/raid1/www/Hosts/bankrupt/TCREUR_Public/230301.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Wednesday, March 1, 2023, Vol. 24, No. 44
Headlines
F R A N C E
PROMONTORIA HOLDING 264: Moody's Puts B3 CFR on Review for Upgrade
PROXISERVE: Moody's Cuts CFR & Sr. Secured Term Loan to B3
REVOCAR 2019 UG: Moody's Hikes Rating on EUR7.1MM D Notes From Ba1
I R E L A N D
BLACKROCK EUROPEAN VI: Moody's Affirms B2 Rating on Class F Notes
BOSPHORUS CLO VIII: Moody's Assigns (P)B3 Rating to EUR6MM F Notes
JUBILEE CLO 2015-XVI: Moody's Affirms B2 Rating on EUR13MM F Notes
L U X E M B O U R G
ARCHROMA FINANCE: Moody's Rates Amended First Lien Loans 'B2'
N E T H E R L A N D S
GROSVENOR PLACE 2015-1: Moody's Ups Rating on Cl. E-R Notes to Ba3
TITAN HOLDINGS II: Moody's Rates New EUR350MM Add'l Term Loan 'B2'
S P A I N
SANTANDER CONSUMER 2016-2: Moody's Affirms Ba1 Rating on E Notes
S W E D E N
QUIMPER AB: Moody's Upgrades CFR to B1 & Alters Outlook to Stable
U N I T E D K I N G D O M
ANYTIME FITNESS: St. George's Gym Closes Following Liquidation
ARMADILLA: Hoffbauer Holding Acquires Business
COVENTRY CITY: Goes Into Administration Amid Financial Woes
DOUGLAS & GORDON: Goes Into Administration
KEN'S TIPPER: Goes Into Liquidation, Owes GBP1.6 Million
PEPPER COMMUNICATIONS: Deltor Hires Ex-Workers After Collapse
PRECISE MORTGAGE 2019-1B: Moody's Ups Rating on Cl. E Notes to Ba1
SAM CARMICHAEL: Ukraine War Blamed for Collapse
- - - - -
===========
F R A N C E
===========
PROMONTORIA HOLDING 264: Moody's Puts B3 CFR on Review for Upgrade
------------------------------------------------------------------
Moody's Investors Service placed Promontoria Holding 264 B.V.'s
(WFS) B3 long term corporate family rating, B3-PD Probability of
Default Rating and B3 backed senior secured ratings on review for
upgrade. The outlook was changed to ratings under review from
stable.
The rating action follows SATS Ltd's (SATS) announcement of SGD 800
million rights issue. The proceeds from the rights issues will be
part of the financing package for SATS's acquisition of WFS that
was approved by SATS' shareholders meeting on January 18, 2023. All
regulatory requirements have been satisfied and the transaction is
expected to close on April 3, 2023.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
The rating action reflects the high likelihood that WFS'
acquisition by SATS will be completed on April 3, 2023. In
addition, Moody's estimates that credit quality of SATS after the
transaction is likely to be higher than B3.
The review is unlikely to conclude until Moody's has more clarity
on (1) financial policy, capital structure, business profile and
governance of SATP after the acquisition; and (2) the form of
support by SATS, including any guarantees or other arrangements
related to WFS's outstanding debt. These aspects will be the key
focus of the rating agency's review.
ESG CONSIDERATION
Governance considerations are a primary driver for the rating
action because the review will focus on financial policy and
capital structure and form of support.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Headquartered in Paris, Promontoria Holding 264 B.V. (WFS) is a
global aviation services company, principally focused on cargo
handling services, complemented by ground handling and transport
infrastructure management services. The company operates across 17
countries through 165 airport stations and serves around 300
customers worldwide. In 2022, WFS' revenue reached EUR1.97 billion
and the company's adjusted EBITDA was round EUR198.8 million
(pre-IFRS16).
WFS is owned by Cerberus Capital Management, L.P. (Cerberus), which
acquired the company from Platinum Equity in October 2018.
PROXISERVE: Moody's Cuts CFR & Sr. Secured Term Loan to B3
----------------------------------------------------------
Moody's Investors Service has downgraded Financiere Groupe
Proxiserve's (Proxiserve or the company) corporate family rating to
B3 from B2, its probability of default rating to B3-PD from B2-PD,
and the rating on its senior secured term loan and the senior
secured revolving credit facility (RCF) to B3 from B2. The outlook
remains stable.
RATINGS RATIONALE
The downgrade was prompted by Proxiserve's persistently negative
free cash flow (FCF) generation, which continued in 2022, and its
increasing reliance on external funding, causing the liquidity to
deteriorate to weak. In 2022, FCF generation remained negative for
the third consecutive year (Moody's adjusted FCF estimated at
around EUR-10 million in the same year), due to decreasing
profitability, sustained capital expenditures of around EUR29
million and dividend payment. To offset the negative cash
generation, the company progressively increased its gross debt
outstanding over the last three years and increasingly relied on
drawings of the committed senior secured RCF and on its factoring
program, thus deteriorating the liquidity profile.
As a consequence of the weak liquidity, Financial Strategy and Risk
Management is a governance consideration under Moody's General
Principles for Assessing Environmental, Social and Governance Risks
Methodology for assessing ESG risks. Proxiserve's overall exposure
to governance risk (Issuer Profile Score or "IPS") is unchanged at
G-4, given its tolerance to leverage and its aggressive financial
policy.
In 2022, Proxiserve's reported EBITDA (excluding IFRS16) contracted
by 11%, reaching around EUR57 million, as a consequence of the
sharp contraction in non-contracted maintenance work and the impact
of inflation on cars fuel and on equipment purchased, coupled with
the loss registered in the EVCS division, following significantly
lower sales than expected in the installation of electric vehicles
charging stations.
As a consequence, the rating agency estimates that Moody's adjusted
EBITA margin will contract to 8.5% in 2022, from 9.3% in 2021, and
that Moody's adjusted FCF/debt will remain negative at around
-2.5%, due to sustained level of capital expenditures and dividend
payments. The rating agency also forecasts Moody's adjusted
debt/EBITDA to increase to 6.1x in 2022, compared to 5.9x in 2021.
Moody's believes that such credit metrics, and particularly the
increasing reliance on external funding, are more appropriate to a
B3 CFR.
Moody's expects that profitability will gradually improve in the
next 12-18 months, with Moody's adjusted EBITA margin increasing
above 9% in the same period, thanks to efforts in containing losses
at the EVCS division and continued strong margins in the
sub-metering business, accounting for almost 70% of the company
reported EBITDA. The rating agency also forecasts that Moody's
adjusted FCF/debt will sequentially improve, despite remaining
still negative, due to the necessity to maintain a certain level of
capital expenditure to support the growth in the sub-metering
business. Moody's also expects dividend payments to moderately
decrease in the next 12-18 months, as a consequence of the lower
EBITDA registered by the company in 2022. The rating agency also
expects the negative FCF generation will be offset by some
additional debt increases, therefore leading to a Moody's adjusted
debt/EBITDA expected to remain around 6x in 2023.
LIQUIDITY
Moody's views Proxiserve's liquidity as weak. Indeed the rating
agency expects that the company will burn around EUR26 million of
FCF in the next 18 months and that this will need to be compensated
by a broadly similar amount of factoring or RCF drawings, in order
to maintain an adequate level of cash and equivalents on balance
sheet, at around EUR5 million. The company does not have any debt
maturing in the next 12-18 months.
Proxiserve benefits from a committed senior secured RCF expiring in
September 2025 and amounting to EUR60 million, of which EUR24
million was available at December 2022. This senior secured RCF is
subject to a springing senior secured net leverage covenant set at
8.05x, tested when the senior secured RCF is drawn by more than
35%. Moody's expects the covenant to be complied with in the next
18 months.
The company has also access to a factoring facility line of EUR45
million, which has an unlimited maturity but can be terminated by
both parties at any time with a fixed notice period. As of December
2022, the company used almost EUR14 million of this line. Moody's
expects that Proxiserve will increasingly use factoring, almost up
to the maximum amount allowed within the next 12-18 months. Any
utilization of such factoring line above EUR20 million is subject
to a senior lender consent. As a consequence of the expected senior
secured RCF drawings and increase in factoring, Moody's believes
that the company will be more reliant on external funding over the
next 12-18 months.
Moody's also acknowledges that Proxiserve has energy savings
certificates (CEE), whose market value was worth around EUR6
million as of January 2023 end. Although Moody's expects that such
certificates will be sold during the next 12-18 months, thus
providing some relief to cash burn, the rating agency also
acknowledges that their value might fluctuate over time and that it
is unlikely that such amount will materially boost Proxiserve's
liquidity.
Moody's also expects that dividends payment will moderately reduce
over the next 12-18 months and that they could be suspended in case
it's needed to support liquidity.
STRUCTURAL CONSIDERATIONS
The senior secured term loan and the senior secured RCF are rated
B3, in line with the CFR, to reflect their pari passu ranking and
the upstream guarantees from operating companies that account for
at least 80% of consolidated EBITDA. The senior secured term loan
and the senior secured RCF benefit from first-ranking transaction
security over shares, bank accounts and intragroup receivables of
material subsidiaries. Moody's typically views debt with this type
of security package as akin to unsecured debt.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectations that profitability
will gradually improve in the next 12-18 months and that Moody's
adjusted EBITA margin will trend above 9%, thus sequentially
reducing the FCF burn, with Moody's adjusted FCF/debt progressively
trending towards break even. At the same time, the stable outlook
also reflects the rating agency expectations that Moody's adjusted
EBITA/ interest expense will remain above 2x in the next 12-18
months and that there will be no further material weakening in
liquidity headroom.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The rating could be upgraded in case FCF generation sustainably
turns materially positive, with Moody's adjusted FCF/debt trending
towards low-single-digit percentages, on a sustainable basis. An
upgrade would also require liquidity to improve to adequate and
Moody's adjusted debt/EBITDA to remain well below 6x on a
sustainable basis.
The rating could be downgraded in case Proxiserve's operating
performance further declines, thus leading to persistently negative
Moody's adjusted FCF generation. A downgrade could also occur in
case liquidity further deteriorates.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Financiere Groupe Proxiserve is a leading provider of energy
services in France. The company is owned by Vauban Infrastructure
Partners and registered around EUR483 million of revenues in 2022.
Proxiserve's operations encompass five activities: sub-metering,
maintenance, collective heating, Edenkia and electric vehicle
charging stations (EVCS). Maintenance is the largest contributor to
revenue, but sub-metering is the largest contributor to EBITDA.
REVOCAR 2019 UG: Moody's Hikes Rating on EUR7.1MM D Notes From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two notes in
RevoCar 2019 UG (haftungsbeschränkt) (RevoCar 2019), one note in
Cars Alliance Auto Leases France V 2020-1 and one note in LT
Autorahoitus II DAC. The rating action reflects the increased
levels of credit enhancement for the affected notes, together with
better-than-expected collateral performance.
Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.
Issuer: Cars Alliance Auto Leases France V 2020-1
EUR950 million Class A Notes, Affirmed Aaa (sf);
previously on Oct 27, 2020 Definitive Rating
Assigned Aaa (sf)
EUR41.5 million Class B Notes, Upgraded to Aa1 (sf);
previously on Oct 27, 2020 Definitive Rating Assigned Aa3 (sf)
Issuer: LT Autorahoitus II DAC
EUR568.5 million Class A Notes, Affirmed Aaa (sf);
previously on Feb 18, 2022 Definitive Rating Assigned Aaa (sf)
EUR23.3 million Class B Notes, Upgraded to Aa1 (sf);
previously on Feb 18, 2022 Definitive Rating Assigned Aa3 (sf)
Issuer: RevoCar 2019 UG (haftungsbeschraenkt)
EUR366 million Class A Notes, Affirmed Aaa (sf);
previously on May 24, 2022 Affirmed Aaa (sf)
EUR18.7 million Class B Notes, Affirmed Aa1 (sf);
previously on May 24, 2022 Upgraded to Aa1 (sf)
EUR4.1 million Class C Notes, Upgraded to Aa1 (sf);
previously on May 24, 2022 Upgraded to Aa3 (sf)
EUR7.1 million Class D Notes, Upgraded to Baa2 (sf);
previously on May 24, 2022 Affirmed Ba1 (sf)
RATINGS RATIONALE
The rating action is prompted by an increase in credit enhancement
for the affected tranches, together with decreased key collateral
assumptions, namely the default probability assumptions due to
better-than-expected collateral performance.
Increase in Available Credit Enhancement:
Sequential amortization led to the increase in the credit
enhancement available in the three transactions.
In Revocar 2019, the credit enhancement for Classes C and D Notes
upgraded in the rating action increased to 11.16%, and 4.08% from
6.96%, and 2.55 % since the last rating action in May 2022.
In Cars Alliance Auto Leases France V 2020-1, the credit
enhancement for Class B Notes upgraded in the rating action
increased to 7.74% from 6.03% since closing.
In LT Autorahoitus II DAC, the credit enhancement for Class B Notes
upgraded in the rating action increased to 8.78% from 5.48% since
closing.
Revision of Key Collateral Assumptions:
As part of the rating action, Moody's reassessed its default
probability assumptions for the portfolios reflecting the
collateral performance to date.
The performance of Revocar 2019 has continued to be stable since
the last rating action. Total delinquencies have been stable in the
past year, with 60 days plus arrears currently standing at 0.11% of
current pool balance. Cumulative defaults currently stand at 0.83%
of original pool balance plus replenishments, up from 0.68% a year
earlier.
For Revocar 2019, Moody's has reduced the default probability
assumption on original balance plus replenishments to 1.30% from
1.46% since the latest rating action in May 2022. The current
default probability assumption is 2.5% of the current portfolio
balance. Moody's maintained the assumptions for the fixed recovery
rate at 30% and the portfolio credit enhancement of 10%.
The performance of Cars Alliance Auto Leases France V 2020-1 has
continued to be stable since closing. Total delinquencies have been
stable in the past year, with 60 days plus arrears currently
standing at 0.05% of current pool balance. Cumulative defaults
currently stand at 0.79% of original pool balance plus
replenishments, up from 0.46% a year earlier.
For Cars Alliance Auto Leases France V 2020-1, Moody's has reduced
the default probability assumption on original balance plus
replenishments to 1.90% from 2.22%. The current default probability
assumption is 2.9% of the current portfolio balance. Moody's
maintained the assumptions for the fixed recovery rate at 45% and
the portfolio credit enhancement of 9.5%.
The performance of LT Autorahoitus II DAC has been relatively
stable one year after closing. Total delinquencies increase, with
90 days plus arrears currently standing at 0.28% of current pool
balance. Cumulative defaults currently stand at 0.14% of original
pool balance.
For LT Autorahoitus II DAC, Moody's has reduced the default
probability assumption on original balance to 1.20% from 1.75%
since closing. The current default probability assumption is 1.75%
of the current portfolio balance. Moody's maintained the
assumptions for the fixed recovery rate at 40% and the portfolio
credit enhancement of 10%.
Counterparty Exposure
The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.
Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of note payments, in case of
servicer default. As a result, in RevoCar 2019 the ratings of the
Classes B and C Notes are constrained at Aa1 (sf) by financial
disruption risk.
The principal methodology used in these ratings was 'Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS' published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.
=============
I R E L A N D
=============
BLACKROCK EUROPEAN VI: Moody's Affirms B2 Rating on Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by BlackRock European CLO VI Designated Activity
Company:
EUR25,150,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Sep 6, 2018 Definitive
Rating Assigned Aa2 (sf)
EUR11,850,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aaa (sf); previously on Sep 6, 2018 Definitive Rating
Assigned Aa2 (sf)
EUR28,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Sep 6, 2018
Definitive Rating Assigned A2 (sf)
EUR24,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa2 (sf); previously on Sep 6, 2018
Definitive Rating Assigned Baa3 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR235,600,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Sep 6, 2018 Definitive
Rating Assigned Aaa (sf)
EUR12,400,000 Class A-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Sep 6, 2018 Definitive Rating
Assigned Aaa (sf)
EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Sep 6, 2018
Definitive Rating Assigned Ba2 (sf)
EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Sep 6, 2018
Definitive Rating Assigned B2 (sf)
BlackRock European CLO VI Designated Activity Company, issued in
September 2018, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Blackrock Investment Management (UK)
Limited. The transaction's reinvestment period will end in April
2023.
RATINGS RATIONALE
The rating upgrades on the Class B-1, Class B-2, Class C and Class
D notes are primarily a result of the benefit of the shorter period
of time remaining before the end of the reinvestment period in
April 2023.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at closing.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR403.17m
Defaulted Securities: EUR0.37m
Diversity Score: 63
Weighted Average Rating Factor (WARF): 2948
Weighted Average Life (WAL): 4.13 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.82%
Weighted Average Coupon (WAC): 3.26%
Weighted Average Recovery Rate (WARR): 43.77%
Par haircut in OC tests and interest diversion test: none
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: Once reaching the end of the reinvestment
period in April 2023, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales the collateral manager or be
delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
BOSPHORUS CLO VIII: Moody's Assigns (P)B3 Rating to EUR6MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Bosphorus
CLO VIII Designated Activity Company (the "Issuer"):
EUR183,000,000 Class A Secured Floating Rate Notes due 2037,
Assigned (P)Aaa (sf)
EUR30,000,000 Class B Secured Floating Rate Notes due 2037,
Assigned (P)Aa2 (sf)
EUR19,125,000 Class C Secured Deferrable Floating Rate Notes
due 2037, Assigned (P)A2 (sf)
EUR17,250,000 Class D Secured Deferrable Floating Rate Notes
due 2037, Assigned (P)Baa3 (sf)
EUR17,625,000 Class E Secured Deferrable Floating Rate Notes
due 2037, Assigned (P)Ba3 (sf)
EUR6,000,000 Class F Secured Deferrable Floating Rate Notes
due 2037, Assigned (P)B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans and high yield bonds. The portfolio is expected
to be 80% ramped as of the closing date and to comprise of
predominantly corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during the
five months ramp-up period in compliance with the portfolio
guidelines.
Cross Ocean Adviser LLP will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5 years
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit impaired
obligations or credit improved obligations.
In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR26,280,000 of Subordinated Notes which are not
rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR300,000,000
Diversity Score: 40
Weighted Average Rating Factor (WARF): 2850
Weighted Average Spread (WAS): 4.40%
Weighted Average Coupon (WAC): 4.50%
Weighted Average Recovery Rate (WARR): 45%
Weighted Average Life (WAL)*: 7.5 years
*The covenanted base case weighted average life is 8.5 years.
Moody's modelled 7.5 years WAL according to Moody's methodology.
Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.
JUBILEE CLO 2015-XVI: Moody's Affirms B2 Rating on EUR13MM F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Jubilee CLO 2015-XVI DAC:
EUR25,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2029, Upgraded to Aa1 (sf); previously on Jun 10, 2022 Upgraded to
Aa2 (sf)
EUR20,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2029, Upgraded to A2 (sf); previously on Jun 10, 2022 Upgraded to
A3 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR225,000,000 (Current outstanding amount EUR140,140,555) Class
A-1 Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf);
previously on Jun 10, 2022 Affirmed Aaa (sf)
EUR5,000,000 (Current outstanding amount EUR3,114,235) Class A-2
Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Jun 10, 2022 Affirmed Aaa (sf)
EUR19,000,000 Class B-1 Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Jun 10, 2022 Affirmed Aaa
(sf)
EUR37,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jun 10, 2022 Affirmed Aaa (sf)
EUR25,600,000 Class E Deferrable Junior Floating Rate Notes due
2029, Affirmed Ba2 (sf); previously on Jun 10, 2022 Affirmed Ba2
(sf)
EUR13,000,000 Class F Deferrable Junior Floating Rate Notes due
2029, Affirmed B2 (sf); previously on Jun 10, 2022 Affirmed B2
(sf)
Jubilee CLO 2015-XVI DAC, issued in December 2015 and refinanced in
December 2017, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Alcentra Limited. The transaction's
reinvestment period ended in December 2019.
RATINGS RATIONALE
The rating upgrades on the Class C and Class D Notes are primarily
a result of the deleveraging of the Class A-1 and Class A-2 notes
following amortisation of the underlying portfolio since the last
rating action in June 2022.
The affirmations on the ratings on the Class A-1, A-2, B-1, B-2, E
and F Notes are primarily a result of the expected losses on the
notes remaining consistent with their current rating levels, after
taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation ratios.
The Class A-1 and Class A-2 Notes have paid down by approximately
EUR47.7 million (20.75%) since the last rating action in June 2022
and EUR86.7 million (37.72%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated January
2023 [1] the Class A/B, Class C, Class D, Class E and Class F OC
ratios are reported at 152.31%, 135.33%, 124.25%, 112.46% and
107.30% compared to April 2022 [2] levels of 142.61%, 129.50%,
120.63%, 110.91% and 106.55%, respectively.
Moody's notes that the February 2023 trustee report was published
at the time it was completing its analysis of the January 2023
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR303.49m
Defaulted Securities: EUR0.196m
Diversity Score: 41
Weighted Average Rating Factor (WARF): 2941
Weighted Average Life (WAL): 2.81 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.52%
Weighted Average Coupon (WAC): 3.53%
Weighted Average Recovery Rate (WARR): 44.86%
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
===================
L U X E M B O U R G
===================
ARCHROMA FINANCE: Moody's Rates Amended First Lien Loans 'B2'
-------------------------------------------------------------
Moody's Investors Service has assigned B2 ratings to the proposed
amend and extend transaction which includes new guaranteed senior
secured first-lien term loans B (USD and EUR tranches) estimated to
be $850 million equivalent maturing in June 2027 and a new $160
million guaranteed senior secured first lien revolving credit
facility (RCF) maturing in March 2027 issued at Archroma Finance
Sarl, a guaranteed subsidiary of Archroma Holdings Sarl (Archroma).
The proceeds of the transaction will be used to refinance the
existing guaranteed senior secured term loans and RCF at Archroma
Finance Sarl. The ratings of these legacy instruments will be
withdrawn upon their full repayment. Archroma's B2 long term
corporate family rating and B2-PD Probability of Default Rating
remain unchanged. The outlook on both Archroma and Archroma Finance
Sarl is positive.
RATINGS RATIONALE
The B2 rating of the proposed instruments under Archroma Finance
Sarl is in line with Archroma's B2 CFR and B2-PD PDR. This is
because the proposed instruments will represent the vast majority
of debt in Archroma's restricted group, ranking pari passu with
Archroma's trade payables in Moody's Loss Given Default waterfall.
The refinancing does not have an immediate impact on Archroma's CFR
and PDR, nor its outlook. While the transaction prolongs the
maturities of the company's debt from July and August 2024 to March
and June 2027, it will result in higher interest costs going
forward.
Archroma's ratings and outlook also incorporate the company's
acquisition of the Textile Effects business of Huntsman Corporation
(Huntsman TE) for a cash purchase price of approximately $576
million, which will increase the company's scale and global market
position. This transaction has received all regulatory approvals
and is expected to close on February 28, 2023. Archroma will fund
the purchase price, pay related fees and expenses, repay the
company's current revolver borrowings and add incremental cash to
the balance sheet through $100 million of new common equity and the
issuance of $598 million of third-party preferred equity
certificates which the rating agency expects to treat as equity.
Giving effect to the Huntsman TE acquisition and proposed
refinancing, Moody's estimates Archroma to have a pro forma
debt-to-EBITDA ratio (pre-synergies) of around 6.0x compared to
roughly 8.0x on a standalone basis for 12 months to December 2022
period. This calculation includes Moody's standard accounting
adjustments for pensions and certain other non-recurring items.
Upon the closing of the transaction, Archroma will have a broadened
business profile and over time, could display credit metrics and
liquidity characteristics that could be commensurate with a higher
rating category. Although the agency expected a deterioration of
the company's earnings in the first quarter of its fiscal year
ending September 2023, Archroma experienced weak end market demand
in the quarter, resulting in even lower EBITDA generation than
Moody's forecasted. The company's deleveraging path will depend on
the pace and consistency of end market recovery in 2023. The rating
agency contemplates calendar H1 2023 to remain challenging, and
further underperformance would make positive rating pressure less
likely.
LIQUIDITY
Archroma's liquidity is adequate. Proforma for the refinancing,
Moody's expects the company to have around $40 million of cash on
balance, with access to an undrawn RCF issued under Archroma
Finance Sarl expected to be at least $160 million. Given the
increased scale following the acquisition, the agency estimates
that the company will manage its working capital in order to
generate positive Moody's-adjusted FCF in 2023 despite currently
weak end market demand and upcoming sizeable integration expenses.
RATING OUTLOOK
The positive outlook on Archroma's ratings reflects Moody's
expectation that over the next 12-18 months the company will make
substantive progress on integrating the Huntsman TE business
evidenced by realizing expected synergies, and that a recovery in
demand would allow the company to display credit metrics
commensurate with a higher rating category.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Archroma's ratings could be considered if the company
were to: (i) demonstrate a track record and/or public commitment to
a financial policy in line with expectations for a B1 rating,
including through maintaining adjusted debt to EBITDA well below
5.0x on a sustained basis; (ii) the weakness of Archroma's
end-markets is short-lived with a return to sustained revenue
growth coupled with gross margin expansion; (iii) consistently
generate adj. FCF/debt in the high single digits; (iv) adjusted
EBITDA/Interest approaching 2.5x; (v) maintenance of good
liquidity.
Moody's would consider downgrading the rating if the company were
to perform materially below expectations, as evidenced by:(i)
adjusted debt/EBITDA increasing above 6.0x on a sustained basis;
(ii) meaningful negative free cash flow or a weakening of the
group's liquidity; (iii) adjusted EBITDA interest coverage below
2.0x, or (iv) material delays or disruptions in the integration of
the to be acquired Huntsman TE business.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemicals
published in June 2022.
=====================
N E T H E R L A N D S
=====================
GROSVENOR PLACE 2015-1: Moody's Ups Rating on Cl. E-R Notes to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Grosvenor Place CLO 2015-1 B.V.:
EUR18,900,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A1 (sf); previously on Nov 4, 2022
Upgraded to A3 (sf)
EUR11,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Ba3 (sf); previously on Nov 4, 2022
Affirmed B1 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR201,500,000 (Current outstanding amount EUR62,522,575) Class
A-1A-R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa
(sf); previously on Nov 4, 2022 Affirmed Aaa (sf)
EUR5,000,000 (Current outstanding amount EUR1,551,429) Class
A-1B-R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Nov 4, 2022 Affirmed Aaa (sf)
EUR28,650,000 Class A-2A-R Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Nov 4, 2022 Affirmed Aaa
(sf)
EUR20,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2029, Affirmed Aaa (sf); previously on Nov 4, 2022 Affirmed Aaa
(sf)
EUR19,950,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Aa1 (sf); previously on Nov 4, 2022
Upgraded to Aa1 (sf)
EUR20,300,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba1 (sf); previously on Nov 4, 2022
Upgraded to Ba1 (sf)
Grosvenor Place CLO 2015-1 B.V., issued in April 2015, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CQS (UK) LLP. The transaction's reinvestment period
ended in April 2020.
RATINGS RATIONALE
The rating upgrades on the Class C-R and E-R notes are primarily a
result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the last rating
action in November 2022.
The Class A-1A-R and A-1B-R notes have paid down by approximately
EUR31.0 million (33%) and EUR0.8 million (33%), respectively, since
the last rating action in November 2022 and EUR139.0 million (69%)
and EUR3.4 million (69%), respectively, since closing. As a result
of the deleveraging, over-collateralisation (OC) has increased
across the capital structure. According to the trustee report dated
January 18, 2023 [1] the Class A, Class B, Class C, Class D and
Class E OC ratios are reported at 168.66%, 147.52%, 131.85%,
118.36% and 111.87% compared to September 30, 2022 [2] levels of
166.15%, 146.00%, 130.95%, 117.90% and 111.60%, respectively.
Moody's notes that the January 2023 principal payments are not
reflected in the reported OC ratios.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR210.05m
Defaulted Securities: EUR616,283.75
Diversity Score: 25
Weighted Average Rating Factor (WARF): 2997
Weighted Average Life (WAL): 2.6 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.52%
Weighted Average Coupon (WAC): 2.48%
Weighted Average Recovery Rate (WARR): 45.0%
Par haircut in OC tests and interest diversion test: none
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
TITAN HOLDINGS II: Moody's Rates New EUR350MM Add'l Term Loan 'B2'
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
the proposed additional senior secured Term Loan B (TLB) issuance
of EUR350 million due August 2028, to be issued by KOUTI B.V.
Other ratings of Titan Holdings II B.V. (Eviosys) and related
entities are unaffected. These include Eviosys' corporate family
rating at B3 and probability of default rating at B3-PD, as well as
the B2 ratings of senior secured TLB due 2028 and senior secured
Revolving Credit Facility (RCF) due 2028 issued by KOUTI B.V. and
the Caa2 rating of backed senior subordinate notes due 2029 issued
by Titan Holdings II B.V. The rating outlook for all entities is
stable.
Proceeds from the proposed issuance of the additional term loan B
will be used to fund a dividend distribution to shareholders and to
pay related transaction fees and expenses.
RATINGS RATIONALE
The rating action reflects Eviosys' leading position amongst the
food can manufacturers in Europe and its strong performance to
date, owing to successful raw material cost pass throughs to its
clients and inventory repricing gains, offset by the increased
leverage as a result of the proposed dividend recapitalization.
Moody's estimates Eviosys' gross leverage for 2022 at 4.6x (6.1x if
the favourable effect of inventory repricing is excluded as
non-recurring in Moody's view). Pro-forma for the transaction,
Eviosys' debt/EBITDA is expected to rise to 5.3x and 7.1x,
excluding favourable inventory repricing, respectively.
The rating agency expects Eviosys' adjusted EBITDA to lose some of
the benefit of inventory repricing gains as it partially rolls off
in fiscal 2023; however, Moody's anticipates this effect to be
partly mitigated by a recovery in volumes and annualization of
margin uplifts from renegotiated contracts with customers. Volumes
in 2022 were negatively impacted by weaker than usual harvest
resulting from severe weather conditions across Europe, as well as
lower fish catch volumes and trade tensions between Spain and
Algeria. Moody's expects leverage in 2023 to increase to above 6.0x
excluding the effect of inventory repricing and decline thereafter
due to expectation of low single digit volume gains and margin
improvements, driven by footprint and production process
optimization.
Moody's notes that proposed dividend payment, coupled with the
EUR125 million interim dividend that was approved in October 2022,
reflects a financial policy that favours shareholders, and leverage
could remain elevated if further dividend recapitalizations are
pursued.
The company has generated negative Moody's-adjusted free cash flow
year to date September 2022, due to large working capital outflow
as Eviosys has terminated its unfavourable supply chain financing
facilities that predated current ownership. Moody's forecasts
negative free cash flow (after capex and dividend payments) to
persist in 2023 owing to the proposed dividend payment, with return
to positive cash generation expected in 2024.
LIQUIDITY
Eviosys' liquidity is adequate including approximately EUR257
million of unrestricted cash and EUR270 million available under its
EUR275 million revolving credit facility (RCF), issued by KOUTI
B.V. as of December 2022. The company has no debt maturities until
2028 when the RCF and the Term Loan B will become due.
Eviosys' business is seasonal owing to peak demand during the
harvesting and fishing seasons which results in an increase in its
working capital in the middle of the year although on a full-year
basis its working capital is moderate. The company's RCF and
factoring programmes help it manage this seasonality prudently.
STRUCTURAL CONSIDERATIONS
The proposed additional TLB will share the same terms as the
existing TLB; Eviosys' RCF, issued by KOUTI B.V. together with
existing and proposed TLBs are rated B2 or one notch above the CFR,
reflecting their relative ranking in the capital structure and the
cushion provided by backed senior subordinated notes issued by
Eviosys.
Backed senior subordinated notes issued by Eviosys are rated Caa2,
two notches below the CFR due to their lower rank in the capital
structure in line with Moody's loss-given-default model.
RATING OUTLOOK
The stable rating outlook reflects Moody's expectation that Eviosys
will build on its track record of stable performance, continue to
improve its profitability and will eventually return to positive
free cash flow generation from 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Positive rating pressure could occur if Eviosys successfully
improves its profitability as evidenced by EBITDA margin towards
high-teens, as well as deleverages to below 6.5x debt/EBITDA along
with FCF/debt of over 5% and good liquidity, all on a sustained
basis.
Negative rating pressure could occur from failure to improve its
margins relative to historical levels, increase in leverage towards
8.0x debt/EBITDA or reduction in coverage measured as
EBITDA/interest expense to below 2.5x or sustained negative free
cash flow (after capex and dividends). Any liquidity challenges
would also be viewed negatively.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
COMPANY PROFILE
Eviosys is the largest metal can manufacturer in Europe, with 45
manufacturing facilities across 17 countries. In the twelve months
ended September 2022, company has generated EUR2.6 billion in
revenues and EUR474 million in adjusted EBITDA.
=========
S P A I N
=========
SANTANDER CONSUMER 2016-2: Moody's Affirms Ba1 Rating on E Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two Notes in
FTA, Santander Consumer Spain Auto 2016-1 ("SCSA 2016-1") and two
Notes in FT Santander Consumer Spain Auto 2016-2 ("SCSA 2016-2").
For SCSA 2016-1 the upgrade of the affected Notes is primarily
prompted by an increase in the eligible investments cap, following
the recent redemption of the Class A Notes. In addition, for both
SCSA 2016-1 and SCSA 2016-2 the upgrade of the affected Notes is
prompted by the increased levels of credit enhancement. Finally,
for SCSA 2016-2 the rating action reflects the correction of an
input error, resulting in an increase of Moody's default
probability assumption for the collateral pool backing this
transaction. The impact of the correction was, however, offset by
the positive impact of the additional credit enhancement which has
been built up in the transaction.
Moody's affirmed the rating of the other Notes rated by it in the
transactions, which had sufficient credit enhancement to maintain
their current ratings.
Issuer: FTA, Santander Consumer Spain Auto 2016-1
EUR30.6M Class B Notes, Upgraded to Aa3 (sf); previously on Aug 9,
2021 Affirmed A2 (sf)
EUR42.1M Class C Notes, Upgraded to Aa3 (sf); previously on Aug 9,
2021 Affirmed A2 (sf)
EUR23M Class D Notes, Affirmed A2 (sf); previously on Aug 9, 2021
Upgraded to A2 (sf)
Issuer: FT Santander Consumer Spain Auto 2016-2
EUR552.4M Class A Notes, Affirmed Aa1 (sf); previously on May 6,
2022 Affirmed Aa1 (sf)
EUR26M Class B Notes, Affirmed Aa1 (sf); previously on May 6, 2022
Upgraded to Aa1 (sf)
EUR35.8M Class C Notes, Upgraded to Aa1 (sf); previously on May 6,
2022 Upgraded to Aa3 (sf)
EUR19.5M Class D Notes, Upgraded to A1 (sf); previously on May 6,
2022 Upgraded to A3 (sf)
EUR16.3M Class E Notes, Affirmed Ba1 (sf); previously on May 6,
2022 Affirmed Ba1 (sf)
SCSA 2016-1 and SCSA 2016-2 are cash securitisations of auto loans
extended by Santander Consumer Finance S.A. (A2/P-1 Bank Deposits;
A3(cr)/P-2(cr)) to private and corporate obligors in Spain.
Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.
RATINGS RATIONALE
For SCSA 2016-1 the upgrade of the affected Notes is primarily
prompted by an increase in the eligible investments cap, following
the recent redemption of the Class A Notes. In addition, for both
SCSA 2016-1 and SCSA 2016-2 the upgrade of the affected Notes is
prompted by the increased levels of credit enhancement. Finally,
for SCSA 2016-2 the rating action reflects the correction of an
input error, resulting in an increase of Moody's default
probability assumption for the collateral pool backing this
transaction. The impact of the correction was, however, offset by
the positive impact of the additional credit enhancement which has
been built up in the transaction.
Moody's affirmed the rating of the other Notes rated by it in the
transactions, which had sufficient credit enhancement to maintain
their current ratings.
Counterparty Exposure
The rating actions took into consideration the Notes' exposure to
relevant counterparties, such as servicers and account banks.
In SCSA 2016-1, cash proceeds may be invested in eligible
investments rated at least Baa2. The ratings of the Class B, C and
D Notes in this transaction are constrained by the risk from
eligible investments. The maximum rating consistent with a Baa2
eligible investment criteria is Aa3 (sf) for senior notes with
"standard" exposure and A2 (sf) for notes with "strong" exposure
according to "Moody's Approach to Assessing Counterparty Risks in
Structured Finance".
Since the redemption of the Class A Notes in January 2023, the
Class B Notes have become the most senior class of Notes
outstanding in this transaction, and as a result the eligible
investments cap for this class of Notes has increased from A2 (sf)
to Aa3 (sf). Moreover, given the current rate of pool amortisation,
Moody's expects the Class B Notes to be redeemed within the next
two quarterly payment dates, and therefore the eligible investments
cap for the Class C Notes has also been reassessed and increased
from A2 (sf) to Aa3 (sf).
Increase in Available Credit Enhancement
Sequential amortization and non-amortizing reserve funds led to the
increase in the credit enhancement available in both transactions.
In SCSA 2016-1, the credit enhancement for the Class B and C Notes
upgraded in the rating action increased to 89.6% and 51.7%, from
34.3% and 19.8%, respectively, since the last rating action in
August 2021.
In SCSA 2016-2, the credit enhancement for the Class C and D Notes
upgraded in the rating action increased to 16.9% and 10.1%, from
11.8% and 7.1%, respectively, since the last rating action in May
2022.
Correction of Input Error and Revision of Key Collateral
Assumptions
As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolios
backing both transactions, reflecting the collateral performance to
date.
In the last rating actions for the two transactions, Moody's had
understated the level of realized cumulative defaults due to an
incorrect field being referenced from the servicer reports. In SCSA
2016-2's last rating action in May 2022, Moody's recorded
cumulative defaults incurred up to April 2022 of 0.52% of original
pool balance plus replenishments, instead of 1.32% of original pool
balance plus replenishments. The difference was smaller for SCSA
2016-1, where at the last rating action in August 2021, Moody's
recorded cumulative defaults of 0.87% of original pool balance plus
replenishments, instead of 1.13% of original pool balance plus
replenishments. In the rating action, Moody's has taken the
corrected reference for cumulative defaults into account when
reassessing its default probability assumptions for the portfolios
backing both transactions.
In SCSA 2016-1, total delinquencies have increased in the past
year, with 90 days plus arrears currently standing at 3.11% of
current pool balance compared to 2.31% a year earlier. Cumulative
defaults as of the most recent payment date in January 2023 stand
at 1.51% of original pool balance, up from 1.33% a year earlier.
In SCSA 2016-2, total delinquencies have likewise increased in the
past year, with 90 days plus arrears currently standing at 2.42% of
current pool balance compared to 1.88% a year earlier. Cumulative
defaults as of the most recent payment date in November 2022 stand
at 1.62% of original pool balance, up from 1.19% a year earlier.
For SCSA 2016-1, Moody's has increased the default probability
assumption for the current portfolio to 5.5% from 5% of the current
pool balance, translating into a default probability assumption of
1.88% of the original balance plus replenishments.
For SCSA 2016-2, Moody's has increased the default probability
assumption for the current portfolio to 5% from 4% of the current
pool balance, in part due to its revision of the cumulative
defaults experienced in this transaction to date, translating into
a default probability assumption of 2.56% of the original balance
plus replenishments.
The negative impact of the increase of the default probability
assumption for SCSA 2016-2 was offset by the positive impact of the
additional credit enhancement which has been built up in the
transaction.
For both transactions, Moody's maintained its assumptions of
portfolio credit enhancement of 16% and the fixed recovery rate of
30%.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties, and (4) a decrease in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the Notes' available credit enhancement, and
(4) deterioration in the credit quality of the transaction
counterparties.
===========
S W E D E N
===========
QUIMPER AB: Moody's Upgrades CFR to B1 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long term corporate
family rating of Quimper AB (Ahlsell) to B1 from B2 and the
probability of default rating to B1-PD from B2-PD. Concurrently
Moody's has upgraded to B1 from B2 the instrument ratings on the
outstanding SEK18.5 billion senior secured first lien term loan B
due 2026 and SEK2.25 billion senior secured first lien revolving
credit facility (RCF) due 2025. The outlook changed to stable from
positive.
RATINGS RATIONALE
The rating upgrade reflects Ahlsell' strong results in 2022 that
supported the improvement of credit metrics, including a decrease
in Moody's adjusted gross leverage to around 4.0x from 4.6x at the
end of 2021, in line with the requirements for the B1 rating. The
rating action also reflects Moody's expectations that Ahlsell's
balanced end market exposure and strong demand for energy efficient
renovation boosted by high energy prices will partly offset the
decline in the new build construction market. This dynamic should
support stable earnings (including the positive full year
contribution from 2022 acquisitions) and credit metrics over the
next 12-18 months despite a more challenging macro-economic
environment compared to prior years.
The B1 rating is further supported by (1) Ahlsell's track record of
good operating performance and ability to outgrow the market mainly
thanks to the company's leading position in Sweden; (2) its track
record of positive free cash flow generation; and (3) high margins
that Moody's expects will however reduce over the next 12-18 months
due to the dilutive impact of acquisitions and lower volumes.
The rating is constrained by (1) low albeit improving single digit
EBITA margins in Norway, Finland and Denmark mainly due to a lack
of sufficient scale; and (2) event risk associated with the private
equity ownership by CVC Capital Partners, which delisted the
company in 2019.
LIQUIDITY
Ahlsell's liquidity is good, supported by a cash balance of SEK3.8
billion at December 2022 and by a SEK2.25 billion undrawn RCF
maturing in 2025. There are intra-year working capital swings,
whereby there is generally a build-up in Q1-Q3 and a subsequent
release in Q4. However such movements in working capital are
expected to be fully covered by internally generated cash. Moody's
expects ample covenant headroom, given the maintenance covenant
stipulating that first lien net leverage (as defined in the
facility documentation) must be lower than 9x whenever 40% or more
of the RCF has been utilised.
STRUCTURAL CONSIDERATIONS
In Moody's loss-given-default (LGD) assessment, the group's senior
secured first lien term loan B and the senior secured first lien
RCF rank pari passu with each other and share the same security
interests and guarantees of entities of the group representing at
least 80% of consolidated EBITDA. Given the weak collateral value
of the security (consisting mainly of share pledges, bank accounts,
intercompany receivables) these facilities rank first together with
unsecured trade payables, pension obligations and short-term lease
commitments at the level of operating entities. The senior secured
first lien bank credit facilities are rated B1, in line with the
CFR.
OUTLOOK
The stable outlook reflects Moody's expectations of debt/EBITDA
between 4.0x-4.5x and operating profit margin of around 8% over the
next 12-18 months. The stable outlook also reflects Moody's
expectation of continued positive FCF generation and that Ahsell
will address debt maturities in a timely manner. The outlook
excludes any significant debt funded acquisitions or shareholder
distributions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive ratings pressure would arise should (1) debt/EBITDA remain
below 4.0x on a sustained basis, (2) operating margins remain in
high single digits in percentage terms or above, (3) liquidity
remain good and (4) the company demonstrate a conservative
financial policy, illustrated by no excessive profit distributions
to shareholders or larger debt-funded acquisitions.
Conversely, downward pressure could be exerted on the rating if (1)
Ahsell' operating performance weakens such that its
Moody's-adjusted debt/EBITDA rises above 5.25x on a sustained
basis, (2) operating margin declines towards the mid-single digit
range in percentage terms, (3) EBITA/interest declines below 2.5x
or (4) liquidity deteriorates.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Distribution
and Supply Chain Services published in February 2023.
COMPANY PROFILE
Headquartered in Stockholm, Sweden, Quimper AB (Ahlsell) is a
pan-Nordic wholesale distributor providing professional users with
a wide assortment of goods and services in the HVAC, electricals
and tools and supplies segments. Pro-forma acquisitions, the
company generates 61% of revenue of revenue in Sweden, 17% in
Norway, 9% in Finland, 10% in Denmark following the acquisition of
Sanistal and 3% in other regions. The company is owned by funds
affiliated with CVC Capital Partners. In 2022 pro-forma
acquisition, the company reported revenue of around SEK50 billion.
===========================
U N I T E D K I N G D O M
===========================
ANYTIME FITNESS: St. George's Gym Closes Following Liquidation
--------------------------------------------------------------
Cara Simmonds at KentOnline reports that a nationwide gym chain has
announced one of its branches in a shopping centre has permanently
closed.
Anytime Fitness in the St George's Shopping Centre, Gravesend, is
now in liquidation, KentOnline discloses.
The American-based company operates more than 5,000 franchised
locations in 50 countries.
It runs 24-hour facilities that are open for members all year
round.
A sign on the door of the building says the branch has been "placed
into liquidation" by Maxwell Davies Limited on May 24 this year,
KentOnline relates.
According to KentOnline, a spokesman from Anytime Fitness
commented: "The franchise owner of Anytime Fitness Gravesend was
unable to reach an agreement with the landlord of the building to
continue operating a health club from this location and the club
has entered insolvency.
"We would like to thank members for their understanding of this
challenging situation and for their loyalty and commitment."
They added that the gym officially closed its doors on Feb. 24,
KentOnline notes.
ARMADILLA: Hoffbauer Holding Acquires Business
----------------------------------------------
Peter A. Walker at insider.co.uk reports that the joint
administrators of Armadilla have sold the business and its assets
to Hoffbauer Holding.
Interpath Advisory was appointed joint administrators to Armadilla
on Dec. 20, insider.co.uk relates.
Based in Bonnyrigg, the company specialises in the design,
manufacture and delivery of sustainable modular accommodation, in
particular to clients across the education, leisure and wellness
sectors.
According to insider.co.uk, following a competitive sales process,
a deal was agreed with the subsidiary of a German-based company on
Feb. 23. It includes all of the assets, including the Armdilla
name, design rights and trademark, insider.co.uk discloses.
COVENTRY CITY: Goes Into Administration Amid Financial Woes
-----------------------------------------------------------
Anna Cooper at TheBusinessDesk.com reports that the Coventry City
of Culture Trust has gone into administration after failing to
secure a solution to its financial woes.
The trust was set up to continue the legacy of Coventry's year as
UK City of Culture in 2021 through cultural and community
projects.
Administrators at Armstrong Watson confirmed that 29 permanent
staff and 21 casual staff had been made redundant,
TheBusinessDesk.com relates.
According to TheBusinessDesk.com, its board of trustees said the
news was "devastating" for its team members and partners and that
it was "regretful of the impact" the administration will have on
the organisations and businesses involved.
Trustees said that whilst it had not been able to find a solution
to secure the trust, it has, "continued to work closely with those
who had pledged legacy funding, to try to protect those funds for
the city and its cultural organisations", TheBusinessDesk.com
notes.
And although its activities had ended earlier than anticipated,
trustees said in a statement that: "Coventry's year as UK City of
Culture has had a huge impact on the city and its positive
influence will be felt for many, many years to come."
Trust accounts recorded for the end of the financial year in March
2022 showed a funding shortfall of about GBP1.5 million, with
GBP20.6 million of expenditure and GBP19.1 million of income,
TheBusinessDesk.com discloses.
The trust's total wage bill added up to just under GBP3.8 million,
having increased by GBP1.2 million from the previous financial
year, TheBusinessDesk.com states.
DOUGLAS & GORDON: Goes Into Administration
------------------------------------------
David Callaghan at TheNegotiator reports that administrators Grant
Thornton on Feb. 27 confirmed that they are acting for the sales
division of Douglas & Gordon.
It is unclear what will now happen to the staff working for D&G or
the property deals that the business is currently handling,
TheNegotiator notes.
According to TheNegotiator, a spokesperson for Grant Thornton UK
said: "I can confirm that Philip Stephenson and Oliver Haunch of
Grant Thornton UK LLP were appointed as joint administrator to
Douglas & Gordon Ltd. on Feb. 24.
"The administrators are continuing to carry out their statutory
obligations and further information will be made available in due
course."
D&G's property sales division was loss-making when the deal went
through, and it was clear that Foxtons was largely interested in
its profitable lettings capability.
D&G has 15 offices in west and south London, where it is a
well-established estate agency name.
KEN'S TIPPER: Goes Into Liquidation, Owes GBP1.6 Million
--------------------------------------------------------
Chris Tindall at MotorTransport reports that a Herefordshire
haulage firm incorporated almost a quarter of a century ago has
gone into liquidation owing GBP1.6 million.
According to MotorTransport, accountants from Leonard Curtis were
appointed to Ken's Tipper Hire on Jan. 31.
PEPPER COMMUNICATIONS: Deltor Hires Ex-Workers After Collapse
-------------------------------------------------------------
William Telford at PlymouthLive reports that a family-run print
company has come to the rescue of some of the employees left
jobless when Plymouth's Pepper Communications Ltd went bust.
According to PlymouthLive, Saltash-based Deltor Communications Ltd
has already given jobs to three former Pepper workers and is
looking at how many others it can take on.
Deltor is a design, print and signage business set up in 1976 and
now run by Sam Shannon, son of the founder. It has 35 employees
already and counts the National Trust, English Heritage and Surfers
Against Sewage among clients.
Mr. Shannon, as cited by PlymouthLive, said one former Pepper
worker is already on the payroll, with two more offered jobs. He
said: "We are evaluating how many more we can take."
Pepper, one of Plymouth's best known family businesses, has gone
into liquidation after more than 40 years in business with all 39
staff made redundant and its 28,000 sq ft purpose-built plant in
Langage, Plympton, has closed, PlymouthLive discloses. Set up in
1982 by the late Steven Whitford, Pepper Communications became
owned and managed by his four sons -- Jude (chief executive), Seth
(sales director), Jake (production director) and Saul (director of
digital) and produced work for Disney, Harrods, Cadburys, the BBC
and the Forestry Commission, PlymouthLive recounts.
According to PlymouthLive, Deltor's managing director Sam Shannon
said it was sad to see Pepper's demise and urged Plymouth area
firms to use local print companies, He stressed: "It's for local
companies to support the trade. We don't want to see businesses go
out of the area or the trade will be gone forever."
He said Deltor was dealing well with challenges facing the print
industry, including surging energy costs, PlymouthLive relays. He
said that by investing in new equipment Deltor was able to slash
its power bill by 35%, thus keeping its costs to pre-inflationary
levels, PlymouthLive notes.
PRECISE MORTGAGE 2019-1B: Moody's Ups Rating on Cl. E Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four notes in
Precise Mortgage Funding 2019-1B Plc and Twin Bridges 2018-1 PLC.
The rating action reflects better than expected collateral
performance and the increased levels of credit enhancement for the
affected notes.
Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.
Issuer: Precise Mortgage Funding 2019-1B Plc
GBP359.49M Class A2 Notes, Affirmed Aaa (sf); previously on
Aug 26, 2021 Affirmed Aaa (sf)
GBP27.51M Class B Notes, Affirmed Aaa (sf); previously on
Aug 26, 2021 Upgraded to Aaa (sf)
GBP31.18M Class C Notes, Affirmed Aa1 (sf); previously on
Aug 26, 2021 Upgraded to Aa1 (sf)
GBP18.34M Class D Notes, Upgraded to Aa3 (sf); previously on
Aug 26, 2021 Upgraded to A2 (sf)
GBP18.34M Class E Notes, Upgraded to Ba1 (sf); previously on
Aug 26, 2021 Upgraded to Ba2 (sf)
Issuer: Twin Bridges 2018-1 PLC
GBP246M Class A Notes, Affirmed Aaa (sf); previously on
Sep 23, 2021 Affirmed Aaa (sf)
GBP15M Class B Notes, Affirmed Aaa (sf); previously on
Sep 23, 2021 Upgraded to Aaa (sf)
GBP16.5M Class C Notes, Upgraded to Aaa (sf); previously
on Sep 23, 2021 Upgraded to Aa1 (sf)
GBP13.5M Class D Notes, Upgraded to Aa1 (sf); previously
on Sep 23, 2021 Upgraded to Aa2 (sf)
RATINGS RATIONALE
The rating action is prompted by decreased key collateral
assumption, namely the portfolio Expected Loss (EL) assumption as a
percentage of original pool balance due to better than expected
collateral performance, as well as an increase in credit
enhancement for the affected tranches.
Revision of Key Collateral Assumptions:
As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.
The performance of the transactions has been better than expected
since the last rating actions. 90 days plus arrears as a percentage
of current balance in Precise Mortgage Funding 2019-1B Plc and Twin
Bridges 2018-1 PLC are currently standing at 0.07% and 0.21%,
respectively, with the pool factor at 51.1% and 55.3%. The
underlying loan portfolios have incurred no losses since closing.
Moody's maintained the expected loss assumption as a percentage of
current pool balance for Precise Mortgage Funding 2019-1B Plc and
Twin Bridges 2018-1 PLC at 1.25% and 1.50% respectively, due to
better than expected collateral performance. The revised expected
loss assumption corresponds to 0.64% and 0.83% respectively, as a
percentage of original pool balance, down from the previous
assumptions of 0.90% and 1.26%.
Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained MILAN CE assumptions at
12% for Precise Mortgage Funding 2019-1B Plc and 13% for Twin
Bridges 2018-1 PLC.
Increase in Available Credit Enhancement
Sequential amortization and, in the case of Twin Bridges 2018-1
PLC, the non-amortizing reserve fund led to the increase in the
credit enhancement available in the transactions.
In Precise Mortgage Funding 2019-1B Plc, the credit enhancement for
Classes D and E increased to 6.7% and 1.8% from 5.1% and 1.5% since
the last rating action in August 2021.
In Twin Bridges 2018-1 PLC, the credit enhancement for Classes C
and D increased to 17.8% and 9.4% from 11.3% and 6.0% since the
last rating action in September 2021.
Counterparty Exposure
The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.
Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of note payments, in case of
servicer default, using the CR assessment as a reference point for
servicers. The rating of the Class C Notes of Precise Mortgage
Funding 2019-1B Plc is constrained due to the level of liquidity
support available in the transaction.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.
The analysis undertaken by Moody's at the initial assignment of
ratings for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties and (4) a decrease in sovereign
risk.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.
SAM CARMICHAEL: Ukraine War Blamed for Collapse
-----------------------------------------------
Chris Tindall at MotorTransport reports that it took just six
months of loss making activity at East Yorkshire-based Sam
Carmichael Logistics (SCL) for it to collapse into administration.
According to MotorTransport, the company's demise can be blamed in
part on the Russian invasion of Ukraine.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *