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

                          E U R O P E

          Tuesday, March 7, 2023, Vol. 24, No. 48

                           Headlines



D E N M A R K

NORICAN GLOBAL: S&P Raises ICR to 'B' After Successful Refinancing


G E R M A N Y

DIC ASSET: S&P Downgrades ICR to 'BB' on Still High Leverage
FORTUNA CONSUMER 2023-1: Fitch Gives 'CCCsf' Rating on Cl. F Notes


G R E E C E

GRIFONAS FINANCE 1: Fitch Affirms 'B-sf' Rating on Cl. C Notes


I R E L A N D

TIKEHAU CLO IV: Moody's Affirms B2 Rating on EUR12MM Class F Notes
TIKEHAU CLO IX: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes


N E T H E R L A N D S

NOURYON FINANCE: Fitch Gives BB-(EXP) Rating on $750MM Term Loan B
TEVA PHARMACEUTICAL: Fitch Gives 'BB' Rating on Unsecured Notes


U K R A I N E

KERNEL HOLDING: S&P Upgrades ICR to 'CC', Outlook Negative


U N I T E D   K I N G D O M

ALL SAINTS CONSTRUCTION: Goes Into Liquidation
BULB: Rival Power Groups Challenge Octopus Sale
CAMERONS LTD: Halts Trading, Expected to Collapse
CANTERBURY FINANCE 1: Moody's Ups Rating on GBP7.5MM F Notes to B3
GEN LIV: Enters Into Creditors' Voluntary Liquidation

HIGHCROSS SHOPPING: Enters Receivership Following Losses
ROWANMOOR: SIPP Book Sale to Alltrust Services Finalized

                           - - - - -


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D E N M A R K
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NORICAN GLOBAL: S&P Raises ICR to 'B' After Successful Refinancing
------------------------------------------------------------------
S&P Global Ratings raised to 'B' from 'CCC+' its long-term issuer
credit rating on Norican Global A/S and its issue rating on its
EUR340 million senior secured notes.  S&P then removed the ratings
from CreditWatch, where it placed them with positive implications
on Jan. 26, 2023 following the announcement of the signing of
commitments for new loan facilities.

S&P withdrew its 'B' issue rating on Norican's EUR340 million note,
as the company has repaid the debt.  S&P withdrew its 'B' long-term
issuer credit rating on Norican at the company's request. S&P's
outlook on the company was stable at the time of withdrawal.

The upgrade follows the successful refinancing of Norican's EUR340
million outstanding note. The refinancing strengthens the company's
liquidity position and materially extends its debt maturity
profile. S&P said, "We understand that the new facilities have a
weighted-average maturity of more than four years. Furthermore, S&P
Global Ratings anticipates Norican's adjusted debt to EBITDA will
improve to about 4.0x-4.5x in 2023-2024, on average, from about
6.5x at year-end 2022, due to the significant reduction of gross
debt. At the same time, we expect the group to generate higher
revenues and at least stable EBITDA in 2023, in our base case."

S&P said, "We withdrew our ratings on Norican's 2023 notes because
the company has repaid them. We withdrew the long-term issuer
credit rating on Norican at the issuer's request. The outlook was
stable at the time of the withdrawal."

ESG Credit Indicators: E-3, S-2, G-3




=============
G E R M A N Y
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DIC ASSET: S&P Downgrades ICR to 'BB' on Still High Leverage
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on German real estate company DIC Asset AG and its senior
unsecured debt to 'BB' from 'BB+'.  S&P's recovery rating on the
debt remains at '3'.

The negative outlook reflects the risk that DIC may not be able to
timely and sufficiently address its 2024 financial needs in the
next few quarters, thereby provoking a deterioration of its
liquidity profile or its credit metrics deteriorates further.

S&P said, "We assume DIC's leverage will remain elevated for a
prolonged period, with S&P Global Ratings-adjusted debt to debt
plus equity above 55%. This stems from the debt-funded takeover of
logistic property company VIB Vermogen AG at the start of 2022,
weakening market conditions, and the ongoing delay in DIC's
deleveraging plan. At end-December 2022, S&P Global
Ratings-adjusted ratio of debt to debt plus equity stood high at
59.4% (versus 52.2% at end-2021) and its EBITDA interest coverage
was 2.7x (3.3x end-2021). Debt to EBITDA also remained high at
16.6x, partially distorted by only nine months of VIB's EBITDA
contribution. Furthermore, the challenging prospects for the
property market have delayed DIC's execution of its strategy to
raise equity and secure sufficient asset disposals to compensate
for the rise in leverage,, which assumed the company would have
done following the VIB transaction. Although the company will
receive a total of about EUR71 million disposals proceeds post
reporting date, in our view, DIC will likely struggle to follow
through with deleveraging to below 55% (adjusted debt to debt plus
equity). Moreover, we assume the planned asset disposals and equity
increase will take longer than initially planned. Under our revised
base-case forecasts for the coming 12 months, S&P Global
Ratings-adjusted ratio of debt to debt and equity will be 57%-59%,
EBITDA interest coverage will be 2.5x-2.7x, and debt to EBITDA
should be around 14x. We therefore view it as unlikely that DIC
will be able to restore its metrics in line with our 'BB+' rating.
Despite management's commitment to strengthen its reported
loan-to-value (LTV) ratio to below 50.0% (57.8% year-end 2022), we
noted the company's recent increase in VIB's stake, to 68% from
61%, through a non-cash contribution of EUR99 million in November
2022 and a dividend proposal of EUR0.75 per share for the 2022
financial year, to be paid in Q2 2023 (up to about EUR55 million
cash outflow), further preventing fast deleveraging."

DIC's liquidity remains adequate for the next 12 months but
material debt maturities will occur in 2024. On Feb. 28, 2022, VIB
announced the conclusion of a new syndicated loan agreement for
around EUR505 million, with a term of seven years, to repay
existing loans ahead of schedule. S&P siad, "We assume that DIC
will use the loan mainly to refinance outstanding debt due within
the next 18 months. Considering an unrestricted cash balance of
about EUR161 million at year-end 2022 and committed disposal
proceeds post reporting date of about EUR71 million, DIC should be
able to comfortably cover the next 12 months of liquidity needs.
That said, a bulk of debt maturities, including the bridge facility
of currently outstanding EUR400 million, due first-quarter 2024,
and EUR248 million ESG-linked promissory notes, due throughout
2024. We understand that DIC is highly committed to raising
sufficient funding and refinancing any debt facilities so that the
average debt maturity remains well above our three-year requirement
(3.5 years as of year-end 2022, excluding recent refinancing, but
including bridge loan) and average cost of debt close to 2.5% to 3%
(2.4% year-end 2022, excluding recent refinancing but including
bridge loan). Furthermore, the company´s headroom under its bond
covenants for LTV (set at 60%) has not widened, contrary to our
previous projection, and tightened further; the lowest headroom
stood below 10% as of Dec. 31, 2022. We will monitor the company´s
liquidity situation, including compliance with its financial
covenants, very closely over the next few quarters and update our
analysis if necessary."

S&P expects operating fundamentals to remain stable for DIC´s
properties. The acquisition of VIB has benefited the company's
scale and scope, as well as its portfolio diversification. As of
Dec. 31, 2022, the fair value of its commercial portfolio, which
includes only owned yielding assets, stood at EUR4.5 billion,
comprising 207 properties. The company's total assets under
management increased to EUR14.7 billion from 11.9 billion at
year-end 2021. The share of logistics properties increased to 39%
from 2% in the commercial portfolio with the share of office
properties diluting to 34% from 68% and enhancing its segment
diversification. The European Real Estate Association (EPRA)
vacancy stood at only 4.3% for the combined entities. DIC managed a
solid like-for-like rental growth of 3.6% in 2022, mostly
benefiting from lease indexations. The growing inflationary
environment, forecast at 7.3% growth in Germany in 2023 and 3% for
2024, is expected to benefit DIC's rental income, as the majority
(91%) of its rental contracts are linked to the consumer price
index. However, in S&P's view, the ongoing challenging market
environment, combined with cost-saving initiatives and potential
reduction of required office space, represents a high threat for
further operational growth for the office real estate landlords,
and slowing demand could impact occupancy levels and rental income
over the next two to three years. REITs might also invest less in
further acquisitions, partially driven by increasing construction
raw materials and energy supply prices, leading to lower asset
rotations and flat-to-negative property portfolio valuation trend.

The negative outlook reflects the possibility of a downgrade by at
least one notch within the next 12 month if DIC does not secure
sufficient funding to meet upcoming short-term financial
obligations, including its bridge loan due in 2024, in a timely
manner and thereby avoid a material weakening of its liquidity.

A negative rating action could also stem from further deterioration
of the company's credit metrics beyond S&P's current rating
thresholds.

S&P would lower the rating if:

-- Over the coming few quarters, DIC fails to address its
    upcoming 2024 debt maturities while retaining sufficient
    headroom under all of its financial covenants.

-- Debt to debt plus equity ratio surpasses 60%;

-- Debt to annualized EBITDA deviates strongly from S&P's
    forecast; or

-- EBITDA interest coverage declines to 1.8x or below over
    the forecast period.

S&P could revise its outlook to stable if:

-- DIC secures sufficient liquidity sources to cover its
    liquidity needs in the next 18 to 24 months;

-- Debt to debt plus equity remains well below 60%;

-- Debt to EBITDA does not deviate from our current base
    case at 12x-13x;

-- EBITDA interest coverage remains well above 1.8x.

A stable outlook would also depend on the company continuing to
generate steady, predictable cash flows, including the maintenance
of high occupancy levels.

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

S&P said, "ESG factors are an overall neutral consideration in our
credit rating analysis of DIC . As of February 2023, Deutsche
Immobilien Chancen Group held 34.4% in the company, and we don't
believe there is any negative influence from the shareholder, which
mainly comprises long-term institutional investors, such as
investment and insurance companies, as well as family offices. We
further note that DIC has issued ESG-linked promissory notes that
link interest rates to sustainability metrics. The company's goal
is to have 20% of its buildings green by the end of 2023; currently
31% of DIC's portfolio by market value is certified, in line with
the company's green bond framework."


FORTUNA CONSUMER 2023-1: Fitch Gives 'CCCsf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Fortuna Consumer Loan ABS 2023-1
Designated Activity Company's class A to F notes final ratings. At
the same time, Fitch has withdrawn class X's expected rating.

   Entity/Debt          Rating                   Prior
   -----------          ------                   -----
Fortuna Consumer
Loan ABS 2023-1
Designated
Activity Company
  
   A XS2585848489   LT AAAsf  New Rating    AAA(EXP)sf
   B XS2585848992   LT AAsf   New Rating    AA-(EXP)sf
   C XS2585849297   LT A-sf   New Rating    A-(EXP)sf
   D XS2585849370   LT BBB-sf New Rating    BBB-(EXP)sf
   E XS2585849453   LT BBsf   New Rating    BB-(EXP)sf
   F XS2585850469   LT CCCsf  New Rating    NR(EXP)sf
   G XS2585852242   LT NRsf   New Rating    NR(EXP)sf
   X XS2585850626   LT WDsf   Withdrawn     BB+(EXP)sf

TRANSACTION SUMMARY

Fortuna Consumer Loan ABS 2023-1 Designated Activity Company is a
true-sale securitisation of a 12-month revolving pool of unsecured
consumer loans sold by auxmoney Investments Limited. The
securitised consumer loan receivables are derived from loan
agreements entered into between Süd-West-Kreditbank Finanzierung
GmbH (SWK) and individuals located in Germany and brokered by
auxmoney GmbH via its online lending platform.

Fitch has withdrawn class X's expected 'BB+(EXP)sf'/Stable rating
following a change to the structure after the transaction
announcement, which moved payments to class X below the most junior
principal deficiency ledger (PDL) item in the interest waterfall.
Because of this, this expected rating did not convert into a final
one.

KEY RATING DRIVERS

Large Loss Expectations: Part of auxmoney's customers are
associated with higher-risk than those targeted by traditional
lenders of German unsecured consumer loans. Fitch determined the
credit score calculated by auxmoney as the key asset performance
driver. Fitch assumes a slightly higher weighted average (WA)
default base case of 13.8% compared with 13% in the predecessor
deal. This considers the negative impact that rising costs of
living will have, in particular, on low-income borrowers that are
also present in the pool.

The high base-case assumption relative to peers has led Fitch to
apply a WA default multiple that is below the criteria range of
3.7x at 'AAAsf' for the total portfolio. Fitch assumed a recovery
base case of 33% and a high recovery haircut of 57.5% at 'AAAsf'.
The resulting loss rates are the largest among Fitch-rated German
unsecured loans transactions.

Revolving Period Adds Risk: The transaction envisages a one-year
revolving period. Fitch's outlook on all German consumer asset
classes for 2023 is deteriorating as rising interest rates and high
inflation will squeeze affordability. The agency's macroeconomic
expectations, in conjunction with the higher-risk profile of part
of the borrowers in this transaction, increase the risks related to
the revolving period. Fitch took this into account when setting its
default multiples.

Operational Risks: auxmoney operates a data- and tech-driven
lending platform that connects borrowers and investors on a fully
digitalised basis. Fitch conducted an operational review, during
which auxmoney showed a robust corporate governance and risk
approach. Warehouse facilities with several banks are in place, for
which auxmoney as seller holds the junior tranche. Assets for the
transaction are selected from one of the warehouse facilities
according to the transaction's eligibility criteria, ensuring
auxmoney retains sufficient risk on its own book.

Servicing Continuity Risk Increased: CreditConnect GmbH, a
subsidiary of auxmoney, is the servicer, but some of the servicing
duties are performed by SWK. Unlike in the previous Fortuna deals,
no back-up servicer is appointed at closing. Nonetheless, Fitch
believes that the current set-up and the split of responsibilities
between the two entities sufficiently reduce the servicing
continuity risk. Payment interruption risk is reduced by a
liquidity reserve, which covers more than three months of senior
expenses and interest on the class A to F notes.

Changes from Expected Ratings: Higher final ratings than the
expected ones for the class B, E and F notes were driven by the
final notes' lower-than-anticipated interest cost. Fitch has
withdrawn class X's expected rating following a change to the
structure after the transaction announcement, which moved payments
to class X below the most junior PDL item in the interest
waterfall. This change had no impact on the other notes' ratings.

RATING SENSITIVITIES

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

The ratings may be negatively affected if defaults and losses are
larger and significantly more front- (for senior notes) or
back-loaded (for junior notes) than assumed, leading to shrinking
excess spread or a longer pro-rata period.

Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E/F)

Increase default rate by 10%:
'AA+sf'/'AA-sf'/'BBB+sf'/'BB+sf'/'Bsf'/'NRsf'

Increase default rate by 25%:
'AA+sf'/'Asf'/'BBBsf'/'BBsf'/'CCCsf'/'NRsf'

Increase default rate by 50%:
'AA-sf'/'BBB+sf'/'BB+sf'/'BB-sf'/'NRsf'/'NR+sf'

Expected impact on the notes' ratings of decreased recoveries
(class A/B/C/D/E/F)

Reduce recovery rates by 10%:
'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'NRsf'

Reduce recovery rates by 25%:
'AAAsf'/'AA-sf'/'BBB+sf'/'BB+sf'/'B+sf'/'NRsf'

Reduce recovery rates by 50%:
'AAAsf'/'A+sf'/'BBB+sf'/'BB+sf'/'B-sf'/'NRsf'

Expected impact on the notes' ratings of increased defaults and
decreased recoveries (class A/B/C/D/E/F)

Increase default rates by 10% and decrease recovery rates by 10%:
'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'B-sf'/'NRsf'

Increase default rates by 25% and decrease recovery rates by 25%:
'AAsf'/'Asf'/'BBB-sf'/'BBsf'/'NRsf'/'NRsf'

Increase default rates by 50% and decrease recovery rates by 50%:
'A+sf'/'BBBsf'/'BBsf'/'CCCsf'/'NRsf'/'NRsf'

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

Lower actual defaults and smaller losses than assumed would be
positive for the ratings.

Expected impact on the notes' ratings of decreased defaults and
increased recoveries (class A/B/C/D/E/F)

Decrease default rates by 10% and increase recovery rates by 10%:
'AAAsf'/'AA+sf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'

Decrease default rates by 25% and increase recovery rates by 25%:
'AAAsf'/'AAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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.




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G R E E C E
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GRIFONAS FINANCE 1: Fitch Affirms 'B-sf' Rating on Cl. C Notes
--------------------------------------------------------------
Fitch Ratings has upgraded Grifonas Finance No. 1 Plc.'s class A
and B notes and affirmed class C notes.

   Entity/Debt        Rating           Prior
   -----------        ------           -----
Grifonas Finance
No. 1 Plc

   Class A
   XS0262719320   LT Asf   Upgrade    BBB+sf

   Class B
   XS0262719759   LT A-sf  Upgrade    BBBsf

   Class C
   XS0262720252   LT B-sf  Affirmed   B-sf

TRANSACTION SUMMARY

The transaction comprises fully amortising residential mortgages
originated and serviced by Consignment Deposits & Loans Fund
(CDLF).

KEY RATING DRIVERS

Sovereign Upgrade and Criteria Update: The upgrade follows the
upgrade of Greece's Issuer Default Rating (IDR) to 'BB+' from 'BB'
(see " Fitch Upgrades Greece to 'BB+'; Outlook Stable" dated 27
January 2023). The rating action also reflect the update of Fitch's
Structured Finance and Covered Bonds Country Risk Rating Criteria
(see "Fitch Ratings Publishes Structured Finance and Covered Bonds
Country Risk Rating Criteria" dated 10 February 2023) following
which the structured finance rating cap for Greece has been changed
to five from four notches above Greece's Long-Term IDR.

As a consequence, the maximum achievable rating for Greek
structured finance transactions is 'Asf'. Thereafter, Fitch has
re-calibrated its stresses for Greek mortgages as part of the
European RMBS Rating Criteria (see "Fitch Ratings Updates European
RMBS Rating Criteria" dated 17 February 2023), up to the maximum
achievable rating.

Higher Credit Enhancement: Following the recalibration, the class A
notes are able to sustain higher stresses up to 'Asf' and the class
B notes up to 'A-sf' given increased available credit enhancement
for these notes. The C notes' credit enhancement relies more
heavily on the cash reserve held with Elavon Financial Services DAC
(AA-/Stable), leading to the Stable Outlook. The Stable Outlooks on
the class A and B notes reflect the sovereign's Rating Outlook.

Asset performance has remained overall stable since the last rating
action in September 2022, and Fitch expects this trend to continue
- notwithstanding macro-economic uncertainty - given the
portfolio's deleveraging.

Deferred Interest and Liquidity Mechanism: As at February 2023, the
class C interest started being postponed following a cumulative
default trigger breach (5%), which will ensure additional
protection for the class A notes. In addition, the structure
includes a liquidity facility, non-amortising due to breached
triggers, which could erode the transaction's available funds given
the associated commitment fee paid as an interest rate on the
committed facility amount. The facility costs are included in
Fitch's cash flow analysis, as senior expenses.

Ratings Capped at 'Asf': The class A notes is rated 'Asf', the
maximum achievable rating for Greek structured finance
transactions, in accordance with the Structured Finance and Covered
Bonds Country Risk Rating Criteria, five notches above Greece's
Long- Term IDR (BB+/Stable).

RATING SENSITIVITIES

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

Insufficient credit enhancement to fully compensate the credit
losses and cash flow stresses associated with the current ratings.
For the class A notes, a downgrade of Greece's Long-Term IDR that
could decrease the maximum achievable rating for Greek structured
finance transactions, in accordance with the Structured Finance and
Covered Bonds Country Risk Rating Criteria. This because these
notes are rated at the maximum achievable rating, five notches
above the sovereign IDR.

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

Continued stable asset performance and increasing credit
enhancement could lead to an upgrade of the classes B and C notes.

For the class A notes they are rated at the highest level for
structured finance transactions in Greece, in accordance with the
Structured Finance and Covered Bonds Country Risk Rating Criteria,
and therefore cannot be upgraded.

An upgrade of Greece's Long-Term IDR that could increase the
maximum achievable rating for Greek structured finance transactions
provided that the available credit enhancement is able to sustain
higher rating stresses.

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.




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I R E L A N D
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TIKEHAU CLO IV: Moody's Affirms B2 Rating on EUR12MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Tikehau CLO IV DAC:

EUR7,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Sep 4, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Sep 4, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR22,000,000 Class B-3 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Sep 4, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR7,000,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Sep 4, 2018
Definitive Rating Assigned A2 (sf)

EUR19,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Sep 4, 2018
Definitive Rating Assigned A2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR231,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Sep 4, 2018 Definitive
Rating Assigned Aaa (sf)

EUR15,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Sep 4, 2018 Definitive Rating
Assigned Aaa (sf)

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Sep 4, 2018
Definitive Rating Assigned Baa2 (sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Sep 4, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Sep 4, 2018
Definitive Rating Assigned B2 (sf)

Tikehau CLO IV DAC, issued in September 2018, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by Tikehau
Capital Europe Limited. The transaction's reinvestment period ended
in January 2023.

RATINGS RATIONALE

The rating upgrades on Class B-1, Class B-2, Class B-3, Class C-1
and Class C-2 Notes are primarily a result of the benefit of the
transaction having reached the end of the reinvestment period in
January 2023.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile, higher
weighted average recovery rate and higher spread levels than it had
assumed at closing.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR400.7 millions

Defaulted Securities: EUR0

Diversity Score: 58

Weighted Average Rating Factor (WARF): 2887

Weighted Average Life (WAL): 4.07 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.79%

Weighted Average Coupon (WAC): 4.83%

Weighted Average Recovery Rate (WARR): 43.89%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Moody's notes that the January 31, 2023 trustee report was
published at the time it was completing its analysis of the January
4, 2023 data. Key portfolio metrics such as WARF, diversity score,
weighted average spread and life, and OC ratios exhibit little or
no change between these dates.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as the account bank and swap
providers, using the methodology "Moody's Approach to Assessing
Counterparty Risks in Structured Finance" published in June 2022.
Moody's concluded the ratings of the notes are not constrained by
these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


TIKEHAU CLO IX: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Tikehau
CLO IX DAC's class A Loan and class A to F European cash flow CLO
notes. At closing, the issuer will issue unrated subordinated
notes.

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

The portfolio's reinvestment period will end approximately four and
half years after closing, while the non-call period will end one
and half years after closing.

The preliminary ratings reflect S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated 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 weighted-average rating factor               2,823.68

  Default rate dispersion                            464.31

  Weighted-average life (years)                        4.91

  Obligor diversity measure                          121.09

  Industry diversity measure                          25.67

  Regional diversity measure                           1.23


  Transaction Key Metrics

                                                    CURRENT

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

  'CCC' category rated assets (%)                     2.88

  'AAA' weighted-average recovery (%)                36.93

  Floating-rate assets (%)                           90.00

  Weighted-average spread (net of floors; %)          4.17

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 understand that at closing the
portfolio will be well-diversified, 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
CDOs."

Asset priming obligations and uptier priming debt

Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk of a distressed obligor either moving collateral
outside the existing creditors' covenant group or incurring new
money debt senior to the existing creditors.

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (4.16%),
and the covenanted portfolio weighted-average recovery rates for
all rated notes. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

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

"Until the end of the reinvestment period on Oct. 20, 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
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

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

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

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

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

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

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

Environmental, social, and governance (ESG) factors

"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 from
being related to the following industries: nuclear weapon programs;
carbon intensive electrical utilities; prostitution; and payday
lending." Specifically, the documents prohibit assets from:

-- Any obligor involved in the development, product, maintenance
of weapons of mass destruction.

-- Any obligor that is involved in the trade of illegal drugs or
narcotics, including recreational cannabis.

-- Any obligor that generates any revenues from manufacture or
trade in pornographic materials or content, or prostitution-related
activities.

-- Any obligor that generates any revenue from payday lending.

-- Any obligor which is an electrical utility where carbon
intensity exceeds [100]gCO2/kWh, or where carbon intensity is not
disclosed, it generates more than (i) [1]% of its electricity from
thermal coal, (ii) [10]% of its electricity from liquid fuels
(oils), (iii) [50]% of its electricity from natural gas, or (iv)
[0]% of its electricity from nuclear generation. Any utilities with
expansion plans that would increase their negative environmental
impact are also excluded.

-- Any obligor that generates more than [5]% of revenues from the
sale or manufacture of tobacco or tobacco products, including
e-cigarettes, or any obligor that is classified as "tobacco" by S&P
& GICs;

-- Any obligor that generates more than [1]% of revenues from (i)
sale or extraction of thermal coal or coal based power generation;
(ii) sale or extraction of oil sands; or (iii) extraction of fossil
fuels from unconventional sources (including Artic drilling, shale
oil, and shale gas--or other fracking activities).

-- Any obligor that generates more than [10]% of revenues from the
sale or production of civilian firearms.

-- Any obligor that generates more than [50]% of its revenue from
trade in, production or marketing of opioid manufacturing and
distribution.

Accordingly, since the exclusion of assets from these industries
and areas does not result in material differences between the
transaction and our ESG benchmark for the sector, S&P has made no
specific adjustments in its 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*     2.05   2.09   2.92

  E-1/S-1/G-1 distribution (%)           0.50   0.00   0.00

  E-2/S-2/G-2 distribution (%)          72.36  71.97  13.67

  E-3/S-3/G-3 distribution (%)           4.75   4.64  58.82

  E-4/S-4/G-4 distribution (%)           0.00   1.00   2.75

  E-5/S-5/G-5 distribution (%)           0.00   0.00   2.38

  Unmatched obligor (%)                 12.42  12.42  12.42

  Unidentified asset (%)                 9.97   9.97   9.97

  *Only includes matched obligor.

  Ratings List

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

  A loan   AAA (sf)     123.00    39.00    Three/six-month EURIBOR

                                           plus 1.80%

  A        AAA (sf)     121.00    39.00    Three/six-month EURIBOR

                                           plus 1.80%

  B        AA (sf)       38.00    29.50    Three/six-month EURIBOR

                                           plus 3.25%

  C        A (sf)        23.00    23.75    Three/six-month EURIBOR

                                           plus 4.30%

  D        BBB- (sf)     27.00    17.00    Three/six-month EURIBOR

                                           plus 6.40%

  E        BB- (sf)      20.00    12.00    Three/six-month EURIBOR

                                           plus 6.91%

  F        B- (sf)       11.00     9.25    Three/six-month EURIBOR

                                           plus 10.05%

  Sub. Notes    NR       35.15      N/A    N/A

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




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

NOURYON FINANCE: Fitch Gives BB-(EXP) Rating on $750MM Term Loan B
------------------------------------------------------------------
Fitch Ratings has assigned Nouryon Finance B.V.'s incremental
USD750 million senior secured term loan B (TLB) and new senior
secured revolving credit facility (RCF) expected ratings of
'BB-(EXP)' with a Recovery Rating of 'RR3'.

The proceeds will mainly fund a USD500 million dividend and repay
the drawn portion of its existing RCF. The new term loan will have
a five-year tenure but will mature at the same time as the
company's existing senior secured term loans, which are currently
due in October 2025 absent any refinancing or amendment.

Fitch expects Nouryon Holding B.V.'s (Nouryon) funds from
operations (FFO) gross leverage to remain below its negative rating
sensitivity, on average at 5.7x in 2023-2025, despite the new debt
adding 0.8x based on 2022 EBITDA. Nouryon's 'B+' IDR is constrained
by high FFO gross leverage despite the company's solid business
profile and resilient cash flows.

Fitch will assign final ratings to the issuance upon receipt of
final documentation conforming to information already received.

KEY RATING DRIVERS

Resilient Cash Flows: Nouryon's specialty focus, product
differentiation and business diversification support resilient
margins and cash flows. Fitch expects the company's EBITDA to grow
to USD1.27 billion by 2025, after assuming a conservative modest
decline in 2023 due to the global economic slowdown. Nouryon's
strong pricing power was demonstrated in 2022 with EBITDA up 16%
despite severe raw-material cost inflation and some volume
pressure.

Deleveraging Despite Dividends: Fitch expects Nouryon's FFO gross
leverage and EBITDA gross leverage to decrease, respectively, to
5.1x and 4.5x by 2025 on increased EBITDA, despite assuming further
annual dividends of USD150 million from 2024. Although this
deviates from the voluntary gross debt repayments seen in
2020-2021, Fitch does not see these dividends as a drastic change
in financial policy, given that the company has sharply reduced
leverage since 2019.

Fit for IPO: Fitch believes that the shareholders of Nouryon will
continue to look for an opportunity to list the company depending
on market conditions, given that Nouryon has spun off its commodity
business in 2021, reshuffled its portfolio through acquisitions and
disposals, deleveraged and has leading position in its markets. The
new facilities will allow the company some flexibility on the
timing of an IPO.

Interest-Rate Rise Mitigated: Prudent hedging at the beginning of
2022 mitigates the impact of higher interest rates on Nouryon's
interest burden. Its debt structure is mainly composed of
floating-rate instruments. Fitch forecasts FFO interest coverage
and EBITDA interest coverage, respectively, on average at 2.7x and
3.1x in 2023-2025.

Barriers to Entry: Fitch sees significant barriers to entry to
Nouryon's leading positions in niche markets, as the company
specialises in products that are either with differentiated or
bespoke properties, or that are key in the manufacturing process of
a final product. This supports steady volumes, as seen during the
pandemic year of 2020 when they declined only 2%. Nouryon's R&D
investments amount to around 3% of sales, and result in several new
product launches every year.

DERIVATION SUMMARY

Most of Nouryon's specialty chemicals peers in EMEA, such as BASF
SE (A/Stable) or Akzo Nobel N.V. (BBB/Stable), are higher-rated due
to significantly lower leverage, and their leading positions in
larger-scale products globally. However, Nouryon has higher EBITDA
and free cash flow (FCF) margins, and is a leader in its niche
markets.

Compared with Italmatch Chemicals S.p.A. (B(EXP)/Stable), Nouryon
is significantly larger, more diversified, has higher profit
margins and less cash flow volatility, which support a higher debt
capacity.

Root Bidco S.a.r.l. (Rovensa, B/Stable) has a similar specialty
focus and benefits from dynamic growth of its markets, but is
smaller, less diversified and has higher leverage than Nouryon.

Similar to Nouryon, Nobian Holdings 2 B.V. (B/Stable) has high
margins and strong pricing power. However, Nobian is smaller, less
diversified geographically, and more exposed to fluctuations in the
prices of energy and of the commodities it produces.

KEY ASSUMPTIONS

- Revenue to grow in low single digits in 2023-2025

- EBITDA margin on average at 20% in 2023-2025

- Annual capex on average at 6.5% of sales to 2024

- M&A of USD200 million in 2023, USD100 million per year
   in 2024 and 2025

- Dividends of USD500 million in 2023, USD150 million
   per year in 2024-2025

KEY RECOVERY ANALYSIS ASSUMPTIONS

The recovery analysis assumes that Nouryon would be reorganised as
a going-concern (GC) in bankruptcy rather than liquidated.

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which we base its enterprise
valuation (EV).

The GC EBITDA of USD800 million reflects changes in regulation or
substantial external pressures, such as a severe global downturn
that particularly hit Nouryon's main end-markets, resulting in
heavily reduced demand for Nouryon's products, but also considers
corrective measures taken to offset adverse conditions.

Fitch uses a multiple of 5.5x to estimate a GC enterprise value for
Nouryon because of its leadership position, resilient exposure to
non-cyclical end-markets, solid profitability and high barriers to
entry due to substantial R&D needs for product development.

Fitch assumes the company's RCF to be fully drawn and to rank pari
passu with the TLB, and that its securitisation facility would be
replaced by an equivalent super-senior facility.

After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation (WGRC) for
the senior secured instrument in the 'RR3' band, indicating a 'BB-'
instrument rating. The WGRC output percentage on current metrics
and assumptions was 56% for the senior secured debt.

RATING SENSITIVITIES

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

- FFO gross leverage below 5.0x on a sustained basis

- FFO interest coverage above 3.5x on a sustained basis

- EBITDA margin sustained above 23% and FCF margins above
   5% through achieved synergies and cost savings

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

- FFO gross leverage above 7.0x on a sustained basis

- FFO interest coverage below 2.5x on a sustained basis

- Weakening EBITDA and FCF margins, for example, as a
   result of loss of market share or adverse regulatory
   changes

LIQUIDITY AND DEBT STRUCTURE

Comfortable, Upsized Liquidity: Pro forma for the new debt
facilities, Nouryon will have total liquidity of close to USD0.9
billion and no meaningful debt repayment until 2025. Nouryon is
also looking to replace its RCF by an upsized one with longer
maturity, as the existing is due in October 2024. This will provide
financial flexibility for possible acquisitions or shareholder
returns based on our expectations of robust operational cash
flows.

Maturity Approaching: Nouryon will have to refinance about USD5
billion of term loans before 2H25. Public listing plans have not
yet materialised due to market conditions. Fitch believes that
Nouryon's strong business profile and forecast leverage will
support a refinancing even during challenging capital-market
conditions.

ISSUER PROFILE

Nouryon is a global producer of specialty chemicals.

ESG CONSIDERATIONS

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

   Entity/Debt          Rating                   Recovery   
   -----------          ------                   --------   
Nouryon Finance
B.V.

   senior secured   LT BB-(EXP)  Expected Rating    RR3


TEVA PHARMACEUTICAL: Fitch Gives 'BB' Rating on Unsecured Notes
---------------------------------------------------------------
Fitch Ratings has assigned 'BB-'/'RR4' ratings to the offering of
sustainability-linked, senior unsecured notes by Teva
Pharmaceutical Finance Netherlands II B.V. and Teva Pharmaceutical
Finance Netherlands III B.V. , which are indirect, wholly-owned
subsidiaries of Teva Pharmaceutical Industries Limited (Teva),
which is rated 'BB-' with a Stable Rating Outlook.

The notes offering will rank pari-passu with all other senior
unsecured debt of Teva and its subsidiaries.

Fitch expects Teva to use the net proceeds from the notes offering,
together with cash on hand, to repay outstanding debt upon
maturity, to tender or to redeem early existing debt.

KEY RATING DRIVERS

Leading Global Generic Manufacturer: Teva is one of the leading
global generic drug manufacturers with a broad portfolio of
specialty, over the counter medicines and active pharmaceutical
ingredients (API). Teva operates 39 finished goods and
pharmaceutical packaging plants in 27 countries. In addition, it
operates 14 API production facilities producing several hundred
APIs in various therapeutic categories. With solid expertise in a
variety of production technologies and an extensive patent
portfolio, Teva is positioned well to capitalize on the demand for
both generic and biosimilar drugs over the medium to long term.

Increasing Challenge of Revenue growth: Sales of generic products
along with Teva's former leading product, Copaxone, continue to
experience steady erosion on a reported basis. Fitch continues to
forecast relatively flat to modest growth in revenues over the near
to medium term. Generic product revenue is expected to emerge
between $8.0 billion to $9.0 billion, and will be affected
primarily by the adverse challenges in the U.S. generic market
caused by pricing pressure and minimal growth from product
launches. Copaxone revenues are expected to continue to decline
steadily from generic competition and are expected to be replaced
largely by growth of Ajovy and Austedo. Fitch does not anticipate
significant revenue growth for either drug over the near term
because of competition from other biosimilars and the ongoing
effects of the coronavirus pandemic.

Margin Pressure: Teva's generics business in the U.S. has been
negatively affected by additional pricing pressure as a result of
customer consolidation into larger buying groups capable of
extracting greater price reductions. Accelerated Food & Drug
Administration approvals for versions of off-patent medicines have
increased competition for Teva's products, and revenue traction for
newly launched products is slower than expected. Pricing pressure,
particularly in the U.S., will likely continue to meaningfully
weigh on revenue and margins in the near term. These pressures will
remain a challenge over the medium to long term and may be
heightened by the Inflation Reduction Act.

Fitch expects aging populations in developed markets and increasing
access to healthcare in emerging markets to support volume growth
for Teva and its generic pharmaceutical peers, but price erosion is
expected to meaningfully offset such growth over the near term.

Adjusted Debt Remains High: Fitch believes that Teva's
restructuring activities have been effective in rightsizing the
company amid persistent revenue declines. Margin improvement will
be derived from both a continued focus on costs and disciplined new
R&D and capital investment over the forecast period and thereafter
with top line growth. Fitch's 2022 adjusted EBITDA leverage is
approximately 6.1x, but is expected to decline with further
application of FCF to debt reduction. Fitch treats the balance of
receivables sold through securitization structures as a component
of adjusted debt. As a result of the increase in use of
securitization facilities, adjusted EBITDA leverage remains high
for the 'BB-' rating.

Clarity Around Litigation Profile: Fitch's current forecast assumes
litigation and restructuring costs at approximately $400 million
per year. Fitch treats litigation settlement payments as a
reduction of EBITDA rather than incorporating the liability into an
issuer's debt for purposes of setting rating sensitivities.
Notwithstanding the potential burden associated with ongoing
litigation and restructuring, Fitch's forecast assumes that Teva
will continue to generate adequate levels of FCF and be able to
extend its debt maturities in order to adequately service its
debt.

DERIVATION SUMMARY

Teva's 'BB-' IDR reflects its position as a leading global generic
drug manufacturer, its broad portfolio of products, highly skilled
workforce and manufacturing capabilities and a track record of
innovation. Offsetting these strengths are its relatively high
financial leverage, revenue growth challenge and exposure to
litigation claims. Within Fitch's rated universe, Viatris Inc.
(BBB/Stable) is a key peer in terms of size and scope of operations
in the generics area.

Teva is rated lower because of its leverage and litigation
exposure. Teva is also experiencing erosion of its top line due to
price pressure on its generic drug portfolio and because of
increasing competitive pressures influencing the company's branded
drug sales. Viatris has lower leverage, more product and geographic
diversification and greater profitability, supporting the higher
rating. Relative to other healthcare and pharma peers such as
Avantor Inc. (BB/Positive) and Jazz Pharmaceuticals (BB-/Positive),
Teva is more highly leveraged and has a greater loss contingency
profile. Other 'BB-'-rated healthcare companies operating in
different industry subsectors typically have leverage sensitivities
of 4.0x-5.0x.

The ratings of Teva Pharmaceutical Industries Limited and Teva
Pharmaceuticals USA, Inc. are determined to be the same under
Fitch's Parent-Subsidiary Linkage Criteria. The overall linkage of
the two entities is deemed to be strong in light of the strategic,
legal and operational ties between the two entities. Hence, there
is no notching between the ratings. No Country Ceiling or operating
environment aspects have an effect on the rating.

Teva has a modest amount of convertible senior debentures
outstanding as of Dec. 31, 2022, following the exercise by holders
of the debentures to require Teva to redeem such debentures in
February 2021. The remaining $23 million are treated as senior
unsecured debt in Teva's capital structure and receive no equity
credit because the principal amount is paid in cash and only the
residual conversion value above the principal amount is paid in
shares.

KEY ASSUMPTIONS

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

- Copaxone revenues of $400 million-$500 million; Austedo
   revenues of $1.0 billion-$1.4 billion and Ajovy revenues of
   $400 million-$425 million over the forecast through 2026;
   no material contribution is assumed from the product pipeline;

- Generic medicine revenues decline at a CAGR or 2% over the
   forecast as generic erosion is counteracted by new generic
   product launches;

- Adjusted EBITDA margins remain between 25%-26% over the
   forecast;

- Cash costs of $200 million for litigation settlements and
   expenses and $200 million for restructuring are included
   as a charge to adjusted EBITDA over the forecast;

- A modest investment in working capital is assumed through
   the forecast period, which may fluctuate depending on the
   level of new product launches;

- Debt reduction remains a priority, but declines to levels
   in line with FCF generation of $1.0 billion-$1.5 billion
   over the forecast; Fitch's treats the balance of sold
   receivables at year-end as a component of adjusted debt;

- Gross EBITDA leverage declines below 5.0x after FYE 2024;
   (cash flow from operations/capex) to total debt remains
   between 5%-10% over the forecast.

RATING SENSITIVITIES

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

- Positive rating momentum will be driven primarily by
   revenue growth, debt reduction and the favorable
   resolution of the litigation profile;

- Gross EBITDA leverage maintained below 5.0x;

- Maintaining adequate levels of FCF to continue to pay
   debt maturities through the forecast period.

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

- Gross EBITDA leverage sustained above 6.0x;

- The company cannot maintain stable operating performance
   and reduce debt, in part due to litigation expenses
   above forecasts, increased headwinds from the generic
   pricing environment and an inability to generate
   meaningful sales from new product launches;

- FCF, while positive, declines to levels that meaningfully
   increase Teva's reliance on asset sales or new external
   sources of capital to meet debt obligations.

LIQUIDITY AND DEBT STRUCTURE

Cash Prioritized for Deleveraging: Teva's principal sources of
short-term liquidity are cash flow from operations, cash
investments, liquid securities, securitization facilities and a
$1.8 billion revolving credit facility (RCF), which matures in
April 2026 but can be extended twice for one-year periods.

The RCF (recently amended in February 2023) contains certain
covenants, including limitations on incurring liens and
indebtedness and maintaining certain financial ratios, including a
maximum net leverage ratio of 4.0x for 4Q23 and 3.5x for 4Q24.
Fitch believes that Teva has adequate flexibility under the EBITDA
calculation to comply with the amended ratio requirements through
FY 2023.

Securitization Facilities: Teva has increased it use of receivable
securitization facilities in 2022 to accelerate its cash
collections. Fitch views the balance of sold receivables as of any
balance sheet date to represent a form of collateralized financing
and adjusts reported debt and the changes in the balances of sold
receivables as a component of financing cash flows.

Debt Maturities: Fitch believes that Teva has adequate sources of
liquidity from FCF and available cash to meets its obligations
through FY 2024, but will need to refinance its maturities
thereafter to align its FCF generation with debt maturities.

The FCF forecast is principally sensitive to product revenues,
revenues from new products, cost reductions and litigation costs.
Fitch believes that Teva may benefit over the medium to long term
from its focus on innovative and complex pharmaceuticals, which
generally command higher prices and margins. However, the
commoditized portion of its generic drug portfolio is more prone to
pricing pressure.

If Teva settles the price-fixing or opioid litigation for an amount
significantly in excess of amounts assumed by Fitch or if faster
than anticipated payments are required, it could constrain R&D
spending, investments and debt-paying capabilities and thus
constrain any positive rating momentum or result in negative rating
momentum over the near to medium term.

ISSUER PROFILE

Teva is a global pharmaceutical company operating worldwide with
headquarters in Israel and a significant presence in the U.S.,
Europe and other markets. Its key strengths include world-leading
generic medicines expertise and portfolio, focused specialty
medicines portfolio and global infrastructure and scale.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has adjusted historical and forecast EBITDA to reflect
reported merger and integration expenses, restructuring costs,
impairments, gains from anti-trust legal settlements, litigation
charges and LIFO inventory related adjustments. In addition, Fitch
has adjusted reported debt and financing cash flows (debt
repayment) to include the balance of receivables sold and the
annual changes related to such balances, respectively, in
connection with EU and U.S. securitization facilities.

ESG Considerations

Teva has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to pressure to contain healthcare spending growth, a
highly sensitive political environment, exposure to price-fixing
and opioid litigation, and social pressure to contain costs or
restrict pricing. 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         Recovery   
   -----------             ------         --------   
Teva Pharmaceutical
Finance Netherlands
II B.V.

   senior unsecured    LT BB-  New Rating    RR4

Teva Pharmaceutical
Finance Netherlands
III B.V.

   senior unsecured    LT BB-  New Rating    RR4




=============
U K R A I N E
=============

KERNEL HOLDING: S&P Upgrades ICR to 'CC', Outlook Negative
----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Ukraine-based Kernel Holding to 'CC' from 'SD' (selective default)
and affirmed its 'CC' ratings on the notes.

The negative outlook indicates that S&P could lower the ratings if
Kernel defaults again on some or all of its debt instruments over
the next few months.

Kernel Holding's bank lenders have agreed to postpone principal
payments on its $824 million short-term bank borrowings to June 30,
2023. This means Kernel is no longer in default under S&P's
criteria and, with about $700 million in cash, is able to support
its short-term business and financial needs.

The rating action reflects improved visibility of Kernel's upcoming
debt payments following an improved cash balance position and
extension of bank borrowing principal repayments to June 2023. To
support its liquidity position for the upcoming spring sowing
campaign for key crops, Kernel renegotiated with its bank lenders a
new waiver that postpones the principal repayment of its $824
million bank borrowings -- due in March-September 2022 -- to June
30, 2023. These bank loans comprise loans secured by fixed assets,
inventory-linked working capital facilities, other unsecured local
bank loans, and an offshore facility. S&P said, "We understand the
company will start new negotiations with banks in May 2023 for a
further extension of the debt principal payment to preserve
liquidity to finance working capital needs. We also believe Kernel
currently has enough cash on the balance sheet and is willing to
service the $19.875 million coupon payment due in April 2023 on its
outstanding senior unsecured notes." These comprise $300 million
6.5% fixed-rate notes due in October 2024, and $300 million 6.75%
fixed-rate notes due in October 2027. At the same time, Kernel is
servicing its other interest payments and is repaying some minor
principal amounts to banks on a revenue-driven basis. Since October
2022, Kernel has repaid $54.4 million of bank debt principal; it is
expected to repay about $25 million more in the next six months and
a total of $60 million in the next 12 months. This forecast
excludes a potential new agreement that may be reached with the
banks for the next standstill period.

Kernel's operating environment has been heavily affected by the
consequences of the ongoing military conflict in Ukraine. Despite
numerous initiatives and investments Kernel put in place to pursue
alternative export trade routes, the company is still strongly
dependent on Black Sea ports, which continue to account for more
than 90% of total exports, in S&P's forecasts. As a result, should
the Black Sea Grain Corridor be interrupted, even temporarily, from
March 2023, Kernel's export activities will be further disrupted.
S&P estimates alternative trade routes--mainly via trucks to
Romania or the Danube River to Bosphorus--are congested and would
allow the company to export only minimal volumes and at
significantly lower margins. Electricity outages due to the war are
also affecting crushing operations at some of Kernel's plants. The
company uses generators and turbines that could ensure continuity
of operations for most of its crushing plants, however. As of
February 2023, the group completed its harvest campaign. The
harvest for sunflower seeds is expected to decline by 15%-20% and
for grains by 35%-45%, on average year on year and in terms of
acreage harvested. This is due to the combination of droughts in
Eastern Europe, reduction in planting area because of the war,
decline in crop yields stemming from suboptimal crop production
technology, and issues with logistics. Given its reduced processing
capacity, Kernel has also adopted a margin-capturing procurement
strategy over the past few months, moving away from structured
origination programs. The company now asks suppliers to deliver
sunflower seeds to its own crushing plant. With respect to grains,
the company minimized procurement from third parties because the
grains produced inhouse and storage from previous years' harvests
are mostly sufficient, considering Kernel's lower volume processing
capacity this year.

S&P said, "In view of Kernel's weak credit profile, we believe new
waivers, restructuring deals with creditors, or payment defaults to
be inevitable in the coming months. In fiscal year ended June 30,
2022 (FY2022), S&P Global Ratings-adjusted debt to EBITDA
skyrocketed to over 8.0x from 1.7x in FY2021. War-related
disruptions took a significant toll on Kernel's operations, more
than offsetting favorable trends of soft commodities prices and
good volumes before 2022. We now forecast the leverage ratio to
gradually reduce to 4.0x-5.0x in 2023, mainly thanks to higher
EBITDA during the year. Free operating cash flow (FOCF) also
dropped, to negative $604 million, and we expect it remain negative
in 2023 at $50 million–$150 million, due to possible Black Sea
export interruptions and extraordinary capital expenditure (capex)
and working capital needs. Yet we acknowledge that Kernel's
operating results can vary significantly depending on ongoing war
and continuance of the Grain Corridor. Over the next 12 months, we
consider highly unlikely that Kernel's creditworthiness will
improve, unless there is a material recovery of export flows from
Ukraine. We anticipate new waivers on the repayment of bank debt in
the next six months, should the situation remain stable until June
2023, and a default or restructuring of the outstanding notes this
year or in 2024.

"The negative outlook indicates that we may lower our issue or
issuer credit ratings on Kernel to 'SD'. At present, we see a
virtual certainty of default on financial obligations which could
be triggered by inability to service or repay bank borrowings
beyond June 2023 or pay the coupons due in October 2023 for the
senior secured notes.

"We may lower the ratings on Kernel if the group enters into a debt
restructuring transaction that we view as distressed, or there is a
default on interest payments or principal on any debt instrument.

"An upgrade would hinge on normalization of the operating
environment in Ukraine, such that the company's export capacity
returns to pre-war levels. We would also need to be in a position
to assess the company's investment needs and the impact on its
credit metrics and liquidity as operations return to normal. We
would raise the ratings if these factors resulted in a material
reduction of the risk of default within the next six months."

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis on Kernel because
environmental risks (including climate change, water scarcity, and
biodiversity) are inherent to the agribusiness industry and cause a
high degree of profit volatility. Kernel is exposed to price
fluctuations in sunflower oil and corn, which comprise the bulk of
its exports."

Social and governance factors are an overall neutral consideration
in S&P's rating analysis of Kernel.




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

ALL SAINTS CONSTRUCTION: Goes Into Liquidation
----------------------------------------------
Kerry Lorimer at Construction News reports that liquidators have
been appointed to North East contractor All Saints Construction.

According to Construction News, a winding up order was made against
the County Durham-based company, which is a former subsidiary of
the failed High Street Group, at the end of 2022.

James Dowers and Mark Wilson, both of RSM UK Restructuring Advisory
LLP, were appointed joint liquidators of the company at the High
Court last month following a general meeting of creditors on Jan.
31, Construction News relates.

The company's accounts for the year ending December 31, 2018, show
the company made a pre-tax profit of GBP96,385, down slightly on
the year before, and revenue of just over GBP16 million,
Construction News discloses.   However, it has not submitted
financial information since that date, Construction News notes.


BULB: Rival Power Groups Challenge Octopus Sale
-----------------------------------------------
Gill Plimmer and Jane Croft at The Financial Times report that the
British government is undermining the competitiveness of the UK
energy market by providing billions of pounds in interest-free
loans to Octopus Energy for taking on collapsed power supplier
Bulb, a court hearing was told last week.

According to the FT, in a high-profile judicial review at the High
Court, London, three of Britain's biggest energy suppliers --
Centrica, Eon and Iberdrola's Scottish Power -- are challenging the
decision to sell the temporarily nationalised power company Bulb to
Octopus.

They are asking for the deal to be overturned because they were not
offered the same level of government support during the sales
process, the claimants say, the FT relates.  The Department of
Business, Energy and Industrial Strategy is defending the claim and
says the allegations are "without merit".

Agreed last October, the deal included up to GBP4.5 billion of
taxpayer support to help Octopus buy energy for Bulb's customers
between December 2022 and April 1 this year, the FT recounts.
Octopus is also allowed to defer repayment if there are any
regulatory changes affecting Bulb, it has emerged, the FT notes.

Centrica, the FT says, argues that the loan will distort
competition as Bulb will enjoy the benefit of a large interest-free
loan while other companies may have to recover costs by charging
customers more.  The financial burden of meeting regulatory changes
is also significant in the energy market, and "no other market
participant receives such protection", the court was told,
according to the FT.

The loans, which do not have to be repaid until 2025, were intended
to shield Octopus from the risk of potentially heavy losses from
its taking on Bulb's customers, as the government had not bought
energy supplies for them in advance to cover the winter months, the
FT relates.

But Centrica argues that the government is risking taxpayers' money
by granting the loan to Octopus, which has never made a profit.
Last month, it reported a pre-tax loss of GBP166 million for the
year to April 2022, the FT notes.

Scottish Power also argued that the government had failed to
analyse "the significant and distortionary impact on trade", or the
effect the way the government carried out the sale would have on
"third parties" and on "the public interest, according to the FT.

Octopus argues that the deal is now expected to be "extremely
beneficial" for the government, the FT states.  The company's court
documents maintain that government support is expected to amount to
GBP1.76 billion, but because of the structure of the deal and
falling wholesale gas prices, Octopus will pay back GBP2.95
billion, giving the government a GBP1.19 billion profit, the FT
discloses.


CAMERONS LTD: Halts Trading, Expected to Collapse
-------------------------------------------------
Will Ing at Construction News reports that Camerons Ltd, a
contractor in Jersey, has stopped trading and intends to appoint an
insolvency practitioner in the coming days.

Camerons Ltd, a 66-year-old firm based in St Helier, is expected to
officially go bust in the next fortnight, Construction News relays,
citing the BBC.


CANTERBURY FINANCE 1: Moody's Ups Rating on GBP7.5MM F Notes to B3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six notes in
Canterbury Finance No. 1 PLC and Canterbury Finance No. 2 PLC. The
rating action reflects the increased levels of credit enhancement
for the affected notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

Issuer: CANTERBURY FINANCE NO. 1 PLC

GBP222.5M Class A2 Notes, Affirmed Aaa (sf); previously on Sep 14,
2021 Affirmed Aaa (sf)

GBP22.5M Class B Notes, Affirmed Aaa (sf); previously on Sep 14,
2021 Upgraded to Aaa (sf)

GBP22.5M Class C Notes, Upgraded to Aaa (sf); previously on Sep
14, 2021 Upgraded to Aa1 (sf)

GBP12.5M Class D Notes, Upgraded to Aaa (sf); previously on Sep
14, 2021 Upgraded to A3 (sf)

GBP12.5M Class E Notes, Upgraded to Baa3 (sf); previously on Sep
14, 2021 Upgraded to Ba2 (sf)

GBP7.5M Class F Notes, Upgraded to B3 (sf); previously on Jul 12,
2019 Definitive Rating Assigned Ca (sf)

Issuer: Canterbury Finance No. 2 PLC

GBP445.7M Class A2 Notes, Affirmed Aaa (sf); previously on Sep 14,
2021 Affirmed Aaa (sf)

GBP51.8M Class B Notes, Affirmed Aaa (sf); previously on Sep 14,
2021 Upgraded to Aaa (sf)

GBP51.8M Class C Notes, Upgraded to Aa1 (sf); previously on Sep
14, 2021 Upgraded to Aa2 (sf)

GBP25.9M Class D Notes, Upgraded to Aa3 (sf); previously on Sep
14, 2021 Upgraded to A3 (sf)

GBP25.9M Class E Notes, Affirmed Baa3 (sf); previously on Sep 14,
2021 Affirmed Baa3 (sf)

GBP20.7M Class F Notes, Affirmed B2 (sf); previously on Sep 14,
2021 Upgraded to B2 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches, driven by deleveraging and in particular
for Canterbury Finance No. 1 PLC, the high prepayments over the
last three quarters which resulted in a significant build-up in
credit enhancement for the affected tranches.  

Increase in Available Credit Enhancement

High prepayments over the last three quarters in Canterbury Finance
No. 1 PLC led to the substantial paydown of Class A2 notes to
GBP41.2 million from GBP166 million, which, combined with a fully
funded, non-amortizing reserve fund, has resulted in a significant
increase in credit enhancement for all the notes, in particular for
Class D notes since the last rating action in September 2021. The
annualized repayment rate observed over the last three quarters was
on average 56.5%. The credit enhancement for Classes C, D, E and F
notes increased to 33.7%, 23.2%, 12.7% and 6.3% from 13.7%, 9.4%,
5.1% and 2.6% since the last rating action.

Sequential amortization and a non-amortizing reserve fund led to
the increase in the credit enhancement available in Canterbury
Finance No. 2 PLC. The credit enhancement for Classes C and D notes
increased to 15.8% and 11.2% from 10.2% and 7.2% since the last
rating action.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

90 days plus arrears as a percentage of current balance are
currently standing at 2.65% for Canterbury Finance No. 1 PLC and
0.79% for Canterbury Finance No. 2 PLC, with pool factor at 23.9%
and 54.0%, respectively. Both transactions have no losses since
closing.

Moody's assumed the expected loss assumption of 3.35% as a
percentage of current pool balance for Canterbury Finance No. 1
PLC. The revised expected loss assumption corresponds to 0.80% as a
percentage of original pool balance, down from the previous
assumption of 0.95%. Moody's assumed the expected loss assumption
of 2.48% as a percentage of current pool balance for Canterbury
Finance No. 2 PLC, maintaining the expected loss assumption of
1.34% as a percentage of original pool balance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
at 13% for Canterbury Finance No. 1 PLC and at 14% for Canterbury
Finance No. 2 PLC.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties and (4) a decrease in sovereign
risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


GEN LIV: Enters Into Creditors' Voluntary Liquidation
-----------------------------------------------------
Aby Jose Koilparambil at Reuters reports that UK housing provider
Home REIT Plc said on March 6 two of its tenants have entered into
creditors' voluntary liquidation, adding to worries for the firm as
tries to fend off a short-seller attack and reviews a sale.

The housing provider for the homeless said Gen Liv UK CIC and Lotus
Sanctuary CIC have entered into voluntary liquidation and the
company was in talks with prospective tenants to take on new leases
for the two portfolios, Reuters relates.

According to Reuters, it said Lotus Sanctuary CIC accounted for
12.5% of its annual rent roll while Gen Liv UK CIC accounted for
5.7%

Home REIT has been under scrutiny over the last few months after a
short-seller report by Viceroy Research questioned the ability of
Home REIT's tenants to pay rent among other issues, Reuters
discloses.

Viceroy also raised doubts about Gen Liv's ability to service Home
REIT leases and referred to the low quality of services provided by
the women-focused housing provider Lotus, citing a submission by
the Women's Aid Federation of England, Reuters notes.

In January, Home REIT had said Big Help Group -- its largest tenant
-- and Noble Tree Foundation had not paid rent contractually for
the quarter to Nov. 30, and the company was looking at options to
obtain payment, according to Reuters.

The company has missed a deadline to publish its annual results and
trading in the firm's shares has been suspended since Jan. 3,
Reuters states.


HIGHCROSS SHOPPING: Enters Receivership Following Losses
--------------------------------------------------------
Tom Pegden at BusinessLive reports that Highcross Shopping Centre,
previously described as the flagship destination in the Hammerson
property empire, has entered receivership.

Global property specialists Savills stepped in as receivers at the
Leicester shopping mall on Feb. 9 according to letters posted to
shops and business operating there, BusinessLive relates.

Tenants have been told Savills is involved solely with the
ownership of the site, rather than its day-to-day running, which is
being left in the hands of the landlord company, BusinessLive
discloses.

According to BusinessLive, a letter from Savills to tenants said:
"The appointment of receivers does not impact on your day-to-day
trading from the property you occupy.

"All income receivable from the centre and all monies payable by
occupiers, whether by way of rent or otherwise, is now due to the
receivers."

It added that a "consensual handover period" was underway.

It comes following multi-million pounds losses at Highcross, which
is jointly owned by retail property giant Hammerson and Asian
investors, BusinessLive relays.

Accounts for Highcross Shopping Centre Ltd showed a loss after tax
of almost GBP63 million in 2021 on the back of losses of GBP146.5
million the year before, partly due to the huge impact of the
pandemic on high street retail.

It is understood that rising interest rates and rising costs caused
by high inflation made the centre's debts unsustainable,
BusinessLive states.

Hammerson said last summer that covenants relating to a loan on
Highcross had been breached and at the time the owners were working
with lenders to find the best outcome, BusinessLive notes.


ROWANMOOR: SIPP Book Sale to Alltrust Services Finalized
--------------------------------------------------------
Jenna Brown at Professional Adviser reports that the sale of
collapsed Rowanmoor Personal Pensions' self-invested personal
pension (SIPP) book to Alltrust Services has been finalised.

Joint administrators Adam Stephens and Christopher Allen of Evelyn
Partners completed the sale on March 3 following exchange of
contracts in December last year, Professional Adviser relates.  The
deal also includes Rowanmoor's family pension trust (FPT) business,
Professional Adviser notes.

The SIPP provider went into administration in August last year,
Professional Adviser recounts.  The Financial Conduct Authority
(FCA) confirmed the insolvency was linked to client complaints
about historic high-risk non-standard assets, Professional Adviser
discloses.

Rowanmoor operated about 4,800 pensions with assets under
administration of GBP1.4 billion.  WestBridge Group bought the
provider's small self-administered scheme arm.



                           *********


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,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2023.  All rights reserved.  ISSN 1529-2754.

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