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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

          Friday, April 28, 2023, Vol. 24, No. 86

                           Headlines



F I N L A N D

MEHILAINEN YHTYMA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


F R A N C E

ALTICE FRANCE: S&P Downgrades LT ICR to 'B-', Outlook Stable
GETLINK SE: Fitch Affirms BB Rating on EUR850M Bond, Outlook Stable


G E R M A N Y

ALPHA GROUP: Moody's Ups CFR to Caa1 & Alters Outlook to Positive
FORTUNA CONSUMER 2022-1: Fitch Affirms 'B-sf' Rating on Cl. F Notes


I R E L A N D

PROVIDUS CLO VIII: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes


L U X E M B O U R G

ALTICE INTERNATIONAL: S&P Alters Outlook to Stable, Affirms 'B' ICR


N E T H E R L A N D S

CASPER DEBTCO: Fitch Affirms 'CCC-' LongTerm Issuer Default Rating


P O R T U G A L

TAP: Portugal Orders Parpublica to Assess Airline's Value


S P A I N

TDA 29: Fitch Affirms 'CCCsf' Rating on Class D Notes


S W I T Z E R L A N D

GARRETT MOTION: Fitch Gives 'BB-(EXP)' LongTerm IDR, Outlook Stable


U N I T E D   K I N G D O M

MARINE AND PROPERTY: Goes Into Administration, Business as Usual
P&O FERRIES: Confident of Avoiding Fine Over Mass Layoffs
RIVERSIDE STUDIOS: Put Up for Sale Following Administration
YES RECYCLING: Ecosurety Seeks to Recover Debts


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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F I N L A N D
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MEHILAINEN YHTYMA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Mehilainen Yhtyma Oy's (Mehilainen)
Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
Fitch has also affirmed Mehilainen's EUR1,210 million term loan B's
(TLB) senior secured rating at 'B+' with a Recovery Rating of
'RR3/54%'.

The affirmation reflects its expectation that Mehilainen's
performance will recover in 2023, following a temporary weakening
of profit in 2022, supporting a stabilisation of leverage, which is
high for its IDR. Fitch believes that to maintain a positive free
cash flow (FCF) margin and restrain outflows ahead of the
refinancing of its debt maturing in August 2025, the company will
slow down its M&A and capex disbursements in 2023 and 2024. These
aspects mitigate its view that refinancing risk for Mehillainen's
TLB is high.

The 'B' rating balances a strong business profile for the rating
with a weak financial profile. Leading positions in the stable and
generally predictable Finnish healthcare market, which enjoys
strong fundamental growth drivers and inelastic demand are offset
by an aggressive financial policy that combines high leverage and a
record of an opportunistic M&A strategy.

KEY RATING DRIVERS

Delayed Cost Inflation Pass-through: With over 70% of costs
represented by personnel-related expenses, wage inflation
passthrough is now a key driver of Mehilainen's profitability due
to the time lag with which the company can increase prices. Labour
shortages, albeit becoming of less concern after the pandemic,
coupled with the inflationary environment, prompted wage increases
for public healthcare workers in Finland in 2022.

Fitch projects that price increases introduced in 1Q23 would allow
2023 Fitch adjusted EBITDA to reach around EUR180 million after it
dropped in 2022 (by 10% to EUR149 million) and the EBITDAR margin
to partially recover to 17.2% in 2023 (16.1% in 2022). This would
still be materially below the 2019-2021 average of 18.8%.

Manageable Leverage Ahead of Refinancing: High EBITDAR leverage of
7.9x as of 2022 exposes the company to potentially challenging
market conditions at the time of refinancing ahead of the 2025
maturity of all of the company's debt. This could lead to more
onerous refinancing terms and sizeable pressure on the FCF margin
from higher interest expenses.

Fitch views these risks as mitigated by Mehilainen's intention to
scale back its acquisition activity to around EUR50 million per
year and Fitch projects this should keep leverage below 7.5x (on an
adjusted gross EBITDAR basis) and maintain a consistent, albeit
slow, deleveraging path.

Fixed Charge Cover Pressure: Mehilainen's historically high
double-digit EBITDAR margin translates into a mid-single digit
funds from operations (FFO) margin due to high rental and interest
costs. EBITDAR fixed charge coverage was in the range of 1.5x to
1.8x over 2019-2022, which is relatively low for the rating. Fitch
expects coverage ratios will remain under pressure over 2023-2026
and forecast EBITDAR fixed charge cover ratio in the range of 1.4x
to 1.5x, driven by an effective interest rate increase of 225bp
from 2023 to 2025 and a broadly stable amount of debt in the Fitch
rating case.

FCF Generation Under Pressure: Although Fitch forecasts that
Mehilainen will still be able to generate a positive FCF margin in
2023-2026, Fitch expects it to stay in the range of 1% to 2%. This
is below its previous forecasts of 3% to 5%, which anticipated some
deterioration in profitability but did not take into account the
high interest environment that is forecast to continue in the
medium term. Its projected FCF levels, combined with some still
moderate reinvestment of this into margin-accretive M&A, lead us to
assume limited ability to pay down debt from FCF.

Aggressive M&A to Slow: Mehilainen had record high M&A activity in
2022, with EUR171 million of acquisition spend. Fitch forecasts
that to assist deleveraging, the company will scale back
acquisitions in 2023-2025 and now assume this at EUR50 million per
year. Mehilainen has a solid record of around 200 acquisitions over
its history and Fitch sees limited integration risk. However,
larger or additional acquisitions may put pressure on the rating,
depending on its assessment of execution risk, funding mix and
impact on the operating profile.

Growth Strategy Outside Home Market: Increased regulatory scrutiny
in Finland of outsourcing public healthcare services to private
providers has culminated in Mehilainen shifting its strategy from
consolidation in its home market of Finland to expansion in new
geographies. Germany and Sweden are the key geographies for
Mehilainen's expansion, with different regulatory regimes, offering
freedom of choice to patients. Although the M&A record reduces
execution risk for growth, Fitch notes that presence in these new
markets only becomes economically reasonable with meaningful
scale.

Defensive Diversified Operations: As a social infrastructure asset,
Mehilainen benefits from stable and steadily growing demand across
its diversified services. Its strong position in the Finnish
private healthcare and social care markets with reasonable scale
supports its ability to maintain operating and cash-flow
profitability amid regulatory changes. With regulatory staffing
requirements increasing in Finland, Mehilainen is actively managing
staff costs at a lower and more predictable level through educating
and hiring medical workers from low labour cost regions outside the
company's home market.

DERIVATION SUMMARY

Unlike most Fitch-rated private healthcare service providers with a
narrow focus on either healthcare or social care services,
Mehilainen differentiates itself as an integrated service provider
with diversified operations across both markets. It has a
meaningful national presence in each type of service, making its
business model more resilient to weaknesses in individual service
lines. Mehilainen also benefits from a stable regulatory framework,
which encourages competition from private healthcare providers,
albeit one that has led to some margin pressures recently, with
higher staff to patient requirements.

Mehilainen's tight financial metrics are balanced by adequate
operating profitability and positive cash flow generation given its
asset-light business model with low capital intensity and
structurally negative trade working capital.

In comparison with French private hospital operator Almaviva
Development (B/Stable), both companies' ratings reflect a strong
national market position, reliance on stable regulation limiting
the scope for profitability improvement, low single-digit FCF
margin, high leverage of 7.0x-8.0x and an M&A-driven growth
strategy, supporting their 'B' ratings.

KEY ASSUMPTIONS

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

- Revenue CAGR of around 7.0% from 2022 to 2026, driven by a
combination of internal and external growth. Slightly higher growth
of around 11% for 2023 due to higher prices and acquisitions in
2022;

- EBITDA margin (Fitch-defined, excluding IFRS 16 adjustments) to
recover to 10.3% in 2023 before improving towards 11% by 2026;

- Capex averaging around 2%-2.5% of sales;

- Working capital cash outflow of around EUR10 million in 2023;
neutral thereafter;

- Ongoing business restructuring and optimisation changes included
in FFO as recurring business costs;

- Bolt-on acquisition spending of around EUR50 million per year
until 2025;

- No shareholder distributions.

RECOVERY RATING ASSUMPTIONS:

The recovery analysis assumes that Mehilainen would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated.

Fitch estimates post-restructuring GC EBITDA at around EUR125
million, reflecting a post-distressed EBITDA sufficient to cover
around EUR85 million in forecasted average interest expenses in
2023-2024 and capex of EUR40 million. Fitch views this level of
EBITDA as appropriate for the company to remain a GC, reflecting
possible benefits post-distress.

Fitch continues to apply a distressed enterprise value (EV)/EBITDA
multiple of 6.5x, implying a premium of 0.5x over the sector
median, reflecting Mehilainen's stable regulatory regime for
private-service providers in Finland, a well-funded national
healthcare system and the company's strong market position across
diversified service lines.

The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR3' for the upsized first-lien senior secured
TLB of EUR1,210 million, indicating a 'B+' instrument rating with a
waterfall-generated recovery computation of 54% based on current
assumptions. The TL B ranks pari passu with a revolving credit
facility (RCF) of EUR150 million and Fitch assumes this will be
fully drawn prior to distress.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- Successful execution of medium-term strategy leading to a further
increase in scale with EBITDA margins at or above 15% on a
sustained basis;

- Continued supportive regulatory environment and Finnish
macro-economic factors;

- FCF margins remaining at mid-single-digit levels; and

- Total adjusted debt/EBITDAR improving towards 6.0x and
EBITDAR/gross interest + rents trending towards 2.2x.

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- Pressure on profitability with the EBITDA margin declining
towards 10% on a sustained basis as a result of weakening organic
performance, productivity losses with fewer customer visits, lower
occupancy rates, pressure on costs, or weak integration of
acquisitions;

- Risk to the business model resulting from adverse regulatory
changes to public and private funding in the Finnish healthcare
system, including from the health and social services (SOTE)
reform;

- Total adjusted debt/EBITDAR above 7.5x and cash from
operations-capex/total debt falling to low single digits due to
operating under-performance or aggressively funded M&A, and/or
EBITDAR/gross interest+rents below 1.7x

- As a result of the above adverse trends, declining FCF margins to
low single digits; and

- Failure to address debt refinancing 12 months ahead of maturity

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity, Concentrated Maturity: Mehilainen had a
comfortable liquidity position with EUR48 million of available cash
adjusted for EUR15 million by Fitch for working capital
requirements, and a EUR150 million RCF that was undrawn at end-2022
apart from EUR2.6 million used for bank guarantees. Maturities
remain concentrated with the RCF and TLB maturing in 2025 (February
and August, respectively).

ISSUER PROFILE

Mehilainen is an integrated provider of primary healthcare and
social care services, operating through 820 medical units across
Finland, Estonia, Sweden and Germany.

ESG CONSIDERATIONS

Mehilainen has an ESG Relevance Score of '4' for exposure to social
impact due to the company operating in highly regulated healthcare
and social-care markets, with a dependence on the public healthcare
funding policy, which has a negative impact on the credit profile
and is relevant to the rating 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        Recovery   Prior
   -----------            ------        --------   -----
Mehilainen
Yhtiot Oy

   senior secured   LT     B+  Affirmed    RR3       B+

Mehilainen
Yhtyma Oy           LT IDR B   Affirmed              B



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F R A N C E
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ALTICE FRANCE: S&P Downgrades LT ICR to 'B-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered to 'B-' from 'B' its long-term issuer
credit rating and issue-level rating on Altice France S.A. and its
senior secured debt, and lowered to 'CCC' from 'CCC+' its
issue-level rating on Altice France Holding S.A.'s senior unsecured
debt.

The stable outlook reflects S&P's view that Altice France's
business positioning in a slightly more rational market, combined
with planned reduction of some operating costs will likely
translate into revenue and EBITDA growth, as well as reported FOCF
after leases turning positive from 2024. It also reflects the
consistently high debt burden and constrained interest cover ratio
in a rising interest rate environment.

S&P said, "Altice France reported a mixed performance for 2022, and
we forecast 0%-1% reported revenue decline and stable reported
EBITDA (after leases) in 2023. The company recorded total reported
revenue growing 1.8% for 2022. This was despite a 1.4% year-on-year
decline in fixed residential revenue underpinned by a contracting
fixed customer base since third-quarter 2022, which was not offset
by slight average revenue per user (ARPU) growth. Reported EBITDA
(after leases) declined 4% year-on-year in 2022 as some operating
costs and rental expenses increased faster than the top line. We
note that the rental expenses increase followed the sale of the
company's tower subsidiary and that pro forma for this divestment,
reported EBITDA (after leases) would have declined by 0.6%." S&P
expects Altice France will report, at best, stable reported revenue
and EBITDA in 2023, because:

-- The French telecom market remains challenging despite some
early signs of it becoming more rational, as most players have
increased their prices by a few euros over 2022-2023, and the level
of promotional activity is reducing;

-- Inflation will likely continue to weigh on Altice France's
profitability as the company will not be able to pass on the full
cost increase to customers. In addition, the worsening
macroeconomic environment will likely weigh on the company's media
activity, resulting in lower advertising revenue; and

-- Construction revenue from the fiber rollout on XpFibre's behalf
will start declining as the project approaches completion.

S&P said, "We forecast reported FOCF after leases will remain
negative in 2023. Altice France has consistently reported negative
FOCF after leases over the past few years on high capital
expenditure (capex) requirements, restructuring costs, and
substantial cash outflow to Altice TV. This was despite the company
successfully trimming its debt service, taking advantage of the
low-interest-rate environment. In 2022, we calculate the FOCF
deficit further intensified to EUR190 million, from EUR162 million
the previous year, hampered by weaker reported EBITDA and higher
lease interest expenses that offset slightly declining capex. While
we forecast some improvement in 2023, we continue to calculate
negative FOCF after leases of EUR174 million. This is because we
think our forecast of relatively stable reported EBITDA, declining
restructuring costs, and lower cash outflow to Altice TV will be
offset by an increasing debt service burden and significant
refinancing fees, since Altice France amended and extended about
23% of its outstanding debt at higher rates in January 2023.
However, we anticipate an inflection point in 2024 and forecast
slightly positive FOCF after leases from 2024, supported by
moderate reported revenue and EBITDA growth, gradually decreasing
capex intensity, lower restructuring costs, and reducing cash
outflow to Altice TV. We believe these will offset the rising
interest burden and leave room for additional refinancing fees as
the company approaches significant debt maturities in 2025 and
2026."

S&P Global Ratings-adjusted debt to EBITDA remains high, reflecting
a mismatch with the company's reported net leverage target. S&P
said, "As at end-2022, Altice France's S&P Global Ratings-adjusted
debt to EBITDA was 7.1x, stable year-on-year, and we forecast the
ratio will remain relatively stable in 2023 as slightly growing
adjusted EBITDA is offset by higher adjusted debt. Reported gross
and net debt have continued increasing since 2020, and the company
continues operating outside of its reported net leverage target of
4.5x, raising questions about the company's financial policy and
its capacity and willingness to deleverage. We understand that
Altice France could monetize some of its assets (data centers in
France, for instance) and reduce its debt burden, which would
constitute a shift in its financial policy with a stronger focus on
deleveraging. Absent any binding offer and track record on use of
proceeds, these potential inorganic transactions are not considered
in our base case."

S&P said, "Altice France continues proactively monitoring its debt
stock, but we forecast adjusted EBITDA cash interest cover will
temporarily drop below 3.0x in 2023 because of the rising cost of
debt.The January 2023 debt management transaction helped lengthen
maturities by one-to-two years and sustained the company's
liquidity. However, it also increased Altice France's cash interest
burden, as the company refinanced about 23% of its outstanding debt
at higher rates (5.5% instead of 3.2% on average). We therefore
expect the adjusted EBITDA cash interest cover ratio will
temporarily decline to less than 3.0x in 2023, from 3.2x in 2022.
We are also mindful that, over the mid-term, Altice France will
likely refinance additional debt at a higher margin, which could
further weigh on its EBITDA cash interest cover ratio.

"Our longer-term concerns regarding Altice France's governance and
its prioritization of shareholder interests remain. We continue to
classify management and governance as weak, based on the track
record and our view of governance as a long-term credit risk. We
think that events--such as the decision to designate SFR towers as
an "unrestricted" subsidiary; upstream asset sale proceeds to repay
the take-private debt, rather than reduce Altice France debt; and
the consistent operation outside of the company's leverage
target--demonstrate an ability and willingness to prioritize
shareholder interests over those of creditors and deleveraging.
However, we note that, as part of the amend and extend transaction
of January 2023, the company voluntarily amended some of the
covenant package conditions in favor of lenders, which we view as a
positive development. Finally, this score also reflects the
relatively limited disclosure of key performance indicators, which
compares negatively with most peer companies in Europe.

"The stable outlook reflects our view that Altice France's business
positioning in a slightly more rational market, combined with
planned reduction in extraordinary operating costs, will likely
translate into revenue and adjusted EBITDA growth, as well as
reported FOCF after leases turning positive from 2024. It also
reflects the consistently high debt burden and constrained interest
cover ratio in a rising interest rate environment."

S&P could lower the ratings if we deem Altice France's debt
structure unsustainable, with:

-- Adjusted debt to EBITDA materially rising from its current
level, with reported FOCF after leases remaining sustainably
negative; or

-- Adjusted EBITDA cash interest cover sustainably declining to
less than 2.0x.

This may happen if Altice France's revenue and EBITDA
underperformed versus our current forecasts on increasing
competitive pressure or unforeseen cost inflation that could not be
passed on to the customer, or if the company spends more cash than
S&P currently forecasts on distributions, to invest in its
infrastructure, streamline its operations, or service its debt.

S&P sees limited rating upside over the foreseeable future given
our forecasts of negative reported FOCF after leases and adjusted
EBITDA cash interest cover ratio of less than 3.0x in 2023, and the
company operating outside its leverage target. However, S&P could
raise the ratings if:

-- Adjusted debt to EBITDA stays at or strengthens to less than
7.0x;

-- Adjusted EBITDA cash interest cover sustainably improves to
more than 3.5x;

-- Reported FOCF after leases turns and stays positive, also
accommodating for future refinancing fees; and

-- Altice France approaches its leverage target.

This may happen if Altice France cuts its gross debt burden while
overperforming our current revenue and EBITDA forecasts.

ESG credit indicators: E-2; S-4; G-5

S&P said, "Governance factors are a very negative consideration in
our credit rating analysis of Altice France. This reflects our
concern over governance and limited checks and balances to protect
the interests of creditors, as well as a lack of transparency on
operational key performance indicators and the cash flow
contribution coming from telecommunications services versus
off-balance-sheet, debt-funded FTTH construction work. Social
factors are also a negative consideration, reflecting the company's
track record for aggressive redundancy programs with potential
operational consequences including for service quality, in our
view."


GETLINK SE: Fitch Affirms BB Rating on EUR850M Bond, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Channel Link Enterprises Finance Plc's
(CLEF) notes at 'BBB'. Fitch has also affirmed Getlink S.E.'s (GET)
EUR850 million green bond at 'BB'. The Outlooks are Stable.

RATING RATIONALE

CLEF's rating is underpinned by the critical nature of the asset
managed by Eurotunnel, the long-term maturity of the concession
terminating in 2086 and the historical resilience of passenger
volumes on the high-speed trains and car shuttle business. Macro
short-term uncertainties and management focus on yields rather than
on volumes, might weight on short term shuttle traffic trend which
Fitch now expects to be weaker than what Fitch anticipated last
year with the Fitch Rating Case (FRC) now assuming cars traffic to
be at the 2019 level by 2026, and trucks by 2033.

CLEF's average debt service coverage ratio (DSCR) of 1.5x is solid,
but Fitch views its credit profile at 'BBB' due to periods of
slightly lower coverage under the FRC as well as a limited track
record on the ability of Eurotunnel to maintain volume growth given
its pricing strategy.

GET is credit-linked to CLEF, which is a ring-fenced vehicle
secured by Fixed Link's (FL or Eurotunnel) activities, the fixed
railway link between the UK and France. Fitch assesses the
consolidated profile of GET, comprising Eurotunnel, Eleclink and
Europorte, at 'BBB' and apply a three-notch downward adjustment to
arrive at GET's 'BB' rating.

GET's 'BB' rating reflects the structural subordination of its debt
and its weaker debt structure assessment, reflecting refinancing
risk associated with its single bullet debt. This is based upon the
subordinated and restricted access GET has to cash flows generated
by its wholly-owned subsidiary Eurotunnel Holding SAS and the
expected unrestricted, albeit potentially volatile income GET will
receive from its subsidiary, Eleclink.

The liquidity position is robust at both Eurotunnel and Getlink
Group level. At the Getlink Group level, available cash was
EUR1,200 million as of end-December 2022. In addition, Get's debt
service reserve account (DSRA) was EUR30 million and it had an
unused revolving credit facility of EUR75 million.

KEY RATING DRIVERS

Mixed Traffic Performance - Volume Risk: High-Midrange

Traffic volume proved resilient through economic recessions for
Eurostar passengers and car shuttle volumes, while truck shuttle
volumes showed significant volatility (-46% in 2007-2009), partly
because of the 2008 tunnel fire. Eurotunnel is able to
differentiate itself from competing ferry operators in the Dover
Strait and command a premium on ferry fares, due to the speed, ease
and reliability of its shuttle service. Nonetheless, competition
and exposure to discretionary demand are constraints on the
rating.

Some Flexibility - Price Risk: Midrange

Shuttle service fares are flexible and can be adapted to market
conditions. Historically, this has helped Eurotunnel to quickly
recover volume loss on the truck and to a lesser extent, car
businesses. The railway usage contract regulates railway network
fares, preventing a full pass-through of inflation into tariffs. A
low inflation environment could limit the railway network's revenue
growth.

Eleclink started its commercial operations in May 2022, adding
revenue diversity to GET's consolidated credit profile. However, in
its view, this revenue could be volatile due to exposure to
electricity price risk in both the French and UK markets.

Largely Maintenance Capex - Infrastructure Development and Renewal:
Midrange

Strong UK/French regulatory oversight, Eurotunnel's prudent
management policy as tunnel operator and the inclusion of minimum
capex in the dividend distribution lock-up covenant calculation
mitigate the lack of formal provisioning for capex under the
financing documentation. The capex plan is generally funded with
projected cash flows and investments are planned in advance and
considering market conditions. In Fitch’s view, this provides
some flexibility in delivering the capex programme.

Fully Amortising, Back-Ended - Debt Structure: Midrange (CLEF)

Debt is senior, largely fixed-rate and fully amortising but with a
back-loaded repayment profile. Debt is almost evenly split between
sterling and euros, substantially mirroring EBITDA exposure.
Structural features include standard default/lock-up tests with
cash-sweep mechanism and a EUR370 million liquidity reserve, which
currently covers 18 months debt service, but reduces to eight
months from 2046 due to the increased back-ended repayment profile
of the debt. Refinancing and additional debt are subject to rating
affirmation.

Single Bullet Debt with Refinancing Risk — Debt Structure: Weaker
(Getlink)

The EUR850 million bond is a five-year fixed rate bullet debt due
in 2025. Fitch views refinancing risk as high, due to the deep
subordination and the use of a single-bullet maturity, which is
only somewhat mitigated by the 12-month DSRA and the cash on
balance sheet at the GET level. The protective features of the
consolidated-based lock-up and incurrence covenants are diminished
by the possibility of raising prior-ranking non-recourse debt at
subsidiaries and the presence of sizeable baskets for additional
debt and dividends.

Structural Subordination - Issuer Structure

GET is not a single-purpose vehicle as it is invested in multiple
businesses (Fixed Link, Europorte, Eleclink) and its debt is
structurally subordinated to the project finance-type debt at CLEF.
There are strong structural protections under CLEF's
issuer-borrower structure, including lock-up provisions potentially
triggering cash sweep and additional indebtedness clauses subject
to rating tests, which limits debt being pushed down from the
holding company, GET. These factors drive its rating approach and
together with the 'Weaker' debt structure assessment explain the
three-notch difference between GET and the consolidated profile,
the latter largely driven by Eurotunnel's core activities.

The key rating drivers of the consolidated profile are in line with
CLEF, given this dominates the consolidated group's EBITDA
generation.

PEER GROUP

Like High Speed Rail Finance (1) PLC (HS1; A-/Stable), CLEF shares
exposure to Eurostar. However, CLEF is exposed directly to Eurostar
passenger volumes, while HS1 is exposed to the number of train
paths, which are inherently less volatile, although ultimately
exposed to the same performance drivers. HS1 also benefits from
having 60% of its revenues supported by the UK government via
underpinned "availability" payments ultimately leading to its
higher rating

Fitch compares GET's structural subordination with that of Gatwick
Airport Finance plc (GAF; BB-/Negative). GET's notes are similarly
structurally subordinated to cash-flow generation although both
have full ownership of the underlying asset. GET has a more
diversified dividend stream than GAF and its main controlled
subsidiary is not in lock up. This leads to a narrow notching from
the consolidated credit profile than that applied to GAF.

Scandlines ApS (SCL; BBB/Stable) operates sea ferry routes between
Denmark and Germany. The rating is supported by high barriers to
entry within a captive regional market and by SCL's strong ferry
operations on two key point-to-point routes between Denmark and
Germany. The DSCR at 1.85x is higher than Fixed Link (CLEF), but
CLEF is a stronger and more strategic asset.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

CLEF

- Annual FRC Fixed Link DSCR consistently below 1.3x.

GET

- A downgrade of the consolidated group's credit profile would lead
to a downgrade of GET.

- Failure to prefund GET debt well in advance of its maturity could
be rating-negative, as could a material increase of debt at GET or
subsidiary levels.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

CLEF

- Annual FRC Fixed Link DSCR consistently above 1.5x.

GET

- An upgrade of the consolidated group's credit profile could lead
to an upgrade of GET.

- The notching difference with the consolidated credit profile
could be reduced if ElecLink demonstrates the ability to generate
strong and stable cash flow, to which GET continues to have direct
and unconditional access.

CREDIT UPDATE

Despite lower traffic volumes, Eurotunnel's 2022 revenues were 10%
higher than 2019 due to higher ticket yields. As a result, EBITDA
was 11% above than 2019.

In 2022, passenger shuttles volumes were at 82% of 2019 level with
a 63% market share. Truck shuttles volume were 91% of the 2019
level while Eurostar transported 8.3 million passengers, or 75% of
2019 volumes.

Eleclink started operations in May 2022 and posted revenue of
EUR420 million taking advantage of the favourable market
conditions. Getlink consolidated accounts recognised a provision of
EUR142 million in its operating expenses in respect of the
profit-sharing condition between the British and French national
grids. EBITDA presented was EUR264 million.

FINANCIAL ANALYSIS

The FRC incorporates reasonable conservative assumptions for
traffic recovery, reflecting a potential delay in volumes recovery
resulting from management's strategy to keep high-yields in an
economic environment facing headwinds.

Fitch expects now truck shuttles to fully recover to 2019 levels by
2033, car shuttles by 2026 and Eurostar traffic by 2028. After
recovery, Fitch assumes volumes will grow well below the blended
UK-France GDP. Fitch expects yields on the shuttle business to
remain higher than in 2019 after management implemented a
segmentation strategy and to partially track inflation beyond 2024,
while the railway network will mechanically follow the fares set by
the RUC. Fitch has applied stresses to management's opex and capex
projections. Fitch has stressed the costs of debt both for Fixed
Link's floating-rate notes and for the EUR850 million bonds.

This results in an average DSCR of 1.5x until debt maturity
(excluding 2050).

ESG CONSIDERATIONS

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

   Entity/Debt          Rating        Prior
   -----------          ------        -----
Getlink S.E.

   Getlink S.E./
   Debt/1 LT        LT BB   Affirmed     BB

Channel Link
Enterprises
Finance Plc

   Channel Link
   Enterprises
   Finance Plc/
   Debt/1 LT        LT BBB  Affirmed    BBB



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

ALPHA GROUP: Moody's Ups CFR to Caa1 & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has upgraded Alpha Group SARL's ("A&O" or
"the company") corporate family rating to Caa1 from Caa2 and
probability of default rating to Caa1-PD from Caa2-PD. A&O is a
German-based operator of hotels and hostels across Europe. At the
same time, Moody's has upgraded to Caa1 from Caa2 the backed senior
secured instrument ratings of the term loan B (TLB) due 2025 and of
the revolving credit facility (RCF) due 2024. The outlook has been
changed to positive from stable.

"The upgrade of A&O's ratings reflects the improvement in its key
credit metrics throughout 2022. A&O revenue per available bed
("RevPAB") improved significantly to EUR14.1, 6% above its
pre-pandemic level supported by a strong average daily rate (ADR).


Thanks to this strong recovery in its operating performance,
leverage has decreased and is now in line with pre-pandemic level.
The positive outlook reflects Moody's expectation that A&O will
keep posting solid operational results in 2023, partially thanks to
the stronger Q1 than in 2022, which could give rise to positive
upwards pressure after a successful refinancing of the backed
senior secured RCF and the backed senior secured TLB" said Elise
Savoye, CFA, a Moody's Vice President-Senior Analyst and lead
analyst for A&O.

RATINGS RATIONALE

A&O's operating performance rebounded strongly in the second half
of 2022 following two years heavily affected by pandemic-induced
travel restrictions. In 2022, A&O posted a record high average
daily rate of EUR25.9 in 2022 vs EUR23.9 in 2019 which more than
offsets the still lower occupancy rate (54.3 % vs 55.9 % in 2019)
leading to a EUR14.1 RevPAB. While the first quarter of 2022 was
still heavily impacted by the travel restrictions in Germany, A&O's
largest market, recovery both for groups and individuals has been
very strong in the second half of the year. Despite significant
cost inflation and thanks to a lean cost structure with around 55%
of variable cost and a low break-even occupancy, profitability has
also fully recovered and Moody's adjusted EBITA margin reached a
high 27%, slightly above the 2019 level. As a result of the
recovered operating performance, the company's Moody's estimated
adjusted debt to EBITDA improved to 5.1x in 2022 from 33.2x in 2021
and 5.7x in 2019 (under German Gaap). Interest rate coverage,
measured as EBITA/Interest, also improved to 2.1x in 2022 up from
the 1.7x posted in 2019.

Bookings to date for 2023 look robust, with EUR112 million revenues
booked already (as of mid April) or 55% of the company's budget
thanks to stronger Q1 (Q1's EBITDA as reported by the company was
EUR9 million above last year's Q1 EBITDA). Refurbishment works
performed in A&O's hostels and hotels over the last 3 years will
also support the improvement of A&O's RevPAB, which Moody's expects
will grow to around EUR16.5 by 2024. The rating agency also notes
that the majority of the demand is domestic, which should support a
higher degree of resilience in a scenario of a new coronavirus
variant, while A&O has a track record of strong performance in
recessionary times as there is no down-trading option. However,
Moody's also expects that inflation will fully materialize in 2023,
in particular on payroll and energy, while A&O's capacity to pass
on inflation to its customers may be reduced as the ongoing cost of
living crisis will affect consumer demand for travel.

A&O's liquidity is adequate and supported by EUR64 million of cash
as of end of March 2023, largely covering for the EUR14 million of
drawn RCF maturing in January 2024. Restored positive cash-flow
generation capacity also supports liquidity and Moody's expects A&O
to generate approximately EUR20 million of free cash flow in 2023.

A&O's EUR300 million backed senior secured term loan B however
matures in January 2025. While Moody's understands the company has
flexibility to conduct such refinancing, this upcoming maturity
constrains the ratings because of the challenging current funding
environment which implies some execution risk, despite the sizeable
freehold property portfolio (valued at roughly EUR556 million as of
year-end 2022) currently securing the backed senior secured TLB and
RCF.

RATING OUTLOOK

The positive rating outlook reflects Moody's expectation that A&O
will keep posting solid operational results in 2023 which could
give rise to positive upwards pressure. Any further positive rating
action will also take into account the company's ability to manage
well in advance sizeable debt maturities in 2025 in a higher
interest rate environment. Given the company's track record of a
higher leverage, Moody's considers there is a risk of releveraging,
albeit consistent with the leverage thresholds for the rating
category.

STRUCTURAL CONSIDERATIONS

The backed senior secured bank credit facilities form the vast
majority of A&O's gross indebtedness and the rating on both the
backed senior secured TLB and RCF is in line with the CFR. The RCF
and TLB are pari passu and secured by first liens on the assets of
the company including real estate, which includes twelve owned
properties.

In addition, A&O has approximately EUR156 million of shareholder
loans outstanding which Moody's views as equity.

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

Positive rating pressure could develop if the company delivers
revenue and EBITDA growth, such that Moody's-adjusted leverage
remains below 6x (or 9.0x using IFRS estimate). Additionally
positive upward pressure will be dependent on the company
successfully refinancing its backed senior secured term loan B well
in advance of January 2025, while maintaining adequate liquidity on
a sustained basis.

Negative rating pressure could develop from a weakening liquidity
with a failure to address its refinancing needs at least 12 months
before their maturity and/ or weaker than expected operating
performance leading to negative free cash flow generation. A more
aggressive financial policy resulting in a Moody's adjusted
leverage above 7x (or 10.0x using IFRS estimate) on a sustained
basis would also exert negative rating pressure. A material
deterioration in the loan-to-value (LTV) coverage of the backed
senior secured bank credit facilities could also exert negative
pressure on Moody's recovery assumptions including for the backed
senior secured bank credit facilities. The emergence of an energy
shortage in Europe or of a new coronavirus variant could also
weaken A&O's credit quality given direct implications for operating
profitability and travel activity but the impact would depend on
the political reaction to such events.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Alpha Group SARL

Probability of Default Rating, Upgraded to Caa1-PD from Caa2-PD

LT Corporate Family Rating, Upgraded to Caa1 from Caa2

BACKED Senior Secured Bank Credit Facility, Upgraded to Caa1 from
Caa2

Outlook Action:

Issuer: Alpha Group SARL

Outlook, Changed To Positive From Stable

FORTUNA CONSUMER 2022-1: Fitch Affirms 'B-sf' Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has upgraded Fortuna Consumer Loan ABS 2022-1
Designated Activity Company's class B, C and D notes and affirmed
the others, as detailed below.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
Fortuna Consumer
Loan ABS 2022-1

   A XS2473716210   LT AAAsf  Affirmed   AAAsf
   B XS2473716723   LT AA+sf  Upgrade     AAsf
   C XS2473717028   LT Asf    Upgrade     A-sf
   D XS2473717457   LT BBBsf  Upgrade   BBB-sf
   E XS2473717614   LT BBsf   Affirmed    BBsf
   F XS2473718000   LT B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

The transaction is a true-sale securitisation of a static pool of
unsecured consumer loans sold by auxmoney Investments Limited (not
rated). The securitised consumer loan receivables are derived from
loan agreements entered into between Süd-West-Kreditbank
Finanzierung GmbH (SWK, not rated) and individuals located in
Germany and brokered by auxmoney GmbH (auxmoney) via its online
lending platform.

KEY RATING DRIVERS

Switch to Sequential Amortisation: The class A to G notes started
amortising sequentially (previously pro-rata) on the January 2023
payment date. This is because the class G principal deficiency
ledger (PDL) increased above the 0.5% trigger based on the
outstanding portfolio balance, including defaults. Since the switch
to the irreversible sequential amortisation, credit enhancement
(CE) has increased for the class A to D notes and ranged between
52.2% and 14.3% (from 47.0% and 13.5% at closing) as of the
February 2023 payment date. The increased CE has driven the
upgrades of the class B, C and D notes.

Performance in Line with Expectations: Observed defaults and
recoveries to date are broadly in line with its expectations at
3.5% of the initial asset balance and 34.7% of the defaulted
amount. Fitch assumes a weighted average (WA) remaining life
default base case of 12.8% of outstanding assets, compared with 13%
at closing. The lower WA default rate is based on the actual
portfolio distribution by risk scores. Base case defaults for each
individual risk score are unchanged. The 'AAAsf' WA default
multiple is unchanged at 3.8x. Base case recoveries and 'AAAsf'
haircut remain 35% and 60%, respectively.

Servicing Continuity Risk Addressed: CreditConnect GmbH (not
rated), a subsidiary of auxmoney, is the servicer. Loancos GmbH has
acted as back-up servicer from closing, reducing the risk of
servicing discontinuity. The back-up servicing agreement covers two
scenarios: one where CreditConnect is replaced; and one where
CreditConnect and SWK no longer perform their contractual duties.
The high level of standby arrangements combined with a liquidity
reserve reduce the risk of payment interruptions of senior expenses
and interest on the rated notes.

RATING SENSITIVITIES

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

Unanticipated increases in default rates or decreases in recovery
rates producing larger losses than its current assumptions could
result in negative rating action on the notes. The sensitivities
illustrated below only describe the model-implied impact of a
change in one of the input variables.

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

Increase default rate by 10%:
'AAAsf'/'AAsf'/'A-sf'/'BBBsf'/'BBsf'/'B-sf'

Increase default rate by 25%:
'AAAsf'/'AA-sf'/'BBB+sf'/'BB+sf'/'Bsf'/'CCCsf'

Increase default rate by 50%:
'AA+sf'/'Asf'/'BBB-sf'/'BBsf'/'CCCsf'/'NRsf'

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

Reduce recovery rates by 10%:
'AAAsf'/'AA+sf'/'Asf'/'BBBsf'/'BBsf'/'B-sf'

Reduce recovery rates by 25%:
'AAAsf'/'AA+sf'/'Asf'/'BBBsf'/'BBsf'/'B-sf'

Reduce recovery rates by 50%:
'AAAsf'/'AAsf'/'A-sf'/'BBB-sf'/'BB-sf'/'CCCsf'

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

Increase default rates by 10% and decrease recovery rates by 10%:
'AAAsf'/'AAsf'/'A-sf'/'BBB-sf'/'BB-sf'/'CCCsf'

Increase default rates by 25% and decrease recovery rates by 25%:
'AAAsf'/'A+sf'/'BBBsf'/'BB+sf'/'B-sf'/'NRsf'

Increase default rates by 50% and decrease recovery rates by 50%:
'AAsf'/'A-sf'/'BB+sf'/'B+sf'/'NRsf'/'NRsf'

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

Lower defaults and smaller losses could lead to positive rating
action. For example, a simultaneous decrease of defaults and
increase of recoveries by 10% would have the following impact
(class A/B/C/D/E/F): 'AAAsf'/'AAAsf'/'A+sf'/'A-sf'/'BB+sf'/'BBsf'

DATA ADEQUACY

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

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

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

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

ESG CONSIDERATIONS

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



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

PROVIDUS CLO VIII: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Providus CLO VIII DAC final ratings, as
detailed below.

   Entity/Debt             Rating        
   -----------             ------        
Providus CLO
VIII DAC

   A XS2584130673       LT AAAsf  New Rating

   B XS2584130756       LT AAsf   New Rating

   C XS2584131135       LT Asf    New Rating

   D-1 XS2584131218     LT BBBsf  New Rating

   D-2 XS2597404446     LT BBB-sf New Rating

   E XS2584131564       LT BB-sf  New Rating

   F XS2584131721       LT B-sf   New Rating

   Subordinated Notes
   XS2584132026         LT NRsf   New Rating

TRANSACTION SUMMARY

Providus CLO VIII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
are being used to purchase a portfolio with a target par of EUR400
million. The portfolio is actively managed by Permira European CLO
Manager LLP. The collateralised loan obligation (CLO) has a
4.6-year reinvestment period and an 8.5-year weighted average life
(WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor of the identified portfolio is
25.76.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.72%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

The transaction includes four Fitch matrices, two effective at
closing with fixed asset buckets of 7.5% and 12.5% and the other
one year after closing. The second can be selected by the manager
at any time from one year after closing as long as the portfolio
balance (including defaulted obligations at their Fitch collateral
value) is above target par.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis was reduced by 12 months. This reduction
to the risk horizon accounts for the strict reinvestment conditions
envisaged after the reinvestment period.

These include passing the coverage tests and the Fitch 'CCC'
maximum limit after reinvestment and a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. In Fitch's opinion, these conditions
would reduce the effective risk horizon of the portfolio during the
stress period.

Deviation from MIR: The class B notes are rated 'AAsf', which is a
deviation from the model-implied rating (MIR) of 'AA+sf'. The
one-notch deviation reflects the limited cushion on the stress
portfolio at the MIR and uncertain macro-economic conditions that
increase risk.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of two notches
for the class E notes and one notch for the class C, D-1, D-2 and F
notes, and have no impact on the class A and B notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class B, D-2, E and F notes have a two-notch cushion, the class C
and D-1 notes have a one-notch cushion and there is no rating
cushion for the class A notes. Should the cushion between the
identified portfolio and the stress portfolio be eroded due to
manager trading or negative portfolio credit migration, a 25%
increase of the mean RDR across all ratings and a 25% decrease of
the RRR across all ratings of the stressed portfolio would lead to
downgrades of up to four notches for the notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to three notches, except for the
'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, meaning the notes are able to
withstand larger than expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses on the remaining portfolio.

DATA ADEQUACY

Providus CLO VIII DAC

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

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



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

ALTICE INTERNATIONAL: S&P Alters Outlook to Stable, Affirms 'B' ICR
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on telecommunications
operator Altice International S.a.r.l. to stable from negative and
affirmed its 'B' issuer credit rating on the company. S&P also
affirmed its 'B' issue rating on Altice Financing S.A.'s senior
secured debt and its 'CCC+' rating on Altice Finco S.A.'s senior
unsecured debt.

S&P said, "The stable outlook reflects our forecast for mid- to
high-single-digit revenue and EBITDA growth from 2023, combined
with progressively declining capex intensity from 2024, which
supports our view of the company's satisfactory business
positioning in its respective markets, and the maintenance of
credit metrics commensurate with the current rating.

"Altice International reported strong performance in 2022, and we
forecast continued revenue and EBITDA growth from 2023. The company
recorded sound operating performance across all geographies and
segments in 2022. During the year, revenue increased 15%
year-on-year spurred by subscriber growth and higher equipment
sales in all markets, stronger adoption of high-value convergent
packages, continued migration from very high-speed digital
subscriber lines (VDSL) to fiber-to-the-home (FTTH) in Portugal,
and positive currency effects in Israel and the Dominican Republic.
This was partly offset by ongoing competition in Israel's fixed
residential market and signs of negative effects, at the beginning
of the year (then improving and reversing), from macroeconomic
headwinds on advertising budgets for some customers of Teads, the
company's digital advertising platform. Reported EBITDA expanded
more slowly--at about 9% year-on-year--because purchasing and
subcontracting costs, as well as rental expenses, increased faster
than revenue. We believe sound momentum will continue from 2023 and
we forecast mid- to high-single-digit revenue and EBITDA growth.
These forecasts are supported by Altice International's solid
position in its markets, broad geographic diversity, good network
quality, and convergent offerings.

"We forecast positive reported FOCF after leases from 2023. Despite
sharp operational improvements in 2022, Altice International
reported slightly negative FOCF after leases of about EUR4 million
because of high capex requirements (excluding spectrum payments),
increasing lease principal payments, and EUR46.8 million of
refinancing fees related to the December 2022 amend and extend
transaction, which offset solid EBITDA growth recorded over the
year. That said, we now forecast positive reported FOCF after
leases from 2023, supported by expanding EBITDA combined with
gradually declining capex intensity (especially from 2024), which
we believe will offset the rising interest burden and leave room
for additional refinancing fees as the company approaches material
debt maturities.

"Leverage remains high but is improving and lies within the
company's financial target. At the end of 2022, Altice
International had S&P Global Ratings-adjusted debt to EBITDA of
7.5x, a decline from 8.2x in 2021, and we forecast further
improvement in 2023 toward 7.0x, supported by EBITDA growth (our
pension adjustment increases reported leverage by 0.7x and we
calculate our credit metrics on a gross debt basis). Although
reported gross and net debt have kept increasing since 2020, the
company continues to operate within its leverage target of reported
net debt to EBITDA of 4.0x-4.5x. We therefore believe any excess
EBITDA growth and FOCF strengthening beyond the company's target
will likely be used to benefit the shareholder or fund projects
within or outside Altice International's perimeter.

"Altice International continues proactively monitoring its debt
stock and we forecast it will sustain S&P Global Ratings-adjusted
EBITDA cash interest cover of more than 3.5x. The December 2022
debt management transaction helped lengthen maturities and sustain
liquidity, although it increases the group's gross debt and its
interest burden. On Dec. 19, 2022, Altice International, through
its subsidiary Altice Financing S.A., borrowed $1.6 billion ($172
million incremental and a $1,426 million refinancing loan) and
EUR400 million (EUR159 million and EUR241 million refinancing
loans) through senior secured term loans, maturing in October 2027.
This allowed it to pro-actively address the next maturities by
refinancing a large part of the outstanding senior secured term
loans maturing in July 2025 and January 2026 (approximately EUR350
million remain outstanding post-transaction) with the new
instruments maturing one to two years later. That said, the
transaction increases Altice International's gross debt by about
EUR365 million and its interest burden by EUR45 million-EUR50
million per year, although we forecast still-solid adjusted EBITDA
cash interest coverage of more than 3.5x. Over the medium term,
Altice International will likely refinance additional debt at a
higher margin, which could weigh on its EBITDA cash interest cover
ratio, but we currently see significant headroom under this credit
metric versus our downside trigger.

"We still have longer-term concerns regarding Altice's governance
and its prioritization of shareholder interests, although the
company complies with its leverage target. We continue to classify
management and governance as weak, based on the track record, and
our focus on governance as a long-term credit risk remains. In our
view, events like the decision to grant a EUR581.4 million loan to
Altice U.K. to finance the acquisition of a stake in British
Telecom demonstrate an ability and willingness to prioritize
shareholder interests over those of creditors and debt reduction.
We acknowledge though that this loan was granted under the 4.5x
reported net leverage limit set by the company and is pledged to
debtholders. Altice International reports net leverage commensurate
with its 4.0x-4.5x target, mainly supported by EBITDA growth. At
the same time, we do not forecast a material reduction in gross
debt and we expect the company will start paying large dividends
from 2023 although staying within its leverage guidance.

"The stable outlook reflects our forecast for mid- to
high-single-digit revenue and EBITDA growth from 2023, combined
with progressively declining capex intensity from 2024, which
supports our view of the company's satisfactory business
positioning in its markets, and the maintenance of credit metrics
commensurate with the current rating."

S&P could lower the ratings if:

-- Adjusted debt to EBITDA remained above 7.0x and reported FOCF
after leases turned materially and sustainably negative; or

-- Adjusted EBITDA cash interest cover sustainably declined to
less than 3.5x.

This may happen if current momentum reversed, with revenue and
EBITDA growth materially slowing versus S&P's forecasts because of
increasing competitive pressure or unforeseen cost inflation, or
the company spending more cash than currently forecast on
distributions, investment in infrastructure, or streamlining its
operations.

S&P could also lower its ratings if Altice International adopted a
more aggressive financial policy, translating into the company
operating outside its 4.0x-4.5x reported net leverage target.

S&P sees limited rating upside over the foreseeable future, given
both its forecasts of positive but still limited reported FOCF
after leases, moderate adjusted leverage reduction, and the group's
current leverage target and financial policy. However, S&P could
raise the ratings if:

-- Adjusted debt to EBITDA strengthened to less than 6.0x;

-- Adjusted EBITDA cash interest cover sustainably improved to
more than 4.5x; and

-- FOCF to debt approached or exceeded 5%.

This could happen if Altice International cuts its gross debt
burden, while overperforming its current revenue and EBITDA
forecasts, and adjusting its leverage target.

Environmental, Social, And Governance

ESG credit indicators: E-2; S-4; G-5

S&P said, "Governance factors are a very negative consideration in
our credit rating analysis of Altice International. This reflects
our concern over governance and limited checks and balances to
protect the interests of creditors. Social factors are, on a net
basis, a negative consideration, reflecting the company's track
record for aggressive redundancy programs with potential
operational consequences, including for service quality, in our
view."




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

CASPER DEBTCO: Fitch Affirms 'CCC-' LongTerm Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Casper Debtco B.V.'s Long-Term Issuer
Default Rating (IDR) at 'CCC-'. Fitch has also affirmed Casper
Debtco B.V.'s super senior debt rating at 'B-'/'RR1' and senior
secured debt rating at 'CC'/'RR5'.

The 'CCC-' IDR reflects significant risks due to tight liquidity
headroom, material execution risks as the company continues with
its turnaround strategy, and increasing refinancing risk. Casper
Debtco B.V. indirectly owns Dummen Orange Holding B.V., a
Netherlands-based floriculture company engaged in breeding,
propagation and commercialisation of flower varieties. Dummen
Orange is exposed to high market risks and intra-year seasonality,
with any unforeseen events such as low crop productivity or disease
spread putting additional pressure on liquidity likely to leave the
company exposed to persistently elevated funding risks.

A successful operational turnaround is critical for the company's
ability to stop its cash burn, which its rating case assumes to
start in the financial year to September 2024 (FY24)-FY25, but with
significant execution risks.

KEY RATING DRIVERS

Tighter Liquidity: Dummen Orange's liquidity is continuing to
deteriorate and the company remains poorly funded, despite
additional senior secured debt of EUR25 million funded at end 2022
and the sale of its Quick Plug (QP) business. This follows
continuing deterioration of its operating performance during the
first half of FY23. Fitch sees a high risk of this situation
continuing, which could prevent Dummen Orange from generating
sufficient free cash flow (FCF) to pay its operational expenses in
FY24.

Increasing Refinancing Risk: Fitch projects EBITDA leverage to
remain exceptionally high at around 19.0x at September 2023,
approaching the maturity of the company's USD30 million trade
working-capital (TWC) facility in March 2024. Fitch believes Dummen
Orange will continue to operate with extremely high operating
leverage and that it has limited financial flexibility for
unexpected business shocks. Under its projected recovery of
operating profitability, FCF and leverage metrics will also make
timely longer-term refinancing challenging, while most interest
payments to its secured lender are now deferred since the latest
change of its documentation terms.

Negative FCF: Onerous restructuring progress with a
longer-than-expected operating recovery amid increased TWC needs
and high capital intensity leads to persistently negative FCF.
Fitch projects FCF will remain deeply negative to FY25, due to slow
EBITDA recovery and high capex of around 6% of sales. This is
despite most interest payments to senior secured lenders being
deferred.

Difficult Performance Turnaround: Despite slow progress and still
material execution risks, Fitch regards Dummen Orange's operational
restructuring as increasingly challenging but still achievable in
the medium term. This is supported by the company's
innovation-aided relevance across multiple crop types and regions
in an industry protected by high entry barriers, including high
capital intensity and the importance of R&D. These are critical
business traits that could allow the company to maintain its market
position in the medium to long term.

Possible FY24 EBITDA Recovery: The company has limited ability to
control production costs alongside increased energy costs and
inflationary pressures, which can only partially be passed on
through price increases. Fitch estimates EBITDA will remain below
EUR20 million in FY23. Fitch assumes a slow EBITDA margin recovery
towards 9% (end-FY22: 4.4%) only from FY24, due to the complexity
of planned turnaround measures, a long business production cycle
and persisting market challenges in FY23.

High Underlying Business Risks: Dummen Orange's high-risk profile
reflects the hybrid nature of its business model combining the
traits of agriculture-like crop breeders with long product cycles,
high R&D, labour and capital intensity, as well as exposure to
varying crop productivity, phyto-sanitary events (plant diseases)
and unpredictable weather conditions. The consumer-related
characteristics of its products are further exposed to volume
volatility driven by customer demand and changing preferences and
to a much lesser extent, price fluctuations.

Additionally, the company's sales rely on the operational and
financial health of the growers to which it sells. These have
suffered from a combination of low sales and higher operational
costs since the pandemic, leading to a deterioration in the quality
of Dummen Orange's trade receivables.

DERIVATION SUMMARY

Dummen Orange's rating reflects its tight liquidity position as
well as the uniqueness of its business model, which combines
features of a crop science company with the high importance of R&D,
and labour-and capital-intensive flower-propagation operations. It
also shares to a limited extent the operating risk with
manufacturers of consumer products, given its exposure to volume
risk driven by customer demand and changing consumer preferences.

The high inherent operating risks of issuers operating in the
agriculture market make them less suitable for a highly leveraged
capital structure. The higher ratings of vertically integrated
agro-industrial business Camposol Holding PLC (B+/Stable) is
supported by its higher operating and cash flow margins in
combination with lower leverage.

Comparability with higher-rated Sunshine Luxembourg VII SARL
(Galderma; B/Stable), a manufacturer of branded consumer products
with high R&D exposure, is limited to the consumer-related demand
volatility the two companies share and the R&D content of their
product proposition. However, Galderma's much larger scale, strong
brand quality, and the medicinal nature of its skincare products
make the business more resilient and provide it higher leverage
tolerance.

KEY ASSUMPTIONS

- FY23 revenue to decline 10% following the divestiture of the QP
business

- Excluding the QP divestiture, FY23 revenue to decline 3% on
worsening macroeconomic conditions and poor performance of the
Tropical business

- Revenue to increase 5% in FY24 on some recovery in the tropical
segment and price increases, followed by low-to-mid single-digit
annual revenue growth to FY26

- EBITDA margin at around 5% in FY23 and gradually increasing
toward 11% by FY26

- Annual capex at around EUR23 million in FY23-FY26

- Annual net working-capital outflow at around 2% of sales on
average to FY26

- No M&A activity to FY26

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Casper Debtco would be
reorganised as a going-concern (GC) in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

Its GC EBITDA assumption of EUR32 million reflects Fitch's view of
a sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation (EV). The decrease in GC EBITDA from
its previous GC EBITDA of EUR37 million reflects mainly the
divestiture of the QP business.

A multiple of 5.0x EBITDA is applied to the GC EBITDA to calculate
a post-reorganisation EV. The decrease of the multiple from 5.5x is
to account for the continued exposure of the company to viruses and
climate risk. The multiple is in the low to mid-range for the
sector but is supported by high barriers to entry, the significant
value of Dummen Orange's intellectual property and R&D, as well as
expected modest long-term growth for the floriculture sector.

The allocation of value in the liability waterfall results in a
Recovery Rating 'RR1' for the super senior term loan of EUR55
million, ranking pari passu with a EUR6 million cash pooling
facility, a new super senior EUR25 million facility and the
incremental TWC facility of USD30 million, which Fitch expects will
be fully drawn prior to distress, under Fitch's Corporates Recovery
Ratings Criteria.

This indicates a 'B-' instrument rating for the super senior term
loan with a waterfall-generated recovery computation (WGRC) of
100%. The reinstated TLB of EUR195.6 million has a Recovery Rating
'RR5', leading to a 'CC' instrument rating with a WGRC of 14%.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- Evidence of sufficiently funded operations for the next 12-24
months

- Improving operating performance with increasing EBITDA and EBITDA
margins.

- Improving FCF

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- Evidence of another refinancing that may be considered as a
distressed debt exchange

- Deteriorating FCF

- Lack of sufficient operational liquidity cushion to support
operations within the next six-12 months

LIQUIDITY AND DEBT STRUCTURE

Liquidity Shortfall Expected in 2024: Given high cyclicality of the
company's operations and an expected challenging trading
environment in the year, Fitch anticipates tight liquidity headroom
for FY23. Generated operating cash flows as well as available
undrawn working- capital facility are expected to be only
sufficient to cover part of the intra-year working capital needs.
Higher working-capital requirements or unforeseen external shock
such as low crop productivity or disease spread could result in the
business being unfunded under the currently available financing.
Fitch expects a liquidity shortfall when the working capital
facility matures in March 2024, unless it is renewed.

ISSUER PROFILE

Dummen Orange is a Netherlands-based based breeder and propagator
of flowers and plants with a wide selection of crops and
international production and commercial footprints.

ESG CONSIDERATIONS

Casper Debtco B.V. has an ESG Relevance Score of '4' for Exposure
to Environmental Impacts due to the influence of climate change and
extreme weather conditions on Dummen Orange's assets, productivity
and operating performance, which has a negative impact on the
credit profile, and is relevant to the rating 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         Recovery   Prior
   -----------             ------         --------   -----
Casper Debtco B.V.   LT IDR CCC- Affirmed             CCC-

   senior secured    LT     CC   Affirmed    RR5       CC

   super senior      LT     B-   Affirmed    RR1        B-



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

TAP: Portugal Orders Parpublica to Assess Airline's Value
---------------------------------------------------------
Sergio Goncalves at Reuters reports that Portugal's government has
mandated state holding company Parpublica to pick two independent
assessors to value airline TAP ahead of its privatisation, which
could be launched in July, the finance minister said on April 27.

According to Reuters, the state owns 100% of TAP, which is
currently restructuring under a Brussels-approved EUR3.2 billion
(US$3.5 billion) rescue plan, and the government is considering an
outright or partial sale.

"These two independent assessments are mandatory before launching
the privatisation.  Our expectation is that we can approve the
privatisation before the summer, around July," Reuters quotes
Fernando Medina as saying.

He said the government sought to preserve TAP's "intrinsic value,
as a company that generates value from its hub in Lisbon",
highlighting also that the airline swung to a profit in 2022,
earlier than expected in its restructuring plan, Reuters relates.

Reuters reported two weeks ago that Lufthansa, Air France-KLM and
British Airways owner IAG were laying the groundwork for potential
bids for TAP, sounding out local communications agencies and legal
advisers, Reuters notes.

"The various expressions of interest are known. We expect that they
will materialise in the greatest possible number when we reach the
phase of presenting the proposals," Mr. Medina, as cited by
Reuters, said.

He said TAP's final value would depend on the synergies that each
candidate could achieve with the Portuguese airline, Reuters
relays.




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

TDA 29: Fitch Affirms 'CCCsf' Rating on Class D Notes
-----------------------------------------------------
Fitch Ratings has upgraded two tranches of TDA 29, FTA and affirmed
two. Fitch has also affirmed TDA 30, FTA. The agency has also
removed two tranches of TDA 29 from Under Criteria Observation
(UCO).

   Entity/Debt        Rating           Prior
   -----------        ------           -----
TDA 30, FTA

   Serie A
   ES0377844008   LT AAAsf  Affirmed   AAAsf

TDA 29, FTA

   Class A2
   ES0377931011   LT AAAsf  Affirmed   AAAsf

   Class B
   ES0377931029   LT AAAsf  Upgrade     A+sf

   Class C
   ES0377931037   LT Asf    Upgrade    BB+sf

   Class D
   ES0377931045   LT CCCsf  Affirmed   CCCsf

TRANSACTION SUMMARY

The transactions comprise fully amortising Spanish residential
mortgages originated and serviced by Banco de Sabadell, SA
(BBB-/Stable/F3) and Banca March (not rated) for TDA 29, and by
Banca March for TDA 30. Credit enhancement (CE) consists of
over-collateralisation and cash reserves.

KEY RATING DRIVERS

Iberian Recovery Rate Assumptions Updated: In the update of its
European RMBS Rating Criteria on 16 December 2022, Fitch updated
its recovery-rate assumptions for Spain to reflect smaller house
price declines and foreclosure sales adjustment, which has had a
positive impact on recovery rates and consequently Fitch's expected
loss in Spanish RMBS transactions. This is reflected in the upgrade
of TDA 29's class B and C notes.

Mild Weakening in Asset Performance: The rating actions incorporate
its expectation of a mild deterioration of asset performance,
consistent with a weaker macroeconomic outlook linked to
inflationary pressures that negatively affect real household wages
and disposable income. The transactions have a low share of loans
in arrears over 90 days (less than 0.3% as of February 2023) and
are protected by substantial seasoning of the portfolios (more than
17 years). Fitch views current and projected CE ratios on the rated
notes as strong, mitigating the credit and cash flow stresses, and
commensurate with the ratings.

Fitch's credit analysis of both deals is subject to the minimum
portfolio loss vector (ie. 5% at 'AAA'). TDA 29's analysis is
subject to a portfolio adjustment factor floor of 100%, which
reflects the originator's previous repurchase of some defaulted
loans, as per the Fitch's European RMBS Rating Criteria.

Gradual CE Build Up: The rating actions reflect Fitch's view that
the notes are sufficiently protected by CE to absorb the projected
losses commensurate with prevailing rating scenarios. Despite the
current pro-rata amortisation of the notes in both deals, Fitch
projects CE ratios for the notes will gradually increase. This
reflects that TDA 29's reserve fund is non-amortising, and TDA 30's
reserve fund will reach its absolute floor level shortly.

TDA 30 Swap Counterparty Triggers Breached: Fitch has not given
credit to the interest rate swap arrangement in TDA 30, as the
hedge provider's (Banco Santander SA, A-/Stable/F2) Issuer Default
Ratings (IDR) are not in line with the contractually defined
applicable minimum eligibility triggers of 'A' or 'F1', and
transaction parties have confirmed no restructuring or remedial
actions will be implemented. The swap documentation has an explicit
reference to the Long- and Short-Term IDRs of the derivative
provider, therefore the Derivative Counterparty Rating cannot be
considered for assessing eligibility. The swap is a total return
swap that guarantees an excess margin of 55bp. Its exclusion leaves
the transaction exposed to excess spread reduction.

TDA 30, FTA has an ESG Relevance Score of '5' for Transaction
Parties & Operational Risk as the hedge provider is not in line
with the contractually defined minimum eligibility triggers and
transaction parties have confirmed no restructuring or remedial
actions will be implemented, which has a negative impact on the
credit profile, and is highly relevant to the rating.

RATING SENSITIVITIES

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

For TDA 29's class A and B notes and TDA 30's class A notes, a
downgrade of Spain's Long-Term IDR that could decrease the maximum
achievable rating for Spanish structured finance transactions. This
is because these notes are rated at the maximum achievable rating,
six notches above the sovereign IDR.

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated with increasing levels of delinquencies and
defaults that could reduce CE available to the notes. Additionally,
unanticipated declines in recoveries could also result in lower net
proceeds, which may make certain notes susceptible to negative
rating action depending on the extent of the decline in recoveries.
Fitch conducts sensitivity analyses by stressing the transactions'
base-case weighted average foreclosure frequency (WAFF) and
weighted average recovery rate (WARR) assumptions, with a 15%
increase and a 15% decrease, respectively. The results indicate up
to four notches of rating impact.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
TDA 29's class A and B notes and TDA 30's class A notes are rated
at the highest level on Fitch's scale and cannot be upgraded.

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the WAFF of 15% and an increase in the WARR
of 15%. The results indicate up to one notch of rating impact.

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

TDA 30, FTA has an ESG Relevance Score of '5' for Transaction
Parties & Operational Risk due to Transaction Parties & Operational
Risk as the hedge provider is not in line with the contractually
defined minimum eligibility triggers and transaction parties have
confirmed no restructuring or remedial actions will be implemented,
which has a negative impact on the credit profile, and is highly
relevant to the rating.

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



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

GARRETT MOTION: Fitch Gives 'BB-(EXP)' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Garrett Motion, Inc. an expected
Long-Term Issuer Default Rating (IDR) of 'BB-(EXP)'. The Outlook is
Stable. Simultaneously, Fitch has assigned Garrett's senior secured
liabilities an instrument rating of 'BB+(EXP)' /RR2, including the
planned USD700 million 2030 add-on term loan B (TLB).

Final ratings are contingent upon the receipt of final
documentation conforming materially to information already
received.

The ratings reflect Garrett's business profile as a niche,
medium-sized auto supplier, designing and manufacturing
turbochargers, a core component of engines that help reduce
emissions. Fitch considers Garrett's product portfolio to be more
focused than higher rated peers, and it is more exposed to
electrification transition, with over 65% of component sales
derived from internal combustion engine (ICE) cars.

This risk is mitigated by Garrett's strong profitability, and
strong free cash flow (FCF) generation supported by the elimination
of preferred shares, which provides sufficient internal funds for
deleveraging and portfolio transition towards electrification.
Nevertheless, faster than expected battery electric vehicle
portfolio transition of original equipment manufacturers (OEM)
remains a risk factor that could significantly impact its volume
and profitability assumptions.

KEY RATING DRIVERS

Strong Profitability: Fitch forecasts Garrett's EBITDA margin to be
around 15-16% for 2023-26, driven by slightly increasing volumes in
all segments, including commercial vehicles and passenger cars.
This is despite its expectations of continued consumer weakness
coupled with inflationary, non-raw material related cost pressures,
including wages and logistics.

The company's relatively low and flexible cost structure, along
with pass-through clauses in its contracts, continue to drive
margins that are amongst the highest in its auto supplier
portfolio. This contributes to Garrett's consistently positive
annual FCF on an adjusted basis and provides it with significant
financial flexibility.

Cash-flow Generation Significantly Improves: Fitch expects Garrett
to generate strong FCF margins of around 4% in the forecast period,
which is higher than its investment-grade-rated peers, and the 'a'
rating median of 3% in the auto supplier navigator. This is in line
with Garrett's historical adjusted FCF generation of around 4-8%
through previous cycles.

Non-adjusted FCF has been significantly lower due to Chapter 11
expenses and former liabilities paid to Honeywell under its
indemnification agreement. Once Garrett is clear of these costs,
and without USD100 million payments made to preferred A
shareholders, which Fitch treated as operational cash outflows, the
issuer has sufficient operational cash generation for rapid debt
repayment.

Deleveraging Capacity: Since emerging from bankruptcy in 2021,
Garrett has significantly improved its leverage profile. All of the
company's outstanding pre-emergence indebtedness under its credit
facilities has been cancelled and replaced with a less-intensive
capital structure, which will be further simplified with the
cancellation of preferred shares. Following the conversion of
preferred A shares to common stock, and the issuance of the new
TLB, Fitch calculates that Garrett's EBITDA net leverage will be
around 3.5x, which Fitch expects to come down to 2.5x at end-2025.
This is broadly in line with its 'bb' rating median of 2x.

Combustion Engine Concentration Risks: The risk of lost revenue and
earnings stemming from faster than expected growth of electric
vehicles poses a risk for Garrett's financial performance. Garrett
is expecting to increase its zero emission revenues to USD1 billion
by 2030, providing fuel cell, E-powertrain and E-cooling solutions
to OEMs.

Sales to hybrid technologies and the different electrification ramp
up speed in emerging geographies will provide some buffer, but
transition risk and portfolio exposure are major rating
constraints. However, Fitch believes that this risk will not dampen
Garrett's ability to pay down debt, as management has visibility
regarding its orders for different engine types in the medium
term.

Conservative Capital Allocation Policy: In line with management's
guidance, Fitch expects operational cash generation to be diverted
into deleveraging and additional organic investments into
operational needs. In its forecasts, Fitch does not have
shareholder returns beyond the approved USD250 million buyback
programme until 2025, where the Fitch forecast case achieves
management's planned capital structure.

Fitch believes the risk of excessive shareholder returns will
decrease as major shareholders holdings and board representation
are reduced with the conversion. Nevertheless, it remains a risk as
some concentration remains in the shareholding structure.
Shareholder-friendly policies that leads to a deviation from its
forecasted deleveraging path could drive negative rating action.

Leading Market Position: Garett is a global leader in the USD10
billion turbocharger industry with an estimated market share of
around 30%. With a new business win rate of greater than 50%,
Garrett has placed itself into the number one or number two
position across all of its core business verticals. Fitch expects
Garett's differentiated technology in the core light vehicle and
commercial vehicle verticals to drive robust sales growth of around
4% in the medium term, as the company increases penetration on its
hybrid electrical vehicle programmes and global light vehicle
production ramps up.

Diversified Business: As a core component manufacturer for engines,
Garrett is well positioned within the auto value chain, and has
good long-term relationships with most global OEMs with no major
concentration on a single manufacturer. The product portfolio has
come concentration to ICE, but is focused on higher value-added
powertrain technologies related to vehicles motive power. This is
evidenced by profitability margins that are significantly higher
than other core component manufacturers in its portfolio.

Garrett's geographic diversification matches other European auto
suppliers, witnessed by a slightly higher exposure to the European
(48% of revenues) and Asia (31% of revenues) market. This is a
function of proximity to OEM production, and is not a business
profile weakness.

DERIVATION SUMMARY

Relative to certain automotive technology suppliers, such as Aptiv
PLC (BBB/Stable) or Visteon Corporation, which are increasingly
focused on in-car advanced technologies, Garrett is almost entirely
dedicated to technologies related to vehicles' motive power. It is
at the smaller end of the size scale, with about one-third the
revenue of its largest competitor, BorgWarner, Inc. (BBB+/Stable),
and less than one-tenth the revenue of others such as Continental
AG (BBB/Stable). Garrett's product portfolio is somewhat similar,
but less diversified than its close peer BorgWarner,
Inc.(BBB+/Stable), and sales volumes are more exposed to
electrification transition compared with core component
manufacturers like CIE Auto and Gestamp.

Nevertheless, driven by its focus on high value-added products and
low-cost base, Garrett has one of the strongest EBITDA and FCF
metrics in its auto supplier portfolio, that matches the 'a' rating
median in its navigator. Garrett's pro-forma capital structure,
following the issuance of the new TLB, will be weak for the
assigned rating. Its expected EBITDA/net leverage metric of 3.5x
will be higher than 'bb' rated peers and match the 'b' rating
median in its navigator. Nevertheless, on the back of strong FCF
generation Fitch expects Garrett to deleverage rapidly within the
next two years to levels commensurate with the rating and 'bb'
rated peers.

KEY ASSUMPTIONS

- Topline growth by low to medium single digit, driven by turbo
charger penetration and new product ramp-up

- EBITDA margin gradually trending toward 16% by 2026

- Partial working capital reversal in 2023 followed by modest
outflows to support revenue increase

- Capex between 2.4%-3.0% over forecast horizon

- Voluntary TLB repayment of USD200 million for 2023 and USD100
million for 2024

- Successfully placement of TLB USD700 million

- Full redemption of series A preferred shares

- Share repurchase spends totaling USD140 million over 2024-2026,
no dividend distribution

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- Successful portfolio transition to electrification products while
maintaining a strong financial profile

- EBITDA leverage below 2x on a sustained basis

- Net EBITDA leverage below 1.5x on a sustained basis

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- EBITDA margin below 12% on a sustained basis

- FCF margin below 2.5% on a sustained basis

- Failure to reduce EBITDA gross leverage below 3.0x, and EBITDA
net leverage below 2.5x by end 2025

- EBITDA interest coverage lower than 3.0x

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity: Garrett concluded 2022 with approximately USD250
million cash on balance and the USD475 million revolving credit
facility (RCF) remains untapped. The RCF has been upsized and the
maturity extended to 2028 from 2026. Fitch considers this liquidity
to be more than sufficient to sustain the intra-year working
capital swings. With supply chain constraints easing and inflation
slowing, Fitchs expect a partial working capital reversal in 2023,
mainly from inventory destocking. Its forecast of solid FCF
generation over the rating horizon further supports Garret's daily
operations. In addition, the company has access to a factoring
programme to fund its receivables. At end-December 2022, the
utilisation was around USD5 million.

Distant Bullet Debt Structure: Garrett has a distant bullet capital
maturity profile and does not have material maturity over the
rating horizon. The post-placement debt comprises three term loan
facilities, with two older tranches of USD706 million and EUR450
million, and the new issue totaling USD700 million. The old two
facilities are due in 2028, and the new one in 2030.

Fitch expects FCF generation to improve after eliminating series A
preferred shares, which accrue at a dividend yield at 11% annually,
equivalent to around USD120 million cash pay-out per year. Fitch
believes the simplified capital structure will positively impact
operational performance and good cash flow generation will allow
Garrett to delever fairly quickly.

ISSUER PROFILE

Spun-off from Honeywell in 2018, Garrett is a global automotive
supplier. It designs, manufactures and sells highly engineered
turbocharger and electric-boosting technologies for light and
commercial vehicle OEMs and the global vehicle independent
aftermarket as well as automotive software solutions.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating                     Recovery  

   -----------               ------                     --------  

Garrett Motion, Inc.   LT IDR BB-(EXP) Expected Rating

Garrett Motion
Holdings Inc.

   senior secured      LT     BB+(EXP) Expected Rating    RR2

Garrett LX I
S.a r.l.

   senior secured      LT     BB+(EXP) Expected Rating    RR2



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

MARINE AND PROPERTY: Goes Into Administration, Business as Usual
----------------------------------------------------------------
John Thorne at West Somerset Free Press reports that boat owners in
West Somerset were this week given the shock news that Watchet
Marina's holding company The Marine and Property Group Ltd (MPG)
has gone into administration.

Damian Webb and Chris Lewis, of audit, tax, and consulting adviser
RSM UK, have been appointed as administrators of the company, West
Somerset Free Press relates.

The company is part of The Marine Group, a complex web of firms run
by Switzerland-domiciled Danish national Christopher Odling-Smee.

A letter sent this week to boat owners using Watchet Marina said
the latest administration affected only MPG, West Somerset Free
Press states.

According to West Somerset Free Press, it said: "All other group
companies are unaffected by the administration and should to
continue to trade as normal.

"The administration has been put in place at the holding group
level to assist in the on-going refinancing of the group as
previously outlined by the director.

"The other companies within the group are unaffected and it remains
business as usual for the marinas.

"There is no change to berthing contracts or related services."

Two MPG directors, Drew McDonald and Kerry McDonald, resigned their
positions on March 31, leaving Mr Odling-Smee as the sole director
and company secretary, West Somerset Free Press discloses.

In the last accounts available at Companies House, MPG said for the
year ended December 31, 2021, it made a profit of GBP4.342 million
on a turnover of GBP7.887 million, West Somerset Free Press notes.


P&O FERRIES: Confident of Avoiding Fine Over Mass Layoffs
---------------------------------------------------------
Neil Lancefield at PA Transport reports that P&O Ferries is
confident of avoiding a fine for sacking nearly 800 seafarers
without notice.

According to PA Transport, the annual report of the DP World-owned
ferry operator, seen by the PA news agency, said its directors
think an ongoing inquiry by the Insolvency Service will not result
in any punishment.

Some 786 of the company's workers were made redundant without
consultation on March 17 2022, leading to widespread criticism from
politicians and trade unions, PA Transport recounts.

They were replaced by cheaper agency staff, PA Transport notes.

A criminal investigation into what happened did not result in a
prosecution, PA Transport relays.

According to PA Transport, in relation to the ongoing civil
inquiry, P&O Ferries' annual report said: "The Insolvency Service
would need to show that any action it proposed to take was in the
public interest and just and equitable.

"The directors consider that it will not be able to demonstrate
this and consequentially there is a less than remote possibility of
a related economic outflow in relation to any such action."

This means the company does not think a provision for the
investigation is needed in its accounts, notes the report.

All affected employees were "compensated in full" for the lack of
consultation, the document said, leading to enhanced redundancy
packages costing a total of GBP36.5 million, PA Transport notes.

There was a "further impact" from the redundancies in the time it
took for ships to return to service due to familiarisation
requirements for the new crews and safety checks, PA Transport
notes.

The operator's financial results for 2021 -- before the mass
sackings occurred -- show its pre-tax losses trebled to GBP374.5
million, from GBP103.3 million the previous year, PA Transport
discloses.

The annual report, as cited by PA Transport, said: "The directors
recognise that the actions taken in March 2022 were perceived
negatively by sections of the national media and political
leaders.

"The directors maintain that the actions taken were necessary for
the long-term financial health of the business and that public
sentiment will gradually recover towards the business as it
continues to operate in a transparent and compliant manner."

It said the company's directors believe the company "will have
sufficient funds to continue to meet its liabilities".

But the document acknowledges there is "a material uncertainty that
may cast significant doubt on the group's and company's ability to
continue as a going concern".

This is partly due to a dependence on the availability of
"sufficient debt facilities", according to PA Transport.


RIVERSIDE STUDIOS: Put Up for Sale Following Administration
-----------------------------------------------------------
Alex Wood at WhatsOnStage reports that famous west London venue
Riverside Studios has been put up for sale, it has been announced.

Though the venue continues to present productions and house TV
recordings, operator Riverside Trust entered administration last
month citing a huge increase in energy costs following a major
refurbishment, WhatsOnStage relates.

The venue housed the UK premiere of Disney's Winnie the Pooh
musical, as well as hit show Operation Mincemeat ahead of its West
End transfer.

According to WhatsOnStage, a spokesperson for Savills, who are
overseeing the sale, said: "With the scarcity of this type of
opportunity and the incredibly high barriers of entry, we expect
there will be significant and diverse demand in the market place
from both potential occupiers and investors."


YES RECYCLING: Ecosurety Seeks to Recover Debts
-----------------------------------------------
Mark Smulian at MRW reports that compliance scheme Ecosurety is
trying to recover debts for some of its members after Yes Recycling
(Fife) entered administration this week.

The plant in Fife was intended to handle hard-to-recycle plastics
and had also attracted investment from supermarket Morrisons and
food producer Nestle, among others, MRW discloses.

It had been financed in part by Ecosurety through the forward sale
of packaging recovery notes (PRNs), MRW states.

According to MRW, an Ecosurety statement said: "We are deeply
saddened by the news of Yes Recycling (Fife) entering
administration, especially as the UK desperately needs more
recycling infrastructure to process our waste nationally.

"Ecosurety has facilitated the development of this soft plastics
recycling plant by acting as a security agent between Yes Recycling
and some of our members.  As part of this role, we are currently
working closely with the administrator Grant Thornton to secure
outstanding debts on behalf of these members.

"We hope the Fife plant will find a suitable buyer very quickly, so
that its activities can resume and reach its potential of 15,000
tonnes of post-consumer plastic packaging recycled per year."

Morrisons, as cited by MRW, said in its most recent financial
statement last October that in July 2022 it increased its share in
Yes Recycling (Fife) to 50% of the share capital. The other half
appears from Companies House to be held by directors Omer Kutluoglu
and Turul Taskent.

"Yes Recycling (Fife) is a joint venture in which we first invested
in November 2021. The plant planned to take hard-to-recycle
plastics such as crisp packets, sweet wrappers and film lids and
convert them into materials that can be sold to the manufacturing,
construction and DIY industries," MRW quotes a Morrisons statement
as saying.

"However, the plant encountered a number of significant operational
issues which meant that the cash burn was significantly ahead of
projections.  In recent weeks the business has urgently sought
alternative additional funding which was very regrettably
unsuccessful.  

"We recently learned that the lending bank has placed the business
into administration.  We will of course assist the administrator in
any way we can in the coming weeks."




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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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

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

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

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

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

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


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