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

                          E U R O P E

          Wednesday, February 22, 2023, Vol. 24, No. 39

                           Headlines



F R A N C E

NEXANS SA: S&P Affirms 'BB+/B' ICRs & Alters Outlook to Positive
TECHNICOLOR CREATIVE: Moody's Cuts CFR to 'Caa3', Outlook Neg.


G E O R G I A

GEORGIA GLOBAL: S&P Upgrades ICR to 'BB-', Outlook Stable


G E R M A N Y

CEVA LOGISTICS: S&P Withdraws 'BB+' LongTerm Issuer Credit Rating
FLENDER HOLDING: Moody's Cuts CFR to B3, Outlook Remains Stable
UNIPER SE: Loses Control Over Russian Subsidiary Unipro


I R E L A N D

AQUEDUCT EUROPEAN 7-2022: S&P Assigns B-(sf) Rating on Cl. E Notes
CAPITAL FOUR V: S&P Assigns Prelim. B-(sf) Rating on Class F Notes
CIMPRESS PLC: S&P Cuts ICR to 'B' on Sustained Elevated Leverage


I T A L Y

ALITALIA - LINEE: March 7 Deadline Set for Real Estate Bids
BUSINESS INTEGRATION: S&P Assigns 'B' LT Issuer Credit Rating
MONTE DEI PASCHI: Moody's Raises LongTerm Deposit Ratings to Ba2
UDINE SRL: Property Complex Sale Scheduled for March 22


L U X E M B O U R G

ATENTO LUXCO 1: Moody's Cuts CFR to Caa1, Outlook Negative
COLOUROZ MIDCO: Moody's Cuts CFR to Caa3 & Alters Outlook to Stable
CRC BREEZE: S&P Affirms 'CCC+' Rating on Class A Notes


R U S S I A

TAJIKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings


S P A I N

FOODCO BONDCO: Moody's Appends 'LD' Designation to 'Ca' PDR


S W E D E N

REN10 HOLDING: Moody's Rates New EUR200MM Secured Term Loan 'B2'


U N I T E D   K I N G D O M

CURER-CHEM LTD: 10 Jobs Saved Following Acquisition
EMERALD 2 LIMITED: Moody's Affirms B2 CFR, Outlook Remains Stable
POLARIS PLC 2022-1: S&P Affirms 'BB-' Rating on Class Z Notes
SCORPIO EUROPEAN LOAN 34: S&P Affirms 'BB-' Rating on Class E Notes
SVS SECURITIES: Notice to End Special Administration Order Filed

TILE GIANT: 13 Stores Closed Following Pre-Pack Administration
WORCESTER WARRIORS: To Keep Original Name & Drop Rebrand Plan

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F R A N C E
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NEXANS SA: S&P Affirms 'BB+/B' ICRs & Alters Outlook to Positive
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S&P Global Ratings revised its outlook on French cable manufacturer
Nexans S.A. to positive from stable, and affirmed its 'BB+/B'
issuer credit ratings.

The positive outlook reflects a possible upgrade if Nexans
continues to build a track record of strong operating performance
and credit metrics, supported by a conservative financial policy.

Nexans' operating performance has improved, thanks to progress made
in its transformation plan, which focuses on electrification and
achieving higher and more stable cash flows. Nexans' focus on
markets driven by secular trends, such as electrification and
decarbonization, has resulted in higher, but also more sustainable
margins and cash generation. The group's strategic goal is to
become a pure electrification player, which includes disposing its
non-electrification business where it has a less competitive
position and reduced pricing power.

After delivering strong credit metrics in 2021, the group continued
with good operating performance in 2022, as evidenced by solid S&P
Global Ratings-adjusted EBITDA generation of EUR522 million
(unchanged compared to 2021)and FOCF generation of about EUR120
million-EUR140 million in 2022 (EUR147 million in 2021). This
translates into estimated strong credit metrics for 2022, with S&P
Global Ratings-adjusted FFO to debt of above 60% (90% in 2021) and
S&P Global Ratings-adjusted debt to EBITDA of about 1.0x (0.9x in
2021). S&P continues to view positively the group's focus on
profitability and FOCF, which enable it to reduce leverage, rather
than prioritization of volumes as in the past.

S&P said, "Although we expect some operational challenges in 2023
due to macroeconomic developments, we expect Nexans will maintain
its credit metric headroom. Nexans' strong positioning as the
world's second-largest cable manufacturer has enabled the group to
profit from megatrends, such as the energy transformation of the
European grid. This is supported by the record high order intake in
its most profitable segment Generation and Transmission, which
provides revenue visibility for the next 18-24 months. That said,
we also see challenges in 2023, since current economic trends could
affect its short-cycle segment Usage, where the backlog decreased
in 2022 compared to 2021. On the back of record high reported
EBITDA and net income, we expect Nexans' operating performance will
remain flattish in 2023, due to persistent inflationary pressure
and increasing challenges to pass on cost increases, before picking
up again in 2024. Furthermore, we expect Nexans will continue
making bolt-on acquisitions to amplify its electrification
business. That said, we expect S&P Global Ratings-adjusted FFO to
debt will somewhat decrease but remain above 50%. Similarly, we
expect S&P Global Ratings-adjusted debt to EBITDA to increase but
to stay below 1.5x in 2023 and 2024.

"We expect Nexans' recent acquisition of Reka Cables Ltd. will be
partly financed by the disposal of its telecom systems business. In
November 2022, Nexans announced its plans to acquire the Finish
company Reka Cables for approximately EUR60 million, with the aim
to amplify its electrification offer and expand its presence in the
Nordics. We expect the transaction will close in the first half of
2023. The group has also recently announced entering exclusive
negotiations to sell its telecom systems business. The transaction
remains subject to the fulfilment of customary conditions and other
regulatory approvals, and we expect it will close by the end of
third-quarter 2023. We understand Nexans plans to use disposal
proceeds to reinvest into the company."

Management is committed to maintaining a conservative balance
sheet. S&P said, "We understand management is committed to a
conservative balance sheet, in line with our requirements for a
higher rating, despite the lack of a publicly stated leverage
target. We therefore expect no large-scale acquisitions or
excessive shareholder friendly measures over the next 24 months.
However, we note that the company is proposing to significantly
increase its dividend payments in 2023 to about EUR90 million from
EUR54 million the year before. In coming years, we do not expect a
further increase in the payout ratio, but rather that dividend
payments will increase in line with operating performance."

Nexans' exposure to cyclical end markets and metals prices could
weigh on its margins. The group sells its cables mainly in the
building and territories sector and the industry and solutions
segment. The sector in which the group operates is highly
competitive and fragmented. Nexans relies on copper and aluminum
for its production, which can decrease profits and increase the
working capital volatility during periods of rapidly moving metals
prices. S&P recognizes, however, that the group's strongly improved
working capital and contract management, with passthrough clauses
and other pricing mechanisms (such as hedging), help to mitigate
that risk.

S&P said, "The positive outlook on Nexans reflects our view that we
could raise the rating over the next 24 months if the group
continues to build a track record of strong operating performance
and credit metrics, namely adjusted FFO to debt exceeding 50% on a
sustainable basis, while generating meaningful FOCF supported by a
conservative financial policy. Such a development could occur if
the group further benefits from its portfolio optimization, focus
on margins, and the acceleration of the energy transition."

S&P could raise the rating if it believes Nexans will sustainably
achieve:

-- FFO to debt above 50%;

-- An ability to generate FOCF of about EUR200 million; and

-- A conservative financial policy in line with a higher
    rating, coupled with a longer debt maturity profile.

S&P said, "We may revise the outlook to stable if Nexans'
operational performance underperforms our expectation, due to
operational setbacks or the company's inability to pass on cost
increases, leading to decreasing profitability and FFO to debt of
35%-50% or an inability to generate FOCF of about EUR200 million.
We could also revise the outlook or even lower the rating if the
group undertakes substantial acquisitions or aggressive dividend
payments, or if FOCF turns negative."

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


TECHNICOLOR CREATIVE: Moody's Cuts CFR to 'Caa3', Outlook Neg.
--------------------------------------------------------------
Moody's Investors Service downgraded Technicolor Creative Studios
SA's (TCS or the "company") corporate family rating to Caa3 from
Caa1 and its probability of default rating to Caa3-PD from Caa1-PD.
Concurrently, Moody's downgraded the senior secured ratings of its
EUR623 million equivalent (split into EUR564.2 million and $60
million tranches) senior secured first lien term loan to Caa3 from
Caa1 and EUR40 million senior secured multicurrency revolving
credit facility (RCF) to B2 from B1. The outlook on all ratings
remains negative.        

The following factors drove the rating action:

- TCS' announcement on February 7, 2023 [1] regarding the
ongoing discussions with its creditors and shareholders
to recalibrate its capital structure

- Ongoing weakness in operating and financial performance

- Unsustainable capital structure with a heightened risk of
   debt restructuring

- Weak liquidity

RATINGS RATIONALE

On February 7, 2023, TCS' announced that it had initiated
discussions with its lenders and certain key shareholders to
recalibrate its debt and equity structure and expected to finalise
the discussions over the next weeks. The options under
consideration include debt-to-equity conversion, new money debt
and/or an equity capital injection. Moody's would likely view the
debt-to-equity conversion option as a default based on expectations
that creditors would incur an economic loss compared to the
original promise and the significant liquidity pressure TCS faces.
New money debt and/or an equity injection would strengthen TCS'
liquidity, which is currently under significant pressure. However,
the size of any new funding remains unclear, as does whether the
amount would be sufficient to support the company's operations
through the period of operational challenges. TCS is yet to decide
with lenders and shareholders which of the options or a combination
thereof to proceed. Moody's sees a heightened risk of debt
restructuring given the company's weak liquidity and unsustainable
capital structure with currently low earnings generation on the
back of ongoing operational challenges. TCS had EUR24 million in
cash on hand as of September 30, 2022, fully drew its revolver in
November and generated negative EBITDA in Q4 2022. As a result,
Moody's does not expect TCS to have sufficient liquidity to fund
continued cash burn.

TCS' financial and operating performance continues to weaken. In
February, the company revised its earnings guidance down again with
an estimated EBITDA after leases (as defined by the company) of
just around EUR20 million in 2022 compared to its November 2022
guidance of EUR50- EUR70 million (at then-current exchange rate).
This suggests that TCS' EBITDA after leases was negative in Q4 2022
with around EUR30 million of losses as a result of additional costs
incurred to deliver major client projects. TCS now expects its 2023
earnings to be lower than expected in November 2022 and withdrew
its guidance for 2023.

Moody's estimates that TCS' leverage increased to over 15x
Moody's-adjusted debt/EBITDA in 2022 from around 6.0x as of June
30, 2022 (pro forma for the spin-off from Vantiva S.A. (Caa1
stable) and new capital structure). Attrition and low production
efficiencies continue to pressure TCS' earnings generation,
particularly at MPC, the largest and most profitable business, and
there is a slowdown in new projects awards from the company's
clients. Also, the currently weak economic environment decelerates
demand for the Mill's services to the advertising industry. Without
stabilisation of the situation with creative talent at MPC,
improvement in TCS' financial performance is unlikely. Management
is taking steps to resolve the situation by initiating third-party
reviews to identify areas for improvement, continued improvement of
real-time project tracking, recruitment of critical hires and
appointment of new leadership, including new interim CEO, CFO and
COO, and launching new retention program for key talent. As a
result, management expects its performance to sharply improve in
2024 with a rebound back to normal level of profitability in 2025.
However, the situation may take longer to resolve than expected by
management. Based on the current debt capital structure, Moody's
forecasts TCS' leverage well above 10x Moody's-adjusted debt/EBITDA
over the next two years with a very thin Moody's-adjusted EBITA
margin and low operating cash flow generation that will not be
sufficient to cover high interest payments and reduced capital
spending in 2023-24.  

LIQUIDITY

TCS' liquidity is weak. As of September 30, 2022, TCS had EUR24
million in cash on hand and fully drew its EUR40 million RCF in
November. Moody's estimates that TCS' liquidity will not be
sufficient to offset significantly negative FCF over the next 12
months. The magnitude of the cash burn and liquidity crunch will
largely depend on working capital dynamics in the coming quarters,
but in the absence of additional external liquidity sources the
company is unlikely to meet its cash obligations, including at
least its third interest payment of around EUR15 million in June
2023. TCS does not have any significant near-term maturities, until
its RCF is due in September 2025, followed by the senior secured
first lien term loan in September 2026.

Moody's also estimates that with the currently low earnings
generation TCS is likely to breach its financial covenant (5.75x
net leverage) at its first test date in June 2023 unless it is
reset or waived.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance risk considerations are material to the rating action
and reflect Moody's view that the company's capital structure is
unsustainable at its current level of earnings, which coupled with
weak liquidity, increases the likelihood of default.

TCS changed its top management, including the CEO and CFO, and
appointed a representative of Angelo Gordon, its second largest
shareholder, as a board observer, as well a representative of
employees in addition to having five independent directors on the
board, which now constitutes total nine members.  

STRUCTURAL CONSIDERATIONS

TCS is a French borrower and Technicolor Creative Services USA,
Inc. is a US co-borrower of the EUR623 million equivalent senior
secured first lien term loan due 2026 and EUR40 million RCF due
2025. The senior secured first lien term loan comprises the
predominance of debt in the capital structure, resulting in it
being rated in line with the CFR, Caa3. The RCF has a super senior
priority and its small size relative to the senior secured first
lien term loan results in the facility being rated B2.

The senior secured first lien term loan and RCF share the same
security and guarantee package, but the RCF has a super senior
ranking. The security package is limited to certain shares pledges,
bank accounts and substantially all assets of the US subsidiaries.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects high uncertainty around expected
losses for creditors in a default scenario and downside risks to
the expectation for financial performance over the next 12-18
months.

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

Moody's could further downgrade TCS' ratings should the company
default on its debt obligations or pursue a formal debt
restructuring, including in a form of debt-to-equity conversion
with greater expected losses than Moody's currently anticipates.

An upgrade of TCS' ratings appears unlikely before its capital
structure becomes more sustainable, the company resolves its
operational challenges leading to a sustained recovery in earnings,
and liquidity strengthens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

Technicolor Creative Studios SA (TCS) is a leading provider of VFX,
and animation services for the entertainment industry, and creative
services and technologies for the advertising industry. TCS has a
worldwide footprint with presence in 11 countries (including the
US, UK, Canada and France) and its business comprises four main
activities: film and episodic VFX under Moving Picture Company (MPC
brand); advertising under the Mill brand; animation under the
Mikros Animation brand; and games under Technicolor Games brand. In
the twelve months that ended September 30, 2022, TCS generated
EUR801 million in revenue.

TCS, headquartered in France is listed on Euronext Paris since
September 2022. Following the IPO, 65% of its shares are in free
float while 35% stake was retained by Vantiva S.A. (formerly
Technicolor S.A.).




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G E O R G I A
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GEORGIA GLOBAL: S&P Upgrades ICR to 'BB-', Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Georgia Global Utilities JSC (GGU) to 'BB-' from 'B+'.

S&P said, "The stable outlook indicates that an upgrade is unlikely
until we see improving liquidity and a clear plan to refinance the
$164 million shareholder loan maturing in August 2024. It also
reflects our expectation of continued strong metrics, with funds
from operations (FFO) to debt of 19%-22% over 2022-2023, but
negative discretionary cash flow (DCF) to debt due to uncertainties
around new majority owner FCC Aqualia's dividend policy and
investment plan.

"We now see the Georgian regulatory framework for water operations
as somewhat supportive. The framework is currently in the final
year of its fourth regulatory period (2021-2023) supervised by the
Georgian National Energy and Water Supply Regulatory Commission
(GNERC), which has operated independently since its formation in
1997. The framework followed a parametric formula from May 2015
until December 2017, after which the regulator designed a new
formula for the 2018-2021 regulatory period with remuneration set
via a revenue-cap regulatory cost base (RCB) methodology with
incentive-based (CPI-X) regulation on controllable operating
expenditure and recovery of capital expenditure (capex). We now
view the framework as more transparent than a few years ago and
more inclined toward utilities' financial stability. Operating
costs weigh on our assessment because they can be recovered only
after the regulatory period ends (currently three years). Although
one mitigating factor is that with a 10% deviation of the
correction component compared with the allowed revenue of the
current year, the regulator is obliged to recalculate tariffs in
advance. In our view, the framework is somewhat supportive, but we
believe the noninvestment grade sovereign rating on Georgia
(BB/Stable/B) weighs on its stability compared with similarly
assessed frameworks including those in Israel (AA-/Stable/A-1+),
Croatia (BBB+/Stable/A-2), and Romania (BBB-/Stable/A-3).

"We expect the somewhat supportive framework to enable FFO-to-debt
stabilization to about 19%-22% over 2022-2023 and potential for
growth over the new regulatory period (2024-2026).Based on the
stable nature of regulated operations, we forecast GGU's reported
EBITDA will reach about Georgian lari (GEL) 130 million-GEL140
million over 2022-2023 and FFO of GEL90 million-GEL100 million. In
addition, Georgian infrastructure requires heavy maintenance and
improvements to ensure reliability and safety, since much of its
was built under the Soviet Union. As a result, we expect GGU to
enter another investment cycle with investments higher than GEL150
million per year over 2023-2024, although we believe these will be
recovered through higher tariffs over 2024-2026--like in 2021-2023
when we saw a 47.8% price increase for commercial customers and a
52% increase for residential customers. Combined with limited
dividend distributions until the end of the regulatory period, we
forecast GGU's adjusted FFO to debt will remain at about 19%-22%
and negative DCF to debt over 2022-2023. Uncertainties related to
the new tariffs for the upcoming 2024-2026 regulatory period and
the investment plan and dividend policy at FCC Aqualia's level
prevent us from expecting strong financial improvements from 2024.
We expect GNERC to publish a draft of the new regulation
methodology in summer 2023, with the final methodology published
before year end.

"We view GGU as a moderately strategic subsidiary for FCC Aqualia,
which provides one notch of uplift to GGU's stand-alone credit
profile. Since October 2022, GGU has been 80% owned by FCC Aqualia
and 20% owned by Georgia Capital (GCAP)." S&P believes GGU exhibits
significant features that qualify it for one notch of uplift for
extraordinary support from FCC Aqualia including:

-- GGU operates in line with FCC Aqualia's business of water
distribution and supply;

-- It operates a regulatory asset base (RAB)-based water supply
network that provides stable cash flows and therefore is unlikely
to be sold in the medium-to-long term;

-- GGU will be fully consolidated into FCC Aqualia and represent
10%-15% of FCC Aqualia's EBITDA over the next two years;

-- A long-term strategy will be jointly defined at the GGU level
by FCC Aqualia's management and GGU's personnel; and

-- FCC Aqualia is committed to supporting GGU, as demonstrated by
the intercompany loan signed to repay the bond.

S&P said, "The lack of a clearly defined and transparent financial
policy and strategy at GGU prevent us from viewing it as more than
strategic for FCC Aqualia. Should we see a track record of support,
the extension of a shareholder loan, or a refinancing of the
intercompany loan at the group level in addition to a defined and
supportive financial policy, we could review our assessment of
GGU's importance within the FCC Aqualia group.

"We view GGU's capital structure as pressured by the short-term
intercompany loan and skewed toward foreign currency debt. Although
the refinancing of GGU's $250 million, 7.75% bond due 2025 with a
$164 million intercompany loan due 2024 provided by FCC Aqualia is
positive for its ratios, we believe the loan's short length (two
years) will pressure the utility's capital structure. That said, we
understand there might be a commitment by the new owner to extend
the loan's maturity, albeit not contractually signed. Moreover,
GGU's interest will decrease to quarterly payments of $3.3 million
(GEL9 million) from semiannual payments of $9.3 million (GEL25.3
million) that we believe can be covered by the electricity
generation business under current conditions. Should electricity
prices materially fall, we could see the utility as more exposed to
foreign exchange risks, since its U.S.-dollar-denominated business
might not fully cover coupon payments--however, this is not in our
base case. We will reassess our base-case scenario in the coming
months.

"The stable outlook indicates our expectation that GGU will
continue reporting strong metrics, with FFO to debt of about
19%-22% over 2022-2023, but negative DCF to debt due to high
investment requirements in Georgia and uncertainties around FCC
Aqualia's dividend policy. It also takes into account that an
upgrade is unlikely until we see improving liquidity, combined with
a clear plan for the refinancing of the $164 million shareholder
loan maturing in August 2024."

A downgrade would stem from the company's financial policy becoming
more aggressive, with higher-than-expected capex not mitigated by a
timely increase in earnings or a more generous than currently
expected shareholder remuneration policy. This would notably be the
case if one of the aforementioned actions weakens the company's
credit metrics, with adjusted FFO to debt declining below 15% over
2023-2024. A downgrade would also stem from the company's inability
to secure timely refinancing of the shareholder loan from 80%-owner
FCC Aqualia.

Ratings upside is limited until liquidity improves and
uncertainties around the refinancing of the shareholder loan, new
financial policy, and new tariffs over 2024-2026 are resolved.

A positive rating action would stem from one or a combination of
the following items:

-- A clear financial policy, with notably capex and dividends
allowing for continuously improving credit metrics.

-- An improved liquidity position, with GGU having a clear plan
for refinancing the $164 million shareholder loan from FCC
Aqualia.

-- A supportive regulatory framework in the new 2024-2026
regulatory period, with higher tariffs reflecting inflation and
investments.

-- Stronger group support than currently assessed.

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




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G E R M A N Y
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CEVA LOGISTICS: S&P Withdraws 'BB+' LongTerm Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' long-term issuer credit
ratings on Ceva Logistics AG at the issuer's request.  The outlook
was stable at the time of the withdrawal, aligned with that on its
100% parent CMA CGM S.A.


FLENDER HOLDING: Moody's Cuts CFR to B3, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating to B3 from B2 and the probability of default rating to B3-PD
from B2-PD of Flender Holding GmbH (Flender or the company).
Concurrently, Moody's has downgraded to B3 from B2 the instrument
ratings of Flender International GmbH's EUR1,240 million senior
secured term loan B, EUR90 million senior secured guarantee
facility, EUR80 million equivalent renminbi senior secured term
loan B2 and EUR205 million senior secured revolving credit facility
(RCF). The outlook on all ratings remains stable.

"The rating action reflects Moody's expectations that, given the
ongoing difficult market conditions, Flender's key credit metrics
will not be commensurate with a B2 rating in the next 12-18 months"
says Dirk Goedde, a Moody's VP-Senior Analyst and the Lead Analyst
for Flender. "The still significant price increases in raw
materials and energy will further put pressure on the company's
profitability while the increasing interest rate environment and
uncertain economic environment is expected to lead to lower revenue
and order intake so that Moody's adjusted debt/EBITDA will increase
towards 7.0x in 2023 while free cash flow/debt (Moody's adjusted)
remains negative", Mr. Goedde added. "While Moody's acknowledge the
positive medium- to long term demand trends for wind energy and
therefore Flender's product portfolio, Flender is challenged to
generate sufficient profitability levels to support its highly
leveraged capital structure", Mr. Goedde continues.

RATINGS RATIONALE

The rating action balances the solid order book and the company's
efforts to pass on price cost increases from rising raw material
and energy prices with the lower demand situation as lead times in
wind projects remain significant and its customers are expected to
reduce investments in the industrial segment. The company has
started to implement price escalation clauses into its contracts or
otherwise increase selling prices, but given the stretched margins
at their customer base, Moody's believe that profitability will
remain being subdued in the next 12 months. Additionally, the
investments into further capacity in Asia weighs on the company's
free cash flow generation but are necessary to improve
profitability and execute on the expected order increase.

More generally, the B3 CFR reflects (1) the leading market position
within the highly consolidated market for wind gearboxes, where it
holds the number one position outside of China and stabilising
effect of an important aftermarket business; (2) mission critical
nature of gearboxes in wind turbines, however, only making up a
moderate portion of the bill of materials of OEMs; (3) its
industrial division, with a very diversified end market exposure as
well as a decent share of service revenue; (4) diversified
manufacturing footprint for its size, with facilities in the US,
Europe and Asia and (5) expected execution of cost savings program
to restore profitability within 24 months.

The rating is, however constrained by Flender's (1) short financial
track record as a stand-alone company; (2) high dependency on the
overall health of the wind turbine industry; (3) relatively low
profitability for parts of the business; (4) risk of continued
price pressure on turbine manufacturers, which could spill over on
suppliers like Flender and (5) leveraged capital structure, which
has been further stretched by a dividend recapitalization and the
expectation of limited improvements, e.g. reflected in a low free
cash flow / debt (before dividends), driven by expected high
capital expenditure in the next 12-18 months.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
can return to revenue growth and increasing profitability so that
Moody's adjusted leverage declines into the required guidance for
the B3 rating category in the next 12-18 months. Moody's project
Moody's-adjusted debt / EBITDA to exceed 6.5x and negative free
cash flow / debt in fiscal 2023 and a rebound of both metrics in
fiscal 2024. The stable outlook assumes that no further dividends
will be paid in Moody's forward view.

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

Positive rating pressure requires a sustained track record of
Flender as a standalone entity, reflected in (1) sustaining a debt
/ EBITDA ratio below 6.0x as; (2) the EBITA margin maintained above
5%; and (3) FCF/debt moving towards 5%, and (4) EBITA/Interest
moving towards 2.0x and (5) a solid liquidity profile.

Negative ratings pressure could arise if (1) the company failed to
sustain debt / EBITDA below 7.0x; (2) the EBITA margin deteriorates
sustainably below 5%; (3) continuous negative free cash flow / debt
ratio, (4) EBITA/Interest declines towards 1.0x and (5) if the
company's liquidity starts to weaken.

LIQUIDITY PROFILE

Moody's considers Flender's liquidity as adequate. As of September
2022, the company had EUR162 million cash on balance sheet and to
EUR205 million (EUR149 million available) senior secured RCF. These
funds are sufficient to cover the expected negative free cash flow
in fiscal year 2023.

The RCF is subject to a springing first lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%, net
of cash balances.

STRUCTURAL CONSIDERATIONS

The group's EUR1,320 million equivalent term loan B and EUR205
million senior secured RCF are guaranteed by certain material
subsidiaries and secured mainly by share pledges and certain
intercompany receivables. All debt is treated pari passu. Applying
the 50% standard recovery rate for unsecured capital structures,
both the term loan B and the RCF are rated B3 in line with the
CFR.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Headquartered in Bocholt, Germany, Flender is a manufacturer of
mechanical drive technology with a product and service portfolio of
gearboxes, couplings and generators for a broad range of
industries, with a large focus on the wind turbine market. Founded
in 1899 and part of Siemens Aktiengesellschaft (A1 stable) since
2005, the company has been carved out in March 2021 and is owned by
funds affiliated with the Carlyle Group. For its fiscal year of
2022, ending September 30, the company reported revenue of EUR2.3
billion and EBITA of EUR157 million.


UNIPER SE: Loses Control Over Russian Subsidiary Unipro
-------------------------------------------------------
Laura Pitel at The Financial Times reports that German gas importer
Uniper, one of the biggest corporate casualties of the war in
Ukraine, has taken a EUR4 billion hit on its Russian subsidiary
after losing control over the company.

The nationalised energy giant, rescued by Berlin in a
multibillion-euro bailout last year, said it was given no access to
information about its power generation subsidiary Unipro since the
final three months of last year, the FT recounts.

According to the FT, even though it is the majority shareholder
with an 83.7% stake, it was kept in the dark in a stark
illustration of the fallout for western businesses from Russian
president Vladimir Putin's invasion of Ukraine.

The group, once Europe's largest importer of Russian gas, announced
a net loss of EUR19 billion last year, but pledged to become
profitable again, despite the problems with its Russian subsidiary,
the FT notes.

Klaus-Dieter Maubach, the outgoing chief executive, said in a
statement that Uniper was "at its core a strong company that has
successfully got through the most difficult year in its history",
the FT relates.

But the company warned there was "no longer any enforceable
control" over its Russian subsidiary, which employs about 4,300
people and has five gas and coal-fired power plants in the
industrial regions across the country, the FT discloses.

Uniper, which was nationalised by Berlin amid fears of collapse
after Moscow cut Europe's supplies of Russian gas, said it had been
forced to deconsolidate Unipro in 2022 and report it as a
discontinued operation at a loss of EUR4.4 billion, the FT relays.

According to the FT, outgoing chief financial officer Tiina Tuomela
said in a call with investors that, while Uniper had found a local
buyer for Unipro, it had yet to receive "presidential approval",
suggesting the sale was being personally blocked by Putin.

The outlook for the sale was "still outstanding and highly
uncertain", she added.

Ms. Tuomela, as cited by the FT, said sweeping western sanctions on
Russia had "further impaired Uniper's ability to exercise control
as a major shareholder".

She declined to say what price had been agreed for the sale, saying
the information was confidential, the FT relays.

Uniper was once one of Russian energy group Gazprom's most
important customers but it began racking up huge losses after
Moscow reduced supplies to Germany through the Nord Stream 1
pipeline, the FT notes.

The German government announced in July 2022 that it would step in
to prop up the company as fears grew about the damage its collapse
would inflict on the nation's economy, the FT recounts.

Under the bailout terms, finalised late last year, the state
injected EUR8 billion into the company and offered a further EUR25
billion in authorised capital, of which about EUR5.5 billion had
been used by the end of last year, the FT discloses.

The company was also given an EUR18 billion credit facility by the
German state lender KfW, according to the FT.




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

AQUEDUCT EUROPEAN 7-2022: S&P Assigns B-(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Aqueduct European CLO
7-2022 DAC's class A to F European cash flow CLO debt. At closing,
the issuer also issued unrated subordinated notes.

Under the transaction documents, the rated debt will pay quarterly
interest unless a frequency switch event occurs. Following this,
the debt will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately 4.5
years after closing, while the non-call period will end 1.5 years
after closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
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 collateral manager's experienced team, which can affect the
performance of the rated debt through collateral selection, ongoing
portfolio management, and trading.

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

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

  Portfolio Benchmarks

                                                         CURRENT

  S&P weighted-average rating factor                    2,866.36

  Default rate dispersion                                 471.10

  Weighted-average life (years)                             4.67

  Obligor diversity measure                               102.50

  Industry diversity measure                               20.57

  Regional diversity measure                                1.33

  Transaction Key Metrics

                                                         CURRENT

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

  'CCC' category rated assets (%)                           2.33

  'AAA' weighted-average recovery (%)                      36.68

  Floating-rate assets (%)                                 90.00

  Weighted-average covenant spread (net of floors; %)       3.65

  Weighted-average spread (net of floors; %)               3.79%

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.

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.

S&P said, "In our cash flow analysis, we used the EUR300 million
target par amount, the covenanted weighted-average spread (3.65%),
and the covenanted weighted-average coupon (4.00%) as indicated by
the collateral manager. We have assumed the actual weighted-average
recovery at all rating levels. 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.

"Our credit and cash flow analysis show that the class B-1, B-2, C,
D, E, and F notes benefit from break-even default rate (BDR) and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those assigned. However, as the
CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings on the notes. The class A notes and class A loan can
withstand stresses commensurate with the assigned ratings.

"Until the end of the reinvestment period on Sept. 15, 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 debt. 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 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, if the initial ratings are maintained.

"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 mitigates 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.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to F debt.

"In addition to our standard analysis, to indicate 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 debt 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."

Environmental, social, and governance (ESG)

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 (see "ESG Industry Report Card: Collateralized Loan
Obligations," March 31, 2021). 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: manufacturing or marketing of weapons of
mass destruction, illegal drugs or narcotics, pornographic
materials, payday lending, electrical utility with carbon intensity
greater than 100gCO2/kWh, unregulated hazardous chemicals,
ozone-depleting substances, endangered or protected wildlife,
thermal coal, civilian firearms, tobacco, opioid manufacturing,
non-certified palm oil, private prisons. 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 (see "ESG Credit Indicator Report Card: Global
CLOs," published on July 12, 2022), 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*    2.06    2.08     2.93

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

  E-2/S-2/G-2 distribution (%)         86.77   86.23    13.53

  E-3/S-3/G-3 distribution (%)          5.29    4.50    74.05

  E-4/S-4/G-4 distribution (%)          0.00    1.33     2.15

  E-5/S-5/G-5 distribution (%)          0.00    0.00     2.33

  Unmatched obligor (%)                 7.93    7.93     7.93

  Unidentified asset (%)                0.00    0.00     0.00

  *Only includes matched obligor.

  Ratings List

  CLASS   RATING*     AMOUNT    SUB (%)     INTEREST RATE§
                    (MIL. EUR)

  A       AAA (sf)     88.00    40.67    Three/six-month EURIBOR
                                         plus 2.05%

  A-Loan  AAA (sf)     90.00    40.67    Three/six-month EURIBOR
                                         plus 2.05%

  B-1     AA (sf)      25.50    30.50    Three/six-month EURIBOR
                                         plus 3.00%

  B-2     AA (sf)       5.00    30.50    6.75%

  C       A (sf)       17.20    24.77    Three/six-month EURIBOR
                                         plus 4.00%

  D       BBB- (sf)    19.00    18.43    Three/six-month EURIBOR
                                         plus 5.85%

  E       BB- (sf)     12.50    14.27    Three/six-month EURIBOR
                                         plus 7.19%

  F       B- (sf)       9.00    11.27    Three/six-month EURIBOR
                                         plus 10.07%

  Sub. Notes  NR       22.80    N/A      N/A

* The ratings assigned to the class A loan, the class A notes,
  the class B-1 notes, and the class B-2 notes address timely
  interest and ultimate principal payments. The ratings
  assigned to the class C, D, E, and F notes address ultimate
  interest and principal payments.
§ The payment frequency switches to semiannual and the index
  switches to six-month EURIBOR when a frequency switch event
  occurs.
EURIBOR -- Euro Interbank Offered Rate.
NR -- Not rated.
N/A -- Not applicable.


CAPITAL FOUR V: S&P Assigns Prelim. B-(sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Capital Four CLO V DAC's class A, B-1, B-2, C, D, E, and F notes.
At closing, the issuer will also issue unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

This transaction has a two-year non-call period and the portfolio's
reinvestment period will end approximately four and a half years
after closing.

The preliminary ratings assigned to the notes 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 collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

  Portfolio Benchmarks

                                                         CURRENT
  
  S&P Global Ratings weighted-average rating factor     2,771.33

  Default rate dispersion                                 417.30

  Weighted-average life (years)                             4.82

  Obligor diversity measure                               111.74

  Industry diversity measure                               18.73

  Regional diversity measure                                1.35
  
  Transaction Key Metrics

                                                         CURRENT

  Total par amount (mil. EUR)                             350.00

  Defaulted assets (mil. EUR)                                  0

  Number of performing obligors                              122

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

  'CCC' category rated assets (%)                           0.00

  'AAA' target portfolio weighted-average recovery (%)     37.48

  Covenanted weighted-average spread (%)                    3.92

  Covenanted weighted-average coupon (%)                    3.90

Delayed draw tranche

The class F notes is a delayed draw tranche. It will be unfunded at
closing and has a maximum notional amount of EUR12.00 million and a
spread of three/six-month Euro Interbank Offered Rate (EURIBOR)
plus 11.00%. 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 S&P's analysis, it 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 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, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
primarily comprise broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR350 million par amount,
the covenanted weighted-average spread of 3.92% and the covenanted
portfolio weighted-average recovery rates for all rated notes. 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.

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1 to F notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned preliminary ratings on the
notes. The class A notes can withstand stresses commensurate with
the assigned preliminary rating.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A, B-1, B-2, C, D, E, and F notes.

"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.

"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."

Environmental, social, and governance (ESG) factors

S&P regards 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:
controversial weapons, casinos, pornography or prostitution, payday
lending, tobacco, coal, palm oil, weapons, hazardous chemicals,
endangered wildlife, or hazardous chemicals, waste, and pesticide.
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

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*    2.03    2.15     2.87

  E-1/S-1/G-1 distribution (%)          1.37    0.00     0.00

  E-2/S-2/G-2 distribution (%)         80.67   75.79    15.46

  E-3/S-3/G-3 distribution (%)          3.83    6.94    68.36

  E-4/S-4/G-4 distribution (%)          0.00    3.14     0.00

  E-5/S-5/G-5 distribution (%)          0.00    0.00     2.06

  Unmatched obligor (%)                 8.84    8.84     8.84

  Unidentified asset (%)                5.29    5.29     5.29

  Only includes matched obligor.


The manager will provide an ESG monthly report that will include:

-- The portfolio's weighted-average ESG score and distribution;

-- The portfolio's weighted-average carbon intensity; and

-- The list of obligors that have been reclassified as ESG
ineligible obligations.

Capital Four V DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Capital
Four CLO Management K/S will manage the transaction as a lead
manager and Capital Four Management Fondsmæglerselskab A/S as a
co-collateral manager.

  Ratings List

  CLASS    PRELIM    PRELIM     SUB (%)      INTEREST RATE*
           RATING    AMOUNT
                    (MIL. EUR)
   A       AAA (sf)   211.80    39.49    Three/six-month EURIBOR
                                         plus 1.84%

  B-1      AA (sf)     27.80    28.97    Three/six-month EURIBOR   
  
                                         plus 3.00%

  B-2      AA (sf)      9.00    28.97    6.50%

  C        A (sf)      17.50    23.97    Three/six-month EURIBOR
                                         plus 3.85%

  D        BBB (sf)    22.80    17.46    Three/six-month EURIBOR
                                         plus 5.85%

  E        BB- (sf)    15.40    13.06    Three/six-month EURIBOR
                                         plus 6.91%

  F§       B- (sf)     12.00     9.63    Three/six-month EURIBOR
                                         plus 11.00%

  Sub      NR          35.40     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.
EURIBOR -- Euro Interbank Offered Rate.
NR -- Not rated.
N/A -- Not applicable.


CIMPRESS PLC: S&P Cuts ICR to 'B' on Sustained Elevated Leverage
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Cimpress PLC
to 'B' from 'B+'. At the same time, S&P also lowered its
issue-level ratings on the senior secured debt to 'B+' from 'BB-'
and on the senior unsecured debt to 'CCC+' from 'B-'. The '2' and
'6' recovery ratings, respectively, remain unchanged.

The stable outlook reflects S&P's expectations that adjusted
leverage will improve to 5.0x–6.0x in fiscal 2024 from a high of
above 7.0x in fiscal 2023 as Cimpress implements cost actions and
benefits from more price increases in its Vista segment. The
outlook also reflects our expectation for sustained free operating
cash flow (FOCF) to debt of at least 5%.

Elevated operating costs continue to pressure Cimpress' EBITDA
margin in the first half of fiscal 2023. Cimpress' revenue grew
about 3% year over year on an organic basis (9% on a constant
currency basis) for the first half of fiscal 2023 but its reported
EBITDA (including restructuring expenses) declined about 50% year
over year for the same period. The EBITDA decline was due to higher
operating costs that hurt profitability, particularly within the
Vista segment which were part of the company's planned investments.
Vista is Cimpress's largest business segment, contributing over 50%
of its total revenue. Elevated investments in Vista, across
advertising, technology development and user experiences, as well
as higher input costs due to supply chain constraints last year
were key factors in the EBITDA margin compression.

Investments in Vista, including technology development and
advertising expense for the Vista segment grew the last 12-15
months as Cimpress tested out marketing strategies across the mid-
and upper funnel while maintaining some of its traditional lower
funnel spending. In addition, supply chain issues across the
industry led to significantly higher input costs for the segment.
Although the company has been increasing prices across its product
lines since July 2022, unfavorable changes in product mix for the
quarter ended Dec. 31, 2022, prevented the full benefits of the
increases from being realized, leading to an overall decline in
profitability for the segment in the first half of fiscal 2023.

S&P revised its adjusted leverage thresholds for the rating to
reflect the increased volatility of operating performance due to
Cimpress' exposure to macroeconomic headwinds, including supply
chain shocks and pressure in pricing power. The adjusted leverage
threshold for the current 'B' rating is 5.0x–6.0x.

Cimpress plans to cut costs significantly over the next 18 months,
targeting a management-adjusted EBITDA of $400 million. Cimpress
announced it will identify and execute on cost efficiencies while
focusing on growing top-line revenue across all business segments
to improve its profitability. The company plans to optimize its
advertising spend in the second half of fiscal 2023, based on the
results from earlier testing. It also aims to identify and execute
on key cost efficiencies from the investments it has made over the
last 2 years.

Last year, the company prioritized migrating Vista to its new
technology platform. With the re-platforming complete, the company
is shifting focus to grow its top line through customer experience
initiatives and implement price increases across the entire Vista
product line to mitigate input cost inflation and further improve
the segment's profitability.

S&P said, "We believe Cimpress should see an immediate benefit for
some of its cost-saving efforts, such as lower advertising and
marketing expense, efficiencies in procurement, and higher prices
to offset some inflationary pressure on input costs. However, we
expect other cost actions, such as headcount reduction, to incur
restructuring expenses (which we consider an operating expense),
potentially keeping reported EBITDA lower than the stated goal, but
still drive a significant portion of de-leveraging in FY 2024. We
also view the current weak macroeconomic environment and potential
for an economic slowdown or recession to be key risks to demand
drivers for the company.

"We expect adjusted leverage will remain elevated at above 7.0x at
the end of fiscal 2023 as pressure on EBITDA margins more than
offsets revenue growth for the year, before improving to
5.0x–5.5x in fiscal 2024. Cimpress' adjusted leverage was 11.4x
as of Dec. 31, 2022, on a rolling 12 months basis, which reflects
the last four quarters of elevated investment spending in Vista,
higher input costs, and a lack of realized benefits from price
increases in the Vista segment. We expect adjusted leverage will
decline over the next two quarters to about 7.0x – 7.5x in fiscal
2023 (ending June 30, 2023).

"We forecast adjusted EBITDA to improve to 5.0x–5.5x by fiscal
2024 due to improvements in EBITDA margins from cost actions and
benefits from Vista price increases, but partially offset by higher
restructuring expenses. We expect FOCF to debt to remain at least
5% at the end of fiscals 2023 and 2024, although this may vary
through the year due to seasonal working capital needs.

"The stable outlook reflects our expectation that adjusted leverage
will improve to 5.0x-6.0x in fiscal 2024 from a high of above 7.0x
in fiscal 2023 as Cimpress implements cost actions and benefits
from price increases across its Vista segment. The outlook also
reflects our expectation for sustained FOCF to debt of at least
5%."

S&P could lower its ratings if it expects Cimpress' adjusted
leverage will remain above 6.0x and FOCF to debt declines and
remains below 5%. This could occur if:

-- The company cannot offset inflationary cost pressure with price
increases and without impairing demand volumes;

-- EBITDA margins remain pressured due to unexpected delays in
achieving planned costs savings, or marketing spend stays elevated
without a corresponding direct benefit to top-line revenue growth;
or

-- Cimpress pursues a more aggressive financial policy that
includes shareholder distributions or debt-financed acquisitions.

S&P could raise its ratings if it expect adjusted leverage to
decline and remain below 5.0x and FOCF to debt to improve to 8%-10%
on a sustained basis, even after factoring in potential internal
investments or acquisitions. This could occur if:

-- Adjusted EBITDA margins improve to the low-teens percentage
driven by the success of inflationary price increases and planned
cost actions over the next 18 months; and

-- Organic revenue growth remains at least mid-single-digit
percent on a sustained basis.

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




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

ALITALIA - LINEE: March 7 Deadline Set for Real Estate Bids
-----------------------------------------------------------
In compliance with the sale program prepared pursuant to article
27, paragraph 2, letter b-bis) of Legislative Decree No. 270/1999
and authorized by the Ministry of Economic Development on November
19, 2008, Alitalia – Linee Aeree Italiane S.p.A. under
extraordinary administration, in accordance with the authorization
of the "Ministry of Enterprises and Made in Italy", considering the
favorable opinion of the Supervisory Committee (Comitato di
Sorveglianza), intends to start the
procedure for selling the following Lot of real estate
(hereinafter, the "Real Estate"), which will be sold to the part
offering the highest price, provided that such price cannot be
lower than a quarter of the Base (Mimimum Bid), as indicated
below:

Real Estate      1. Portion of the building located in
                    Sesto San Giovanni
                    (Milan - Italy),
                    via XXIV Maggio no. 8/10

Owner             Alitalia

Minimum Bid       EUR968.625,00

The Binding Offers, secured by a guarantee, must be received by and
no later than 12:00 p.m. (noon Italian time) on March 7, 2023, and
the examination of the offers will start from 11:00 a.m. (Italian
time) on March 8, 2023, at the presence of the Extraordinary
Commissioners (or a person delegated by them) and of an Italian
Public Notary. Offers that indicate a price lower than the Minimum
Bid of the Real Estate as indicated above, will be declared
inadmissible and excluded. During the public meeting, the offerors
will be invited to submit increased offers (rilanci) starting from
the highest price offered, duly guaranteed. Neither offers on
behalf of third parties nor for persons to be designated are
allowed. Upon request, the interested parties may have access to
the virtual data room concerning the Real Estate starting from the
date of publication of this notice up to the deadline for the
submission of the binding offers. The Real Estate will be awarded
to the highest offeror (also following the aforementioned increased
offers ("rilanci") and prior authorization by the Ministry and
favorable opinion of the Supervisory Committee, provided that the
bid price is not less than a quarter of the Base Price above
indicated for each Real Estate (Minimum Bid).

This Call does not constitute a solicitation for an offer, or an
offer to the public pursuant to art. 1336 of the Italian Civil
Code.

The full text of this notice is published, in Italian and English
language, on the website:
www.alitaliaamministrazionestraordinaria.it, together with all
documents necessary to participate to this sale procedure.

The Extraordinary Commissioners are Prof. Avv. Gianluca Brancadoro
and Prof. Dott. Giovanni Fiori.


BUSINESS INTEGRATION: S&P Assigns 'B' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Business Integration Partners S.p.A (BIP) and its 'B' issue
rating to the existing EUR345 million first-lien senior secured
notes, with a recovery rating of '3' indicating meaningful recovery
prospects (50-70%; rounded estimate 50%) in the event of a payment
default. The ratings are unchanged when compared with S&P's
previous credit assessment of Bach Bidco as, in S&P's view, the
company's credit quality is the same.

At the same time, S&P withdrew its 'B' ratings on Bach Bidco and
its debt, as Bach Bidco will not exist following the merger and
debt has been transferred to BIP.

The stable outlook indicates S&P's expectation that BIP will
continue to generate steady organic growth, based on secular market
growth trends, an improved EBITDA base from acquisitions, and
positive free operating cash flow (FOCF), supporting deleveraging
toward 6.0x during 2023.

Business Integration Partners S.p.A (BIP) completed a reverse
merger, which led to the incorporation of Bach Bidco SpA into BIP.

The consolidated financial statements will now be consolidated at
the BIP level, and all debt is now issued from this entity. BIP
completed its reverse merger as part of a structural reorganization
during the second half of 2022. As a result, Bach Bidco no longer
exists. The reorganization of the corporate structure has no effect
on the company's credit quality.

The stable outlook indicates that BIP will continue to generate
steady organic growth based on secular market growth trends, an
improved EBITDA base from acquisitions, and positive FOCF,
supporting deleveraging toward 6.0x during 2023.

S&P could lower the rating if:

-- Economic headwinds or operational missteps resulted in negative
or limited FOCF on a sustained basis;

-- Funds from operations (FFO) cash interest coverage ratio was
below 2.0x; or

-- The company pursued significant debt-funded acquisitions, or
shareholder returns, such that leverage climbed above 7.0x on a
sustained basis.

S&P could raise the rating if BIP improves its market position and
diversifies its product offering, while maintaining adjusted debt
to EBITDA at about 5x and FFO to debt at about 12%, and the
private-equity owner commits to a financial policy that sustains
metrics at 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 BIP. 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 general finite holding periods and a focus on
maximizing shareholder returns."


MONTE DEI PASCHI: Moody's Raises LongTerm Deposit Ratings to Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded the long-term ratings and
assessments of Banca Monte dei Paschi di Siena S.p.A. (MPS) and its
fully-owned subsidiary MPS Capital Services S.p.A. (MPS Capital
Services).

Moody's upgraded MPS's long-term foreign and domestic currency
deposit ratings to Ba2 from B1, long-term domestic senior unsecured
debt rating to B1 from Caa1, domestic senior unsecured euro
Medium-Term Note (MTN) programme ratings to (P)B1 from (P)Caa1,
domestic and foreign junior senior unsecured euro MTN programme
ratings to (P)B1 from (P)Caa1, domestic subordinated debt and MTN
programme ratings to B2 from Caa1 and (P)B2 from (P)Caa1
respectively and long-term foreign and domestic currency
Counterparty Risk Rating (CRR) to Ba1 from Ba3.

Moody's also upgraded MPS' Baseline Credit Assessment (BCA) and
Adjusted BCA to b1 from b3 and long-term Counterparty Risk
Assessment (CR Assessment) to Ba1(cr) from Ba3(cr).

All other short-term ratings of MPS were affirmed: the foreign and
domestic deposit ratings and CRRs at Not Prime, the domestic other
short term ratings at (P)Not Prime and the short-term CR Assessment
at Not Prime(cr).

Moody's also upgraded MPS Capital Services ratings and assessments
in line with its parent MPS. Moody's considers MPS Capital Services
to be a Highly Integrated Entity (HIE) with MPS hence its
standalone characteristics have limited credit significance. MPS
Capital Services' long-term foreign and domestic currency deposit
ratings were upgraded to Ba2 from B1, the long-term foreign and
domestic currency CRRs to Ba1 from Ba3, the long-term CR Assessment
to Ba1(cr) from Ba3(cr) and the BCA and Adjusted BCA to b1 from
b3.

All other short-term ratings of MPS Capital Services were affirmed:
the foreign and domestic deposit ratings and CRRs at Not Prime and
the CR Assessment at Not Prime(cr).

The outlook on the long-term deposit and senior unsecured debt
ratings of MPS and the long-term deposit ratings of MPS Capital
Services remains stable.

RATINGS RATIONALE

Moody's considered that over the last few years MPS has made
significant progress that has buttressed its viability.
Furthermore, the recent capital increase of EUR2.5 billion in
November 2022 has completed the actions needed to shore-up the
bank's solvency and rebuild its capacity to generate some
profitability. MPS' financial results for the final quarter of 2022
already reflect structural profitability improvements – post
large staff lay-offs- all the more so since the bank reaps the
benefits of rising interest rates.

BCA UPGRADE reflects substantial de-risking and projected
profitability turnaround

The BCA upgrade to b1 from b3 signals the bank's lower risk
profile, stemming from solvency improvements due to a material
reduction in non-performing assets, followed by a capital increase
in November 2022 and an improved profitability outlook on the back
of rising interest rates and material cost reductions.

MPS reduced its nonperforming loans (NPL) by 20% in 2022, thereby
improving its NPL ratio to gross loans to 4.2% in December 2022
from around 5% a year earlier. However, Moody's estimates that MPS'
asset quality will remain weaker than its peers. The bank is highly
exposed to small and medium-sized enterprises, which account for
50% of the loan book. It is likely to incur some increase in
defaults and hence a higher cost of risk from the 2022 level of 55
basis points, driven by the deteriorating operating environment in
Italy.

Any increase in loan loss provisions will, however, likely be
counterbalanced by MPS' improving operating profitability which
comes from a significant reduction in staff numbers funded by the
capital injection. The bank's profitability will also continue to
benefit from rising interest rates in the euro area. Net interest
income increased by 31.4% in the fourth quarter of 2022 alone.
Moody's expects that reduction in staff expenses and increased
interest income to progressively restore MPS' capacity to generate
recurrent profits, which will remain limited, though, because of a
subdued lending activity.

MPS' capitalization is strong, with a Common Equity Tier 1 (CET1)
capital ratio on a fully loaded basis of 15.6% as of December 2022,
up from 11% a year earlier and mainly benefitting from the EUR2.5
billion capital injection, provided by the Italian government, the
bank's main shareholder with a 64% stake and private investors. MPS
is committed to maintaining a CET1 ratio of 14.2% until at least
December 2024, according to the bank's business plan vetted by the
European Commission. This target is far above the minimum
requirement set by the European Central Bank (ECB) for 2023 i.e.
8.8%.

Moody's anticipates that MPS's funding structure and liquidity
levels will remain broadly stable thanks to a large deposit base
that finances its lending activities. However, the rating agency
considers MPS's lack of bond issuances in the market in the last
two years a weakness in its assessment of the bank's funding
structure. Based on its restored capital position, MPS plans from
2023 onwards to resume issuance of bonds on the wholesale market to
fulfill the bank's minimum requirement for own funds and eligible
liabilities (MREL). Nonetheless, despite material repayments of
ECB's Targeted longer-term refinancing operations (TLTRO), MPS
anticipates that ECB funding will remain an important funding
source over the medium term.

BCA upgrade and current capital and liability structure support
multi-notch upgrade of long-term ratings

MPS' BCA two-notch upgrade drove an upgrade of the bank's long-term
deposit ratings, CRR and CR assessment. Nevertheless, the long-term
senior unsecured and junior senior unsecured debt ratings have been
further upgraded by one notch. This is because senior unsecured
debt benefit from protection of subordinated instruments, i.e. Tier
2 debt that has not been called as previously announced by the
bank. Consequently, Moody's Advanced Loss Given Failure (LGF)
analysis showed lower losses than previously assumed for senior
debt holders.

OUTLOOK

The outlook remains stable on MPS' long-term deposit and senior
unsecured debt ratings. This factors in, on the one hand, MPS's
strengthened viability and potential further improvements in its
financial profile and, on the other hand, a deteriorating operating
environment in Italy which will have a bearing on the bank's
metrics.

The outlook on MPS Capital Services' long-term deposit ratings
remains also stable, in line with its parent MPS.

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

MPS's ratings could be upgraded if the bank's BCA was upgraded. A
BCA upgrade could result from the bank's structural further
strengthening of its solvency, in line with its business plan that
targets a stable stock of problem loans and a capital position at
current levels as well as an improved profitability beyond 2024.
MPS's BCA could also be upgraded if the bank were to recover
unfettered access to the wholesale bond markets.

An upgrade of the long-term deposit ratings could also occur if MPS
were to reduce the size of its balance sheet, other things being
equal, this reduction resulting in a lower loss given failure for
this liability class.

MPS's long-term senior unsecured debt ratings could also be
upgraded if the bank were to report higher volume of loss absorbing
liabilities relative to the bank's total banking assets.

Conversely, MPS's long-term ratings and assessments could be
downgraded if the bank failed to maintain its current solvency and
liquidity positions as a result of more difficult economic
conditions in Italy in 2023, which could materially increase the
credit risks to which the bank will be exposed, in particular
because of its significant exposure to the SME sector. Lower amount
of loss absorbing liabilities would also expose junior depositors
and senior bondholders to greater losses than currently assumed,
leading to a downgrade of these instruments.

MPS Capital Services' ratings and assessments could be upgraded or
downgraded - as applicable - following an upgrade or downgrade of
MPS's ratings and assessments.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.


UDINE SRL: Property Complex Sale Scheduled for March 22
-------------------------------------------------------
A property complex owned by Udine Srl, under draft arrangement with
creditors, has been put up for sale.

The property complex is located between the roads Via Giovanni
Paolo II, Via Cromazio d'Aquileia, Via Fusine and Via Molin Nuovo.
It consists of a large area of land for construction on which there
is a disused electrical substation tower and a structure with
prefabricated cement pillars and metal trusses covering a
pre-exisitng production building.  The total surface area is
112,910 square metres with a total usable surface area of 29,100
square meters.

The base price is set at EUR7,601,250.  The raised bid is set at
EUR200,000.

The mixed synchronous sale www.garavirtuale.it will be held at 9:00
a.m. on March 22, 2023.

Each interested party must read the full tender notice available on
the public sales portal on the website of the Court of Bergamo and
on the websites www.asteannunci.it, www.asteavvisi.it,
www.canaleaste.it and www.rivistaastegiudiziare.it

The legal liquidator can be reached at:

         Prof. Giuliano Buffelli
         Tel: 035-247532
         Fax: 035-231060
         E-mail: studio@buffelli.it




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

ATENTO LUXCO 1: Moody's Cuts CFR to Caa1, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B2 Atento Luxco 1
("Atento")'s corporate family rating and senior secured notes due
2026, irrevocably and unconditionally backed by Atento S.A. and
certain subsidiaries. Outlook remains negative.

Downgrades:

Issuer: Atento Luxco 1

Corporate Family Rating, Downgraded to Caa1 from B2

Backed Senior Secured Regular Bond/Debenture,
Downgraded to Caa1 from B2

Outlook Actions:

Issuer: Atento Luxco 1

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade of Atento reflects the weakening of its liquidity
profile to service its interest expenses coupled with currency
hedges that are exposing the company to the high base interest
rates in Brazil (Selic). The expectation of sustainably high Selic
during 2023 will result in high financial expenses for the year.
Following the company's announcement of $40 million in new
financing lines Moody's believes that Atento will be able to
conduct its interest and swap payments while maintaining a minimum
working cash balance. But the company will still need to continue
working on liability management to maintain its minimum liquidity
levels. The first semi-annual coupon payment of 2023 and swaps,
have been overdue since February 10 and February 3, respectively,
amounting to approximately $48 million. The coupon payment has a
cure period of 30 days. Further delay in payment could be
considered an event of default.

In addition to the higher financial expenses, cash needs have been
high for Atento because of lower than expected EBITDA in 2021 and
2022. The company's results have been affected by a cyber-attack
that resulted in losses in October 2021, lower volumes in Q1 and Q2
2022 because of high workforce absenteeism due to coronavirus
infections and the loss of a relevant client in the US. For 2023
Moody's expects that the company's EBITDA will increase by 27% to
$189 million, EBITDA margin will improve to 13% and leverage will
reduce to 3.9x.

Atento's Caa1 ratings are supported by its size and scale, among
the top five Business Process Outsourcing ("BPO") providers
globally by revenues, its geographic and product diversity and
leading position in the markets it operates. The ratings also
consider its long-term service contracts, including the service
agreement between Atento and its largest client Telefonica S.A. for
Brazil and Spain. The agreement mitigates the risk of Atento's
concentration in Telefonica ("TEF"), although currently the
concentration is at 32% of revenues, from 50% in 2012. The growth
prospects of the BPO and customer relationship management (CRM)
industry in Latin America also support the company's ratings.
Moody's views as positive the increasing contribution of hard
currency revenue streams as observed in the last 2 years. Its
leading position in Latin America and technological capabilities
allow Atento to address the United States market from the lower
cost countries in Latin America (segment defined as Nearshore).

Conversely, Atento's ratings are constrained by the company's tight
liquidity, high leverage and potential for debt restructuring that
could result in losses to creditors. Also constraining the ratings
is the large component of labor in the cost structure of this
industry, which weakens the operating flexibility and potentially
generates high contingency provisions. The industry's fragmented
nature and the necessity to diversify, implement technological
innovation and boost value-added offerings to remain competitive
increase the likelihood of M&A activity. Also, the exposure of
EBITDA generation to currencies which are susceptible to sharp
depreciations against the US dollar increases the risk of higher
leverage and reduced debt coverage because of currency mismatch.

The negative outlook incorporates the risks related to a weak
liquidity profile and high refinancing risk.

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

Ratings could be downgraded if Atento is unable to timely conduct
the announced fund raise, liquidity deteriorates further, or
operating performance and cash flow falls short of Moody's
expectations.

Atento's ratings could be upgraded if it continues to improve its
liquidity reducing its refinancing risk. Quantitatively, total
adjusted debt/EBITDA below 6.5x and retained cash flow/net debt
above 5%.

As a consequence of the heightened governance risks incorporated
into Atento's ratings, Moody's updated the Credit Impact Score,
which is now very highly negative (CIS-5), revised from highly
negative (CIS-4). Because of the increased liquidity risk the
Governance score has been updated to G-5 from G-4 with updates in
the issuer profile scores of Financial Strategy & Risk Management
to very highly negative (5) from highly negative (4), and
Management Credibility & Track Record to highly negative (4) from
moderately negative (3).

Headquartered in Luxembourg, Atento Luxco 1 is the holding company
of the Atento group, with direct and indirect subsidiaries
operating in Latin America, North America and Europe. The company
is the largest provider of BPO services in Latin America and ranks
among the top providers globally, with revenue of $1.4 billion for
the 12 months that ended September 2022 and more than 130,000
employees as of the same date. Atento is ultimately owned by Atento
S.A., a publicly listed company since October 2014.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.


COLOUROZ MIDCO: Moody's Cuts CFR to Caa3 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of ColourOz
MidCo (Flint or the company) including its long term corporate
family rating to Caa3 from Caa1 and its probability of default
rating to Ca-PD from Caa1-PD.  Concurrently Moody's downgraded the
senior secured first lien term loans B and senior secured first
lien revolving credit facility (RCF), issued by COLOUROZ INVESTMENT
1 GMBH and the senior secured first lien term loan B issued by FDS
Holdings BV to Caa2 from Caa1.  In the same action, Moody's
downgraded the senior secured second lien term loans issued by
COLOUROZ INVESTMENT 1 GMBH to C from Caa3.  Moody's also changed
the outlooks on Flint, COLOUROZ INVESTMENT 1 GMBH and FDS Holdings
BV to stable from positive.

RATINGS RATIONALE

Absent a refinancing or equity injection, Flint does not have
sufficient liquidity to repay its first lien term loans of
approximately EUR1.2 billion equivalent maturing in September 2023.
The rating agency understands the company is actively exploring
refinancing options. The rating action reflects the increased
probability of a distressed exchange that Moody's would consider a
default prior to this maturity.

Rising raw material costs have weighed on Flint's operating
performance during the first nine months of 2022, and despite a
stabilization of raw material costs, Moody's expects continued
weakness in end market demand through at least early 2023. For
2022, Moody's estimates Flint's gross debt to EBITDA could increase
above 9.0x and forecasts negative free cash flow of around EUR100
million, which makes a successful refinancing of the existing debt
at an interest rate the company can sustain unlikely.

Flint's ratings primarily reflect the company's near term debt
maturities and elevated financial leverage. Despite some pass
through of higher input costs, Flint's reported EBITDA has declined
and working capital consumption and continued restructuring
expenses hurt free cash flow during 2022. However, Flint's leading
market share in both of its business segments and exposure to the
more stable higher margin and structurally growing packaging and
digital printing segments, together with its globally diversified
manufacturing base, aligned with global revenue diversification,
continue to support its rating.

LIQUIDITY

Moody's considers Flint's liquidity as weak. As of September 30,
2022, the company had EUR143 million of cash on hand. The company
also has a EUR71 million senior secured first lien revolving credit
facility (RCF) issued under COLOUROZ INVESTMENT 1 GMBH and $55
million shareholder asset-based lending (ABL) facility, neither of
which had any outstanding borrowings as of September 30, 2022. As
both of these facilities are due in March 2023 Moody's do not
consider these facilities as committed sources of liquidity given
the imminent maturity dates. The company has a minimum liquidity
covenant set at EUR60 million, which the company was in compliance
with as of September 30, 2022.

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

Upward pressure on the ratings could materialize with strong
visible near term improvements in performance resulting in Moody's
pro forma adjusted gross debt/EBITDA decreasing towards 8.0x
combined with a successful refinancing of its capital structure at
manageable interest rates.

Negative ratings pressure would likely result if the company's
operating performance and/or liquidity deteriorates worse than
Moody's expectations, or if the company fails to successfully
refinance its debt.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations for Flint were a driver of the rating
action. This primarily reflects the company's lack of timely
progress to address upcoming debt maturities.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in June 2022.

COMPANY PROFILE

Headquartered in Luxembourg, ColourOz MidCo (Flint) is one of the
largest global producers and integrated suppliers of inks, with a
wide range of support services for the printing industry. Flint
operates through two segments that manufacture and sell printing
inks and other print process consumables. Goldman Sachs Asset
Management and Koch Equity Development LLC each own 50% of the
company. In the nine months ended September 30, 2022, Flint had
revenue of EUR1.3 billion.


CRC BREEZE: S&P Affirms 'CCC+' Rating on Class A Notes
------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issue rating and '4'
recovery rating on CRC Breeze Finance S.A.'s class A notes, and
then withdrew its ratings at the issuer's request. Prior to the
withdrawal, the outlook was stable.

On Dec. 14, 2022, S&P Global Ratings published revised criteria for
rating project finance transactions.

Additionally, since 2022, wind farms in Germany and France, which
were previously remunerated through fixed feed-in tariffs, have
progressively transitioned to direct marketing and power purchase
agreements. As a result, CRC Breeze is now exposed to high, but
volatile, market electricity prices that might generate additional
revenue.

At the start of January 2023, bondholders approved a series of
extraordinary resolutions, which could result in the sale of the
portfolio and full repayment of accrued interest and principal on
class A notes. The measures approved generally aim to increase the
project's operating cash flows by exposing the windfarms to the
currently high market prices for electricity, to achieve
operational efficiencies and to initiate a competitive asset sale
process. S&P understands the potential sale of the windfarms is
conditional on class A bondholders receiving accrued and unpaid
interest, full principal and make-whole amounts and hence does not
affect its view on the creditworthiness of the project.

Should the sale not materialize, CRC Breeze might generate
additional revenue from the transition of the project's windfarms
to direct marketing and purchase power agreements from fixed
feed-in tariffs. Following electricity prices in Germany surpassing
the fixed feed-in tariff of EUR84.4 per megawatt-hour, CRC Breeze
started to switch the remuneration of the project's windfarms to
direct marketing and power purchase agreements from September 2022.
In France, the fixed feed-in tariffs already started to come to an
end last year and most of the wind farms are now remunerated under
purchase power agreements. As such, CRC Breeze is now exposed to
high, but volatile, market prices, which could support the
project's operating cash flows.

S&P said, "That said, we do not believe the change in remuneration
will bring in enough revenue to fully mitigate other risks over the
remaining life of the project. Over the remaining life of the
project, we believe that high power prices will not fully
compensate for the material seasonality of production. Notably, we
expect the November debt service might continue to rely on
potential withdrawals from the DSRA and careful cash flow
management. In addition, the higher revenue could partially be
offset by direct marketing costs, transaction costs related to the
sale process, inflationary pressures, or extraordinary government
measures limiting revenue of renewable energy producers.

"Our revised criteria and the latest operational developments do
not change our view on the project´s credit quality. On Dec. 14,
2022, we published revised criteria for rating project finance
transactions. However, we continue to believe that, over the long
term, CRC Breeze will remain reliant on favorable conditions to
meet its debt service payments, such as: wind resource, condition
of the assets, cost-control measures, and sustained high
electricity prices. However, we do not expect class A to be
vulnerable to non-payment over the next 12 months. As such, we
affirmed our 'CCC+' issue rating prior to the withdrawal."

Prior to withdrawal, the stable outlook reflected S&P's view that
the debt service reserve account (DSRA) currently provides
sufficient liquidity for debt service payments for the next 12
months.




===========
R U S S I A
===========

TAJIKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings
-------------------------------------------------------
S&P Global Ratings, on Feb. 17, 2023, affirmed its 'B-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Tajikistan. The outlook is stable.

The transfer and convertibility assessment (T&C) remains 'B-'.

Outlook

The stable outlook reflects S&P's expectation that Tajikistan's
debt-service needs will remain moderate over the next 12 months,
owing to the still-high component of concessional borrowing in the
government's debt stock, which helps offset risks from its
structurally volatile external position.

Downside scenario

S&P said, "We could lower the rating if Tajikistan's external debt
levels increase sharply or geopolitical risks escalate, resulting
in significant pressure on its exchange rate and foreign currency
reserves. We could also lower the rating if Tajikistan's government
debt-servicing capacity becomes strained, for example, because of
reduced access to concessional funding."

Upside scenario

S&P could consider an upgrade if it sees a sustained improvement in
Tajikistan's fiscal and economic performance, evidenced by a
sustained deceleration in the accumulation of government debt and
materially higher income levels, as measured by GDP per capita.

Rationale

Tajikistan reported real GDP growth of 8% in 2022, according to
official statistics, exceeding S&P Global Ratings' projections of
3.2% following the outbreak of the Russia-Ukraine conflict in
February 2022. Remittances rebounded sharply after an initial
contraction in first-quarter 2022, shoring up the current account
to a third consecutive annual surplus. Financial inflows related to
the reinvestment of Chinese firms' profits into the mining and
quarrying sector boosted foreign exchange (FX) reserves to record
highs, while inflation was contained by relatively tight monetary
policy, a stronger currency, and the government's strategic release
of food reserves under its anti-crisis plan.

In its base case, S&P assumes the ongoing recession in Russia and a
second potential troop mobilization will dampen real household
income and investment in Tajikistan, as curtailed employment
opportunities in Russia reduce remittance receipts and increase
domestic unemployment. Additionally, a weakening global backdrop,
the projected decline in gold prices, and diminishing financial
inflows are expected to revert the current account to a deficit of
about 2.5% of GDP over 2023-2026, from an estimated surplus of
about 5.4% over 2020-2022. The severity of the downturn hinges upon
the evolution of events in Russia, which remain largely uncertain.

The government's debt-service obligations will remain moderate over
the next 12 months, owing to the high component of concessional
borrowing in the debt stock. The first semi-annual principal
payment on the country's only Eurobond issuance is not due until
March 2025. S&P expects continued support from multilateral
development partners will help the authorities meet external and
fiscal financing needs.

Institutional and economic profile: Material spillover effects from
the Russia-Ukraine conflict are yet to materialize

-- Official statistics suggest Tajikistan's economy expanded at a
rapid rate despite the war.

-- Risks are tilted to the downside, with the economic downturn in
Russia and deteriorating global backdrop expected to dampen
medium-term growth.

-- Long-standing border disputes with Kyrgyzstan are leading to
sporadic bouts of violence along disputed zones.

According to official statistics, real GDP expanded 8% in 2022 on
broad-based growth in the export-oriented agriculture,
construction, and mining sectors. S&P said, "We forecast growth
will decelerate to 6% over 2023-2026, compared with about 9% over
2021-2022, as weaker economic activity in Russia affects
Tajikistan's economy via lower real household income and
remittances, alongside rising unemployment. Additionally, we
forecast private and public investment will slow on reduced trade
activity and a more uncertain global economic backdrop."

Although not captured in S&P's forecasts, a potential source of
growth in the outer forecast period will be expanding electricity
production. Tajikistan commenced the construction of the Rogun
hydropower plant (HPP) in 2016 with an estimated cost of $5 billion
and completion date of 2032 (originally 2029). The dam is of
strategic importance to Tajikistan because its completion will
ensure domestic energy security--with the country currently subject
to blackouts during the winter months--and raise renewable energy
export potential. The government has budgeted Tajikistani somoni
(TJS) 2,506 million ($236 million; 2% of GDP) in 2023 for the Rogun
HPP, but funding from multilateral lending institutions will likely
be required to finalize the project. In January 2023, Tajikistan
received $15 million in grant financing from the World Bank to
assess the financial and commercial frameworks of the project.
Multilateral funding for the Rogun HPP could become available after
the technical report is completed later this year.

Other growth-enhancing investment projects include the
rehabilitation of the Nurek HPP, which received $65 million (0.7%
of GDP) in financing support from the World Bank in December 2021,
alongside the regional Central Asia-South Asia power project
(CASA-1000), which could allow Tajikistan and Kyrgyzstan to supply
hydroelectric power to Pakistan via Afghanistan. S&P understands
that progress on CASA-1000 continues to be disrupted by security
challenges in Afghanistan.

Tajikistan has been embroiled in conflict over disputed territory
with neighboring Kyrgyzstan for several years. The most recent
clash between Tajikistani and Kyrgyzstani security forces in
September 2022 produced an estimated 100 casualties and over
130,000 evacuees. Despite several alleged incidents of shelling, a
ceasefire was signed by both parties days after the incident.

President Emomali Rahmon has dominated Tajikistan's political
landscape since the late 1990s, when a long civil war ended, and
the economy started to recover from the substantial recession that
followed the dissolution of the Soviet Union in 1991. The president
has ultimate decision-making power and is serving his fifth
consecutive term after reelection in October 2020. The presidential
administration controls strategic decisions and sets the policy
agenda. This highly centralized decision-making could undermine
policymaking predictability, in S&P's view, although it has also
provided a high level of political stability.

Flexibility and performance profile: Weak external and fiscal
positions from a stock perspective

-- S&P expects Tajikistan's current account will resume historical
deficits as remittances wane and global metal prices settle lower.

-- General government debt is still moderate, but the high level
of debt at loss-making state-owned enterprises (SOEs) poses
contingent risks to government debt sustainability.

-- S&P views monetary policy effectiveness as relatively weak,
given the country's fairly small domestic banking system, shallow
capital markets, and limited central bank operational
independence.

Tajikistan's external position remains highly susceptible to global
shocks, reflecting the country's still-narrow export base, high
dependence on imports, and strong reliance on workers' remittances,
largely from Russia (about 90% of remittances). Tajikistan's trade
exposure to Ukraine is low and falling (less than 1% of total
exports and imports, respectively), while that to Russia is more
substantial at 5% of total exports and 30% of imports, mostly fuel
(86% of total fuel imports), making the country its largest trade
partner. In S&P's view, visibility of macroeconomic risks could be
enhanced if more complete national accounts data are published,
statistics on remittances improve, and external data stock-flow
discrepancies sustainably reduce.

Tajikistan posted a preliminary current account surplus of 8.3% of
GDP in the first nine months of 2022, broadly in line with 2021, on
a sharp rebound in remittances supported by the relative
appreciation of the Russian ruble. This partially offset
deterioration in the trade balance, which widened to a deficit of
31% of GDP on curtailed precious stones and metals exports (10% of
total exports) and increased petrol imports (9% of total imports).
Foreign direct investment surged to 4%-5% of GDP during the same
period, as sizable inflows of Chinese firms' reinvested earnings
into the Tajikistani mining and quarrying sector helped lift FX
reserves to five months of current account payments in 2022.

S&P said, "We project wider current account deficits of about 2.5%
of GDP over 2023-2026, in line with our assumption of declining
gold and aluminum prices, still-elevated energy import prices, and
reduced remittances. To this end, we forecast Tajikistan's external
debt net of liquid external assets will rise to about 52% of
current account receipts by 2026, following a steep drop to about
9% in 2022. We assume the deficit will be funded by foreign direct
investment, drawdowns on FX reserves, and concessional government
borrowing from official partners."

Tajikistan's general government deficit widened to 3.3% of GDP in
2022 (excluding credit lines from revenue), from 2.1% in 2021.
Despite resilient growth in mining receipts, tax revenue fell as a
percentage of GDP in line with a lowering of tax rates on resident
and nonresident income, corporate income, and standard value-added
tax on Jan. 1, 2022. S&P projects the general government deficit
will average 2%-3% of GDP over 2023-2026, assuming the government
commits to on-budget capital expenditure for the Rogun HPP of 1%-2%
of GDP annually. Additional public investments will hinge on the
availability of external financing options, with the government
committed to avoiding nonconcessional borrowing under its IMF Rapid
Credit Facility arrangement.

A high proportion of central government debt--about 88% of total
debt--is denominated in foreign currency, which exposes the
government's balance sheet to the risk of exchange-rate volatility.
After a one-off depreciation of 15% to TJS13.0 per US$1 following
the escalation of the Russia-Ukraine conflict in March 2022, the
somoni strengthened to TJS10.2 per $1 by year-end 2022 on strong
remittance inflows, reduced demand for FX (following the revision
of foreign trade contracts from U.S. dollars to Russian rubles or
Chinese yuan), and National Bank of Tajikistan (NBT) intervention
in the domestic FX market (amounting to 1.5% of GDP in 2022).
Because of the near 10% appreciation of the somoni in 2022, among
other factors, general government debt declined to about 32% of
GDP, from about 42% in 2021.

Tajikistan's government issued its only commercial external debt
obligation, a $500 million Eurobond, in 2017 to fund the first two
turbines of the Rogun HPP. The bond was issued with a maturity of
10 years, and principal payments of $83 million (0.8% of GDP) to be
made in six equal semi-annual instalments commencing March 2025
(and subsequently in September 2025). Until then, the government's
commercial debt service relates to annual interest payments on the
bond of about $35.6 million (0.3% of GDP), based on an interest
rate of 7.125%. S&P understands that the proceeds from the Eurobond
issuance have been fully utilized, and the remainder of the project
will be funded through domestic sources and other concessional
external loans.

S&P said, "Our assessment of Tajikistan's public finances includes
contingent liabilities from SOEs. In our view, high debt levels at
loss-making SOEs, especially in the energy, communications,
transport, and financial sectors, pose sizable fiscal risks to the
government. We estimate SOE debt at about 25% of GDP over
2023-2026, with about 80% of SOE total debt and 90% of SOE
operating losses held by national power company Barki Tojik (BT).
We understand the government has committed $1.5 billion for the
financial recovery of BT over 2019-2025, which includes grants from
the International Development Association's Power Utility Financial
Recovery Program, among other multilateral partners." This
complements a broader restructuring initiative that divided BT into
three separate legal entities (production, transmission, and
distribution) in early 2021.

Monetary policy effectiveness remains constrained by the country's
shallow capital markets and relatively limited central bank
operational independence. Average annual inflation fell to 6.6% at
year-end 2022 from 9% at year-end 2021, within the NBT's target
range of 6% plus or minus 2%. This reflects the combination of
tighter monetary policy, the strengthening of the somoni
(controlling import inflation), and a strong harvest. In response
to subdued inflation, the NBT reduced its policy rate 50 basis
points (bps) to 13% in October after raising it 25 bps in August.

The NBT has increased the level of banking system oversight and
tightened underwriting standards in recent years. Following the
implementation of banking sector reforms and the liquidation of two
systemically important banks in 2021, aggregate nonperforming loans
declined to 12% of total loans at year-end 2022 from 23% at
year-end 2020. The share of foreign currency loans fell to 28% of
total loans from 42% over the same period. Notwithstanding these
improvements, we continue to view Tajikistan's banking system as
broadly in line with those of regional peers. In S&P's view, it
exhibits high credit risk due to banks' lending and underwriting
standards, low levels of household wealth, relatively weak
regulation and supervision, and nascent capital markets.

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

  TAJIKISTAN

    Sovereign Credit Rating             B-/Stable/B

    Transfer & Convertibility Assessment     B-

    Senior Unsecured                         B-




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

FOODCO BONDCO: Moody's Appends 'LD' Designation to 'Ca' PDR
-----------------------------------------------------------
Moody's Investors Service has appended a limited default (/LD)
designation to the Ca-PD probability of default rating (PDR),
changing it to Ca-PD /LD from Ca-PD, of Foodco Bondco, S.A.U.
("Telepizza" or "the company"), the parent company of Spanish pizza
delivery operator Food Delivery Brands, after the company missed
the payment of the coupon due on January 16, 2023, following the
expiration of the 30-day grace period.

"The limited default designation reflects the fact that Telepizza
has not cured the missed coupon payment on its notes within the
30-day grace period, which constitutes a default under Moody's
definition," says Michel Bove, a Moody's AVP-Analyst and lead
analyst for Telepizza.

Moody's has appended Telepizza's PDR with an "/LD" (limited
default) designation, indicating that the company is in default on
a limited set of its obligations. This reflects the fact that a
missed coupon payment extending beyond the applicable grace period
is considered a default under Moody's definition.

Additionally, Telepizza recently disclosed that it had executed a
binding framework agreement and interim facility agreement with
close to 67% of the current senior secured notes' lenders and a
group of key shareholders to implement the refinancing and
recapitalization of the company's debt. Moody's would likely
consider such debt restructuring as a distressed exchange, which is
a type of default under Moody's definition. According to the
agreement, the lenders will provide interim financing for the
purpose of bridging the company´s liquidity while the agreed
recapitalization process is implemented and the extension of the
grace period for the coupon payment on the senior secured notes to
April 15, 2023.

The Ca corporate family rating (CFR) also reflects (1) the
company's high financial leverage, with a Moody's-adjusted (gross)
debt/EBITDA expected to reach 10.4x as of year-end 2022, (2) its
unsustainable capital structure owing to the company's deteriorated
performance and weak prospects for 2023 in a high interest rate
environment; (3) the intense competition with other pizza and
non-pizza delivery operators and substitute products, particularly
in Spain; (4) its exposure to foreign-currency fluctuations in
Latin America, raw material prices and cost inflation as well as
continued erosion of consumer purchasing power, which creates the
potential for earnings volatility; and (5) its sustained negative
free cash flow (FCF) generation, which keeps straining liquidity.

Telepizza's credit profile remains supported by (1) its strong
brand awareness and position as the number one competitor in the
pizza delivery market in Spain, Portugal and a number of Latin
American countries; (2) the growth and diversification potential
stemming from its strategic alliance with Yum! Brands Inc; and (3)
its asset-light and vertically integrated business model, which
enhances the resilience of its profit margin, although expected to
be reduced following the renegotiation of its agreement with Yum!
Brands Inc.

The Ca rating of the EUR335 million 6.25% senior secured notes due
2026 issued by Foodco Bondco, S.A.U. is in line with the CFR,
reflecting the fact that they represent most of the company's
financial debt. However, the senior secured notes are subordinated
to the EUR45 million super senior RCF due 2026, which is currently
fully drawn. The senior secured notes and the super senior RCF
share the same security package, with the RCF benefitting from
priority claim on enforcement proceeds. The senior secured notes
and the RCF also benefit from guarantees provided by operating
subsidiaries of the group. The security package comprises pledges
over the shares of notes' issuer and guarantors, bank accounts and
intragroup receivables. The EUR40 million bilateral loans due in
November 2025 rank pari passu with the notes.

The Ca-PD/LD PDR reflects Moody's assumption of a 50% family
recovery rate, in line with the rating agency's standard approach
for capital structures that include both bonds and bank debt.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the increasing likelihood of a near
term default owing to a debt restructuring that could lead to
substantial losses for the company's financial creditors.

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

An upgrade of Telepizza's ratings is currently unlikely and would
require greater clarity regarding the company's future capital
structure and liquidity position.

The ratings could be further downgraded if Telepizza's expected
recovery rates for lenders are lower than Moody's current
expectations.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Restaurants
published in August 2021.

COMPANY PROFILE

Founded in 1987 and headquartered in Madrid, Telepizza is a leading
pizza delivery operator, with operations concentrated mainly in
Spain, Portugal and Latin America. Following its alliance with Yum!
Brands Inc, effective since December 2018, Telepizza has become the
exclusive master franchisee of the Pizza Hut brand in Latin America
(excluding Brazil), the Caribbean, Spain, Portugal and
Switzerland.

As of September 31, 2022, Telepizza had a network of 2,533 stores,
including 1,371 stores under the Telepizza brand and 1,161 stores
under the Pizza Hut brand. For the last twelve-month as of
September 2022, the company reported revenue of EUR421 million and
company-adjusted EBITDA of EUR50 million (both numbers excluding
the effect of IFRS16). Telepizza is majority owned by funds advised
by private equity firm KKR, which hold a 84.3% stake in the
company.




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

REN10 HOLDING: Moody's Rates New EUR200MM Secured Term Loan 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned B2 rating to Ren10 Holding
AB's (Renta or the company) new EUR200 million senior secured term
loan. All other ratings, including the B2 Corporate Family Rating,
the B2-PD Probability of Default Rating and B2 backed senior
secured instrument rating, are unchanged. Proceeds from the new
debt will be used for general corporate purposes including funding
of future acquisitions, the repayment of amounts drawn under the
revolving credit facility (RCF) and to pay fees, costs and expenses
incurred in connection with the transaction. The outlook is
stable.

RATINGS RATIONALE

The proposed transaction will lead to Moody's adjusted debt/EBITDA
of 4.6x and EBITDA/interest expense of 4.3x for FY2022 on a
proforma basis, compared to 3.8x and 7.5x as of end FY2022. In
2022, Renta successfully completed four acquisitions which had a
combined revenue of around EUR85 million in the latest twelve
months preceding the acquisition by Renta.

While the signing of the new loan will initially result in an
increase in gross leverage, the metrics will stay within the
parameters set for the current rating category. Moody's also
expects deleveraging as Renta completes more acquisitions that will
be EBITDA accretive using the remaining proceeds from the term
loan. The company has a track record of successfully integrating
acquisitions, which supports its credit profile.

This transaction is in line with Renta's strategy to strengthen its
footprint in the Nordics and the Baltic region through acquisitions
in high growth regions with good profitability and scale.

LIQUIDITY

Following the transaction, liquidity will remain good with around
EUR185 million of cash on balance sheet, and the super senior RCF
which will be upsized by EUR25 million to EUR100 million. Interest
coverage is expected to remain strong between 4.4x to 4.6x over the
next two years. Moody's expects Renta's free cash flow (FCF) to
debt to remain low at around 1% as the company is in a growth phase
expanding its operation and investing in its fleet.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation of continued
organic growth in revenue and EBITDA and increased rental
penetration in the company's countries of operation, positive free
cash flow generation although weak at just around 1% of Moody's
adjusted debt and adequate liquidity. Moody's expects that the
company will not execute any major debt-funded acquisitions or
shareholder distributions in the short-term.

STRUCTURAL CONSIDERATIONS

Renta's capital structure includes EUR350 million backed senior
secured notes due 2027, the proposed EUR200 million senior secured
term loan due in 2028 and a EUR100 million super senior RCF due in
August 2026. The security package for the notes and RCF is limited
to share pledges and intercompany receivables which is considered
to be weak. However, the RCF will rank ahead of the notes in an
enforcement scenario under the provisions of the intercreditor
agreement.

The B2 backed senior secured notes and the term loan is in line
with the CFR, reflecting upstream guarantees from operating
companies. The B2-PD probability of default rating is at the same
level as the CFR, reflecting the assumption of a 50% family
recovery rate. The guaranteed senior secured notes, term loan and
the RCF benefit from upstream guarantees from operating companies
accounting for at least 80% of consolidated EBITDA.

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

The rating is weakly positioned but positive pressure could arise
if (1) Renta continues to grow its size and scale in terms of
revenue and EBITDA (2) its Moody's-adjusted (gross) leverage falls
below 4.0x on a sustained basis; (3) its EBIT/interest expense is
sustained around 2x and (4) it maintains adequate liquidity
profile, including an improvement in Moody's adjusted free cash
flow.

Negative pressure could arise if (1) its operating performance
deteriorates with revenue and EBITDA declining materially; (2) its
Moody's-adjusted (gross) leverage rises above 5.0x on a sustained
basis; (3) its EBIT/interest expense declines below 1x on a
sustained basis or (4) if its free cash flow generation
deteriorates and liquidity profile weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Equipment and
Transportation Rental published in February 2022.




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

CURER-CHEM LTD: 10 Jobs Saved Following Acquisition
---------------------------------------------------
Neil Hodgson at TheBusinessDesk.com reports that all 10 jobs at a
Salford-based cleaning products supplier have been saved after the
company was bought out of administration.

Quantuma managing directors, Frank Ofonagoro and Jeremy Woodside,
were appointed as joint administrators of Curer-Chem Limited,
trading as Hygienique, on Feb. 14 and shortly afterwards completed
a sale of the business, TheBusinessDesk.com relates.

The firm was established in 1984 and specialised in the supply of
cleaning products and PPE to multiple sectors including NHS,
education and health care.

According to TheBusinessDesk.com, the business had been
historically profitable, but following a leveraged buyout in June
2021, the company was unable to generate sufficient cash to service
its increased debt burden which ultimately led to the board of
directors resolving to put the company into administration.


EMERALD 2 LIMITED: Moody's Affirms B2 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and the B2-PD probability of default rating of
sustainability consulting provider Emerald 2 Limited (ERM or the
company). Concurrently, the rating agency has downgraded to B2 from
B1 the backed senior secured first lien bank credit facilities
borrowed by Eagle 4 Limited and ERM Emerald US, Inc. The outlook on
all entities remains stable.

The rating action follows the launch of syndication for the
envisaged $250 million equivalent fungible add-on to be issued by
Eagle 4 Limited to the existing $798 million equivalent backed
senior secured first lien term loan (split in three tranches)
maturing in 2028.

RATINGS RATIONALE

Downgrade of the first lien debt instrument ratings to B2 from B1
follows the proposed refinancing which will result in the company's
capital structure becoming all senior and pari passu ranking: part
of the proceeds from the add-on backed senior secured first lien
term loan will serve to repay in full the backed senior secured
second lien term loan, hence instrument ratings are now in line
with the CFR. The new issuance will also finance two agreed
acquisitions and provide additional cash overfunding. The Caa1
rating on the existing $100 million backed senior secured second
lien term loan will be withdrawn on completion of the transaction.

The affirmation of ERM's B2 CFR with stable outlook reflects the
company's strong operating performance over the last 12-18 months
and the growth potential of ERM's business model, which benefits
from the increasing importance of environmental and sustainability
considerations. Despite the expected $135 million increase in
balance sheet debt following the envisaged transaction, Moody's
anticipates ERM's leverage to remain below 6.0x in fiscal year
2023, ending March 2023, well in line with the guidance for a B2
rating.

In recent quarters, ERM's contracted backlog and weighted pipeline
increased significantly and reached peak levels of $571 million and
$580 million, respectively, in December 2022, allowing for
approximately 11 months of revenue visibility. Moody's anticipates
the company's net revenues to exceed $1 billion in fiscal 2023 and
to grow organically in the low double digit percentages over fiscal
2024 and 2025. Total revenue growth will also be enhanced by the
contribution from the acquisitions completed over fiscal 2023.
However, EBITDA growth is likely to lag revenue expansion largely
as a result of an acceleration in investments in technology and
digital products offering. As such, the rating agency forecasts
Moody's-adjusted EBITDA to grow towards $185 million and $200
million in fiscal 2023 and 2024, respectively. The company's
leverage is expected to decline below 5.5x over the next 12-18
months, however downside risks to Moody's current estimates persist
largely because of the continued potential for debt-funded M&A,
which would slow ERM's deleveraging trajectory.

In fiscal 2023 and 2024, Moody's expects ERM's free cash flow
generation to decrease towards $40 - $45 million from $71 million
in 2022 because of (i) increased interest costs, (ii) higher
consumption of working capital, and (iii) additional capital
expenditure. This should translate into Moody's-adjusted FCF/debt
of 4% (fiscal 2022: 8%).

The B2 CFR further reflects ERM's: (1) leading market positioning
and strong reputation with its clients; (2) good revenue visibility
and relatively stable EBITA margin level through the cycle
supported by a flexible cost structure; and (3) positive underlying
market growth dynamics driven by the increasing relevance of
sustainability considerations and stricter environmental
regulation.

However, the rating also factors in: (1) the competitive and
fragmented market in which ERM operates, competing with larger
engineering companies and management consultancy firms; (2) the
need to retain and attract a qualified workforce and the reliance
on key partners that hold the commercial relationships; and (3) the
debt-funded M&A risk, given the acquisitive nature of the
business.

ESG CONSIDERATIONS

ERM's ESG credit impact score is highly negative (CIS-4),
reflecting the group's concentrated ownership structure and its
exposure to human capital risk with its constant need for a highly
skilled workforce which leads to high personnel cost. This is
balanced by ERM's service offering that positions the group well to
benefit from the increasing relevance of sustainability topics
across industries.

LIQUIDITY

ERM's liquidity profile is good. Following the transaction, the
company is expected to have a cash balance of GBP220 million and
access to a fully undrawn $228 million backed senior secured first
lien revolving credit facility (RCF) due in July 2027. Moody's
notes that $136 million are held at Reach Centrum SA, a Belgian
subsidiary acquired in March 2015, made up predominantly of client
deposits to cover the costs of ongoing compliance with the REACH
regulation in the EU. Management considers that the Reach Centrum
SA cash is not subject to any contractual restrictions and thus
available as a source of liquidity for the group. In addition, $21
million are held at Element Energy Holdings Limited, a subsidiary
acquired in 2021, made up of deposits received in advance from
various government bodies and held in project specific bank
accounts.

The RCF contains a net senior leverage springing covenant tested if
drawings reach or exceed 40% of facility commitments. Should it be
tested, Moody's expects that ERM would retain ample headroom
against the test level of 8.5x.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that over the next
12-18 months the group will continue to grow revenue and
Moody's-adjusted EBITDA organically. The outlook also rests upon
the expectation that ERM will maintain Moody's-adjusted leverage at
moderate levels while continuing to generate positive free cash
flow and maintaining good liquidity.

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

ERM's ratings could experience positive pressure should the group:

-- reduce Moody's-adjusted Debt/EBITDA below 5x; and

-- improve Moody's-adjusted Free Cash Flow/Debt towards the high
    single digits for a sustained period of time; and

-- maintain solid EBITA margins and EBITA/Interest comfortably
    above 2.0x.

Conversely, downward pressure on ERM's ratings rating could develop
if:

-- Moody's-adjusted Debt/EBITDA trends towards 6.5x; or

-- Moody's-adjusted Free Cash Flow/Debt trends towards the low
    single digits; or

-- EBITA/Interest declines below 1.5x for a sustained period of
    time or the liquidity position deteriorates

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Eagle 4 Limited

BACKED Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Issuer: ERM Emerald US, Inc.

BACKED Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Affirmations:

Issuer: Emerald 2 Limited

Probability of Default Rating, Affirmed B2-PD

LT Corporate Family Rating, Affirmed B2

Outlook Actions:

Issuer: Eagle 4 Limited

Outlook, Remains Stable

Issuer: Emerald 2 Limited

Outlook, Remains Stable

Issuer: ERM Emerald US, Inc.

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

CORPORATE PROFILE

Headquartered in London, ERM is a global provider of environmental,
health, safety, risk and social consulting services with 169
offices in 43 countries. In October 2021, private equity firm
Kohlberg Kravis Roberts & Co. L.P. (KKR) acquired a majority stake
in ERM for a consideration of $2.85 billion. The remaining 41% of
shares is owned by the company's partners. In the 12 months that
ended September 2022, ERM reported revenue of $1,235 million and
company-reported EBITDA of $166 million. The company employs around
7,600 people, including 631 partners.


POLARIS PLC 2022-1: S&P Affirms 'BB-' Rating on Class Z Notes
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Polaris 2022-1
PLC's class X-Dfrd notes to 'A (sf)' from 'B (sf)'. At the same
time, S&P affirmed its 'AAA (sf)', 'AA+ (sf)', 'AA- (sf)', 'A
(sf)', 'BBB (sf)', and 'BB- (sf)' ratings on the class A, B-Dfrd,
C-Dfrd, D-Dfrd, E-Dfrd, and Z-Dfrd notes, respectively.

The upgrade of the class X-Dfrd notes reflects their significant
paydown and high excess spread since closing.

Loan-level arrears have increased since closing and currently stand
at 1.96%. Arrears exceeding 90 days stand at 0.66%. Both total
arrears and arrears exceeding 90 days are currently below our U.K.
nonconforming index for post-2014 originations. No losses have been
recorded since closing.

Since closing, S&P's weighted-average foreclosure frequency (WAFF)
assumptions have increased at all rating levels driven by increased
loan-level arrears. The pool's weighted-average indexed current
loan-to-value (LTV) ratio has declined by 1.08 percentage points
over the same period. This lower weighted-average current LTV ratio
has also led to a decline in our weighted-average loss severity
(WALS) assumptions. This reduction in our WALS assumptions is also
partially driven by decreased exposure to properties that have
jumbo valuations.

  Credit Analysis Results

  RATING LEVEL    WAFF (%)    WALS (%)    CREDIT COVERAGE (%)

   AAA            28.68       47.49       13.62

   AA             19.78       40.54        8.02

   A              15.10       29.48        4.45

   BBB            10.59       22.79        2.41

   BB              5.80       17.93        1.04

   B               4.72       13.48        0.64

Counterparty risk does not constrain the ratings on the notes. The
replacement language in the documentation is in line with S&P's
counterparty criteria.

S&P said, "The class X-Dfrd notes have paid down by EUR10.35
million since closing. As a result, our credit and cash flow
results indicate that these notes can withstand our stresses at a
higher level than that previously assigned. We therefore raised our
rating on this class of notes to 'A (sf)' from 'B (sf)'. We have
also tested a sensitivity with 40% prepayments and the assigned
rating remains robust to this sensitivity. We limited our upgrade
of this class of notes as we have considered the notes' relative
position in the capital structure.

"Our credit and cash flow results indicate that the available
credit enhancement for the class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd,
and Z-Dfrd notes continues to be commensurate with the assigned
ratings. This is because the assets' performance has slightly
deteriorated despite credit enhancement increasing slightly since
closing. We therefore affirmed our 'AAA (sf)', 'AA+ (sf)', 'AA-
(sf)', 'A (sf)', 'BBB (sf)', and 'BB- (sf)' ratings on the class A,
B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd and Z-Dfrd notes, respectively."

The ratings on the class B-Dfrd and E-Dfrd notes are below that
indicated by our standard cash flow analysis. The assigned ratings
reflect sensitivities related to higher levels of defaults due to
macroeconomic factors (such as cost of living pressures on
borrowers).

S&P said, "Our rating on the class Z-Dfrd notes is also below that
indicated by our standard cash flow analysis. This reflects this
class of notes' relative position in the capital structure and the
lack of credit enhancement compared with the class E-Dfrd notes."

Macroeconomic forecasts and forward-looking analysis

S&P expects U.K. inflation to remain high for the rest of 2023 and
house prices to decline by 3.5% in 2023. 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.

S&P considers the borrowers to be nonconforming and as such are
generally less resilient to inflationary pressure than prime
borrowers. Of the collateral, 32% is buy-to-let (BTL) and, although
underlying tenants may be affected by inflationary pressures, these
borrowers may benefit from diversification of properties and rental
streams.

Of the borrowers, 71% are paying a fixed rate of interest on
average until 2025. As a result, in the short to medium term,
borrowers are protected from rate rises, but will be affected by
cost of living pressures.

Given S&P's current macroeconomic forecasts and forward-looking
view of the U.K. residential mortgage market, it has performed
additional sensitivities related to higher levels of defaults due
to increased arrears and house price declines. The assigned ratings
are robust to a 10% increase in defaults and can withstand a house
price decline of up to 5%.

Polaris 2022-1 PLC is a static RMBS transaction that securitizes a
portfolio of owner-occupied and BTL mortgage loans secured on
properties in the U.K.


SCORPIO EUROPEAN LOAN 34: S&P Affirms 'BB-' Rating on Class E Notes
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'AAA (sf)' credit ratings on
Scorpio (European Loan Conduit No. 34) DAC's class A1 and RFN
notes, and its 'AA+ (sf)', 'AA- (sf)', 'A (sf)', 'BBB- (sf)', and
'BB- (sf)' ratings on the class A2, B, C, D, and E notes,
respectively.

Rating rationale

The rating actions follow its updated review of the transaction's
credit and cash flow characteristics. While the property
portfolio's rental value -- and its S&P Global Ratings value -- has
increased since our last review, the portfolio is in a sector S&P
considers exposed to current market conditions in the U.K.
Furthermore, prior to a sequential payment trigger, all principal
is repaid pro rata, exposing noteholders to adverse selection and
rising concentration risk as the loan approaches maturity in May
2024. As a result, S&P's affirmed our ratings on all classes of
notes.

Transaction overview

The transaction is backed by a single loan originated by Morgan
Stanley Principal Funding Inc. (Morgan Stanley) in May 2019 for the
acquisition of the light industrial portfolio by The Blackstone
Group L.P.

At closing, the securitized loan balance was 82.5% of the senior
loan (EUR286.4 million), with Morgan Stanley holding a EUR50.0
million interest ranking pari passu with the securitized loan. The
issuer created a EUR12.4 million vertical risk retention loan (VRR
loan) -- representing 5% of the securitized loan -- in favor of
Morgan Stanley to satisfy EU and U.S. risk retention requirements.

Since closing, the loan partially prepaid EUR8.2 million from
property sales, with the proceeds allocated pro rata to the notes.
As of the November 2022 note payment date, the senior loan's
outstanding balance was EUR278.1 million, while the securitized
loan's balance was EUR229.6 million. The VRR loan's current balance
is EUR12.0 million.

The portfolio contains light industrial properties across England,
Scotland, and Wales. As of November 2022, the loan was secured by
106 light industrial properties, down from 112 at closing. One
additional property was subsequently sold in December 2022, with
the securitized loan's share of the EUR585,011 release price to be
applied on the February 2023 note payment date. The properties are
let on 1,053 leases split across 874 tenants.

The portfolio's current market value is EUR503.0 million, as per
the most recent valuation (dated October 2022)--an 18.4% increase
from the valuation at closing (November 2018). The current
loan-to-value (LTV) ratio is 55.3%, down from 66.8% at closing. The
loan had an initial two-year term with three one-year extension
options. The third of these was exercised, extending the loan
maturity to May 2024. The loan does not provide for amortization or
default covenants before a permitted change in control. Instead,
there are cash trap mechanisms set at a 75.00% LTV ratio, or a
minimum debt yield set at 9.24%.

The current vacancy rate across the property portfolio is 7.45%
compared to 9.23% at closing. The portfolio composition has
remained stable since closing, and the vacancy rate has improved
against the strong performance of the logistics sector during the
last three years. The latest reported weighted-average unexpired
lease term to first break is 3.1 years compared to 3.0 years at
closing.

S&P said, "Our S&P Global Ratings net cash flow (NCF) has increased
by 4.6%, mainly as a result of a higher rental income assumption in
line with the portfolio's contracted annual rental income and
growth in the U.K. logistics sector rental rates since closing. Our
occupancy and non-recoverable expenses assumptions have not changed
since closing. The portfolio vacancy improved to 7.45% as of
November 2022 from 9.23% at closing, however, the portfolio
comprises secondary assets that may be harder to let. Furthermore,
the top 10 properties have an average vacancy of 9.7% and there is
lease rollover risk, with 59% of leases expiring in the next three
years.

"We applied a 9.0% capitalization (cap) rate against this S&P
Global Ratings NCF. Compared to the cap rate at closing, this
increased by 22 basis points due to a change in our cap rate
methodology. At closing, we based our cap rate on a range of
8.41%-10.21% and a modifier, while we base our current cap rate on
our anchor rate of 9.0% for Category 2 U.K. warehouse logistic
properties."

  Table 1

  Loan And Collateral Summary
  
  q1
   
                                       REVIEW AS OF   AT ISSUANCE
                                       FEBRUARY 2023
  
  Data as of                           November 2022    June 2019

  Securitized loan balance (mil. EUR)          229.6        236.4

  Senior loan balance (mil. EUR)               278.1        286.4

  Reported debt yield (%)                      12.47         9.29

  Senior-loan loan-to-value ratio (%)           55.3         66.8

  Contracted rental income (mil. EUR)           35.7         30.6

  Vacancy rate (%)                              7.45         9.23

  Market value (mil. EUR)                      503.0        424.8


  Table 2

  S&P Global Ratings' Key Assumptions

  q2

                                       REVIEW AS OF   AT ISSUANCE
                                       FEBRUARY 2023

  S&P Global Ratings vacancy (%)                 9.0          9.0

  S&P Global Ratings expenses (%)                6.0          6.0

  S&P Global Ratings net cash flow (mil. EUR)   31.6         30.2

  S&P Global Ratings cap rate (%)                9.0         8.77

  S&P Global Ratings value (mil. EUR)          333.3        327.1

  Haircut to market value (%)                   33.7         23.0

  S&P Global ratings loan-to-value ratio
  (before recovery rate adjustments, %)         83.5         87.6


Other analytical considerations

S&P said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized assets would be sufficient, at the applicable rating
levels, to make timely payments of interest and ultimate repayment
of principal by the legal maturity date for each class of notes,
after considering available credit enhancement and allowing for
transaction expenses and liquidity support. Regarding the class B
to E notes, our expected recoveries from the underlying properties
could support higher rating levels, based on our criteria. However,
we affirmed our ratings because our analysis recognizes that the
transaction structure allows for further asset sales and pro rata
principal repayment. Although we note overall performance has been
stable, this feature can result in adverse selection and rising
concentration risk."

The risk of interest shortfalls is mitigated by a EUR10.4 million
reserve funding note (RFN) that provides liquidity support to cover
senior expenses, as well as interest payments on the class A1
through D notes. The RFN note has not been drawn to pay interest on
the notes. Therefore, S&P's assessment of the payment structure and
cash flow mechanics does not constrain our ratings in this
transaction.

S&P said, "Our analysis also included a full review of the legal
and regulatory, operational and administrative, and counterparty
risks. Our assessment of these risks remains unchanged since
closing and is commensurate with the ratings assigned."

Rating actions

S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly in arrears, and the payment
of principal no later than the legal final maturity date in May
2029.

"The property portfolio's rental value has improved due to growth
in the U.K. logistics sector, accelerated by the COVID-19 pandemic.
We consider the long-term sustainable value as 1.9% higher than at
closing, because of the property's long-term ability to sustain
higher average rental rates than at closing. At the same time, the
logistics sector is exposed to a weak consumer economy, which could
increase future vacancy rates, in our view. Furthermore, all
principal can be repaid pro rata when assets are sold, exposing
noteholders to adverse selection and rising concentration risk as
the loan approaches maturity in May 2024.

"The increase in our S&P Global Ratings value results in an S&P
Global Ratings LTV ratio before recovery rate adjustments of 83.5%,
compared to 87.6% at closing. Together with transaction-level
considerations, these translate into 'AAA (sf)', 'AA+ (sf)', 'AA-
(sf)', 'A (sf)', 'BBB- (sf)', and 'BB- (sf)' ratings for the class
A1 and RFN, A2, B, C, D, and E notes, respectively."


SVS SECURITIES: Notice to End Special Administration Order Filed
----------------------------------------------------------------
The Joint Special Administrators (the "Administrators"), on Dec.
20, 2022, posted a notice to the dedicated website
(www.leonardcurtis.co.uk/svs), stating that they intended to apply
to the Court for an order bringing the special administration of
SVS Securities plc to an end and discharging any liability of the
Administrators in respect of any of their actions as the joint
special administrators of the Company.

The Administrators have applied to the High Court of Justice for
the following relief by application notice dated January 18, 2023:

1. The appointment of the Administrators in their capacity as the
joint special administrators of the Company shall, pursuant to
paragraph 79(1) of Schedule B1 to the Insolvency Act 1986 (the
"Act") as applied and modified by Regulation 15 of the The
Investment Bank Special Administration Regulations 2011 (the
"Regulations"), cease to have effect upon the registration by the
Registrar of Companies of the Company's final progress report;

2. The Administrators shall have permission to move the Company
from special administration to dissolution, pursuant to paragraph
84(1) of the Act as modified by Regulation 15 of the Regulations;

3. The court order providing for the appointment of the
Administrators to the Company shall be discharged, pursuant to
paragraph 85(2) of the Act as modified by Regulation 15 of the
Regulations; and

4. The Administrators be discharged from liability, pursuant to
paragraph 98(2)(c) of the Act as modified by Regulation 15 of the
Regulations, with effect from 28 days after the date on which the
Administrators' appointment ceases to have effect, save in relation
to claims made before that date.

A copy of the application (including a hard copy) may be requested
from the Administrators using the contact details below.

The above application is scheduled to be heard at the High Court of
Justice, The Rolls Building, 7 Fetter Lane, London EC4A 1NL on or
around March 15, 2023 (the hearing is currently listed across a
three-day window from March 15, 2023). The Administrators
anticipate that the Court will confirm the date and time of the
hearing approximately one business day prior to the hearing. Once
confirmed, the date and timing for the Court hearing will be
published on the relevant Court's cause list (accessible on the
Justice website at
www.justice.gov.uk/courts/court-lists/list-cause-rolls2).

Clients and creditors are not required to attend the Court hearing
but may do so if they wish. If any clients or creditors wish to
obtain further details regarding the hearing with a view to
attending the hearing or otherwise, they should contact the
Administrators using the contact details below.

Any clients who have not yet engaged with the Administrators in
respect of the return of their client assets and/or client money
should contact the Administrators as soon as possible.

Any person unsure about the scope and effect of this notice should
seek independent professional advice from a legal or financial
advisor.

The Administrators act as agents of the Company without personal
liability.

Cancellation of the Company's FCA permissions

The Administrators are currently in the process of preparing the
necessary application to cancel the Company's FCA permissions to
carry out regulated activities. The Administrators envisage that
the application will be submitted prior to the hearing of the
Administrators' discharge application referred to above.

Contact information:

Any general queries in relation to this notice should be directed
to +44 (0)161 831 9999 or svs@leonardcurtis.co.uk or in writing to
SVS Securities plc (in special administration), Leonard Curtis,
Riverside House, Irwell Street, Manchester M3 5EN.


TILE GIANT: 13 Stores Closed Following Pre-Pack Administration
--------------------------------------------------------------
Vicki Evans at kbbreview reports that tile and surfaces retailer
Tile Giant have gone into pre-pack administration leading to the
closure of 13 stores.

The remaining 69 stores have been saved by Stiled Holdings Limited
and CTD Tiles, kbbreview notes.

According to kbbreview, in the administrator's statement, it cited
that its administration and closure of the stores was because Tile
Giant "had experienced significant trading difficulties over the
course of 2022" like so many others in the home improvement
industry.

Tile Giant had 82 stores and a HQ in Leeds and Neil Morley and
Howard Smith from Interpath Advisory were appointed as joint
administrators on Feb. 13, kbbreview discloses.  As soon as they
were appointed, they immediately sold the company to two parties,
kbbreview notes.

Through the sale, 303 jobs have been saved across 69 stores and the
HQ, kbbreview states.  However, 13 stores have been closed with
immediate effect causing 43 redundancies. The administrators are
providing support to those who have lost their jobs, according to
kbbreview.  

As part of the agreement, jobs of 255 members of staff across 56
stores and the head office were saved as part of a deal with Stiled
Holdings Limited, kbbreview relays.  It will also take the trading
name, goodwill and the assets, kbbreview discloses.

While, 13 stores and assets have been sold to CTD Tiles, which has
saved a further 48 jobs, kbbreview states.

"While retailers specialising in DIY and home improvement enjoyed a
period of growth during the pandemic, the squeeze on disposable
income caused by the current cost-of-living crisis is now starting
to place significant pressure on cashflow," kbbreview quotes Neil
Morley, director at Interpath Advisory and joint administrator, as
saying.

"We're therefore pleased to have been able to secure these two
transactions which will enable the majority of the Company's stores
to continue to trade, and importantly, safeguards a significant
number of jobs."


WORCESTER WARRIORS: To Keep Original Name & Drop Rebrand Plan
-------------------------------------------------------------
Sky Sports reports that the new owners of Worcester Warriors have
u-turned on their plan to drop the club's name and say they have an
agreement in principle with Wasps to play at Sixways.

Atlas co-owners Jim O'Toole and James Sandford made the
announcements while speaking at a supporters' event at Sixways on
Feb. 18, Sky Sports relates.

Earlier this month, Atlas had announced their intention to rebrand
as Sixways Rugby, but have now opted to stick with the original
name of the financially-stricken club, Sky Sports recounts.

"We will hold our hands up and say we got it wrong on the name,"
Mr. O'Toole told those in attendance. "So, we intend to keep the
Worcester Warriors name."

At the same time, Atlas claimed an agreement in principle to play
at the Warriors' Sixways home from the start of the 2023/24 season
for a minimum of three-years, Sky Sports notes.

The deal will see Wasps, who have been accepted into the
Championship for next season after going into administration and
being relegated from the Gallagher Premiership along with
Worcester, train at the ground and base their business there too,
Sky Sports states.

Also in the agreement is the proviso that once Warriors reach the
Championship or equivalent level, Wasps -- without a ground after
leaving the Coventry Building Society Arena -- will have their own
facility to move into, Sky Sports discloses.

Following the event, Wasps issued a statement saying no agreement
has been signed for next season onwards they remain in talks with
other possible homes for the club, Sky Sports relays.



                           *********


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,
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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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