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

                          E U R O P E

          Thursday, May 18, 2023, Vol. 24, No. 100

                           Headlines



A R M E N I A

EVOCABANK CJSC: Fitch Assigns 'B' LT Foreign Currency IDR


C Y P R U S

KLPP INSURANCE: S&P Affirms 'BB+' LongTerm Issuer Credit Rating


F R A N C E

SPIE SA: Fitch Hikes Issuer Default Rating to 'BB+', Outlook Stable


G E R M A N Y

SC GERMANY 2022-1: Fitch Lowers Class F Debt Rating to 'CCCsf'
SCUR-ALPHA 1503: Fitch Assigns 'B' Final LongTerm IDR, Outlook Pos.


I R E L A N D

DILOSK RMBS 6: DBRS Finalizes BB(high) Rating on Class E Notes


I T A L Y

LEVITICUS SPV: DBRS Cuts Class A Notes Rating to BB(low)


N E T H E R L A N D S

SCHOELLER PACKAGING: Fitch Lowers LongTerm IDR to 'CCC+'


R O M A N I A

LIBRA INTERNET: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


S W E D E N

UNIQUE BIDCO: Fitch Lowers Rating on Secured Debt to 'B+'


U N I T E D   K I N G D O M

888 HOLDINGS: S&P Affirms 'B' ICR, Off Watch Negative
AZURE FINANCE 3: DBRS Finalizes BB Rating on Class E Notes
CASTELL PLC 2023-1: DBRS Finalizes BB(high) Rating on Class X Notes
CASTELL PLC 2023-1: DBRS Gives Prov. BB(high) Rating on 3 Tranches
ELIZABETH FINANCE 2018: DBRS Confirms C Rating on Class E Notes

EVERTON: At Risk of Going Into Administration Amid Legal Dispute
GINKGO SALES 2022: DBRS Confirms BB Rating on Class E Notes
MARINE & PROPERTY: Enters Administration Amid Refinancing
PALACE REVIVE: Goes Into Administration
PULSEROLL: Enters Into Creditors' Voluntary Liquidation

TILLERY VALLEY: Enters Administration, Nearly 230 Jobs Affected
[*] UK: England and Wales Company Insolvencies Down 15% in April

                           - - - - -


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A R M E N I A
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EVOCABANK CJSC: Fitch Assigns 'B' LT Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has assigned CJSC Evocabank (Evoca) a Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'B' with a Positive
Outlook and a Viability Rating (VR) of 'b'.

KEY RATING DRIVERS

IDR Captures Intrinsic Strength: Evoca's Long-Term Foreign-Currency
IDR is underpinned by the bank's intrinsic credit strength, as
measured by its VR. The bank's narrow but fast-growing franchise
(4% of system loans at end-2022), above-average loan dollarisation
and historically modest profitability are balanced by high capital
ratios boosted by recent one-off gains and ample liquidity. The 'b'
VR has been assigned below the 'b+' implied score due to a negative
adjustment for business profile.

Positive Outlook: The Positive Outlook on Evoca's IDR reflects
Fitch's view of the country's buoyant economic growth,
strengthening sovereign credit profile and improving external
finances. These factors may favour the banking sector's operating
environment and Evoca's key credit metrics. Fitch estimates GDP
growth at a high 11.6% in 2022 on the back of the influx of
immigrants (mainly from Russia) and their respective money
transfers, and forecasts further growth of 6.1% in 2023 and 4.7% in
2024.

Massive Growth in Business Volumes: Evoca became one of the main
beneficiaries of the increased inflow of individuals and associated
money transfers to Armenia in 2022. Gross revenues rose by 5x
(sector average: 2x), while customer accounts by 50% in 2022
(sector average: 28%). This is mainly due to below-market pricing
of foreign-exchange services but also established relations with
correspondent banks in international money transfers and
client-oriented digital solutions.

High Growth, Above-Average Dollarisation: Above-market loan growth
for a sustained period (CAGR of 23% in 2016-2022) and high loan
dollarisation (49% of loans at end-1Q23) reflect Evoca's weaker
than peers' risk profile. The bank also plans to rapidly expand
into higher-risk consumer finance segment, albeit from a low base,
through digital channels. Fast loan growth in the past also
increases loan portfolio seasoning risks.

Moderate Impairment: Impaired loans ratio increased to a still
moderate 3% at end-1Q23 from a low 1% at end-2021, while Stage 2
loans ratio was 2%. Net Stage 3 and 2 loans combined made up a
manageable 10% of Fitch Core Capital (FCC) at end-1Q23. Despite low
IFRS 9 ratios, Fitch views asset quality as vulnerable due to
significant exposure to risky SME and consumer segments (equal to
around 37%of total loans), although in the near-term asset quality
may benefit from the favourable environment. Fitch also notes that
a sizeable 35% of loans is lower-risk mortgages.

Improving Earnings Trend: Evoca's operating profit has historically
been modest at 1% of risk-weighted assets (RWAs) in 2017-2021,
dragged down by low business volumes and below-average operating
efficiency. Performance dramatically improved to an exceptionally
strong 12% of RWAs in 2022, driven by huge one-off incomes mainly
earned on currency conversion operations and transaction banking.
Fitch expects the bank's performance to significantly moderate in
2023, but remain above the historical average (the annualised
operating profit/RWA ratio was a still high 6.4% in 1Q23).

Wide Capital Buffers: FCC ratio increased sharply up to 19% at
end-1Q23 (end-2021: 12%) mainly due to exceptional internal capital
generation in 2022. Fitch expects capital buffers to moderate to
around 15% within a few years due to high growth and dividend
distributions.

Ample Liquidity: Evoca is primarily funded by customer, mainly
retail, accounts (76% of liabilities at end-1Q23). The
loans/deposits ratio of 76% was below the sector average of 86%,
reflecting the bank's strong liquidity position. Evoca's liquid
assets covered a comfortable 52% of customer accounts. Wholesale
funding made up a moderate 18% of liabilities and mainly consisted
of borrowings from international financial institutions and
domestic debt.

Extraordinary Support Unlikely: Evoca's 'no support' (ns)
Government Support Rating (GSR) reflects Fitch's view that the
Armenian authorities have limited financial flexibility to provide
extraordinary support to banks, if necessary, due to the banking
sector's large foreign-currency liabilities relative to the
country's international reserves. In addition, Evoca is unlikely to
receive state support due to its limited systemic importance.

RATING SENSITIVITIES

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

The Outlook on the bank's rating would be revised to Stable if the
Outlook on Armenia's 'B+' IDR was revised to Stable. Fitch would
also revise Evoca's Outlook to Stable if Fitch takes a view that
the recent improvements in credit metrics, particularly in respect
to profitability and capitalisation, are not sustainable, and Fitch
believes there have not been material improvements in the operating
environment for the country's banks. The Outlook may be also
revised to Stable in case of a material asset quality deterioration
driven by opportunistic growth in risky segments.

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

An upgrade of Evoca's ratings would require a sovereign upgrade and
an improvement in the Armenian operating environment. In addition,
an upgrade would require a more established business model and
somewhat stronger and more diversified franchise. This should be
combined with solid financial metrics, namely the FCC ratio
maintained at above 15% and operating profit to RWA at above 2% on
a sustained basis.

VR ADJUSTMENTS

The operating environment score of 'b+' has been assigned below the
'bb' category implied score due to the following adjustment reason:
sovereign rating (negative).

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        
   -----------                     ------        
CJSC Evocabank   LT IDR              B    New Rating
                 ST IDR              B    New Rating
                 Viability           b    New Rating
                 Government Support  ns   New Rating




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C Y P R U S
===========

KLPP INSURANCE: S&P Affirms 'BB+' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit and
financial strength ratings on Cyprus-based insurance company KLPP
Insurance and Reinsurance Co. Ltd. (KLPP). The outlook remains
negative.

During the only short collaboration with the new audit firm, KLPP
has taken measures and outlined clear steps to resolve the
qualified opinions by year-end 2023. S&P said, "If KLPP does not
resolve the qualified opinions by then, we may revise down our
governance assessment to moderately negative from neutral. We
believe that the magnitude of the outstanding qualified opinions
will not hamper KLPP's strong financial risk profile. In our view,
KLPP's governance is adequate for its size and risk profile. The
company is compliant with Solvency II regulation and has sufficient
underwriting and investment risk controls. We expect
risk-management practices will evolve as the company increases in
size, geographical spread, and complexity of assumed risks. We
understand that KLPP's previous statutory auditor resigned from the
contractual relationship in November 2022 as a general business
decision. The company has since signed a new contract with another
top-10 audit firm. KLPP's annual report for year-end 2022 still
includes qualified opinions regarding a loan to a subsidiary, and
two further qualified opinions on the appropriate assessment on a
promissory note and on investment securities measured at fair value
through profit or loss due to difficulties in valuing less active
Russia-related Eurobonds."

KLPP continues to expand its franchise in the international
insurance and reinsurance sector. By leveraging its relationships
with key brokers, KLPP wrote about $23.6 million of business (gross
written premiums) in 2022 compared with $20.8 million in 2021. S&P
said, "We think KLPP has made progress in fostering relationships
with customers and demonstrated its willingness to invest in
underwriting capabilities and regional representation. In our view,
KLPP remains committed to maintaining strict underwriting
guidelines and recorded profitable business growth in 2022 in its
largest line of business, surety."

However, KLPP's franchise remains in the development stage and it
has yet to demonstrate an ability to sustainably attract scale and
meaningful, profitable, and diversified business over a longer
period.

S&P said, "KLPP reported a net loss of $13.5 million for 2022,
mainly driven by a fair value loss on investments of $17 million,
which we understand was full recovered during first-quarter 2023
due to assets coming closer to maturity and higher market
liquidity. The net result turned positive in first-quarter 2023, to
$0.9 million, based on a fair value gain on investments of $1.3
million. Despite the net loss in 2022, KLPP continues to hold
significant capital buffers above the 'AAA' confidence level. We
assume its capital will remain a key rating strength over 2023-2025
based on its S&P Global Ratings capital adequacy and regulatory
solvency, with a Solvency II ratio of 735% at year-end 2022.
However, uncertainties regarding its Russia-related assets could
bring additional volatility to KLPP's earnings compared with our
base case, until most are divested. That said, material impairments
and volatility from Russia-related investments (mainly receivables
in an affiliated company and Eurobonds) did not materialize in 2022
and first-quarter 2023. At year-end 2022, exposure to
Russia-related assets was about 21.5% of total assets. About 10% of
this exposure will mature in 2023, leaving about 12%, which will
gradually decline over the next four years and largely disappear
from the balance sheet by 2027, according to our base-case
scenario.

"The negative outlook reflects our view of potential adverse
implications for KLPP's governance assessment linked to qualified
audit opinions that we expect will be resolved during 2023. It also
reflects our view of potential capital and earnings volatility
stemming from KLPP's Russia-related asset exposure."

S&P could lower the ratings within the next 12 months if:

-- KLPP does not take satisfactory steps to resolve the existing
qualified opinion by year-end 2023 or if any new significant
governance-related issues emerge.

-- The company experiences significant earnings volatility
stemming from the Russia-related assets, especially if the
repayment of the receivables of Russian affiliates to KLPP is not
progressing.

-- S&P observes any material weakening of KLPP's competitive
position, as shown by a decrease in new business, including from
existing international customers and brokers.

S&P said, "We could revise the outlook to stable within the next 12
months if KLPP resolves the existing qualified audit opinions and
further reduces its asset exposure to Russia. We would also expect
the franchise to remain resilient and KLPP to achieve its planned
international expansion profitably, with capital and earnings
remaining in line with our assumptions. This includes significant
capital buffers above the 'AAA' level and only modest earnings
volatility."

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




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

SPIE SA: Fitch Hikes Issuer Default Rating to 'BB+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded technical services provider SPIE SA's
Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. The
Outlook is Stable. Fitch has also upgraded SPIE's senior unsecured
instrument rating to 'BB+' from 'BB'. The Recovery Rating remains
at 'RR4'.

The upgrade reflects an improvement in SPIE's financial structure
that sits comfortably at the high end of the 'BB' rating category.
SPIE's increased financial flexibility is underpinned by the recent
refinancing of its 2024 notes, gross debt reduction, and financial
discipline in leverage, profitability and free cash flow (FCF)
allocation. Fitch believes SPIE will prioritise investments in
sustainable business growth and maintain its leverage metrics in
line with its target over excessive shareholder distributions or
aggressive debt-financed acquisitions.

Fitch believes SPIE's high exposure to new investments into energy
transition, digitalisation, e-mobility and de-carbonation provides
the company with stable and recurring earnings generation that
support the Stable Outlook. The business profile remains reliant on
acquisitions to maintain its competitive advantage and strong
market position.

KEY RATING DRIVERS

Leverage Sustainably Improved: Fitch expects continuous improvement
in EBITDA gross leverage at 3.3x in 2023 and a further decrease to
2026, well below a peak of 5.6x in 2020 and in line with
expectations for the higher rating. While net leverage metrics at
1.6x-1.2x in 2023-2024 support an investment-grade rating, SPIE is
highly acquisitive and has sufficient leverage headroom to fund
expansion. Fitch views a larger acquisition (above EUR450 million
accretive revenue) is likely to be partly debt-funded. However,
Fitch believes a prudent M&A policy on EBITDA-accretive targets and
SPIE's net leverage commitment support the financial structure.

Focus on Financial Policy: Fitch views SPIE's financial policy as a
driver of the higher rating. This is supported by the recent
repayment of EUR200 million from internal cashflow, commitment to
maintain net leverage below 2x (even in the case of a debt-funded
acquisition), an EBITA margin target of 6.7% by 2025 and a stable
dividend policy at 40% of adjusted net income (all
company-defined). Fitch expects balanced cash allocation between
(in)organic business growth and shareholder distributions over
2023-2026.

Strong Cash Generation: Fitch forecasts FCF margins at over 2.5% in
the medium term. It is supported by minimal working-capital
changes, an asset-light business profile and stable dividend
payout. Fitch expects SPIE to allocate excess cash flow partly to
bolt-on acquisitions and dividends while retaining a fairly high
cash balance over the forecast period. Fitch does not assume debt
repayment or share buyback programmes.

Resilient Performance through Cycle: SPIE's business model has
demonstrated its resilience during the pandemic in 2020 and the
inflation spike in 2022. Demand for the company's services has
accelerated due to a stronger focus on the shift in energy mix in
Europe. SPIE generates more than 50% of its revenue from recurring
service contracts.. Its short-term contract structure, pricing
mechanism, tight cost control and the disposal of its least
profitable UK mobile business allow for profitability improvement
despite growing inflation.

Ongoing Acquisitions: Fitch expects SPIE to remain acquisitive,
with a number of bolt-on acquisitions each year. Acquisitions
expand its service offering in cyber security and IT
infrastructure, robotics, electrical and automation technologies as
well as maintenance services. Fitch assumes an average 6.5x EBITA
acquisition multiple.

Fitch anticipates that acquisitions will fit into SPIE's long-term
strategy of enhancing its local presence and consolidating its
leadership positions in its key markets. Execution risk is moderate
given that SPIE has made more than 140 acquisitions since 2006
while continuing to see profitability improvement in a
decentralised organisational framework.

Moderate Geographical Diversification: SPIE is the European leader
in technical services with a strong presence in France, it being
the largest single country generating around 35% of revenue, and in
Germany and central Europe, with another 35% of revenue. Despite
the European focus, the company's diversification benefits from a
number of end-markets and low customer concentration risk as no
customer contributes more than 10% revenue while the top 10
customers generate around 17%.

DERIVATION SUMMARY

Good scale and market positions, adequate geographical and
end-market diversification, and a strong base of diverse,
high-profile customers support SPIE's ratings. These factors are
adequate for the 'BB' rating category and exceed that of smaller
peers that are more focused on one service, end-market or single
country such as France-based Circet Europe SAS (B+/Positive)
operating mainly in the home country and Sweden-based Polygon Group
AB (B/Negative), which is concentrated on insurance companies.
However, SPIE has some exposure to cyclical end-markets, such as
oil and gas, which comprise 3% of the business.

Customer diversification is strong, as the group's 10 largest
clients account for around 17% of sales and many of its customers
are large multinationals. This compares well with direct peers that
offer technical infrastructure and engineering services such as
Sweden-based Sweco AB, but generate significant revenue streams
from their largest customers. SPIE has an acquisitive growth
strategy like many of its peers that operate in fragmented
industries such as Sweco, Circet and Polygon.

The group's leverage is commensurate with a 'BB' rating category.
SPIE's EBITDA gross and net leverage ratios at 3.3x (and below) and
1.6x (and below), respectively, over the forecast period are
stronger than Circet's 4.4x (and below) and 3.9x (and below),
respectively.

KEY ASSUMPTIONS

- Mid-single-digit growth in sales to 2025, supported by organic
growth and acquisitions

- EBITDA margin improving to around 7% over the next four years

- Capex at 0.9% of sales

- Dividends around EUR120 million-EUR140 million a year over the
next four years

- Acquisitions of around EUR90 million a year

- Refinancing of the EUR600 million 2026 notes

RATING SENSITIVITIES

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

- EBITDA above EUR750 million

- EBITDA gross leverage below 2.5x

- EBITDA net leverage below 1.5x

- FCF margin above 3% on a sustained basis

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

- EBITDA margin below 6%

- EBITDA gross leverage above 3.5x

- Aggressive shareholders distribution or debt-funded acquisitions
leading to EBITDA net leverage above 2.5x

- FCF margin below 2%

- Increased onboarding risk from acquisitions resulting in weaker
profitability

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: At end-2022, SPIE's available liquidity sources
were composed of a Fitch-adjusted EUR1.17 billion cash balance and
an EUR600 million undrawn revolving credit facility (RCF) due in
2027. Fitch forecasts an FCF margin of 2.4% in 2023, improving to
around 2.7% until the end of the rating horizon. This is supported
by low capex and well-managed working capital, which are partially
offset by dividend distributions. Fitch views the current M&A
strategy based on small bolt-on acquisitions as neutral to SPIE's
liquidity position.

No Immediate Large Maturities: SPIE has no significant maturities
until 2026 when its EUR600 million notes are due. Fitch believes
healthy credit metrics will support the refinancing process as
demonstrated in January 2023 when SPIE issued EUR400 million 2%
convertible notes to refinance its EUR600 million 3.125% notes.
Fitch believes its receivables securitisation programme of EUR450
million, due in June 2023, will be rolled over.

ISSUER PROFILE

SPIE is a leading business services provider with multi-technical
services including mechanical, electrical, information &
communications services and technologies, technical facility
management and energy transmission and distribution services.

ESG CONSIDERATIONS

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

   Entity/Debt          Rating        Recovery   Prior
   -----------          ------        --------   -----
SPIE SA          LT IDR BB+  Upgrade                BB

   senior
   unsecured     LT     BB+  Upgrade     RR4        BB




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

SC GERMANY 2022-1: Fitch Lowers Class F Debt Rating to 'CCCsf'
--------------------------------------------------------------
Fitch Ratings has affirmed SC Germany S.A., Compartment Consumer
2020-1 (SCGC 2021) and SC Germany S.A., Compartment Consumer 2021-1
(SCGC 2021). Fitch has also downgraded SC Germany S.A., Compartment
Consumer 2022-1's (SCGC 2022) class F notes to 'CCCsf' from 'B-sf'
and affirmed the other notes. Fitch has revised the Outlook on the
class D and E notes to Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
SC Germany S.A.,
Compartment
Consumer 2022-1

   Class A XS2482884850     LT AAAsf   Affirmed     AAAsf
   Class B XS2482885071     LT AA-sf   Affirmed     AA-sf
   Class C XS2482886046     LT Asf     Affirmed     Asf
   Class D XS2482886475     LT BBBsf   Affirmed     BBBsf
   Class E XS2482886558     LT BBsf    Affirmed     BBsf
   Class F XS2482886632     LT CCCsf   Downgrade    B-sf

SC Germany S.A.,
Compartment
Consumer 2021-1

   Class A XS2398387071     LT AAAsf   Affirmed    AAAsf
   Class B XS2398387741     LT AA+sf   Affirmed    AA+sf
   Class C XS2398388129     LT Asf     Affirmed    Asf
   Class D XS2398388632     LT BBBsf   Affirmed    BBBsf
   Class E XS2398388715     LT BBB-sf  Affirmed    BBB-sf
   Class F XS2398389010     LT BBB-sf  Affirmed    BBB-sf

SC Germany S.A.,
Compartment
Consumer 2020-1
  
   A XS2239090785          LT AAAsf   Affirmed    AAAsf
   B XS2239091320          LT AAsf    Affirmed    AAsf
   C XS2239091593          LT A+sf    Affirmed    A+sf
   D XS2239091759          LT BBB+sf  Affirmed    BBB+sf
   E XS2239091833          LT BBB-sf  Affirmed    BBB-sf
   F XS2239091916          LT BB+sf   Affirmed    BB+sf

TRANSACTION SUMMARY

The transactions are securitisations of unsecured consumer loans
originated by Santander Consumer Bank. The loans are granted almost
exclusively to employed borrowers. SCGC 2020 and SCGC 2021 are now
amortising pro-rata and SCGC 2022 is still revolving. The class F
notes in SCGC 2021 and 2022 can be paid down via excess spread in
the interest priority of payments.

KEY RATING DRIVERS

Performance Deteriorating Under Inflationary Pressure: Inflation in
Germany has been high since March 2022 and Fitch expects this to
continue during 2023. High defaults were observed in recent
reporting periods, in particular for SCGC 2022. High defaults in
pro rata structures tend to negatively impact the junior notes
since trigger breaches become more likely resulting in an earlier
switch to sequential amortisation. However, performance data is not
yet conclusive and loss expectations are unchanged.

Fitch tested for a moderate deterioration of performance from
current expectations and effects are limited. Fitch will continue
to closely monitor the performance. Since SCGC 2021 has started to
amortise, Fitch has lowered the 'AAA' default multiple from 4.75x
to 4.5x to remove the revolving period stress.

Diminishing Excess Spread: Excess spread has been reducing in all
three transactions as a result of high defaults. The liquidity
reserve in SCGC 2022 can already partially be used to cover
defaults, unlike in the other two transactions. In the last three
periods, excess spread was not sufficient to fully credit principal
deficiency ledgers (PDL), resulting in a drawing of the reserve
fund. The Negative Outlooks on SCGC 2022's class D and E notes are
driven by the diminishing excess spread combined with the risk of
an earlier switch to sequential note amortisation.

For SCGC 2022, excess spread was completely used to credit the PDL
and the class F notes were not amortised at all in the last three
periods, which is not in line with its expectations at closing. The
notes may not be repaid in full, and Fitch has downgraded them by
one notch to 'CCCsf'.

Counterparty Risks Addressed: SCGC 2020 and 2021 have fully funded
liquidity reserves. The target reserve amount of SCGC 2022 is at
2.2% of the outstanding class A to F notes' balance, with 1.7%
dedicated to liquidity and 0.5% available to credit PDLs. The total
reserve is now about 0.1pp below the target of 2.2% due to a
drawing on the part of reserve available to credit PDLs. The
reserves are sufficient to cover payment interruption risk for at
least three months, in line with its criteria.

The transactions also foresee funding of reserves to cover
commingling and set-off risks upon rating trigger breaches in line
with criteria. Replacement conditions for the servicer, account
bank and swap counterparty are adequately defined and relevant
ratings are in line with its criteria thresholds.

RATING SENSITIVITIES

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

The notes' ratings are highly sensitive to sequential amortisation
trigger breaches and default timings. Prolonged pro-rata
amortisation might negatively impact the senior notes especially in
a more back-loaded default scenario and high prepayments.

Conversely, an early switch to sequential amortisation negatively
influences junior notes since they amortise later.

A worsening labour market and persistent inflationary pressure
could add further stress on borrowers, which might result in higher
than expected defaults, negatively affecting the transaction's
performance. Lower than expected recoveries also have an additional
negative impact on the transaction's performance due to higher
transaction losses and lower available funds to clear PDLs.
Sensitivities to higher default rates and lower recoveries are
shown below.

SCGC 2020

Default rate increased by 10%

Class A: 'AA+sf'; Class B: 'A+sf'; Class C: 'Asf'; Class D:
'BBB+sf'; Class E: 'BBBsf'; Class F: 'BB+sf'

Default rate increased by 25%

Class A: 'AAsf'; Class B: 'A+sf'; Class C: 'A-sf'; Class D:
'BBB+sf'; Class E: 'BBB-sf'; Class F: 'BBsf'

Default rate increased by 50%

Class A: 'AA-sf'; Class B: 'Asf'; Class C: 'A-sf'; Class D:
'BBBsf'; Class E: 'BB+sf'; Class F: 'BB-sf'

Recovery rate decreased by 10%

Class A: 'AA+sf'; Class B: 'A+sf'; Class C: 'A+sf'; Class D:
'A-sf'; Class E: 'BBBsf'; Class F: 'BB+sf'

Recovery rate decreased by 25%

Class A: 'AA+sf'; Class B: 'A+sf'; Class C: 'A+sf'; Class D:
'A-sf'; Class E: 'BBBsf'; Class F: 'BB+sf'

Recovery rate decreased by 50%

Class A: 'AAsf'; Class B: 'Asf'; Class C: 'Asf'; Class D: 'A-sf';
Class E: 'BBB-sf'; Class F: 'BBsf'

Default rate increased by 10% and recovery rate decreased by 10%

Class A: 'AA+sf'; Class B: 'A+sf'; Class C: 'Asf'; Class D:
'BBB+sf'; Class E: 'BBBsf'; Class F: 'BB+sf'

Default rate increased by 25% and recovery rate decreased by 25%

Class A: 'AAsf'; Class B: 'A+sf'; Class C: 'A-sf'; Class D:
'BBBsf'; Class E: 'BB+sf'; Class F: 'BBsf'

Default rate increased by 50% and recovery rate decreased by 50%

Class A: 'AA-sf'; Class B: 'Asf'; Class C: 'BBB+sf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'BB-sf'

SCGC 2021

Default rate increased by 10%

Class A: 'AAAsf'; Class B: 'AA+sf'; Class C: 'A+sf'; Class D:
'BBB+sf'; Class E: 'BBB-sf'; Class F: 'BB+sf'

Default rate increased by 25%

Class A: 'AA+sf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BB+sf'; Class F: 'BBsf'

Default rate increased by 50%

Class A: 'AAsf'; ClassB: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BB+sf'; Class E: 'BBsf'; Class F: 'BB-sf'

Recovery rate decreased by 10%

Class A: 'AAAsf'; Class B: 'AA+sf'; Class C: 'A+sf'; Class D:
'BBB+sf'; Class E: 'BBBsf'; Class F: 'BBB-sf'

Recovery rate decreased by 25%

Class A: 'AAAsf'; Class B: 'AA+sf'; Class C: 'A+sf'; Class D:
'BBB+sf'; Class E: 'BBBsf'; Class F: 'BB+sf'

Recovery rate decreased by 50%

Class A: 'AAAsf'; Class B: 'AA+sf'; Class C: 'A+sf'; Class D:
'BBB+sf'; Class E: 'BBB-sf'; Class F: 'BB+sf'

Default rate increased by 10% and recovery rate decreased by 10%

Class A: 'AAAsf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BBB-sf'; Class F: 'BB+sf'

Default rate increased by 25% and recovery rate decreased by 25%

Class A: 'AA+sf'; Class B: 'AA-sf'; Class C: 'A-sf'; Class D:
'BBB-sf'; Class E: 'BB+sf'; Class F: 'BBsf'

Default rate increased by 50% and recovery rate decreased by 50%

Class A: 'AA-sf'; Class B: 'Asf'; Class C: 'BBBsf'; Class D:
'BBsf'; Class E: 'BB-sf'; Class F: 'Bsf'

SCGC 2022

Default rate increased by 10%

Class A: 'AA+sf'; Class B: 'AA-sf'; Class C: 'BBB+sf'; Class D:
'BBB-sf'; Class E: 'B+sf'; Class F: 'NRsf'

Default rate increased by 25%

Class A: 'AAsf'; Class B: 'A+sf'; Class C: 'BBBsf'; Class D:
'BB+sf'; Class E: 'Bsf'; Class F: 'NRsf'

Default rate increased by 50%

Class A: 'A+sf'; ClassB: 'A-sf'; Class C: 'BB+sf'; Class D: 'BBsf';
Class E: 'Bsf'; Class F: 'NRsf'

Recovery rate decreased by 10%

Class A: 'AA+sf'; Class B: 'AAsf'; Class C: 'BBB+sf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'CCCsf'

Recovery rate decreased by 25%

Class A: 'AA+sf'; Class B: 'AAsf'; Class C: 'BBB+sf'; Class D:
'BBB-sf'; Class E: 'BBsf'; Class F: 'NRsf'

Recovery rate decreased by 50%

Class A: 'AA+sf'; Class B: 'AAsf'; Class C: 'BBB+sf'; Class D:
'BBB-sf'; Class E: 'BB-sf'; Class F: 'NRsf'

Default rate increased by 10% and recovery rate decreased by 10%

Class A: 'AA+sf'; Class B: 'AA-sf'; Class C: 'BBB+sf'; Class D:
'BBB-sf'; Class E: 'B+sf'; Class F: 'NRsf'

Default rate increased by 25% and recovery rate decreased by 25%

Class A: 'AAsf'; Class B: 'Asf'; Class C: 'BBBsf'; Class D:
'BB+sf'; Class E: 'B-sf'; Class F: 'NRsf'

Default rate increased by 50% and recovery rate decreased by 50%

Class A: 'A+sf'; Class B: 'A-sf'; Class C: 'BB+sf'; Class D:
'BB-sf'; Class E: 'NRsf'; Class F: 'NRsf'

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

Early switch to sequential amortisation could benefit senior notes
in the transactions due to credit enhancement build up. Junior
notes benefit from longer pro rata amortisation.

The notes could also benefit from an improvement in the
macroeconomic outlook and stabilisation of inflation resulting in a
reduction in observed defaults. Lower transaction losses and higher
available funds resulting from higher than expected recoveries
would also be beneficial to the notes.

Rating sensitivities to 25% reduction in default rate and 25%
increase in recoveries are shown below:

SCGC 2020

Default rate decreased by 25% and recoveries increased by 25%

Class A: 'AAAsf'; Class B: 'AA+sf'; Class C: 'AA-sf'; Class D:
'A+sf'; Class E: 'A+sf'; Class F: 'A+sf'

SCGC 2021

Default rate decreased by 25% and recoveries increased by 25%

Class A: 'AAAsf'; Class B: 'AAAsf'; Class C: 'AA+sf'; Class D:
'A+sf'; Class E: 'Asf'; Class F: 'BBB+sf'

SCGC 2022

Default rate decreased by 25% and recoveries increased by 25%

Class A: 'AAAsf'; Class B: 'AAAsf'; Class C: 'A+sf'; Class D:
'A-sf'; Class E: 'BBB-sf'; Class F: 'BB-sf'

DATA ADEQUACY

SC Germany S.A., Compartment Consumer 2020-1

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.

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

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

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

SC Germany S.A., Compartment Consumer 2021-1, SC Germany S.A.,
Compartment Consumer 2022-1

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.

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.


SCUR-ALPHA 1503: Fitch Assigns 'B' Final LongTerm IDR, Outlook Pos.
-------------------------------------------------------------------
Fitch Ratings has assigned SCUR-Alpha 1503 GmbH (Envalior) a final
Long-Term Issuer Default Rating (IDR) of 'B' with a Positive
Outlook.

Fitch also assigned a final senior secured rating of 'B+' to the
new euro- and US dollar-denominated EUR2.9 billion-equivalent
seven-year term loan B (TLB) jointly raised by Envalior and
co-borrowers AI Montelena Bidco LLC (USA) and AI Montelena
(Netherlands) BV. The Recovery Rating is 'RR3'.

The IDR reflects high EBITDA gross leverage, which Fitch expects to
trend below 5.0x by 2026 from 6.9x in 2023 as the company delivers
synergies and benefits from growing demand from key automotive and
electronics sectors. Envalior has the scale and financial
flexibility to invest in new compounding capacity to capture market
growth. The rating also captures Envalior's robust business profile
as a top three global producer of polyamide with competitive
vertical integration and a meaningful offering of specialised
products.

The Positive Outlook reflects a clear deleveraging trajectory,
which could be accelerated on delivery of synergies ahead of its
base case.

KEY RATING DRIVERS

Global Polyamide Specialist: Envalior has critical mass as the
third-largest polyamide producer behind Celanese and BASF and a
strong global footprint, especially in Europe and Asia, with 18
plants. It benefits from well-invested assets of financially solid
chemical companies, a record of reliable supply, and long-lasting
customer relationships. Envalior's scale will enable investment in
innovative materials in addressing long-term trends.

High Opening Leverage: The JV that is Envalior was funded by
significant debt, mainly composed of a EUR2.9 billion equivalent
TLB with limited amortisation until maturity in seven years. Fitch
expects EBITDA growth to support a reduction of EBITDA gross
leverage to below 5x in 2026, assuming Envalior achieves about
two-thirds of its EUR150 million identified synergies.

Based on its forecasts of positive free cash flow (FCF) and no
acquisitions or dividends, Envalior would not need to incur any
meaningful incremental debt. Additional debt related to the
transaction in the form of payment-in kind (PIK) notes sits outside
the senior secured restricted group.

Automotive, Electronics Exposure: Envalior has strong positions in
the key end-markets of mobility, electrical and electronics (E&E).
This exposes the company to volume risk when these markets face
downturns, as in 2020 when automotive production fell. However,
this is mitigated by long-standing relationships with large
customers, given product specification in the production lines of
automotive or electronics producers.

Moreover, increased penetration of polyamide 6, Envalior's key
product, versus polyamide 66 has cushioned automotive weakness and
is not expected to reverse, given structural supply issues for
competing materials and product specification.

Growing Markets: Fitch expects Envalior's specialty and performance
materials volumes to grow in low-to-mid single digits annually,
driven by the recovery of automotive production, the continuation
of metal replacement by lightweight and heat resistant materials
such as polyamide, and increased capacity in compounds. Moreover,
increased demand for electronics, including within mobility for
charging infrastructure, will provide growth opportunities for
Envalior's products.

Presence Across Value Chain: Envalior benefits from
self-sufficiency in key polyamide feedstock caprolactam through a
plant that is among the most competitive in Europe and through an
existing long-term supply agreement with Fibrant. Envalior's
presence in the value chain extends to polyamide compounds and
specialty materials, which offer more stable margins in raw
materials than commoditised resins. Envalior's product offering is
narrower than BASF's or Celanese's, but about 20% of sales and a
greater portion of its contribution margin is derived from
high-performance specialty products with value-based pricing.

Specialisation Stabilises Margins: Fitch believes that Envalior's
strategy to increase its exposure to polyamide compounds and
specialty materials will enable the company to maintain more stable
margins given the differentiation of the products. Therefore, Fitch
expects increased compound capacity to result in gradual
improvement of its contribution margin per tonne. This will reduce
its exposure to volatility in raw material costs, which affected
margins in 2022, when the company was only able to pass on 70% of
its cost inflation.

DERIVATION SUMMARY

Compared with Nouryon Holding B.V. (B+/Stable), Envalior is
smaller, has weaker diversification and less stable cash flows due
to exposure to more volatile sectors. Fitch expects Nouryon's
leverage to be lower than Envalior's.

Compared with Nobian Holdings 2 B.V. (B/Stable), Envalior is
larger, more geographically diversified and positioned in sectors
with greater growth potential. However, Fitch expects Nobian's
leverage to be lower, and it benefits from strong barriers to entry
and contractual cost pass-through mechanisms for a large part of
its products.

Compared with Italmatch Chemicals S.p.A (B/Stable), Envalior is
significantly larger, has stronger vertical integration, a similar
end-market exposure and lower expected leverage. However, Italmatch
is more focused on specialty chemicals, which translates into lower
cash flow volatility.

Compared with Roehm Holding GmbH (B-/Rating Watch Negative),
Envalior has similar scale, end-market diversification and vertical
integration. However, Roehm faces greater execution risk through
the construction of its new plant, has more exposure to
commodity-price volatility, and higher leverage.

KEY ASSUMPTIONS

- Volumes CAGR of 4% in 2022-2026

- EBITDA margin on average at 16% in 2022-2026

- Capex of 3%-4% of sales to 2026

- No dividends or M&A

Recovery Analysis Assumption

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

Its GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation (EV).

The GC EBITDA of EUR400 million reflects a weak macro environment
negatively affecting volumes in key cyclical end markets such as
auto and E&E sectors, and a competitive environment driving prices
down.

Fitch uses a multiple of 5.0x to estimate a GC EV for Envalior
because of its leadership position and partial integration in the
value chain that translates into moderate volume and margin
volatility. It also captures the company's diversified business
profile and modest scale.

Fitch assumes other debt of EUR30 million to be structurally senior
and its revolving credit facility (RCF) to be fully drawn and to
rank pari passu with the senior secured term loans.

After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation (WGRC) for
the senior secured instruments in the 'RR3' band, indicating a 'B+'
final instrument rating. The WGRC output percentage on current
metrics and assumptions was 53%.

RATING SENSITIVITIES

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

- EBITDA gross leverage below 5x or FFO gross leverage below 6x on
a sustained basis

- EBITDA interest coverage above 2.5x on a sustained basis

- Achievement of cost savings in line with management's
expectations and continued positive FCF generation

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

- As the Outlook is Positive, Fitch does not expect negative rating
action, at least in the short term. However, if the company fails
to deleverage in line with the positive sensitivities Fitch would
revises the Outlook to Stable

- EBITDA gross leverage above 6.5x or FFO gross leverage above 7.5x
on a sustained basis would be negative for the rating.

- EBITDA interest coverage below 1.5x on a sustained basis

- Weakening pricing power negatively affecting margins at times of
raw material inflation

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Envalior benefits from an undrawn RCF of
EUR375 million. Moreover, Fitch expects the company to maintain
positive FCF and have limited debt amortisation in the coming four
years. Debt at the senior secured restricted group level is mainly
composed of EUR2.9 billion of TLB that matures in 2030 with only
minimal amortisation annually. The RCF matures six months before
the TLBs.

While finance documents restrict the payment of dividends, some
payments will be allowed and could be used to pay dividends or
repay PIK notes located outside the senior secured restricted
group.

ISSUER PROFILE

Envalior is the JV between private equity sponsor Advent
International (60%) and German chemical group LANXESS AG (40%)
specialised in the production of high-performance engineering
polymers.

ESG CONSIDERATIONS

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

   Entity/Debt         Rating         Recovery    Prior
   -----------         ------         --------    -----
AI Montelena
(Netherlands) BV

   senior secured   LT B+  New Rating    RR3

   senior secured   LT B+  New Rating    RR3    B+(EXP)

AI Montelena Bidco
LLC (USA)

   senior secured   LT B+  New Rating    RR3    B+(EXP)

SCUR-Alpha 1503
GmbH                LT IDR B  New Rating         B(EXP)

   senior secured   LT B+  New Rating    RR3

   senior secured   LT B+  New Rating    RR3    B+(EXP)




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

DILOSK RMBS 6: DBRS Finalizes BB(high) Rating on Class E Notes
--------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
residential mortgage-backed notes issued by Dilosk RMBS No. 6 (STS)
DAC (the Issuer) as follows:

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

The rating on the Class A notes addresses the timely payment of
interest and the ultimate repayment of principal. The rating on the
Class B notes addresses the timely payment of interest once most
senior and the ultimate repayment of principal on or before the
final maturity date. The ratings on the Class C, Class D, and Class
E address the ultimate repayment of interest and principal.

DBRS Morningstar does not rate the Class X, Class Z1, and Class Z2
notes also issued in this transaction.

RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Republic of Ireland. The Issuer used the
proceeds of the notes to fund the purchase of prime and performing
Irish owner-occupied (OO) mortgage loans secured over properties
located in Ireland.

A liquidity reserve fund (LRF) provides liquidity support to the
Class A notes and the senior fee payments. The LRF's initial
balance is 1.0% of the Class A notes' outstanding balance at
closing. On each interest payment date (IPD), the target level of
the LRF will be 1.0% of the Class A notes' outstanding balance as
at the end of the collection period until the Class A notes are
redeemed.

A non-amortizing general reserve fund (GRF) provides liquidity and
credit support to the rated notes. On the closing date and on each
IPD thereafter, the GRF has a target balance equal to 1.40% of the
portfolio's outstanding balance at closing, minus the LRF required
amount. The GRF is funded by the proceeds obtained from the
issuance of the Class Z2 notes.

DBRS Morningstar calculated the credit enhancement to the Class A
notes at 11.76%, provided by the subordination of the Class B to
Class E notes, plus the Class Z1 notes and the GRF's initial
balance. Credit enhancement to the Class B notes will be 7.01%,
provided by the subordination of the Class C to Class E notes, plus
the Class Z1 notes and the GRF's initial balance. Credit
enhancement to the Class C notes will be 4.26%, provided by the
subordination of the Class D and Class E notes, plus the Class Z1
notes and the GRF's initial balance. Credit enhancement to the
Class D notes will be 2.76%, provided by the subordination of the
Class E notes, plus the Class Z1 notes and the GRF's initial
balance. Credit enhancement to the Class E notes will be 2.26%,
provided by the Class Z1 notes and the GRF's initial balance.

As of March 31, 2023, the mortgage portfolio consisted of 2,706
loans with an aggregate principal balance of EUR 531 million. The
majority of the mortgage loans included in the portfolio have been
originated by Dilosk DAC (Dilosk; the originator, seller, and
servicer) in the past two years. However, a small subset of the
portfolio corresponds with more seasoned loans derived from a
portfolio acquired from the Governor and Company of the Bank of
Ireland in 2014.

A key structural feature of the transaction is the presence of
provisioning mechanism linked to the arrears status of a loan, in
addition to the usual provisioning based on losses. The degree of
provisioning increases with the increase in the
number-of-months-in-arrears status of a loan. This is positive for
the transaction, as provisioning based on the arrears status traps
any excess spread much earlier for a loan that may ultimately end
up in foreclosure.

The Issuer entered into a fixed-to-floating interest rate swap
agreement with Natixis to hedge against any interest mismatch
between the floating rate paid by the notes and the fixed rate paid
by a part of the portfolio. Moreover, to mitigate the basis risk on
the variable interest portion of the portfolio, the servicer is
contractually obliged to maintain the standard variable rate on the
loans at a minimum of three-month Euribor plus 2.0% for OO loans,
subject to such variable interest not being less than zero.
Furthermore, due to the possibility of the occurrence of product
switches and further advances, the Issuer shall amend the hedging
agreement and increase the swap notional in case of increased
exposure to fixed-rate loans in the portfolio. The transaction
documents also state that any swap adjustment charges would be
incorporated in the product switch and further advance definitions
to ensure a minimum post-swap margin of 2.0%.

The borrowers make payments via direct debit, standing order, or
cheque, unless otherwise agreed, into a collection account held at
the BNP Paribas, Dublin Branch. The amounts in the collection
account are transferred to the Issuer account at least twice every
week. DBRS Morningstar's private rating on BNP Paribas, Dublin
branch in its role as account bank is consistent with the threshold
as outlined in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology, given the ratings
assigned to the notes.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

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

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated the probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio. DBRS Morningstar uses the PD, LGD, and ELs as inputs
into the cash flow tool. DBRS Morningstar analyzed the mortgage
portfolio in accordance with its "Master European Residential
Mortgage-Backed Securities Rating Methodology and Jurisdictional
Addenda".

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, and
Class E notes according to the terms of the transaction documents.
DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

-- The sovereign rating of AA (low) with a Stable trend on the
Republic of Ireland as of the date of this press release.

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

Notes: All figures are in euros unless otherwise noted.




=========
I T A L Y
=========

LEVITICUS SPV: DBRS Cuts Class A Notes Rating to BB(low)
--------------------------------------------------------
DBRS Ratings GmbH downgraded its rating on the Class A notes issued
by Leviticus SPV S.r.l. (the Issuer) to BB (low) (sf) from BB (sf).
The trend on the rating remains Negative.

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

At issuance, the notes were backed by a EUR 7.4 billion portfolio
by gross book value consisting of unsecured and secured
nonperforming loans originated by Banco BPM SpA.

The receivables are serviced by Gardant Liberty Servicing S.p.A.
(Gardant or the Servicer) while Zenith Service S.p.A. was appointed
as backup servicer.

RATING RATIONALE

The rating downgrade follows a review of the transaction and is
based on the following analytical considerations:

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

-- Updated business plan: The Servicer's updated business plan as
of December 2022, received in March 2023, and a comparison with the
initial collection expectations.

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

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will begin to amortize
following the repayment of the Class B notes). Additionally,
interest payments on the Class B notes become subordinated to
principal payments on the Class A notes if the cumulative net
collection ratio or the net present value cumulative profitability
ratio is lower than 70%. As of the January 2023 interest payment
date, these triggers had not been breached with actual figures at
71.4% and 97.1%, respectively, according to the Servicer.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve and a recovery expenses cash reserve providing
liquidity to the structure and covering a potential interest
shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4% of the sum of Class A
and Class B notes' principal outstanding balance and the recovery
expenses cash reserve target amounts to EUR 400,000, both fully
funded.

According to the latest investor report from January 2023, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were EUR 609.7 million, EUR 221.5 million, and EUR 248.8
million, respectively. As of the January 2023 payment date, the
balance of the Class A notes had amortized by 57.7% since issuance
and the aggregated transaction balance was EUR 1,080.1 million.

As of December 2022, the transaction was performing below the
Servicer's business plan expectations. The actual cumulative gross
collections equaled EUR 1,134.5 million whereas the Servicer's
initial business plan estimated cumulative gross collections of EUR
1,627.0 million for the same period. Therefore, as of December
2022, the transaction was underperforming by EUR 492.5 million
(-30.3%) compared with the initial business plan expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period at EUR 915.5 million in the BBB
(sf) stressed scenario. Therefore, as of December 2022, the
transaction was performing above DBRS Morningstar's initial
stressed expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in March 2023, the Servicer delivered an updated
portfolio business plan. The updated portfolio business plan,
combined with the actual cumulative gross collections of EUR
1,134.2 million as of December 2022, results in a total of EUR
2,034.7 million, which is 16.8% lower than the total gross
disposition proceeds of EUR 2,446.4 million estimated in the
initial business plan. Excluding actual collections, the Servicer's
expected future collections from January 2023 amount to EUR 900.5
million. The updated DBRS Morningstar BB (low) (sf) rating stresses
assume a haircut of 9.6% to the Servicer's updated business plan,
considering future expected collections.

The final maturity date of the transaction is July 31, 2040.

Notes: All figures are in euros unless otherwise noted.




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

SCHOELLER PACKAGING: Fitch Lowers LongTerm IDR to 'CCC+'
--------------------------------------------------------
Fitch Ratings has downgraded the returnable transit packaging
manufacturer Schoeller Packaging B.V.´s Long-Term Issuer Default
Rating (IDR) to 'CCC+' from 'B-'/Stable.

The downgrade reflects Schoeller's weaker credit metrics in 2022,
compared with its previous expectations and high refinancing risk
for its EUR30 million revolving credit facility (RCF) due in May
2024 and its EUR250 million senior secured notes (SSN) due in
November 2024. The refinancing risk is exacerbated by the late
start of its refinancing process, high interest rates environment
and weak pre-refinancing key credit metrics. Fitch expects free
cash flow (FCF) generation and liquidity to come under heavy
pressure from high interest payments post refinancing.

Schoeller's rating is supported by its leading position in its
niche market, a diversified product portfolio and its extended
geographical presence across Europe. Successful long-term
cooperation with customers and substantial technology investments
in new products are effective barriers to entry.

KEY RATING DRIVERS

High Refinancing Risk: Fitch believes that Schoeller is exposed to
high refinancing risk for the upcoming maturity of its RCF in May
2024 and SSN in November 2024. Refinancing is challenged by the
weak current credit metrics. Fitch views EBITDA gross leverage of
8.1x in 2022 and 7.5x expected in 2023 as high. Fitch forecasts
weak EBITDA interest coverage at around 2x, reflecting its
assumption of high interest payments under a new capital structure.
The company is now looking for an advisor to start the refinancing
process, with few months to complete it while the capital market
remains volatile.

Poor Liquidity: In addition to the high refinancing risk, Fitch
anticipates Schoeller's FCF generation and liquidity will be
affected by materially higher interest payments if refinancing is
successful. Fitch views availability of shareholder financing as a
core underpin for the timely payments of obligations. Fitch
forecasts the company will draw additional amounts under its
existing shareholder loans pre-refinancing.

Slower Deleveraging: Fitch expects EBITDA gross leverage to remain
high at 7.5x in 2023 compared with 8.1x at end-2022. Fitch does not
expect the company to deleverage quickly due to margin
underperformance. Fitch expects FCF generation to limit
deleveraging with forecast EBITDA leverage at 6.3x in 2024 compared
with Fitch's earlier expectation of 5.5x.

Impact of Rental Business Separation: The separation of Schoeller's
manufacturing operations from rental-related operations and debt
through a new sister company RentCo has a limited impact on credit
quality. Fitch views any inter-company financing to RentCo as a
negative rating factor. Fitch does not assume the rental business
to contribute meaningfully to Schoeller's growth in the next few
months.

Strong Ties with RentCo: Fitch views operational and strategic ties
as strong between Schoeller and RentCo. Both companies have the
same shareholder and benefit from the same revenue drivers with
RentCo trading solely with Schoeller. RentCo's debt is outside
Schoeller's current bondholder restricted group. However, Fitch
believes that it is uncertain whether the same will continue under
the new capital structure, given the operational and shareholding
links between the companies.

High Customer Concentration: Schoeller has a broad customer base
covering a variety of markets, but with high concentration to its
largest customer in pooling services, Irel Bidco S.a.r.l (IFCO;
B+/Stable), at almost 17% of total revenue in 2022 (25% in 2021)
and with a contract being up for renewal in 2024. The business
profile is strengthened by a leading product range consisting of
more than 1,000 customisable products. It has a good record of
longstanding relationships as the majority of its top 100 customers
are recurring, with relationships often exceeding 15 years.

Environmentally-Driven Growth Opportunities: Fitch believes that
reusable plastic containers are set for growth, supported by a
number of trends such as supply-chain efficiency, environmental
awareness and e-commerce development, which will drive a transition
to reusable from single-use packaging.

Fitch expects increasing demand for a circular economy, favourable
regulation and efforts to cut costs by companies will stimulate
demand for reusable packaging in the long term. This development
should benefit Schoeller's products, as they are 100% recyclable
and have a long lifetime with an average of 15-20 years, making
them sustainable.

DERIVATION SUMMARY

Fitch treats Schoeller as a diversified manufacturer, although
Fitch believes that packaging companies are similar in terms of raw
material usage, environmental impact, logistics, markets and
customers. The returnable transit packaging market remains
fragmented, but Schoeller has a leading position in Europe with a
20% market share. Plant locations across Europe allow Schoeller to
be more competitive and to operate at lower transportation costs
than peers that usually operate domestically.

Most Fitch-rated packaging peers produce consumer products
(bottles, jars, small packages) and offer a wider range of products
(different material, shapes, colour and marketing), such as Ardagh
Group S.A. (B/Stable) and Smurfit Kappa Group plc (BBB-/Stable),
while Titan Holdings II B.V. (B/Positive) is focused on metal
packaging. Similar to Schoeller, they are exposed to a broad range
of markets (retail, food and industrial), but are more affected by
market trends resulting from consumer spending and preferences.

Schoeller has weaker EBITDA margins than Fitch-rated, mid-sized
diversified manufacturers or packaging companies rated in the 'B'
category and below, including the belt manufacturer Ammega Group
B.V. (B-/Stable), the specialty fibre-based materials manufacturer
Ahlstrom Holdings 3 Oy (B+/Stable), Ardagh and Titan Holdings.

Schoeller has a weaker leverage profile than Ammega with EBITDA
leverage of 8.1x in 2022 compared with 6.9x for Ammega. However,
Schoeller's leverage is stronger than that of Ardgah, which has
EBITDA leverage at 8.8x-7.2x in 2023-2024, compared with
Schoeller's 7.5x-6.3x. However, Ardagh's financial profile is
supported by a stronger business profile. The higher rating of IREL
Bidco S.a.r.l (B+/Stable), owner of Schoeller's customer IFCO,
reflects its very high EBITDA margins, long-term contractual flows
and lower leverage.

KEY ASSUMPTIONS

- Revenue decline of around 2% in 2023 followed by steady growth of
3.9% in 2024 and 3% in 2025-2026 on volume recovery

- Fitch-adjusted EBITDA margin to slightly increase to nearly 8% in
2023 from 7.1% in 2022. This is followed by steady recovery to
around 10% to 2026

- Working-capital inflow of around 0.6% of revenue in 2023 and a
forecast outflow of around 0.2% to 2026

- Normalised capex at 5.5% of revenue throughout the rating horizon
due to capex reallocation to RentCo

- No M&A activity and dividend distributions until 2026

- Refinancing of the RCF and SSNs in 2024

RECOVERY ASSUMPTIONS

- The recovery analysis assumes that Schoeller would be reorganised
as a going-concern in bankruptcy, rather than liquidated

- A 10% administrative claim

- The GC EBITDA estimate of EUR40 million reflects Fitch's view of
a sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation (EV)

- An EV multiple of 4.5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganisation EV

- The multiple of 4.5x reflects Schoeller´s leading niche market
position, long-term customer relationships and geographic
diversification. The multiple is limited by Schoeller´s small
size.

- The waterfall analysis is based on the capital structure at
end-2022 and consists of super senior factoring with the highest
outstanding amount of EUR58.9 million over the last 12 months and
rental-debt of EUR18.5 million, SSNs of EUR250 million and local
secured loans totaling EUR18.4 million that rank pari passu with
the SSNs.

These assumptions result in a recovery rate for the senior secured
instrument within the 'RR5' range, resulting in the instrument
rating being lower by a notch than the IDR due to the higher
outstanding amount of local loans. The principal and interest
waterfall analysis output percentage on current metrics and
assumptions is 25%.

RATING SENSITIVITIES

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

- Evidence of arms-length refinancing option being available for
execution by end-2023

- EBITDA gross leverage below 6.5x

- Neutral to positive FCF on a sustained basis

- Significant growth in size with evidence of strengthening of the
business model through revenue growth and continued EBITDA margin
improvements to above 10%

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

- Inability to full refinance its RCF and SSN

- Lack of liquidity sources with limited access to shareholder
financing

- Loss of key customers, such as IFCO

- Further deterioration of FCF

LIQUIDITY AND DEBT STRUCTURE

Poor Liquidity: At end-December 2022, Schoeller´s readily
available cash amounted to EUR21 million and the undrawn portion
under the EUR30 million RCF due in May 2024 was EUR28.4 million.

Fitch forecasts negative FCF margins of around 1% in the medium
term, driven by expected high interest payments post-refinancing.
Fitch expects the EUR42 million (as of December 2022) available
funds under the subordinated uncommitted shareholder loan of EUR100
million (treated as equity, according to Fitch's criteria with
drawings subject to upfront shareholder approval) will be used to
fund operations. Fitch believes shareholder financing is critical
to maintaining operations pre-refinancing.

Undiversified Debt Structure: The company's debt structure is not
diversified as the majority of debt consists of its EUR250 million
SSNs, resulting in concentrated maturities in 2024 with high
refinancing risk.

ISSUER PROFILE

Schoeller is Europe's largest manufacturer of plastic containers
and reusable transit packaging.

ESG CONSIDERATIONS

Schoeller has an ESG Relevance Score of '4' for management
strategy, due to the uncertainty related to going concern triggered
by an over-reliance on shareholder financing and lack of
transparency on the new group structure, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Schoeller has an ESG Relevance Score of '4' for governance
structure, due to the announced departures in the board of
directors prior to refinancing, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Schoeller has an ESG Relevance Score of '4' for group structure,
due to its added complexity with the separation of the rental
business resulting in increased exposure to inter-company
transactions, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

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

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
Schoeller
Packaging B.V.      LT IDR CCC+ Downgrade               B-

   senior secured   LT     CCC  Downgrade    RR5        B-




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

LIBRA INTERNET: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Romania-based Libra Internet Bank S.A.'s
(Libra) Long-Term Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook, and Viability Rating (VR) at 'bb-'.

KEY RATING DRIVERS

Libra's IDRs and VR reflect its niche franchise and small size in
Romania, reasonable profitability and asset-quality metrics,
adequate capitalisation and generally stable funding and liquidity.
It also considers significant exposure to financing real estate and
agribusiness, rapid loan growth and an untested business model in a
downturn.

Small Bank, Niche Franchise: Libra has a narrow footprint in the
competitive Romanian banking sector with low market shares
(end-2022: 1.4% of sector assets). The bank's business
concentrations by obligor and industry are a consequence of its
focus on servicing professional individuals, agribusiness and real
estate developers, but also reflects its limited scale.

Loan Book Concentrations: The bank's loan portfolio has almost
doubled in the last five years, significantly outpacing the
sector's average growth, and Libra has built up sizeable exposure
to residential and commercial real-estate financing (almost 2x
common equity Tier 1 (CET1) capital at end-2022), which Fitch views
as higher risk. However, the bank is well-remunerated for these
risks and it does not favour growth over margins, while its
disciplined underwriting is reflected in a low share of impaired
loans.

Reasonable Asset Quality: Libra's Stage 3 loans ratio of 1.6% at
end-2022, down from 1.9% at end-2021, compared well with the sector
average (2.7%), although this partly reflects rapid loan growth in
recent years. Fitch expects impaired loans to rise to about 2.5% by
end-2024 given higher interest rates, slowing economic growth and
as loans seasons. Coverage of Stage 3 loans by all loan loss
allowances (173%) is reasonable given the bank's collateral
requirements and its conservative valuation.

Boosted Profitability: Operating profit-to-risk-weighted assets
improved to 4.6% in 2022 (2021: 4.1%), supported by margin
expansion and low loan impairment charges (LICs). Libra's earnings
are dominated by net interest income (80% of operating income in
2022), and its profitability benefits from a wide net interest
margin (2022: 5.8%). Fitch expects profitability to remain
reasonable over the medium term, underpinned by higher interest
rates and moderate loan growth, but LICs are likely to increase as
loans season and the economy slows.

Adequate Capitalisation: Libra's capital ratios are only adequate
for its risk profile, given the bank's small size, asset-quality
risks amplified by sizeable loan book concentrations, and rapid
balance-sheet growth. The bank's CET1 ratio (end-2022: 18.3%;
including fully retained 2022 profits) is supported by strengthened
profitability, a reasonable dividend policy and strong
asset-quality record. Fitch expects the bank to operate with a CET
1 ratio of around 17%-18% over the medium term.

Mainly Deposit-Funded: Libra is mainly customer deposit-funded
(end-2022: 96% of funding), but with weaker customer relationships
and more price-sensitive deposit base than at larger peers.
Liquidity is supported by a comfortable loans-to-deposits ratio of
75% and is reflected in a healthy liquidity coverage ratio of 321%.
Refinancing risks related to third-party funding are limited and
liquidity needs are well-covered by available buffers largely
maintained at the local central bank or invested in Romanian
government bonds.

RATING SENSITIVITIES

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

Libra's ratings could be downgraded due to a worse-than-expected
deterioration in asset quality (especially if impaired loans ratio
increases towards 5%, without prospects for a prompt reduction) or
a protracted weakening in capitalisation (in particular, if the
bank's CET1 ratio falls below 14%) - or both.

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

An upgrade of the bank's ratings would require a material
improvement in Libra's business profile, predominantly through a
material strengthening of the bank's franchise, while maintaining
similar financial metrics. It would also require an improvement in
its assessment of the bank's risk profile, which could come about
from a significant reduction in concentrations to higher-risk
sectors, although this would take time, in its view.

SUPPORT: KEY RATING DRIVERS

No Support Assumed: Libra's Government Support Rating (GSR) of 'no
support' primarily considers the Romanian resolution legislation,
which requires senior creditors to participate in losses, if
necessary, instead of a bank receiving sovereign support. Libra's
ratings also do not factor in any support from its ultimate owner,
private equity investor New Century Holdings, as, in Fitch's' view,
such support cannot be relied upon.

SUPPORT: RATING SENSITIVITIES

An upgrade of the GSR would require a higher propensity of
sovereign support. While not impossible, this is highly unlikely,
in Fitch's view.

VR ADJUSTMENTS

The operating environment score of 'bb+' is assigned below the
implied category score of 'bbb' for Romania due to the following
adjustment reason: macroeconomic stability (negative).

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
   -----------                      ------          -----
Libra Internet Bank S.A.

                 LT IDR              BB-  Affirmed   BB-

                 ST IDR              B    Affirmed   B

                 Viability           bb-  Affirmed   bb-

                 Government Support  ns   Affirmed   ns




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

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

The downgrade of the senior secured debt rating follows a EUR100
million add-on issue to the group's term loan B (TLB), taking its
total amount to EUR465 million and leading to a lower Recovery
Rating of 'RR3', versus 'RR2' previously.

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

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

KEY RATING DRIVERS

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

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

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

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

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

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

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

Its strong end-market diversification was underlined by its FS and
medicals segments benefiting from increased demand for cleaning and
hygiene during the pandemic, which helped counter rapidly declining
demand for its non-core commodity paper. In 2022 the group's FS
products saw strong demand from increased eating out while the
paper business gained from growing demand combined with capacity
constraints.

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

DERIVATION SUMMARY

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

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

Optigroup has slightly lower initial leverage than many peers.
Polygon in 2021 re-leveraged to levels above 7x where Fitch expects
it to remain until 2024 versus Optigroup's EBITDA leverage of 6x in
2022 and forecast 5x by 2025.

KEY ASSUMPTIONS

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

- Organic sales declining 1.3% in 2023 on normalisation of
commodity and specialty paper prices. Organic sales 1% CAGR for
2023-2026 on FS and packaging while commodity paper sales decrease

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

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

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

- Capex at 0.6% of revenues to 2026

- Acquisitions of around EUR70 million in 2023 followed by EUR50
million to 2026, funded by cash on balance sheet based on an 8x
multiple and 8% EBITDA margin

- No dividend distribution to 2026

Key Recovery Assumptions

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

- Sustainable post-restructuring GC EBITDA of EUR90 million

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

- Fitch has assumed its EUR60 million revolving credit facility
(RCF) to be fully drawn and ranking pari passu with the TLB. After
deducting 10% for administrative claims, its waterfall analysis
generates a ranked recovery for the TLB in the 'RR3' band,
indicating a 'B+' instrument rating, or one notch above the IDR.
The waterfall analysis output percentage on current metrics and
assumptions is 59% for the TLB.

RATING SENSITIVITIES

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

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

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

- FCF margin sustainably above 2%

- EBITDA interest coverage above 2.5x on a sustained basis

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

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

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

- FCF margin at break-even

- EBITDA interest coverage sustainably below 1.75x

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch views Optigroup's liquidity position
along with its access to a EUR60 million RCF sufficient to fund its
operations and cope with potential short-term disruptions. The
EUR100 million add-on issue will allow the group to repay its RCF.

Optigroup's debt structure includes a EUR465 million first-lien
term loan and a EUR200 million second-lien term loan maturing in
2029 and 2030, respectively.

ISSUER PROFILE

Sweden-based Optigroup is a distributor of everyday essentials
across FS, packaging, medicals and paper to 105,000 companies
across 20+ countries.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating       Recovery   Prior
   -----------             ------       --------   -----
Unique BidCo AB     LT IDR B  Affirmed                B

   senior secured   LT     B+ Downgrade    RR3       BB-




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

888 HOLDINGS: S&P Affirms 'B' ICR, Off Watch Negative
-----------------------------------------------------
S&P Global Ratings affirmed its 'B' ratings on 888 Holdings PLC and
its debt, and removed the ratings from CreditWatch with negative
implications, where S&P placed them on Feb. 3, 2023. All 888's
rated debt (EUR473.5 million term loan A, $575 million term loan B,
EUR450 million floating-rate notes, and EUR582 million fixed rate
notes) ranks at the same seniority, with a recovery rating of '3',
indicating meaningful recovery (50%-70%; rounded estimate: 60%) in
the event of payment default.

The negative outlook reflects that S&P could downgrade 888 in the
next 12 months if the online organic revenue growth profile doesn't
stabilize, or the company does not progress in restoring positive
FOCF after lease payments and reducing leverage.

The year ahead continues to present challenges for 888's revenue
even though concerns regarding the know-your-customer (KYC) and
anti-money laundering (AML) procedural failings have abated. The
company has fixed operational deficiencies and reactivated accounts
in its Middle Eastern operations, bringing to a close an internal
investigation but the period of suspension that led to customer
losses. Additionally, 888 has indicated that no further regulatory
actions specific to this incident is likely to emerge. S&P expects
the company will lose roughly GBP25 million-GBP30 million of the
previously anticipated GBP50 million in annual revenue in the
Middle East in 2023.

S&P said, "We consider that 888 faces less operational risk
following the regulatory settlement with the U.K. Gambling
Commission. The commission opted not to revoke William Hill's
operating license for social responsibility and AML failings
between January 2020 and October 2021. Instead, 888, which acquired
William Hill in 2022, will pay GBP19.2 million toward a regulatory
settlement. The terms of the settlement also require 888 to assign
a board member to oversee an improvement plan. The company must use
a third-party to audit the implementation of effective AML measures
and safer gambling policies, procedures, and controls. The findings
of this audit should be submitted to the commission by February
2024. These efforts will likely yield more compliant operations.
Furthermore, any lingering reputational damage is unlikely to
provoke a material loss in customers, as was the case when 888's
peer Entain was fined GBP17 million in 2022 for similar
violations.

"We do not expect the U.K. Gambling Act Review to significantly
affect 888's credit metrics as the white paper recommendations
largely align with the safer gambling measures that 888 has already
implemented. In 2019, gambling industry operators were taken aback
by the GBP2 limit imposed on fixed odds betting terminals (FOBTs).
However, the release of the UK White Paper on Gambling Reform in
April 2023 didn't bring any significant surprises for the larger
industry operators. We note the proposed reform on affordability
assessments for online gaming, which appears less stringent than
the equivalent German regulations. In Germany, customers are
permitted a maximum deposit limit of EUR1000 per month across all
operators.' On the other hand, the UK's White Paper proposes
enhanced affordability checks when losses--not deposits--exceed
GBP1,000 in a single 24-hour period or GBP2,000 over the course of
90 days. The white paper lays out plans for further consultation on
topics including the stake limit for online slots of GBP2-GBP15 per
spin, mandatory opt-in for deposit limits, and the introduction of
a mandatory levy.

The Gambling Act Review White Paper would have had considerably
more effect on 888 had the company not already implemented safer
gambling measures since 2021. In the first quarter of 2023, 888's
revenue from its U.K. online segment (accounting for 37% of the
group's total revenue) stood at GBP167 million, which represents a
17% decrease from its third-quarter revenue of GBP201 million in
2021, the period immediately following the easing of lockdown
restrictions.

Realization of cost synergies will underpin the anticipated
deleveraging in 2024. 888 intends to capture GBP150 million in
total synergies by 2025, comprising GBP116 million cumulative
operating expenditure (opex) synergies and GBP34 million capital
expenditure (capex) synergies. The group intends to realize GBP87
million opex and GBP24 million capex synergies in fiscal 2023, and
bear the related costs of GBP65 million. In our view, the group's
ability to capture synergies and stay within budget is critical to
enhancing its profitability and ability to generate free cash flow.
Consequently, S&P views successful execution of the synergy plan,
in what is currently an inflationary environment, as crucial to
underpinning the rating in the next 12-18 months.

The organic revenue trend for the online segment is expected to
continue declining in 2023 before stabilizing in 2024. This is
because the increase in new active customers is unlikely to offset
the reduction in the amount staked, resulting from the
implementation of safer gaming measures. On the other hand, the
retail segment appears to be more resilient as the group refreshes
its store offerings. The company has set an ambitious revenue
target of GBP2 billion by 2025, relative to our forecast of GBP1.75
billion in 2023. S&P remains cautious about the company's ability
to bridge this gap amid a tightening regulatory framework and
consumers' reduced discretionary spending power, while being
mindful of anticipated changes in senior management over the next
12 months when a new CEO and CFO will join the group.

S&P said, "We view positively the company's commitment to actively
reduce leverage as cash interest expense in 2023 will represents
more than 50% of the group's EBITDA.The company-adjusted pro forma
2022 EBITDA was GBP311 million, which translates into S&P Global
Ratings-adjusted EBITDA of GBP222 million (after deducting
capitalized development costs of GBP65 million and integration
costs of GBP24 million). We calculate the cash interest cost on the
group's GBP1.8 billion of financial debt to be about GBP165
million-GBP170 million, representing more than 50% of the group's
2022 EBITDA. The board has prioritized leverage reduction to debt
to EBITDA below 3.5x by 2025 (equivalent to S&P Global
Ratings-adjusted debt to EBITDA of below 5.5x) and below 3.0x
before reinstating the dividend payments.

"The negative outlook reflects that we may take a negative rating
action if the group fails to notably advance in reducing its
leverage and improve cash generation during the next 12 months.
This could happen if the online organic revenue growth profile does
not stabilize, or synergies are not fully realized and S&P Global
Ratings-adjusted debt to EBITDA stays close to the elevated level
of 7.4x in 2022."

Downside scenario

S&P could lower the ratings in the next 12 months if 888:

-- Does not progress toward restoring positive FOCF after leases
during the next few quarters; and

-- Does not advance in reducing its S&P Global Ratings-adjusted
debt to EBITDA below 7.0x; or

-- Deviates from its financial policy commitment of 3x debt to
EBITDA by way of dividends or mergers and acquisitions that prevent
leverage reduction toward its policy target.

S&P could lower the ratings if the group's integration fell behind
schedule, such that synergies and profitability were materially
below expectations, placing meaningful pressure on our base case.

Upside scenario

S&P would consider revising the outlook to stable if the group
progressed its material integration effort, while sustainably
reducing leverage and achieving positive and increasing FOCF after
lease payments. In addition, the outlook revision will depend on
the group's ability to maintain the following credit metrics, which
we consider commensurate for the current rating including:

-- S&P Global Ratings-adjusted debt to EBITDA below 7.0x, with a
continued commitment to leverage remaining below this level; and

-- Adjusted FOCF to debt at about 2%.

Based on the above, S&P does not view an upgrade as probable in the
next 12 months.

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

Governance factors are a negative consideration in our credit
rating analysis, because S&P sees risks from the executive
management changes, as well as from the apparent compliance
failings that the group's internal investigation has revealed,
which will likely cause revenue impact of about GBP25 million-GBP30
million.

S&P said, "Social factors remain a negative consideration in our
credit rating analysis, because we see the group as particularly
exposed to the health and safety and social capital implications of
its gaming operations. Specifically, we note 888 Holdings' and
William Hill's prior fines and the GBP19.2 million of regulatory
settlement with the U.K. Gambling Commission fines for
player-protection shortcomings." 888 is subject to additional
license conditions such as a third-party audit to assess the
effective implementation of its AML and safer gambling policies,
procedures, and controls while the group chairman is responsible
for ensuring an improvement plan.


AZURE FINANCE 3: DBRS Finalizes BB Rating on Class E Notes
----------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
following classes of Notes (the Notes) issued by Azure Finance No.
3 plc (the Issuer):

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

DBRS Morningstar did not assign a rating to the residual
certificates also issued in this transaction.

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

The transaction represents the issuance of Notes backed by
approximately GBP 246 million in receivables related to
hire-purchase (HP) auto loans granted by Blue Motor Finance Limited
(Blue; the Originator or the Seller) to borrowers in England,
Wales, and Scotland. The underlying motor vehicles related to the
finance contracts consist of new and used passenger and
light-commercial vehicles and motorcycles. Blue also services the
receivables.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction capital structure, including form and
sufficiency of available credit enhancement;

-- Relevant credit enhancement in the form of subordination, the
senior or junior reserve fund (as applicable), and excess spread;

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected cumulative net loss assumptions under
various stressed cash flow assumptions for the Class A Notes to
Class X Notes;

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested;

-- Blue's capabilities with regard to originations, underwriting,
servicing, and financial strength;

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

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

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland, currently at AA with a Stable
trend; and

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

TRANSACTION STRUCTURE

The transaction incorporates separate interest and principal
waterfalls that allow for the fully sequential payment of both
interest and principal on the Notes. Available interest collections
are available to cover principal deficiencies in relation to each
of the Notes after interest has been paid in relation to the same
class of Notes.

The structure benefits from a fully funded senior reserve fund. The
target size of the senior reserve fund is 2.2% of the Class A
Notes' and Class B Notes' principal amount outstanding. The senior
reserve fund required amount is subject to a floor of 0.5% of the
aggregate outstanding principal balance of the purchased
receivables as at the closing date. The senior reserve fund forms
part of the available revenue receipts, but its use is restricted
to the payment of senior fee shortfalls and to the payment of
interest on the Class A Notes and the Class B Notes only. On the
redemption of the Class B Notes, part of the released funds are
applied to create the junior reserve fund. The junior reserve fund
also forms part of the available revenue receipts, but its use is
also restricted to the payment of senior fee shortfalls and to the
payment of interest on the Class C Notes, Class D Notes, Class E
Notes, and Class F Notes only.

All underlying contracts are fixed rate while the Notes are
floating rate. Interest rate risk is mitigated through an interest
rate swap provided by BNP Paribas SA (BNPP).

COUNTERPARTIES

Citibank N.A./London Branch (Citibank London) has been appointed as
the Issuer's account bank for the transaction. DBRS Morningstar
privately rates Citibank London and publicly rates its parent,
Citibank, N.A., at AA (low) with a Stable trend. The transaction
documents contain downgrade provisions relating to the account bank
that are consistent with DBRS Morningstar's criteria.

BNPP has been appointed as the swap counterparty. DBRS Morningstar
publicly rates BNPP at AA (low) with a Stable trend. The hedging
documents contain downgrade provisions that are consistent with
DBRS Morningstar's criteria.

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


CASTELL PLC 2023-1: DBRS Finalizes BB(high) Rating on Class X Notes
-------------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
following classes of notes issued by Castell 2023-1 PLC (the
Issuer):

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

DBRS Morningstar does not rate the Class G or Class H notes also
issued in this transaction.

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

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the UK. The notes were used to fund the purchase of
UK second-lien mortgage loans originated by UK Mortgage Lending
Ltd. (UKML). Pepper UK Limited (Pepper) is the primary and special
servicer of the portfolio. UKML, formerly Optimum Credit Ltd.
(Optimum Credit), was established in November 2013 as a specialist
provider of second-lien mortgages based in Cardiff, Wales. Optimum
Credit was fully integrated into Pepper Money (PMB) Limited in
January 2022 and its name was changed to UK Mortgage Lending Ltd.
on 17 January 2022. Both UKML and Pepper are part of the Pepper
Group Limited, a worldwide consumer finance business, third-party
loan servicer, and asset manager. CSC Capital Markets UK Limited
was appointed as the backup servicer facilitator.

DBRS Morningstar received information on the mortgage portfolio as
of 31 March 2023. The portfolio consists of 8,976 mortgage loans
with an aggregate principal balance of GBP 395.26 million. The
average loan per borrower is GBP 44,036.

All of the mortgage loans in the portfolio are owner occupied and
almost all loans are repaying on a capital and interest basis.
Within the portfolio, 86.9% of the loans are fixed-rate loans that
switch to floating rate upon completion of the initial fixed-rate
period whereas 8.2% are floating-rate loans for life and an
additional 2.0% are fixed-rate loans for life. The remaining 2.9%
of the loans are "discount" loans, which are fixed-rate loans on a
teaser period that will revert to a floating rate at a future date.
Interest rate risk is hedged through a fixed-floating interest rate
swap with Banco Santander SA (Santander) to mitigate the fixed
interest rate risk from the mortgage loans and Sonia payable on the
notes. The Issuer will pay the swap counterparty an amount equal to
the swap notional amount multiplied by the swap rate and, in turn,
the Issuer will receive the swap notional amount multiplied by
Sonia. Santander currently has a DBRS Morningstar Long Term
Critical Obligations Rating of AA (low) and a Long-Term Issuer
Rating of A (high), both with Stable trends. Following a review of
the provisions outlined in the swap agreement, DBRS Morningstar
concluded that Santander meets DBRS Morningstar's criteria to act
in such capacity. The transaction documents contain downgrade and
collateral posting provisions with respect to Santander's role as
hedging counterparty, consistent with DBRS Morningstar's criteria.

Furthermore, 3.78% of the portfolio by loan balance comprises loans
originated to borrowers with a prior county court judgement, 0.13%
comprises those with a flagged bankruptcy, and 1.22% comprises
those in arrears for three months or more. In addition, 14.51% of
the loans were granted to self-employed borrowers, unemployed
borrowers, or pensioners (referring to the primary borrower's
employment status only). The weighted-average (WA) seasoning of the
portfolio is relatively low at 16.7 months and the WA remaining
term is approximately 15.7 years. The WA current DBRS
Morningstar-calculated loan-to-value ratio, including any
prior-ranking balances of the portfolio, is 62.4%.

The transaction documents allow the seller to grant product
switches, where the borrower can accept or request to change or
switch their mortgage type to another Pepper mortgage product. The
changes allowed refer to the interest rate type and interest rate
paid on the loan.

Credit enhancement for the Class A notes was 27.00% at closing and
is provided by the subordination of the Class B to Class H notes
(excluding the uncollateralized Class X notes). The Class A notes
benefit from further liquidity support provided by an amortizing
liquidity reserve, which can support the payment of senior fees and
interest on the Class A notes. The liquidity reserve fund (LRF) was
zero at closing and its required amount of 1.0% of the outstanding
balance of the Class A notes balance will be funded through
principal receipts. Any subsequent use of the LRF will be
replenished from revenue receipts. The excess amounts following
amortization of the Class A notes will form part of the available
principal.

The structure includes a principal deficiency ledger (PDL)
comprising eight subledgers (Class A PDL to Class H PDL) that
provision for realized losses as well as the use of any principal
receipts applied to meet any shortfall in payment of senior fees
and interest. The losses will be allocated starting from the Class
H PDL and then to the subledgers of each class of notes in
reverse-sequential order.

Available principal funds can be used to provide liquidity support
to the transaction. Following the application of the available
revenue funds and liquidity reserve, available principal funds can
be used to pay senior fees, swap payments, and interest shortfalls
on the Class A to Class F notes. In more detail, principal is
available to provide liquidity support to the Class B to Class G
notes, provided that the respective PDL balance is less than 10% of
the outstanding balance of the respective class of notes if not the
most senior class outstanding. There is no condition for principal
used to provide liquidity support for the Class A notes, given that
available revenue funds and the LRF will be applied first. Any use
will be recorded as a debit in the PDL.

The coupon on the notes will step up on the interest payment date
falling in October 2026, which is also the first optional
redemption date. The notes can be redeemed in full, at the
outstanding balance plus accrued interest, on any subsequent
payment date. DBRS Morningstar considered the increased interest
payable on the notes on the step-up date in its cash flow
analysis.

The Issuer account bank is Citibank N.A./London Branch. Based on
DBRS Morningstar's private rating on the account bank, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

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

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio, which DBRS Morningstar used as inputs into the cash flow
tool. DBRS Morningstar analyzed the mortgage portfolio in
accordance with its "European RMBS Insight: UK Addendum".

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X notes according to the terms of the
transaction documents.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents. DBRS Morningstar
analyzed the transaction structure in Intex DealMaker, considering
the default rates at which the rated notes did not return all
specified cash flows.

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland at AA with a Stable trend as of
the date of this press release.

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

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


CASTELL PLC 2023-1: DBRS Gives Prov. BB(high) Rating on 3 Tranches
------------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by Castell 2023-1 PLC (the Issuer):

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

DBRS Morningstar does not rate the Class G or Class H notes also
expected to be issued in this transaction.

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

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. These ratings will be finalized upon a review of the
final version of the transaction documents and of the relevant
opinions. If the information therein were substantially different,
DBRS Morningstar may assign different final ratings to the notes.

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the UK. The notes will be used to fund the purchase
of UK second-lien mortgage loans originated by UK Mortgage Lending
Ltd. (UKML). Pepper UK Limited (Pepper) will be the primary and
special servicer of the portfolio. UKML, formerly Optimum Credit
Ltd. (Optimum Credit), was established in November 2013 as a
specialist provider of second-lien mortgages based in Cardiff,
Wales. Optimum Credit was fully integrated into Pepper Money (PMB)
Limited in January 2022 and its name was changed to UK Mortgage
Lending Ltd. on January 17, 2022. Both UKML and Pepper are part of
the Pepper Group Limited, a worldwide consumer finance business,
third-party loan servicer, and asset manager. CSC Capital Markets
UK Limited will be appointed as the backup servicer facilitator.

RATING RATIONALE

DBRS Morningstar received information on the provisional mortgage
portfolio as of 28 February 2023. The portfolio consists of 9,075
mortgage loans with an aggregate principal balance of GBP 399.75
million. The average loan per borrower is GBP 44,050.

All of the mortgage loans in the provisional portfolio are owner
occupied and almost all loans are repaying on a capital and
interest basis. Within the portfolio, 86.8% of the loans are
fixed-rate loans that switch to floating rate upon completion of
the initial fixed-rate period whereas 8.2% are floating-rate loans
for life and an additional 2.1% are fixed-rate loans for life. The
remaining 2.9% of the loans are "discount" loans, which are
fixed-rate loans on a teaser period that will revert to a floating
rate at a future date. Interest rate risk is expected to be hedged
through a fixed-floating interest rate swap with Banco Santander SA
(Santander) to mitigate the fixed interest rate risk from the
mortgage loans and Sonia payable on the notes. The Issuer will pay
the swap counterparty an amount equal to the swap notional amount
multiplied by the swap rate and, in turn, the Issuer will receive
the swap notional amount multiplied by Sonia. Santander currently
has a DBRS Morningstar Long Term Critical Obligations Rating of AA
(low) and a Long-Term Issuer Rating of A (high), both with Stable
trends. Following a review of the provisions outlined in the swap
agreement, DBRS Morningstar concluded that Santander meets DBRS
Morningstar's criteria to act in such capacity. The transaction
documents contain downgrade and collateral posting provisions with
respect to Santander's role as hedging counterparty, consistent
with DBRS Morningstar's criteria.

Furthermore, 3.50% of the portfolio by loan balance comprises loans
originated to borrowers with a prior county court judgement, 0.15%
comprises those with a flagged bankruptcy, and 1.20% comprises
those in arrears for three months or more. In addition, 14.4% of
the loans were granted to self-employed borrowers, unemployed
borrowers, or pensioners (referring to the primary borrower's
employment status only). The weighted-average (WA) seasoning of the
portfolio is relatively low at 15.8 months and the WA remaining
term is approximately 15.7 years. The WA current loan-to-value
ratio, including any prior-ranking balances of the portfolio, is
59.2%.

The transaction documents allow the seller to grant product
switches, where the borrower can accept or request to change or
switch their mortgage type to another Pepper mortgage product. The
changes allowed refer to the interest rate type and interest rate
paid on the loan.

Credit enhancement for the Class A notes is expected to be 27.00%
at closing and will be provided by the subordination of the Class B
to Class H notes (excluding the uncollateralized Class X notes).
The Class A notes benefit from further liquidity support provided
by an amortizing liquidity reserve, which can support the payment
of senior fees and interest on the Class A notes. The liquidity
reserve fund (LRF) will be zero at closing and its required amount
of 1.0% of the outstanding balance of the Class A notes balance
will be funded through principal receipts. Any subsequent use of
the LRF will be replenished from revenue receipts. The excess
amounts following amortization of the Class A notes will form part
of the available principal.

The structure includes a principal deficiency ledger (PDL)
comprising eight subledgers (Class A PDL to Class H PDL) that
provision for realized losses as well as the use of any principal
receipts applied to meet any shortfall in payment of senior fees
and interest. The losses will be allocated starting from the Class
H PDL and then to the subledgers of each class of notes in
reverse-sequential order.

Available principal funds can be used to provide liquidity support
to the transaction. Following the application of the available
revenue funds and liquidity reserve, available principal funds can
be used to pay senior fees, swap payments, and interest shortfalls
on the Class A to Class F notes. In more detail, principal is
available to provide liquidity support to the Class B to Class G
notes, provided that the respective PDL balance is less than 10% of
the outstanding balance of the respective class of notes if not the
most senior class outstanding. There is no condition for principal
used to provide liquidity support for the Class A notes, given that
available revenue funds and the LRF will be applied first. Any use
will be recorded as a debit in the PDL.

The coupon on the notes will step up on the interest payment date
falling in October 2026, which is also the first optional
redemption date. The notes can be redeemed in full, at the
outstanding balance plus accrued interest, on any subsequent
payment date. DBRS Morningstar considered the increased interest
payable on the notes on the step-up date in its cash flow
analysis.

The Issuer account bank is Citibank N.A./London Branch. Based on
DBRS Morningstar's private rating on the account bank, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

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

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio, which DBRS Morningstar used as inputs into the cash flow
tool. DBRS Morningstar analyzed the mortgage portfolio in
accordance with its "European RMBS Insight: UK Addendum".

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X notes according to the terms of the
transaction documents.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents. DBRS Morningstar
analyzed the transaction structure in Intex DealMaker, considering
the default rates at which the rated notes did not return all
specified cash flows.

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland at AA with a Stable trend as of
the date of this press release.

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

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


ELIZABETH FINANCE 2018: DBRS Confirms C Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited confirms its ratings on the Class A, Class B,
Class C, Class D, and Class E Notes of Elizabeth Finance 2018 DAC
(the Issuer) as follows:

-- Class A Notes confirmed at A (high) (sf)
-- Class B Notes confirmed at BBB (low) (sf)
-- Class C Notes confirmed at BB (low) (sf)
-- Class D Notes confirmed at CCC (sf)
-- Class E Notes confirmed at C (sf)

The trends remain Negative.

RATING RATIONALE

The rating confirmations follow the portfolio's performance of cash
flow and occupancy, which have shown signs of improved stability.
The continuing uncertainty surrounding the UK retail property
market is reflected in the Negative trend on the notes.

The transaction is a securitization of two senior commercial real
estate loans that Goldman Sachs International Bank advanced in
August 2018. The MCR loan of GBP 21.2 million was granted to
refinance an office asset, Universal Square, located in Manchester
and the Maroon loan of GBP 63.9 million (GBP 69.6 million at
inception) was granted to refinance a portfolio of three secondary
retail properties in the UK (King's Lynn and Loughborough in
England and Dunfermline in Scotland). The MCR loan was repaid in
full on the Q3 2020 interest payment date.

The Maroon loan is secured by three secondary shopping centers. The
initial special servicer, CBRE Loan Services Limited (CBRELS),
accelerated the loan following a loan-to-value (LTV) covenant
breach. CBRELS subsequently agreed to a standstill until the
initial loan maturity in January 2021. It was also agreed that,
three months before such maturity, the Maroon borrower would
provide an exit strategy showing how it expected to repay the loan
in full on the initial maturity date; however, the special servicer
considered the exit strategy provided by the Maroon borrower to be
unsatisfactory. As a result, in October 2020, CBRELS accelerated
the loan and, subsequently, the common security agent appointed
fixed-charge receivers with the aim of disposing the assets in the
loan.

Following the appointment of the fixed-charge receivers, the
controlling Class D Noteholders exercised their right to replace
CBRELS with Mount Street Mortgage Servicing Limited (Mount Street)
as the special servicer. Subsequently, Mount Street temporarily
suspended the sale of the portfolio and sought to implement asset
management initiatives to improve and stabilize the portfolio's net
operating income and to wait for a likely pickup of the retail
investment market following the easing of lockdown restrictions
related to the Coronavirus Disease (COVID-19) pandemic. Waypoint
Asset Management LLC took over as asset manager in June 2022 and
sought to rebase the in-place leases and collect the arrears which,
as of January 2023, were reported at GBP 1.7 million following a
write-off of approximately GBP 1.0 million.

DBRS Morningstar still maintains its assumption on vacancy of 28%
and net cash flow (NCF) of GBP 4.8 million in line with its last
annual surveillance review in April 2022, following signs that the
portfolio asset manager is achieving a more stabilized cash flow
(GBP 6.7 million) and occupancy rate (83%) while reducing the level
of arrears. DBRS Morningstar also maintained its cap rate of 9.5%,
keeping its portfolio valuation at GBP 50.4 million. The valuation
represents a 27% haircut to CBRE's March 2020 valuation of GBP 68.9
million.

The Maroon loan had an initial maturity date of January 2021 and
two one-year extension options were initially included in the
facility agreement, provided that the loan still complied with its
default covenants. Because of the outstanding event of default, the
borrower was unable to exercise the extension option and the loan
was accelerated. The final note maturity is scheduled in July 2028.
The loan continues to amortize by 0.25% of the original loan
balance each quarter and has amortized by 9.1% since the closing
date. The LTV based on the last valuation is 92.0%. The loan has
now switched basis to Sonia and is unhedged, meaning the debt
service obligations will increase if there are further rises in the
Sonia rate; however, there is a Sonia cap of 4% with respect to
payments on the notes.

The transaction still benefits from a liquidity facility of GBP 3.4
million as of January 2023, provided by ING Bank N.V. The liquidity
facility can be used to cover interest shortfalls on the Class A,
Class B, Class C, and Class D Notes. Furthermore, at closing, the
Issuer funded an interest reserve using the proceeds from the
notes' issuance, which currently stands at GBP 58,000. The reserve
stands to the credit of the Issuer transaction account and forms
part of the interest available funds on each interest payment date
to cover interest shortfalls on all classes of notes except the
Class X Notes.

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

EVERTON: At Risk of Going Into Administration Amid Legal Dispute
----------------------------------------------------------------
George Overhill at Goodison News, citing Daily Mail, reports that
Everton face increased danger of going into administration if they
have to pay hundreds of millions in compensation to rival clubs
after legal papers were filed.

The other sides had already lobbied for the hearing by the
independent commission to be brought forward, after a profit and
sustainability breach was alleged when Everton's latest accounts
came out in March, Goodison News relates.

The Mail states the five clubs reacted to that request being
rejected to sign up as parties to the dispute, and if the first
tribunal finds Everton guilty a second will then hear the claim for
GBP300 million in compensation, Goodison News notes.

If Everton stay up not all of the named clubs will be involved in
the claim, but whichever two join Southampton in being relegated to
the Championship, with GBP100 million per claimant seen as covering
lost Premier League income minus parachute payments for a year,
Goodison News states.

According to Goodison News, The Mail report states: "A bill for
damages would place yet more pressure on Everton's beleaguered
finances and increase the danger of them entering administration.

"Everton insist they have complied with the regulations and have
vowed to robustly defend themselves against the charges.  The
Premier League declined to comment."


GINKGO SALES 2022: DBRS Confirms BB Rating on Class E Notes
-----------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by
Ginkgo Sales Finance 2022 (the Issuer) as follows:

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

The ratings on the Class A and Class B Notes address the timely
payment of scheduled interest and the ultimate repayment of
principal by the legal final maturity date in November 2049. The
ratings on the Class C, Class D, Class E, and Class F Notes address
the ultimate payment of scheduled interest while the class is
subordinated and the timely payment of scheduled interest while the
class is the most senior class outstanding, and the ultimate
repayment of principal by the legal final maturity date.

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

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

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

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

The transaction is a securitization of fixed-rate, unsecured,
amortizing consumer loans granted to individuals domiciled in
France for the purchase of home equipment and recreational
vehicles, serviced by Crédit Agricole Consumer Finance (CACF).

PORTFOLIO PERFORMANCE

As of March 2023, loans two to three months in arrears represented
0.3% of the outstanding portfolio balance, up from 0.0% one year
ago at closing. The 90+-day delinquency ratio was 0.6% and the
cumulative default ratio was 0.2%, both up from 0.0% in the same
period.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (low) (sf) rating level to 4.8% and 58.3%,
respectively, based on the current portfolio composition.

CREDIT ENHANCEMENT

The CE to the rated notes consists of the subordination of their
respective junior class of notes. As of the March 2023 payment
date, CE to the Class A, Class B, Class C, Class D, Class E, and
Class F Notes was 18.8%, 13.6%, 9.2%, 5.6%, 3.6%, and 2.7%,
respectively, up from 18.3%, 13.2%, 8.9%, 5.4%, 3.4%, and 2.6%,
respectively, one year ago.

The transaction includes Class A and Class B liquidity reserve
funds that are available to the Issuer in restricted scenarios
where the interest and principal collections are not sufficient to
cover the shortfalls in senior expenses, swap payments, and
interests on the Class A Notes (available from both the Class A and
Class B liquidity reserves) and the Class B Notes (only available
from the Class B liquidity reserve). During the accelerated
redemption period, the amounts in both liquidity reserves are not
available to the Issuer and are instead returned directly to CACF
as the liquidity reserve provider. The Class A and Class B
liquidity reserve funds were both at their target levels of EUR 3.7
million and EUR 5.6 million, respectively, as of the March 2023
payment date.

CACF acts as the account bank for the transaction. Based on DBRS
Morningstar's private rating on CACF, the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to the account bank to be
consistent with the rating on the Class A Notes, as described in
DBRS Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

CACF also acts as the swap counterparty for the transaction. DBRS
Morningstar's private rating on CACF is consistent with the first
rating threshold as described in DBRS Morningstar's "Derivative
Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.


MARINE & PROPERTY: Enters Administration Amid Refinancing
---------------------------------------------------------
Lauren Phillips at BusinessLive reports that the holding company
behind a network of marinas in Wales has gone into administration
leaving uncertainty for its employees.

Administrators from insolvency firm RSM have been appointed to
Cardiff-based Marine & Property Group (MPG), whose marina
interests, which continue to trade and are not in administration,
include those in Cardiff, Burry Port, Aberystwyth and Port
Dinorwic, BusinessLive relates.

According to BusinessLive, in a statement, RSM said: "Damian Webb
and Chris Lewis (of RSM UK) have been appointed as joint
administrators of The Marine and Property Group (MPG).  All other
group companies are unaffected by the administration and should
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.  As you will note from the
statement, 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."

Concerns over the Marine & Property Group's financial situation
have been ongoing amid reports that staff had not been paid in full
or on time.  Earlier this year, MPG director Chris Odling-Smee
spoke of plans to raise GBP35 million from a new corporate bond to
address cash flow issues, BusinessLive discloses.

Mr. Odling-Smee, as cited by BusinessLive, said the administration
of the MPG was a protective measure to support the delayed capital
financing of the holding company.  He added that he was assisting
the administration process in the hope of raising funds through
that same corporate bond to exit the insolvency process.

"This [administration] is at holding level only to protect the
business whilst we complete our financing deal.  The same deal
we've been talking about continues and we're just perfecting the
details of that deal," he said.  Mr. Odling-Smee declined to
elaborate on the origin and details of the bond at this stage.

When asked whether any reacquisition of the holding company would
be a matter for the administrators in agreement with the
shareholders, Mr. Odling-Smee said: "We're not looking to buy back
the company.  We're just settling the position with the creditors
of the holding company only and this is where the collaborative
element comes in."


PALACE REVIVE: Goes Into Administration
---------------------------------------
Mike Phillips at Bisnow reports that the company that owns a super
luxury residential development next door to Buckingham Palace has
gone into administration.

Partners from FRP Advisory were appointed to Palace Revive
Development at the end of last month, Bisnow relates.

The company owns 1 Palace Street, a 271K SF block in west London
next to Buckingham Palace.  The development comprises 72 luxury
apartments, a restaurant and health centre.  It has frontages on
Buckingham Gate and Palace Street, and some of the apartments have
views into the gardens of Buckingham Palace.


PULSEROLL: Enters Into Creditors' Voluntary Liquidation
-------------------------------------------------------
Jon Robinson at Manchester Evening News reports that a Manchester
business behind a muscle therapy and recovery brand backed by
Anthony Joshua has collapsed into liquidation.

Pulseroll, which has counted the likes of Sale Sharks, Burnley FC,
Salford City FC as well as British Rowing and Leicester City FC
among its customers, has entered into creditors' voluntary
liquidation, Manchester Evening News relays, citing a notice filed
with The Gazette.  Craig Johns and Jason Elliot of Cowgills have
been appointed to oversee the process, Manchester Evening News
relates.

Pulseroll's website is still online and the Manchester Evening News
has asked what the company's liquidation could mean for the brand.


TILLERY VALLEY: Enters Administration, Nearly 230 Jobs Affected
---------------------------------------------------------------
Sion Barry at BusinessLive reports that one of Wales' leading food
supply companies has gone into administration with the loss of
nearly 230 jobs.

Abertillery-based Tillery Valley Foods has blamed the move on
inflationary pressures with spiralling food and energy costs
impacting cashflows, BusinessLive relates.  It said despite
increasing its prices the business was no longer able to trade
solvently, BusinessLive notes.  A potential sale of the business
was explored, but didn't materialise, BusinessLive states.

According to BusinessLive, the Welsh Government said it did try to
support a management buyout of the business, which it said wasn't
supported by the ultimate owners in private equity backed Joubere
Food Group.

Tim Bateson and Will Wright from Interpath Advisory have been
appointed joint administrators resulting in nearly 230 staff being
made redundant with immediate effect, BusinessLive discloses.

The business, with annual sales of more than GBP20 million,
provides meals to the local authorities, schools and 30 NHS Trusts
across England.  The administrators have retained 24 employees to
assist with an orderly wind-down of the business, BusinessLive
relays.


[*] UK: England and Wales Company Insolvencies Down 15% in April
----------------------------------------------------------------
David Milliken at Reuters reports that company insolvencies in
England and Wales last month were sharply lower than a year earlier
after a big rise in March, although they remained higher than
before the COVID-19 pandemic, government data showed on May 16.

Some 1,685 companies were registered insolvent in April, down 15%
from the same month a year earlier and almost a third lower than in
March, Reuters relays, citing non-seasonally adjusted figures from
the British government's Insolvency Service.

The year-on-year fall was led by a decline in creditors' voluntary
liquidations -- the most common type of insolvency -- while the
number of court-ordered compulsory liquidations was 183 in April,
almost double the 94 liquidations a year earlier, Reuters
discloses.

"The business climate is still tough. Firms right across the supply
chain are trying to manage increased costs without passing this on
to their customers, and with inflation remaining sticky, this is
likely to become ever more challenging as the year progresses,"
Reuters quotes Nicky Fisher, president of insolvency trade body R3,
as saying.

Ms. Fisher, as cited by Reuters, said the impact of higher
borrowing costs was yet to show up in company insolvencies, as many
firms had short-term fixed-rate borrowing costs.

"Businesses could potentially face a credit cost shock just as
inflation is predicted to ease, and this could mean we're looking
at a one-step forward, one-step back situation, rather than a
sustained improvement in the trading climate," she said.



                           *********


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
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