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

                          E U R O P E

          Tuesday, February 28, 2023, Vol. 24, No. 43

                           Headlines



B E L G I U M

IDEAL STANDARD: S&P Affirms 'CCC+' ICR & Alters Outlook to Negative


C Z E C H   R E P U B L I C

ENERGO-PRO AS: S&P Affirms 'B+' ICR on Stronger Metrics


F I N L A N D

MULTITUDE SE: Fitch Affirms LongTerm IDR at 'B+', Outlook Stable


F R A N C E

CHROME HOLDCO: Moody's Affirms B2 CFR & Alters Outlook to Negative
FINANCIERE LABEYRIE: EUR455M Bank Debt Trades at 28% Discount


G E R M A N Y

CECONOMY AG: Moody's Lowers CFR to B1 & Alters Outlook to Stable
COLOUROZ INVESTMENT: EUR609.4M Bank Debt Trades at 29% Discount
DELIVERY HERO: S&P Affirms 'B-' ICR on New Convertible Bond
TUI AG: S&P Affirms 'B-' Issuer Credit Rating, On Watch Positive


I R E L A N D

ICON PLC: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive


I T A L Y

4MORI SARDEGNA: DBRS Lowers Class B Notes Rating to CCC
MAIOR SPV: DBRS Lowers Class A Notes Rating to CCC(high)


N E T H E R L A N D S

DTEK RENEWABLES: Fitch Lowers LongTerm IDRs to 'C' on Tender Offer
PIETER POT: Averts Bankruptcy After Suppliers Drop Some Debts


R U S S I A

UZBEKGEOFIZIKA JSC: S&P Assigns 'B-' LongTerm Issuer Credit Rating


S P A I N

AUTONORIA DE 2023: DBRS Gives Prov. BB Rating on Class E Notes
FOODCO BONDCO: S&P Lowers LT ICR to 'SD' on Standstill Agreement


S W I T Z E R L A N D

ARCHROMA HOLDINGS: S&P Affirms 'B' LongTerm ICR, Outlook Stable


T U R K E Y

LIMAKPORT: Fitch Puts 'B' Rating on $370MM Sec. Notes on Watch Neg.


U N I T E D   K I N G D O M

BEDLAM BREWERY: Bought Out of Administration by Directors
BRITISHVOLT: Recharge Industries Acquires Battery Technology
CARDIFF AUTO 2022-1: S&P Raises Class D Notes Rating to 'BB+(sf)'
CMI: Edinburgh Filmhouse Opt Not to Launch Appeal for Funds
DIGNITY FINANCE: S&P Lowers Class B Notes Rating to 'CCC+'

ENERGEAN PLC: S&P Raises LongTerm ICR to 'B+', Outlook Stable
FLEXENABLE LTD: Fortress Investment Takes Over Business

                           - - - - -


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B E L G I U M
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IDEAL STANDARD: S&P Affirms 'CCC+' ICR & Alters Outlook to Negative
-------------------------------------------------------------------
S&P Global Ratings revised the outlook on Ideal Standard
International S.A. (Ideal Standard) to negative from stable and
affirmed the 'CCC+' long-term issuer credit rating.

The negative outlook reflects the potential for negative rating
actions if, absent significantly improved cash flow generation,
Ideal Standard undertook actions, such as a debt restructuring, S&P
viewed as akin to default.

S&P said, "The outlook revision reflects our expectation of
elevated leverage in 2022 and throughout 2023-2024 and continued
weak cash flow generation. Over January-September 2022, Ideal
Standard demonstrated weaker-than-anticipated earnings and free
operating cash flow (FOCF), mainly due to inflationary pressure,
waning demand, one-off restructuring expenses, and high working
capital outflows. The company reported substantial negative S&P
Global Ratings-adjusted FOCF of EUR95 million for the nine months
ended Sept. 30, 2022. S&P Global Ratings-adjusted leverage reached
above 12.0x as of the past 12 months ended Sept. 30, 2022. We
expect the company's earnings will gradually improve, supported by
the carryover of price increases from last year, softening input
prices, lower restructuring costs, and cost-saving benefits. Having
said that, the company's relatively small EBITDA base, anticipated
decline in volume growth, and high cash interest and pension
payments will continue to pressure FOCF over the next 12 months.
Consequently we forecast FOCF will remain negative in 2023 and be
only slightly positive in 2024. We now anticipate Ideal Standard's
S&P Global Ratings-adjusted debt to EBITDA will be about 8.5x in
2023, and then the company will deleverage to slightly below 7.0x
in 2024. In our view, this represents a significant departure from
our previous leverage forecast of 5.0x-7.0x in 2023 and 2024.

"We believe Ideal Standard's weak cash flow generation and reliance
on external financing to bridge operating cash shortfalls amid
uncertain market conditions have increased the likelihood of a debt
restructuring, which we could view as distressed. The company
recently received a EUR25 million shareholder loan from its
sponsors to address near-term liquidity pressure and to bridge
operating shortfalls. We believe weak FOCF generation and
macroeconomic risks, along with our view that Ideal Standard's
capital structure is unsustainable due to high leverage, have
increased the likelihood that the company would engage in a
transaction that we would deem distressed, such as a debt
restructuring.

"We continue to assess International Standard's liquidity as less
than adequate. We believe the recent cash injection by sponsors in
the form of a shareholder loan has temporarily alleviated liquidity
pressure. This is primarily because the facility will mature in
December 2024. We note there are several local facilities that can
be used as liquidity buffers. Regardless, absent any concrete plans
to improve liquidity sources permanently, we believe liquidity will
remain constrained in the near future. In our view, it could be
challenging for the company to reimburse the new facility in 2024
unless operating cash flow improves significantly.

"The outlook is negative because we could take a negative rating
action if, absent significantly improved cash flow generation,
Ideal Standard undertook actions, such as a debt restructuring,
that we viewed as akin to default.

"We could lower the rating if we believe Ideal Standard's liquidity
sources are not sufficient to sustain its operations over the next
12 months. We could also lower the rating if we anticipated that,
in the next 12 months, the company was planning to execute exchange
offers or a debt restructuring on its senior secured term notes
that we would view as distressed.

"An upgrade is unlikely over the next 12 months. We could revise
the outlook to stable if FOCF turns positive more quickly than in
our base-case scenario, which could happen if the company sees
volume growth for its products, fully offsets increased input,
logistics, and energy costs, and successfully executes its
cost-saving initiatives in good time. In our view, this would
happen only with significantly better macroeconomic conditions in
2023, resulting in higher-than-anticipated EBITDA."

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




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C Z E C H   R E P U B L I C
===========================

ENERGO-PRO AS: S&P Affirms 'B+' ICR on Stronger Metrics
-------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on Energo-Pro a.s.(EPas), in line with that on parent DK Holding
Investments (DKHI).

The positive outlook indicates that S&P could increase the rating
if the utility secures sufficient liquidity and refinances the 2024
bond while maintaining FFO to debt higher than 20%.

S&P said, "Following strong results in 2022, we expect high power
prices to continue supporting EPas' performance over 2023-2024.
About 45%-50% of EBITDA comes from unregulated power generation
from hydro sources in Bulgaria (25%), Georgia (5%), and Turkiye
(12%). EPas has benefited from high power prices, resulting in
higher revenue and EBITDA in 2022 compared with 2020-2021, even if
it was constrained by the government's decisions to cap prices.

In Bulgaria, EPas' hydro power plants sell electricity at market
price since June 2022. However, from December 2022-June 2023, the
government has set a cap of Bulgarian lev (BGN) 350 per
megawatt-hour (/MWh; EUR178/MWh equivalent) on electricity price
for renewable power generators. S&P understands that the cap could
be extended to 2024.

In Georgia, unregulated power prices haven't been capped and S&P
expects market prices to reach Georgian lari (GEL) 130-GEL160/MWh
(EUR45-EUR55/MWh) over 2022-2025.

In Turkiye, the Resadiye Hamzali (RH) hydro power plant sells
electricity at market price as it doesn't benefit from YEKDEM
feed-in-tariffs. However the Turkish government has set a cap on
electricity prices from renewable generation at 1,545 Turkish lira
(TRY)/MWh ($81/MWh equivalent), indexed monthly with inflation and
U.S. dollar-Turkish lira foreign exchange movements until April
2023 following which we expect RH to sell at market price of
TRY1,900-TRY2,300/MWh ($100-$120/MWh equivalent).

S&P said, "Combined with conservative generation dependent on hydro
conditions and therefore providing some volatility in EPas' and
DKHI's metrics, we think EPas' reported EBITDA will stabilize in
2023 and 2024 to EUR240 million-EUR250 million following the S&P
Global Ratings-forecast record performance in 2022 of EUR290
million-EUR310 million. Along with stable gross debt at EUR670
million-EUR720 million, this means FFO to debt continuously above
20%. However, should market conditions become volatile from
lower-than-expected hydro levels, negative political intervention
in tariffs for distribution system operators (DSOs), or further
caps on electricity prices, we believe FFO to debt could be below
20%."

EPas' business risk is improving amid lower country risk in Georgia
and improved assessment of power distribution network activities in
Georgia. S&P said, "We revised our assessment of Georgia's country
risk to moderately high from high in 2022, in line with that on
Bulgaria. As a result, the country risk associated to EPas has
decreased, because Bulgaria and Georgia represent 44% and 48% of
the utility's EBITDA, respectively. In addition, we revised our
assessment of the Georgian regulatory framework for electricity
DSOs to adequate from adequate/weak. We see the framework as more
transparent than a few years ago and more inclined toward
utilities' financial stability despite the framework having a short
track record of eight years. The regulated cost base weighs on our
assessment because they can be recovered only after the regulatory
period ends (currently five years). One mitigating factor is that,
with a 7.5% deviation of the correction component compared with the
allowed revenue of the current year, the regulator can recalculate
tariffs in advance upon the utility's request. In our view, the
framework is somewhat supportive, but we believe the
speculative-grade sovereign rating on Georgia (BB/Stable/B) weighs
on its stability compared with similarly assessed frameworks
including those on Israel (AA-/Stable/A-1+), Croatia
(BBB+/Stable/A-2), and Romania (BBB-/Stable/A-3)."

A large share of regulated activities continue to support EPas' and
DKHI's cash flows. As of year-end 2022, about 55% of EPas' EBITDA
comes from regulated activities, including regulated distribution
and supply in Bulgaria (25%); and distribution, supply, and some
regulated generation in Georgia (30%), which will provide for cash
flow stability over 2022-2024.

In Bulgaria, electricity distribution activities are regulated
under a framework S&P views as not very supportive, although the
DSO has annual tariff resets in June to incorporate higher cost for
losses as seen in July 2022, with a cost for losses of BGN446/MWh
compared with BGN130/MWh from July 2021-June 2022. To avoid
volatility, as power prices have increased throughout 2022 and a
price cap implemented for end users at BGN200/MWh, the Bulgarian
government has reimbursed DSOs monthly for the difference in
costs.

S&P said, "In Georgia, electricity distribution activities are
regulated under a framework we now view as somewhat supportive,
with an already approved tariff adjustment in 2024 following
overperformance in 2021-2023. The higher tariffs in 2021-2023 came
from compensation for underperformance over 2017-2020. We therefore
expect tariffs to fall by 18% to about GEL70/MWh over 2024-2025
from GEL85-GEL88/MWh. This compares with annual tariffs of
GEL23-GEL25/MWh in the supply segment.

"As of year-end 2022, about 55% of generation from Georgian
hydropower plants (HPPs) were still operating under a regulated
price of GEL29/MWh (4x-5x lower than market prices). This will
decrease as Georgia is liberalizing its power plants and we expect
EPas' share of regulated generation in the country to decrease to
about 30% by 2025. The two Turkish power plants within DKHI's
perimeter both benefit from YEDKEM tariffs of $73/MWh until 2030
and each from a bonus of $23/MWh for Karakurt and $13/MWh for
Alpaslan 2 until 2025, providing further cash flow visibility. We
understand these power plants have not been affected by the recent
earthquakes in Turkiye.

"We continue to view EPas as a core subsidiary of DKHI. EPas'
operations in power generation from hydro sources, distribution,
and supply are aligned with DKHI's core business and strategy. EPas
is expected to represent about 80% of DKHI's EBITDA as of year-end
2022 and could represent about 95% once the two Turkish assets
(Karakurt and Alpaslan 2) that currently belong to DKHI are
transferred into EPas' control, although we do not include this in
our base-case scenario over the next 12 months. In addition, we
understand that EPas' dividends to DKHI will fund debt service,
although they are restricted should EPas breach its current
covenant of 3.5x net debt to EBITDA. We therefore view EPas as a
core subsidiary of DKHI and align the rating on it with the group
credit profile (GCP) of 'b+'.

"The positive outlook reflects our expectation that EPas credit
metrics will continue to benefit from high power prices, with
adjusted FFO to debt expected above the 20% threshold for the
rating over 2023-2024. The outlook also reflects our expectation
that the company will refinance its EUR250 million bond due in 2024
during 2023, improving its liquidity profile.

"We could lower the rating on EPas if FFO to debt falls below 20%
on average, which could occur should the group experience
higher-than-expected earnings volatility, for example from poor
hydro conditions, adverse regulatory intervention, or fluctuations
in exchange rates. Weaker-than-expected credit metrics could also
result from large-scale debt-financed acquisition without
significant remedy measures. We could also take a negative rating
action should the group's liquidity materially weaken, such as by
it not proactively refinancing its 2024 bond in 2023."

An upgrade to EPas would hinge on:

-- The consolidated FFO-to-debt ratio staying above 20% even
    in times of low hydro or back-to-normal power prices

-- Successful refinancing of the 2024 bond

-- A supportive liquidity profile

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




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F I N L A N D
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MULTITUDE SE: Fitch Affirms LongTerm IDR at 'B+', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Multitude SE's Long-Term Issuer Default
Rating (IDR) at 'B+' with Stable Outlook.   senior unsecured notes
have been affirmed at 'B+'/RR4 and the subordinated hybrid
perpetual capital notes at 'B-'/RR6.

KEY RATING DRIVERS

Multitude's IDR reflects its sound funding profile and stable asset
quality metrics despite the challenging operating environment.
Refinancing risk has reduced following a bond refinancing in
December 2022. The rating also captures Multitude's focus on
high-risk unsecured consumer lending, niche franchise, high
leverage and weak profitability due to pressure on its net interest
margin, as well as high operating costs. Fitch views Multitude's
deposit funding and prudential regulation at subsidiary Multitude
Bank as a rating strength.

Focus on Non-Standard Consumer Lending: Multitude is an online
lender operating predominantly in the high-yield segment with an
international footprint in 19 countries and a strong presence in
Scandinavian and Baltic markets. Despite some diversification
towards prime consumer and SME lending in recent years, Multitude
mainly serves underbanked clients, which leads to potential
volatility in asset quality through the credit cycle. Risks are
mitigated by high margins and well-established underwriting
procedures, including small loan tickets and generally short
tenors.

Stable Asset Quality: High loan impairments are inherent in
Multitude's business model, but asset quality has improved as the
company diversified into SME and somewhat less risky retail
clients. Multitude's impaired loans ratio declined to 20% at
end-3Q22 from 26% at end-2021, largely due to write-offs and sales
of problem loans (12% of end-2021 gross loans). Impaired loans were
92% covered by total loan loss allowances (LLAs). Coverage by
specific LLAs was lower at 64%. Stage 2 loans were 5.5% of gross
loans at end-3Q22 and 30% provisioned by specific LLAs. Impaired
loan origination (increase in Stage 3 loans plus write-offs and
sale of problem loans divided by average Stage 1 and Stage 2 loans)
was 12% in 9M22 (annualised; 2021: 13%).

Operating Costs, Impairments Consume Revenues: Multitude's pre-tax
income/average assets ratio was 1.4% in 9M22 (2021: negative 0.7%).
Operating expenses reduced in absolute terms in recent years but
still consumed 53% of gross revenues in 9M22. High operating
expenses are driven by Multitude's niche franchise, expansion into
new products and markets and reliance on third-party platforms for
funding attraction. Impairment charges were 13% of average gross
loans in 9M22, consuming 36% of gross revenues and 87% of
pre-impairment profit.

Lower Lending Margins: Multitude's net interest margin remains high
but continued to decline to 41% in 9M22 from 45% in 2021, due to
pressures on interest yield from regulatory interventions but also
from a gradual shift to lower-yielding client segments. Cost of
funding (excluding commissions paid to online platforms) was a low
2.1% in 9M21 (2021: 2.7%) benefiting from Multitude's access to
retail deposits. We expect margins to remain under pressure as
deposits reprice faster than loans, but this should be manageable
as margins are high and Multitude should be able to pass part of
the funding cost increase onto customers.

High Leverage, Prudential Requirements Positive: Multitude's
leverage ratio (gross debt plus deposits to tangible equity) stood
at 7.2x at end-3Q22 (end-2021: 8.8x; end-2020: 6.3x). Tangible
equity to net loans ratio was 17.1% at end-3Q22, broadly unchanged
from 17.4% at end-2021. Positively, capital encumbrance by
unreserved impaired loans declined to 11% at end-3Q22 from 36% at
end-2021. Good capitalisation of prudentially regulated Multitude
Bank (common equity Tier 1 ratio of 18.5% at end-2022) underpins
the group's overall capital standing.

Deposit-Funded, Low Refinancing Risks: Funding is mostly sourced
from retail deposits (73% of liabilities at end-3Q22), which are
price-sensitive but granular. Non-deposit funding mainly made up of
a EUR50 million senior bond with maturity in 2025 and EUR50 million
perpetual debt, mitigating refinancing risk in the medium term. At
end-2022, Multitude's liquidity buffer outside the perimeter of the
regulated bank was adequate at about EUR55 million. The short tenor
of the loan book supports liquidity.

RATING SENSITIVITIES

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

  - Significant asset quality deterioration with loan impairment
    charges above 15% of average gross loans or a notable increase
    in unreserved impaired loans relative to tangible equity.

- Further pressure on profitability from tightening of regulatory
   requirements in key markets or continuing losses from expansion
   into new business segments.

- Significantly higher leverage with a debt to tangible equity
   ratio above 8x on a sustained basis.

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

- Improved profitability with a pre-tax income/ average assets
   ratio above 3.5% on a sustained basis, without significant
   increase in risk appetite, asset quality risks or leverage;

- A more diversified asset and revenue base with all business
   segments contributing to overall group profitability.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Multitude's senior unsecured bond is rated in line with its
Long-Term IDR. The rating alignment reflects Fitch's expectation of
average recovery prospects. The subordinated perpetual hybrid
callable notes are notched down twice from Multitude's Long-Term
IDR reflecting Fitch's expectation of zero recovery prospects.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Multitude's senior unsecured notes' rating is sensitive to changes
in Multitude's Long-Term IDR. Changes to Fitch's assessment of
recovery prospects for senior unsecured debt in default (e.g. the
introduction of debt obligations ranking ahead of the senior
unsecured debt notes or a material increase in the proportion of
customer deposits leading to a weakening of notes' recovery
prospects) would result in the senior unsecured notes' rating being
notched down from the IDR.

The subordinated notes' rating will mirror changes in Multitude's
Long-Term IDR. Changes to Fitch's assessment of going concern loss
absorption or recovery prospects for subordinated debt in a default
scenario (e.g. the introduction of features resulting in easily
activated going concern loss absorption or a permanent write-down
of the principal in wind-down) could also result in a widening of
the notching for the subordinated notes' rating to more than two
notches below Multitude's Long-Term IDR.

ESG CONSIDERATIONS

Multitude has an ESG Relevance Score of '4' for exposure to social
impacts as a result of its exposure to the high-cost consumer
lending sector. As the regulatory environment evolves (including a
tightening of rate caps), this has a moderately negative influence
on the credit profile via its assessment of Multitude's business
model and is relevant to the rating in conjunction with other
factors.

Multitude has an ESG Relevance Score of '4' for customer welfare,
in particular in the context of fair lending practices, pricing
transparency and the potential involvement of foreclosure
procedures, given its focus on the high-cost consumer credit
segment. This has a moderately negative influence on the credit
profile via our assessment of risk appetite and asset quality and
is relevant to the rating in conjunction with other factors.

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

   Entity/Debt                     Rating        Recovery  Prior
   -----------                     ------        --------  -----
Multitude SE     LT IDR              B+ Affirmed             B+

                 Shareholder Support ns Affirmed             ns

   Subordinated  LT                  B- Affirmed    RR6      B-

   senior
   unsecured     LT                  B+ Affirmed    RR4      B+




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F R A N C E
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CHROME HOLDCO: Moody's Affirms B2 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service affirmed Chrome HoldCo's ("Cerba") B2
Corporate Family Rating and B2-PD Probability of Default rating as
well as B1 instrument ratings on the senior secured term loans, the
senior secured notes and the senior secured revolving credit
facility (RCF) issued by Chrome BidCo. Concurrently, Moody's
affirmed the Caa1 rating on the backed senior unsecured notes
issued by Chrome HoldCo. Moody's changed the outlook to negative
from stable for both entities.

The rating action reflects the high risk that Cerba's credit
metrics will remain outside Moody's expectations for its B2 rating
over the next 12-18 months, due primarily to the likely steeper
decline in Covid-19 testing revenues than Moody's had expected
combined with the number of headwinds the industry is already
facing.

RATINGS RATIONALE

The rating action balances the expected weakening of Cerba's credit
metrics against the company's strong business profile reflected in
its long track record of growth and its good liquidity.

The pace of Covid-19 revenue decline remains uncertain, but based
on recent developments is likely to be steeper than Moody's base
case forecast of 60% in 2023. Combined with a higher tariff cut in
France in 2023 and higher operating costs owing to inflation,
Moody's expects Cerba's leverage on a Moody's adjusted basis to
increase to above 9.0x. On top of the weaker earnings the higher
interest rate environment will hurt free cash flow (FCF) and
interest coverage, with expectations for modestly negative FCF in
2023 and Moody's adjusted EBITA/interest expense below 1.5x. These
credit metrics would not be in line with Moody's expectations for
Cerba's B2 rating, with limited visibility as to the timeline for
material improvement.

Conversely, Cerba's established position within its key markets;
its vertical integrated business model allowing for synergies
across segments; the defensive nature of the industry with positive
underlying fundamentals and strong barriers to entry continue to
support its rating. The rating also reflects the company's long
track record of growth with good margins, a stable and highly
experienced management team, and good liquidity.

The company further benefits from superior organic growth potential
compared to peers from its Contract Research Organisation (CRO)
services, which should support an organic growth excluding Covid-19
revenues of around 5% per annum. Additionally, substantial synergy
potential from the integration of past acquisitions combined with
the company's ongoing cost saving initiatives should help soften
the impact of the loss of high margin Covid-19 revenue on margins.
Around 80% of its debt is fixed or hedged until December 2024 with
no near-term maturities until 2028, which protects the company from
potential further rate hikes. Finally the company indicated that
M&A activities will be limited in 2023 as it focuses on integrating
the major acquisitions completed over the last few quarters making
a material increase in gross debt unlikely.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the high risk that Cerba's credit
metrics will remain outside expectations for its B2 rating over the
next 12-18 months as the industry faces a number of headwinds
including the likely more rapid decline in Covid-19 testing
activities.

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

Positive rating pressure could develop if Moody's adjusted leverage
falls below 5.5x on a sustained basis; Moody's adjusted FCF/debt
improves towards 10% on a sustained basis; and the company
maintains a good liquidity profile.

Ratings could be downgraded if the company's liquidity deteriorates
including more meaningful negative FCF; Moody's adjusted FCF/debt
does not return towards 5% on a sustained basis; Moody's adjusted
leverage remains above 7.0x on a sustained basis; and Moody's
adjusted EBITA/Interest remains below 1.5x. Negative pressure could
also increase if the company maintains an aggressive financial
policy including debt funded acquisitions and does not prioritise
deleveraging.

LIQUIDITY PROFILE

Cerba's liquidity is good supported by EUR123 million of cash on
balance sheet and EUR405 million of undrawn RCF as of December 2022
out of EUR450 million, which provides sufficient flexibility to
manage potential cash consumptions over the next 12-18 months.
Moody's expects modestly negative FCF on a Moody's adjusted basis
in 2023 but a return to positive FCF in 2024. The RCF is subject to
a springing first lien net leverage ratio covenant, tested when the
facility is drawn by more than 40%.

STRUCTURAL CONSIDERATIONS

The B1 ratings of the senior secured term loans, including the RCF,
and senior secured notes are one notch above the B2 CFR, reflecting
the loss absorption buffer from the backed senior unsecured notes
rated Caa1.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Cerba Healthcare S.A.S., headquartered in Paris, France, is a
provider of clinical laboratory testing services in France,
Belgium, Luxembourg, Italy and Africa. The company is majority
owned by funds managed and advised by EQT (63%), PSP (30%) and
management (7%).


FINANCIERE LABEYRIE: EUR455M Bank Debt Trades at 28% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Financiere Labeyrie
Fine Foods SASU is a borrower were trading in the secondary market
around 72.3 cents-on-the-dollar during the week ended Friday,
February 24, 2023, according to Bloomberg's Evaluated Pricing
service data.

The EUR455 million facility is a Term loan that is scheduled to
mature on July 30, 2026.  The amount is fully drawn and
outstanding.

Financiere Labeyrie Fine Foods sells seafood products. The Company
prepares shrimp, duck items, salmon, sushi, trout, and foie gras.
Labeyrie Fine Foods serves customers worldwide. The Company's
country of domicile is France.



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G E R M A N Y
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CECONOMY AG: Moody's Lowers CFR to B1 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
corporate family rating of CECONOMY AG and its probability of
default rating to B1-PD from Ba3-PD. Concurrently Moody's has
downgraded Ceconomy's senior unsecured notes to B2 from B1. Moody's
affirmed the NP rating of the company's commercial paper program.
The outlook has changed to stable from ratings under review.

This rating action concludes the ratings review process initiated
on September 20, 2022.

RATINGS RATIONALE

The ratings downgrade reflects (i) the company's weak operating
margins, deterioration in credit metrics and limited free cash flow
generation (FCF), which are not commensurate with a Ba3 CFR, and
(ii) the uncertainty about the company's pace of profitability
recovery. Given the challenging trading environment and the ongoing
transformation projects, including strengthening of digital,
marketplace, services and solutions activities and improving the
logistic infrastructure, Moody's believes that a substantial
turnaround in profitability is likely to be a multi-year journey
with execution risk attached to it.

Ceconomy's profitability will only gradually improve over the next
24 months from a currently weak level, owing to high inflation and
intense competition. Moody's believes that Ceconomy's measures to
improve its operating margins will remain to some extent
constrained by rising operational costs and weak consumer
sentiment. Ceconomy has launched another cost efficiency program in
2022, the implementation costs of which will weigh on profits and
cash flows in the next 12-24 months. Moody's expects that the
company's EBIT margin will take several years to improve to at
least 2% (on a Moody's-adjusted basis). For fiscal 2023 (ending
September 30, 2023), Moody's forecasts EBIT of around EUR150-180
million (on a Moody's-adjusted basis and after c. EUR50-60 million
of restructuring charges), which is equivalent to 0.7%-0.8% EBIT
margin, broadly flat compared to fiscal 2022. Moody's expects a
more material improvement in Moody's-adjusted EBIT to EUR225-250
million in fiscal year ending September 30, 2024.

Ceconomy's key credit metrics will remain weak in fiscal 2023. In
particular, the company's interest cover (calculated as
Moody's-adjusted EBIT to interest expense) stood at 0.9x in the 12
months to December 31, 2022. While Moody's expects this ratio will
improve to above 2.0x by fiscal 2024, the current level of 0.9x is
weak for the rating category. In addition, Moody's expects the
company's Moody's-adjusted FCF to remain limited, albeit improving
to above EUR100 million for fiscal 2023 (compared to a cash burn of
EUR672 million in fiscal 2022). Moody's believes that Ceconomy's
FCF generation will remain highly dependent on working capital
inflows. Both metrics will remain weak compared to other rated
specialty retailers and much weaker than for Ba-rated issuers.

More positively, Moody's acknowledges that management is executing
a plan to improve margins, especially through increased sales of
high margin Services & Solutions offering (6.2% of sales in fiscal
2022), cost and capital spending reductions, increased logistic
efficiency and active stock management. In addition, the 2023
economic outlook for the euro area has improved recently compared
to Moody's prior expectations, which could support Ceconomy's
recovery prospects for fiscal 2023.

The company's liquidity profile is adequate. Ceconomy had around
EUR2.6 billion of cash available at the end of December 2022 and
its committed revolving credit facility (RCF) of EUR1.06 billion
was undrawn. The company has no major debt maturities until 2026,
with only EUR83 million of short-term commercial paper due over the
next 12 months. Having said that, Moody's cautions that Ceconomy's
business is highly seasonal and remains heavily reliant on trade
creditor funding (EUR7.3 billion of trade payables as at
end-December 2022), which is very material in the context of the
company's overall liquidity profile and limited FCF generation.
Moody's has not witnessed any material negative shift in supplier's
payment terms in recent months. However, a shortening of payment
terms can represent a key risk for Ceconomy, which may cause
material working capital swings and rapid liquidity deterioration.

STRUCTURAL CONSIDERATIONS

The downgrade of the senior unsecured notes to B2 from B1 reflects
the downgrade of the CFR. The company's senior unsecured bond is
rated one-notch below the CFR, reflecting the presence of large
non-debt liabilities, including sizeable trade claims and
short-term lease liabilities, both located at the operating
subsidiary level. The magnitude of these non-debt liabilities
creates structural subordination for debt at the holding company
level, including the senior unsecured notes, which do not benefit
from upstream guarantees. Ceconomy's capital structure also
includes around EUR121 million of promissory notes, a EUR151
million convertible bond and the syndicated RCF.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Ceconomy's
profitability will improve gradually over the next 24 months
supporting stronger FCF generation. The outlook assumes continued
progress in the company's transformation plan. The stable outlook
also incorporates Moody's expectations that the company will
maintain an adequate liquidity profile.

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

A rating upgrade is unlikely at this stage, considering the recent
rating downgrades and the challenging operating environment. Upward
pressure could develop over time if (1) Ceconomy demonstrates an
improvement in Moody's-adjusted EBIT margin to well above 2.0% on a
sustainable basis, in order to give the company sufficient buffer
against external pressures and potentially rising cost of debt; (2)
its interest cover (calculated as the ratio of Moody's-adjusted
EBIT to interest expense) improves well above 3.0x; (3) its FCF is
materially positive on a sustained basis; and (4) its
Moody's-adjusted (gross) debt/EBITDA remains sustainably below
4.0x. Moody's would also expect Ceconomy to have a good liquidity
and to maintain prudent financial policies.

Negative pressure on the rating could develop if Ceconomy's
profitability and FCF generation do not improve on a sustainable
basis in the next 12-24 months, and in line with the company's
current expectations of clear increase in EBIT (as adjusted by the
company). Moody's considers that a failure to gradually improve
margin towards 2%, and to improve the interest cover sustainably
towards 2.5x over the next 2 years before the bond refinancing,
would lead to downward pressure on the rating. More aggressive
financial policies, a deterioration in liquidity or signs that
trade creditor terms become less favourable could also result in
downward rating pressure.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: CECONOMY AG

Commercial Paper, Affirmed NP

Downgrades:

Issuer: CECONOMY AG

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

LT Corporate Family Rating, Downgraded to B1 from Ba3

Senior Unsecured Regular Bond/Debenture, Downgraded to B2 (LGD5)
from B1 (LGD5)

Outlook Actions:

Issuer: CECONOMY AG

Outlook, Changed To Stable From Rating Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
published in November 2021.

COMPANY PROFILE

Headquartered in Düsseldorf, Germany, Ceconomy is Europe's largest
consumer electronics retailer, operating two brands - MediaMarkt
and Saturn. The company recorded EUR22 billion of revenue in the 12
months to December 31, 2022. It is listed on the Frankfurt Stock
Exchange and had a market capitalisation of around EUR1.3 billion
as of February 20, 2023. The company has five anchor shareholders:
Convergenta, Franz Haniel & Cie. GmbH (Haniel, Baa3 stable),
Meridian Stiftung, freenet AG and Beisheim.


COLOUROZ INVESTMENT: EUR609.4M Bank Debt Trades at 29% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
1 GmbH is a borrower were trading in the secondary market around
71.4 cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The EUR609.4 million facility is a Term loan that is scheduled to
mature on September 7, 2023.  The amount is fully drawn and
outstanding.

ColourOz Investment 1 GmbH manufactures paint products.  The
Company's country of domicile is Germany.

DELIVERY HERO: S&P Affirms 'B-' ICR on New Convertible Bond
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' ratings on Germany-based
Delivery Hero, its financing subsidiaries, and the group's senior
secured debt; the recovery rating remains at '3', indicating its
estimate of 65% recovery in a default scenario.

The stable outlook indicates that S&P expects Delivery Hero will
execute on its operational improvement and growth strategies to
achieve positive EBITDA in 2023, with sufficient liquidity to
support its operations over the next 12-24 months.

On Feb 13, 2023, Delivery Hero announced the launch of a new
convertible bond targeting gross proceeds of EUR1 billion, and the
subsequent launch of a debt repurchase offer for its outstanding
2024 bonds and 2025 bonds. Following issuance of the EUR1 billion
3.25% convertible notes due 2030, Delivery Hero then announced the
outcome of the debt repurchase offer. The group repurchased
EUR476.4 million of the convertible bonds due in 2024, representing
about 62.4% of the outstanding principal amount held by investors,
and EUR250 million of the convertible bonds due in 2025,
representing 33.3% of the outstanding principal value. The offer
price was EUR96.375 for the 2024 bonds and EUR86.250 for the 2025
bonds, which was about 3.5% above market prices. S&P considers the
transaction to be opportunistic and corresponding to a liability
management operation. This is because, in our view, the company
could have fulfilled its financial commitments without this
transaction. Delivery Hero will fund the debt buyback transaction
with proceeds from the new convertible notes.

S&P said, "In our view, Delivery Hero is on track to generate
positive EBITDA in 2023, in line with our expectations. The group's
core operations (platform business) in the Middle East, North
Africa, and South Korea have been profitable in recent years.
Overall, the platform business achieved profitability in 2022,
excluding the recently acquired loss-making Glovo. The group's
gross merchandise value (GMV) growth dropped to 17% in 2022 year on
year, on the same perimeter basis, from about 58% in 2021. The
decline was due to restaurants re-opening after COVID-19
restrictions were lifted, in particular in Asia, and the impact of
hyperinflation accounting in Argentina. Nevertheless, GMV growth
remains solid in the group's main markets, fueled by customer
demand and increasing volumes. Delivery Hero has achieved a large
scale and customer base, and we expect future revenue growth will
increasingly come from rising average order sizes, the introduction
of additional fees (for example, for long-distance deliveries),
generating advertising revenue, and adding new customers every
year. The group has reduced the pace of its expansion in quick
commerce, considering its current store network suitable to cover
customer demand within its markets. We understand it intends to
open new stores only when full capacity is reached at existing
stores. This will support Delivery Hero's path to profitability, in
our view. As a result, we continue to forecast that the group will
generate positive S&P Global Ratings-adjusted EBITDA margins of
1%-2% in 2023.

"We expect Delivery Hero to remain highly leveraged over the next
24 months, considering its negative EBITDA and FOCF. Our assessment
of Delivery Hero's financial risk profile reflects our forecast of
the adjusted debt-to-EBITDA ratio turning positive in 2023.
Nevertheless, we believe leverage will remain very high and the
group will generate limited EBITDA this year. Continued EBITDA
improvement should translate into adjusted leverage of 9x-10x in
2024, however. Our current rating assessment factors in our
projections of negative free operating cash flow (FOCF) that will
persist until 2024, in part due to increasing interest costs on the
group's floating-rate senior secured term loan and higher coupon on
the new EUR1 billion convertible notes due 2030.

"We forecast ample liquidity to cover business needs and debt
maturities in the next 24 months, further supported by the recently
issued EUR1 billion convertible bond due in 2030.The company has
been proactive in refinancing the bond due in 2024 by reducing the
principal through open-market buybacks in 2022, and this year
through the recent tender offer. In addition, Delivery Hero's
ability to raise EUR1 billion of new debt amid volatile financial
market conditions highlights investors' appetite for the sector. In
our view, with a cash balance of EUR2.4 billion at year-end 2022, a
fully available EUR425 million revolving credit facility (RCF), and
decreasing capital expenditure (capex) requirements of
approximately 0.6% of GMV, liquidity sources are sufficient to
cover the group's cash uses in the next 12-18 months. Moreover, we
forecast that the group will start generating positive FOCF after
lease payments in 2025.

"The stable outlook reflects our expectation that Delivery Hero
will execute on its operational improvement and growth strategies
to achieve positive EBITDA by 2023. We also consider that Delivery
Hero will have sufficient liquidity to support its operations over
the next 12-24 months

"We may lower the rating if Delivery Hero does not maintain ample
liquidity buffer or improve the sustainability of its capital
structure over the next 12-24 months. This could happen if the
company's operational performance fails to strengthen, blocking
positive EBITDA generation by 2023. Rating pressure would also stem
from a faster, more-protracted cash outflow than expected, which
prevented Delivery Hero from maintaining significantly more than
EUR1 billion in available liquidity through cash and undrawn credit
lines.

"We consider an upgrade to be unlikely over the next 12 months
because of Delivery Hero's weak credit measures owing to negative
EBITDA. However, we could raise the rating if Delivery Hero's
operating performance were significantly better than we expect such
that we expected the group would start generating positive FOCF on
a sustained basis."

An increase in recurring active users, higher average order values,
or lower costs associated with expanding the quick-commerce
business resulting in stronger earnings could lead to an upgrade.
Under such a scenario, S&P would also expect a permanent
strengthening of Delivery Hero's capital structure through improved
currency risk management and sound liquidity, such that the EBITDA
interest coverage is well above 2x.

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

Social factors are a moderately negative consideration in S&P's
credit rating analysis of Delivery Hero. The practice of using
temporary or part-time contractors has provoked legal and
regulatory challenges following criticism that drivers make less
than minimum wage and are not afforded certain labor rights or
benefits of full-time employees. Therefore, these dynamics could
result in changes in employment laws across the jurisdictions in
which Delivery Hero operates. This would have implications for the
group's employee-related expenditure, potentially weighing on
profitability.


TUI AG: S&P Affirms 'B-' Issuer Credit Rating, On Watch Positive
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' rating on TUI AG.

The CreditWatch positive placement reflects S&P's view that TUI
will successfully engage in a rights issue, with placement in the
next six month, and repay at least EUR479 million of its residual
government obligations at market value, which could require raising
up to EUR957 million of equity capital.  Depending on the magnitude
of the rights issue, S&P could upgrade TUI by at least one notch.

Following approval from TUI's shareholders for the reverse stock
split at the annual general meeting, S&P sees a high likelihood
that the rights issue can materialize in fiscal 2023 and reduce
leverage by 0.3x-0.9x, depending on how much equity is raised.
Government-related obligations in the form of the EUR420 million
silent participation I, a EUR59 million WSF warrant-linked bond, as
well as a EUR2.1 billion KfW facility were still outstanding as of
end-fiscal 2022. On Dec. 13, 2022, TUI announced an agreement
signed with the German government to change the repayment
waterfall. In event of a rights issue, instead of the KfW facility,
the silent participation I and residual WSF debt are to be repaid
first. In return, the government won't exercise its call option on
TUI shares at EUR1 per share (share price EUR1.95 as of Feb. 14,
2023) until Dec. 31, 2023. Management aims to have an underwritten
rights issue of at least the financial debt. Based on a predefined
formula, the government will be compensated based on the TUI share
price at the time of the capital increase announcement, which would
have been EUR730 million at the signing date (EUR1.68 per share)
and is capped at EUR957 million (EUR2 per share).

The EU has since approved the change in the payment waterfall and
shareholders have voted in favor to the 10:1 stock split, which
both improve the likelihood of the rights issue going ahead. S&P
said, "We estimate that at least the WSF obligations will be
repaid, which leads to a S&P Global Ratings-adjusted debt reduction
of EUR479 million. We understand that additional proceeds would be
used to reduce the EUR2.1 billion KfW RCF commitments and intrayear
drawings. Combined with the meaningful reduction in leverage from
TUI's operational recovery, we now expect debt to EBITDA will
reduce to 3.4x-3.6x in fiscal 2023, including the repayment of
government debt, but could see further improvements if more capital
is raised."

S&P expects TUI's operating performance will continue improving in
fiscal 2023, due to increasing passenger numbers and solid pricing.
As a result of the continued easing of global travel restrictions,
TUI Group was able to increase its business volume in fiscal 2022
compared with fiscal 2021. Nevertheless, the development of revenue
and earnings in fiscal 2022 was still dampened by lockdowns and
airport disruptions. The improvement in fiscal 2022 compared to the
previous year was supported by growth across all segments.

Hotels and resorts recovered strongly post lockdowns and exceeded
full-year levels for fiscal 2019, with underlying EBIT of EUR481
million (32% margin) compared with EUR452 million (30% margin) on
the back of good pricing conditions. S&P sees top-line growth in
the hotels and resorts segment continuing in fiscal 2023, albeit
with lower margins, mainly due to inflation pressure on the cost
base.

Markets and airlines continued to be loss-making at the EBIT level
in fiscal 2022 and first-quarter fiscal 2023; however, in terms of
operations, the segment continues to recover with a load factor of
92% across the regions in the summer season 2022 and 85% in
first-quarter fiscal 2023. During fiscal 2022, the group incurred
EUR133 million in costs due to flight disruptions in the second
half of the year. S&P expects margins in the markets and airlines
business will improve from operating leverage with an increase in
passenger numbers and supported by the absence of further
exceptional costs.

Bookings for summer 2023 are 20% above 2022 levels (albeit still
11% below 2019 levels) and prices are increasing further, with the
average selling price in first-quarter fiscal 2023 2% (6% like for
like) above 2022 levels and 24% above 2019 levels. Notably bookings
are occurring closer to the actual vacation; last-four-week numbers
show a significant step-up in volumes and pricing and are reflected
in the exceptionally high working capital buildup in first-quarter
compared with pre-COVID years.

S&P said, "We note that despite macroeconomic uncertainties in
TUI's key markets (Germany and the U.K.), customer demand for
packaged holidays is holding up so far. We now expect that in
fiscal 2023 the group will be able to increase sales by
approximately 16%-18% to EUR19.2 billion-EUR19.5 billion in the
absence of travel restrictions and continued but slower
improvements in pricing. In line with a recovery in sales, we
anticipate operating leverage will improve the markets and airlines
business. We also see some benefits from cost-efficiency measures
TUI implemented during the pandemic to optimize its retail store
network and reduce the aircraft fleet to 133 from 150. As a result,
we expect S&P Global Rating-adjusted EBITDA will increase to EUR1.6
billion-EUR1.7 billion in fiscal 2023 from EUR1.2 billion in fiscal
2022.

"Despite our expectation of a continuous recovery in credit
metrics, macroeconomic uncertainties remain high, because knock-on
effects of the Russia-Ukraine war are affecting markets. We expect
that cost-of-living inflation and rising interest rates will
continue to weigh on consumer confidence and lead to a reduction in
discretionary spending. The high volatility in fuel costs, the
depreciation of the euro against the U.S. dollar, and wage
inflation could pressure margins beyond our current estimates. That
said, we expect fuel prices will come down from 2022 levels and
TUI's management has communicated that it is increasingly able to
hedge the group's fuel exposure--both of which should reduce
earnings volatility.

"We expect break even free operating cash flow (FOCF) after lease
generation due to less pronounced working capital inflows. While we
anticipate that EBITDA recovery will continue, we expect working
capital changes (including customer prepayments) to normalize
(inflow of EUR1.1 billion in 2022) and reported capex to increase
to about EUR600 million-EUR650 million, leading to breakeven FOCF
after leases in 2023. As a result, we do not expect significant
reductions in gross debt. We anticipate that TUI's joint ventures,
mainly TUI Cruises, will only meaningfully contribute to its cash
flow profile with dividend payments from 2025, since TUI Cruises
accumulated significant debt during the pandemic like other cruise
operators.

"We expect covenant headroom on its RCFs will be about 20%, but
leave limited room for operational underperformance. While we
expect TUI to be below our upside trigger for S&P Global
Ratings-adjusted debt to EBITDA of 5.0x, we note that the company
has tight covenants on its RCFs (maturing in July 2024). The net
debt-to-EBITDA test is set at 4.5x in March 2023 and 3.0x
thereafter. We estimate covenant-defined net debt to EBITDA at
about 2.4x-2.6x at September 2023, leaving approximately 20%
headroom. We also expect the headroom to be narrower in the first
half of each fiscal year, as the group experiences breakeven funds
from operations (FFO) and high working capital outflows. While the
rights issue will reduce S&P Global Ratings-adjusted leverage by
about 0.3x in fiscal 2023, it will have limited impact on our
forecast covenant leverage, since government obligations are mainly
treated as equity-like instruments. Any additional capital would
improve covenant headroom beyond 20%.

"TUI's liquidity is supported by a EUR2.1 billion KfW facility and
EUR1.5 billion bank RCF. We view TUI's liquidity as adequate. The
group had about EUR1.0 billion of unrestricted cash as of Dec. 31,
2022, and EUR1.1 billion undrawn RCFs. We note that both RCFs
mature in July 2024 and view the extension of the facilities as
needed to support the company's adequate liquidity profile, which
is characterized by significant seasonality. As a result, we see
sizeable intrayear working capital swings of EUR1.0 billion-EUR1.5
billion (mainly related to prepayments from customers) in a normal
business environment. The necessity of having sizeable backup
facilities was evident in first-quarter fiscal 2023, when we saw an
exceptionally high buildup of working capital in of -EUR1.7 billion
compared to -EUR0.9 billion for the same period in 2022, which is a
result of later booking patterns post COVID. Based on the latest
customer bookings, we understand this should normalize in
second-quarter fiscal 2023."

If the planned equity increase exceeds the repayment of the
residual WSF and silent participation obligations, we would expect
some cancelations of the EUR2.1 billion KfW credit facilities (EUR1
billion drawn as of Dec. 31, 2022) and an increase in cash on
balance that can be used to lower the utilization of its bank RCF
(drawn at EUR1.4 billion as of Dec. 31, 2022) in fiscal 2023.

S&P said, "The CreditWatch positive placement reflects our view
that TUI will successfully engage in a rights issue and repay at
least EUR479 million of its residual government obligations at
market value, which could require raising up to EUR957 million of
equity capital. Depending on the magnitude of the rights issue, we
could upgrade TUI by at least one notch. Any additional proceeds
are expected to improve liquidity.

"We aim to resolve the CreditWatch placement within the next six
months, by which time we expect TUI will have placed the rights
issue."

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

Environmental factors are now a moderately negative consideration,
reflecting that TUI operates 133 aircrafts and 16 ships and that
TUI will be increasingly under scrutiny to reduce greenhouse gas
emissions, in line with the broader airline and cruises industry.
S&P understands TUI plans to continue upgrading its fleet with more
fuel-efficient aircraft and ships. In its recently published
sustainability agenda "People, Planet, Progress," TUI targets
reducing carbon emissions for its hotels by 46.2%, TUI Airline by
24%, and cruises by 27.5% by 2030 compared to base year 2019. The
aviation and maritime transport (cruise) industry are covered by
the European Trading Schemes (ETS) and need to align with ETS
reporting requirements and greenhouse gas reduction targets, which
could result in higher costs if carbon emissions exceed free
credits.

Social factors are now a moderately negative consideration in S&P's
credit rating analysis of TUI, reflecting the group's recovery from
the pandemic's unprecedented impact in 2020 and 2021. TUI has shown
its ability to rebound once restrictions were lifted completely in
2022. S&P said, "We expect that the group can achieve 2019 levels
by latest 2024, with cruises recovering last. This was an extreme
disruption and even though it is unlikely to recur in the same
magnitude, we believe the sector remains sensitive to health and
safety issues, which could result in future business disruption.
Moreover, uncertainty regarding mobility restrictions could
continue to drive late bookings, thereby heightening TUI's working
capital needs."

Governance factors remain a moderately negative consideration. S&P
said, "We believe TUI has a high tolerance toward risk. We saw this
in a group funding that relied partly on customer holiday
prepayments that became due to be repaid when holidays got
cancelled during the pandemic, alongside its reliance on
extraordinary government support to enhance its liquidity during
the pandemic. We also note that the company's largest shareholder,
Alexey Mordachov, indirectly held 30.9% of shares in TUI as of
September 2022." Mr. Mordashov is sanctioned by the EU related to
the war in Ukraine. S&P's understanding is that the rights issue
would dilute his shareholdings below 30%, since sanctioned
shareholders are exempt from the rights issue.

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

-- Health and safety




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

ICON PLC: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating and Ba1-PD probability of default rating of ICON Plc ("ICON"
or "the company"). At the same time, Moody's has also affirmed the
Ba1 ratings of the senior secured bank credit facilities issued by
ICON Luxembourg S.a.r.l. and PRA Health Sciences, Inc. The outlook
on all ratings has been changed to positive from stable.

RATINGS RATIONALE

The change in outlook to positive primarily reflects Moody's
expectation of continued good operating performance and ICON
delivering on its commitment to deleverage through debt repayments
with most available free cash flow (FCF). The company's financial
strategy and risk management, including its leverage, dividend and
capital allocation policies, are considered a governance
considerations under Moody's ESG framework and were key to the
rating action. Moody's forecasts that key credit metrics will
improve towards an investment grade level over the next 12-18
months, with a Moody's-adjusted gross leverage declining below 3.0x
and Moody's-adjusted FCF to debt improving above 20%, as well as
continued excellent liquidity.

The rating affirmation considers Moody's expectation that ICON's
operating performance will remain solid. The agency forecasts that
the company's top line growth around the mid-single digits in
percentage terms over the next two years, and that its
Moody's-adjusted EBITDA margin will trend to around 19% over the
next 12-18 months. The above is despite some downside risks for
contract research organization (CRO) industry because Moody's
expects a slower growth pace in the R&D spending in the
biopharmaceutical industry, which is an important driver of future
growth for the CRO industry.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that ICON will
continue to have a strong operating performance and liquidity
profile, over the next 12-18 months. The outlook also reflects the
agency's expectations of a continued conservative financial policy
focused on deleveraging and prudent shareholder distributions that
will support deleveraging below 3.0x (Moody's adjusted gross
leverage) and Moody's-adjusted FCF to debt increasing above 20%,
over the next 12-18 months.

LIQUIDITY PROFILE

ICON has a strong liquidity, supported by cash and marketable
securities of USD609 million as of September 30, 2022, and access
to a fully undrawn senior secured revolving credit facility (RCF)
of USD300 million issued under ICON Luxembourg S.a.r.l. In Moody's
forecast horizon through 2024, the agency has assumed that working
capital requirements will normalize at around USD75-100 million per
year and capital expenditure will represent around 2.5% of revenue.
Moreover, Moody's continues to assume that the company will repay
debt with available FCF and that share buybacks and bolt-on
acquisitions remain secondary to debt repayments, over the next
12-18 months.

The RCF includes a springing financial covenant set at a
consolidated net leverage of 5.75x until June 30, 2023, then
decreasing to 4.5x thereafter, tested only when the RCF is drawn by
more than 30%. Moody's anticipates the company to have significant
capacity against this threshold, if tested.

STRUCTURAL CONSIDERATIONS

ICON's Ba1-PD probability of default rating (PDR) reflects the use
of a 50% family recovery assumption, consistent with a capital
structure, including a mix of bond and bank debt. The Ba1
instrument ratings of the backed senior secured global notes, the
senior secured term loan B (TLB), and senior secured RCF reflect
their pari passu ranking, with upstream guarantees from significant
subsidiaries of ICON Plc that account for at least 80% of
consolidated EBITDA. The security package consists of first
priority liens over shares and selected assets of the borrower and
guarantors, subject to customary exceptions.

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

Upward pressure could arise if ICON continues to deliver a solid
operating performance and maintains conservative and predictable
financial policy, with longer term visibility into potential for
transformative M&As and shareholder distributions. Numerically
Moody's will be looking for the company to reduce its leverage
(Moody's-adjusted gross debt/EBITDA) below 3x on a sustained basis,
and Moody's-adjusted FCF to debt to trend towards 20%.

Conversely, downward pressure could develop if operating
performance deteriorates leading to a delay in deleveraging, with
Moody's-adjusted gross debt/EBITDA remaining above 4x on a
sustained basis; if there is a significant change in the company's
financial policy which currently aims to repay debt with available
FCF; or there is a significant deterioration in the business
prospects for or market conditions of the CRO industry.

LIST OF AFFECTED RATINGS:

Issuer: ICON Luxembourg S.a.r.l.

Affirmations:

Senior Secured Bank Credit Facility, Affirmed Ba1

Outlook Actions:

Outlook, Changed To Positive From Stable

Issuer: ICON Plc

Affirmations:

LT Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Outlook Actions:

Outlook, Changed To Positive From Stable

Issuer: PRA Health Sciences, Inc.

Affirmations:

Senior Secured Bank Credit Facility, Affirmed Ba1

BACKED Senior Secured Regular Bond/Debenture, Affirmed Ba1

Outlook Actions:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

ICON Plc is a globally operating CRO. The company provides
outsourced development services to the pharmaceutical,
biotechnology and medical device industries. ICON specialises in
the strategic development, management and analysis of programmes
that support clinical development, from compound selection to Phase
1-4 clinical studies. The company was founded in 1990 in Dublin,
Ireland, where it is headquartered. The company had revenue of
USD7.7 billion and company adjusted EBITDA of USD1.4 billion for
the last twelve months to September 2022.




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

4MORI SARDEGNA: DBRS Lowers Class B Notes Rating to CCC
-------------------------------------------------------
DBRS Ratings GmbH downgraded its ratings on the notes issued by
4Mori Sardegna S.r.l. (the Issuer) as follows:

-- Class A to BB (sf) from BB (high) (sf)
-- Class B to CCC (sf) from B (low) (sf)

DBRS Morningstar also changed the trend on the Class A notes to
Negative from Stable and maintained the Stable trend on the Class B
notes.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the Notes). The rating on the Class A
notes addresses the timely payment of interest and the ultimate
payment of principal. The rating on the Class B notes addresses the
ultimate payment of interest and principal on or before the legal
final maturity date. DBRS Morningstar does not rate the Class J
notes.

At issuance, the Notes were backed by a EUR 1.04 billion portfolio
by gross book value (GBV) consisting of secured and unsecured
Italian nonperforming loans (NPLs) originated by Banco di Sardegna
S.p.A.

The majority of loans in the portfolio defaulted between 2008 and
2017 and are in various stages of resolution. As of the cut-off
date, approximately 53% of the pool by GBV was secured. According
to the latest information provided by the servicer in September
2022, 48% of the pool by GBV was secured. At closing, the loan pool
mainly comprised corporate borrowers (approximately 77% by GBV),
which accounted for approximately 75% of the GBV as of September
2022.

The receivables are serviced by Prelios Credit Servicing S.p.A.
(Prelios or the servicer) while Banca Finint S.p.A. operates as
backup servicer.

RATING RATIONALE

The downgrades follow a review of the transaction and are based on
the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of December 31, 2022, focusing on: (1) a comparison between
actual collections and the servicer's initial business plan
forecast; (2) the collection performance observed over recent
months; and (3) a comparison between the current performance and
DBRS Morningstar's expectations.

-- Updated business plan: The servicer's updated business plan as
of June 2022, received in November 2022, and the comparison with
the initial collection expectations.

-- Portfolio characteristics: The loan pool composition as of
September 2022 and the evolution of its core features since
issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the Notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes). Additionally, interest
payments on the Class B notes become subordinated to principal
payments on the Class A notes if the cumulative collection ratio or
present value cumulative profitability ratio is lower than 90%.
These triggers have been breached since the January 2021 interest
payment date (IPD), with the actual figures at 59.0% and 109.1% as
of the January 2023 IPD, respectively, according to the servicer.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4.9% of the sum of Class
A and Class B notes' principal outstanding and is currently fully
funded.

--Interest rate risk: The transaction is exposed to interest rate
risk in a rising interest rate environment due to underhedging of
the rated notes, which have amortized at a slower pace than the cap
notional schedule.

According to the latest investor report from January 2023, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were EUR 123.4 million, EUR 13.0 million, and EUR 8.0
million, respectively. As of the January 2023 payment date, the
balance of the Class A notes had amortized by 46.8% since issuance
and the current aggregated transaction balance was EUR 144.4
million.

As of December 2022, the transaction was performing below the
servicer's business plan expectations. The actual cumulative gross
collections equalled EUR 153.6 million whereas the servicer's
initial business plan estimated cumulative gross collections of EUR
267.1 million for the same period. Therefore, as of December 2022,
the transaction was underperforming by EUR 113.6 million (-42.5%)
compared with the initial business plan expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 199.9 million at the BBB
(low) (sf) stressed scenario and EUR 222.2 million at the B (sf)
stressed scenario. Therefore, as of December 2022, the transaction
was performing below DBRS Morningstar's initial stressed
expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in November 2022, the servicer delivered an updated
portfolio business plan. The updated portfolio business plan
combined with the actual cumulative gross collections of EUR 137.5
million as of June 2022 resulted in a total of EUR 365.1 million,
which is 8.9% lower than the total gross disposition proceeds of
EUR 401.0 million estimated in the initial business plan and
expected to be realized over a longer period of time. The servicer
has been underperforming its updated business plan in the past
semester. Excluding actual collections, the servicer's expected
future collections from January 2023 account for EUR 205.9 million.
The updated DBRS Morningstar BB (sf) rating stresses assume a
haircut of 19.4% to the servicer's updated business plan,
considering future expected collections. In DBRS Morningstar's CCC
(sf) scenario, DBRS Morningstar only adjusted the updated
servicer's forecast in terms of actual collections to date and
timing of future expected collections. The negative trend on the
Class A notes addresses the interest rate exposure due to
underhedging, which, combined with persisting delays in
collections, might result in further downgrades, should interest
rates increase and/or recoveries be delayed more than expected in
the respective rating stress scenario.

The final maturity date of the transaction is in January 2037.

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

Notes: All figures are in euros unless otherwise noted.


MAIOR SPV: DBRS Lowers Class A Notes Rating to CCC(high)
--------------------------------------------------------
DBRS Ratings GmbH downgraded its rating on the Class A notes issued
by Maior SPV S.r.l. (the Issuer) to CCC (high) (sf) from BB (sf)
and changed the trend on the rating to Negative from Stable.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the notes). The rating on the Class A
notes addresses the timely payment of interest and the ultimate
repayment of principal. DBRS Morningstar does not rate the Class B
or Class J notes.

At issuance, the notes were backed by a EUR 2.75 billion portfolio
by gross book value (GBV) consisting of secured and unsecured
Italian nonperforming loans (NPLs) originated by Unione di Banche
Italiane S.p.A. and IW Bank S.p.A.

The majority of loans in the portfolio defaulted between 2013 and
2017 and are in various stages of resolution. As of the cut-off
date, approximately 47% of the pool by GBV was secured. According
to the latest information provided by the servicer in December
2022, 40% of the pool by GBV was secured. At closing, the loan pool
mainly comprised corporate borrowers (approximately 83% by GBV),
which accounted for approximately 86% of the GBV as of December
2022.

The receivables are serviced by Prelios Credit Servicing S.p.A.
(Prelios or the servicer) while Banca Finint S.p.A. (formerly
Securitization Services S.p.A.) operates as the backup servicer.

RATING RATIONALE

The downgrade follows a review of the transaction and is based on
the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of December 31, 2022, focusing on: (1) a comparison between
actual collections and the servicer's initial business plan
forecast; (2) the collection performance observed over recent
months; and (3) a comparison between the current performance and
DBRS Morningstar's expectations.

-- Updated business plan: The servicer's updated business plan as
of June 2022, received in February 2023, and the comparison with
the initial collection expectations.

-- Portfolio characteristics: The loan pool composition as of
December 2022 and the evolution of its core features since
issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes). Additionally, interest
payments on the Class B notes become subordinated to principal
payments on the Class A notes if the cumulative collection ratio or
the present value cumulative profitability ratio is lower than 90%.
These triggers have been breached since the January 2022 interest
payment date (IPD), with the actual figures at 62.5% and 102.6% as
of the January 2023 IPD, respectively, according to the servicer.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure and covering
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4.0% of the Class A
notes principal outstanding and is currently fully funded.

According to the latest investor report from January 2023, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were EUR 308.2 million, EUR 60.0 million, and EUR 26.9
million, respectively. As of the January 2023 payment date, the
balance of the Class A notes had amortized by 51% since issuance
and the current aggregated transaction balance was EUR 395.1
million.

As of December 2022, the transaction was performing below the
servicer's business plan expectations. The actual cumulative gross
collections equaled EUR 444.9 million whereas the servicer's
initial business plan estimated cumulative gross collections of EUR
693.7 million for the same period. Therefore, as of December 2022,
the transaction was underperforming by EUR 248.8 million (-35.9%)
compared with the initial business plan expectations. During 2021,
out of the EUR 102.9 million of gross collections registered, EUR
44.8 million (43.5%) were derived from note sales, with a material
discount to the servicer's initial lifelong expectations for the
receivables.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 258.1 million at the BBB
(low) (sf) stressed scenario. Therefore, as of December 2022, the
transaction was performing above DBRS Morningstar's initial
stressed expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in February 2023, the servicer delivered an updated
portfolio business plan. The total gross proceeds when combining
the actual cumulative gross collections of EUR 411.4 million as of
June 2022 and the estimated gross proceeds from the updated
business plan amount to EUR 796.6 million, which is 20.9% lower
than the total gross disposal proceeds of EUR 1,007.2 million
estimated in the initial business plan. The performance of the
portfolio has been broadly in line with the updated business plan
in the past semester. Excluding the actual collections, the
servicer's expected future collections from January 2023 amount to
EUR 351.6 million. The updated DBRS Morningstar CCC (high) (sf)
rating stress assumes a 5.3% haircut to the servicer's updated
business plan, considering future expected collections. Considering
the senior costs and interest and fees due on the notes, the full
repayment of Class A principal is increasingly unlikely.

Notes: All figures are in euros unless otherwise noted.




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

DTEK RENEWABLES: Fitch Lowers LongTerm IDRs to 'C' on Tender Offer
------------------------------------------------------------------
Fitch Ratings has downgraded DTEK Renewables B.V.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'C'
from 'CC' following a tender offer to the holders of its EUR325
million 8.5% euro-denominated green bonds. Fitch will deem
execution of the offer as a distressed debt exchange (DDE).

KEY RATING DRIVERS

Tender Offer a DDE: Fitch regards DTEK Renewables' tender offer for
part of its bonds as a DDE, as the tender offer will be executed
well below par and is part of a series of measures the company is
adopting to reduce the probability of future defaults. However,
Fitch deems them as very likely, in light of the issuer
experiencing a severe situation of distress, including harsh
operational disruptions, limited foreign-currency liquidity held
abroad and restrictions on cross-border foreign-currency payments.

Repurchase Below Par: DTEK Renewables plans to purchase part of its
outstanding EUR325 million green bonds, paying EUR14.98 million of
its cash in offshore accounts to repurchase EUR35.47 million of its
outstanding green bonds. The buyback will consist of a material
reduction in terms as it is well below par.

Tender Will Deplete Cash: Upon execution of the tender offer, DTEK
Renewables will use a substantial part of its cash in offshore
accounts for the repurchase of the notes. The repurchase will leave
DTEK Renewables with liquidity in accounts outside Ukraine
sufficient only for the upcoming coupon payment in May 2023 of
about EUR12 million (reduced from about EUR13 million previously).

Moratorium on Foreign-Currency Payments: DTEK Renewables has so far
not been granted an exception to the foreign-exchange (FX) transfer
moratorium, without which it cannot transfer cash available in
Ukraine abroad to pay its international bondholders. Since the war
started, DTEK Renewables has been servicing its foreign-currency
debt using cash on dedicated debt service (for loans) or interest
reserve accounts (for bonds) and other financial sources.

RD Upon Tender Completion: Fitch expects to downgrade the IDR to
'RD' (restricted default) on completion of the tender offer and
simultaneously re-rate the company at 'CC' to reflect its
post-transaction capital structure.

Negotiations to Defer Loan Repayment: DTEK Renewables is
negotiating with its bank creditors to amend the repayment schedule
to end-2023. In September 2022, DTEK Renewables used the remaining
cash from its debt service reserve account, which has since not
been topped up. In November 2022, a project finance subsidiary
failed to pay EUR9 million of the next scheduled payment on its
bank debt, although it is not guaranteed by DTEK Renewables.

Severe Operational Disruptions: DTEK Renewables' production has
been significantly reduced by the war, with energy produced from
March 2022 to December 2022 70% lower than year ago, to 521MWh from
1,739MWh. With the exception of Tiligulskaya WPP, its wind farms
stopped operations, immediately when the war started due to grid
connection disruptions and being located in Russian-occupied
territories. A significant majority of solar farms continue to
generate electricity but Ukraine's energy infrastructure has
increasingly been targeted by Russian attacks, both the generating
assets and the electricity grids.

Strained Cash Flows: Payments from the guaranteed buyer under the
feed-in-tariff weakened to 84% in December 2022 after reaching its
peak of 93% in November from only about 17% of the amounts due from
March to May 2022. The level of settlements in the following months
is conditional on the overall energy market in Ukraine, including
the financial and liquidity position of the main energy market
participants and liquidity support from international financial
institutions.

DERIVATION SUMMARY

DTEK Renewables' 'C' IDRs denote that a default or default-like
process has begun.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

- Operations and available assets maintained at current levels into
2023, with a majority of solar plants operating and no operation of
wind farms, except for the 36MW Tiligul wind farm

- Electricity production to remain at current level, 67% lower than
in pre-war times

- Collection of receivables from the guaranteed buyer at 70% of the
amounts due from 2023 onwards

- Capex limited to maintenance (about EUR10 million annually from
2023) with all development projects postponed, including the
Tiligul project with 386MW)

- Repayments from the guaranteed buyer of UAH2,700 million at the
start of 2022 not included in EBITDA

KEY RECOVERY RATING ASSUMPTIONS

- The recovery analysis assumes that DTEK Renewables would be a
going concern (GC) in bankruptcy and that the company would be
reorganised rather than liquidated

- A 10% administrative claim

- The assumptions cover the guarantor group only

- Its GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
valuation of the company

- The GC EBITDA of subsidiaries Orlovsk WPP, Pokrovsk SPP and
Trifanovka SPP of about EUR23 million is factored into its GC
EBITDA for DTEK Renewables

- Enterprise value multiple at 3x

- These assumptions result in a recovery rate for the senior
unsecured debt at 'RR5' with a waterfall generated recovery
computation within the 11%-30% band.

RATING SENSITIVITIES

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

- An upgrade is unlikely due to the expected DDE

- The timely payment of upcoming interest and maturities from cash
in current accounts on being granted exception to the FX transfer
moratorium

- Cessation of military conflict, resumption of normal business
operations and improved liquidity

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

- Execution of a DDE or non-payment of interest and the maturing
principal, which would result in a downgrade to 'RD'. The IDR will
be further downgraded to 'D' if DTEK Renewables enters into
bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedures, or ceases business

ISSUER PROFILE

DTEK Renewables is the owner of wind and solar power generation
assets with 986MW capacity in Ukraine.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating        Recovery   Prior
   -----------               ------        --------   -----
DTEK Renewables
Finance B.V.

   senior
   unsecured        LT        C  Affirmed     RR5       C

DTEK Renewables
B.V.                LT IDR    C  Downgrade              CC

                    LC LT IDR C  Downgrade              CC


PIETER POT: Averts Bankruptcy After Suppliers Drop Some Debts
-------------------------------------------------------------
Fresh Plaza, citing retaildetail.eu, relates that packaging-free
online supermarket Pieter Pot says to have turned a corner after
reports about a looming bankruptcy.

As major suppliers have agreed to drop some outstanding debts, the
Dutch e-tailer can look forward to the future, Fresh Plaza notes.




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

UZBEKGEOFIZIKA JSC: S&P Assigns 'B-' LongTerm Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to JSC Uzbekgeofizika, a small, state-owned oilfield services
company operating in Uzbekistan with EBITDA of just $6 million in
2021.

The stable outlook reflects S&P's view that risks associated with
weak liquidity are balanced with the company's oversight by and
potential extraordinary support from the state.

Uzbekgeofizika's business risk profile is heavily influenced by its
tiny size, small scale of operations, and limited customer
diversification. The company performs 2D and 3D seismic
explorations and analysis for the State Committee on Geology (about
60% of revenue), JSC Uzbekneftegaz (about 20%), and other external
clients mainly in Uzbekistan. Uzbekgeofizika is significantly
smaller than its direct peers in the geoseismics industry (CGG and
PGS), recording $41 million of revenue in 2021 versus $1,063
million for CGG and $704 million for PGS. The company's expertise
is limited to Uzbekistan's oil and gas (O&G) field areas, where it
imports equipment, and lacks the international expertise and
technological advantages (such as MultiClient library at PGS). The
weak pricing mechanisms result in lower EBITDA margins than peers',
with 15% in 2021 compared with 25% at CGG and 41% at PGS. Its
profit margin from government contracts is just 10% (for
Uzbekneftegaz, S&P understands prices are based more on market
rates).

However, Uzbekgeofizika benefits from its close ties with the
government. Unlike CGG and PGS, which are exposed to the volatility
of the O&G service industry and vulnerable to upstream budget
fluctuations, the company has good visibility over its planned
backlog for the next couple of years (for almost full operational
capacities). The State Committee on Geology develops a medium-term
program of geoseismic scanning to be performed by Uzbekgeofizika,
and it is unlikely to be scaled down. Indeed, it's currently
ramping up as Uzbekistan suffers from gas shortages.

The company's aggressive liquidity management and write-offs of
past receivables from Uzbekneftegaz constrain its financial
profile.At year-end 2022, the company's leverage was relatively
low, with just Uzbekistani sum (UZS) 22 billion of financial debt,
which corresponds to our estimate of S&P Global Ratings-adjusted
funds from operations (FFO) to debt of about 60% (54% in 2021).
This is much more favorable than that of direct peers (CGG reported
FFO to debt of 14% in 2021; PGS: 15%) and some other corporates in
Uzbekistan (Uzbekneftegaz had FFO to debt of 7% in 2021). However,
all Uzbekgeofizika's financial debt was short term and due within
two months. S&P said, "It was primarily raised for working capital
funding due to shortages in liquidity, and we believe this has been
recurring. The situation is aggravated by delays to receivables
payments from Uzbekneftegaz for past services provided, which
mainly relate to when Uzbekgeofizika was being separated from that
entity, and Uzbekneftegaz disputed some of the works performed.
That also resulted in material write-offs of receivables for
Uzbekfgeofizika over 2020-2022 of about UZS10 billion-UZS25 billion
annually. In 2021, Uzbekgeofizika's total receivables balance
increased by 47% to UZS185 billion, which is roughly 2.7x EBITDA
for that year. We understand the situation has recently improved,
with Uzbekneftegaz signing a plan for gradual receivables
repayments to Uzbekgeofizika. At the same time, we note the
company's cash flows are vulnerable to the timely receipt of
payments from its customers. This factor, combined with very
short-term debt raised to fund the working capital and operational
activities and weak liquidity, leads us to assess the stand-alone
credit profile (SACP) of Uzbekgeofizika at 'ccc+'."

S&P thinks there is a moderate likelihood that the government will
provide timely and sufficient extraordinary financial support to
the company. This view is based on what S&P sees as:

-- A strong link with the government of Uzbekistan, given the
government is the company's key customer and 100% owner, as well as
examples of tangible state support in the past, which included
conversion of debt into equity and capital injections in 2020-2021;
and

-- Limited role within the wider economy, which reflects the
company's tiny size, potential replaceability by international
peers, and our view that a potential default of the company would
not affect any sector of the economy. Moreover, S&P thinks there is
low reputational risk for other state-owned corporate borrowers in
Uzbekistan or the sovereign itself should the company fall into
financial distress.

S&P said, "We expect the government of Uzbekistan to retain its
control over the company even after the planned IPO. Currently the
combination of the sovereign rating on Uzbekistan, our SACP
assessment for Uzbekgeofizika, and the level of extraordinary
support we see for the company leads us to apply a one-notch uplift
to its SACP to derive the issuer credit rating.

"The stable outlook reflects our view that risks associated with
weak liquidity, reliance on very short-term debt to fund working
capital needs, and material planned equipment purchases are
balanced with the envisaged order backlog for the next couple of
years and potential extraordinary support from the state (the
company's main shareholder and customer).

"We could lower the rating if we decided that the government was
less inclined to provide financial aid to the company to support
its operations and liquidity or if we saw signs Uzbekgeofizika was
being replaced by competitors, for example, by losing its stable
order backlog from the State Committee on Geology and
Uzbekneftegaz.

"We are unlikely to take a positive rating action in the next 12
months given the planned high investment needs and weak liquidity.
If we revised the SACP upward by one notch (for instance, if the
liquidity issues were resolved), this would not automatically lead
to an upgrade, but in combination with an upgrade of the sovereign
might create upside potential for the rating on Uzbekgeofizika."

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

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Uzbekgeofizika, which is active in
seismic data and analysis, in line with other oilfield services
companies. This is explained by the company's significant exposure
to the O&G end markets, rather than its actual greenhouse gas
emissions. Governance factors are a negative consideration in our
credit rating analysis of Uzbekgeofizika, similar to corporate
peers in Uzbekistan and Kazakhstan. The company is approaching
greater disclosure and transparency, having only recently started
preparing disclosures under IFRS. We think the company's governance
still lags international best practice, especially when compared
with those of public companies in developed markets. Moreover, our
assessment reflects the elevated country-related governance risks
in Uzbekistan, where Uzbekgeofizika's operations are
concentrated."




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

AUTONORIA DE 2023: DBRS Gives Prov. BB Rating on Class E Notes
--------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
notes (the Rated Notes) to be issued by Autonoria DE 2023 (the
Issuer):

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

DBRS Morningstar did not assign a provisional rating to the Class G
Notes (collectively with the Rated Notes, the Notes) also expected
to be issued in this transaction.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. These ratings will be finalized upon a review of the
final version of the transaction documents and of the relevant
opinions. If the information therein were substantially different,
DBRS Morningstar may assign different final ratings to the Rated
Notes.

The ratings on the Class A and Class B Notes address the timely
payment of scheduled interest and the ultimate repayment of
principal by the final maturity date. The ratings on the Class C,
Class D, Class E, and Class F Notes address the ultimate (but
timely when most senior) payment of interest and the ultimate
repayment of principal by the final maturity date.

The transaction represents the securitization of receivables
relating to a pool of retail vehicle loan receivables originated by
BNP Paribas S.A., Niederlassung Deutschland (BNPP DE; the Seller
and Servicer) through its Consors Finanz brand to German
borrowers.

The ratings are based on the following considerations:

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

-- Credit enhancement levels that are sufficient to support DBRS
    Morningstar-projected expected net losses under various
    stress scenarios.

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

-- BNPP DE's capabilities with respect to originations,
    underwriting, servicing, and financial strength.

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

-- The transaction parties' financial strength with regard to
    their respective roles.

-- The credit quality and concentration of the collateral and
    historical and projected performance of the Seller's
    portfolio.

-- The sovereign rating on the Federal Republic of Germany,
    currently rated AAA with a Stable trend by DBRS Morningstar.

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

TRANSACTION STRUCTURE

The transaction has a scheduled revolving period of six months and
during this time, the originator may offer additional receivables
that the Issuer can purchase provided that the eligibility criteria
and concentration limits set out in the transaction documents are
satisfied. The revolving period may end earlier than scheduled if
certain events occur, such as the breach of performance triggers, a
Seller insolvency, or a Servicer default.

During the revolving period, the Issuer applies the available funds
in accordance with two separate principal and interest priorities
of payments. Prior to a sequential redemption event, principal is
allocated to the Notes on a pro rata basis. Following a sequential
redemption event, principal is allocated on a sequential basis.
Once the amortization becomes sequential, it cannot switch to pro
rata.

The transaction benefits from an amortizing liquidity reserve
funded at closing to an amount equal to 1.55% of the Rated Notes
and floored at 0.50% of the Rated Notes' initial balance as at the
closing date. The reserve is only available to the Issuer in
restricted scenarios where the interest and principal collections
are not sufficient to cover the shortfalls in senior expenses,
interest on the Class A Notes and, if not deferred, interest
payments on other classes of Rated Notes.

Principal available funds may be used to cover certain senior
expenses and interest shortfalls that would be recorded in the
transaction's principal deficiency ledger (PDL) in addition to the
defaulted receivables. The transaction includes a mechanism to
capture excess available revenue amount to cure PDL debits and also
interest deferral triggers on the subordinated classes of Rated
Notes, conditional on the PDL debit amount and seniority of the
Rated Notes.

COUNTERPARTIES

BNP Paribas S.A. (BNPP) is the account bank and swap counterparty
for the transaction. DBRS Morningstar has Long-Term Issuer Rating
of AA (low) and a Critical Obligations Rating of AA (high) on BNPP,
which meets its criteria to act in such capacity.

The transaction documents contain downgrade provisions relating to
the account bank consistent with DBRS Morningstar's criteria. The
hedging documents also contain downgrade provisions consistent with
DBRS Morningstar's criteria.

Notes: All figures are in euros unless otherwise noted.


FOODCO BONDCO: S&P Lowers LT ICR to 'SD' on Standstill Agreement
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Foodco Bondco SAU to 'SD' from 'CCC-' and its issue ratings on the
company's senior secured debt to 'D' (default) from 'CCC-'.

The downgrade follows the company's announcement of a standstill
agreement with an ad hoc group of senior secured noteholders. The
agreement will last until at least April 15, 2023. The company will
not make any payments due under the notes until that date, which we
view as akin to a default under our criteria. S&P said, "We
therefore lowered our ratings on the company's debt instruments to
'D'. The recovery rating on these obligations remains unchanged at
'4', reflecting our estimate of about 45% recovery. Foodco Bondco
is the issuer of the 6.25% senior secured notes due 2026, and Food
Delivery Brands Group S.A. is the parent entity."

The standstill agreement is a first step before a wider debt
restructuring. On Nov. 25, 2022, the group announced it had hired a
financial advisor to facilitate discussions regarding restructuring
the group's debt. S&P understands that a debt-for-equity swap is
highly likely and current shareholders' stakes would be diluted as
a result. The group's other instruments, namely a loan from the
Instituto de Credito Oficial and the group's revolving credit
facility, are still being serviced, notably because the senior
secured noteholders have agreed to a EUR31 million term facility
that enables the group to meet its wider liquidity needs.

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




=====================
S W I T Z E R L A N D
=====================

ARCHROMA HOLDINGS: S&P Affirms 'B' LongTerm ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit ratings
on Switzerland-based Archroma Holdings S.a.r.l. and raised its
issue ratings on its senior secured term loans to 'B+' from 'B'.

The stable outlook reflects S&P's expectation that Archroma's
operating performance should recover following the challenging
first quarter of the fiscal year ending Sept. 30, 2023.

Archroma's acquisition of Huntsman Textile Effects is now expected
to close by the end of February 2023.On Aug. 9, 2022, Archroma
signed a definitive agreement to buy Huntsman's Textile Effects
division, based on a cash purchase price of $576 million. S&P said,
"The acquisition is being mostly financed with preferred equity
($598 million; or $577 million net of associated fees) that we
treat as debt and common equity ($100 million). The acquisition
will create a world leader in fragmented textile chemicals and
dyes, and we expect synergy plans to improve Archroma's cost
position in the coming years. That said, we view the group's
increased exposure to high-growth countries as somewhat mitigated
by greater exposure to those displaying high country risk.
Furthermore, we believe the acquisition will increase the company's
exposure to the apparel end market, which is highly competitive and
cyclical."

Archroma's proposed amendment and extension of its debt will
improve the capital structure by reducing refinancing risk.
Archroma launched the amend-and-extend process with the intention
to extend the maturity of the previous $734 million equivalent term
loan B (TLB) to June 2027 and increase its RCF to $160 million
while extending its maturity to March 2027. The key amendments
are:

-- $850 million-equivalent TLB (in euro and U.S. dollars),
    with the maturity extended to June 2027.

-- Up to $160 million RCF, with maturity extended to March 2027.

-- Refinancing and cancellation of the $75 million capital
    expenditure (capex) facility.

-- Modest cash overfunding that will be used for general
    corporate purposes.

S&P understands that the extension is 100% voluntary and that
existing lenders that cannot roll over debt will be repaid at par.
Consenting lenders will likely also be compensated by higher
margins than the existing debt and potentially OID for such
transactions.

S&P said, "We anticipate an improvement in the operating
performance in 2023 following a challenging first quarter ended
Dec. 31, 2022. Archroma's operating performance was hampered by
customers' substantial destocking through the second half of the
calendar year 2022. Sales volumes were down 23.9% in the quarter
ended Dec. 31, versus the same period the previous year. By the
third quarter of 2022, retail inventory levels were at an
unprecedented high due to supply chain disruptions, which caused
retailers to bring forward seasonal inventory purchases, as well as
softening consumer demand. We understand that inventory levels are
reducing, which should translate into higher volumes for Archroma
in 2023. Archroma's adjusted leverage should therefore temporarily
increase beyond 6.5x in fiscal year 2023 due to weaker
first-quarter results than initially expected but we expect
leverage to go below 6.5x (or 4.4x-4.5x excluding the preferred
equity certificates) in calendar year 2023 and fiscal year 2024.

"With higher cash interest and a weaker first quarter, we expect
Archroma to report modest free operating cash flow (FOCF) this
year.We anticipate modest FOCF (excluding integration costs) of
about $25 million in fiscal year 2023, increasing to $90
million-$100 million in fiscal year 2024. This is because we expect
the combined entity will be able to achieve synergies, with cost
savings of about $30 million in fiscal year 2023 thanks to
alignment of team structures, reduction of overlapping positions,
and savings on IT spending. Because we see a material change in the
entity's business profile, we exclude nonrecurring items from our
earnings and operating cash flow calculation. If we were to include
nonrecurring items or integration costs, we believe FOCF could turn
negative this year and the company would generate modest cash flows
next year.

"The stable outlook reflects our expectation that Archroma's
operating performance should recover following the challenging
first quarter ended Dec. 31, 2022. Leverage will temporarily exceed
6.5x in fiscal year 2023 before improving to 5.6x-5.8x in fiscal
year 2024. We also expect leverage close to 6.5x, on a
last-12-months basis, coupled with positive FOCF excluding
integration costs."

S&P could lower the ratings if:

-- The group experiences margin pressure, for example due to
    slower-than-anticipated passthrough of rising energy costs
    to customers, as well as lower volumes, such that S&P
    expected FFO cash interest coverage to fall below 2x and
    FOCF to be negative for a sustained period; or

-- Adjusted total debt to EBITDA remains significantly above
    6.5x (including preferred equity certificates) for a
    sustained period.

S&P could also take a negative rating action if

-- The group does not finalize the contemplated
    amend-and-extend transaction after closing of the
    Huntsman Textile Effects acquisition; or

-- The sponsor follows a more aggressive strategy, for
    example, by pursuing higher cash-pay debt leverage to
    fund further acquisitions, refinance part or all of
    the subordinated debt, or fund shareholder returns.

S&P could raise the rating if:

-- Adjusted leverage stays below 5x and the owner commits
    to maintaining it below this level; and

-- S&P is confident that Archroma can consistently generate
    positive FOCF of at least $50 million, supported by
    resilient profitability and stability in its end markets.

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




===========
T U R K E Y
===========

LIMAKPORT: Fitch Puts 'B' Rating on $370MM Sec. Notes on Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has placed Limak Iskenderun Uluslararasi Liman
Isletmeciligi A.S.'s (LimakPort) USD370 million senior secured
notes' 'B' rated on Rating Watch Negative (RWN).

RATING RATIONALE

On February 6, 2023, Turkiye suffered two major earthquakes that
affected Iskenderun and some of the key industrial areas in
LimakPort's hinterland.

The RWN reflects the uncertainty around the timing of resumption of
operations, the expected use of liquidity reserves to fund fixed
costs and debt service as well as the uncertainty around the timing
of any insurance claim receipts for damage repair and business
interruption.

The port operations are halted while the damage to the
infrastructure is assessed. Repairs are expected to take place in
the coming months. LimakPort has notified the concession grantor of
this force majeure event. The grantor has the right to terminate
the concession if the force majeure event lasts longer than eight
months. This is not its base case scenario.

LimakPort's currently available liquidity (not including any
expected insurance claims) will cover around 11 months of debt
service and fixed operational expenses. However, LimakPort may also
need to use these funds to pre-fund reconstruction pending
insurance receipts.

RATING SENSITIVITIES

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

-- A downgrade of Turkiye's sovereign rating.

-- Failure to restart operations in the coming months,
    delays in receipt of insurance claims or other factors
    leading to a significant depletion of cash reserves could
    lead to a multiple-notch downgrade.

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

-- Successful restart of full operations within six months,
    clear visibility of cash flow generation paired with a
    solid liquidity position and clarity on the financing
    of restoration works.

ESG CONSIDERATIONS

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

   Entity/Debt                   Rating               Prior
   -----------                   ------               -----
Limak Iskenderun
Uluslararasi
Liman Isletmeciligi
A.S.

   Limak Iskenderun
   Uluslararasi
   Liman Isletmeciligi
   A.S./secured/1 LT          LT B  Rating Watch On     B




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

BEDLAM BREWERY: Bought Out of Administration by Directors
---------------------------------------------------------
Gary Lloyd at The Morning Advertiser reports that East Sussex craft
beer brewer Bedlam Brewery has been acquired out of administration
by several of the business's directors but will be run with a
skeleton staff.

Bedlam confirmed it had entered administration on Feb. 17 despite
sales in 2022 being up 40% versus 2021, marking an end to its 11
years of trading, The Morning Advertiser relates.

According to The Morning Advertiser, the brewery, which is based in
Plumpton Green, 10 miles north of Brighton, said: "Following an
open and rigorous sales process undertaken by the administrators
and their agents, a new company, Renatus Brewing, owned by several
of the company's directors, has acquired the Bedlam brand, our
award-winning beers and all the current stock."

The brewery estimated some 18 months' worth of trading revenues
have been lost since March 2020 as a result of the pandemic, and,
more recently, the cost-of-living crisis, The Morning Advertiser
discloses.

It said input costs have increased materially over the past 12
months, including ingredients, packaging and utilities, all of
which have conspired to decimate the company's finances, The
Morning Advertiser notes.


BRITISHVOLT: Recharge Industries Acquires Battery Technology
------------------------------------------------------------
Harry Dempsey and Peter Campbell at The Financial Times report that
Australia's Recharge Industries has bought the fledgling battery
technology of collapsed start-up Britishvolt.

It has been given until the end of next month to close a deal to
buy the failed start-up's site in Northumberland, the FT relays,
citing two people close to the process.

According to the FT, adminiyoiuppstrator EY said on Feb. 27 that
the "majority" of Britishvolt's business and assets had been sold
to Recharge for an undisclosed sum.

The start-up styled itself as the UK's best hope for a homegrown
battery champion, with plans for a GBP3.8 billion gigafactory in
Blyth in Northumberland.

But the group collapsed into administration last month after
running out of cash, forcing it to lay off most of its 200 staff
and starting a sales process that attracted dozens of potential
buyers that finally reduced to Recharge, also a start-up, the FT
recounts.

EY agreed to sell the business to the Australian group for about
GBP30 million on Feb. 3, but completion of the deal dragged on for
weeks after the company scrambled to raise funds, according to
multiple people, the FT notes.

Recharge has finalised its deal to buy Britishvolt's IP, including
its prototype battery technology and 26 employees, the FT relates.
It has also been granted an exclusivity period until March 31 to
secure money to buy the start-up's land, according to the people,
the FT discloses.

Britishvolt's technology was developed with the aim of supplying
high-performance cars.  Before it collapsed, the start-up had
already secured a small order from Mercedes-Benz, and was in talks
with several other manufacturers, the FT recounts.

While it was not clear how much Recharge had agreed to pay for
Britishvolt's intangible assets, it had agreed a figure of between
GBP50 million and GBP100 million to gradually pay off a large
number of creditors, according to one of the people, the FT
relates.

The price tag to buy the land and pay the creditor whose debt is
secured against the land is nearly GBP10 million, the FT says,
citing the people.

The site is considered one of the UK's best for a battery
manufacturing plant because of its access to clean energy, a deep
seaport and railhead.  Covenants on the land require a battery
factory is built on the site, according to the FT.

Recharge's difficulties in raising financing and the high levels of
debt that it will take on underline the challenges in rescuing
Britishvolt, which had been bloated with unnecessary costs and
expensive creditor bills, the FT states.


CARDIFF AUTO 2022-1: S&P Raises Class D Notes Rating to 'BB+(sf)'
-----------------------------------------------------------------
S&P Global Ratings raised its credit rating on Cardiff Auto
Receivables Securitisation 2022-1 PLC's class B notes to 'AA (sf)'
from 'A (sf)', class C notes to 'A- (sf)' from 'BBB (sf)', class D
notes to 'BB+ (sf)' from 'BB (sf)', and class E notes to 'B+ (sf)'
from 'B (sf)'. At the same time, S&P affirmed its 'AAA (sf)' rating
on the class A notes.

The ratings actions follow S&P's review of the transaction's
performance and the application of S&P's relevant criteria, and
reflects the transaction's current structural features.

The transaction closed in February 2022. The pool balance had
declined to GBP400.7 million as of the December 2022 interest
payment date, from GBP610.0 million at closing, bringing the
current pool factor (the outstanding collateral balance as a
proportion of the original collateral balance) to approximately
65.6%.

The transaction is static and amortized from day one. Collections
are distributed monthly according to separate interest and
principal waterfalls, paying strictly sequentially.

A combination of subordination and excess spread (if available)
provides credit enhancement to the rated notes. The transaction
also has a liquidity reserve, which was fully funded at closing
through the subordinated loan. There are five nonamortizing
liquidity reserve funds, one for each of the rated classes of
notes, with a target amount of 0.75% of the relevant associated
note balances at closing.

The fully sequential repayment of principal has reduced the class A
notes' balance to GBP206.2 million from GBP414.8 million at
closing.

Since closing, the class A, B, C, D, and E notes have benefited
from credit enhancement build-up. As of the December 2022 investor
report, credit enhancement increased to 48.6% from 32.0% at closing
for the class A notes, to 32.3% from 21.3% for the class B notes,
to 24.3% from 16.0% for the class C notes, to 16.7% from 11.0% for
the class D notes, and to 11.4% from 7.5% for the class E notes.

S&P maintained its 2.00% base-case hostile termination (HT) rate
assumptions, and its 4.35% base-case voluntary termination (VT)
assumptions, which are unchanged since closing.

Under S&P's updated global ABS criteria, S&P has reduced its
stressed recovery assumptions to 38.40% from 38.45%, previously,
and reduced its residual value loss assumptions to 38.10% from
40.50% at closing, at the 'AAA' rating scenario. S&P has considered
the originator residual value setting and the current pool
composition, including the increase in residual value share from
closing.

S&P maintained its 'AAA' rating level HT multiple of 4.70x, and the
VT multiple of 2.50x, which are unchanged since closing.

  Credit Assumptions

  PARAMETER              AAA     AA     A     BBB     BB       B

  HT base case (%)      2.00   2.00   2.00    2.00   2.00   2.00

  HT multiple
  (at rating level)     4.70   3.70   2.70    1.85   1.60   1.35

  VT base case (%)      4.35   4.35   4.35    4.35   4.35   4.35

  VT multiple  
  (at rating level)     2.50   2.25   2.00    1.75   1.55   1.38

  Recoveries
  base case (%)        60.00  60.00  60.00   60.00  60.00  60.00

  Recoveries
  haircut (at
  rating level) (%)    36.00  25.00  20.00   15.00  12.50   7.50

  Stressed recovery
  rate (at rating
  level) (%)           38.40  45.00  48.00   51.00  52.50  55.50

  Residual value
  loss (at rating  
  level) (%)           38.10  28.00  21.60   15.90   8.90   3.80

  HT--Hostile terminations.
  VT--Voluntary terminations.

As of the December 2022 investor report, the total level of arrears
is 0.19%. The largest arrears bucket is the 30 days bucket (0.10%)
and current 120+ day delinquencies are 0.02%. Overall,
delinquencies have remained low and stable, and S&P has not
observed a material worsening of portfolio performance.

S&P said, "We have performed our cash flow analysis to test the
effect of the amended credit assumptions. Our analysis indicates
that the class B, C, D, and E notes can withstand higher stresses
than the current ratings. We therefore raised our ratings on the
class B, C, D, and E notes. Our analysis also indicates that the
class A notes continue to be able to withstand stresses
commensurate with the currently assigned rating. We therefore
affirmed our 'AAA (sf)' rating on the class A notes.

"Our credit stability analysis indicates that the maximum projected
deterioration that we would expect at each rating level for
one-year horizons under moderate stress conditions is in line with
our criteria.

"The application of our structured finance sovereign risk criteria,
our counterparty risk criteria, and our operational risk criteria
does not cap our ratings in this transaction."

Cardiff Auto Receivables Securitisation 2022-1 PLC is an ABS
transaction of U.K. auto loans originated by Black Horse Ltd.,
which closed in February 2022.


CMI: Edinburgh Filmhouse Opt Not to Launch Appeal for Funds
-----------------------------------------------------------
Rob Edwards at The Ferret reports that the charity that ran
Edinburgh Filmhouse made an "unforgivable" decision not to launch a
public appeal to save it from collapse.

The Centre for the Moving Image (CMI), which also managed the
Edinburgh International Film Festival and the Belmont cinema in
Aberdeen, went into administration on October 6, 2022, and closed
down all its operations, The Ferret recounts.

But more than two weeks before that, CMI's audit and risk committee
rejected the idea of appealing to the public for funds at a meeting
because it would be "unlikely to succeed", The Ferret discloses.

The decision was condemned by an Edinburgh councillor, a trade
union and a former CMI manager.  They said the failure to consult
staff was "unacceptable" and "upsetting" -- and every avenue should
have been explored to save the business, The Ferret relates.

Meanwhile, administrators have told The Ferret that the Edinburgh
Filmhouse building at 88 Lothian Road has still not been sold.
Estimated to be worth more than GBP2 million, it was put up for
sale with a closing date of December 7, 2022.

According to The Ferret, reports filed by CMI's administrators, FRP
Advisory, to Companies House show that CMI made a net loss of
GBP333,000 in the four months to July 2022.  It owed over GBP1
million to staff and creditors when it went into administration,
The Ferret states.

Insiders said that the business had been struggling for years, The
Ferret notes.  They claimed it could have collapsed earlier without
emergency government funding to cope with the Covid-19 pandemic in
2020 and 2021, The Ferret relays.

The Scotsman reported that CMI had suffered losses in previous
years: GBP217,000 in 2018-19, and nearly GBP300,000 in 2019-20.
Annual accounts highlighted the poor condition of the Edinburgh
Filmhouse building and possible reductions in public funding as
"major risks".

In response to a freedom of information request by The Ferret,
Creative Scotland released 63 heavily redacted files about CMI, The
Ferret states.  They disclose growing concerns about its financial
viability in August and September 2022, The Ferret relates.

On Aug. 15, CMI's audit and risk committee's main topic of
discussion was whether the business was a "going concern" following
a report from auditors, The Ferret recounts.  A decision was taken
to delay signing off the accounts, The Ferret relays.


DIGNITY FINANCE: S&P Lowers Class B Notes Rating to 'CCC+'
----------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Dignity Finance
PLC's class A notes to 'BBB-(sf)' from 'A- (sf)'and class B notes
to 'CCC+ (sf)' from 'B+ (sf)'. At the same time, S&P removed its
ratings on both classes from CreditWatch negative.

Transaction structure

Dignity Finance is a corporate securitization of the U.K. operating
business of the funeral service provider Dignity (2002) Ltd.
(Dignity 2002 or the borrower). It originally closed in April 2003
and was last tapped in October 2014.

The transaction features two classes of fixed-rate notes (A and B),
the proceeds of which have been on-lent by the issuer to Dignity
2002 via issuer-borrower loans. The operating cash flows generated
by Dignity 2002 are available to repay its borrowings from the
issuer that, in turn, uses those proceeds to service the notes.

Dignity Finance's primary sources of funds for principal and
interest payments on the notes are the loans' interest and
principal payments from the borrower and any amounts available
under the EUR55 million tranched liquidity facility.

In S&P's opinion, the transaction would qualify for the appointment
of an administrative receiver under the U.K. insolvency regime. An
obligor default would allow the noteholders to gain substantial
control over the charged assets prior to an administrator's
appointment without necessarily accelerating the secured debt, both
at the issuer and at the borrower level.

Rating Rationale

S&P's ratings address the timely payment of interest and principal
due on the notes. They are based primarily on its ongoing
assessment of the borrowing group's underlying BRP, the integrity
of the transaction's legal and tax structure, and the robustness of
operating cash flows supported by structural enhancements.

Business risk profile

On Oct. 3, 2022, S&P placed its ratings on CreditWatch negative
following a change in the borrower's business risk profile to weak
from fair. This reflected increased uncertainty about the
consumers' response to a more volatile environment, notably in
terms of higher cost of living and competitive pressures within the
funeral services sector. S&P's view is that the business has
limited differentiation potential in an industry where competition
has been increasing.

The industry is undergoing secular changes, affecting the structure
of consumer demand and the economics of the funeral business. Some
of these changes have been exacerbated by the COVID-19 pandemic.
Consequently, lots of uncertainty prevails around the potential
effectiveness of management actions at the company's disposal, such
as pricing or product mix evolution.

The corporate strategy announced in June 2021 aimed to transform
the proposition through unbundling funeral services, which would
give customers more flexibility and choice but still allow Dignity
to up-sell services by tailoring the offer. The potential benefit
has not materialized yet, as customers have increasingly opted for
basic services.

Unattended funerals became common during the COVID-19 pandemic, but
S&P's understand that another factor negatively affecting the
business mix is the Competition and Markets Authority's (CMA)
decision to implement the obligation to offer direct cremations in
every branch while before, the service was only offered online.
Furthermore, the higher cost of living consumers currently face
will likely continue to accentuate this trend. This will likely
lower profitability for Dignity and the industry in general.

Additionally, cost inflation will put pressure on near term
profitability. S&P estimates UK wage inflation will be around 7% in
2023. It approximates wage costs affect 50% of funeral businesses'
cost base.

Despite some fluctuations, Dignity maintains a relatively stable
market share, around 12% for funeral services and 11% for
cremations. Nevertheless, lower pricing has not resulted in the
group capturing more demand.

S&P said, "These factors combined negatively affected our
assessment of the borrower's BRP, which was lowered to weak from
fair. Under our corporate securitization methodology, we use the
BRP as a proxy for earnings and cash flow volatility. We assume
that a weak BRP signifies a more volatile business."

Financial performance

In addition to lowering the BRP, S&P revised its base-case
operating cash flow projection, incorporating the company's recent
financial performance and our forward-looking expectations.

Dignity highlighted an EBITDA for the 53-week period ended Sept.
30, 2022 of EUR42.2 million, compared to EUR72.4 million for the
53-week period ended Dec. 31, 2021.

The reduced profitability is due to lower pricing and changing
business mix, as well as higher operating costs. While S&P believes
the group should be able to increase prices in 2023 in line with
inflation, this will be partly absorbed by higher operating
expenses (notably personnel expenses, but also energy and raw
materials).

Recent performance and events

Dignity has slightly improved its market share by offering
affordable services. This includes simplicity funerals for EUR995.
As of first-half 2022, the funerals market share was 12.4%,
compared to 11.8% in year-end 2021 and 12% in 2020. The cremation
market share was 12.3%, compared to 11.3% in 2021 and 11.2% in
2020. S&P notes that this represents market share at the group
level--which includes four more crematoria compared to the
securitization--but in its view is a good proxy for the borrower's
performance.

For the 52-week period ending Sept. 30, 2022, net revenue was
EUR275.4 million, down 10.4% compared to the same period last year.
The reported EBITDA was EUR42.2 million versus EUR72.4 million the
previous year.

The Office for National Statistics (ONS) forecasts deaths will
remain high and continue to increase in the long-term.
Post-pandemic, it foresees a roughly 2% decline in 2022, with an
increase of about 1.1% per year thereafter. Accordingly, the group
should benefit from growing volumes (deaths are expected to exceed
700,000 by 2030, according to the U.K. ONS).

Meanwhile, customers increasing opting for basic services. This
combined with inflation makes profitability growth more
challenging.

On March 11, 2022, the class A noteholders warranted a waiver for
the securitization group. This allows for an equity cure should the
securitization group have a shortfall in EBITDA at any covenant
test date up to and including Dec. 31, 2022. Any cash transferred
into the securitization group during this period will be included
within the EBITDA for the purpose of the debt service coverage
ratio (DSCR) calculation for the following 12 months.
Currently the financial covenant is supported by equity injections
from the parent company. Based on the Sept. 30, 2022 investor
report, EUR15.1 million was transferred to the securitization
group; EUR8.7 million was required to ensure the 1.5:1 EBITDA DSCR
ratio is satisfied; and EUR6.4 million was an additional cash
transfer.

S&P said, "Under our methodology, we expect borrowers to make a
broad range of covenants to ensure that cash is trapped and control
is given to the noteholders before debt service under the notes is
jeopardized. We will continue to monitor both the effect of these
waivers and any long-term weakening of the creditor protections
they provide to the noteholders; we may re-evaluate whether they
result in any such weakening.

"As announced on Jan. 23, 2023, Dignity's board agreed on the terms
of a recommended cash offer by Yellow (SPC) Bidco Ltd consortium.
We understand the acquisition is not expected to have any impact on
the terms of the current securitization arrangements. Based on the
information currently available, we do not expect a material impact
on our rating analysis if the takeover is completed."

DSCR Analysis

S&P's cash flow analysis serves to both assess whether cash flows
will be sufficient to service debt through the transaction's life
and to project minimum DSCRs in base-case and downside scenarios.

Base-case scenario

S&P said, "Our base-case EBITDA and operating cash flow projections
in the short term rely on our corporate methodology. We gave credit
to two-years of growth through to the end of financial year (FY)
2025. Beyond FY2025, our base-case projections are based on our
methodology and assumptions for corporate securitizations, from
which we then apply assumptions for capex and taxes to arrive at
our projections for the cash flow available for debt service."

Key drivers of S&P's base-case forecast are as follows:

-- S&P forecasts that the number of funerals will be broadly in
line with the FY2021 results. We expect this number to gradually
increase over time in line with the ONS forecast. It foresees a
decline of about 2% in 2022, with an increase of about 1.1% per
year thereafter.

-- The average revenue for funerals has decreased from EUR2,478 in
first half 2021 to EUR2,115 in first half 2022. The drop in average
revenue is due to the change in Dignity's pricing strategy and the
provision of lower cost funeral options.

-- Dignity launched a cremation service called Direct Cremations,
a low-cost, unattended cremation priced at EUR995. In our opinion,
unexpected deaths could lead families to be driven by practicality
and choose a low-cost option--observed during the COVID-19
pandemic. This service may help Dignity leverage the prime location
of its crematoria. However, S&P believes its ability to up-sell
services could be compromised because families may consider another
provider for any post-service events, do it themselves, or simply
not have one.

Inflation: In S&P's analysis, it has assumed the company will
increase the average price per funeral and cremation to account for
inflationary pressures, including increased salary costs, raw
materials, and energy and utility costs.

Maintenance capex: In line with the guidance provided at PLC level,
S&P's considered the minimum level of maintenance capex reflecting
the transaction documents' minimum requirements (EUR10 million per
year adjusted for CPI since 2014, currently at about 12.4 million
based on the Sept.22 investor report).

Development capex: S&P's assumed development capex also reflects
the spend above the maintenance capex to reach total capex spend of
about EUR25 million in FY2022, and subsequent years. Beyond FY2025,
in line with our corporate securitization criteria, it assumes no
development capex as we assume no growth.

Pension liabilities: S&P incorporates the deficit reduction plan
agreed to by the company with the pension trustee, leading to
yearly payments of about EUR4.0 million.

Tax: In line with the corporate tax rate in the U.K. leading to
yearly payments of about EUR2.5 million-EUR3.0 million. Beyond
FY2025, S&P assumes annual payments of about EUR3.0 million.
Asset disposals: In September 2022 the noteholders consented to
dispose seven crematoria within the next 12 months by September
2023. S&P's base-case forecast considers that these crematoria will
be sold, allowing for a EUR62.1 million partial prepayment of the
class A notes (based on company guidance). At the same time, we
also included a reduction in the EBITDA by EUR4.9 million, driven
by the sale of these seven crematoria.

-- Lastly, S&P assumes annual finance leases payments of about
EUR14.0 million and working capital outflows of about EUR2
million.

S&P said, "Based on our assessment of Dignity's weak BRP, which we
associate with a business volatility score of 5, and the minimum
DSCR achieved in our base-case analysis, we established an anchor
of 'bb-' for the class A notes. This equates to a three-notch
reduction to the anchor for the class A notes compared to our
previous review.

"For the class B notes, low DSCRs in our base-case analysis results
in our rating on the class B notes reflecting the creditworthiness
of the borrowing group. We consider the class B notes to be
currently vulnerable and dependent upon favorable business,
financial, and economic conditions to pay timely interest and
ultimate principal."

Downside scenario

S&P said, "Our downside DSCR analysis tests whether the
issuer-level structural enhancements improve the transaction's
resilience under a moderate stress scenario. Considering the
structural, regulatory, operating, and competitive position changes
in the funeral services market, we have assumed a 25% decline in
EBITDA from our base case. This level of stress reflects our view
of the new market conditions and increased competition in the
funeral services sector and Dignity's lower pricing power.

"Our downside DSCR analysis resulted in a strong resilience score
for the class A notes. This reflects the headroom above a 1.80:1
DSCR threshold that is required under our criteria to achieve a
strong resilience score, in the case of the class A notes, after
giving consideration for the level of liquidity support available
to each class."

The combination of a strong resilience score and the 'bb-' anchor
derived in the base-case results in a resilience-adjusted anchor of
'bb+' for the class A notes.

The class B notes have limits on the quantum of the liquidity
facility they may utilize to cover liquidity shortfalls. Moreover,
any senior classes may draw on those same amounts, which makes the
exercise of determining the amount of the liquidity support
available to the class B notes a dynamic process. For example, it
is possible that the full EUR24.75 million (45% of total liquidity
commitment) that the class B notes may access is available and
undrawn at the start of a rolling 12-month period but is fully used
to cover shortfalls on the class A notes over that period. In
effect, the class B notes would not be able to draw on any of the
EUR24.75 million. Under S&P's downside stress, it projects that the
amount available for the class B notes will diminish. Based on its
DSCR analysis, S&P's current rating on the class B notes reflects
the creditworthiness of the borrowing group.

Liquidity facility adjustment

The liquidity facility amount available to the issuer for the class
A notes represent a significant level of liquidity support,
measured as a percentage of their total current outstanding
balance. Given that the full two notches above the anchor have been
achieved in the resilience-adjusted anchor of the class A notes,
S&P considers that a one-notch increase to the resilience-adjusted
anchor is warranted. As long as the class A notes remain
outstanding, the class B notes are supported by only 45% of the
EUR55 million liquidity facility, which represents less than 10% of
the current outstanding balance of the class B notes, and are
therefore not eligible for a one-notch increase to the class B
resilience-adjusted anchor.

Modifier analysis

The amortization profile of the class A notes results in full
repayment within 20 years. Therefore, S&P has not made any specific
adjustment to the class A notes' resilience-adjusted anchor.

Comparable rating analysis

S&P has not applied any adjustments under its comparable rating
analysis.

Counterparty Risk

S&P said, "The terms of the issuer's liquidity facility agreement
and the issuer's and obligor's cash administration and account bank
agreement contain replacement mechanisms and timeframes that are in
line with our current counterparty criteria. We view both the
liquidity facility providers and the account banks as
non-derivative limited supports, which, given their stated minimum
eligible rating requirements of 'BBB', can support a maximum rating
of 'A'. As a result, the application of our counterparty criteria
caps the ratings at the higher of 'A' and the long-term issuer
credit rating (ICR) on the lowest-rated counterparty."

Outlook

A further change in S&P's assessment of the company's business risk
profile would likely lead to rating actions on the notes. It would
require higher or lower DSCRs for a weaker or stronger business
risk profile to achieve the same anchors.

Downside scenario

S&P said, "If the seven crematoria are not sold as anticipated by
the end of September 2023, the proceeds from the sale are lower
than expectations, or the negative impact on EBITDA is higher than
forecast, it would likely lower the DSCR anchor levels and
ultimately the ratings. We will continue to monitor the progress of
the sale and review any potential impact on the ratings in due
course.

"Furthermore, we could lower our ratings on the notes if our
minimum projected DSCRs fall below 1.50:1 for the class A notes (or
below 1.3:1 in our downside scenario). This would most likely
happen if management fails to turn around the business, possibly
due to an unfavorable business mix resulting in a fall in average
revenue per funeral and/or cremation, combined with higher
operating costs due to inflation. This could also happen if
competition intensifies."

Upside scenario

S&P said, "We could raise the rating if performance and/or DCSR
improves. We could raise our rating on the class A notes if our
minimum DSCR for these notes goes above 2.2:1 in our base-case
scenario. Alternatively, we could take a positive rating action if
BRP were to increase. We believe this is unlikely in the short term
given the challenging competitive environment.

"We could also raise the ratings on the class B notes if our
assessment of the borrower's overall creditworthiness improved.

"In our view the uplift above the borrowing group's
creditworthiness, reflected in our ratings on the class B notes, is
currently limited."

  Credit Rating Steps

   Business risk profile          Weak

   Business volatility score      5

   Base case minimum DSCR range   (1.50x-3.5x lower end)

   Anchor                          bb-

   Downside case EBITDA decline    0.25

   Downside minimum DSCR range     1.8x-4.0x

   Resilience score                Strong

   Resilience adjusted-anchor      bb+

   Liquidity adjustment            +1 notch

   Modifier analysis adjustment    None

   Comparable rating analysis adjustment   None

   Rating                          BBB- (sf)

   DSCR--Debt service coverage ratio.


ENERGEAN PLC: S&P Raises LongTerm ICR to 'B+', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term ratings on Energean PLC and
its senior secured notes to 'B+' from 'B'.

The stable outlook reflects S&P's expectation that the company will
continue to deleverage whilst addressing its 2024 debt maturity at
Energean Israel Ltd.

The upgrade reflects Energean's imminent commissioning of assets in
Israel, which will reduce the risks to production growth. The
company has been ramping up production at the Karish Main field
since October 2022, and is now producing at all three wells. The
6.5 billion cubic meters per year (bcm/year) of gas production
capacity at the Karish Main field in Israel will help grow overall
gas production to 135,000-155,000 barrels of oil equivalent per day
(boepd) in 2023 and reduce leverage. S&P now expects Energean will
be able to post FFO to debt of above 20% from 2023, which leads us
to revise its financial risk profile to aggressive from highly
leveraged.

The company will continue developing its Israeli assets amid
supportive demand for gas in the region. Although capital
expenditure (capex) in Israel will subside on commissioning of the
Karish Main field, the investments will continue. In 2023, the
company plans to complete the development of the Karish North field
and expand the capacity of existing infrastructure, bringing it to
8.0 bcm/year, from 6.5 bcm/year, by the end of 2023. This will help
Energean meet the gas volumes required under its domestic gas
contracts. In the future, the company has options to develop nearby
assets in the Olympus area and equip its floating production
storage and offloading (FPSO) facility for potential export
opportunities.

The share of production from Egypt and Italy will subside, but they
will still remain important for business diversification. The
assets outside of Israel should contribute about 30% of production
in 2023 and about 25% in 2024. This is despite further investments,
including Energean's plans to use close to 75% of capex outside
Israel in 2023. As a result of a lower share in production from
outside of Israel, Energean's overall country risk will improve, as
we see Israel as less risky compared with Egypt or Italy. In
addition, our rating on Egypt (B/Stable/B) and transfer and
convertibility assessment ('B') will no longer limit the rating on
Energean once the Israeli assets are fully commissioned. At
present, the company passes our hypothetical test of a default in
Egypt, thanks to its cash cushion and the strong cash flow expected
in Italy.

Leverage will decrease as production grows, but debt reduction is
less certain. The company's net debt to EBITDA plus exploration
expenses (EBITDAX) target of less than 1.5x supports deleveraging
on the back of improving EBITDAX. However, debt reduction is less
clear. S&P said, "Now heavy investments in Israel are over, we
think the company will focus on shareholder remuneration. It aims
to step up dividends to at least $100 million per quarter on
achieving its production and EBITDAX targets, which we expect might
happen in 2024. This compares with $106 million of dividends
distributed to shareholders in 2022. Future rating evolution will
therefore depend on the company's track record of financial policy
implementation, including timely management of debt maturities.
Liquidity management is especially important at present because the
company's $625 million notes issued by Energean Israel Finance Ltd.
at the project finance level mature in March 2024. As a base case,
we assume the company will refinance the notes in the coming months
of 2023. In absence of such timely refinancing the rating will be
under pressure."

As Energean grows and deleverages it is becoming comparable with
higher rated peers. S&P expects Energean to produce 200,000 boepd
by 2024, which compares well with that of European peers such as
Harbour Energy (BB/Stable/--; 200,000 boepd) and Neptune Energy
(BB/Stable/--; 140,000 boepd). Energean's gas price in domestic
contracts (the majority of the gas it sells) is lower than its
expectation for the European gas market, resulting in lower EBITDA
and weaker credit metrics compared with peers. That said, the
long-term contracts Energean enjoys protects it from typical
industry volatility.

S&P said, "The stable outlook reflects our expectation that
Energean will post increased gas production in 2023 as it ramps up
the production from assets in Israel, leading to improved credit
metrics. We expect the company will post S&P Global
Ratings-adjusted EBITDA of $1.3 billion-$1.5 billion in 2023,
compared with about $0.4 billion in 2022, helping FFO to debt grow
above 20% in 2023.

"Our stable outlook also assumes the company will successfully
refinance its $625 million bond at the project finance entity
within the next few months."

S&P may downgrade Energean in one or more of the following
scenarios:

-- Liquidity pressure intensifies. This could happen if the
company fails to refinance the $625 million bond, issued by
Energean Israel Finance Ltd. and maturing in March 2024, well in
advance.

-- Operational issues at the assets result in higher leverage,
with FFO to debt staying below 20% for a sustained amount of time.

S&P thinks the rating has further upside potential, especially once
the bond refinancing is completed. S&P may upgrade Energean if it
demonstrates all the factors listed below:

-- Track record of stable operations at the Karish fields;

-- Production growing to and staying at 200,000 boepd;

-- Comfortable maturity profile, with no liquidity pressure; and

-- Track record of financial policy implementation and progress
toward its net debt to EBITDAX target of 1.5x.

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

S&P said, "Environmental factors are a negative consideration in
our rating analysis of Energean. Like other oil and gas,
exploration, and production companies, Energean is exposed to
climate transition risk, given the increasing adoption of renewable
energy sources, which raises uncertainty regarding the trajectory
of oil and gas supply and demand. Energean is primarily exposed to
gas (about 70% of production), so it is somewhat better positioned
compared to peers that only produce oil, because we expect demand
for gas--also a fossil resource--to be more resilient than oil in
the face of the energy transition. We also note the company was one
of the first in the industry to announce its net zero goal by 2050,
showing that it aims to reduce its environmental footprint."
Governance is a moderately negative consideration, primarily
reflecting Energean's only recent establishment of its current
structure, as well as meaningful exposure to Egypt (until the
ramp-up of its Israeli fields), where we assess country risk as
high."


FLEXENABLE LTD: Fortress Investment Takes Over Business
-------------------------------------------------------
Peter Clarke at eeNews reports that FlexEnable Ltd. (Cambridge,
England), a developer of flexible organic electronics, has been
taken over by US firm Fortress Investment Group LLC.

FlexEnable Ltd. went into administration on August 5, 2022, under
the Insolvency Act, eeNews relates.  According to eeNews, financial
accounts for the year to December 31, 2020, show the company made a
net loss of GBP5.9 million on revenues of GBP1.8 million.

FlexEnable Technology Ltd. was then incorporated on September 9,
2022.

FlexEnable Technology has announced its board of directors and that
funds managed by unnamed affiliates of Fortress Investment Group
LLC became the majority shareholder in the restructuring, eeNews
relates.  Kilonova Capital and Taiwan's Coretronic Corp. are
minority shareholders, eeNews discloses.

The size of investment made by Fortress or what share of the
company it owns was not made public, eeNews notes.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Editors.

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