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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 12, 2023, Vol. 24, No. 74

                           Headlines



B E L G I U M

BL CONSUMER 2021: DBRS Confirms B(low) Rating on Class F Notes


F R A N C E

RT FRANCE: Declared Bankrupt by Nanterre Commercial Court
[*] FRANCE: Twice as Many French Cos to Go Bust as British Ones


G E R M A N Y

AUTONORIA DE 2023: DBRS Finalizes B Rating on Class F Notes


G R E E C E

HELLENIC REPUBLIC: DBRS Confirms BB(high) LT FC/LC Issuer Ratings


P O R T U G A L

HEFESTO STC: DBRS Hikes Class B Notes Rating to B(high)


S P A I N

CLAVEL RESIDENTIAL: DBRS Hikes Class F Notes Rating to BB(low)
IM BCC PYME 3: DBRS Confirms B(low) Rating on Series B Notes


S W I T Z E R L A N D

CREDIT SUISSE: DBRS Cuts LT Issuer Rating to Selective Default


T U R K E Y

AYDEM RENEWABLES: S&P Alters Outlook to Negative, Affirms 'B' ICR
MERSIN INTERNATIONAL: S&P Alters Outlook to Neg., Affirms 'B' ICR


U N I T E D   K I N G D O M

CHARLES STREET: DBRS Confirms BB(high) Rating on Class C Notes
LEHMAN BROTHERS: April 28 Deadline Set for Proofs of Debt
LUMINARY ROLI: TriplePoint Marks $35.4M Loan at 74% Off
MACQUARIE AIRFINANCE: Fitch Gives 'BB' LongTerm IDR, Outlook Stable
ME CONSTRUCTION: Goes Into Administration, 23 Jobs Affected

MONZO BANK: TriplePoint Marks $7.03M Loan at 19% Off
PAVILLION POINT 2021-1A: DBRS Hikes X Notes Rating to BB(low)
RAMBLER METALS: Faces Liquidation, Expresses Going Concern Doubt
TOGETHER ASSET 2021-CRE1: DBRS Confirms BB(low) Rating on E Notes

                           - - - - -


=============
B E L G I U M
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BL CONSUMER 2021: DBRS Confirms B(low) Rating on Class F Notes
--------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings on the notes issued by BL
Consumer Issuance Platform II S.a r.l., acting in respect of its
Compartment BL Consumer Credit 2021 (the Issuer) as follows:

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

The ratings on the Class A and Class B notes address the timely
payment of interest and ultimate repayment of principal on or
before the legal final maturity date. The ratings on the Class C,
Class D, Class E, and Class F notes address the ultimate payment of
interest and principal on or before the legal final maturity date,
and the timely payment of interest while the senior-most class
outstanding.

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

-- Portfolio performance, in terms of charge-off rates, principal
payment rates, yield rates, and delinquencies, as of the February
2023 payment date;

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels; and

-- No revolving termination events.

The transaction is a securitization of revolving credit receivables
and fixed-rated instalment loans, originated and serviced by Buy
Way Personal Finance SA (Buy Way) in Belgium and Luxembourg.

The collateral portfolio consists of four main product types:
revolving credit cards, revolving loans without credit cards,
special drawings, and fixed-rate instalment loans. The transaction
is currently in its three-year revolving period, scheduled to end
on the March 2024 payment date, provided no early amortization
events occur. The legal final maturity date is on the September
2038 payment date.

PORTFOLIO PERFORMANCE

As of the February 2023 payment date, the annualized gross
charge-off rate on the revolving portion of the portfolio was 4.7%,
averaging 3.3% since closing.

As of the February 2023 payment date, cumulative defaults for
instalment loans were at 3.1% of the total instalment loans
purchased, up from 1.5% at the last annual review.

As of the February 2023 payment date, the annualized yield rate on
the overall portfolio was 9.7%, averaging 9.4% since closing, and
the monthly principal payment rate (MPPR) on the portfolio was
8.3%, averaging 8.6% since closing.

As of the February 2023 payment date, receivables two to three
months in arrears and receivables more than three months in arrears
represented 0.4% and 0.2% of the outstanding receivables balance,
respectively, up from 0.1% in both cases at the last annual
review.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base case MPPR, charge-off rate,
yield rate, and recovery rate assumptions on the revolving credit
portion of the portfolio at 6.5%, 4.4%, 11.6%, and 25.0%,
respectively.

DBRS Morningstar maintained its base case default rate and recovery
rate assumptions on the instalment loan portion of the portfolio at
7.0%, and 25.0%, respectively.

CREDIT ENHANCEMENT

The credit enhancement (CE) to each class of notes consists of
subordination of more junior classes of notes and has been stable
since closing due to the transaction revolving period. CE to each
class of notes is as follows:

-- CE to the Class A Notes at 28.0%,
-- CE to the Class B Notes at 21.0%,
-- CE to the Class C Notes at 15.0%,
-- CE to the Class D Notes at 7.5%,
-- CE to the Class E Notes at 4.5%, and
-- CE to the Class F Notes at 2.3%.

The transaction benefits from a general reserve that covers senior
expenses, swap payments, and interest shortfall on the Class A,
Class B, and Class C notes, subject to certain trigger events. The
general reserve is permitted to amortize, with the target level set
at 1.2% of the outstanding balances of the Class A, Class B, and
Class C notes, subject to a floor of EUR 1.3 million. The general
reserve is currently at its target level of EUR 3.1 million.

Citibank Europe plc, Luxembourg Branch (Citibank Luxembourg) acts
as the Issuer account bank for the transaction. Based on DBRS
Morningstar's private rating on the parent company of the account
bank, the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the transaction
structure, DBRS Morningstar considers the risk arising from the
exposure to the account bank to be consistent with the rating
assigned to the Class A Notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

Natixis S.A. (Natixis) acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating on Natixis is above
the first rating threshold as described in DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.







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

RT FRANCE: Declared Bankrupt by Nanterre Commercial Court
---------------------------------------------------------
Laura Kayali at Politico reports that a French commercial court has
officially declared Kremlin-backed media outlet RT France bankrupt,
the company's President Xenia Fedorova announced on April 7.

"The court of Nanterre took the decision to put RT France in
liquidation -- a media that has not pleased [French President]
Emmanuel Macron since its launch and, which was sanctioned by the
EU a year ago as a precautionary measure because of the conflict in
Ukraine," Ms. Fedorova tweeted on April 7.

In March last year, the EU banned Russian government-funded media
like Sputnik and RT, formerly known as Russia Today, from
broadcasting in Europe after Russia launched its full-scale war on
Ukraine, Politico relates.

Earlier this year, the French government blocked RT France's bank
accounts following an asset freeze decided by the EU in December,
Politico recounts.  The company was then placed in receivership and
has faced bankruptcy since, Politico notes.

Ms. Fedorova, as cited by Politico, said RT France's employees will
be laid off in the coming days.



[*] FRANCE: Twice as Many French Cos to Go Bust as British Ones
---------------------------------------------------------------
Oliver Gill at The Telegraph reports that twice as many French
companies will go bust as British ones over the next two years,
forecasts reveal, piling further pressure onto Emmanuel Macron.

According to The Telegraph, some 59,000 companies are projected to
fall into insolvency in France this year, falling to 57,000 in
2024.  In the UK, the figures are 28,500 this year and 31,000 in
2024, The Telegraph relays, citing research by Allianz Trade.

The sharp rise comes as the French president is grappling with a
backlash to economic reforms including the decision to increase the
minimum pension age, The Telegraph discloses.

Projections also show EU-wide bankruptcies this year will be far
higher than the UK as a proportion of pre-pandemic levels, The
Telegraph notes.

There will be 23% more bankruptcies in 2023 compared with 2019
across the Eurozone, compared with a 16% rise in Britain, The
Telegraph states.  

Although forecasts for the UK are better than those on the
Continent, the growth in bankruptcies in Britain remains a cause
for concern, experts said, The Telegraph relates.

Credit insurers, which help businesses or customers pay for
supplies or goods, are often dubbed the "canary in the coal mine"
in the corporate world, The Telegraph discloses.  When they "pull
cover" on a company, it indicates concerns about the state of the
firm's finances, according to The Telegraph.

Allianz Trade is one of the world's three big credit insurers
alongside Atradius and Coface.




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

AUTONORIA DE 2023: DBRS Finalizes B Rating on Class F Notes
-----------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following notes (the Rated Notes) issued by Autonoria DE 2023 (the
Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (high) (sf)
-- Class C Notes at A (high) (sf)
-- Class D Notes at A (low) (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (sf)

DBRS Morningstar did not assign a rating to the Class G Notes
(collectively with the Rated Notes, the Notes) also issued in this
transaction.

The finalized rating on the Class F Notes is one notch higher than
the provisional rating DBRS Morningstar assigned due to the overall
lower margins of the Rated Notes, which resulted in a longer
expected pro rata period and improved the cash flow analysis on the
Class F Notes in its rating stress scenario.

The ratings on the Class A and Class B Notes address the timely
payment of scheduled interest and the ultimate repayment of
principal by the final maturity date. The ratings on the Class C,
Class D, Class E, and Class F Notes address the ultimate (but
timely when most senior) payment of interest and the ultimate
repayment of principal by the final maturity date.

The transaction represents the securitization of receivables
relating to a pool of retail auto loan receivables originated by
BNP Paribas S.A., Niederlassung Deutschland (BNPP DE; the Seller
and Servicer) through its Consors Finanz brand to German
borrowers.

The ratings are based on the following considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement.

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar-projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Rated Notes.

-- BNPP DE's capabilities with respect to originations,
underwriting, servicing, and financial strength.

-- The operational risk review of the Seller, which DBRS
Morningstar deems to be an acceptable servicer.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality and concentration of the collateral and
historical and projected performance of the Seller's portfolio.

-- The sovereign rating on the Federal Republic of Germany,
currently rated AAA with a Stable trend by DBRS Morningstar.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions that
address the true sale of the assets to the Issuer.

TRANSACTION STRUCTURE

The transaction has a scheduled revolving period of six months and
during this time, the originator may offer additional receivables
that the Issuer can purchase provided that the eligibility criteria
and concentration limits set out in the transaction documents are
satisfied. The revolving period may end earlier than scheduled if
certain events occur, such as the breach of performance triggers, a
Seller insolvency, or a Servicer default.

During the revolving period, the Issuer applies the available funds
in accordance with two separate principal and interest priorities
of payments. Prior to a sequential redemption event, principal is
allocated to the Notes on a pro rata basis. Following a sequential
redemption event, principal is allocated on a sequential basis.
Once the amortization becomes sequential, it cannot switch to pro
rata.

The transaction benefits from an amortizing liquidity reserve
funded at closing to an amount equal to 1.55% of the Rated Notes
and floored at 0.50% of the Rated Notes' initial balance as at the
closing date. The reserve is only available to the Issuer in
restricted scenarios where the interest and principal collections
are not sufficient to cover the shortfalls in senior expenses,
interest on the Class A Notes and, if not deferred, interest
payments on other classes of Rated Notes.

Principal available funds may be used to cover certain senior
expenses and interest shortfalls that would be recorded in the
transaction's principal deficiency ledger (PDL) in addition to the
defaulted receivables. The transaction includes a mechanism to
capture excess available revenue amount to cure PDL debits and also
interest deferral triggers on the subordinated classes of Rated
Notes, conditional on the PDL debit amount and seniority of the
Rated Notes.

The Class E and Class F Notes also pass higher ratings specific
stresses, but DBRS Morningstar deems that the cash flow analysis is
sensitive to the availability of interest proceeds, especially in
high prepayment scenarios.

COUNTERPARTIES

BNP Paribas SA (BNPP) is the account bank and swap counterparty for
the transaction. DBRS Morningstar has Long-Term Issuer Rating of AA
(low) and a Critical Obligations Rating of AA (high) on BNPP, which
meets its criteria to act in such capacity.

The transaction documents contain downgrade provisions relating to
the account bank consistent with DBRS Morningstar's criteria. The
hedging documents also contain downgrade provisions consistent with
DBRS Morningstar's criteria.

Notes: All figures are in euros unless otherwise noted.




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G R E E C E
===========

HELLENIC REPUBLIC: DBRS Confirms BB(high) LT FC/LC Issuer Ratings
-----------------------------------------------------------------
DBRS Ratings GmbH confirmed the Hellenic Republic's Long-Term
Foreign and Local Currency - Issuer Ratings at BB (high). At the
same time, DBRS Morningstar confirmed the Hellenic Republic's
Short-Term Foreign and Local Currency – Issuer Ratings at R-3.
The trends on all ratings remain Stable.

KEY RATING CONSIDERATIONS

The Stable trend reflects DBRS Morningstar's view that Greece
remains committed to ensuring fiscal and debt sustainability,
despite the more challenging macroeconomic environment. On the back
of a strong rebound in tourism activity, ongoing improvements in
the labor market, and support measures, real GDP growth amounted to
close to 6.0% in 2022. The effective implementation of the Recovery
and Resilience Plan (RRP) and the government support measures will
continue to provide support to the economy this year, however, the
growth outlook is subject to downside risks related to the
intensification of the conflict in Ukraine that could lead to a
further tightening in monetary policies and weaker external demand.
The measures to cushion the impact of elevated energy costs
resulted in a primary deficit of 1.6% of GDP in 2022 down from 5.0%
in 2021. Public debt is expected to have declined by nearly 25
percentage points in 2022, benefiting from improved fiscal outcomes
and strong nominal growth. Despite the significant improvement in
fiscal and debt outcomes, the implementation of a prudent
consolidation plan will be crucial for Greece to address the
ongoing challenges, while building a sustainable growth model.

Greece's ratings are underpinned by its euro area membership and by
the implementation of past economic reforms that have enhanced the
resilience of the economy. Greece continues to make progress on the
execution of the National Recovery and Resilience Plan (Greece
2.0), which consists of reforms that if implemented, could boost
inclusive growth and investment, narrowing the investment gap
between Greece and its euro area peers. DBRS Morningstar notes that
the funds will continue to provide incentives for the
implementation of growth enhancing reforms, while supporting
investment growth. By contrast, the ratings are constrained by the
economic legacies inherited from Greece's prolonged crisis, namely,
the very high public debt ratio and still high non-performing loans
in the banking system. In addition, low investment weighs on
Greece's growth performance with the investment gap for now
remaining high. Investment spending has fallen in the years of the
crisis from 21% of GDP in 2009 to 13.3% in 2021, the lowest in the
euro area and far from the average of 22.2%.

RATING DRIVERS

The ratings could be upgraded if one or a combination of the
following occur: (1) continued implementation of reforms that boost
investment, thereby improving longer term economic prospects; (2)
sustained commitment to fiscal consolidation that keeps the public
debt ratio on a downward trajectory. Triggers for a downgrade
include: (1) persistently weak economic performance; (2) a reversal
or stalling in structural reforms; (3) renewed financial-sector
instability.

RATING RATIONALE

Growth Will Slow This Year, But RRF and Government Measures Will
Continue to Support the Economy

Greece's economy experienced a severe contraction in 2020 with real
GDP dropping by 9.0%, as the pandemic severely affected the highly
important tourism industry. In 2021, the economy rebounded strongly
growing by 8.4%, supported by strong investment and export growth
as well as pent up private consumption. On the back of a strong
rebound in tourism activity, ongoing improvements in the labor
market, and government support measures, the economy remained
strong in 2022 posting 5.9% growth. Growth is moderating this year,
as weaker external demand, higher prices and interest rates weigh
on economic activity. The European Commission (EC) forecasts GDP
growth at 1.2% this year and at 2.4% in 2024. Inflation reached
9.3% YoY in 2022, driven primarily by energy prices, and is
expected to ease to 4.5% in 2023 and to 2.2% in 2024. The main
risks to the outlook are related to the intensification of the
conflict in Ukraine that could lead to further tightening in
monetary policies, weaker external demand, and high inflation for
longer, affecting among other factors, Greece's tourism industry.

Greece continues to make progress with the implementation of the
Recovery and Resilience Plan (Greece 2.0) by utilizing both the
grant and loan components. Thus far, the EC has approved the 2nd
payment for grants and loans bringing the total amount of
disbursements to EUR 11.1 billion (EUR 5.75 billion of grants and
EUR 5.35 billion of loans) and 13% of the total milestones and
targets are now complete. DBRS Morningstar notes that the funds
from the NextGen EU could have a significant positive impact on the
Greek economy, which according to estimates by the European
Commission could increase real GDP by 2.1-3.3% by 2026, excluding
the potential impact from the implementation of structural reforms
under the plan. The plan consists of 106 investments and 68 reforms
primarily focused on the green and digital transition. In DBRS
Morningstar's view, the deployment of EU funds, if combined with
the implementation of structural reforms, will improve Greece's
growth prospects and warrants a positive qualitative adjustment to
the "Economic Structure and Performance" building block
assessment.

Fiscal Position Improved in 2022, Driven by Cyclical Tailwinds and
the Phasing Out of Covid-19 Support

After years of fiscal overperformance, Greece recorded high
deficits in 2020 and 2021 due to the deep economic contraction and
the support packages to mitigate the economic impact of the
pandemic. The fiscal deficit stood at 9.9% of GDP in 2020, the
third largest in the EU, before narrowing to 7.5% of GDP in 2021.
The 2021 outcome was significantly improved from initial estimates
pointing to a high deficit of 9.6% of GDP, and was due to the
stronger than expected performance of revenues and the lower take
up of COVID-19 related measures. In 2022, the government introduced
support measures to weather the impact of increased energy costs
amounting to EUR 10.6 billion with the fiscal cost amounting to EUR
4.8 billion (2.3% of GDP) in 2022, as it was partially financed by
revenues from the Energy Transition Fund. The fiscal accounts are
expected to improve further, with the primary deficit projected to
decline from 5.0% of GDP in 2021 to 1.6% in 2022 and to return to a
primary surplus of 0.7% of GDP this year.

The main risks to the fiscal outlook relate to slower growth this
year that may lead to a weaker fiscal outcome, the evolution of the
energy crisis that could result in additional spending arising from
higher energy prices than currently foreseen, and the activation of
state guarantees that were granted during the pandemic. DBRS
Morningstar takes the view that Greece will maintain its commitment
to fiscal consolidation and will comply fully with guidelines from
the European institutions once targets are reinstated.

Public Debt Remains the Highest in the Euro area, But Favorable
Structure and Declining Interest Costs Mitigate the Risks

Greece's debt-to-GDP ratio increased to 206.4% of GDP in 2020 and
declined to 194.5% in 2021, remaining the highest in the EU. In
2022 the debt ratio is expected to have amounted to 168.9% of GDP,
due to the improved fiscal outcomes and high nominal GDP growth. In
its 2023 State Budget, the government envisages the public debt
ratio to continue on its downward trend falling to 159.3% in 2023,
recording a 47 percentage point decline since 2020 and falling
below 2012 levels. Greek government bond yields after recording
historical low levels in 2021, have increased currently to around
4.4%. However, there are several risk mitigating factors in place
related to Greece's favorable debt structure, as the official
sector holds more than 70% of government debt with very long
weighted-average maturity of 20 years at end-2022, and with 100% of
debt at fixed rates. In addition, the PDMA has in place a proactive
debt management strategy using interest rate hedges to mitigate the
risk of funding cost increases over the medium term. In 2023, the
average effective interest rate on medium to long term debt is
expected to stand at 1.2%.

Greece has fully repaid its International Monetary Fund (IMF) loans
and prepaid EUR 2.7 billion of the Greek Loan Facility (GLF loans)
in 2022. Despite the favorable debt profile, DBRS Morningstar notes
that Greece's debt sustainability relies primarily on its ability
to return to and to sustain primary surpluses and on solid nominal
GDP growth rates, as in the long run official sector debt will be
replaced with market financed debt that will be susceptible to
market volatility. The sizeable cash reserves of around EUR 37
billion in February 2023 continue to serve as a liquidity buffer
and enhance confidence among market participants. These reserve
buffers, combine with the pro-active debt management strategy to
achieve the lowest possible interest rate costs, thereby
significantly reducing repayment risks, and underpinning the
positive qualitative factor in the "Debt and Liquidity" building
block assessment. At the same time, in DBRS Morningstar's view,
fiscal discipline and sustained economic growth are key with
respect to Greece's debt sustainability.

Further Improvement on NPLs, But Adverse Macroeconomic Environment
Raises the Risk of New Flows

Greek banks made further progress in reducing their impaired
assets, with the NPL ratio falling to 9.7% at the end of Q3 2022,
below 10% for the first time since Q4 2009. This reduction was
primarily driven by sales and securitizations of loans under the
Hercules Asset Protection Scheme (HAPS), operated by the four
systemic banks. All the systemic banks have now achieved the target
of a single digit NPL ratio. DBRS Morningstar notes that banks'
effective management and allocation of RRF funds, together with the
substantial reduction of NPLs that has taken place, positions banks
well to increase the provision of credit to Greek corporates,
thereby supporting the economic recovery. Nevertheless, the
resolution of private non-performing debt, that was transferred
from the banks' balance sheets to the real economy and is now
managed by credit servicing firms (CSFs), remains a key challenge.
At the same time, the more challenging macroeconomic and higher
interest rate environment could affect banks' loan portfolios
adversely and result in new NPLs. This accounts for DBRS
Morningstar's negative qualitative factor in the "Monetary Policy
and Financial Stability" building block assessment. As a result of
the de-risking that has taken place, the Common Equity Tier 1
(CET1) ratio on a consolidated basis stood at 13.7% in June 2022,
slightly down from 13.6% in December 2021, and remaining below the
euro area average. However, with most of the clean-up process
completed, banks should be in a good position to improve their
capital position organically going forward.

Current Account Widened in 2022, Record Year for FDI

The current account deficit widened in 2020 and 2021, reaching 6.6%
and 6.8% of GDP respectively, primarily due to the significant
deterioration in the travel balance. Some of this is a structural
deterioration related to energy costs and the green transition and
some is cyclical related to pent up demand and the investment
cycle, the latter potentially leading to a structural improvement
by building the capacity to further raise exports in the medium
term. Despite the strong performance of exports particularly of
services, due to the recovery in international tourist flows,
Greece's high reliance on energy imports in conjunction with the
surge in energy prices widened the current account deficit to 9.7%
of GDP in 2022. The tourism sector recovered strongly in 2022 with
international tourist arrivals reaching almost 90% of 2019 levels
and travel receipts 99% of the 2019 levels. The macroeconomic
adjustment since 2010 and the labor market reforms of 2012 have
improved the external competitiveness of the Greek economy.
Greece's export performance has improved significantly, with Greek
exports of goods increasing from 9.0% of GDP in 2010 to around 27%
in 2022. Exports of goods and services now represent approximately
50% of GDP from 22% in 2010. However, the value-added of Greek
goods exports remains low compared to its euro area peers.

Inflows of EU funds and rising inflows of foreign direct
investments, which recorded a two decade high in 2021, reaching EUR
6.3 billion, and more than EUR 7.0 billion in 2022, will provide
balance of payments offset to the current account deficit. The IMF
estimates that the current account deficit will moderate in the
coming years as international tourist arrivals continue to recover
and the cost of energy falls. From a stock perspective, Greece's
net external liabilities remain high at 148.6% of GDP in Q3 2022
mostly reflecting public sector debt held by the official sector.
The level is expected to remain at high levels because of the
long-term horizon of foreign official-sector loans to the public
sector.

Elections This Year, RRF Provides Incentives for Continuation of
Reforms but Delays Cannot Be Ruled out

The next parliamentary elections will be held this year, most
likely in the Spring. Under the current electoral system -
introduced by the SYRIZA/ ANEL coalition government in 2016 –
which is based on simple proportionality, the formation of a single
party government will not be possible. Unless there is multiple
party cooperation, a second election, approximately a month after
the first, is the most likely scenario. The second election will be
held under a different electoral system of reinforced
representation, deeming the formation of a single party government
possible. The center-right ruling party New Democracy is leading
according to the latest opinion polls. In DBRS Morningstar's view,
policy continuity is expected with the RRF providing incentives for
the continuation of reforms, however, a prolonged electoral cycle
could result in some delays in policy implementation. In recent
years, Greece has enjoyed a stable political environment and good
cooperation with its EU peers and institutions under first SYRIZA
and then New Democracy governments.

Significant progress has been made in reducing red tape in the
public sector, improving the business environment and unblocking
several investment projects. Greece has also accelerated its
efforts to improve its digital performance, especially in the
functioning of the public administration. Government priorities in
the next few months focus on the successful implementation of the
Greece 2.0 economic programme, with several reforms and investments
in the pipeline. DBRS Morningstar views that the improvement in the
political environment and the government's commitment to address
Greece's long standing challenges warrants a positive qualitative
adjustment to the "Political Environment" building block
assessment.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Social (S) Factors

The Human Capital and Human Rights factor affects the ratings
assigned. Greece's GDP per capita estimated at $20,875 in 2022 is
relatively low compared with its euro system peers. This factor has
been taken into account in the "Economic Structure and Performance"
building block.

Governance (G) Factors

The Institutional Strength, Governance, and Transparency factor
affects the ratings assigned. According to the World Bank
Governance Indicators in 2021 Greece's scores of 63 for Rule of Law
and 68 for Government Effectiveness, are significantly lower than
its euro area peers. The Bribery, Corruption and Political Risk
factor is also a relevant factor in the analysis. Greece
underperforms the EU average in the 'Control of Corruption'
indicator (61.5 percentile rank), however, it has made good
progress in recent years improving its score in the Corruption
Perception Index from 36 in 2012 to 52 in 2022. DBRS Morningstar
notes Greece's institutional strengths associated with euro
membership and recent improvements in these areas. These factors
have been taken into account in the "Fiscal Management and Policy"
and "Political Environment" building blocks.

Notes: All figures are in euros unless otherwise noted. Public
finance statistics reported on a general government basis unless
specified.






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P O R T U G A L
===============

HEFESTO STC: DBRS Hikes Class B Notes Rating to B(high)
-------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by Hefesto STC, S.A. (Project Guincho) (the Issuer):

-- Class A notes confirmed at A (sf)
-- Class B notes upgraded to B (high) (sf) from CCC (sf)

The trends on all classes of notes remain Stable.

The transaction represents the issuance of Class A, Class B, Class
J, and Class R notes (collectively, the Notes). The rating on the
Class A notes addresses the timely payment of interest and the
ultimate payment of principal while the rating on the Class B notes
addresses the ultimate payment of interest and principal. DBRS
Morningstar does not rate the Class J or Class R notes.

As of the 30 September 2018 portfolio cut-off date, the Notes were
backed by a EUR 481 million portfolio by gross book value (the
portfolio) consisting of unsecured and secured nonperforming loans
(NPLs) originated by Banco Santander Totta S.A.

Since the transfer of the portfolio, the secured loans held by
individuals are serviced by Whitestar Asset Solutions S.A.
(Whitestar) and the secured loans held by corporates are serviced
by HG PT, Unipessoal, Lda (HG PT; together with Whitestar, the
servicers). In May 2021, Whitestar took over management of the
unsecured positions from Proteus Asset Management, Unipessoal,
Lda.

RATING RATIONALE

The confirmation and upgrade follow a review of the transaction and
are based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of 31 October 2022, focusing on: (1) a comparison between actual
collections and the servicers' initial business plan forecast; (2)
the collection performance observed over recent months; and (3) a
comparison between the current performance and DBRS Morningstar's
expectations.

-- Updated business plan: The servicers' updated business plan as
of October 2022, received in January 2023, and the comparison with
the initial collection expectations.

-- Portfolio characteristics: The loan pool composition as of
October 2022 and the evolution of its core features since
issuance.

-- Transaction liquidating structure: except for the Class R
notes, the order of priority entails a fully sequential
amortization of the Notes (i.e., the Class B notes will begin to
amortize following the full repayment of the Class A notes and the
Class J notes will amortize following the repayment of the Class B
notes). Additionally, interest payments on the Class B notes become
subordinated to principal payments on the Class A notes if the
cumulative collection ratio or the net present value cumulative
profitability ratio is lower than 90%. These triggers were not
breached on the November 2022 interest payment date, at which time
the actual figures were 100.4% and 158.3%, respectively, according
to the latest investor report.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure, covering
potential interest shortfall on the Class A notes and senior fees.
The cash reserve, whose target amount is equal to 3.0% of the Class
A notes' principal outstanding balance, is currently fully funded.

-- The exposure to the transaction account bank and the downgrade
provisions outlined in the transaction documents.

According to the latest investor report from November 2022, the
outstanding principal amounts of the Class A, Class B, Class J, and
Class R notes were EUR 10.7 million, EUR 14.0 million, EUR 25.0
million, and EUR 0.4 million, respectively. As of the November 2022
payment date, the balance of the Class A notes had amortized by
approximately 87.2% since issuance and the current aggregated
transaction balance was EUR 50.1 million.

As of October 2022, the transaction was performing below the
servicers' business plan expectations. The actual cumulative gross
collections equalled EUR 99.6 million whereas the servicers'
initial business plan estimated cumulative gross collections of EUR
112.9 million for the same period. Therefore, as of October 2022,
the transaction was underperforming by EUR 13.3 million (-11.8%)
compared with the initial business plan expectations. The
cumulative collection ratio (net of recovery expenses), slightly
above the unit, signals that the underperformance in terms of gross
collections was offset by costs containment as compared to the
servicers' initial business plan expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 67.8 million at the BBB
(low) (sf) stressed scenario and of EUR 91.6 million at the CCC
(sf) stressed scenario. Therefore, as of October 2022, the
transaction was overperforming compared with DBRS Morningstar's
initial stressed expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in January 2023, the servicers delivered an updated
portfolio business plan. The updated portfolio business plan
combined with the actual cumulative gross collections of EUR 99.6
million as of October 2022 resulted in a total of EUR 160.3
million, which is 2.6% higher than the total gross disposition
proceeds of EUR 156.2 million estimated in the initial business
plan. Excluding actual collections, the servicers' expected future
collections from November 2022 account for EUR 60.7 million. The
updated DBRS Morningstar A (sf) and B (high) (sf) rating stresses
assume haircuts of 55.6% and 45.3%, respectively, to the servicers'
updated business plan, considering future expected collections. The
Class A notes may pass higher rating stress scenarios; however,
DBRS Morningstar believes that higher ratings would not be
commensurate with the risk of the transaction considering the
potential higher variability of NPLs' cash flows, the exposure to
the transaction account bank, and the downgrade provisions outlined
in the transaction documents.

The final maturity date of the transaction is in November 2038.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. For this transaction, DBRS Morningstar incorporated its
expectation of a moderate medium-term decline in commercial real
estate prices for certain property types.

The DBRS Morningstar Sovereign group releases baseline
macroeconomic scenarios for rated sovereigns. These scenarios were
last updated on 21 December 2022. DBRS Morningstar analysis
considered impacts consistent with the baseline scenario in the
below referenced report.

Notes: All figures are in euros unless otherwise noted.





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

CLAVEL RESIDENTIAL: DBRS Hikes Class F Notes Rating to BB(low)
--------------------------------------------------------------
DBRS Ratings GmbH upgraded and confirmed its ratings on the Notes
issued by Clavel Residential DAC (the Issuer), as follows:

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (low) (sf)
-- Class C Notes confirmed at A (low) (sf)
-- Class D Notes confirmed at BBB (low) (sf)
-- Class E Notes upgraded to BB (high) (sf) from BB (low) (sf)
-- Class F Notes upgraded to BB (low) (sf) from B (low) (sf)

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the February 2023 payment date.

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables, and

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

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
final maturity date in 2062. The rating on the Class B Notes
addresses the timely payment of interest once it becomes the most
senior note outstanding and the ultimate payment of principal on or
before the final maturity date. The ratings on the Class C, Class
D, Class E, and Class F Notes (together with Class A Notes and
Class B Notes, the Rated Notes) address the ultimate payment of
interest and the ultimate repayment of principal on or before the
final maturity date. DBRS Morningstar did not assign a rating to
the Class Z Notes.

The transaction represents the issuance of notes backed by a
portfolio of re-performing Spanish mortgage loan certificates.
Catalunya Banc, S.A. (Catalunya Banc), Caixa d'Estalvis de
Catalunya, Caixa d'Estalvis de Tarragona, and Caixa d'Estalvis de
Manresa originated the mortgage loans. The latter three entities
merged into Caixa d'Estalvis de Catalunya, Tarragona i Manresa
(Catalunya Caixa), which subsequently transferred to Catalunya Banc
via spin-off on September 27, 2011. In September 2016, Catalunya
Banc was absorbed and merged with BBVA.

PORTFOLIO PERFORMANCE

As of the February 2022 payment date, loans up to one month in
arrears represented 16.7% of the outstanding portfolio balance,
down from 17.8% at closing one year ago. Loans one to three months
in arrears represented 5.0% of the outstanding portfolio balance,
down from 8.8% in the same period, and the 90+ delinquency ratio
increased to 14.2%, up from 7.2% in the same period. The cumulative
default ratio was 2.2% and the cumulative loss ratio was 0.05%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions at the B (sf) rating level to 23.3% and 18.3%
respectively.

CREDIT ENHANCEMENT

The credit enhancement is provided in the form of
overcollateralization. As of the February 2023 payment date the
credit enhancement for the Rated Notes slightly increased since
closing, as follows: Class A Notes 36.3%, Class B Notes 28.0%,
Class C Notes 22.7%, Class D Notes 17.4%, Class E Notes 14.4%,
Class F Notes 12.8%.

A liquidity reserve fund was funded at closing with the proceeds
from the Rated Notes. The reserve fund provides liquidity support
to the Class A Notes in case of interest shortfall and may provide
additional credit support when excess is available. The reserve
fund is also available to cover senior expenses. The reserve fund
equals to 3.0% of the outstanding balance of the Class A Notes and
is floored at 2.0% of the Class A Notes' initial balance. Excess
amounts from the reserve fund will form part of the available funds
and may provide additional credit support.

Elavon Financial Services DAC (Elavon) acts as the Issuer's account
bank. Based on DBRS Morningstar's private rating of Elavon, the
downgrade provisions outlined in the transaction documents, and
structural mitigants inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the AAA (sf) rating assigned to
the Class A Notes, as described in DBRS Morningstar's "Legal
Criteria for European Structured Finance Transactions"
methodology.

BNP Paribas SA acts as an interest rate cap counterparty to the
Issuer. BNP Paribas SA's DBRS Morningstar Long Term Critical
Obligations Rating of AA (high) is above the first rating threshold
as described in DBRS Morningstar's "Derivative Criteria for
European Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


IM BCC PYME 3: DBRS Confirms B(low) Rating on Series B Notes
------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by IM BCC Cajamar PYME 3 FT (CJP3) and IM BCC Cajamar PYME 4
FT (CJP4):

CJP3:
-- Series A Notes upgraded to AAA (sf) from AA (high) (sf)
-- Series B Notes confirmed at B (low) (sf)

CJP4:
-- Series A Notes upgraded to AAA (sf) from AA (sf)
-- Series B Notes upgraded to CCC (high) (sf) from CCC (low) (sf)

The ratings on the Series A Notes address the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity dates in June 2057 and July 2064 for CJP3 and
CJP4, respectively. The ratings on the Series B Notes address the
ultimate payment of interest and principal on or before the legal
final maturity dates.

The rating actions follow an annual review of the transactions and
are based on the following analytical considerations:

-- The portfolios performance, in terms of level of delinquencies
and defaults, as of the February 2023 payment dates;

-- The one-year base case probability of default (PD) and default
and recovery rates on the outstanding receivables; and

-- The current available credit enhancement to the notes to cover
the expected losses at their respective rating levels.

The transactions are cash flow securitizations collateralized by a
portfolio of secured and unsecured loans originated and serviced by
Cajamar Caja Rural S.C.C. (Cajamar) to small and medium-size
enterprises (SME) and self-employed individuals based in Spain. The
transactions closed in April 2021 (CJP3) and March 2022 (CJP4).

PORTFOLIO PERFORMANCE

Both portfolios are performing within DBRS Morningstar's
expectations. For CJP3, as of 28 February 2023, the 90+ day
delinquency ratio was 1.0%, up from 0.6% at the time of the last
annual review. The cumulative defaults stood at 0.5% of the
original balance. For CJP4, as of 28 February 2023, the 90+ day
delinquency ratio represented 0.8% of the current balance. The
cumulative default ratio stood at 0.02%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its default rate and recovery
assumptions on the outstanding portfolio for CJP3 to 37.7% and
27.4%, respectively, at the AAA (sf) rating level, and to 10.2% and
42.6%, respectively, at the B (low) (sf) rating level.

For CJP4, DBRS Morningstar updated its default rate and recovery
assumptions on the outstanding portfolio to 41.7% and 26.0% at the
AAA (sf) rating level, and to 12.0% and 38.3%, respectively at the
CCC (high) (sf) rating level. DBRS Morningstar updated its one-year
base case PD to 2.6% and 3.3% for CJP3 and CJP4, respectively,
based on the updated portfolio composition of both transactions.

CREDIT ENHANCEMENT

The credit enhancement available to the notes has increased as the
transactions deleverage. As of the February 2023 payment date, the
credit enhancement available to the Series A Notes and Series B
Notes for CJP3 increased to 47.3% and 5.5%, respectively, compared
with 34.1% and 3.9%, respectively, one year ago.

As of the February 2023 payment date, the credit enhancement
available to the Series A Notes and Series B Notes for CJP4
increased to 33.0% and 4.0%, respectively, compared with 25.0% and
3.0%, respectively, at closing.

Credit enhancement is provided by the subordination of the Series B
Notes and the reserve fund. The reserve fund was funded at closing
through a subordinated loan and is available to cover senior fees
and interest and principal on the Series A Notes and, once the
Series A Notes are fully amortized, interest and principal on the
Series B Notes. The reserve funds do not amortize through the life
of the transactions and remain at their target levels of EUR 30.0
million and EUR 27.0 million for CJP3 and CJP4, respectively.

Interest and principal payments on the Series B Notes are
subordinated to the interest and principal payments on the Series A
Notes.

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

Notes: All figures are in euros unless otherwise noted.





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

CREDIT SUISSE: DBRS Cuts LT Issuer Rating to Selective Default
---------------------------------------------------------------
DBRS Ratings Limited has taken certain rating actions on Credit
Suisse AG (the Bank) and Credit Suisse Group AG (Credit Suisse, CSG
or the Group), the top-level holding company following the
announcement of the acquisition of Credit Suisse by UBS. DBRS
Morningstar has downgraded the Long-Term Issuer Rating of the Bank
and the Group to Selective Default from BBB Negative trend and BBB
(low) Negative trend respectively. DBRS Morningstar now applies a
SA1 support designation to Credit Suisse Group AG. As a result,
DBRS Morningstar has upgraded Credit Suisse (the Bank and the
Group)'s remaining debt obligations, including Credit Suisse AG
Senior Unsecured Long-Term Debt & Deposit rating to AA (low) from
BBB, its Short-Term Debt & Deposit rating to R-1 (middle) from R-2
(high). These ratings are Under Review with Negative implications,
in line with UBS' ratings.

The Affected Ratings Are Available at https://bit.ly/3UjNsnW

KEY RATING CONSIDERATIONS

Today's rating action follows the announcement of the acquisition
of Credit Suisse by UBS further to a crisis of confidence in Credit
Suisse which led the Swiss authorities to coordinate negotiations
between UBS and Credit Suisse. On March 19, 2023, UBS announced it
will acquire Credit Suisse in full following close coordination
with the Swiss Financial Markert Authority (FINMA), the Swiss
Confederation and the Swiss National Bank (SNB). Credit Suisse
shareholders will receive 1 UBS share for every 22.48 Credit Suisse
shares held, for a total of CHF 3 billion under the terms of the
all-share transaction. The extraordinary government support
provided as part of the transaction triggers a complete write-down
to zero of the nominal value of all Additional Tier 1 (AT1)
instruments of Credit Suisse of around CHF 15.8 billion, and
therefore lead to a rise in core capital.

Following the write down of the AT1 instruments (not rated by DBRS
Morningstar), DBRS Morningstar has downgraded the Long-Term Issuer
Rating of Credit Suisse AG and the Long-Term Issuer Rating of
Credit Suisse Group AG, the top-level holding company, to Selective
Default from BBB Negative trend and BBB (low) Negative trend
respectively. The Selective Default reflects that Credit Suisse has
failed to satisfy a financial obligation on AT1 instruments and
that DBRS Morningstar views this as being 'Selective' as DBRS
Morningstar expects Credit Suisse to continue to meet in a timely
manner other obligations on other securities and/ or classes of
securities.

The Swiss government has exercised its emergency powers to
facilitate a swift execution of this merger without the necessity
for shareholder approval, and therefore DBRS Morningstar considers
the transaction will go ahead. As a result, DBRS Morningstar now
applies a SA1 support designation to Credit Suisse to reflect DBRS
Morningstar's expectation of strong and predictable support from
the Parent. DBRS Morningstar has consequently withdrawn Credit
Suisse's separate Intrinsic Assessment (IA).

At the same time, DBRS Morningstar has upgraded Credit Suisse (the
Bank and the Group)'s remaining debt obligations, including Credit
Suisse AG Senior Unsecured Long-Term Debt & Deposit rating to AA
(low) from BBB, and its Short-Term Debt & Deposit rating to R-1
(middle) from R-2 (high). These ratings are Under Review with
Negative implications, in line with UBS' ratings.

RATING DRIVERS

An upgrade would likely be linked to an improvement in UBS'
long-term debt ratings. Alternatively, a downgrade of UBS' ratings
would also likely negatively impact Credit Suisse's ratings.

Any indication of a reduction of support from the Parent could
impact DBRS' support assessment, and potentially have a negative
impact on Credit Suisse' ratings.

RATING RATIONALE

UBS is taking on Credit Suisse' strong global franchise in private
banking and wealth management, as well as Credit Suisse' dominant
presence in Switzerland previously as the second largest banking
group.

Credit Suisse's earnings have been affected by a tarnished
reputation weakening the franchise and business momentum. With UBS
stepping in, DBRS Morningstar expects these issues to be resolved
in due course. Meanwhile, Credit Suisse's credit quality is likely
to remain supported by a low level of impaired loans reflective of
the bank's strong footprint in Switzerland and Wealth Management
activities demonstrating good asset quality metrics.
In terms of funding and liquidity, the Swiss National Bank is
granting Credit Suisse very significant access to long term secured
liquidity facility, which protects UBS from market uncertainty and
support the execution of the integration of Credit Suisse into
UBS.

CSG's fully-loaded BIS Basel 3 Common Equity Tier 1 (CET1) was
14.1% at end-FY22, up from 12.6% at end-Q3 2022. The QOQ
improvement in the CET1 ratio mainly reflected the share issuance
made in Q4 2022.

Notes: All figures are in CHF unless otherwise noted.





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

AYDEM RENEWABLES: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Aydem Renewables to
negative from stable, and affirmed its 'B' ratings on the company
and its debt.

The negative outlook reflects that on the sovereign since S&P
doesn't expect to rate the company above the sovereign level.

The outlook revision follows a similar rating action on the
sovereign. On March 31, 2023, S&P revised the outlook on Turkiye
(unsolicited B/Negative/B) to negative from stable on intensifying
external, monetary, fiscal, and banking system pressures. Because
Aydem Renewables is a small renewables electricity generator with
100% of generated electricity sold domestically, its business
operations are fully exposed to the local regulatory system.

Though the parameters of the YEKDEM tariffs--which should cover
about 80% of the company's revenue in 2022 and 2023--remain
untouched, there have already been instances of regulatory
interventions in the sector. Notably, since April 2022, the state
regulator has implemented a price cap mechanism at $81-$83 per
megawatt-hour (/MWh), which transfers extra revenue from elevated
spot electricity generators to high-cost ones, acting as a form of
windfall tax on the former. The price cap should have expired in
March 2023, but we expect it will be extended for the next quarters
as power prices should remain relatively high. This does not
directly affect the portion of generation sold under YEKDEM, and
the impact on Aydem Renewables has been very limited so far, given
the level of the price cap (compared to YEKDEM of $73/MWh for
hydropower and wind generation). Still, we believe the
interventions heighten already-high risks for the domestic energy
sector. Because of this and very high risks in the Turkish banking
sector aggravated by a track record of imposing capital controls on
the corporates in the country, S&P does not rate Aydem Renewables
above the sovereign.

Aydem Renewables also faces increasing issues collecting
receivables in the electricity market.The company was selling
generated electricity via two related supply companies (owned by
the Aydem Group), and in 2022 the trade receivables balance from
those increased by Turkish lira (TRY) 1.2 billion (equivalent to
$66 million at year-end). Aydem Renewables expects these
receivables to be repaid this year, though we conservatively assume
it might happen over a more prolonged 24-month period.

S&P said, "We continue to view the YEKDEM tariff system as a key
rating strength for the company. YEKDEM, or Yenilenebilir Enerji
Kaynakları Destekleme Mekanizması, is a favorable renewable
energy support mechanism established in 2005 by Turkish
presidential decree, and we do not anticipate any revisions to the
active scheme over the coming couple of years. In 2022, about 80%
of the company's revenue and electricity output were covered by
YEKDEM. The key features of YEKDEM for the existing power plants
are very supportive for the company since renewables output is
acquired as a "must-run." Also, the tariffs are linked to the U.S.
dollar, with monthly adjustments, and are set for 10 years after
the plant is commissioned. This has protected the company's
earnings and cash flow against materially weakening in the Turkish
lira, helping Aydem Renewables maintain solid profitability (90%
EBITDA margins in 2022) until the expiration of YEKDEM. By 2026,
the merchant share of Aydem Renewables' generation will increase to
60% from about 20% today. This, however, is likely to be
compensated by rising spot electricity prices, which are currently
elevated because of the pressure from commodities prices. Spot
prices have reached TRY2,600/MWh (equivalent to $135/MWh) from
$20/MWh-$25/MWh at the beginning of 2021. S&P thinks the current
level is not sustainable and might normalize between $60/MWh and
$80/MWh in 2024-2025.

The company has updated its capital expenditure (capex) plan for
2023-2024, aiming to add more than 300 megawatts (MW) of additional
renewable capacity by 2025. Over 2023-2024, Aydem Renewables has
intended to add 160MW of wind generation and about 190MW of solar
panels (operating under the hybrid feed-in-tariffs on already
existing sites). This is scaled down from previously much more
ambitious plans to add a total of 640MW in 2022-2023, as we
understand, mainly driven by the present economic situation and the
uncertainty around new YEKDEM. The proposal to have the completely
new greenfield investments into renewables linked to local currency
(rather than to U.S. dollar as in the acting YEKDEM) did not appeal
to the generators, which preferred to delay the new investment
projects until there is more certainty around future terms of the
YEKDEM tariff system development. Per public statements, there are
currently discussions about the new YEKDEM to have more favorable
terms for the renewable generators, potentially sparking new
investments in the sector (including Aydem Renewables), though no
final decisions have been made.

S&P said, "Given the revised investment program and more normal
generation levels, we now expect Aydem Renewables will have
positive free operating cash flow (FOCF) in 2023-2024. Being
largely a hydro generator, Aydem Renewables suffered materially
from the record drought in Turkiye in 2020-2021. The company's
generation volumes lowered to 2.6 gigawatt-hours (GWh) in 2020 then
dropped further to 1.8GWh in 2021, from the habitual 2.8GWh-2.9GWh.
In 2022, the company restored operational figures to 2.5GWh. Given
the planned capacities additions, we think the company's generation
will reach 2.6GWh-2.8GWh in 2023 and 2.8GWh-3.3GWh in 2024. This
should support FOCF of TRY1.0 billion-TRY2.0 billion over the same
years, translating into funds from operations (FFO) to debt of
20%-25% and debt to EBITDA of 3.5x-4.0x (all metrics without
netting the cash balances). We view these credit metrics as
commensurate with the company's aggressive financial risk profile,
given the demonstrated volatility of its hydro generation.

"The negative outlook reflects that on the sovereign since we don't
expect to rate Aydem Renewables above the foreign currency rating
on Turkiye."

S&P could lower the rating if:

-- S&P lowered its foreign currency rating on Turkiye or revised
downward our unsolicited transfer and convertibility (T&C)
assessment on Turkiye to 'B-' from 'B' currently;

-- Aydem Renewables' operational performance is weaker than S&P
currently assumes because of prolonged adverse hydrology conditions
or delays in adding new capacity;

-- There are unexpected, unfavorable regulatory revisions of the
YEKDEM tariffs (for example, not protecting the company from
foreign exchange fluctuations) or material payment collectability
issues that weaken the company's liquidity;

-- There are negative group interventions (such as cash
upstreaming, imposed assets acquisitions, or merger and acquisition
[M&A] transactions) that weigh on the company's liquidity or
leverage; or

-- A deterioration in the parent's credit quality from materially
higher leverage, liquidity stress, or weaker performance.

-- S&P could revise the outlook to stable if it takes a similar
rating action on the sovereign.

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


MERSIN INTERNATIONAL: S&P Alters Outlook to Neg., Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Mersin Uluslararasi Liman
Isletmeciligi A.S. (Mersin International Port; MIP) to negative
from stable. S&P also affirmed its long-term issuer credit rating
on MIP and issue rating on its debt at 'B'.

The negative outlook mirrors that on the sovereign.

S&P said, "The rating on MIP is constrained by our T&C assessment
on Turkiye, therefore the outlook revision follows the rating
action on the sovereign. We cap our rating on MIP at the level of
our unsolicited 'B' T&C assessment on Turkiye, which reflects our
view of the likelihood that the government would restrict access to
the foreign exchange market (or liquidity) and impose harsh capital
controls in attempts to constrain Turkish lira depreciation. Even
though most of its cash position is held in U.S. dollars--60% of
revenues are collected in U.S. dollars outside Turkiye and the
remainder in Turkish lira and converted to hard currency--revenue
generation exclusively relies on the port's operations in Turkiye.
Therefore, MIP is exposed to Turkiye's monetary, financial, and
economic policies. These policies could lead to obstacles in
repatriating export proceeds and converting them to local currency,
restrict MIP's access to foreign currency and stop the port
converting local revenues to hard currency, and limit money
withdrawal to service foreign senior debt."

MIP's stand-alone credit profile (SACP) is 'bbb-', although
downside risks to this are increasing owing to external turbulence
and refinancing risk. The port operates in a highly unfavorable
environment, including Turkiye's economic challenges and the recent
devastating earthquakes near MIP. Additionally, the slowing global
trade momentum--worsened by major economies such as China
evidencing a weaker rebound than expected--together with the
ongoing consequences of Russian-Ukraine conflict could indirectly
weigh on MIP's throughput. On top of these deteriorated
macroeconomic conditions, banking stress and rising financing costs
add additional pressure to the refinancing of MIP's existing $600
million bullet senior bond due November 2024. S&P said, "That said,
we believe the SACP remains supported by the port's strategic
location, flexibility of tariffs, well-diversified volumes, country
exposure, and MIP's largely lira-based operational costs. More
importantly, MIP has the flexibility to calibrate ordinary
dividends, upstream loans, and upcoming capital expenditure
(capex)--which constitutes one of the main sources of cash
outflows. Lastly, MIP can call on an unconditional upstream loan of
$570 million in case of adverse circumstances--accounting for 95%
of total senior debt--from its shareholders, including PSA
International Pte. Ltd. (PSAI), which we see as a creditworthy
counterparty, and two other infrastructure investors IFM Investors
and Akfen Holding."

S&P said, "The negative outlook reflects that on Turkiye. MIP shows
a stronger stand-alone credit quality than the sovereign, but our
ratings on MIP are capped by our 'B' T&C assessment on Turkiye,
because all MIP's cash flows are generated by the port's operations
in the country.

"The 'bbb-' SACP reflects MIP's solid market position and our
base-case expectation that its financial flexibility and
creditworthy sponsors will help the company refinance its upcoming
maturity and maintain adjusted debt to EBITDA of 2.5x–3.0x and
adjusted funds from operations (FFO) to debt of close to 30% on a
three-year weighted basis."

S&P could lower its rating on MIP if:

-- S&P revised downward its T&C assessment on Turkiye; or

-- The company's SACP deteriorated below 'b'. This could result
from any combination of weaker liquidity, financial metrics, or a
deterioration of business strengths.

Although it would not affect the rating, S&P could revise the SACP
downward to 'bb+' if FFO to debt deteriorated below 30% and debt to
EBITDA rose above 3.0x, all else being equal.

-- S&P could revise its outlook on MIP to stable if it takes a
similar action on Turkiye.

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





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

CHARLES STREET: DBRS Confirms BB(high) Rating on Class C Notes
--------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the notes issued by
Charles Street Conduit Asset Backed Securitization 2 Limited (the
Issuer) as follows:

-- Class A1/Class A2 Notes (collectively, the Class A Notes) at AA
(sf)
-- Class B Notes at BBB (high) (sf)
-- Class C Notes at BB (high) (sf)

The ratings on the Class A, Class B, and Class C Notes
(collectively, the rated notes) address the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the January 2023 payment date.

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

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

-- No early termination events have occurred.

The transaction is a revolving warehouse securitization of UK first
and second lien buy-to-let and owner-occupied mortgages backed by
residential properties located in the United Kingdom. The mortgages
were originated by various subsidiaries of Together Financial
Services Limited (Together) including Blemain Finance Limited,
Together Commercial Finance Limited, Harpmanor Limited, and
Together Personal Finance Limited. Each of the originators is the
servicer of the loans they have originated. BCM Global Mortgage
Services Limited acts as the standby servicer.

Until the initial maturity date falling in March 2026 (48 months
from the issuance date), the Issuer may use the principal receipts
or available/undrawn facility commitment amounts to purchase new
loan receivables. Each purchased loan needs to meet the eligibility
criteria and adhere to the portfolio covenants.

PORTFOLIO PERFORMANCE

As of the January 2023 payment date, loans two to three months in
arrears represented 0.9% of the outstanding portfolio balance, and
loans more than three months in arrears represented 0.4% of the
outstanding portfolio balance. The cumulative default ratio was
0.6%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-level analysis of the receivables
based on the worst-case portfolio composition given the transaction
revolving period. DBRS Morningstar assumes a base case PD and LGD
at the B (sf) rating level of 10.0% and 11.4%, respectively. The
assumptions continue to be based on the worst-case portfolio
composition outlined in the portfolio covenants.

CREDIT ENHANCEMENT

Subordination to the notes increases with changes in the advance
rate or decreases to a floor determined by the Advance Rate Caps.
The Class A, Class B, and Class C Notes benefit from a minimum
subordination of 15.0%, 10.0% and 7.5%, respectively.

A co-mingling reserve is in place to cover shortfalls in senior
fees, swap payments, and Class A interest. The target amount is
1.5% of the outstanding balance of the notes and is replenished
through principal collections prior to the initial maturity date.
The reserve is currently funded to its target balance of GBP 11.0
million.

Lloyds Bank plc acts as the account bank for the transaction. Based
on the account bank reference rating of Lloyds Bank plc at AA -
being one notch below the DBRS Morningstar public Long Term
Critical Obligations Rating of AA (high), the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to the account bank to be
consistent with the rating assigned to the Class A Notes, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

Natixis S.A. acts as the swap counterparty for the transaction.
DBRS Morningstar's private rating of Natixis S.A. is consistent
with the First Rating Threshold as described in DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.



LEHMAN BROTHERS: April 28 Deadline Set for Proofs of Debt
---------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales) Rules
2016, the Joint Administrators of Lehman Brothers Holdings plc
intend to declare a seventh interim distribution to unsecured
creditors within two months from the last date of proving, being
April 28, 2023.

Such creditors are required on or before that date to submit their
proofs of debt to the Joint Administrators, PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT, United Kingdom,
marked for the attention of Diane Adebowale or by email to
uk_lehmanaffiliates@pwc.com.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as may
appear to the Joint Administrators to be necessary. The Joint
Administrators will not be obliged to deal with proofs lodged after
the last date for proving but they may do so if they think fit.

For further information, contact details, and proof of debt forms,
please visit
https://www.pwc.co.uk/services/business-recovery/administrations/non-lbie-companies/lbh-plc-in-administration.html.

Alternatively, please call Diane Adebowale on +44(0)20-7583-5000.
Data processing details are available in the privacy statement at
PwC.co.uk.

The Joint Administrators' can be reached at:

         Edward John Macnamara (IP no. 9694)
         Gillian Eleanor Bruce (IP no. 9120)
         David Kelly (IP no. 9612)
         PricewaterhouseCoopers LLP
         7 More London Riverside
         London SE1 2RT, United Kingdom

The Joint Administrators were appointed on September 15, 2008.


LUMINARY ROLI: TriplePoint Marks $35.4M Loan at 74% Off
-------------------------------------------------------
TriplePoint Venture Growth BDC Corp has marked its $35,492,000 loan
extended to Luminary Roli Limited to market at $9,110,000 or 26% of
the outstanding amount, as of December 31, 2022, according to a
disclosure contained in TriplePoint's Form 10-K for the fiscal year
ended December 31, 2022, recently filed with the Securities and
Exchange Commission.

TriplePoint is a participant in a Growth Capital Loan to Luminary
Roli Limited. The loan matures on August 31, 2026.

The debt is on non-accrual status as of December 31, 2021 and is
therefore considered non-income producing.

TriplePoint Venture Growth BDC Corp, a Maryland corporation, was
formed on June 28, 2013 and commenced investment operations on
March 5, 2014. The Company is structured as an externally managed,
closed-end investment company that has elected to be treated as a
business development company (BDC) under the Investment Company Act
of 1940, as amended. The Company has elected to be treated, and
intends to qualify annually, as a regulated investment company
(RIC) under Subchapter M of the Internal Revenue Code of 1986, as
amended. The Company was formed to expand the venture growth stage
business segment of TriplePoint Capital LLC's investment platform.
The Company is externally managed by TriplePoint Advisers LLC,
which is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended, and is a wholly owned subsidiary
of TPC.

Luminary ROLI is a London-based music technology company.

MACQUARIE AIRFINANCE: Fitch Gives 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned 'BB' Long-Term Issuer Default Ratings
(IDRs) to Macquarie AirFinance Holdings Limited (MAHL) and its
rated subsidiaries, Macquarie Aircraft Leasing Inc. (MAL) and
Macquarie Aerospace Finance UK Limited (MAFU). The Rating Outlook
is Stable. Fitch has also assigned MAFU and Macquarie Aerospace
Holdings Inc.'s senior secured debt ratings of 'BB+' and MAHL and
MAL's existing senior unsecured debt ratings of 'BB'. Fitch has
assigned an expected 'BB(EXP)' rating to MAHL's proposed issuance
of $500 million, five-year, senior unsecured debt.

KEY RATING DRIVERS

MAHL's ratings reflect its moderate position as a global lessor of
commercial aircraft, appropriate current and targeted leverage,
absence of material orderbook purchase commitments, long-term
equity investments from Macquarie Group (50%), PGGM Infrastructure
Fund (25%), and Australian Retirement Trust (25%), lack of
near-term debt maturities, and solid liquidity metrics. The ratings
also consider MAHL's affiliation with Macquarie Group Limited
(A/Stable), and its management team's depth, experience, and track
record in managing aircraft assets.

Rating constraints include near-term integration risks associated
with the portfolio acquisition from ALAFCO Aviation Lease and
Finance Company K.S.C.P. (ALAFCO) and longer-term execution risks
associated with the company's aggressive, albeit potentially
attainable growth and accompanying financing objectives. Additional
rating constraints include elevated exposure to older aircraft
relative to Fitch-rated peers, the use of sale-leaseback agreements
to supplement portfolio growth from its orderbook, which is a
highly competitive market in the current environment, a weaker
earnings profile, a notable amount of upcoming lease maturities,
and a largely secured funding profile.

Fitch also notes potential governance constraints relative to
larger, public peers including lack of independent board members
and partial ownership by pension funds.

Rating constraints applicable to the aircraft leasing industry more
broadly include the monoline nature of the business; vulnerability
to exogenous shocks; potential exposure to residual value risk;
sensitivity to oil prices, inflation and unemployment, which
negatively impact travel demand; reliance on wholesale funding
sources; and meaningful competition.

Fitch views MAHL's asset quality as weaker than peers given the
older, current technology portfolio, with a weighted average (WA)
age of 12 years, which is amongst the oldest compared to
Fitch-rated peers. In the nine-months ended Dec. 31, 2022 (9M23),
asset quality was also negatively impacted by the recognition of
$5.4 million of impairments on aircraft, or 0.2% of book value,
driven by the residual impact from the pandemic on aircraft on the
ground.

The ALAFCO transaction is expected to increase diversification and
scale, reduce the WA age and improve portfolio liquidity, which
Fitch would view favorably. The expected reduction in the average
age, in line with management's target of below 10 years, would be
more in line with rated peers.

Fitch anticipates that MAHL's aggressive growth strategy and the
use of sale-leaseback agreements, will have a negative impact on
near-term profitability. Fitch expects the company's annual pre-tax
returns on average assets will remain below 1% over the Outlook
horizon, which is commensurate with Fitch's 'b and below' category
earnings and profitability benchmark range for finance and leasing
companies with an operating environment score in the 'bbb'
category.

Fitch believes operating performance could also be pressured in the
near-term given the amount of upcoming lease maturities, as the WA
remaining lease term was only 3.7 years, increasing remarketing
needs. The lengthening of the lease maturity profile to 5.6 years,
proforma for the ALAFCO transaction, would be viewed positively by
Fitch, particularly if accompanied by higher net spreads.

The company has articulated a leverage target, on a gross debt to
tangible equity basis, of 3.0x. Fitch believes MAHL's leverage
target is appropriate in the context of the liquidity of the fleet
profile, as 61.9% of the portfolio (74.6% proforma) is considered
tier 1, which is relatively consistent with peers.

As of Dec. 31, 2022, unsecured debt represented 28% of total debt,
but is expected to increase to 52%, proforma for the proposed $500
million senior unsecured debt issuance and expected paydown of
secured debt outstanding. These are both consistent with Fitch's
'bb' category funding, liquidity, and coverage benchmark range of
20%-75% for balance sheet intensive leasing companies with an
operating environment score in the 'bbb' category. Proforma,
unencumbered assets of 1.2x, is also expected to increase modestly
to 1.3x, as of the same period.

Fitch anticipates that MAHL will have solid near-term liquidity,
including $154 million of cash on hand and $130 million of undrawn
committed capacity under its revolving credit facility. Fitch
projects operating cash flows of approximately $274 million
depending on portfolio expansion, deferrals and collections for the
next 12 months.

Fitch's sensitivity analysis for MAHL incorporated quantitative
credit metrics for the company under the agency's base case and
stress case assumptions. These included slower than projected
growth, lower aircraft disposal gains, additional equipment
depreciation, higher interest expenses, and additional impairment
charges. Fitch believes MAHL would have sufficient liquidity
headroom relative to the threshold of 1.0x to withstand near-term
reductions in operating income in both scenarios. Fitch expects
MAHL would retain sufficient capitalization headroom relative to
the 4.0x downgrade trigger under both scenarios.

The Stable Rating Outlook reflects Fitch's expectation that MAHL
will manage its balance sheet growth in order to maintain
sufficient headroom relative to its leverage target and Fitch's
negative rating sensitivities over the Rating Outlook horizon. The
Stable Rating Outlook also reflects expectations for the
maintenance of impairments below 1%, enhanced earnings stability,
and a strong liquidity position, given the lack of material
orderbook purchase commitments with aircraft manufacturers and the
impact of the ALAFCO acquisition.

RATING SENSITIVITIES

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

Macroeconomic and/or geopolitical-driven headwinds that pressure
airlines and lead to additional lease restructurings, rejections,
lessee defaults, and increased losses would be negative for
ratings. A weakening of the company's long-term cash flow
generation, profitability, and liquidity position, and/or a
sustained increase in leverage above 4.0x would also be viewed
negatively.

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

MAHL's ratings could be, over time, positively influenced by solid
execution with respect to planned growth targets and outlined
long-term strategic financial objectives, including maintenance of
leverage below 3.0x and achieving a sustained pre-tax return on
average assets above 1.5%. Ratings could also benefit from enhanced
scale and an improved risk profile of the portfolio, as exhibited
by the successful integration of the expected ALAFCO transaction,
in addition to reduced exposure to weaker airlines, maintenance of
an impairment ratio below 1% and increases in the proportion of
tier 1 and new technology aircraft.

An upgrade would also be contingent upon the lengthening of the WA
lease profile and a reduction in the WA age of the fleet more in
line with larger, Fitch-rated peers, and unsecured debt approaching
40% of total debt, while achieving and maintaining unencumbered
assets coverage of unsecured debt in excess of 1.0x.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The senior secured debt ratings are one-notch above MAHL's
Long-Term IDR and reflect the aircraft collateral backing the
obligations, which suggest good recovery prospects.

The senior unsecured debt ratings are equalized with MAHL's
Long-Term IDR, reflecting expectations for average recovery
prospects in a stress scenario given the availability of
unencumbered assets.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior secured debt ratings are primarily sensitive to changes
in MAHL's Long-Term IDR and secondarily to the relative recovery
prospects of the instruments.

The senior unsecured debt ratings are primarily sensitive to
changes in MAHL's Long-Term IDR and secondarily to the relative
recovery prospects of the instruments. A decline in unencumbered
asset coverage, combined with a material increase in secured debt,
could result in the notching of the unsecured debt down from the
Long-Term IDR.

SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS

The Long-Term IDRs assigned to Macquarie Aircraft Leasing Inc. and
Macquarie Aerospace Finance UK Limited are equalized with that of
MAHL given that they are wholly-owned subsidiaries of the company.

SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES

The ratings assigned to Macquarie Aircraft Leasing Inc. and
Macquarie Aerospace Finance UK Limited are primarily sensitive to
changes in MAHL's Long-Term IDR and are expected to move in
tandem.

ESG CONSIDERATIONS

Macquarie AirFinance Holdings Limited has an ESG Relevance Score of
'4' for Management Strategy due to the execution risk associated
with operational implementation of the company's outlined strategy,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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

   Entity/Debt             Rating        
   -----------             ------        
Macquarie
AirFinance
Holdings Limited     LT IDR BB      New Rating

   senior
   unsecured         LT     BB      New Rating

   senior
   unsecured         LT     BB(EXP) Expected Rating

Macquarie
Aerospace
Holdings Inc.

   senior secured    LT     BB+     New Rating

Macquarie
Aircraft
Leasing Inc.         LT IDR BB      New Rating

   senior
   unsecured         LT     BB      New Rating

Macquarie
Aerospace
Finance UK
Limited              LT IDR BB      New Rating

   senior secured    LT     BB+     New Rating

ME CONSTRUCTION: Goes Into Administration, 23 Jobs Affected
-----------------------------------------------------------
Aaron Morby at Construction Enquirer reports that London-based
refurb and building specialist ME Construction and its civils arm
MEC groundwork have been placed into administration.

The firm was founded in 2007 by two ex-employees of Bovis Lend
Lease -- Barry O'Sullivan and Dennis Bernard who left the business
three years ago.

MEC specialised in small to medium projects within the M25 across
heritage, residential, commercial, healthcare and schools sectors
with revenue peaking at around GBP23 million before Covid.

According to Construction Enquirer, while the business had a strong
pipeline of projects, trading was hit by ongoing inflationary
pressures on margins.

Day to day running of the MEC business was also impacted by an
extended leave of absence for its managing director Sean O'Connor,
who is currently addressing serious personal health matters,
Construction Enquirer discloses.

Directors attempted to sell the business but without any viable
offers, MEC was placed into administration, Construction Enquirer
relates.

Upon appointment, all 23 roles were made redundant, and the
business ceased to trade, Construction Enquirer notes.

Administrator FRP will now progress with a formal wind down,
Construction Enquirer states.

FRP were also appointed as joint liquidators to MEC Groundworks at
the end of March, Construction Enquirer recounts.

"ME Construction was trading well and had an encouraging pipeline,"
Construction Enquirer quotes Nathan Jones, joint administrator, as
saying.

"But challenging circumstances for the leadership team meant that
urgent investment was needed.

"Without any viable transaction to secure the future of the
business, trading has stopped, and we are moving towards a wind
down of its operations."


MONZO BANK: TriplePoint Marks $7.03M Loan at 19% Off
----------------------------------------------------
TriplePoint Venture Growth BDC Corp has marked its $7,035,000 loan
extended to Monzo Bank Ltd to market at $5,702,000 or 81% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in TriplePoint's Form 10-K for the fiscal year
ended December 31, 2022, recently filed with the Securities and
Exchange Commission.

TriplePoint is a participant in a Growth Capital Loan to Monzo Bank
Ltd. The loan accrues interest at a rate of 12% per annum. The loan
matures on March 8, 2031.

TriplePoint Venture Growth BDC Corp, a Maryland corporation, was
formed on June 28, 2013 and commenced investment operations on
March 5, 2014. The Company is structured as an externally managed,
closed-end investment company that has elected to be treated as a
business development company (BDC) under the Investment Company Act
of 1940, as amended. The Company has elected to be treated, and
intends to qualify annually, as a regulated investment company
(RIC) under Subchapter M of the Internal Revenue Code of 1986, as
amended. The Company was formed to expand the venture growth stage
business segment of TriplePoint Capital LLC's investment platform.
The Company is externally managed by TriplePoint Advisers LLC,
which is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended, and is a wholly owned subsidiary
of TPC.

Monzo Bank Ltd is an online bank based in the United Kingdom. Monzo
was one of the earliest of a number of new app-based challenger
banks in the UK.


PAVILLION POINT 2021-1A: DBRS Hikes X Notes Rating to BB(low)
-------------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the notes
issued by Pavillion Point of Sale 2021-1A PLC (the Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes upgraded to AA (low) (sf) from A (high) (sf)
-- Class D Notes upgraded to A (high) (sf) from BBB (high) (sf)
-- Class E Notes upgraded to BBB (high) (sf) from BB (low) (sf)
-- Class F Notes upgraded to BBB (low) (sf) from B (sf)
-- Class X Notes upgraded to BB (low) (sf) from B (sf)

The ratings on the Class A Notes and Class B Notes address the
timely payment of interest and the ultimate payment of principal on
or before the legal final maturity date in December 2031. The
rating on the Class C Notes addresses the ultimate payment of
interest and principal on or before the legal final maturity date
and the timely payment of interest while the senior-most class
outstanding. The ratings on the Class D Notes, Class E Notes, Class
F Notes, and Class X Notes address the ultimate payment of interest
and principal on or before the legal final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses;

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

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

The collateralized notes are backed by a portfolio of
interest-free, unsecured, amortizing point-of-sale loans granted to
private individuals domiciled in the UK and serviced by Clydesdale
Financial Services Limited (CFS, trading as Barclays Partner
Finance; the originator and servicer), an indirect wholly owned
subsidiary of Barclays PLC. The transaction was originally
structured with an 11-month revolving period, which ended on the
January 2023 payment date. Since this date, the notes have
amortized on a sequential basis.

PORTFOLIO PERFORMANCE

As of the January 2023 payment date, two- to three-month arrears
represented 0.2% of the outstanding portfolio balance, the 90+-day
delinquency ratio was 1.3%, and the cumulative default ratio was
0.2% of the aggregate initial and additional portfolio balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 2.1% and 90.0%, respectively, following the end of
the revolving period.

CREDIT ENHANCEMENT

As of the January 2023 payment date, the credit enhancement
available to the Class A, Class B, Class C, Class D, Class E, and
Class F Notes was 11.9%, 9.2%, 6.8%, 5.1%, 3.2%, and 1.93%,
respectively, up from 11.0%, 8.5%, 6.3%, 4.8%, 3.0%, and 1.8% at
the DBRS Morningstar initial rating, respectively. Credit
enhancement to the notes is provided by subordination of junior
classes.

The transaction additionally benefits from a liquidity reserve
fund, currently at its target level of GBP 5.6 million, and
available to cover senior expenses and interest on the Class A and
Class B Notes.

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

Barclays also acts as the swap counterparty for the transaction.
DBRS Morningstar's public Long Term Critical Obligations Rating of
AA (low) on Barclays is above the first rating threshold as
described in DBRS Morningstar's "Derivative Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise

RAMBLER METALS: Faces Liquidation, Expresses Going Concern Doubt
----------------------------------------------------------------
Anthony O. Goriainoff at Dow Jones Newswires reports that Rambler
Metals & Mining PLC warned on April 11 that it is now insolvent and
will be placed into liquidation as there was a material uncertainty
about its ability to continue as a going concern, and realize its
assets and discharge its liabilities in the normal course of
business.

According to Dow Jones, the U.K.-based mining company said that
after taking independent advice, it has concluded that its only
feasible course of action is to place the company into a creditors
voluntary liquidation.

The company said there has been a material adverse change for the
purposes of the Companies Creditors Arrangement Act process
stemming from a dispute regarding payments due from Transamine
Trading SA, Dow Jones relates.

The company said that previously, continuing funds were to be
provided by the Debtor in Possession Lender under a court-approved
revised cashflow for the care and maintenance status of the Ming
mine, in Newfoundland, Canada Dow Jones notes.  However, as a
result of the material adverse change, no further funding will be
made available to the company, Dow Jones states.

Rambler said it expects the DIP lender to continue funding Rambler
Metals and Mining Canada Ltd. until the completion of the CCAA
process, according to Dow Jones.


TOGETHER ASSET 2021-CRE1: DBRS Confirms BB(low) Rating on E Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the notes issued by
Together Asset Backed Securitization 2021-CRE1 Plc (TABS
2021-CRE1), Together Asset Backed Securitization 2021-CRE2 Plc
(TABS 2021-CRE2), and Together Asset Backed Securitization
2022-CRE1 Plc (TABS 2022-CRE1) as follows:

TABS 2021-CRE1:
-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (low) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date. The ratings on the Class B, Class C, Class D,
and Class E notes address the timely payment of interest while the
senior-most class outstanding and the ultimate payment of interest
and principal on or before the legal final maturity date.

TABS 2021-CRE2:
-- Class A Loan Note at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (low) (sf)
-- Class E Notes at B (sf)

The rating on the Class A Loan Note addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date. The ratings on the Class B, Class C,
Class D, and Class E notes address the timely payment of interest
while the senior-most class outstanding and the ultimate repayment
of principal on or before the legal final maturity date.

TABS 2022-CRE1:
-- Loan Note at AA (sf)
-- Class B at A (sf)
-- Class C at BBB (sf)
-- Class D at BB (sf)

The rating on the Loan Note addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date. The ratings on the Class B, Class C, and
Class D notes address the timely payment of interest while the
senior-most class outstanding and the ultimate repayment of
principal on or before the legal final maturity date.

The confirmations on all transactions are based on the following
analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the latest payment date (February 2023 for TABS
2021-CRE1 and TABS 2021-CRE2, and January 2023 for TABS
2022-CRE1);

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

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

The transactions are securitizations of first- and second-lien
mortgage loans, both owner-occupied and non-owner-occupied, backed
by commercial, mixed-use, and residential properties located in the
United Kingdom. The mortgages are originated and serviced by
Together Commercial Finance Limited (TCFL). In TABS 2022-CRE1, the
mortgages are also originated and serviced by Harpmanor Limited
(Harpmanor), which is part of the Together Group. DBRS Morningstar
considered Harpmanor's underwriting and servicing practices to be
in line with TCFL's, allowing a comparison with TABS 2021-CRE1 and
TABS 2021-CRE2 and similar analysis for the transaction.

BCM Global Mortgage Services Limited (formerly Link Mortgages
Services Limited) acts as the standby servicer for all
transactions.

The loans in the portfolios are also subject to cross-default and
cross-collateralization, and include borrowers with prior county
court judgments and a high concentration of self-employed
borrowers.

The Class A Loan Note in TABS 2021-CRE2 and the Loan Note in TABS
2022-CRE1 are not listed and were instead purchased by the
respective noteholders via a loan note agreement. Similar to the
other classes of notes, the Class A Loan Noteholder/Loan Noteholder
is entitled to receive payments of interest and principal in line
with the priority of payments.

The first call dates are the February 2025, February 2026, and
October 2026 payment dates for TABS 2021-CRE1, TABS 2021-CRE2, and
TABS 2022-CRE1, respectively, and coincide with a step-up in the
coupons. The legal final maturity dates are the January 2055,
August 2052, and April 2054 payment dates, respectively.

PORTFOLIO PERFORMANCE

Delinquencies have been low in all transactions since closing, with
worse performance for TABS 2021-CRE2 compared with the other two
transactions.

For TABS 2021-CRE1, two- to three-month delinquencies and 90+-day
delinquencies were 0.8% and 0.4% as of the latest payment date,
respectively, up from 0.0% since the last annual review.

For TABS 2021-CRE2, two- to three-month delinquencies and 90+-day
delinquencies were 0.0% and 1.1% as of the latest payment date,
respectively, compared with 0.1% at the last annual review. DBRS
Morningstar noted an increasing trend in the 90+-day delinquencies,
but the delinquency levels remain low.

For TABS 2022-CRE1, two to three-month delinquencies and 90+-day
delinquencies were 0.6% and 0.0% as of the latest payment date,
respectively.

As of the latest payment date, there were no cumulative
repossessions and cumulative principal losses were zero for all
transactions.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables in all transactions.

For TABS 2021-CRE1, DBRS Morningstar updated its base case PD and
LGD assumptions to 10.1% and 10.3%, respectively, from 11.2% and
9.1% at the last annual review, respectively.

For TABS 2021-CRE2, DBRS Morningstar updated its base case PD and
LGD assumptions to 10.9% and 14.5%, respectively, from 10.2% and
12.6% at the last annual review, respectively.

For TABS 2022-CRE1, DBRS Morningstar updated its base case PD and
LGD assumptions to 10.0% and 13.1%, respectively, from 11.2% and
9.1% at closing, respectively.

In all transactions, the increase in the LGD assumptions stems from
conservative assumptions that DBRS Morningstar applied to the
property valuations of the commercial real estate underlying the
collateral, which DBRS Morningstar views as potentially subject to
additional price volatility in the current economic environment.
The decrease in the PD assumptions for TABS 2021-CRE1 and TABS
2022-CRE2 stems from lower loan-to-value ratios and increased
seasonality, whereas the increasing trend in late arrears since the
last annual review drives the increase in the PD assumption for
TABS 2021-CRE2.

CREDIT ENHANCEMENT

As of the latest payment date, the credit enhancement (CE) evolved
since the last rating action as follows:

TABS 2021-CRE1
-- CE to the Class A Notes increased to 28.9% from 24.1%
-- CE to the Class B Notes increased to 21.5% from 17.9%
-- CE to the Class C Notes increased to 15.8% from 13.0%
-- CE to the Class D Notes increased to 10.5% from 8.6%
-- CE to the Class E Notes increased to 5.6% from 4.5%

TABS 2021-CRE2
-- CE to the Class A Loan Notes increased to 28.3% from 22.6%
-- CE to the Class B Notes increased to 21.1% from 16.7%
-- CE to the Class C Notes increased to 15.4% from 12.2%
-- CE to the Class D Notes increased to 10.3% from 8.0%
-- CE to the Class E Notes increased to 5.5% from 4.2%

TABS 2021-CRE1
-- CE to the Loan Note increased to 15.0% from 13.5%
-- CE to the Class B increased to 10.0% from 9.0%
-- CE to the Class C increased to 6.1%, from 5.5%
-- CE to the Class D increased to 3.9% from 3.5%.

The CE to the notes consists of the subordination of the respective
junior notes as well as the general reserve fund (GRF) for TABS
2021-CRE1 and TABS 2021-CRE2. The GRF for each is available to
cover senior fees and interest on the Class A/Class A Loan Note to
the Class E Notes and principal losses via the principal deficiency
ledgers (PDLs) on the Class A/Class A Loan Note to Class Z notes.
As of the February 2023 payment date, both GRFs were at their
target level, equal to 2% of the portfolio outstanding balance at
closing minus the liquidity reserve.

As of the latest payment date, all PDLs were clear in all
transactions.

The Class A Notes/Class A Loan Note/Loan Note benefit from a
dedicated liquidity reserve, which covers the payment of senior
fees and interest shortfalls on this class of notes/loan note. The
liquidity reserve is amortizing with a target amount set at 1.5% of
the Class A Notes/Class A Loan Note outstanding balance and floored
at 1% of the Class A Notes/Class A Loan Note balance at closing in
TABS 2021-CRE1 and TABS 2021-CRE2. The liquidity reserve is
amortizing with a target amount set at 1.5% of the portfolio
outstanding balance in TABS 2022-CRE1. Any excess amounts become
part of the available revenue receipts. As of the latest payment
date, the liquidity reserve was at its target balance in all
transactions.

Elavon Financial Services DAC, UK Branch (Elavon UK) acts as the
account bank for all transactions. Based on DBRS Morningstar's
private rating of Elavon UK, the downgrade provisions outlined in
the transaction documents, and other mitigating factors inherent in
the transaction structures, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the Class A Notes/Class A Loan Note/Loan
Note in the transactions, as described in DBRS Morningstar's "Legal
Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.





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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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