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

                          E U R O P E

          Wednesday, April 5, 2023, Vol. 24, No. 69

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

ZGP: Sarajevo Municipal Court Opens Bankruptcy Proceedings


F R A N C E

CASINO GUICHARD: S&P Affirms 'CCC+' LT ICR, Outlook Developing
MARNIX FRENCH: S&P Places 'B' Rating on CreditWatch Positive


G E R M A N Y

KAEFER SE: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable


N E T H E R L A N D S

KANAAL CMBS 2019: S&P Affirms 'BB (sf)' Rating on Class D Notes


T U R K E Y

TURK TELEKOM: S&P Alters Outlook to Negative, Affirms 'B' LT ICR
TURKIYE: S&P Affirms 'B/B' Sovereign Credit Rating, Outlook Now Neg


U K R A I N E

UKRAINIAN RAILWAYS: S&P Ups ICR to 'CCC+' on Completed Debt Revamp


U N I T E D   K I N G D O M

360 PERSONNEL: Goes Into Administration
HARMONY COACH: Officially Goes Into Liquidation
INEOS ENTERPRISES: S&P Affirms 'BB' ICR on Cancelled Assets Deal
LPH CONCERTS: Goes Into Liquidation, Owes About GBP2 Million
MANCHESTER GIANTS: Seeks New Investor Following Pre-Pack Deal

NOBLE CORP: S&P Assigns 'B+' Issuer Credit Rating, Outlook Pos.
RABEYS COMMERCIAL: Put Into Liquidation, 27 Jobs at Risk
TORO PRIVATE: S&P Lowers ICR to 'SD' on Distressed Debt Exchange

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
===========================================

ZGP: Sarajevo Municipal Court Opens Bankruptcy Proceedings
----------------------------------------------------------
Dragana Petrushevska at SeeNews reports that the Sarajevo Municipal
Court has decided to open bankruptcy proceedings against Bosnian
construction company ZGP, local media reported.

The court appointed Besim Hamidovic bankruptcy administrator, news
provider Ekapija reported on April 2, SeeNews relates.

Company employees requested opening bankruptcy proceedings after a
series of ungrounded dismissals, local news provider Biznis Info
reported earlier, SeeNews notes.  Furthermore, the employees
claimed that the bank account of the company has been blocked for
over a year because ZGP has not settled taxes and obligations for
more than five years, SeeNews discloses.

The company booked a net loss of BAM66,425 (US$36,801/EUR33,963) in
2021, after recording a net profit of BAM52,917 the year before,
SeeNews states.  The company has not published its 2022 financial
statement yet.

ZGP's shares last traded on the Sarajevo Stock Exchange on Oct. 13,
SeeNews recounts.





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F R A N C E
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CASINO GUICHARD: S&P Affirms 'CCC+' LT ICR, Outlook Developing
--------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' long-term issuer credit
rating on Casino Guichard - Perrachon S.A. (Casino), given its view
that its ability to meet its future debt maturities depends upon
favorable business, financial, and economic conditions--including
asset disposals to repay debt maturities, stemming its negative
cash flow in France, and the outcome of the potential Teract
merger.

The developing outlook reflects S&P's view that it could raise or
lower its issuer credit rating on Casino over the next 12 months,
depending upon its ability and willingness to address its debt
maturities due in 2024-2025 and the rating impacts of the potential
merger with Teract.

On March 30, 2023, Casino concluded a EUR100 million debt tender
offer on Quatrim's 5.875% senior secured notes due 2024, financed
with cash on the balance sheet. The tender offer was concluded at a
price of 94 to the par and reduced the amount of outstanding
secured notes to EUR553 million. S&P said, "We consider the
transaction opportunistic because it is unrelated to the default
scenario implicit in the 'CCC+' rating. This is also supported by
the price offered, funding from excess cash reserves, and its
relatively limited size, accounting for only about 2.1% of Casino's
total French debt. In addition, we note the group's currently good
liquidity buffer, following the recent sale of an additional EUR723
million of Assai shares and our expectation that Casino will have
the necessary liquidity to reimburse the outstanding EUR553 million
of secured notes at par when they come due in January 2024. That
said, Casino's other debt instruments have recently seen further
price deteriorations, notably the unsecured notes, which could
incentivize the group to launch additional buybacks at prices
significantly below par instead of refinancing or reimbursing them.
We may consider any such buyback as a distressed debt exchange and
tantamount to default."

S&P said, "Casino's French operations recorded significantly weaker
2022 results than we expected. French revenue declined 1.7% to
EUR15.8 billion, driven by a 20% contraction in e-commerce and a
sluggish 1.0% growth in retail, underlying a significant volume
contraction. Retail performance varied depending on the format,
with revenue from Franprix and convenience expanding 2.7% and 3.1%
respectively, while Monoprix revenue declined 0.3%. The retail
business saw a weaker revenue evolution than we expected,
considering that 2022 was characterized by double-digit food
inflation in France, the full return of tourists to Paris, and 879
new store openings, although executed mostly in the second half of
the year. We believe this weak performance was driven by Casino's
inadequate price positioning amid the more challenging
macroeconomic environment and declining purchasing power.
Weaker-than-expected revenue, combined with inflation on various
cost items, translated in a 9% decline in reported EBITDA to
EUR1.32 billion. Our S&P Global Ratings-adjusted EBITDA, which is
conservatively estimated by netting all EUR235 million of
nonrecurring costs and EUR178 million of other items, with the
exception of EUR27 million relating to the sale of Mercyalis,
dropped 20% year on year to EUR908 million. At the same time, a
negative EUR395 million working capital outflow, a EUR200 million
outflow related to Leader Price, and EUR355 million of cash
financial expenses heavily weighed on cash flow. We estimate the
French operations overall burned about EUR1.1 billion in 2022
(including discontinued activities and financial costs), which the
group covered with about EUR1.5 billion of proceeds from asset
disposals. Elevated cash burn and declining EBITDA caused S&P
Global Ratings-adjusted leverage for the French perimeter to
increase to 8.7x from 8.0x in 2021, a level that we consider
unsustainable.

The group faces significant debt maturities in 2024-2025, while
asset values have declined. Casino's French perimeter will face
about EUR1.1 billion of debt maturities in first-quarter 2024 and
an additional EUR1.8 billion in 2025. Given the track record of
negative cash flow, the group will rely on additional asset
disposals to meet its maturities. Although Casino still has some
valuable assets to sell, their overall value has declined after the
cumulative EUR1.2 billion sale of 29% of Assai, and the negative
exchange developments between the euro and Brazilian real.
Currently, the group can still rely on the publicly listed shares
in its Latin American subsidiaries, worth about EUR800 million, the
publicly listed shares in CNova, worth about EUR1.0 billion, and
potentially its remaining real estate assets, worth about EUR1.2
billion. S&P also understands that Casino is considering the
spin-off of Grupo Exito from Grupo Pao de Açucar (GPA) to maximize
its valuation. Although the value of its liquid assets is enough to
cover 2024 debt maturities, Casino's ability to meet its 2025
maturities is highly dependent upon favorable business, financial,
and economic conditions, including additional asset disposals and
structural improvements in its operating cash flow.

It is still too early to assess the rating impact of the announced
merger with Teract. On March 9, 2023, Casino announced it had
entered into an exclusive agreement with Teract to discuss a merger
between the two groups. This would likely result in the creation of
two new entities, one controlled by Casino and managing the retail
activities, and one controlled by Teract and managing the supply
chain. S&P understands that Casino would contribute its core French
retail activities to the new entity, while retaining its Latin
American assets, e-commerce business C-Nova, data business
Relevance-C, and the remaining real estate. The new entity would be
provided with an additional EUR500 million of equity. At this
stage, it's too early to assess the rating effects of this
transaction on Casino, its capital structure, or debt instruments.
In particular, depending on where the debt instruments sit within
the new structure and whether their terms and conditions are
altered, the transaction could have different rating implications
for Casino's different classes of debt.

S&P said, "We believe Casino's parent Rallye and its holding
companies will face difficulties in reimbursing its debt when it
comes due from 2025.Rallye holds 51.7% of Casino's shares and
Jean-Charles Naouri is the main shareholder, chairman, and CEO of
both Rallye and Casino. On Oct. 21, 2021, the Paris Commercial
Court agreed to a two-year deferral of Rallye's debt amortization
schedule established under the original safeguard plan approved in
March 2020. Rallye's debt is secured with Casino's shares. The
initial safeguard plan for Casino's holding companies mentions that
Rallye's plan to redeem its debt relies on the distribution
capacity of Casino. Although Rallye's debt repayment schedule has
been amended to adapt to highly volatile market conditions in the
past two years, we believe the parent may face difficulties in
managing either an orderly refinancing of these instruments or a
redemption, with EUR1.9 billion of debt and accrued debt due in
February 2025 at Rallye alone. Given that Rallye owns only 51.7% of
Casino, a significant portion of any future dividend payments from
Casino would go to minority shareholders. Moreover, Casino's debt
documentation limits the group's ability to pay any dividend so
long as gross leverage at the French perimeter exceeds 3.5x. We
note that on March 22, 2023, Rallye recognized risks to the
safeguard plan had increased given Casino's weak performance and
the sale of a significant portion of Assai and said it may start
discussions with creditors to revise the plan. Depending on
negotiations, this could eventually have implications for Casino's
shareholders and controls. Casino's current equity valuation is
much smaller than the value of Rallye's outstanding debt.

"The developing outlook reflects our view that we could raise or
lower our issuer credit rating on Casino over the next 12 months,
depending upon the company's ability and willingness to address its
debt maturities due in 2024-2025 and the effects of the potential
merger with Teract on the company's operations, capital structure,
and debt instruments."

S&P could lower its ratings on Casino if:

-- S&P sees the risk of a liquidity shortfall in France, with the
group's free operating cash flow (FOCF) remaining deeply negative
and its inability to execute additional asset disposals in a timely
manner;

-- S&P believes the group is unable to redeem or refinance its
2024 debt maturities at par;

-- The transaction with Teract deteriorates the prospects of
redemption of Casino's debt or unfavorably alters its debt terms or
conditions; or

-- S&P sees heightened risk of a specific default event under its
criteria, such as a material debt purchase below par value that S&P
could qualify as a distressed exchange.

S&P could raise the rating if:

-- The group successfully executes additional disposals, such that
it secures the repayment or refinancing at par of its outstanding
2024-2025 debt maturities;

-- The group's FOCF in France turns sustainably positive and its
leverage decreases to sustainable levels; and

-- S&P believes that Rallye could not take any action potentially
harmful to Casino's creditworthiness.

ESG credit indicators: E-2, S-2, G-5


MARNIX FRENCH: S&P Places 'B' Rating on CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings placed its 'B' ratings on Marnix French
ParentCo, the parent company of Webhelp, and its senior secured
debt, on CreditWatch with positive implications.

S&P said, "Once the transaction closes, we will resolve the
CreditWatch, likely by raising the ratings by several notches,
potentially up to the level of our rating on Concentrix Corp.
(BBB/Stable/--), depending on our assessment of Webhelp's
stand-alone creditworthiness following debt repayment and its
strategic importance to Concentrix. The CreditWatch resolution
could also include a withdrawal of our ratings, given our
expectation that Webhelp's debt will be refinanced at closing of
the transaction.

"The CreditWatch placement reflects our view that Concentrix's
proposed acquisition of Webhelp would improve the latter's credit
quality, because it would be part of a higher-rated company.

"We note that Concentrix expects to refinance Webhelp's existing
debt as part of the transaction and that the transaction remains
subject to a consultation phase with the companies' respective work
councils and customary regulatory approvals, including from
antitrust authorities.

"We expect to resolve the CreditWatch placement once the
transaction closes, which is likely to be by the end of the year.
At that time, we could raise our ratings on Marnix French ParentCo,
the parent company of Webhelp, by several notches, potentially up
to the level of our rating on Concentrix, depending on our
assessment of Webhelp's stand-alone credit profile following debt
repayment and its strategic importance to Concentrix.

"Alternatively, if Webhelp's rated debt is fully repaid as part of
the transaction, we will likely discontinue our ratings on the
company."

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




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G E R M A N Y
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KAEFER SE: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed the long-term issuer credit rating on
Kaefer SE & Co. KG at 'BB-' and its issue rating on its debt at
'BB-'. Furthermore, S&P assigned a recovery rating on the new term
loan and the revolving credit facility of '3', with 65% recovery
prospects.

The stable outlook indicates that Kaefer will increase its EBITDA
margin toward 7%, maintain funds from operations (FFO) to debt of
about 25%, and keep debt to EBITDA below 3x, while posting positive
free operating cash flow (FOCF).

S&P views Kaefer's refinancing as credit neutral. In November 2022,
Kaefer announced an early redemption of its EUR250 million notes,
originally due in January 2024. The repayment was executed partly
via cash (EUR100 million) and partly through short-term consortium
lending (EUR150 million). On March 16, 2023, the group refinanced
its short-term lending with a new EUR150 million term loan.
Simultaneously, the previous revolving credit line of EUR150
million and guarantee facilities of EUR350 million (originally
maturing in July 2023) were also refinanced with a new revolving
credit line and guarantee facilities of the same size. The full
debt package totaling EUR650 million has a tenor of three years
plus extension options. The recovery rating on the new term loan
and the revolving credit facility (RCF) is '3', with 65% recovery
prospects.

S&P said, "Despite current macroeconomic uncertainties, we forecast
Kaefer's operating performance will slightly improve over the next
24 months. We forecast that the group's revenue will increase by
about 20% in 2022 compared with EUR1.73 billion in 2021, mainly
thanks to high order backlog and price inflation. We expect revenue
growth to normalize at about 1%-5% annually in 2023 and 2024, as
order intake declines because of recessionary concerns and the
ending of some major contracts. Despite the strong revenue growth
in 2022, the S&P Global Ratings-adjusted EBITDA margin is expected
to remain flat at about 6.4%, as high cost inflation and lower
other operating income compared with 2021 weigh on margins.
Nevertheless, we expect the group to slightly increase its adjusted
EBITDA margin to about 6.4%-6.8% in the following two years on the
back of better cost management and lower overhead costs. We
anticipate that the flattish margin development coupled with higher
working capital requirements due to high revenue increase in 2022
will weigh on free cash flow generation. Therefore, we expect FOCF
to turn negative in 2022, before returning to positive in 2023 and
2024.

"We expect Kaefer's credit metrics to remain in line with the
current rating level. Despite relatively flat margin development
expectation for 2022, we expect the group's debt-to-EBITDA ratio to
significantly improve in 2022 to about 1.5x (compared with 2.8x in
2021) mainly thanks to the capital injection of EUR144 million from
the sale of shares to SMS group and Altor. Nevertheless, after
securing the refinancing, we assume Kaefer will use its current
financial flexibility to pursue acquisitions to expand its revenue
base. We therefore expect acquisitions of up to EUR50 million in
2023 and up to EUR100 million in 2024 in our base case. As a
result, the group's adjusted debt-to-EBITDA ratio will increase to
about 1.8x to 2.5x in 2023 and 2024. Similarly, the adjusted
FFO-to-debt ratio is expected to increase to about 37% in 2022,
before reducing to 25%-35% in 2023 and 2024.

"The stable outlook reflects our expectations that Kaefer will
continue to strengthen its operations in its core end-markets in
the next 12-18 months, using the funds from the capital increase to
grow inorganically, increasing the scale of its operations. This
will allow Kaefer to improve its cost structure and increase its
EBITDA margin toward 7%, as well as maintain FFO to debt of about
25%, debt to EBITDA of less than 3x, and positive FOCF.

"We would likely lower the rating if the group's operating and
financial performance did not improve as expected, for example
because of a pronounced dent in profitability from the uncertain
economic environment or individual end-markets."

S&P could also lower the rating if:

-- S&P considered the group unlikely to reach adjusted FFO to debt
of about 25% on a sustainable basis, which it considers
commensurate with the current rating;

-- The group posted materially lower cash generation than S&P
currently expect;

-- The EBITDA margin fell below 6%;

-- Its liquidity deteriorated or covenant headroom became a
concern; or

-- The group adopted a more aggressive financial policy, or if the
construction of the partnership changed, leading to a higher
influence by Altor.

S&P could raise the ratings if Kaefer's credit metrics were
substantially stronger than currently expected. However, it views
such a development as unlikely over the next 12-18 months.

S&P could also raise the rating if:

-- The group materially gained in scale and scope, improved EBITDA
margins to more than 8%, and reduced volatility of profitability;

-- FFO to debt increased sustainably above 30%;

-- Debt to EBITDA remained well below 3x; and

-- S&P observed robust free cash flow generation.

This could stem from better-than-anticipated operating performance,
for example due to improved profitability and strong cash
generation. An upgrade would be subject to S&P's view that the
group's financial policy would support any improvement in
performance.

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




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

KANAAL CMBS 2019: S&P Affirms 'BB (sf)' Rating on Class D Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its 'AA+ (sf)', 'A+ (sf)', 'BBB (sf)',
and 'BB (sf)' ratings on Kanaal CMBS Finance 2019 DAC's class A, B,
C, and D notes.

Rating rationale

The  affirmations follow S&P's review of the transaction's credit
and cash flow characteristics. It believes that the retail sector
is still suffering from structural changes, and with energy prices
expected to continue to rise in the near term this could put
pressure on retailers and consumers. However, the scheduled
amortization payments for the Big 6 loan have benefited the
transaction.

Transaction Overview

The transaction was initially backed by two Dutch commercial
mortgage loans--the Maxima loan and the Big 6 loan--which Goldman
Sachs originated in 2019 to facilitate the financing of two
portfolios of commercial real estate assets. As of the February
2023 interest payment date (IPD), the Maxima loan had fully
repaid.

The Big 6 loan is still outstanding and was initially due to mature
in August 2021. The borrower had the option to extend the loan by
three years (three one-year loan extensions) subject to certain
conditions being met. These conditions were met by the borrower,
and the loan maturity date has been extended until August 2023.

Six retail assets are collateral for the loan: all six are in
regional areas in the Netherlands. The total net lettable area for
the properties is 108,879 square meters.

The six properties are currently let to 212 tenants. The top five
tenants--Jumbo, H&M, The Sting, Kruidvat, and
MediaMarkt--contribute 22.7% of the total contracted rental income
for the total property portfolio. The largest tenant contributes
6.7%. Since our previous review in 2021, vacancy rates have fallen
to 14.6% from 22.0%.

S&P said, "At the February 2023 IPD, the contracted rental income
is EUR16.91 million compared to EUR16.61 million at our previous
review. The main driver for the rise in the contracted rental
income is rising inflation/indexation. However, tenants are
starting discussions to reduce double-digit indexation, which could
lead to a decrease in contracted rental income in the future.

As of February 2023, the properties' reported market value was
EUR192.65 million, 11.6% less than the reported market valuation in
2019 of EUR218.00 million. As a result, given the decline in the
market value since our previous review, the securitized
loan-to-value (LTV) ratio has marginally increased to 60.1% from
58.1%. The increase in the securitized LTV ratio has been mitigated
by the amortization payments made on the loan. A cash trap event
occurs if the senior LTV ratio reaches 77.50%. This cash trap event
has not been triggered so far.

Market vacancies for retail assets in the Netherlands have
decreased since the previous review and are now at 5.8%. S&P said,
"We expect that over the next 12 months, the vacancy rates for
these types of assets will remain stable. Therefore, we have
adopted the vacancy rates for the retail assets securing the Big 6
loan assets in line with the current vacancy rate based on the
tenancy schedule provided by the servicer."

The property portfolio's weighted-average unexpired lease term to
first break has marginally decreased to 3.44 years from 3.46 years
since January 2021.

Since closing, the net cash flow (S&P NCF) decreased to EUR12.9
million from EUR13.3 million. This is mainly due to S&P's lower
rental income assumptions, as it has adopted the market rents for
the property portfolio, which are lower than the current net
operating income.

To calculate the S&P NCF, we took the current market rental income
as this is lower than the annual contracted rental income. S&P
assumed 17% for non-recoverable expenses, which is lower than
assumed at our previous review (20%) as non-recoverable expenses
have come down since vacancy levels have decreased.

S&P said, "We also applied a capitalization rate of 8.7% against
the S&P NCF and deducted 5.0% of purchase costs to arrive at our
S&P Global Ratings value.

"Since our previous review, our S&P Global Ratings value has
declined by 3.6% to EUR140.5 million from EUR145.7 million,
primarily due to adopting the market rental income, which is lower
than the current net rental income for the properties."

  Table 1

  Loan And Collateral Summary

  REVIEW               JANUARY 2021          MARCH 2023

  Data as of           November 2020         February 2023

  Senior loan balance  EUR126.70 million     EUR115.83 million

  Senior loan-to-value
  Ratio                58.1% based on        60.1% based on
                       market value          market value

  Market value         EUR218.00 million     EUR192.65 million
                       (July 2019)           (June 2022)


  Table 2

  S&P Global Ratings' Key Assumptions

  REVIEW                             JANUARY 2021    MARCH 2023

  S&P Global Ratings vacancy              23%           15%

  S&P Global Ratings expenses             20%           17%

  S&P Global Ratings net cash flow   EUR13.3 mil.    EUR12.9 mil.

  S&P Global Ratings value           EUR145.7 mil.   EUR140.5 mil.

  S&P Global Ratings cap rate             8.7%          8.7%

  Haircut-to-market value                33.2%          27.1%

  S&P Global Ratings whole
  loan LTV ratio (before recovery        87.0%          82.5%
  rate adjustments)


Other analytical considerations

S&P also assessed whether the cash flow from the securitized assets
would be sufficient, at the applicable ratings, to make timely
payments of interest and ultimate repayment of principal by the
legal final maturity date of the floating-rate notes, after
considering available credit enhancement and allowing for
transaction expenses and external liquidity support.

The liquidity facility supporting the transaction has declined in
line with the repayment on the notes and now stands at EUR5.4
million.

S&P's analysis also includes a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Its assessment of these risks remains unchanged
since closing and is commensurate with the ratings.

Rating actions

S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly, and the payment of
principal no later than the legal final maturity date in August
2028.

"In our view, the transaction's credit quality has remained stable
since closing. We believe the physical retail sector's ongoing
structural shift may continue to negatively affect cash flows
available to the issuer, as tenants regear leases and
non-recoverable expenses continue to increase due to inflation.
However, the decreased physical vacancy helps mitigate these
concerns.

"Following our review, we affirmed our ratings on the class A, B,
C, and D notes. Our ratings on the class B, C, and D notes could be
higher under our credit model output but, in line with our European
CMBS criteria, we have affirmed our ratings on these classes of
notes due to the upcoming loan maturity in August



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

TURK TELEKOM: S&P Alters Outlook to Negative, Affirms 'B' LT ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Turk Telekom to negative
from stable, in line with the outlook on Turkiye, and affirmed its
'B' long-term issuer credit rating on the company.

S&P said, "On March 31, we revised our outlook on Turkiye to
negative from stable and affirmed our ratings on the sovereign; our
T&C assessment is unchanged at 'B'. We cap our ratings on Turk
Telekom at the level of our T&C assessment on Turkiye, which
reflects our view of the likelihood that the government would
restrict access to foreign currency liquidity for Turkish
companies, because Turk Telekom generates nearly all of its cash
flow (93% in 2022) in Turkiye.

"Our assessment of Turk Telekom's stand-alone credit profile is
'bbb'. This reflects our expectation of continued solid operational
performance, with an S&P Global Ratings-adjusted debt-to-EBITDA
ratio below 1.5x and free operating cash flow to debt above 10%."

The negative outlook on Turk Telekom reflects that on Turkiye.

S&P could downgrade Turk Telekom if it revised down its T&C
assessment on Turkiye to 'B-', which could result if it downgraded
the sovereign.

S&P could revise its outlook on Turk Telekom to stable if it took
the same action on the sovereign and kept its T&C assessment at
'B'.

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


TURKIYE: S&P Affirms 'B/B' Sovereign Credit Rating, Outlook Now Neg
-------------------------------------------------------------------
On March 31, 2023, S&P Global Ratings revised its outlook on
Turkiye to negative from stable. At the same time, S&P affirmed its
ratings, including its unsolicited 'B/B' long- and short-term
sovereign credit ratings and unsolicited 'trA/trA-1' national scale
ratings, on Turkiye. S&P's unsolicited transfer and convertibility
assessment remains 'B', signifying that the risk the sovereign
prevents private sector debtors from servicing foreign currency
(FC)-denominated debt is about the same as the risk of a sovereign
default.

Outlook

S&P said, "The negative outlook reflects risks to Turkiye's
creditworthiness from what we consider untenable monetary,
financial, and economic policy settings. In our view, contingent
liabilities from state banks and public enterprises are large and
growing, while balance-of-payments and exchange-rate
vulnerabilities remain elevated."

Downside scenario

S&P could lower the ratings if pressure on Turkiye's financial
stability or wider public finances were to increase further,
potentially in connection with renewed currency depreciation.

Upside scenario

S&P could raise the ratings if the predictability and effectiveness
of monetary and financial sector policies improved while the
sovereign's balance-of-payments position strengthened, particularly
the Central Bank of the Republic of Turkiye's (CBRT's) net foreign
currency reserves.

Rationale

Low policy rates, directed lending, and regulatory controls on FC
positions and interest rates render the Turkish economy and banking
system more vulnerable to external shocks, against a backdrop of
slowing global growth and difficult market conditions, in our
opinion.

Policy direction remains uncertain. Political pressure on the CBRT
continues. Policy missteps could stem from the 2023 general
elections with high food inflation, exchange rate volatility, and a
hit to real incomes likely to be contributing factors. Ahead of
elections, and in response to February's devastating earthquakes,
the incumbent government has provided additional fiscal support in
the form of business tax deferrals and one-off social payments,
which led to an increase in the cash deficit reported in the first
two months of 2023. Reconstruction costs are likely to require
external financing of as much as 12% of GDP (although a
considerable portion of this could come from grants rather than
debt).

But probably the greatest fiscal and economic risk to Turkiye comes
from its large and increasingly pressured banking system, with
total assets of 98% of GDP. An estimated 30% of the loan book, and
41% of deposits are denominated in FC. As a consequence, asset
quality and financial strength are highly sensitive to exchange
rate developments and risk management standards at individual
commercial banks, both public and private. Asset quality and
financial strength are highly sensitive to exchange rate
developments and risk management standards at individual commercial
banks, both public and private.

Given Turkiye's elevated current account deficits, limited usable
reserves, high inflation, and reliance on occasional capital
inflows, the outlook for the exchange rate remains, at best,
uncertain. Renewed currency depreciation would have negative
implications for Turkiye's financial stability and public finances,
given the extensive dollarization of central government debt (65%
was FC-denominated as of Jan. 31), as well as substantial Treasury
guarantees (including on the debt of state-owned enterprise Botas
and that on household and corporate foreign currency-linked
deposits). Heterodox policy settings could also pose a refinancing
risk to the economy's stock of short-term external debt at $196
billion, or over 20% of GDP by remaining maturity.

Institutional and economic profile: Domestic credit conditions are
tightening fast, even as fiscal and monetary settings continue to
accommodate

-- An elevated current account deficit and loose fiscal and
monetary policy settings could undermine exchange-rate stability in
the run-up to the May 14 elections.

-- At the same time, credit conditions for firms are tightening
fast.

-- Turkiye's institutional arrangements are weak, with limited
checks and balances.

Turkiye's economic policy settings remain ad hoc and
interventionist. Since Sept. 23, 2021, the CBRT has lowered its key
reference rate by a cumulative 1,000 basis points (bps) despite
reported inflation of 55% versus the 5% medium-term target. At the
same time, authorities have introduced reserve and collateral
requirements that appear to be aimed at suppressing FC demand and
lowering market interest rates, including government domestic
yields to levels far below reported inflation. Despite low policy
rates, the cost of deposit funding for banks has been rising
rapidly. The resulting narrowed net interest margins have spurred
banks to tighten underwriting standards for the corporate sector
(and for consumer lending, although only recently).

The state of the Turkish economy is challenging to assess in light
of unrestrained inflation (as evidenced by the 96% increase in the
GDP deflator during 2022) and prominent swings in the inventory
component of GDP.

TurkStat reported headline 5.6% GDP growth in 2022, following 11.4%
growth in 2021. According to official data, at end-2022, Turkiye's
economy was nearly 20% larger in real terms than pre-pandemic
(2019) figures, with private consumption 42% above 2019 levels. In
nominal terms, Turkish GDP more than doubled last year. These
figures are exceptional when compared with those of other major
economies, raising doubts about the data's reliability.

For 2023, growth is projected to decelerate to just over 2%, with
household savings buffers eroded and export markets beginning to
wane, and more exchange rate volatility amid persistent inflation,
to drag on consumption (but strong household spending on consumer
durables could act as a hedge against inflation). Post-election
fiscal policy is likely to tighten, S&P believes, dragging on
activity during second-half 2023.

Turkiye's private sector is sophisticated, outward-looking, and
flexible; it benefits from the country's customs union with the EU,
the destination for over 40% of merchandise exports and one quarter
of services exports. The U.N.'s World Tourism Organization ranks
Turkiye as the sixth-most visited nation globally, ahead of Mexico,
the U.K., and Japan. In 2022, real exports increased 14.1% year
over year, with services up 47% (and 29% higher than pre-pandemic
figures). Some of the export figures' strength probably captures
reexports, including of hydrocarbons and refined energy products,
to Asia and the Middle East as well as consumer durables and
investment goods to Russia.

There is considerable storage, pipeline, and liquefied natural gas
capacity within Turkiye's energy sector. As a consequence, the risk
of outright energy shortages appears to be low. This apparent
supply resilience does not, however, immunize the country's economy
from the terms of trade shock of elevated hydrocarbon prices, given
its dependency on oil and gas imports, which make up three-quarters
of total gross energy supply (compared with about 50% in 1990).
While gas and oil prices have softened since last summer, we cannot
rule out future volatility.

S&P said, "We consider that the sovereign's broader institutional
arrangements are weak and continue to constrain the ratings.
Following the 2017 constitutional referendum, the office of the
prime minster was abolished, and decision-making (including control
of the CBRT and the Supreme Electoral Council) is concentrated
within the executive branch. Several opposition leaders, most
notably Selahattin Demirtas of the People's Democratic Party,
remain in prison on terror-related charges. Nevertheless, some
electoral competition remains. Following the 2018 parliamentary
elections, the ruling Justice and Development Party lost its
majority in the Grand National Assembly and entered a coalition
with the Nationalist Movement Party. In May 2019's local government
elections, the Supreme Election Council, under apparent political
pressure, annulled the outcome of the Istanbul municipal elections,
which registered a victory for the opposition. The elections were
rerun, and opposition candidate Ekrem Imamoglu of the Republican
People's Party won the vote by an estimated 10 percentage points."

Flexibility and performance profile: Economic imbalances are acute,
with elevated inflation and vulnerable balance of payments

-- S&P forecasts that Turkiye's inflation will remain high in
2023, averaging 45%.

-- The headline 2022 budgetary result benefited from a doubling of
nominal tax receipts. For 2023, S&P expects larger spending
increases on wages, entitlements, subsidies, and capital projects
ahead of the elections.

-- Off-balance-sheet fiscal risks are rising, particularly from
Botas and the Treasury's guarantee to compensate FC-linked deposit
holders against depreciation.

S&P expects that fiscal policy will remain accommodative until the
elections in mid-2023, which could temporarily support growth.
Temporary fiscal stimulus is likely to come through energy
subsidies, a renewed credit guarantee scheme, higher capital
expenditure, earthquake-related corporate tax deferrals and social
payments, the recent doubling of pension expenditure, and broader
eligibility for early retirement. Under most post-election
scenarios, the fiscal stance is likely to tighten.

Turkiye's fiscal profile can be divided in two:

-- On the balance sheet, fiscal space looks substantial, although
the dollarization of the state's liabilities is a risk. We project
a year-end 2023 general government debt-to-GDP ratio of 32%,
although this figure is considerably more sensitive to
exchange-rate effects than before given that 65% of the debt is
denominated in foreign currency or about twice the FC debt before
the 2018 currency crisis. Given that nominal GDP increased 107% in
2022 (the largest nominal increase since 1998), debt to GDP
actually declined in 2022, with the local currency component
significantly inflated away.

-- Off-balance-sheet, there are several risks:

    --Foreign exchange risk: With the Treasury having guaranteed
about 28% of system domestic currency deposits (Turkish lira [TRY]
1.7 trillion [$87 billion] as of March 23, 2023, according to
financial regulator BDDK). S&P estimates that the direct fiscal
cost of the Treasury's FC protection scheme for 2022 was about 0.5%
of GDP, but this could increase in 2023 depending on the exchange
rate's trajectory (and also because the stock of FC-linked deposits
is now higher).

    --Broader public sector deficit pressure: State company Botas,
which imports 95% of the natural gas consumed in Turkiye, has been
borrowing domestically and externally to finance the difference
between what households and small enterprises pay and the actual
cost of imports. The Treasury made transfers to Botas from the
central government budget of 0.7% of GDP in 2022 to partially
offset these losses, but these are made with a lag, and do not
compensate for upfront exchange-rate and market-price-related
losses. In addition, the cost to state-owned enterprises of FC debt
payments and payouts on public-private partnerships have increased
in tandem with the weakening currency, while the state has had to
provide additional capital support to some state-owned enterprises.
Nevertheless, even under a worst-case scenario, S&P does not think
the cost to the state of buying out the eight principal PPP
projects as exceeding $14.3 billion, or 1.8% of GDP.

    --Quasifiscal activity by state banks, which is a much larger
fiscal worry: Loan book quality risks are particularly pertinent
for public banks, in S&P's view, given that they have been heavily
involved in episodes of rapid credit expansion at low rates.
Financial stability risks could in turn present a contingent
liability risk to the government if it had to rescue a bank, either
because of lost domestic depositor confidence or foreign creditors'
appetite for rolling over Turkish banks' foreign debt decreasing.
The government has already contributed capital to public banks
several times, with another capitalization set to take place in
March 2023 worth 0.6% of GDP, but these amounts have so far been
relatively modest. The broader financial sector continues to be
subject to notable liquidity risks via the provision of FC swaps
with the CBRT, and high short-term external debt. Bank asset
quality could face further pressure because about 32% of loans were
denominated in FC (as of Jan. 31, 2023, although this was notably
lower than the 37% proportion recorded four months before),
effectively making this debt more expensive to service as the lira
depreciates.

Turkiye's current account deficits remain large, at an estimated
$51.7 billion or 6% of GDP on a 12-month rolling basis as of
January 2023. More than anything else, these elevated external
deficits reflect policymakers prioritizing demand stimulus over
other objectives, as well as the economy's young demographics, and
relatively low propensity to save. Since 2018, debt has superseded
equity as the largest source of financing for these deficits,
although the economy has generally grown as fast or faster than net
(if not gross) external debt accumulation since then (according to
official National Accounts data published by TurkStat).

S&P focuses on the net foreign reserves number because the CBRT's
gross foreign currency reserves of about $117 billion (14% of GDP)
as of Feb. 28 are largely encumbered. Excluding the institution's
FC obligations to domestic residents, usable reserves--which
represent the CBRT's effective capacity to intervene--were about
$37.7 billion (equivalent to one-fifth of short-term external debt
by remaining maturity). To calculate usable reserves, S&P only
exclude FC liabilities to domestic residents. Therefore, its
figures include an estimated $28 billion in swap lines from the
central banks of Qatar, the United Arab Emirates, South Korea, and
China (we understand that as of early March, Turkiye's usable
reserves will also reflect a $5 billion deposit from the Saudi Fund
for Development).

The external stock position is also a risk. External debt maturing
over the next 12 months remains significant, at $196 billion (24%
of GDP) as of January 2022, according to CBRT estimates.

Monetary policy in Turkiye is sui generis: a combination of low
nominal policy rates and patchwork of macroprudential regulations
intended to suppress FC demand by tightening domestic liquidity
conditions. Since March 2021, the CBRT has lowered the policy rate
(one-week repurchase rate) 1,000 bps even with inflation hitting
multiyear highs and while nearly all major global central banks
were moving to raise rates and tighten monetary settings. A
consequence of this has been a weak and volatile exchange rate.

Absent positive real interest rates or significant useable FC
reserves, and in light of the recent weakening inflows of savings
into FC-linked deposits, policymakers have resorted to other
measures to contain lira depreciation. These include the use of
financial and capital controls. Turkiye's monetary authority and
financial regulator continue to impose FC surrender requirements on
exporters, press banks to lend to the government and the corporate
sector at steeply negative real interest rates, and curtail firms'
preference to accumulate FC buffers against currency depreciation
by restricting access to credit whenever their FC positions exceed
regulatory ceilings.

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

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

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

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

  Ratings List

  RATINGS AFFIRMED; OUTLOOK ACTION  
                                     TO             FROM
  Turkiye

   Sovereign Credit Rating |U^   B/Negative/B     B/Stable/B

  RATINGS AFFIRMED  
  TURKIYE

   Sovereign Credit Rating       

   Turkey National Scale |U^               trA/--/trA-1     

   Transfer & Convertibility Assessment |U^    B

|U^ Unsolicited ratings with issuer participation, access to
internal documents and access to management.




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

UKRAINIAN RAILWAYS: S&P Ups ICR to 'CCC+' on Completed Debt Revamp
------------------------------------------------------------------
S&P Global Ratings raised its foreign currency (FC) issuer credit
rating on Ukrainian Railways JSC (UR) to 'CCC+' from 'SD'. S&P also
raised its local currency (LC) issuer credit rating to 'CCC+' from
'CC'.

The negative outlook on both the FC and LC ratings reflects its
view that the effects of the war on the UR's ability to generate
cash flows from operations and its liquidity position may weaken
the company's ability to stay current on its debt.

The rating action follows the completion of UR's eurobond
restructuring.

The company restructured the equivalent of $894.9 million of its
eurobonds after receiving consent from the required majority of
bondholders to postpone interest and principal payments on the debt
by 24 months. UR amended the respective bond terms and conditions,
which are legally effective. The completed debt reprofiling has
significantly eased UR's debt service needs until January 2025,
when payments on the amended eurobonds will resume. The debt
restructuring removes immediate pressure from the company's
liquidity position and its contractual debt repayments have
declined by over 90% over 2023-2024 to about $40 million, from $627
million (for both years) before the restructuring. Repayments now
mainly comprise payments on FC and LC commercial bank loans and
credit facilities, held primarily for international financial
institutions and Ukraine state-owned banks working capital lines
servicing.

Despite liquidity relief, uncertainty remains on whether the debt
restructuring will provide ample time for UR to turn around its
operations on the back of the ongoing war. Near-term risks to UR's
liquidity position and its capacity to honor commercial debt,
including that in FC, appear manageable over the coming months. In
addition to UR's eurobond debt restructuring, the company benefits
from back up credit facilities from its local and international
creditors. UR successfully repurposed its EUR150 million committed
credit facility from the European Bank for Reconstruction and
Development and its EUR100 million committed credit facility from
the European Investment Bank for its liquidity needs. Furthermore,
in accordance with Ukraine's law regarding Russian banks' debt
write-off, which entered into force in August 2022, UR's debts from
Prominvestbank and Sberbank were written off as per the National
Security and Defense Council of Ukraine's decision and is
considered settled.

However, the ongoing war between Russia and Ukraine has somewhat
impaired the company's ability to generate cash flow and,
therefore, to stay current on its financial debt. UR's operations
have been adversely affected by military actions, including damages
from bombing and asset losses under control of the Russian troops,
notably in Ukraine's eastern and southern territories. UR's freight
volumes decreased by roughly 50% in 2022 compared with 2021 levels.
Despite the material 70% increase in UR's freight tariffs in July
2022, which partially compensates the losses on freight volumes,
S&P believes UR's strategically important logistics function means
it remains at risk of targeted bombing on its assets and
infrastructure, which could further weaken its operational
performance and liquidity position.

S&P said, "The negative outlook on both the FC and LC ratings
reflects our view that the effects of the war on UR's operations
and liquidity may weaken the company's ability to stay current on
its debt. We continue to monitor the risk of further damage to UR's
assets resulting from the war.

"We could lower our ratings on UR in the event of increased default
risk in the next 12 months. This could occur if the operating
environment remains challenging and uncertain because of the war,
reducing UR's ability to generate cash flows to repay its financial
obligations.

"We see ratings upside as unlikely over the next 12 months.
However, we could revise the outlook to stable if we saw a recovery
in cash flow generation and a sustainable liquidity position on the
back of an improved security environment in Ukraine."

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




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

360 PERSONNEL: Goes Into Administration
---------------------------------------
Ian Evans at TheBusinessDesk.com reports that a Leicester
recruitment agency has fallen into administration after just under
four years of trading.

David Kemp and Richard Hunt of SFP Restructuring were appointed as
joint administrators of 360 Personnel on March 31,
TheBusinessDesk.com relates.

The temporary staffing business employed around 26 people according
to documents seen by TheBusinessDesk.com.

The firm was incorporated in 2019 and operated from an office on
Bowling Green Street in Leicester city centre.

It was unclear what caused 360 Personnel to collapse,
TheBusinessDesk.com notes.  Accounts made up to March 31, 2021,
show the company owed GBP293,345 to creditors, including a loan of
GBP14,518 owed to director Benjamin Coleman, who has since left the
board, TheBusinessDesk.com discloses.

According to the documents, the company was relatively well placed
to manage the impact of the Covid-19 pandemic as it was "fortunate
enough to be able to continue servicing customers remotely",
TheBusinessDesk.com states.


HARMONY COACH: Officially Goes Into Liquidation
-----------------------------------------------
Jennifer Jones and Iona Brownlie at The Scottish Sun report that a
doomed travel firm has officially gone into liquidation after
leaving customers out of pocket for dozens of cancelled holidays.

Last month, Harmony Coach Holidays axed several bookings at short
notice leaving furious customers at risk of losing thousands of
pounds, The Scottish Sun recounts.

Managing director John Docherty, 56, has yet to address the fiasco
despite repeated attempts to reach him.

Harmony Coach Holidays have also deleted their Facebook page since
The Scottish Sun's reports.

And now liquidators from Begbies Traynor have been appointed to
represent the company, The Scottish Sun discloses.

It's understood the liquidators were called in at the end of March
just 11 days after The Scottish Sun first reported the company's
imminent demise.

The firm, based in Hamilton, Lanarkshire, specialised in coach
trips from Scotland and the North of England to parts of the UK and
Ireland.

Police Scotland are also understood to have begun an investigation
over suspected fraudulent activities in relation to the coach
company, The Scottish Sun relates.


INEOS ENTERPRISES: S&P Affirms 'BB' ICR on Cancelled Assets Deal
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit and
issue ratings on INEOS Enterprises Holdings Ltd. (Ineos
Enterprises) and its dual tranche senior secured term loan B debt
facilities due 2026.

S&P said, "At the same time, we withdrew our 'BB' issue rating and
'3' recovery rating (65% estimated recovery) on the proposed euro
and U.S. dollar senior secured term loans due 2030.

"The stable outlook on the issuer credit rating reflects our view
that Ineos Enterprises' S&P Global Ratings-adjusted debt to EBITDA
will increase modestly to about 3.0x in 2023, at the low end of the
3.0x-4.0x adjusted leverage range we consider commensurate with the
'bb' stand-alone credit profile (SACP).

"We now project Ineos Enterprises' adjusted debt to EBITDA to be
approximately 3.0x in 2023, better than the 3.7x-3.9x we had
expected after factoring in the transaction. The cancellation means
that the expected financial weakening resulting from the
approximately EUR820 million in additional debt incurred from the
transaction will now not occur. The lower debt level more than
offsets the impact from lower profitability relative to our earlier
forecasts. We previously estimated that the admixtures business
would contribute approximately EUR100 million EBITDA in 2023. We
now forecast that Ineos Enterprises will generate adjusted EBITDA
of EUR450 million-EUR460 million in 2023, translating into an
EBITDA margin of 15.0%-16.0%. Although we believe Ineos Enterprises
will continue to explore the acquisition of assets that can improve
its scale and diversity, in line with its strategy, we understand
that it has no imminent investments planned to expand the business
inorganically.

"We no longer factor in the enhanced scale of operations and
diverse product portfolio of the admixtures assets. Specifically,
we no longer consider the improved product diversification from the
distinct admixtures portfolio or an increased proportion of
earnings stemming from specialty chemicals.

"That said, we still think Ineos Enterprises' fundamental strengths
remain unchanged. The company benefits from solid market shares in
relatively consolidated markets. It is the second-largest producer
of titanium dioxide (TiO2) and derivatives (mainly used as
pigments) in North America; the global leader in the specialty
composites vinyl ester resins (VER) and gelcoats; and the leading
merchant producer of solvents such as isopropyl alcohol (IPA) and
butanediol (BDO) in Europe. The markets in which the company
competes are consolidated, ranging from three or four key players
in composites to five or six in the TiO2 segment. Moreover, we
think that the breadth of its product offerings and the diversity
of its end markets help offset risks related to disruptions in the
supply and demand of any single product or end market and lead to
more resilient earnings.

"The stable outlook reflects our view that Ineos Enterprises'
adjusted debt to EBITDA will increase modestly to approximately
3.0x in 2023 but will remain at the low end of the 3.0x-4.0x
adjusted leverage range we consider commensurate with the 'bb'
SACP. This reflects our expectation that inflation and weaker
consumption in the economy will weigh on profitability and margins.
In our base-case scenario, we anticipate adjusted EBITDA will
decline to EUR450 million-EUR460 million in 2023 from about EUR495
million in 2022, pro forma for the acquisition of Ashta Chemicals.

"The outlook also factors in our expectation that the company will
manage its growth plans, financial policies, and dividends to
maintain adjusted leverage below 4.0x throughout the cycle.

"We could lower the rating if our view of the credit quality of the
wider Ineos group worsens. We could also lower the rating if a
less-than-supportive market environment hampers demand and prices
for the company's products, or if pressure from energy and raw
material prices results in margin dilution and
lower-than-anticipated free operating cash flow (FOCF), leading to
adjusted debt to EBITDA of more than 4.0x and FOCF to debt of below
10% without clear prospects of recovery. Furthermore, rating
pressure could arise if Ineos Enterprises pursues significant
debt-financed acquisitions or aggressive distributions to
shareholders.

"Upside rating potential is constrained by our view of the credit
quality of the wider Ineos group. However, we could revise the SACP
assessment if the adjusted debt-to-EBITDA ratio improves
sustainably to below 3.0x and FOCF to debt remains at about
15%-25%. An upgrade would also hinge on a supportive financial
policy and strong commitment from management to maintaining credit
metrics commensurate with a higher rating throughout the cycle."

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


LPH CONCERTS: Goes Into Liquidation, Owes About GBP2 Million
------------------------------------------------------------
Clare Turner at Bedford Today reports that LPH Concerts and Events
-- which produced endless concerts at Bedford Park -- has gone into
liquidation owing an estimated GBP2 million.

It doesn't affect the raft of up-and-coming events this year as
joint liquidators FA Simms -- working with Begbies Traynor --
confirmed the company had no outstanding concerts or future events
in the pipeline, Bedford Today notes.

LPH -- which has been a mainstay for the popular events at the park
-- went into liquidation on March 21 and will be struck off the
register in the coming months, Bedford Today relates.

Documents seen by Bedford Today reveal the company owed more than
GBP2.3 million to 70 creditors, including St John Ambulance,
Kimbolton School Enterprise, scaffolding companies and event
suppliers.

However, liquidators FA Simms confirmed no members of the public
have been affected, Bedford Today states.

All this year's events at Bedford Park -- which include Sting, The
Jacksons, West End Proms and George Ezra -- are being being
produced by Cuffe & Taylor, which is part of the Live Nation group,
according to Bedford Today.



MANCHESTER GIANTS: Seeks New Investor Following Pre-Pack Deal
-------------------------------------------------------------
Jon Robinson at Manchester Evening News reports that the Manchester
Giants basketball franchise is seeking a new investor after being
bought out of administration, it has been revealed.

The British Basketball League (BBL) has taken control of the club
in a pre-packaged deal and has now launched a search for a new
backer, Manchester Evening News relates.

Jamie Edwards, who has been described as a driving force behind the
franchise, said it is "still a bit raw" but "the most important
thing" is that the club will continue.

According to a document seen by the Manchester Evening News,
Manchester Giants Limited formally entered administration on March
23 and was immediately sold in a pre-packaged deal.

The MEN understands that the BBL has now taken full control of the
franchise until a new investor can be found, Manchester Evening
News states.

According to sources close to the deal, all jobs have been secured,
Manchester Evening News notes.

It is also understood that the club owed around GBP500,000 to
creditors including the BBL, Sport England and through a Covid
Bounce Back Loan, Manchester Evening News discloses.

Paul Barber and Paul Stanley of Begbies Traynor in Manchester
oversaw the administration process and sale, Manchester Evening
News states.


NOBLE CORP: S&P Assigns 'B+' Issuer Credit Rating, Outlook Pos.
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to Noble
Corp. PLC, a U.K.-based offshore drilling company.

S&P said, "At the same time, we assigned our 'BB-' issue-level
rating to the company's proposed $600 million senior unsecured
notes (issued by Noble Finance II LLC). The '2' recovery rating
indicates our expectation for substantial (70%-90%; rounded
estimate: 85%) recovery of principal to creditors in the event of a
payment default.

"The positive outlook reflects our view that offshore market
conditions will continue to improve, leading to higher utilization
and day rates over the next one to two years, along with the
successful integration with Maersk Drilling.

"Our 'B+' rating reflects Noble's high-quality and young fleet,
strong customer base, broad geographic diversity, and sizeable
contract backlog.

"However, the company has a relatively small total fleet, exposure
to recontracting risks over the next 12-18 months, high customer
concentration, integration risks, and participation in the cyclical
and volatile offshore oil and gas sector. All these factors
partially offset our rating."

Noble has the youngest fleet among its offshore contract driller
peers. Despite its relatively smaller fleet compared with offshore
contract driller peers, such as Transocean Ltd. and Valaris Ltd.
(not rated), Noble's fleet of high-specification offshore-drilling
rigs includes 15 drillships (11 modern 7G and 4 modern 6G), three
semisubmersibles, and five ultra-harsh environment and eight harsh
environment jack-ups, servicing key offshore basins worldwide. S&P
said, "We view Noble's fleet quality and moderate rig diversity
favorably, but its smaller size and scale relative to peers
partially offset this. Noble's current utilization is around 85%
for its floaters and 70% for its ultra-harsh and harsh jack-ups. In
addition, more than 90% of its fleet is either currently working or
warm stacked, which can be quickly and cost-effectively reactivated
to meet market demand. The company also has two cold-stacked rigs
(excluding Noble Explorer), which we do not expect the company to
reactivate without a firm contract in place. While recontracting
risk exists as a portion of the company's rig contracts roll off
(about 35%) over the next 12-18 months, we expect the company to
recontract its rigs at higher day rates based on current
leading-edge day rates and our view that offshore activity will
continue to increase over the at least the next 12 months."

The company has a sizeable contract backlog, providing revenue
visibility for 2023 and 2024.

As of Dec. 31, 2022, the company's backlog totaled about $3.9
billion. Despite its moderate size, Noble's backlog lacks the scale
of its larger peer Transocean Ltd., which has over $8.5 billion in
contract backlog. Additionally, Noble faces customer concentration
risks, with ExxonMobil Corp. and Aker BP contributing over 60% to
the company's contract backlog. The company's multiyear commercial
enabling agreement (CEA) with ExxonMobil currently includes four
tier 1 drillships with firm contract durations through November
2025 and market rates that reset semiannually. Additionally, the
company's alliance frame agreement with Aker BP encompasses two
ultra-harsh environment jackups until November 2027.

The company completed two stock-for-stock mergers since emerging
from bankruptcy in February 2021.

Since emerging from Chapter 11 in 2021, the company completed two
stock-for-stock mergers with Pacific Drilling and Maersk Drilling
and two divestitures for about $600 million in cash proceeds. The
company realized around $50 million of synergies from the
integration of Maersk Drilling as of year-end 2022 and expects to
realize around $125 million in annual cost-synergies by October
2024 by optimizing its operations and rig support, logistics, and
capital efficiencies. However, difficulties in integrating the
operations may result in delays or failure to realize anticipated
cost savings.

Noble has excellent geographic diversity and a strong customer
base.

Noble's operations are geographically dispersed in key oil and gas
exploration and development areas throughout the world, including
offshore Africa, East Asia, the Middle East, the North Sea,
Oceania, South America, and the U.S. Gulf of Mexico. Its customers
include large international oil companies such as ExxonMobil, Royal
Dutch Shell, and Equinor ASA, as well as national oil companies.

Offshore recovery lags behind onshore recovery despite overall
higher sector utilization and day rates.

S&P sais, "We expect current oil prices, crude oil supply and
demand fundamentals, and the renewed focus on global energy
security will gradually increase offshore spending and activity.
Sector-wide active utilization (excluding stacked rigs) for most
rig classes is now about 90%, which has significantly raised day
rates relative to recent years. Leading-edge day rates for
drillships are now over $400,000 per day, while harsh environment
jackup rig rates are above $100,000 per day. Over the longer term,
we believe the energy transition will challenge the offshore
drilling sector because customers may be less willing to commit
capital to multiyear greenfield projects given the risk of waning
oil demand."

Noble plans to return 50% of its free cash flow to shareholders.

As of Dec. 31, 2022, the company had about $300 million remaining
under its $400 million share repurchase authorization and targets a
50% return of its free cash flow to shareholders through buybacks
or dividends if net leverage is at or below 1.0x. Based on our
current estimates, S&P expects this allocation to result in
positive discretionary cash flow (DCF) to debt over the next two
years.

Noble Corp. filed for Chapter 11 bankruptcy protection in 2020 and
emerged from the process in February 2021.

The company eliminated approximately $3.4 billion of debt through
the bankruptcy process.

S&P said, "The positive outlook reflects Noble's strong financial
measures and improving industry fundamentals, which we expect will
enable the company to reprice its rigs at higher day rates as
existing contracts roll off. It also reflects our expectation it
will successfully integrate the rigs acquired from Maersk Drilling.
We anticipate funds from operations (FFO) to debt of around 80%-90%
over the next 12-24 months, with debt to EBITDA below 1.5x.

"We could revise our outlook to stable if FFO to debt approaches
45% for a sustained period, causing us to reassess our view of the
company's financial risk profile. This would most likely occur if
the company experiences difficulties integrating its operations or
the offshore drilling market weakens below our current
expectations."

S&P could raise its rating on Noble if:

-- It successfully integrates Maersk Drilling while recontracting
its rigs at higher day rates over the next 12 months; and

-- The company maintains appropriate credit measures, including
FFO to debt above 60% and positive DCF.

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

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Noble due to our expectation that the
energy transition will lower demand for offshore drilling rigs and
services as accelerating adoption of renewable energy sources
lowers demand for fossil fuels. Additionally, the industry faces an
increasingly challenging regulatory environment, both domestically
and internationally, that includes limits on drilling activity in
certain jurisdictions, as well as the pace of new and existing well
permits. Given Noble's exposure to the offshore market, it faces
higher environmental risks than onshore rig contractors due to its
susceptibility to operational interruptions and damage to its
equipment from more challenging operating conditions such as
hurricanes.

"Social factors are a moderately negative consideration in our
credit ratings of Noble because, in our view, deep-water operations
are more prone to personnel injury or fatal accidents given the
inherent risks of operating in more challenging environments."

Governance factors are a moderately negative consideration given
its historically aggressive financial policies, which led to it
filing for Chapter 11 bankruptcy, and its limited track record
under new management.


RABEYS COMMERCIAL: Put Into Liquidation, 27 Jobs at Risk
--------------------------------------------------------
John Fernandez at BBC News reports that a commercial vehicle firm
in Guernsey has been placed into liquidation with most of its 27
staff made redundant.

The liquidators said Rabeys Commercial Vehicles has been hit by
supply chain issues and rising energy prices contributed to the
financial position, BBC relates.

Rabeys also operates in Jersey and discussions about that site's
future are ongoing, BBC notes.

Rabeys Garage Limited was established in 1976 and for more than 40
years had operated one of the largest vehicle fleet sales and
maintenance businesses in Guernsey.

It provided services to many of the large fleet and island
infrastructure operators, including the States of Guernsey.

Liquidators Interpath Advisory and KPMG have been appointed, BBC
discloses.

In a statement, the firms blamed "major supply chain issues, rising
energy and parts prices, coupled with rising interest rates" for
Rabeys' collapse, BBC relays.

According to BBC, Linda Johnson, partner at KPMG in Guernsey and
joint liquidator, said "Rabeys has been an important part of island
life in Guernsey and Jersey for many years.

"Our immediate priority will be to assist the employees and
creditors to submit their claims in the liquidation."

"The joint liquidators are committed to ensuring that the optimum
outcome for creditors is achieved and supporting the employees at
what is a difficult time for all concerned," BBC quotes Geoff
Jacobs from Interpath as saying.

"Any parties who have an interest in the business or its assets
should contact the liquidators in early course."


TORO PRIVATE: S&P Lowers ICR to 'SD' on Distressed Debt Exchange
----------------------------------------------------------------
S&P Global Ratings lowered to 'SD' (selective default) from 'CCC+'
its issuer credit ratings on Toro Private Holdings I Ltd.
(Travelport), and its finance subsidiary, Travelport Finance
(Luxembourg) S.a.r.l.

S&P said, "We also lowered to 'D' from 'CCC-' our issue rating on
Travelport's first-lien term loan, which was subject to exchange.
Our 'B-' issue rating on the existing $1,630 million priority debt
is unchanged.

"We will reassess our ratings on the Travelport entities and debt
once we have reviewed the group's new capital structure (including
the $200 million in new equity), cash flow profile, liquidity
position, and business prospects."

On March 28, 2023, travel retail platform provider Travelport
received consent from all its first-lien lenders to exchange the
$2.03 billion term loans for new junior priority term loans, as
part of a deal that also saw the sponsors contribute $200 million
of equity.

"The downgrade reflects Travelport's debt exchange, which we view
as distressed and tantamount to default. The new junior priority
debt has less favorable terms than those originally promised for
the first-lien debt, in our view. Although the overall interest on
the new debt is 1.75% higher, the first-lien debt carried a
requirement to pay fixed cash interest of 5% in 2023-2024. The debt
exchange gives the company the option to choose payment-in-kind
(PIK) for each interest period, rather than paying the fixed cash
interest. We view this change as more material than the increase in
overall interest. Both the new and old debt rank junior to the
outstanding $1,630 million in priority debt, rated 'B-'.

"In exchange for accepting terms we view as less favorable on the
new debt, lenders received a 1% PIK fee--we consider this to be
inadequate compensation. In addition, although we understand that
all first-lien lenders agreed to the debt exchange on March 28,
2023, had there been any remaining first-lien debt in the capital
structure, it would have been subordinated to the new debt. Any
remaining first-lien debt would also have lost its eligibility to
receive cash interest, and would have only received PIK interest
from and including the payment on March 31, 2023. While this was
part of a deal negotiated with a group of lenders that held most of
Travelport's first-lien debt, between them, it is less favorable
than was originally promised.

"Our view that the debt exchange is distressed and tantamount to
default is reinforced by our opinion that Travelport's capital
structure was unsustainable. Our forecasts indicated high gross
debt leverage of 11x-12x, continued negative free operating cash
flow (FOCF), and less than adequate liquidity in 2023. Also,
Travelport's interest burden had significantly increased due to
higher interest on its unhedged floating rate debt.

"We will review our ratings on Travelport as soon as we have
finished our evaluation of its new capital structure, cash flow
profile, liquidity position, and business prospects. By March 28,
2023, we understand that Travelport had received $200 million of
common equity injections and the debt exchange significantly
lowered its expected cash interest. Although these developments are
positive for its cash flow and liquidity, we expect the company's
gross leverage to remain high."

ESG credit indicators: E-2, S-5, G-3



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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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