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

                          E U R O P E

          Wednesday, June 14, 2023, Vol. 24, No. 119

                           Headlines



A R M E N I A

YEREVAN CITY: Fitch Affirms LongTerm IDRs at 'B+', Outlook Positive


B U L G A R I A

FIRST INVESTMENT: Fitch Affirms LongTerm IDR at 'B', Outlook Stable


F R A N C E

ERAMET SA: Fitch Assigns Final 'BB+' Rating on EUR500MM Unsec. Bond


G E R M A N Y

PRESTIGEBIDCO GMBH: EUR50MM Issuance No Impact on Moody's 'B1' CFR


G R E E C E

GREECE: Fitch Affirms 'BB+' LT Foreign Currency IDR, Outlook Stable


I R E L A N D

BLACKROCK EUROPEAN XIV: Fitch Gives Final 'B-sf' Rating on F Notes
DRYDEN 29 EURO 2013: Moody's Cuts Rating on Cl. F Notes to B3
GWD FORESTRY: Judge Urged to Firm Into Liquidation


I T A L Y

CEDARI SPA: Fitch Assigns FirstTime 'B' LongTerm IDR, Outlook Neg.


K A Z A K H S T A N

BEREKE BANK: Fitch Assigns 'BB' LongTerm IDRs, Outlook Stable


L U X E M B O U R G

MALLINCKRODT FINANCE: $369.7M Bank Debt Trades at 28% Discount


R O M A N I A

EUROINS ROMANIA: Bucharest Court Launches Bankruptcy Proceedings


S P A I N

BBVA CONSUMER 2023-1: Moody's Gives Ba2 Rating to EUR20MM D Notes


S W I T Z E R L A N D

CREDIT SUISSE: Five Executives Leave After UBS Takeover Completed


U N I T E D   K I N G D O M

BLUEROCK DIAMONDS: Goes Into Administration
GLOBAL SHIP: Moody's Hikes CFR to Ba3 & Alters Outlook to Stable
HNVR MIDCO: Moody's Upgrades CFR to B3, Outlook Remains Positive
MEATLESS FARM: Set to Go Into Administration
YORK MAILING: Former Employees to Receive Payout After Collapse



X X X X X X X X

TAURUS 2021-4: Fitch Affirms B+sf Rating on F Notes

                           - - - - -


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A R M E N I A
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YEREVAN CITY: Fitch Affirms LongTerm IDRs at 'B+', Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has affirmed Armenian City of Yerevan's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B+'
with Positive Outlooks.

The affirmation reflects Yerevan's Standalone Credit Profile (SCP)
of 'bb-' resulting from a combination of 'Vulnerable' risk profile
and 'aaa' debt sustainability assessment. The ratings are capped by
Armenia's sovereign ratings at 'B+'. The city's low debt level
continues to be offset by a weak institutional framework including
a lack of rule-based budgetary policies.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Yerevan's 'Vulnerable' risk profile is driven by five 'Weaker' key
risk factors (Revenue Robustness and Adjustability, Expenditure
Adjustability, Liabilities and Liquidity Robustness and
Flexibility) and one 'Midrange' factor (Expenditure Sustainability)
in a country rated in the 'B' category or below. The assessment
reflects Fitch's view that there is a very high risk of the
issuer's ability to cover debt service with the operating balance
weakening unexpectedly over the scenario horizon (2023-2027) due to
lower revenue, higher expenditure, or an unexpected rise in
liabilities or debt-service requirements.

Revenue Robustness: 'Weaker'

Yerevan's operating revenue is mostly composed of transfers from
the central budget, which averaged 65% in 2018-2022, and declined
to 60% in 2022. The majority of transfers (around 70%) are
earmarked for targeted spending or delegated mandates, while the
rest is general purpose grants aimed at enhancing the city's fiscal
capacity. Taxes averaged 19% of operating revenue in 2018-2022 and
solely comprised property taxes. The remaining operating revenue is
from locally collected fees and charges. Most revenue stems from a
'B+' rated counterparty, which justifies Yerevan's revenue
robustness at 'Weaker'.

Revenue Adjustability: 'Weaker'

The city's fiscal flexibility is limited by institutional
arrangements under which fiscal authority is concentrated at the
central government, with a monopoly over setting tax rates or
creating taxes. The property tax base is gradually increasing
following the central government raising the cadastral value of
real estate, which drives overall tax proceeds.

In addition to collecting property taxes, Yerevan also collects
various fees and charges (15% of operating revenue in 2022), part
of which the city can adjust. Most of these are already at their
maximum, so the scope for an increase in revenue would cover less
than 50% of what Fitch would expects from a revenue decline in an
economic downturn.

Expenditure Sustainability: 'Midrange'

Yerevan exercises spending restraint, as underscored by spending
growth generally tracking revenue growth. The city's
responsibilities have remained stable through economic cycles. The
largest spending item is preschool and school education (35% of
total spending in 2022) followed by public transport (20%). Most
spending is financed with transfers from the central budget, which
makes the city's budgetary policy dependent on central government
decisions.

Expenditure Adjustability: 'Weaker'

Most spending responsibilities are mandatory, with inflexible items
dominating expenditure. Therefore, the bulk of expenditure could be
difficult to cut in response to a fall in revenue. Spending
flexibility is further constrained by a modest share of capex,
averaging 16% of total expenditure in 2018-2022. In 2021-2022, the
share of capex increased to above 20% from 6-13% in previous years.
However, in Fitch's view, this is not sufficient to justify a
higher expenditure adjustability assessment, as per-capita spending
is low compared with international peers.

Liabilities & Liquidity Robustness: 'Weaker'

Capital markets in Armenia are not mature, and the city has had
limited practice in debt management given its debt-free- status
until 2020, when it drew down a loan from the European Investment
Bank (EIB; AAA/Stable). Fitch does not expect the city to increase
its debt in the medium term other than continuing to draw down on
the EIB loan. The national legal framework has strict limitations
on debt policy that do not allow new debt - local or foreign
currency - to be raised until existing debt obligations are fully
repaid.

Contingent risk is limited by the moderate debt of Yerevan's
municipal companies, with the city providing guarantees on less
than 2% of their debt.

Liabilities & Liquidity Flexibility: 'Weaker'

The city's largest source of liquidity is its accumulated cash,
which totalled AMD14.0 billion at end-2022, down from AMD24.7
billion at end-2021. There are no restrictions on the use of
liquidity. Yerevan holds its cash in treasury accounts, because
deposits with commercial banks are prohibited under the national
legal framework. For extra liquidity the city could borrow from the
national treasury. Fitch assesses this factor as 'Weaker' as
limited forms of liquidity are available and potential counterparty
risk is capped at 'B+'.

Debt Sustainability: 'aaa category'

In its rating case, Fitch assumes that Yerevan will continue to
draw down its EIB loan to the limit of EUR7 million. However, the
city's debt levels will remain moderate, with little impact on debt
sustainability metrics in 2023-2027. Fitch expects the city's debt
payback ratio - the primary metric of debt sustainability
assessment for Type B local and regional governments (LRG) - will
remain strong at under 5x, which corresponds to a 'aaa' assessment.
The latter is also supported by prudent secondary metrics.

DERIVATION SUMMARY

Fitch classifies Yerevan as a type B LRG, which has to cover debt
service from cash flow on an annual basis. Yerevan's 'bb-' SCP
reflects a 'Vulnerable' risk profile and debt sustainability
metrics assessed at 'aaa' under Fitch's rating case. The 'bb-' SCP
also reflects peer comparison. The IDRs are not affected by any
asymmetric risk or extraordinary support from the central
government, but they are capped by Armenia's sovereign IDRs at
'B+'.

KEY ASSUMPTIONS

Qualitative Assumptions and Assessments:

Risk Profile: 'Vulnerable'

Revenue Robustness: 'Weaker'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Midrange'

Expenditure Adjustability: 'Weaker'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'aaa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign Cap (LT IDR): 'B+'

Sovereign Cap (LT LC IDR) 'B+'

Sovereign Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2018-2022 figures and 2023-2027 projected
ratios. The key assumptions for the scenario include:

- yoy 6.9% increase in operating revenue on average in 2023-2027;

- yoy 7.1% increase in operating spending on average in 2023-2027;

- net capital balance at negative AMD9.7 billion on average in
2023-2027.

Liquidity and Debt Structure

At end-2020 Yerevan started to draw down its EUR7 million loan from
the EIB and its debt reached EUR4.35 million at end-2022. The loan,
which it is using to increase energy efficiency in kindergartens,
was provided on favourable terms. Each tranche has a tenor of 22
years, and its principal is paid in equal instalments starting on
its sixth year. The average interest rate currently is around
1.5%.

As of end-2022, the city's net adjusted debt remained negative at
AMD12.0 billion, due to low debt and accumulated cash reserves.
Fitch's assumes that the city will maintain its negative net debt
position under the base case, while under the rating case, which
implies a larger deficit, the net adjusted debt will turn positive
in 2025, reaching AMD2.7 billion by 2027.

Issuer Profile

Yerevan is the capital of Armenia and the largest metropolitan area
in the country. At end-2021 it had a population of nearly 1.1
million. The economy is dominated by the services sector and in
comparison with international peers its wealth metrics are modest.
The city's accounts are cash-based, and its budget framework covers
a single year.

RATING SENSITIVITIES

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

- Negative rating action on Armenia would lead to corresponding
action on Yerevan's ratings

- A downward revision of the SCP below 'b+', which could be driven
by a material deterioration of the city's debt sustainability
leading to a payback ratio above 7x on a sustained basis under
Fitch's rating case

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

- Yerevan's IDRs are currently constrained by the sovereign
ratings. Therefore, positive rating action on the sovereign could
lead to corresponding action on Yerevan's IDRs

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.

Discussion Note

Committee date: June 6, 2023

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Yerevan's IDRs are capped by Armenia's sovereign IDRs.

   Entity/Debt             Rating        Prior
   -----------             ------        -----
Yerevan City     LT IDR    B+ Affirmed     B+
                 ST IDR    B  Affirmed     B
                 LC LT IDR B+ Affirmed     B+




===============
B U L G A R I A
===============

FIRST INVESTMENT: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed First Investment Bank AD's (FIBank) Long
-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. At
the same time, Fitch has affirmed the bank's Viability Rating (VR)
at 'b'.

KEY RATING DRIVERS

Asset Quality, Capital Drive Ratings: FIBank's Long Term IDR and VR
are constrained by its high stock of impaired loans and non-loan
problem assets, which weigh on its profitability and encumber its
capital given modest provisioning. These factors weigh on the
bank's business model. The ratings also balance a reasonable
domestic franchise and adequate funding and liquidity profiles.

Strengthened Business Prospects: The Bulgarian economic environment
continues to converge to CEE levels, improving Bulgarian banks'
moderate opportunities to do consistently profitable business.
Banking union membership, significant and structural improvement in
asset quality over the last five years and materially reduced
sector fragmentation further support banks' business prospects.
These factors have driven its upward revision of the operating
environment score for Bulgarian banks to 'bb+' from 'bb'.

Constrained Business Model: FIBank's business profile is weighed
down by the high share of problem assets, which limits its ability
to grow and improve returns. The bank is the fifth-largest in
Bulgaria, with total assets accounting for about 8% of the sector's
at end-2022.

Risk Profile Weaker Than Peers': FIBank's risk profile has improved
over the economic cycle and appetite for higher-risk lending has
decreased. This has supported the bank's gradual improvement in
asset quality. Nevertheless, the bank's capital position remains
vulnerable and could come under pressure from moderate growth or
materialisation of asset-quality risks.

High Level of Problem Assets: Fitch expects FIBank will continue to
gradually resolve its problem loan portfolio. At end-1Q23 the
bank's impaired loans ratio stood at 15.2% and Fitch expects the
ratio to fall by end-2024, but to remain above 10%. Its
asset-quality assessment also reflects a high stock of problematic
repossessed assets, including investment properties. Reserve
coverage of problem assets is significantly weaker than peers',
with loan loss allowances only covering 38% of impaired loans at
end-1Q23.

Modest Profitability: FIBank's profitability metrics have improved
(operating profit-to-risk weighted assets (RWAs): 1Q23: 2.3%; 2022:
1.3%), supported by higher interest rates. However, Fitch expects
profitability metrics to remain weaker than peers' given its modest
provisioning of problem loans and assets, which will keep
impairment charges high.

Vulnerable Capitalisation: The bank's reasonable regulatory capital
ratios are counterbalanced by sizeable capital encumbrance by
unprovisioned impaired loans and assets. While the bank's common
equity Tier 1 (CET1) ratio was 16.1% at end-1Q23, unprovisioned
impaired loans accounted for a high 56% of CET1 capital. Low
provision coverage, coupled with a high stock of other problem
assets, leaves FIBank's capital vulnerable to event risk.

Reasonable Funding and Liquidity: The bank's funding profile relies
on customer deposits, which are somewhat more confidence sensitive
than peers', but has remained stable through recent market
uncertainties. Customer deposits are fairly granular and liquidity
provides strong coverage of refinancing needs. The bank remains
self-funded, as evident in its stable and moderate gross
loans/deposit ratio of 63% at end-1Q23. Regulatory liquidity ratios
remain comfortably above regulatory minimum requirements.

RATING SENSITIVITIES

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

A weakening of FIBank's asset quality due to a rise in bad debts
not adequately provided for and without clear and credible
prospects for swift recovery could lead to negative rating action.
In particular, an impaired loans ratio above 30% or a meaningful
rise in total problem assets would result in a downgrade.

A deterioration of the bank's capital position due to asset-quality
pressures or weaker profitability could lead to negative rating
action - in particular, if the bank's CET1 ratio falls below 15% on
a sustained basis or if the bank's unprovisioned impaired loans
exceed its CET1 capital.

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

An upgrade would be contingent on further progress in resolving the
bank's problem assets, while maintaining reasonable profitability
and capitalisation. In particular, this would require a credible
improvement of asset quality with the impaired loans ratio falling
below 15% on a sustained basis, coverage of impaired loans
increasing closer to the sector average and progress in addressing
its stock of non-loan problem assets.

SUPPORT KEY RATING DRIVERS

No Government Support: FIBank's Government Support Rating (GSR) of
'no support' (ns) expresses Fitch's opinion that although potential
sovereign support for the bank is possible, it cannot be relied on.
This is underpinned by the EU's Bank Recovery and Resolution
Directive, transposed into Bulgarian legislation, which requires
senior creditors to participate in losses if necessary, instead of
or ahead of a bank receiving sovereign support.

SUPPORT RATING SENSITIVITIES

An upgrade of the GSR would most likely result from a positive
change in Bulgaria's propensity to support domestic banks. While
not impossible, this is highly unlikely in Fitch's view, given the
existing resolution legislation.

VR ADJUSTMENTS

The 'b' capitalisation & leverage score is below the 'bb' category
implied score due to the following adjustment reason(s): reserve
coverage and asset valuation (negative).

ESG CONSIDERATIONS

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 FIBank, either due to their nature or the way in which
they are being managed by the bank.

   Entity/Debt                        Rating        Prior
   -----------                        ------        -----
First Investment
Bank AD             LT IDR             B  Affirmed     B
                    ST IDR             B  Affirmed     B
                    Viability          b  Affirmed     b
                    Government Support ns Affirmed    ns




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

ERAMET SA: Fitch Assigns Final 'BB+' Rating on EUR500MM Unsec. Bond
-------------------------------------------------------------------
Fitch Ratings has assigned Eramet S.A.'s sustainability-linked
five-year EUR500 million bond a final senior unsecured rating of
'BB+'. The Recovery Rating is 'RR4'.

The issue is a senior unsecured obligation and ranks pari passu
with Eramet's existing bonds. Proceeds are being used to fund
general corporate purposes, including refinancing part of its
existing EUR500 million bonds due in 2024.

Eramet's 'BB+' Long-Term Issuer Default Rating (IDR) reflects its
conservative and transparent capital allocation priorities,
favourable cost positions, long reserve lives and integrated
business model combining mining and processing. The rating is
constrained by its smaller operational scale than peers', limited
diversification of operations and end-markets as well as exposure
to developing countries including Gabon and Senegal.

KEY RATING DRIVERS

Conservative Financial Policy: Eramet's capital allocation
priorities are i) to preserve its prudent balance sheet over the
long term, with net debt/EBITDA (as reported by the company) below
1x on average through the cycle; ii) pursue volume growth at
existing operations as well as diversify into battery materials;
and iii) no defined pay-out ratio has been implemented for
dividends. However, Fitch expects dividends to move in tandem with
earnings and free cash flow (FCF) generation, while preserving a
conservative balance sheet.

Exposure to Weaker Operating Environments: Eramet's high exposure
to countries with a weak operating environment constrains its
rating. Operations in developing countries, such as Gabon
(B-/Positive, Country Ceiling: B; around 50%-55% of earnings in the
medium term), Senegal, Argentina (C, Country Ceiling: B-) and
Indonesia (BBB/Stable, Country Ceiling: BBB) require a constant
dialogue with the government to balance maintaining a supportive
investment climate, with budget considerations and environmental
and social development targets.

Indonesian Country Ceiling Applied: EBITDA from operations in
France, Norway and the US, together with repatriation of dividends
and capital from Indonesia, are sufficient to comfortably cover
hard-currency gross interest expense over the forecast horizon, in
accordance with Fitch's Corporates Exceeding the Country Ceiling
Rating Criteria. Indonesia has the lowest Country Ceiling of 'BBB'
among these countries, which Fitch applied for Eramet.

A Future in Batteries: Construction of the lithium project in
Argentina is underway with anticipated commissioning in 2024
(Tsingshan Holding Group will hold 49.9% following scheduled
capital increases). A final investment decision (FID) for the first
stage of the second phase, which would ultimately triple the
capacity of annual lithium production to 75,000 tonnes, is expected
by end-2023.

Eramet also expects a FID for a high-pressure acid leach (HPAL)
plant in Indonesia in 2H23, which will allow processing of
additional ore from Weda Bay into nickel and cobalt intermediates
for battery value chains. The capex for this project will be
sizeable and is expected to be pursued together with BASF SE (49%),
with BASF a major off-taker of production.

Earnings Coming off Peak: Due to slowing global economic growth and
high energy costs, Fitch forecasts earnings of EUR1.1 billion for
2023 (EBITDA plus dividends and capital repatriated from
associates) compared with EUR1.7 billion in 2022. Over the medium
term, Fitch expects earnings to rise to EUR1.4 billion, on volume
growth across manganese, nickel and mineral sands as well as the
lithium project in Argentina commencing operations.

The HPAL plant could contribute dividends from 2027, but this is
beyond its forecast horizon (meaning equity contributions to the
joint venture are included in the forecast, but no earnings).

Heavy Investment Phase: Total capex is expected to be around EUR850
million-EUR900 million for the next three years. Taking into
account Eramet's funding contributions for the HPAL plant (at
equity- consolidated) as well as equity contributions from
Tsingshan for the lithium investment, Fitch estimates net debt to
rise to EUR1.8 billion in 2025 from EUR529 million at end-2022,
after which growth capex will ease and cash flow generation will
strengthen. Net debt/EBITDA in Fitch's conservative rating case
rises to 1.4x in 2025 from 0.4x in 2022 before easing back towards
1.0x by 2027.

Favourable Cost Position: Fitch estimates that Eramet is positioned
on average in the second global cost quartile. The manganese
operations are placed in the first/second quartile for business
costs by CRU and make up the bulk of earnings over the medium term
(60%-65% in its forecast). The nickel operations are placed around
the 25th percentile (Weda Bay in Indonesia) and fourth quartile
(Societe Le Nickel (SLN) in New Caledonia) for all-in sustaining
costs by CRU (15% in its forecast).

Even after factoring in recent cost inflation in the mining sector
and a possible slow ramp-up the lithium project in Argentina should
still be favourably placed on the cost curve, based on its existing
cash cost guidance.

Weak Profitability at SLN: Nickel operations in New Caledonia have
been held back by uncompetitive electricity supply and social
unrest. While the local government authorised nickel ore exports of
up to 6mt per year, rising energy costs and weather disruptions had
a negative impact on its EBITDA in 2022 and led to EUR89 million
negative FCF at SLN. Consequently, the French government provided
liquidity support in February 2023 through a EUR40 million increase
in state loans. Negotiations with the New Caledonian government are
ongoing over future competitive electricity supply.

Measures for SLN: As a temporary solution, Eramet has leased an
offshore oil-fired power plant to procure 180MW of capacity for its
Doniambo smelter for the next three years. Management targets
limiting capex and achieving neutral FCF until there is greater
visibility of the asset's long-term business plan.

DERIVATION SUMMARY

Anglo American plc (BBB+/Stable) has similar (net) leverage metrics
to Eramet, but stronger interest cover, liquidity and maturity
profile. Anglo American has a significantly larger scale
(individual operations and overall group), plus stronger
diversification across commodities and end-markets as well as
country risk of operations.

Endeavour Mining plc (BB/Stable) has expressed a commitment to
maintaining net debt/EBITDA below 0.5x, even in a lower gold price
environment. Its financial policy is more conservative than
Eramet's. Endeavour faces higher country risk than Eramet with
around 35% of mine FCF coming from Burkina Faso. It has a slightly
better cost position, but shorter reserve life. This explains
Eramet's higher rating.

Sibanye-Stillwater Limited (BB/Stable) produces precious group
metals that are required for the energy transition (mainly for
catalytic converter processes) and, prospectively, battery
materials. Sibanye also has gold assets in South Africa that sit in
the fourth quartile of the global cost curve. Its financial profile
is comparable to Eramet's. Sibanye currently is net cash-positive,
but has an acquisitive growth strategy, particularly in battery
materials.

Sibanye is finalising the acquisition of a 50% stake in the
Rhyolite Ridge lithium-boron project in the US, with an anticipated
annual production of 24,000 tonnes of lithium carbonate/hydroxide
(approval of capex and finalising of project finance expected for
this year). It is also executing capex for the Keliber project in
Finland (85% stake) that will produce up to 15,000 tonnes of
lithium hydroxide monohydrate with a ramp-up targeted for 2025.
Across the portfolio, Eramet benefits from a better cost position
and, prospectively, wider diversification of commodities (including
battery-grade nickel, lithium and cobalt derivatives), with
comparable or slightly longer mine lives.

KEY ASSUMPTIONS

- Manganese ore (realised) free-on-board price of USD4.5 per dry
metric tonne (t) for 2023, at USD4.1-USD4.3/t for later years; CRU
silicomanganese and MC ferromanganese prices for Europe, but with
discounts for realised prices in line with historical data

- Volumes in line with updated management guidance

- Capex at EUR850 million-EUR900 million per year over 2023-2025,
reducing to EUR500 million-EUR600 million for later years; equity
contributions received from Tsingshan for the lithium project in
Argentina and equity contributions made for the HPAL plant in
Indonesia factored in after FCF

- Effective tax rate in line with management guidance

- No defined pay-out ratio for dividends has been implemented.
However, Fitch expects dividends to move in tandem with earnings
and FCF generation while preserving a conservative balance sheet
(first priority of capital allocation). The rating forecast
indicates negative FCF for the next three years, so Fitch has
assumed dividends for 2024 for subsequent years in line with 2022's
EUR72 million. For 2023 a dividend of EUR118 million was included.

RATING SENSITIVITIES

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

- An improvement in business profile linked to operational scale,
diversification and country risk of operations

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

- EBITDA net leverage (capturing recurring dividends from
associates and minority dividends paid) above 1.5x on a sustained
basis (2022: 0.35x)

- EBITDA interest coverage falling below 7.5x on a sustained basis
(2022: 15.8x)

- Operating EBITDA margin dropping below 25% on a sustained basis
linked to operational performance of assets

- Deterioration of operating environment in Gabon, e.g. increased
risk of Gabon tightening foreign-exchange controls or adversely
changing the fiscal regime for Comilog or the wider sector, given
the company's high exposure to Gabon

- Sustained negative FCF linked to capex and dividends or material
debt-funded acquisitions

- Failure to address major refinancing needs 12 months ahead of
maturity

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: Eramet has built up around EUR1.5 billion of cash
and cash equivalents (including bank deposits and 70% of other
short-term investments that were reported as current financial
assets in the accounts) ahead of major growth capex across the
portfolio. It has also refinanced its revolving credit facility at
EUR935 million with a maturity in June 2027, which remains entirely
undrawn.

The business is funded beyond December 2024, but Fitch expects it
to raise additional financing over the next 12 months to pre-fund
capital commitments in anticipation of the board sanctioning
lithium expansion in Argentina and the HPAL plant in Indonesia.

The bulk of liquidity is held at the corporate centre/offshore.
Despite capital controls in Gabon, a jurisdiction with a large
earnings contribution, only 35% of revenues need to be repatriated,
which is less than the combined operating expenditure and capex for
those operations.

ISSUER PROFILE

Eramet is a France-based medium-sized mining & metals company
specialising in manganese ore and alloys, nickel, mineral sands,
and developing lithium as its fourth main segment.

SUMMARY OF FINANCIAL ADJUSTMENTS

As of December 2022:

- Off-balance sheet factoring of EUR170 million treated as debt

- Operating and finance leases of EUR100 million excluded from
total debt amount. Depreciation of EUR18 million and interest for
leasing contracts of EUR10 million treated as operating
expenditure, reducing EBITDA

- Development expenses of EUR17 million retained within operating
EBITDA

ESG CONSIDERATIONS

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

   Entity/Debt            Rating        Recovery    Prior
   -----------            ------        --------    -----
Eramet S.A.

   senior unsecured   LT BB+  New Rating   RR4   BB+(EXP)




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

PRESTIGEBIDCO GMBH: EUR50MM Issuance No Impact on Moody's 'B1' CFR
------------------------------------------------------------------
Moody's Investors Service informs that the B1 corporate family
rating, B1-PD probability of default rating and stable outlook of
PrestigeBidCo GmbH (BestSecret or the company) and its B1
instrument rating are unaffected by the completed EUR50 million tap
issuance on the company's B1 backed senior secured notes.

The proceeds of the tap issuance will be used to increase cash on
balance sheet that could be used to purchase new premium
inventory.

BestSecret's 2022 operating performance is in line with Moody's
expectations with revenue of EUR1.1 billion and Moody's adjusted
EBITDA of EUR118 million as of December 31, 2022 resulting in
Moody's adjusted debt/EBITDA of 3.5x.

The company generated modest level of free cash flow (FCF) to debt
of 1% in 2022 due to high capital spending related to its new
warehouse project in Poland. This warehouse will help BestSecret in
scaling its business operations and increase its volume capacity,
allowing the company to continue its strong sales and earnings
growth trajectory, over time.

This tap issuance will lead to a slight increase in leverage to
3.6x for 2023 with negative FCF/debt of 12% due to the phased
investment in the new warehouse. Leverage and FCF/debt is expected
to improve to 3.1x and almost breakeven by end of 2024
respectively. Moody's expects that the company will continue to
invest in the development of its online activities while
maintaining adequate liquidity. The rating agency does not
anticipate any significant changes in financial policy, with the
sponsor-owner continuing to support the development of the
business.

COMPANY PROFILE

PrestigeBidCo GmbH is the 100% shareholder of Best Secret GmbH,
which was founded in 1924 as a wholesale fabrics business. The
company now operates as a members-only off-price fashion retailer.
Headquartered in Munich, the company offers premium and affordable
luxury designer brand clothing and accessories at discounted prices
for men, women and children through online and in-store channels.
In 2022, the company reported revenue of EUR1,051 million and
EBITDA (Moody's adjusted) of EUR118 million.

In 2016, the private equity firm Permira acquired a majority stake
in BestSecret from Ardian (previously Axa Private Equity). The two
founding families, Schustermann and Borenstein, remain minority
shareholders of the company.




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

GREECE: Fitch Affirms 'BB+' LT Foreign Currency IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Greece´s Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.

KEY RATING DRIVERS

Credit Fundamentals: Greece's rating is underpinned by structural
indictors, including governance scores, human development
indicators and GDP per capita, that are among the highest of
sub-investment grade peers. These strengths are set against the
legacies of the sovereign debt crisis, which include large stocks
of public and external debt, as well as low medium-term growth
potential and vulnerabilities in the banking sector.

Improved 2023 Outlook: Fitch has revised its GDP growth forecast to
2.3% in 2023 (from 0.9%), thanks to a positive carry-over effect
(1.5pp, given a much stronger than expected performance in 4Q22)
and reduced energy risks. Fitch still expects household consumption
to slow considerably this year, reflecting the impact of inflation
and reduced credit demand. In contrast, investment growth will
remain solid thanks to absorption of funds under the Recovery and
Resilience Facility (RRF), while sectors such as tourism will
continue to support exports.

Reforms Crucial for Medium-Term Growth: Fitch expects the economy
to expand by 2.0-2.5% in 2024-26, driven by investment and a
recovery in household consumption. Its forecasts are underpinned by
the assumption that the Greek authorities will continue to meet
milestones and targets under the RRF, which is the key anchor for
unlocking public and private investment over the short to medium
term. Addressing demographic challenges remains an important
structural challenge, with planned labour reforms crucial to lift
participation rates.

Expected Policy Continuity: Greece will see a second consecutive
election on 25 June, given the failure of parties to form a
government following the 21 May parliamentary elections. The
centre-right New Democracy (ND) performed well above poll
predictions, securing close to 40% of the vote and making it likely
it will win the upcoming vote. If ND manages to secure a
comfortable majority (which seems likely given that the second
elections will revert to a majority bonus system, providing the
winner 50 extra seats), this could reduce political instability
risks and would allow policy continuity. Overall, Fitch maintains
its forecast that the next Greek government will maintain good
relations with the EU and other partners, assuring macroeconomic
stability.

Deficit Reduction: Fitch expects continued fiscal consolidation in
2023, partly reflecting a better starting position given a lower
than expected deficit in 2022. Fitch forecasts the primary surplus
rising to 1% of GDP (and to 2% in 2024), with short-term downside
risks largely contained, given the strong revenue growth in first
few months of the year (in cash terms tax revenue increased by 12%
yoy in January-April).

The stability programme sets continued improvement in the public
finances until 2026, with the primary surplus rising to 2.5% and
public debt/GDP falling by 38pp in 2022-2026. The programme
underscores the authorities' broad commitment to fiscal prudence,
with some reforms (including digitalisation of revenue) potentially
providing some structural improvements. Nevertheless, Fitch sees
risks including weaker growth and rising expenditure demands.
Continued expenditure restraint may prove more challenging after
temporary pandemic-response measures are fully wound down or if
revenue growth significantly slows.

Falling Debt; Stable Financing Conditions: Under its baseline
scenario of an improving fiscal stance and solid nominal growth,
the public debt/GDP ratio will fall to 162.2% in 2023 and 154.4% in
2024, a projected 50pp decline from the high of 206% reached in
2020 (but still three times the 'BB' median of 55.6%). Stable
financing conditions, limited debt-rollover needs and a sizeable
cash position (close to EUR35 billion) will continue to support
debt management. The combination of long maturities and an active
hedging strategy means that interest rate costs will remain broadly
unchanged, although some financing pressure could build up if
Greece decides to tap capital markets more aggressively.

Eurostat has decided not to include the guarantees from the
Hellenic Asset Protection Scheme (around EUR18 billion) as part of
public debt, reducing uncertainty around stock-flow adjustments.

Inflation Pressures Ease: Fitch forecasts annual harmonised
inflation to ease to 4% in 2023 and to 1.9% in 2024, given base
effects and moderation in economic activity. Some upward risks are
likely to persist, given pressures from core inflation (which is
now above the headline rate at around 6%). Labour market dynamics
will support faster wage growth this year (above 6%), but risks of
a wage-price spiral are limited.

Current Account Deficit to Moderate: A projected decline in imports
(due to falling energy prices and weaker domestic demand) will lead
to a gradual narrowing of the current account deficit (CAD) in
2023-2024 (after reaching a 12-year high of 9.7% of GDP in 2022).
The CAD deficit (which Fitch expects to average 6.5% in the next
two years) will be financed largely by rising net FDI inflows and
EU transfers, hence reducing external vulnerability risks. Fitch
projects the net external debt position to remain large (despite
falling modestly to 115.6% of GDP in 2024), although the inclusion
of central bank liabilities means that exposure is more limited.

Stable Banking Sector: The rapid improvement in asset quality
continued in 4Q22, with the non-performing loan ratio falling to
8.2% according to Bank of Greece data. Fitch expects further
improvement in asset quality over the short to medium term but at a
more moderate pace, as asset disposal transactions are likely to be
smaller and overall economic activity is cooling. The sector's
liquidity and capital positions are stable, with no spill-overs so
far from global banking jitters in 1Q23. Credit growth has weakened
in 2023, in part as corporate lending has slowed, but Fitch expects
it to gather pace as growth starts to strengthen in 2H23.

ESG - Governance: Greece has an ESG Relevance Score (RS) of '5[+]'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that the World Bank
Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. Greece has a medium WBGI ranking at 64.8 reflecting a
recent track record of peaceful political transitions, a moderate
level of rights for participation in the political process,
moderate institutional capacity, established rule of law and a
moderate level of corruption.

RATING SENSITIVITIES

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

- Public Finances: A sustained upward trend in public debt/GDP, for
example due to structural fiscal loosening, weak growth or
materialisation of contingent liabilities from the banking sector.

- Macro: Renewed adverse shocks to the Greek economy affecting the
economic recovery or Greece's medium-term growth potential.

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

- Public Finances: Confidence in a post-election fiscal policy that
leads to a firm downward path for the government debt/GDP ratio
over the medium term.

- Macro: Improvement in medium-term growth potential and
performance, for example, driven by higher investment dynamics
and/or implementation of structural reforms.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Greece a score equivalent to a
rating of 'BB+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

ESG CONSIDERATIONS

Greece has an ESG Relevance Score of '5[+]' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Greece has a
percentile rank above 50 for the respective Governance Indicator,
this has a positive impact on the credit profile.

Greece has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Greece has a percentile rank
above 50 for the respective Governance Indicators, this has a
positive impact on the credit profile.

Greece has an ESG Relevance Score of '4[+]'for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Greece has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.

Greece has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Greece, as for all sovereigns. As Greece has
a fairly recent restructuring of public debt in 2012, this has a
negative impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.

   Entity/Debt                 Rating          Prior
   -----------                 ------          -----
Greece          LT IDR          BB+  Affirmed    BB+
                ST IDR          B    Affirmed     B
                LC LT IDR       BB+  Affirmed    BB+
                LC ST IDR       B    Affirmed     B
                Country Ceiling A    Affirmed     A

   senior
   unsecured    LT              BB+  Affirmed    BB+

   senior
   unsecured    ST              B    Affirmed     B




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

BLACKROCK EUROPEAN XIV: Fitch Gives Final 'B-sf' Rating on F Notes
------------------------------------------------------------------
Fitch Ratings has assigned BlackRock European CLO XIV DAC final
ratings.

   Entity/Debt             Rating                   Prior
   -----------             ------                   -----
BlackRock European
CLO XIV DAC

   Class A
   XS2617110791        LT AAAsf  New Rating    AAA(EXP)sf

   Class B-1
   XS2617112490        LT AAsf   New Rating     AA(EXP)sf

   Class B-2
   XS2617111179        LT AAsf   New Rating     AA(EXP)sf

   Class C
   XS2617111336        LT Asf    New Rating      A(EXP)sf

   Class D
   XS2617111922        LT BBB-sf New Rating   BBB-(EXP)sf

   Class E
   XS2617111765        LT BB-sf  New Rating    BB-(EXP)sf

   Class F
   XS2617111849        LT B-sf   New Rating     B-(EXP)sf

   Subordinated
   Notes XS2617114439  LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

BlackRock European CLO XIV 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 have been used to purchase a portfolio with a target par
of EUR400 million. The portfolio is actively managed by BlackRock
Investment Management (UK) Limited (BlackRock). The collateralised
loan obligation (CLO) has a 4.4-year reinvestment period and an
8.5-year weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.2.

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 62.0%.

Diversified Portfolio (Positive): The transaction has a top 10
obligor concentration limit at 23% and a maximum fixed rate asset
limit at 12.5%. 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 that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction has two matrices
that correspond to the maximum top 10 obligor limit and a maximum
fixed-rate asset limit at closing and at one year after closing.
The manager can switch to the forward matrix one year after closing
if the aggregate collateral balance (defaults at Fitch collateral
value) is at least at the reinvestment target par.

The transaction has a 4.4-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 (Postiive): The WAL used for the transaction
stress portfolio is reduced by 12 months from the WAL covenant.
This reduction to the risk horizon accounts for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include, among others, passing both the
coverage tests and the Fitch CCC test post reinvestment as well a
WAL covenant that progressively steps down over time. Fitch
believes these conditions would reduce the effective risk horizon
of the portfolio during the stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A to E
notes and would lead to downgrades of the class F notes to below
'B-sf'.

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 and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class D and E notes display a rating
cushion of three and four notches, the class B and F notes two
notches and the class C notes one notch.

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

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

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

During the reinvestment period, based on 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 may occur on stable portfolio credit
quality and deleveraging, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

DATA ADEQUACY

BlackRock European CLO XIV 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.


DRYDEN 29 EURO 2013: Moody's Cuts Rating on Cl. F Notes to B3
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Dryden 29 Euro CLO 2013 Designated
Activity Company:

EUR12.8M Class F Mezzanine Secured Deferrable Floating Rate Notes
due 2032, Downgraded to B3 (sf); previously on Sep 12, 2022
Downgraded to B2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR230M Class A Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Sep 12, 2022 Affirmed Aaa (sf)

EUR21.6M Class B-1 Senior Secured Floating Rate Notes due 2032,
Affirmed Aa1 (sf); previously on Sep 12, 2022 Upgraded to Aa1 (sf)

EUR40M Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa1 (sf); previously on Sep 12, 2022 Upgraded to Aa1 (sf)

EUR23.6M Class C Mezzanine Secured Deferrable Floating Rate Notes
due 2032, Affirmed A2 (sf); previously on Sep 12, 2022 Affirmed A2
(sf)

EUR20.8M Class D Mezzanine Secured Deferrable Floating Rate Notes
due 2032, Affirmed Baa2 (sf); previously on Sep 12, 2022 Affirmed
Baa2 (sf)

EUR21.6M Class E Mezzanine Secured Deferrable Floating Rate Notes
due 2032, Affirmed Ba2 (sf); previously on Sep 12, 2022 Affirmed
Ba2 (sf)

Dryden 29 Euro CLO 2013 Designated Activity Company, issued in
December 2013, refinanced in January 2017 and reset in January
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by PGIM Limited. The transaction's
reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating downgrade on the Class F notes is primarily a result of
the increased defaults and the deterioration in the credit quality
of the underlying collateral pool since September 2022.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR369.2m

Defaulted Securities: EUR12.1m

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3,137

Weighted Average Life (WAL): 3.50 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.86%

Weighted Average Coupon (WAC): 4.73%

Weighted Average Recovery Rate (WARR): 41.12%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


GWD FORESTRY: Judge Urged to Firm Into Liquidation
--------------------------------------------------
Catherine Sanz at Business Post reports that a judge has been urged
to place a forestry firm which allegedly perpetuated "clear fraud"
into liquidation because of the complexity anticipated in the
winding-up process.

According to Business Post, GWD Forestry Limited, which raised
around EUR30 million from investors for plantations in Brazil and
Canada, is facing a petition to be wound up by a creditor who
alleges the company was a "scam" which perpetuated "clear fraud".

Mr. Justice Siobhan Stack said she would deliver a ruling next
Wednesday, June 21, Business Post relates.




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

CEDARI SPA: Fitch Assigns FirstTime 'B' LongTerm IDR, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has assigned Cedacri S.p.A. (Cedacri) a first-time
Long-Term Issuer Default Rating (IDR) of 'B'. The Outlook is
Negative.

Fitch has also affirmed the senior secured instrument rating under
Cedacri MergeCo S.p.A. at 'B'/RR4. The issuer name for these
instruments has been amended in Fitch's systems to Cedacri S.p.A.
from Cedacri MergeCo S.p.A following the reverse merger of the two
entities.

Cedacri MergeCo was initially an entity incorporated by financial
investor and key shareholder ION Group for the 2021 leveraged
buyout (LBO) of Cedacri. Following an intra-group merger Cedacri
has assumed the responsibility for all debt previously issued by
Cedacri MergeCo.

Fitch has also affirmed Cedacri MergeCo's IDR at 'B' with a
Negative Outlook and simultaneously withdrawn the rating following
its merger into Cedacri S.p.A.

KEY RATING DRIVERS

For Cedacri 's key rating drivers please refer to its previous
press release published on 11 May:

ESG CONSIDERATIONS

Cedacri has an ESG Relevance Score of '4' for Governance Structure.
This reflects inter-company loan movements and related party
transactions between ION Group Companies over which Fitch has
limited visibility on its terms and economic substance. 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.

ISSUER PROFILE

Cedacri is an Italian provider of software solution, infrastructure
and outsourcing services for the financial sector in Italy.

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Cedacri MergeCo
S.p.A               LT IDR B  Affirmed                B

                    LT IDR WD Withdrawn               B

   senior secured   LT     B  Affirmed      RR4       B

Cedacri S.p.A.      LT IDR B  New Rating




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

BEREKE BANK: Fitch Assigns 'BB' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Bereke Bank JSC
Long-Term (LT) Issuer Default Ratings (IDRs) of 'BB', and a
Viability Rating (VR) of 'b'. The Outlook on the IDRs is Stable.

KEY RATING DRIVERS

Bereke's LT IDRs are driven by potential support from the
Kazakhstani authorities, as expressed by its Government Support
Rating (GSR) of 'bb'. This is based on Bereke's state ownership
through JSC National Management Holding Baiterek (Baiterek;
BBB/Stable) and a low cost of potential support relative to
Kazakhstan's available resources. Bereke's 'b' VR reflects the
bank's evolving business model and certain weaknesses in its
performance and funding structure. The VR is one notch below its
'b+' implied VR due to a negative adjustment for the business
profile score.

Bereke's National LT Rating of 'A+(kaz)' corresponds to its 'BB' LT
Local-Currency IDR and captures the bank's creditworthiness
relative to domestic peers'.

Government Support: A three-notch gap between Bereke's 'bb' GSR and
Kazakhstan's 'BBB' sovereign rating captures the non-strategic
nature of state ownership, the bank's limited systemic importance
in the banking sector, and the state's plans to sell the bank.
However, in Fitch's view, government support would remain available
for the bank, as long as it is owned by Baiterek. Fitch does not
expect Bereke to be privatised in next two years as investor demand
may be conditional on a recovery of the bank's business profile.

External Shocks Manageable: Kazakhstan's economy and financial
sector have proved resilient to the initial impact of the
Russia-Ukraine military conflict. Fitch forecasts GDP to grow 3.6%
in 2023 (2022: 2.9%). Downside risks are potential disruptions to
energy exports, weakening of the local currency, higher inflation
and steeper interest rates. However, Fitch expects the banking
sector to be resilient to external shocks.

Narrow Franchise, Evolving Business Model: Bereke is a small-sized
bank in the concentrated Kazakh banking sector, with a 3.6% share
in sector assets at end-1Q23. After its ownership change in 2022,
Bereke's new strategy focuses on SME and retail lending, although
the bank's ability to expand in a competitive Kazakh banking sector
is yet to be tested.

Modest Growth: Bereke's loan book was reduced by 42% in 2022, as a
large portion of loans were redeemed early or sold to other
domestic banks prior to its nationalisation. This resulted in a
high loan concentration by names, with the 25-largest borrowers
making up a 61% of the corporate loan book at end-2022. Given
capital constraints, Fitch expects Bereke's loan growth to be
slower than 15%-20%, which Fitch expects for the sector in 2023.

High Impaired Loans Ratio: Bereke's impaired loans constituted a
significant 14.1% of gross loans at end-2022 and were 0.9x covered
by total loan-loss allowances. Stage 2 loans added a further 2.6%
of gross loans at end-2022. Fitch does not expect a significant
increase in the volume of problem loans in 2023. However, corporate
lending is dominant in the bank's loan book (41% of gross loans at
end-2022), and the quality of corporate lending in Kazakhstan has
historically been exposed to cyclicality risks.

Recovering Performance: Bereke recorded a KZT125 billion net loss
in 2022, following a 60% reduction in scale, a spike in cost of
funding to 8.4%, and a foreign-exchange revaluation loss of KZT366
billion. Fitch expects its operating profit/RWAs ratio to improve
to around 2% in 2023, although this could be pressured by higher
funding costs from 2024.

Modest Capital Buffer: Bereke's Fitch Core Capital (FCC) ratio was
a modest 9.4% at end-2022. Additional pressure stems from high
capital encumbrance by net impaired loans (end-2022: 17%). Fitch
expects performance enhancement and profit retention to help
gradually improve the bank's FCC ratio in 2023-2024.

Concentrated Funding: Non-state customer accounts amounted to 39%
of the deposit base at end-1Q23. After being supported in 2022,
Bereke's reliance on state-related funds is substantial (end-1Q23:
71% of total non-equity funding). Fitch expects the bank's funding
concentration to gradually reduce and its loans-to-deposits ratio
(end-1Q23: 132%) to remain above 100% in 2023-2024.

RATING SENSITIVITIES

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

The bank's IDRs and GSR could be downgraded if Kazakhstan's
sovereign ratings are downgraded. The ratings could also be
downgraded if Bereke is sold to a low-rated strategic investor.
Fitch may also downgrade Bereke's IDRs if the agency takes a view
that the state's propensity to support the bank has weakened, for
example, due to delays to provide support when needed.

Bereke's VR has considerable headroom, given that it is already
rated one notch below its implied VR. However, the VR could be
downgraded on significant asset-quality deterioration and/or
loss-making performance for several consecutive reporting periods,
leading to pressure on capital ratios.

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

Bereke's IDRs and GSR could be upgraded on an upgrade of
Kazakhstan's sovereign ratings. The IDRs could also be upgraded if
the government decides not to sell the bank and if there is an
increase in strategic importance of Bereke for the government
and/or Baiterek group.

An upgrade of Bereke's VR would require a strengthening of its
business profile. This could be reflected, for example, in a
recovered core profitability and a pick-up in loan growth. Higher
capital ratios, with the FCC ratio above 12% on a sustained basis,
could also be credit-positive.

VR ADJUSTMENTS

The business profile score of 'b' has been assigned below the 'bb'
category implied score because of the following adjustment reason:
business model (negative).

The earnings & profitability score of 'b' has been assigned below
the 'bb' category implied score because of the following adjustment
reason: historical and future metrics (negative).

The funding & liquidity score of 'b' has been assigned below the
'bb' category implied score because of the following adjustment
reason: deposit structure (negative).

ESG CONSIDERATIONS

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

   Entity/Debt                     Rating                  Prior
   -----------                     ------                  -----
Bereke Bank JSC  LT IDR             BB      New Rating     WD
                 ST IDR             B       New Rating     WD
                 LC LT IDR          BB      New Rating     WD
                 Natl LT            A+(kaz) New Rating    WD(kaz)
                 Viability          b       New Rating     WD
                 Government Support bb      New Rating
                 LT IDR (xgs)       B(xgs)  New Rating
                 ST IDR (xgs)       B(xgs)  New Rating
                 LC LT IDR (xgs)    B(xgs)  New Rating




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

MALLINCKRODT FINANCE: $369.7M Bank Debt Trades at 28% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Mallinckrodt
International Finance SA is a borrower were trading in the
secondary market around 71.8 cents-on-the-dollar during the week
ended Friday, June 9, 2023, according to Bloomberg's Evaluated
Pricing service data.

The $369.7 million facility is a Term loan that is scheduled to
mature on September 30, 2027.  About $353.2 million of the loan is
withdrawn and outstanding.

Mallinckrodt International Finance SA manufactures and distributes
pharmaceutical products. The Company's country of domicile is
Luxembourg.




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

EUROINS ROMANIA: Bucharest Court Launches Bankruptcy Proceedings
----------------------------------------------------------------
Bogdan Todasca at SeeNews reports that a Romanian court, the
Bucharest Tribunal, said on June 9 that it confirmed the insolvency
of Euroins Romania, part of Bulgaria's Euroins Insurance Group, and
launched bankruptcy proceedings against the insurer.

Euroins Romania may appeal the ruling within seven days after it is
published in the Insolvency Proceedings Bulletin, SeeNews relays,
citing a document published on the Bucharest Tribunal's website
shows.

Prior to the Bucharest Tribunal's decision, Euroins Romania's
request to suspend the revocation of its operating licence by
Romania's financial regulator, ASF, was denied twice by the
Bucharest Court of Appeal, ASF said in a separate press release on
June 9, according to SeeNews.

ASF added that the insurance policies issued by Euroins Romania are
valid for another 90 days, until Sept. 8 -- except for guarantee
policies, which are valid for 150 days and expire on Nov. 7,
SeeNews notes.

On March 17, ASF withdrew the operating licence of Euroins Romania
and decided to file a court request to start bankruptcy
proceedings, SeeNews recounts.  The financial authority also
appointed the FGA as an interim administrator of Euroins, SeeNews
relates.




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

BBVA CONSUMER 2023-1: Moody's Gives Ba2 Rating to EUR20MM D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by BBVA CONSUMER AUTO 2023-1 FONDO DE
TITULIZACION:

  EUR688M Class A Asset Backed Floating Rate Notes due December
  2036, Definitive Rating Assigned Aa1 (sf)

  EUR30M Class B Asset Backed Floating Rate Notes due December
  2036, Definitive Rating Assigned A2 (sf)

  EUR30M Class C Asset Backed Floating Rate Notes due December
  2036, Definitive Rating Assigned Baa3 (sf)

  EUR20M Class D Asset Backed Floating Rate Notes due December
  2036, Definitive Rating Assigned Ba2 (sf)

Moody's has not assigned any ratings to the following EUR32M Class
E Asset Backed Floating Rate Notes due December 2036 and the EUR4M
Class Z Asset Backed Floating Rate Notes due December 2036.

RATINGS RATIONALE

The transaction is a static cash securitisation of auto loans
extended to obligors in Spain by Banco Bilbao Vizcaya Argentaria,
S.A. ("BBVA") (A3 Senior Unsecured, A2 LT Bank Deposits,
A3(cr)/P-2(cr)) with the purpose of financing new or used vehicles
via car dealers (prescriptores). BBVA also acts as asset servicer,
swap counterparty, collection and issuer account bank provider.

The provisional portfolio of underlying assets consists of auto
loans originated in Spain, with fixed rates and a total outstanding
balance of approximately EUR896.0M. The final portfolio has been
selected at random from the provisional portfolio to match the
Notes issuance amount.

As of May 9, 2023, the provisional pool had 66,905 loans with a
weighted average seasoning of 11.1 months. Loans are used for the
purpose of new (32.4%) or used (67.6%) car acquisition. 38.4% of
the loans do not have any security over the vehicle and hence the
servicer may have more difficulties in repossessing the asset to
increase recoveries. 61.6% of the portfolio contain a "reserva de
dominio" clause, meaning that the vehicles can be registered at the
seller's option on the Registro de Bienes Muebles, the Spanish
moveable goods register, and 43.0% of the loans have been already
registered in the Chattel Registry as of the cut-off date.

The transaction benefits from credit strengths such as the
granularity of the portfolio, the excess spread-trapping mechanism
through a 6 months artificial write off mechanism, the high average
interest rate of 6.7% and the financial strength and securitisation
experience of the originator.

Moreover, Moody's notes that the transaction features some credit
weaknesses such as a complex structure including interest deferral
triggers for junior Notes, pro-rata payments on all Classes of
Notes from the first payment date, the high linkage to BBVA and
limited liquidity available in case of servicer disruption. Various
mitigants have been put in place in the transaction structure such
as sequential redemption triggers to stop the pro-rata
amortization. Commingling risk is partly mitigated by the transfer
of collections to the issuer account within two days and the high
rating of the servicer.

Hedging: All the loans are fixed-rate loans, whereas the Notes are
floating-rate liabilities. As a result, the issuer is subjected to
a fixed-floating interest-rate mismatch. To mitigate the
fixed-floating rate mismatch, the issuer has entered into a swap
agreement with BBVA. Under the swap agreement, (i) the issuer pays
a fixed rate of 3.2818%, (ii) the swap counterparty pays 3M Euribor
(floored at 0), (iii) the notional as of any date will be the
outstanding balance of Classes A-E Notes.

Moody's analysis focused, amongst other factors, on: (i) an
evaluation of the underlying portfolio of auto loans and the
eligibility criteria, (ii) historical performance provided on
BBVA's total book and past consumer loan ABS transactions, (iii)
the credit enhancement provided by subordination, excess spread and
the reserve fund, (iv) the liquidity support available in the
transaction by way of principal to pay interest, and (v) the
overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 4.0%, expected recoveries of 35.0% and a Portfolio Credit
Enhancement ("PCE") of 13.0%. The expected defaults and recoveries
capture Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate consumer ABS transactions.

The portfolio expected mean default rate of 4.0% is in line with
the Spanish auto loan transactions and is based on Moody's
assessment of the lifetime expectation for the pool taking into
account: (i) historical performance of the loan book of the
originator, (ii) benchmark transactions, and (iii) other
qualitative considerations.

Portfolio expected recoveries of 35% are in line with Spanish auto
loan average and are based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historical
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations such as
quality of data provided and asset security provisions.

The PCE of 13.0% is lower than other Spanish auto loan peers and is
based on Moody's assessment of the pool taking into account the
relative ranking to originator peers in the Spanish consumer loan
market. The PCE of 13.0% results in an implied coefficient of
variation ("CoV") of 62.9%.

METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 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 of the Notes would be: (1) better than expected performance
of the underlying collateral; or (2) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be: (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
BBVA; or (3) an increase in Spain's sovereign risk.




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

CREDIT SUISSE: Five Executives Leave After UBS Takeover Completed
-----------------------------------------------------------------
Owen Walker at The Financial Times reports that UBS has announced
the departure of five of the most senior Credit Suisse executives
just hours after sealing the official takeover of its Swiss rival.

According to the FT, among those leaving are Dixit Joshi, chief
financial officer, Markus Diethelm, general counsel, Edwin Low,
head of the Asia-Pacific region, David Miller, co-head of the
investment bank, and Ken Pang, co-head of markets.

The exits were disclosed in an internal memo seen by the FT and
confirmed by UBS, which also revealed that Francesco De Ferrari,
who had run Credit Suisse's wealth management arm, will become a
senior adviser to UBS wealth head Iqbal Khan.

"The acquisition of Credit Suisse by UBS has now legally closed,
marking a historic moment for both banks," wrote Ulrich Koerner,
who has stayed on as chief executive of Credit Suisse, which will
be run as a subsidiary of UBS during the integration process.

UBS's rescue of Credit Suisse, which was engineered by Swiss
authorities three months ago, was completed on June 12, the FT
discloses.  The takeover is the most complicated bank merger since
the financial crisis, the FT states.

Speaking to Swiss television on June 12, UBS chief executive Sergio
Ermotti said 10% of Credit Suisse's workforce had left in recent
months, the FT recounts.

Further job cuts are expected in the coming weeks, with Credit
Suisse's investment bank and its domestic business -- should it be
retained by UBS -- expected to bear the brunt of redundancies, the
FT notes.

In order to limit its risk from the transaction, UBS has set out
almost two-dozen "red lines" for Credit Suisse staff to follow,
which restrict certain activities such as bringing on new clients
from high-risk countries and offering complex financial products,
according to the FT.




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

BLUEROCK DIAMONDS: Goes Into Administration
-------------------------------------------
IDEX Online reports that BlueRock Diamonds, the British miner that
operates the Kareevlei mine, in Kimberley, South Africa, has gone
into administration.

Operations at the mine remain have been halted, IDEX Online notes.
Share trading was halted in February, when its debt-ridden
subsidiary Kareevlei Mining, which operates the mine, was placed in
business rescue, with little prospect that it would continue as a
going concern, IDEX Online relates.

London-based Opus Restructuring LLP has been appointed as
administrators of the company, IDEX Online discloses.

BlueRock is not expected to receive any final payout from mining
activities to settle its outstanding debt, IDEX Online states.

In February, Kareevlei Mining owed US$4.1 million to Teichmann
South Africa, the construction and mining service group, IDEX
Online recounts.


GLOBAL SHIP: Moody's Hikes CFR to Ba3 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
to Ba3 from B1 and the probability of default rating to Ba3-PD from
B1-PD for Global Ship Lease, Inc. (GSL, the company). Concurrently,
Moody's changed the outlook to stable from positive.

RATINGS RATIONALE

The rating action reflects Moody's expectations of continued strong
metrics, including Moody's-adjusted Debt/EBITDA expected around
2.0x for 2023 and 2024. Despite the currently weaker charter
environment, well below 2021 and 2022 peak, the company has
significant revenue visibility with virtually all vessels chartered
throughout 2023 and around 80% of charter days fixed for 2024.
Accordingly, it should remain significantly cash flow generative,
with cash flows applied towards the steep annual debt amortization
profile and shareholder returns following the introduction of a
dividend on common shares in 2021 and opportunistic share buybacks.
Moody's also expects the company to opportunistically employ cash
flow, which includes growing its fleet with partially debt-funded
acquisitions.

GSL has continued to deleverage during 2022 in line with Moody's
expectation, with leverage reducing to 2.1x at year-end 2022 from
3.6x at year-end 2021 on the back of increased scale, higher
charter rates and gross debt reduction. Given the currently weaker
charter rate environment, Moody's currently expects 2023 to be the
peak year from a profit perspective followed by some profit
weakening in 2024 and 2025. This reflects the rising rechartering
risk especially from 2025.

Nevertheless, the debt amortization profile will support continued
debt reduction, balanced by some partially debt-funded investment
into its fleet. This was illustrated by the announcement in May
2023 of the acquisition of 4 additional vessels, with a minimum
firm charter period of 24 months each, taking its fleet to 68
vessels. Accordingly, Moody's expects leverage to remain around
2.0x for 2023 and 2024, but it could rise into the 2-3x range
depending on the market environment and vessel acquisition activity
thereafter.

Moody's expects the company to continue to generate significant
cash flow in 2023 and 2024, even after $202 million and $193
million debt amortization, respectively, and the ca. $60 million of
annual dividends including common and preferred shares. Surplus
cash flows are likely employed towards vessel acquisitions or
additional shareholder returns in the form of share buybacks. GSL
has also steadily improved its cost of debt and remains hedged
against rising interest rates.

The rating also continues to reflect GSL's scale, niche focus and
degree of customer concentration. Furthermore, the industry is also
facing rising regulation and ongoing uncertainty regarding future
propulsion and fuel technologies as part of the industry's carbon
transition. This also informs the company's strategy to age its
fleet and drives some investment. The rating also continues to
reflect GSL's focus on a middle-aged and diverse fleet of
medium-sized and smaller container ships that typically have
value-added components such as refrigeration capacity and benefit
from lesser supply growth than the market for larger vessels.

The company's ESG Credit Impact Score of CIS-3 indicates that ESG
considerations have a limited impact on the current credit rating
with potential for greater negative impact over time. This
primarily reflects the company's exposure to environmental risks
given the uncertainty regarding future propulsion and fuel
technologies for the sector as well as sector-related waste and
pollution risks. Social risk exposure is lower and mostly reflects
sector-wide demographic & societal trends related to pressure to
reduce emissions and health & safety. Governance risks reflect the
company's balanced financial policy although without specific
public leverage target, organisational complexity as well as a
solid track record and transparency.

LIQUIDITY PROFILE

Moody's views the liquidity profile as good. The company had $135
million of unrestricted cash on balance sheet (including time
deposits) as of March 2023. GSL has been and is expected to
continue to remain free cash flow generative after interest and
dividends but before vessel acquisitions and divestments. Moody's
also expects the company to maintain meaningful restricted and
unrestricted cash positions also given some minimum liquidity
requirements under its debt facilities and for collateral or
reserve purposes ($153 million of additional restricted cash used
for collateral or required reserve purposes as of March 2023). GSL
has no material balloon maturities until 2026, but has mandatory
debt amortization currently peaking at $202 million in 2023, before
it gradually reduces. The company currently has five unencumbered
vessels, which provide additional funding potential and differs
from its fully encumbered asset base historically.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that metrics are
likely to remain in line with a Ba3 rating despite the weaker
environment. This also reflects Moody's expectation that
shareholder returns and vessel acquisitions are undertaken in a way
that does not materially jeopardize the company's credit profile.

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

Positive pressure could arise if the business continues to grow and
diversify with debt/EBITDA sustainably below 2x and (funds from
operations + interest)/interest sustainably above 6.0x, free cash
flow remains visibly positive, rechartering risk remains limited
through longer-dated charters debt and the maturity profile and
fleet well managed. In this context, Moody's also considers the
evolution of gross debt and the company's stated financial policy.

Conversely, negative pressure could develop if the company's (funds
from operations + interest)/interest falls towards 3x, debt/EBITDA
reaches 3.0x or free cash flow weakens. Downward pressure on the
ratings could also result if GSL experiences strained liquidity and
difficulties in terms of the rechartering of vessels at adequate
rates when contracts expire.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping
published in June 2021.

COMPANY PROFILE

Global Ship Lease, Inc. is a Republic of the Marshall Islands
corporation, with administrative offices in London and Athens. Once
the recent purchases are delivered, GSL will own a fleet of 68
mostly small to medium-sized container vessels. GSL has been
publicly traded on the New York Stock Exchange since 2008. GSL
generated revenue of $646 million for the year 2022.


HNVR MIDCO: Moody's Upgrades CFR to B3, Outlook Remains Positive
----------------------------------------------------------------
Moody's Investors Service has upgraded HNVR Midco Limited's
(Hotelbeds or the company) long term corporate family rating to B3
from Caa1 and the probability of default rating to B3-PD from
Caa1-PD. Concurrently, Moody's has also upgraded the ratings of the
backed senior secured revolving credit facility (RCF) and backed
senior secured term loans issued by HNVR Holdco Limited to B3 from
Caa1. The outlook remains positive.

RATINGS RATIONALE

The upgrade reflects the company's strong earnings growth that
supported the reduction in Moody's adjusted leverage to 6.9x in the
twelve months that ended in April 2023 from 12.3x in fiscal 2022
(ending in September), as well as the improved maturity profile
following the proposed amend and extend (A&E) transaction. Further
earnings growth will support improvement in credit metrics over the
next 12-18 months, including debt/EBITDA declining below 5.5x,
strongly positioning the company in the current rating.

As part of the transaction, Hotelbeds will repay EUR100 million of
the original EUR1 billion term loan B (TLB) leading to a reduction
in Moody's adjusted leverage to 6.6x from 6.9x twelve months that
ended in April 2023. At the same time, the maturity of EUR608
million of the EUR908 million remainder of TLB will be extended to
2028 from 2025. As part of the transaction, the maturity of the
majority of the senior secured revolving credit facility (RCF) will
also be extended from 2024 to 2026, with the full existing RCF
available until 2024. The maturity of term loan facility C and D
remains unchanged at 2027.

Company-adjusted EBITDA reached EUR275 million in the twelve months
that ended in April, around 70% above fiscal 2022 levels (fiscal
year ends in September) on the back of strong growth in total
transaction value (TTV), and gross operating margin expansion.
Moody's expects TTV will increase towards EUR7.9 billion in 2023,
up 34% from 2022, with volumes above 2019 levels, while operating
profit margin is estimated to improve to 7.5% from 6.8% in 2022,
but still below the 9.3% achieved during 2019. Overall,
company-adjusted EBITDA is forecast to improve above EUR300 million
in 2023.

This forecast is subject to execution risk given the highly
uncertain macroeconomic environment, which is characterised by
challenges to consumer spending including a surge in energy prices,
high inflation and significant increases in interest rates.
However, downside risks from weaker economic conditions should be
partially mitigated by the positive effect the China reopening will
have for travel worldwide and in APAC in particular.

The B3 CFR is constrained by weak credit metrics, a competitive
accommodation distribution market and risks of disintermediation;
and risks from exogenous shocks (for example, pandemics and
terrorism), cybersecurity threats and system disruptions.
Concurrently, the rating is supported by Hotelbeds' leading
independent market position in a fragmented industry; and
diversification of customers, hotel suppliers, and source and
destination geographies.

RATING OUTLOOK

The positive outlook balances the Moody's expectation that further
revenue and EBITDA growth could lead to an improvement of credit
metrics over the next quarters to levels commensurate with a higher
rating level, with the downside risks inherent to the presently
weak macroeconomic outlook. The outlook assumes no material
increase in leverage from future debt-funded acquisitions or
shareholder distributions, as well as the company maintaining an
adequate liquidity profile.

ESG CONSIDERATIONS

Governance considerations were among key drivers of this rating
action, because the proposed A&E and Moody's overall assessment of
the company's/sponsor's financial policy were material in
determining the present rating upgrade and a view, as highlighted
by the positive outlook, that upside is possible. Concerns about
the capital structure of the company have meaningfully receded in
the last few quarters after a period of time were the company
operated at a Caa1 rating level. Still and as is often the case in
highly levered, sponsored deals, Moody's considers that Hotelbeds'
shareholders will have a higher tolerance for leverage/risk, and
that governance will be comparatively less transparent, when
compared to publicly traded companies.

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

Positive rating pressure could develop if the company delivers
revenue and EBITDA growth, such that Moody's-adjusted leverage
remains below 5.5x; Moody's-adjusted FCF/debt remains above 5%; or
Moody's-adjusted EBITA/ interest expense remains above 2.0x, all on
a sustained basis. Any positive rating action would also require
the company to maintain adequate liquidity.

Negative rating pressure could develop if Hotelbeds does not
deliver growth in revenue and profitability, such that
Moody's-adjusted leverage remains above 6.5x; Moody's-adjusted FCF
remains negative; Moody's-adjusted EBITA/ interest expense remains
below 1.2x, all on a sustained basis; or the company's liquidity
deteriorates.

LIQUIDITY

Moody's considers Hotelbeds' liquidity good. As of April 30, 2023,
the company had EUR703 million of liquidity, consisting of EUR415
million of cash on balance, a fully undrawn EUR247.5 million backed
senior secured RCF issued under HNVR Holdco Limited and other
credit lines. Taken together, these will be adequate to cover the
expected intra-year working capital swings of around EUR0.3 and
ensure compliance with a EUR75 million minimum liquidity covenant.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: HNVR Holdco Limited

BACKED Senior Secured Bank Credit Facility, Assigned B3

Upgrades:

Issuer: HNVR Holdco Limited

BACKED Senior Secured Bank Credit Facility, Upgraded to B3 from
Caa1

Issuer: HNVR Midco Limited

Probability of Default Rating, Upgraded to B3-PD from Caa1-PD

LT Corporate Family Rating, Upgraded to B3 from Caa1

Outlook Actions:

Issuer: HNVR Holdco Limited

Outlook, Remains Positive

Issuer: HNVR Midco Limited

Outlook, Remains Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

HNVR Midco Limited (Hotelbeds) is a leading business-to-business
(B2B) technology distribution partner (bedbank), with an around 15%
global market share, which makes it around three times as large as
the number two bedbank, according to management. The company offers
hotel rooms to the travel industry from an inventory of around
300,000 hotels in more than 195 countries. It also distributes
tickets and activities on a B2B basis, and operates a range of new
travel-related ventures. In the twelve months that ended in April
2023, Hotelbeds reported a gross operating profit of EUR543 million
and company-adjusted EBITDA of EUR275 million, according to
unaudited financials.  


MEATLESS FARM: Set to Go Into Administration
--------------------------------------------
Simon Harvey at JustFood reports that a law firm connected with The
Meatless Farm Co. has declined to comment on speculation the UK
business has collapsed, with staff posting on social media of
redundancies at the meat-free company.

Cameron McKenna Nabarro Olswang (CMS) is representing Meatless Farm
regarding a "notice of intention to appoint an administrator"
posted on May 31, JustFood relays, citing the Caseboard legal data
website.

"To confirm, we don't have any comment on this," a spokesperson at
the UK office of CMS said in an emailed response to Just Food.

Morten Toft Bech, the Danish national who founded the business in
2016, had not replied to a LinkedIn request for comment at the time
of publication, JustFood notes.

Meatless Farm, which supplied the major UK supermarkets and also
had listings overseas, posted a net loss of GBP23.5 million
(US$29.5 million) in the year to December 31, 2021, wider than a
GBP15.4 million loss in the preceding 12 months, according to the
most recent accounts filed with Companies House in London, JustFood
discloses.

Turnover was GBP12.5 million but with an operating loss of GBP22.9
million, JustFood states.  Total assets were listed as being
GBP29.2 million with GBP8.9 million in liabilities, according to
JustFood.

Judging by postings on LinkedIn from what now appear to be former
employees, staff have been made redundant, although Just Food is
unable to verify the accuracy of the claims and the number of staff
involved.


YORK MAILING: Former Employees to Receive Payout After Collapse
---------------------------------------------------------------
Stephen Lewis at Gazette & Herald reports that scores of workers
who lost their jobs when a York printing business went into
administration last year are finally set to receive a payout.

According to Gazette & Herald, about 100 employees at
Elvington-based York Mailing lost their jobs overnight when the
firm's parent company YM Group Yorkshire went into administration
in March last year.

Now, following an industrial tribunal last week, they will share in
a GBP2.5 million "protective award" for 700 former employees of YM
Group Yorkshire, Gazette & Herald discloses.

The award will be shared by workers from Pinder in Scarborough and
YM Chantry in Wakefield, who also lost their jobs when the parent
company went into administration, Gazette & Herald notes.

It will be worth eight weeks pay, capped at a maximum of GBP571 per
week, and is in lieu of redundancy payments which workers never
received, says the Unite union, which took the case to a tribunal
on behalf of the workers through Thompsons Solicitors, Gazette &
Herald states.

Staff from specialist business advisory firm FRP were appointed as
administrators for York Mailing when it went into administration
last year, Gazette & Herald recounts.

FRP, as cited by Gazette & Herald, said that the move came after a
"significant period of challenging trading, that had been
exacerbated by the impact of the pandemic and rising input prices."
It followed unsuccessful efforts to find a buyer for all three of
the YM Group businesses, Gazette & Herald relays.

"Without the prospect of investment or a sale, the companies have
ceased to operate," a spokesperson for FRP told The Press at the
time.

York Mailing produced a range of catalogues, brochures, inserts,
flyers and leaflets.




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

TAURUS 2021-4: Fitch Affirms B+sf Rating on F Notes
---------------------------------------------------
Fitch Ratings has upgraded Taurus 2021-4 UK DAC's B notes and
affirmed the class A, C, D, E and F notes.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
Taurus 2021-4 UK DAC

   A XS2368098039     LT AAAsf  Affirmed    AAAsf
   B XS2368100389     LT AA+sf  Upgrade     AA-sf
   C XS2368105008     LT A-sf   Affirmed    A-sf
   D XS2368114505     LT BBB-sf Affirmed    BBB-sf
   E XS2368115494     LT BB-sf  Affirmed    BB-sf
   F XS2368118167     LT B+sf   Affirmed    B+sf

TRANSACTION SUMMARY

Taurus 2021-4 UK DAC finances two commercial mortgage term loans
(Fulham and United VI) totalling GBP848.4 million and advanced by
Bank of America Europe Designated Activity Company (the originator)
to entities related to Blackstone Real Estate Partners. The loans
finance a portfolio of mostly UK industrial properties. The
originator has retained at least 5% of the securitised debt in the
form of an issuer loan pari passu with the notes.

KEY RATING DRIVERS

Updated EMEA CMBS Criteria: The criteria have incorporated a number
of updates, including an overhaul of how guidance assumptions are
derived. Fitch has subsequently removed the class B to F notes from
Under Criteria Observation.

Resilient Industrial Portfolio: The portfolio comprises 285 UK
properties accommodating more than 2,500 tenants operating in
last-mile logistics, light industrial or as trade counters, which
Fitch scores at 3.6 on a weighted average (WA) basis. These assets
are benefiting from strong demand for industrial and logistics
properties particularly since the pandemic.

There has been a recent increase in industrial property yields, but
this factor does not constrain its ratings, as its cap rates are
floored at its 10-year average. Fitch's counter-cyclical approach
therefore allows for the rating upgrade despite the cooling off of
the investment market.

Improved Performance: Portfolio rents have grown by around 5% since
the previous review, due to rent reviews and lower vacancy (down
5%). New leases (affecting around 6% of the portfolio) are
generally being signed above market rent levels, given which Fitch
has indexed up estimated rental value (last reported in March 2021)
for 50% of the growth in prime rents in its underlying market
data.

Disposal Risk: Risk from disposals is only a rating constraint for
lower ranking securities, whereas above-average allocation of
principal sequentially limits tail risk, supporting the upgrade of
the class B notes. Fifty percent of Fulham redemption principal
will repay sequentially once 35% of its original loan balance is
paid, with the balance paying pro rata (United 100% pro rata). The
impact of sequential pay underpins credit given to the combined
property granularity within the portfolio. .

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' / 'AAsf'/ 'BBB-sf' / 'BBsf' / 'B-sf'/ 'CCCsf'

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 rental value
decline assumptions 15pp lower produces the following ratings:

'AAAsf' / 'AAAsf' / 'AAsf' / 'A+sf' / 'BBB-sf' / 'BB+sf'

Key property assumptions (weighted by market value)

Estimated rental value: GBP97.6M

Depreciation: 2.8%

'Bsf' WA cap rate: 5.4%

'Bsf' WA structural vacancy: 18.0%

'Bsf' WA rental value decline: 21.3%

'BBsf' WA cap rate: 6.1%

'BBsf' WA structural vacancy: 20.0%

'BBsf' WA rental value decline: 22.0%

'BBBsf' WA cap rate: 6.9%

'BBBsf' WA structural vacancy: 22.4%

'BBBsf' WA rental value decline: 22.7%

'Asf' WA cap rate: 7.9%

'Asf' WA structural vacancy: 24.6%

'Asf' WA rental value decline: 23.5%

'AAsf' WA cap rate: 8.3%

'AAsf' WA structural vacancy: 26.8%

'AAsf' WA rental value decline: 24.3%

'AAAsf' WA cap rate: 8.7%

'AAAsf' WA structural vacancy: 31.4%

'AAAsf' WA rental value decline: 25.4%

DATA ADEQUACY

Taurus 2021-4 UK 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.

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

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

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

ESG CONSIDERATIONS

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



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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