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

                          E U R O P E

          Friday, June 9, 2023, Vol. 24, No. 116

                           Headlines



B E L A R U S

BELARUSBANK: Moody's Withdraws Caa3 Local Currency Deposit Rating


F R A N C E

ARROW CMBS 2018: Fitch Hikes Rating on Class F Notes to 'BB+sf'
CASINO GUICHARD: Trio of French Businessmen to Make New Offer


G E R M A N Y

TRAVIATA BV: Fitch Puts 'B' Rating on Under Criteria Observation


I R E L A N D

PALMER SQUARE 2023-1: Fitch Gives 'B-(EXP)' Rating on Cl. F Notes


I T A L Y

CASSA CENTRALE: Moody's Withdraws 'Ba2' LongTerm Issuer Ratings


K A Z A K H S T A N

TAS FINANCE: Fitch Assigns 'B' LongTerm IDR, Outlook Stable


L U X E M B O U R G

CERDIA HOLDING: Moody's Affirms B3 CFR & Alters Outlook to Stable


N E T H E R L A N D S

ADRIA MIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
DOMI 2020-1: Moody's Ups Rating on EUR14.3MM Class X1 Notes to B1


S L O V A K I A

NOVIS INSURANCE: Fitch Assigns 'BB-' Insurer Fin. Strength Rating


S W I T Z E R L A N D

KONGSBERG AUTOMOTIVE: Moody's Alters Outlook on B1 CFR to Negative


T U R K E Y

KOC HOLDING: S&P Raises ICR to 'B+', Outlook Negative


U N I T E D   K I N G D O M

ACMODA: Goes Into Liquidation, 12 Jobs Affected
BLITZEN SECURITIES 1: Fitch Affirms BB+ Rating on Two Tranches
BRITISH AIRWAYS: Moody's Alters Outlook on 'Ba2' CFR to Positive
CLARIVATE PLC: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable
HOGGANFIELD CARE: Goes Into Administration

INTERNATIONAL CONSOLIDATED: Moody's Affirms Ba2 Corp Family Rating
TELEGRAPH GROUP: Owners Table Proposal to Restructure Lloyds Debt
WILKINSON'S OF NORWICH: Shuts Down After Trading for 50 Years


X X X X X X X X

[*] BOOK REVIEW: Transnational Mergers and Acquisitions

                           - - - - -


=============
B E L A R U S
=============

BELARUSBANK: Moody's Withdraws Caa3 Local Currency Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service withdrew the Caa3 long-term local
currency deposit ratings of Belarusbank and Belagroprombank JSC and
the banks' Ca long-term foreign currency deposit ratings. Moody's
also withdrew the banks' ca Baseline Credit Assessments (BCAs) and
Adjusted BCAs, and NP short-term deposit ratings. At the time of
the withdrawal the outlook on the long-term deposit ratings was
negative.

At the same time, Moody's withdrew Belagroprombank JSC's long-term
local currency Counterparty Risk Rating (CRR) of Caa3, the
long-term foreign currency CRR of Ca, its long-term Counterparty
Risk Assessment (CR Assessment) of Caa3(cr), NP short-term CRRs and
NP(cr) short-term CR Assessment.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.




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

ARROW CMBS 2018: Fitch Hikes Rating on Class F Notes to 'BB+sf'
----------------------------------------------------------------
Fitch Ratings has upgraded Arrow CMBS 2018 DAC's class B to F notes
and affirmed the class A1 and A2 notes.

   Entity/Debt           Rating           Prior
   -----------           ------           -----
Arrow CMBS 2018 DAC

   A1 XS1906449019   LT AAAsf  Affirmed   AAAsf
   A2 XS1906449282   LT AAAsf  Affirmed   AAAsf
   B XS1906450025    LT AA+sf  Upgrade    AAsf
   C XS1906450454    LT AAsf   Upgrade    A+sf
   D XS1906450611    LT A-sf   Upgrade    BBB+sf
   E XS1906450884    LT BBB+sf Upgrade    BBB-sf
   F XS1906450967    LT BB+sf  Upgrade    BBsf

TRANSACTION SUMMARY

The transaction is a securitisation of 95% of an originally
EUR308.2 million commercial real estate loan, originated by
Deutsche Bank AG (BBB+/Positive/F2) and Societe Generale S.A
(A-/Stable/F1) and backed by a Blackstone-sponsored portfolio of 73
(originally 89) logistics/light industrial and mixed-use assets
located across France, Germany and the Netherlands.

The loan is interest-only and pays a floating rate. The loan has
amortised by EUR60 million owing to the disposal of 16 properties
since closing in November 2018, on a release premium averaging
around 20%, which has resulted in meaningful headline loan
deleveraging.

KEY RATING DRIVERS

Updated EMEA CMBS Criteria: The criteria have incorporated a number
of updates, including an overhaul of how guidance assumptions are
derived. The class D notes have subsequently been removed from
Under Criteria Observation.

Granularity Offsets Secondary Quality: The portfolio consists of 73
well-let (92% occupied by area), functional, albeit secondary
quality industrial buildings which Fitch scores 3.5 on a weighted
average (WA) basis. Assets include "big box" and smaller urban
logistics assets, as well as some light industrial units.

The idiosyncratic risks in the secondary industrial sector (short
leases, dated buildings, weaker locations, etc) are mitigated by
granularity, and the diverse, pan-European nature of the portfolio
(spread across France (41 sites), Germany (26) and the Netherlands
(6)). Consequently, tenant concentration is modest, with most
assets being multi-let and portfolio income generated by over 250
tenants across various sectors.

Improved Performance: Portfolio rents have grown by around 7% since
the last review, due to contractual uplifts and lower vacancy (down
5%). New leases (featuring on around 5% of the portfolio) are
generally being signed above market rent levels that are themselves
significantly up. Given this performance, Fitch has indexed up the
estimated rental value (last reported in March 2022) for 50% of the
growth in prime rents in its market data. The point-in-cycle
components of its rental value decline assumptions have also
increased, given the risk that recent rental outperformance versus
trend is unsustainable.

Deteriorating Asset Market Conditions: Interest rates and
industrial property yields have risen sharply in the last 12
months. Given interest rate hedging rolls off when the loan finally
matures in November this year, Fitch models a stabilised Euribor
rate of 3.5% thereafter in its cash flow analysis of the impact of
carry cost on net recovery proceeds, in case the loan defaults.

While higher yields moderate the effect of underlying occupational
market strength on market values, this factor is not constraining
its ratings, as its cap rates are floored at the 10-year average
yield. Fitch's counter-cyclical approach therefore allows for the
upgrades despite the cooling-off of the investment market.

Elevated Senior Costs: Interest deferrals persisted for two
interest payment dates (IPD) on the class F notes due to issuer
transaction costs rising above the amount budgeted for by the
arrangers at closing. Fitch raised this at the time with relevant
parties including the borrower.

Fitch understands that upon being notified, the borrower cleared
these issuer shortfalls at the May IPD, and will continue to offer
this support for the next two IPDs, until maturity of the
underlying loan. As the class F notes now rely on this support,
Fitch has constrained its upgrade of this class to below
investment-grade in case issuer outgoings continue to exceed loan
interest.

RATING SENSITIVITIES

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

Reductions in occupational demand that lead to lower rents and/or
higher vacancy in the portfolio.

The change in model output that would apply with cap rate
assumptions 1pp higher produces the following ratings:

'AAAsf' / 'AAAsf' / 'AAsf' / 'Af' / 'BBBsf' / 'BBB-sf' / 'BB-sf'

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

Significant increases in occupational demand could result in
upgrades.

The change in model output that would apply with cap rate
assumptions 1pp lower produces the following ratings:

'AAAsf' / 'AAAsf' / 'AAAsf' / 'AA+sf' / 'A+sf' / 'Asf' / 'BB+sf'

Key property assumptions (weighted by market value)

Estimated rental value: EUR35.7M

Depreciation: 6.0%

'Bsf' WA cap rate: 5.4%

'Bsf' WA structural vacancy: 20.0%

'Bsf' WA rental value decline: 15.8%

'BBsf' WA cap rate: 6.3%

'BBsf' WA structural vacancy: 22.3%

'BBsf' WA rental value decline: 17.2%

'BBBsf' WA cap rate: 7.3%

'BBBsf' WA structural vacancy: 25.0%

'BBBsf' WA rental value decline: 18.8%

'Asf' WA cap rate: 8.5%

'Asf' WA structural vacancy: 27.6%

'Asf' WA rental value decline: 20.3%

'AAsf' WA cap rate: 8.9%

'AAsf' WA structural vacancy: 30.0%

'AAsf' WA rental value decline: 22.2%

'AAAsf' WA cap rate: 9.3%

'AAAsf' WA structural vacancy: 34.5%

'AAAsf' WA rental value decline: 24.3%

DATA ADEQUACY

Arrow CMBS 2018 DAC

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.

CASINO GUICHARD: Trio of French Businessmen to Make New Offer
-------------------------------------------------------------
Dominique Vidalon and Mathieu Rosemain at Reuters report that a
trio of French businessmen readied on June 9 to make a new offer
for debt-laden supermarket chain Casino Guichard Perrachon SA after
exclusive tie-up talks between Casino and smaller retail rival
Teract collapsed.

In a joint statement, telecoms billionaire Xavier Niel, investment
banker Matthieu Pigasse and entrepreneur Moez-Alexandre Zouari said
they were prepared to invest their funds in Casino to find a
lasting solution to the group's financial woes, Reuters relates.

According to Reuters, a source close to the matter said this new
money would come in the form of a dedicated vehicle, dubbed "3F"
(founders, friends & family), that would be invested in a potential
share sale of Casino.

Starting with EUR300 million, 3F will seek to raise money from
Casino's creditors to bring the sum to a little over one billion
euros, the source added, Reuters notes.

Casino had a consolidated net debt of EUR6.4 billion at the end of
last year, Reuters discloses.  It faces EUR3 billion worth of debt
repayments in the next two years and the holding company through
which veteran entrepreneur Jean-Charles Naouri controls the company
is also heavily indebted, Reuters states.

Amid mounting concerns about its ability to pay back its debts,
Casino had been weighing a tie-up proposal from Teract and a rival
one from Czech billionaire Daniel Kretinsky, Reuters relays.

But Teract and Casino said on June 8 hey had decided by mutual
agreement to end exclusive talks started since March to combine the
two group's retail activities in France, according to Reuters.

Last month Casino, which owns the Franprix and Monoprix chains,
officially started court-backed negotiations with its creditors,
Reuters recounts.

In April, Kretinsky, already Casino's second-largest shareholder,
offered to take control of Casino through a EUR1.1 billion (US$1.18
billion) capital increase, Reuters relates.

Casino said on June 8 the end of the discussions with Teract had no
impact on a protocol of intent Casino announced last month with
French rival Groupement Les Mousquetaires and which entails the
sale to Les Mousquetaires of Casino stores in France, representing
around EUR1.05 billion in sales, Reuters notes.




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

TRAVIATA BV: Fitch Puts 'B' Rating on Under Criteria Observation
----------------------------------------------------------------
Fitch Ratings has placed Loews Corporation and Traviata B.V. on
Under Criteria Observation (UCO) following the conversion of its
'Exposure Draft: Investment Holding Companies Rating Criteria' to
final criteria on 26 May 2023.

The UCO indicates that the existing ratings may change as a direct
result of the final criteria. It does not indicate a change in the
underlying credit profile, nor does it affect existing Outlooks or
Rating Watch statuses.

Fitch will review all the UCOs within six months. Not all issuers
with a UCO will have a rating change upon resolution of the UCO.

KEY RATING DRIVERS

Updated Investment Holding Companies Criteria: The new criteria
represent a significant update from the previous methodology. In
particular, analysts now have the flexibility to assign different
weights to the Key Rating Drivers, especially if one element is
significantly weaker than the others. Fitch combines this with the
introduction of an Investment Holding Companies (IHC) Rating
Navigator.

Fitch no longer anchors its analysis to the blended assessment of
credit quality of the IHC income stream. In addition, certain
rating factors under the previous approach have been modified to
improve the quality of the assessment. Fitch also describes its
approach to assigning instrument and Recovery Ratings and capturing
currency transfer and convertibility risks.

RATING SENSITIVITIES

The resolution of the UCO will depend on Fitch's assessment of the
appropriate rating outcome based on the new criteria over the next
six months.

Existing issuer rating sensitivities remain unchanged.

ESG CONSIDERATIONS

The ESG Relevance Score will be reviewed during the UCO
resolution.

   Entity/Debt         Rating                      Recovery Prior
   -----------         ------                      -------- -----
Traviata B.V.   LT IDR B  Under Criteria Observation   B

   senior
   secured      LT     B+ Under Criteria Observation   RR3   B+

Loews
Corporation     LT IDR A  Under Criteria Observation   A

   senior
   unsecured    LT     A  Under Criteria Observation   A




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

PALMER SQUARE 2023-1: Fitch Gives 'B-(EXP)' Rating on Cl. F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Palmer Square European CLO 2023-1 DAC
notes expected ratings.

   Entity/Debt        Rating        
   -----------        ------        
Palmer Square
European CLO
2023-1 DAC

   A Loan         LT AAA(EXP)sf  Expected Rating
   A Note         LT AAA(EXP)sf  Expected Rating
   B-1            LT AA(EXP)sf   Expected Rating
   B-2            LT AA(EXP)sf   Expected Rating
   C              LT A(EXP)sf    Expected Rating
   D              LT BBB-(EXP)sf Expected Rating
   E              LT BB-(EXP)sf  Expected Rating
   F              LT B-(EXP)sf   Expected Rating
   Subordinated   LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Palmer Square European CLO 2023-1 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds were used to purchase a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Palmer Square Europe Capital Management LLC. The collateralised
loan obligation (CLO) has an approximately 4.5-year reinvestment
period and an 8.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 23.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 65.2%.

Diversified Asset Portfolio (Positive): The transaction will
include two Fitch matrices, both effective at closing,
corresponding to a top-10 obligor concentration limit at 25%,
fixed-rate asset limits of 7.5% and 12.5% and a maximum 8.5-year
WAL test.

The transaction also includes various concentration limits,
including the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis is 12 months less than the WAL test. This
reduction to the risk horizon accounts for the strict reinvestment
conditions envisaged after the reinvestment period. These include
passing both the coverage tests, Fitch WARF test and the Fitch
'CCC' bucket limitation, together with a progressively decreasing
WAL covenant. In Fitch's opinion these conditions reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in a downgrade of the class F notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics of the current portfolio than the Fitch-stressed
portfolio, the rated notes display a rating cushion to a downgrade
of up to four notches for the class F notes, three notches for the
class D and E notes, two notches for the class B notes and one
notch for the class C notes. 'AAAsf' rated notes are already at the
highest rating on Fitch's scale and cannot have a rating cushion.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio erode due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of up to four notches
for the notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in upgrades of
up to one notch for the class C notes, two notch for the class B
and D notes, three notches for the class E notes and four notches
for the class F notes. The 'AAAsf' rated notes are already at the
highest rating on Fitch's scale and cannot be upgraded.

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

DATA ADEQUACY

Palmer Square European CLO 2023-1 DAC

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

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

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




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

CASSA CENTRALE: Moody's Withdraws 'Ba2' LongTerm Issuer Ratings
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 long-term issuer
ratings, the Baa2 long-term deposit ratings, the Baa1 long-term
Counterparty Risk Ratings (CRRs), the Baa2(cr) long-term
Counterparty Risk Assessment, the P-2 short-term deposit ratings
and CRRs, the P-2(cr) short-term Counterparty Risk Assessment, the
NP short-term issuer ratings, and the ba1 Baseline Credit
Assessment (BCA) and Adjusted BCA of Cassa Centrale Banca S.p.A.
for business reasons.

The outlook on the long-term bank deposit and issuer ratings at the
time of the withdrawal was negative.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=YNsUGA

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Cassa Centrale Banca S.p.A. is one of the three central
institutions of the Italian Banche di Credito Cooperativo (BCC)
cooperative sector. In January 2019, Gruppo Cassa Centrale ("the
Group" or GCC) was licensed by the Bank of Italy as a fully
integrated cooperative banking group, becoming one of the ten
biggest Italian banking groups. As of June 2022, GCC reported total
assets of around EUR96 billion.




===================
K A Z A K H S T A N
===================

TAS FINANCE: Fitch Assigns 'B' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Microfinance
Organization TAS FINANCE GROUP LLP (TAS) Foreign- and
Local-Currency Long-Term Issuer Default Ratings (IDRs) of 'B'. The
Outlook is Stable. Fitch has also assigned TAS a National Long-Term
Rating of 'BB(kaz)'/Stable and a senior unsecured long-term debt
rating at 'B'/RR4.

KEY RATING DRIVERS

Small Franchise; Risky Sector: TAS's ratings reflect its small
franchise in the domestic microfinance sector, monoline and
concentrated business model with a focus on secured used car-backed
loans (89% of total loan portfolio at end-1Q23) and higher-risk
underbanked customers, basic underwriting standards and risk
controls as well as its concentrated funding profile.

Adequate Capitalisation; Good Profitability: The ratings also
consider TAS's adequate capitalisation, including sound buffers
relative to regulatory requirements, granular, mostly short-term
secured loan portfolio, backed by relatively liquid collateral,
moderate credit losses and good profitability despite increased
regulatory pressure.

Stable Outlook: The Stable Outlook reflects Fitch's view that TAS
should be able to withstand macroeconomic challenges at its current
rating, including those stemming from interest rate, inflation and
customer affordability pressures. TAS's profitability has been
sound and stable in recent years and asset quality has remained
acceptable amid rapid business volume growth.

Monoline Business: TAS was established in 2010 as a pawn shop and
since then has grown into one of the largest secured micro-lending
organisations in Kazakhstan, operating in 27 cities through 38
sales points. TAS provides secured loans to underbanked clients
with limited credit history, backed mostly by used cars and real
estate (11% of total portfolio at end-1Q23). TAS's clients are
mostly individuals and small business owners, financing their
consumption and working capital.

Key Person Risk; Competitive Market: In Fitch's view, key person
risk in the form of one of TAS's major shareholders (who is also
the company's CEO) is material and could affect the company's
governance practices due to a high reliance in decision-making on
the shareholders and their families. Positively, the company
complies with a number of local regulatory and disclosure
requirements. TAS is one of the largest companies in secured loan
segment, but its franchise is smaller than that of larger local
micro-finance companies and in its view, could be replicated by the
existing market participant including banks, microfinance companies
and fintech companies.

Rapid Portfolio Growth: TAS has well-tested but basic underwriting
standards and adequate risk controls commensurate with its scale
and business model. TAS is regulated and supervised by the National
Bank of Kazakhstan and has to comply with local regulatory and
disclosure requirements, as well as multiple covenants from its
bond investors and other creditors, which Fitch understands could
be renegotiated, provided TAS obtains creditors' consent.

TAS has had rapid portfolio growth (50% in 2022, 53% in 2021), in
line with management's targets to become the third-largest
micro-lender in Kazakhstan. In its view, this could pressure the
company's underwriting practices and thereby asset quality.

Adequate Asset Quality: TAS's impaired loans/gross loans ratio
(Stage 3) was low at 3.7% at end-1Q23 (3.1% at end-2022),
reflecting acceptable underwriting standards and collateral
requirements. Fitch believes recent rapid loan growth could
pressure asset quality as the portfolio seasons. Positively, TAS's
coverage ratio (loan loss reserves/impaired loans) was high at 98%
at end-1Q23 (152% at end-2022) and supported by acceptable
loan-to-value (LTV) requirements and acceptable collateral
quality.

Solid Profitability: Fitch believes TAS could be subject to
potential earnings and business model volatility due to its
exposure to regulatory actions across the sector on lending to
higher-risk, more socially vulnerable borrowers. TAS's annualised
pre-tax income/average assets ratio stood at a high 25% in 1Q23
(21% in 2022) and its annualised net interest margin was solid at
34% in 1Q23 (35% in 2022). TAS's business model is labour-intensive
(staff costs accounted for 54% of total general and administrative
expenses), but its cost/income ratios (calculated as operating
expenses/total net revenue) was sound at 37% in 1Q23 (37% in
2022).

Solid Capital Buffers: TAS's leverage ratio (gross debt to tangible
equity) stood at 1.1x at end-1Q23 (1.0x at end-2022), which is
lower than most of its peers and substantially higher than
regulatory requirements. TAS's equity/assets ratio, its prudential
capital requirement, was 47% at end-1Q23 (end-2022: 48%) compared
with a minimum requirement of 10%.

Fitch believes a prudent dividend policy and a record of solid
internal capital generation through the cycle could support its
capital and leverage position in the medium to long term. However,
in its view, further debt-funded portfolio growth in line with the
company's targets could lead to reduced capitalisation.
Nonetheless, Fitch believes ratios should remain relatively
comfortably in excess of regulatory and third-party requirements.

Adequate Funding Profile: At end-1Q23, 47% of TAS's assets were
equity funded with the remainder relating to secured bank (24%) and
unsecured funding (25%, largely bonds) all Kazak tenge-denominated.
Secured funding (secured by TAS's loan portfolio) largely relates
to loans from JSC Halyk Bank (BBB-/Stable; 49% of total debt at
end-1Q23). Unsecured funding mostly consists of bonds (43%) and to
a lesser extent loans from DAMU (8%), a local development fund.
TAS's short-dated loan portfolio helps balance liquidity risks.

TAS is exposed to covenant risk, which could expose it to
accelerated debt repayments if waivers are not granted. Positively,
the company has a record of being able to renegotiate covenants, if
required.

RATING SENSITIVITIES

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

- Further key interest rate increases in Kazakhstan coupled with
uncontrolled growth of company's balance sheet could pressure the
company's earnings and portfolio quality.

- A material reduction in TAS's regulatory capital headroom or its
gross debt/tangible equity ratio sustainably exceeding 4x;

- Material asset quality deterioration, coupled with weaker revenue
generation ability, weighing on profitability and capital buffers;

- A regulatory event, for instance considerably tighter lending
caps, negatively affecting projected growth and ultimately business
model viability;

- Signs of funding and refinancing problems (including covenant
breaches), compromising funding access or ability to grow.

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

- Upside rating potential is limited in the medium to long term by
TAS's modest franchise and monoline business model. Over the long
term, sustained growth of TAS's franchise and business scale,
maintaining solid financial metrics, could lead to an upgrade;

- Sustained funding diversification, stable and proven access to
international financial institution funding could also support
positive rating action in the long term.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

TAS's senior unsecured bond rating is equalised with its Long-Term
Local-Currency IDR, reflecting Fitch's view that the likelihood of
default on the senior unsecured obligation is the same as that of
the company with average recovery prospects reflected in a 'RR4'
Recovery Rating. TAS's KZT10 billion two-year senior unsecured
bond, part of KZT20 billion five-year senior unsecured bond
programme maturing in December 2026, has a fixed coupon of 19% paid
quarterly and with maturity in December 2023.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

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

- Positive rating action on TAS's Long-Term IDR.

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

- Negative rating action on TAS's Long-Term IDR;

- Weaker recovery expectations, for instance, due to materially
weaker capitalisation or higher asset encumbrance.

ESG CONSIDERATIONS

TAS has an ESG Relevance Score of '4' for customer welfare given
its exposure to higher-risk underbanked borrowers with limited
credit history and variable incomes. This underlines social risks
arising from increased regulatory scrutiny and policies to protect
more vulnerable borrowers (such as lending caps) regarding its
lending practices, pricing transparency and consumer data
protection. This has a moderately negative impact on TAS's credit
profile and is relevant to the ratings in conjunction with other
factors.

TAS has as ESG Relevance Score of '4' for exposure to social
impacts. This reflects risks arising from a business model focused
on extending credit at high rates, which could give rise to
potential consumer and market disapproval, as well as to potential
regulatory changes and conduct-related risks that could impact the
company's franchise and performance metrics. This has a moderately
negative impact on TAS's credit profile and is relevant to the
ratings in conjunction with other factors.

TAS has an ESG Relevance Score of '4' for governance structure.
This reflects high key-person risk due to significant dependence in
decision-making on the company's shareholders and their families,
which has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.

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

   Entity/Debt                Rating              Recovery   
   -----------                ------              --------   
Microfinance
Organization
TAS FINANCE   
GROUP LLP            LT IDR    B      New Rating

                     ST IDR    B      New Rating

                     LC LT IDR B      New Rating

                     LC ST IDR B      New Rating

                     Natl LT   BB(kaz)New Rating

   senior
   unsecured         LT        B      New Rating     RR4

      KZT 20
      bln
      program
      – other        LT        B      New Rating     RR4

   senior
   unsecured         LT        B      New Rating     RR4

      KZT 10
      bln 19%
      bond/note
      10-Dec-2023
      KZX000000963   LT        B      New Rating     RR4




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

CERDIA HOLDING: Moody's Affirms B3 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
and B3-PD probability of default rating of Cerdia Holding S.a r.l.
(Cerdia or the company), as well as the B3 rating of the $600
million backed senior secured notes (due in February 2027) issued
by its financing subsidiary Cerdia Finanz GmbH. Moody's also
changed the outlook on all ratings to stable from negative.

RATINGS RATIONALE

The stabilization of the outlook reflects the company's improving
operating results following a period of disruption during the
quarters after Russia's invasion of Ukraine, which, together with
debt reduction, contributes to Moody's to expectations for lower
leverage and continued positive free cash flow.

Cerdia faced challenges sourcing raw materials due to sanctions on
importing flakes into Russia, which limited its ability to run the
Russian facility at historical production levels. In response to
the loss of volumes from the company's Russia plant due to
sanctions and the expectation for an eventual full wind down of
that site, Cerdia shifted some volumes to other facilities. The
company also passed through price increases which compensated for
lower filter tow capacity in Russia.

The company's full repayment of its EUR65 million revolving credit
facility (drawn fully in July 2022) and the roughly $18 million
redemption of the company's bonds as required under the debt
documentation also supported the outlook change.

The rating agency estimates Cerdia's Moody's adjusted
debt-to-EBITDA ratio to be around 5.75x for the last twelve months
through March 2023. The aforementioned metric includes the rating
agency's standard adjustments and certain other non-recurring
items. Moody's expects Cerdia's earnings and cash flow to improve
due to price increases and the increased utilization of production
capacity at other facilities, which are compensating for lower
filter tow volumes from Russia, and for gross debt-to-EBITDA to
decline further in 2023. Moody's expectations do not include any
meaningful contribution from its production site in Russia.
Significant disruptions to the company's largest site in Freiberg
or disruptions of European energy supply, also not built into the
forecast, would place stress on the company's EBITDA, cash flow and
liquidity position.

The B3 CFR reflects Cerdia's established position in the filter tow
industry, which is protected by high entry barriers; its vertically
integrated business; the fairly predictable end user tobacco market
over at least next several years, with good revenue visibility
based on multi-year customer contracts; and its solid EBITDA margin
in the low to mid 20% range (Moody's adjusted) and low capex
requirements, which result in capacity for solid free cash flow.
The company's historically aggressive financial policy which led to
weak credit metrics, including high leverage and low interest
coverage, together with its small scale and very narrow product
portfolio focused on an end market that is in a structural decline
(combustible tobacco), constrain the rating. The company has high
customer concentration, with its top six key accounts representing
around 60% of Cerdia's volumes, and low operational flexibility
with few production facilities and most filter tow is produced at
the Freiburg site in Germany, where it faces a degree of risk
related to European energy disruptions. Additionally, the
consolidated customer base and the ongoing decline in cigarette
volumes exposes the filter-tow market to future price pressure.

LIQUIDITY

Cerdia's liquidity is good. As of the end of March 2023, the
company had around $45 million of cash on hand and access to an
undrawn EUR65 million RCF.

The company's bonds require the repayment of $20 million for
2023-2025 (each, to be paid within 125 days after the respective
year-end). Moody's estimates that the company will generate
positive Moody's adjusted free cash flow in 2023 and satisfy these
obligations from internally generated cash flow.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations for Cerdia were a driver of the rating
action, reflecting management's navigation of the unstable
operating environment during 2022 and shift of some production
capacity from its Russian facility to other sites, as well as
expectations for management to seek to improve credit metrics and
maintain prudent liquidity.

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

The following could lead to an upgrade of Cerdia's ratings: (i)
increased scale, meaningful diversification of its product offering
and reduction of its customer concentrations; (ii) reduction of
leverage to below 5.0x adj. debt/EBITDA on a sustained basis; (iii)
EBITA/Interest above 2.0x for a sustained basis and (iv)
maintenance of good liquidity.

The following could lead to a downgrade of Cerdia's ratings: (i) a
weakening of the group's liquidity, including for example negative
free cash flow, and a declining cash balance which would limit the
company's ability to make mandatory bond amortization and coupon
payments; (ii) disruptions in any of the company's production
facilities or a faster than anticipated decline in end market
demand which would indicate a drop off in production volumes (iii)
debt/EBITDA staying above 6.5x; (iv) EBITA/Interest coverage below
1.5x; (v) EBITDA margin declining below 20%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Cerdia is a leading supplier of cellulose acetate filter tow, a
critical component used by tobacco companies for cigarette filters,
with net sales of $526 million in 2022. Acetate filter tow
represented more around 89% of 2022 revenues, with the rest split
between acetate flakes mainly used for textiles (5%) and sale from
other products and services (6%). Cerdia's four plants are located
in Germany, Russia, Brazil and the US. The company was spun-off
from Solvay SA (Baa2 stable), which sold it to private equity fund
Blackstone via an LBO deal 2017.




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

ADRIA MIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook of Adria Midco B.V., a leading telecom operator in
Southeastern Europe. At the same time, Moody's has affirmed the
company's B2 long term corporate family rating, the B2-PD
probability of default rating, and the B2 rating on the EUR4.58
billion backed senior secured notes issued by its wholly owned
subsidiary United Group B.V. ('UG').

The rating action follows the announcement in April 2023 [1] of the
agreement to sell 100% of its mobile tower infrastructure in
Bulgaria, Croatia and Slovenia to TAWAL, a subsidiary of Saudi
Telecom Company (A1, positive). Proceeds from this sale will amount
to around EUR1.2 billion, equivalent to an EV/EBITDAaL 2022 (Pre
IFRS16) multiple of 20.1x, and the transaction is expected to close
in the second half of 2023, subject to customary conditions.

Adria also announced in May 2023 [2] that proceeds from the tower
sale will be used to fully repay UG's EUR525 million and EUR550
million bonds maturing in July 2024 and May 2025, respectively, and
the remaining funds to partially repay drawings under the super
senior revolving credit facility ("SSRCF").

"The transaction is positive as it reduces leverage and improves
the company's liquidity position, removing near term refinancing
risks," says Agustin Alberti, a Moody's Vice President–Senior
Analyst and lead analyst for Adria.

RATINGS RATIONALE

The rating affirmation considers the company's solid operating
momentum and growth opportunities, improved scale and scope of
operations over the past few years, and its strategic shift to
focus on cash flow generation, liquidity and deleveraging. Moody's
expects Adria's organic revenue growth to remain solid in the
mid-single digit rate and EBITDA margin to improve in 2023, driven
by overall RGUs and price increases, synergies from acquisitions
and savings from efficiency measures that will help to offset cost
inflation pressures.

Following the sale and lease back of the towers in Bulgaria,
Croatia and Slovenia, the rating agency estimates that the
company's Moody's adjusted gross debt to EBITDA ratio will improve
to 5.2x in 2023 and 5.0x in 2024 from 6.2x in 2022 (pro forma for
acquisitions). The improvement will be driven by a combination of
debt repayments and EBITDA growth. These will more than compensate
for the increase in lease liabilities following the sale and lease
back. The company is also considering the sale of other non-core
assets, which could be positive if valuation multiples are
attractive and proceeds are used to repay debt.

Adria has reported negative free cash flow (FCF) generation over
the past few years because of high capital spending (at around
25%-30% of sales) as the company continued to grow and enhance its
network capabilities. As a result, the EBITDA-capex to interest
expense ratio has been weak over the past 5 years at around 1.0x.
In addition, recurrent dividend outflows to service the EUR571.5
million PIK notes' interest at Summer BidCo level (currently around
EUR55- EUR60 million per year) was a significant drag on FCF
generation.

Moody's expects that the company will improve FCF generation over
the next 12-18 months on the back of EBITDA growth and reduced
capital spending intensity (between 22%-25% of sales including
fiber deployment in Greece). This will also translate into a slight
improvement of the interest coverage ratio to around 1.5x. The
degree of FCF improvement will also vary depending on whether the
company decides to settle PIK notes interest payments in kind, as
it did in May 2023, or in cash.

The B2 rating continues to reflect the company's leading market
position and brand recognition; its significant improvement in
scale, and geographical diversification over the past three years;
the growth opportunities provided by its upselling and cross
selling strategy; the long track record of the management team
which has translated into consistent organic revenue and EBITDA
growth and successful integration of acquired companies.

The rating also reflects the weak, although expected to improve,
FCF generation and cash flow metrics; the need to successfully
integrate acquired companies to deliver synergies and margin
expansion; the need to strengthen the liquidity on a sustained
basis given the increased size of the company; and the presence of
a PIK instrument outside the restricted group, which represents an
overhang for Adria.

LIQUIDITY

At the end of Q1 2023, the company had cash and cash equivalents of
around EUR117 million and access to a EUR325 million SSRCF due June
2025, of which EUR 295 million were drawn. The SSRCF is restricted
by a leverage-based springing covenant (of 9.0x net
debt/consolidated EBITDA) tested on a quarterly basis. The company
also has access to local undrawn bilateral lines of EUR172 million,
of which EUR90 million are currently drawn.

Liquidity will improve following the tower sale and the repayment
of around EUR125 million drawings under the SSRCF maturing in June
2025. However, the rating agency expects that the company will
further strengthen its liquidity on a sustained basis, considering
the larger size of the group and its well spread debt maturity
profile.

Moody's notes that the SSRCF has a springing maturity: it will
become due in February 1, 2024 if the existing 2024 backed senior
secured notes are not fully refinanced by that date, or in February
15, 2025 if the existing 2025 backed senior secured notes are not
fully refinanced by that date. Moody's understands that management
is working on further strengthening its liquidity on a sustained
basis, including the renewal and maturity extension of the SSRCF in
the coming months.

STRUCTURAL CONSIDERATIONS

Adria's capital structure includes EUR4.58 billion of backed senior
secured notes and a EUR325 million SSRCF, both issued by UG, as
well as EUR172 million of local bilateral lines.

The SSRCF ranks ahead in an enforcement scenario. It shares a
guarantee and security package with the rated backed senior secured
notes. In addition, the SSRCF (but not the backed senior secured
notes) is secured on Serbian assets and receives guarantees from
Serbian subsidiaries.

The SSRCF ranks first and the backed senior secured notes second in
the waterfall of claims, together with the local bilateral lines,
and Adria's trade payables. Given the limited weight of the SSRCF
ranking ahead of the backed senior secured notes, the notes are
rated B2, at the same level as the CFR.

In addition, there are EUR571.5 million of PIK notes (unrated) due
in November 2025 at Adria's holding company, Summer BidCo, outside
of the restricted group defined by the lenders of Adria.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue to deliver a sound operating performance with strong
revenue and EBITDA organic growth, and FCF improvement. It also
assumes that the company will take the necessary measures to
strengthen its liquidity on a sustained basis, including the
renewal and maturity extension of its SSRCF.

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

Moody's has adjusted by 0.25x the leverage tolerance levels for the
rating category to recognize the benefits of Adria's larger scale,
geographic diversification and track record of solid operating
performance, as well as to align these thresholds to those of its
closest peers.

Upward pressure may arise if the company reduces its leverage so
that its gross Debt/EBITDA ratio (Moody's definition) falls below
4.75x (4.5x previously) and demonstrates its capacity to generate
adjusted positive FCF/debt (Moody's definition) on a sustainable
basis. However, the PIK instrument outside of the restricted group
represents an overhang for Adria, as it could be refinanced within
the restricted group once sufficient financial flexibility
develops. Therefore, the PIK instrument could limit upward rating
pressure in the future.

Downward pressure on the rating may arise if Adria's gross
Debt/EBITDA ratio (Moody's definition) is maintained above 5.75x
(5.5x previously) on a sustained basis. Downward rating pressure
could also arise if the company's liquidity profile deteriorates.

LIST OF AFFECTED RATINGS

Issuer: Adria Midco B.V.

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: United Group B.V.

Affirmations:

BACKED Senior Secured Regular Bond/Debenture, Affirmed B2

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.

COMPANY PROFILE

Headquartered in the Netherlands, Adria is one of the leading
telecommunications and media operators in Southeast Europe. Active
in eight countries, the company has approximately 15.5 million
users. BC Partners owns approximately 56% of the company, senior
management approximately 42% and the EBRD approximately 2%. In
2022, the company generated revenue of EUR2,780 million and
adjusted EBITDAaL of EUR1,010 million pro forma for acquisitions
(as defined by the company).


DOMI 2020-1: Moody's Ups Rating on EUR14.3MM Class X1 Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of ten Notes in
Domi 2019-1 B.V., Domi 2020-1 B.V. and Domi 2020-2 B.V. The
upgrades reflect better than expected collateral performance and
the increased levels of credit enhancement for the affected notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

Issuer: Domi 2019-1 B.V.

EUR213.6M Class A Notes, Affirmed Aaa (sf); previously on Aug 1,
2022 Affirmed Aaa (sf)

EUR13.7M Class B Notes, Affirmed Aaa (sf); previously on Aug 1,
2022 Affirmed Aaa (sf)

EUR8.7M Class C Notes, Upgraded to Aaa (sf); previously on Aug 1,
2022 Upgraded to Aa1 (sf)

EUR5.0M Class D Notes, Upgraded to Aa1 (sf); previously on Aug 1,
2022 Upgraded to Aa2 (sf)

EUR5.0M Class E Notes, Upgraded to Baa3 (sf); previously on Aug 1,
2022 Affirmed Ba2 (sf)

EUR11.2M Class X Notes, Upgraded to Caa1 (sf); previously on Aug
1, 2022 Affirmed Caa3 (sf)

Issuer: Domi 2020-1 B.V.

EUR281.7M Class A Notes, Affirmed Aaa (sf); previously on Aug 1,
2022 Affirmed Aaa (sf)

EUR15.9M Class B Notes, Affirmed Aaa (sf); previously on Aug 1,
2022 Upgraded to Aaa (sf)

EUR8.0M Class C Notes, Upgraded to Aa1 (sf); previously on Aug 1,
2022 Upgraded to Aa2 (sf)

EUR4.8M Class D Notes, Upgraded to Aa3 (sf); previously on Aug 1,
2022 Upgraded to A2 (sf)

EUR4.8M Class E Notes, Affirmed Ba1 (sf); previously on Aug 1,
2022 Affirmed Ba1 (sf)

EUR3.2M Class F Notes, Affirmed Caa3 (sf); previously on Aug 1,
2022 Affirmed Caa3 (sf)

EUR14.3M Class X1 Notes, Upgraded to B1 (sf); previously on Aug 1,
2022 Affirmed Caa2 (sf)

Issuer: Domi 2020-2 B.V.

EUR227.6M Class A Notes, Affirmed Aaa (sf); previously on Aug 1,
2022 Affirmed Aaa (sf)

EUR13.6M Class B Notes, Upgraded to Aaa (sf); previously on Aug 1,
2022 Affirmed Aa1 (sf)

EUR6.5M Class C Notes, Upgraded to Aa1 (sf); previously on Aug 1,
2022 Upgraded to Aa2 (sf)

EUR3.9M Class D Notes, Upgraded to A2 (sf); previously on Aug 1,
2022 Upgraded to A3 (sf)

EUR3.9M Class E Notes, Affirmed Ba1 (sf); previously on Aug 1,
2022 Affirmed Ba1 (sf)

EUR11.6M Class X1 Notes, Affirmed Caa2 (sf); previously on Aug 1,
2022 Affirmed Caa2 (sf)

RATINGS RATIONALE

The rating action is prompted by decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) and MILAN CE
assumptions due to better than expected collateral performance, and
an increase in credit enhancement for the affected tranches.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transactions has continued to improve since
the last rating actions. Total delinquencies have decreased in the
past year, with 90 days plus arrears of Domi 2019-1 B.V., Domi
2020-1 B.V. and Domi 2020-2 B.V. currently standing at 0.0%, 0.0%
and 0.28% of current pool balance respectively. Cumulative defaults
and cumulative losses for the three transactions currently stand at
0.0% of the original pool balance.

Moody's decreased the expected loss assumption of Domi 2019-1 B.V.
and Domi 2020-1 B.V. to 0.54% and to 0.70% as a percentage of
original pool balance from 0.6% and 0.9% respectively, due to the
improving performance. Moody's maintained the expected loss
assumption of Domi 2020-2 B.V. at 1.10% as a percentage of original
pool balance.

Moody's has also reassessed loan-by-loan information as a part of
its detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's decreased the MILAN CE assumption of
the three transactions to 13.0% from 14.0%, respectively.

Increase in Available Credit Enhancement:

Sequential amortization led to the increase in the credit
enhancement available in this transaction. For instance, the credit
enhancement for the most senior tranche affected by the rating
action in Domi 2019-1 B.V., Domi 2020-1 B.V. and Domi 2020-2 B.V.
increased to 39.93%, 24.64% and 24.65% from 36.69%, 21.99% and
20.58%, respectively, since the last rating action.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.




===============
S L O V A K I A
===============

NOVIS INSURANCE: Fitch Assigns 'BB-' Insurer Fin. Strength Rating
-----------------------------------------------------------------
Fitch Ratings has published Slovakian life insurer NOVIS Insurance
Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di
Assicurazioni, NOVIS Poistovna a.s.'s (Novis) Insurer Financial
Strength (IFS) Rating (IDR) of 'BB-'. The Outlook is Stable.

The rating reflects weak asset/liability and liquidity management
(ALM), as well as somewhat weak capitalisation and leverage, and
company profile.

KEY RATING DRIVERS

Weak ALM: Novis's insurance contract value (ICV) amounted to EUR178
million of its total assets of EUR267 million at end-2022 (2021:
EUR252 million), based on preliminary accounts. The remaining
assets were EUR89 million (2021: EUR96 million), which is below
Novis's accounted technical reserves of EUR97 million (unchanged on
2021's). In its view, ALM is constrained by intangible assets being
required to cover technical reserves. Novis uses insurance-linked
securities (ILS) transactions to finance its acquisition expenses.

Somewhat Weak Capitalisation and Leverage: Its capital assessment
is driven by Novis's high financial leverage ratio (FLR), which
Fitch expects to rise to about 50% within the next two years (2022:
28% preliminary). Novis intends to complete several capital
measures during 2023. Based on preliminary results, Novis's
Solvency II (S2) ratio would have been about 111% at end-2022
(2021: 102%).

Somewhat Weak Company Profile: Fitch regards Novis's business
profile as 'Less Favourable' than its peers'. Novis operates in the
niche area of unit-linked universal life policies. Its small size
and niche focus leads us to score competitive positioning as 'Less
Favourable'. On the other hand, the business risk profile benefits
from biometric risks being largely ceded while investment risk
arising from unit-linked policies is low. Overall, Fitch scores the
business risk profile as 'Moderate'. Fitch regards diversification
as 'Less Favourable' due to the company providing primarily one
product while selling policies in several countries.

Good Financial Performance: Novis reported a preliminary net income
return on equity (ROE) of 10.4% for 2022 (2021: -3.1%). The average
ROE for 2018-2022 was strong at 11%, although profitability is
strongly driven by accounting for ICV. Fitch regards financial
performance as solid and score it in the 'bbb' category.

Weak Financial Flexibility: Fitch scores financial flexibility as
weak because Fitch regards Novis's market access as unstable and
funding sources limited. Fitch views debt service capabilities as
sound as Fitch expects fixed charge coverage to be higher than 3x
despite Novis's plan to issue notable amounts of senior debt.

RATING SENSITIVITIES

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

- An improvement in asset quality resulting in tangible
   assets covering technical reserves while maintaining FLR
   below 40% and improving the S2 ratio to more than 120%

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

- Further deterioration in the liquidity profile as measured
   by a declining ratio of tangible assets covering technical
   reserves

- Low new business volumes due to inability to finance
   acquisition costs

- Breach of S2 requirement

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        
   -----------                         ------        
NOVIS Insurance
Company, NOVIS
Versicherungsgesellschaft,
NOVIS Compagnia di
Assicurazioni, NOVIS
Poistovna a.s.                  LT IFS BB-  Publish




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

KONGSBERG AUTOMOTIVE: Moody's Alters Outlook on B1 CFR to Negative
------------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the ratings of Switzerland-based automotive parts
supplier Kongsberg Automotive ASA ("KA" or "the group") and its
subsidiary Kongsberg Actuation Systems B.V. Moody's further
affirmed the group's B1 long term corporate family rating, the
B1-PD probability of default rating and the B1 instrument rating on
the outstanding EUR200 million backed senior secured notes due
2025, issued by Kongsberg Actuation Systems B.V.

RATINGS RATIONALE

The outlook change to negative from stable was prompted by KA's
weakened profitability and free cash flow (FCF) generation in the
first quarter of 2023 (Q1-23) and Moody's expectation of some of
the group's credit metrics to remain at levels below the defined
ranges for a B1 rating in 2023 and possibly also next year.

Despite group sales growing by 5% year-over-year thanks to a strong
outperformance in the European and North American commercial
vehicle markets, KA's reported EBIT (adjusted for restructuring
costs) dropped by 46% to EUR4.1 million in Q1-23, primarily caused
by a temporary decline in passenger car sales, increasing
competition and negative product mix effects in China. Likewise,
reflecting the weakened profitability, but also one-off higher tax
payments and a significant working capital build-up, the group's
reported free cash flow (FCF) reduced to EUR31 million negative in
Q1-23 from EUR11 million negative in the same period last year.

KA's decreased profitability further reflects recent business
divestments, in particular its profitable Canadian Powersports
operations to BRP Megatech Industries Inc. (BRP) for CAD136 million
in Q4-22. While recognizing the significant reduction in KA's
reported net debt following these divestments to EUR84 million as
of March-end 2023 from EUR316 million at the end of 2021, there is
still uncertainty as to the final use of the disposal proceeds,
while Moody's expects KA's FCF to be negative in 2023 and 2024. To
reduce its currently high 6.6x Moody's-adjusted leverage (gross
debt/EBITDA) for the 12 months ended March 2023 towards the rating
agency's 4x maximum guidance for the B1 rating category by 2024, KA
would have to use a substantial amount of its still ample cash
position (EUR180 million as of March 31, 2023) for debt repayments.
At the same time, the group's profit generation remains constrained
by increasing input cost, including labor, energy or premium
freight costs for certain components, most of which it expects to
pass on to its customers during the remainder of this year. While a
strengthening in KA's profitability over the next 12-18 months
should be supported by the rating agency's expectation of
accelerating global light and commercial vehicle sales, as well as
benefits from KA's ongoing performance improvement program,
returning to a Moody's-adjusted EBITA margin (2.6% in 2022) of
sustainably above 5% appears challenging. Given increasing
investment needs for initiated footprint optimization measures and
growth capital spending for newly developed products, including
applications for electrified vehicles, KA's Moody's-adjusted FCF
will likely be negative in the low double-digit million range in
2023 and possibly also next year.

The negative outlook further reflects KA's ongoing efficiency and
portfolio optimization program "Shift Gear" (initiated in 2021),
which continues to require extra costs and still needs to yield
management's targeted sustainable profitability improvements. At
the same time, following a "strategic review" initiated in April
2023, through which KA's aims to unlock and "maximize future
shareholder value", scope and duration of this review remain
uncertain, while carrying possible implementation and execution
risks once finalized.

LIQUIDITY

KA's solid and improved liquidity following its business
divestments in 2022 continues to support the affirmed B1 rating.
After the highly negative FCF in Q1-23, the group's EUR180 million
cash balance as of March 31, 2023 remains ample, while Moody's
expects its cash flow to strengthen through the remainder of this
year, due to progressive profit growth, lower working capital needs
and income tax payments, partially offset by increasing capital
spending. For 2024, Moody's forecasts somewhat better but still
negative FCF, mainly constrained by expected additional strategic
growth investments. Moody's assumes that KA will continue to
abstain from dividend payments and does not anticipate additional
share buybacks (after EUR24 million in 2022 and EUR2 million in
Q1-23).

KA's EUR50 million committed revolving credit facility (maturing in
July 2023), which the group is currently renegotiating with its
banks, additionally supports its liquidity.

While KA does not face material debt maturities in 2023 and 2024,
Moody's anticipates the group to refinance its outstanding EUR200
million backed senior secured bond due in July 2025 issued under
Kongsberg Actuation Systems B.V. by mid-2024 at the latest, to
preserve an at least adequate liquidity profile.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects KA's currently weak credit metrics
and FCF, which Moody's does not expect to recover to positive
territory, as required for a B1 rating, over the next 12-18
months.

The negative outlook further incorporates the uncertainty around
KA's initiated strategic review, which could result in a material
change in its business and/or financial profile in the next few
quarters. At the same time, the group's outstanding EUR200 million
backed senior secured bond due in July 2025 issued under Kongsberg
Actuation Systems B.V. will need to be refinanced over the next 12
months in order to ensure consistent adequate liquidity.

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

Further downward pressure on the ratings could build if KA's (1)
Moody's-adjusted debt/EBITA failed to progressively reduce towards
4x, (2) Moody's-adjusted EBITA margin did not recover to at least
5%, (3) Moody's-adjusted free cash flow remains negative, and (4)
liquidity weakens.

Upward pressure on the ratings could develop if KA is able to (1)
reduce its leverage towards 3x Moody's-adjusted debt/EBITDA, (2)
improve its Moody's-adjusted EBITA margin (including restructuring
charges) to over 7% on a sustainable basis, (3) turn its
Moody's-adjusted free cash flow positive covering more than 5% of
Moody's-adjusted debt, and (4) maintain its solid liquidity.

LIST OF AFFECTED RATINGS

Issuer: Kongsberg Automotive ASA

Affirmations:

LT Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Kongsberg Actuation Systems B.V.

Affirmations:

BACKED Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Actions:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

COMPANY PROFILE

Kongsberg Automotive ASA (Kongsberg) is a global automotive
supplier headquartered in Zurich, Switzerland, and is publicly
listed in Norway. Kongsberg is a manufacturer and supplier of
powertrain and chassis (P&C) products (55% of sales in Q1-23) and
specialty products (45%) for automotive and commercial vehicle
producers. Its main products include air couplings, fluid transfer
systems, transmission control and vehicle dynamics. The group
employs around 5,300 people in 33 manufacturing facilities and
innovation centres in Europe, North America, the Americas and Asia.
For the 12 months ended March 31, 2023, the group reported revenue
of EUR916 million and EBIT (adjusted for restructuring costs) of
EUR32 million (3.5% margin).




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

KOC HOLDING: S&P Raises ICR to 'B+', Outlook Negative
-----------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Turkiye-based Koc Holding to 'B+' from 'B' and affirmed its 'B'
short-term rating.

The negative outlook on the long-term rating mirrors that on
Turkiye.

Rating Action Rationale

S&P said, "The criteria exception that enabled the upgrade to 'B+'
reflects our expectation that Koc can maintain sufficient cash in
U.S. dollars at international banks to fully repay its
U.S.-dollar-denominated debt.We would typically apply our T&C
rating cap to companies, such as Koc, that are not exporters and
generate more than 90%, on a solo basis, of their cash flows in
Turkiye, implying a rating of 'B'. In Koc's case, more than 90% of
income represents dividends from investments in Turkiye. As of
March 31, 2023, Koc's only financial debt liability pertains to its
$750 million bond due in 2025. We believe the company has enough
U.S. dollars sitting in international banks to repay its debt and
currently do not anticipate this cash would be depleted for other
reasons. In addition, Koc has passed our sovereign stress tests,
indicating that it would have enough liquidity resources to cover
its obligations in the next 12 months, in the event of a sovereign
default. We do not expect Koc's ability to use its U.S. dollar cash
to pay U.S.-dollar-denominated debt to be restricted by exchange or
repatriation controls. As a result of all these factors, we are
deviating from our criteria for rating above the sovereign by
adding one notch, and therefore rate Koc one notch above the 'B'
T&C we currently have for Turkiye." S&P will continue to apply this
criteria exception so long as:

-- The company is able to meet our T&C stress test requirements;

-- The amount of cash in U.S. dollars held offshore exceeds Koc's
U.S. dollar liabilities; and

-- S&P perceives no heightened risks of a repatriation of Koc's
offshore U.S. dollar holdings.

These three factors, which are the conditions to be rated one notch
above the T&C assessment, will be monitored on a quarterly basis.

S&P said, "Koc has a sound net cash position and liquidity buffers.
We estimate that, after the repayment of debt due in March 2023,
and taking into account the $750 million bond due in March 2025,
Koc has a net cash position in excess of Turkish lira (TRY) 2.8
billion excluding additional tier 1 (AT1) instruments (about $147
million). In addition, more than 90% of the company's gross cash is
denominated in U.S. dollars and held at international banks. We
consider Koc to have strong liquidity as of March 31, 2023, with
sources anticipated to exceed uses by 3.8x for the next 12 months
and by 1.9x for the following 24 months. In addition, in a
hypothetical scenario in which the Turkish government were to
default, we believe Koc would be able to continue to service its
obligations. Our stress test, which assesses the company's
liquidity for a one-year period under a hypothetical default
scenario of the sovereign, shows that Koc's liquidity sources would
decrease to about 3.7x uses, compared with 3.8x in our base case.
In addition, our T&C stress test points to a modest deterioration
of the liquidity sources-to-uses ratio to 3.4x. We note that Koc's
current U.S. dollar cash balances held at international banks are
sufficient to cover its outstanding $750 million bond maturing in
March 2025.

"Koc's net cash position is pivotal for our rating. Under our base
case, we anticipate that Koc will retain a net cash position, which
eventually could be further supported by dividends from its
investee assets. For 2023, we estimate that Koc will receive
dividends, fees, and interest income in excess of TRY25 billion, up
from TRY8.7 billion a year ago. This is supported by the good
operating results that its key assets recorded. Moreover, we note
that 55% of Koc's portfolio is directly linked to U.S. dollars, so
it is relatively protected from depreciation of the Turkish lira.
As a result, we continue to believe that Koc can maintain a net
cash position for the foreseeable future. In addition, the company
is protected by potential further deterioration of the exchange
rate between the lira and U.S. dollar. Even in the event of a
default of the Turkish sovereign, we anticipate that Koc will
retain a net cash position and a negative loan-to-value ratio. We
note that Koc has invested $200 million in Yapi ve Kredi Bankasi
A.S.' (Yapi's; not rated by S&P Global Ratings) AT1 securities,
which have a first call date in January 2024. If Yapi were to
redeem this instrument, Koc would receive additional funds, which
would further strengthen its already solid net cash position. At
this stage, however, we do not account for this source of cash in
our base case or in our liquidity calculations.

"Our assessment of Koc's stand-alone credit profile is four notches
higher than our sovereign rating on Turkiye, owing to Koc's well
diversified and export-driven asset portfolio, low leverage, and
tight liquidity management.Among its investee companies, Ford
Otosan and Arcelik (slightly more than 45% of the portfolio value)
derived about 78% and 70% of their revenue, respectively, from
international sales in 2022 and are therefore less affected by weak
domestic market conditions. The lira's depreciation also allows
Turkiye-based production to remain cost competitive for export
markets, especially at a time when global consumer spending is
challenged by high inflation. Overall, we continue to view Koc's
sector diversity favorably. Energy business Tupras is performing
strongly this year thanks to high refining margins and so-far
resilient domestic demand, and as such we anticipate it could
further support Koc's dividend income next year. Tupras, which has
U.S.-dollar-linked sales, was the company's main dividend income
source before the COVID-19 pandemic, with TRY1.3 billion received
in 2018 and TRY1.5 billion in 2019 (about 50% of total dividend
income). In 2022, Tupras resumed dividend payments, which reached
TRY4.8 billion and were disbursed in 2023.

"Koc has a strong track record of low leverage and prudent risk
management. We assess the company's management and governance as
strong. This assessment primarily reflects Koc's highly experienced
management, solid strategic planning process, record of delivering
on its strategy, and very comprehensive risk-management and
performance-monitoring procedures. The company has maintained a net
cash position since we assigned the rating and is tightly managing
its foreign exchange exposure thanks to a sizable cash balance in
U.S. dollars."

Outlook

The negative outlook on Koc mirrors that on Turkiye.

Downside scenario

S&P could take a negative rating action on Koc following a similar
rating action on Turkiye, or if during the coming quarters:

-- Koc is unable to pass our T&C stress test; or

-- The company depletes its U.S. dollar cash balance abroad and
can no longer cover its U.S.-dollar-denominated debt maturing in
2025; and/or

-- Its U.S. dollar cash held abroad becomes subject to
repatriation requirements or exchange controls.

Upside scenario

S&P regards rating upside as remote at this stage. However, this
could follow a similar rating action on Turkiye, provided that Koc
is able to meet its requirements to be rated up to one notch above
our T&C assessment.

Company Description

Koc began operating in 1926 and has been listed on Borsa Istanbul
since 1986. On May 24, 2023, its market capitalization reached
TRY190.45 billion ($9.6 billion). The company is closely controlled
by the Koc family (63.7%).

Koc controls many listed (directly or indirectly) and unlisted
companies operating in diverse sectors. According to S&P's
estimates, the holding company's portfolio value on March 31, 2023,
was TRY324.6 billion, or about $20.0 billion (our estimate of the
gross portfolio value excludes net cash and includes Yapi's AT1
issuance). On the same date, Koc's portfolio included assets in the
following sectors:

-- Autos and auto suppliers (47.8% of the portfolio's value as
defined above)--Tofas, Ford Otosan, and Turk Traktor--joint
ventures with Stellantis N.V., Ford Motor Co., and CNH Industrial
N.V., respectively--as well as Otokar and Otokoc. Combined revenue
rose 125% to TRY312.9 billion in 2022, from TRY139.0 billion in
2021, on solid export contracts and a favorable product mix
supported by currency tailwinds. The combined operating margin (as
reported by Koc), however, deteriorated to 12.7% from 13.3% in
2021.

-- Energy (21.7%)--Tüpras, Aygaz, Opet, and Entek. The segment's
combined revenue more than doubled in 2022 to TRY713.7 billion from
TRY229.6 billion in 2021, supported by robust net refining margins.
The combined operating margin (as reported by Koc) was 7.0%, up
materially from 1.5% in 2021.

-- Finance (17.2%)--Yapi ve Kredi Bankasi A.S. and KocFinans, to
which S&P includes the investment in Yapi's AT1 perpetual
instrument. Revenue rose 129% to TRY168.7 billion in 2022 from
TRY73.5 billion in 2021, supported by an improvement in margins and
fees. The combined operating margin (as reported by Koc) increased
to 41.0% from 18.3% in 2021.

-- Consumer durables (10.1%)--Arcelik A.S. Combined revenue
increased 100% to TRY153.7 billion in 2022 from TRY76.9 billion in
2021, supported by strong demand, both international and domestic,
and contributions from acquisitions. The operating margin dipped to
6.4% in 2022 from 9.3% in 2021, owing to higher raw material
prices.

-- Others (3.2%).

S&P's Base-Case Scenario

Assumptions

-- A conservative and proactive financial policy, through which
Koc remains in a net cash position over time.

-- S&P's assumption of dividends, management fees, and interest
income of TRY25 billion-TRY27 billion in 2023, compared with TRY8.7
billion in 2022.

-- Operating costs of TRY2.8 billion-TRY3.0 billion in 2023,
increasing from about TRY2.5 billion in 2022 due to high domestic
inflation.

-- Annual interest expense of about TRY1.6 billion in 2023, around
the same level as 2022.

-- Dividend payments of TRY6.5 billion in 2023, compared with
TRY2.8 billion in 2022.

-- No major new investments or share buybacks.

Key metrics

S&P assesses Koc's liquidity as strong and anticipate that sources
of funds will exceed uses by 3.8x in the next 12 months, and by
1.9x in the following 24 months. This is further supported by its
view of the company's extremely prudent cash management. Koc has
one Eurobond outstanding of $750 million due in March 2025, and S&P
estimates its gross cash (excluding the AT1 instrument and other
investments) at about TRY17 billion. Moreover, having almost all of
its cash in U.S. dollars effectively neutralizes the foreign
exchange risk attached to its U.S.-dollar-denominated bond.

Principal liquidity sources For the 12 months started April 1,
2023:

-- A cash balance of TRY17 billion; and

-- S&P's assumption of unstressed dividends, interest income, and
management fees that we estimate at TRY25 billion-TRY26 billion.

Principal liquidity uses for the same period:

-- Operating expenses of TRY2.8 billion-TRY3.3 billion;

-- Interest expense of TRY1.5 billion-TRY2.0 billion; and

-- Total dividend payments of about TRY6.5 billion.

Environmental, Social, And Governance

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Koc. This is because
the company's portfolio has material stakes in companies exposed to
high greenhouse gas emissions, such as Ford Otosan, Otokoc, Turk
Traktor, Tofas, and Otokar. Also, Koc is exposed to refineries
through its stake in Tupras. These assets make up close to 70% of
the total portfolio value, with the remainder in less exposed
sectors like finance and consumer durables. Koc's governance is
exposed to high country risk in Turkiye, a negative factor compared
with that of other investment holdings in Europe, but we view as
positive that the group has an extensive strategic planning
process, a track record of delivering on its strategy, and very
comprehensive risk-management and performance-monitoring
procedures."

Issue Ratings -- Subordination Risk Analysis

Capital structure

Koc's capital structure comprises about $750 million of senior
unsecured debt issued at the holding company level, with no
significant priority debt outstanding or committed.

Analytical conclusions

The issue rating on Koc's senior unsecured notes is 'B+', in line
with the issuer credit rating, because there are no significant
elements of subordination risk in the capital structure.




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

ACMODA: Goes Into Liquidation, 12 Jobs Affected
-----------------------------------------------
GBC News reports that Acmoda has gone into liquidation.

The long established family run furniture shop has ceased trading
and all 12 employees have been made redundant, GBC News relates.

According to GBC News, a number of customers who had placed orders
have been affected by the sudden closure.

Kroll Gibraltar Limited have now been appointed liquidators, GBC
News discloses.

Contacted by GBC they have released a statement and said they and
are in the process of writing to all creditors.  These include a
number of customers who had pre-ordered furniture and paid
considerable sums in advance, GBC News states.  The liquidators ask
that affected parties and enquiries be sent to a dedicated email
address which has been set up, GBC News notes.

The furniture will now not be delivered, GBC News says.  And many
customers have been left out of pocket, GBC News relays.  But,
there might be a chance to recover some of the lost money,
according to GBC News.


BLITZEN SECURITIES 1: Fitch Affirms BB+ Rating on Two Tranches
--------------------------------------------------------------
Fitch Ratings has upgraded Blitzen Securities No. 1 plc's class C
notes and affirmed the rest. All the notes are on Stable Outlook.

   Entity/Debt           Rating           Prior
   -----------           ------           -----
Blitzen Securities
No. 1 PLC

   Class A
   XS2374596109      LT AAAsf  Affirmed   AAAsf

   Class B
   XS2374597255      LT AAAsf  Affirmed   AAAsf

   Class C
   XS2374597503      LT AAsf   Upgrade    AA-sf

   Class D
   XS2374597768      LT Asf    Affirmed   Asf

   Class E
   XS2374597925      LT BBBsf  Affirmed   BBBsf

   Class F
   XS2374598576      LT BB+sf  Affirmed   BB+sf

   Class X
   XS2374608128      LT BB+sf  Affirmed   BB+sf

TRANSACTION SUMMARY

Blitzen Securities No.1 plc is a securitisation of owner-occupied
performing mortgages originated by Santander UK. The portfolio
comprises entirely of first-time buyers (FTB), with original
loan-to-values (LTVs) ranging between 85% and 95%.

KEY RATING DRIVERS

High LTV Lending: The upgrade reflects a reduction of the pool's
LTV as a result of the underlying loans' amortization. The weighted
average (WA) indexed current LTV is 66%, down from 74.8% at the
previous rating action a year ago and Fitch-calculated WA
sustainable LTV is also down at 84.5%, from 92.8% previously.
However, the WA current LTV is higher than the average for a
Fitch-rated RMBS at 83.2%, as the pool consists entirely of loans
originated with LTVs above 85%. This results in an above average
foreclosure frequency (FF) and lower recovery rates than
transactions with lower LTVs.

High Concentration of FTBs: All borrowers in the collateral
portfolio are FTBs. Fitch views FTBs as more likely to suffer
foreclosure than other borrowers, and views their concentration in
the pool as significant. As per Fitch's criteria, an upwards
adjustment of 1.4x has been applied to each loan. Given the impact
on the FF, accessibility to affordable housing for FTBs is a factor
affecting Fitch's ESG scores.

Worsening Asset Performance: Arrears greater than one month have
increased to 0.5% from 0.18% at the last rating action and
late-stage arrears have increased to 0.25% from 0.15%. Despite
absolute level of arrears still being below the Fitch UK prime
index, most borrowers in this pool are still paying a low fixed
rate and are yet to experience a payment shock on reverting to
floating. Fitch sees a risk of performance deterioration in this
pool as a result of interest-rate increases and the cost-of-living
crisis. The class C and D notes are rated one notch below their
model-implied ratings (MIR) to account for the risk that the MIR
may be lower in future analysis as a result of increased arrears
leading to a higher FF.

Robust Excess Spread: The WA margin on the class A to F notes is
0.66% (1.15% after the step-up date) with class A notes' margin at
45 bps over SONIA. The WA fixed rate paid on the portfolio is
2.54%, with a reversion margin of 3.25% above the Bank of England
base rate. The transaction thus benefits from strong excess spread,
which can be used to offset any losses debited to the principal
deficiency ledger through the interest priority of payments.

The robust excess spread in the transaction, combined with the
smaller Fitch-expected loss, drives the class X notes' affirmation.
Fitch caps excess spread notes' ratings at 'BB+sf' due to their
sensitivity to cash flow modelling assumptions.

Fixed Interest Rate Hedging Schedule: The majority of the loans
currently pay a fixed interest rate (reverting to the Santander
follow-on rate), while the notes pay a SONIA-linked floating rate.
The issuer entered into a swap at closing to mitigate the
interest-rate risk arising from the fixed-rate mortgages in the
pool.

The swap features a defined notional balance that could lead to
over-hedging in the structure due to defaults or prepayments.
Over-hedging results in increased available revenue funds in rising
interest- rate scenarios and reduced available revenue funds in
decreasing interest-rate scenarios.

RATING SENSITIVITIES

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

Deterioration in asset performance due to the increased cost of
living and energy prices in the UK could result in negative rating
action.

The transaction's performance may be affected by adverse changes in
market conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
(CE) available to the notes.

Unanticipated declines in recoveries could also result in lower net
proceeds, which may make certain notes susceptible to negative
rating action depending on the extent of the decline in recoveries.
Fitch founds that a 15% increase in the WAFF and a 15% decrease in
the WA recovery rate (RR) could result in downgrades of up to three
notches.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and, potentially,
upgrades. Fitch found that a decrease in the WAFF of 15% and an
increase in the WARR of 15% could lead to upgrades of up to two
notches.

DATA ADEQUACY

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

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

Blitzen Securities No.1 PLC has an ESG Relevance Score of '4' for
human rights, community relations, access & affordability due to
the significant concentration of FTBs, which are characterised by a
higher credit risk profile than other borrowers' and may affect the
credit risk of the transaction. This has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

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


BRITISH AIRWAYS: Moody's Alters Outlook on 'Ba2' CFR to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed British Airways, Plc's Ba2
corporate family rating and changed the outlook to positive from
stable.

The rating actions reflects:

-- The company's continued recovery in volumes and profitability
with solid demand and pricing

-- Stronger than previously expected credit ratios for the next 12
months

-- Good liquidity

RATINGS RATIONALE

British Airways continues to demonstrate a strong recovery, with
passenger volumes in revenue passenger kilometres (RPK) reaching
88% of 2019 levels in the first quarter, driven by healthy leisure
demand. The company has returned to positive operating profit of
GBP14 million in Q1 2023 for the first time since Q1 2019. Booking
trends are particularly positive, in regard to the North American
network for which British Airways expects pre-pandemic levels of
capacity by Q3. In common with the rest of the industry, British
Airways continues to experience a robust price environment which
Moody's expects to remain strong through 2023, enabling it to pass
on cost increases. This is driven by strong demand, excess savings
post-pandemic, capacity discipline and a customer demographic
relatively less affected by inflation than the wider population.

As a result, Moody's forecasts that in 2023 British Airways will
grow volumes to 92% of pre-pandemic levels, increase operating
profit to around £1.35 billion and reduce Moody's adjusted gross
debt/EBITDA to below 4.5x. Even with potential headwinds in H2 and
2024 from a higher jet fuel price scenario and the risk on margins
from macroeconomic pressures, Moody's considers that in the longer
term the company remains well placed to recover to its pre-pandemic
operating profit levels. However, Moody's forecasts negative free
cash flow (both before and after lease repayments but excluding any
dividend payments) for the 2023-2025 period. It primarily stems
from the company's material capex for fleet renewal while restoring
capacity following the early and permanent retirement of a large
number older aircraft during the pandemic. As a result, Moody's
expects that adjusted gross and net debt will remain materially
higher than pre-pandemic over the next 18 months.

British Airways' credit strengths which support its Ba2 CFR include
(1) the company's strong brand and competitive position on
profitable routes and key airports; and an extensive global
network; (2) high margins prior to the pandemic and substantial
cost savings implemented since; (3) its high importance within
International Consolidated Airlines Group, S.A. (IAG – Ba2
positive) and if required, assumed financial support from IAG; (4)
effective management of the company through the pandemic and strong
volume and pricing growth in 2022; and (5) strong recovery of key
transatlantic routes which have the potential to remain more
resilient than the overall market given their wealthier customer
demographic.

The difficult macroeconomic environment, particularly recession
risks in Europe and high inflation, continues to present downside
risks for BA which the affirmation of the CFR also takes into
account. The group's Ba2 CFR also reflects credit constraints such
as (1) British Airways' exposure to corporate travel which is
taking longer to recover from the pandemic than leisure travel; (2)
high fuel costs and inflation across labour and other costs which
the company may not be able to fully pass through; and (3)
operating challenges across the wider aviation ecosystem to deliver
the expected passenger volumes over peak periods.

LIQUIDITY

British Airways has good liquidity, totalling GBP5.5 billion as at
December 2022, and comprising cash of GBP2.5 billion, GBP2.1
billion undrawn general facilities and GBP0.9 billion committed
aircraft financing facilities. The general facilities include a
$1.346 billion RCF due March 2025, with the option to extend by a
further year at lenders' discretion, and a GBP1 billion undrawn
facility partially guaranteed by UK Export Finance due November
2026. Total liquidity represents almost 40% of Moody's forecast
turnover for 2023. In addition, Moody's assumes that British
Airways' liquidity could be supported by funds from IAG if
required. Total cash held at IAG Holdco and other non-airline group
companies amounted to around EUR3.2 billion as at December 2022.

OUTLOOK

The positive outlook reflects Moody's expectations that the group
will continue to grow passenger volumes towards pre-pandemic
levels, with margins improving as volumes and continued strong
yields offset cost inflation. The outlook assumes that the group
will improve its credit metrics towards the upgrade triggers over
the next 12-18 months while preserving strong liquidity, and that
no debt financed acquisitions occur that would materially increase
leverage.

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

The rating could be upgraded if the group's Moody's-adjusted gross
debt/EBITDA reduces well below 4x on a sustainable basis, while
Moody's-adjusted retained cash flow/debt increases towards 20%, and
operating margins increase above 10%. An upgrade would also require
the group to maintain strong liquidity including a material
proportion of balance sheet cash.

The rating could be downgraded if the group's Moody's-adjusted
leverage does not reduce sustainably below 5x, or if
Moody's-adjusted retained cash flow/debt reduces sustainably
towards 10%. The ratings could also be downgraded if the group
fails to improve operating margins, or if liquidity weakens
materially.

In addition, a material increase in IAG's debt levels or a
substantial deterioration of the operating performance of IAG's
other airline subsidiaries could put negative pressure on British
Airways' ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Passenger
Airlines published in August 2021.

COMPANY PROFILE

Based in Harmondsworth, UK, British Airways is the UK's largest
international scheduled airline and Europe's third-largest airline
carrier in terms of revenue. In 2022 the company reported revenues
and operating profit before exceptional items of GBP11 billion and
GBP303 million, respectively. British Airways reports as part of
broader airline group IAG, incorporated as a in Spain, with a dual
listing there and in the UK.


CLARIVATE PLC: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned Clarivate plc, Clarivate Science
Holdings Corporation and Camelot Finance S.A. a first-time,
Long-Term Issuer Default Rating (IDR) of 'BB-'. The Rating Outlook
is Stable.

Fitch has also assigned first-time, issue-level ratings of
'BB+'/'RR1' to Camelot Finance S.A. and a 'BB+'/'RR1' and
'BB-'/'RR4' to Clarivate Science Holdings Corp. These ratings
affect approximately $5 billion of debt.

The ratings reflect Clarivate's cash flow generation, profitability
and financial flexibility. Clarivate's margins are high due to
recurring subscription revenue streams, and FCF generation will
enable the company to reduce leverage to its target of 3.0x by
fiscal 2025.

The company's recurring revenues amount to 80%, providing a high
level of visibility and resilience through economic cycles.
Financial flexibility is supported through adequate liquidity,
strong interest coverage and maturities beginning in 2026. The
company's debt and interest burden limit the rating, but management
has committed to reducing the debt and has already made voluntary
debt payments this year.

KEY RATING DRIVERS

Resilience Through Economic Cycles: Clarivate's revenue has held up
or even grown during past contractions, because the customers rely
on its products. Clarivate's customers in Academia & Government
constitute almost half of their revenue, and quality scientific and
technical journals have not been sensitive to macroeconomic
downturns. Additionally, the company has focused and will continue
to focus on increasing its recurring revenue base, reducing the
percentage of revenue that is transactional and thus less
resilient.

Proprietary Platforms and Data: The company sources data, adds
metadata including valuable search terms and then provides access
to the information to its customers on its various technology
platforms. The company claims, for example, that no one can match
their database of global patent information for ease of use and
accuracy. This type of solution provides the company with a
defensible position, since it would be very difficult for any
competitor to replicate the breadth of their offering. The
company's claims seem to be backed by high client retention rates,
and this sort of stability and defensible position provides good
credit protection.

Diversified, Longstanding Relationships: Clarivate's flagship
products hold top-tier positions across the respective markets they
serve. They are an integral part of customers' decision-making
process and benefit from multi-year agreements. Clarivate has
served over 50,000 customers in approximately 180 countries,
including the top 30 pharmaceutical companies. Relationships with
the top 50 customers span an average tenor of over 15 years. No
single customer accounts for more than 1% of revenues and the ten
largest customers represent 7% of revenues. Annual revenue renewal
rates are in excess of 90%.

Strengthening FCF: ProQuest has enhanced annual FCF generation
throughout the year. The company is expected to generate more than
$450 million of FCF in 2023 with this number expected to increase
in the following years. This will enable Clarivate to invest
further in growth opportunities and prepay the term loan. Clarivate
has attractive FCF characteristics due to a recurring subscription
revenue stream, attractive EBITDA margins and low capex
requirements. Anticipated revenue growth, margin improvement and
operating efficiency are the drivers of strong FCF generation in
the base case.

Deleveraging Capacity and Commitment: Clarivate's capital structure
includes $1.4 billion of convertible preferred shares, and Fitch's
criteria treat this as 50% debt, i.e., increasing the company's
leverage on a Fitch-calculated basis. When these shares convert to
common equity in 2024, Fitch-calculated debt will decrease by
almost $700 million. In addition, Clarivate's management has
committed to debt paydown and has already made more than $100
million of voluntary debt repayments this year. Clarivate is
targeting net debt to EBITDA of approximately 4.0x for fiscal 2023,
declining to 3.0x by fiscal 2025.

DERIVATION SUMMARY

Clarivate has a leading position in information services and
analytics serving the scientific research, intellectual property
and life sciences end-markets. Leverage has historically been high,
but the company has voluntarily started paying down debt. Financial
flexibility is supported through having adequate liquidity, strong
interest coverage and maturities beginning in 2026. Profitability
margins are high due to recurring subscription revenue streams, and
FCF generation enables Clarivate to invest in further growth
opportunities.

Peers include Moody's Corporation (BBB+/Stable), Thomson Reuters
Corporation (BBB+/Stable), The Dun & Bradstreet Corporation
(BB-/Positive), MSCI Inc. (BBB-/Stable) and Verisk Analytics
(BBB+/Stable). No Country Ceiling or parent-subsidiary factors
affect the ratings.

Amongst all of its peers, Clarivate has the highest leverage and
the lowest FCF generation, but the company has improved its
profitability metrics. MSCI and Moody's both have the highest
profitability margins.

KEY ASSUMPTIONS

- Fitch base case assumes organic revenue growth of 2% to 4%; the
  Lifesciences segment may have the potential for higher growth,
  but this will require investment;

- Fitch assumes an EBITDA margin of 42% over the next several
  years, in line with LTM March 2023 figures;

- Capex intensity of 9% of revenue declining to 8% by fiscal
  2027;

- Management prioritizes debt paydown over the next 12 to 18
  months, but they also believe some share repurchases will be
  possible;

- Minor improvement in working capital management;

- FCF to be used for reduce Term Loans between $450 million
  and $550 million. Fitch assumes $400 million will be repaid
  on their term loan B in fiscal 2023 and fiscal 2024 with
  additional payments possible in fiscal 2025.

RATING SENSITIVITIES

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

- EBITDA leverage equal or lower than 4x;

- Sustained organic revenue growth in excess of low
  single digits;

- Material voluntary debt reduction.

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

- EBITDA leverage equal or greater than 5x;

- Expectation for flat to negative organic revenue growth;

- Shift to more aggressive financial policy.

LIQUIDITY AND DEBT STRUCTURE

Adequate liquidity: The company has adequate liquidity with $364
million in cash as of March 31, 2023, a $750 million available
revolving credit facility, and more than $450 million in projected
FCF in 2023.

Long-Dated Debt Maturity Profile:

- $2.4 billion in term loans are due in 2026 and $700
  million senior secured notes are due in 2026. The
  revolver is due in 2027;

- $920 million secured notes due in 2028;

- $920 million secured notes due in 2029.

ISSUER PROFILE

Clarivate Plc is a leading global information services and
analytics company serving the scientific research, intellectual
property and life sciences end-markets. They provide structured
information and analytics to facilitate the discovery, protection
and commercialization of scientific research, innovations and
brands.

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   
   -----------             ------          --------   
Clarivate Plc       LT IDR BB-  New Rating

Clarivate Science
Holdings
Corporation         LT IDR BB-  New Rating

   senior
   unsecured        LT     BB-  New Rating    RR4

   senior secured   LT     BB+  New Rating    RR1

Camelot Finance S.A.
                    LT IDR BB-  New Rating

   senior secured   LT     BB+  New Rating    RR1


HOGGANFIELD CARE: Goes Into Administration
------------------------------------------
Scottish Housing News reports that liquidators have been appointed
to Scottish care firms Hogganfield Care Ltd and Skye Care Limited.

Hogganfield Care operates a 44-bed nursing home, Hogganfield Care
Centre, in Millerston, Glasgow, while Skye Care Limited manages
Skye View Care Centre, a 24-bed facility specialising in dementia
care in Airdrie.

Insolvency practitioners Mark Harper and Steven John Parker,
partners at Opus Restructuring and Insolvency, were appointed joint
provisional on June 5, Scottish Housing News relates.

According to Scottish Housing News, Mr. Harper said: "It has been a
very difficult period for operators in the care sector, the
cashflow for both Hogganfield Care and Skye View Care Homes has
been stretched due to significant increases in energy, food,
staffing costs, and other inflationary pressures.

"Unfortunately, the director was unable to resolve these issues,
particularly at Hogganfield where occupancy had fallen sharply to
an unsustainable level."


INTERNATIONAL CONSOLIDATED: Moody's Affirms Ba2 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed all the ratings of
International Consolidated Airlines Group, S.A. (IAG or the group)
including its Ba2 corporate family rating, its Ba2-PD probability
of default rating, and the B1 ratings of the group's EUR500 million
senior unsecured notes due 2023, EUR500 million senior unsecured
notes due 2025, EUR500 million senior unsecured notes due 2027 and
EUR700 million senior unsecured notes due 2029. Concurrently, the
rating agency changed IAG's outlook to positive from stable.

The rating actions reflect:

-- The group's continued strong recovery in traffic and
     profitability, with solid demand and pricing

-- Stronger than previously expected credit ratios for the next
    12 months

-- Excellent liquidity

RATINGS RATIONALE

High leisure demand for all airlines of the group, lower than
expected jet fuel prices and high yields drove IAG's strong
performance in Q1 2023, characterised by a return to positive
operating profit of EUR9 million in the quarter for the first time
since 2019. Passenger volumes in revenue passenger kilometres (RPK)
reached 96% of Q1 2019 levels. Yields remain elevated and have been
above 2019 levels for four quarters (+13% in Q1).

Moody's expects that current positive trends, including strong
bookings and yields for Q2 and lower than expected fuel prices,
will lead to stronger credit metrics for IAG in 2023 than
previously expected. While they will remain shy of pre-pandemic
levels for some time still, the rating agency forecasts that credit
metrics will move towards upgrade triggers in the next 12-18
months. Moody's increased its projected operating profit to around
EUR2.3 billion in 2023, leading to Moody's adjusted Debt/EBITDA
slightly below 4.5x by the end of the year.

IAG's excellent liquidity also supports its credit quality. It
totaled EUR15.1 billion as of March 2023 (of which around three
quarters were cash), representing over 50% of the annual revenue
Moody's projects in the next 12 to 18 months. Moody's expects the
group's liquidity to provide continued opportunities to reduce
debt, including from cash, as Moody's expects IAG will do for its
EUR500 million senior unsecured notes due in July this year. The
rating agency expects Moody's-adjusted net leverage to reduce to
around 2.4x in 2023. However, excellent liquidity will be required
in light of the negative free cash flow (both before and after
lease repayments but excluding any dividend payments) which Moody's
forecasts for the 2023-2025 period. It primarily stems from the
company's material capex for fleet renewal while restoring capacity
following the early and permanent retirement of 72 older aircraft
during the pandemic. As a result, Moody's expects that adjusted
gross and net debt will remain materially higher than pre-pandemic
over the next 18 months.

IAG's credit strengths which support its Ba2 CFR include (1) the
group's large scale, well-known brands, extensive and diversified
global network; (2) its strong market positions on certain routes,
including highly profitable transatlantic routes, and at highly
sought after airports including Heathrow, Gatwick, Madrid,
Barcelona and Dublin; and (3) its transformation and improved cost
flexibility.

The difficult macroeconomic environment, particularly recession
risks in Europe and high inflation, continues to present downside
risks for IAG which the affirmation of the CFR also takes into
account. These risks are more prominent towards the end of 2023 and
into 2024 because visibility for these periods is currently limited
while there have been no signs so far that inflationary pressures
are weighing on demand or unit pricing.

Potential cost pressures including the possibility of a higher jet
fuel price scenario or a material increase in labour costs as a
result of ongoing negotiations with unions could slow down IAG's
profit recovery in the next 12 to 18 months. The group's Ba2 CFR
also reflects credit constraints such as (1) high fuel costs and
inflation across labour and other costs which the group may not be
able to fully pass through; (2) operating challenges across the
wider aviation ecosystem to deliver the expected passenger volumes
over peak periods; and (3) IAG's exposure to corporate travel which
is taking longer to recover from the pandemic than leisure travel.

LIQUIDITY

IAG has excellent liquidity of EUR15.1 billion as of March 2023,
comprising cash of EUR11.4 billion, EUR3.3 billion undrawn general
facilities and EUR0.4 billion committed aircraft financing
facilities. The general facilities include a $1.755 billion RCF due
March 2025, with the option to extend for a further year at
lenders' discretion, and a £1 billion undrawn facility partially
guaranteed by UK Export Finance due November 2026.

STRUCTURAL CONSIDERATIONS

IAG's EUR1 billion senior unsecured notes due in 2023 and 2027 and
the EUR1.2 billion senior unsecured notes due in 2025 and 2029 are
rated B1, two notches below the CFR. This reflects the structural
subordination of debt issued by International Consolidated Airlines
Group, S.A., including the aforementioned notes and its EUR825
million senior unsecured convertible bonds, while operating
companies are the borrowers for most of the group's debt.

OUTLOOK

The positive outlook reflects Moody's expectations that the group
will continue to grow passenger volumes towards pre-pandemic
levels, with margins improving as volumes and continued strong
yields offset cost inflation. The outlook assumes that the group
will improve its credit metrics towards the upgrade triggers over
the next 12-18 months while preserving strong liquidity, and that
no debt financed acquisitions occur that would materially increase
leverage.

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

The ratings could be upgraded if the group's Moody's-adjusted gross
debt/EBITDA reduces well below 4x on a sustainable basis, while
Moody's-adjusted retained cash flow/debt increases towards 20%, and
operating margins increase above 10%. An upgrade would also require
the group to maintain strong liquidity including a material
proportion of balance sheet cash.

The ratings could be downgraded if the group's Moody's-adjusted
leverage does not reduce sustainably below 5x, or if
Moody's-adjusted retained cash flow/debt reduces sustainably
towards 10%. The ratings could also be downgraded if the group
fails to improve operating margins, or if liquidity weakens
materially.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Passenger
Airlines published in August 2021.

COMPANY PROFILE

IAG manages five airline subsidiaries including British Airways,
Plc, Iberia, Vueling, Aer Lingus and LEVEL, representing
complementary brands and operating in distinct markets. The group
has minimal operations of its own other than its Global Business
Services division, which incorporates its centralised and back
office functions, and Cargo. In the 12 months ended March 31, 2023,
IAG generated revenues of EUR27.4 billion (2019: EUR25.5 billion)
and a company adjusted operating profit before exceptional items of
EUR2.0 billion (2019: EUR3.3 billion).


TELEGRAPH GROUP: Owners Table Proposal to Restructure Lloyds Debt
-----------------------------------------------------------------
Radhika Anilkumar at Reuters reports that the owners of Telegraph
group of newspapers have tabled a proposal to restructure its debt
to Britain's Lloyds Banking Group in an attempt to regain control
of the newspaper, Sky News reported on June 8.

The Barclay family submitted an offer to Lloyds on June 7 that
would have entailed the bank writing off a portion of the roughly
GBP1 billion (US$1.25 billion) it is owed, the report added,
according to Reuters.

The Barclay family owns shares of B.UK Ltd, a holding company
within the Penultimate Investment Holdings Ltd (PIHL) Group that
indirectly owns Telegraph Media Group Ltd (TMG) and The Spectator
magazine.

The news on the offer comes after restructuring group AlixPartners
said on June 7 the newspaper could be sold after the Bank of
Scotland appointed receivers for shares of the publisher's owners,
Reuters notes.

Sky News said the proposal had been rejected by Bank of Scotland,
the Lloyds subsidiary that is owed the money, Reuters relates.


WILKINSON'S OF NORWICH: Shuts Down After Trading for 50 Years
-------------------------------------------------------------
Zoe Applegate at BBC News reports that Wilkinson's of Norwich, a
specialist loose tea and coffee shop that became a city
institution, has closed after 50 years in business.

Wilkinson's of Norwich, on Lobster Lane, won fans for its different
blends of tea leaves and ground coffee.

A notice has been placed in the shop's window to announce its
closure, with the owners thanking customers, BBC discloses.

Earlier this year, on the shop's Facebook page it said it had been
"struggling" after taking a "big hit during the pandemic" and had
ensuing supplier issues, BBC relates.

According to BBC, it said it hoped to boost low stock levels and
noted how the problems had struck during the shop's 50th year of
trading.




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

[*] BOOK REVIEW: Transnational Mergers and Acquisitions
-------------------------------------------------------
Author: Sarkis J. Khoury
Publisher: Beard Books
Softcover: 292 pages
List Price: $34.95
Order your personal copy today at http://is.gd/hl7cni

Transnational Mergers and Acquisitions in the United States will
appeal to a wide range of readers. Dr. Khoury's analysis is
valuable for managers involved in transnational acquisitions,
whether they are acquiring companies or being acquired themselves.
At the same time, he provides a comprehensive and large-scale look
at the industrial sector of the U.S. economy that proves very
useful for policy makers even today. With its nearly 100 tables of
data and numerous examples, Khoury provides a wealth of information
for business historians and researchers as well.

Until the late 1960s, we Americans were confident (some might say
smug) in our belief that U.S. direct investment abroad would
continue to grow as it had in the 1950s and 1960s, and that we
would dominate the other large world economies in foreign
investment for some time to come. And then came the 1970s, U.S.
investment abroad stood at $78 billion, in contrast to only $13
billion in foreign investment in the U.S. In 1978, however, only
eight years later, foreign investment in the U.S. had skyrocketed
to nearly #41 billion, about half of it in acquisition of U.S.
firms. Foreign acquisitions of U.S. companies grew from 20 in 1970
to 188 in 1978. The tables had turned an Americans were worried.
Acquisitions in the banking and insurance sectors were increasing
sharply, which in particular alarmed many analysts.

Thus, when it was first published in 1980, this book met a growing
need for analytical and empirical data on this rapidly increasing
flow of foreign investment money into the U.S., much of it in
acquisitions. Khoury answers many of the questions arising from the
situation as it stood in 1980, many of which are applicable today:
What are the motives for transnational acquisitions? How do foreign
firms plans, evaluate, and negotiate mergers in the U.S.? What are
the effects of these acquisitions on competition, money and capital
markets; relative technological position; balance of payments and
economic policy in the U.S.?

To begin to answer these questions, Khoury researched foreign
investment in the U.S. from 1790 to 1979. His historical review
includes foreign firms' industry preferences, choice of location in
the U.S., and methods for penetrating the U.S. market. He notes the
importance of foreign investment to growth in the U.S.,
particularly until the early 20th century, and that prior to the
1970s, foreign investment had grown steadily throughout U.S.
history, with lapses during and after the world wars.

Khoury found that rates of return to foreign companies were not
excessive. He determined that the effect on the U.S. economy was
generally positive and concluded that restricting the inflow of
direct and indirect foreign investment would hinder U.S. economic
growth both in the short term and long term. Further, he found no
compelling reason to restrict the activities of multinational
corporations in the U.S. from a policy perspective. Khoury's
research broke new ground and provided input for economic policy at
just the right time.

Sarkis J. Khoury holds a Ph.D. in International Finance from
Wharton. He teaches finance and international finance at the
University of California, Riverside, and serves as the Executive
Director of International Programs at the Anderson Graduate School
of Business.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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written permission of the publishers.

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                * * * End of Transmission * * *