relatively high
fiscal autonomy within BiH.

"Despite budget deficits over the next few years, we expect
tax-supported debt, which includes government debt, social
security, and the highways public enterprise, to remain below 120%
of consolidated operating revenue. We note that 70% of
tax-supported debt is external and the rest is domestic, while 78%
is at fixed interest rates and the rest at floating rates. We
expect interest spending to increase significantly due to rising
interest rates and exceed 5% of operating revenue this year, given
new gross borrowing in 2023 will represent 30% of outstanding debt.
In our view, RS's contingent liabilities are limited, notably
including the debt of municipalities and public enterprises.

"RS's liquidity position is weak and depends on its access to
external sources. In our view, RS has relatively low cash reserves,
far below levels sufficient to cover the next 12 months' debt
service, which includes a EUR200 million Eurobond maturing in
summer 2023. We understand RS expects to refinance this by issuing
long-term bonds in external or domestic markets. For investment
projects or other budgetary needs, it may borrow from domestic or
nonresident banks and multilateral lending institutions. Temporary
or short-term liquidity needs could also be met by issuing treasury
bills to local banks. Based on its track record of borrowing from a
diversified pool of investors, we think RS has satisfactory access
to external liquidity sources."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  REPUBLIKA SRPSKA

   Issuer Credit Rating   B/Stable/--

   Senior Unsecured       B




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SHAMROCK RESIDENTIAL 2023-1: S&P Gives Prelim. B- Rating on G Notes
-------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to Shamrock
Residential 2023-1 DAC 's (Shamrock 2023-1) class A to G-Dfrd Irish
RMBS notes. At closing, the transaction will also issue unrated
class RFN, Z1, Z2, X, and Y notes.

Shamrock 2023-1 is a static RMBS transaction securitizing a
portfolio of EUR336.70 million loans (of which EUR1.94 million are
subject to potential write-off), which consist of owner-occupied
and buy-to-let (BTL) primarily reperforming mortgage loans secured
over residential properties in Ireland.

The securitization comprises three purchased portfolios, Leaf
(37.7% of the pool), Cannes (54.3%), and Phoenix (8.1%). Each of
these subportfolios were previously securitized in RMBS
non-performing loan transactions.

The loans in the Leaf portfolio were originated by AIB Mortgage
Bank, AIB Finance Ltd., EBS DAC, and Haven Mortgages Ltd. The loans
in the Cannes subpool were originated by Permanent TSB PLC, Start
Mortgages DAC, and Bank of Scotland (Ireland) Ltd. The Phoenix
portfolio aggregates assets from five different originators.

Of the loan pool, 18.8% are in arrears, with 12.1% in severe
arrears (90+ day arrears) and 79.1% considered reperforming.

In S&P's analysis, it gave credit to payment rates and applied a
lower arrears adjustment at 'BBB' and below to loans that have
consistently made above 90% of their scheduled monthly mortgage
payments, and which the servicer identified for permanent
restructure.

S&P's preliminary rating on the class A notes addresses the timely
payment of interest and the ultimate payment of principal. S&P's
preliminary ratings on the class B to G-Dfrd notes address the
ultimate payment of interest and principal. The class B to G-Dfrd
notes can continue to defer interest even when they become the most
senior class outstanding. Interest will accrue on any deferred
interest amounts at the respective note rate.

The timely payment of interest on the class A notes is supported by
the liquidity reserve fund, which will be fully funded at closing
to its required level of 2.0% of the class A notes' balance.
Furthermore, the transaction will benefit from regular transfers of
principal funds to the revenue item (through 2.50% yield supplement
overcollateralization) and the ability to use principal to cover
certain senior items. The class B to G-Dfrd notes are supported by
a non-liquidity reserve fund, which will be available to cover any
interest shortfalls and principal deficiency ledger amounts
outstanding.

Mars Capital Finance (Ireland) DAC and Start Mortgages DAC, the
administrators, are responsible for the day-to-day servicing.

At closing, the issuer will use the issuance proceeds to purchase
the beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in favor of the security
trustee. S&P considers the issuer to be bankruptcy remote under its
legal criteria.

  Preliminary Ratings

  CLASS    PRELIM. RATING*    CLASS SIZE (%)†

  A            AAA (sf)          69.75

  B-Dfrd       AA (sf)            7.75

  C-Dfrd       A (sf)             5.25

  D-Dfrd       BBB- (sf)          5.25

  E-Dfrd       BB (sf)            3.50

  F-Dfrd       B (sf)             1.75

  G-Dfrd       B- (sf)            3.75

  RFN          NR                 2.00

  Z1           NR                 1.50

  Z2           NR                 1.50

  X            NR                 N/A

  Y            NR                 N/A

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




=========
I T A L Y
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ITALMATCH CHEMICALS: S&P Raises ICR to 'B', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised the long-term issuer credit rating on
Italmatch's parent, Fire (BC) S.a.r.l, to 'B' from 'B-' and removed
the rating from CreditWatch, where S&P had placed it with positive
implications on Jan. 23, 2023. At the same time, S&P assigned a 'B'
issue rating to the group's new senior secured notes.

The stable outlook reflects that S&P expects strong positive free
operating cash flows (FOCF) on the back of working capital
improvements, with Italmatch maintaining its S&P Global
Ratings-adjusted debt to EBITDA below 6.5x in 2023, despite
softening demand and increasing macroeconomic challenges.

Italmatch has issued EUR690 million senior secured notes (EUR300
million fixed-rate notes and EUR390 million floating rate notes)
due February 2028, which it has used to redeem the existing EUR650
million notes due September 2024.It also extended the maturity of
the EUR107 million RCF to October 2027. Existing shareholders (Bain
Capital Private Equity and management) have signed a definitive
agreement to sell a minority stake in Italmatch to Dussur, the
Saudi Arabian Industrial Investments Company, upon which Dussur
will invest an additional EUR100 million in Italmatch as a capital
increase. The equity injection is earmarked for repaying RCF
drawings and strengthening the company's liquidity. After the
refinancing, the stake sale, and the capital increase--expected to
be completed in the first half of 2023--the company's capital
structure will include a EUR690 million bond, EUR107 million
undrawn RCF, and about EUR30 million other debt including leases
(mainly short-term local credit lines). Despite EUR40 million
higher notes, gross financial debt outstanding will be reduced
slightly by about EUR27 million due to the RCF repayment post
transaction.

The group's strong performance and increased EBITDA led to swift
deleveraging in 2022. Strong demand across end-markets, and the
group's disciplined pass-through of raw-material and energy-cost
increases to customers, resulted in revenue growth of more than 59%
to EUR686 million in the first nine months of 2022. An improved
product mix, supported by the increasing contribution from new
high-value products, and its focus on securing reliable supply to
customers amid global supply chain constraints, also contributed to
much higher unit margins. The group saw its contribution margin
jumping to EUR1,004 per ton (/ton) in the first nine months of 2022
from EUR665/ton in the same period in 2021. S&P said, "However, we
view part of the 2022 margin increase as unsustainable. We forecast
that its adjusted EBITDA will increase by more than 65% to EUR145
million-EUR152 million in 2022. This would drive down our adjusted
debt to EBITDA significantly to 5.3x-5.5x, from 8.4x in 2021."

S&P said, "We expect leverage to temporarily increase in 2023
before deleveraging gradually from 2024, due to softening demand
and normalizing margin amid the global economic slowdown and
elevated inflation. We estimate a slight volume decline in 2023 and
a normalization in unit margins from the extraordinary highs of
2022, given weakening demand, potentially lower raw material
prices, and easing supply-chain tensions. As a result, we forecast
adjusted EBITDA to decline to EUR122 million-EUR127 million in
2023, with our adjusted leverage temporarily deteriorating to
6.0x-6.5x. This is still within the 5.0x-6.5x range that we view as
commensurate with a 'B' rating. Nevertheless, increasing demand for
the company's products, for example for more environmentally
friendly industrial water management and desalination solutions,
particularly in the Middle East, will support a return to revenue
and earnings growth and therefore a gradual deleveraging to below
6.0x adjusted debt to EBITDA from 2024.

"We expect a strong rebound in FOCF generation in 2023 driven by
working capital releases. Despite a material increase in EBITDA, we
forecast FOCF will remain negative in 2022, driven by unusually
high working capital consumption. Apart from much higher raw
material prices and strong sales growth in 2022, much higher than
usual safety stock -- to ensure supply security to customers and
overcome supply chain disruptions -- led to a EUR94 million
increase in inventory and EUR102 million in net working capital
outflows in the first nine months of 2022. The group is focused on
implementing various actions to reduce inventory levels, especially
safety stock, over the next few quarters. We take a more cautious
view compared to management estimates and expect working capital to
reduce by EUR35 million-EUR45 million during 2023 (likely fully
achieved in the second half of the year). Working capital
normalization, combined with ongoing low capital expenditure
(capex; 3.0%-3.5% of annual sales) will more than compensate for
lower EBITDA and higher interest costs post refinancing in the
current higher interest rate environment. This will lead to a
strong rebound in FOCF to above EUR50 million in 2023 from negative
EUR20 million-EUR30 million in 2022. With normalized working
capital, we expect annual FOCF will reach EUR15 million-EUR25
million on average with an underlying EBITDA of EUR125
million-EUR150 million."

Italmatch's leading position in its niche markets, as well as its
good geographic and end-market diversity and ongoing shift toward
specialty products, support its business risk profile. It has
increased its scale and continuously added high-value specialty
products to its portfolio via several acquisitions. It established
itself as a performance additives producer after the BWA Water
Additives and Water Science Technologies acquisitions in 2019.
These acquisitions sharpened its focus on specialty products and
allowed the development of new sustainable solutions, including a
new biodegradable antiscalant for reverse osmosis desalination, a
new antiscalant for geothermal applications in severe conditions,
new automatic transmission fluids for the U.S. market, and polymers
for electric vehicle lubricants to improve heat transfer. S&P
thinks this will contribute to healthy sales growth and a gradual
improvement in profitability.

Constraints to Italmatch's business risk include its relatively
limited scale of operations compared with other larger specialty
chemical peers, which makes it sensitive to external shocks and
even minor EBITDA changes that could lead to considerable
volatility in leverage ratios. S&P said, "With sales of about
EUR858 million and adjusted EBITDA of about EUR149 million in the
12 months to September 2022 (EUR160 million as per Italmatch's
adjusted EBITDA definition), Italmatch is one of the smallest
companies we rate in the specialty chemicals sector. It also has a
relatively narrow product focus on phosphorus-based derivatives,
despite a wide range of applications and end-markets. Also, we
estimate that about 20% of the company's revenues are exposed to
highly cyclical end-markets including oil and gas and
construction."

S&P said, "The stable outlook reflects that we expect Italmatch
will generate strong positive FOCF on the back of working capital
improvements and maintain its adjusted debt to EBITDA well below
6.5x in 2023, despite softening demand and increasing macroeconomic
challenges.

"We could lower our rating if Italmatch's adjusted debt to EBITDA
deteriorates to above 6.5x or FOCF remains negative without the
near-term prospect of a swift recovery. This could occur if there
were a substantial, prolonged weakening in operating performance or
stem from an aggressive financial policy, for example large
debt-funded acquisitions. In addition, a material deterioration in
liquidity would also put negative pressure on the rating.

"We could raise our rating if the group were to post adjusted debt
to EBITDA sustainably below 5.0x, while generating consistent
healthy FOCF. In addition, a strong commitment from the
private-equity sponsor to maintain leverage at a level commensurate
with a higher rating would be important to any upgrade
considerations."

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




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K A Z A K H S T A N
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NOSTRUM OIL: Moody's Withdraws 'Ca' CFR on Debt Restructuring
-------------------------------------------------------------
Moody's Investors Service has withdrawn all outstanding ratings and
outlooks of Nostrum Oil & Gas Plc (Nostrum) and Nostrum Oil & Gas
Finance B.V. Before the withdrawal, Nostrum's corporate family
rating was Ca, its probability of default rating was Ca-PD/LD and
the rating of the debt issued by Nostrum Oil & Gas Finance B.V. was
Ca. The outlooks have been changed to ratings withdrawn from
negative.

Since August 27, 2020, Nostrum's PDR has been appended with a
limited default (LD) indicator, indicating that the company has
been in default on a limited set of its obligations.

RATINGS RATIONALE

Moody's withdrawal of Nostrum's ratings is because of the capital
restructuring which resulted in the rated debt obligations no
longer being outstanding.

The appending of the PDR with an LD designation indicated that a
non-payment default occurred on the company's debt obligations
since Nostrum Oil & Gas Finance B.V. had not paid interest on its
notes following a grace period; and that Moody's considers the
completed debt restructuring constitutes a distressed exchange,
which is a form of default under Moody's definition.

LIST OF AFFECTED RATINGS

Withdrawals:

Issuer: Nostrum Oil & Gas Finance B.V.

BACKED Senior Unsecured Regular Bond/Debenture, Withdrawn ,
previously rated Ca

Issuer: Nostrum Oil & Gas Plc

Probability of Default Rating, Withdrawn , previously rated
Ca-PD/LD

LT Corporate Family Rating, Withdrawn , previously rated Ca

Outlook Actions:

Issuer: Nostrum Oil & Gas Finance B.V.

Outlook, Changed To Rating Withdrawn From Negative

Issuer: Nostrum Oil & Gas Plc

Outlook, Changed To Ratings Withdrawn From Negative

COMPANY PROFILE

Registered in England and Wales, Nostrum Oil & Gas Plc (Nostrum) is
engaged in exploration and production of oil and gas in Kazakhstan.
In the 12 months that ended September 30, 2022, Nostrum generated
revenue of $208 million and Moody's-adjusted EBITDA of $117
million. In 2022, the company's average daily hydrocarbon
production was 13,200 barrels of oil equivalent per day (boepd),
down from 17,032 boepd in 2021 (2020: 22,337 boepd).




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T U R K E Y
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LIMAK ISKENDERUN: Moody's Puts B3 Rating on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B3
rating on the senior secured notes issued by Limak Iskenderun
Uluslararasi Liman Isletmeciligi A.S. (LimakPort), the
concessionaire for the port of Iskenderun located in the south-east
of Turkiye. The outlook has been changed to ratings under review
from stable.

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

The review for downgrade of LimakPort's rating reflects the
uncertainty around damage to the port's infrastructure and the
timeline to resume operations following the 7.7 and 7.6 magnitude
earthquakes in Turkiye on February 6. The earthquakes struck in
Kahramanmaras province at Pazarcik and Elbistan districts
respectively, and directly affected the city of Hatay, where the
port is located, in the province of Iskenderun. Following the
devastating earthquakes, fire broke out at the port but had been
significantly extinguished as of February 10 with work to cool down
the affected area continuing. The full extent of the damage to the
port's infrastructure is currently unknown and will require
detailed assessments. The port's operations have been suspended,
although RoRo vessels have been calling at the port for
humanitarian purposes.

The port's service area includes the main industrial centres in the
southeast of Turkiye, including the city of Gaziantep, Hatay,
Kahramanmaras, Adana and Osmaniye, all of which have been severely
affected by the earthquakes. There are many casualties and the
region's infrastructure has been badly damaged. There are material
uncertainties regarding the potential long-term impact of the
earthquakes on the local economy and infrastructure linking
customers' production facilities with the port.

It is currently unknown what mitigation could be provided by any
insurance claims. According to the company's Offering Memorandum,
LimakPort maintains insurance including for property damage and
business interruption. The company's insurance policies are fronted
by Turkish insurers as per the regulation and re-insured by
international insurance companies. In terms of liquidity, Moody's
understands that LimakPort has cash of around USD51 million. This
amount includes pre-funded reserve accounts, including a six-month
debt service reserve of around USD19 million, as required by the
terms of the notes. LimakPort's debt service obligations are mainly
related to interest payments; scheduled debt repayments will
increase gradually but are limited this year.

Under the terms of the notes, LimakPort is obliged to deliver to
the Trustee a notice of any event that qualifies as a force majeure
event. The company delivered this notice on February 10.
Separately, the company's concession agreement includes a force
majeure clause, which provides for the extension of the concession
for the duration of the force majeure. A force majeure period of at
least eight months could lead to a termination of the concession
agreement.

The review will consider (1) the port of Iskenderun's ability to
restore damaged infrastructure and resume its operations; (2) the
costs associated with the port's revitalisation; (3) the potential
loss of customers including because of damage beyond the port, but
also the potential for the port to benefit from reconstruction
efforts; and (4) the potential for any insurance proceeds and any
other mitigating factors. Any rating downgrade could be more than
one notch.

Given the review for downgrade, an upgrade of LimakPort's rating is
not anticipated. The rating could be confirmed if there was enough
visibility around the port's ability to continue as a going concern
and resume its operations at the levels that would provide for
sufficient cash flow generation in the context of LimakPort's debt
service obligations.

LimakPort's rating could be downgraded if it appeared likely that
the company would not be able to continue operations as a going
concern, the port will not be able to resume its operations or its
ability to operate and generate cashflows to support its payment
obligations was significantly constrained.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Privately Managed
Ports Methodology published in May 2021.

ISSUER PROFILE

LimakPort is the concessionaire for the port of Iskenderun. The
company was granted a 36-year concession for the operation,
maintenance and development of the port in 2011. In 2021, its
revenue amounted to USD80 million. LimakPort is 80% owned by the
Limak Group, a Turkish conglomerate. The remaining 20% is held by
InfraMed.




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AIM ALTITUDE: Unsecured Creditors Expected to Get Some Money
------------------------------------------------------------
Darren Slade at Daily Echo reports that creditors of a business
with hundreds of staff at Bournemouth Airport should see at least
some money after it went into administration and was sold to a
different arm of its Chinese owner.

Aim Altitude UK Ltd and its parent company Aim Altitude Ltd,
manufacturers of fixtures for aircraft interiors, called in
administrators last June after making a GBP162 million loss in 2020
and a GBP39.4 million loss the year before, Daily Echo relates.

The businesses, based at Hurn and Cambridge, were sold out of
administration for GBP2 million to AVIC Cabin Systems (UK) Ltd, a
sister business of Aim Altitude Ltd., Daily Echo recounts.  All had
the same ultimate owner, the Chinese-owned AVIC Cabin Systems Co
Ltd.

According to Daily Echo, in a previous report, joint administrator
Helen Dale of Grant Thornton, said: "The group has incurred
significant losses in prior years.  These losses were initially a
result of a number of loss-making legacy contractual relationships
but were compounded by the Covid-19 outbreak that caused
manufacturing delays and escalated substantial changes in the
tourism and aviation industry.

"The period of losses culminated insignificant financial distress.
To overcome these on a solvent basis would have required both a
fundamental restructuring of the AIM Group's balance sheets and
substantial renegotiation of its contractual relationships with
major customers."

In their latest report, Helen Dale and Jon Roden, also of Grant
Thornton, said 383 staff have been transferred to the new owner,
which is operating the Bournemouth site, Daily Echo notes.

They said creditors of Aim Altitude UK Ltd -- which has since been
renamed AUK Realisations Ltd -- were owed around GBP59.1 million,
Daily Echo relays.

This included GBP8.7 million for trade creditors and accruals, GBP3
million in claims for breach of contract, and an estimated GBP46
million to its own parent company, Aim Altitude Ltd, which has been
renamed AA Holdco Realisations Ltd., Daily Echo states.

The administrators, as cited by Daily Echo, said the amount to be
paid to unsecured creditors was estimated at between 14 and 21
pence in the pound.

The parent company's debts to unsecured creditors were expected to
total GBP204 million, but these included GBP175 million in loan
notes from its shareholder AVIC Cabin Systems Ltd and GBP22 million
in claims from its subsidiaries, Daily Echo discloses.

Its unsecured creditors are expected to receive 3-5 pence in the
pound, Daily Echo notes.

According to Daily Echo, the administrators reported: "It is
anticipated that a final dividend will be paid during a CVL
(creditors' voluntary liquidation) process which is expected to
commence within six months of this report.

"The administrations are currently due to end on June 20, 2023.
The administrations will end by converting to a CVL as there will
be sufficient funds to make a distribution to unsecured
non-preferential creditors in both estates."


COUNTYROUTE (A130) PLC: S&P Affirms 'B' Rating on Sr. Secured Debt
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings, and where applicable the
SPURs, on the debt issued by the following U.K.-based
transportation infrastructure project finance entities:

-- Aberdeen Roads (Finance) PLC

-- Amey Roads NI Financial PLC

-- Channel Link Enterprises Finance PLC

-- Connect Plus (M25) Issuer PLC

-- CountyRoute (A130) PLC

-- Highway Management (City) Finance PLC

-- Scot Roads Partnership Finance Ltd.

The actions follow S&P's review of the seven projects under its
revised project finance criteria "General Project Finance Rating
Methodology" and "Sector-Specific Project Finance Rating
Methodology," published Dec. 14, 2022, on RatingsDirect.

S&P's revised criteria does not affect its view of the seven
projects' creditworthiness or their operating and financial risk
assessments.

S&P's assessment of the credit factors reflected in each outlook
are unchanged. S&P therefore maintained its outlooks on the
entities' debt.

The issue ratings and outlooks on the debt instruments guaranteed
by Assured Guaranty UK Ltd. (AG) continue to reflect the 'AA'
rating and stable outlook on AG. Where the debt is not guaranteed
by AG, the issue rating and outlook reflects the SPUR.

  Ratings List

  RATINGS AFFIRMED

  ABERDEEN ROADS (FINANCE) PLC

   Senior Secured                     A-/Positive

  AMEY ROADS NI FINANCIAL PLC

   Senior Secured                     BBB-/Stable

   S&P Published Underlying Rating    BBB-/Stable

  CHANNEL LINK ENTERPRISES FINANCE PLC

   Senior Secured                     BBB/Negative

   Senior Secured                     AA/Stable

   S&P Published Underlying Rating    BBB/Negative

  CONNECT PLUS (M25) ISSUER PLC

   Senior Secured                     A-/Stable

  COUNTYROUTE (A130) PLC

   Senior Secured                     B/Stable

   Recovery Rating                    1(90%)

   Subordinated                       CCC+/Stable

   Recovery Rating                    6(0%)

  HIGHWAY MANAGEMENT (CITY) FINANCE PLC

   Senior Secured                     AA/Stable

   Senior Secured                     BBB/Stable

   S&P Published Underlying Rating    BBB/Stable

  SCOT ROADS PARTNERSHIP FINANCE LTD.

   Senior Secured                     A/Stable


COVENTRY AND RUGBY: Moody's Confirms Ba3 Rating on Gtd. Sec. Bonds
------------------------------------------------------------------
Moody's Investors Service has confirmed at Ba3 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"). The outlook has been changed to negative from
ratings under review. This concludes the review of the ratings that
was initiated on November 30, 2022 and extended on January 10,
2023.

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 Bonds is
unaffected by the action and remains A1.

RATINGS RATIONALE

The confirmation reflects the balance between the positive pressure
from the larger University Hospitals Coventry and Warwickshire NHS
Trust ("UHCW") not levying unavailability deductions due to
pipework leaks in their January 2023 payment, against negative
pressure from the smaller Coventry and Warwickshire Partnership NHS
Trust ("CWPT") opting to terminate its portion of the Project
Agreement ("PA") with immediate effect.

The ratings had initially been placed on review for downgrade
following the UHCW issuing a whole site unavailability notice for
the month of October 2022, which could potentially have led to UHCW
levying deductions in its next quarterly Unitary Payment ("UP"),
due at the end of January 2023. The unavailability notice related
to leaks from the plastic pipework used in the hot water system,
but UHCW did not levy any unavailability deductions for the
pipework. No further whole site unavailability notices have been
issued by UHCW.

ProjectCo and its subcontractors Vinci did self-report
approximately GBP3.5million of unavailability deductions to the
January 2023 UP, which related to noise levels in the operating
theatres caused by the Air Handling Units ("AHUs"). Moody's
understands ProjectCo, Vinci, and UHCW are currently developing a
programme of works to rectify the AHUs, subject to gaining access
to the operating theatres, and believe these deductions are
unlikely to repeat once the programme is agreed.

Offsetting the positive developments at UHCW, on February 1, 2023,
CWPT terminated its portion of the PA with immediate effect,
following the expiry of the termination standstill the previous
day[1]. The termination relates solely to CWPT's portion of the PA,
which accounts for approximately 8% of the UP. CWPT has 20 business
days, up to March 1, 2023, to decide whether it will use a retender
process for the CWPT part of the concession or a net present value
calculation based on future revenue and costs, to determine
compensation due to ProjectCo. In either scenario, the estimated
asset rectification costs will be reflected in the outcome.
Therefore, the amount of termination compensation that ProjectCo
will ultimately receive is uncertain.

The financing documents require compensation proceeds to be applied
in priority to prepay 9.8% of outstanding debt, reflecting the CWPT
facility as a proportion of the total facilities within the
original PA. In a downside scenario, where zero compensation is
received, and no recourse is received from Vinci, ProjectCo's debt
service obligations would only be supported by the UP received from
UHCW. Subsequently Debt Service Coverage Ratios ("DSCRs") would be
close to 1.0x, which is very weak.

The negative outlook reflects the potential for DSCRs to
deteriorate if the amount of compensation ultimately received by
ProjectCo is not enough to counteract the removal of revenue from
CWPT.

Moody's considers the termination of CWPT's portion of the PA,
without the parties being able to reach a settlement agreement,
when combined with the earlier adjudication process finding against
ProjectCo and Vinci in relation to asset maintenance, as reflecting
negatively on ProjectCo's track record. The potential for coverage
ratios to deteriorate due to this is captured within Moody's highly
negative Governance score (G-4 issuer profile score) and Credit
Impact Score (CIS-4). Acting as a mitigant to the CIS is the
satisfactory performance for the UHCW portion of the PA, which
accounts for 92% of the UP.

The Coventry and Rugby Hospital Company Plc is a special purpose
vehicle which entered into a PA in 2002 with UHCW and the then
Coventry Primary Care Trust to redevelop the acute hospital, mental
health unit and medical school facilities at the Walsgrave Hospital
site in Coventry, now known as University Hospital Coventry.
ProjectCo is responsible for the provision of facilities management
services at the Coventry site, as well as to the existing Hospital
of St Cross in Rugby, until December 2042. ProjectCo is also
responsible for lifecycle works at the Coventry site, but not the
Rugby site.

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

Given the negative outlook, Moody's does not currently envision any
upward rating pressure. The outlook could be changed to stable if
(1) the level of compensation ultimately received by ProjectCo does
not result in a material deterioration of the coverage ratios.
Positive pressure could develop over time if additionally: (2) no
material deductions are applied by UHCW and progress on rectifying
the AHUs is achieved; (3) the parties agree a programme of works
for the plastic pipework replacement, with all costs covered by the
Guarantee from the Skanska construction joint venture; and (4)
relationships between ProjectCo and UHCW remain satisfactory.

Conversely, Moody's could downgrade the rating if: (1) UHCW imposes
unavailability or performance deductions on ProjectCo or
relationships otherwise deteriorate; (2) compensation proceeds are
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 beyond 2024.

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


FLYBE GROUP: To Wind Down After Rescue Talks Fail
-------------------------------------------------
Radhika Anilkumar and Hani Kollathodi at Reuters report that
British regional airline Flybe will wind up its business after
rescue talks fell through, its joint administrators said on Feb.
15, a month after the company cancelled all flights and entered
insolvency proceedings for a second time in three years.

The company has struggled since its relaunch in April last year,
despite other low cost airlines such as Ryanair and easyJet
reporting record summer bookings as demand for travel heads back to
pre-pandemic levels even as inflation squeezes disposable incomes,
Reuters relates.

"It was clear from the outset that there was only a limited number
of parties who had the necessary strategic fit and who could
navigate the complexities of such a transaction to get a (rescue)
deal over the line," Reuters quotes David Pike managing director at
Interpath and joint administrator of Flybe as saying on Feb. 15.

The pandemic and resulting lockdown pushed Flybe into
administration for the first time in March 2020, affecting 2,400
jobs, Reuters recounts.  The airline was sold to Thyme Opco, a firm
controlled by Cyrus Capital, in October of the same year before the
launch of a slimmed down operation the following spring, Reuters
discloses.

After administrators were appointed again in late January 2023,
Birmingham Headquartered Flybe made 276 workers redundant, Reuters
notes.

According to Reuters, Mr. Pike, who is working with Interpath
colleague Mike Pink at Flybe, has pointed to a number of shocks
since the airline's relaunch, not least the late delivery of 17
aircraft from lessors which severely compromised its efforts to
build back capacity and remain competitive.

Flybe, which operated flights on 21 routes to 17 destinations
across the UK and Europe, said a further 25 jobs would now be
affected.


GO TRAIN: Files for Liquidation, Over 100 Jobs Affected
-------------------------------------------------------
FE Week reports that long-standing training provider Go Train is
filing for liquidation with over 100 staff set to lose their jobs.


Following an unsuccessful acquisition attempt and low learner
numbers, the company told staff on Feb. 14 the board had taken the
decision to close, ending over 30 years in the sector,
FE Week relates.

According to firm's latest accounts, the company's owners, Go Train
Holdings Limited, held "significant" debts and recruiting to
pre-pandemic levels of learners became essential to fulfilling its
contracts and its survival,
FE Week notes.

Chief executive Graham Clewes told FE Week that slow recovery from
Covid-19 lockdowns and an unsuccessful attempt at being acquired by
a larger company means the board had no option but to close the
business immediately.

Go Train Ltd received a GBP1 million loan in 2020/21, according to
its latest available accounts, FE Week discloses.  The company was
reliant on learner numbers recovering to pre-Covid levels in order
to maintain the cashflow needed to honour its loan repayments.
Failure to achieve that learner footfall could "indicate that a
material uncertainty exists that may cast significant doubt on the
company's ability to continue as a going concern", according to FE
Week.

Go Train's controlling company, Go Train Holdings Limited, carried
further debts.  These include a GBP5 million loan with HSBC and
GBP2.6 million owed to directors, FE Week states.  Up to the end of
2020/21 reporting year, Go Train Holdings had total debts of GBP7.5
million, up from GBP6.7 million the year before, FE Week notes.
Just under half of that was reported to be due this year.

According to FE Week, the company's debt levels were highlighted as
a risk in Go Train's accounts which said: "The holding entity has
significant bank loans and should learner numbers not be
sufficient, then it may mean that the group (including this entity)
will be unable to pay debts within agreed timescales, in particular
bank loans."


HEALTHPLAN.CO.UK: Sante Partners Buys Assets Out of Receivership
----------------------------------------------------------------
Neil Hodgson at TheBusinessDesk.com reports that Sante Partners,
part of the Preston-based Sante Group, has acquired the assets of
comparison website Healthplan.co.uk out of receivership for an
undisclosed sum.

Launched in 2020, the website generates more than 3,000 consumer
and SME enquiries per month, equating to an average sales total of
GBP800,000 per annum.

In late 2022, the company that ran the website fell into financial
difficulties and went into administration, TheBusinessDesk.com
relates.

Sante Partners provides appointed representatives (ARs) with the
tools and infrastructure needed to grow their insurance
brokerages.

In 2021, it was acquired by the Sante Group, and the deal helped
the wider group build its premium book to GBP30 million ahead of
its scheduled five-year growth targets, TheBusinessDesk.com
recounts.


INTERGEN NV: S&P Affirms & Then Withdraws 'B+' ICR
--------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
InterGen N.V. S&P subsequently withdrew the rating on InterGen N.V.
at the issuer's request. The outlook was developing at the time of
withdrawal.

InterGen N.V., parent company of the InterGen group, announced it
has sold its business interests in the U.K. for an undisclosed
amount to Czechia-based CREDITAS Group.

The group also confirmed that on Feb. 7, 2023, it used part of the
proceeds of the sale for the entire redemption of its $402 million
7% senior secured notes due in June 2023.

Following the sale, InterGen N.V. will retain only minority stakes
in two Australian supercritical coal-fired power plants projects --
Callide (203 megawatts [MW]) and Millmerran (276MW).

ESG credit indicators: E-4, S-3, G-3


MILLER HOMES: S&P Affirms 'B+' ICR & Alters Outlook to Negative
---------------------------------------------------------------
S&P Global Ratings revised the outlook on its rating on Miller
Homes Group (Finco) PLC, the holding company for U.K. homebuilder
Miller Homes, to negative from stable and affirmed its 'B+'
long-term issuer credit rating. S&P also affirmed its 'B+' issue
rating, with a recovery rating of '4' (rounded recovery estimate:
45%), on Miller Homes' senior secured notes of approximately GBP820
million.

S&P said, "The negative outlook reflects that we may downgrade
Miller Homes in the next 12 months if its adjusted debt to EBITDA
does not return to 4.0x or below on a sustainable basis or its
interest coverage remains below 3.0x without near-term recovery
potential.

"The outlook revision reflects that we expect Miller Homes' debt to
EBITDA to increase temporarily to about 4.5x-5.0x in 2023 from
below 4.0x estimated for 2022. Our updated base case reflects that,
in our view, macroeconomic uncertainty and tighter mortgage market
conditions in the U.K. in 2023 are likely to lower house prices and
decrease demand for new homes and therefore home deliveries in
2023. We factor in that house price inflation after the pandemic
has weakened homeowners' ability to get a mortgage. This has been
recently exacerbated by mortgage rates spiking to above 5% compared
with around 2% a year ago. This is combined with inflation of over
10% at end-2022 causing cost-of-living pressures and resulting in
lower consumer confidence around discretionary spending including
home purchases. As a result, we believe that homebuilders' sales
rate (calculated as reservations divided by number of sales outlets
divided by the number of weeks in a financial year) are likely to
remain lower in 2023 than in 2022. Miller Homes' sales rate already
decreased to 0.4x in the second half of 2022 versus 0.74x a year
before, which resulted in forward sales decreasing to GBP481
million as of December 2022 from GBP665 million a year before. We
believe that sales rates will remain weakened through 2023 before
recovering in 2024. For Miller Homes, we estimate completions may
decline by around 5%-7% in 2023 with the sales rate subdued in the
beginning of the year but gradually improving toward historical
levels (0.62x in 2022 and 0.85x in 2021), from about 3,970 units in
2022. Our base case for 2023 also includes that the average selling
price will decline by around 1%-3% in 2023. This would lead to
lower revenues and EBITDA, and, as a result, we now forecast that
Miller Homes' adjusted debt to EBITDA would be 4.5x-5.0x (versus
the trigger of 4.0x) and its interest coverage will be at 2.5-3.0x,
slightly below the threshold of 3.0x for the rating.

"We project that Miller Homes will see its financial metrics
rebound in 2024 to levels commensurate with the rating. In our
view, the U.K. home market has been structurally undersupplied for
a long time, and a significant share of the housing stock is
relatively obsolete. This is becoming increasingly important given
that stricter sustainability standards are being phased in. We also
think that considering the importance of new homes construction,
the U.K. government might consider putting in place more support
measures, like the Help To Buy scheme, which closed late in 2022.
We believe that further material increases of the mortgage rate are
less likely, which should improve homebuyers' confidence. This
leads us to believe that Miller Homes' revenues and EBITDA would
moderately improve in 2024, supporting its metrics' recovery to the
levels commensurate with the rating level.

"Although Miller Homes' land bank moderately decreased in 2023, we
understand it will continue to invest in land when market
conditions become more favorable. As of Dec. 31, 2022, Miller
Homes' land bank comprised 53,117 land plots (of which Miller Homes
owned 20.2%), only 2.3% below 54,391 land plots as of December
2021. The owned and controlled land bank covered 3.5 years of
operations (4.0 years as of December 2021). Through its land bank
management, Miller Homes has historically been able to offset the
pressure on margins, maintaining an EBITDA margin at around 17%-19%
through the cycle. Under our base case, Miller Homes will continue
to replenish its land bank, and we factor in about GBP50
million-GBP100 million of net working capital investment annually
in 2023-2024. This investment will largely absorb its funds from
operations (FFO). As a result, we expect Miller Homes' adjusted
debt--from which we do not net off the cash balance--will remain
broadly stable in 2023-2024 at about GBP820 million-GBP825 million.
Miller Homes' capital structure now comprises around GBP820 million
of senior secured bonds, consisting of EUR465 million floating-rate
senior secured notes due 2028 and GBP425 million 7% senior secured
notes due 2029, and a GBP180 million super senior revolving credit
facility (RCF) that we expect to remain undrawn.

Miller Homes' liquidity is adequate, supported by cash and
available RCF and given the lack of near-term maturities.The
company's net land spending fell to GBP155 million in 2022 from
GBP219 million a year before. This, combined with the 3% growth in
completions coupled with a 4% increase in the average selling
price, resulted in Miller Homes reporting around GBP190 million of
cash on its balance sheet at end-2022. It also has access to a
GBP180 million RCF maturing in 2027. Miller Homes benefits from a
long-term, weighted-average debt maturity of around 5.5 years,
which we view positively. That said, S&P notes the interest rate
volatility given that Miller Homes' interest rate exposure under
its EUR465 million floating-rate senior secured notes due 2028 is
unhedged.

S&P said, "The negative outlook reflects that we could downgrade
Miller Homes if its performance and credit ratios were to
deteriorate more than we currently anticipate over the next 12
months.

"We could lower the rating if Miller Homes' operating performance
weakens more than we currently expect. This might be because of a
prolonged slowdown of sales on the back of a strong decline in
demand for Miller Homes' homes, such that the company's debt to
EBITDA remains significantly above 4x without near-term recovery
potential, and EBITDA interest coverage is below 3x. We would also
lower our rating on Miller Homes if it were not sustaining a
prudent financial policy and began to make aggressive dividend
distributions, or its liquidity position weakened.

"We could revise the outlook to stable if Miller Homes benefits
from improved market conditions that boost its sales rate. This
could happen if the company manages to boost sales to historical
levels, implementing efficient cost management while maintaining
its land bank to support its improving pipeline. This should help
Miller Homes sustain an adjusted debt-to-EBITDA ratio of close to
or below 4x and EBITDA interest coverage of more than 3x."

Environmental, Social, And Governance

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Miller Homes, since
homebuilders and developers have a material environmental impact
across their value chain, primarily associated with the development
and construction of buildings. Governance factors are also a
moderately negative consideration, since we view financial
sponsor-owned companies with aggressive financial risk profiles as
demonstrating corporate decision-making that prioritizes the
interests of the controlling owners. That said, we understand that
Miller Homes plans to pay no dividends to its shareholders in the
next few years. Social factors are an overall neutral consideration
in our credit rating analysis of Miller Homes."


MISSOURI TOPCO: S&P Withdraws 'SD' LongTerm Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'SD' (selective default) long-term
issuer credit rating on Missouri Topco Ltd (Matalan) at the
issuer's request. At the same time, S&P withdrew the 'D' (default)
issue ratings on its senior secured notes and subordinated second
lien notes, originally due in July 2023 and January 2024,
respectively.


ORBIT PRIVATE I: S&P Affirms 'B' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on U.K.-based Orbit Private Holdings I (Orbit) and its financing
subsidiaries Armor Holdco Inc. and Earth Private Holdings. At the
same time, S&P affirmed its 'B+' issue rating and '2' recovery
rating on the group's senior secured facilities, and its 'CCC+'
issue rating and '6' recovery rating on the group's senior
unsecured notes.

S&P said, "The stable outlook reflects our expectation that Orbit
will capitalize on rising interest rates and its ongoing
integration and cost-saving measures to offset the effect of weaker
shareholder activity. This should underpin earnings in 2023 and
onward, and support sustainable deleveraging and consistently
positive free operating cash flow (FOCF) generation.

"Orbit performed in line with our forecasts, primarily due to a
change in its sales mix. Although ongoing macroeconomic
uncertainties continued to constrain Orbit's transaction and
event-based revenue in the Shareholder and Retirement Solutions
divisions, consecutive interest rate hikes bolstered its interest
income, which fueled the group's top-line and EBITDA growth in
2022. Credit metrics therefore remained in line with our previous
expectations, with relatively high leverage in 2022 on track to
improve to levels commensurate with the rating from 2023 onward.
Coupled with positive FOCF generation and an absence of material
forecast debt-funded acquisitions or dividend distributions, this
continues to support Orbit's case of sustainable deleveraging. In
our base case, we anticipate adjusted debt to EBITDA to materially
improve to below 6x over the next two years from 8.7x that we
expect in 2022."

A sizable stream of interest income will provide the group with a
natural hedge in 2023. Orbit holds cash on behalf of customers, on
which it earns interest on any timing difference between receipt
and disbursement, and this interest income has a direct
relationship with underlying interest rate movements. Accelerating
rate hikes in the second half of 2022 challenged Orbit's
transaction and event-based businesses through a considerable
decline in discretionary activities including mergers and
acquisitions and capital market transactions. But as the global
economic outlook remains uncertain for the next 12 months, we
anticipate peaking rates will translate into a material income
stream for Orbit. This should positively offset any potential
downside risks in its Shareholder and Retirement Solutions segments
and the loss of its higher margin event driven business.

Orbit's underlying business fundamentals remain strong as the group
seeks to position itself over its long-term growth trajectory. It
is a market-leader in the U.K. and U.S., supported by a full-suite
of complementary offerings in share registry and corporate
administrative services. S&P said, "We expect Orbit's established
relationships through medium- to long-term contracts with
diversified blue-chip clientele will continue to provide it with
meaningful revenue visibility. Alongside cost synergies realization
and strategic value drivers in automation and digitalization, we
expect low single-digit organic growth and EBITDA margin
improvement annually, which should help strengthen Orbit's credit
metrics from 2023. In our view, the group's adjusted EBITDA margin
will materially improve to 25%-30% in 2023 and after, from roughly
20% in 2022 (although the 2022 margin was weaker primarily due to
inflationary pressure and higher upfront costs required to achieve
synergies)."

S&P said, "The stable outlook reflects our expectation that Orbit
will capitalize on rising interest rates and its ongoing
integration and cost-saving measures to offset the effect of weaker
shareholder activity in a tough economic environment. This should
underpin earnings in 2023 and onward, and support sustainable
deleveraging and consistently positive FOCF generation."

S&P could take a negative rating action if revenue growth was
subdued, or the group failed to achieve cost savings and the
improved margins that it currently forecasts, resulting in weaker
cash generation, and sustained higher leverage. Specifically, S&P
could lower the rating if:

-- S&P expects negative FOCF generation on a sustained basis;

-- S&P expects funds from operations (FFO) cash interest coverage
    to be sustained at materially less than 2x;

-- Orbit has unexpected exceptional costs, or its margins
    deteriorate compared with S&P's expectations;

-- The group's acquisition or shareholder policies lead us
    to reevaluate management's leverage tolerance; or

-- The group faces liquidity constraints.

S&P considers there to be limited upside potential for the ratings
in the short term, given Orbit's current leverage levels and
financial policy. That said, S&P could consider raising the ratings
if:

-- The group outperformed our forecasts, resulting in a
    significant reduction in adjusted debt-to-EBITDA toward
    5x; and

-- S&P considered the group's leverage tolerance to be
    consistent with maintaining debt-to-EBITDA at or around
    these levels.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Orbit. Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners, in line with our view of the
majority of rated entities owned by private-equity sponsors. Our
assessment also reflects generally finite holding periods and focus
on maximizing shareholder returns."


PLANET PENSIONS: Declared in Default, Receives 222 Claims
---------------------------------------------------------
Cristian Angeloni at International Adviser reports that the
Financial Services Compensation Scheme (FSCS) said a pension advice
firm linked to Forthplus Pensions has failed.

Planet Pensions, which used to trade as Square Mile International
Financial, was a Czech Republic-based company which provided
financial advice on pension transfers into and from the Forthplus
Sipp, International Adviser relates.

Planet held EEA permissions which allowed it to passport its
services into the UK.

In March 2020, the company was fined by the Czech National Bank for
the sum of CZK1,000 (GBP37, US$45, EUR42) over regulatory breaches,
legal documents seen by International Adviser and translated from
Czech show, International Adviser recounts.

Then, Planet Pensions went into liquidation in January 2021, which
sparked an investigation by the FSCS, International Adviser
recounts.

The lifeboat scheme found that the company provided pension
transfer advice into and from the Optimus Retirement Benefit
Scheme, a Malta-based Qrops, among others, International Adviser
discloses.  It concluded its investigation in November 2022,
International Adviser notes.

On February 14, 2023, Planet Pensions was declared in default and
all claims submitted to the FSCS were being assessed, International
Adviser relays.

The FSCS told International Adviser that, as of Feb. 14, it had
received 222 claims, all related to pension and investment advice.
So far, one was upheld, 12 were deemed unsuccessful and the
remaining 209 are currently in progress, International Adviser
states.


UNITY BREWING: Covid, Rising Costs Prompt Liquidation
-----------------------------------------------------
Maya George at Yahoo!Sport reports that a popular brewery has gone
into liquidation after battling Covid and rising costs.

According to Yahoo!Sport, after six and a half years, Unity Brewing
Co will be closing its shutters for the final time as it enters
liquidation.

The Unity Bottleshop and Tasting Room in Bedford Place will
continue to trade, Yahoo!Sport notes.

However, this will be under a new brand, Yahoo!Sport states.

The company took over the premises from Cloud Wine which closed
last September, Yahoo!Sport recounts.

It was hoped Unity Brewing Co could continue the site's "over
100-year history as a bottle shop."

The company will be bidding farewell to the city and its beer
drinkers at a party at the Bottleshop on Feb. 25 from 12:00 p.m. to
10:00 p.m., Yahoo!Sport discloses.



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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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