---

       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

          Friday, March 31, 2023, Vol. 24, No. 66

                           Headlines



A U S T R I A

WIENERBERGER AG: Moody's Ups Rating on Unsecured Notes from Ba1


F R A N C E

GINKGO SALES 2022: Fitch Affirms 'B+sf' Rating on Class F Notes
STAN HOLDING: S&P Assigns 'B-' Long-Term ICR, Outlook Negative


G E R M A N Y

APLEONA GROUP: S&P Affirms 'B' ICR on Gegenbauer Acquisition
APLEONA HOLDING: Moody's Rates New EUR200MM Incremental Loan 'B2'


I R E L A N D

BOSPHORUS CLO VIII: Moody's Assigns B3 Rating to EUR6MM F Notes
JUBILEE CLO 2017-XVIII: Moody's Affirms B2 Rating on Class F Notes
PRODIGY FINANCE CM2021-1: Moody's Ups Cl. D Notes Rating from Ba1


K A Z A K H S T A N

EURASIAN RESOURCES: S&P Withdraws 'B' Issuer Credit Ratings


L U X E M B O U R G

'MONTERY FINANCING: Steep Discount for Blackstone Fund's SEK2M Loan
CURIUM MIDCO: S&P Lowers LT ICR to 'B-' on Delayed Deleveraging
MONTERY FINANCING: Steep Discount for Blackstone Fund's DKK4M Loan
MONTERY FINANCING: Steep Discount for Blackstone Fund's NOK5M Loan


R O M A N I A

EUROINS ROMANIA: Fitch Cuts Insurer Financial Strength Rating to CC


S P A I N

AYT COLATERALES I: Moody's Ups Rating on EUR3.8MM D Notes to Caa1
CODERE LUXEMBOURG: S&P Downgrades ICR to 'CC', Outlook Negative
NH HOTEL: Moody's Ups CFR to B2 & EUR400MM Sr. Secured Notes to B1


S W E D E N

UNIQUE BIDCO AB: Fitch Affirms LongTerm IDR at 'B', Outlook Stable


U N I T E D   K I N G D O M

AZURE FINANCE 3: Moody's Assigns (P)B1 Rating to Class F Notes
BODEN SAMUEL: Goes Into Administration
LOSCOE CHILLED: Goes Into Administration, Halts Operations
PAPERCHASE: Expected to Close Remaining Stores Next Week
RIVERSIDE STUDIOS: Significant Debt Burden Prompts Administration

SANDWELL COMMERCIAL NO.1: S&P Affirms 'D(sf)' Rating on Cl. E Notes
SPIRIT OF 48: Enters Administration, 17 Jobs Affected
SYNTHOMER PLC: S&P Alters Outlook to Negative, Affirms 'BB' ICR


X X X X X X X X

[*] BOOK REVIEW: Transnational Mergers and Acquisitions

                           - - - - -


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

WIENERBERGER AG: Moody's Ups Rating on Unsecured Notes from Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the Austrian
building materials producer Wienerberger AG, assigning a long-term
issuer rating of Baa3. Concurrently, the rating agency has upgraded
the issuer's senior unsecured ratings to Baa3 from Ba1. The outlook
has been changed to stable from positive.

RATINGS RATIONALE

The upgrade to Baa3 reflects Wienerberger's structurally improved
business profile over the recent years as well as its very strong
point-in-time credit metrics, which Moody's expect to remain in
line with the requirements for an investment grade rating even in a
more challenging market environment. Considering the upcoming
acquisition of Terreal, Wienerberger has almost doubled its revenue
over the last five years. With well over EUR5 billion in sales on a
pro-forma basis, its size and scale now is well in line with what
Moody's typically require from investment grade rated companies.
Its regional diversification has improved since the acquisition of
Meridian Brick in the US in 2021 with North America now
contributing c. 20% to group sales and Moody's expect its share to
increase in coming years.

Furthermore, Wienerberger's product portfolio has shifted to the
one that has a larger exposure to more resilient Renovation and
Infrastructure segments of the construction market.  Together with
Terral, 54% of revenue in 2022 was exposed to these end-markets
while ten years ago the group was mainly exposed to new build
construction (65% of revenue). Moody's expects the group to
continue focusing it organic and inorganic growth on resilient
end-markets, reducing the cyclicality of its business profile.

Despite already softening end-markets and a significant cost
inflation Wienerberger's operating performance in 2022 remained
strong with 25% growth in revenue and c. 350 basis points expansion
in Moody's adjusted EBITDA. High earnings also resulted in a
record-high free cash flow generation that amounted to EUR224
million in spite of high capex spending, large working capital
build-up and higher dividends. Moody's adjusted gross and net
leverage declined to 1.6x and 1.3x respectively, which are strong
levels even for the Baa3 rating category.

The market environment in the coming 12-24 months will be
challenging and Moody's forecasts construction output in Europe to
decline in a mid-to-low single digit percentage range in 2023,
followed by only modest 0.8% growth in 2024. Lower demand will make
it harder for companies to pass cost inflation, leading to earnings
decline. Nevertheless, Moody's expects Wienerberger to maintain the
gross leverage ratio (Moody's adjusted) of below 3x, which is
broadly consistent with the company's financial policy foreseeing a
net leverage ceiling of 2.5x. At the end of 2022, the ratio was
less than half of that at 1.1x. Moody's expectation captures the
impact of both lower earnings and Terreal acquisition that is
guided to be closed by the end of this year. At the same time,
Wienerberger ruled out further sizeable acquisitions for 2023
making M&A investments dependent on the development of the
end-markets.

Wienerberger's rating is supported by (1) the group's strong market
position as the global leader in clay blocks and Europe's #1
producer of facing bricks, clay roof tiles and ceramic pipes; (2)
reduced business cyclicality as the revenue share of new-build
construction was reduced to 46% (pro-forma Terreal acquisition)
compared to 65% a decade ago while 2030 goal is to reduce it
further to 40%; (3) improved regional diversification with a
growing contribution from North America (c. 20% in 2022) following
the Meridian Brick acquisition in 2021; (4) the financial policy
targeting a moderate leverage level (net debt/ EBITDA below 2.5x)
while the actual leverage is well below that ceiling rate (1.1x at
YE 2022, 1.4x pro-forma Terreal acquisition) and (5) currently
strong Moody's adjusted credit metrics that provide cushion against
market slowdown and a long track record of positive free cash flow
generation.

However, the rating is constrained by (1) the cyclicality of
construction end-markets; (2) risks of prolonged downturn in
residential new-build construction that the company is still
significantly exposed to; (3) persistently high cost inflation
together with difficult market backdrop makes the maintaining of
current profitability margins very challenging; (4) progressive
dividend distribution (proposed dividends for 2022 up 20%)
complemented by share buybacks in the past (EUR213 million in
2022); and (5) concentrated debt maturity profile with large
refinancing needs in 2024-25.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Wienerberger
can sustain credit metrics in line with tightened requirements for
investment grade rating and will address upcoming debt maturities
well in advance in order to maintain a good liquidity profile at
all times.

LIQUIDITY

The liquidity position of Wienerberger is sufficient. The company
had around EUR300 million of cash at the end of 2022 and the access
to EUR400 million committed but undrawn revolving credit facility
(RCF) maturing in November 2025. The RCF contains an accordion
option to increase it by EUR200 million at the company's
discretion. In addition, Wienerberger had EUR73 million of
financial assets, which could be easily liquidated. On the other
side, there are significant debt maturities in coming years in form
of c. EUR150 million in 2023 that go up to EUR320 million in 2024
and c. EUR430 million in 2025. In addition, the company will have
to pay c. EUR450 million cash consideration for the acquisition of
Terreal, which is expected to be closed by the year-end 2023.

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

WHAT COULD MOVE THE RATINGS - UP

Positive rating pressure could arise if:

Moody's adjusted gross debt/EBITDA below 2x on a sustained basis;

Moody's adjusted retained cash flow/ net debt sustainably above
35%;

Further improvement in business profile.

WHAT COULD MOVE THE RATINGS -- DOWN

Conversely, negative rating pressure could arise if:

Moody's adjusted gross debt/EBITDA sustainably above 3x;

Moody's adjusted retained cash flow/ net debt sustainably below
25%;

Aggressive liquidity management with regard to arranging financing
for larger acquisitions or addressing upcoming maturities;

FCF turns negative over several years.

LIST OF AFFECTED RATINGS:

Issuer: Wienerberger AG

Assignments:

LT Issuer Rating, Assigned Baa3

Upgrades:

Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from
Ba1

Withdrawals:

LT Corporate Family Rating, previously rated Ba1

Probability of Default Rating, previously rated Ba1-PD

Outlook Actions:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Building
Materials published in September 2021.

PROFILE

Headquartered in Vienna (Austria), Wienerberger AG is the world's
largest brick manufacturer and Europe's largest producer of clay
roof tiles as well as a leading supplier of plastic and ceramic
pipes. The group produces bricks, clay and concrete roof tiles,
clay and concrete pavers as well as clay and plastic pipes in 215
production sites operating in 28 countries across Europe, Canada
and the USA. In 2022, Wienerberger generated close to EUR5 billion
in revenue.  Wienerberger is a public company listed in Vienna
Stock Exchange with a 100% of its shares in free float, its market
capitalisation currently is around EUR3 billion.  



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

GINKGO SALES 2022: Fitch Affirms 'B+sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Ginkgo Sales Finance 2022 class A, B, C,
D, E and F notes.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
Ginkgo Sales
Finance 2022

   Class A
   FR0014009VH6     LT AAAsf  Affirmed   AAAsf
   Class B
   FR0014009VI4     LT AAsf   Affirmed    AAsf
   Class C
   FR0014009VJ2     LT Asf    Affirmed     Asf
   Class D
   FR0014009VK0     LT BBBsf  Affirmed   BBBsf
   Class E
   FR0014009VL8     LT BB+sf  Affirmed   BB+sf
   Class F
   FR0014009VM6     LT B+sf   Affirmed    B+sf

TRANSACTION SUMMARY

Ginkgo Sales Finance 2022 was initially a 10-month revolving
securitisation of French unsecured consumer loans originated in
France by CA Consumer Finance (CACF, A+/Stable/F1). The securitised
portfolio consists of loans advanced to individuals for home
equipment and recreational vehicles. All the loans bear a fixed
interest rate and are amortising with constant monthly instalments.
The revolving period ended on 28 February 2023.

KEY RATING DRIVERS

Stable Performance: The affirmation reflects that the transaction
has been performing in line with expectations, with the cumulative
default rate at 0.26%, compared with a base case expectation of
0.27%. Arrears have increased to reach levels in line with
historical data. The revolving period ended in February 2023 and
credit enhancement has remained stable so far. Nevertheless,
macroeconomic uncertainties and especially inflation and rising
interest rates can undermine borrowers' capacity to repay their
debt. However, the portfolio only includes fixed-rate loans,
protecting borrowers from increasing interest rate.

Hybrid Pro-Rata Redemption: The transaction has hybrid pro-rata
redemption. The transaction will amortise sequentially until the
class A notes reach their targeted subordination ratio. The notes
will then amortise at their targeted subordination ratio calculated
as a percentage of the performing and delinquent balance. If no
sequential amortisation event occurs, the notes will amortise pro
rata.

Servicing Continuity Risk Mitigated: CACF is the transaction
servicer. No back-up servicer was appointed at closing. However,
servicing continuity risks are mitigated by, among other things,
the monthly transfer of borrowers' notification details and a
reserve fund to cover liquidity on the class A and B notes and the
management company being responsible for appointing a substitute
servicer within 30 calendar days upon a servicer termination
event.

Class C to F Notes Capped: Payment interruption risk (PIR) for the
class A and B notes is mitigated by the dedicated liquidity
reserves. The class C to F notes do not benefit from such liquidity
protection. However, Fitch considers that for these notes, PIR is
mitigated by the commingling reserve, which becomes available if
the servicer is downgraded below 'BBB'/'F2'. Under Fitch's
criteria, these rating triggers are commensurate with ratings up to
the 'Asf' category when PIR is considered a primary risk driver. As
a result, the class C, D, E and F notes' ratings are capped at
'A+sf'.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce larger losses than expected in
Fitch's base case and could result in negative rating action on the
notes.

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

Current ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BB+sf'/'B+sf'

Increase defaults by 25%: 'AA+sf'/'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/
'Bsf'

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

Decrease recoveries by 25%:
'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BB+sf'/'B+sf'

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

Increase defaults and decrease recoveries by 25%:
'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BBsf'/'CCCsf'

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

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

Decrease defaults by 10% and increase recoveries by 10%:
AAAsf'/'AA+sf'/'A+sf'/'A-sf'/'BBBsf'/'BBsf'

DATA ADEQUACY

Ginkgo Sales Finance 2022

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

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

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

ESG CONSIDERATIONS

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.

STAN HOLDING: S&P Assigns 'B-' Long-Term ICR, Outlook Negative
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to France-based mobile games developer Stan Holding SAS (Voodoo).

The negative outlook reflects S&P's view that, over the next 12
months, Voodoo may not achieve sustainable earnings growth as it
repositions its business model such that its free operating cash
flow (FOCF) will stay negative, and its leverage will remain very
high at above 9x.

S&P said, "Our rating on Voodoo reflects the group's operations in
the very competitive and volatile mobile video games industry and
the ongoing strategic shift in its business model that will likely
lead to lower profitability than peers'. Voodoo generated more than
70% of its 2022 revenue from advertising, which comes mainly from
its hyper-casual and hybrid-casual mobile games operations. This
exposed its earnings and cash flows to the volatility and a steep
decline in advertising revenue. The remaining share of revenue
comes from in-app-purchases (IAP) within Voodoo's casual mobile
games, which are growing and more recurring in nature. The rating
also reflects the company's high leverage that we expect will
remain above 9x in 2023 and above 7x in 2024, being much higher
than peers', and its weak cash flows. We believe that Voodoo's
ability to execute its new business strategy will be key to the
sustainability of the company's capital structure and its ability
to address the refinancing of its term loan and revolving credit
facility (RCF) over the next 12-24 months. In our view, these
weaknesses are partly offset by the company's sound growth
prospects, driven both by expectations for the mobile gaming
industry to grow at above 7% compound annual growth rate in
2023–2027 and Voodoo's expected mobile games launches.

"Voodoo operates in a competitive and fragmented industry with
exposure to technological risks, in our view. Due to attractive
growth prospects and low barriers to entry of the mobile gaming
industry, the number of mobile game publishers of hyper-casual
games has materially increased in the past several years. This
resulted in increasing market fragmentation and competition and
required Voodoo to compete with both larger and better capitalized
peers as well as smaller mobile games developers. At the same time,
the group's 2022 revenue growth in the mobile games industry was
disrupted by reducing advertising revenue and tighter privacy
regulations that increased user acquisition costs. Over the longer
term, Voodoo will likely need to invest further in technological
innovations to remain competitive.

"We believe that Voodoo's pronounced operating underperformance in
2021-2022 prompted the currently underway strategic turnaround. The
group's hyper-casual mobile games operations declined by
approximately 12% in 2021 and 23% in 2022. In early 2021 Voodoo was
a pure hyper-casual games developer, and it suffered from a
slowdown of the growth in the hyper-casual mobile market and
increase in user acquisition costs due to tighter privacy
regulations. In 2022 the hyper-casual market declined further by
more than 5% due to a correction after strong performance during
the pandemic, as well as due to fewer hyper-casual game launches
than in the past. This is why we believe Voodoo recognized a need
to diversify its mobile games operations and has been shifting its
focus from the declining hyper-casual games segment to the
development of more complex hybrid-casual games and casual games
with more stable recurring revenue and earnings that last for two
years or longer. At the same time, hyper-casual games--shorter-term
games with earnings profile of up to one year--remain a part of
Voodoo's portfolio, but their weight in the overall operations of
the group will decline over the next few years.

"Voodoo's strategic repositioning is exposed to execution risk, in
our opinion. In 2021-2022 the company started developing and
launching its own hybrid-casual games, and it made several
acquisitions in 2021, including casual mobile game developer Beach
Bum. We expect Voodoo will continue investing and launching new
hybrid-casual and casual games in 2023-2024, thereby putting its
profitability under some strain. However, if the strategic
repositioning is successful over the medium term, Voodoo's business
model might become less dependent on volatile advertising revenue
and yield a more stable and recurring earnings and cash flow
profile. We think the repositioning could also translate into a
pick-up in profitability margins, because hybrid-casual and casual
games have potential to generate higher margins when they gain
scale. We expect 7%-10% revenue growth in 2023, accelerating to
above 30% in 2024 as the games gain scale and new ones are
released. We understand that the operating performance of the first
two months in 2023 was above the company's expectations and
indicates that the company's strategic efforts are paying off. At
the same time, the existing games portfolio's performance remains
resilient. That said, the turnaround depends on the company's
ability to sustain the development and launch of attractive mobile
games that retain users.

"Furthermore, the company's repositioning efforts will weigh on
profitability and cash flows. We expect Voodoo to increase
investment in development of new games and launch up to four
hybrid-casual games and four casual games, and to continue
launching hyper-casual games in 2023. We treat development costs as
operating costs. As such, they weigh on adjusted EBITDA margins,
which will stay much lower than peers' in 2023-2024. Lower margins
also reflect Voodoo's increased user acquisition costs in 2021
since the tightening of privacy policies. Voodoo's cash flows
remain volatile due to lower earnings and continued need to invest
in strategic initiatives. We forecast the company will invest EUR50
million-EUR65 million annually in new mobile games development in
2023-2024. The payoff of the incurred investments will be spread
across the next several years. This is because hybrid-casual and
casual games take longer to launch and scale up, but they generate
stacking revenue and earnings over a longer period (two to four
years for hybrid-casual and five years or longer for casual games).
We therefore expect that Voodoo will report negative EUR20
million-EUR15 million of FOCF after leases in 2023 and neutral FOCF
after leases in 2024.

"We anticipate that Voodoo's leverage will remain very high, above
9x, in 2023.Voodoo's financial profile significantly weakened over
2021-2022. This is because of weak operating performance and a
decline in adjusted EBITDA from EUR54 million in 2020 to about
EUR19 million in 2022. This resulted in leverage peaking at a very
high 15x-17x in 2021-2022. We forecast that Voodoo's earnings in
2023 will grow and profitability will slightly improve, and this
will enable the company to deleverage to 9.3x-9.8x by year-end. We
expect leverage could further reduce toward 7.2x-7.7x in 2024,
mainly owing to rising EBITDA. Voodoo's capital structure consists
of a EUR220 million term loan B maturing in November 2025, a EUR30
million junior state-backed bond due in December 2030, and the
company's fully undrawn EUR30 million RCF due in May 2025. Our debt
calculation also includes EUR25 million-EUR50 million of leases,
deferred debt, and call and put options that we treat as debt-like.
We expect the group will address the 2025 bullet maturity of its
term loan and RCF well in advance. We also think its credit metrics
could improve before it approaches the market for refinancing. That
said, if operating performance does not strengthen in line with our
expectations, refinancing risks could rise in the next 12 months."

Further tightening of privacy policies could hit Voodoo's
profitability. Stricter privacy requirements across different
platforms and tighter privacy regulation in different geographies
(for example, General Data Protection regulation in Europe) have
affected the mobile advertising industry. The App Tracking
Transparency (ATT) privacy feature on Apple's devices has changed
the method of data attribution and measurement for the tech
ecosystem, and increased user acquisition costs across the adtech
ecosystem. The ATT hit Voodoo's profitability in 2021, causing a
contraction of S&P Global Ratings-adjusted EBITDA margin to 4.5%
from 14.6% in 2020. The upcoming regulation of privacy data on
Google's privacy sandbox could harm Voodoo's profitability further.
However, that the impact might be smaller than that from the ATT
introduction in April 2021, because the company offers only one
third of its mobile games on the Google Play platform.

The negative outlook reflects S&P's view that, over the next 12
months, Voodoo may not achieve sustainable earnings growth and cash
flow and credit metric improvements as it repositions its business
model. This could mean that its FOCF remains negative and leverage
stays very high above 9x.

S&P could lower its rating if Voodoo's capital structure became
unsustainable if:

-- It fails to perform in line with our base case due to inability
to successfully monetize existing games and launch new games, which
would translate into persistently weak EBITDA, negative FOCF, and
no material deleveraging;

-- It fails to address the maturity of its term loan in November
2025 well in advance of it becoming current; or

-- S&P believed there was a heightened probability of a default,
including distressed exchanges.

S&P could revise the outlook to stable if Voodoo successfully
launches its hyper-casual, hybrid-casual, and casual mobile games
and expands its consumer apps, while its existing portfolio of
mobile games continues to perform resiliently. This would support
the company's deleveraging and FOCF becoming break even by the end
of 2024. A stable outlook would also hinge on the company's ability
to address its 2025 debt maturity in a timely manner while
maintaining adequate liquidity.

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

S&P said, "Governance factors are a negative consideration in our
credit ratings analysis of Voodoo. In our view, co-founder and CEO
Alexandre Yazdi has significant influence over the strategy and
financial policy of the company." He holds an economic interest in
the company of about 30% and is on the board of directors. Also,
Mr. Yazdi has a simple majority of voting rights and can overrule
votes of other shareholders due to the preference shares he holds.




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

APLEONA GROUP: S&P Affirms 'B' ICR on Gegenbauer Acquisition
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on German facility management service provider Apleona Group GmbH
and its financing subsidiary Apleona Holding GmbH, and its 'B'
issue rating and '3' recovery rating on its senior secured debt,
including the proposed EUR200 million incremental term loan B.

The stable outlook reflects S&P's view that Apleona will
successfully integrate GB, continue to report sound organic revenue
growth, and maintain S&P Global Ratings-adjusted EBITDA margins of
7.5%-8.0% in the next 12 months, supporting positive free operating
cash flow (FOCF) despite expected integration costs.

On March 6, 2023, Apleona Group announced the acquisition of
Gegenbauer Group (GB), one of the leading facilities management
(FM) service providers in Germany.

S&P said, "We forecast that Apleona's adjusted leverage will be
close to 6.0x in 2023, pro forma the acquisition, and reduce below
5.5x in 2024 (about 5.0x in 2023 declining below 4.5x in 2024
excluding the preferred shares), supported by revenue growth and
synergies. GB's acquisition will be funded with an additional
EUR125 million term loan B, EUR15 million cash, and EUR317 million
of preferred equity from GB's investors rolled into Apleona's
structure. The acquisition price includes a EUR50 million deferred
payment that we consider as debt. We treat the preferred shares as
debt, given that these instruments can be redeemed for cash and
contain some debt-like features, although we acknowledge their
subordination to all other debt and the cash preserving nature of
the discretionary cumulative period. We also note that GB has no
rights to exercise a put option to redeem the preferred shares. We
forecast leverage of 6.5x-7.0x in 2023 when including GB's EBITDA
from the closing date, or roughly 6.0x pro forma the full-year
consolidation of GB, (about 5.0x excluding the preferred shares),
declining below 5.5x in 2024 (4.5x excluding the preferred shares).
This compares with our calculation of 5.8x at year-end 2022 based
on the company's preliminary results. Future deleveraging will be
supported by continued organic growth, driven by both increasing
outsourcing penetration and continued contract extensions with
Apleona's large, blue-chip clients. The company also anticipates
run-rate synergies of EUR23 million, mainly from central overhead
reduction and performance management. Our assessment of the group's
financial risk profile also considers its private-equity ownership
by PAI Partners and its tolerance for high leverage."

The transaction strengthens Apleona's market position in Germany,
but its geographic diversity and scale will remain relatively
weaker than that of global peers. The GB acquisition will establish
Apleona as the No. 1 FM company in Germany, ahead of Spie. The
combined entity's revenue is about EUR3.2 billion in 2022, of which
82% is generated in the German-Austrian-Swiss (DACH) region. In
terms of services, the acquisition lowers the contribution of
technical FM to 65% of revenues (from 70% on a stand-alone basis)
as GB is more present in the soft FM market, but also provides
Apleona with enhanced service coverage density across Germany and
new cross selling opportunities.

S&P said, "We note that Apleona recently improved its market
position in international markets including Austria through its
acquisition of Siemens Gebaudemanagement & -Services GmbH (SGS),
and Ireland with the acquisition of Acacia--one of the two-largest
owner-managed integrated FM providers. At the same time, the
company's geographic diversification and scale of operation remains
lower than that of peers Spie and ISS.

"We expect Apleona's adjusted EBITDA margin and FOCF generation
will be affected by integration costs in 2023, before improving in
2024. On a pro forma basis, we expect the company's adjusted EBITDA
margin to decline to 7.5%-8.0% in 2023, from our expectation of
8.0% in 2022, due to costs related to the enterprise resource
planning (ERP) implementation program and costs associated with
synergy implementation. We forecast margins will improve above 8.0%
in 2024 as synergies start to realize and one-off costs begin to
decline. In our forecast, we incorporate synergy costs of EUR17.5
million in 2023 and EUR10 million in 2024, ERP implementation costs
of EUR10 million each in 2023 and 2024, and synergy realizations of
EUR1 million-EUR2 million in 2023 and EUR7 million-EUR8 million in
2024. This should drive FOCF after lease payments of EUR15
million-EUR25 million in 2023 and EUR30 million-EUR40 million in
2024.

"We also believe that GB's size is larger than other bolt-on
acquisitions Apleona historically pursued (the largest being SGS in
2022 with just EUR75 million of revenues), thus exposing it to
execution and integration risk. We believe higher than expected
one-off costs related to the acquisition could weaken the company's
profitability and cash flow generation.

"The stable outlook reflects our view that Apleona will
successfully integrate GB, continue to report sound organic revenue
growth, and maintain adjusted EBITDA margins of 7.5%-8.0% in the
next 12 months, supporting positive FOCF despite expected
integration costs."

S&P could lower the rating if Apleona underperformed its forecast,
resulting in negative FOCF for a prolonged period or funds from
operations (FFO) cash interest coverage declining below 2.0x. This
could happen if:

-- The company incurred higher integration or other exceptional
costs than expected, or there was a delay in synergy realization
affecting profitability and operating cash flows; or

-- Apleona undertook aggressive transactions in the form of large
debt-funded acquisitions or cash returns to shareholders.

S&P could raise the rating if the group increased the scale and
diversity of its business and profitability. Additionally, it could
raise the rating if:

-- Adjusted leverage declined to below 5.0x and FFO to debt
improved to above 12% on a sustained basis; and

-- The financial sponsor committed to a prudent financial policy
to maintain credit metrics at these improved levels.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Apleona. Our
assessment of the company's financial risk profile as highly
leveraged reflects the corporate decision-making that prioritizes
the interests of the controlling owners, in line with our view of
the majority of rated entities owned by private-equity sponsors.
Our assessment also reflects generally finite holding periods and a
focus on maximizing shareholder returns."


APLEONA HOLDING: Moody's Rates New EUR200MM Incremental Loan 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
EUR200 million incremental backed senior secured term loan B
maturing in 2028, borrowed by Apleona Holding GmbH (Apleona or the
company) and guaranteed by its parent company Apleona Group GmbH.
The outlook is stable.

Net proceeds from the new tranche under its senior facilities
agreement will be used to support the funding of the acquisition of
Gegenbauer Group, announced on March 6, 2023. The company also
intends to repay the outstanding EUR75 million second-lien loan
maturing in 2029 (unrated).

RATINGS RATIONALE

The B2 rating is supported by Apleona's standing as a well-known,
leading provider of integrated facility management services, with a
pan European footprint; albeit geographically concentrated in the
GAS (Germany-Austria-Switzerland) region. The acquisition of
Gegenbauer Group will strengthen Apleona's business profile, via a
greater combined scale of around EUR3.5 billion annual sales and
around EUR300 million combined EBITDA, as projected by the company.
The transaction will also solidify Apleona's leading market
positioning in Germany, where it will become the largest facility
management company.

The comparably lower financial leverage of the target company and
the fact that, the former owners of the Gegenbauer Group will
become part of the shareholder base of Apleona protects the capital
structure in the context of this large acquisition.

Overall the company's credit profile remains supported by good
earnings visibility from medium-term contracts with a
long-established, solid-credit quality and diversified client base;
strong track record of contract renewals and its focus on the
technical facility management (TFM) services market, that benefits
from low cyclicality and moderate growth prospects.

Moody's expect Apleona's leverage to moderately decline after the
financial consolidation of the Gegenbauer Group, albeit to remain
high at between 4.5x and 5.0x over the next 12 to 18 months. The
company's fixed charge coverage ratio will remain between 2.0x and
2.5x for the same period, aided by a partially hedged debt exposure
and no near-term maturities. Still higher interest rates will
expose Apleona's credit profile more meaningfully to higher
interest costs over time.

Other factors constraining the rating are the competitive and
fragmented nature of the building and facility services markets,
which constrains operating margins and increases event risk. In
this context Apleona's credit profile remains sensitive to
financial policy with respect to capital allocation, execution
risks, integration costs and funding needs related to inorganic
growth. Other non-idiosyncratic risks come from the slowdown of
economic activity and inflationary pressures.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectation that over
the next 12-18 months Apleona's credit metrics will remain
adequately positioned with respect to Moody's rating guidance,
supported by high earnings visibility from the existing backlog,
coupled with improved operating earnings because of greater
digitalization of business activities and ongoing efficiency, and
streamlining measures.

The stable outlook also incorporates Moody's expectation of broadly
stable EBITA margins between 6% and 7% along with a disciplined
capital allocation that excludes large debt-funded acquisitions or
shareholder distributions.

LIQUIDITY

Apleona's liquidity is adequate, comprising around EUR96 million in
cash, pro-forma for the transaction and around EUR137 million
available under its backed senior secured revolving credit facility
(RCF) maturing in 2027. Moody's further expect the company to
generate positive free cash flow over the next 12 to 18 months.
However, the company is subject to seasonal swings in working
capital, which normally reaches a peak in the first quarter and
improves throughout the rest of the year, especially in the fourth
quarter.

Overall, the company's liquidity will benefit from long-dated
outstanding debt maturities, totalling EUR965 million including its
existing backed term loan B1 and the new backed senior secured
targeted issuance, both due in 2028.

The company will be subject to one springing covenant of net
debt/EBITDA which is tested when more than 40% of RCF is drawn. The
covenant is set at 7.72:1. Moody's expect the company to maintain
comfortable headroom under the covenant for the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The assigned B2 instrument rating on the incremental EUR200 million
backed senior secured term loan B, is in line with the existing
ratings on the company's EUR765 million backed senior secured term
loan B1 and the EUR151.7 million backed senior secured RCF and
reflects the senior pari passu ranking of all these instruments.

Same as for the existing backed senior secured facilities, the
incremental EUR200 million backed senior secured facility will be
borrowed by Apleona Holding GmbH and guaranteed by its parent
company Apleona Group GmbH. Guarantor coverage is the same with at
least 80% of group's EBITDA. Security package consists of shares,
intra-group receivables, bank accounts.

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

WHAT COULD CHANGE THE RATING – UP

Moody's could upgrade Apleona's rating if its leverage remains well
below 5.0x debt/EBITDA (Moody's-adjusted) on a sustained basis; its
fixed charge coverage remains above 2.5x and if liquidity turns
strong with FCF/debt increasing towards the high single digits in
percentage terms for a sustained period.

WHAT COULD CHANGE THE RATING - DOWN

Moody's could downgrade Apleona's rating if the company's financial
leverage is above 6.0x debt/EBITDA (Moody's-adjusted); its fixed
charge coverage falls below 2x; its liquidity weakens, or its free
cash flow (FCF) turns negative.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.



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

BOSPHORUS CLO VIII: Moody's Assigns B3 Rating to EUR6MM F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Bosphorus CLO VIII
Designated Activity Company (the "Issuer"):

EUR183,000,000 Class A Secured Floating Rate Notes due 2037,
Definitive Rating Assigned Aaa (sf)

EUR30,000,000 Class B Secured Floating Rate Notes due 2037,
Definitive Rating Assigned Aa2 (sf)

EUR19,125,000 Class C Secured Deferrable Floating Rate Notes due
2037, Definitive Rating Assigned A2 (sf)

EUR17,250,000 Class D Secured Deferrable Floating Rate Notes due
2037, Definitive Rating Assigned Baa3 (sf)

EUR17,625,000 Class E Secured Deferrable Floating Rate Notes due
2037, Definitive Rating Assigned Ba3 (sf)

EUR6,000,000 Class F Secured Deferrable Floating Rate Notes due
2037, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans and high yield bonds. The portfolio is c.a. 75%
ramped as of the closing date and to comprise of predominantly
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the six months
ramp-up period in compliance with the portfolio guidelines.

Cross Ocean Adviser LLP will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5 years
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit impaired
obligations or credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer issued EUR26,280,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

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

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR300,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2955

Weighted Average Spread (WAS): 4.40%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 45%

Weighted Average Life (WAL)*: 7.5 years

*The covenanted base case weighted average life is 8.5 years.
Moody's modelled 7.5 years WAL according to Moody's methodology.

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

JUBILEE CLO 2017-XVIII: Moody's Affirms B2 Rating on Class F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Jubilee CLO 2017-XVIII DAC:

EUR22,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2030, Upgraded to Aa2 (sf); previously on Jul 4, 2022 Upgraded to
Aa3 (sf)

EUR21,500,000 Class D Deferrable Mezzanine Floating Rate Notes due
2030, Upgraded to A3 (sf); previously on Jul 4, 2022 Affirmed Baa1
(sf)

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

EUR240,000,000 (Current outstanding amount EUR163,437,449) Class A
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jul 4, 2022 Affirmed Aaa (sf)

EUR50,000,000 Class B Senior Secured Floating Rate Notes due 2030,
Affirmed Aaa (sf); previously on Jul 4, 2022 Upgraded to Aaa (sf)

EUR24,500,000 Class E Deferrable Junior Floating Rate Notes due
2030, Affirmed Ba2 (sf); previously on Jul 4, 2022 Affirmed Ba2
(sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2030, Affirmed B2 (sf); previously on Jul 4, 2022 Affirmed B2 (sf)

Jubilee CLO 2017-XVIII DAC, issued in July 2017, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Alcentra Limited. The transaction's reinvestment period
ended in July 2021.

RATINGS RATIONALE

The rating upgrades on the Class C and D notes are primarily a
result of the deleveraging of the Class A notes following
amortisation of the underlying portfolio since the last rating
action in July 2022.

The affirmations on the ratings on the Class A, B, E and F notes
are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A notes have paid down by approximately EUR76.6 million
(31.9%) in the last 12 months. As a result of the deleveraging,
over-collateralisation (OC) has increased for the more senior
tranches. According to the trustee report dated March 2023 [1] the
Class A/B, Class C and Class D OC ratios are reported at 148.47%,
134.60% and 123.34% compared to June 2022 [2] levels of 145.07%,
132.73% and 122.54%, respectively.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in July 2022.

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

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

Performing par and principal proceeds balance: EUR315.2m

Defaulted Securities: EUR4.4m

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2960

Weighted Average Life (WAL): 3.27 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.55%

Weighted Average Coupon (WAC): 4.07%

Weighted Average Recovery Rate (WARR): 44.77%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

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

PRODIGY FINANCE CM2021-1: Moody's Ups Cl. D Notes Rating from Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four Notes in
Prodigy Finance CM2021-1 Designated Activity Company. The rating
action reflects better than expected collateral performance and the
increased levels of credit enhancement for the affected Notes.

US$227.6M Class A Notes, Upgraded to Aa2 (sf); previously on Jul
14, 2021 Definitive Rating Assigned Aa3 (sf)

US$22.8M Class B Notes, Upgraded to Aa3 (sf); previously on Jul
14, 2021 Definitive Rating Assigned A1 (sf)

US$19.7M Class C Notes, Upgraded to A1 (sf); previously on Jul 14,
2021 Definitive Rating Assigned A2 (sf)

US$18.2M Class D Notes, Upgraded to Baa1 (sf); previously on Jul
14, 2021 Definitive Rating Assigned Ba1 (sf)

RATINGS RATIONALE

The rating action is prompted by decreased key collateral
assumptions, namely the portfolio default probability assumption
due to better than expected collateral performance and an increase
in credit enhancement for the affected tranches.

Prodigy Finance CM2021-1 Designated Activity Company is a static
cash securitisation of unsecured student loan receivables extended
by Prodigy Finance Limited ("Prodigy", NR) to international
students attending post graduate programs in different countries
across the globe. The portfolio consists of approximately USD173
million of loans as of February 7, 2023.

Revision of Key Collateral Assumptions

The transaction has one and a half years of performance history.
Although total delinquencies have increased in the past year they
started from very low levels, with 90 days plus arrears currently
standing at 2% of current pool balance. Cumulative defaults
currently stand at 2.1% of original pool balance with a pool factor
of 55%.

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date. Moody's has reduced
the default probability to 5.96% of the original portfolio balance,
7% of current portfolio balance, from previous 7% of the original
portfolio balance. The assumption for the fixed recovery rate
remained unchanged at 25%. Moody's also maintained the portfolio
credit enhancement assumption at 30%.

Increase in Available Credit Enhancement

There is a non-amortising reserve account sized at 1.2% of the
total pool balance and a non-amortising capitalized interest
account sized at 0.5% of the initial pool balance which will be
available until the second anniversary since closing.
Non-amortizing reserve fund and trapping of excess spread led to
the increase in the credit enhancement available in this
transaction. In addition, Class B Notes started amortising in
January 2023, until then the Notes had been amortising
sequentially.

For instance, the credit enhancement for the most senior tranche
affected by the rating action increased to 49.3% from 26.2% since
closing.

Counterparty Exposure

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

Moody's notes that the transaction features some credit weaknesses
such as an unrated servicer and the servicing complexity related to
international borrowers. Various mitigants have been included in
the transaction structure such as a back-up servicer and a US
back-up servicer which will step in upon Prodigy's insolvency or
other servicer termination events. The rating of the Class A Notes
is constrained by operational risk. Moody's considers that the
available liquidity and the structural features introduced to
protect the transaction from servicing disruption do not fully
mitigate the risks outlined above.

The ratings also consider social risk attributable to the debt
burden of student loans and the affordability of education in the
US. Potential regulatory or legislative changes could impact funds
available to the trust.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

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

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



===================
K A Z A K H S T A N
===================

EURASIAN RESOURCES: S&P Withdraws 'B' Issuer Credit Ratings
-----------------------------------------------------------
S&P Global Ratings withdrew its 'B' local and foreign currency
long-term and short-term issuer credit ratings on Eurasian
Resources Group (ERG) S.a.r.l. at the company's request. The
outlook was stable at the time of the withdrawal.




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

'MONTERY FINANCING: Steep Discount for Blackstone Fund's SEK2M Loan
-------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its SEK2,090,000 loan
extended to Monterey Financing S.a.r.l to market at SEK196,000 or
9% of the outstanding amount, as of December 31, 2022, according to
a disclosure contained in Blackstone Secured Lending's Form 10-Q
for the quarterly period ended December 31, 2022, filed with the
Securities and Exchange Commission.

Blackstone Secured Lending is a participant in a Senior First Lien
Debt to Monterey Financing S.a.r.l. The loan accrues interest at a
rate of 8.65% (ST+6%) per annum. The loan matures on September 28,
2029.

Blackstone Secured Lending is a Delaware statutory trust formed on
March 26, 2018, and structured as an externally managed,
non-diversified closed-end management investment company.  On
October 26, 2018, the Company elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.  In addition, the Company elected to be treated for U.S.
federal income tax purposes, and intends to qualify annually, as a
regulated investment company, under Subchapter M of the Internal
Revenue Code of 1986, as amended. The Company is externally managed
by Blackstone Credit BDC Advisors LLC.

Monterey Financial provides receivables financing solutions. It
offers consumer finance programs for clients offering retail sales
nand flex pay plans.


CURIUM MIDCO: S&P Lowers LT ICR to 'B-' on Delayed Deleveraging
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Curium Midco to 'B-' from 'B', with the '3' recovery
rating on the EUR1.25 billion senior secured term loan B (TLB)
unchanged.

The stable outlook indicates that S&P expects Curium's operating
performance to remain solid, with the group likely to maintain
positive free operating cash flow (FOCF; after leases) this year
and that the group has no near-term debt refinancing risk and
retains comfortable liquidity.

Curium's latest M&A transaction will delay deleveraging for longer
than S&P had expected. On Dec. 23, 2022, Curium's holding company,
GLO Healthcare US, Inc., acquired Calyx, a U.S.-based provider of
software and eClinical services to pharmaceutical companies, using
the payment-in-kind (PIK) facility issued at the Curium Midco
level. The PIK follow-on of about EUR100 million ($102.9 million)
at 97% of face value will be partially used to acquire Calyx, with
the rest left on Curium and Calyx's balance sheets (to support
Calyx's cash flow requirements). S&P said, "We view as debt the
EUR100 million PIK follow-on, which will be at the same level as
the EUR215 million subordinated holdco PIK. While we view the Calyx
acquisition as minor, we also understand that it is EBITDA-dilutive
and not directly related to Curium's core business, with part of
the cash earmarked for Calyx's turnaround and ramp-up in the next
12-18 months. This, in our view, adds further delays to the group's
deleveraging and we no longer expect it will delever to around 7.0x
over the next two years, which remains the threshold for a 'B'
rating."

S&P said, "We forecast the company's S&P Global Ratings-adjusted
debt at about EUR1.9 billion by the end of 2023, comprising about
EUR1.3 billion of first-lien term loans, about EUR440 million in
PIK notes (including the PIK follow-on) that were issued outside
the restricted group, and other adjustments related to pensions,
factoring, lease liabilities, and contingent obligations. We also
anticipate S&P Global Ratings-adjusted EBITDA (including
nonrecurring costs) of EUR220 million-EUR240 million for 2023 and
EUR240 million-EUR260 million for 2024 with adjusted debt-to-EBITDA
of about 8.0x-8.5x and 7.0x-7.5x, respectively.

"We expect solid growth in Curium's core business due to successful
product launches and an increase in operating margins over the next
two years.We consider Curium reached the peak of its project
investments in 2021-2022 and will now most likely focus on organic
growth and overall control of projects. Our estimates for 2023 are
positive, expecting sales of around EUR950 million-EUR1 billion
(including the contribution of Calyx's sales)and an S&P Global
Ratings-adjusted EBITDA margin of 23%-25% for the fiscal year 2023.
We regard this as resulting from past project investments that
started to become profitable in 2022, especially star product
Detectnet, the contribution from the U.S. launch of loflupane, and
resilient growth in the positron-emission tomography (PET) segment
(mainly in Choline and FDG), which we expect to continue. We expect
single-photon computerized tomography (SPECT) sales to recover more
rapidly in 2023, together with contributions from the London-based
radiopharmacy business, the opening of which had been delayed until
now. Ongoing nonrecurring costs will likely persist, although more
moderately than in 2022, as the company continues to invest in
product development. We anticipate the company ramping up its past
investments and lowering its nonrecurring costs, resulting in
profitable growth of 4%-5% in the next two years with S&P Global
Ratings-adjusted EBITDA margins of around 24%-26%, on average."

Curium's unprecedented supply chain challenges of 2022 should now
be a thing of the past. At the end of fiscal 2022, Curium's supply
situation was undermined by technical incidents at Belgian Reactor
2 (BR2), one of the reactors upon which it relies for supplies. The
other two reactors from which it sources radioactive material--HFR
in the Netherlands and MARIA in Poland--were closed for
maintenance. Supply reliability is a key differentiating factor in
nuclear imaging, given that SPECT and PET radioisotopes have short
half-lives, and Curium usually benefits from supply redundancies,
with the three reactors used to irradiate uranium targets in Europe
supplementing each other. Although these supply issues are rare and
unprecedented, just three weeks without access to molybdenum-99
(Mo-99; Curium's principal raw material) knocked EUR13 million off
its EBITDA in 2022. S&P said, "We understand that this did not have
repercussions for its customer relationships or result in loss of
customers. We do not expect any future impact on earnings and we
note that the company has been quick to further de-risk its supply
chain. It has taken steps like opening contracts with new reactors
or diversifying its Mo-99 supply or looking into insurance to
protect against these events. We view these approaches as positive
because they will help secure and protect sales and EBITDA
generation in the future."

FOCF should gradually improve on the back of a stable EBITDA
margin, minimal working capital needs, and flexible capital
investments. S&P said, "We expect the company's investment spend
peaked in 2021-2022, linked to various long-term projects, with
lower investments needed in 2023 and 2024. We also foresee
nonrecurring costs moderating, which should improve cash
generation. Added to this, the company's working capital level
should remain stable with no expected inventory increase,
supporting cash conversion. As such, we anticipate FOCF (after
leases) of EUR50 million-EUR60 million in 2023 and EUR90
million-EUR100 million in 2024."

S&P said, "The stable outlook reflects our view that the company
will continue to grow via product launches, lower nonrecurring
costs, a de-risked supply chain, and continued recovery in the
SPECT segment. We expect the company's S&P Global Ratings-adjusted
debt to EBITDA (consolidated) to remain above 8.0x over the next
two years but with positive FOCF generation, solid liquidity, and
no near-term debt refinancing risk.

"We could lower the rating in the next 12 months if the company
fails to generate positive FOCF, exacerbating its already-high
leverage. This could be the case if the group is unable to realize
the expected organic growth or maintain moderate levels of
nonrecurring charges, or if it experiences further serious
operational issues that weaken its EBITDA and cash flow generation.
We would also view negatively any potential cash leakage from
Curium to Calyx or any material debt-funded acquisitions that could
further delay deleveraging.

"We could raise the ratings on Curium if we see the group's
adjusted debt leverage decreasing sustainably to below 7.0x and its
funds from operations (FFO) cash interest coverage moving above
2.5x while it continues to generate solid positive FOCF."

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Curium because the
company uses radioactive nuclear materials with stringent
regulatory requirements subject to potential changes given their
hazardous nature. The company has a higher cost structure than
other pharmaceutical companies and more complex regulatory and
supply chain management challenges, which could pose a risk.
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 the
generally finite holding periods and a focus on maximizing
shareholder returns."


MONTERY FINANCING: Steep Discount for Blackstone Fund's DKK4M Loan
------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its DKK4,819,000 loan
extended to Monterey Financing S.a.r.l to market at DKK674,000 or
14% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Blackstone Secured Lending's Form 10-Q
for the quarterly period ended December 31, 2022, filed with the
Securities and Exchange Commission on February 27, 2023.

Blackstone Secured Lending is a participant in a First Lien Debt to
Monterey Financing S.a.r.l. The loan accrues interest at a rate of
8.42% (CI +6%) per annum. The loan matures on September 28, 2029.

Blackstone Secured Lending is a Delaware statutory trust formed on
March 26, 2018, and structured as an externally managed,
non-diversified closed-end management investment company.  On
October 26, 2018, the Company elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.  In addition, the Company elected to be treated for U.S.
federal income tax purposes, and intends to qualify annually, as a
regulated investment company, under Subchapter M of the Internal
Revenue Code of 1986, as amended. The Company is externally managed
by Blackstone Credit BDC Advisors LLC.

Monterey Financial provides receivables financing solutions. It
offers consumer finance programs for clients offering retail sales
nand flex pay plans.


MONTERY FINANCING: Steep Discount for Blackstone Fund's NOK5M Loan
------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its NOK5,149,000 loan
extended to Monterey Financing S.a.r.l to market at NOK510,000 or
10% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Blackstone Secured Lending's Form 10-Q
for the quarterly period ended December 31, 2022, filed with the
Securities and Exchange Commission.

Blackstone Secured Lending is a participant in a First Lien Debt to
Monterey Financing S.a.r.l. The loan accrues interest at a rate of
9.26% (N+6%) per annum. The loan matures on September 28, 2029.

Blackstone Secured Lending is a Delaware statutory trust formed on
March 26, 2018, and structured as an externally managed,
non-diversified closed-end management investment company.  On
October 26, 2018, the Company elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.  In addition, the Company elected to be treated for U.S.
federal income tax purposes, and intends to qualify annually, as a
regulated investment company, under Subchapter M of the Internal
Revenue Code of 1986, as amended. The Company is externally managed
by Blackstone Credit BDC Advisors LLC.

Monterey Financial provides receivables financing solutions. It
offers consumer finance programs for clients offering retail sales
nand flex pay plans.




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

EUROINS ROMANIA: Fitch Cuts Insurer Financial Strength Rating to CC
-------------------------------------------------------------------
Fitch Ratings has downgraded Euroins Romania Asigurare-Reasigurare
S.A.'s (Euroins Romania) Insurer Financial Strength Rating (IFS) to
'CC' from 'B+' and placed it on Rating Watch Evolving (RWE). At the
same time, the agency has placed the remaining IFS ratings of the
Euroins Insurance Group (EIG), Insurance Company Euroins AD
(Euroins Bulgaria) and Insurance Company EIG Re AD (EIG Re), on
Rating Watch Negative (RWN).

The rating actions follow the Romanian insurance regulator ASF's
announcement on 17 March that it has withdrawn Euroins Romania's
insurance license appointed an interim administrator and that it
intends to open bankruptcy proceedings.

KEY RATING DRIVERS

License Suspension, Potential Bankruptcy Trigger: The ASF's
decision to withdraw Euroins Romania's license and its intension to
call for its bankruptcy reflects the regulator's opinion that
Euroins Romania's Solvency II (S2) capital funds would fall RON2.17
billion (about EUR441 million) below the S2 capital requirement and
RON1.75 billion (about EUR355 million) below the minimum capital
requirement. These actions have materially raised the probability
that Euroins Romania could default on its obligations, in its
view.

Reinsurance Contract in Doubt: The gap in capitalisation is
primarily driven by the ASF de-recognising an intra-group
reinsurance contract between Euroins Romania and EIG Re. Fitch
assumes that EIG Re will continue to pay claims under the affected
reinsurance contract. However, under the reinsurance terms, EIG Re
has the right to withdraw from the contract without having any
obligation for payments if Euroins Romania's license is withdrawn.
The majority of Euroins Romania's business is motor third-party
liability, a large portion of which is reinsured due to its
long-tailed nature.

Reduced Strategic Importance to EIG: The ASF has appointed the
Insured Guaranteed Fund (Fondului de Garantare a Asiguraților) as
the interim administrator of Euroins Romania. This means that
Euroins Romania is no longer under control of its owner EIG.
Consequently, Fitch has revised Euroins Romania's strategic
importance to EIG down to 'Limited Importance' from 'Core'. This
means Euroins Romania's rating is de-linked from that of EIG RE and
Euroins Bulgaria.

Limited Direct Impact on EIG: Euroins Romania contributes the
majority share of premiums to the consolidated insurance group's
premium income. As such, EIG's consolidated business profile will
deteriorate from the suspension of new business at Euroins Romania,
in its view. At the same time, Euroins Romania's weak reserve
adequacy and capitalisation constrained EIG's credit profile. Fitch
expects the overall impact on EIG's credit profile to be limited,
although heightened reputational risk might result in further
credit weakness. This could also lead to a deterioration of EIG's
overall credit profile, as underlined by the RWN on EIG's 'Core'
entities, Euroins Bulgaria and EIG Re.

ASF Decision Contested: EIG's owner, Eurohold Bulgaria AD
(B/Stable), has announced that it intends to appeal the ASF
decision at court because it regards the reinsurance contract in
question as valid. Independent actuarial investigations by EIOPA
and EIG's minority shareholder, European Bank for Reconstruction
and Development (AAA/Stable), about the validity of the reinsurance
contract have already been launched and the investigations are
expected to conclude by end-March.

RWE on Euroins Romania: The RWE is driven by the substantial
uncertainties around the fate of Euroins Romania and its relative
probabilities. While a bankruptcy could occur, other scenarios that
Fitch cannot rule out a license reinstatement or an orderly
run-off.

RWN on Bulgarian Entities: The RWN on EIG's Bulgarian entities
relate to the potential for further adverse consequences from the
actions of the Romanian regulator, specifically reputational damage
or indications of deteriorated corporate governance within the EIG
group.

RATING SENSITIVITIES

Euroins Romania

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

- Bankruptcy proceedings triggered at Euroins Romania

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

- Euroins Romania's license withdrawal is revoked.

Euroins Bulgaria and EIG Re

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

The RWN could be resolved by downgrading the ratings in one of the
following events:

- Corporate governance failings or risks materialise at EIG, or

- EIG's premium income (excluding Euroins Romania) declines by 10%
or more, which in its view could reflect the realisation of
reputational risk for the overall group

- Over two years, the following could also lead to a downgrade:

- Prism Factor-Based Model (FBM) score falling below the 'Somewhat
Weak' category,

- Large losses from reserve development or similar restatements of
insurance reserves, or

- A downgrade of Eurohold's IDR

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

- The RWN would be removed and the ratings affirmed if Euroins
Romania's license withdrawal and placement under administration is
revoked, thereby signaling a normalisation of group activities.

ESG CONSIDERATIONS

Euroins Bulgaria has an ESG Relevance Score of '4' for Financial
Transparency due to the qualified audit opinion in its consolidated
accounts for 2021, which has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

The RWN on the ratings of EIG group is partially driven by the
possibility that the regulatory actions in Romania reveal new
corporate governance failings or risks within the EIG group.

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

   Entity/Debt               Rating                Prior
   -----------               ------                -----
Insurance Company
EIG Re AD              LT IFS B+ Rating Watch On      B+

Euroins Romania
Asigurare-
Reasigurare S.A.       LT IFS CC Downgrade            B+

Insurance Company
Euroins AD             LT IFS B+ Rating Watch On      B+



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

AYT COLATERALES I: Moody's Ups Rating on EUR3.8MM D Notes to Caa1
-----------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings of
Notes in AyT HIPOTECARIO MIXTO V, FTA and AyT Colaterales Global
Hipotecario Vital I, FTA. The upgrades reflect the better than
expected collateral performances and increased levels of credit
enhancement for the affected Notes. Moody's affirmed the ratings of
the notes that had sufficient credit enhancement to maintain their
current ratings.

Issuer: AyT Colaterales Global Hipotecario Vital I, FTA

EUR175.3M Class A Notes, Affirmed Aa1 (sf); previously on Aug 2,
2021 Affirmed Aa1 (sf)

EUR12.6M Class B Notes, Affirmed Aa3 (sf); previously on Aug 2,
2021 Upgraded to Aa3 (sf)

EUR8.2M Class C Notes, Affirmed Ba2 (sf); previously on Aug 2,
2021 Affirmed Ba2 (sf)

EUR3.8M Class D Notes, Upgraded to Caa1 (sf); previously on Oct 8,
2010 Definitive Rating Assigned C (sf)

Issuer: AyT HIPOTECARIO MIXTO V, FTA

EUR649.4M Class A Notes, Affirmed Aa1 (sf); previously on Aug 17,
2021 Affirmed Aa1 (sf)

EUR12.2M Class B Notes, Upgraded to Aa1 (sf); previously on Aug
17, 2021 Upgraded to Aa3 (sf)

EUR13.4M Class C Notes, Upgraded to Baa3 (sf); previously on Aug
17, 2021 Upgraded to Ba3 (sf)

RATINGS RATIONALE

The upgrades of the ratings of the Notes in AyT HIPOTECARIO MIXTO
V, FTA are prompted by the better than expected collateral
performances and increase in credit enhancement for the affected
tranches. For instance, cumulative defaults have remained largely
unchanged in the past year from 3.25% in December 2021 to 3.31% in
December 2022.  The credit enhancement for Class B and C, the
mezzanine and most junior tranche affected by the rating action
increased to 22.06% from 16.06% and to 5.99% from 4.36%
respectively, since the last rating action.

For AyT Colaterales Global Hipotecario Vital I, FTA the increase in
credit enhancement is the main driver for the upgrade on the Class
D Notes. Credit enhancement increased to 4.63% from 3.91% since the
last rating action.

Moody's affirmed the ratings of the classes of Notes that had
sufficient credit enhancements to maintain their current ratings.

Pool factors for these two transactions are 36% for AyT Colaterales
Global Hipotecario Vital I, FTA and 13% for AyT HIPOTECARIO MIXTO
V, FTA.

AyT Colaterales Global Hipotecario Vital I, FTA amortization is
currently paying pro-rata as all conditions are met. The increase
of credit enhancement for affected tranches is solely driven by the
non-amortizing reserve fund due to the uncurable cumulative default
trigger was breached.

AyT HIPOTECARIO MIXTO V, FTA is currently amortizing sequentially
as the arrears performance triggers have been breached for Classes
B and C. This deal is expected to have its 13% pool factor fall
below the 10% sequential amortization trigger shortly. Reserve fund
was funded at the target floor in the last payment date.

Key Collateral Assumptions Revised for AyT HIPOTECARIO MIXTO V,
FTA:

As part of the rating action, Moody's reassessed portfolio Expected
Loss (EL) and MILAN assumption for AyT HIPOTECARIO MIXTO V, FTA due
to better than expected collateral performance.

Moody's decreased the expected loss assumption to 2.4% as a
percentage of current pool balance from 2.78% due to the improving
performance. The revised expected loss assumption corresponds to
1.75% as a percentage of original pool balance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has decreased the MILAN CE assumption
to 8.8%.

Key collateral assumptions have been maintained for AyT Colaterales
Global Hipotecario Vital I, FTA. Expected loss assumption is 2.78%
as a percentage of original pool balance and MILAN CE assumption is
10%.

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

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

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

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

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

CODERE LUXEMBOURG: S&P Downgrades ICR to 'CC', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered to 'CC' from 'CCC' its issuer credit
rating on Spanish gaming group Codere Luxembourg 2 (Codere), to
'CC' from 'CCC' the issue ratings on the group's pro forma EUR575
million super senior secured notes, and to 'C' from 'CC' the
ratings on the pro forma EUR263 million senior secured notes. At
the same time, we assigned our 'CCC-' issue ratings to the proposed
EUR100 million first-priority notes.

The negative outlook indicates that S&P will likely lower its
ratings on Codere and its debt to 'SD' (selective default) and 'D'
(default), respectively, if and when the transaction becomes
effective.

Codere has entered into a lock-up agreement with an ad-hoc group of
noteholders of its outstanding super senior and senior debt to
support the implementation of a proposed debt restructuring.

The downgrade stems from Codere's plans to restructure debt. On
March 29, 2023, Codere announced that an ad-hoc group of
noteholders reached an agreement for the terms of a proposed
refinancing transaction. Subject to requisite consents and
approvals needed to complete the transaction, the proposed
transaction will include the following terms:

-- EUR100 million of new funding in the form of first priority
notes at 11% cash pay interest, maturing on June 30, 2027, and
ranking ahead of the super senior notes. These first-priority notes
will be offered pro rata to all existing super senior noteholders.


-- The group will avail itself a grace period as it relates to the
EUR14.8 million and EUR2.3 million coupon payments, contractually
due in March and April, which will be deferred and paid to super
senior and senior noteholders on the transaction effective date
retrospectively at the new rate.

-- The maturity of the super senior notes extended one year to
Sept. 30, 2027.

-- Pro forma EUR575 million super senior notes interest to be
amended through September 2024 to 1% cash and 15% PIK; thereafter,
1% cash and 15% PIK; or, at the election of the group, 6% cash and
10% PIK, from 8% cash and 3% PIK.

-- Pro forma EUR166 million and $102 million senior notes interest
to be amended through October 2024 as follows:

    --Euro notes: to 0.25% cash and 17.5% PIK; thereafter, 0.25%
cash and 17.5% PIK; or, at the election of the group, 2% cash and
15.75% PIK, provided that the higher cash coupon rate has been paid
on the super senior notes, from 2.0% cash and 10.75% PIK.

    --U.S. dollar notes: to 0.25% cash and 18.375% PIK; thereafter,
0.25% cash and 18.375% PIK; or, at the election of the group, 2%
cash and 16.625% PIK, provided that the higher cash coupon rate has
been paid on the super senior notes, from 2.0% cash and 11.625%
PIK.

-- No amendments of the economic terms or the maturity of the pro
forma EUR284 million subordinated PIK notes (not rated), maturing
Nov. 30, 2027.

-- New tax basket to be inserted in all instruments to allow
indebtedness to finance payment of Mexican tax liability of up to
EUR50 million, to rank in line with the first-priority notes.

-- Asset sales clause to be amended to provide for priority
repayment of the first-priority notes with any proceeds of asset
sales.

The implementation of this transaction will be subject to the level
of consent to the lock-up agreement. If a minimum of 90% of each
series of existing noteholders consent, the transaction will be
implemented without need for a scheme of arrangement. If 75%-90% of
the note value representing noteholders consent, an English scheme
of arrangement will be launched. If a scheme is lodged, the company
expects to obtain the resolution sometime this summer. If 75%
consent is not reached and thus a scheme is not possible, S&P
understands the company would consider other avenues to raise
additional short-term liquidity. Codere disclosed its estimate that
it will require up to EUR100 million in additional funds to
comfortably cover its needs for the next 12-18 months.

S&P said, "Because we view the proposed transaction as distressed,
we will view it as tantamount to a default upon implementation. In
our opinion, the proposed transaction will result in investors
receiving less than originally promised on the original securities.
The maturity of the existing super senior notes will extend by one
year on notes currently trading below par, and noteholders will
receive materially less cash pay interest until maturity. The
existing super senior notes will also become subordinated to the
proposed EUR100 million first-priority notes. As part of the
lock-up agreement, Codere will also pay up to 450 basis points
consent and early consent fees to the super senior noteholders and
up to 75 basis points consent and early consent fees to the senior
noteholders. However, despite this lender compensation, in our
view, bondholders will be getting less than originally promised.
Without the benefit of the successful completion of the proposed
transaction and amendments, we view the group as exposed to a
liquidity shortfall and covenant breach within the next three
months. We therefore consider the proposed transaction distressed
rather than opportunistic. As a result, upon the proposed
transaction becomes effective, we expect to lower our long-term
issuer credit rating on Codere to 'SD' (selective default)."

Although the proposed transaction should alleviate pressure on
Codere's the liquidity profile over the next 12 months, the capital
structure will likely remain unsustainable in the medium term.
Codere's capital structure includes a high level of debt and
servicing costs, rendering a subsequent debt restructuring highly
likely, and S&P believes the company's credit profile has continued
to deteriorate. S&P said, "In our view, Codere continues to face
headwinds, including increased competition, slower-than-expected
recovery, and the wind-down of deferred payments. The viability of
the business therefore lies on a smooth implementation and
execution of the proposed transaction, together with at least
meeting the revised business plan. As of March 13, 2023, Codere had
cash balances of EUR71 million, out of which EUR28.9 million are
unavailable, including cash in slots and minimum operating
liquidity in each country. Over the next three months, although we
expect operating cash flow of EUR5 million-EUR10 million, it will
be offset by deferred and current capital expenditure amounting to
EUR14.8 million and financing costs of about EUR8 million. This
excludes the impact of the super senior notes coupon of EUR14.8
million due at end-March and senior notes' EUR2.3 million coupon
payment due in April. Should the group make the end-March coupon
payment, its liquidity would drop below the minimum liquidity
covenant set at EUR40 million, which is tested quarterly. We note
the group has identified certain potential additional actions that
could be undertaken if required, which could provide additional
liquidity of up to EUR20 million, most of which would be temporary
measures. Lastly, we weigh into our analysis the potential Mexican
tax claims of up to EUR50 million, currently being contested by the
group, could hurt the outcome of any reached agreement. The final
amount that could become due might exceed today's calculations
given accruing interest."

The outlook is negative.

S&P said, "We would lower our long-term issuer credit rating on
Codere to 'SD' and our issue rating to 'D' on the debt instruments
if and when the debt restructuring is completed. Subsequently, we
will review the company's entire capital structure, financial plan,
and liquidity.

"We could raise the issuer credit rating if the transaction is not
executed and we no longer view default as a virtual certainty, for
instance, due to liquidity support and the waiver of covenants."

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

S&P said, "Governance factors are a negative consideration in our
credit rating analysis of Codere. In our view, the group's multiple
restructurings over the past 18 months point to an inability to
implement a permanent, sustainable capital structure amid current
marketplace conditions. As such, we believe the current capital
structure is unsustainable in the medium term."

Social factors are a moderately negative consideration. Like most
gaming companies, Codere is exposed to regulatory and social risks
and the associated costs related to increasing health and safety
measures for players, prevention of money laundering, and changing
gaming taxes and laws. Temporary closures and social-distancing
measures during the COVID-19 pandemic stunted Codere's operations,
with revenue falling by more than 50% and EBITDA turning materially
negative in 2020. This ultimately led to restructuring.
Nevertheless, S&P acknowledges that Codere's revenue is on track to
return to pre-pandemic levels by end-2022.


NH HOTEL: Moody's Ups CFR to B2 & EUR400MM Sr. Secured Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the corporate
family rating of NH Hotel Group S.A.'s. At the same time, Moody's
has upgraded to B2-PD from Caa1-PD the probability of default
rating and to B1 from B2 the instrument rating of the company's
EUR400 million senior secured notes due 2026. The outlook remains
stable.

"The upgrade of NH Hotel's ratings reflects the better than
expected improvement in its key credit metrics. Throughout 2022, NH
Hotel' revenue per available room ("RevPAR") improved significantly
to EUR74.4, well above Moody's previous expectations, while
profitability is almost back to 2019 level with an EBITA margin of
15%. In addition, NH Hotel has significantly reduced its financial
debt so that NH Hotel's leverage is back to pre-pandemic level. The
stable outlook reflects Moody's expectation that NH Hotel will
maintain weaker but still robust EBITA margin and interest coverage
despite inflationary pressure and rising interest rates, while
liquidity will remain adequate, supported by positive cash-flow
generation and no aggressive shareholder distribution over the next
12 to 18 months" said Elise Savoye, CFA, a Moody's Vice
President-Senior Analyst and lead analyst for NH Hotel.

RATINGS RATIONALE

The upgrade reflects NH Hotel's strong results achieved last year
ahead of Moody's previous expectations. The recovery is supported
by a strong ADR of EUR122 in 2022 vs EUR103 in 2019 ADR which more
than offsets the still lower occupancy rate (61% vs 72% in 2019)
leading to a RevPar of EUR74.4. While business customers' recovery
has been lagging the strong recovery in leisure throughout the
summer, business demand has been strong in the second half of the
year leading to annual revenues of EUR1,722 million in 2022.
Despite significant cost inflation, the EUR521 million EBITDA and
the 15% EBITA margin are very close to their 2019 levels, while Q1
2022 was still impacted by the Omicron variant. As a result of
growing profits and the partial repayment of the ICO loan (in full
as of January 2023), the company's Moody's estimated adjusted debt
to EBITDA improved to 4.9x in 2022 from 13x in 2021 and 4.7x in
2019 while the Moody's adjusted EBITA interest cover improved to
2.1x in 2022 from -0.4x in 2021 and 2.3x in 2019.

Although bookings for 2023 look robust, with EUR830 million
revenues booked already (as of March 12th) vs EUR470 million as of
the same data last year, mostly on the back of a stronger Q1,
RevPAR growth should be moderate in 2023 and 2024. This is driven
by the deteriorating macroeconomic conditions and ongoing cost of
living crisis which may affect consumer demand for domestic and
business travel, especially for the mid-scale segment which is more
at risk of down-trading than other lodging options. Moody's also
expect that inflation will fully kick-in in 2023, in particular on
payroll and energy which NH Hotel has hedged until January 2024 for
the larger part.  As a consequence, EBITDA growth will likely halt
in 2023 and 2024 leading to EBITA margin of around 12.7% in 2023
and 13.0% in 2024, below their pre-pandemic level.  Moody's also
expects the interest cover to slightly weaken as the reduction of
the financial debt only partially offsets the higher interest rate
but it should remain at around 2x.

NH Hotel's liquidity is adequate and supported by EUR302 million
cash and by EUR267 million of undrawn and committed revolving
credit facility (RCF) of EUR242 million (maturing in 2026) and
EUR25 million in undrawn committed credit lines (maturing 2025) as
of year-end 2022. Moody's note however that liquidity needs are
very seasonal and hence larger variations intra-year will occur.
Moody's expects NH Hotel to generate approximately EUR20 million
free cash flow in 2023 after EUR130 to EUR140 million capex. The
company has no sizeable maturities until 2026 and Moody's also
estimates that it maintains significant headroom under its RCF
covenant, which will be tested again from April this year. Moody's
also expect that there will be no distribution to Minor Hotels
(Minor) before 2024.

Additionally, NH Hotel has a significant property portfolio valued
at EUR2.1 billion as of December 2021, of which EUR1,097 million is
unencumbered and EUR815 million is fully owned by the company,
which increases financial flexibility and could be used for secured
borrowing. The senior secured instrument rating and the CFR also
reflect its significant property portfolio. This compares with
EUR2,503 million of financial debt and operating leases as of
year-end 2022. In case of a default, the portfolio value would
provide prospects of a high recovery for secured creditors.

STRUCTURAL CONSIDERATIONS

The senior secured notes due 2026 are rated B1, one notch above the
CFR reflecting the support from a security package that includes
real assets and a buffer from large lease rejection claims. NH
Hotel's capital structure also includes secured bank debt,
unsecured credit lines, subordinated debt as well as lease
commitments.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that NH Hotel will
maintain organic revenue growth and margins and sufficient
liquidity despite the slowing of the economic growth in the
countries it operates.

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

A rating upgrade could develop if there is a combination of the
following:

Improvement in credit metrics with debt/EBITDA below 5.0x,
coverage (EBITA/interest) exceeding 2.5x and free cash flow/debt
above 5%, all on a sustained basis and including Moody's standard
adjustments

Liquidity remains adequate at all times supported by no aggressive
cash outflow to Minor.

There is no material deterioration in the LTV coverage of the
secured notes

The rating could be downgraded if there is a combination of the
following:

Weakening of NH Hotel's liquidity position and/ or negative Free
cash flow generation on a sustained basis

A rapid deterioration of the underlying business conditions
leading to a leverage deteriorating to above 6.0x debt/EBITDA
and/or a weakening coverage towards 1.5x

An aggressive financial policy, reflected by large debt-funded
acquisitions or distributions

A material deterioration in the loan-to-value (LTV) coverage of
the secured notes could also exert pressure on Moody's recovery
assumptions including for the senior secured notes.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: NH Hotel Group S.A.

Probability of Default Rating, Upgraded to B2-PD from Caa1-PD

LT Corporate Family Rating, Upgraded to B2 from B3

Senior Secured Regular Bond/Debenture, Upgraded to B1 from B2

Outlook Action:

Issuer: NH Hotel Group S.A.

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's incorporate the impact of environmental, social and
governance (ESG) factors into Moody's assessment of companies'
credit quality. NH Hotel's Credit Impact Score (CIS-3) is
moderately negative. The company is exposed to moderately negative
environmental risk with modest exposure to risks related to carbon
transition and low exposure to physical climate, water management,
natural capital and waste and pollution considerations. Social
risks are moderately negative and primarily related to customer
relations and demographics and societal trends. Governance risks
are moderately negative primarily related to board structure,
policies and procedures, which reflects the highly concentrated
ownership (94%) by Minor, which counterbalances the positive of the
company's public status on reporting transparency and good
disclosure.

COMPANY PROFILE

NH Hotel Group S.A. (NH Hotel) is among the top 10 largest European
hotel chains, with 350 open hotels (owned, leased and managed) and
54,820 rooms in 30 countries. Besides Europe, NH Hotel has a
limited presence in Latin America (7% of net turnover in 2022). NH
Hotel focuses on midscale and upscale urban business hotels, and
has been shifting its portfolio towards an asset-light strategy
through management contracts and variable leases, even if it
retains ownership of around 20% of its hotels. As of year-end 2022,
the company reported revenue of EUR1722 million, slightly above
2019 revenues of EUR1708 million.



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

UNIQUE BIDCO AB: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Unique Bidco AB's (Optigroup) senior
secured debt rating to 'BB-' from 'B+' and affirmed its Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

The upgrade of the senior secured debt rating results from
implementation of the final debt structure with the term loan B
(TLB) now at EUR365 million (from EUR515 million previously),
leading to an improved Recovery Rating of 'RR2' from 'RR3'
previously.

Optigroup's rating balances its high leverage with a solid business
profile. It has leading market positions in the fragmented
business-essentials distribution market and limited geographic,
product, customer and supplier concentration.

Fitch expects the group to continue to pursue a bolt-on M&A-driven
growth strategy, with limited execution risk given Optigroup's
decentralised organisation. Fitch views positively the group's
successful integration record and its prudent policy of acquiring
companies with a clear strategic fit at sensible valuations.

KEY RATING DRIVERS

High Initial Leverage: Fitch forecasts sound deleveraging over the
rating horizon from high initial leverage (with EBITDA leverage of
6.0x at end 2022) following FSN Capital's acquisition in March 2022
of Optigroup and the simultaneous acquisition of Netherlands-based
Hygos. While Fitch expects a further increase in 2023 to 6.2x
EBITDA leverage (due to additional acquisitions), Fitch then
expects sound deleveraging over the rating horizon to levels of
5.0x by 2025 as acquisitions contribute to profitability.

Strong Performance Despite High Inflation: Optigroup successfully
managed the rising inflationary environment in 2022 with expected
9% organic sales growth and margin maintenance leading to around 7%
organic EBITDA growth. This demonstrates the group's successful
pass-through of cost inflation, with particularly strong
performance in the packaging, food service and paper/business
supplies segments. The hygiene and medicals segments were affected
by customer de-stocking and more normalised demand following very
strong pandemic demand that led to some margin contraction.

Integration of Hygos: While Hygos grew exceptionally during the
pandemic, demand was lower in 2022 due to destocking of hygiene and
medical products. This is expected to stabilise and with further
integration and cost optimisations, its margins should recover.
Hygos, now fully integrated in Optigroup Medicals, had high EBITDA
margins of near 14% (versus below 5% for Optigroup, both
Fitch-adjusted), targeting smaller customers and with a highly
profitable niche in the medical disposables and basic instruments
segment.

Other Bolt-Ons Add Diversification: The acquisitions of Scholte
Medical, SG Verpakkingen and MaskeGruppen mid-2022, operating in
the Netherlands and Norway, also have strong margins and contribute
to sound EBITDA growth. These companies have high exposure to the
medical and packaging sectors and increase the group's geographic
diversification to the Benelux region and Norway. More recently,
the company announced an agreement to acquire Finnish Pamark, a
leading distributor of cleaning and facility supplies as well as
medical consumables and devices, which will further strengthen its
Nordic position.

Transition from Paper Positive: Since Optigroup was spun-out of
Stora Enso's paper distribution business in 2008, it has
diversified into the distribution of other products with better
growth prospects and away from non-core commodity paper by selling
off its French and German businesses. Optigroup's core operations
within facility, safety and foodservice (FS), packaging and core
paper and specialties now account for 81% of sales (last 12 months
to May 2022), with the remainder non-core paper, which contracted
further during the pandemic.

Notably the paper division performed strongly in 2022, with near
30% sales growth and EBITDA close to doubling. This was mainly due
to exceptionally high prices of both commodity and specialised
paper. Fitch expects this price effect to stabilise in 2023, with
volumes and sales contracting by 2%-4% annually over the rating
horizon, albeit remaining cash flow-positive.

Sound Business Profile: Fitch expects the new larger Optigroup to
generate revenues of EUR1.6 billion in 2023 from the supply of
products and solutions to customers within the cleaning and
facility management, hotel & restaurant, healthcare, the
manufacturing industry and graphical sectors. These are all fairly
stable sectors as many products relate to daily essentials and
therefore enjoy non-cyclical demand. Optigroup also has good
geographic diversification across the Nordics, Benelux, Switzerland
and a growing number of other countries in Europe.

The strong end-market diversification has been evident with the FS
and medicals segments benefiting from increased demand for cleaning
and hygiene during the pandemic countering the declining non-core
commodity paper which saw rapidly shrinking demand. In 2022 the
group's food service products saw strong demand related to people
eating out while the paper business gained from growing demand
combined with capacity constraints.

Continued Acquisitive Growth Expected: Fitch expects Optigroup to
continue its growth strategy of bolt-on acquisitions. Its rating
case includes acquisitions of more than EUR200 million over the
rating horizon, aligned with the group's growth target including
acquisitions. This is expected to be mainly financed by internally
generated cash flows.

DERIVATION SUMMARY

Optigroup has close peers in other Nordic distributors including
Winterfell Financing S.a.r.l. (Stark Group) and Quimper AB
(Ahlsell), both rated 'B'/Positive. These are larger by revenue and
mainly exposed to the more cyclical construction and renovation
sectors. Optigroup's historical margins are broadly similar to
those of Stark but weaker than Ahlsell's, due to exposure to the
declining commodity paper segment. With an expected pick-up of
Optigroup's margins from the addition of Hygos, this gap is
expected to decrease.

Another Nordic peer is the technical installation provider,
Assemblin Group AB (B/Stable), which has also grown with multiple
small add-ons but is less geographically diversified and has a
somewhat weaker market position in its core segments. Other
relevant peers are business services providers Irel Bidco S.a.r.l.
(IFCO; B+/Stable), TTD Holding III Gmbh (B+(EXP)/Stable) and
Polygon Group AB (B/Negative). These companies are smaller, highly
niched but with strong positions in their respective niches and
generally have better margins than Optigroup.

Optigroup has slightly lower initial leverage than many peers.
Polygon in 2021 re-leveraged to levels above 7x where it is
expected to remain until 2024 versus Optigroup's EBITDA leverage of
6x in its initial year 2022 and that Fitch forecasts to come down
to 5x by 2025.

KEY ASSUMPTIONS

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

- Normalisation of commodity and specialty paper expected in 2023
resulting in -1.3% organic growth, followed by 1% organic CAGR from
2023 to 2026 driven by FS and packaging while commodity paper is
expected to decrease

- Gross profit margin increasing to 28.1% in 2025 from 27.4% in
2022 as a result of an improved product mix and increased exposure
to spot contracts with small customers

- Operating expenses decreasing to 18.4% in 2026 from 18.8% in
2023

- Annual restructuring costs of EUR9 million reflecting the bolt-on
acquisitions modelled

- Capex at 0.6% of revenues

- FY acquisitions of around EUR70 million in 2023 followed by EUR50
million in the remaining years funded by cash on balance sheet
based with an 8x multiple and 8% EBITDA margin

- No dividend distribution

Key Recovery Assumptions

Fitch assumes that Optigroup would be considered a going-concern
(GC) in bankruptcy and that it would be reorganised rather than
liquidated. Fitch has assumed a 10% administrative claim in the
recovery analysis

- Sustainable post-restructuring GC EBITDA of EUR90 million

- Distressed enterprise value enterprise value/EBITDA multiple at
5x

- Fitch has assumed the EUR60 million revolving credit facility
(RCF) to be fully drawn and ranking pari passu with the TLB. After
deducting 10% for administrative claims, its waterfall analysis
generates a ranked recovery for the TLB in the 'RR2' band,
indicating a 'BB-' instrument rating, or two notches above the IDR.
The waterfall analysis output percentage on current metrics and
assumptions is 73% for the senior secured loan.

RATING SENSITIVITIES

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

- Increase in EBITDA margin to above 8% on a sustained basis;

- Total debt/EBITDA below 5.5x on a sustained basis;

- FCF margin sustainably above 2%;

- EBITDA interest coverage above 2.5x on a sustained basis.

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

- Failure to improve EBITDA margin above 6% as a result of
unsuccessful integration of acquired companies;

- Total debt/EBITDA above 7.0x on a sustained basis;

- FCF margin at breakeven;

- EBITDA interest coverage sustainably below 1.75x.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch views Optigroup's liquidity as
sufficient over the rating horizon, with low single-digit FCF
margins allowing repayment of the EUR60 million RCF (of which EUR40
million is currently drawn) while maintaining a minimum
unrestricted cash balance of EUR20 million.

Optigroup's debt structure includes a EUR365 million first-lien
term loan and a EUR200 million second-lien term loan maturing in
2029 and 2030, respectively.

ISSUER PROFILE

Sweden-based Optigroup is a distributor of everyday essentials
across FS, packaging, medicals and paper to 90,000 companies across
16 countries. It generated revenues of EUR1.6 billion following the
acquisition of Dutch Hygos in 2022. It has grown primarily by
acquiring a number of small add-ons while its historical large
commodity paper distribution business has contracted.

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
   -----------             ------        --------   -----
Unique BidCo AB     LT IDR B   Affirmed                B

   senior secured   LT     BB- Upgrade      RR2        B+



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

AZURE FINANCE 3: Moody's Assigns (P)B1 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to Notes to be issued by Azure Finance No.3 plc:

GBP [ ] M Class A Floating Rate Notes due June 2034, Assigned
(P)Aaa (sf)

GBP [ ] M Class B Floating Rate Notes due June 2034, Assigned
(P)Aa3 (sf)

GBP [ ] M Class C Floating Rate Notes due June 2034, Assigned
(P)A2 (sf)

GBP [ ] M Class D Floating Rate Notes due June 2034, Assigned
(P)Baa3 (sf)

GBP [ ] M Class E Floating Rate Notes due June 2034, Assigned
(P)Ba2 (sf)

GBP [ ] M Class F Floating Rate Notes due June 2034, Assigned
(P)B1 (sf)

GBP [ ] M Class X Floating Rate Notes due June 2034, Assigned
(P)Caa1 (sf)

RATINGS RATIONALE

The Notes are backed by a static pool of UK auto loans originated
by Blue Motor Finance Limited ("Blue") (NR). This represents the
third public securitisation sponsored by Blue. The originator will
also act as the servicer of the portfolio during the life of the
transaction. The portfolio of assets amount to approximately
GBP241.7 million as of the January 2023 pool cut-off date. The
Reserve Fund will be funded to 2.24% of the outstanding Class A and
B Notes at closing and the total credit enhancement for the Class A
Notes will be 28.15%.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

The portfolio of underlying assets was distributed through dealers
to 100% private individuals. To finance the purchase of new 0.80%
and used 99.2% cars. As of January 2023 the portfolio consists of
31,687 auto finance contracts to 31,657 borrowers with a weighted
average seasoning of 9.6 months.

The portfolio of receivables backing the Notes consists of Hire
Purchase ("HP") and Extended Contract Purchase (ECP) agreements
granted to individuals resident in the United Kingdom. Hire
Purchase agreements are a form of secured financing without the
option to hand the car back at maturity. Therefore, there is no
explicit residual value risk in the transaction. Under the terms of
the HP agreements, the originator retains legal title to the
vehicles until the borrower has made all scheduled payments
required under the contract. Extended Contract Purchase is an
additional variation on a HP agreement that grants the customer a
longer tenor for the loan (up to 7 years).

Moody's determined the portfolio lifetime expected defaults of 9%,
expected recoveries of 40% and portfolio credit enhancement ("PCE")
of 28% related to borrower receivables. The expected defaults and
recoveries capture Moody's expectations of performance considering
the current economic outlook, while the PCE captures the loss
Moody's expect the portfolio to suffer in the event of a severe
recession scenario. Expected defaults and PCE are parameters used
by Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in the cash flow model to rate Auto ABS.

Portfolio expected defaults of 9% is higher than the UK Auto ABS
average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account (i) historic
performance of the book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

Portfolio expected recoveries of 40% is in line with the UK Auto
ABS average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account (i) historic
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

PCE of 28% is higher than the UK Auto ABS average and is based on
Moody's assessment of the pool which is mainly driven by: (i) the
relative ranking to originator peers in the EMEA market and (iii)
the weighted average current loan-to-value of 92% which is worse
than the sector average. The PCE level of 28% results in an implied
coefficient of variation ("CoV") of 42.55%.

METHODOLOGY

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS' published in
November 2022.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that would lead to an upgrade of the ratings for the B –
X Notes include significantly better than expected performance of
the pool together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings for the A –
X Notes include: (i) increased counterparty risk leading to
potential operational risk of (a) servicing or cash management
interruptions and (b) the risk of increased swap linkage due to a
downgrade of a swap counterparty ratings; and (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses.

BODEN SAMUEL: Goes Into Administration
--------------------------------------
Marc Da Silva at Property Industry Eye reports that yet another
company owned by Mitul Gadhia, previously of Martin & Co and
Whitegates Estate Agents, has gone into administration.

Mr. Gadhia, who 11 years ago became a well-known industry figure
when he launched a Martin & Co franchisee at the age of just 22,
has seen his mortgage firm, Boden Samuel Ltd, fall into the hands
of administrators, Property Industry Eye relates.

This comes after the accounts for the business were almost three
months overdue at Companies House -- there was an active compulsory
strike off application registered, Property Industry Eye notes.

The appointment of a voluntary liquidator was published on
September 19, 2020, by Companies House, Property Industry Eye
discloses.

The administrator for Boden Samuel Ltd is in the process of
compiling the formal document -- it will be available next week,
Property Industry Eye states.


LOSCOE CHILLED: Goes Into Administration, Halts Operations
----------------------------------------------------------
Kevin White at The Grocer reports that the meat company subject to
an ongoing FSA National Food Crime Unit investigation over alleged
incidences of food fraud has ceased trading and appointed
administrators.

FRP Advisory on March 30 confirmed it had been appointed by the
board of Loscoe Chilled Foods, which was identified on March 13 as
the business involved in the unit's Operation Hawk probe into the
passing off of imported beef as British, The Grocer relates.

According to The Grocer, the Derbyshire-based supplier told The
Grocer at the time it was "supporting the FSA with an investigation
into an isolated issue concerning sliced corned beef supplied to a
single customer in March 2021".  It stressed the probe was "only
looking at one incident, which was essentially a mislabelling
issue", The Grocer notes.

The meat under investigation had been sold to Booths, The Grocer
states.  The retailer confirmed a link to possible food fraud on
March 10, but said it was not itself under investigation by the
NFCU and had been "working closely and co-operatively" with the
unit since being made aware of potential food fraud issues in 2021,
The Grocer notes.

Loscoe Chilled Foods has now shuttered its operation, with local
news website Derbyshire Live reporting the business has laid off
120 staff, citing a letter to workers from its HR department that
stated the business would close on March 24 with all roles made
redundant, The Grocer relates.

It had taken the decision "as a result of customers withdrawing
orders", following the suspension of its BRCGS certificate, it
added, The Grocer recounts.

This had followed a police and Trading Standards raid on March 22,
in which three directors had been arrested and "released under
investigation" in connection with the case, the NFCU told the
website, The Grocer relays.


PAPERCHASE: Expected to Close Remaining Stores Next Week
--------------------------------------------------------
Ruby Flanagan at Mirror.co.uk reports that Paperchase will be
closing all of its remaining stores by next week.

The stationary retailer has put a message on its "store finder"
website which says its last day of trading is April 3, Mirror.co.uk
relates.

The full message reads: "All of our stores will be closed soon, our
last day of trade is 3rd April."

Paperchase is currently in the midst of closing its stores after
falling into administration earlier this year, Mirror.co.uk
discloses.

The Paperchase brand was saved after Tesco stepped in to buy the
rights but sadly its shops were left to go under, Mirror.co.uk
recounts.

Administrators later confirmed that all of the chain's 106 stores,
and its separate 28 concession stands would close as a result with
820 jobs put at risk, Mirror.co.uk notes.

Paperchase stores in major cities such as London, Birmingham,
Manchester, and Leeds have already closed, Mirror.co.uk relays.

The stationery retailer's concession stands in other shops, such as
Next and Selfridges, have also ceased trading, according to
Mirror.co.uk.

More Paperchase shops are set to close this week with the
retailer's Oxford branch, inside the Westgate Centre, expected to
close on Saturday, April 1, Mirror.co.uk states.


RIVERSIDE STUDIOS: Significant Debt Burden Prompts Administration
-----------------------------------------------------------------
Matthew Hemley at The Stage reports that Riverside Studios is to
enter administration, with the trust behind the Hammersmith-based
venue blaming the "significant burden" of debt incurred by its
recent redevelopment.



SANDWELL COMMERCIAL NO.1: S&P Affirms 'D(sf)' Rating on Cl. E Notes
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'D (sf)' credit rating on Sandwell
Commercial Finance No. 1 PLC's class E notes.

S&P's rating addresses the timely payment of interest and the
repayment of principal no later than the legal final maturity date
in May 2039. On the November 2019 interest payment date (IPD), the
class E notes experienced their first interest shortfall. Since
then, interest shortfalls have continued for this class of notes.

Given the spread compression in the transaction, funds are
insufficient to meet all senior costs and interest payments due on
the notes. Furthermore, the class E notes have a principal
deficiency ledger, which now accounts for 50% of the outstanding
debt balance. Therefore, the issuer is unable to draw on the
liquidity facility or use principal receipts to pay interest on the
notes. November 2021 saw an event of default called on the notes
because the tranche is the most senior class outstanding, and the
interest shortfall was not cured. In S&P's view, the notes are
likely to continue experiencing interest shortfalls on future IPDs
as principal recoveries are unavailable to cover any shortfalls.

The PDL on the class E notes will remain outstanding once the loan
repays given insufficient principal recoveries to repay.

As a result of the interest shortfall, together with the principal
losses expected to be applied, S&P affirmed its 'D (sf)' rating on
the class E notes.

Sandwell Commercial Finance No. 1 is a 2004-vintage true sale U.K.
CMBS transaction, which was initially backed by a pool of 134
loans. It is now backed by one loan secured on one U.K. retail
property.

SPIRIT OF 48: Enters Administration, 17 Jobs Affected
-----------------------------------------------------
Miran Rahman at TheBusinessDesk.com reports that Spirit of 48 Ltd
and its parent company, ARM Automotive Yorkshire Limited, have gone
into administration with 17 staff losing their jobs.

The Thirsk-based companies are specialists in the restoration and
adaptation of Land Rover Defender models. The group is also a
retailer of quad bikes and other similar leisure equipment.

Spirit of 48 was originally named LR Motors (Yorkshire) Limited.
It changed its name to Spirit of 48 Limited in January 2023.

According to TheBusinessDesk.com, following a period of escalating
financial pressure, Mark Ranson and Emma Mifsud from the Leeds
office of Opus Restructuring LLP were appointed as administrators
to both companies on March 16, 2023, by the group's funding
provider.

The companies ceased trading immediately on the appointment of the
administrators, and 17 staff were laid off.  Two staff have been
retained to assist the administrators, TheBusinessDesk.com
relates.

The administrators are now establishing the financial position of
the two businesses and are working with agents, Sanderson
Weatherall to maximise asset realisations, TheBusinessDesk.com
discloses.

Assets and debts are still being ascertained and investigated, with
the outcome for creditors currently described as uncertain,
TheBusinessDesk.com notes.


SYNTHOMER PLC: S&P Alters Outlook to Negative, Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-headquartered
chemicals manufacturer Synthomer PLC to negative from stable. At
the same time, S&P affirmed its 'BB' long-term issuer credit rating
on the company and its 'BB' issue rating on its senior unsecured
notes.

S&P said, "The negative outlook reflects that we could lower the
rating over the next 12 months if we believe Synthomer's leverage
may not reduce to below 4.0x in 2024.

"Continued downturn in Synthomer's end markets leads us to forecast
its adjusted debt-to-EBITDA ratio will reach 5.6x-5.8x in 2023 and
only recover to below 4.0x in 2024. The elevated leverage results
from margin pressure due to the company's NBR business' suboptimal
capacity utilization amid high inventory levels of medical
gloves--which management anticipates will not abate before the end
of 2023.

"Concurrently, we anticipate heightened macroeconomic uncertainty
in 2023 and reduced consumer confidence will weigh on Synthomer's
end market demand in the construction, coatings, and adhesive
solutions business lines. The challenging market environment, in
combination with ongoing energy and other cost pressures, supply
chain disruptions in the company's raw materials, and asset
reliability and capacity issues in the recently acquired adhesive
technology business will hurt profitability in 2023, as was the
case in late 2022.

"As a result, Synthomer's period of weak operating performance will
be prolonged, delaying the deleveraging into 2024. We now forecast
the company's adjusted EBITDA will be £175 million-£185 million
in 2023, and £255 million-£265 million in 2024. The 2023 EBITDA
is a significant decrease from our estimate of £285 million-£300
million we anticipated in our October 2023 forecast (see
"U.K.-Headquartered Chemical Manufacturer Synthomer PLC 'BB' Rating
Affirmed; Outlook Stable," published Oct. 21, 2022), where we
anticipated a broadly flat performance year on year.

"In addition, concrete financial policy actions to promptly reduce
leverage are now key for the rating. We view Synthomer's net
leverage financial policy target as calculated by
management--between 1.0x-2.0x and 3.0x maximum for large
acquisitions, with deleveraging within 12-24 months--an important
indication of the company's risk appetite and tolerance. We note
the company has clear, defined steps to return to that level,
including cancelling a dividend in 2023, cutting capital
expenditure (capex), and potentially disposing of assets. However,
if these measures do not result in leverage recovering to levels
stipulated by Synthomer's financial policy, we understand
management would promptly consider alternative, credit-enhancing
actions to restore its credit metrics."

Current elevated leverage levels and therefore the need to amend
covenants twice in the past six months are a result of record
expenditure for the acquisition of Eastman's adhesive technologies
business using windfall profits from the extraordinary demand for
nitrile latex gloves, leaving limited headroom for the economic
downcycle.

S&P said, "The negative outlook reflects that we could lower the
rating over the next 12 months if we believe Synthomer's operating
performance and financial policy actions will lead to a delay in
its capacity to deleverage below 4.0x by 2024.

"We could downgrade Synthomer if we no longer foresee its adjusted
debt to EBITDA improving to the 3.0x-4.0x range we consider as
commensurate with the current rating. This could happen if the
company's adjusted EBITDA did not improve to £255 million-£265
million in 2024, for example because of weaker than anticipated
recovery in its end markets, ongoing cost pressure, or because of
carve-out and restructuring costs incurred as part of the business
transformation. Limited progress on disposals, change in financial
policy commitment, or renewed covenant pressure could also lead us
to lower the rating.

"We could revise the outlook to stable if we were confident
Synthomer's credit metrics, notably adjusted debt to EBITDA, will
recover to below 4.0x in 2024. This could stem from Synthomer's
operating performance improving, for example because of the NBR
business' recovery, and supported by efficient progress in
management's deleveraging plan--particularly in relation to
disposals."

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





===============
X X X X X X X X
===============

[*] BOOK REVIEW: Transnational Mergers and Acquisitions
-------------------------------------------------------
Author: Sarkis J. Khoury
Publisher: Beard Books
Softcover: 292 pages
List Price: $34.95
Order your personal copy today at http://is.gd/hl7cni

Transnational Mergers and Acquisitions in the United States will
appeal to a wide range of readers. Dr. Khoury's analysis is
valuable for managers involved in transnational acquisitions,
whether they are acquiring companies or being acquired themselves.
At the same time, he provides a comprehensive and large-scale look
at the industrial sector of the U.S. economy that proves very
useful for policy makers even today. With its nearly 100 tables of
data and numerous examples, Khoury provides a wealth of information
for business historians and researchers as well.

Until the late 1960s, we Americans were confident (some might say
smug) in our belief that U.S. direct investment abroad would
continue to grow as it had in the 1950s and 1960s, and that we
would dominate the other large world economies in foreign
investment for some time to come. And then came the 1970s, U.S.
investment abroad stood at $78 billion, in contrast to only $13
billion in foreign investment in the U.S. In 1978, however, only
eight years later, foreign investment in the U.S. had skyrocketed
to nearly #41 billion, about half of it in acquisition of U.S.
firms. Foreign acquisitions of U.S. companies grew from 20 in 1970
to 188 in 1978. The tables had turned an Americans were worried.
Acquisitions in the banking and insurance sectors were increasing
sharply, which in particular alarmed many analysts.

Thus, when it was first published in 1980, this book met a growing
need for analytical and empirical data on this rapidly increasing
flow of foreign investment money into the U.S., much of it in
acquisitions. Khoury answers many of the questions arising from the
situation as it stood in 1980, many of which are applicable today:
What are the motives for transnational acquisitions? How do foreign
firms plans, evaluate, and negotiate mergers in the U.S.? What are
the effects of these acquisitions on competition, money and capital
markets; relative technological position; balance of payments and
economic policy in the U.S.?

To begin to answer these questions, Khoury researched foreign
investment in the U.S. from 1790 to 1979. His historical review
includes foreign firms' industry preferences, choice of location in
the U.S., and methods for penetrating the U.S. market. He notes the
importance of foreign investment to growth in the U.S.,
particularly until the early 20th century, and that prior to the
1970s, foreign investment had grown steadily throughout U.S.
history, with lapses during and after the world wars.

Khoury found that rates of return to foreign companies were not
excessive. He determined that the effect on the U.S. economy was
generally positive and concluded that restricting the inflow of
direct and indirect foreign investment would hinder U.S. economic
growth both in the short term and long term. Further, he found no
compelling reason to restrict the activities of multinational
corporations in the U.S. from a policy perspective. Khoury's
research broke new ground and provided input for economic policy at
just the right time.

Sarkis J. Khoury holds a Ph.D. in International Finance from
Wharton. He teaches finance and international finance at the
University of California, Riverside, and serves as the Executive
Director of International Programs at the Anderson Graduate School
of Business.





                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *