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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

          Tuesday, June 20, 2023, Vol. 24, No. 123

                           Headlines



C Y P R U S

BANK OF CYPRUS: Moody's Gives B3(hyb) Rating to Add'l. Tier 1 Notes


F R A N C E

TECHNICOLOR CREATIVE: Moody's Affirms Caa3 CFR, Outlook Negative


I R E L A N D

AQUEDUCT EUROPEAN 1-2017: Moody's Affirms B1 Rating on Cl. F Notes
BARRYROE OFFSHORE: To Enter Voluntary Liquidation


L U X E M B O U R G

BERING III SARL: EUR146.4M Bank Debt Trades at 23% Discount


S L O V A K I A

NOVIS INSURANCE: Fitch Lowers Insurer Fin. Strength Rating to 'B'


S W E D E N

APOLLO SWEDISH: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Stable
APOLLO SWEDISH: S&P Assigns 'B' ICR, Outlook Stable


U N I T E D   K I N G D O M

CABLE & WIRELESS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
CO-OPERATIVE BANK: Fitch Corrects Feb. 2 Ratings Release
FRANKLIN UK: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
GREENSILL CAPITAL: White Oak Sues Marsh Over Collapse
HENRY CONSTRUCTION: Majority of Staff Laid Off After Collapse

OCEAN SHIPYARD: Goes Into Voluntary Liquidation
SOUTHERN PACIFIC 06-1: Fitch Affirms 'B-sf' Rating on Cl. E1c Notes
WILKO: Prepares to Launch Company Voluntary Arrangement

                           - - - - -


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C Y P R U S
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BANK OF CYPRUS: Moody's Gives B3(hyb) Rating to Add'l. Tier 1 Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a B3(hyb) rating to Bank of
Cyprus Holdings Public Ltd Company's upcoming Additional Tier 1
(AT1) capital instrument.

RATINGS RATIONALE

Bank of Cyprus Holdings, the parent company of Bank of Cyprus
Public Company Limited (Bank of Cyprus), is in the process of
raising around EUR220 million of AT1 notes, which will refinance
Bank of Cyprus Holdings' existing EUR220 million AT1 notes.  This
will be a standalone issuance, not part of an EMTN programme, of a
perpetual instrument with a call option for the issuer after five
years, optional non-cumulative coupon suspension and will have a
low trigger (Common Equity Tier 1 ratio dropping below 5.125%)
principal write-down feature.

The AT1 securities are contractual non-viability preferred
securities. In a bank resolution they rank senior only to junior
obligations, including ordinary shares and common equity Tier 1
capital. Coupons are cancelled on a non-cumulative basis at the
bank's discretion, and on a mandatory basis subject to availability
of distributable funds and breach of applicable regulatory capital
requirements.

According to the terms and conditions of the issuance and based on
its Advanced Loss Given Failure (LGF) analysis, Moody's has
assigned a B3(hyb) rating to this AT1 instrument, which is
positioned three notches below its operating bank's (Bank of
Cyprus) Baseline Credit Assessment (BCA) of ba3. This takes into
account the elevated credit risks associated to this type of
subordinated debt class, given the relatively low cushion available
for absorbing losses before the AT1 creditors are impacted in a
resolution scenario.

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

The ratings on the AT1 notes will likely be upgraded if the BCA of
Bank of Cyprus is upgraded.

There is currently limited downside pressure on the ratings given
the positive outlook on Bank of Cyprus's long-term deposit
ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in July 2021.




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F R A N C E
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TECHNICOLOR CREATIVE: Moody's Affirms Caa3 CFR, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed the Caa3 long term corporate
family rating of Technicolor Creative Studios SA ("TCS" or "the
company"), a leading provider of VFX and animation services for the
entertainment industry and creative services and technologies for
the advertising industry. Concurrently, the rating agency upgraded
the company's probability of default rating to Caa3-PD from Ca-PD
and appended the PDR with the limited default "/LD" designation.
Moody's has also withdrawn all existing B2 and Caa3 senior secured
bank credit facility instrument ratings issued by TCS. The outlook
remains negative.

TCS announced on June 9, 2023 [1] the completion of the financial
restructuring. The transaction comprised (1) the issuance of EUR60
million of convertible notes; (2) the issuance of a new super
senior credit facility for a total amount of EUR110 million; (3)
the change in interest payments from cash to PIK-toggle; (4) the
reinstatement of the equivalent EUR621 million senior secured
first lien term loan facility into a new EUR421 million senior
credit facility by means of a EUR30 million debt-for-equity swap
and the subordination of EUR170 million worth of existing debt; and
(5) the reinstatement of the senior secured revolving credit
facility (RCF) to its original amount of EUR40 million.

Moody's has appended TCS's PDR of Caa3-PD with the "/LD" indicator
upon completion of the restructuring, because the rating agency
views the transaction as a distressed exchange, which is a type of
default under Moody's definitions. The rating agency will remove
the "/LD" designation after three business days.

"The affirmation of the CFR rating at Caa3 with a negative outlook
reflects the fact that the capital structure has now more debt than
before, while EBITDA will be depressed in 2023 and in 2024,
although to a lower extent, owing to sustained pressures in the
business caused by talent retention issues and the need to spend
money in restructuring the operations," says Víctor Garcia
Capdevila, a Moody's Vice President-Senior Analyst and lead analyst
for TCS.

"While the EUR170 million of new money financing and the change in
interest payments from cash to PIK will alleviate the immediate
liquidity pressures, the capital structure remains unsustainable
and liquidity will remain very weak unless there is a major rebound
in operating performance in 2023 and 2024, which at this point
Moody's consider unlikely," adds Mr Garcia Capdevila.

Leverage tolerance is a governance consideration (financial
strategy and risk management) and talent acquisition and retention
is a social consideration (human capital) under Moody's General
Principles for Assessing Environmental, Social and Governance Risks
Methodology for assessing ESG risks.

RATINGS RATIONALE

On June 9, 2023, TCS completed its financial restructuring. The
transaction alleviates the company's immediate liquidity pressures
because TCS received EUR170 million of new money (net of
commissions, original issue discount and underwriting fees), and
will save around EUR30 million a year in cash interest payments
because most of the company's interest expense will PIK until the
company reaches a certain level of EBITDA (EUR110 million for the
new super senior credit facility and the RCF and EUR140 million for
the reinstated senior credit facility).

However, the company faces large cash outflows over the next 12-18
months related to the business transformation plan (Re*Imagined).
Moody's estimates that restructuring costs and capital spending are
likely to be around EUR40 million each in 2023 and about EUR15
million and EUR50 million in 2024, respectively.

Moody's base case scenario for 2023 and 2024 assumes that TCS will
continue to have operational challenges related to talent retention
and attraction, inefficiencies leading to cost overruns and a
weaker project pipeline than in the past. In 2024, TCS's
performance is expected to rebound as the effects of the
transformation plan start to take effect. Together, this is likely
to lead to a Moody's-adjusted EBITDA of around EUR30 million in
2023 and EUR70 million in 2024 compared to EUR106 million in 2022
and EUR112 million in 2021.

Based on these levels of EBITDA generation and the new capital
structure, the rating agency estimates a Moody's-adjusted gross
leverage of 39x in 2023 and 15x in 2024. These levels of leverage
point towards an unsustainable capital structure.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Governance and social considerations are key drivers for this
rating action, in accordance with Moody's ESG framework. The high
leverage after the financial restructuring and the weak liquidity
profile of the company create an elevated risk of default over the
next one to two years. This is reflected in the rating agency's
assessment of TCS's Financial Strategy and Risk Management score of
5. Concurrently, Moody's has changed the score for  Management
Credibility and Track Record to 4 from 5, owing to the recent
change in management team, which will have to execute on the new
strategy. The overall exposure to governance risks is G-5.

Social considerations were also a key driver of the action because
of the company's high reliance on creative talent, whose shortage
and high attrition levels led to a significant deterioration in
operating performance in 2022 and 2023, leading to the company's
default and debt restructuring. Moody's has changed the score for
Human capital to 5 from 4 and the overall social risk score to S-5
from S-4.

TCS's overall ESG Credit Impact Score is CIS-5, indicating that the
rating is lower than it would have been if ESG risks exposures did
not exist.

LIQUIDITY

The rating agency estimates that with the absence of a really
strong and rapid recovery in TCS's underlying operating performance
over the next few months, the company's current liquidity is likely
to be insufficient to meet its cash obligations in 2024. Moody's
expects negative FCF generation of around EUR140 million in 2023
and EUR80 million in 2024. These levels of negative free cash flow
generation are higher than the sum of the company's cash balance at
the end of Q1 2023 (EUR47 million) and the new money financing of
EUR170 million.

The next debt maturity profile is in July 2026 when the RCF, super
senior credit facility and convertible notes mature.

STRUCTURAL CONSIDERATIONS

The PDR of Caa3-PD reflects the use of a 50% family recovery rate,
as is standard for capital structures that include bond and bank
debt.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on the rating reflects the weak operating and
financial performance expectations for TCS over the next 12-18
months, which may lead to weaker recoveries in the event of a
default than those assumed in the current ratings.

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

A rating downgrade could occur if the company's liquidity profile
weakens further leading to an imminent liquidity crunch or if
Moody's estimates of recovery rate in a default scenario are not
commensurate with the current rating level.

An upgrade of the rating appears unlikely before the capital
structure becomes more sustainable, the company resolves its
operational challenges leading to a sustained recovery in revenue,
earnings and cash flow generation and the liquidity profile of the
company strengthens.

LIST OF AFFECTED RATINGS

Issuer: Technicolor Creative Studios SA

Affirmations:

LT Corporate Family Rating, Affirmed Caa3

Upgrades:

Probability of Default Rating, Upgraded to Caa3-PD /LD from Ca-PD

Withdrawals:

Senior Secured Bank Credit Facility, previously rated B2

Senior Secured Bank Credit Facility, previously rated Caa3

Outlook Actions:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Technicolor Creative Studios SA (TCS) is a leading provider of VFX,
and animation services for the entertainment industry, and creative
services and technologies for the advertising industry. TCS has a
worldwide footprint with presence in 11 countries (including the
US, UK, Canada and France) and its business comprises four main
activities: film and episodic VFX under Moving Picture Company (MPC
brand); advertising under the Mill brand; animation under the
Mikros Animation brand; and games under Technicolor Games brand. In
2022, TCS generated EUR784 million in revenue and a
Moody's-adjusted EBITDA of EUR106 million.




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I R E L A N D
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AQUEDUCT EUROPEAN 1-2017: Moody's Affirms B1 Rating on Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Aqueduct European CLO 1-2017 Designated Activity
Company:

EUR27,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Nov 25, 2021
Upgraded to A1 (sf)

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

EUR234,000,000 Class A-R (Current outstanding amount
EUR179,726,696) Senior Secured Floating Rate Notes due 2030,
Affirmed Aaa (sf); previously on Nov 25, 2021 Affirmed Aaa (sf)

EUR54,000,000 Class B-R Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Nov 25, 2021 Upgraded to Aaa
(sf)

EUR20,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa1 (sf); previously on Nov 25, 2021
Upgraded to Baa1 (sf)

EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Nov 25, 2021
Affirmed Ba2 (sf)

EUR11,300,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B1 (sf); previously on Nov 25, 2021
Affirmed B1 (sf)

Aqueduct European CLO 1-2017 Designated Activity Company, issued in
June 2017 and partially refinanced in March 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by HPS Investment Partners CLO (UK) LLP. The transaction's
reinvestment period ended in June 2021.

RATINGS RATIONALE

The rating upgrade on the Class C-R notes is primarily a result of
the deleveraging of the Class A-R notes following amortisation of
the underlying portfolio since the last review in September 2022.

The affirmations on the ratings on the Class A-R, Class B-R, Class
D-R, Class E and Class F Notes reflect the expected losses of the
notes continuing to remain consistent with their current ratings
after taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralization levels.

The Class A-R notes have paid down by approximately EUR 39.8
million (17.0%) in the last 12 months. As a result of the
deleveraging, over-collateralisation (OC) has increased. According
to the trustee report dated April 2023 [1] the Class A/B, Class C,
Class D and Class E OC ratios are reported at 142.89%, 129.30%,
120.78% and 111.94% compared to August 2022 [2] levels of 140.96%,
128.01%, 119.86% and 111.34% respectively. Moody's notes that the
April 2023 principal payments are not reflected in the reported OC
ratios.

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: EUR339.86m

Defaulted Securities: EUR4.0m

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2960

Weighted Average Life (WAL): 3.59 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.56%

Weighted Average Coupon (WAC): 4.24%

Weighted Average Recovery Rate (WARR): 45.49%

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, 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. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

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. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
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.


BARRYROE OFFSHORE: To Enter Voluntary Liquidation
-------------------------------------------------
Jack Quann at Newstalk reports that an Irish offshore energy firm
is to wind down its business through voluntary liquidation, after
failing to secure a permit.

Barryroe Offshore Energy has said its shares will be suspended from
trading on the Euronext Dublin exchange and the AIM in London,
Newstalk relates.

The company's application for a permit was rejected by Environment
Minister Eamon Ryan on May 19, Newstalk recounts.

According to Newstalk, in a statement, it said it will move to hold
an Emergency General Meeting "as soon as practicable during July"
to seek shareholder approval for appointment of a liquidator to the
company.

"Discussions with major shareholders as regards possible renewed
funding for the company are continuing and will be pursued up to
the date of the EGM," it said.

"There can be no guarantee that these discussions will be
successful such that additional funding will be secured".

Ballyroe is one of the largest offshore undeveloped oil and gas
fields in Europe, having independently being assessed to contain
approximately 350 million barrels of recoverable oil/gas.




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

BERING III SARL: EUR146.4M Bank Debt Trades at 23% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Bering III Sarl is
a borrower were trading in the secondary market around 76.9
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR146.4 million facility is a Term loan that is scheduled to
mature on November 30, 2024.  The amount is fully drawn and
outstanding.

Bering III S.a.r.l operates as a newly formed parent company of
Iberconsa, a Spanish fishing company with operations in Argentina,
Namibia, South Africa and Spain. The Company's country of domicile
is Luxembourg.




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

NOVIS INSURANCE: Fitch Lowers Insurer Fin. Strength Rating to 'B'
-----------------------------------------------------------------
Fitch Ratings has downgraded NOVIS Insurance Company, NOVIS
Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS
Poistovna a.s.'s (NOVIS) Insurer Financial Strength (IFS) Rating to
'B' from 'BB-' and placed it on Rating Watch Negative (RWN).

The rating actions follow the withdrawal of NOVIS's insurance
license by the Slovakian regulator, the National Bank of Slovakia
(NBS), on June 5, 2023. This means that NOVIS is prohibited from
conducting insurance business, with the exception of activities
necessary to enforce its claims and settle its liabilities. NOVIS
may not conclude new insurance contracts.

KEY RATING DRIVERS

According to the NBS's announcement about the withdrawal of the
license, NOVIS had breached its Solvency 2 Capital Requirements
(SCR) as well as its Minimum Capital Requirements (MCR) as at end
March-2022. As a result of this alleged solvency breach and other
alleged irregularities, the NBS intends to petition a court to
dissolve NOVIS and to commence liquidation proceedings against it.

Fitch aims to gather additional information as it becomes
available. Upon receipt of additional information, Fitch will
conduct further analysis to determine the impact of the withdrawal
of the license on the credit quality of NOVIS, for instance by
assessing the potential recovery prospects for policyholders. Fitch
will continue to monitor the implications of the withdrawal of the
license, as well as those stemming from potential liquidation
proceedings.

RATING SENSITIVITIES

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

- Restoration of the license, termination of liquidation
  proceedings, and NOVIS's regulatory solvency ratio
  comfortably in excess of 100%

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

- Expected lower recoveries for policyholders following a
  bespoke recovery analysis

- Enforcement of liquidation proceedings

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




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S W E D E N
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APOLLO SWEDISH: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Apollo Swedish Bidco AB (Apollo) an
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook. Fitch has also assigned its proposed EUR480 million
senior secured floating-rate notes (FRNs) an expected rating of
'B(EXP)' with a Recovery Rating of 'RR4'.

Fitch has also affirmed its 100% subsidiary Assemblin Group AB's
(Assemblin) IDR at 'B' and its EUR350 million senior secured notes
(SSNs) rating at 'B+' with a Recovery Rating of 'RR3'. The Outlook
on the IDR is Stable.

The ratings of Assemblin and Apollo are aligned for the purpose of
the refinancing transaction and reflect the expected capital
structure under the new ownership by Triton IV Continuation Fund.
Apollo will redeem the existing notes issued by Assemblin and the
acquisition-related shareholder bridge loan of EUR125million with
the new FRNs.

The affirmation reflects Assemblin's higher leverage following the
refinancing, albeit remaining within its rating sensitivities.
Fitch views the company's performance as resilient despite high
inflation and temporary supply chain disruptions. Fitch believes
continued organic and acquisition growth and tight cost control
will result in strong performance in the medium term. This is
balanced against the company's high leverage and significant
geographic concentration in Sweden.

The assignment of final ratings for Apollo is subject to the
completion of the proposed debt issue and receipt of final
documents conforming to information already reviewed.

KEY RATING DRIVERS

Continuing High Leverage Following Refinancing: The group is
seeking to refinance Assemblin's existing debt through the
introduction of new FRN's at its parent Apollo. Fitch forecasts
EBITDA gross leverage will rise to 5.2x and 4.9x in 2023 and 2024,
respectively, after having delevered to 3.9x in 2022. With the
addition of SEK1.7 billion of debt at refinancing, Fitch expects
leverage metrics to remain high, albeit in line with the current
rating. Fitch expects deleveraging to 4.6x in 2025 on profitability
improvement and EBITDA-accretive bolt-on acquisitions.

Improving Margins: Assemblin reported solid absolute EBITDA growth
in 2022 on acquisitions and price increases. The company kept its
margin fairly stable compared with 2021 despite material
underperformance at its Finnish operations. Fitch sees scope for
improvement in the Finnish segment given its lowest EBITA margin
relative to the group's (as reported by Assemblin) and the ongoing
turnaround plan for the Finland region. Fitch views tight cost
control, the restructuring of unprofitable branches and
EBITDA-accretive acquisitions will further lift margin by around
20bp annually in the next two to three years.

Free Cash Flow Allocation: Fitch forecasts free cash flow (FCF)
margins of 2%-3% in the medium term, which are lower than
previously expected largely due to higher interest payments.
However, Fitch believes it is strong enough to continue funding
ongoing bolt-on acquisitions. Fitch does not assume any dividend
distributions or debt repayment. Fitch believes any large
acquisitions are likely to be funded through own cash and
additional debt.

Sponsor's Longer Investment Horizon: The private equity sponsor
Triton has extended its investment in Assemblin with the
acquisition of Assemblin by the Triton IV Continuation Fund in May
2023. This transaction does not entail any change in the business
strategy and financial policy, growth prospects or the management
team. However, the associated refinancing will result in higher
leverage. With continued strong profitability generation, Fitch
expects leverage metrics to remain commensurate with the current
rating.

Sound Business Profile: Assemblin's solid business profile is
supported by good service offering and end-market diversification,
a brand that is appreciated for its strong technical expertise and
committed skilled employees. The Nordic installation market enjoys
sound demand from energy efficiency projects, smart buildings and
urbanisation trends. The regulatory environment targeting a low
emission economy also drives demand for Assemblin's services. Their
business profile is further supported by a fairly high share of
contracted revenue with a good mix of project and service revenue
that support visibility, leading to resilience against end-market
cyclicality.

Limited Geographical Diversification: Assemblin has diversified its
geographic exposure with acquisitions in Norway and Finland.
However, it remains highly concentrated in Sweden with 71% of
revenue in 2022 compared with 77% in 2021. Offsetting this are
benefits from a diversified end-market exposure across public
infrastructure, hospitals, schools, as well as local smaller
customers and projects.

Acquisitive Growth Strategy: Fitch believes Assemblin will continue
with bolt-on acquisitions to grow its revenue and EBITDA. The
integration of acquisitions has mostly been successful and Fitch
assesses its strategy and execution risk as moderate rather than
meaningful. This is supported by a focus on smaller acquisitions
operating in its core technical services and with a good cultural
fit with existing operations. Fitch believes a prudent acquisition
strategy prioritising sustainable growth with sound margins over
market share support both its business and financial profiles.

New FRNs Rating Equalised: The senior secured debt rating of 'B' is
equalised with Apollos's IDR to reflect Fitch's expectations of
average recoveries for the senior secured notes in a default. In
its recovery assessment, Fitch expects that Apollo will achieve
better recoveries on a going-concern basis and conservatively
values Apollo at a 5.5x distressed multiple of an estimated
post-restructuring EBITDA of SEK700 million. The output from
Fitch's recovery waterfall suggests average recovery prospects of
31%-50%, resulting in an 'RR4' Recovery Rating.

DERIVATION SUMMARY

Assemblin compares favourably with major Nordic industrial
competitors, with strong market positions in its prioritised local
markets and margins that are in line with or better than
competitors'. Within Fitch's rated universe, Assemblin has a strong
business profile with a well-diversified service offering, customer
and end-user base that is fairly in line with that of Polygon Group
AB (Polygon, B/Negative), albeit with a limited presence outside of
Sweden. Similarly, to Polygon, Assemblin is small in size compared
with Nordic building products distributors Quimper AB (B/Positive)
and Winterfell Financing S.a.r.l. (B/Positive).

Assemblin's EBITDA margins of around 7% are similar to Polygon's,
weaker than that of Quimper's at 10%-11% and stronger than that of
Winterfell's at around 5%.

Assemblin's financial profile is weaker than Quimper's and
Winterfell's, but stronger than Polygon's, which reflects a
Positive and Negative Outlook, respectively, on the peers' ratings.
Fitch forecasts EBITDA leverage at 5.2x-4.6x in 2023-2025 for
Assemblin compared with around 4x-5x for Quimper and Winterfell and
above 7x for Polygon. A higher-rated peer Irel Bidco S.a.r.l.
(IFCO, B+/Stable), German-based logistics services provider,
generates stronger margins with a similar leverage profile as
Assemblin's.

KEY ASSUMPTIONS

- Revenue growth of 8.6% in 2023 and on average 5% in 2024-2026,
  supported by organic and inorganic growth

- EBITDA margin improving to 7.1% in 2023 and steady growth to
  7.4% in 2026

- Capex at 0.3% of sales to 2026

- M&A spend of SEK441 million in 2023, and additional SEK221
  million of bolt-ons annually 2024-2026

- Repayment of a bridge shareholder loan in 2023

RECOVERY ASSUMPTIONS

- The recovery analysis provides the same assumptions for both
  Apollo and Assemblin (jointly referred to as Assemblin) with
  the former being a new debt issuer and a 100% owner of Assemblin

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

- Fitch has assumed a 10% administrative claim

- The GC EBITDA estimate of SEK700 million reflects Fitch's
  view of a sustainable, post-reorganisation EBITDA level upon
  which Fitch bases the enterprise valuation, and the acquisitive
  acquisition strategy of Assemblin

- An enterprise value multiple of 5.5x is used to calculate a
  post-reorganisation valuation. It reflects low operating
  margins, but good growth prospects relative to peers'.
  The company benefits from a dominant market share and higher
  barriers to entry due to the nature of the market it is
  operating in

- The super senior revolving credit facility (RCF) is fully drawn
  in post-restructuring according to Fitch's criteria and rank
  ahead of senior secured debt. Fitch does not view the pension
  guarantee facility of SEK325 million (outstanding amount as
  at December 2022) provided by banks as a debt obligation for
  the purpose of computing leverage metrics according to its
  criteria. However, in a recovery this guarantee facility is
  treated as a super senior facility as the pension administrator
  can make a cash claim under a guarantee issued to cover pension
  payments

- For the proposed capital structure with the super senior RCF of
  SEK1.1 billion, the waterfall analysis output for the senior
  secured FRNs of EUR480 million (SEK5.4 billion equivalent)
  generated a ranked recovery in the 'RR4' band, indicating an
  instrument rating of 'B/(EXP)', which is in line with the IDR.
  The waterfall analysis output percentage on current metrics and
  assumptions was 38%

RATING SENSITIVITIES

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

- EBITDA gross leverage below 4.0x on a sustained basis

- Increase in EBITDA margin towards 7.5%

- FCF margin above 2% on a sustained basis

- Successful implementation of M&A, improving scale and/or market
  position without negatively affecting credit metrics

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

- EBITDA dilution due to unsuccessful M&A resulting in an EBITDA
  margin of less than 5% on a sustained basis

- EBITDA gross leverage above 6.0x on a sustained basis

- EBITDA interest coverage below 2x on a sustained basis

- Lack of consistently positive FCF generation

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Assemblin had around SEK421million of cash
adjusted by Fitch for intra-year working capital changes of 1% of
sales. Under the new capital structure liquidity will be supported
by a SEK1.1 billion revolving credit facility (RCF). Fitch expects
FCF margins of 2%-3% in the next two to three years as sound
working capital management and low capex requirements offset high
interest payments. Cash generation is adequate to fund ongoing
bolt-on acquisitions.

Reasonable Debt Structure: Assemblin has started a refinancing
process for its SEK636 million RCF and EUR350 million SSNs well
ahead of their maturities in 2024 and 2025 respectively. The new
capital structure will consist of a 5.75-year RCF of SEK1.1 billion
and the six-year FRNs of EUR480 million.

ISSUER PROFILE

With revenue of SEK13.5 billion (EUR1.1 billion) and close to 6,900
employees, Assemblin is a leading provider of installation and
service solutions in electrical engineering, heating and
sanitation, ventilation and automation across the Nordic region.

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
   -----------             ------               --------   -----
Apollo Swedish Bidco AB  LT IDR  B(EXP)  Expected
                                         Rating

   senior secured        LT      B(EXP)  Expected
                                         Rating     RR4

Assemblin Group AB       LT IDR  B       Affirmed            B

   senior secured        LT      B+      Affirmed   RR3      B+


APOLLO SWEDISH: S&P Assigns 'B' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Apollo Swedish Bidco AB and its 'B' issue rating to the proposed
EUR480 million senior secured floating-rate notes, with a recovery
rating of '3', indicating meaningful recovery prospects (50%-70%;
rounded estimate 50%) in the event of a payment default.

Triton has sold Assemblin Group AB to its continuation fund IV, via
a new holding company Apollo Swedish Bidco AB. The acquisition is
funded through a new EUR480 million senior secured notes due in
2029 and EUR394 million of equity contribution, while the company
is also raising a new super senior revolving credit facility (RCF)
of Swedish krona (SEK)1.1 billion (about EUR95 million).

On completion of the transaction and full repayment of the existing
EUR350 million senior secured notes, S&P intends to withdraw its
ratings on Assemblin Group AB (B/Stable/--).

The stable outlook reflects S&P's view that Assemblin will continue
to see mid- to high-single-digit revenue growth, coupled with a
moderate increase in EBITDA margin, which will support deleveraging
toward 5.5x by year-end 2024 and sustained good free operating cash
flow (FOCF) for future business growth.

The current financial sponsor, Triton, has sold Assemblin Group AB
to its continuation fund IV and refinanced the capital structure.
As part of this, the new rated parent company, Apollo Swedish Bidco
AB, is proposing to issue EUR480 million of new senior secured
notes. S&P said, "While we forecast this refinancing will increase
leverage by about 1x to close to 6.0x by the end of 2023, we
continue to forecast deleveraging thereafter. Assemblin's positive
operating performance has resulted in deleveraging by 0.6x during
2022, to 5.0x, which has continued during first-quarter 2023, with
about 12% organic revenue growth and 60 basis points (bps) of
company reported EBITDA margin expansion. Despite a slowdown in the
private real estate market, we expect a solid operating performance
from Assemblin in 2023, with forecast revenue growth of 8%
including about 2% of acquired growth, alongside margin expansion
by 20 bps to 8.5% at the end of 2023. This is thanks to a strong
backlog of about SEK9.1 billion that allows for good revenue
visibility, the company's ability to maintain margins in a
high-inflation environment with a timely pass-through of most of
the cost inflation, continued operational improvements in the
Finnish business, and the successful integration of margin
accretive mergers and acquisitions (M&A). On this basis, we
continue to expect solid mid-single-digit revenue growth and margin
expansion toward 9.0% by the end of 2024, which supports
deleveraging to 5.5x. We expect S&P Global Ratings-adjusted funds
from operations (FFO) cash interest coverage will decline close to
2.0x, from 3.0x in 2022, as it is affected by higher interest costs
because of the refinancing, coupled with higher interest rates."

The 'B' issuer credit rating on Apollo Swedish Bidco AB reflects
the group's continued financial-sponsor ownership and appetite for
debt-funded acquisitions. The group has undertaken 69 tuck-in
acquisitions in Finland, Norway and Finland since 2017 alongside
the larger acquisition of the Finnish smart building technology
service company Fidelix in 2021. While these acquisitions have
allowed Assemblin to take advantage of high fragmentation of the
Nordics installation market to strengthen its footprint and market
share, they have slowed its deleveraging. S&P said, "We continue to
expect bolt-on M&A to strengthen existing capabilities and expand
services within smart building technology services. We forecast
healthy growth for this sector, led by the energy transition."

S&P said, "Our assessment continues to reflect Assemblin's good
market position and history of profitable growth. In Sweden, where
it generates about 71% of revenue, Assemblin is No. 2 behind
Bravida Holding AB. We believe that Assemblin's market share within
the building management systems -- estimated to be 2x larger than
its closest pure play installation competitors in Finland and
Sweden -- will spur further growth in the future and help solidify
its well-recognized brand. Management's ability to execute its
strategy is reflected by Assemblin's profitability, which increased
over the past six years, with S&P Global Ratings-adjusted EBITDA
margin expanding to 8.3% in 2022, from 4.9% in 2017, thanks to a
reduction in the share of unprofitable branches down to 14% from
30% over the period, successfully integrating small
margin-accretive bolt-on M&A and being able to pass on cost
inflation in a timely manner on the back of about two-thirds of
contracts that are "cost-plus" in Sweden and Norway.

"We view positively Assemblin's gradual reduction in geographical
concentration in Sweden and increasing scale, although they
continue to lag that of higher rated peers. Through the growth of
Assemblin in Finland and Norway over the last five years, the
geographical concentration in Sweden has reduced by about 10% to
71% of total revenue, while the scale of the business has grown to
about EUR1.2 billion in revenue in 2022 from EUR870 million at the
end of 2018. Nonetheless, we continue to view the size of the
business as a constraint compared to larger installation and
services companies such as Bravida and Spie S.A., with most of its
revenue still coming from Sweden and thus exposing the business to
concentration risk."

Revenue stability, supported by the growing share of services
revenue and strong backlog, coupled with the asset-light business
model, support continued ample liquidity and strong FOCF. Assemblin
has a track record of solid FOCF. Over the next two years, S&P
forecasts FOCF after lease payments of at least SEK250 million per
year, thanks to minimal capital expenditure (capex) of SEK40
million-SEK50 million and only moderate working capital outflows of
up to SEK100 million to support the growth of the business, with a
growing share of services revenue that is more working
capital-intensive in nature. The ample liquidity profile of
Assemblin is further supported by an absence of near-term
maturities, pro forma cash on balance sheet of SEK440 million, and
a new super senior RCF of SEK1.1 billion that is expected to be
undrawn at closing.

The stable outlook reflects S&P's view that Assemblin will continue
to see mid- to high-single-digit revenue growth, coupled with a
moderate increase in EBITDA margin, which will support deleveraging
toward 5.5x by year-end 2024 and sustained FOCF for future business
growth.

Downside scenario

S&P could lower its ratings if Assemblin experienced a material
decline in profitability or higher volatility in margins, due to
unexpected operational issues or increased competition. This would
include FOCF turning negative or FFO cash interest coverage
declining and staying sustainably below 2x.

Alternatively, continued debt-funded acquisitions or
shareholder-friendly returns that resulted in S&P Global
Ratings-adjusted debt to EBITDA higher than 7.0x on a sustained
basis could result in a downgrade.

Upside scenario

S&P said, "We could raise the ratings if Assemblin reduced and
sustained S&P Global Ratings-adjusted debt to EBITDA below 5x on
the back of continued growth, at least stable margins, and solid
FOCF. We would also expect shareholders to commit to and
demonstrate a financial policy consistent with S&P Global
Ratings-adjusted debt to EBITDA lower than 5.0x."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Assemblin. Our
assessment of the company's financial risk profile as highly
leveraged reflects its corporate decision-making that prioritizes
the interests of the controlling owners, in line with our view of
the majority of rated entities owned by private-equity sponsors.
Our assessment also reflects the company's generally finite holding
periods and focus on maximizing shareholder returns."




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

CABLE & WIRELESS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Cable & Wireless Communications
Limited's (C&W) Long-Term Foreign Currency and Local Currency
Issuer Default Ratings (IDRs) at 'BB-'.  Fitch has also affirmed
C&W Senior Finance Limited's unsecured notes, Coral-US Co-Borrower
LLC's secured credit facilities, and Sable International Finance
Limited's secured notes, revolver and term loan at 'BB-'/'RR4'.
The Rating Outlook is Stable.

The ratings reflect C&W's leading market positions across
well-diversified operating geographies and service offerings,
underpinned by solid network competitiveness and leading
business-to-consumer (B2C) and business-to-business (B2B)
offerings. The ratings also reflect Fitch's expectations that
parent company Liberty Latin America (LLA) will maintain moderately
high levels of leverage as a result of acquisitions or cash
upstream events.

KEY RATING DRIVERS

Steady Net Leverage: Fitch forecasts C&W will maintain net leverage
in the 4.0x-4.5x range over the medium term, absent acquisitions.
Relatively stable EBITDA margins and growth in broadband and B2B
services over time should help the company delever modestly from an
organic standpoint. LLA targets net proportionate leverage of
around 4.0x at its main operating subsidiaries, although M&A
activity or operating weakness in core markets could temporarily
push leverage metrics toward 5.0x.  Fitch expects capital intensity
to be around 15% of sales mainly due to network upgrades and, to a
lesser extent, from network expansion.

Moderately Improving Operating Prospects: Fitch forecasts C&W's
EBITDA to grow modestly to USD950 million by 2024 from USD918
million as of 2022 mainly due to modest top line growth and
synergies from an acquisition in Panama.  The company's subsea
cable business should continue to grow at low single digits as data
demand increases.  While the residential fixed business presents
secular growth opportunities net subscriber addition slowed in 2022
and will likely grow modestly in 2023.

Diversified Operator: The group's business diversification explains
the resilience of revenues compared to other speculative-grade
issuers in the region, as the latter generally have a higher
dependence on mobile revenues that are less sticky than
subscription fixed-line and B2B service revenues.  B2C mobile and
B2C fixed-line accounted for 26% of 2022 revenue each and B2B the
remaining 48%.  Businesses in the Caribbean and in Panama
(Delivering both B2C and B2B services) generate about 50% and 20%
of EBITDA, respectively.  The subsea cable business, and to lesser
extent B2B offerings in Colombia and in other Latin America
countries, generate the remaining roughly 30% of EBITDA.

Strong Market Position: Strong market shares in duopoly markets
reduces the risk of new entrants and allows C&W to maintain
relatively stable ARPUs.  C&W has the No. 1 or 2 position in its
major markets, many of which are a duopoly between C&W and Digicel
Group Holdings Limited (Digicel/RD). The risk of new entrants in
any given market is low given their relatively small size. C&W's
largest mobile market, Panama, has consolidated from a four-player
market into a three-player market with C&W's acquisition of Claro
Panama in 2022.  This market has remained relatively competitive
despite consolidation.  While local legislation requires three
operators to participate in this market, the economic prospects of
a third operator in the near term are questionable.

LLA Linkages: Fitch analyses C&W on a stand-alone basis and also
monitors the parent's credit quality.  LLA's management involves
moderately high amounts of leverage across its operating
subsidiaries.  While the credit pools are legally separate, LLA has
a history of moving cash around the group for investments and
acquisitions.  While this approach improves financial flexibility,
it also limits the prospects for deleveraging.  LLA also has a
modest amount of debt (USD378 million) at the parent-company level,
which is dependent on upstream cash from the subsidiaries.  A
deterioration of the financial profile of one of the credit pools,
or the group more broadly, could potentially place more financial
burdens on C&W, given LLA's acquisitive nature.

Instrument Ratings and Recovery Prospects: The secured debt at
Sable International Finance Limited is secured by equity pledges in
the various subsidiaries.  Per Fitch's Corporates Recovery Ratings
and Instrument Ratings Criteria, category 2 secured debt can be
notched up to 'RR2'/'+2' from the IDR.  However, the instrument
ratings have been capped at 'RR4' due to Fitch's Country Specific
Treatment of Recovery Ratings Rating Criteria.  The C&W Senior
Finance Limited unsecured notes are rated 'BB-'/'RR4', which is the
same level of the IDR.

DERIVATION SUMMARY

Compared with its sister entity, Liberty Communications of Puerto
Rico LLC (LCPR; BB-/Negative), C&W has larger scale and better
geographical diversification, although C&W also operates in weaker
operating environments. LCPR's ratings are on Negative Outlook due
to expectations that net leverage could remain above 5x.

Compared with competitor Digicel Group Holdings Limited (Digicel;
RD), C&W has a stronger financial profile and better product
diversification. Digicel is also concentrated in markets with
weaker operating environments and per capita incomes and more
foreign exchange risk. Both companies' ratings reflect their
approaches to corporate governance, although LLA's approach is much
less hostile to creditors. Digicel's ratings reflect missed timely
principal and interest payments on some of its debt instruments.

Compared with WOM S.A. (WOM; B+/Negative), C&W has greater
diversification and scale and a history of positive FCF generation.
WOM benefits from its status in Chile, a market that is close to a
50/50 post-paid/prepaid mobile although very competitive. WOM's
recent actions suggest less commitment to deleverage, which
resulted in its Outlook being revised to Negative. Fitch expects
WOM's to remain more levered than C&W.

C&W operates in slightly more balanced markets when compared with
Millicom International Cellular S.A.'s (BB+/Stable) subsidiaries,
Comcel (CT Trust; BB+/Stable) and Telefonica Celular del Paraguay
(Telecel; BB+/Stable), which have more dominant the market
positions and significantly lower net leverage at around 3x and 2x,
respectively. Millicom's consolidated leverage, at about 3x, is
lower than LLA's at around 4.5x. Comcel's and Telecel's respective
ratings reflect a strong linkage with their parent as Millicom
heavily relies on these two wholly owned subsidiaries' dividend
upstreams to service its debt.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its rating case for the Issuer
include:

- B2B revenues contract 2% in 2023 and recovering in 2024;

- Net fixed customer additions of approximately 20,000 per year;

- Fixed-line customer ARPUs of USD46 per month;

- Mobile subscribers decline about 4% in 2023 and recover modestly
  in subsequent years;

- Mobile service ARPUs of around USD12 per month;

- EBITDA margins of around 37%-38%, consistent with recent
  history, or around USD900 million-USD950 million per year;

- Capex of around 15% of revenue, or USD350 million-USD400 million

  per year;

- Excess cash flow returned to shareholders or kept for
  acquisitions or investments.

RATING SENSITIVITIES

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

- Fitch does not anticipate an upgrade in the near term given
  C&W's and LLA's leverage profiles;

- Longer-term positive actions are possible if debt/EBITDA
  and net debt/EBITDA are sustained below 4.25x and 4.0x,
  respectively, for C&W and LLA.

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

- Total debt/EBITDA and net debt/EBITDA at C&W sustained
  above 5.25x and 5.00x, respectively, due to organic cash
  flow deterioration or M&A;

- While the three credit pools are legally separate, LLA
  net debt/EBITDA sustained above 5.0x could result in negative
  rating actions for one or more rated entities in the group.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: Projected pre-dividend FCF of around USD200
million, cash of USD541 million and a long-dated maturity profile
support the company's financial flexibility. C&W has USD630 million
under the C&W revolver and USD95 million under regional facilities
which are committed and undrawn. The majority of C&W's debt is due
after 2027. Fitch expects that the company will maintain cash
balances of around USD450 million-USD550 million over the rating
horizon.

ISSUER PROFILE

Cable & Wireless Communications Limited is a U.K.-domiciled
telecommunications provider that is owned by Liberty Latin America
(LLA), a Bermuda-domiciled entity. The company provides B2C mobile,
B2C fixed and B2B services to customers mainly in the Caribbean and
Panama. CWC also operates a subsea and terrestrial fiber optic
cable network that connects approximately 40 markets in the
region.

ESG CONSIDERATIONS

C&W has an ESG Relevance Score of '4' for Exposure to Environmental
Impacts due to its operations in a hurricane-prone region, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

C&W has an ESG Relevance Score of '4' for Financial Transparency
due to the quality and timing of financial disclosure subfactor,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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

   Entity/Debt               Rating          Recovery   Prior
   -----------               ------          --------   -----
Cable & Wireless
Communications
Limited             LT IDR    BB-  Affirmed              BB-

                    LC LT IDR BB-  Affirmed              BB-

Coral-US
Co-Borrower LLC

   senior secured   LT        BB-  Affirmed    RR4       BB-

Sable International
Finance Limited

   senior secured   LT        BB-  Affirmed    RR4       BB-

C&W Senior Finance
Limited

   senior
   unsecured        LT        BB-  Affirmed    RR4       BB-


CO-OPERATIVE BANK: Fitch Corrects Feb. 2 Ratings Release
--------------------------------------------------------
Fitch Ratings issued a correction of a release on The Co-operative
Bank plc originally published on February 2, 2023. It corrects the
level of the implied Viability Rating to 'bb+' instead of 'bb' as
originally stated.

The amended ratings release is as follows:

Fitch Ratings has upgraded The Co-operative Bank plc's Long-Term
Issuer Default Rating (IDR) to 'BB' from 'B+'. The Outlook is
Stable. The bank's Viability Rating (VR) has also been upgraded to
'bb-' from 'b'.

The upgrade reflects Fitch's view that despite the weak economic
outlook for the UK, the immediate risks to The Co-operative Bank's
capitalisation and leverage have materially reduced, given the
bank's significantly improved profitability and progress made with
its restructuring. Improved internal capital generation, which has
benefited from the rising interest rate environment, also supports
its assessment of the bank's business model stability.

KEY RATING DRIVERS

Compliant With Regulatory Buffers: The Co-Operative Bank's VR is
two notches below the 'bb+' implied VR because its business model,
which Fitch believes is vulnerable to competitive pressures, has a
strong impact on its VR. The VR also reflects the bank's low-risk
credit exposures, healthy impaired loans ratio, strengthened
profitability, improved capitalisation as it now meets regulatory
capital requirements, and reasonable funding and liquidity.

Resilient Franchise: The bank's ethical focus has helped it to
attract and retain customers, building resilience in its franchise.
However, the bank's limited scale, low market shares and lack of
diversification weigh on its business model. Structural
profitability has improved with effective cost management following
the completion of the restructuring process in 2021, but costs
remain relatively high compared with peers.

Mortgage Lending Dominates Assets: The Co-operative Bank has
tightened its underwriting standards and risk controls, which are
in line with other UK mortgage lenders primarily writing low-risk
residential and buy-to-let mortgages with a small share of
unsecured retail and higher loan-to-value (LTV) lending. Fitch
expects mortgage lending growth to be muted in 2023, given higher
interest rates and housing market uncertainty. The average mortgage
LTV in the portfolio (end-June 2022: 55.2%) provides a buffer
against a moderate house price correction.

Healthy Asset Quality: Asset quality has remained healthy, with low
arrears and moderate mortgage LTVs. The bank reported an impaired
loan ratio of 0.3% at end-1H22 (or 0.7% when including purchased
originated credit impaired loans). Fitch expects the impaired loans
ratio to rise to around 0.5% of gross loans by end-2024, mainly due
to higher interest rates, the expected recession in 2023, and
affordability pressures. Nevertheless, The Co-operative Bank is
well positioned due to the low risk nature of its loans and
conservative underwriting standards.

Improved Structural Profitability: Profitability continued to
improve in 1H22 with operating profit/risk-weighted assets of 2.6%
(2021: 0.7%), supported by wider mortgage margins and a modest
pass-through of interest rate increases to savers. However, asset
margins remain vulnerable to competitive pressures and slowing
growth in a more challenging housing market. Revenues are also
sensitive to the bank's capacity to grow business and to rising
funding costs. Nevertheless, Fitch expects rising interest rates
and reduced operating costs to underpin the bank's profitability.

Improved Capital Position: The Co-operative Bank's common equity
Tier 1 (CET1) ratio of 19.3% at end-September 2022 reflects the low
risk weights assigned to mortgage loans under the bank's internal
ratings-based approach. The bank is now fully compliant with
regulatory requirements and had resources in excess of end-state
minimum requirements for own funds and eligible liabilities (MREL).
The leverage ratio remained stable at 3.8% at end-September 2022
(end-2021: 3.8%), and is expected to modestly strengthen, putting
the bank in a better position to gradually expand its balance
sheet.

Resilient Customer Funding: The bank is predominantly
retail-funded, with a resilient core deposit base. Access to
wholesale markets is limited and largely consists of MREL-eligible
debt, Tier 2 debt and the Bank of England's Term Funding Scheme
with additional incentives for SMEs (TFSME). The bank was able to
place an additional GBP250 million MREL issuance in April 2022.
Liquidity is healthy with large holdings of cash at the Bank of
England boosted by TFSME drawings, which raised the liquidity
coverage ratio to 270% at end-September 2022.

The Short-Term IDR of 'B' maps to the only available option for a
Long-Term IDR of 'BB' under Fitch's rating criteria.

Rating Uplift to Opco: The Co-operative Bank's Long-Term IDR is one
notch above its VR because Fitch believes that there are sufficient
resolution funds issued by The Co-operative Bank Finance plc, the
bank's intermediate holding company, which afford additional
protection to the bank's external senior creditors, in case of its
failure.

No Support: The Government Support Rating (GSR) reflects Fitch's
view that senior creditors cannot rely on extraordinary support
from the UK authorities if The Co-operative Bank becomes
non-viable, in light of the legislation in place that is likely to
require senior creditors to participate in losses for resolving the
bank.

RATING SENSITIVITIES

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

The ratings could be downgraded if The Co-operative Bank recorded
weaker-than-expected profitability or faster-than-planned growth
that eroded buffers against CET1 and leverage ratio requirements,
with no clear actions to restore them.

The Long-Term IDR is also sensitive to the bank being able to meet
its end-state regulatory resolution buffer requirements, which
includes qualifying junior debt and internal subordinated debt. The
Long-Term IDR could be downgraded to the same level as the VR if
the bank is no longer required or able to meet end state MREL
regulatory requirements.

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

An upgrade would require the bank to sustain a record of improved
structural profitability, and to continue to demonstrate its
ability to generate sufficient capital while maintaining healthy
buffers above minimum capital and leverage requirements. In turn,
stronger capital buffers that supported the bank's business growth,
competitiveness and scale could support its business profile
assessment and the bank's VR.

VR ADJUSTMENTS

The Viability Rating has been assigned below the implied Viability
Rating due to the following adjustment reason(s): Business Profile
(negative).

The operating environment score of 'aa-' is at the lower end of the
range because it is constrained by the UK's sovereign rating of
'AA-'/Negative (negative).

The business profile score of 'bb-' has been assigned below the
'bbb' category implied score due to the following adjustment
reason: business model (negative), market position (negative).

The asset quality score of 'bbb+' has been assigned below the 'aa'
category implied score due to the following adjustment reasons:
concentration (negative).

The earnings and profitability score of 'bb-' has been assigned
above the 'b' category implied score due to the following
adjustment reasons: historical and future metrics (positive).

The capitalisation and leverage score of 'bb-' has been assigned
below the 'aa' category implied score due to the following
adjustment reasons: Leverage and risk-weight calculation
(negative), capital flexibility and ordinary support (negative).

The funding and liquidity score of 'bb+' has been assigned below
the 'a' category implied score due to the following adjustment
reason: non-deposit funding (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        
   -----------                        ------        
The Co-operative
Bank p.l.c.         LT IDR              BB     Upgrade
                    ST IDR              B      Affirmed
                    Viability           bb-    Upgrade
                    Government Support  ns     Affirmed


FRANKLIN UK: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Franklin UK
Midco Limited (Planet), including the company's corporate family
rating of B3 and the probability of default rating of B3-PD.
Moody's also affirmed the B3 backed senior secured instrument
ratings of (i) term loans of cumulatively EUR379.9 million due 2026
and EUR65 million revolving credit facility (RCF) due 2025 issued
by Franklin UK Bidco Limited and (ii) term loans of EUR114.2
million due 2026 issued by Fintrax International Holdings Limited.
The outlook for all three entities has changed to stable from
negative.

RATINGS RATIONALE

Moody's expects Planet's metrics to gradually strengthen towards
pre-pandemic levels in the next 12-18 months, aided by (i) earnings
from tax free refund services rising in tandem with recovering
international travel volumes,  particularly from Asian countries;
(ii) growing share of earnings and cashflows from payment
processing activities, where Planet expanded its presence during
the pandemic and (iii) revenue growth and enhanced profitability
stemming from upcoming additional investments and cost
restructuring initiatives that will be partly funded with EUR35
million equity injection from shareholders. However, in Moody's
view Planet's credit quality remains weaker than pre-pandemic
levels, given the still significant restructuring and exceptional
cash costs weighing on EBITDA and Free Cash Flow (FCF) generation
in 2023; adequate liquidity, yet prone to seasonality and
substantial working capital outflows related to ramp up of tax free
activities; and slower ramp up in payments revenue.

Planet's operating performance already showed signs of recovery in
2022 from 2021 levels notwithstanding the absence of Asian tourist
flows and the interruption of operations in Russia during the
period. Despite falling short of the management budget, net revenue
and reported EBITDA grew substantially by 82% and 147% year-on
year. On the other hand, interim figures through April 2023 point
to a slower start of the year which is attributable partly to the
inherently seasonal nature of the VAT refund business and partly to
slower ramp up in payments revenue. Still high net leverage of 6.5x
at year-end 2022 (Moody's-adjusted gross leverage: 9.3x) rose to
7.7x for the 12 months that ended April 2023, mainly as a result of
cumulative EUR76 million of term loan add-ons raised in the past
six months to cover liquidity needs in relation to growth capital
expenditure, integration and restructuring costs and working
capital. Looking ahead, Moody's expects credit metrics to
significantly bounce back aided by the expectation of recovering
travel volumes in the second half of the year. Moody's projects
EBITDA to grow to EUR95 million in 2023 from EUR60 million in 2022,
before rising further in 2024 driven by revenue growth and
streamlining of the company's cost base in line with management
assumptions. Adjusted FCF will remain negative at around EUR45
million in 2023 because of substantial outflows for interests,
capital investments and exceptional cash costs. Such a negative FCF
generation is broadly in line with 2022 levels but expected to be
short-termed. Under Moody's base case, FCF shall turn positive in
2024 and beyond as exceptional costs drop significantly to
high-single-digit percentages from EUR34 million and EUR30 million
in 2022 and 2023, respectively. As a result, Moody's projects
improvement in gross leverage to 6.0x-6.5x by year-end 2023 and
further below 5.0x by year-end 2024 from 9.3x levels as of year-end
2022.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance risk considerations are material to this rating action.
The recent EUR35 million shareholders' equity injection is evidence
of continued support to Planet's growth strategy and liquidity by
ultimate shareholders Eurazeo and Advent International.

LIQUIDITY

Planet's liquidity is adequate. Moody's assessment reflects: cash
balances of EUR57 million at the end of April 2023; receipt of
EUR35 million of equity injection from shareholders in June 2023;
and the company's favourable debt maturity profile with no maturity
events until December 2025. Moody's balances these considerations
against its expectations of: negative FCF generation in 2023, as a
reflection of substantial one-off cash costs; a fully-drawn EUR65
million revolving credit facility (RCF); and limited, but gradually
improving headroom under the company's net leverage covenant.

OUTLOOK

The stable outlook reflects Moody's expectation of continued
improvement in Planet's operating performance in the next 12-18
months while liquidity remains adequate, but prone to seasonality
and material working capital swings as the VAT refund business
recovers.

STRUCTURAL CONSIDERATIONS

Planet's capital structure comprises a EUR65 million RCF maturing
in December 2025 and term loans of overall EUR494.1 million of
senior secured term loans maturing in December 2026. These
instruments are secured by certain share pledges, intercompany
receivables and bank accounts, which Moody's regards as a weak
collateral package; as a result, these instruments are treated as
unsecured obligations from a waterfall analysis's perspective. The
term loans and the RCF rank pari passu and are therefore rated in
line with Planet's B3 CFR.

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

Planet's ratings could be upgraded to B2 if the company:

-- Organically grows its scale and profitability, and further
    diversifies its business profile

-- Reduces its gross leverage (Moody's-adjusted) below 5.5x
    while keeping interest cover above 2.0x on a sustained basis

-- Maintains FCF/debt above 5% and

-- Strengthens its liquidity position

Conversely, Planet's ratings would be downgraded to Caa1 if the
company:

-- Fails to grow its EBITDA, so that leverage exceeds 6.5x or
    interest cover significantly deteriorates on sustained
    basis

-- Generates consistently negative FCF

-- Faces the prospects of a weakening liquidity position, or

-- Fails to address refinancing needs at least 12 months ahead
    of maturity

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Planet provides B2B services and technology in relation to
Value-Added Tax and Goods and Service Tax refunds, dynamic currency
conversion and integrated payments predominantly to retail,
hospitality and food and beverage end-markets. In 2022, Planet
reported net revenue and EBITDA of EUR213 million and EUR77 million
respectively.


GREENSILL CAPITAL: White Oak Sues Marsh Over Collapse
-----------------------------------------------------
Ian Smith, Will Louch and Robert Smith at The Financial Times
report that US private finance group White Oak is suing Marsh for
US$143 million in relation to its work for Greensill Capital,
arguing the insurance broker failed to pass on crucial information
regarding problems with the collapsed supply-chain finance firm's
insurance cover.

The suit in London from White Oak's European arm, detailed in a
filing seen by the FT, marks the latest legal fallout from the
failure of the business led by Lex Greensill and advised by former
UK prime minister David Cameron following the lapsing of its
insurance.

Greensill's collapse also came after Greg Brereton, a Sydney-based
underwriter who had funnelled billions of dollars worth of coverage
to the group, was fired for allegedly breaching his underwriting
limits, the FT notes.

The latest legal action raises the legal stakes for Marsh, whose
role in placing Greensill's insurance was crucial to the firm's
packaging-up of debts for investors but has largely stayed on the
sidelines as a crucial test case takes place in Australia, with
Greensill investors including White Oak pursuing Greensill's
insurers for payouts, the FT states.

White Oak was one of the firms to invest in Greensill's ill-fated
receivables scheme, arising from goods and services sold by Liberty
Commodities, part of Sanjeev Gupta's GFG Alliance.

According to the FT, in the legal filing, it argues the trade
credit insurance cover for these debts, which protected investors
against non-payment, was "fundamental" to its decision to invest.
It highlighted Marsh's role in confirming the terms and existence
of the cover.

White Oak argues that from at least July 2020, Marsh was aware that
Tokio Marine, Greensill's lead insurer, had taken the decision not
to extend further insurance to the group, the FT relates.

Between December 2020 and February 2021, White Oak acquired $143
million of receivables from Greensill after receiving documents
from Marsh regarding the insurance cover on the investments, the FT
recounts.

It argues that its exchanges with the broker showed Marsh "knew or
ought to have known that White Oak was relying upon Marsh and the
contents and accuracy" of documents it had provided, or that such
reliance was "reasonably foreseeable", the FT notes.

White Oak, as cited by the FT, said that since the expiry of the
insurance cover, it had received no payment on the particular
receivables which were "now long past their maturity dates".  It
added certain account debtors within the scheme either "have no
outstanding indebtedness" to Liberty Commodities, "do not recognise
the relevant receivable" or "have no transaction history
whatsoever" with Liberty Commodities.

White Oak argues Marsh was obliged to inform it of Greensill's
wider insurance problems from July 2020 onwards, including the
investigation into Brereton's conduct, and that there was "a real
risk that the matters that had been brought to its attention from
July 2020 onwards might affect White Oak's coverage", the FT
discloses.

It argues Marsh "failed to take reasonable steps" to ensure the
documents it provided to White Oak and representations were
accurate, citing "implied representations" that the insurers were
not disputing coverage, the FT relates.


HENRY CONSTRUCTION: Majority of Staff Laid Off After Collapse
-------------------------------------------------------------
Aaron Morby at Construction Enquirer reports that administrators
for Henry Construction Projects have confirmed the majority of the
contractor's 40 staff have been laid off.

Administrators from insolvency practice FRP also said they are now
working to gather information on remaining assets and events in the
lead up to the collapse of the GBP400 million turnover tower
builder, Construction Enquirer relates.

It is understood several clients on Henry's more advanced projects
are now in talks with subcontractors and suppliers to finish work
directly, Construction Enquirer notes.

This includes Henry's big tower project on City Road in London for
developer Ghelamco, Construction Enquirer states.

The developer is understood to have decided to finish the mixed
residential scheme known as the ARC employing firms directly,
Construction Enquirer discloses.

According to Construction Enquirer, Gateley Vinden, the property
and construction consultancy, is supporting the joint
administrators as they contact developers across sites in progress
along with Hilco Valuation Services, the asset valuation, advisory
and sales practice of Hilco Global, which is assisting with the
asset recovery and disposal strategy.


OCEAN SHIPYARD: Goes Into Voluntary Liquidation
-----------------------------------------------
Boating Business reports that the company which took over the
Discovery Yacht builds has itself entered liquidation.

Ocean Shipyard Ltd has gone into voluntary liquidation just a year
and a half after taking on the Discovery Yacht builds following the
boatbuilder's demise, Boating Business relates.


SOUTHERN PACIFIC 06-1: Fitch Affirms 'B-sf' Rating on Cl. E1c Notes
-------------------------------------------------------------------
Fitch Ratings has upgraded two tranches of Southern Pacific
Securities 06-1 plc (SPS 06-1), placed three tranches of Southern
Pacific Financing 06-A Plc (SPF 06-A) on Rating Watch Negative
(RWN) and affirmed Southern Pacific Financing 05-B Plc (SPF 05-B).


   Entity/Debt               Rating                    Prior
   -----------               ------                    -----
Southern Pacific
Financing 06-A Plc

   Class A XS0241080075   LT AAAsf  Affirmed           AAAsf
   Class B XS0241082287   LT AAAsf  Affirmed           AAAsf
   Class C XS0241083764   LT AAAsf  Rating Watch On    AAAsf
   Class D1 XS0241084572  LT AAsf   Rating Watch On    AAsf
   Class E XS0241085033   LT BBB+sf Rating Watch On    BBB+sf

Southern Pacific
Financing 05-B Plc

   Class B XS0221840324   LT AAAsf  Affirmed           AAAsf
   Class C XS0221840910   LT AAAsf  Affirmed           AAAsf
   Class D XS0221841561   LT AA+sf  Affirmed           AA+sf
   Class E XS0221842023   LT A+sf   Affirmed           A+sf

Southern Pacific
Securities 06-1 plc

   Class C1a XS0240951185 LT AAAsf  Affirmed           AAAsf
   Class C1c XS0240952076 LT AAAsf  Affirmed           AAAsf
   Class D1a XS0240952316 LT A+sf   Upgrade            Asf
   Class D1c XS0240953470 LT A+sf   Upgrade            Asf
   Class E1c 84359LAS3    LT B-sf   Affirmed           B-sf

TRANSACTION SUMMARY

All three transactions are UK non-conforming RMBS securitisations,
comprising loans originated between 2003 and 2006 by wholly-owned
subsidiaries of Lehman Brothers. They closed between 2005 and
2006.

KEY RATING DRIVERS

LIBOR Cessation Risk: Fitch has placed SPF 06-A's class C, D1 and E
notes on RWN because the transaction has notes linked to sterling
Libor that have not yet transitioned to an alternative reference
rate. In November 2022, the Financial Conduct Authority announced
that three-month sterling Libor would cease to be published at the
end of March 2024. If notes linked to sterling Libor have not
transitioned by this time, the existing fall back provisions mean
that the note coupons may become fixed.

Fitch has tested a scenario assuming a Libor rate at cessation in
line with market-implied forward rates, scheduled principal
redemptions at the contractual rate and unscheduled principal
redemptions at the rate observed in the last year. Where this
scenario suggests downgrades Fitch has placed the tranche on RWN.
The Outlook on SPF 06-A's class B notes remains Negative despite
the tranche being resilient to this scenario, as uncertainty
remains around the Libor rate at cessation.

Deteriorating Asset Performance: There has been a material increase
in arrears for SPF 05-B and SPS 06-1since the last review in June
2022. One-month plus arrears have increased by 5.61% to 18.69% in
SPF 05-B and 2.25% to 19.64% in SPS 06-1. Given the current asset
outlook for the sector, asset performance could further
deteriorate.

Fitch factored a potential worsening of asset performance into its
analysis when determining the ratings. This led to a one-notch
upgrade for SPS 06-1's class D1a and D1c notes (one notch below the
model-implied rating), and affirmation of the other ratings.
However, Fitch has revised the Outlook on SPS 05-B's class E notes
to Negative from Stable, as this rating could be adversely affected
if asset performance weakens beyond expectations. Fitch also notes
that the junior and mezzanine notes are potentially exposed to tail
risks, which is factored into the ratings.

Tail Risks Could Arise: The transactions have a significant
proportion of owner-occupied interest-only (IO) loans (SPF 05-B:
72.9%, SPF 06-A: 68.5%, SPS 06-1: 65.4%), which represents an
elevated back-loaded risk profile for the portfolios. Due to the
material concentration of interest-only loans in all transactions,
Fitch floored the performance adjustment factor to 100% in line
with its UK RMBS Rating Criteria.

Fitch will monitor the performance of these loans as they approach
their maturity dates. A limited number of loans are set to mature
within five years of the legal final maturity dates of the rated
notes, therefore tail risk from arising interest-only loan bullet
risk is currently limited. The loan count across the transactions
stand at 420, 475 and 425 for SPF 05-B, SPF 06-A and SPS 06-1
respectively as at March 2023. As the transactions are expected to
amortise sequentially, the reducing loan count may lead to
performance volatility, which will limit any future upgrades of the
mezzanine and junior notes.

Fixed Fees Volatility: Fitch notes the transactions' fixed fees
remain volatile, even though SPF 06-A and SPS 06-1 have
successfully completed their LIBOR transitions. Any sustained
increase of costs could adversely impact the junior notes' ratings.
Fitch will monitor the amounts being paid and may increase its
fixed fee assumption in future analysis, if any increases are
deemed to not be temporary.

Excessive Counterparty Exposure: Credit enhancement for SPF 05-B's
class E notes primarily comes from the transaction's reserve fund,
which is held by Barclays Bank UK PLC (Barclays; A+/Stable). The
ratings for these classes are capped at Barclays' Long-Term Issuer
Default Rating (IDR).

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated to increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to negative rating action depending on the extent of
the decline in recoveries. A 15% increase in the weighted average
(WA) foreclosure frequency (FF) and a 15% decrease in the WA
recovery rate (RR) would imply downgrades of no more than seven
notches for SPF 05-B, nine notches for SPF 06-A, and two notches
for SPS 06-1.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potentially
upgrades. A decrease in the WAFF of 15% and an increase in the WARR
of 15% imply upgrades of no more than four notches for SPF 05-B,
six notches for SPF 06-A, and 11 notches for SPS 06-1.

DATA ADEQUACY

Southern Pacific Financing 05-B Plc, Southern Pacific Financing
06-A Plc, Southern Pacific Securities 06-1 plc

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

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

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

ESG CONSIDERATIONS

SPF 05-B, SPF 06-A and SPS 06-1 have an ESG Relevance Score of 4
for "Human Rights, Community Relations, Access & Affordability" due
to a significant proportion of the pools containing owner-occupied
loans advanced with limited affordability checks, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

SPF 05-B, SPF 06-A and SPS 06-1 have an ESG Relevance Score of 4
for "Customer Welfare - Fair Messaging, Privacy & Data Security"
due to the pools exhibiting an IO maturity concentration of legacy
non-conforming owner-occupied loans of greater than 20%, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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


WILKO: Prepares to Launch Company Voluntary Arrangement
-------------------------------------------------------
Aoife Morgan at Retail Gazette reports that Wilko landlords are
facing the possibility of receiving no rent for the next three
years as the retailer prepares to launch a CVA.

The struggling value chain, which will launch the restructuring
arrangement next month, is looking to cut rents on 240 of its 400
stores, Retail Gazette relays, citing The Times.

The move could result in some landlords receiving no payment until
the rent reverts to the contractual amount after three years under
the terms of the CVA, Retail Gazette notes.

While Wilko does not plan to close any of its shops, it is likely
that some landlords will take back their properties, Retail Gazette
states.

According to Retail Gazette, one source close to the process told
The Times that the retailer will soon run out of money and could
collapse into administration if a CVA is not agreed.

Wilko hired property agent CBRE last week as it prepared for
negotiations with landlords, which are due to begin in the next two
weeks, Retail Gazette recounts.

The CVA comes as the retailer is in the midst of a turnaround under
chief executive Mark Jackson, Retail Gazette relates.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                * * * End of Transmission * * *