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

                          E U R O P E

          Wednesday, March 8, 2023, Vol. 24, No. 49

                           Headlines



B E L A R U S

BELARUS DEVELOPMENT BANK: Fitch Affirms LongTerm 'CC/CCC' IDRs


B E L G I U M

AZELIS GROUP: S&P Assigns 'BB+' LongTerm ICR, Outlook Stable


F I N L A N D

AMER SPORTS 1: Moody's Raises CFR to B2 & Alters Outlook to Stable


F R A N C E

VALLOUREC SA: S&P Raises LongTerm ICR to BB- on Robust Results


G E R M A N Y

FRANKFURT-HAHN AIRPORT: Bids Due March 9, Closing Expected March 26
VOITH GMBH: S&P Lowers ICR to 'BB' on Weakened Profitability


G R E E C E

DANAOS CORP: Moody's Alters Outlook on 'Ba3' CFR to Positive


I R E L A N D

AVOCA CLO XIX: Moody's Affirms B2 Rating on EUR12MM Class F Notes
SHAMROCK RESIDENTIAL 2023-1: S&P Assigns B-(sf) Rating on G Notes


I T A L Y

BANKRUPTCY NO. 65/21: April 27 Online Auction Set for Assets
SIENA LEASE 2016-2: Moody's Hikes EUR251MM D Notes Rating From Ba1


L U X E M B O U R G

ALTISOURCE SARL: Moody's Affirms Caa2 CFR, Outlook Remains Stable
ATENTO LUXCO 1: Fitch Lowers LongTerm Foreign Currency IDR to 'CC'


N E T H E R L A N D S

TEVA PHARMACEUTICAL: S&P Rates New Senior Unsecured Notes 'BB-'


N O R W A Y

PETROLEUM GEO-SERVICES: Moody's Rates New $450MM Nordic Bond 'B3'
PGS ASA: S&P Puts 'CCC+' ICR on Watch Positive on Refinancing


R U S S I A

UZBEKISTAN: Fitch Affirms BB- Foreign Currency IDR, Outlook Stable


S P A I N

AZUL MASTER: Fitch Affirms 'BB+' Rating on Class C 2020-1 Notes
IM CAJA LABORAL 1: Fitch Affirms 'CCCsf' Rating on Class E Notes
SANTANDER CONSUMO 4: DBRS Confirms BB(low) Rating on Class E Notes


S W E D E N

SAS AB: S&P Withdraws 'D' Issuer Credit Rating


U K R A I N E

DTEK RENEWABLES: Fitch Lowers Foreign & Local Currency IDRs to 'RD'


U N I T E D   K I N G D O M

BOXCAR BREWERY: Enters Administration, Intends to Retain Brand
CD&R FIREFLY 4: Moody's Affirms B2 CFR & Alters Outlook to Positive
CD&R FIREFLY 4: S&P Affirms 'B' ICR & Alters Outlook to Positive
CRAIGARD CARE: Two Moray Care Homes to Be Sold Following Collapse
CURRENCY MATTERS: March 27 Claims Submission Deadline Set

DAKRO ENVIRONMENTAL: Bought Out of Administration, 39 Jobs Saved
IN THE STYLE: Opts to Sell Business to Avert Administration

                           - - - - -


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B E L A R U S
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BELARUS DEVELOPMENT BANK: Fitch Affirms LongTerm 'CC/CCC' IDRs
--------------------------------------------------------------
Fitch Ratings has affirmed JSC Development Bank of the Republic of
Belarus's (DBRB) Long-Term Foreign-Currency (FC) and Local-Currency
(LC) Issuer Default Ratings (IDRs) at 'CC' and 'CCC', respectively.


KEY RATING DRIVERS

Debt Rating Affirmed at 'C': DBRB's US dollar-denominated senior
unsecured Eurobond's 'C' rating is the lowest level on its rating
scale. This rating captures non-payment to bondholders of the
coupon on DBRB's Eurobond in 4Q22 due to the paying agent
withholding the coupon amount in view of uncertainty about whether
new UK sanctions would apply to the payment.

At the same time, the non-payment on the Eurobond did not represent
the default of the issuer under Fitch's rating definitions, because
in its view, the bank fulfilled its obligations with respect to the
coupon payment by transferring the amount on time, in full and in
the designated currency to the paying agent.

FC Default Probable: The affirmation of DBRB's Long-Term FC IDR at
'CC' reflects Fitch's view that the bank has not defaulted on its
senior unsecured obligations, but that default of some kind appears
probable. DBRB is a state-owned policy bank with a clear
development mandate and policy role, but Fitch believes that
potential FC support from the state is highly uncertain, as
captured by the bank's 'cc' Government Support Rating (GSR). This
is because of the blocking sanctions imposed on Belarus by the US,
EU and UK, which may limit the ability of the authorities to
support the bank in FC.

Belarus itself defaulted on its FC obligations in July 2022 and is
rated 'Restricted Default'. The bank's 'CCC' Long-Term LC IDR
reflects its view of the sovereign's slightly stronger ability to
provide support in LC than in FC.

Policy Role, VR Not Assigned: Fitch does not assign a Viability
Rating (VR) to DBRB due to its special legal status, important role
in the government's economic and social policy, and its close
association with the state. DBRB's finances long-term investment
projects in strategically important sectors of the economy and
other state-directed lending, including financial support to SMEs
and export financing.

High-Risk Lending, Moderate Impaired Loans: Asset quality risks
mainly stem from the bank's focus on higher-risk project financing,
mainly under state development programmes, which results in high
borrower and industry concentrations. At end-1H22, impaired (Stage
3 and purchased or originated credit-impaired) loans ratio was
broadly unchanged from end-2021 (4.2% of gross loans) and problem
loans were fully covered by total loan loss allowances. Stage 2
loans remained high although half of them were performing leasing
exposures included by the bank in this category under its
classification policy.

Higher Impairment Charges Weaken Performance: DBRB's pre-impairment
profitability improved in 6M22 from 2021 to 4.5% of average gross
loans due to improved margins and one-off revaluation gains on FC
assets. However, higher revenues were largely consumed by large
loan impairment charges resulting in a weak return on average
equity. Fitch expects LICs to remain high in 2023 and to weigh on
the bank's performance.

State Capital Injections: DBRB's capitalisation is healthy, with
the Fitch Core Capital (FCC) equal to 22% of risk-weighted assets
at end-2021. Regulatory capital ratios are also well above the
statutory minimums, providing a reasonably high loss absorption
capacity, in Fitch's view. The bank receives regular capital
injections from the state (over BYN600 million since 2018) and has
been exempted from dividend payments in the last four years.

Mostly State Funding, Repayment Risks: DBRB has further increased
its reliance on low-cost state-related funding as its access to US
dollar funding markets has been severely impeded by recent
sanctions. Other liabilities mainly comprise wholesale debt in the
form of Eurobonds and loans from foreign banks.

Fitch estimates DBRB's FC liquidity is currently sufficient to
cover planned wholesale debt repayments in 2023 but is considerably
less than the Eurobond principal due in May 2024. Moreover,
sanctions risks result in high uncertainty as to whether payments
will reach creditors (as was the case with the latest Eurobond
payment in 2022).

RATING SENSITIVITIES

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

If DBRB ceases to make payments on its FC-denominated debt,
including due to sanctions imposed on the bank, we would downgrade
the bank's Long-Term FC IDR to 'RD'. The Long-Term LC IDR could be
downgraded to 'CC' if the sovereign defaults on its LC debt, or to
'C' if the bank announces plans to restructure its LC obligations.

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

The bank's Long-Term FC IDR would be upgraded if the Eurobond
repayment is not accelerated, any amounts due are received by
bondholders in a timely manner and in the designated currency (US
dollars) and the bank accumulates sufficient FC to meet the May
2024 redemption. The Long-Term LC IDR could also be upgraded on an
upgrade of the sovereign, if Fitch takes a view that the
sovereign's ability to provide support to the bank in LC has
strengthened.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

N/A

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The rating on DBRB's USD-denominated Eurobond could be upgraded to
the level of the bank's Long-Term FC IDR if the coupon payment on
the bond is fully received by investors.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The bank's IDRs reflect potential support from the authorities of
Belarus.

ESG CONSIDERATIONS

DBRB has the ESG Relevance Score of '4' for Financial Transparency
as the bank has not published its IFRS accounts since end-1H21 and
reduced the scope of information it provides publicly. This has a
negative impact on its credit profile and is relevant to the
ratings 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
   -----------                       ------          -----
JSC Development
Bank of the
Republic of
Belarus            LT IDR             CC  Affirmed     CC
                   ST IDR             C   Affirmed      C
                   LC LT IDR          CCC Affirmed    CCC
                   Government Support cc  Affirmed     cc

   senior
   unsecured        LT                C   Affirmed      C



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B E L G I U M
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AZELIS GROUP: S&P Assigns 'BB+' LongTerm ICR, Outlook Stable
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S&P Global Ratings assigned its 'BB+' long-term issuer credit
rating to Belgium-based Azelis Group NV.

The stable outlook reflects S&P's view that Azelis will maintain an
S&P Global Ratings-adjusted gross debt to EBITDA of 3.0x-4.0x in
2023-2024, while generating healthy free operating cash flows
(FOCF).

Azelis is considering raising debt of EUR400 million to finance
recently disclosed acquisitions and support its acquisitive
strategy. The proceeds would therefore finance recently signed
acquisitions, which the company expects to close in the first half
of 2023, representing EUR225 million. At the same time, Azelis is
increasing the weighted average duration of existing financing by
repaying EUR100 million drawn under its RCF and strengthening its
liquidity with EUR70 million in cash overfunding. Pro forma the
debt issuance, signed and closed acquisitions, and Schuldschein
funding (additional EUR129 million in proceeds in 2023), Azelis
should report a healthy cash balance of about EUR470 million and
total net leverage, as defined by the company, of 2.5x, up from
2.2x as of Dec. 31, 2022.

S&P said, "We expect Azelis will continue to report resilient
results in 2023, despite the more challenging and uncertain
macroeconomic conditions. We expect that Azelis will continue to
report solid growth over the next two years, especially in
Asia-Pacific, leading to organic revenue growth of about 3%-5%. We
also expect that Azelis will maintain an above average EBITDA
margin at about 11.0%-11.5%, which is close to 2022 levels and
higher than historical levels. Our prudent assumption follows an
exceptionally strong performance in 2022, with total revenue growth
of about 45% (including a 5% positive foreign exchange impact and
evenly split between organic and inorganic growth). The record
performance was driven by benefits of increased scale, supported by
industry tailwinds and exposure to life sciences end markets.

"We anticipate that Azelis will keep its S&P Global
Ratings-adjusted debt to EBITDA within the 3.0x-4.0x range in
2023-2024. Azelis generated S&P Global Ratings-adjusted leverage of
about 3.6x in 2022, and we expect a fairly limited increase in
leverage as part of the debt increase, because rising gross debt is
being compensated by additional organic and inorganic EBITDA,
before it declines to about 3.2x in 2024. We do not net the cash as
part of our leverage calculation because of the private equity
sponsor ownership. At the same time, we have about EUR360 million
of debt adjustments for 2022 including lease liabilities,
factoring, minor pension deficits, and deferred payments in
connection with acquisitions. We also factor in our base case up to
EUR500 million of acquisitions every year out of cash on hand and
internally generated cash, which should support the company's
EBITDA growth and deleveraging on a gross debt basis.

"The risk of Azelis' leverage increasing is lower than pre-IPO.
Azelis is still 49.99% owned by private equity sponsor EQT. We
therefore classify Azelis, as per our criteria, as financial
sponsor-owned until the company's financial sponsor ownership is
below 40%. That said, Azelis introduced a clear dividend policy
following the IPO (dividends at 25%-35% of reported net profit).
The company also has a clear (unadjusted, company-defined) net
leverage target of 2.5x-3.0x, which is commensurate with a 'BB+'
rating under the current ownership. We therefore believe that the
risk of S&P Global Ratings-adjusted leverage increasing
significantly above 4x without recovery prospects is lower than
pre-IPO. Financial sponsor ownership notwithstanding, we believe
the company maintains an independent board, with four independent
non-executive directors, two EQT non-executive directors, and two
executive directors."

Azelis has a strong market position as a leading specialty
chemicals distributor, but the industry remains competitive and
fragmented. Azelis is the second-largest chemicals distributor
focusing only on specialty chemicals and has strong market
positions both in life science (60% of 2022 revenues) and
industrial (40%) end markets globally. S&P said, "Nevertheless, we
believe that the industry is highly competitive and fragmented.
Azelis is notably competing with IMCD, the largest specialty
chemicals distributor globally and its closest peer in terms of
size and scale. We also see increasing competition from full
product distributors such as Brenntag, which are increasing their
focus on gaining market position in the specialty chemical
distribution space due to higher margins and growth prospects, and
smaller niche players such as Caldic and Barentz."

Azelis' focus on sustainability and digitalization should help the
company gain market share. Azelis helps its principals and
customers meet their sustainability objectives by creating
sustainable products and formulations that minimize or eliminate
the use and generation of hazardous substances. Potential clients
have therefore the possibility to replace traditional chemical
ingredients with new sustainable formulations. At the same time,
Azelis has been investing in digital marketing services, creating
value-added services for principals and customers through new
digital engagement tools.

Azelis should benefit from resilient cash flows as a result of its
diversified exposure to attractive segments and geographies. With
about 44% of sales generated in Europe, the Middle East, and
Africa, 38% in North and South America, and 18% in Asia-Pacific, we
believe that Azelis is well diversified across geographies. About
60% of Azelis' distribution business relates to life science, with
the remaining 40% related to industrial chemicals. As such, S&P
believes that Azelis has a good exposure to defensive end markets,
such as food and nutrition, that counterbalance the exposure to
more cyclical industries, such as coatings.

Azelis has a well-diversified customer base, with some supplier
concentrations. The company distributes products to more than
59,000 customers, with the top 10 representing less than 5% of
total sales. Its supplier concentration is somewhat higher though,
with the top-10 principals accounting for 32% of total sales. As
such, the loss of a key supplier could pose a moderate risk;
however, S&P believes that this is mitigated by its longstanding
relationships with its top-10 principals (on average about 25
years) as well as with exclusive relationships with principals
(with about 85% of sales from top-10 principals are exclusive for
Azelis). Moreover, such relations are made up of multiple mandates
with separate distribution agreements.

S&P said, "We view the asset-light business model and efficient
operations as key rating strengths. Like other specialty chemical
distributors, Azelis benefits of a very asset-light business model
with low capital expenditure (capex) requirements, at about 0.5% of
sales, which compares with 0.5%-2.0% for other chemical
distributors. Additionally, Azelis outsources its logistic
operations and typically does not own its facilities. This further
supports the flexibility of the cost base (being largely variable,
outside of payroll). Although we acknowledge that relying on
third-party providers exposes Azelis to higher operational risk in
case of business disruption, we believe that it provides the
company with a more efficient and scalable business model. Azelis
has a target cash conversion of 85%-95%, and we expect its good
operating efficiency will translate into strong cash flow
generation in the coming years.

"The stable outlook reflects our view that Azelis will maintain S&P
Global Ratings-adjusted debt to EBITDA of 3.0x-4.0x in 2023-2024,
while generating healthy FOCF. At the same time, we anticipate that
the company will use its balance sheet capacity to fund bolt-on
acquisitions and grow inorganically in a fragmented market."

S&P could lower its rating on Azelis if it expected adjusted
leverage to increase significantly and remain above 4x on a
prolonged basis. This could occur if:

-- S&P anticipates weaker operating performance from the
inflationary price environment or potentially more volatile
industrial chemicals demand, or in the event of a more severe
economic downturn that led to significantly lower EBITDA than in
our base case; or

-- Azelis pursued material leveraging acquisitions above its
expectations.

S&P could raise the rating if:

-- The ownership position of EQT was reduced below 40%, which
would lead us to net cash in our calculation of adjusted leverage,
together with the company's commitment to keep its S&P Global
Ratings-adjusted leverage below 3x; and

-- The company demonstrates it can operate with stable credit
metrics, including with S&P Global Ratings-adjusted leverage below
3.0x and above average margins like those reported in 2022, even
through challenging macroeconomic cycles.

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

S&P said, "Environmental, social and governance factors have an
overall neutral influence on our credit rating analysis of Azelis.
As a distributor, Azelis is not materially involved in the
production of chemicals. Therefore, it is less exposed to the type
of environmental risks facing chemical producers that operate
large, complex chemical reactors. Azelis is also working to improve
sustainability across its supply chain and achieve its goal of a
50% carbon intensity reduction by 2030 from a baseline year of
2019. The company aims to become the preferred distributor for
sustainable solutions by setting up pilot projects with key
suppliers and having sustainability at the core of its strategy.
Azelis helps its principals and customers meet their sustainability
objectives by creating products and formulations that minimize or
eliminate the use and generation of hazardous substances. We expect
sustainable formulations to gain in importance in the coming years,
which should help Azelis gain market share."




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F I N L A N D
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AMER SPORTS 1: Moody's Raises CFR to B2 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded Amer Sports Holding 1 Oy's
(Amer Sports or the company) corporate family rating to B2 from B3
and its probability of default rating to B2-PD from B3-PD. Moody's
has also upgraded to B2 from B3 the ratings on the EUR1,700 million
backed senior secured term loan B (TLB) due March 2026 and on the
EUR315 million backed senior secured revolving credit facility
(RCF) due October 2025, both borrowed by Amer Sports' subsidiary,
Amer Sports Holding Oy. The outlook on all ratings has changed to
stable from positive.

"The upgrade to B2  reflects the company's sustained earnings
improvement and its positive track record after the pandemic, which
led to a marked reduction in financial leverage in 2022 despite the
weakening macroeconomic environment, high cost inflation and supply
chain disruptions," says Giuliana Cirrincione, a Moody's Analyst
and lead analyst for Amer Sports.

RATINGS RATIONALE

Amer Sports' earnings continued to grow at a sustained pace in
2022, as retail expansion, favorable product mix and price
increases more than offset the negative impact from higher input
and freight costs, supply chain disruptions and the lockdowns  in
China.

Despite the weakening consumer sentiment across Europe and the US
in the second half of the year, the company's topline grew by 30%
(or 22% excluding FX) to EUR3.4 billion in 2022. All regions
achieved double-digit growth rates, with a key contribution from
China, where sales rebounded strongly after the lockdowns.

While inflation, logistics disruptions and higher opex to fuel
expansion into the Direct-to-Consumer (D2C) channel precluded a
significant improvement in profit margins, the increase in earnings
led to a marked reduction in the company's Moody's adjusted gross
debt to EBITDA ratio to approximately 6x, as estimated as of end
2022.  This compares to 7.2x the year before and exceeds the
expectations when Moody's changed the outlook on  the ratings to
positive in January 2022. Interest coverage metrics, measured as
Moody's-adjusted EBIT to interest expense, improved to 1.7x as of
end 2022, from 1.3x in 2021.

Free cash flow, however, remained negative by around EUR300
million, at a lower level than Moody's initially expected,
primarily due to the extraordinary inventory build-up the company
had to face to mitigate the supply chain disruptions during the end
of 2021 and in 2022. The negative free cash flow generation also
reflected the company's sustained investments into both marketing
and capex to support the ongoing retail expansion mainly in China
and the US, which remains a key priority for Amer Sports. The
company funded this cash burn with both cash on balance sheet and
by drawing EUR170 million under its RCF, thus maintaining an
adequate liquidity.

Although still-high inflation, sluggish consumer sentiment and
uncertain macroeconomic environment are key downsides to Amer
Sports' growth potential over 2023, Moody's expects the company
will reduce further its financial leverage to below 5.5x by 2024.
This reflects the expectation that Amer Sports' strong portfolio of
globally recognized brands – some of which with premium pricing
such as Arc'teryx - together with its good geographical and wide
product diversification, will mitigate the risk of earnings
volatility even in a recessionary environment.

As the company plans to intensify its expansion efforts into D2C,
free cash flow will remain negative in 2023 by around EUR100
million- EUR150 million according to Moody's estimates, and will
progressively improve to breakeven by 2024. The forecast of a
negative free cash flow generation is also the result of rising
interest rates, with an estimated impact of EUR70 million- EUR80
million in 2023.  

Amer Sports' B2 rating reflects its large scale and leading market
positions, underpinned by a large portfolio of globally recognised
brands; its broad diversification across sports segments and
geographies; the favourable long-term demand dynamics of the
sporting goods market; and the significant growth potential from
the company's expansion into the direct-to-consumer (D2C) channel,
especially in the Chinese outdoor apparel market.

The rating also factors in the company's exposure to discretionary
consumer spending, which creates earnings volatility; the expected
negative free cash flow (FCF) over the next 12-18 months as a
result of sustained expansionary capital spending in the D2C
channel, rising interest rates and still-high inventory levels; and
the weaker EBIT-to-interest cover ratio compared with similarly
rated peers.

LIQUIDITY

With EUR145 million available under its EUR315 million RCF and
around EUR380 million of cash on balance sheet as of December 2022,
Amer Sports' liquidity is adequate. Based on Moody's forecasts,
these liquidity sources will be sufficient to cover the company's
cash needs over the next 12-18 months, which include planned capex
of around EUR200 million- EUR250 million annually (i.e. including
around EUR70 million related to leases).

Amer Sports faces significant EBITDA and working capital
seasonality, with the largest cash outflows in Q2 and Q3,
respectively. In 2023, working capital absorption will improve as
global supply chain conditions normalise and inventory levels drop.
However, account receivables will grow due to topline expansion,
and together with the sustained capex plan and rising interest
rates, will lead to pressure on free cash flow generation which
will remain negative in the range of EUR100 million - EUR150
million in 2023 and will likely break-even by 2024 only. Moody's
expects that Amer Sports will need to further draw under the RCF to
partially fund the negative free cash flow.

The company's RCF contains a financial covenant of senior secured
net leverage not exceeding 8.0x, tested when (1) the facility is
used for more than 40% of its committed amount, and (2) the
company's cash balance is below a certain level. Given the
reduction in the company's net leverage and the expected ample cash
balance, Amer Sports will maintain sufficient capacity under this
covenant.

STRUCTURAL CONSIDERATIONS

The B2 ratings of the EUR1,700 million backed senior secured TLB
due March 2026 and the EUR315 million backed senior secured RCF due
October 2025 are in line with the CFR. This reflects that the two
instruments rank pari passu and represent substantially all of the
company's financial debt. The TLB and the RCF are secured by
pledges over Amer Sports' major brands, as well as shares, bank
accounts and intragroup receivables, and are guaranteed by the
company's operating subsidiaries representing at least 80% of the
consolidated EBITDA. The B2-PD probability of default rating of
Amer Sports reflects the assumption of a 50% family recovery rate,
given the limited set of financial covenants comprising only a
springing covenant on the RCF.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Amer Sports
will be able to maintain credit metrics commensurate for the B2
rating over the next 18 months on the back of at least stable
earnings in 2023 and continued but slower EBITDA growth thereafter,
leading to a Moody's adjusted leverage below 5.5x by 2024. The
stable outlook also assumes a slow recovery in free cash flow
generation capacity towards break-even by 2024, and an at least
adequate liquidity profile with comfortable capacity under its
financial covenant.

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

Positive pressure on the ratings could materialise over time if the
company executes successfully on its retail expansion plan, such
that (1) its Moody's adjusted gross debt to EBITDA ratio moves
towards 5.0x, (2) its free cash flow generation is consistently
positive, and (3) it maintains a solid  liquidity profile.

Negative pressure on the ratings could materialize if the company's
operating performance weakens or it engages in large debt-financed
acquisitions that lead to an increase in Moody's-adjusted gross
debt to EBITDA above 6.5x, while its Moody's-adjusted EBIT to
interest ratio drops below 1.2x. Negative pressure would also build
up in case of a deterioration in the company's liquidity profile,
as a result of sustained negative free cash flow generation or
reduced capacity under its financial covenant.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Amer Sports Holding 1 Oy

Probability of Default Rating, Upgraded to B2-PD from B3-PD

LT Corporate Family Rating, Upgraded to B2 from B3

Issuer: Amer Sports Holding Oy

BACKED Senior Secured Bank Credit Facility, Upgraded to B2 from
B3

Outlook Actions:

Issuer: Amer Sports Holding 1 Oy

Outlook, Changed To Stable From Positive

Issuer: Amer Sports Holding Oy

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Domiciled in Helsinki, Finland, Amer Sports is a global sporting
goods company, with sales in more than 30 countries across EMEA,
the Americas and APAC. Focused on outdoor sports, its product
offering includes apparel, footwear, winter sports equipment and
other sports accessories. Amer Sports owns a portfolio of globally
recognised brands such as Arc'teryx Salomon, Wilson, Peak
Performance and Atomic, encompassing a broad range of sports,
including alpine skiing, running, tennis, baseball, American
football, hiking and golf. In 2022, Amer Sports generated revenue
of EUR3.4 billion (2021: EUR2.6 billion) and company-adjusted
EBITDA, that is, excluding non-recurring items and IFRS 16 impact,
of EUR365 million (2021: EUR295 million).




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F R A N C E
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VALLOUREC SA: S&P Raises LongTerm ICR to BB- on Robust Results
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
steel tube producer Vallourec S.A. to 'BB-' from 'B+' and affirmed
its 'BB-' issue rating on its senior unsecured notes. S&P also
affirmed its 'B' rating on its commercial paper program.

The positive outlook indicates that S&P expects EBITDA to rise
sharply in 2023 and that net debt will reduce in the coming years
as the company delivers its transformation plan.

S&P said, "Vallourec has maintained its positive momentum, with
year-end results that slightly exceeded S&P Global Ratings'
projections. In our view, these results support our forecast that
Vallourec will see a material increase in EBITDA and a reduction in
net debt in 2023. The company's results for 2022 exceeded our
expectations and demonstrated its progress toward eliminating
reported net debt. This had already prompted us to raise our rating
on the company to 'B+' and revise our forecasts upward, based on
results for the first nine months.

"In addition, the risk of deep recession in 2023 has decreased. Our
economists now expect a mild recession in the U.S. Based on the
strong natural gas prices in the U.S. and still elevated iron
prices, we revised our projected EBITDA for Vallourec to about EUR1
billion for 2023; our previous assumption was about EUR0.9 billion.
Other positive factors for the company include the sanctions
imposed on Russian pipes and the growth program at Petrobras. The
latter factor is relevant because Vallourec signed some important
contracts with Petrobras earlier this year.

The company's transformation strategy is intended to make it
cycle-proof and enable it to benefit from a reshaped cost base.
During 2022, the company finalized its social plan agreements in
Europe, announced and prepared for the closure of its operations in
Germany, and started ramping up production in Brazil. From the
second quarter of 2024, the company targets a EUR230 million
improvement in run-rate EBITDA and aims to cut capital expenditure
(capex) by about EUR20 million a year. S&P said, "In our view, the
execution risk associated with these changes is not material. We
will continue to monitor the ramp up of production in Brazil. Once
the company has completed its plan, we estimate its free cash flow
would remain positive, even if EBITDA were to move as low as EUR400
million. Another milestone to watch for is the restoration of
mining production back to nameplate capacity. Our forecast does not
incorporate the additional upside that could occur when Vallourec
divests its real estate in Germany."

Working capital needs, which comprise trade receivables plus
inventory minus payables, may delay the company's reduction in
leverage. Vallourec still aims to achieve a capital structure that
is free of net debt in the medium term. That said, on Dec. 31,
2022, the company reported EUR1.1 billion of net debt, up from
EUR1.0 billion at the start of the year. In S&P's view, the
increase is not a negative; it was mainly linked to working capital
outflows of about EUR355 million, as well as the EUR144 million of
one-off restructuring cash costs, and demonstrates the healthy
demand for Vallourec's pipes. The recent outflow could become a
material inflow, if demand softens. If working capital returns to
normal levels of about EUR1 billion, from the current EUR1.3
billion, it projects that Vallourec could be net-debt-free as early
as year-end 2025. Process toward this goal could be accelerated by
the sale of the German real estate.

The positive outlook indicates that S&P expects EBITDA to be strong
in 2023 and that net debt will reduce in the coming years as the
company delivers its transformation plan.

S&P said, "Under our base-case scenario, we expect reported EBITDA
to expand to about EUR1 billion in 2023, and that free operating
cash flow (FOCF) will be more than EUR50 million. As a result, we
expect adjusted debt to EBITDA to be about 2.5x in 2023, and to
drop below 2.0x from 2024.

"We would consider adjusted debt to EBITDA of about 3x (after
deducting most of the company's cash balance) on average over the
cycle to be commensurate with our 'BB-' rating on Vallourec."

S&P could revise the outlook to stable if:

-- Demand for the company's product fell, or it encountered
operational issues and as a result EBITDA was less than EUR700
million in 2023 and even lower in 2024.

-- Implementation of the transformation program proves to be more
complex than expected.

S&P could raise the rating to 'BB' within the next 12 months if the
company's ability to reduce adjusted leverage to below 2x and
maintain it at that level over the cycle were more certain. S&P
would consider the following to be positive indications:

-- Posting EBITDA of close to $1 billion and reducing net debt to
well below EUR1.0 billion (assuming limited changes in working
capital).

-- Restoring the mining operations to close to normalized full
capacity while gradually ramping up the Brazilian operations.

-- Divestment of the company's real estate in Germany for
substantial amounts.

Once the restructuring has been completed, and Vallourec has
demonstrated a record of maintaining stronger credit metrics and
less volatility, S&P could consider reassessing its business risk
profile; it is currently classified as weak. This could be a
precursor to raising the rating further in the medium term.




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FRANKFURT-HAHN AIRPORT: Bids Due March 9, Closing Expected March 26
-------------------------------------------------------------------
Rebecca Jeffrey at Air Cargo News reports that the sale process of
Frankfurt-Hahn Airport Group is gearing up once again as bidders
and interested parties have been invited to participate in the
investor process.

Currently in administration, the German Group was due to be sold to
Swift Conjoy, however, earlier in February, it was confirmed the
deal had fallen through, Air Cargo News notes.

The sale of the Group hasn't been a straightforward process thus
far, Air Cargo News states.  Prior to the incompletion of the Swift
deal, it was announced the sale had been delayed, and not for the
first time, Air Cargo News relays.

According to Air Cargo News, the Group's insolvency administrator,
Frankfurt-based Jan Markus Plathner from Brinkmann & Partner, has
now formally invited bidders and other interested parties to
participate in the ongoing investor process.

Due date for submitting bids is March 9, Air Cargo News discloses.
A closing is expected to take place by March 26, with the express
reservation that the process may also be changed in terms of time
and/or conditions, Air Cargo News states.

In October 2021, the Group filed for bankruptcy and Plathner was
appointed as insolvency administrator, Air Cargo News recounts.

The following month, merger and acquisition consultancy Falkensteg
was appointed to find "one or more investors" to keep the business
running, Air Cargo News relates.

Flight operations at Frankfurt-Hahn Airport will continue in full
as part of the insolvency proceedings, Air Cargo News notes.


VOITH GMBH: S&P Lowers ICR to 'BB' on Weakened Profitability
------------------------------------------------------------
S&P Global Ratings lowered its ratings on German engineering
company Voith GmbH & Co. KGaA to 'BB' from 'BB+'.

The stable outlook reflects S&P's view that Voith's profitability
will strengthen, yielding an improvement of its EBITDA margin to
about 7% and debt to EBITDA lower than 3.5x in fiscal 2024.

S&P said, "We expect Voith's operating environment will remain
challenging in the coming 12-24 months due to persistent cost
inflation and lower revenue growth. Despite record high order
backlog of about EUR7 billion as per fiscal year-end 2022, we
expect Voith's revenue growth to slow to 2.0%-4.0% in fiscals
2023-2024, due to recessionary concerns and inflationary pressures,
versus 14.6% in fiscal 2022. Furthermore, we expect the S&P Global
Ratings-adjusted EBIDTA margin to recover only slightly to about
6.5% in 2023 (compared to 6.1% in 2022) due to continued supply
chain challenges, group's operating inefficiencies in the Hydro
segment, and increasing difficulties passing on the cost inflation.
Nevertheless, we expect these strains to ease somewhat in 2024 and
enable an improvement in the adjusted EBITDA margin to about 7%."

Recent acquisitions strengthened Voith's market position but
constrained credit metrics. Voith made two sizable transactions in
2022: It acquired the remaining 35% in Voith Hydro from its joint
venture partner Siemens Energy and purchased the majority (79.5%)
of the Switzerland-based company ARGO-HYTOS. S&P said, "We
estimated a total consideration paid of EUR300 million-EUR350
million (both debt and equity financed). Furthermore, in fiscal
2023 Voith acquired IGW Rail for a purchase price totaling EUR48
million, paid in cash. Although the acquisitions should improve
Voith's market position in the hydro and turbo segments, they led
to a material increase in leverage. Debt to EBITDA stood at 3.9x in
2022. We expected the group's leverage to decrease to below 3x over
the coming two years, but the weaker-than-expected operating
performance and constrained free cash flow generation have derailed
the current deleveraging momentum, leading us to expect debt to
EBITA of about 3.5x in fiscals 2023 and 2024."

Positively, free operating cash flow (FOCF) should turn positive in
fiscals 2023 and 2024, supported by gradual easing of supply chain
disruptions. Voith's 2022 FOCF dipped to around negative EUR24
million, mainly because of working capital build-up due to
increasing inventories and trade receivables. Nevertheless, for
fiscals 2023 and 2024, S&P forecasts neutral working capital
development supported by better working capital management. This is
partly offset, however, by higher capital expenditure (capex) since
the company aims to further expand its operations and invests into
new products. As a result, FOCF will likely strengthen to EUR30
million-EUR40 million in the coming two fiscal years, but it's
likely to remain below the expected dividend payouts of EUR45
million-EUR50 million per year.

S&P said, "The stable outlook reflects our view that Voith will
gradually improve its operating performance and credit metrics over
the next 12-18 months on its solid order back log of more than EUR7
billion. We expect its S&P Global Ratings-adjusted EBITDA margin to
improve to about 7% and factor in positive FOCF over the next two
years.

"We could lower the rating or revise the outlook to negative if the
group does not improve its EBITDA margins (to around 7%) as
expected. This could occur if Voith's end-markets become depressed,
resulting in weak order intake, or due to project execution
inefficiencies that cause additional costs."

S&P could also lower the rating if:

-- The group cannot strengthen its EBITDA margin to about 7% by
fiscal 2024;

-- Adjusted debt to EBITDA remains around 4x by fiscal 2024, for
example due to additional substantial debt-financed acquisitions;

-- Voith cannot sustain positive FOCF; or

-- Liquidity deteriorates.

S&P said, "We could raise the ratings on Voith if the adjusted
EBITDA margin exceeds 8% and debt to EBITDA reaches below 3x. Such
a development could occur if the dynamic recovery in the group's
end-markets continues, and we observe a material improvement of the
margins in its hydro segment."

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




===========
G R E E C E
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DANAOS CORP: Moody's Alters Outlook on 'Ba3' CFR to Positive
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings of
Danaos Corporation to positive from stable. Concurrently, Moody's
affirmed its Ba3 corporate family rating, its Ba3-PD probability of
default rating and its B1 senior unsecured rating.  

"The outlook change to positive reflects continued credit metrics
improvements driven by strong cash flow generation and conservative
shareholder remuneration, enabling Danaos to further de-risk its
balance sheet by taking down its total debt load to $500 million as
of December 2022 from $1.3 billion in December 2021" says Daniel
Harlid, a Moody's Vice President – Senior Analyst and lead
analyst for Danaos "While Moody's expect currently weak market
conditions for container shipping to start impacting Danaos
negatively towards the end of 2023, a preservation of robust credit
metrics through the cycle could support further positive rating
pressure ", Mr. Harlid added.

RATINGS RATIONALE

The rating action reflects Danaos' actions to take further actions
with regards to safeguarding a conservative balance sheet in light
of tougher times ahead. This included a full debt prepayment of the
outstanding $450 million Citibank facility which resulted in a
significantly less leveraged balance sheet compared with historical
figures. This should also be seen in light of modest shareholder
remuneration of $61 million in dividends and $29 million in share
buybacks during 2022 despite a very strong cash flow generation.
Thus, the change in outlook reflects a strong track record of
managing the company's balance sheet more conservatively compared
with Danaos' historical capital structure. The change in outlook to
positive from stable also incorporates that, unlike the liners,
Danaos has refrained from both placing large orders for newbuilds
or buying used vessels in the secondary market. Although customer
concentration remains relatively high, with CMA CGM S.A. (Ba2
positive) and HMM accounting for 37% of the charter backlog as of
December 31, 2022, it has reduced over recent years and is partly
mitigated by the improved credit quality of the container shipping
industry over the last three years.

Notwithstanding the credit strengthening actions, Moody's still
views the absence of a formal financial policy, stipulating
shareholder remuneration levels and a leverage target, as a credit
constraining factor. This is, however, partly mitigated by
management's track record of refraining from deploying excess cash
toward shareholder remuneration and instead paying down debt
rapidly and increasing its unencumbered assets ratio to above 30%
on a book value basis. Nevertheless, further positive ratings
pressure depend on the company's ability to maintain its
conservative balance sheet throughout the expected downturn in the
container shipping industry. Given a more difficult industry
environment, maturing contracts are likely to be extended with less
favourable rates, putting some pressure on currently very strong
profitability levels.

Moody's acknowledges that Danaos will be able to fund its current
orderbook with internal cash flow generation, its investment need
is increasing not only because of its fleet ageing but also an
increasing pressure to decarbonize global supply chains. This will
translate into pressure on shipowners to offer energy efficient
vessels running on low / non carbon based fuels. Nevertheless,
Moody's expects that Danaos secures adequate contract coverage for
future orders of new vessels.

ESG CONSIDERATIONS

Governance considerations are among the primary drivers of the
outlook's change, because the rating action reflects a strong track
record of Danaos managing its balance sheet more conservatively
than what was the case historically. The company has moderately
negative exposure to social risks and highly negative exposure to
environmental risks, primarily driven by sector-wide and regulatory
efforts to reduce emissions, a process that is at an early stage.

RATING OUTLOOK

The positive outlook balances currently very strong credit metrics
with the risks associated with the opportunistic nature of the
company's operating model and the more challenging industry
environment, resulting in less favourable contract rates medium
term. As chartering companies are late cyclical compared with
operating container shipping companies, Moody's expects Danaos'
operating performance and credit metrics to remain strong at least
throughout 2023, which will continue to position Danaos strongly in
the Ba3 rating category. Absent debt funded vessel orders or
increased shareholder remuneration levels, Moody's expects Danaos
to maintain a debt / EBITDA ratio below 2.0x.

LIQUIDITY PROFILE

Danaos has good liquidity, with $268 million of cash on balance
sheet as of December 2022, although this will be partly used for
the company's vessel acquisitions, and a $383 million revolving
credit facility. In addition, the release of its encumbered fleet
following debt repayments serves as an alternative source of
liquidity. Moody's project that mandatory debt amortisations will
amount to $28 million annually, which the company will be able to
cover with its strong annual FCF of $100 million-$400 million. The
FCF amount depends on the size of the company's dividend payments,
which remain discretionary given the absence of a formal dividend
policy.

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

A ratings upgrade over the next quarters requires that Danaos
maintains a conservatively leveraged balance sheet through the
currently weaker market environment. Furthermore, a prerequisite
for a rating upgrade is that the company maintains (1) debt /
EBITDA below 2.0x; (2) funds from operations + interest/interest
above 6.0x; (3) positive free cash flow generation; (4) low
rechartering risk and (5) a well-managed debt maturity profile.

Negative pressure could develop if the company's (funds from
operations + interest)/interest falls to 3x, debt/EBITDA reaches 3x
or free cash flow weakens on a sustained basis. Downward pressure
on the ratings could also result if Danaos experiences strained
liquidity and difficulties in terms of the rechartering of vessels
at adequate rates when contracts expire.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping
published in June 2021.

COMPANY PROFILE

Incorporated in Marshall Islands and with an operational
headquarters in Piraeus, Greece, Danaos is one of the world's
largest containership charter-owners, with a fleet of 68
containerships with an aggregate capacity of roughly 421 thousand
twenty-foot equivalent units and 6 methanol-ready under
construction containerships aggregating approximately 46 thousand
twenty-foot equivalent units. Danaos is listed on the New York
Stock Exchange and its largest shareholder is Coustas Family Trust
with a share close to 44.5%. In 2022 the company reported $993
million of revenue and $710 million of EBITDA.




=============
I R E L A N D
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AVOCA CLO XIX: Moody's Affirms B2 Rating on EUR12MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Avoca CLO XIX Designated Activity Company:

EUR14,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Nov 8, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Nov 8, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR28,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to A1 (sf); previously on Nov 8, 2018 Definitive
Rating Assigned A2 (sf)

EUR24,250,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to Baa2 (sf); previously on Nov 8, 2018 Definitive
Rating Assigned Baa3 (sf)

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

EUR242,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Nov 8, 2018 Definitive
Rating Assigned Aaa (sf)

EUR10,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Nov 8, 2018 Definitive
Rating Assigned Aaa (sf)

EUR21,250,000 Class E Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on Nov 8, 2018 Definitive
Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2031, Affirmed B2 (sf); previously on Nov 8, 2018 Definitive Rating
Assigned B2 (sf)

Avoca CLO XIX Designated Activity Company, issued in November 2018
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by KKR Credit Advisors (Ireland) Unlimited Company. The
transaction's reinvestment period will end in April 2023.

RATINGS RATIONALE

The upgrade ratings on the Class B-1, B-2, C and D notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in April 2023.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile 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: EUR400.97 million

Diversity Score: 64

Weighted Average Rating Factor (WARF): 2907

Weighted Average Life (WAL): 4.21 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.71%

Weighted Average Coupon (WAC): 4.85%

Weighted Average Recovery Rate (WARR): 45.23%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

Portfolio amortisation: Once reaching the end of the reinvestment
period in April 2023, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales 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.

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

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.


SHAMROCK RESIDENTIAL 2023-1: S&P Assigns B-(sf) Rating on G Notes
-----------------------------------------------------------------
S&P Global Ratings assigned ratings to Shamrock Residential 2023-1
DAC 's (Shamrock 2023-1) class A to G-Dfrd Irish RMBS notes. The
transaction also issued unrated class RFN, Z1, Z2, X, and Y notes.

Shamrock 2023-1 is a static RMBS transaction securitizing a
portfolio of EUR343.08 million loans (of which EUR3.06 million are
subject to potential write-off), which consist of owner-occupied
and buy-to-let (BTL) primarily reperforming mortgage loans secured
over residential properties in Ireland.

The securitization comprises three purchased portfolios, Leaf
(36.5% of the pool), Cannes (52.6%), and Phoenix (10.9%). Each of
these subportfolios were previously securitized in RMBS
non-performing loan transactions.

The loans in the Leaf portfolio were originated by AIB Mortgage
Bank, AIB Finance Ltd., EBS DAC, and Haven Mortgages Ltd. The loans
in the Cannes subpool were originated by Permanent TSB PLC, Start
Mortgages DAC, and Bank of Scotland (Ireland) Ltd. The Phoenix
portfolio aggregates assets from five different originators.

Of the loan pool, 24.8% are in arrears according to S&P Global
Ratings' calculation methodology, with 13.9% in severe arrears (90+
day arrears) and 72.9% considered reperforming.

S&P said, "In our analysis, we gave credit to payment rates and
applied a lower arrears adjustment at 'BBB' and below to loans that
have consistently made above 90% of their scheduled monthly
mortgage payments, and which the servicer identified for permanent
restructure.

"Our rating on the class A notes addresses the timely payment of
interest and the ultimate payment of principal. Our ratings on the
class B to G-Dfrd notes address the ultimate payment of interest
and principal. The class B to G-Dfrd notes can continue to defer
interest even when they become the most senior class outstanding.
Interest will accrue on any deferred interest amounts at the
respective note rate."

The timely payment of interest on the class A notes is supported by
the liquidity reserve fund, which was fully funded at closing to
its required level of 2.0% of the class A notes' balance.
Furthermore, the transaction benefits from regular transfers of
principal funds to the revenue item (through 2.50% yield supplement
overcollateralization) and the ability to use principal to cover
certain senior items. The class B to G-Dfrd notes are supported by
a non-liquidity reserve fund, which is be available to cover any
interest shortfalls and principal deficiency ledger amounts
outstanding.

Mars Capital Finance (Ireland) DAC and Start Mortgages DAC, the
administrators, are responsible for the day-to-day servicing.

At closing, the issuer used the issuance proceeds to purchase the
beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in favor of the security
trustee. S&P considers the issuer to be bankruptcy remote under its
legal criteria.

  Ratings

  CLASS      RATING     CLASS SIZE (%)†
  
   A         AAA (sf)     69.45

   B-Dfrd    AA (sf)       7.74

   C-Dfrd    A (sf)        5.23

   D-Dfrd    BBB- (sf)     5.23

   E-Dfrd    BB (sf)       3.50

   F-Dfrd    B (sf)        1.76

   G-Dfrd    B- (sf)       3.74

   RFN       NR            2.00

   Z1        NR            1.49

   Z2        NR            1.85

   X         NR            N/A

   Y         NR            N/A

   NR--Not rated.
   N/A--Not applicable.




=========
I T A L Y
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BANKRUPTCY NO. 65/21: April 27 Online Auction Set for Assets
------------------------------------------------------------
Trustee Avv. Carlo Del Torto e Dott. Michele Pomponio for
Bankruptcy Proceeding N. 65/21 R.F. announced that a competitive
online auction will be held at 11:00 a.m. on April 27, 2023.

Assets put up for sale are the following:

Municipality of Caramanico Terme (PE): Lot 1- between Viale Roma
and Via della Liberta (or via Torre Alta). Full ownership of a
Hotel Spa Complex consisting of: Caramanico thermal baths with
therapy areas, a hotel above it, as well as offices, public and
private parking, several plots, including those on which the
sulphur and thermal water springs are located, in addition to
movable assets in the real estate, consisting of specific
furnishings of the thermal baths, the offices and the waiting
areas, appliances of various kinds, hotel room furniture, motor
vehicles and the brand "Terme di Caramanico - La Salute dal 1576".
Empty. Base price: EUR8,951,523.32 (Minimum offer: EUR7,608,794.83)
in the case of an invitation to tender, increment steps of
EUR50,000.00

Lot 2 - Loc. Santa Croce. A spa hotel, former wellness center,
consisting of a four-storey building for reception, entertainment,
services and overnight stay as well as some adjacent or nearby land
and movable property within the buildings, consisting of
facilities, equipment, furniture. Empty. Base price:
EUR12,129,780.67 (Minimum offer: EUR10,310,313.57) in the case of
an invitation to tender, increment steps of EUR50,000.00.

Online auction: April 27, 2023, 11:00 a.m., participating online
online site www.astelematiche.it.

In the case of several valid offers, the auction will start
immediately, which will end May 4, 2023 at 12:00 noon, subject to
possible extensions.

Deposit of the offers until April 26, 2023 at 12:00 noon via the
website www.astelematiche.it.

For further information, please contact the company in charge of
the sale, Aste Giudiziarie Inlinea Spa under n. 00390586201479 and
email vendite@astegiudiziarie.it, at www.tribunale.pescara.it,
www.giustizia.abruzzo.it and www.astegiudiziare.it (Cod. A4260141,
A4260142).


SIENA LEASE 2016-2: Moody's Hikes EUR251MM D Notes Rating From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class D Notes
in Siena Lease 2016-2 S.R.L. The rating action reflects the
increased level of credit enhancement for the affected notes and
the updated assessment on the credit quality of the originator and
servicer MPS Leasing & Factoring S.p.A.

  EUR251 million (Current outstanding amount EUR186.5M)
  Class D Notes, Upgraded to Baa2 (sf); previously on
  Oct 29, 2021 Upgraded to Ba1 (sf)

Siena Lease 2016-2 S.R.L. is a cash securitization of lease
receivables originated by MPS Leasing & Factoring S.p.A., fully
owned by Banca Monte dei Paschi di Siena S.p.A. (Ba1 (cr)
Counterparty Risk Assessment) and granted to small and medium sized
enterprises and individual entrepreneurs located in Italy.

Maximum achievable rating is Aa3 (sf) for structured finance
transactions in Italy, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The upgrade rating action is prompted by an increase in the credit
enhancement for the affected tranche and the updated assessment on
the credit quality of the originator and servicer (MPS Leasing &
Factoring S.p.A.), leading to reduced counterparty risk.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transaction has continued to be stable since
the last review in August 2022. Total delinquencies have increased
in the past year, with 90 days plus arrears currently standing at
1.52% of current pool balance. Cumulative defaults currently stand
at 6.31% of original pool balance as of December 2022 from 6.00% a
year earlier.

For Siena Lease 2016-2 S.R.L. the current default probability is
26% of the current portfolio balance and the fixed recovery rate
assumption is 30%. Moody's has updated the CoV to 42% which
combined with the revised key collateral assumptions, corresponds
to a portfolio credit enhancement of 44%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction. For instance, the credit
enhancement for the Class D Notes affected by the rating action
increased to 46.28% from 30.4% in the last rating action in October
2021.

Counterparty Exposure

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as servicer or account bank.

MPS Leasing & Factoring S.p.A. (not rated), fully owned by Banca
Monte dei Paschi di Siena S.p.A. (which was upgraded to Ba1(cr)
from Ba3(cr) on February 16, 2023), acts as the servicer of the
loans for the issuer. Moody's updated assessment on the credit
quality of MPS Leasing & Factoring S.p.A., leading to reduced
counterparty risk. As a result, Moody's has upgraded the Class D
Notes in Siena Lease 2016-2 S.R.L.

The principal methodology used in this rating was "Equipment Lease
and Loan Securitizations Methodology" published in September 2022.

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

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

Factors or circumstances that could lead to a downgrade of the
rating 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.




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

ALTISOURCE SARL: Moody's Affirms Caa2 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed Altisource S.a.r.l.'s Caa2
corporate family rating and Caa2 long-term senior secured bank
credit facility (bank facility) rating. The outlook is stable.

On February 9, the company amended its bank facility in which among
other things, the maturity was extended to April 30, 2025 from
April 30, 2024. At the company's option, the maturity of the bank
facility shall be extended an additional year if the company pays
down the bank facility by at least $30 million using proceeds from
junior capital raises and pays a 2% payment-in-kind (PIK) extension
fee to the bank facility lenders prior to February 14, 2024. As of
February 23, 2023, Altisource has already paid down the bank
facility by $20 million with proceeds from a recent common stock
offering that raised $21.2 million.

The interest rate on the bank facility after the amendment
increased. The initial new interest rate is SOFR plus 5.00% per
annum payable in cash plus 5.00% per annum PIK. PIK interest will
decline based on a bank facility paydown schedule, with such PIK
payment reducing to zero upon a paydown of $70 million or more.
Following the $20 million repayment on the bank facility, PIK
interst declined to 4.50%.

Lastly, the bank facility lenders will receive warrants initially
equal to 19.99% of the common stock shares of the company with such
warrants declining based on a bank facility paydown schedule.
Following the $20 million repayment on the bank facility, warrants
declined to 15.99%.

Moody's views the amendment to be a distressed exchange and a
default.

RATINGS RATIONALE

The affirmation of Altisource's ratings reflects Moody's view that
the extension of the maturity of the company's bank facility
reduces the company's elevated refinancing risk even though
profitability will likely continue to remain under pressure for at
least the next year or two. A further credit positive was the
aforementioned recent sale of common stock that was almost entirely
used to pay down Altisource's bank facility by $20 million.

With respect to Altisource's business prospects, although
foreclosure moratoriums ended in 2021, with unemployment at low
levels and home equity at record levels, foreclosure activity
remains well below pre-pandemic levels, which negatively impacts
the demand for Altisource's special servicing products. In
response, the company has materially reduced expenses. However,
with revenues very depressed, net income and EBITDA continue to be
well below pre-pandemic levels. For example, in 2022 the company
reported a $53.4 million loss versus $12.1 million of income in
2019 and the company reported adjusted EBITDA of $(16.6) million in
2022 versus $70.8 million in 2019.

Moody's expect foreclosure activity will rise over the next 12-18
months as Moody's anticipate unemployment to rise and home prices
to decline modestly. However, given the record amount of home
equity and unemployment expected to only rise modestly, Moody's
expect foreclosures activity will remain below historic average.

Origination revenues are also expected to remain modest over the
next 12-18 months. The increase in interest rates has severely
depressed refinance origination activity. And higher interest rates
and elevated home prices have materially reduced home purchase
affordability, which in turn will likely constrain purchase
origination volume.

The Caa2 long-term senior secured bank credit facility rating is at
the same level as Altisource's Caa2 corporate family rating and
reflects their priority of claim and strength of asset coverage.

The stable outlook reflects Moody's view that the current ratings
reflect the company's challenging operating conditions that will
continue to pressure profitability over the next 12-18 months.

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

Altisource's ratings could be upgraded if the company refinances
and extends the term of its senior secured term loan maturity
beyond 2026, reducing refinancing risk. The ratings also could be
upgraded if profitability were to improve and leverage decline,
such that it achieves and sustains debt/EBITDA of 7x or less.

Altisource's ratings could be downgraded if its financial
performance remains very weak. In particular, the ratings could be
downgraded if foreclosure activity as well as origination volume
remain depressed into 2024 or if its liquidity profile weakens
materially.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

LIST OF AFFECTED RATINGS

Issuer: Altisource S.a.r.l.

Affirmations:

Issuer: Altisource S.a.r.l.

Corporate Family Rating, Affirmed Caa2

Senior Secured Bank Credit Facility, Affirmed Caa2

Outlook Actions:

Outlook, Remains Stable


ATENTO LUXCO 1: Fitch Lowers LongTerm Foreign Currency IDR to 'CC'
------------------------------------------------------------------
Fitch Ratings has downgraded Atento Luxco 1 S.A.'s (Atento)
Long-Term Foreign Currency Issuer Default Rating (IDR) to 'CC' from
'CCC'. In addition, Fitch has downgraded Atento's USD500 million
senior secured notes due 2026 to 'CC'/'RR4' from ' CCC' /'RR4' and
Atento Brasil S.A.'s long-term National Scale Rating to 'CC (bra)'
from 'CCC(bra)'.

The downgrades reflect Atento's elevated credit risk due to
increased debt and expectations of sustained cash flow burn
resulting from large payments on derivative positions tied to
Brazil's CDI rate and financial obligations. Absent tangible steps
to bolster its capital structure, Fitch expects the company will
remain highly levered and need to restructure its debt.

KEY RATING DRIVERS

Default Appears Probable: Atento's high financial obligations on
derivatives and capital markets debt relative to its EBITDA
generation will likely lead to a default or a default-like process
absent a shareholder injection of equity. Net leverage is forecast
at above 6x in 2023 and should weaken as FCF is projected to remain
negative through 2025.

Additional Debt After Missed Payment: Atento recently issued USD40
million of receivable-secured notes to settle a missed payment on
derivative obligations. Following the payment, it remedied an
interest coupon payment on its 2026 notes while in the grace
period. These new two-year notes pay a cash coupon of 10% and have
a pay-in-kind component of 10%.

Pressured Cash Flow: Fitch expects Atento to generate negative FCF
of approximately USD60 million in 2023 and USD40 million in 2024 as
the company will struggle to generate operating EBITDA above USD95
million. FCF 2023 estimates contemplate total cash interest
obligations including derivative payments of close to USD100
million and capex around USD50 million. Interest rates in Brazil,
under Fitch's forecast, are expected to remain above 13% for much
of 2023 and to decline progressively in 2024.

Industry Overcapacity: Work from home policies are expected to
continue to result in intense competition in Atento's customer
relationship management (CRM) and business process outsourcing
(BPO)industry. More employees working from home has resulted in
cost savings for operators but also in workstation overcapacity,
which has led to increased price competition as companies fight to
fill available capacity. Spare capacity is estimated at 20%-25%,
and Brazilian and Spanish markets in particular are seeing fierce
competition.

DERIVATION SUMMARY

Atento is the largest CRM/BPO provider in Latin America, with
around 15% market share. Its ratings are tempered by its
disproportionate leverage, pressured cash flow and weak liquidity
as well as by competitive industry dynamics.

KEY ASSUMPTIONS

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

- Revenues grow low-single digits;

- Fitch-defined EBITDA margins of 7%;

- Capex in the range of around USD40 million to USD50 million;

- Interest rates above 13% in 2023 and progressively decline in
2024;

- Brazilian real exchange rate at BRL5.25/USD1.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Extraordinary measures by shareholders to recapitalize the
company;

- Reduction of risks related to its derivative position;

- Neutral FCF generation.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- The entrance into a grace or cure period following non-payment of
a material financial obligation or the announcement of a distressed
debt exchange would lead to a downgrade to 'C';

- A filing for bankruptcy protection would lead to a downgrade to
'D'.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: Atento's liquidity is weak. The company entered a
cure period when it missed a coupon payment due on February 10,
2023 of its 2026 notes. The payment was cured on Feb. 22, 2023
after Atento received USD34 million of net proceeds from the
issuance of approximately USD40 million of secured notes due 2025.
Fitch expects the company to face negative FCF in the range
USD60million in 2023 and around USD40 million in 2024.

ISSUER PROFILE

Atento Luxco 1 (Atento Luxco) is fully controlled by Atento S.A.
(Atento), which is the largest provider of customer relationship
management (CRM) and business process outsourcing (BPO) services in
Latin America.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating           Recovery    Prior
   -----------               ------           --------    -----
Atento Brasil S.A.   Natl LT CC(bra)Downgrade           CCC(bra)

Atento Luxco 1 S.A.  LT IDR  CC     Downgrade               CCC

   senior secured    LT      CC     Downgrade    RR4        CCC




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

TEVA PHARMACEUTICAL: S&P Rates New Senior Unsecured Notes 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to the senior unsecured notes offered by Teva
Pharmaceutical Industries Ltd.'s (Teva) finance subsidiaries Teva
Pharmaceutical Finance Netherlands II B.V. and Teva Pharmaceutical
Finance Netherlands III B.V., respectively. The notes carry an
unconditional guarantee by the parent company, the same as other
outstanding senior unsecured debt.

The '3' recovery rating reflects S&P's expectation for meaningful
(50%-70%; rounded estimate: 55%) recovery in the event of a payment
default.

S&P said, "We expect Teva to use the proceeds for general corporate
purposes including to refinance some of the debt maturing over the
next few years. We view the transaction as essentially neutral to
net leverage, increasing the company's financial flexibility and
liquidity by reducing some large maturities over the next three to
four years."

The 'BB-' long-term issuer credit rating on parent Teva is
unchanged. The outlook is positive.

S&P said, "Our ratings on Teva reflect its large scale, leading
position in generic drug development, the growing specialty drug
business (in which the uptake of Austedo and Ajovi more than
offsets revenue declines of Copaxone), strong geographic and
product diversification, good free cash flow generation, and its
commitment to deleveraging. Offsetting considerations include the
highly competitive nature of the generic drug industry (leading to
price erosion), the company's multi-billion-dollar obligations
under its opioid settlement (payable over 13 years), and legal
risks associated with allegations of generic price fixing.

"Our positive outlook reflects Teva's continued solid competitive
position and robust free cash flow generation, which should enable
the company to reduce S&P Global Ratings-adjusted net leverage to
under 5x in the latter half of 2023."

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




===========
N O R W A Y
===========

PETROLEUM GEO-SERVICES: Moody's Rates New $450MM Nordic Bond 'B3'
-----------------------------------------------------------------
Moody's Investors Service has assigned B3 rating to the proposed
new $450 million senior secured Nordic Bond ("Bond") with a 4 years
maturity, expected to be placed by March 17, 2023 and issued by
Petroleum Geo-Services AS (ultimately wholly owned by PGS ASA).
Concurrently, Moody's has placed PGS ASA's ("PGS" or the "Company")
Caa1 Corporate Family Rating and Caa1-PD Probability of Default
Rating on review for upgrade. The outlook was changed to rating
under review from positive.

The proposed refinancing will be supported by $241 million of cash
available on balance sheet to pre-pay the deferred Export Credit
Facility balance (which took place on the February 10, 2023), pay
for the transaction fees and reduce the TLB balance ($738 million
as of Dec 31, 2022) due in March 2024 to $138 million; the existing
$50 million super senior loan due in March 2024 (1 year extension
option at company discretion) would remain in place.

RATINGS RATIONALE

PGS' review for upgrade reflects the launch of the refinancing of
the existing senior secured Term Loan B due in March 2024. Based on
the terms of the transaction as proposed, Moody's would likely
upgrade PGS' CFR to B3 and its PDR for B3-PD, should the
transaction close successfully. Based on this and the company's pro
forma capital structure, Moody's assigned B3 rating to the PGS
proposed first lien senior secured Bond.

The partial refinancing of the existing senior secured Term Loan B
would resolve the liquidity pressure that would have started to
build up after September 2023 with the acceleration of the debt
amortization.

Additionally, PGS has delivered a solid set of 4Q 2022 financial
results that combined with tangible signs of a recovery in oil &
gas exploration activities, reduces uncertainty from the company's
ability to deliver further growth in 2023. Moody's adjusted
leverage stood at 3.3x based on the Q4 earning release from the
company on the January 26, well below the set-out upgrade guidance
of 5.0x. At the same time, PGS returned to positive free cash flow
generation, achieving FCF/Debt of 6.4%.

LIQUIDITY

Moody's view the proposed transaction as critical to improve PGS
current weak liquidity. In Moody's view, PGS would have an adequate
liquidity profile once the transaction closed as a result of next
material debt maturity to be one year away. However, the company's
free cash flow generation will remain limited in 2023 and 2024 due
to investments in 3D streamers and multi-client library. Moody's
view positively the additional flexibility the company would have
in March 2024 to address its debt maturities; the $50 million super
senior loan can be extended by one year into March 2025 should the
company exercise its extension option, and the Bond documentation
allows for an additional $50m tap issue supporting a partial
refinancing of the TLB.

ESG CONSIDERATIONS

Moody's assessed the group's governance to be a key driver for the
rating action. Moody's acknowledges that after the limited default
assigned in 2020 when debtholder payments were suspended,
management put significant effort and commitment to reduce leverage
through cost savings and equity private placements and that
management is on track to achieve a sustainable capital structure.
The overall Governance score of PGS remain unchanged at highly
negative for now but could be re-assessed once further track record
is demonstrated.

STRUCTURAL CONSIDERATIONS

Moody's assigned rating to the proposed new Bond in line with the
expected CFR of the company after the refinance is completed; the
assessment included revision of the collateral package, the Bond
ranking to other debt and of the cash flows retained within the
company after the contractual servicing requirement towards the
Export Credit Facility.

The new Bond, together with the existing TLB, would rank pari passu
and benefit from a security package that includes key assets
(streamers, multi-client library, five unencumbered vessels) in
addition to shared security (company's receivables and key bank
account pledges) with the Export Credit Facility lenders.
Furthermore, any excess collateral from the Titan mortgaged
vessels, would be to the benefit of the bondholders, TLB and Super
Senior loan lenders.

The $50 million super senior debt facility has the same security
package of the Bond and TLB, but is ranking ahead.

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

Moody's review will focus on the credit profile benefits from the
extended maturity profile while maintaining adequate liquidity,
reduced debt leverage, as well as the impact of the upswing in the
offshore seismic industry to PGS' revenue expected in 2023.

LIST OF AFFECTED RATINGS

Placed On Review for Upgrade:

Issuer: PGS ASA

Probability of Default Rating, Placed on Review for Upgrade,
currently Caa1-PD

LT Corporate Family Rating, Placed on Review for Upgrade,
currently Caa1

Assignments:

Issuer: Petroleum Geo-Services AS

BACKED Senior Secured Regular Bond/Debenture, Assigned B3

Outlook Actions:

Issuer: Petroleum Geo-Services AS

Outlook, Assigned Stable

Issuer: PGS ASA

Outlook, Changed To Rating Under Review From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Oilfield
Services published in January 2023.

COMPANY PROFILE

PGS ASA (PGS) is one of the leading offshore seismic acquisition
companies with worldwide operations. PGS headquarters are located
at Oslo, Norway. The company is a technologically leading oilfield
services company specializing in reservoir and geophysical
services, including seismic data acquisition, processing and
interpretation, and field evaluation. PGS maintains an extensive
multi-client seismic data library.  PGS reported revenues of $825
million and EBITDA of $455 million with a margin of 55.2% in 2022.
PGS is a public limited company and it is listed on the Oslo Stock
Exchange.


PGS ASA: S&P Puts 'CCC+' ICR on Watch Positive on Refinancing
-------------------------------------------------------------
S&P Global Ratings placed its 'CCC+' rating on Norwegian oilfield
services firm PGS ASA on CreditWatch with positive implications,
reflecting the possibility of a one-notch upgrade once the
refinancing is completed. At the same time, S&P assigned its
preliminary 'B' rating, with a preliminary '2' recovery ratings, to
PGS' proposed notes.

S&P said, "PGS's proposed refinancing will improve its liquidity
profile, and we think the company's ability to addressing the
remaining 2024 maturities will hinge on the next 12 months'
operational performance. The transaction largely addresses PGS's
material existing $738 million loan maturity due in 2024.
Additionally, we anticipate that PGS's credit metrics will improve
notably thanks to the use of cash on hand to reduce gross financial
debt. The group plans to retain about $125 million of the $364
million cash on hand (as of Dec. 31, 2022) upon closing and after
debt repayment and has a covenant of keeping the minimal cash
balance of $50 million at all times in the notes' documentation. We
anticipate that PGS's liquidity sources will cover uses by about
1.2x in 2023. At the same time, and despite the proposed
transaction, we highlight the company will continue to face some
spike in debt maturities in 2024 when it will have to repay the
remaining portion of the refinanced loan ($138 million in March
2024) and $50 million maturing super senior loan (also in March
2024, though with an option to extend the maturity by one more
year), along with $47 million amortization of other debt facilities
during that year. We think PGS will manage given our current
expectations of solid operational performance in the next 12-18
months. But should the industry sentiment deteriorate, PGS'
liquidity profile might be tight in early 2024 because of
still-sizable maturities due.

"We think PGS will benefit from a more supportive environment for
the offshore geophysical services in 2023, supported by heavier
spending in the oil and gas sector. In our base case, we expect PGS
will report revenue of $870 million in 2023 (versus $817 million in
2022), representing an increase in both the marine contracts and
MultiClient data sales. The order book increased to $416 million at
end-2022 from $239 million a year before. We think the company
might generate S&P Global Ratings-adjusted EBITDA (net of
capitalized MultiClient costs) of $340 million-$350 million this
year ($338 million in 2022). This will translate into an adjusted
debt-to-EBITDA ratio of 2.5x-3.0x in 2023. Also in our base case,
we expect free operating cash flow of about $140 million in 2023
($163 million in 2022), considering our projection of capital
expenditure of about $100 million and MultiClient investments of
about $160 million.

"We could upgrade PGS ASA by one notch if the company successfully
completes the refinancing transaction.

"We expect to resolve the CreditWatch in the coming weeks, after
the transaction has closed and once we have reviewed the final
terms of the refinancing.”

If the company does not refinance as proposed, the 2023 and 2024
maturities would place the rating under pressure. S&P sees this,
however, as less likely than the transaction closing.

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




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

UZBEKISTAN: Fitch Affirms BB- Foreign Currency IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Uzbekistan's Long-Term Foreign-Currency
(LTFC) Issuer Default Rating (IDR) at 'BB-', with a Stable
Outlook.

KEY RATING DRIVERS

Credit Fundamentals: Uzbekistan's ratings balance robust external
and fiscal buffers, low government debt and a record of high growth
relative to 'BB' rated peers', against high commodity dependence,
high inflation and structural weaknesses in terms of low GDP per
capita and weak, albeit improving, governance levels. While the
economy has demonstrated resilience to the spillovers from the war
in Ukraine and sanctions against Russia, significant uncertainty
exists with regard to the evolution of these risks.

Notable Improvement in Governance Indicators: Uzbekistan jumped
nine places in the latest World Bank Governance Indicators (WBGI
for 2021), to the 29th percentile, reflecting an improvement in
regulatory quality and government effectiveness, as well as voice
and accountability, and control of corruption. However,
geopolitical developments and proposed reforms to extend
presidential terms raise uncertainty over whether improvements in
governance will be sustained.

Economic Reform Agenda Set to Continue: Uzbekistan's government
appears willing and able to proceed with key structural economic
reforms, including privatisation of state-owned enterprises (SOEs),
rationalisation of the number of ministries and size of the
bureaucracy, and a continued reduction in preferential lending to
stimulate competition in the economy. However, developments such as
political unrest in Karakalpakstan in July 2022, and energy
shortages in January 2023 pose risks to the pace of sensitive
reforms. Fitch therefore views the adoption of a liberalised regime
of electricity prices, scheduled for May 2023, as an important
bellwether for the appetite and capacity for reforms, and reducing
the role of the state in the economy.

Geopolitical Risks: Uzbekistan maintains strong commercial ties
with Russia, given the latter is its largest trade partner. There
are no discernible disruptions to bilateral trade settlements from
sanctions, although an increasing proportion of transactions are
reportedly being settled in roubles. While authorities are
projecting an increase in exports to the EU to benefit from the
grant of the Generalised Scheme of Preferences (GSP+) to
Uzbekistan, logistical challenges associated with suitable trade
routes will act as a constraint. Volatility of the rouble,
vulnerability to secondary sanctions, and the potential for a
large-scale return of Uzbek migrant workers from Russia pose
downside risks.

Fitch sees some limited signs of Uzbekistan seeking to balance its
dependence on Russia with boosting energy security. In December
2022, Uzbekistan refused a Russian proposal to form a 'Gas Union'
with itself and Kazakhstan for creating a common market for natural
gas. Additionally, Fitch expects Uzbekistan to actively work with
western countries to de-escalate sanctions-related risks,
particularly in the banking sector. In September, the Central Bank
of Uzbekistan complied with a US demand to cut off access to the
Russian Mir payment system.

Strong Growth Prospects: The Uzbek economy grew 5.7% in 2022 (2021:
7.4%), driven by strong remittances (more than double 2021 levels),
which propelled private consumption, as well as a solid boost to
exports (mainly to Russia) and by an increase in government
spending to mitigate the inflationary shock. In Fitch's view,
energy shortages in early 2023, coupled with sluggish global demand
and an expected tapering of remittances will reduce growth to a
still robust 5.4% on average in 2023-2024.

Continued Fiscal Consolidation: Fitch forecasts a faster than
previously expected fiscal consolidation, with the augmented
general government deficit shrinking to 3.5% of GDP in 2023 and
2.3% in 2024 (current 'BB' median: deficit of 3.3%) from an
estimated 3.9% in 2022. Strong revenue growth enabled by solid GDP
growth and an expansion of the tax base, a reduction in policy
lending, and a shift towards public-private partnerships that will
reduce direct capex costs to the state, as envisaged under ongoing
reforms, are positive for fiscal policy management.

Low Public Debt Levels: General government debt (GGD), at 34.4% of
GDP at end-2022, is well below the current 'BB' peer medians of
55%, and Fitch expects it to stabilise on average at 36.4% in
2023-2024. While exchange-rate risks are high (94.3% of GGD is
FX-denominated), overall risks to debt dynamics are mitigated by a
large share of concessional debt, as well as long maturities (3Q22:
9.5 years for state external debt). The asset base of the
Uzbekistan Fund for Reconstruction and Development (UFRD), which is
a source of deficit financing for the government, was large at 21%
of GDP as of end-2022, although the liquid portion of this buffer
(denominated in FX) has fallen by 30% over 2017-2022.

Strengthened External Finances: The current account was close to
balance in 2022 (2021: deficit of 7% of GDP), driven by a doubling
of secondary income inflows, and solid export growth. Remittances
from Russia grew 2.6x to USD14.5 billion (18% of GDP), partly
reflecting heightened demand for Uzbek workers in Russia as well as
the 6.5% appreciation of the rouble against the Uzbek som in 2022.
Fitch expects the current account deficit to widen to an average of
4.4% of GDP in 2023-2024 as remittance growth stabilises, and
domestic demand bolsters import growth. FX reserves and
international liquidity for Uzbekistan are very strong, with
reserve coverage projected at about 11 months of imports over
2023-2024.

High Dollarisation, Subsidised Lending: Uzbekistan's banking sector
is marked by high deposit and loan dollarisation, of 39% and 47%,
respectively, as of end-January 2023. The sector is heavily
dominated by state-owned banks although as part of ongoing reforms,
their share of assets has fallen to 78% in 2022 (2021: 82%), while
exposure to state-owned borrowers has fallen to 15% from 18%. The
sector is experiencing a slow but steady shift away from
preferential/government-subsidised lending. Banks are
well-capitalised (capital adequacy ratio of 17.7% as of January
2023) and highly profitable (return on equity of 10% and 37% or
state-owned and private banks, respectively).

Inflationary Pressures: Inflation averaged 11.3% in 2022, above the
central bank's 10% target. Fitch expects inflation to moderate to
under 9% by end-2024 (when the target will be 5%), with the
trajectory dependent on the exchange rate, food price growth,
fiscal consolidation and progress in improving competition in the
domestic market. Fitch expects that the liberalisation of energy
tariffs in mid-2023 will go ahead but with probably smaller price
increases than previously envisaged. Fitch expects real interest
rates to remain positive even if, as expected, the central bank
demonstrates a loosening bias in 2023-2024.

ESG - Governance: Uzbekistan has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights, and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that WBGI have in its
proprietary Sovereign Rating Model (SRM). Uzbekistan has a low WBGI
ranking at the 29th percentile, reflecting the absence of a recent
record of peaceful political transitions, weak rights for
participation in the political process, weak institutional
capacity, uneven application of the rule of law and a high level of
corruption.

RATING SENSITIVITIES

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

- External Finances: A substantial worsening of external
   finances, such as through a large drop in remittances,
   or a widening in the trade deficit, leading to a
   significant decline in FX reserves

- Public Finances: A marked rise in the government  
   debt-to-GDP ratio or the erosion of sovereign fiscal
   buffers, for example due to an extended period of low
   growth or crystallisation of contingent liabilities

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

- Structural: Further improvement in governance standards
   and an easing in political risk

- Macro: Consistent implementation of structural reforms
   that boost GDP growth and macroeconomic stability,
   leading to a significant narrowing of Uzbekistan's GDP
   per capita gap with peers

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Uzbekistan a score equivalent to a
rating of 'BB-' on the LTFC IDR scale.

In light of the large decrease in liquid assets of the government
in recent years, the committee decided to remove the +1 notch on
public finances to better reflect the fiscal buffer available to
the sovereign, and reflecting the committee's view that it was not
a sufficient strength to support a rating above the SRM output at
the 'BB' level.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the LTFC IDR, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

ESG CONSIDERATIONS

Uzbekistan has an ESG Relevance Score of '5' for Political
Stability and Rights as WBGI have the highest weight in Fitch's SRM
and are therefore highly relevant to the rating and a key rating
driver with a high weight. As Uzbekistan has a percentile rank
below 50 for the governance indicator, this has a negative impact
on the credit profile.

Uzbekistan has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Uzbekistan has a percentile rank below 50 for the
governance indicators, this has a negative impact on the credit
profile.

Uzbekistan has an ESG Relevance Score of '4'for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Uzbekistan
has a percentile rank below 50 for the governance indicator, this
has a negative impact on the credit profile.

Uzbekistan has an ESG Relevance Score of '4[+]' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Uzbekistan, as for all sovereigns. As
Uzbekistan has a track record of 20+ years without a restructuring
of public debt and this is captured in its SRM variable, this has a
positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Uzbekistan,
Republic of      LT IDR          BB-  Affirmed     BB-

                 ST IDR          B    Affirmed      B

                 LC LT IDR       BB-  Affirmed     BB-

                 LC ST IDR       B    Affirmed      B

                 Country Ceiling BB-  Affirmed     BB-

   senior
   unsecured     LT              BB-  Affirmed     BB-




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

AZUL MASTER: Fitch Affirms 'BB+' Rating on Class C 2020-1 Notes
---------------------------------------------------------------
Fitch Ratings has affirmed WiZink Master Credit Cards (WiZink MCC)
and aZul Master Credit Cards (aZul MCC). The Outlooks for all notes
are Stable.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Wizink Master
Credit Cards, FT
  
   Class A2019-03
   ES0305279129       LT A+sf   Affirmed    A+sf

aZul Master Credit
Cards DAC
  
   Class A 2020-1
   XS2208978341       LT Asf    Affirmed     Asf

   Class C 2020-1
   XS2208978770       LT BB+sf  Affirmed   BB+sf

TRANSACTION SUMMARY

WiZink MCC and aZul MCC are Spanish credit-card receivables
securitisation programmes. WiZink MCC and aZul MCC each had as of
January 2023 one series of notes outstanding with a balance of
EUR97 million and EUR273.5 million, respectively. The WiZink MCC
notes are collateralised by a pool of receivables originated by
WiZink Bank S.A. (WiZink). For aZul MCC, the portfolio is also
collateralised by a pool of receivables originated by Barclaycard,
and purchased by WiZink in 2016.

KEY RATING DRIVERS

Usury Set-off Risk Caps Ratings: The notes' rating cap remains at
the 'Asf' category due to persistent uncertainty surrounding the
amount of usury set-off risk that could materialise over time.

While WiZink has repurchased to date assets with claims from the
SPVs, as per the documentation, Fitch does not maintain a credit
view on Wizink that allows it to derive any benefit from the bank's
repurchase commitment at higher rating levels. This may directly
expose the trusts to borrower claims and ensuing set-off risk.

The Spanish Supreme Court concluded in March 2020 that the 26.8%
annual rate charged by WiZink on a specific credit card contract
was usurious under Spanish Usury Law of 1908, as it was materially
above the market average rate of around 20%. This contract was
therefore deemed invalid, resulting in the customer only being
obliged to pay Wizink the drawn principal amount, while the bank
was mandated to reimburse all interest and fees paid by the
customer from the contract start date.

Asset Assumptions Unchanged: Fitch has maintained its analytical
assumptions from the last rating action in April 2022, in light of
the transactions' record and asset performance outlook. Downside
performance risks have increased due to rising inflation, which may
put pressure on household financing especially for weaker
borrowers. However, Fitch expects the portfolios' performance to be
consistent with its long-term steady-state assumptions.

Fitch has maintained its steady-state charge-off assumption of 8%
for WiZink MCC, 13% for aZul MCC's Barclaycard-originated portfolio
(around 60% of outstanding balance), and 8% for aZul's
WiZink-originated portfolio. The charge-off multiples range between
2.6x and 3.8x at the 'Asf' category.

Fitch has also maintained the monthly payment rate (MPR)
assumptions at 14% on the Wizink- originated portfolio under the
two programmes, and 8% for the Barclaycard-originated portfolio.
The MPR haircuts range between 40% and 52% at the 'Asf' category.
Fitch has maintained its steady-state yield and purchase rate
assumptions at 18% and 90%, respectively, for both programmes, with
the associated haircuts at the 'Asf' category rating unchanged at
27%-29% and 75%-77%.

Payment Interruption Risk Mitigated: Payment interruption risk is
mitigated for the class A notes of WiZink MCC and aZul MCC by their
respective dedicated cash reserves that cover senior fees and class
A interest amounts during a servicer disruption. Fitch's base case
expects WiZink to continue performing its functions as the seller
and servicer of the trusts. In addition, transaction documents
provide well-defined collections and borrower notification
processes, and the SPV management company operates as a back-up
servicer facilitator in a servicer disruption scenario, which
should find a replacement servicer within 60 calendar days upon a
termination event.

aZul MCC class C notes' rating remains capped at 'BB+sf' in
accordance with Fitch's Global Structure Finance Rating Criteria,
considering the prolonged period of interest deferrals under
Fitch's cash flow modelling. This class of notes do not have access
to the dedicated liquidity reserve, while interest deferral is
permitted under the transaction documentation.

WiZink MCC and aZul MCC each has an ESG Relevance Score of '5' for
Rule of Law, Institutional and Regulatory Quality due to potential
set-off risk arising from an increase in Usury Law-related claims,
which has a negative impact on their credit profiles, and is highly
relevant to their ratings, resulting in a change to their ratings
of at least one notch.

RATING SENSITIVITIES

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

The ratings could be downgraded if usury claims received by WiZink
are higher than its current expectations.

Long-term asset performance deterioration, such as increased
charge-offs, reduced MPR or reduced portfolio yield, which could be
driven by changes in portfolio characteristics, macroeconomic
conditions, business practices, credit policy or legislative
landscape, would contribute to negative revisions of Fitch's asset
assumptions, which could lead to negative rating action. Higher
inflation, larger unemployment and lower economic growth than
Fitch's current forecast as disclosed in the "Fitch Global Economic
Outlook - December 2022" could affect the borrowers' ability to pay
their credit card debt.

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

The ratings could be upgraded by up to two notches if usury claims
remain well below Fitch's expectations for a sustained period,
provided there is additional certainty that future claims will
remain manageable for the bank, all else being equal.

Long-term asset performance improvement, such as reduced
charge-offs, increased MPR or increased portfolio yield, which
could be driven by changes in portfolio characteristics,
macroeconomic conditions, business practices, credit policy or
legislative landscape, would contribute to positive revisions of
Fitch's asset assumptions, which could positively affect the
ratings.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. 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.

Prior to the transactions' closing, 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.

Prior to the transactions' closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

WiZink MCC and aZul MCC each has an ESG Relevance Score of '5' for
Rule of Law, Institutional and Regulatory Quality due to potential
set-off risk arising from an increase in Usury Law related claims,
which has a negative impact on their credit profiles, and is highly
relevant to thire ratings, resulting in a change to their ratings
of at least one notch.

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.


IM CAJA LABORAL 1: Fitch Affirms 'CCCsf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has taken multiple actions on IM Caja Laboral series,
by upgrading one tranche of IM Caja Laboral 2, FTA and affirming IM
Caja Laboral 1, FTA and the rest of IM Caja Laboral 2, FTA. The
agency has also removed the Under Criteria Observation (UCO) status
from 2 tranches of IM Caja Laboral 2. The Outlooks are Stable.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
IM Caja Laboral 2, FTA

   Class A
   ES0347552004      LT AAAsf  Affirmed    AAAsf

   Class B
   ES0347552012      LT A+sf   Affirmed     A+sf

   Class C
   ES0347552020      LT BBBsf  Upgrade      BBsf

IM Caja Laboral 1, FTA
  
   Class A
   ES0347565006      LT AAAsf  Affirmed    AAAsf

   Class B
   ES0347565014      LT AAAsf  Affirmed    AAAsf

   Class C
   ES0347565022      LT AA+sf  Affirmed    AA+sf

   Class D
   ES0347565030      LT A+sf   Affirmed     A+sf

   Class E (RF)
   ES0347565048      LT CCCsf  Affirmed    CCCsf

TRANSACTION SUMMARY

The transactions are securitisations of fully amortising Spanish
residential mortgages originated and serviced by Caja Laboral
Popular Cooperativa de Credito (BBB+/Stable/F2).

KEY RATING DRIVERS

Updated Iberian Assumptions Drive Upgrade: In the update of its
European RMBS Rating Criteria released on 16 December 2022, Fitch
updated its recovery-rate assumptions for Spain to reflect smaller
house price declines and foreclosure sales adjustments, which have
had a positive impact on recovery rates and, consequently, Fitch's
expected loss in Spanish RMBS transactions. This is reflected in
the upgrade of IM Caja Laboral 2's class C notes.

Mild Weakening in Asset Performance: The rating actions reflect its
expectation of mild deterioration of asset performance, consistent
with a weaker macroeconomic outlook linked to inflationary
pressures that negatively affect real household wages and
disposable income. The transactions have a low share of loans in
arrears over 90 days (below 0.5% for both deals as of December
2022) and are protected by substantial seasoning of the portfolios
(more than 16 years).

Sufficient Credit Enhancement (CE): The upgrade and affirmations
reflect Fitch's view that CE protection on the notes is sufficient
to fully compensate the credit and cash flow stresses associated
with the corresponding ratings. Fitch expects CE ratios to remain
broadly stable due to the pro-rata amortisation of the notes
currently in place for both transactions. CE ratios will increase
faster when the notes' amortisation switches back to sequential,
when the outstanding portfolio balance represents less than 10% of
their original amount (currently 11.5% and 38.3% for IM Caja
Laboral 1 and IM Caja Laboral 2, respectively).

Higher-Risk Borrowers; Geographic Concentration: Both portfolios
are exposed to loans granted to self-employed borrowers (ranging
between 12% and 14% of pool balances), a feature that carries a
foreclosure frequency (FF) adjustment of 170% within the agency
credit analysis.

Additionally, both transactions are exposed to geographical
concentration risk in the regions of the Basque Country (around 40%
for both deals), Castilla y León (32.4% and 26.5% for IM Caja
Laboral 1 and IM Caja Laboral 2 respectively) and Navarra (around
17%). In line with Fitch´s European RMBS rating Criteria, higher
rating multiples are applied to the base FF assumption to the
portion of the portfolios that exceeds 2.5x the population share of
this region relative to the national count.

RATING SENSITIVITIES

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

- For the notes that are rated at 'AAAsf', a downgrade of Spain's
Long-Term Issuer Default Rating (IDR) that could decrease the
maximum achievable rating for Spanish structured finance
transactions

- Long-term asset performance deterioration such as increased
delinquencies or larger defaults, which could be driven by changes
to macroeconomic conditions, interest rate increases or borrower
behaviour

- For IM Caja Laboral 1 class D notes and IM Caja Laboral 2 class C
notes, a downgrade to BNP Paribas S.A. long-term deposit rating
(AA-) below the respective notes' ratings would be negative because
of excessive counterparty dependency. The reserve funds, held with
BNP Paribas S.A. acting as transaction account bank, are the main
source of structural CE for both class of notes

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

- The notes that are rated 'AAAsf' are at the highest level on
Fitch's scale and cannot be upgraded

- For the mezzanine and junior notes, CE increases as the
transactions deleverage sufficient to fully compensate for the
credit losses and cash flow stresses that are commensurate with
higher ratings

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. 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 pools ahead of the transactions' initial
closing. The subsequent performance of the transactions 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

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 entities, either due to their nature or the way in
which they are being managed by the entities.


SANTANDER CONSUMO 4: DBRS Confirms BB(low) Rating on Class E Notes
------------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the following series of
notes (collectively, the Rated Notes) issued by FT Santander
Consumo 4 (the Issuer):

-- Series A Notes at AA (sf)
-- Series B Notes at A (high) (sf)
-- Series C Notes at A (low) (sf)
-- Series D Notes at BBB (low) (sf)
-- Series E Notes at BB (low) (sf)

DBRS Morningstar does not rate the Series F Notes issued in this
transaction.

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date. The ratings on the Series B, Series C,
Series D, and Series E Notes address the ultimate payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in June 2038.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- The portfolio performance, in terms of delinquencies and
defaults, as of the December 2022 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective rating levels.

The transaction is a securitization collateralized by receivables
related to consumer loans granted by Banco Santander SA (Banco
Santander; the originator) to private individuals residing in
Spain. The originator also services the portfolio. The transaction
closed in February 2021 and included an initial 13-month revolving
period, which ended on the March 2022 payment date.

PORTFOLIO PERFORMANCE

As of December 2023, loans that were one to two months and two to
three months in arrears represented 0.3% and 0.2% of the
outstanding portfolio balance, respectively, while loans more than
three months in arrears represented 0.2%. Gross cumulative defaults
amounted to 1.0% of the aggregate initial portfolio balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar updated its base case PD and LGD assumptions to
4.9% and 78.7%, respectively, from 6.1% and 78.4%, respectively,
based on the current portfolio composition as of the December 2022
payment date.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the Rated Notes. As of the December 2022
payment date, credit enhancement to the Series A, Series B, Series
C, Series D, and Series E Notes was 15.8%, 8.8%, 6.0%, 2.9%, and
0.0%, respectively. The credit enhancement levels have remained
unchanged since DBRS Morningstar's initial ratings due to the
initial revolving period and the current pro rata amortization of
the Rated Notes. The Rated Notes will continue to pay on a pro rata
basis unless certain events such as a breach of performance
triggers, a servicer insolvency, or a servicer termination occur.
Under these circumstances, the principal repayment of the Rated
Notes will become fully sequential and the switch is not
reversible.

The transaction benefits from an amortizing cash reserve funded
through the subscription proceeds of the Series F Notes, which
represents 2.0% of the Rated Notes. The cash reserve can be used to
cover senior costs and interest on the Series A Notes, Series B
Notes, Series C Notes, Series D Notes, and Series E Notes. The cash
reserve is currently at its targeted amount of EUR 30.0 million.

Banco Santander acts as the account bank for the transaction. Based
on DBRS Morningstar's Long-Term Issuer Rating of A (high) on Banco
Santander (one notch below its Long Term Critical Obligations
Rating (COR) of AA (low)), the downgrade provisions outlined in the
transaction's documents, and other mitigating factors inherent in
the transaction's structure, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the Rated Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

An interest rate swap is in place to hedge fixed-floating interest
rate risk, with Banco Santander acting as the swap counterparty.
Based on its COR and the collateral posting provisions included in
the documentation, DBRS Morningstar considers the risk arising from
the swap counterparty to be consistent with the ratings assigned to
the Rated Notes, in accordance with DBRS Morningstar's "Derivative
Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.




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

SAS AB: S&P Withdraws 'D' Issuer Credit Rating
----------------------------------------------
S&P Global Ratings has withdrawn its 'D' issuer credit ratings on
SAS AB at the company's request.




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

DTEK RENEWABLES: Fitch Lowers Foreign & Local Currency IDRs to 'RD'
-------------------------------------------------------------------
Fitch Ratings has downgraded DTEK Renewables B.V.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to
'Restricted Default' (RD) from 'C', following the company's
disclosure of the result of its tender offer. Fitch views this as a
distressed debt exchange (DDE). Fitch has simultaneously upgraded
the IDRs to 'CC', reflecting DTEK Renewables' post-restructuring
profile with continuing high default risk.

KEY RATING DRIVERS

Tender Offer a DDE: Fitch regards DTEK Renewables' tender offer for
part of its bonds as a DDE, as the tender offer was executed well
below par and is part of a series of measures the company is
adopting to reduce the probability of future defaults. However,
Fitch deems default as still very likely, as the company is
experiencing severe distress, including harsh operational
disruptions and limited liquidity.

Repurchase Below Par: Following the execution of the tender offer,
DTEK Renewables used EUR14.98 million to repurchase EUR35.47
million of its outstanding EUR325 million green bonds. The buyback
consisted of a material reduction in terms as it was executed well
below par with an average price of 42% of the nominal.

Weak Liquidity: In Fitch's view cash generated by DTEK Renewables
may prove insufficient to cover debt service in 2023 related to
bonds and bank debt, particularly in case of further operational
disruptions and reduced settlements from the guaranteed buyer. The
group has sufficient cash, held partly in Ukraine and partly
abroad, for the next bond coupon payments of about EUR12 million,
which are due in May and November 2023.

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

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

Severe Operational Disruptions: DTEK Renewables' production has
been significantly reduced by the war, with energy produced from
March to December 2022 70% lower than year ago, to 521MWh. With the
exception of its Tiligulskaya WPP, its wind farms stopped
operations, immediately after the war started due to grid
connection disruptions and to them being located in
Russian-occupied territories. Most solar farms continue to generate
electricity but Ukraine's energy infrastructure has increasingly
been targeted by Russian attacks. DTEK Renewables resumed
production at its Tryfanovskaya solar plant in 4Q22, and planned
reconstruction works in the following months should lead to
production at the full capacity of 10MW, up from the current 2MW.

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

DERIVATION SUMMARY

In Fitch's view the company's liquidity metrics are in line with
the 'CC' category, which indicates very high credit risk.

KEY ASSUMPTIONS

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

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

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

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

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

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

KEY RECOVERY RATING ASSUMPTIONS

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

- A 10% administrative claim

- The assumptions cover the guarantor group only

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

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

- Enterprise value multiple at 3x

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

RATING SENSITIVITIES

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

- Cessation of military operations, and resumption of normal
business operations with stabilisation of cash flow and an improved
liquidity position

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

- The rating would be downgraded on signs that a renewed
default-like process has begun, for example, a formal launch of
another debt exchange proposal involving a material reduction in
terms to avoid a traditional payment default

- Non-payment of coupon or debt obligations, or steps towards
further debt restructuring

- The IDR will be downgraded to 'D' if DTEK Renewables enters into
bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedures, or ceases business

ISSUER PROFILE

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

ESG CONSIDERATIONS

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

   Entity/Debt             Rating          Recovery   Prior
   -----------             ------          --------   -----
DTEK Renewables
Finance B.V.
  
   senior
   unsecured        LT        C   Affirmed    RR5       C

DTEK Renewables
B.V.                LT IDR    RD  Downgrade             C

                    LT IDR    CC  Upgrade              RD

                    LC LT IDR RD  Downgrade             C

                    LC LT IDR CC  Upgrade              RD




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

BOXCAR BREWERY: Enters Administration, Intends to Retain Brand
--------------------------------------------------------------
Jessica Mason at The Drinks Business reports that Boxcar Brewery,
located in London's Bethnal Green, has entered administration but
is determined to brew under its name in the future.

In a social media post on March 6, Boxcar's head brewer Sam
Dickison, who has run the brewery since founding it in 2016,
addressed reasons for the decision and hinted at a longer term plan
to get back on track, The Drinks Business relates.

"Due to an unworkable situation with our landlords, partly due to
the pandemic and overhanging debt, we had to leave our premises on
Feb. 23.  We were faced with no option but to put the company into
administration.  This was incredibly upsetting for us all," The
Drinks Business quotes Mr. Dickison as saying.


CD&R FIREFLY 4: Moody's Affirms B2 CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service affirmed CD&R Firefly 4 Limited's (Motor
Fuel Group, MFG or the company) B2 corporate family rating and
B2-PD probability of default rating. Simultaneously, Moody's
assigned B2 instrument ratings on the EUR1086 million and GBP765
million backed senior secured first lien term loans (B4 and B5
tranches respectively), the GBP305 million backed senior secured
multi-currency revolving credit facility (RCF) and the GBP50
million backed senior secured letter of credit (LC) facility all
issued by CD&R Firefly Bidco Limited (MFG) (Motor Fuel Limited is a
co-borrower of B4 and B5 term loans). The outlook on CD&R Firefly 4
Limited and CD&R Firefly Bidco Limited (MFG) has changed to
positive from stable.

The rating actions follow the company's planned amend-and-extend
(A&E) exercise on the existing first lien GBP and euro denominated
term loans maturing in 2025 and the first lien RCF and LC facility
maturing in 2024. The company is seeking consent to extend all the
maturities of these facilities by three years, with maturities on
the term loans to June 2028 and on the RCF and LC facility to
December 2027. The company also intends to repay its GBP308 million
outstanding backed senior secured second lien term loan due June
2026, as part of the process, using excess cash available from
recent asset disposals.

RATINGS RATIONALE

The affirmation of MFG's B2 CFR with a positive outlook reflects
the more prudent use of its excess cash balance to repay its more
expensive second lien debt, compared to the aggressive financial
policies executed previously with notable dividend
recapitalisation. The action is further supported by the company's
track record of strong operating performance and ability to
deleverage. The company's operating performance during 2022 was
strong, with reported EBITDA of GBP421.6 million, up 23.9%
year-on-year, driven by rising fuel margins, recovering but still
subdued fuel volumes compared to pre-pandemic levels, broadly
stable retail margins, and a strong increase in food-to-go profits,
albeit from a very small base. Leverage, measured in terms of
Moody's adjusted gross debt to EBITDA, stood at 5.1x at the end of
2022 (4.7x pro forma for the new capital structure and disposals),
down from 6.2x at the end of 2021. Moody's expects some softening
of fuel margins this year to levels closer to those achieved in
2021. This would translate into a reduction of EBITDA this year
although Moody's still expects leverage to trend below 5.5x over
the next 12-18 months.

The company, however, has a track record in terms of periodic
re-leveraging through large dividend payments, with two
transactions completed between 2019 and 2021. The rating action
does not factor in the risk of additional dividend recapitalisation
or other transactions leading to a re-leveraging of the company's
capital structure. It rather factors the greater focus on investing
into the business, managing the company's position through the
transition to alternative fuel sources, with its commitment to
investing in its electric vehicle charging infrastructure and
growing the convenience retail and food-to-go markets.

MFG's B2 CFR continues to reflect its (1) strong market position as
the largest petrol station operator in the UK by number of sites,
with a high-quality forecourt network; (2) stable cash flows; (3)
growing convenience retail and food-to-go markets providing
significant rollout opportunities across its estate; (4)
experienced, founder-led management team and; (5) well-invested
predominantly freehold sites. The B2 rating is also underpinned by
MFG's company-owned franchise-operated (COFO) business model, with
limited fixed costs and relatively predictable income streams.

Constraints to the rating include the company's (1) exposure to the
inherently low and volatile profit margin associated with fuel
retail operations, though strongly rising over the past two years;
(2) limited contributions, albeit growing, from non-fuel offering
reflected by the COFO model and; (3) historical aggressive
financial policy and potential to re-leverage the capital
structure, as evidenced by rapid successive dividend
recapitalisations over the past few years. The rating also factors
the company's high investment requirements needed to manage the
transition to alternative fuel and the negative impact on cash
flows.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

MFG's ESG Credit Impact Score is very highly negative (CIS-5). This
reflects Moody's assessment that ESG attributes are overall
considered to have a very high impact on the current rating driven
by governance risk exposures including an aggressive financial
strategy as demonstrated by high leverage and a history of dividend
recapitalisations, and its concentrated ownership structure. High
environmental and social risk exposures are mainly related to the
company's fuel sales activities.

LIQUIDITY

Moody's views MFG's liquidity as adequate. Liquidity is supported
by the agency's expectation of ongoing availability under the RCF
of GBP 305 million, which will be undrawn post transaction but
could be drawn to meet internal cash flow needs. Moody's considers
this facility to be adequate to cover intra-quarter working capital
needs. The RCF has only one springing maintenance covenant based on
net senior secured leverage, tested only when drawn by more than
40% and against, which Moody's expects MFG to maintain sizeable
headroom. The first lien term debt is covenant-lite.

STRUCTURAL CONSIDERATIONS

The B2 rating of the senior secured first lien debt instrument
ratings is as a result of the proposed refinancing and the
repayment of the subordinated senior secured second lien term loan.
This results in the company's capital structure becoming all senior
and pari passu ranking and hence the instrument ratings are now
aligned with the CFR.  

RATING OUTLOOK

The positive outlook reflects Moody's expectations of leverage
trending below 5.5x, towards Moody's upward rating guidance of
5.25x over the next 12-18 months, as well as the absence of
re-leveraging transactions, including dividend recapitalisations.
The positive outlook also incorporates expected continued strong
operational performance, and that the company will continue to grow
its adjusted EBITDA and generate positive free cash flow.

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

The ratings could experience upward pressure if Moody's-adjusted
gross leverage was expected to (1) sustainably reduce below 5.25x
or (2) Moody's adjusted EBIT/ interest expense was to exceed 1.75x.
An upgrade would also require expectations of broadly stable fuel
volumes and margins, as well as reduced event risk associated with
potential dividend recapitalisations.

On the other hand, negative pressure could arise if: (1)
Moody's-adjusted gross leverage increased above 6.25x over the next
12-18 months; (2) there was additional dividend payments that
increased leverage above this level; (3) free cash flow was to turn
negative for an extended period or; (4) a case of weaker than
expected liquidity transpired.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: CD&R Firefly Bidco Limited (MFG)

BACKED Senior Secured Bank Credit Facility, Assigned B2

Affirmations:

Issuer: CD&R Firefly 4 Limited

Probability of Default Rating, Affirmed B2-PD

LT Corporate Family Rating, Affirmed B2

Outlook Actions:

Issuer: CD&R Firefly 4 Limited

Outlook, Changed To Positive From Stable

Issuer: CD&R Firefly Bidco Limited (MFG)

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Headquartered in St Albans, MFG is the largest independent
forecourt operator in the United Kingdom (UK) with 866 stations,
pro forma for recent net disposals (this is a decrease from 930, as
reported in December 2022, due to disposals following the CMA
conclusion and several signed acquisitions), operating under
multiple fuel brands. The company mainly operates petroleum filling
stations and offers convenience retail stores and
food-to-go-services. It has grown through a combination of
transformative and bolt-on acquisitions (the largest being the
acquisition of MRH in 2018 when the company basically doubled its
EBITDA to GBP159.6 million from GBP81.7 million and its number of
sites to 925 from 439), as well as through solid organic
performance. The company has been majority owned by funds managed
by private equity firm Clayton Dubilier & Rice, LLC (CD&R) since
2015.


CD&R FIREFLY 4: S&P Affirms 'B' ICR & Alters Outlook to Positive
----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based CD&R Firefly 4
Ltd. (Motor Fuel Group or MFG) to positive and affirmed its
long-term issuer credit rating and first-lien issue ratings at 'B'.
The proposed issuance is also rated 'B' with a recovery rating of
'3', reflecting its expectation of meaningful recovery (50%-70%;
rounded estimate: 65%) in the event of default.

S&P said, "The positive outlook reflects our view that there is a
one-in-three chance that we could upgrade MFG if the group
maintains its resilient trading performance, accommodating the
interest burden rise by generating substantial positive free
operating cash flow (FOCF) after leases and adjusted FOCF to debt
of at least 5%, combined with the sponsor's commitment to a higher
rating by avoiding debt-financed dividend payments.

"MFG's 2022 trading performance was relatively stronger than that
of the broader U.K. retail operators. The bulk of the group's 2022
EBITDA improvement was down to the higher fuel margin, which
improved to 12.3 pence per liter (compared with 10.4 pence per
liter in 2021). While we anticipate that the fuel margin will
normalize in 2023, we still expect margins to be higher than
pre-pandemic levels because of rationalization in the U.K.'s
competitive fuel market. MFG's retail and food-to-go (FTG) segment
reported volume growth in 2022, as consumers opted for small
impulse purchases and traded down on their higher-value
discretionary spends. We expect these trends to continue in 2023 as
the group refreshes its offerings with store refits and expands its
FTG offering (currently available in 20% of its estate)."

The financial sponsor's commitment to maintaining and improving
credit metrics will be a prerequisite for any potential upward
rating action. The sponsor has paid dividends and shareholder loan
repayments of around GBP800 million over the past four years,
following its initial investment of about GBP400 million. The
proposed transaction also includes one-off management bonus
payments and a shareholder loan repayment totaling about GBP90
million-GBP100 million. In S&P's view, the group's free cash flow
will be balanced between growth-focus capital expenditure (capex)
and shareholder returns. Any upgrade would rely heavily on the
sponsor's track record to demonstrate financial policy to maintain
the credit metrics at the current levels and not undertake any
material debt-financed dividend recap.

The prudently timed amend-and-extend transaction improves the
group's debt maturity profile. In an increasing-interest-rate
environment, MFG is proactively managing its capital structure by
paying down its expensive second-lien debt and extending the
maturity of its 2025 term loan Bs by an additional three years.
These loans will not be portable in the event of a change of
ownership. Higher interest rates will be a drain on the group's
free cash. We forecast a higher pro forma cash interest expense in
2023, compared with GBP92 million in 2021 and GBP130 million in
2022. S&P said, "We calculate the group's fixed charge cover to
drop from 3.0x in 2022 to about 2.1x in 2023, which compares
relatively better than U.K.-based retailers in the same rating
category. With about 90% of its real estate held on freehold basis
(valued at about GBP3 billion), the group's payments toward rent
are modest. The group's foreign currency debt exposure is fully
hedged and it has interest rate swaps in place until December 2023.
We understand that the management will seek to maintain an active
hedging strategy after completion of the proposed transaction. The
group's ability to maintain its fixed charge cover above 2.0x is an
upgrade trigger."

CMA asset disposals result in a minor reduction in scale. MFG's
majority owner, Clayton Dubilier & Rice (CD&R), agreed to sell 87
MFG service stations (about 9% of the group's 930 sites) as
concessions, to address the CMA's competition concerns surrounding
the private equity's 2021 acquisition of Morrisons. CMA-required
asset disposals are contractually agreed for a consideration of
GBP245 million (6.0x 2022 EBITDA multiple) and we expect it to be
completed in multiple phases by April 2023. The group has already
received cash for some asset sales and expects a cash consideration
of about GBP107 million by mid-March 2023, and the balance by April
2023. The group's available cash balance of GBP287 million along
with a portion of sale proceeds received by mid-March will pay off
the GBP308 million second-lien debt. The management will spend
about GBP70 million to acquire 23 fuel stations. MFG will have 866
fuel stations by April 2023, compared with 930 at the end of 2022.
The second tranche of disposal proceeds will fund payments toward
management bonuses, shareholder loan, and acquisitions, and will be
received in April.

The transition to electric vehicles (EVs) is unlikely to have any
material impact on road fuel demand over the next three years.
Plug-in hybrids and battery EVs represent about 2% of the total
vehicles on U.K. roads as of 2022. Internal combustion engine (ICE)
vehicles will continue to represent above 90% of the vehicles on
the road in the coming three years, and as such we expect the
decline in the volume of road fuel sold will be less than 1%-3%
each year. At the same time, MFG is actively managing and investing
toward EV transition. Current data suggests 68% of EV owners charge
their vehicle at their place of residence, 24% at their place of
work or destination, and 5% during the course of a journey (MFG's
key market segment). The group has about 50 EV charging stations,
as at the end of 2022, and plans to spend about GBP45 million
annually to add a further 50 each year. The U.K. government has
introduced regulations to ban the sale of petrol and diesel
vehicles beyond 2030, and hybrids beyond 2035. As the number of EVs
rises, the demand for en route charging will increase, because most
U.K. vehicles are parked off-street. Ultrafast charging offerings
at MFG stations will be superior to public street low-speed
charging. EV charging represent less than 1% of the group's 2022
EBITDA, but this will grow significantly in the coming years as
utilization rates increase.

The positive outlook reflects S&P's view that there is a
one-in-three chance that it could upgrade MFG if the group
maintains its resilient trading performance combined with the
sustained track record of the sponsor's commitment to a higher
rating.

S&P could downgrade MFG if its S&P Global Ratings-adjusted debt to
EBITDA exceeds 6.5x over the next 12-18 months, or if its earnings
before interest, taxes, depreciation, amortization, and rent
(EBITDAR) cover, FOCF, or liquidity weaken. This could happen if:

-- Changes in the U.K. fuel market fundamentals result
    in a compression of fuel margins per liter, including
    regulatory interventions;

-- The company is unable to roll out nonfuel activities as
    per current plans or cannot control its site cost base
    or working capital;

-- Capex allocated for the rollout of EVs increases beyond
    S&P's expectations, resulting in an erosion of internally
    generated cash;

-- MFG undertakes further debt-funded opportunistic acquisitions
    or shareholder remuneration; or

-- If the swaps to hedge the currency risk on the
    euro-denominated and interest rate are not renewed.

S&P could raise the rating over the next 12 to 18 months if MFG's
cash generation is sufficient to absorb the increase in cash
interest burden, maintain positive FOCF after leases, and sustain
the following credit metrics at all times:

-- Adjusted FOCF to debt of above 5%;

-- Adjusted debt to EBITDA below 5.5x; and

-- EBITDAR to cash interest plus rents cover of 2.0x.

This could occur with stable pricing trends among fuel station
operators and the expansion of its higher-margin nonfuel operations
without a significant capital outflow beyond S&P's forecast. This
should be accompanied by a strong commitment by the financial
sponsor to maintain credit metrics commensurate with a higher
rating.

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of MFG. As a one-market
fuel station operator, MFG faces a risk of higher operating
performance volatility given the industry transition to EVs.
However, the company is relatively well advanced in its plans to
equip its stations with EV fast-charging points and is pursuing a
strategy of raising the share of nonfuel earnings in its mix, which
should help curb risks. Governance factors are also a moderately
negative consideration, in line with our view of most rated
entities owned by private-equity sponsors. We believe the company's
highly leveraged financial risk profile points to corporate
decision-making that prioritizes the interests of the controlling
owners. This also reflects generally finite holding periods and a
focus on maximizing shareholder returns."


CRAIGARD CARE: Two Moray Care Homes to Be Sold Following Collapse
-----------------------------------------------------------------
Ewan Malcolm at The Northern Scot reports that two Moray care homes
are set to be sold after Craigard Care Limited went into
administration.

FRP Advisory, the administrators of the care operator, have agreed
to sell Weston View Care Home in Keith and Wakefield House Care
Home in Cullen, The Northern Scot relates.

Craigard's Riverside Care Home in Aberdeen will also be sold while
all 165 staff members of the homes will transfer following
completion of the sales, The Northern Scot discloses.

That is expected to be completed when the Care Inspectorate
concludes the re-registration process which is required where there
is a change of ownership, The Northern Scot states.

Parklands Care Limited, which operates a further 10 homes across
Moray and the Highlands, will take on Weston View and Wakefield
House, according to The Northern Scot.  Riverside will be sold to
Renaissance Care Limited, The Northern Scot notes.

According to The Northern Scot, Ron Taylor, Managing Director of
Parklands Care Homes, said: "We have agreed to work with the
administrator to ensure that Craigard Care Limited's homes in Keith
and Cullen can continue to operate normally."

Craigard Care, founded in 1996, has gone into administration due to
'very high' operating and agency costs which led to unsustainable
cash flow problems.

Three staff members based at the Aboyne headquarters are set to be
retained to assist the joint administrators in the short term.
However, all four head office staff will ultimately be made
redundant but will receive support from the joint administrators.

"The planned sale of the three homes is excellent news for
residents, staff, suppliers and the local communities that depend
on these important facilities," The Northern Scot quotes Graham
Smith, FRP Advisory Director and joint administrator, as saying.

"We are also delighted that 165 jobs are set to continue when the
proposed deals complete and wish Parklands Care and Renaissance
Care every success with their plans."


CURRENCY MATTERS: March 27 Claims Submission Deadline Set
---------------------------------------------------------
Joseph Walter Colley and John Anthony Dickinson each of Carter
Backer Winter LLP, the Joint Liquidators of Currency Matters
International Limited (in Creditors' Voluntary Liquidation) propose
to make a first interim distribution to Payment Service Users
("Asset Pool Claimants") pursuant to Regulation 23 of the PSR.

Confirmations of balances and bank details ("claim") may be
submitted to the Liquidators at any point up to and including March
27, 2023, that date being the last date for proving. Asset Pool
Claimants are, however, asked to submit confirmation in writing of
their claim at the earliest possible opportunity.

Asset Pool Claimants are required to submit supporting evidence
with their claim (altogether "funds proof") and may be requested to
provide such further details or produce additional documentation or
other evidence as the Liquidators deem appropriate or necessary for
the purpose of reaching a decision on the admissibility of the
whole or any part of the claim.

Asset Pool Claimants who have already submitted confirmation of
their balances and bank details to the Liquidators are not required
to do so again.

The Liquidators intend to declare and make a distribution within
the period of two months from March 27, 2023, in accordance with
the distribution procedure as ordered by the Order of Mr. Justice
Miles dated November 1, 2022 (the "November 1 Order").  This notice
is subject to the Liquidators' right to postpone or cancel the
proposed distribution under the circumstances specified in Schedule
A, Paragraph 8 of the November 1 Order.

Information for Asset Pool Claimants including an example claim
form for the purposes of confirming balances and bank details is
available at https://www.cbw.co.uk/currencymattersdividends
(password: C91842DIV).

Any Asset Pool Claimant who has not already submitted a relevant
funds proof and who does not submit a relevant funds proof by the
last date for proving will not be entitled to share in the proposed
distribution.

All further notices shall be given by way of advertisement on the
above website only and shall not be sent to Asset Pool Claimants.

Joseph Walter Colley and John Anthony Dickinson were appointed as
Joint Liquidators of Currency Matters International Limited on May
27, 2022.

Joseph Walter Colley and John Anthony Dickinson are authorised to
act as insolvency practitioners by the Institute of Chartered
Accountants in England and Wales.

The Joint Liquidators can be reached at:

        Joseph Walter Colley (IP No. 21712)
        John Anthony Dickinson (IP No. 9342)
        Carter Backer Winter LLP
        66 Prescot Street
        London, E1 8NN


DAKRO ENVIRONMENTAL: Bought Out of Administration, 39 Jobs Saved
----------------------------------------------------------------
Rachel Covill at TheBusinessDesk.com reports that a water and air
hygiene company has been sold out of administration, safeguarding
almost 40 jobs.

Dakro Environmental, which has its head office in Brierley Hill,
was placed into administration having faced cashflow issues at the
beginning of the year, TheBusinessDesk.com recounts.

The company -- established a quarter of a century ago -- works
across the UK and Europe, using the latest technology to help its
clients ensure they are legally compliant with HSE regulations
relating to water and air hygiene.

According to TheBusinessDesk.com, Mark Malone and Gareth Prince,
partners at business recovery specialists Begbies Traynor's
Birmingham office, were appointed joint administrators on
March 2, having worked closely with stakeholders to carry out an
accelerated sale process for the business and its assets.

Mr. Malone said that having reviewed the company's financial
situation, they concluded that selling the business out of
administration would provide the best outcome and continuity of
supply for all of their customers, and would secure the jobs of the
39 people employed at Dakro Environmental, TheBusinessDesk.com
relates.

The business and assets were sold to Dakro Air and Water, which
will provide cost-saving air and water hygiene solutions to a wide
range of sectors, from hospitals, schools and colleges to councils,
offices, manufacturers and factories, TheBusinessDesk.com
discloses.


IN THE STYLE: Opts to Sell Business to Avert Administration
-----------------------------------------------------------
Charged reports that online fashion retailer In The Style has
decided to sell its business for just GBP1.2 million to avoid
falling into administration.

The fast fashion firm, which was valued at GBP105 million when it
floated on the London Stock Exchange (LSE) in 2021, has agreed for
In The Style Fashion Limited (ITSFL) to be acquired by private
equity investor Baaj Capital, Charged relates.

Founder and CEO Adam Frisby has agreed to take an equity position
in the Bidco, which was formed for the purpose of the sale only,
Charged discloses.

Once the deal has been completed, he will become the chief
executive, Charged notes.

The fast fashion brand has endured a difficult period, fuelled by
increased competition from global brands such as Shein and a
worsening economic outlook, Charged recounts.

It launched a strategic review in December, which was led by
investment bank Lincoln, Charged relays.

However, it experienced "challenging" trading in January and
February, which resulted in high levels of markdown and a reduction
in wholesale demand, Charged states.

Its cash position has fallen from GBP3.2 million at the end of the
year to GBP900,000 at the end of February, Charged discloses.

According to Charged, in a statement the company said: "As a result
of this expected reducing cash balance and the expectation that the
trading environment will remain challenging in the near term, the
board is of the opinion that, in the absence of raising further
funds or completion, there would be no alternative other than the
company and ITSFL to enter into administration or some other form
of insolvency procedure in due course."



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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