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

                          E U R O P E

          Thursday, March 16, 2023, Vol. 24, No. 55

                           Headlines



F R A N C E

TECHNICOLOR CREATIVE: S&P Downgrades Long-Term ICR to 'D'


G E R M A N Y

DOUGLAS GMBH: Fitch Affirms 'B-' LT IDR, Alters Outlook to Stable


G R E E C E

SANI/IKOS GROUP: Moody's Confirms B3 CFR & Alters Outlook to Neg.


I R E L A N D

PERMANENT TSB: Fitch Corrects March 14 Rating Release


L U X E M B O U R G

ARDAGH METAL: Moody's Lowers CFR to B2 & Alters Outlook to Stable


S P A I N

BBVA LEASING 1: Fitch Affirms Then Withdraws Csf Rating on C Notes


S W E D E N

TRANSCOM TOPCO: S&P Raises ICR to 'B' on Operational Improvements


S W I T Z E R L A N D

CREDIT SUISSE: Borrows More Than $50 Billion From Swiss Bank
CREDIT SUISSE: Shares Drop After Saudi Lender Denies Funding


T U R K E Y

VB DPR FINANCE 2023: Fitch Puts Final BB+ Rating on Tranches H & I


U N I T E D   K I N G D O M

AMVOC: Enters Administration, 450 Jobs Affected
ATOM MORTGAGE: Moody's Cuts Rating on GBP52.7MM Cl. E Notes to B1
BIGCHANGE GROUP: Goldman Sachs Marks GBP870,000 Loan at 46% Off
FERGUSON MARINE: Watchdogs Criticize GBP87,000 Bonus Payments
FINASTRA LIMITED: Moody's Cuts CFR to Caa1, Alters Outlook to Neg.

GRAINGER & WORRAL: Goes Into Administration
GREEN GEM: Put Under Investigation by FSCS
GROSVENOR SQUARE 2023-1: Fitch Gives Final 'B-sf' Rating to F Notes
GROSVENOR SQUARE 2023-1: S&P Assigns B(sf) Rating to Class F Notes
MEDEANALYTICS INC: Goldman Sachs Marks $1M Loan at 21% Off

THOMAS COOK: Pension Scheme Trustees Mull Deal with Aviva
WATERFALL AQUATICS: Goes Into Liquidation, Owes More Than GBP400K

                           - - - - -


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F R A N C E
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TECHNICOLOR CREATIVE: S&P Downgrades Long-Term ICR to 'D'
---------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Technicolor Creative Studios (TCS) and on its term loan
to 'D' (default) from 'CCC-'. S&P also removed the issuer credit
rating from CreditWatch, where S&P place it with negative
implications on Feb. 9, 2023. The company's revolving credit
facility (RCF) is unrated.

S&P will reassess its ratings on the company once the transaction
is completed in the next few months.

Paris-listed provider of visual and animation studio effects (VFX),
announced that it reached an agreement in principle on a financial
restructuring plan with creditors and shareholders. At the same
time, S&P Global Ratings believes it is likely that as part of the
restructuring TCS has either not paid interest on its current debt
obligations or that the nonpayment of interest is a virtual
certainty, given the company's need to preserve its financial
flexibility.

S&P said, "We believe the nonpayment of interest has either
happened or is a virtual certainty for TCS, given the company's
need to preserve its financial flexibility.Under our criteria, we
consider this a general default, since the obligor has failed to or
will fail to pay all or substantially all of its obligations under
its RCF and term loan as they come due."

The company has announced its intention to undertake a
comprehensive debt restructuring. On March 8, 2023, TCS announced
that it reached an agreement in principle on a financial
restructuring plan with creditors and shareholders. The agreement
has been approved unanimously by the board of directors and will be
submitted for approval to the Commercial Court of Paris by the end
of March. The agreement aims to raise about EUR170 million in new
money through a mix of a super senior secured credit facility and
convertible notes. It also plans to convert up to EUR200 million of
the existing term loan into EUR30 million equity and into a new
EUR170 million subordinated instrument. S&P will reassess its
ratings on the company once the transaction is completed in the
next few months.




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G E R M A N Y
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DOUGLAS GMBH: Fitch Affirms 'B-' LT IDR, Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised Douglas GmbH's Outlook to Stable from
Negative, while affirming the retailer's Long-Term Issuer Default
Rating (IDR) at 'B-'.

The revision of the Outlook reflects its expectation that potential
weakening in consumer beauty spending in 2023 will not lead to a
material increase in Douglas's leverage. This is due to the
company's stronger operating performance than Fitch previously
projected and cost benefits from its almost completed restructuring
programmes. The Stable Outlook also reflects its expectation of
improving cash flow generation, which together with an undrawn
revolving credit facility (RCF), will support adequate liquidity in
the medium term.

The 'B-' rating balances Douglas's high leverage and weak coverage
metrics with its strong operating profile as Europe's largest
beauty retailer with large scale, product breadth and established
multi-channel distribution capabilities. As there is no headroom
under its 'B-' rating, the lack of deleveraging ahead of debt
maturities in 2026 or erosion of liquidity could lead to a negative
rating action.

KEY RATING DRIVERS

Strong Business Recovery: Douglas performed strongly in FY22
(financial year-end September 2022) and 1QFY23, with like-for-like
sales growth of 22% and 13%, respectively. This was driven by a
post-pandemic recovery of demand for beauty products, price
increases and favourable product-mix changes. Fitch-adjusted EBITDA
margin also improved to 8.1% in FY22, after being unsustainably low
during FY20-FY21.

Discretionary Consumer Spending on Beauty: Despite being subject to
discretionary consumer spending, beauty has been less susceptible
to cyclicality than other retail sub-sectors, such as consumer
electronics, furniture or apparel. This, together with Douglas's
leading market position, should result in moderate impact from a
slowdown in consumer spending in 2023. Fitch projects revenue will
still grow in FY23 and margins will remain intact as potential
weakness in the rest of the year should be limited while the strong
Christmas performance in 1QFY23, the most important quarter for
Douglas, supports overall results for the financial year.

Excessive Leverage: Douglas operates under a highly leveraged
capital structure, which is consistent with a 'CCC' rating
category. This has resulted from its refinancing completed in FY21
and debt-funded acquisition of Dutch online pharmacy Disapo in
FY22. Fitch sees a limited scope for reducing EBITDAR leverage
(FY22: 8.2x) over the medium term due to capitalising interest on
payment-in-kind (PIK) notes but net leverage could improve on
better cash generation. Fitch believes that reducing net leverage
by FYE25 is critical to managing refinancing risk ahead of the
majority of Douglas's maturities in FY26.

Store Restructuring Completed: At FYE22, Douglas had completed its
store restructuring programme, with the exception of Spain, which
it is close to finalising. It has already resulted in profitability
improvements in FY22 and Fitch expects more cost benefits in
FY23-FY24, which would allow the company to offset cost inflation
and potential pressure from consumers trading down to cheaper
products. Management is now working on an update of the strategy,
which considers further improvement in profitability and cash flow
generation but this is not yet incorporated into its rating case.

Negative but Improving FCF: Fitch-calculated free cash flow (FCF)
has been negative since FY18. Although Fitch expects it to remain
modestly negative in FY23-FY24 due to investments in store
renovation, cash consumption will slow as Douglas will no longer
incur restructuring charges. Fitch projects FCF to turn positive
from FY25 as profit margins expand and interest rates normalise.

Tight Coverage Metrics: Douglas's EBITDAR fixed charge coverage
improved to 1.4x in FY22 from 1.0x in FY21 but remains weak for the
sector. Assuming interest capitalisation on its PIK notes, Fitch
expects EBITDAR fixed charge to remain around 1.5x over the medium
term, leaving little headroom for operating underperformance.

Largest European Beauty Retailer: Douglas's business profile is
commensurate with a 'BB' rating category due to its large market
position in European beauty retail with leading shares in a number
of important markets, such as Germany, France, Italy, Poland and
Netherlands. It sells products of the largest beauty companies and
has an extensive product and brand assortment. This will help
Douglas to benefit from moderate but consistent long-term growth in
consumer spending on beauty, which will be driven mostly by shifts
towards more premium products.

Omni-Channel Business Model: Douglas has achieved a strong online
presence and omni-channel capabilities, which position it firmly
against competition and align its business model with evolving
consumer shopping preferences. In FY22, online sales accounted for
33% of revenue, which Fitch believes could rise to 40%-50% over the
long term. At the same time, beauty stores will remain an important
part of the business, offering consumers additional experiences and
shopping advice, which are key in the premium segment or specific
product categories such as fragrance.

DERIVATION SUMMARY

Fitch assesses Douglas's rating using its Ratings Navigator for
Non-Food Retailers and by comparing its credit profile with mainly
store-based luxury and online beauty retailers', given its strong
and increasing e-commerce capabilities, as well as with selected
branded beauty product companies. Douglas is one of Europe's
largest retailers with scale, product breadth and multi-channel
distribution that are commensurate with a 'BB' rating category
business profile. These strengths are balanced by an aggressive
financial structure.

Douglas's multi-notch rating difference with luxury, predominantly
store-based retailer Capri Holdings Limited (BBB-/ Stable) is due
to its materially stronger operating and cash flow profitability,
as well as lower leverage. Compared with Ceconomy AG (BB/ Stable),
German electronics retailer, Douglas exhibits similar business
characteristics in market position, geographic focus as well as
exposure to discretionary spending but has a significantly weaker
financial profile given Ceconomy's limited financial debt.

Pure online beauty retailer THG PLC (B+/Negative) is rated two
notches above Douglas, mainly due to a more conservative post-IPO
financial policy with EBITDAR gross leverage projected to improve
to 5.4x by 2024.

Comparability of Douglas with the Very Group Limited (B-/Stable) is
limited, given the latter's high exposure to consumer-finance
services supporting online retail activities.

The ratings of manufacturers of branded cosmetics Oriflame
Investment Holding Plc (B/Negative) and Sunshine Luxembourg VII
SARL (Galderma, B/Stable) partly reflect similar business risks to
Douglas's, given their exposure to consumer sentiment and
preferences and the importance of marketing investments and
distribution networks as well as fairly highly leveraged capital
structures.

Oriflame and Galderma benefit from intrinsically higher operating
and cash flow margins and, for Galderma, the medicinal nature of
some of its products is supported by in-house R&D. This, along with
scale and product and geographic breadth, supports Galderma's
higher IDR.

Oriflame's one-notch differential with Douglas's rating reflects
the former's potential to return to lower leverage, although the
Negative Outlook reflects its expectation that leverage will remain
high for the rating and potential difficulties in extracting
savings from a downsizing of operations.

KEY ASSUMPTIONS

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

- Like-for-like sales growth decelerating in FY23-FY24, reflecting
weakening consumer sentiment and smaller price increases

- Online sales growing at a faster rate than in-store sales to
FY26

- Fitch-adjusted EBITDA margin flat at 8.1% in FY23, gradually
improving towards 8.7% in FY26

- Non-recurring cash costs of EUR5 million in FY23 to finalise the
Spanish restructuring; no restructuring charges thereafter

- PIK notes interest capitalised over FY23-FY26

- Annual capex at around 3% of sales over FY23-FY26

- Payment of the remaining EUR25 million for the Disapo acquisition
in FY23; no M&A thereafter

RECOVERY RATING ASSUMPTIONS

Fitch assumes that Douglas would be considered a going-concern (GC)
in bankruptcy and that it would be reorganised rather than
liquidated.

In its bespoke GC recovery analysis, Fitch considered an estimated
post-restructuring EBITDA available to creditors of around EUR250
million. In its view, bankruptcy could come as a result of a
prolonged economic downturn combined with more difficulties in the
turnaround of the store network or weaker-than-expected online
performance.

Fitch have used a distressed enterprise value (EV)/EBITDA multiple
of 5.5x. This is 0.5x higher than the 5.0x mid-point used for
corporates outside the US, due to the company's exposure to rapid
online sales growth and already developed omni-channel
capabilities, which combined with its leading position in Europe
and high brand awareness, would result in a higher-than average EV
multiple.

Fitch assumes Douglas's EUR170 million senior secured RCF would be
fully drawn on a company default. Secured creditor claims also
include its EUR1,305 million senior secured notes and its term loan
B (TLB) for EUR675 million. Fitch assumes all senior secured debt
to rank equally. Its EUR543 million senior PIK toggle notes (EUR475
million plus accumulated interest) are subordinated to senior
secured debt.

After deducting 10% for administrative claims, its analysis
generated a ranked recovery for the senior secured debt in the
'RR3' category with a waterfall-generated recovery computation
(WGRC) of 58%, and for the PIK toggle notes in the 'RR6' category
with a WGRC of 0%, reflecting their subordination to a large
portion of secured debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to an
Upgrade:

- Successful business optimisation, including online operations,
evident in sustained like-for-like sales growth and the FFO margin
trending towards 6% (EBITDA margin above 10%)

- Strengthening credit metrics with EBITDAR leverage below 6.5x and
EBITDAR fixed charge coverage above 2.0x on a sustained basis

- Sustained positive FCF margin in the low to mid-single digits

Factors that Could, Individually or Collectively, Lead to a
Downgrade:

- Challenges in implementing business optimisation, resulting in
delays to deleveraging or higher-than-expected cash costs and FFO
margin remaining consistently below 4% (EBITDA margin below 8%)

- Negative FCF requiring a permanently drawn RCF leading to
diminishing liquidity headroom

- No visibility of EBITDAR leverage falling below 8.0x two years
before upcoming debt maturities on a sustained basis

- EBITDAR fixed charge coverage tightening towards 1.4x on a
sustained basis

- No visibility on refinancing options 18-20 months ahead of debt
maturities

LIQUIDITY AND DEBT STRUCTURE

Liquidity to Improve: Fitch expects FCF margins to improve starting
in FY23, on the completion of the store restructuring programme,
despite some investments still being made in primarily store
refurbishments. This will allow Douglas to maintain adequate
liquidity to FY26, which contributes to the revision of the Outlook
to Stable.

Douglas's end-2022 cash on its balance sheet totaled EUR517
million. It had access to EUR160 million under its committed EUR170
million RCF (EUR10.4 million is reserved for rental guarantees).
The cash balance was seasonally high and reflected strong Christmas
sales. Fitch expects its cash balance to normalise and reduce over
the rest of FY23, in line with the usual seasonal working capital
pattern, with cash at FYE23 consistent with historical levels.
Fitch restricts fiscal year-end cash by EUR100 million to take into
account seasonal working-capital swings.

Following a refinancing in 2021, Douglas benefits from extended
maturities, with all its debt maturing in 2026.

ISSUER PROFILE

Douglas is a leading pan-European beauty and personal care products
retailer present in 26 countries, with #1 or #2 position in most of
its markets.

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
   -----------             ------         --------   -----
Kirk Beauty
SUN GmbH

   Subordinated      LT     CCC  Affirmed    RR6       CCC

Douglas GmbH         LT IDR B-   Affirmed               B-

   senior secured    LT     B    Affirmed    RR3        B



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G R E E C E
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SANI/IKOS GROUP: Moody's Confirms B3 CFR & Alters Outlook to Neg.
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Moody's Investors Service has confirmed the B3 corporate family
rating of Sani/Ikos Group S.C.A. (Sani/Ikos or the company).
Simultaneously, Moody's has downgraded to Caa1-PD from B3-PD the
company's probability of default rating and to Caa2 from Caa1 the
instrument rating of the EUR300 million backed senior secured bond
guaranteed by the company and issued by Sani / Ikos Financial
Holdings 1 S.a r.l. The outlook on all ratings has been changed to
negative from rating under review. This concludes the review for
downgrade initiated on December 12, 2022.

"The rating confirmation of Sani/Ikos CFR reflects the strong
operating performance which Moody's expect will continue despite
rising costs and deteriorated macro environment in the next 12 to
18 months. The negative outlook reflects that the rating is weakly
positioned especially in light of the increased leverage of
Sani/Ikos in terms of debt/EBITDA, which Moody's expect to remain
in the low double digits on the back of significant debt-funded
growth and higher tolerance for leverage. The one-notch downgrade
of the PDR and the backed senior secured instrument rating reflect
the increased level of subordination derived from the larger amount
of mortgage debt raised by the company" says Elise Savoye CFA, a
Moody's Vice President-Senior Analyst and lead analyst for
Sani/Ikos.

RATINGS RATIONALE

The CFR confirmation reflects Sani/Ikos' strong operating
performance with a 22% EBITA margin and a EUR566 record high ADR in
2022. Moody's expects operating performance to remain solid over
the coming quarters with further – more muted- RevPAR growth
partially mitigating rising costs and interests. The good level of
bookings to date for 2023 exceeding 70% of Sani/Ikos' budget as of
March 11, 2023, with strong ADRs suggests that Sani/Ikos' affluent
client base is not or little affected by the deterioration of the
macro-environment. Sani/Ikos' liquidity is adequate but Moody's
expect the company to continue to be free cash flow negative for
2023 and 2024 given its significant capital expenditure. Moody's
expect the Debt/EBITDA ratio to increase from 11.2x as of FY 2022
to around 12.5x over the next 12 to 18 months. Consequently, the
interest coverage will decrease from 1.6x to around 1x over the
next 12 to 18 months on the back of the increased cost of funding
and higher leverage.

The one notch downgrade of the PDR and of the backed senior secured
instrument rating to Caa1-PD and Caa2 respectively reflect the
increased level of subordination borne by the secured bond holders
derived from the larger amount of mortgage debt raised by the
company.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlooks reflects Moody's expectation that the
leverage will remain in the low double-digits over the next 12 to
18 months which positions Sani/Ikos weakly in its rating category.
The current leverage reflects the significant debt-funded growth,
which will help generate significant but still uncertain accretive
revenues from 2025. Given its weak interest coverage, its high
leverage and the rising interest rate environment, Sani/Ikos has
little capacity to sustain a deterioration of its operating
performance.

STRUCTURAL CONSIDERATIONS

The backed senior secured bond is structurally subordinated to
indebtedness of the subsidiaries, and subordinated to all debt
secured by property and partially corporate guarantees. The Caa2
rating of the backed senior secured bond reflects the subordinated
nature of the bond, which has increased with the regearing of the
Sani/Ikos capital structure in November 2022. Moody's expect
further encumbrance of operating assets as Sani/Ikos progresses on
its growth plan; if the company were to retain assets unencumbered,
subordination would reduce, a positive.

The company also uses preferred equity certificates that Moody's
have given 100% equity credit for given their equity-like features,
in line with Moody's Hybrid Equity Credit methodology, September
2018.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's take into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.
The company's main shareholder is GIC Private Limited alongside the
company's founders and management. With the ownership structure
comes a higher tolerance for leverage. Sani/Ikos Group GP S.a r.l.
is Sani/Ikos' general partner and is managing Sani/Ikos Group
S.C.A. and has full control over the affairs of the company.
Sani/Ikos' credit impact score (CIS-4, highly negative) mainly
reflect its leverage appetite and concentrated ownership. The
company has a high environmental risk exposure stemming from
physical climate risk and moderately from carbon transition risk.
Its moderate social risk exposure reflects customer relation risks
related to managing customer data and reputation.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Leverage reduction with operating cash flow and a supportive
financial policy to achieve Debt/EBITDA sustainably below 7x

Interest cover approaching a 2x

No cash outflows out of the company supporting an adequate
liquidity

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

A significantly weaker liquidity profile with on-going cash burn
before capital expenditure and/or significant cash outflows out of
the company

Debt/EBITDA sustainably above 11x

Sani/Ikos' operating margin falls below 20% on a sustained basis

Failure to secure funding for its committed capital spending

LIST OF AFFECTED RATINGS

Confirmation:

Issuer: Sani/Ikos Group S.C.A.

LT Corporate Family Rating, Confirmed at B3

Downgraded:

Issuer: Sani/Ikos Group S.C.A.

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Issuer: Sani / Ikos Financial Holdings 1 S.a r.l.

BACKED Senior Secured Regular Bond/Debenture, Downgraded to Caa2
from Caa1

Outlook Actions:

Issuer: Sani/Ikos Group S.C.A.

Outlook, Changed To Negative From Rating Under Review

Issuer: Sani / Ikos Financial Holdings 1 S.a r.l.

Outlook, Changed To Negative From Rating Under Review

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Sani/Ikos runs 2,750 rooms and suites in 10 luxury hotels in Greece
and Spain under the Sani and Ikos brands. Sani resort is a
fully-integrated resort in a single location while the Ikos concept
of the group consist of luxury all-inclusive hotels in different
locations. The company currently works towards opening another 4
hotels in Greece, Spain and Portugal, adding in excess of 1,500
rooms over the coming years. The hotels typically operates through
an extended 7-month season. In 2022, the group generated EUR318.5
million in revenues.



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I R E L A N D
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PERMANENT TSB: Fitch Corrects March 14 Rating Release
-----------------------------------------------------
This rating action commentary replaces the version published on 14
March 2023 to correct PTSB's Long-Term IDR in the rating table to
'BBB-' from 'BBB+'.

Fitch Ratings has assigned Permanent TSB Group Holdings plc
(PTSBGH) a Long-Term Issuer Default Rating (IDR) of 'BB+' and
Viability Rating (VR) of 'bb+'. Fitch has also assigned the group's
operating subsidiary, Permanent TSB plc (PTSB), a Long-Term IDR at
'BBB-'. The Outlooks on the Long-Term IDRs are Positive.

KEY RATING DRIVERS

Small Irish Mortgage Lender: PTSBGH's ratings reflect its small
domestic franchise, which lacks the scale and breadth of the two
dominant larger Irish banks, as well as its simple but
undiversified business model concentrated on a small market. The
ratings also reflect the bank's moderate risk profile and improving
asset quality, with a focus on low-risk residential mortgage
lending, although it is subject to some execution risk from planned
growth in SME lending. In addition, the ratings factor in the
bank's satisfactory capitalisation but weak capital generation, and
stable but undiversified funding profile underpinned by a granular
and stable deposit base.

Acquisition Strengthens Prospects: The Positive Outlook reflects
its expectation that PTSBGH's profitability and capitalisation,
and, consequently its overall financial profile, should benefit
from the acquisition of a EUR6.7 billion portfolio of performing
non-tracker residential mortgages, SME loans and asset finance from
Ulster Bank Ireland DAC. This should improve the diversification of
PTSBGH's business profile, although the bank will remain primarily
a mortgage lender. Fitch also expects an increasingly benign
operating environment to support the strengthening of the bank's
financial profile.

Simple but Concentrated Business Model: PTSBGH is Ireland's
third-largest commercial bank, although its asset base considerably
trails that of its two dominant domestic peers. It operates
exclusively in its home market, with a strategy that is clearly
focused on retail banking and a product offering dominated by
mortgage loans and savings. Residential mortgages accounted for
about 95% of the bank's total gross loans at end-2022.

Risk Profile Moderate; Execution Risk: Fitch expects PTSBGH to
maintain a conservative risk appetite, given its focus on low-risk
residential mortgage lending in Ireland. Planned growth in SME
lending and asset finance poses some risk in the medium term due to
the bank's more limited record in these segments. However, Fitch
expects the risks will be contained and should not result in a
material change in the bank's risk profile as growth will be
relatively modest, highly granular, and SME lending will be mostly
secured on property.

Average Credit Quality, Weakening Likely: PTSBGH's impaired loan
ratio fell to 3.2% by end-2022 (end-2021: 5.5%; end-1H22 peer
average: 4.2%), helped by the acquisition of EUR5.2 billion of
performing mortgage loans in 4Q22 and further deleveraging of
legacy assets. Some near-term weakening of the ratio is likely due
to inflows of impaired loans from borrowers vulnerable to a weaker
macroeconomic environment but Fitch expects it to be maintained in
line with management's target of below 4%.

Weak Profitability to Improve: Fitch expects PTSBGH's profitability
to improve considerably in the near term, benefiting from a
significantly larger revenue base and higher net interest margin
due to more favourable asset yields. Net interest income will
continue to dominate the bank's undiversified earnings. The
operating profit/risk-weighted assets (RWAs) ratio of 0% in 2022
was considerably weaker than its peer average (2.3% as of end-1H22)
but Fitch expects it to rise and be sustained above 1% from 2023.

Satisfactory Capitalisation, Weak Capital Generation: Its view of
PTSBGH's capitalisation considers its satisfactory buffers above
minimum regulatory requirements, moderate risk profile, and weak,
but set to improve, internal capital generation. Its fully-loaded
common equity Tier 1 (CET1) ratio of 15.2% at end-2022 was above
its long-term target minimum of around 14%.

Stable but Undiversified Funding Profile: Stable and granular
retail deposits form the bulk of PTSBGH's funding (about 88% at
end-2022), underpinning Fitch's assessment of funding and the
bank's satisfactory liquidity. Access to wholesale funding is
adequate - with issuance needs limited to building resolution
buffers - but is more sensitive to investor confidence and more
expensive than at larger Irish peers.

Holdco VR Equalised with Opco: Fitch assesses the group on a
consolidated basis. PTSBGH acts as the holding company of the
Permanent TSB group and the issuing vehicle to meet the group's
minimum requirements for own funds and eligible liabilities (MREL).
PTSBGH's VR is aligned with the VR of its wholly-owned operating
subsidiary, PTSB, to reflect the absence of material double
leverage at the holding company and prudent liquidity management.
Fungibility of capital and liquidity across the group is currently
constrained by a regulatory restriction on dividends but is
mitigated by the fact that MREL instruments make up PTSBGH's entire
liability structure.

Debt Buffers Drive IDR Uplift: PTSB's Long-Term IDR is notched up
once from the bank's VR to reflect additional protection to
external senior creditors afforded by the internal MREL debt
buffers. These buffers are underpinned by the group's strategy to
fulfil MREL exclusively with holding company senior unsecured and
more junior debt. Under the group's single-point-of-entry
resolution strategy, senior debt issued at the holding level is
down-streamed to PTSB as senior non-preferred debt and statutorily
subordinated to external senior creditors.

RATING SENSITIVITIES

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

Weaker Than Expected Profitability, Capitalisation: Significantly
weaker than anticipated improvement in profitability, as reflected
in the operating profit/RWAs ratio remaining durably below 1% and
leading to lower internal capital generation than in its base case,
could result in a revision of the Outlook to Stable. Such a
scenario could result, for example, from a failure to absorb the
loan portfolio acquisition effectively and keep the associated
costs and credit risk under control.

Asset Quality Deterioration: A downgrade of the VRs could be
triggered by a severe and prolonged deterioration of the operating
environment for banks in Ireland impacting borrowers' repayment
capacity, if this caused the group's impaired loan ratio to
increase durably and significantly above 4%. This would also lead
to a re-assessment of the group's risk profile and have negative
implications for profitability and capitalisation.

Rising Holdco Double Leverage: PTSBGH's VR would also be downgraded
if the holding company's double leverage was sustained above 120%,
which Fitch does not expect.

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

Better Operating Environment: An upgrade could result from Fitch's
positive re-assessment of PTSBGH's operating environment, if this
was accompanied by a perceived improvement of the bank's business
and financial profiles. The former would require Irish banks to
successfully weather the near-term macroeconomic challenges with
their financial profiles intact.

Earnings, Capital, Risk Profile: An upgrade could result from
improved profitability, as reflected in an operating profit/RWAs
ratio above 1.5% on a sustained basis, supporting a CET1 ratio
comfortably in line with management's target of above 14% thanks to
better capital generation. At the same time, an upgrade would also
require a better risk profile assessment. This would depend on
successful execution of the growth strategy without significant
increase in problem loan formation, as reflected in an impaired
loans ratio sustainably below 4%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

PTSBGH and PTSB's Short-Term IDRs of 'B' and 'F3', respectively,
have been assigned in line with Fitch's rating correspondence
table.

Holdco Debt Aligned With IDR: The long-term rating assigned to
PTSBGH's EUR15 billion euro note issuance programme is aligned with
PTSBGH's Long-Term IDR. This is because Fitch believes default on
senior unsecured obligations from the programme would equate to a
default of PTSBGH itself and Fitch expects recoveries to be
average.

No Sovereign Support Assumed: PTSBGH's and PTSB's GSR of 'no
support' reflect Fitch's view that senior creditors cannot rely on
extraordinary support from the Irish authorities in the event that
the group becomes non-viable. In its opinion, the EU's Bank
Recovery and Resolution Directive and Single Resolution Mechanism
provide a framework that is likely to require senior creditors to
participate in losses for resolving the bank.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The long-term rating of PTSBGH's euro note issuance programme is
sensitive to changes in PTSBGH's Long-Term IDR.

An upgrade of the GSRs would be contingent on a positive change in
the sovereign's propensity to support its banks. While not
impossible, this is highly unlikely, in Fitch's view.

VR ADJUSTMENTS

The operating environment score of 'bbb+' has been assigned below
the 'aa' category implied score due to the following adjustment
reasons: size and structure of economy (negative), reported and
future metrics (negative), level and growth of credit (negative)

The earnings & profitability score of 'bb-' has been assigned above
the 'b' implied score due to the following adjustment reason:
historical and future metrics (positive)

The capitalisation & leverage score of 'bb+' has been assigned
below the 'bbb' implied score due to the following adjustment
reason: internal capital generation and growth (negative)

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        
   -----------                     ------        
Permanent TSB
plc              LT IDR             BBB- New Rating
                 ST IDR             F3   New Rating
                 Viability          bb+  New Rating
                 Government Support ns   New Rating

Permanent TSB
Group Holdings
plc              LT IDR             BB+  New Rating
                 ST IDR             B    New Rating
                 Viability          bb+  New Rating
                 Government Support ns   New Rating

   senior
   unsecured     LT                 BB+  New Rating



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

ARDAGH METAL: Moody's Lowers CFR to B2 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating and to B2-PD from B1-PD the probability of
default rating of Ardagh Metal Packaging S.A. ("AMP" or "the
company"). AMP is a Luxembourg based manufacturer of metal
containers for the beverage industry.

Concurrently, Moody's has downgraded to Ba3 from Ba2 the rating on
the $1,700 million equivalent backed senior secured notes due 2027
and 2028 and to Caa1 from B3 the rating on the $1,600 million
equivalent backed senior unsecured notes due 2029, all notes
co-issued by Ardagh Metal Packaging Finance plc and Ardagh Metal
Packaging Finance USA LLC, wholly owned subsidiaries of AMP. The
outlook on all entities has been changed to stable from negative.

"The downgrade to B2 from B1 reflects AMP's weaker than anticipated
operating performance in 2022 owing to inflationary strains and
subdued demand for beverage cans which is expected to persist in
the first half of 2023. This will prevent the company from
improving its credit metrics to levels consistent with the previous
B1 rating in the near term," says Donatella Maso, a Moody's Vice
President – Senior Credit Officer, and lead analyst for AMP.

RATINGS RATIONALE

Following weaker-than-expected Q3 and Q4 2022 results amid softer
demand for beverage cans, inflationary strains, and lower
absorption of fixed costs, AMP's Moody's adjusted EBITDA, after
start-up costs, was broadly flattish year-over-year at around
EUR550 million and its gross leverage further increased to 7.7x in
2022 compared to 6.0x in 2021, owing to increased debt.

While over the period 2023-2024, Moody's expects AMP to benefit
from pass-through clauses for non-metal raw materials and energy
costs, demand for beverage cans, particularly in North America and
Brazil will likely remain subdued in 2023 constraining meaningful
EBITDA growth and preventing an improvement in credit metrics to
levels consistent with the previous B1 rating category.  

Moody's expects that demand will continue to be weak in the first
half of 2023 but to improve thereafter as customers resume their
promotional activities. As a result, AMP's EBITDA will gradually
recover to around $700 million by the end of 2024 from a
combination of increased volumes and greater fixed cost absorption,
although remaining well below management's original expectations,
and its leverage will reduce to around 6.5x by the end of that
year. At the same time, the rating agency expects the company not
to comply with its public net leverage target of 3.75x-4.0x over
this period.

In response to softer demand, the company announced last year its
intention to curtail and rephase its growth investment plan. As of
December 2022, AMP had already invested approximately $1.1 billion
(excluding leases) in additional can capacity, which is currently
under-utilised due to unfavourable supply-demand dynamics. Growth
investments will significantly reduce in 2023-2024, since the
company will focus on the completion of projects already started,
thus limiting the need for additional funding. Despite lower capex,
AMP's free cash flow (FCF) continues to be constrained by
increasing interest expenses and dividend distributions. Given the
negative FCF generation, Moody's expects the company to delay the
share buy back program.

The B2 rating continues to reflect AMP's weak credit metrics,
including its high gross leverage of 7.7x as of December 2022 and
the expectation of negative FCF until 2024; its business
concentration in terms of products, end-markets and customers; the
risk of prolonged industry oversupply with negative effect on
prices and profitability; and a degree of exposure to fluctuating
input prices and currencies, albeit mitigated by pass though
clauses in the majority of customers contracts, hedging, and by the
debt being issued in different currencies matching cash flows.

The B2 rating remains supported by the company's leading market
position as the world's third largest beverage can manufacturer in
a consolidated but equally competitive industry with some barriers
to entry; its geographically diversified and well invested
footprint; its exposure to stable end-markets; and the long-term
positive fundamentals of the metal beverage can industry, driven by
sustainability trends and the emergence of new drink categories.

LIQUIDITY

Moody's views AMP's liquidity as adequate for its near term
requirements. AMP has approximately $555 million of cash on balance
sheet at the end of 2022; full availability under its $415 million
asset based loan facility (ABL) due 2026; and access to uncommitted
non-recourse factoring arrangements. The nearest debt maturity is
in 2027, when the $600 million backed senior secured notes become
due.

The ABL facility is subject to a springing financial covenant that
would require AMP to maintain a 1.0x fixed charge coverage ratio,
tested quarterly, if 90% or more of the facility is drawn. Moody's
expects AMP to maintain adequate flexibility under the covenant
over the next 12 to 18 months.

STRUCTURAL CONSIDERATIONS

The B2-PD PDR is aligned with the CFR based on a 50% family
recovery rate, as is customary for transactions that include both
bonds and bank debt.

The Ba3 instrument rating on the backed senior secured notes is two
notches above the CFR, mainly reflecting the significant amount of
debt ranking junior to the notes. The Caa1 instrument rating on the
backed senior unsecured notes is two notches lower than the CFR,
reflecting their subordination to the sizeable amount of senior
secured debt that ranks ahead. The senior secured notes are secured
by share pledges and floating charges over assets in certain
jurisdictions. The senior secured notes rank junior with respect to
the ABL facility's collateral. Both senior secured and senior
unsecured notes are guaranteed by the parent guarantor (AMP) and
its subsidiaries, which accounted for 76% of AMP's aggregate assets
and 68% of its consolidated EBITDA as of March 31, 2022.

The notes issued within the AMP restricted group are ring fenced,
with no cross-default provisions with the debt sitting at its
parent company (Ardagh Group S.A.) and there are no upstream or
downstream guarantees.

RATIONALE FOR STABLE OUTLOOK

Although AMP is weakly positioned in the B2 rating category, the
stable outlook reflects Moody's expectation that demand for
beverage cans will improve from the second half of 2023 allowing
for a gradual recovery in earnings and deleveraging below 6.5x. The
outlook also incorporates Moody's expectation that AMP will
maintain an adequate liquidity profile.

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

A rating upgrade is unlikely in the near term as the company is
currently weakly positioned in the B2 rating category. However,
positive rating pressure could develop overtime if AMP's EBITDA
significantly increases as a result of improved demand and the
company develops a track record of consistent and prudent financial
policies maintaining a Moody's adjusted leverage below 5.5x and
generating positive free cash flow (FCF), both on a sustained
basis.

Negative rating pressure could arise in case of prolonged demand
weakness, if the company fails to reduce its Moody's adjusted
leverage towards 6.5x by the end of 2024; its EBITDA/interest cover
ratio falls below 3.0x; its FCF remains sustainably negative beyond
2024; or its liquidity weakens. A more aggressive financial policy
or a deterioration of AMP's parent company's credit quality could
also add pressure on its rating.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Ardagh Metal Packaging Finance plc

BACKED Senior Secured Regular Bond/Debenture, Downgraded to Ba3
from Ba2

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
from B3

Issuer: Ardagh Metal Packaging S.A.

Probability of Default Rating, Downgraded to B2-PD from B1-PD

LT Corporate Family Rating, Downgraded to B2 from B1

Outlook Actions:

Issuer: Ardagh Metal Packaging Finance plc

Outlook, Changed To Stable From Negative

Issuer: Ardagh Metal Packaging S.A.

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

COMPANY PROFILE

AMP is a global manufacturer of metal cans for the beverage
industry. AMP operates through 24 plants located in 9 countries
across Europe, North America and Brasil. For the financial year
ending December 31, 2022, AMP generated approximately $4.7 billion
of revenue and $550 million of EBITDA, as adjusted by Moody's.

AMP is a Luxembourg based company, listed on the New York Stock
Exchange since August 2021. AMP is majority owned by Ardagh Group
S.A. with a 76% stake.          



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

BBVA LEASING 1: Fitch Affirms Then Withdraws Csf Rating on C Notes
------------------------------------------------------------------
Fitch Ratings has affirmed BBVA Leasing 1, FTA's class C notes at
'Csf' and subsequently withdrawn rating.

   Entity/Debt          Rating          Prior
   -----------          ------          -----
BBVA Leasing 1,
FTA

   Class C
   ES0314209034     LT Csf   Affirmed     Csf

   Class C
   ES0314209034     LT WDsf  Withdrawn    Csf

TRANSACTION SUMMARY

BBVA Leasing 1 FTA is a securitisation of a pool of leasing
contracts originated in Spain by Banco Bilbao Vizcaya Argentaria
S.A. (BBVA; BBB+/Stable/F2). The leasing contracts are extended to
non-financial small- and medium-sized enterprises domiciled in
Spain. BBVA is also servicer, transaction account bank and swap
provider for the transaction.

The transaction was originated in 2007 with a total portfolio
balance of EUR2,500 million. As of the latest reporting date in
February 2023, the outstanding portfolio balance of EUR2.8 million
(excl. defaults) represented less than 0.1% of its initial amount.

Fitch has chosen to withdraw the rating for commercial reasons.
Accordingly, Fitch will no longer provide rating or analytical
coverage for BBVA Leasing 1, FTA class C notes.

KEY RATING DRIVERS

Repayment Capacity Irrevocably Impaired: Fitch believes a default
of the class C notes at or prior to maturity (May 2031) appears
inevitable as the outstanding portfolio balance of EUR2.8 million
was much smaller than the outstanding notes balance of EUR35.2
million as of February 2023. Fitch views that the repayment
capacity of the class C notes is irrevocably impaired, which is
consistent with the distressed nature of the 'Csf' rating.

RATING SENSITIVITIES

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

Not relevant as the rating is being withdrawn.

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

Not relevant as the rating is being withdrawn.

DATA ADEQUACY

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

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

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

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.



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

TRANSCOM TOPCO: S&P Raises ICR to 'B' on Operational Improvements
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on
Transcom Holding AB (publ) and Transcom Topco AB to 'B' from 'B-',
as well as its issue rating on the group's EUR315 million senior
secured floating rate notes due 2026 to 'B' from 'B-'.

The stable outlook reflects S&P's expectation of solid sales growth
of about 10.5%-11.5% in 2023 and further adjusted margin expansion
toward 12.5%, driving deleveraging to about 4.0x by year-end 2023
and positive FOCF of EUR5 million -EUR10 million before the
disbursement of a EUR10.5 million 2019 litigation payment due to
Spain.

Transcom's operational performance has significantly improved since
it refinanced its capital structure in June 2021.In 2021 and 2022,
sales expanded 11.7% and 15.1% respectively driven by a shift in
sales toward the more dynamic and higher growth technology and
e-commerce sector from more traditional services and utilities, as
well as the telecommunications and cable sectors. Revenue growth
was also spurred by the development of near and offshore platforms
with the opening of 30 new sites in the past two years. These
shifts led to a change in the revenue mix and increased near and
offshoring improved adjusted margins to 11.9% in 2022 from 8.5% in
2020. Technology and e-commerce contracts typically deliver margins
of about 17% versus 10% for services and utilities and 10% for
telecom and cable. Offshore platforms have margins in the high
teens while nearshore platform margins are in the mid-teens area
and onshore platforms see single-digit margins. The company's
margin expansion took place despite tight labor markets, which have
resulted in wage inflation since 2021. This demonstrates Transcom's
ability to mitigate a rising cost base and charge higher prices to
its clients. Exceptional costs linked to restructuring measures
also declined to EUR10.4 million at year-end 2022 from EUR22.4
million in 2020.

S&P said, "We forecast strong sales growth and continuous margin
expansion in 2023 and 2024, despite slower economic growth in its
markets and difficulties faced by the technology sector.We expect
sales will expand 10.5%-11.5% in 2023 and 10%-11% in 2024. In our
view, Transcom will compensate for low economic growth in most of
its markets via strong commercial dynamism, with numerous contract
wins and price increases. As clients further focus on their cost
base, we anticipate that Transcom will strongly benefit from its
increased near and offshore footprint, since it offers services at
a lower cost. We do not expect Transcom's sales growth to be hit by
technology customers' current struggles because we understand that
client service remains a key focus for these companies and that
cost cutting concerns other areas of operations. Moreover, we
forecast that the continuous shift of the portfolio toward the
technology and e-commerce segment will drive further margin
expansion toward 12.6% in 2023 and 13.1% in 2024.

"The upgrade reflects the deleveraging since the refinancing and
prospects for positive FOCF in 2024.Amid solid operational
performance, we anticipate leverage will decrease to about 3.5x by
year-end 2024 from 4.5x at year-end 2022 and 5.8x when the
refinancing closed in June 2021. We also forecast that FOCF will be
comfortably positive at EUR30 million-EUR35 million in 2024,
although it will remain slightly negative at -EUR5 million-EUR0
million in 2023 due to the 2019 litigation payment to Spain of
EUR10.5 million and the repayment of delayed COVID-19 social
charges to Sweden of EUR4 million. Despite a higher interest charge
of about EUR29 million-EUR31 million in 2023 and 2024, due to
higher Euro Interbank Offered Rates, we anticipate that funds from
operations (FFO) to debt will remain solid at above 14%.

"We consider the group's debt-friendly financial policy as a rating
constraint.Transcom aims to stay below 4.0x reported financial
leverage, which translates into below 5x on an S&P Global
Ratings-adjusted basis. However, the company does not exclude
temporarily exceeding the target for mergers and acquisitions
(M&A), an approach taken since Altor became financial sponsor in
2017. We consequently expect the group could prioritize debt-funded
M&A over deleveraging, leading to S&P Global Ratings-adjusted
leverage above 5.0x on a temporary basis. Our view of the group's
financial policy caps our financial risk assessment at the highly
leveraged category.

"The stable outlook indicates our expectation of 10.5%-11.5% sales
growth in 2023 combined with adjusted margin expansion to about
12.5%. This will drive leverage toward 4.0x by year-end 2023 and
result in positive FOCF of EUR5 million-EUR10 million before the
disbursement of a EUR10.5 million litigation payment due to Spain.

"We could lower the rating if economic headwinds or operational
missteps result in FOCF staying negative in 2024, coupled with
pressure on liquidity, or if the company pursues material
debt-funded M&A or shareholder returns such that leverage climbs
above 7x or FFO cash interest coverage falls below 2x.

"We could take a positive rating action if financial sponsor Altor
commits to maintaining a conservative financial policy.

"We would also need to see further improvements in the business,
such as market share gains and greater customer and geographical
diversification, as well as sustained EBITDA margins, with
exceptional costs staying under control."

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Transcom, reflecting the potential
for personal data and security breaches. We see these as risks for
CRM service providers in general. Such risks could arise through
increased regulatory oversight and fines or reputational damage,
affecting a firm's competitive advantage. We do not assess Transcom
as demonstrating company-specific weaknesses in the processing of
large volumes of client data relative to other CRM providers.
Governance factors are also a moderately negative consideration, as
is the case for 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
private-equity sponsors' generally finite holding periods and focus
on maximizing shareholder returns."




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

CREDIT SUISSE: Borrows More Than $50 Billion From Swiss Bank
------------------------------------------------------------
Axios reports that Credit Suisse will borrow up to 50 billion Swiss
francs (US$53.68 billion) from the Swiss National Bank under a
covered loan facility as well as a short-term liquidity facility,
the company announced Wednesday, March 15.

Credit Suisse is one of only 30 global financial institutions that
the international Financial Stability Board has designated as being
systemically important - it's too big to fail, per Axios' Felix
Salmon, notes the report.

Axios says Credit Suisse's largest shareholder, Saudi National
Bank, had said that it couldn't provide any more capital because of
regulations and added that it couldn't own more than 10% of the
bank.

The protections provided by the Swiss central bank "are fully
collateralized by high quality assets," per a statement from Credit
Suisse, the report relays.

Credit Suisse had total assets of $574 billion at the end of 2022 -
down 37% from $912 billion at the end of 2020; its asset-management
arm supervises another $1.7 trillion in assets, adds the report.


CREDIT SUISSE: Shares Drop After Saudi Lender Denies Funding
------------------------------------------------------------
Simon Read and Natalie Sherman, writing for BBC News, report that
Credit Suisse Group AG, disclosed on Tuesday, March 14, a "material
weakness" in its financial reporting controls, prompting major
investor the Saudi National Bank to say it would not inject further
funds into the Swiss lender.

Credit Suisse, founded in 1856, has faced a string of scandals in
recent years, including money laundering charges and other issues,
recalls the BBC. It lost money in 2021 and again in 2022 - its
worst year since the financial crisis of 2008 - and has warned it
does not expect to be profitable until 2024, notes the report.

According to BBC News, shares in the firm had already been severely
hit before this week - their value falling by roughly two-thirds
last year - as customers pulled funds, including 110 billion Swiss
francs ($120 billion) in the last three months of 2022.

The lender insisted its financial position was not a concern, with
the chief executive saying its cash reserves were "still very very
strong." However, the bank's "material weakness" disclosure renewed
concerns, BBC News relates.

The report says shares in the bank ended the day down 24%, as other
banks rushed to reduce their exposure to the firm and prime
ministers in Spain and France spoke out in an attempt to ease
fears.

BBC News, citing Bloomberg, also reported that BNP Paribas had
stopped accepting certain deals, if Credit Suisse was the counter
party.

However, Swiss regulators have said they are ready to step in to
help the troubled banking giant, BBC relates.

CNN, in a separate report, said the Swiss National Bank (SNB) and
the Swiss Financial Market Supervisory Authority sought to calm
fears, saying they were ready to help Credit Suisse if necessary.

"There are no indications of a direct risk of contagion for Swiss
institutions due to the current turmoil in the US banking market,"
they said in a joint statement, CNN relates. Strict rules apply to
Swiss financial institutions to "ensure their stability" and Credit
Suisse meets the requirements for banks considered systemically
important, the regulators said.

"If necessary, the SNB will provide [Credit Suisse] with
liquidity," they added, the report relays.

In late February, the Wall Street Journal reported that Credit
Suisse failed in its duties as an asset manager and violated Swiss
supervisory law in its operation of $10 billion in investment funds
with now-bankrupt financing partner Greensill Capital Management.

Switzerland's financial regulator, Finma, outlined a range of
measures the bank must take to improve governance and comply with
Swiss rules, and opened enforcement proceedings against four Credit
Suisse managers, the Journal reported.




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

VB DPR FINANCE 2023: Fitch Puts Final BB+ Rating on Tranches H & I
------------------------------------------------------------------
Fitch Ratings has assigned VB DPR Finance Company's tranche 2023-H
and 2023-I final 'BB+' ratings. The Outlooks are Negative. Fitch
has also affirmed all other outstanding series.

The ratings address the likelihood of timely payment of interest
and principal.

   Entity/Debt          Rating         Prior
   -----------          ------         -----
VB DPR Finance
Company

   Tranche 2011-A   LT BB+  Affirmed     BB+

   Tranche 2018-A   LT BB+  Affirmed     BB+

   Tranche 2018-D
   XS1819494227     LT BB+  Affirmed     BB+

   Tranche 2018-E
   XS1819494656     LT BB+  Affirmed     BB+

   Tranche 2018-F   LT BB+  Affirmed     BB+

   Tranche 2018-G   
   XS1888267173     LT BB+  Affirmed     BB+

   Tranche 2019-A   LT BB+  Affirmed     BB+

   Tranche 2021-A   LT BB+  Affirmed     BB+

   Tranche 2021-B   LT BB+  Affirmed     BB+

   Tranche 2021-D   LT BB+  Affirmed     BB+

   Tranche 2021-E   LT BB+  Affirmed     BB+

   Tranche 2021-F   LT BB+  Affirmed     BB+

   Tranche 2021-G   LT BB+  Affirmed     BB+

   Tranche 2021-H   LT BB+  Affirmed     BB+

   Tranche 2023-A   LT BB+  Affirmed     BB+

   Tranche 2023-B   LT BB+  Affirmed     BB+

   Tranche 2023-C   LT BB+  Affirmed     BB+

   Tranche 2023-D   LT BB+  Affirmed     BB+

   Tranche 2023-E   LT BB+  Affirmed     BB+

   Tranche 2023-F   LT BB+  Affirmed     BB+

   Tranche 2023-G   LT BB+  Affirmed     BB+

   Tranche 2023-H   LT BB+  New Rating

   Tranche 2023-I   LT BB+  New Rating

TRANSACTION SUMMARY

The programme is a financial future flow securitisation of existing
and future US dollar-, euro-, sterling- and Swiss franc-denominated
diversified payment rights (DPRs) originated by Turkiye Vakiflar
Bankasi T.A.O. (Vakifbank). DPRs can arise for a variety of reasons
including payments due on the export of goods and services, capital
flows, tourism and personal remittances. The programme has been in
existence since 2005. The series 2023-1 (2023-A, B, C, D, E, F and
G) closed on 21 February 2023.

KEY RATING DRIVERS

Originator Credit Quality: Vakifbank is a state-owned commercial
bank. Its Long-Term Local-Currency Issuer Default Rating (IDR) is
equalised with the sovereign rating at 'B'/Negative. Turkiye's
state-owned commercial banks' foreign-currency (FC) ratings no
longer factor in government support due to high constraints on the
ability of the authorities to provide support in FC. The
local-currency ratings, the starting base for DPR ratings, continue
to factor in state support.

Uplift Maintained Despite Larger Programme: Fitch has a
going-concern assessment (GCA) of 'GC1' for Vakifbank, reflecting
its importance to the Turkish banking system as the second-largest
bank in the country. The four-notch uplift remains appropriate
despite the increasing size of the VB DPR programme, which
including this USD220 million issue stands at about 5.5% of total
funding and 19% of total non-deposit funding, placing it among the
largest of Fitch-rated Turkish banks relative to their other
funding sources.

Downside Risks Increased: Fitch sees risks from the challenging
operating environment in Turkiye, which could impact the pricing of
new issuances, refinancing of existing debt and access to long-term
foreign-currency funding sources for banks. Turkiye's overall weak
external liquidity position and high financing needs could make any
bank support more tenuous and puts more strain on programme uplifts
for the sector in general, which is also incorporated in the
Negative Outlooks on the DPR ratings.

Healthy Flows Throughout Pandemic: In recent years, Vakifbank has
increased its market share in various sectors, which contributed to
the growing DPR flows. Despite the short history at increased flow
levels, Fitch analyses the programme based on a forward-looking
view (which considers concentration risk), anticipating flows will
stabilise. The earthquakes in southern and central Turkiye in
February 2023, despite limited information so far, are not expected
to have a significant impact as the affected regions are relatively
weak in terms of export flow and the largest beneficiaries in terms
of the DPR flows have limited presence in these regions.

Diversion Risk Reduced: The transaction's structure, like those of
peers, mitigates certain sovereign risks by keeping DPR flows
offshore until scheduled debt service is paid to investors,
allowing the transaction to be rated above Turkiye's Country
Ceiling. Fitch believes diversion risk is materially reduced by the
acknowledgement agreements signed by designated depository banks.

RATING SENSITIVITIES

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

The most significant variables affecting the transaction's ratings
are the originator's credit quality, the GCA score, the DPR flows,
the size of the DPR programme relative to other funding sources and
debt service coverage ratio levels. Fitch would analyse an adverse
change in any of these variables for the impact on the
transaction's ratings.

The Outlooks on the originator's and the sovereign's ratings are
Negative, which are reflected on the rating of this DPR issuance
(in line with the entire sector). The Outlook also depends on the
increasing share of the DPR debt as a percentage of the originating
bank's overall liability profile, its non-deposit funding and its
long-term funding. These variables will sharply increase as a
result of this issuance and will continue on an upward trend, given
that the DPR maturity profile is generally longer than that of
other funding sources, such as Eurobond and syndicated loans. In
addition, the ratings of The Bank of New York Mellon (BONY;
AA/Stable) as the transaction account bank may constrain the
ratings of DPR debt if BONY was rated below the then ratings of the
DPR debt and no remedial action was taken.

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

Fitch does not currently anticipate developments with a high
likelihood of triggering an upgrade. The main constraint to DPR
notes' ratings is the originator's credit quality and the market
conditions in Turkiye, which is relevant to DPR flows performance.
Increased economic stability could contribute positively to DPR
flow performance and the rating. Fitch will review the DPR notes'
ratings if any of these variables changes, but this will be fed
through its sovereign and bank ratings.

DATA ADEQUACY

VB DPR Finance Company

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

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

Prior to the transaction closing, Fitch did not review the results
of a third party assessment conducted on the asset portfolio
information.

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

ESG CONSIDERATIONS

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



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

AMVOC: Enters Administration, 450 Jobs Affected
-----------------------------------------------
John Grainger at The Stray Ferret reports that as many as 450
people have lost their jobs after Harrogate telemarketing company
Amvoc crashed into administration, leaving employees in shock.

Staff received an email at 10:00 p.m. on March 14 from chief
executive Damian Brockway informing them all the company's offices,
in Harrogate, Leeds and Manchester, would close with immediate
effect, citing "covid debts" as the cause, The Stray Ferret
relates.

The email, seen by the Stray Ferret, said:

"We have appointed administrators with immediate effect who will
now be responsible for paying wages this week and all outstanding
bonuses.

"Unfortunately our covid debts were too high and repayments not
high enough.  We have been issued with immediate request to pay all
outstanding within seven days which is impossible."

Amvoc's clients have included BP, Barclays, Virgin Media, Leeds
Beckett University, and both the Conservative and Liberal Democrat
parties, The Stray Ferret notes.


ATOM MORTGAGE: Moody's Cuts Rating on GBP52.7MM Cl. E Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
classes of notes and affirmed the rating of one class of notes
issued by Atom Mortgage Securities DAC.

GBP193.4M (Current outstanding amount GBP154.2M) Class A
Commercial Mortgage Backed Floating Rate Notes due July 2031,
Affirmed Aaa (sf); previously on Sep 30, 2021 Definitive Rating
Assigned Aaa (sf)

GBP42M Class B (Current outstanding amount GBP33M) Commercial
Mortgage Backed Floating Rate Notes due July 2031, Downgraded to A1
(sf); previously on Sep 30, 2021 Definitive Rating Assigned Aa3
(sf)

GBP37.2M Class C (Current outstanding amount GBP29.3M) Commercial
Mortgage Backed Floating Rate Notes due July 2031, Downgraded to
Baa2 (sf); previously on Sep 30, 2021 Definitive Rating Assigned A3
(sf)

GBP57.6M Class D (Current outstanding amount GBP45.3M) Commercial
Mortgage Backed Floating Rate Notes due July 2031, Downgraded to
Ba1 (sf); previously on Sep 30, 2021 Definitive Rating Assigned
Baa3 (sf)

GBP52.7M Class E (Current outstanding amount GBP41.5M) Commercial
Mortgage Backed Floating Rate Notes due July 2031, Downgraded to B1
(sf); previously on Sep 30, 2021 Definitive Rating Assigned Ba2
(sf)

Moody's does not rate the Class X Notes.

RATINGS RATIONALE

The rating action reflects the re-assessment of the expected loss
of the underlying loan.

The main driver for the downgrades of the ratings on Class B, C, D
and E notes is an increase in expected loss because of a lower
Moody's property value and an increased refinancing risk due to a
higher assumed leverage at loan maturity.

The vacancy rate in the properties left in the underlying portfolio
after the sale of three fully let properties remains high and above
initial expectations (22.8% as of January 23, 2023). Prepayment
amounts have been allocated pro-rata to the notes and thus the
senior notes' credit enhancement has not increased. Moody's value
for the remaining properties is 5.4% lower compared to closing,
mainly due to the following factors:

(i) the macro-economic environment is weakening, particularly in
the UK where the properties are located. As a result, Moody's
expects lower tenant demand and less favorable lease terms. This
environment is not favourable to re-letting vacant units and units
that may potentially become vacant at lease expiry.

(ii) there is in addition a substantial lease rollover risk notably
in 2024 when 29.7% of leases (as a percentage of gross rent) will
expire or have a break option.

(iii) slow progress in reletting, notably in the Uxbridge business
park.

The rating on the Class A Notes was affirmed because this tranche
has sufficient subordination to absorb the higher expected loss on
the loan.

Moody's LTV is 79.9% compared to a reported LTV of 56.6%.

Moody's rating action reflects a base expected loss in the range of
0%-10% of the current balance. Moody's derives this loss
expectation from the analysis of the default probability of the
securitised loans (both during the term and at maturity) and its
value assessment of the collateral.

DEAL PERFORMANCE

Atom Mortgage Securities DAC is a true sale transaction backed by a
senior loan and a senior capex facility (senior loan) in the total
current amount of GBP307.8 million. Outside the securitisation
there is a GBP77.2 million mezzanine loan that is contractually and
structurally subordinated to the senior loan and secured by a
second lien on the property.

The senior loan pays a floating interest of SONIA plus a margin of
1.85%. The senior loan has an initial term of two years followed by
three one-year extension options. The next maturity date is June
16, 2023. The extension options are subject to the satisfaction of
certain conditions which include the requirement that the loan is
100% hedged against interest rate risk by a cap with a strike rate
that is the higher of (i) 2.0% and (ii) a strike rate that ensures
an ICR of 1.50x. The current interest rate cap has a strike rate of
2.0%. Based on the reported debt yield, the required strike rate
would be 2.98%. The senior loan does not have a scheduled
amortisation before a change of control. There is a release price
mechanism in place where 100% of the allocated loan amount is
repaid for the first 20% of the loan notional and 115% thereafter,
provided that the release price of the Oxford property is 115% at
all times.

At closing, the senior loan was secured by four business parks and
two logistics properties located in the UK (namely, Oxford Business
Park, Uxbridge Business Park, Hammersmith Waterfront, Gloucester
Business Park, Gloucester Logistics and Hatfield Logistics).

Hatfield Logistics, Gloucester Innovation and Gloucester Logistics
have since been sold. So, the senior loan is now secured by the
three remaining business parks. The prepayment amounts have been
allocated pro-rata to the notes. Following the sale of the three
properties, the transaction's total notes balance decreased to
GBP303.3 million currently from GBP383.4 million at closing.

A new valuation was undertaken in July 2022 on the three remaining
properties. The updated value is 8.6% higher compared to the value
report at closing.

The portfolio's reported vacancy rate has increased to 22.8%
following the sale of the two Gloucester properties which were
fully let.

More specifically, the vacancy rate at the Uxbridge Business Park
has been consistently at or above 33.5% since January 2022. This
vacancy level has been driven by two of its five buildings being
entirely vacant, including one for comprehensive refurbishment.

The vacancy level at the Oxford Business Park has increased to
18.7% as of January 2023 compared to 1.5% at closing.

Moody's now expects vacancy levels to remain significant going
forward due to weaker tenant demand. Consequently, Moody's property
value of the three remaining properties has decreased by about 5.4%
to GBP385.1 million from GBP407 million at closing. Moody's LTV has
thus increased to 79.9% from 75.0% at closing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in May 2021.

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

Main factors or circumstances that could lead to an upgrade of the
ratings are generally (i) an increase in the property values
backing the underlying loans or (ii) a decrease in default risk
assessment.

Main factors or circumstances that could lead to a downgrade of the
ratings are generally (i) a decline in the property values backing
the underlying loan or (ii) an increase in default risk assessment.

BIGCHANGE GROUP: Goldman Sachs Marks GBP870,000 Loan at 46% Off
---------------------------------------------------------------
Goldman Sachs BDC, Inc has marked its GBP870,000 loan extended to
Bigchange Group Limited to market at GBP470,000 or 54% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Goldman Sachs's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Goldman Sachs BDC, Inc. is a participant in a First Lien Senior
Secured Debt Loan to Bigchange Group Limited. The loan accrues
interest at a rate of 9.43% (SN+6.00%) per annum. The loan matures
on December 23, 2026.

Goldman Sachs BDC, Inc. was initially established as Goldman Sachs
Liberty Harbor Capital, LLC, a single member Delaware limited
liability company, on September 26, 2012 and commenced operations
on November 15, 2012 with The Goldman Sachs Group, Inc. as its sole
member. On March 29, 2013, the Company elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. Effective April 1, 2013, the Company converted
from a SMLLC to a Delaware corporation.

In addition, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended, commencing with its taxable year ended
December 31, 2013. Goldman Sachs Asset Management, L.P., a Delaware
limited partnership and an affiliate of Goldman Sachs & Co. LLC, is
the investment adviser of the Company.

U.K.-based Bigchange Group Limited runs a job management platform.

FERGUSON MARINE: Watchdogs Criticize GBP87,000 Bonus Payments
-------------------------------------------------------------
Alastair Dalton at The Scotsman reports that public spending
watchdogs have condemned GBP87,000 of bonus payments to senior
managers at Ferguson Marine as they raised fresh doubts about the
completion dates and costs of two hugely-delayed ferries and the
future of the Port Glasgow shipyard.

Audit Scotland said on March 14 it was unclear how the performance
of the six staff who had received payments had been assessed or
whether "appropriate frameworks and governance" were in place when
they were made in 2021/22, under the yard's previous management,
The Scotsman relates.

According to The Scotsman, the watchdog said the managers had been
paid bonuses totalling 17.5% of their basic salaries on the
recommendation of the yard's then-turnaround director Tim Hair.  It
said he was paid more than GBP660,000, including expenses, in
2021/22, but did not receive any bonus, The Scotsman notes.

Audit Scotland, as cited by The Scotsman, said Ferguson Marine
should have informed or sought Scottish Government approval for the
bonus payments "as a matter of good practice and governance". The
Scottish Government said it was concerned at that failure.

Auditor General for Scotland Stephen Boyle said: "It is
unacceptable that performance bonuses were awarded to senior
managers at the shipyard, without proper governance for such
payments.  The Scottish Government needs to make sure its rules
over pay are followed by this public body."

He also raised fresh doubts about the final cost and completion
dates of the two ferries being built at the yard, which the
Scottish Government took over in 2019, The Scotsman relays.  The
vessels are already five years late.  The first, Glen Sannox, is
currently due to be delivered to CalMac by May.

Audit Scotland said the cost "remains uncertain", with the latest
estimates suggesting some GBP9.5 million of further funding is
required, which would bring the total to GBP293 million, The
Scotsman notes.  That is three times the original contract price
and includes previous Scottish Government top-ups over the past two
years, according to The Scotsman.

"There is also doubt about the longer-term viability of the
shipyard, despite sustained investment by the Scottish Government.
Further investment in the shipyard and workforce are also needed to
help secure future contracts," The Scotsman quotes the watchdog as
saying.


FINASTRA LIMITED: Moody's Cuts CFR to Caa1, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Finastra Limited's (Finastra or the company) to Caa1 from
B3 and the probability of default rating to Caa1-PD from B3-PD.
Concurrently, the rating agency has downgraded to B3 from B2 and to
Caa3 from Caa2 the first lien and second lien backed senior secured
bank credit facilities, respectively, borrowed at subsidiaries DH
Corporation, Finastra Europe SA and Finastra USA, Inc. The outlook
on all ratings has been changed to negative from stable.

RATINGS RATIONALE

The downgrade of Finastra's CFR to Caa1 from B3 reflects heightened
refinancing risks in light of the upcoming maturity of the group's
$375 million backed senior secured revolving credit facility (RCF)
and $4.1 billion equivalent outstanding backed senior secured first
lien term loans due in March 2024 and June 2024, respectively.
While Moody's expects the company may be working on a refinancing
plan with the aim to complete it in the coming months, Moody's
expects the current volatile capital market conditions, rising
interest rates and deterioration in the broader macroeconomic
environment may make the refinancing more challenging and more
costly, given the company's very high leverage.

At the end of November 2022, the rating agency estimates that
Moody's-adjusted leverage for Finastra stood at 9.0x (11.6x on an
EBITDAC basis), a level which indicates that the company was
already weakly positioned in the previous B3 rating category. In
addition, Finastra's lack of refinancing to date of its existing
RCF, which was drawn by $326 million at the end of November 2022,
has resulted in a weak liquidity profile.

Moody's expects Finastra's revenues to grow organically in the
low-single digit percentages over fiscal 2023 and 2024, largely
driven by subscriptions and cloud despite the ongoing decline in
service revenue and in the non-core business unit. The rating
agency forecasts Moody's-adjusted EBITDA to grow towards $650
million and $745 million in fiscal 2023 and fiscal 2024,
respectively, driven by revenue growth and the recently announced
cost savings initiatives. However, Moody's expects Finastra to
generate negative free cash flow over the next 12 to 18 months
owing to increased interest expenses, as the company will likely
refinance its debt at much higher rates, given the current market
conditions.

Despite the expected improvement in profitability, Finastra's
interest coverage, measured as Moody's adjusted EBITDA minus capex
to interest, will likely deteriorate below 1.0x over the next 12 to
18 months, a level not commensurate with the previous B3 CFR.

Finastra's Caa1 rating continues to reflect (1) its leading
position in the financial services software sector, which is
supported by positive long-term growth dynamics; (2) the good
revenue visibility because of the long-term nature of its
contracts; and (3) the high customer retention rates.

Conversely, the rating is constrained by Finastra's (1) weak free
cash flow and interest coverage in the context of the sizeable debt
load; (2) high Moody's-adjusted leverage of 9.0x in the twelve
months ended November 2022; and (3) weak liquidity profile in light
of upcoming revolving credit facility maturity within the next 12
months.

RATIONALE FOR NEGATIVE OUTLOOK

Although Moody's expects that the company may be working on a
refinancing plan, the negative outlook reflects Moody's view that
volatility in the financial markets could make the company's
ability to refinance its debt maturities on satisfactory terms more
challenging over the coming months, particularly given its high
leverage and the rising interest rate environment.

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

Given the negative outlook, there is limited prospect of upward
pressure on the rating in the short term. However, upward pressure
could develop should Finastra:

address the refinancing of its upcoming debt maturities with a
manageable cost of debt that makes its capital structure more
sustainable; and

reduce its Moody's adjusted gross debt/EBITDA (after the
capitalization of software development costs) sustainably towards
7.5x; and

improve the interest coverage and generate consistently positive
FCF (after interest and exceptional items) on a trailing 12 months'
basis

Conversely, Finastra's ratings could be downgraded if:

the company fails to refinance its 2024 debt maturities in the
coming months; or

the company's operating performance deteriorates; or

probability of a debt restructuring that may result in losses for
creditors increases

ESG CONSIDERATIONS

Governance risk considerations are material to the rating action.
Finastra's delay in refinancing its existing RCF within 12 months
of this becoming due reflects the company's very aggressive
financial strategy and risk management policies. As a result, the
rating agency has changed the governance issuer profile score (IPS)
to G-5 from G-4 and credit impact score (CIS) to CIS-5 from CIS-4.

LIQUIDITY

Finastra's liquidity is weak in light of its upcoming debt
maturities, including the $375 million RCF due in March 2024, the
$4.1 billion equivalent outstanding backed senior secured first
lien term loans due in June 2024 and the $1.245 billion backed
senior secured second lien term loan due in June 2025. In the
coming months, the company will have to refinance its capital
structure and Moody's anticipates a much higher cost of debt in the
current market conditions, which will likely result in negative
cash flow generation in fiscal 2024 and 2025.

At the end of November 2022, the company had a cash balance of $94
million and $35 million available under its $375 million RCF.
Despite the ongoing shift to subscriptions, Finastra's cash
generation profile remains heavily geared towards the second half
of the fiscal year due to the annual collection cycle for
maintenance and some other recurring revenue.

The RCF has a springing first-lien net leverage covenant set at
7.8x which is tested when 35% or more of the facility is utilized.
Headroom under the covenant test is currently ample (November 2022:
5.5x). First-lien debt includes a debt amortization feature of 1%
per year, while no principal repayment is due on the second-lien
debt until maturity.

STRUCTURAL CONSIDERATIONS

The backed senior secured first-lien term loans are rated B3, one
notch above the CFR, reflecting its contractual seniority ahead of
the senior secured second-lien term loan, which is rated Caa3.

The backed senior secured first-lien facilities, comprising term
loans and RCF, rank pari passu and have a security package
comprising guarantees from all material operating subsidiaries on a
first-ranking basis, representing at least 80% of consolidated
EBITDA. The backed senior secured second-lien facilities benefit
from the same security package on a second-ranking basis.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: DH Corporation

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

Issuer: Finastra Europe SA

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

Issuer: Finastra Limited

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

LT Corporate Family Rating, Downgraded to Caa1 from B3

Issuer: Finastra USA, Inc.

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

BACKED Senior Secured Bank Credit Facility, Downgraded to Caa3
from Caa2

Outlook Actions:

Issuer: DH Corporation

Outlook, Changed To Negative From Stable

Issuer: Finastra Europe SA

Outlook, Changed To Negative From Stable

Issuer: Finastra Limited

Outlook, Changed To Negative From Stable

Issuer: Finastra USA, Inc.

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
published in June 2022.

COMPANY PROFILE

Headquartered in London, Finastra is one of the world's leading
financial services software providers, offering a broad range of
solutions to approximately 5,100 financial institutions and 3,000
corporates located across 123 countries. In the 12 months that
ended November 2022, Finastra reported revenue of $1,751 million
and company-adjusted EBITDA before exceptional items of $703
million.

GRAINGER & WORRAL: Goes Into Administration
-------------------------------------------
Richard Williams at Express & Star reports that Grainger & Worrall,
based in Bridgnorth, appointed administrators Teneo Restructuring
at the High Court of Justice in Birmingham on March 7 to take over
its struggling subsidiary, Grainger Worral Engineering.

The main business is a market leading castings firm that is known
for its work with a number of Formula One teams and top-end car
manufacturers.

However, a casting foundry based in Worcester that it bought in
2017, was struggling due to having just a single customer and
having been hit by recent rising energy prices, Express & Star
discloses.

Director of the Bridgnorth-based family business, James Grainger,
said it had been a "difficult decision" to put the Grainger &
Worral Engineering subsidiary into administration, Express & Star
relates.

According to Express & Star, he said: "After three torrid years
with Covid, Brexit and then the war in Ukraine causing a rise in
energy costs, the business only had a sole customer and while
things were picking up it was not going to be a quick turnaround
for it.

"It was taking a commitment to keep it going so we eventually had
to make the difficult decision to let it go."

But he added a buyer has now been found to secure the jobs of the
36-strong workforce at the foundry in Buckholt Drive, Worcester,
Express & Star notes.


GREEN GEM: Put Under Investigation by FSCS
------------------------------------------
Sally Hickey at FTAdviser reports that two British Steel Pension
Scheme firms have been placed under investigation by the Financial
Services Compensation Scheme.

Green Gem Financial and Wealthmasters Financial Management were put
under investigation by the FSCS on March 14, FTAdviser relates.

Green Gem Financial, based in Birmingham, was put into liquidation
at the end of November last year, FTAdviser recounts.

Wealthmasters Financial Management, based in Bristol, went into
liquidation on February 20 this year, FTAdviser notes.

According to FTAdviser, a spokesperson for the FSCS said no claims
details can be given while the firms are under investigation.

During 2017, BSPS members were asked to make decisions about their
pensions as part of a restructure of the scheme, FTAdviser
recounts.

About 8,000 members transferred out of the scheme, with transfers
collectively worth about GBP2.8 billion, FTAdviser discloses.

But concerns about the suitability of the transfers were soon
raised, leading to an intervention from the Financial Conduct
Authority that resulted in a number of advice firms -- key players
in the debacle -- stopping their transfer advice service, while
others went out of business, FTAdviser notes.

The debacle created a mountain of liabilities, which lawyers
believe could end up costing the industry up to GBP300 million,
FTAdviser states.

The FCA announced last year that it plans to deliver GBP71.2
million in compensation to former members of the scheme who
received unsuitable advice, FTAdviser recounts.

The scheme covers those who transferred out between May 26, 2016
and March 29, 2018, FTAdviser says.

However, last month a number of steelworkers wrote to the FCA
expressing concerns about the regulator's calculations for the
scheme, according to FTAdviser.


GROSVENOR SQUARE 2023-1: Fitch Gives Final 'B-sf' Rating to F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Grosvenor Square RMBS 2023-1 PLC's
(GSQ2023-1) notes final ratings, as detailed below.

   Entity/Debt          Rating                   Prior
   -----------          ------                   -----
Grosvenor Square
RMBS 2023-1 PLC

   Class A
   XS2594135084     LT AAAsf  New Rating    AAA(EXP)sf

   Class B
   XS2594135324     LT AAsf   New Rating     AA(EXP)sf

   Class C
   XS2594138005     LT A+sf   New Rating     A+(EXP)sf

   Class D
   XS2594138260     LT BBB+sf New Rating   BBB+(EXP)sf

   Class E
   XS2594138690     LT BBsf   New Rating     BB(EXP)sf

   Class F
   XS2594139078     LT B-sf   New Rating     B-(EXP)sf

   Class G
   XS2594139235     LT CCsf   New Rating     CC(EXP)sf

   Class Z
   XS2594141561     LT NRsf   New Rating     NR(EXP)sf

   XS1
   XS2594140324     LT BB+sf  New Rating    BB+(EXP)sf

   XS2
   XS2594140910     LT BB+sf  New Rating    BB+(EXP)sf

TRANSACTION SUMMARY

GSQ2023-1 is a refinancing of previous securitisations under
Kensington Mortgage Company Limited's Finsbury Square and Gemgarto
RMBS shelf programmes. The loans constituting the pool are a mix of
seasoned owner-occupied (OO) and buy-to-let (BTL) loans originated
by Kensington Mortgages. The assets constituting the pool were
previously included in the following transactions: Gemgarto 2018-1,
Finsbury Square 2018-2, Finsbury Square 2019-1, Finsbury Square
2019-2, Finsbury Square 2019-3 and Finsbury Square 2020-1. The
transaction may purchase the assets collateralising the Finsbury
Square 2020-2 at the additional purchase date.

KEY RATING DRIVERS

Seasoned Specialist Prime Originations: The pool consists of a mix
of seasoned OO and BTL loans, with about 91% of the pool originated
between 2016 and 2020. This leads to a weighted average (WA)
sustainable loan-to-value ratio (LTV) of 72.9%, a WA indexed
current LTV of 57.0%, a WA debt-to-income ratio of 33% and a
Fitch-calculated WA interest coverage ratio of 101.8%. These are in
line with the refinanced transactions at their closing except the
WA indexed current LTV, which is significantly lower.

Kensington takes a manual approach to underwriting, focusing on
borrowers who do not necessarily qualify on the automated scorecard
models of high-street lenders. It therefore attracts a higher
proportion of first-time buyers, self-employed borrowers and
borrowers with adverse credit histories than is typical for prime
UK OO lenders. Fitch has applied an originator adjustment of 1.20x
on its prime OO assumptions to account for this, and the
performance of Kensington's OO book data and refinanced
transactions. Fitch also made a 1.10x originator adjustment to the
BTL loans to account for the historical performance of Kensington's
BTL book data and previous transactions.

High and Increasing Arrears: The pool contains 9.5% of loans in
arrears, materially higher than in most securitised prime pools
including from specialised lenders. Also, increasing arrears have
been observed in the refinanced transactions rated by Fitch,
notably late stage arrears since April 2020 (5.8% of loans in
arrears by more than three months in the portfolio). This is linked
to a backlog in the UK court system that has slowed the
repossession process and high prepayments as eligible borrowers
switch products at the end of their initial fixed-rate period,
resulting in a concentration of weaker borrowers in the portfolio.

Ratings Lower than MIR: The class B and E notes' ratings have been
constrained at one notch below the model-implied rating (MIR). This
reflects Fitch's view that that there is limited headroom at the
higher MIR level for these notes and the potential for further
deterioration in the performance of the collateral pool as cost of
living challenges across the UK persist and the substantial
increases in interest rates remain for longer than anticipated,
stretching borrower affordability. It also factors in the
increasing trend in arrears and possible increase in WA foreclosure
frequency (FF).

High Prepayments Expected: The transaction consists of a
substantial proportion of loans that are still on their fixed-rate
period but due to revert to floating in the coming three years. In
its surveillance of previous Kensington securitisations, Fitch has
observed significant increases in prepayments as loans revert to
floating. The significant level of upcoming reversions in the pool
and the prevailing rising interest rate environment over the past
12 months further increases the likelihood of high prepayments,
which may limit available excess spread in the transaction.

To address this risk, Fitch applied a criteria variation to its
high prepayment assumptions across all rating scenarios, consisting
of assuming 25% of annual prepayments for the first year and 40% of
annual prepayments for the second year after closing, before they
go down to Fitch's high prepayment assumptions for each rating
scenario.

Self-Employed Borrowers: Prime lenders assessing borrower
affordability typically require a minimum of two years of income
information and apply a two-year average or if income is declining,
the lower income amount. Kensington's underwriting practices
permits underwriters' discretion in using the latest year's income
if it is increasing. Fitch therefore applied an increase of 30% to
the FF for self-employed borrowers with verified income instead of
the 20% increase typically applied under its UK RMBS Rating
Criteria to the OO sub-pool only. Self-employed borrowers
constitute 46.3% of the OO sub-pool and 31.2% of the total pool.

Product Switches Not Retained: The transaction does not permit
product switches or further advances to be retained in the
collateral pool. This mitigates the risk of credit quality
migration of the pool and compression of yield on the assets.
However, this may further exacerbate prepayments in the pool as the
originator is obliged to repurchase any loans subject to further
advances or product switches.

Representations and Warranties Tempered: The representations and
warranties (R&W) provider may have limited resources available to
indemnify the issuer or to repurchase loans in case of a breach of
the R&Ws. In addition, the R&W provider's liabilities are capped at
GBP15 million for 12 months following the issue date. Fitch
considers these limitations a weakness but there are several
mitigating factors that make a breach remote. These include, among
others, the loans' seasoning combined with the absence of warranty
breaches in previous transactions.

RATING SENSITIVITIES

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

The transaction's performance may be affected by adverse changes in
market conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce credit enhancement
(CE) available to the notes.

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating actions, depending on the extent of the decline in
recoveries. Fitch tested a sensitivity of a 15% increase in the
WAFF and a 15% decrease in the WA recovery rate (RR), which would
result in downgrades of up to one category.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potentially upgrades.
Fitch tested an additional rating sensitivity scenario by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%.
The impact on the mezzanine notes could be upgrades of up to six
notches.

CRITERIA VARIATION

The transaction features a significant proportion of fixed-rate
loans, which are scheduled to revert to floating over the next
three years. Fitch has noticed a strong correlation between
reversions and prepayments in its surveillance of previous
Kensington securitisations. Given the historically high prepayments
in previous Kensington securitisations and the prevailing rising
interest-rate environment, Fitch believes prepayments in the
GSQ2023-1 pool may be higher than its high prepayment assumptions.
To account for this risk factor, which would limit available excess
spread in the transaction, Fitch has applied a criteria variation
to its high prepayment assumptions to adequately account for this
characteristic in its analysis.

The criteria variation was applied to high prepayment scenarios at
all rating scenario levels and consisted of a 25% prepayment
assumption in year one and a 40% prepayment assumption in year two.
From year three onwards, prepayment assumptions return to those
standardly applied in criteria.

The impact of the criteria variation is one notch for the class D
notes.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

Grosvenor Square RMBS 2023-1 PLC

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

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

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

ESG CONSIDERATIONS

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

GROSVENOR SQUARE 2023-1: S&P Assigns B(sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned ratings to Grosvenor Square RMBS 2023-1
PLC's (GSQ 2023-1's) class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd,
F-Dfrd, G-Dfrd, XS1-Dfrd, and XS2-Dfrd notes. At closing, GSQ
2023-1 also issued unrated Z notes and X and Y certificates.

GSQ 2023-1 is a static RMBS transaction that securitizes a
portfolio of owner occupied and buy-to-let (BTL) mortgage loans
secured on properties in the U.K. The transaction also has a
prefunding mechanism.

Most loans in the pool (99.9%) were originated by Kensington
Mortgages Company Ltd. (KMC), a non-bank specialist lender.

The remaining 0.1% of the pool were originated by Southern Pacific
Mortgages Ltd., Southern Pacific Personal Loans Ltd., and Money
Partners Ltd. For this sub-pool, KMC previously acquired the loans
from the respective originators and is currently the legal
titleholder to each of the loans.

The mortgages originated by KMC have all previously been
securitized within transactions from the Finsbury Square or
Gemgarto shelf.

The collateral comprises complex income borrowers with limited
credit impairments, and there is a high exposure to self-employed,
contractors, and first-time buyers.

The transaction benefits from a general reserve fund, and principal
can be used to pay senior fees and interest on the notes subject to
various conditions. A further liquidity reserve can be funded via
the principal waterfall subject to certain conditions.

Credit enhancement for the rated asset-backed notes consists of
subordination from the closing date and the general reserve fund.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average (SONIA), and the loans, which pay
fixed-rate interest before reversion.

Kensington Mortgage Company Ltd. continues to service the
portfolio.

At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer granted security over all its assets in favor of the
security trustee.

There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote
under our legal criteria.

S&P's current macroeconomic forecasts are considered in its ratings
through additional cash flow sensitivities assuming increased
defaults.

  Ratings

  CLASS      RATING    AMOUNT (MIL. GBP)

  A          AAA (sf)    1,138.323

  B-Dfrd     AA- (sf)       68.299

  C-Dfrd     A (sf)         32.524

  D-Dfrd     BBB (sf)       26.019

  E-Dfrd     BB (sf)        16.262

  F-Dfrd     B (sf)          9.757

  G-Dfrd     CCC (sf)        9.756

  XS1-Dfrd   BBB+ (sf)       9.757

  XS2-Dfrd   BBB (sf)        6.505

  Z          NR             13.010
  
  X Certs    NR                N/A

  Y Certs    NR                N/A

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


MEDEANALYTICS INC: Goldman Sachs Marks $1M Loan at 21% Off
----------------------------------------------------------
Goldman Sachs BDC, Inc. has marked its $1,020,000 loan extended to
MedeAnalytics, Inc. to market at $806,000 or 79% of the outstanding
amount, as of December 31, 2022, according to a disclosure
contained in Goldman Sachs' Form 10-K for the fiscal year ended
December 31, 2022, filed with the Securities and Exchange
Commission on February 23, 2023.

Goldman Sachs BDC, Inc. is a participant in a First Lien Senior
Secured Debt to MedeAnalytics, Inc. The loan accrues interest at a
rate of S+8.00% (incl. 1.50% Payment In Kind) per annum. The loan
matures on October 9, 2026.

Goldman Sachs BDC, Inc classified the loan as non-accrual.

Goldman Sachs BDC, Inc. was initially established as Goldman Sachs
Liberty Harbor Capital, LLC, a single member Delaware limited
liability company, on September 26, 2012 and commenced operations
on November 15, 2012 with The Goldman Sachs Group, Inc. as its sole
member. On March 29, 2013, the Company elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. Effective April 1, 2013, the Company converted
from a SMLLC to a Delaware corporation.

In addition, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended, commencing with its taxable year ended
December 31, 2013. Goldman Sachs Asset Management, L.P., a Delaware
limited partnership and an affiliate of Goldman Sachs & Co. LLC, is
the investment adviser of the Company.

MedeAnalytics, Inc. provides healthcare software solutions. The
Company offers a platform for big data analytics, real-time data
integration, predictive modeling, workflow intelligence, mobility,
and cloud computing. MedeAnalytics serves customers in the United
States and the United Kingdom.


THOMAS COOK: Pension Scheme Trustees Mull Deal with Aviva
---------------------------------------------------------
Mark Kleinman at Sky News reports that trustees of the Thomas Cook
pension scheme are plotting an GBP850 million pensions deal with
Aviva that will guarantee retirement payments to thousands of
former workers at the collapsed tour operator.

Sky News has learnt that Aviva, the FTSE-100 insurer, has been
selected as the preferred partner for a deal, although it has not
yet formally entered exclusive talks with the trustees.

Thomas Cook's pension schemes are thought to have had roughly
14,000 members at the time of its demise.

The development comes more than three years after Thomas Cook
collapsed into liquidation, bringing to an end 178 years of solvent
trading.

The travel group's bankruptcy followed months of talks about a
rescue deal.

Thomas Cook's brand was subsequently snapped up by Fosun Tourism
Group, a Chinese company, which relaunched it as an online travel
agent.

Sky News recently revealed that Fosun had decided to put the
business up for sale.



WATERFALL AQUATICS: Goes Into Liquidation, Owes More Than GBP400K
-----------------------------------------------------------------
William Telford at PlymouthLive reports that a Plymouth tropical
fish store has gone bust after more than 20 years in business.

According to PlymouthLive, St Budeaux's Waterfall Aquatics Ltd has
gone into liquidation owing more than GBP400,000 including a hefty
Covid loan.

The business was set up by Hilary Lane and her son Paul Lane more
than two decades ago, but has now called in liquidators and is to
be voluntarily wound up, PlymouthLive discloses.  It sold fish,
crustaceans and molluscs, and supplies from its Victoria Road
premises, but had at one time been based in Keyham.  Its online
shop has been closed down, PlymouthLive notes.

Documents filed at Companies House reveal the business, which its
Facebook page shows has been trading from its St Budeaux shop for
at least a decade, had no assets but debts of GBP415,597,
PlymouthLive relates.   However, Mr Lane, who owns the company is
the largest creditor, claiming the GBP239,262 he sank into the
business, according to PlymouthLive.

The documents reveal banks and institutions are claiming GBP58,553,
PlymouthLive discloses.  Of this GBP48,000 is an unpaid Bounce Back
Loan, provided by Lloyds Bank, PlymouthLive notes.  The same bank
is owed more than GBP10,000 in addition, in loans and an
overdraft.

A list of creditors also reveals other lenders are claiming cash,
according to PlymouthLive.

Waterfall Aquatics accounts are overdue and should have been filed
in December 2022, PlymouthLive states.  The most recent accounts,
for the year to March 2021, show the business was GBP123,713 in the
red and employed two people, according to PlymouthLive.

Waterfall Aquatics was trading in the 1990s but Waterfall Aquatics
Ltd was incorporated in 2003.  Its other serving director at the
time of liquidation was Joanne Lane.

During its long life, the company was a popular business, and sold
a huge range of products and fish, including elephant fish, kissing
gourami and clown loach.  It also raised cash for good causes.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
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