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

                          E U R O P E

          Thursday, April 13, 2023, Vol. 24, No. 75

                           Headlines



F R A N C E

GETLINK: S&P Alters Outlook to Positive, Affirms 'BB-' ICR


M A L T A

ENEMALTA: S&P Raises Long-Term ICR to 'BB-', Outlook Stable


N E T H E R L A N D S

ALBERTIS FINANCE: Fitch Affirms BB+ Rating, Outlook Now Stable


S P A I N

GESTAMP AUTOMOCION: S&P Ups LT Issuer Rating to BB on Low Leverage


U N I T E D   K I N G D O M

COLLATERAL: Administration Costs Surpass GBP470,000
GARENNE CONSTRUCTION: AFM Agrees MBO with Liquidators
LB HOLDINGS 2: April 28 Deadline Set for Proofs of Debt Submission
MQA LTD: Enters Administration in UK, Further Funding Required
SAGA PLC: S&P Cuts ICR to 'B-' on Liquidity Risks, On Watch Neg.

[*] UK: Number of Company Administrations Up to 130 in March 2023

                           - - - - -


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F R A N C E
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GETLINK: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on Getlink to positive from
negative and affirmed its 'BB-' issuer credit and issue ratings on
Getlink and its debt.

S&P said, "The positive outlook reflects the possibility of a
one-notch upgrade if we believe the group will be able to maintain
FFO to debt above 12% in 2023-2024, supported by strengthening
performance from Eurotunnel and ElecLink, despite macroeconomic
pressures and once we have more clarity over the supportiveness of
the group's financial policy.

"The revision of the outlook to positive reflects our expectation
that Getlink could maintain FFO to debt comfortably above 12% in
2023-2024, also supported by stronger, albeit more volatile, cash
flow generation from ElecLink. Fully owned by Getlink, ElecLink is
the 1 GW unregulated, electricity interconnector between France and
the U.K. It started commercial operations in May 2022 and generated
much stronger EBITDA than previously anticipated (EUR264 million,
corresponding to 30% of Getlink's 2022 total EBITDA, compared with
10%-15% expected under our previous forecasts). Considering the
current electricity market volatility, we anticipate ElecLink will
continue to generate solid cash flows over 2023-2024, above EUR350
million in 2023, before decreasing to EUR190 million-EUR210 million
in 2024. Nevertheless, we consider ElecLink's business riskier than
that of Eurotunnel because, contrary to other interconnectors that
are regulated or benefit from cap and floor regimes, ElecLink is
exposed to merchant risk, and it has no contracted revenue beyond
one year. We are therefore no longer applying low volatility
benchmarks to Getlink's credit metrics, given the reduced share of
stable infrastructure businesses. In our view, higher earnings
volatility at Getlink will be mitigated by our expectations of a
material improvement in FFO to debt, which should remain at about
12%-14% over 2023-2024, from about 10%-12% in 2022 (pending S&P
Global Ratings' analytical adjustments)."

ElecLink enables the import and export of electricity between the
U.K. and France via a high-voltage direct-current cable installed
in the north rail tunnel and generates revenue primarily by
auctioning physical transmission rights in the short term via open
season auctions. Therefore, most of its revenue is a function of
electricity flows, the spread of electricity prices between France
and the U.K., as well as a spread capture factor, which is
ultimately influenced by market volatility.

S&P said, "Our current base case reflects that ElecLink is allowed
to keep auction revenue, subject to a profit-sharing mechanism
whereby it would return to French and national grid operators 50%
of its profits above the regulator's 13% internal rate of return
threshold. The final terms of the application of the profit-sharing
mechanism are currently being discussed with the national
regulators and we will closely monitor any future developments. In
our base case, the provision for future profit-sharing payments
(EUR142 million in 2022) depresses S&P Global Ratings' adjusted
metrics of EBITDA, FFO, and operating cash flows. Although this is
a noncash item, we believe this adjustment better reflects
ElecLink's profitability, as per its business model. We assume the
amount of annual provision will remain at about 35% of ElecLink's
EBITDA over 2023-2024, which is in line with the provision the
company made in 2022. Besides, we add to our adjusted debt the
increasing amount of these provisions, in line with our EBITDA
forecasts, because we consider them akin to a debt obligation. We
reflect in our forecast that the related cash payment (estimated at
EUR600 million-EUR700 million) could occur by 2026, although the
amount and timing will depend on the asset's performance, as well
as the final terms and payment schedule agreed by the regulators.

"Getlink's credit profile is further underpinned by our
expectations that Eurotunnel's earnings will continue to strengthen
in 2023-2024, even though they are exposed to potential headwinds
from the currently volatile macroeconomic situation. We assume that
proactive yield management and cost-controlling strategies
introduced over the past few years will continue to support
Eurotunnel's earnings and operating margins in 2023-2024 and
translate into steadily increasing dividends to Getlink. Eurotunnel
reported stronger-than-expected results in 2022, with revenue of
EUR1 billion and EBITDA of EUR593 million, significantly above
pre-pandemic levels, despite weaker than expected traffic rebound.
Focusing on the high quality of services provided to clients,
Eurotunnel will be able, in our view, to retain the higher yielding
customer segments, both in passenger and truck shuttle services. We
also assume that Eurotunnel will continue to pass higher energy
costs to customers, through the energy surcharge (Electricity Value
Adjustment), introduced for truck shuttle customers in spring 2022,
and through flexible tariffs charged to car shuttle customers. This
and other cost-containment measures, such as strict purchasing
strategies, in our view, will allow Eurotunnel to mitigate
potential pressures from the weaker macroeconomic environment on
traffic and further yield growth. As such, we assume Eurotunnel
will maintain its EBITDA margin well above 50% in 2023-2024, which
is consistent with pre-pandemic levels.

"Our unchanged strong business risk assessment is supported by our
view that the stable long-term concession operations of Eurotunnel
will remain the dominant part of the group's earnings in the medium
term, returning to 80%-90% of the group's EBITDA starting in
2025.We don't expect ElecLink to contribute more than 30%-35% of
total EBITDA on a sustainable basis. We indeed assume that
ElecLink's earnings will decrease and stabilize by 2025, after
reaching a peak in 2023-2024, because we expect falling utilization
rates and spreads. This should translate into EBITDA (after the
profit-sharing mechanism) returning to previously anticipated
levels of about 10%-20% of Getlink's total EBITDA.

"This reflects that increasing interconnector capacity between the
U.K. and the continent will reduce ElecLink's utilization rate,
resulting in competing routes to import and export electricity,
which could potentially narrow the price differential with foreign
countries. Besides, we believe that spreads benefited from an
exceptionally high market volatility in 2022, and we assume they
could flatten in the next 12-18 months, in line with trends
observed in early 2023. That said, we believe that ElecLink
benefits from technical advantages compared with other
interconnectors because it uses the existing Eurotunnel
infrastructure, which makes for easier access for maintenance and
supports its cost efficiency. We assume ElecLink is well positioned
to continue capturing the price differentials between the U.K. and
France because of the historically low nuclear output in France in
2022, as well as the U.K. market's structural supply shortage and
the positive influence the increasing penetration of intermittent
renewable energy sources has on interconnector demand.

"We expect the improved FOCF at Getlink could keep net leverage
within the range of 4x-5x over 2023-2024, despite higher capital
expenditure (capex) and pending increased visibility on the group's
targeted dividend payout. ElecLink's operations positively reduce
Getlink's dependence on Eurotunnel's dividends and mitigate the
high consolidated debt levels at Getlink (nearly EUR5.2 billion
reported in 2022, of which about is 80%-85% at the Eurotunnel
level). Differently from Eurotunnel, ElecLink is not exposed to any
dividend restrictions and the strong cash flow generation of the
asset could result in more than EUR350 million in dividend
distributions from ElecLink to Getlink in 2023 (versus about EUR200
million expected by Eurotunnel before the pandemic). However, the
company has announced an increase in dividends to EUR0.50 per share
in 2023 (significantly higher than pre-pandemic levels at EUR0.36
per share in 2019), subject to the approval at the annual general
meeting on April 27, 2023. In our base case, we assume that Getlink
will distribute annual dividends of EUR240 million-EUR290 million
over the next three years, which is higher than pre-pandemic levels
of EUR140 million-EUR190 million on average over 2017-2019.
Notwithstanding that dividend payments could remain flexible and
depend on business conditions, we will closely monitor the group's
financial policy over the next 18-24 months, as well as any
developments around further clarity of the target dividend payout
ratio in the medium term, to assess how this affects our expected
deleveraging trend, considering the refinancing of EUR850 million
Getlink debt maturing in 2025 and the large payment expected in
2026 under the profit-sharing mechanism, although there is still
uncertainty on the profit sharing mechanisms and payment schedule.

"That said, we acknowledge the company's prudent policy to maintain
cash of at least one year's debt service at Eurotunnel in normal
times, as well as ample cash levels to cover liquidity needs at
Getlink. We think that Getlink's strong balance sheet, including a
consolidated cash balance of EUR1.2 billion at year-end 2022,
provides ample financial flexibility for the company to withstand
still volatile and uncertain market conditions, as well as carry
out higher capex investments for the next couple of years without
damaging its credit profile. Eurotunnel's capex will increase due
to the planned projects to modernize the rolling stock, rerail the
tunnel, and upgrade the border control systems to conform to the
new EU Entry/Exit System (EES), which we assume could total about
EUR360 million in 2023-2024.

"The positive outlook reflects the possibility that we could
upgrade Getlink by one notch if we believe the group will be able
to strengthen its cash flows and deleverage in line with our
expectations, on the back of solid operational performance at
Eurotunnel and a stronger track record of ElecLink operations,
despite macroeconomic headwinds. We expect increased exposure to
more volatile ElecLink cash flows could be mitigated by lower
leverage, by maintaining FFO to debt above 12% in 2023-2024."

S&P could raise its rating on Getlink by one notch in the next
12-18 months if the company is able to maintain FFO to debt
sustainably above 12%, supported by:

-- Strengthening of Eurotunnel's performance, with further
increases in shuttle volumes and rail passenger numbers, despite
the currently volatile macroeconomic environment.

-- A positive operational track record at ElecLink.

-- Clarity over the supportiveness of the group's financial
policy, including planned dividends beyond 2023.

S&P would revise the outlook to stable if:

-- The group cannot maintain FFO to debt solidly above 12%. This
could happen if, for instance, the company's financial policy
becomes more aggressive than currently anticipated or Eurotunnel's
performance is weaker than expected. This could result from
inflationary pressures not being sufficiently mitigated by cost
control and yield management, or weaker traffic than expected.

-- ElecLink's contribution to Getlink remains substantial in the
longer term, which could weaken our view of Getlink's cash flow
stability, and this is not mitigated by further leverage
reduction.

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

S&P said, "With passenger recovery underway now that
COVID-19-related travel restrictions have been lifted, we see
social factors as a moderately negative consideration for our
credit analysis, compared with negative previously. High-speed
passenger and passenger shuttle traffic numbers in 2022 reached
about 80% and 75%, respectively, of 2019 levels, materially higher
than 2021. Although we anticipate that the traffic recovery could
slow in the next 12-18 months, we believe macroeconomic headwinds,
more than the adverse health and safety measures, will drag on the
recovery momentum. Social factors still reflect our view of its
underlying asset, Eurotunnel. Its unique position as the operator
of the only large-span transportation tunnel between the U.K. and
continental Europe exposes Getlink to more social factors than
other infrastructure assets. For example, the 2015 migrant-related
disruptions, alongside a terrorist attack in Paris, resulted in an
estimated 3.5% in revenue losses for the year."




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M A L T A
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ENEMALTA: S&P Raises Long-Term ICR to 'BB-', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
national electricity distribution system operator (DSO) Enemalta to
'BB-' from 'B+'.

The stable outlook reflects S&P's expectations that Enemalta's
losses will be compensated by the government, resulting in debt to
EBITDA of about 10x for the next 12-18 months, as well as an
absence of liquidity pressure.

S&P said, "In our opinion, the ongoing support manifests the
government's willingness to provide sufficient and timely support
to Enemalta. This is evidenced by the Maltese government's recent
commitment to compensate Enemalta for any losses the company might
incur as a result of increased energy prices. The government has
put aside around EUR500 million in its budget for 2023 (based on
August 2022 energy prices) to support Enemalta throughout the
energy crisis, which feeds into our assessment of a high likelihood
of support. The support started in 2022 after power and gas prices
started to rise in fourth-quarter 2021. For 2022, even though the
government set aside EUR180 million as an energy support measure to
finance the increase in electricity cost, the actual compensation
amounted to around EUR340 million as a result of
higher-than-estimated energy costs. This ensured the company
covered all the shortfalls in costs and was able to break even.
This was necessary because the regulatory framework in Malta does
not automatically protect the company from the rise in commodity
prices nor from decline in consumption volumes and also because the
Maltese government's policy is to keep prices stable.

"Enemalta's leverage has stabilized at about 10x, which we see as
commensurate with the rating. As a result of ongoing support from
the government, we estimate S&P Global Ratings-adjusted EBITDA for
full-year 2022 at about EUR50 million-EUR60 million, based on
preliminary figures, compared with about EUR95 million in 2021. We
estimate the ratio of adjusted debt to EBITDA to be about 10x
compared with 7.2x in 2021 and we expect it to stabilize below the
10x downside trigger for the rating. We expect Enemalta's EBITDA
and cash flow generation will be stable from 2022, with no
significant pressure on liquidity, while our forecasts show gradual
deleveraging. We assume that the Maltese government will continue
to fully and timely compensate Enemalta's losses over the next two
to three years or as long as company keeps generating losses. We
include the financial support from the government as a subsidy in
our EBITDA adjustments and we view it as operating compensation as
it is earmarked for the company's operating losses. As a result, we
forecast Enemalta will generate funds from operations (FFO) of
about EUR30 million-EUR35 million in 2022, 2023, and 2024. In
addition, Enemalta will post positive cash flows from 2022, owing
to low capital expenditure (capex), as well as positive changes to
working capital in 2022, driven by carbon emission credits. This
should result in FFO to debt remaining at 6%-7% for the next two to
three years.

Enemalta's business risk remains weak despite its focus on low-risk
power distribution. The regulatory framework in Malta does not
adequately protect the company from the rise in commodity prices or
the decline in consumption volumes, therefore Enemalta is fully
exposed to volume and price risk. S&P said, "Moreover, in our view,
the tariff-setting process under which Enemalta operates has
historically obstructed the timely pass-through of volatile fuel
costs. The electricity tariff has been fixed since 2014, and we do
not expect political decisionmakers to engage in tariff
renegotiations in the medium term, which weakens profitability.
That said, government support offsets the fact that the tariff has
not been adjusted."

S&P doesn't expect liquidity pressure at Enemalta, but the company
still relies on short-term liquidity lines and overdrafts. The
company uses its own cash flow generation, complemented by bank
overdrafts, to cover its short-term liquidity needs. Enemalta has
credit lines signed with banks, including a EUR20 million revolving
loan signed in October 2019, committed until October 2024 and
reviewed annually. It also has a special EUR20 million "COVID-19
assist" loan guaranteed by the Maltese Development Bank, signed in
May 2021 and to be repaid over the next four years. Although the
credit lines are either uncommitted, short-term, or reviewed
annually, there is a track record of Enemalta using them when it
faces liquidity shortcomings. Moreover, at the end of
fourth-quarter 2022 Enemalta had a sizable cash balance of around
EUR37 million. All these factors support our revision of the
liquidity assessment to "less than adequate" from "weak"
previously.

The rating on Enemalta continues to be underpinned by extraordinary
support from the Maltese government. S&P said, "We continue to
assess Enemalta as a government-related entity. Our credit rating
analysis on Enemalta incorporates our opinion of a high likelihood
that the government of Malta would provide timely and sufficient
extraordinary support to the company in the event of financial
distress. Our rating on Enemalta therefore includes three notches
of uplift from the 'b-' stand-alone credit profile (SACP). Malta
(A-/Stable/A-2) has owned 67% of Enemalta since the sale of a 33%
stake to Shanghai Electric Power in 2014. Malta's government
retains the controlling stake in the company, and it elects seven
of the 10 members on Enemalta's board of directors. We believe that
Enemalta's role is important to the government since it is the sole
operator of Malta's power distribution grid, which was connected to
Europe in the second quarter of 2015 through a cable linking the
islands to Sicily." Enemalta's activities have strong social and
reputational significance for the country. Malta is the guarantor
of all Enemalta's pre-2014 debt and the guarantee covers some
uncommitted lines, as well as some exposure to commercial
agreements (guaranteed debt is 95% of total debt). Apart from the
recent ongoing support, Enemalta received indirect support during
the COVID-19 pandemic, since the government provided significant
funding to businesses and employees, thereby protecting the
purchasing power of Enemalta's customers and their ability to
service their electricity bills.

S&P said, "The stable outlook reflects our expectation that
Enemalta's losses will be compensated by the government, resulting
in debt to EBITDA of about 10x for the next 12-18 months. It also
reflects our expectation that Enemalta will not experience any
liquidity pressure over this period."

S&P could downgrade Enemalta if:

-- S&P observed any pressure on its liquidity, for example, if
there was insufficient support from the Maltese government, which
it views as unlikely.

-- Credit metrics were to deteriorate, with debt to EBITDA well
above 10x for a prolonged period, due to a lack of timely
government support.

-- A downgrade of Malta would have no impact on S&P's rating on
Enemalta at this point, all else remaining equal.

S&P sees upside as limited for the next 12-18 months. Nevertheless,
it could upgrade Enemalta if:

-- S&P revised the SACP to 'b' as a result of improved operating
performance and profitability;

-- S&P revised the likelihood of government support to very high;
or

-- S&P saw improved liquidity, resulting in an adequate liquidity
profile.

ESG credit indicators: To E-4, S-4, G-4; From E-5, S-4, G-4

Environmental factors are now a negative consideration for Enemalta
PLC. The company is more exposed than peers to environmental risk
from the energy transition, because the distributor fully bears the
costs of the electricity it distributes and is affected by
commodity and carbon prices. Enemalta partially sources its
electricity from the 200-MW Italy-Malta interconnector at prices
linked to the Sicilian zonal price (gas-based), covering 20%-25% of
inland power demand. The company acquires 65%-70% of the remaining
power from gas-fired units covered by purchase agreements, and 10%
from renewables. In addition, the company occasionally uses its own
backup gasoil-fired, high-emissions power plants to ensure security
of supply on the Maltese islands. Social factors are also a
negative consideration. The group is exposed to social capital
risk, since the population in Malta faces more frequent power
outages than the European average. For example, a major incident at
its interconnector in December 2019 resulted in a two-hour
country-wide blackout while Enemalta had a significantly higher
cost of sales in the first two months of 2020 due to the extended
use of the emergency gasoil-fired back-up plants. Governance
factors are also a negative consideration, because of lower
transparency and reporting standards versus peers, including
delayed availability of information.




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N E T H E R L A N D S
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ALBERTIS FINANCE: Fitch Affirms BB+ Rating, Outlook Now Stable
--------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Abertis Infraestructuras,
S.A.'s (Abertis) Long-Term Issuer Default Rating (IDR) and its
unsecured notes and Abertis Infraestructuras Finance B.V.'s
(Abertis Finance) hybrid instruments to Stable from Negative. The
ratings have been affirmed.

RATING RATIONALE

The rating actions on Abertis and Abertis Finance reflects group
operational over-performance in 2022, which in its view should
support deleveraging below 6.0x by 2024, absent any material
debt-funded acquisition.

Abertis's 'BBB' rating considers the geographically diversified
portfolio of mature assets in EU and the Americas and the
considerable, albeit diminishing, financial flexibility of its
balance sheet. Fitch assesses the group's current debt capacity in
the context of the 13 years weighted average life of its
diversified and core portfolio of toll road networks. The group's
liquidity position is strong both at holding level and
subsidiaries, mitigating the refinancing risk associated with
Abertis's predominantly bullet debt.

In the Fitch Rating Case (FRC), Abertis's leverage reduces to
around 5.5x by 2025-2026 and increases again to 6.1x in 2027 as two
concessions expire. The FRC also assumes Abertis's shareholders
will stick to their dividend pay-out of EUR0.6 billion per year,
which, in its view is a significant source of flexibility.

KEY RATING DRIVERS

Mature, Diversified, Resilient Portfolio - Revenue Risk (Volume):
Stronger

Fitch has maintained its 'Stronger' assessment of Revenue Risk
(Volume) for Abertis, following the publication of its new
Transportation Infrastructure Rating Criteria, which assesses
volume risk on a five-point scale.

Abertis has a large, diversified network of toll roads spanning
nearly 8,000km of networks, mainly located in France, Chile, Spain
and Mexico. The European toll road businesses are mature and
represent around 55% of group consolidated 2022 EBITDA (2019:
around 75%). Fitch expects the contribution from European toll
roads to further reduce to around 50% in 2027 due to the expiry of
two key concessions in Italy (A4) and Spain (Avasa).

Most assets are either national core networks with little
competition, or assets strategically located in core areas. Traffic
is predominantly made up of more stable light vehicles. The overall
portfolio's 2007-2019 peak to trough of 6% is low compared with the
peer average.

Inflation-Linked Tariffs - Revenue Risk (Price): Midrange

The concession frameworks where Abertis operates are robust and
generally track inflation or a large portion of it. In some
jurisdictions, the tariff systems also allow the recovery of capex,
partly de-linking the group's cash flow generation from potential
negative traffic performance. Generally, tariffs have regularly
increased in recent years.

Flexible Plan, Experienced Operator - Infrastructure Development &
Renewal: Stronger

Abertis has extensive experience and expertise in delivering capex
on its network. Some concessions also allow for the recovery of
capex through the adjustment of toll rates.

Unsecured Bullet Debt - Debt Structure: Midrange

Most of Abertis's group debt is typical of a corporate with
unsecured non-amortising debt. It is mainly fixed-rate and lacking
material structural protection. Refinancing risk is mitigated by a
well-diversified range of bullet maturities, demonstrated solid
access to bank and capital markets, and proactive debt management
aiming at capitalising on favourable conditions to improve the
group's average life and cost of debt.

Hybrid Bonds - Deep Subordination, 50% Equity Credit

The hybrid notes issued by Abertis Finance are unconditionally and
irrevocably guaranteed by Abertis. The notes are deeply
subordinated and rank senior only to Abertis Finance's share
capital, while coupon payments can be deferred at the option of the
issuer. These features are reflected in the notes' rating, which is
two notches lower than Abertis's senior unsecured rating. Fitch
applies a 50% equity credit (EC) to the bonds to reflects the
hybrid's cumulative interest coupon, a feature that is more
debt-like in nature.

Fitch allocates hybrids to the following categories: 100% equity,
50% equity and 50% debt, or 100% debt. The decision to use only
three categories reflects Fitch's view that the allocation of
hybrids into debt and equity components is a rough and qualitative
approximation, and is not intended to give the impression of
precision.

The focus on viability means Fitch will typically allocate EC to
instruments that are subordinated to senior debt and have an
unconstrained ability for at least five years of consecutive coupon
deferral. To benefit from EC, the terms of the instrument should
not include mandatory payments, covenant defaults, or events of
default that could trigger a general corporate default or liquidity
need. Structural features that constrain a company's ability to
activate equity-like features of a hybrid make an instrument more
debt-like.

Hybrid ratings are notched down from the IDR. The notches represent
incremental risk relative to the IDR, these notches are a function
heightened risk of non-performance relative to other (e.g. senior)
obligations. Hybrids that qualify for EC are (deeply) subordinated
and typically rated at least two notches below the IDR

Robust Liquidity

Liquidity is robust, and the group continues to maintain good
access to bank and capital markets, even in uncertain market
conditions and for non-standard transactions.

The group has no material refinancing in 2023 (EUR0.8 billion).
This will change from 2024 but Fitch expects existing cash and
revolving credit facilities (RCF) at December 2022 to cover the
sizeable debt and RCF maturities next year. For the purposes of its
liquidity analysis Fitch assumes RCF to be drawn in full on day
one.

Liquidity coverage improves at the holding company level, as
upcoming debt and RCF maturities would be covered until 2025,
without considering free cash flow generation.

Governance

Mundys S.p.A and ACS Group are Abertis's key shareholders. In 2018
they entered into a shareholders agreement to regulate the
investment and governance in Abertis. Mundys has control of
Abertis, which is consolidated line-by-line in its accounts. Mundys
also appoints the majority of Abertis Holdco's board, Abertis's
CEO/CFO and the majority of board members, while ACS appoints the
non-executive chairman. A qualified majority vote is required for
M&A activities and changes to the agreed financial/dividend
policy.

Weak Linkage between Mundys and Abertis

Fitch has assessed the legal ring-fencing and access & control
between Abertis and its weaker parent, Mundys S.p.A (consolidated
credit profile 'BB+'/Stable), as 'Open' and 'Insulated',
respectively, under its Parent and Subsidiary Linkage Criteria. In
particular, Fitch believes the governance structure at Abertis
adequately insulates it from Mundys at the current rating, i.e. two
notches above the 'BB+' consolidated rating of Mundys.

Fitch believes Mundys' ability to extract cash from its stronger
subsidiary is impaired by the presence of a large minority
shareholder (ACS) whose consent is required for M&A and any change
in the dividend policy, which also has to remain compliant with a
minimum investment-grade rating of Abertis. The 50% + 1 share
ownership in Abertis materially reduces the amount of cash Mundys
may upstream from the asset because the remaining half would be
distributed to minority shareholders. Fitch may reassesses its
approach if Mundy opts, and manages, to re-leverage Abertis and
extract more cash than expected.

Financial Profile

The leverage profile under the FRC, mainly reflects volatile
macro-economic environment as well as changes in the perimeter.
Fitch-adjusted leverage in 2023 is unchanged vs 2022 at 6.4x amid
largely flat traffic and cash flow generated by inflation-linked
tariffs are largely offset by inflationary pressures on costs. Its
expectations of GDP pick up and rein in on inflation support a
declining leverage of 5.8x in 2024 and 5.5x in 2025-2026.

Loss of EBITDA of around EUR0.4bn in 2026 will primarily drive a
pick-up in leverage in 2027 to around 6.0x, assuming an unchanged
dividend policy. However, Fitch notes that 2027 leverage would
remain below 6.0x if Abertis manages to continue operating the A4
concession in Italy under 'prorogatio regime'.

PEER GROUP

Abertis shares a number of common features with APRR (A/Stable).
Both issuers are pure brownfield toll road operators with a
corporate-like bullet debt structure and Volume risk assessed at
'Stronger'. Abertis is bigger and has a more geographically
diversified portfolio of assets but APRR showed higher resilience
during the economic downturn (peak-to-trough of around 6% for
Abertis and 3% for APRR). Materially lower projected leverage of
around 3.5x for APRR ultimately supports the three-notch difference
from Abertis.

RATING SENSITIVITIES

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

- Fitch-adjusted leverage sustainably above 6.0x under the FRC.

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

- Positive rating action is currently unlikely given the expected
leverage trajectory, change in perimeter and group acquisitive
stance.

CREDIT UPDATE

Traffic Levels Above 2019

Traffic performance in 2022 was strong (+8.2% vs 2021), mainly
driven by the rebound in Europe, Chile and Mexico. Robust light
vehicles and positive trend of heavy vehicles in non-EU countries
underpinned full recovery of 2019 traffic levels (+3.3% 2022 vs
2019).

Limited Political Interference in 2023 Tariff Setting

EU concession frameworks have broadly provided protection to
subsidiaries' cashflows following 2023 tariff reviews. Political
interference has been limited despite high inflation. Sanef/Sapn
achieved the full tariff increases allowed by the terms of their
concessions. Spain capped the rises in 2023, but allowed operators
to recover revenue shortfalls, helped by the government subsidies
to compensate losses. In Italy (A4), the tariff was flat as the
concession is still undergoing the scheduled review of its
five-year economic plan.

In non-EU countries, the implementation of tariff increases is
progressing without significant issues, considering high
inflation.

Change in Perimeter in 2022

The expiry of the Acesa and Invicat concessions in Spain in 2021
was negative as the group lost around EUR0.6 billion highly
resilient cash flows. The loss was anticipated and management
demonstrated its commitment and execution capability to partly
replace expiring cash flows while limiting the impact on the
overall credit profile. The consolidation of the long-dated toll
road concessions of Red de Carreteras de Occidente, S.A.B. de C.V.
(RCO; BBB/Stable) in Mexico and Elizabeth River Crossings LLC (ERC;
BBB/Stable) in the US added more than EUR0.5 billion to Abertis's
group EBITDA, while also improving group portfolio diversification
globally.

In 2022 Abertis also collected EUR1.1 billion capex compensation
from the Spanish government in relation to the natural termination
of the Acesa concession. The amount is broadly aligned with
management's and its expectations and funds were used to reduce
gross debt at the holding company.

Good Market Access

The group maintained good access to bank and capital markets
throughout 2022 and in early 2023 with around EUR3 billion of bonds
issued despite volatile market conditions. Management remains
vigilant in taking market opportunities and improving its debt
metrics profile. In early 2022 it successfully implemented a large
interest rate hedging programme in the euro market for future debt
funding.

FINANCIAL ANALYSIS

The Fitch base case (FBC) assumes 2023 traffic in EU countries to
grow by around 1.5%, mainly driven in Spain, and to broadly follow
GDP by country thereafter. Conversely, traffic in the Americas will
moderately grow by around 1.0% this year amid a subdued
macro-economic environment, but to grow slightly more than GDP
(1.1x-1.2x) thereafter. Overall, 2022-2027 traffic CAGR is about
1.8%.

Fitch assumes average 2023-2027 tariff increases of 2.3% in EU
countries. In LatAm, yoy tariff growth would be higher, in the
range 6%-9%, mainly reflecting higher inflation expectations and
some capex recovery.

Under the FBC, EBITDA margin comes under some pressure from
inflation in 2023, reaching 70% only marginally up from 69% in
2022, despite the already implemented tariff increases. The margin
then gradually increases, reaching 72% in 2026.

Fitch have aligned the capex plan with Abertis's case and have
assumed a flat EUR600 million a year dividend payment. Fitch also
considered the maturities of the group concessions over the
forecast horizon (cumulated EBITDA of EUR0.6 billion). Fitch
applied some stress on cost of debt compared with management on an
ad-hoc basis and country-by-country.

The resulting leverage profile under the FBC forecast 2022 actual
leverage of 6.4x reducing to 5.7x in 2024 and 5.3x in 2026.
However, leverage would then climb to 6.0x in 2027, mainly as a
result of the loss of EUR0.4 billion EBITDA from Italy and Spain.

The FRC assumes slightly lower traffic growth across all the
countries than the FBC. Overall, 2022-2027 traffic CAGR is about
1.5%. Fitch also took a more conservative approach on the expected
EBITDA margin in the FRC, while tariff growth, capex and dividends
are mostly unchanged from the FBC. Leverage profile under the FRC
would be around 0.1x-0.2x higher than in the FBC.

ESG CONSIDERATIONS

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

Fitch has withdrawn the ESG Relevance Scores assigned to the debt
instruments of Abertis Infraestructuras Netherlands B.V. as ESG
Relevance Scores are assigned to issuers or transactions, they are
not assigned to debt instrument ratings. The ESG Relevance Scores
for Abertis Infraestructuras, S.A. remain in place

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Abertis
Infraestructuras,
S.A.                    LT IDR BBB  Affirmed    BBB  
                        ST IDR F3   Affirmed    F3

   Abertis
   Infraestructuras,
   S.A./Debt/1 LT       LT     BBB  Affirmed    BBB
  
Abertis
Infraestructuras
Finance B.V.

   Abertis
   Infraestructuras
   Finance
   B.V./Debt/1 LT       LT     BBB  Affirmed    BBB

   Abertis
   Infraestructuras
   Finance
   B.V./Debt/2 LT       LT     BB+  Affirmed    BB+



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

GESTAMP AUTOMOCION: S&P Ups LT Issuer Rating to BB on Low Leverage
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer rating on Spanish
auto parts manufacturer Gestamp Automocion (Gestamp) to 'BB' from
'BB-' and its issue ratings on its senior secured notes to 'BB+'
from 'BB'.

The stable outlook reflects S&P's expectation that Gestamp will
maintain FFO to debt above 30% and positive FOCF of about EUR150
million in 2023, supported by continued organic growth and stable
operating margins.

Gestamp's profitable growth translates into steadily improving
credit metrics. The group's solid operating performance and
progressive leverage reduction during the challenging market
conditions of the last three years primarily underpin the higher
rating. S&P said, "We anticipate the company will increase earnings
further in 2023, as revenues continue to outperform auto production
growth and it passes through input cost inflation. We forecast
Gestamp's S&P Global Ratings-adjusted EBITDA will rise to about
EUR1.3 billion this year from EUR1.1 billion in 2022, translating
into stronger FFO to debt of 31.0%-35.0% from 29.8% last year and
23.2% in 2021. We anticipate the group's activity will remain
supported by continued demand from original equipment manufacturers
(OEMs) to outsource auto body parts, which translated in annual
revenue growth overperformance over global automotive production of
about 600 basis points on average over 2016-2022. We also
anticipate that Gestamp will continue to recover most of the
inflation in its operating costs, supported by its established
pass-through mechanisms with OEMs on raw materials and constructive
discussions on other operating expenses such as labor and energy."
About two-thirds of the raw materials that Gestamp process (mainly
steel and aluminum, representing 66% of its cost base) have their
prices directly negotiated between its OEM clients and metal
suppliers. As such, the group has been able to navigate sharp
fluctuations in pricing in the past few years.

S&P said, "Gestamp's cash conversion has improved, but its growth
ambitions still weigh on its full FOCF potential. In our view, the
company's ability to combine its growth targets with positive cash
generation supports the rating. We anticipate the group will
generate FOCF of EUR140 million-EUR180 million in 2023 and EUR250
million-EUR290 million in 2024. This is despite a step-up in annual
capital expenditure (capex) above EUR900 million from EUR783
million last year and EUR613 million in 2021, as the company will
continue to invest in machinery and capacity expansion to serve new
contracts, notably for electric vehicles (EV) platforms. Over
2020-2022, lower capex intensity along with working capital
efficiencies and earnings growth were the primary drivers of the
consistent annual FOCF of EUR150 million-EUR350 million. In this
regard, we believe that the planned higher capex intensity will be
a key rating driver, since any setback in operating performance not
compensated by lower investment levels could result in weaker cash
conversion. As seen in 2020-2021, we estimate that the company
could adjust some of its spending if needed because a sizable
portion relates to growth investments, which can typically be
allocated in a more flexible fashion. We anticipate FOCF to debt to
of 5%-9% in the next two years, which although weak for the rating,
attests to clear structural improvements when compared to the cash
burns prior to 2020.

"We expect Gestamp's financial policy will remain broadly balanced.
We anticipate the group will continue to prioritize internal
investments over returning capital to shareholders and external
growth in the next two years. We assume an unchanged dividend
payout ratio of 30%, which will translate into dividend payments
(including to minority interests) steadily increasing to EUR110
million-EUR140 million in the next two years from EUR86 million in
2022. We anticipate Gestamp's FOCF will also contribute to
investments in joint ventures or new businesses for a modest annual
envelope of EUR50 million-EUR70 million. In addition, we believe
the group can absorb bolt-on acquisitions in moderate excess of our
EUR50 million-EUR70 million base case per year, akin to the EUR100
million spent last year for the 33% stake in steel recycling
company Gescrap (which the group fully consolidates in its
accounts). A more significant deviation in acquisition spending or
shareholder remuneration could signal a shift in Gestamp's
financial policy and pressure rating headroom.

"The stable outlook reflects our expectation that Gestamp will
maintain FFO to debt above 30% and positive FOCF of about EUR150
million in 2023, thanks to sustained organic growth and a stable
adjusted EBITDA margin of 10%-11%.

"We could lower the rating if we anticipate Gestamp's adjusted FFO
to debt falling below 30% or its adjusted debt to EBITDA rising
above 3x with little recovery prospects over our 12-month outlook
horizon. We think this could happen from the combination of an
unexpected intense contraction in auto production and challenging
cost management, or as a result of a financial policy shift toward
higher dividends or acquisition spending. A negative rating action
could also occur if the company's FOCF to debt falls below 5% for a
prolonged period.

"We could raise our rating if Gestamp's steady earnings growth and
balanced financial policy translated in adjusted FFO to debt and
FOCF to debt sustainably above 45% and 10%, respectively. Although
less likely in the near term, we could also raise our rating if the
company's cash conversion improves meaningfully, such that its FOCF
to debt approaches 15%."

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

S&P said, "ESG factors have an overall neutral influence on our
credit rating analysis for Gestamp. The group's auto body
components (body-in-white structures, chassis parts, and
mechanisms) are used in both internal combustion engine (ICE) cars
and EVs such that we do not view its product portfolio as exposed
to the powertrain transition. We think Gestamp's established
hot-stamping technology helps reduce vehicle weights, which is a
key consideration to reduce CO2 emissions in traditional ICE
vehicles and to allow for larger battery packs in EVs. At the same
time, body-in-white and chassis production requires sizable metal
consumption (steel and aluminum) and is energy intensive, resulting
in Gestamp generating more scope 1 and 2 emissions as a percentage
of its revenue than the average for auto suppliers."




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

COLLATERAL: Administration Costs Surpass GBP470,000
---------------------------------------------------
Marc Shoffman at Peer2Peer Finance News reports that administrators
are set to pocket more than GBP8 million from defunct peer-to-peer
lending platforms, research has found.

Analysis by Peer2Peer Finance News has shown the cost of recouping
funds and unpicking the tangled loan books of platforms including
Lendy, FundingSecure, MoneyThing and The House Crowd, all of which
have sought extensions of their administration periods due to the
time and work involved.

P2P pawnbroker and property lender Collateral collapsed into
administration in February 2018 and entered liquidation in April
2019, Peer2Peer Finance News recounts.

According to Peer2Peer Finance News, analysis by its administrator,
BDO, found that Collateral operated two loan books, one worth
around GBP14.8 million containing loans secured by a first charge
over property assets valued at GBP22 million, and a second book
containing GBP1.67 million of loans secured over pawnbroking assets
worth in excess of GBP2.4 million.

BDO has previously highlighted issues with valuations and matching
investor funds to loans, Peer2Peer Finance News notes.

Customers should have been emailed last year about what they can
get back based on what has been realised so far.  Costs for the
administration and liquidation have surpassed GBP470,000 but this
money has not been drawn yet, according to Peer2Peer Finance News.


GARENNE CONSTRUCTION: AFM Agrees MBO with Liquidators
-----------------------------------------------------
BBC News reports that a Channel Islands facilities firm has
announced a management buyout following the collapse of its parent
company.

Garenne Construction Group Ltd was put into liquidation at the
beginning of April after Camerons Construction became insolvent in
February, BBC relates.

Amalgamated Facilities Management Ltd (AFM) agreed to a management
buyout with the liquidators of Garenne, BBC  discloses.

According to BBC, AFM said the transfer of full ownership would
allow the company to "continue to grow from strength to strength".

It said the purchase would help secure the jobs of 320 staff
members in Guernsey and Jersey, BBC notes.


LB HOLDINGS 2: April 28 Deadline Set for Proofs of Debt Submission
------------------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales) Rules
2016, the Joint Administrators of LB Holdings Intermediate 2
Limited intend to declare a fourth 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
http://www.pwc.co.uk/services/business-recovery/administrations/lehman/lbhi2-limited-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:

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

The Joint Administrators were appointed on January 14, 2009.


MQA LTD: Enters Administration in UK, Further Funding Required
--------------------------------------------------------------
Music Business Worldwide reports that high-resolution music
technology company MQA Ltd. is entering administration in the UK,
which is equivalent to bankruptcy proceedings in the US and other
countries.

MQA is the company behind music technology Master Quality
Authenticated, a three-part process that is applied to digital
audio music recordings.

The codec, which was marketed as a way to revolutionize the
compression of lossless music files, requires a licensing fee to
use.

As of the end of 2021, MQA had 132 license agreements, Music
Business Worldwide notes.

However, the company incurred a loss of GBP4.3 million in 2020 and
again in 2021, Music Business Worldwide relays, citing a filing on
the UK's Company's House.

While MQA's turnover surged 43% year over year in 2021 to
GBP657,600, the company's administrative expenses remained at
GBP4.5 million during the year, Music Business Worldwide states.

The company flagged its ability to operate as a going concern in
its 2021 report, which was published in December 2022, Music
Business Worldwide recounts.

"The cashflow forecasts show that further funding will be required
to continue as a going concern," Music Business Worldwide quotes
MQA as saying in the filing.

The company's board, with support from the group's major
shareholder, Reinet Investments, commenced a process to raise
third-party funding from investors in the music industry, according
to the annual report, Music Business Worldwide relates.

"In the event that such new funding is not provided, the directors
have reason to believe that Reinet will continue to support the
company and group, although this cannot be guaranteed.  There is
thus a material uncertainty which may cast significant doubt over
the company's and group's ability to continue as going concern."

Most recently, several news outlets reported, citing MQA, that the
company has undergone a restructuring initiative, according to
Music Business Worldwide.

Data from the UK government's company information service,
Company's House, shows that Reinet Investments is the only entity
that has significant control over MQA, Music Business Worldwide
discloses.

"In order to be in the best position to pursue market opportunities
and expedite this process, the company has undergone a
restructuring initiative, which includes entering into
administration and is comparable to Chapter 11 in the US," MQA
reportedly said.


SAGA PLC: S&P Cuts ICR to 'B-' on Liquidity Risks, On Watch Neg.
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.K.-based
insurance services and travel operator Saga PLC to 'B-' from 'B'
alongside its issue-level rating on Saga's senior unsecured debt.
S&P then placed all its ratings on Saga on CreditWatch with
negative implications.

The CreditWatch placement reflects the possibility of a further
lowering of ratings in the next few months if S&P saw an increased
likelihood of a material shortfall in our liquidity assessment to
meet upcoming debt maturities.

Saga could face liquidity pressures over the next 12 months,
depending on its operating performance. Saga has access to about
GBP157.5 million of unrestricted cash as of the end of fiscal year
2023, and GBP50 million of a committed unsecured loan facility from
its chairman and largest shareholder, Roger De Haan, which will be
available for 18 months starting Jan. 1, 2024, if Saga cannot
conclude the sale of its underwriting business, Acromas Insurance
Co. Ltd. (AICL), by the end of this year. S&P said, "Under our
base-case assumptions, we believe that Saga currently cannot access
its GBP50 million revolving credit facility (RCF) because it likely
does not have sufficient headroom under its quarterly leverage
covenants, which would be tested if the RCF is drawn. Availability
in the near term depends on the company's capacity to improve
operating performance and lower leverage. We understand no
utilization of the facility is permitted prior to the repayment of
the 2024 bond if leverage exceeds 5.5x, or liquidity is below
GBP170 million. We note that management expects to be compliant
with the covenants and expects the RCF to be available from Jan.
31, 2024, if needed."

S&P said, "Under our base-case, we expect Saga to generate some
modest positive free operating cash flow (FOCF) in fiscal 2024,
although there is significant uncertainty given the challenging
operating conditions.

"We believe that, depending on the company's forward performance,
these liquidity sources could be tight amid the upcoming maturities
of GBP150 million of senior unsecured notes due May 2024 and GBP62
million shipping debt facilities amortizing in 2023. We therefore
view liquidity as less than adequate.

Although the cruise and travel divisions are recovering from
pandemic lows, earnings and stability from the high-margin
insurance brokerage business are diminishing. Saga's cruise
operations have rebounded from the pandemic. S&P said, "We expect
Cruise operations to contribute about 60% of fiscal 2024 EBITDA
compared with about 35% in fiscal 2023. We also expect Saga will
achieve load factor of around 80%-85% by the end of the year."
However, Saga no longer enjoys the cushion from the high-margin
insurance brokerage business. Additionally, the operating
environment continues to face challenges from weaker renewals
pricing and new business, especially in motor broking, after
implementing the Financial Conduct Authority's (FCA's) proposals to
eliminate differentials between renewing and new business
customers.

S&P said, "We expect S&P Global Ratings-adjusted EBITDA margins of
30%-31% in the insurance brokerage business from fiscal 2024
compared with historical levels of more than 40%. As a result, we
expect Saga's EBITDA margin to be 15.5%-16% compared with
historical levels of 21%-22% and our previous expectations of
18%-19%. Also, we expect Saga's absolute EBITDA to remain GBP115
million-GBP125 million in the next 12-24 months, compared with
pre-pandemic levels of more than GBP200 million.

"Our leverage tolerance for Saga weakened because Saga's business
risk assessment also changed to weak from fair. Our leverage
calculations are now based on gross debt. S&P Global
Ratings-adjusted leverage as of fiscal 2023 stood at 9.3x and we
expect it to improve to 7.7x in fiscal 2024. However, operating
conditions will likely remain challenging and could hamper recovery
in performance and credit metrics.

"The CreditWatch placement reflects the potential for a further
downgrade in the next few months if we see an increased likelihood
of a material shortfall in our liquidity assessment to meet the
upcoming debt maturities.

"We could remove the ratings from CreditWatch negative if Saga
generates enough cash flow that it is unlikely to face any material
liquidity shortfalls, or if it demonstrated tangible progress to
repay its near-term debt maturities."

ESG credit indicators: To E-3, S-4, G-2; From E-2, S-5, G-2

S&P said, "We believe health and safety factors have moderated,
leading us to revise our social credit indicator to S-4 from S-5.
Saga's improving occupancy and forward booked position suggest
COVID-19 restrictions and consumer fears around cruising will be
less of an overhang this year. Nevertheless, health and safety
factors remain a negative consideration in our credit rating
analysis, reflecting the leverage overhang during the pandemic to
finance a prolonged period of significant cash burn during the
industry's suspension and slow recovery of its cruise and travel
operations.

"We now consider environmental factors as a moderately negative
consideration given the increased earnings contribution of Saga's
cruise business and because of its heavy use of fuel, which creates
greenhouse gas emissions, as well as its exposure to waste and
pollution risks and increasing environmental regulations. These
risks could lead to an increase in its required investment spending
or fines if not properly managed."


[*] UK: Number of Company Administrations Up to 130 in March 2023
-----------------------------------------------------------------
Daniel O'Boyle at Evening Standard reports that the number of
companies entering administration in March rocketed to 130, the
highest figure since the Covid-19 pandemic first hit, in the latest
sign of inflation taking its toll on businesses.

According to Evening Standard, new figures from advisory firm Kroll
showed that the rise in administrations continued into March,
hitting the highest level since March of 2020 when lockdowns made
trading impossible for many firms.

For the first time since lockdowns ended, the figure was also above
the pre-pandemic average, Evening Standard notes.

"While initially concerning, administrations breaking through the
pre-pandemic average should not come as a surprise," Evening
Standard quotes Kroll managing director for restructuring Sarah
Rayment said as saying.  "We know that the rise in energy price and
conclusion of pandemic business support is putting pressure on
businesses."

In Q1 of 2023, meanwhile, the number of companies entering
administration -- a process to rescue the viable parts of a
business that cannot pay its debts -- hit 288, up 34% year-on-year,
Evening Standard discloses.

Construction and manufacturing were the sectors with the most
administrations in Q1 with 39 and 38, respectively, Evening
Standard states.  Kroll said this was likely due to the high costs
of labour and materials, Evening Standard notes.

A number of factors have combined to drive more companies into
rescue proceedings, Evening Standard relays.

Alongside inflation, many companies are dealing with the need to
repay emergency loans taken out to get them through the pandemic,
according to Evening Standard.

Meanwhile, higher interest rates, the increase in corporation tax
and the end of support for companies' energy bills could lead to
more companies going into administration going forward, Evening
Standard states.

"Undoubtedly stubbornly high inflation and interest rates will lead
to more businesses failing, but those who are better organised and
capitalised will come out of the other side stronger," Ms. Rayment
said, notes the report.



                           *********


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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