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

                          E U R O P E

          Thursday, March 2, 2023, Vol. 24, No. 45

                           Headlines



A R M E N I A

ARMENIA: S&P Alters Outlook on B+ Sovereign Credit Rating to Pos.


A Z E R B A I J A N

AZER-TURK BANK: S&P Assigns 'B+/B' ICRs, Outlook Stable


D E N M A R K

DKT HOLDINGS: S&P Affirms & Then Withdraws 'B' ICR
NUUDAY A/S: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable


F R A N C E

RENAULT SA: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable


G E R M A N Y

AKBANK AG: Fitch Affirms LongTerm IDRs at 'B-', Outlook Negative


I R E L A N D

BUSHY PARK: S&P Assigns Prelim. B- (sf) Rating on Class F Notes
GOLDENTREE LOAN 6: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
GOLDENTREE LOAN 6: S&P Assigns B-(sf) Rating on Class F Notes


R O M A N I A

BLUE AIR: Air Claim Files Insolvency Petition


S W E D E N

DOMETIC GROUP: S&P Affirms 'BB-' LT ICR & Alters Outlook to Stable


T U R K E Y

TURKIYE GARANTI: Fitch Affirms 'B-' LongTerm IDRs, Outlook Negative
TURKIYE IS BAKANSI: Fitch Affirms 'B-' LongTerm IDRs, Outlook Neg.
YAPI VE KREDI BAKANSI: Fitch Affirms B- LongTerm IDRs, Outlook Neg.


U N I T E D   K I N G D O M

BLUEMOUNTAIN FUJI II: S&P Affirms 'BB' Rating on Class E Notes
EVA-LUTION: GBP90,000 in Employees' Wages Still Unpaid
FAB UK 2004-1: Fitch Puts Three Note Classes on Rating Watch
INEOS QUATTRO: S&P Rates New EUR750MM Secured Term Loans 'BB'
JARVIS CONTRACTING: Enters Administration, Workers Made Redundant

LENDY: Administrator Processed 7,200 Withdrawal Requests in 2023
MEADOWHALL FINANCE: Fitch Lowers Rating on Class M1 Notes to CCC
PEPPER COMMUNICATIONS: Pureprint Group Hires Former Staff
VINEYARD PROJECT: Put Into Compulsory Liquidation

                           - - - - -


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A R M E N I A
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ARMENIA: S&P Alters Outlook on B+ Sovereign Credit Rating to Pos.
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S&P Global Ratings, on Feb. 24, 2023, revised its outlook on the
long-term sovereign credit rating on Armenia to positive from
stable.  Simultaneously, S&P affirmed the 'B+' long-term and 'B'
short-term sovereign credit ratings on the sovereign.

Outlook

The positive outlook reflects S&P's view of improved prospects for
Armenia's economy as well as its fiscal and external position due
to positive spillovers from the war in Ukraine. Absent substantial
regional geopolitical deterioration, labor and financial inflows
from Russia could boost Armenia's long-term economic growth
potential and structurally improve the country's fiscal and
external balance sheets, reducing its vulnerability to shocks.

Downside scenario

S&P could revise the outlook to stable if over the next 12 months
there was a material reversal in financial and labor inflows from
Russia, resulting in slower GDP growth, weaker fiscal and external
balance sheets, deeper exchange rate depreciation, and faster
government and external debt accumulation. Negative rating pressure
could also emerge from the possible macroeconomic fallout triggered
by an escalation of the conflict with Azerbaijan over the
Nagorno-Karabakh region.

Upside scenario

S&P could raise the ratings within the next 12 months if Armenia's
real GDP growth remains strong and its fiscal, balance of payments,
and financial stability risks remain contained, including the
precautionary three-year Stand-By Arrangement (SBA) with the IMF.
Under this scenario, Armenia's dollar income levels will remain
higher compared with pre-war levels, budget deficits will be
contained, and the central bank's foreign exchange reserve position
will stay adequate.

Rationale

Since the outbreak of the war in Ukraine, Armenia has experienced
positive spillovers in the form of large labor and capital inflows
from Russia. Given deep economic and cultural ties, and strong
travel links, Armenia has emerged as one of the key destinations
for Russian individuals and businesses trying to escape domestic
political risks and the adverse effects of international sanctions.
In turn, migrant inflows have boosted economic growth to double
digits (estimated at about 12.6% in real terms in 2022) and
narrowed Armenia's persistent twin deficits. This has also resulted
in the appreciation of the Armenian dram against the U.S. dollar by
almost 18% over the past year, significantly reducing external and
governmental debt stocks in USD terms, and partly mitigating price
pressures. Unlike other countries, Armenia is insulated from the
global energy price shock due to long-term gas contracts with
Russia, with prices fixed well below the spot market.

It is uncertain if Armenia's economy will see a reversal of these
inflows. However, it does not appear likely that the war in Ukraine
will end soon. In tandem with anecdotal evidence suggesting
immigrants do not plan to return to Russia in the short term, and
the lack of alternative destinations for Russian immigrants, S&P
thinks it is unlikely there will be a sharp reversal in financial
and labor inflows to Armenia in the next 12 months. Barring extreme
scenarios, including the new direct military conflict with
Azerbaijan, Armenia's near-term economic growth prospects are set
to stay robust at roughly 4% per year in real terms, and its
external and governmental balance sheets to remain stronger than
before the war.

S&P's ratings on Armenia are constrained by evolving institutional
settings, low income levels, weak balance-of-payments and fiscal
positions, and its exposure to geopolitical and external security
risks. The ratings are supported by Armenia's strong growth
outlook, the availability of external official funding, and a
prudent macroeconomic policy framework that has helped preserve
economic and financial stability in recent years despite multiple
external shocks.

Institutional and economic profile: Growth will decelerate in 2023,
while external security risks persist

-- S&P expects real GDP growth will decelerate from 12.6% in 2022
to 4.0% in 2023, primarily due to weaker financial and migrant
inflows.

-- These inflows from Russia could boost Armenia's potential
economic growth rate to 4%-5% per year in real terms, but there is
uncertainty about whether these flows will reverse.

-- External security threats with respect to the Nagorno-Karabakh
region conflict are a risk.

After a stellar year for economic output in 2022, S&P expects
growth to slow to 4.0% in 2023 due to weaker external demand
(particularly for tourism), restrictive global financial
conditions, and dissipating financial and migrant inflows. In 2022,
unanticipated positive spillovers from the Russia-Ukraine conflict
catapulted Armenia's economy, which expanded by 12.6%. This
acceleration in growth is primarily owed to inward migration from
Russia that boosted the economy through multiple channels. Firstly,
anecdotal evidence suggests a large proportion of migrants from
Russia are skilled, young professionals who work primarily in the
highly productive IT sector. The arrival of skilled labor, combined
with the registration of over one thousand foreign-owned companies,
helped certain sectors grow significantly in 2022. For example,
Armenia's IT sector grew by almost 60% in the third quarter of
2022, compared with the same period in the previous year.

Secondly, Armenia's economy also benefitted from financial inflows.
Although reducing in recent years, Russia has been an important
source of money transfers for Armenia. Money transfers from Russia
reached 41% of Armenia's total gross inflows (6.2% of GDP) in 2021
and increased to 69% in 2022 (approximately 18.5% of GDP). Thus,
this represents an important source of remittances and capital
inflows. Nevertheless, assuming no additional waves of migration
inflows, S&P expects these financial inflows to decrease
substantially in 2023.

Migration from Russia also helped Armenia's services sector to
continue recovering from the pandemic-induced decline in 2020. As a
result, this has been a boon for the catering, real estate, and
transportation sectors. Tourist arrivals reached 1.67 million in
2022 (but remain roughly 12% below 2019 levels), and while future
tourism levels remain strong, S&P notes this could be affected by
lower tourist purchasing power due to the dram's recent
appreciation against the U.S. dollar and weaker global economic
growth in 2023.

Armenia's trade channels with Russia are also imperative. In 2021,
the share of exports to Russia represented 28% of the total and
increased to 45% in 2022 because of the war in Ukraine. Due to a
lack of data, it is unclear which part of the increase in exports
originated from Armenia and which are reexports from other
countries. But S&P expects exports to Russia to slow this year due
to its subdued economic prospects.

There are risks to Armenia's economic growth outlook beyond 2023.
It is unknown how many recently arrived immigrants will stay. A
sharp slowdown in economic growth in Russia and the EU, two of
Armenia's most important trading partners, could also weigh on
economic growth. Additionally, persistent external security risks
along the Armenia/Azerbaijan border could spill over into domestic
politics and the economy. Nevertheless, the recent increase in
human and financial capital could benefit Armenia's potential
growth rate. In S&P's baseline scenario, it expects economic growth
to average about 4% per year in real terms until 2026.

Tensions remain heightened between Armenia and Azerbaijan about the
Nagorno-Karabakh region, predominantly in the Lachin corridor. The
most recent fighting took place in mid-September 2022, near a
popular tourist destination and the site of a potential large-scale
gold mining project. Despite peace talks over the last few months,
so far no progress has been made. These peace talks with Azerbaijan
have resulted in occasional protests against Prime Minister Nikol
Pashinyan's government. Future political tensions could affect the
government's ability to carry out its structural reform agenda or
result in shifts in fiscal policies. Notably, the government's
current policy is anchored by a five-year plan that centers on
ongoing public and private investment, especially in infrastructure
development, plans to improve Armenia's human capital, reforms of
the public administration and the judicial sector, and efforts to
reduce corruption. Sustained progress under the plan is an
important factor underpinning our economic growth forecast.

Flexibility and performance profile: The twin deficits are set to
widen in 2023, but will improve subsequently

-- The budget deficit is set to widen to 3.5% of GDP in 2023 but
we expect this will gradually narrow afterward.

-- Given S&P's fiscal outlook, net general government debt will
stabilize at a moderate 45% of GDP through 2026.

-- Armenia's current account balance will swing from a small
surplus in 2022 back to a deficit of roughly 4.5% of GDP in 2023;
as a result, S&P expects some pressures on foreign exchange (FX)
reserves.

The government targets a budget deficit of 3.1% GDP ($0.7 billion)
in 2023, down from an estimated 2.4% in 2022. The macroeconomic
framework underpinning the 2023 budget target encompasses an
economic growth forecast of 7% in real terms. S&P said, "In
contrast, we estimate a budget deficit of 3.5% of GDP. This is
because we expect slower economic growth but also high spending
pressures as a result of public wage increases, higher
infrastructure investments, and elevated defense spending. In
response to external security threats, defense spending is set to
increase by more than 35% compared with 2022. Beyond 2023, we
expect public finances to be gradually consolidated on the back of
government efforts to improve revenue collection and generally
comply with fiscal rules, resulting in average annual general
government deficits of 2%-3% of GDP through 2026. We expect the
three-year SBA program with the IMF will underpin the fiscal
path."

S&P estimates Armenia's net government debt-to-GDP ratio dropped
from 54% of GDP in 2021 to 39% in 2022. The three reasons for this
were:

-- A lower-than-planned budget deficit.

-- Significant (approximately 18%) appreciation of the dram
against the U.S. dollar in 2022 on government debt, given over 60%
of the debt stock is denominated in foreign currencies, primarily
USD.

-- Very high nominal GDP growth, which S&P estimates at about 22%,
given strong real growth and elevated inflation.

In 2023, S&P expects net government debt will increase to 44.9% of
GDP, mainly due to exchange rate depreciation, and will broadly
stabilize at similarly moderate levels thereafter.

Compared to other net energy importing economies, Armenia is
largely insulated from the effect of high energy prices. The
country's economy chiefly depends on natural gas as an energy
source (61%), as opposed to other sources such as oil (12%).
Natural gas is primarily supplied by Russia (85%) based on
long-term contracts at prices well below elevated spot prices in
2022.

Despite recent improvements, Armenia's balance of payments position
remains weak. The country has been running persistent current
account deficits for years, translating into a sizable net external
liability position of some 150% of current account receipts. Owing
to lower external demand (for both goods and services) and
remittances, from 2023 S&P expects the current account will shift
from a modest headline surplus in 2022 to a deficit of 4.4%-4.6% of
GDP. In line with the historical trend, S&P projects the current
account deficits will be funded by a mixture of government external
borrowings (mostly concessional) and net foreign direct investment
inflows, and to a smaller extent official reserves depletion. As a
result of this funding mix, Armenia's external debt net of liquid
external assets (narrow net external debt—S&P's preferred measure
of external leverage) is set to gradually increase in the medium
term, but to stay below a moderate 100% of current account
receipts.

To guard against balance-of-payments shocks, in December 2022 the
IMF approved a $171 million 36-month SBA for Armenia. The Armenian
authorities indicated they will treat the program as precautionary.
Notably, Armenia's official reserves reached a historical record of
$4.1 billion at end-2022, up 27% compared with the same period last
year. Reserves increased as the Central Bank of Armenia (CBA)
became a net purchaser of FX last year in an effort to prevent
disorderly market conditions resulting from higher tourist arrivals
and significant capital and remittances inflows. S&P said, "Going
forward, we expect some pressure on FX reserves to resurface as the
current account balance moves back into a deficit. That said, we
expect the exchange rate to act as a key shock absorber and the FX
reserve buffer to remain broadly adequate."

After peaking in mid-2022, inflation has been gradually decreasing
(averaging 8.6% in 2022). But, due to robust consumption and high
food prices, price pressures remain elevated. Accordingly, the CBA
has hiked the policy rate (refinancing rate) by 275 basis points
over the last 12 months. S&P said, "We expect the CBA to maintain a
tight monetary policy in the short term until price pressures ease.
This tight monetary policy, combined with the dram's appreciation
against the U.S. dollar, and lower import prices, should put
downward pressure on inflation. As a result, we expect inflation to
average 6.4% in 2023. More broadly, we think the CBA's monetary
policy framework benefits from the institution's high degree of
operational independence and its improving credibility."

Armenia's banking sector appears well capitalized, profitable, and
liquid. Its direct exposure to Russia and Ukraine is relatively
moderate, and nonperforming loans remain low at 2.8% as of December
2022, up from 1.9% in December 2021 (decreasing under International
Financing Reporting Standards guidelines). Risks remain around the
mortgage market, which has seen growth of 30% over the last year,
alongside rising house prices. In response to potential risks, the
authorities increased the countercyclical capital buffer and
introduced loan-to-value ratios. Another macroprudential tool set
to be used is a draft law restricting U.S. dollar lending. Overall,
the risk of government contingent liabilities from the banking
sector remains limited.

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

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

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

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

  Ratings List

  RATINGS AFFIRMED  

  ARMENIA

   Transfer & Convertibility Assessment     BB-

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                  TO             FROM
  ARMENIA

   Sovereign Credit Rating   B+/Positive/B    B+/Stable/B




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A Z E R B A I J A N
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AZER-TURK BANK: S&P Assigns 'B+/B' ICRs, Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned its 'B+/B' long- and short-term issuer
credit ratings to Azer-Turk Bank (ATB). The outlook is stable.

Azer-Turk Bank (ATB) is a small Azerbaijani bank with a strong
position in correspondent banking and an expanding retail
franchise.

S&P said, "The starting point for our long-term rating on ATB is
the anchor of 'b+' for commercial banks operating predominantly in
Azerbaijan. This is based on an economic risk score of '8' and an
industry risk score of '9' for Azerbaijan under our Banking
Industry Country Risk Assessment. We consider that supportive oil
price dynamics benefits Azerbaijan's economic, fiscal, and
balance-of-payments performance. In our view, regional geopolitical
developments--including the Russia-Ukraine war and Azerbaijan's
confrontation with Armenia--and the deteriorating global economic
outlook present additional risks to Azerbaijan's economic
performance. We consider that the country's banking industry is
showing signs of recovery from a protracted correction, supported
by favorable commodity prices stimulating credit demand alongside a
material improvement in asset quality. In our view, the
institutional framework in Azerbaijan remains relatively weak,
despite improvement in certain regulatory aspects. We see high
market distortions, with the few larger banks dominating. Volatile
bank funding markets, challenging access to wholesale funding for
most banks, and a lack of long-term financing still represent
challenges for the sector."

A strong correspondent banking business, an expanding retail
franchise, and government ownership will continue supporting ATB's
moderate business position. With total assets of about Azerbaijani
new manat (AZN) 821 million ($483 million) and gross customer loans
of about AZN306 million ($180 million) as of Sept. 30, 2022, ATB
had a market share of about 2% in retail loans and deposits and a
very small portfolio of small and midsize enterprises (SME). Its
competitive position will remain significantly weaker than that of
the top-three Azerbaijani banks--International Bank of Azerbaijan
(not rated), Pasha Bank (B+/Stable/B), and Kapital Bank OJSC
(BB-/Stable/B)--which hold a combined market share of about 55% by
assets and over AZN7 billion of assets each. We believe that the
government's 75% ownership is positive for ATB's reputation, cost
of funding, stability of retail deposits, growth in correspondent
banking, and business growth, without the negative consequences of
government-directed lending. Although the bank is developing a new
medium-term strategy, we expect that it will continue expanding its
retail business and retain its focus on correspondent banking,
while the volatile geopolitical situation in the region will help
it maintain its strong market positions in this segment.

S&P said, "We expect that planned capital increases of about AZN10
million will strengthen the bank's capitalization in 2023. We
estimate that the bank's capitalization, as measured by our
risk-adjusted capital (RAC) ratio, declined to 6.0%-6.5% in 2022
from 7.6% at year-end 2021, reflecting ATB's very rapid
balance-sheet growth, especially in unsecured consumer loans,
despite very strong net income of about AZN10 million that has
strengthened its capital base. We forecast that moderation of
annual loan growth to about 15%, a planned shareholder capital
injection of about AZN10 million, and no dividend distributions
will likely result in the RAC ratio increasing to above 7% in 2023.
However, we expect a subsequent decline to below 7% in 2024 due to
no further planned capital injections, continued balance sheet
growth, and lower net income than the exceptional result in 2022 as
income from correspondent banking normalizes.

"We expect ATB will maintain its adequate risk position over the
next year. This reflects the bank's well-structured risk
management; the concentration of its loan portfolio on residential
mortgages under government support programs and unsecured consumer
loans, which we view as less risky than corporate and SME loans in
Azerbaijan; and our expectation of only moderate deterioration of
asset quality in the next two years as consumer loans season. ATB
has shown good progress in cleaning up its balance sheet from
legacy, mainly corporate, nonperforming loans, which peaked at
12.6% of total loans at year-end 2018, through write offs and sale
of collateral. We expect that Stage 3 consumer loans could increase
to 6%-7% of total loans from 3% at Sept. 30, 2022, and total Stage
3 loans to 3.5%-4.0% from 2.0%, as loans season over the next two
years. This will still be lower than our forecast for the Stage 3
loans system average of about 6%-8% in 2023. We believe that
potential credit quality deterioration could come due to rapid
growth in unsecured consumer lending. ATB's credit portfolio
expanded 39% in the first nine months of 2022, which was above
budget and double the system average of 17%. This strong growth was
largely driven by unsecured consumer loans (about a 55% increase in
2022), which accounted for 42% of total loans at Sept. 30, 2022.

"We think that the bank will maintain its adequate and stable
funding and liquidity profile. Similar to peers, we expect that
customer deposits will remain ATB's main funding source. Deposits
are well diversified between retail and corporate, and manat and
foreign currency deposits, dominated by current accounts (85% of
the total) versus term deposits, which is positive for its cost of
funding. Mortgages under government support programs are backed by
long-term funding from the Azerbaijan Mortgage and Credit Guarantee
Fund. ATB's stable funding ratio was 163% at Sept. 30, 2022. We
expect the bank to manage its liquidity risks due to a sound
liquidity risk management system, solid liquidity buffers, and
access to central bank funding in case of need. Its broad liquid
assets represented 58% of total assets at Sept. 30. Net broad
liquid assets covered short-term customer deposits 77% on the same
date.

"We consider ATB a government-related entity (GRE) and believe
there is a moderately high likelihood that it will receive timely
and sufficient support from Azerbaijan's government if needed.
Therefore, we incorporate one notch of government support above our
stand-alone credit profile (SACP) assessment into our ratings on
ATB. We think the bank has a limited role for the government as a
small commercial bank without any special social role, which serves
the same customer base of corporates and individuals as other
Azerbaijani commercial banks. We believe that ATB has a strong link
with the government, which owns 75% in the bank and plans to take
part proportionately in the capital increase in 2023. However,
there is no track record of the government providing support to the
bank in case of need since its ownership change in 2014 because ATB
did not need extraordinary support. Privatization is not envisioned
in the next few years. All three members of the bank's supervisory
board represent the government.

"The stable outlook on ATB over the next 12 months reflects our
expectation that the bank will moderate growth in unsecured
consumer lending and retain sizable correspondent banking business,
while its internal profit generation and the planned shareholder
capital injection support its capitalization. We also expect that
asset quality will not worsen materially as consumer loans season
and remain better than the sector average.

"We could lower the ratings over the next 12 months if ATB's asset
quality deteriorates rapidly, coupled with inadequate provisioning
of problem loans or insufficient capital support from the
government. This could be either from weaker-than-needed capital
support or paying dividends that would lead ATB's capitalization to
weaken. Beyond the next 12 months, a negative rating action could
follow a material weakening of the bank's correspondent banking
business, leading to a substantial decline in fee income,
especially if it is not compensated by other revenue sources.

"In our view, a positive rating is unlikely over the next 12
months. Beyond then, we could raise the ratings if ATB receives
capital support from the government and demonstrates a track record
of stable retained earnings and commitment to maintain its RAC
ratio sustainably above 7%, while its asset quality remains largely
stable."

Environmental, Social, And Governance

ESG credit indicators: E-2, S-2, G-4 (governance structure)

S&P said, "Governance factors are a negative consideration in our
credit rating analysis of ATB. This is because we consider
governance and transparency in Azerbaijan's banking system weak.
Many aspects of ownership, management, and governance could be
opaque and lead to high risks, and we believe that Azerbaijan has
significant governance issues." It has a pervasive perceived level
of corruption, which is exacerbated by the significant shadow
economy.




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D E N M A R K
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DKT HOLDINGS: S&P Affirms & Then Withdraws 'B' ICR
---------------------------------------------------
S&P Global Ratings affirmed its 'B' ratings on DKT Holdings, DKT
Finance, and TDC Holding A/S, and removed them from CreditWatch
negative, where S&P placed them on July 6, 2022. S&P then withdrew
all the ratings at the company's request.

At the time of the withdrawal, the negative outlook reflected the
likelihood of a downgrade in the next 12 months if FOCF after
leases did not improve to at least breakeven if adjusted leverage
increased to above 7.0x (excluding shareholder loans) or towards
10.5x (including shareholder loans) or EBITDA interest covered
declined to below 3.0x.

Following the successful repayment of the subordinated high-yield
bonds at DKT Finance and senior secured notes at TDC Holding, S&P
believes DKT Holdings will have adequate liquidity over the next 12
months. DKT Finance's EUR1.05 billion and $410 million high-yield
bonds due in June 2023 were redeemed on Feb. 10, 2023, with EUR475
million equity contribution at DKT Holdings from existing
shareholders, a EUR475 million private credit facility at DK
Telekommunikation (out of EUR500 million issued), EUR402 million of
cash paid up from the Nuuday credit facility, and cash on balance
sheet. Additionally, the group today repaid TDC Holding's GBP425
million unsecured notes at maturity with funds from TDC Net. This
prompted us to positively reassess DKT Holdings' liquidity to
adequate from less than adequate.

Although the group's revenues should stabilize this year, its
EBITDA margin may contract during the same period. The group's
mature services within internet and network, TV, and landline voice
will likely keep revenues between Danish krone (DKK) 15.9 billion
and DKK16.0 billion. However, significant IT transformation costs
at Nuuday as well as inflationary pressure across the group,
including high power prices, are bound to weigh on the EBITDA
margin. Accordingly, S&P expects S&P Global Ratings-adjusted EBITDA
margin to decline to 37%-38% in 2023 compared to about 39% in
2021-2022.

S&P said, "We continue to anticipate high capex needs will
translate into continued negative FOCF and no improvement in credit
ratios. We still expect DKT Holdings' capex to sales will remain
elevated at about 27% in 2023. We base our assumption on the
group's high expansionary capex on fiber network investments at TDC
Net as well as significant investments at Nuuday to replace current
complex IT systems and simplify services. Although excluding this
expansionary capex, the group would generate positive FOCF; we
expect the growth capex to lead to negative reported FOCF after
leases of DKK500 million–DKK1,500 million. That said, we note
that DKT Holdings has adequate liquidity for the next 12 months and
that the interest rates of the new subordinated debt at DK
Telekommunikation ApS have a payment-in-kind option.

"We expect leverage, excluding the shareholder loan, will remain at
6.0x-6.5x in 2023.However, factoring in about DKK22.7 billion of a
shareholder loan that carries a 5.125% non-cash interest payment,
we expect leverage will remain very high at 10.0x-10.5x."

The outlook was negative at the time of the withdrawal.

S&P could have downgraded DKT Holdings in the next 12 months if:

-- S&P Global Ratings-adjusted debt to EBITDA increased toward
7.0x, or 10.5x including shareholder loans;

-- Adjusted EBITDA cash interest coverage weakened to less than
3x; or

-- Sizable capex and slight EBITDA margin deterioration kept FOCF
negative, with no evidence of a transition to at least breakeven.

S&P could have revised the outlook to stable in the next 12 months
if:

-- Adjusted debt to EBITDA remained below 7.0x, or well below
10.5x including shareholder loans);

-- Adjusted EBITDA cash interest coverage stayed above 3x; and

-- There was evidence of at least breakeven FOCF.

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


NUUDAY A/S: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Danish telecom services provider Nuuday A/S, and its 'B' issue
rating to the EUR500 million term loan B and EUR135 million
revolving credit facility (RCF). The '2' recovery rating on these
senior secured instruments reflects its estimate of approximately
80% recovery prospects in the event of a default.

The stable outlook reflects S&P's expectation that, in the next 12
months, Nuuday's revenue will remain relatively flat and its EBITDA
margin will slightly decline, leading to S&P Global
Ratings-adjusted leverage ratio of about 4.8x.

S&P said, "This rating action on Nuuday is in line with the
preliminary ratings we assigned on Nov. 10, 2022. There were no
material changes to our base case or the financial documentation
compared with our original review. Although we anticipate broadly
stable revenue growth in the next two years, we expect Nuuday's
EBITDA margin and FOCF to remain constrained by significant
investments in IT transformation as well as inflationary pressure.


"We base our group rating assessment for Nuuday on the
creditworthiness of its ultimate parent, DKT Holdings. We view
Nuuday as moderately strategic to DKT Holdings because we believe
the group would likely provide extraordinary support to Nuuday in
certain circumstances. After the repayment of DKT Finance's EUR1.05
billion and $410 million high yield bonds due in June 2023, we
reassessed DKT Holdings' liquidity position to adequate from less
than adequate. The group also repaid the TDC Holding's £425
million unsecured notes with funds from TDC Net. We withdrew all
ratings on DKT Holdings, DKT Finance, and TDC Holding following the
debt repayments. However, we will continue monitor DKT Holdings'
credit quality as part of our assessment of Nuuday. Because DKT
Holdings' group credit profile is only one notch higher than our
assessment of Nuuday's stand-alone credit profile, our issuer
credit rating on Nuuday is currently not affected by our assessment
of its group status. Moreover, if our group credit assessment on
DKT Holdings were to weaken further to 'b-', for instance, because
a transition to positive FOCF by 2024 appears to be a remote
possibility, there would not be any impact on the rating on Nuuday
but any potential upside would be capped at 'b-'.

"The stable outlook reflects our expectation that, over the next 12
months, Nuuday's revenue will remain relatively flat and EBITDA
margin will slightly decline, leading to S&P Global
Ratings-adjusted leverage ratio of about 4.8x.

"We could lower the rating if Nuuday's capital structure became
unsustainable, with continuous revenue declines, EBITDA margin
deterioration, and negative FOCF. This could occur if Nuuday lost
material market share and increased costs, for instance due to
inflationary pressure, while being unable to reduce its operating
costs and capex or pass them through to customers.

"Although unlikely in the next 12 months, we could also lower the
rating if liquidity deteriorated materially or if we saw a risk of
an event of default.

"We could raise the rating if Nuuday sustainably generates positive
FOCF while keeping leverage below 6.0x. This could happen if
Nuuday's cash flows performed better than anticipated, for example,
with higher EBITDA or lower capex, while maintaining at least a
stable market position in Denmark. An upgrade of Nuuday would hinge
on DKT Holdings' group credit profile staying at 'b' given Nuuday's
moderately strategic group status."

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




===========
F R A N C E
===========

RENAULT SA: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded Renault SA's Long-Term Issuer Default
Rating to 'BB+', from 'BB'. The Outlook is Stable.

The upgrade reflects the strengthening of Renault's profitability
and balance sheet flexibility following its strategic plan update.
Fitch forecasts that Renault's automotive EBIT will be above 3% in
its four-year forecast horizon, which is above its positive rating
sensitivities and the 2% median in its navigator for the 'BB'
rating category.

The Ampere (Renault's battery electric vehicle and software unit)
IPO and potential sale of Nissan shares provide a cash buffer,
which Fitch assumes will be directed primarily to internal
investment needs for rapid electric transition. Fitch views the
announced cash allocation strategy as conservative, which is the
main rating driver of the upgrade.

KEY RATING DRIVERS

Profitability Targets on Track: Despite a challenging macro
backdrop, Renault's auto EBIT margin was at 3% at end-2022, above
its positive rating sensitivity and its previous expectations. The
improvement was driven by a positive pricing and product mix, which
was supported by new product launches in the C-segment that were
more profitable than Renault's existing product line.

Although Fitch expects pricing conditions to be more challenging in
2023, especially in the European market, Fitch believes easing raw
material prices and improving supply chain conditions should
mitigate its expectation of a continued inflationary environment
and weakening in consumer sentiment. Fitch forecasts Renault's auto
margin to be around 4% over its forecast period, which broadly maps
close to the 'BBB' rating median in its navigator.

Strong Order Intake: Renault states that at end-2022 the orderbook
covered 3.5 months of 2023, versus below two months three years
ago. It guides that new launches in the C-segment, including models
such as Arkana and Megane E-tech, have been strong, which will be
further supported by other new product offerings, like the new
Autral and Espace, the facelift of Clio and the hybrid version of
Jogger. The orderbook supports its expectation of single-digit
revenue growth in the medium term, and there is potential upside to
its conservative case, depending on the recessionary environment in
Europe.

Ampere IPO: Fitch expects the announced Ampere IPO (together with
the associated sale of a minority stake) and potential Nissan share
sale will provide additional cash proceeds that would support a
rapid electrification transition for Renault. As guided by
management, Fitch expects most of the disposal proceeds to be used
for investment in the business, which should offset its
expectations of slightly increasing capex in the next four years.

Minority Payout to Increase: Renault's intent was to maintain a
majority holding in Ampere, but the amount of minority float is
unclear for the moment. Despite improving profitability, the Fitch
case is more conservative and expects the funds from operations
(FFO) margin to be around 7%-8%, as the agency expects minority
payments to increase in the medium term. However, Fitch believes
Ampere's capital allocation strategy will broadly be in line with
that of Renault's, and will not have a significant negative impact
on leverage metrics.

Improving FCF: Fitch expects Renault's free cash flow (FCF) margin
to remain around 0.5%-1.0% in the medium term, which is
conservative compared with 2022, remaining below its
investment-grade medians in its navigator. Fitch believes the
improvement could be constrained by increased capex and minority
dividend payments, and increased financing costs driven by the
macroeconomic environment. Nevertheless, FCF of 0.5% is
commensurate with the 'BB' rating median in its navigator, which
remains the floor of its expectations for the next four years.

Alliance Roadmap Changed: As announced by the new
Renault-Nissan-Mitsubishi roadmap, Renault will transfer 28.4% of
its Nissan shares into a French trust through which it will
maintain its economic rights, which include dividend payments and
sales proceeds. Fitch does not have details on the potential impact
on profitability from the joint operational roadmap and expects
this to be more visible after its forecast period of four years.

Renault group has not elaborated on if it will seek to sell these
shares. However, management intends to direct potential cash
proceeds back into the business as well, which Fitch believes
provides additional headroom for investment needs. In its
forecasts, Fitch does not include any cash proceeds coming from
these share sales, and believe that Ampere's funding and investment
needs are covered by a combination of internal cash generation and
IPO proceeds.

Conservative Capital Allocation: Fitch expects Renault's
Fitch-adjusted FFO net leverage to be below 1.0x in its forecast
period, which is below the previous positive rating sensitivity of
1.5x and is considered strong for the current rating. Fitch
forecasts that there will not be a significant shift from
management's announced capital allocation plans, which do not
include sizeable shareholder returns but continue focusing on
internal investment plans.

ESG - GHG Emissions & Air Quality: Renault is facing stringent
emission regulation, notably in Europe, its main market.
Investments in lowering emissions are a key driver of the group's
strategy and cash generation and this is therefore relevant to the
rating in conjunction with other factors.

ESG - Governance Structure: The company has a complex structure
after the plan to split the group into five business segments and
announcement to bring down the cross-shareholding in Nissan to
15%.

DERIVATION SUMMARY

On a standalone basis, Renault is smaller than General Motors
Company (GM, BBB-/Positive), Ford Motor Company (BB+/Positive) and
Hyundai Motor Company (BBB+/Stable), but Renault's alliance with
Nissan, extended to Mitsubishi Motors, provides it with capacity
for substantial economies of scale and synergies.

Renault's brand positioning is moderately weaker than that of US
peers. Nonetheless, Fitch believes Renault's relative position
should incorporate Dacia, which, despite not having a high brand
value and leading market share, enhances product and geographic
diversification and is a healthy contribution to profitability.
Compared with Hyundai and Kia Corporation (BBB+/Stable), Fitch sees
a closer comparison in competitiveness and brand positioning.

Renault's financial profile is improving gradually towards
investment-grade medians. The preliminary EBIT margin of 3.2% is
mapping slightly below its investment-grade median of 4%.
Nevertheless, Renault's automotive operating and FCF margins are
expected to be lower than GM's and Stellantis N.V.'s (BBB/Stable).

Leverage metrics are considered strong for the current rating, with
Fitch adjusted EBITDA/net debt metrics hovering below 1x in our
forecast period. This matches with the 'BBB' rating median of 0.8x
in its ratings navigator. No Country Ceiling, parent/subsidiary or
operating environment aspects apply to the rating.

KEY ASSUMPTIONS

-- Unit sales gradually increasing to around 2.4 million by 2025,
post Russian exit

-- Automotive revenue growing by mid-single digits, driven by
product mix improvement and pricing discipline

-- Automotive operating margin above 3% and trending toward 5% by
2025

-- Eased working capital on the back of improved logistics and
supply chain constraints

-- Capex at up to 8% of revenue

-- Common dividend distribution in line with 2022 pay-out over the
rating horizon

-- Ampere IPO proceeds totalling EUR3 billion over 2023-2024

-- Mobilize Financial Services dividends of EUR500 million per
year over 2023-2025

-- No Nissan share disposal over the forecast period

-- No cash impact from the Horse project

RATING SENSITIVITIES

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

- Group operating margin above 4%

- FCF margin above 1.5%

- FFO net leverage below 1.0x

- EBITDA net leverage below 0.5x

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

- Group operating margin below 3%

- FCF margin below 0.5%

- Cash flow from operations (CFO)/total debt below 35%

- FFO net leverage above 1.5x

- EBITDA net leverage above 1.0x

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Renault concluded 2022 with more than EUR13
billion in cash and cash equivalents after Fitch adjusted
restricted cash. This is more than sufficient to sustain intra-year
working capital fluctuations. With logistics and supply-chain
constraints easing, and inflation of raw materials slowing, Fitch
expects working capital to reverse in 1Q23. Its expectation of the
group having solid FCF generation over the rating horizon provides
an additional buffer. Renault has a record of prudent financial
policies, including a material reported net cash position and
availability under revolving credit lines of at least 20% of
revenue.

Diversified Debt Structure: Renault's debt structure is diversified
and consists mainly of euro- and yen-denominated unsecured bonds.
Maturities are well spread. The group has made three early
repayments to redeem the French state guaranteed credit lines and
raised funds equivalent to EUR2 billion in the Japanese market
during 2022. For its liquidity needs, the group had direct access
to EUR3.4 billion of an undrawn revolving credit facility as of
end-2022. It also has recourse to a EUR2.5 billion commercial paper
programme. It further uses account receivables factoring (several
receivables securitisation programmes in different countries) to
fund working capital needs.

ISSUER PROFILE

Renault is a France-based mass-market automotive manufacturer, with
annual sales of over EUR40 billion, adjusted for Renault Russia and
AvtoVaz. Its brand portfolio includes Renault, Dacia, Renault Korea
Motors and Alpine, and it owns Mobilize Financial Services, a
subsidiary dedicated to vehicle sales financing and leasing.
Renault has a significant equity investment in Nissan (43.4%
shareholding), which it intends to bring down to 15% over an
unspecified timeframe.

ESG CONSIDERATIONS

Renault has an ESG Relevance Score of '4' for GHG Emissions & Air
Quality, as it is facing stringent emission regulation, notably in
Europe, its main market. Investments in lowing emissions are a key
driver of the group's strategy and cash generation and this is
therefore relevant to the rating in conjunction with other
factors.

Renault has an ESG Relevance Score of '4' for Governance Structure,
reflecting the still-complex structure after the plan to split the
group into five business segments and its announcement to bring
down the cross-shareholding in Nissan to 15%. This has a negative
impact on the credit profile, 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         Prior
   -----------          ------         -----
Renault SA       LT IDR BB+  Upgrade     BB




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

AKBANK AG: Fitch Affirms LongTerm IDRs at 'B-', Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Akbank T.A.S.'s (Akbank) Long-Term
Foreign- Currency (LTFC) and Local-Currency (LTLC) Issuer Default
Rating at 'B-' and 'B', respectively, both with a Negative Outlook.
Fitch has also affirmed the bank's Viability Rating (VR) at 'b'.

The support-driven ratings of Akbank AG (AAG) have been affirmed in
line with its Shareholder Support Rating (SSR) of 'b-', and are
equalised with the LTFC IDR of its 100% shareholder, Akbank.

KEY RATING DRIVERS

VR-Driven, Government Intervention Risk: Akbank's LTFC IDR is
driven by its VR but capped at 'B-', one notch below Turkiye's
rating. This reflects its view that the likelihood of government
intervention that would impede the bank from servicing its FC
obligations is higher than that of a sovereign default. Its 'B'
LTLC IDR reflects lower government intervention risk in LC, in its
view. The Negative Outlooks on the IDRs mainly reflect the
sovereign Outlook, but also operating-environment risks.

The bank's 'B' Short-Term (ST) IDRs are the only possible option
for LT IDRs in the 'B' rating category. The affirmation of Akbank's
National Rating reflects its view that the bank's creditworthiness
in LC, relative to other Turkish issuers', is unchanged. The
Negative Outlook on the National Rating reflects that on the LTLC
IDR.

VR above LTFC IDR: Akbank's 'b' VR, one notch above the 'b-'
operating-environment score for Turkish banks, is underpinned by
its solid FC liquidity, strong capital buffer, resilient financial
metrics and reasonable domestic franchise. The one-notch difference
between the VR and the LTFC IDR reflects that transfer,
convertibility and intervention risks are captured in the bank's
LTFC IDR but not its VR, under Fitch's Bank Rating Criteria. Risks
remain high given the bank's concentration in the volatile Turkish
market.

Operating-Environment Risks: Akbank is exposed to significant
operating-environment pressures, reflecting heightened risks to
macroeconomic and financial stability in Turkiye amid policy
uncertainty, very high inflation and external vulnerabilities, with
further uncertainty stemming from the impact of the earthquake.
Multiple macroprudential regulations imposed on banks aimed at
promoting the government's policy agenda further add to the
challenges of operating in Turkiye.

Solid FC Liquidity Buffer: Akbank is exposed to refinancing risks
given high FC wholesale funding (end-3Q22: 17% of total non-equity
funding) amid volatile market conditions. Significant deposit
dollarisation (end-2022: 48% of total customer deposits) also
creates FC liquidity risks. Available FC liquidity fully covered
maturing FC debt over 12 months plus 31% of FC deposits at
end-3Q22.

However, it largely comprised foreign-exchange (FX) swaps with the
Central Bank of the Republic of Turkiye (CBRT), access to which
could become uncertain in stressed market conditions. FC liquidity
could also come under pressure from a prolonged loss of market
access or sector-wide deposit instability.

Better Capitalisation than Peers': Akbank's common equity Tier 1
(CET1) ratio rose to a solid 19.9% at end-2022 (17.7% net of
forbearance), the highest among peers', driven by strong internal
capital generation in the high inflation environment. Its total
capital ratio was 23.2% (20.8% net of forbearance), partly
supported by FC subordinated debt, which provides a partial hedge
against lira depreciation.

Capitalisation is supported by very high pre-impairment operating
profit (end-2022: 17% of average loans, but set to fall), by full
total reserves coverage of non-performing loans (NPLs) and by some,
albeit limited, free provisions. Capitalisation remains sensitive
to the macro outlook, lira depreciation and asset-quality risks.

Risks to Asset Quality: Akbank's impaired-loans (NPL) ratio
continued to improve at end-2022 to 2.8% (end-2021: 4.4%),
reflecting limited NPL generation, but also strong collections and
high nominal lira loan growth in the inflationary environment.
Total reserves coverage of NPLs (end-2022: 126%) and average
reserves against Stage 2 loans (end-2022: 16.4%) also rose.

Nevertheless, credit risks are heightened by risks to macro- and
financial stability and loan seasoning in the high inflation
environment, while the earthquake also creates additional
uncertainties (loan exposure to most affected cities is limited at
low single digits). FC lending comprised 34% of loans at end-2022
(despite deleveraging) and Stage 2 loans fell to 6.5% (87%
restructured) from 9.7% at end-2021.

Boost to Profitability: Akbank's profitability increased
significantly, boosted by significant CPI-linked securities income,
loan growth and widening net interest margin (NIM). Operating
profit rose to a high 10.7% of risk-weighted assets (RWAs) in 2022
from 3.5% in 2021.

Fitch expects performance to weaken due to slower GDP growth, the
impact of macroprudential measures (including lower loan growth,
tighter loan yields and higher lira deposit-funding costs due to
increased competition) and higher FC wholesale-funding costs.
Uncertainty over the impact of the earthquake also creates downside
risks. Profitability remains sensitive to asset-quality risks and
macro and regulatory developments.

Solid Domestic Franchise: Akbank was the seventh-largest bank in
Turkiye by total assets at end-2022 (market share of around 8% of
total banking sector assets on an unconsolidated basis) and is a
domestic systemically important bank. Akbank's solid domestic
franchise, supported by its extensive presence and digital
proposition, underpins its business generation prospects and
consistent earnings performance. However, the concentration of the
bank's operations in the high-risk Turkish operating environment
create risks to its business profile.

RATING SENSITIVITIES

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

Akbank's VR is primarily sensitive to a sovereign downgrade. Fitch
would also downgrade the VR by one notch to the level of the LTFC
IDR on material erosion in the bank's capital or FC liquidity
buffers.

Akbank's LT IDRs are sensitive to a sovereign downgrade and also to
any increase in Fitch's view of government intervention risk. As
the bank's ratings are driven by its VR, they are also sensitive to
a weakening in the VR.

The ST IDRs are sensitive to negative changes in their respective
Long-Term IDRs.

The National Rating is sensitive to negative changes in Akbank's
LTLC IDR and its creditworthiness relative to other Turkish
issuers'.

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

An upgrade is unlikely given the heightened operating-environment
risks and market volatility, the Negative Outlook on Turkiye's
sovereign ratings and its view of government intervention risk.

The ST IDRs are sensitive to positive changes in their respective
Long-Term IDRs.

The National Rating is sensitive to positive changes in Akbank's
LTLC IDR and its creditworthiness relative to other Turkish
issuers'.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Akbank's senior debt ratings are aligned with its IDRs, reflecting
average recovery prospects in a default.

Akbank's subordinated debt rating is notched once, rather than its
baseline two notches, from its LTFC IDR anchor rating of 'B-', to
reflect reduced loss severity, given that the main risk on these
instruments, in its view, is to timely payment rather than
recoveries. The anchor rating is the bank's LTFC IDR, rather than
its VR, which Fitch deems the most appropriate measure of
non-performance risk given government intervention risk.

Akbank's Government Support Rating (GSR) of 'no support' (ns),
notwithstanding its systemic importance, reflects its view that
support from the Turkish authorities in FC cannot be relied upon
given the sovereign's weak financial flexibility.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Akbank's senior debt ratings are sensitive to a change in its
IDRs.

The subordinated debt rating is primarily sensitive to a change in
the anchor rating. It is also sensitive to a revision in Fitch's
assessment of potential loss severity in case of non-performance.

The GSR could be upgraded if Fitch views the government's ability
to support the bank in FC as stronger.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

AAG's IDRs are equalised with those of its Turkish parent, Akbank,
reflecting potential shareholder support, given its role as a core
subsidiary of Akbank.

Fitch believes that Akbank's propensity and ability to support AAG
is high, given AAG's close integration, common branding, full
ownership, shared management and board members and small size
relative to its parent (end-2022: 6% of consolidated total
assets).

AAG's deposit ratings are in line with its IDRs as in Fitch's
opinion, its debt buffers do not afford any obvious incremental
probability of default benefit over and above the support benefit
factored into the bank's IDRs.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

AAG's ratings are sensitive to a change in its parent's ratings or
in its parent's propensity to provide support.

An upgrade of the bank's IDRs is unlikely given the Negative
Outlook on its parent.

AAG's deposit ratings are sensitive to changes in the bank's IDRs.

VR ADJUSTMENTS

The operating environment score of 'b-' for Turkish banks is lower
than the category implied score of 'bb', due to the following
adjustment reasons: sovereign rating (negative) and macroeconomic
stability (negative). The latter adjustment reflects heightened
market volatility, high dollarisation and high risk of FX movements
in Turkiye.

The business profile score of 'b' is below the implied 'bb'
category implied score, due to the following adjustment reason:
business model (negative). This reflects the bank's business model
concentration on the high-risk Turkish market.

SUMMARY OF FINANCIAL ADJUSTMENTS

An adjustment has been made in Fitch's financial spreadsheets that
has affected the bank's core and complimentary metrics in prior
periods. Fitch has taken a loan that was classified as a financial
asset measured at fair value through profit and loss in the bank's
financial statements and reclassified it under gross loans as Fitch
deems it the most appropriate reflection of this exposure.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Akbank AG's ratings are driven by support from Akbank.

ESG CONSIDERATIONS

Fitch has revised Akbank's ESG Relevance Score for Management and
Strategy to '4' from '3' to reflect its view that the increased
regulatory burden on all Turkish banks hinders the operational
execution of management strategy. This reflects the constraints on
management ability across the sector to determine their own
strategy and price risk as a result of increased regulatory
interventions, but also the operational challenges of implementing
the regulations at bank level. This has a moderate impact on the
rating in combination 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
   -----------               ------           --------    -----
Akbank AG       LT IDR        B-     Affirmed               B-

                ST IDR        B      Affirmed               B

                Shareholder
                Support       b-     Affirmed               b-

   long-term
   deposits     LT            B-     Affirmed               B-

   short-term
   deposits     ST            B      Affirmed               B

AKBANK T.A.S.   LT IDR        B-     Affirmed               B-

                ST IDR        B      Affirmed               B

                LC LT IDR     B      Affirmed               B

                LC ST IDR     B      Affirmed               B

                Natl LT       A+(tur)Affirmed           A+(tur)

                Viability     b      Affirmed               b

                Government
                Support       ns     Affirmed               ns

   senior
   unsecured    LT            B-     Affirmed     RR4       B-
                                                                   
                                                                   
                                                                   
                                                                   
                                                                   
                                                
   subordinated LT            CCC+   Affirmed     RR5     CCC+

   senior
   unsecured    ST            B      Affirmed               B




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

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

The class F notes is a delayed draw tranche, which has a maximum
notional amount of EUR14.4 million, and a spread of three/six-month
Euro Interbank Offered Rate (EURIBOR) plus 9.15%. They can only be
issued once and only during the reinvestment period with an
issuance amount totaling EUR14.4 million. The issuer will use the
full proceeds received from the sale of the class F notes to redeem
the subordinated notes. Upon issuance, the class F notes' spread
could be subject to a variation and, if higher, is subject to
rating agency confirmation.

The reinvestment period will be 4.57 years, while the non-call
period will be 1.57 years after closing.

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

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                        CURRENT

  S&P Global Ratings weighted-average rating factor    2,794.80

  Default rate dispersion                                476.17

  Weighted-average life (years)                            4.60

  Obligor diversity measure                              127.97

  Industry diversity measure                              19.29

  Regional diversity measure                               1.20

  Transaction Key Metrics
                                                        CURRENT

  Total par amount (mil. EUR)                            400.00

  Defaulted assets (mil. EUR)                              0.00

  Number of performing obligors                             160

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

  'CCC' category rated assets (%)                          1.60

  Actual 'AAA' weighted-average recovery (%)              36.77

  Actual weighted-average spread (%)                       3.96

  Actual weighted-average coupon (%)                       4.91

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
be well-diversified on the closing date, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.

"The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount unrelated to the principal payments
on the notes. This may allow for the principal proceeds to be
characterized as interest proceeds when the collateral par exceeds
this amount, subject to a limit, and affect the reinvestment
criteria, among others. This feature allows some excess par to be
released to equity during benign times, which may lead to a
reduction in the amount of losses that the transaction can sustain
during an economic downturn. Hence, in our cash flow analysis, we
assumed a starting collateral size of EUR392.85 million (i.e., the
EUR400 million target par minus the maximum reinvestment target par
adjustment amount of EUR7.15 million).

"In our cash flow analysis, we also modeled a weighted-average
spread of 3.85%, and the covenanted weighted-average recovery rates
as indicated by the collateral manager. We applied various cash
flow stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B, C, D, and E notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from the effective date, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned to the notes. The class A and F
notes can withstand stresses commensurate with the assigned
preliminary ratings. In our view, the portfolio is granular in
nature, and well-diversified across obligors, industries, and asset
characteristics when compared with other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning our preliminary
ratings to any classes of notes in this transaction.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a preliminary 'B- (sf)' rating
on this class of notes.

The ratings uplift for the class F notes reflects several key
factors, including:

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

-- The preliminary portfolio's average credit quality, which is
similar to other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.05% (for a portfolio with a weighted-average
life of 4.60 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.60 years, which would result
in a target default rate of 14.26%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes,
based on four hypothetical scenarios.

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

Environmental, social, and governance (ESG)

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector (see "ESG Industry Report Card: Collateralized Loan
Obligations," March 31, 2021). Primarily due to the diversity of
the assets within CLOs, the exposure to environmental credit
factors is viewed as below average, social credit factors are below
average, and governance credit factors are average." For this
transaction, the documents prohibit assets from being related to
the following industries:

-- Production of biological, nuclear, chemical or similar
controversial weapons, anti-personnel land mines, or cluster
munitions.

-- More than 5% of revenue from tobacco and tobacco products; oil
and gas production or extraction; coal mining; pornography or
prostitution; harmful activities affecting animal welfare; or trade
in weapons or firearms.

-- More than 10% of revenue from production of non-sustainable
palm oil.

-- More than 20% of revenue from land acquisition displacement
activities or speculative transactions of soft commodities.

-- More than 50% of revenue from the trade in hazardous chemicals,
pesticides and wastes, ozone-depleting substances; the trade in
predatory or payday lending activities; the trade in cannabis or
opioids.

-- Activities that are in violation of the UN Global Compact's Ten
Principles.

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities.

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

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors (see "The Influence Of
Corporate ESG Factors In Our Credit Rating Analysis Of European
CLOs," published on April 20, 2022). We regard this transaction's
exposure as being broadly in line with our benchmark for the
sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative).

  Corporate ESG Credit Indicators

                                 ENVIRONMENTAL  SOCIAL  GOVERNANCE

  Weighted-average credit indicator*      2.07   2.14    2.89

  E-1/S-1/G-1 distribution (%)            0.75   0.31    0.00

  E-2/S-2/G-2 distribution (%)           77.20  74.53   15.52

  E-3/S-3/G-3 distribution (%)            6.69   7.49   65.05

  E-4/S-4/G-4 distribution (%)            0.00   2.31    1.75

  E-5/S-5/G-5 distribution (%)            0.00   0.00    2.31

  Unmatched obligor (%)                  11.63  11.63   11.63

  Unidentified asset (%)                  3.74   3.74    3.74

*Only includes matched obligor

Bushy Park CLO is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Blackstone
Ireland Ltd. will manage the transaction.

  Ratings List

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

  A        AAA (sf)     247.00    38.25   Three/six-month EURIBOR

                                          plus 1.70%

  B        AA (sf)       36.00    29.25   Three/six-month EURIBOR
                                          plus 3.05%

  C        A (sf)        24.50    23.13   Three/six-month EURIBOR
                                          plus 3.70%

  D        BBB (sf)      26.80    16.43   Three/six-month EURIBOR
                                          plus 5.20%

  E        BB- (sf)      17.30    12.10   Three/six-month EURIBOR
                                          plus 7.46%

  F§       B- (sf)       14.40     8.50   Three/six-month EURIBOR

                                          plus 9.15%

  Sub†     NR            38.50      N/A   N/A

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

§The class F notes is a delayed drawdown tranche, which is not
issued at closing.
†The sub notes include Z-1, Z-2, and sub notes.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


GOLDENTREE LOAN 6: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned GoldenTree Loan Management EUR CLO 6 DAC
final ratings.

   Entity/Debt                 Rating        
   -----------                 ------        
GoldenTree
Loan Management
EUR CLO 6 DAC

   A XS2461970670          LT AAAsf  New Rating
   B-1 XS2461970837        LT AAsf   New Rating
   B-2 XS2540996191        LT AAsf   New Rating
   C XS2461971058          LT Asf    New Rating
   D XS2461971132          LT BBB-sf New Rating
   E XS2461971561          LT BB-sf  New Rating
   F XS2461971645          LT B-sf   New Rating
   Sub-notes XS2461971728  LT NRsf   New Rating
   X XS2461970324          LT AAAsf  New Rating

TRANSACTION SUMMARY

GoldenTree Loan Management EUR CLO 6 DAC is a securitisation of
mainly senior secured obligations (at least 90%) with a component
of senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Net proceeds from the notes were used to fund a portfolio
with a target par of EUR400 million. The portfolio is managed by
GoldenTree Loan Management II, LP. The collateralised loan
obligation (CLO) envisages a 4.4 year reinvestment period and an
8.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.8.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 63.6%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits, including the top 10 obligor concentration
limit at 25% and a maximum exposure to the three largest
Fitch-defined industries in the portfolio at 40%. These covenants
ensure that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction includes two Fitch
matrices. One will be effective at closing, corresponding to a
top-10 obligor concentration limit at 25%, fixed-rate asset limit
of 10% and an 8.5-year WAL. There is also a forward matrix, which
can be selected by the manager at any time from one year after
closing as long as the aggregate collateral balance (including
defaulted obligations at their Fitch collateral value) is at least
at the target par amount and corresponding to the same limits as
the closing matrix with the exception of a WAL of 7.5 years.

Fitch's analysis is based on a stressed-case portfolio with the aim
of testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

Cash flow Modelling (Positive): The WAL used for the transaction's
matrix and stress portfolio analysis is 12 months less than the WAL
covenant. This reduction to the risk horizon accounts for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include, among others, passing the
coverage tests and the Fitch 'CCC' bucket limitation post
reinvestment, together with a progressively decreasing WAL
covenant. In Fitch's opinion, these conditions would reduce the
effective risk horizon of the portfolio during the stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class X to D
notes and would lead to a downgrade of one notch for the class E
notes, and a downgrade to below 'B-sf' for the class F notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the stressed-case portfolio, the class B, D and F notes display a
rating cushion of two notches, the class C notes one notch and the
class E notes three notches.

Should the cushion between the identified portfolio and the
stressed-case portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed-case portfolio would lead to downgrades of up to
four notches for the rated notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the stressed-case
portfolio would lead to an upgrade of up to three notches for the
rated notes, except for the 'AAAsf' rated notes, which are at the
highest level on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on the stressed-case
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the remaining life of
the transaction. After the end of the reinvestment period, upgrades
may occur on stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

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


GOLDENTREE LOAN 6: S&P Assigns B-(sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to the class X to F
European cash flow CLO notes issued by GoldenTree Loan Management
EUR CLO 6 DAC. At closing, the issuer also issued unrated
subordinated notes.

The ratings assigned to GoldenTree Loan Management EUR CLO 6
reflect S&P's assessment of:

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

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

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

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

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

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment. Upon this
event, the index will also change from three-month EURIBOR (Euro
Interbank Offered Rate) to six-month EURIBOR.

The portfolio's reinvestment period will end approximately 4.4
years after closing.

  Portfolio Benchmarks

                                                         CURRENT
  
  S&P Global Ratings weighted-average rating factor     2,819.26

  Default rate dispersion                                 556.04

  Weighted-average life (years)                             4.46

  Obligor diversity measure                               106.81

  Industry diversity measure                               19.65

  Regional diversity measure                                1.38


  Transaction Key Metrics

                                                         CURRENT

Total par amount (mil. EUR)                               400.0

  Identified assets (%)*                                   99.64

  Ramp-up at closing (%)*                                  98.00

  Defaulted assets (mil. EUR)                                  0

  Number of performing obligors*                             125

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

  'CCC' category rated assets (%)                           2.25

  'AAA' weighted-average recovery
  covenanted*/actual§ (%)                             6.29/37.79

  Weighted-average spread covenanted*/actual§ (%)†    
3.55/3.67

  Weighted-average coupon covenanted*/actual§ (%)      4.00/3.91

*As a percentage of target par.
§As a percentage of identified assets.
†Weighted-average spreads are numbers with floors.

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

"In our cash flow analysis, we modelled the EUR400 million target
par amount, the covenanted weighted-average spread (3.55%), the
covenanted weighted-average coupon (4.00%), and the covenant
weighted-average recovery rates for all classes of notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

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

The transaction's legal structure is bankruptcy remote, in line
with S&P's legal criteria.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our assigned
ratings are commensurate with the available credit enhancement for
the class X to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1 to E notes
could withstand stresses commensurate with higher ratings than
those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our assigned ratings."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by GoldenTree Loan
Management II LP.

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

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

Environmental, social, and governance (ESG)

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets for which the obligor's primary business activity
is related to the following industries: controversial weapons,
nuclear weapons, thermal coal production, speculative extraction of
oil and gas, opioids, pornography, prostitution, or trade in
endangered or protected wildlife, etc. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

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

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

  Corporate ESG Credit Indicators

                                ENVIRONMENTAL  SOCIAL  GOVERNANCE

  Weighted-average credit indicator*     2.08   2.18   2.86

  E-1/S-1/G-1 distribution (%)           0.56   1.38   0.00

  E-2/S-2/G-2 distribution (%)          83.47  74.83  17.16

  E-3/S-3/G-3 distribution (%)           6.39  12.64  71.05

  E-4/S-4/G-4 distribution (%)           0.84   1.69   1.79

  E-5/S-5/G-5 distribution (%)           0.00   0.71   1.25

  Unmatched obligor (%)                  8.39   8.39   8.39

  Unidentified asset (%)                 0.36   0.36   0.36

*Only includes matched obligor


  Ratings List

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

  X        AAA (sf)     2.00    Index plus 0.68%       N/A

  A        AAA (sf)   240.00    Index plus 1.85%     40.00

  B-1      AA (sf)     30.00    Index plus 2.60%     30.50

  B-2      AA (sf)      8.00      6.20%              30.50

  C        A (sf)      23.90    Index plus 3.65%     24.53

  D        BBB (sf)    29.20    Index plus 4.25%     17.23

  E        BB- (sf)    18.10    Index plus 6.50%     12.70

  F        B- (sf)     16.80    Index plus 8.75%      8.50

  Sub. Notes   NR      42.50    N/A                    N/A

  Index--Three/six-month EURIBOR.
  EURIBOR--Euro Interbank Offered Rate.
  NR--Not rated.
  N/A--Not applicable.




=============
R O M A N I A
=============

BLUE AIR: Air Claim Files Insolvency Petition
---------------------------------------------
Andrei Chirileasa at Romania Insider reports that the debt recovery
agency Air Claim, which specializes in helping customers of
airlines recover their money, asked in court for the insolvency of
low-cost carrier Blue Air -- now 75% controlled by the Government.


The pre-insolvency period for the company ended on Feb. 22, Romania
Insider discloses.

The court did not yet approve the request filed by Air Claim,
Romania Insider relays, citing Economica.net.

The Romanian state took over 75% of the shares of low-cost airline
Blue Air last December, following the airline's failure to repay a
EUR60 million state aid extended by Eximbank and guaranteed by the
state, Romania Insider recounts.

Blue Air's debts soared to EUR230 million in September 2022 from
EUR120 million (including the EUR60 million rescue loan) in the
summer of 2021, Romania Insider relates.




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

DOMETIC GROUP: S&P Affirms 'BB-' LT ICR & Alters Outlook to Stable
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Dometic Group AB to
stable from positive and affirmed its 'BB-' long-term issuer credit
and issue ratings.

The stable outlook reflects S&P's view of a gradual strengthening
of credit metrics, with S&P Global Ratings-adjusted FFO to debt
improving to 18.0%-22.0% in 2023.

S&P said, "Relatively unsupportive market trends in 2023 will
challenge Dometic's deleveraging trajectory. For 2023, we foresee a
relatively shallow demand environment for Dometic's products. In
particular, demand will remain weak for the RV OEM division,
affecting the group's topline. We anticipate that revenue could
contract by 3%-7% in 2023 to Swedish krona (SEK)27.8 billion-SEK
28.8 billion from SEK 29.8 billion in 2022. Positively, we note
that profitability will hold up quite well, with an estimated
EBITDA margin of about 15%, marginally better than our 14.6%
preliminary estimate for 2022, thanks to lower one-off costs and an
expected uptick in sales from services and aftermarket, which
generally benefit from higher margins. In 2022, Dometic's revenue
stood at a record-high of SEK29.8 billion, a 38% increase year over
year (the contribution from M&A and foreign exchange was 30% and
11%, respectively). However, organic sales declined 3%, affected by
a shrinkage of RV demand in the U.S. and weakening services and
aftermarket activities. At the same time, profitability
deteriorated due to the negative sale mix, the dilutive effect of
U.S.-based ice chests and drink containers manufacturer Igloo, and
restructuring costs of about SEK500 million.

"Dometic's 2022 free operating cash flow (FOCF) remained undermined
by material working capital buildup, but cash generation should
improve in 2023. We anticipate Dometic's FOCF will improve to
SEK4.2 billion-SEK4.6 billion in 2023, from our preliminary
estimate of SEK0.9 billion in 2022, thanks to material working
capital unwinding. In 2022, the reported working capital outflow
stood at SEK1.8 billion, mainly owing to a SEK1.2 billion increase
in inventory, versus an outflow of SEK1.4 billion in 2021, and a
SEK140 million inflow in 2020. Inflation, supply chain hiccups, and
a one-time M&A effect after the acquisition of Igloo (closed in
October 2021), contributed to less efficient working capital
management.

"We forecast FFO to debt will remain comfortably in line with our
requirement for the rating. Under our revised base case, we
anticipate that S&P Global Ratings-adjusted FFO to debt will be
18.0%-22.0% in 2023 and 20.0%-25.0% in 2024. We see this leverage
as commensurate with the current rating category.

"Management is adopting credit friendly measures, but we expect
only a moderate improvement of credit metrics in 2023. While we
anticipate that M&A will remain a key pillar of Dometic's growth
(in 2021-2022, management completed 10 acquisitions for a total
cumulative cash out of SEK9.4 billion), we understand that
management intends to strengthen the balance sheet and focus on
deleveraging. At year-end 2022, net debt to EBITDA reached 3.0x
(based on the company's definition which includes a pro forma
effect for acquisitions in the EBITDA calculation). This compares
with the company's announced policy of about 2.5x. At the same
time, given the company's acquisitive nature, which could lead to
fluctuations in credit metrics, we would look for a track record of
healthier financial ratios and conservative financial policies
before considering an upgrade. We note positively that the company
decided to reduce the dividend payout ratio to 23% of 2022 net
profit against its dividend policy of at least 40%, favoring a more
prudent capital allocation over 2023.

"The stable outlook reflects our expectation that Dometic will
retain FFO to debt of about 20% in the coming 12-18 months.

"We could lower the ratings on Dometic if FFO to debt falls and
stays below 15% for a prolonged period. This could happen if
operating performance were to deteriorate because of a persistent
weakened demand leading to a deterioration of both profitability
and cash generation or if the company were to embark on a
materially debt-funded acquisition.

"We could upgrade Dometic if profitability and credit metrics
strengthened. This would include both an S&P Global
Ratings-adjusted EBITDA margin at about 16% and a track record of
maintaining FFO to debt sustainably above 25% under any market
circumstances."




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

TURKIYE GARANTI: Fitch Affirms 'B-' LongTerm IDRs, Outlook Negative
-------------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Garanti Bankasi A.S.'s (Garanti
BBVA) Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR)
at 'B-', and Long-Term Local Currency (LTLC) IDR at 'B'. The
Outlooks on the IDRs are Negative. Fitch has affirmed the bank's
Viability Rating (VR) at 'b'.

KEY RATING DRIVERS

Intervention Risk Caps Support: Garanti BBVA's IDR and senior debt
rating are capped at 'B-' (Recovery Rating of 'RR4' for senior debt
rating), one notch below Turkiye's LTFC IDR and its 'b' VR, in line
with its 'b-' Shareholder Support Rating (SSR).

This reflects its view of government intervention risk and its
assessment that weaknesses in Turkiye's external finances, amid
high sector-deposit dollarisation and high maturing short-term FC
debt in volatile market conditions, make some form of intervention
that would impede the bank's ability to service its FC obligations
more likely than a sovereign default. This is despite a high
propensity of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA;
BBB+/Stable), its majority shareholder, to provide support, given
the bank's strategic importance to, and integration with, its
parent. The bank's LTLC IDR of 'B' reflects a lower risk of
intervention in LC. The Negative Outlooks on the bank's IDRs mirror
the sovereign outlooks.

The affirmation of Garanti BBVA's National Rating with a Stable
Outlook reflects its view that the bank's creditworthiness in LC
relative to other Turkish issuers' is unchanged. The bank's 'B'
Short-Term (ST) IDRs are the only possible option mapping to LT
IDRs in the 'B' rating category.

VR Above LTFC IDR: Garanti BBVA's 'b' VR, one notch above the 'b-'
operating-environment score for Turkish banks, is underpinned its
solid FC liquidity and capital buffers, generally resilient
financial metrics and solid domestic franchise. The one-notch
difference with LTFC IDR reflects that transfer, convertibility and
intervention risks are captured in the latter but not its VR, under
Fitch's Bank Rating Criteria. Risks remain high given the bank's
concentration in the volatile Turkish market.

Significant FC Liquidity Buffer: Available FC liquidity (USD10
billion) fully covered Garanti BBVA's maturing FC debt up to one
year plus about a third of FC deposits at end-2022. FC wholesale
funding (end-2022: 12% of non-equity funding) has fallen but
nevertheless exposes the bank to refinancing risks amid volatile
market conditions. High deposit dollarisation (53% of total
deposits) also creates FC liquidity risks. A large share of the
bank's FC liquidity is placed with the Cental Bank of Turkiye
(CBRT), access to which could become uncertain in stressed market
conditions, while FC liquidity could also come under pressure from
sector-wide deposit instability or a prolonged loss of market
access.

Solid Capitalisation: The bank's common equity Tier 1 (CET1) ratio
rose to 14.5% (net of forbearance) at end-2022 (end-2021: 11.5%),
driven by strong internal capital generation in the high inflation
environment. The bank's stronger total capital ratio (16.8%, net of
forbearance) reflects FC subordinated Tier 2 debt, which provides a
partial hedge against lira depreciation, but is amortising at 20%
per year.

High pre-impairment operating profit (end-4Q22: 14% of average
loans, annualised, adjusted for hedging gains, but set to fall) and
free provisions (0.7% of risk-weighted assets (RWAs)) provide
additional loss-absorbing buffers. Non-performing loans (NPLs) are
fully covered by total loan loss reserves. However, capitalisation
remains sensitive to the macro outlook, lira depreciation and
asset-quality risks.

Operating-Environment Risks: The bank is exposed to significant
operating-environment pressures, reflecting heightened risks to
macroeconomic and financial stability in Turkiye amid policy
uncertainty, still very high inflation and external
vulnerabilities, with further uncertainty stemming from the impact
of the earthquake. Multiple macroprudential regulations imposed on
banks aimed at promoting the government's policy agenda further add
to the challenges of operating in Turkiye.

Solid Domestic Franchise: Garanti BBVA is a domestic systemically
important bank in Turkiye, accounting for about 8% of sector assets
(unconsolidated basis) at end-2022. The bank has a well-established
domestic banking franchise. However, exposure to the high-risk
Turkish operating environment (88% of loans) and the ensuing
concentration risk creates risks to the bank's business profile.

Asset-Quality Risks: Garanti BBVA's impaired loans ratio improved
to 2.6% at end-2022 (end-2021: 3.6%) despite operating-environment
pressures, and was supported by high nominal loan growth and
collections in the high inflation environment, and write-offs.
Reserves coverage also rose, reflecting increased specific reserves
against Stage 3 loans and higher average reserves against Stage 2
loans.

Nevertheless, asset-quality pressures remain high given macro
uncertainty, and risks to financial stability and loan seasoning in
the high inflation environment. The earthquake creates additional
uncertainties, although the bank's exposure of 2.5% of loans to the
five most affected cities appears manageable. Stage 2 loans (about
half restructured) comprised 13.6% of loans and FC lending another
36%.

Strong Internal Capital Generation: The bank's operating profit
rose to a high 8.2% of RWAs in 2022, reflecting margin expansion,
driven mainly by gains on CPI linkers but also widening
loan-deposit spread. Fitch expects performance to weaken due to
slower GDP, the impact of macroprudential measures (including lower
loan growth, tighter loan yields and higher lira deposit-funding
costs due to increased competition) and higher FC wholesale-funding
costs. Uncertainty over the impact of the earthquake also creates
downside risks. Profitability remains sensitive to asset-quality
risks and macro and regulatory developments.

RATING SENSITIVITIES

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

A downgrade of Turkiye's sovereign rating or an increase in its
view of government intervention risk would lead to a downgrade of
the bank's SSR, leading to negative rating action on its Long-Term
IDRs. The SSR is also sensitive to an unfavourable change in
Fitch's view of the shareholder's ability and propensity to provide
support.

Garanti BBVA's VR is primarily sensitive to a sovereign downgrade.
Fitch would also downgrade the bank's VR by one notch to the level
of its LTFC IDR on material erosion in its capital and FC liquidity
buffers. The Short-Term IDRs are sensitive to adverse changes in
their respective Long-Term IDRs.

The National Rating is sensitive to adverse changes in Garanti
BBVA's LTLC IDR and its creditworthiness relative to other Turkish
issuers'.

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

An upgrade is unlikely given the heightened operating-environment
risks and market volatility, the Negative Outlook on Turkiye's
sovereign rating and its view of government intervention risk.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Garanti BBVA's senior unsecured debt ratings are aligned with the
bank's IDRs, reflecting average recovery prospects in a default.

The subordinated debt ratings of 'CCC+' is notched down once,
rather than its baseline two notches, from the LTFC IDR to reflect
its view that institutional support (as reflected in the bank's
LTFC IDR) helps mitigate losses as well as the cap on the bank's
LTFC IDR at 'B-', reflecting government intervention risk. The
notching for the subordinated notes includes one notch for loss
severity and zero notches for non-performance risk (relative to the
anchor rating of the LTFC IDR).

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Garanti BBVA's subordinated debt rating is primarily sensitive to a
change in the anchor rating. It is also sensitive to a revision in
Fitch's assessment of potential loss severity in case of
non-performance.

VR ADJUSTMENTS

The operating-environment score of 'b-' for Turkish banks is below
the 'bb' category implied score due to the following adjustment
reasons: macroeconomic volatility (negative), which reflects
heightened market volatility, high dollarisation, high risk of FX
movements in Turkiye, and sovereign ratings (negative).

The business profile scores of 'b' for Garanti BBVA is below the
implied 'bb' category implied score, due to the following
adjustment reason: business model (negative). This reflects the
bank's business model concentration on the high-risk Turkish
market.

SUMMARY OF FINANCIAL ADJUSTMENTS

An adjustment has been made in Fitch's financial spreadsheet of
Garanti BBVA that has had an impact on its core and complementary
metrics in prior periods. Fitch has taken a loan that was
classified as a financial asset measured at fair value through
profit and loss in the bank's financial statements and reclassified
it under gross loans as we deem it the most appropriate reflection
of this exposure.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Garanti BBVA's ratings are linked to its parent bank, BBVA.

ESG CONSIDERATIONS

Garanti BBVA's ESG Relevance scores for Management Strategy have
been revised to '4' from '3', reflecting increased regulatory
intervention in the Turkish banking sector, which hinders the
operational execution of management strategy, constrains management
ability to determine strategy and price risk and creates an
additional operational burden for the entity. This has a moderately
negative credit impact on the entity's ratings in combination 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
   -----------                ------            --------   -----
Turkiye Garanti
Bankasi A.S.      LT IDR        B-     Affirmed              B-

                  ST IDR        B      Affirmed              B

                  LC LT IDR     B      Affirmed              B

                  LC ST IDR     B      Affirmed              B

                  Natl LT       AA(tur)Affirmed          AA(tur)

                  Viability     b      Affirmed              b

                  Shareholder
                  Support       b-     Affirmed              b-

   senior
   unsecured      LT            B-     Affirmed    RR4       B-

   subordinated   LT            CCC+   Affirmed    RR5      CCC+

   senior
   unsecured      ST            B      Affirmed              B


TURKIYE IS BAKANSI: Fitch Affirms 'B-' LongTerm IDRs, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Is Bankasi A.S.'s (Isbank)
Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at
'B-'. Fitch has also affirmed the bank's Viability Rating (VR) at
'b'. The bank's Long-Term Local Currency (LTLC) IDR has been
affirmed at 'B'. Both IDRs are on Negative Outlook.

KEY RATING DRIVERS

VR-Driven, Government Intervention Risk: Isbank's LTFC IDR is
driven by its VR but capped at 'B-', one notch below Turkiye's
rating. This reflects its view that the likelihood of government
intervention that would impede the bank from servicing its FC
obligations is higher than that of a sovereign default. Isbank's
LTLC IDR reflects lower government intervention risk in LC in its
view. The Negative Outlooks on the bank's IDRs mainly reflect the
sovereign Outlook but also operating-environment risks. The bank's
'B' Short-Term (ST) IDRs are the only possible option mapping to
the LT IDRs in the 'B' rating category.

VR Above LTFC IDR: Isbank's 'b' VR, one notch above the 'b-'
operating-environment score for Turkish banks, is underpinned by
its solid FC liquidity and capital buffers, generally resilient
financial metrics and solid domestic franchise. The one-notch
difference between the VR and LTFC IDR reflects that transfer,
convertibility and intervention risks are captured in the latter
but not its VR, under Fitch's Bank Rating Criteria. Risks remain
high given the bank's concentration in the volatile Turkish
market.

The affirmation of Isbank's National Rating reflects its view that
the bank's creditworthiness in LC, relative to other Turkish
issuers', is unchanged. The Negative Outlook on the National Rating
reflects that on the LTLC IDR.

Solid FC Liquidity: Isbank is exposed to refinancing risks given
high FC wholesale funding (end-2022: 19% of total funding) amid
volatile market conditions. Significant deposit dollarisation (60%
of total deposits) also creates FC liquidity risks. Available FC
liquidity fully covered maturing FC debt over 12 months plus about
a quarter of FC deposits at end-2022. However, it largely comprised
foreign-exchange (FX) swaps with the Central Bank of Turkiye,
access to which could become uncertain in stressed market
conditions. FC liquidity could also come under pressure from a
prolonged loss of market access or sector-wide deposit
instability.

Solid Capitalisation: Isbank's common equity Tier 1 (CET1) ratio
rose to 18% at end-2022 (15.7% net of forbearance, Fitch's
estimate), driven by strong internal capital generation in the high
inflation environment. The total capital ratio was stronger at
21.8% (19.2% net of forbearance), reflecting additional Tier 1 and
subordinated Tier 2 debt, largely in FC, which provides a partial
hedge against lira depreciation.

Capitalisation is also supported by high pre-impairment operating
profit (11% of loans, but set to fall) and full total reserves
coverage of non-performing loans (NPLs; 147%). Capitalisation
remains sensitive to the macro outlook, lira depreciation and
asset-quality risks.

Operating-Environment Risks: Isbank is exposed to significant
operating-environment pressures, reflecting heightened risks to
macroeconomic and financial stability in Turkiye amid policy
uncertainty, very high inflation and external vulnerabilities, with
further uncertainty stemming from the impact of the earthquake.
Multiple macroprudential regulations imposed on banks aimed at
promoting the government's policy agenda further add to the
challenges of operating in Turkiye.

Strong Domestic Franchise: Isbank is the largest privately-owned
bank in Turkiye and a domestic systemically important bank
(end-2022: 11% of sector assets). It is a market leader in loans
and deposits among privately owned banks. Isbank provides a full
range of services to all business and retail clients with a strong
focus on digitalisation. However, the concentration of the bank's
operations in the high-risk Turkish operating environment create
risks to the bank's business profile.

Asset-Quality Risks: The bank's NPL ratio improved to 3% at
end-2022 from 4% at end-2021, despite operating-environment
pressures, and reflecting fairly high nominal loan growth and
collections in the high inflation environment. Total reserve
coverage of NPLs rose to 147% and average reserves against Stage 2
loans to 18%. Nevertheless, credit risks are heightened by risks to
macro-and-financial stability and loan seasoning in the high
inflation environment. The earthquake creates additional
uncertainties. FC lending at end-2022 comprised an above-sector
average 43% loans, despite deleveraging, and Stage 2 loans another
9% (of which 64% were restructured)).

Boost to Profitability: Isbank's operating profit rose to a high
7.8% of risk-weighted assets (RWAs) in 2022, reflecting CPI linkers
income and margin expansion, driven by lower lira funding costs and
higher loan growth and yields. Fitch expects performance to weaken
due to slower GDP growth, the impact of macroprudential measures
(including lower loan growth, tighter loan yields and higher lira
deposit- funding costs due to increased competition) and higher FC
wholesale-funding costs. Uncertainty over the impact of the
earthquake also creates downside risks. Profitability remains
sensitive to asset-quality risks and macro and regulatory
developments.

RATING SENSITIVITIES

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

Isbank's VR is primarily sensitive to a sovereign downgrade. Fitch
would also downgrade the bank's VR by one notch to the level of its
LTFC IDR on a material erosion in its capital and FC liquidity
buffers.

Isbank's LT IDRs are sensitive to a sovereign downgrade and an
increase in Fitch's view of government intervention risk in the
banking sector. As the bank's ratings are driven by its VR, they
are also sensitive to a weakening of its VR.

The Short-Term IDRs are sensitive to adverse changes in their
respective Long-Term IDR.

The National Rating is sensitive to adverse changes in Isbank's
LTLC IDR and its creditworthiness relative to other Turkish
issuers'.

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

An upgrade is unlikely given the heightened operating environment
risks and market volatility, the Negative Outlook on Turkiye's
sovereign ratings and its view of government intervention risk.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Isbank's senior unsecured debt ratings are aligned with the bank's
IDRs, reflecting average recovery prospects in a default.

The bank's 'CCC+' subordinated debt rating is notched once, rather
than its baseline two notches, from its LTFC IDR anchor rating of
'B-' to reflect reduced loss severity, given that the main risk on
these instruments, in its view, is to timely payment rather than
recoveries. The anchor rating is the bank's LTFC IDR, rather than
its VR, which Fitch deems the most appropriate measure of
non-performance risk given government intervention risk.

Isbank's Government Support Rating of 'no support', notwithstanding
its systemic importance, reflects its view that support from the
Turkish authorities in FC cannot be relied upon given the
sovereign's weak financial flexibility.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The subordinated debt rating is sensitive to a change in Isbank's
anchor rating. It is also sensitive to a revision in Fitch's
assessment of loss severity and non-performance risk.

The GSR could be upgraded if we view the government's ability to
support the bank in FC as stronger.

VR ADJUSTMENTS

The operating-environment score of 'b-' is below the 'bb' category
implied score due to the following adjustment reasons:
macroeconomic volatility (negative), which reflects heightened
market volatility, high dollarisation, high risk of FX movements in
Turkey, and sovereign ratings (negative).

The business profile score of 'b' is below the implied 'bb'
category implied scores, due to the following adjustment reason:
business model (negative). This reflects the bank's business model
concentration on the high-risk Turkish market.

SUMMARY OF FINANCIAL ADJUSTMENTS

An adjustment has been made in Fitch's financial spreadsheet of
Isbank that has had an impact on its core and complementary metrics
in prior periods. Fitch has taken a loan that was classified as a
financial asset measured at fair value through profit and loss in
the bank's financial statements and reclassified it under gross
loans as we deem it the most appropriate reflection of this
exposure.

ESG CONSIDERATIONS

Isbank's ESG Relevance Score for Management Strategy has been
revised to '4' from '3', reflecting increased regulatory
intervention in the Turkish banking sector, which hinders the
operational execution of management strategy, constrains management
ability to determine strategy and price risk, and creates an
additional operational burden for the entities. This has a
moderately negative credit impact on the entity's ratings in
combination 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
   -----------             ------            --------    -----
Turkiye Is
Bankasi A.S.     LT IDR      B-     Affirmed               B-

                 ST IDR      B      Affirmed               B

                 LC LT IDR   B      Affirmed               B

                 LC ST IDR   B      Affirmed               B

                 Natl LT     A+(tur)Affirmed           A+(tur)

                 Viability   b      Affirmed               b

                 Government
                 Support     ns     Affirmed               ns

   senior
   unsecured     LT          B-     Affirmed    RR4        B-

   subordinated  LT          CCC+   Affirmed    RR5       CCC+

   senior
   unsecured     ST          B      Affirmed               B


YAPI VE KREDI BAKANSI: Fitch Affirms B- LongTerm IDRs, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed Yapi ve Kredi Bankasi A.S.'s (YKB)
Long-Term Foreign-Currency (LTFC) and Local-Currency (LTLC) Issuer
Default Ratings at 'B-' and 'B', respectively. The agency has also
affirmed the bank's Viability Rating (VR) at 'b'. Both IDRs are on
Negative Outlook.

KEY RATING DRIVERS

VR-Driven, Government Intervention Risk: YKB's LTFC IDR is driven
by its VR but capped at 'B-', one notch below Turkiye's rating.
This reflects its view that the likelihood of government
intervention that would impede the bank from servicing its FC
obligations is higher than that of a sovereign default. YKB's LTLC
IDR reflects lower government intervention risk in LC, in its view.
The Negative Outlooks on the bank's IDRs mainly reflect the
sovereign Outlook but also operating-environment risks.

The affirmation of YKB's National Rating reflects its view that the
bank's creditworthiness in LC, relative to other Turkish issuers',
is unchanged. The Negative Outlook on the National Rating reflects
that on the LTLC IDR. The bank's 'B' Short-Term (ST) IDRs are the
only possible option mapping to the LT IDRs in the 'B' rating
category.

VR Above LTFC IDR: YKB's 'b' VR, one notch above the 'b-'
operating-environment score for Turkish banks, is underpinned by
its solid FC liquidity and capital buffers, generally resilient
financial metrics and reasonable domestic franchise. The one-notch
difference between the VR and the LTFC IDR reflects that transfer,
convertibility and intervention risks are captured in the latter
but not its VR, under Fitch's Bank Rating Criteria. Risks remain
high given the bank's concentration in the volatile Turkish
market.

Solid FC Liquidity: YKB is exposed to refinancing risks given high
FC wholesale funding (end-2022: 21% of total funding; USD585
million of subordinated debt repaid in January) amid volatile
market conditions. Significant deposit dollarisation (46% of total
deposits) also creates FC liquidity risks. Available FC liquidity
(USD9.9 billion) fully covered maturing FC debt over 12 months plus
about a third of FC deposits at end-3Q22.

However, it largely comprised foreign-exchange (FX) swaps with the
Central Bank of Turkey (CBRT) and FC unrestricted balances at the
CBRT, access to which could become uncertain in stressed market
conditions. FC liquidity could also come under pressure from a
prolonged loss of market access or sector-wide deposit
instability.

Solid Capitalisation: YKB's common equity Tier 1 (CET1) ratio rose
to 16.3% at end-2022 (14.7% net of forbearance), driven by strong
internal capital generation in the high inflation environment. The
total capital ratio was stronger at 20% (18.1% net of forbearance),
supported by FC additional Tier 1 and subordinated Tier 2 debt,
which provide a partial hedge against lira depreciation.

Capitalisation is also supported by high pre-impairment operating
profit (13% of average loans, adjusted for hedging gains, but set
to fall) and full total reserves coverage of non-performing loans
(NPLs) of 166%. However, capitalisation remains sensitive to the
macro outlook, lira depreciation and asset-quality risks.

Operating-Environment Risks: YKB is exposed to significant
operating-environment pressures, reflecting heightened risks to
macroeconomic and financial stability in Turkiye amid policy
uncertainty, very high inflation and external vulnerabilities, with
further uncertainty stemming from the impact of the earthquake.
Multiple macroprudential regulations imposed on banks aimed at
promoting the government's policy agenda further add to the
challenges of operating in Turkiye.

Solid Domestic Franchise: YKB is a domestic systemically important
bank with market shares of about 8% of sector total assets, loans
and deposits at end-2022. It provides a full range of services to
large local and multi-national companies, mid-sized companies and
SMEs, and is a market leader in payment systems and credit cards in
Turkiye. However, the concentration of the bank's operations in the
high-risk Turkish operating environment create risks to the bank's
business profile.

Asset-Quality Risks: YKB's NPL ratio improved to 3.4% at end-2022
from 4.6% at end-2021, despite operating-environment pressures,
supported by nominal loan growth and collections in the high
inflation environment, NPL sales and write-offs. Total reserve
coverage of NPLs rose to 166% (end-2021: 151%) and average reserves
against Stage 2 loans to 19%.

Nevertheless, credit risks are heightened by macro-and-financial
stability and loan seasoning risks in the high inflation
environment. The earthquake creates additional uncertainties and
downside risks, although the bank's exposure to the three most
affected cities is limited and appears manageable. FC lending
comprised 30% of end-2022 loans, despite deleveraging, and Stage 2
loans 12% (of which 62% were restructured).

Boost to Profitability: YKB's operating profit rose to a high 9.4%
of risk-weighted assets (RWAs) in 2022, boosted by income from CPI
linkers, loan growth and margin expansion. Fitch expects
performance to weaken due to slower GDP growth, the impact of
macroprudential measures (including lower loan growth, tighter loan
yields and higher lira deposit-funding costs due to increased
competition) and higher FC wholesale-funding costs. Uncertainty
over the impact of the earthquake also creates downside risks.
Profitability remains sensitive to asset-quality risks and macro
and regulatory developments.

RATING SENSITIVITIES

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

YKB's LT IDRs are sensitive to a sovereign downgrade and any
increase in Fitch's view of government intervention risk in the
banking sector. As the bank's ratings are driven by its VR, they
are also sensitive to a weakening in its VR.

The Short-Term IDRs are sensitive to changes in their respective
Long-Term IDRs.

YKB's VR is primarily sensitive to a sovereign downgrade. Fitch
would also downgrade YKB's VR by one notch, to the level of its
LTFC IDR, on a material erosion in the bank's capital and FC
liquidity buffers.

The National Rating is sensitive to negative changes in YKB's LTLC
IDR and its creditworthiness relative to other Turkish issuers'.

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

An upgrade is unlikely given the heightened operating-environment
risks and market volatility, the Negative Outlook on Turkiye's
sovereign ratings and its view of government intervention risk.

The National Rating is sensitive to positive changes in YKB's LTLC
IDR and its creditworthiness relative to other Turkish issuers'.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

YKB's senior unsecured debt ratings are aligned with its IDR,
reflecting average recovery prospects in a default.

YKB's subordinated notes' rating is notched down once, rather than
the baseline two notches, from its 'B-' LTFC IDR anchor rating, to
reflect reduced loss severity, given that the main risk on these
instruments, in its view, is to timely payment rather than
recoveries. The anchor rating is the bank's LTFC IDR, rather than
its VR, which Fitch deems the most appropriate measure of
non-performance risk given government intervention risk.

No Support: YKB's 'no support' (ns) Government Support Rating (GSR)
reflects its view that, notwithstanding its systemic importance,
support from the Turkish authorities cannot be relied upon given
the sovereign's weak financial flexibility.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

YKB's senior unsecured debt ratings are primarily sensitive to
changes in its IDRs.

YKB's subordinated debt rating is primarily sensitive to a change
in its LTFC IDR anchor rating. It is also sensitive to a revision
in Fitch's assessment of potential loss severity in case of
non-performance.

The GSR could be upgraded if Fitch views the government's ability
to support the bank in FC as stronger.

VR ADJUSTMENTS

The 'b-' operating environment score for Turkish banks is lower
than the category implied score of 'bb' due to the following
adjustment reasons: sovereign rating (negative) and macroeconomic
stability (negative). The latter adjustment reflects heightened
market volatility, high dollarisation and high risk of FX movements
in Turkiye.

YKB's 'b' business profile score is lower than the category implied
score of 'bb' due to the following adjustment reason: business
model (negative). The latter adjustment reflects the bank's
concentrated operations in Turkiye.

ESG CONSIDERATIONS

YKB's ESG Relevance Score for Management Strategy has been revised
to '4' from '3', reflecting increased regulatory intervention in
the Turkish banking sector, which hinders the operational execution
of management strategy, constrains management ability to determine
strategy and price risk, and creates an additional operational
burden for the bank. This has a moderately negative impact on the
bank's ratings in combination 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
   -----------             ------            --------    -----
Yapi ve Kredi
Bankasi A.S.     LT IDR      B-     Affirmed               B-

                 ST IDR      B      Affirmed               B

                 LC LT IDR   B      Affirmed               B

                 LC ST IDR   B      Affirmed               B

                 Natl LT     A+(tur)Affirmed           A+(tur)

                 Viability   b      Affirmed               b

                 Government
                 Support     ns     Affirmed               ns

   senior
   unsecured     LT          B-     Affirmed    RR4        B-

   subordinated  LT          CCC+   Affirmed    RR5       CCC+

   senior
   unsecured     ST          B      Affirmed               B




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

BLUEMOUNTAIN FUJI II: S&P Affirms 'BB' Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on BlueMountain Fuji
EUR CLO II DAC's class B-R notes to 'AA+ (sf)' from 'AA (sf)',
class C-R notes to 'AA- (sf)' from 'A (sf)', and class D-R notes to
'A- (sf)' from 'BBB (sf)'. At the same time, S&P affirmed its 'AAA
(sf)' rating on the class A-R notes, its 'BB (sf)' rating on the
class E notes, and its 'B- (sf)' rating on the class F notes.

The rating actions follow the application of its relevant criteria
and its credit and cash flow analysis of the transaction based on
the January 2023 trustee report.

Since S&P reviewed the transaction in 2021:

-- The pool's overall credit profile has improved on account of
the reduced weighted-average life of the portfolio offsetting a
slight reduction in overall credit quality.

-- As the CLO has begun amortizing, the portfolio has become less
diversified (the number of performing obligors has decreased to 143
from 169).

-- The portfolio's weighted-average life has decreased to 3.73
years from 4.46 years.

-- The percentage of 'CCC' rated assets has decreased to 3.89%
from 5.30%.

-- Despite a more concentrated portfolio the scenario default
rates (SDRs) have decreased for all rating scenarios, mainly due to
the portfolio's lower weighted-average life.

  Table 2

  Transaction Key Metrics
                          AS OF THE JANUARY 2023   PREVIOUS REVIEW

                                 TRUSTEE REPORT     (JANUARY 2021)

   SPWARF                              2,934.56          2,860.92

   Default rate dispersion               596.31            627.96

   Weighted-average life (years)           3.73              4.46

   Obligor diversity measure             115.23            138.06

   Industry diversity measure             22.40             21.67

   Regional diversity measure              1.37              1.43

   Total collateral amount (mil. EUR)*   293.94            349.26

   Defaulted assets (mil. EUR)             0.00              2.89

   Number of performing obligors            143               169

   Portfolio weighted-average rating          B                 B

   'AAA' SDR (%)                          59.45             61.08

   'AAA' WARR (%)                         37.07             37.21

*Performing assets plus cash and expected recoveries on defaulted
assets.
SPWARF--S&P Global Ratings' weighted-average rating factor.
SDR--scenario default rate.
WARR--Weighted-average recovery rate.


On the cash flow side:

-- The reinvestment period ended in July 2021. The class A-R notes
have deleveraged by EUR54.92 million since then, increasing the
available credit enhancement for all classes of notes compared with
S&P's previous review.

-- No class of notes is deferring interest.

-- All coverage tests are passing as of the January 2023 trustee
report.

  Table 1

  Credit Analysis Results

  CLASS   CURRENT AMOUNT   CREDIT ENHANCEMENT CREDIT ENHANCEMENT
            (MIL. EUR)      AS OF THE JANUARY   AT PREVIOUS REVIEW

                              2023 TRUSTEE             (%)
                              REPORT (%)

  A-R         152.88             47.99                 40.50

  B-R          44.70             32.78                 27.70

  C-R          20.60             25.77                 21.81

  D-R          17.50             19.82                 16.80

  E            22.50             12.17                 10.35

  F             9.80              8.83                  7.55

  Subordinated 35.80               N/A                   N/A

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)]/ [Performing balance +
cash balance + recovery on defaulted obligations (if any)].
N/A--Not applicable.


S&P said, "In our view, the portfolio is diversified across
obligors, industries, and asset characteristics. Nevertheless, due
to the CLO amortizing, it has become more concentrated (since our
previous analysis). The aggregate exposure to the top 10 obligors
is now 14.88%.

"Based on the improved SDRs, higher portfolio weighted-average
recovery, and higher available credit enhancement, we raised our
ratings on the class B-R, C-R, and D-R notes as the available
credit enhancement is now commensurate with higher levels of
stresses. At the same time, we affirmed our ratings on the class
A-R, E, and F notes.

"Our cash flow analysis indicated higher ratings than those
currently assigned for the class C-R, D-R and E notes. However, we
considered that the manager has and may still reinvest unscheduled
redemption proceeds and sale proceeds from credit-impaired and
credit-improved assets (such reinvestments, rather than repayment
of the liabilities, may therefore prolong the note repayment
profile for the most senior class of notes). We also considered the
current macroeconomic conditions.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating for this
class of notes.

"Our affirmation of our 'B- (sf)' rating on the class F notes
reflects the available credit enhancement for this class, the
portfolio's average credit quality, and comparing our model
generated break-even default rate at the 'B-' rating level versus
the long-term sustainable default rate. We also assessed (i)
whether the tranche is vulnerable to nonpayments soon, (ii) if
there is a one in two chance of this tranche defaulting, and (iii)
if we envision this tranche defaulting in the next 12-18 months.
Following this analysis, we consider that the available credit
enhancement for the class F notes is commensurate with a 'B- (sf)'
rating.

"In our view, the portfolio is granular, and well-diversified
across obligors, industries, and asset characteristics compared to
other CLO transactions we have recently rated. Hence, we have not
performed any additional scenario analysis."

Counterparty, operational, and legal risks are adequately mitigated
in line with our criteria.

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

BlueMountain Fuji EUR CLO II DAC is a cash flow CLO transaction
that securitizes leverage loans and is managed by Assured
Investment Management, LLC.


EVA-LUTION: GBP90,000 in Employees' Wages Still Unpaid
------------------------------------------------------
Conor Gogarty at WalesOnline reports that desperate employees of
Cardiff-based building company
Eva-Lution that went bust have been waiting months for thousands of
pounds in wages.

According to WalesOnline, some 14 people who worked for the company
are allegedly owed more than GBP90,000.

A whistleblower claimed that employees have not been paid in 16
weeks and that some are owed close to GBP10,000, WalesOnline
discloses.

Chloe Eva, the 27-year-old company director, told WalesOnline that
Eva-Lution collapsed after falling victim to a fraud and losing out
on a GBP250,000 investment.  She says she has been advised that
staff will get their unpaid wages "via a government scheme once the
liquidation is finalised".  Ms. Eva added: "All we have ever done
is try to keep the company trading and [the investment] would have
allowed us to do so.  This was not the case in the end, and we are
deeply sorry that it has affected the staff in the way it has."


FAB UK 2004-1: Fitch Puts Three Note Classes on Rating Watch
------------------------------------------------------------
Fitch Ratings has placed the FAB UK 2004-1 Ltd's class A-2E, A-3E,
and A-3F notes on Rating Watch.

   Entity/Debt             Rating                  Prior
   -----------             ------                  -----
FAB UK 2004-1 Ltd
  
   A-2E XS0187962799   LT BBBsf  Rating Watch On   BBBsf
   A-3E XS0187962872   LT CCCsf  Rating Watch On   CCCsf
   A-3F XS0187963094   LT CCCsf  Rating Watch On   CCCsf

TRANSACTION SUMMARY

The transaction is a securitisation of UK structured finance
assets. At closing, the SPV issued GBP204.5 million of fixed- and
floating-rate notes and used the proceeds to buy a GBP200 million
portfolio managed by Gulf International Bank (UK) Ltd. The
transaction is currently amortising with a performing and
non-performing balance of GBP28.1 million and GBP9.2 million,
respectively.

The class A-2E and A-3E notes currently pay a margin over six-month
synthetic sterling LIBOR, which will cease at the end of next
month. The June 2023 payment date can still use the December 2022
rate, but there will be no synthetic sterling LIBOR rate to use for
the December 2023 payment date. To address this issue, the issuer
put out a consent solicitation last year to transition the notes to
SONIA, but did not achieve the consent level necessary to make the
transition, due to a lack of response from some of the noteholders
rather than a negative response. The issuer put out another consent
solicitation on 22 February 2023.

KEY RATING DRIVERS

Interest Payment Disruption Risk: Fitch has placed the class A-2E
notes on Rating Watch Evolving (RWE) due to the risk of interest
payment disruption if the transition to SONIA does not take place.
The RWE rather than Rating Watch Negative (RWN) is because if the
transition to Sonia does happen, the notes may be upgraded.

If the notes do not transition to SONIA before the payment date in
December when there is no longer a six-month synthetic LIBOR rate
to reference, the agent bank may not know how to calculate the
interest rate (due to a lack of robust fallback language in the
deal), and therefore may not make any interest payments at all.
However, the transaction has language allowing the trustee to
calculate the interest rate if it cannot be calculated by the agent
bank, although the trustee may decide that it cannot calculate the
interest due to a lack of a provision to obtain an alternative
benchmark rate in the document. In this case, the notes could be
downgraded if Fitch believes that the payment delay becomes
inconsistent with the rating.

Potential Upgrade if Transition Achieved: The note balance is only
GBP4.9 million and the paydown of the notes over the past year was
about GBP3 million. If the transition to Sonia is achieved and if
by the time the RWE is resolved, the notes are expected to pay down
within a year, the rating cap could be removed and the notes
upgraded. The notes' rating is currently capped at 'BBBsf' due to
the concentration in the UK RMBS sector but this rating cap can be
lifted if the notes are expected to pay down within a year, as per
Fitch's Structured Finance CDOs Surveillance Rating Criteria.

RWP Reflects Transition Uncertainty: Fitch has placed the class
A-3E and A-3F notes on Rating Watch Positive (RWP) as an upgrade is
constrained by the uncertainty around the Libor transition. The
model-implied ratings for the class A-3 notes is 'Bsf' based on the
Structured Finance CDOs Surveillance Rating Criteria, which state
that upgrade to the next category is possible only if the notes can
withstand stress at the highest rating in the next rating
category.

Ratings Unaffected if Notes Fixed-Rate: One option the trustee has
when six-month synthetic LIBOR is no longer available is to fix it
at the latest available rate, effectively making the notes
fixed-rate. Fitch tested this scenario as a sensitivity run where
the six-month synthetic sterling LIBOR was fixed at 4.5% and the
model-implied rating for the class A-2E notes was unchanged from
the current rating. Under the decreasing interest-rate scenario in
the model, the class A-3 notes cannot pay timely interest when most
senior under this scenario due to a build-up of deferred interest,
but will be able to pay ultimate interest.

Cash-Flow Modelling on Pre-transition Rates: Fitch has modelled the
underlying assets at the pre-transition LIBOR rates and margins, to
align them with the notes, which are still using the LIBOR rates
and margins. Using the post-switch SONIA rates and margins on the
assets could be giving too much credit to the interest from the
assets if the switch to SONIA for the notes brings the notes' rates
in line with the increase in margins on the asset side. All of the
performing assets except one have already switched to paying
SONIA.

Portfolio Amortisation Increasing Note CE: The performing portfolio
has amortised by around GBP2.8 million to GBP28.1 million as of
December 2022 since the latest review in March 2022. GBP383,892 has
been received from the non-performing portfolio during the same
period. As a result, the class A-2E notes have continued to
amortise to an outstanding notional balance of GBP4.8 million,
bringing credit enhancement (CE) to 83% from 75%. CE for the class
A-3E and A-3F notes has increased to 36% from 32% at the last
review.

Stable Portfolio Quality; High Concentration: The portfolio credit
quality has been stable with the average rating at 'BBB'/'BBB-' and
there have been no new defaults. However, the portfolio is
concentrated by industry and by obligor. Of the performing
portfolio, 93% is in the UK RMBS sector. The largest and the top 10
largest obligors represent 18% and 91% of the performing portfolio
balance, respectively.

RATING SENSITIVITIES

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

Downgrades may occur if the notes do not experience a smooth
transition to SONIA, or the principal amortisation slows to such an
extent that it may not be able to cover the negative carry, leading
to a timely interest payment shortfall of the most senior notes. In
addition, downgrades may occur if the build-up of the notes' CE
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high levels
of default and portfolio deterioration.

A 25% increase in the asset default probability or a 25% reduction
in expected recovery rates would not lead to a downgrade of the
notes.

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

The class A-2E, A-3E and A-3F notes could be upgraded if the notes
transition to SONIA smoothly, the portfolio's credit quality
remains stable and the portfolio continues to amortise. The class
A-2E notes could be upgraded if they are expected to be paid in
full within 12 months and therefore the 'BBBsf' rating cap is no
longer applied.

DATA ADEQUACY

FAB UK 2004-1 Ltd

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool[s] and the transaction[s]. Fitch has not reviewed the results
of any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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


INEOS QUATTRO: S&P Rates New EUR750MM Secured Term Loans 'BB'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating with a recovery
rating of '3' (65%) to the proposed euro and U.S. dollar senior
secured term loans due 2030, issued by subsidiaries of INEOS
Quattro Holdings Ltd. (INEOS Quattro; BB/Stable).

The proceeds will be used to pay a EUR500 million dividend to the
parent company INEOS Industries Holdings Ltd., and for general
corporate purposes.

Pro forma the transaction, INEOS Quattro's reported net debt to
EBITDA will be 2.1x as of end-2022 compared with 1.9x before the
transaction (both as calculated by INEOS Quattro). S&P said, "We
estimate this should translate into S&P Global Ratings-adjusted
debt to EBITDA of about 2.5x for 2022, pro forma the new issuance,
compared with about 2.3x before the transaction (both pending final
adjustments once the annual report is released). We see this level
as commensurate with INEOS Quattro's 'bb' stand-alone credit
profile (SACP) given that it is well below 4.5x, and in line with
our expectations during the top-of-cycle conditions of 2022."

Key analytical factors

-- S&P assigned its 'BB' issue credit rating to the new EUR750
million equivalent term loans B. The recovery rating is '3', with
recovery prospects of 50%-70% (rounded estimate: 65%)

-- The issue rating for the senior secured debt facilities is
'BB', the same level as the long-term issuer credit rating. The
recovery rating is '3', with recovery prospects of 50%-70% (rounded
estimate: 65%).

-- The recovery rating is supported by limited prior-ranking
liabilities and a cushion from the subordinated senior unsecured
debt available to the senior secured debtholders in the event of
default.

-- S&P rates the senior unsecured notes 'B+', two notches below
the level of the long-term issuer credit rating. The recovery
rating is '6', with recovery prospects in the 0%-10% range (rounded
estimate: 0%).

-- S&P values INEOS Quattro as a going concern, given the group's
solid market position, large scale, and well-invested sites across
Europe, North America, and Asia, and diversified end markets.

-- The debt facilities are issued by subsidiaries of INEOS
Quattro, the rated parent and owner of the group composed of
INOVYN, Styrolution, Aromatics and Acetyls.

Simulated default assumptions

-- Year of default: 2028
-- Jurisdiction: Group A

Simplified waterfall

-- Emergence EBITDA: EUR1 billion.

-- Minimum capex at 2.0% of annual average revenue, based on the
group's future average yearly minimum capex requirement.

-- Standard cyclicality adjustment of 10% for the commodity
chemicals industry

-- Multiple: 5.5x

-- Gross recovery value at default: EUR5.3 billion

-- Net recovery value for waterfall after administrative expenses
(5%): EUR5.1 billion

-- Estimated priority claims (outstanding securitization program):
EUR0.6 billion*

-- Remaining recovery value: EUR4.5 billion

-- Estimated senior secured debt claims: EUR6.6 billion*

-- Recovery rating on the senior secured debt: 3 (50%-70%; rounded
estimate: 65%)

-- Estimated senior unsecured debt claims: EUR0.5 billion*

-- Recovery rating on the senior unsecured debt: 6 (0%-10%;
rounded estimate: 0%)

*All debt amounts include six months of prepetition interest.


JARVIS CONTRACTING: Enters Administration, Workers Made Redundant
-----------------------------------------------------------------
Grant Prior at Construction Enquirer reports that Jarvis
Contracting went into administration on Feb. 28 leaving staff
stunned.

Workers at the Harpenden based company -- which was originally
founded in 1905 -- were made redundant after being given the news,
The Enquirer relates.

The Enquirer understands that administrators from Verulam Advisory
are now in charge of the business.

According to The Enquirer, it is understood that the contracting
operation was sunk by escalating costs on fixed-price contracts
following the economic shocks of the last few years.

Latest results filed for Jarvis Contracting for the year to
April 30, 2022, show a turnover of GBP43.8 million generating a
pre-tax loss of GBP2 million while the business employed 75 staff,
The Enquirer discloses.


LENDY: Administrator Processed 7,200 Withdrawal Requests in 2023
----------------------------------------------------------------
Adam Riches at Peer2Peer Finance News reports that Lendy's
administrator has processed around 7,200 withdrawal requests since
the start of the year, leaving 2,178 outstanding withdrawals worth
GBP2.5 million.

RSM said withdrawal requests made after Feb. 2 are currently being
processed and all requests on this date should be completed within
the next week, unless there is an issue or outstanding information
is needed from an investor, Peer2Peer Finance News relates.

RSM added that some distributions could not be made as creditors'
details were incorrect, and urged them to check their details,
Peer2Peer Finance News notes.

The administrator resumed distributions after the outcome of a
court order, Peer2Peer Finance News relays.  The court order
involved creating a "cost protocol" which worked for both the
investors and the administrators.

RSM said last month that 2,400 withdrawals had been processed since
restarting interim distributions on January 5, 2023, totalling
GBP4.4 million, Peer2Peer Finance News recounts.  It did not
disclose a new total within its latest update.

Lendy entered into administration in 2019, leaving thousands of
investors in the dark about the recovery of their funds, Peer2Peer
Finance News discloses.  The former peer-to-peer property
development lender had more than GBP160 million outstanding on its
loanbook and at least GBP90 million of those funds in default at
the time of its collapse, Peer2Peer Finance News notes.

RSM recently confirmed that the administration process will extend
past its May 2023 deadline, according to Peer2Peer Finance News.


MEADOWHALL FINANCE: Fitch Lowers Rating on Class M1 Notes to CCC
----------------------------------------------------------------
Fitch Ratings has downgraded Meadowhall Finance PLC's class B and
M1 notes and affirmed the others, as detailed below. The class M1
and C1 notes are held by the issuer as (non-issued) reserve bonds.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
Meadowhall
Finance PLC
  
   Class A1 Tap
   Issue
   XS0278325476      LT A+sf   Affirmed     A+sf

   Class A2
   Floating Notes
   Tap Issue
   XS0278327415      LT A+sf   Affirmed     A+sf

   Class B Tap
   Issue
   XS0278326441      LT BBB-sf Downgrade    BBBsf

   Class C1
   Floating Rate
   Tap Issue
   XS0278329890      LT CCCsf  Affirmed     CCCsf

   Class M1
   Floating Notes
   XS0278328496      LT CCCsf  Downgrade     Bsf

TRANSACTION SUMMARY

The transaction is a 2006 securitisation of a loan backed by rental
income from the Meadowhall Shopping Centre located in Sheffield.
The securitisation is a 50:50 joint venture between The British
Land Company PLC and Norges Bank Investment Management. The
long-dated loan financing is tranched into four series, with a
combination of bullets and scheduled amortisation arranged
non-sequentially and mirrored by the CMBS.

Fitch has assumed the class M1 and C1 notes are in issue only for
their rating analysis. By not assuming that they are issued when
rating the class A and B notes, this calibrates potential drawdowns
of the liquidity facility, according to the different scenarios
Fitch tested.

Meadowhall was valued at GBP707 million (as at September 2022),
representing a 2% decline over the preceding 12 months and
loan-to-value (LTV) of 67.9%. As the LTV remains above 50%, surplus
cash flows after paying debt service are paid into the excess
cash-flow reserve account, funds in the account totaled GBP16.6
million as of the January 2023 IPD. Estimated rental value (ERV)
increased by 1% to GBP53.4 million in the year to September 2022.
Occupancy remained stable at 94.8%. Although compared with previous
reviews the rate of decline has slowed, the prevalence of
turnover-based leases, increased tenant bargaining power and
squeezed household finances provide scope for further deterioration
in performance.

KEY RATING DRIVERS

Updated EMEA CMBS Criteria: The criteria incorporated a number of
updates, including an overhaul of how guidance assumptions are
derived. The class A1, A2 and M1 notes have been removed from Under
Criteria Observation.

Retail Property Challenges Persist: After a brief plateau in the
9M22, conditions further deteriorated in the fourth quarter. Market
data indicated a 4% fall in rental values and a 0.5pp increase in
yields for similar shopping centres, reflecting weak economic
conditions for households and the rising costs of financing. Higher
cap rates are a key driver of the negative rating action. Moreover,
Fitch believes retail rents could continue to fall as retailers
remain under pressure from rising costs and restrained consumer
spending. Footfall at the centre in the half year to September 2022
was 13.8% below 2019 levels, with sales also 2.1% lower, implying
the shift towards online shopping accelerated by the pandemic has
become engrained in consumer spending habits.

Liquidity Risk: The borrower is currently meeting debt service from
the income generated. However, the ERV of GBP53.4 million (as at
September 2022) is below current annual debt service (GBP61
million), which subsequently reduces to GBP54 million from April
2025 and GBP41 million from April 2026. Therefore, as leases expire
and are re-let at prevailing market rates, the issuer could again
be reliant on the GBP75 million liquidity facility to maintain
timely payments on the notes, once funds in the excess cash-flow
reserve account have been exhausted.

Given the strong dependency on the liquidity facility provider to
support the transaction, Fitch has capped the rating of the notes
at that of the provider; Lloyds Bank Corporate Markets PLC
(A+/Stable). The transaction previously drew on the liquidity
facility on both the July and October 2020 IPDs to support the
structure during the fall in collections caused by the pandemic.
This was repaid by the January 2021 IPD.

Principal Amortisation Mitigates Market Weakness: In its analysis,
market weakness is being mitigated by meaningful amortisation. Due
to the amortisation scheduled over the short term, timing of
mortgage enforcement is a key determinant of cumulative recoveries.
Following a loan event of default, and given the liquidity facility
can be drawn to meet class A principal and interest, Fitch assumes
the senior noteholders would seek a protracted workout. As is
typical in CMBS, amounts drawn under the liquidity facility rank
senior to all the notes. In this structure, the bonds junior to the
class A notes can only draw on liquidity to cover interest
payments. This feature preserves the facility to accommodate a
longer workout period, without supporting junior repayments ahead
of senior creditors.

RATING SENSITIVITIES

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

Increases in retail property yields, which reduce collateral value,
could result in negative rating action.

The change in model output that would apply with cap rate
assumptions 1pp higher produces the following ratings:

'Asf' / 'BB-sf' / 'CCCsf' / 'CCCsf'

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

Increases in collateral value driven by falling retail property
yields could result in positive rating action.

The change in model output that would apply with cap rate
assumptions 1pp lower produces the following ratings:

'A+sf' / 'A-sf' / 'CCCsf' / 'CCCsf'

KEY PROPERTY ASSUMPTIONS (all by market value)

Depreciation: 7.5%

Irrecoverable costs: GBP5.3 million

Fitch ERV: GBP51.1 million

'Bsf' weighted average (WA) cap rate: 8%

'Bsf' WA structural vacancy: 14%

'Bsf' WA rental value decline: 9.1%

'BBsf' WA cap rate: 8.1%

'BBsf' WA structural vacancy: 15%

'BBsf' WA rental value decline: 11.1%

'BBBsf' WA cap rate: 8.3%

'BBBsf' WA structural vacancy: 17%

'BBBsf' WA rental value decline: 13.1%

'Asf' WA cap rate: 8.4%

'Asf' WA structural vacancy: 18%

'Asf' WA rental value decline: 15.1%

'AAsf' WA cap rate: 8.8%

'AAsf' WA structural vacancy: 19%

'AAsf' WA rental value decline: 19.1%

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ESG CONSIDERATIONS

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.


PEPPER COMMUNICATIONS: Pureprint Group Hires Former Staff
---------------------------------------------------------
Jo Francis at Printweek reports that Pureprint Group has opened a
new office in Plymouth after taking on a number of ex-Pepper
Communications staff.

Pepper went into liquidation in early February after the
"pernicious impact of external forces" proved too much for the
family-owned business to be able to carry on, Printweek recounts.

Pureprint Group, which is headquartered in Uckfield, said that
Pepper's "data to doormat" approach was a perfect fit with its own
approach and the recent expansion of its own direct mail
capabilities, Printweek relates.

Details of the individuals that have taken up roles at Pureprint's
new office had not been disclosed at the time of writing, but
Pureprint described them as "key staff" from Pepper, Printweek
notes.

According to Printweek, CEO Mark Handford commented: "As our
clients' needs have changed, we continue to align our investments
to ensure we always deliver against their requirements.

"By employing some of Pepper Communications' direct mail
specialists, it has increased our capabilities in data driven
direct mail and enables us to deliver an enhanced offering to
support the increase in demand for these services for our
customers."

The GBP65 million-plus turnover group employs more than 400 staff
and has developed its own environmental printing system. It has
been carbon neutral since 2002.


VINEYARD PROJECT: Put Into Compulsory Liquidation
-------------------------------------------------
Angus Young at HullLive reports that a court has ordered a
controversial Hull housing management company owing thousands of
pounds to be placed into compulsory liquidation.

According to HullLive, a winding-up order against Vineyard Project
Ltd was confirmed earlier this month in the High Court of Justice's
business and property court.  It came after the court was presented
with a petition by the company's main creditor, His Majesty's
Revenue and Customs, HullLive notes.

Vineyard, which has an office in Anlaby Road, has operated in Hull
for nearly a decade as a supported accommodation provider.  It
manages properties housing people requiring care and supervision
including drug users, those at risk of becoming homeless, domestic
abuse victims and care leavers.

It's believed the company is currently responsible for over 100
tenants Hull, HullLive states.  Most live in shared terraced
properties.

As part of the liquidation process, Isaac Kingaru's role as company
director will now be subject to a separate investigation by the
Insolvency Service, as is standard, HullLive discloses.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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