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

                          E U R O P E

          Friday, July 21, 2023, Vol. 24, No. 146

                           Headlines



A U S T R I A

GREENSTORM MOBILITY: Files for Insolvency After Investor Talks Fail


F R A N C E

NORIA 2023: DBRS Assigns BB(low) Rating to Class F Notes
TECHNICOLOR CREATIVE: Credit Suisse Marks $1.14M Loan at 43% Off


G E R M A N Y

GFK SE: Moody's Withdraws B1 CFR Following Sale to NielsenIQ


H U N G A R Y

NITROGENMUVEK ZRT: S&P Affirms 'B' Long-Term ICR, Outlook Negative


I R E L A N D

HARVEST CLO XXX: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes


I T A L Y

EMERALD ITALY 2019: DBRS Puts 'B(low)' Cl. D Notes Rating on Review


L U X E M B O U R G

BIRKENSTOCK FINANCING: S&P Raises LT ICR to 'B+', Outlook Stable


N E T H E R L A N D S

VODAFONEZIGGO GROUP: Fitch Affirms B+ LongTerm IDR, Outlook Stable


S W I T Z E R L A N D

CREDIT SUISSE: Swiss Parliamentary Probe Into Collapse Begins


U N I T E D   K I N G D O M

AMTE POWER: At Risk of Collapse Amid Funding Woes
COMET BIDCO: S&P Raises ICR to 'B-' on Reduced Refinancing Risks
FROSN-2018: DBRS Cuts Class E Notes Rating to B(low)
HOTTER SHOES: Bought Out of Administration by WoolOvers Group
MCE INSURANCE: Financial Conduct Authority Names Administrators

TOWD POINT AUBURN 13: Fitch Affirms 'B-sf' Rating on Cl. E Notes


X X X X X X X X

[*] BOOK REVIEW: Bendix-Martin Marietta Takeover War

                           - - - - -


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A U S T R I A
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GREENSTORM MOBILITY: Files for Insolvency After Investor Talks Fail
-------------------------------------------------------------------
BIKE Europe reports that Austria-based e-mobility service provider
Greenstorm Mobility has filed for insolvency.

According to BIKE Europe, with investor talks failing and the sales
concept not covering costs, there will be no reorganization of the
company due to a non-functioning business model.

"A closure of the company will take place soon after the opening of
insolvency proceedings," the insolvency consultant has declared.





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F R A N C E
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NORIA 2023: DBRS Assigns BB(low) Rating to Class F Notes
--------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
classes of notes (the Rated Notes) to be issued by Noria 2023 (the
Issuer):

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

DBRS Morningstar did not assign a provisional rating to the Class G
Notes also expected to be issued in this transaction.

The rating of the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal maturity date. The ratings of the other classes of notes
address the ultimate payment of interest while they are
subordinated but the timely payment of scheduled interest when they
are the senior-most class and the ultimate repayment of principal
by the legal maturity date.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. The ratings can be finalized upon a review of final
information, data, legal opinions, and executed versions of the
governing transaction documents. To the extent that the documents
and the information provided to DBRS Morningstar as of this date
differ from the final information, DBRS Morningstar may assign
different final ratings to the rated notes.

The transaction is a securitization fund of French unsecured
consumer loan receivables originated by BNP Paribas Personal
Finance (the seller and the servicer) which is part of the BNP
Paribas group.

The ratings are based on a review of the following analytical
considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement to support the
projected expected net losses under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Rated Notes.

-- The seller's financial strength and capabilities with respect
to originations, underwriting, and servicing.

-- The operational risk review of the seller, which DBRS
Morningstar deems to be an acceptable servicer.

-- The transaction parties' financial strength regarding their
respective roles.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the seller's portfolio.

-- DBRS Morningstar's sovereign rating on the Republic of France
at AA (high) with a Stable trend.

-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology.

TRANSACTION STRUCTURE

The transaction represents the issuance of notes backed by a pool
of approximately EUR 500 million of fixed-rate, unsecured, and
amortizing personal loans, debt consolidation loans, and sales
finance loans granted to individuals domiciled in France.

The transaction features a 14-month scheduled revolving period
during which time the Issuer will purchase new receivables that the
seller may offer, provided that certain conditions set out in the
transaction documents are satisfied.

The transaction benefits from a liquidity reserve equal to 1.25% of
the Rated Notes' balance to be funded by the seller at closing. The
liquidity reserve will be available to the Issuer sat all time when
the principal collections are not sufficient to cover the interest
deficiencies, which are defined as the shortfalls in senior
expenses, swap payments, and interest on the Class A Notes, and if
not subordinated, interest on the other classes of Rated Notes. The
liquidity reserve is amortizing and will be replenished in the
transaction waterfalls during the revolving period and the normal
redemption period, subject to a floor of 0.5% the initial balance
of the Rated Notes.

The transaction also benefits from a non-amortizing general reserve
equal to 2.60% of the initial balance of the Rated Notes and Class
G Notes, which will also be funded by the seller at closing and
will be available as part of the available funds to cover any
shortfalls up to its replenishment in the interest waterfalls.

A commingling reserve facility is also available to the Issuer if
the specially dedicated account bank is rated below the account
bank required rating or following a breach of its material
obligations. The required amount is equal to the sum of 2.5% of the
performing receivables and 0.6% of the outstanding principal
balance of the initial receivables.

COUNTERPARTIES

BNP Paribas (acting through its Securities Services department) is
the account bank for the transaction. Based on DBRS Morningstar's
Long-Term Issuer Rating of AA (low) on BNP Paribas, and downgrade
provisions outlined in the transaction documents, DBRS Morningstar
considers the risk arising from the exposure to the account bank to
be commensurate with the ratings assigned.

The seller is the initial swap counterparty for the transaction.
DBRS Morningstar's private rating on the seller meets the criteria
to act in such capacity. The transaction documents contain
downgrade provisions largely consistent with DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology and the transaction will be monitored based on DBRS
Morningstar’s rating of the seller or its replacement.

PORTFOLIO ASSUMPTIONS

The seller, as the originator, has a long operating history of
consumer loan lending. Its performance to date has been stable
based on a detailed vintage analysis. DBRS Morningstar also
benchmarked the portfolio performance to comparable consumer loan
portfolios in France and revised its asset assumptions of lifetime
gross default and recovery assumptions to 4.8% and 42%,
respectively, based on the more stringent loan eligibility criteria
and possible portfolio migration during the scheduled revolving
period.

DBRS Morningstar's credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are listed at the end of this press release.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued.

Notes: All figures are in euros unless otherwise noted.




TECHNICOLOR CREATIVE: Credit Suisse Marks $1.14M Loan at 43% Off
----------------------------------------------------------------
Credit Suisse High Yield Bond Fund has marked its $1,145,000 loan
extended to Technicolor Creative Studios to market at $651,002 or
57% of the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Credit Suisse's Form N-CSR report for the
semi-annual period ended April 30, 2023, filed with the Securities
and Exchange Commission.

Credit Suisse HYBF is a participant in a Bank Loan to Technicolor
Creative Studios. The loan matures on September 15, 2026.

The loan is denominated in Euro, currently in default and
non‑income producing, according to the Fund.

The loan carries D rating from S&P and Caa3 from Moody's.

Credit Suisse High Yield Bond Fund is a business trust organized
under the laws of the State of Delaware on April 30, 1998. The Fund
is registered as a non diversified, closed end management
investment company under the Investment Company Act of 1940, as
amended.

Technicolor Creative Studios SA is a French company that involved
in the visual effects, motion graphics and animation services for
the entertainment, media and advertising industries. Headquartered
in Paris, France, it is a spin-off of Technicolor SA, which now
renamed to Vantiva.  The Company's country of domicile is France.




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G E R M A N Y
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GFK SE: Moody's Withdraws B1 CFR Following Sale to NielsenIQ
------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and the stable
outlook on GfK SE, including its B1 corporate family rating and its
B1-PD probability of default rating.

Concurrently, Moody's has withdrawn the B1 ratings on the company's
EUR650 million senior secured term loan B due in 2028 and the
EUR150 million senior secured revolving credit facility (RCF) due
in 2027.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings of GfK because the
company's debt previously rated by Moody's has been fully repaid
following the completion of its acquisition by Intermediate Dutch
HoldCo (NL) (NielsenIQ, B2 stable) on July 10, 2023. NielsenIQ is a
global provider of retail measurement data, services and analytics
to CPG and retail customers.

LIST OF AFFECTED RATINGS

Withdrawals:

Issuer: GfK SE

Probability of Default Rating, Withdrawn, previously rated B1-PD

LT Corporate Family Rating, Withdrawn, previously rated B1

Senior Secured Bank Credit Facility, Withdrawn, previously rated
B1

Outlook Action:

Issuer: GfK SE

Outlook, Changed To Ratings Withdrawn From Stable

COMPANY PROFILE

Headquartered in Nuremberg, Germany, GfK SE (GfK) is a global
market research institute that provides services and analytics to
companies operating mainly in the technology and durables (T&D)
industry. In 2022, the company reported revenues and
Moody's-adjusted EBITDA of EUR1,027 million and EUR243 million,
respectively.



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H U N G A R Y
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NITROGENMUVEK ZRT: S&P Affirms 'B' Long-Term ICR, Outlook Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Nitrogenmuvek Zrt. and its 'B' rating on its EUR200 million
senior unsecured bond.

S&P said, "Our negative outlook reflects our expectation that
Nitrogenmuvek's credit metrics could further deteriorate, with debt
to EBITDA above 5.0x and FOCF generation remaining negative in
2023, if the working capital trend does not revert according to our
base-case scenario, or if profitability were to deteriorate
further."

The negative outlook reflects the company's ongoing negative FOCF
and elevated leverage. Nitrogenmuvek generated strong revenue of
about HUF190.5 billion in 2022, an increase from HUF152 billion in
2021, and S&P Global Ratings-adjusted EBITDA of HUF41.7 billion (up
from HUF17 billion in 2021). Nevertheless, the company reported
significantly negative FOCF in 2022 of about HUF69 billion due to
extraordinarily high working capital outflow of about HUF103
billion. This compares with our previous forecast of about HUF15
billion, and reflects a conscious decision to build up inventory
and the lack of prepayments from customers. S&P said,
"Nitrogenmuvek is financing an increased inventory level through
the year, and we do not expect this trend will revert until the
fourth quarter of 2024. As such, high working capital outflow,
combined with lower EBITDA and elevated capex in 2023--at about
HUF6 billion compared with HUF1 billion in 2022--will result in
continued negative FOCF in 2023, with a deficit of about HUF10
billion-HUF15 billion in 2023. We expect that cash flow generation
will only improve in 2024 once the company completely winds down
its inventory and collects payments, also supported by higher
EBITDA and lower capex needs."

Normalizing gas prices and supportive demand for fertilizers should
support operating performance in 2024. Natural gas prices in Europe
have declined significantly since the beginning of 2023, with the
price of Dutch title transfer facility (TTF) dropping by almost 52%
to about EUR37 per megawatt hour (/MWH) as of Jan. 2, 2023, from
about EUR77/MWH as of June 30, 2022, mostly driven by low demand
for gas during the first part of the year. S&P said, "We expect a
moderate rebound during the second half of 2023--underpinned by the
resumption of industrial activity in China--and that gas prices
will remain above historical levels. However, we believe that
unlike in 2022, Nitrogenmuvek will not face further unplanned
production stoppages, significantly improving its capacity
utilization rate. We expect market fundamentals to remain healthy
in 2023, supported by low grain stocks, improved nitrogen
affordability due to lower prices than seen with last year, and
limited net capacity additions. This will result in significantly
higher volumes for Nitrogenmuvek. Nevertheless, volume growth will
not fully offset a decline in the cost of fertilizers, which leads
us to forecast s sales decline of about 7%-10% in 2023, before
stabilizing in 2024." Nitrogenmuvek is currently taking advantage
of the low gas prices to stock up inventory for fourth-quarter 2023
and first-quarter 2024, when improving demand could push up
nitrogen prices and higher European natural gas prices raise
marginal costs.

S&P said, "Gas supply concerns have diminished and we are expecting
significantly lower gas prices in 2023 and 2024. The EU's natural
gas inventory levels are at 73% of capacity as of June 13, a level
that places them in reasonably good shape to restock levels for the
upcoming winter season. The EU will still have to compete with
Asian liquefied natural gas (LNG) demand. Moreover, Europe's demand
for natural gas will continue to decline. We assume Europe will
continue to reduce its reliance on natural gas following Europe's
efforts to decrease natural gas demand by 13% (after Russia cut gas
supplies); we forecast a further 4%-6% decline in overall demand in
2023. We also expect Europe to continue to invest in renewable
power generation to replace gas and coal-fired sources. Lastly, the
growth of global LNG liquefaction facilities coming onstream
starting in the second half of 2025, particularly in the U.S. and
Qatar, could help reduce prices to the low-single-digits by
recreating a significant buffer on the global LNG market. Physical
constraints on delivering LNG into continental, and specifically in
Central and Eastern Europe, have already eased significantly as
half a dozen new floating, storage, and regasification units
(including the three Germany-based) send gas to the grid, and we do
not expect material constraints from 2025 onward."

Nitrogenmuvek's credit ratios will continue to fluctuate,
reflecting its high exposure to volatile natural gas and fertilizer
prices. Nearly 63% of Nitrogenmuvek's operating expenses for the
fertilizer segment stemmed from natural gas purchases in 2022,
meaning the price of gas, which it cannot control, is the most
important driver of the company's profitability. In addition,
although nitrogen prices generally correlate with natural gas
prices, they are also subject to cyclical supply and demand in the
fertilizer industry and unexpected adverse weather conditions,
which can result in a delay to pass on increasing raw material
prices to customers. Unplanned plant outages, especially at its
ammonia plant, could also hit Nitrogenmuvek's profits and cash
flow. S&P views the company's credit metrics as more vulnerable to
external changes than most of its larger European peers, such as
Yara International and OCI N.V., due to its relatively small size
and limited diversification in products, production assets, and
geographies. That said, the company's strategic focus on calcium
ammonium nitrate (CAN), positions it well to benefit from the
increasing demand for this type of fertilizer in Europe, which
partly stems from tightening environmental regulations.

The negative outlook indicates that S&P could lower the rating if
Nitrogenmuvek's leverage remains elevated and we no longer expect
FOCF generation to turn positive in 2024.

Downside scenario

S&P could lower the rating if Nitrogenmuvek's operating performance
does not recover in line with its base-case scenario in 2024, due
to lower-than-expected profitability or lack of reversal of the
working capital trend, leading to:

-- S&P Global Ratings-adjusted debt to EBITDA remaining above 5x
without near-term prospects of improvement; or

-- FOCF remaining below HUF10 billion, with weakening liquidity.
Upside scenario

S&P could revise the outlook to stable if:

-- S&P observes a recovery in Nitrogenmuvek's credit metrics, with
S&P Global Ratings-adjusted debt to EBITDA comfortably below 5x,
supported by a continual normalization of European gas prices,
solid market demand, and supportive fertilizer prices, as well as
improved capacity utilization; and

-- Nitrogenmuvek swiftly recovers FOCF generation to about HUF10
billion and maintains at least adequate liquidity.

ESG Credit Indicators: E-3, S-2, G-2




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I R E L A N D
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HARVEST CLO XXX: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXX DAC expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

ENTITY/DEBT     RATING
----------              -----
Harvest CLO XXX DAC

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

TRANSACTION SUMMARY

Harvest CLO XXX DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien last-out loans, and
high-yield bonds. Note proceeds will be used to fund a portfolio
with a target par of EUR400 million. The portfolio will be actively
managed by Investcorp Credit Management EU Limited. The
collateralised loan obligation (CLO) has a 4.6-year reinvestment
period and a 7.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/ 'B-'. The Fitch weighted
average rating factor of the identified portfolio is 24.6.

High Recovery Expectations (Positive): At least 96% of the
portfolio will comprise 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 60%.

Diversified Portfolio (Positive): Exposure to the 10 largest
obligors and fixed-rate assets for assigning the expected ratings
is limited at 20% and 10%, respectively, and the transaction has a
7.5 years WAL test.

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

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

The transaction could extend by one year the WAL test a year after
closing if the aggregate collateral balance (defaulted obligations
at the lower of Fitch and S&P collateral value) is at least at the
reinvestment target par amount and if the transaction is passing
all its tests.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio and matrices analysis is 12 months less than the WAL
covenant. This is to account for structural and reinvestment
conditions after the reinvestment period, including the
over-collateralisation (OC) test and Fitch 'CCC' limitation test,
among others. 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 lead to a downgrade of two notches
for the class E notes, one notch for the class B, C, D and F notes
and have no impact on the class A notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, D, E and F notes have a
cushion of two notches, the class C notes one notch and the class A
notes zero notches.

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

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, except for
the 'AAAsf' rated notes.

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

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations 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.

Overall, and together with any assumptions, 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool was not
prepared for this transaction. Offering Documents for this market
sector typically do not include RW&Es that are available to
investors and that relate to the asset pool underlying the trust.
Therefore, Fitch credit reports for this market sector will not
typically include descriptions of RW&Es. For further information,
please see Fitch's Special Report titled 'Representations,
Warranties and Enforcement Mechanisms in Global Structured Finance
Transactions'.



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I T A L Y
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EMERALD ITALY 2019: DBRS Puts 'B(low)' Cl. D Notes Rating on Review
-------------------------------------------------------------------
DBRS Ratings GmbH placed its ratings on the following classes of
commercial mortgage-backed floating-rate notes due September 2030
issued by Emerald Italy 2019 SRL (the Issuer) Under Review with
Negative Implications (UR-Neg.):

-- Class A rated A (low) (sf)
-- Class B rated BBB (low) (sf)
-- Class C rated B (high) (sf)
-- Class D rated B (low) (sf)

CREDIT RATING RATIONALE

The transaction is a securitization of a EUR 105.8 million Italian
commercial real estate loan, comprising a EUR 100.4 million term
loan and a EUR 5.4 million capital expenditure (capex) loan,
advanced by JPMorgan Chase Bank, N.A., Milan Branch and arranged by
J.P. Morgan Securities PLC. The loan is secured against a portfolio
of two retail malls and one shopping center located in the Lombardy
region of northern Italy. The borrower is Investire Societa Di
Gestione Del Risparmio S.P.A., acting on behalf of an Italian real
estate alternative closed-end fund (fondo comune di investimento
immobiliare alternative di tipo chiuso riservato) named Everest,
which is ultimately owned by Kildare Partners.

The loan suffered cash flow deterioration as a result of the
Coronavirus Disease (COVID-19) pandemic-related store closures and
was transferred into special servicing in June 2020 following an
uncured payment default. In October 2021, the noteholders approved
a standstill agreement until the initial loan maturity date on 15
September 2022. The borrower intended to use this period to prepare
an exit plan or meet the conditions for a maturity extension to 15
September 2023. However, the loan was not extended and not repaid
at maturity on 15 September 2022 after the extension conditions,
including appropriate in-place hedging, were not satisfied.
Subsequently, the special servicer agreed to a standstill period
with the borrower until 15 September 2023, during which the key
terms of the loan will continue to apply, with default interest of
2% accruing on all overdue amounts (EUR 94.8 million). The
floating-rate loan is now unhedged. The borrower appointed a sales
broker whereas the special servicer appointed a sales monitor to
monitor the progression of the marketing and sale of the
properties.

The transaction suffered a substantial deterioration in the
collateral value, when Savills Advisory Services Limited conducted
a revaluation of the portfolio with a valuation date of 27 April
2023, and estimated the current market value of the properties at
EUR 78,910,000. This is a decrease of 41% on Jones Lang LaSalle's
30 June 2022 valuation, and a 51% decrease from the issuance value.
As a result of the updated valuation, the loan-to-value has
increased to 120% from 71% previously. Additionally, a Control
Valuation Event has occurred with respect to the Class D notes
following the revaluation of the portfolio, which now renders the
Class C notes as the controlling class. Consequently, DBRS
Morningstar placed its ratings on all classes of notes UR-Neg.

The loan matured on 15 September 2022. The legal final maturity of
the notes is in September 2030. The sequential payment trigger has
occurred and is continuing, with all principal in respect of the
loan applied to the notes on a sequential basis. The Class X
diversion trigger event has also occurred and is continuing.

The transaction benefits from a EUR 4.5 million liquidity facility
(EUR 5.3 million at closing) available to cover interest payments
on the Class A and Class B notes. The facility amortizes in line
with the amortization of the Class A and Class B notes.

DBRS Morningstar's credit ratings on Classes A to Class D of the
commercial mortgage-backed floating-rate notes issued by Emerald
Italy 2019 SRL address the credit risk associated with the
identified financial obligations in accordance with the relevant
transaction documents. The associated financial obligations are
listed at the end of this press release.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. For example, pro-rata default interest, euribor excess
amount, and prepayment fees.

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued.

Notes: All figures are in euros unless otherwise noted.





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L U X E M B O U R G
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BIRKENSTOCK FINANCING: S&P Raises LT ICR to 'B+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Birkenstock Financing S.a.r.l. (Birkenstock) to 'B+' from 'B'. At
the same time, S&P raised its issue rating on the company's EUR1.13
billion (euro equivalent) senior secured term loan due 2028 to
'B+', in line with issuer credit rating on the company, and on the
EUR428.5 million senior unsecured notes due 2029 to 'B-' from
'CCC+'. S&P's recovery ratings remains unchanged at '3' (recovery
prospects: 60%) for the senior secured debt and at '6' for the
unsecured notes.

The stable outlook reflects S&P's expectation that Birkenstock's
stated objective to maintain a conservative financial policy and
strong operating results will result in S&P Global Ratings-adjusted
debt to EBITDA below 5.0x on a sustainable basis.

Birkenstock's above-market operating performance set the company on
a solid growth trajectory, leading to an S&P Global
Ratings-adjusted debt to EBITDA below 5.0x over the coming two
years. For fiscal 2022 (year ended Sept. 30), the company delivered
a reported revenue growth of 28.6% and S&P Global Ratings-adjusted
EBITDA margin of 29.8%, translating into an S&P Global
Ratings-adjusted debt to EBITDA of 5.7x and S&P Global
Ratings-calculated free operating cash flow (FOCF) of about EUR80
million. Stronger-than-expected operating performance in fiscal
2022 largely followed the harmonization efforts on average-selling
prices and product range diversification into closed-toe shoes
categories (representing about 30% of total sales now). In
addition, and as a part of its distribution strategy, the company
ended some less-profitable wholesalers' partnerships to focus on
the more-profitable direct-to-customer (DTC) channel, now
representing almost 38% of sales (from 20% in 2019). Despite
adverse economic conditions, Birkenstock offset inflation's impact
on its cost base--driven by higher cork, leather, energy, and labor
costs--thanks to timely price pass-throughs supported by strong
brand pricing power and better channel and product mix. The
momentum continued in first-half 2023, where the company reported
revenue growth of 19% to close to EUR650 million sales, and an
EBITDA adjusted margin of 35% (adjusted for unrealized foreign
exchange losses) supported by all regions and distribution
channels. S&P therefore expects Birkenstock to continue
deleveraging this year, thanks to strengthening EBITDA of EUR450
million-EUR460 million (or 31.0%-32.0% S&P Global Ratings-adjusted
EBITDA margin) by year-end 2023, resulting in S&P Global
Ratings-adjusted leverage of 4.3x-4.8x this year and 3.8x-4.3x in
2024.

Birkenstock made voluntary debt prepayments of $50 million under
its EUR750 million-equivalent, U.S.-dollar-denominated term loan B
(TLB), demonstrating its commitment to reinforce its balance sheet
and maintain prudent capital allocation. The funds for the early
debt repayment came from internal cash generation, underpinning the
company's strong operating performance. In our view, the recent
debt repayment, combined with the lack of shareholder remuneration,
testify to Birkenstock's stated objective to deleverage, also
supported by its main shareholders (private equity fund L
Catterton). S&P said, "We understand the company will continue to
implement prudent discretionary spending while maintaining an S&P
Global Ratings-adjusted debt to EBITDA comfortably below 5.0x,
significantly below the post-LBO level of above 7.0x. Our adjusted
debt calculation includes EUR1.2 billion of TLB (divided into euro
and dollar tranches), EUR428.5 million of senior unsecured notes,
and a EUR295 million shareholder loan related to the deferred
purchase price under the acquisition agreement, including accrued
payment-in-kind interest. Moreover, we adjusted the company's
reported debt to include about EUR140 million of lease liabilities,
and–-in line with our methodology--we do not net the debt with
cash and cash equivalents due to the financial sponsor ownership.
Moreover, we believe Birkenstock will preserve ample liquidity
headroom thanks to available credit facilities and anticipated
positive and recurring cash flow. On March 31, 2023, Birkenstock
had about EUR172 million of cash on hand and a fully available
EUR200 million asset-backed-loan (ABL) facility. In our base-case
scenario, we anticipate Birkenstock has sufficient liquidity
available to fund its day-to-day operating needs and financial
commitments and meet its covenant tests."

The company's DTC strategy enables it to consolidate its position
in mature markets and expand into new regions and product models.
In the past few years, Birkenstock has more than doubled its S&P
Global Ratings-adjusted EBITDA base, to an expected EUR450
million-EUR460 million in 2023 from about EUR189 million in 2021,
proving the company's capacity to expand its market share while
tightly managing its cost base. S&P said, "We believe that the
resilience of its margins amid unfavorable market conditions
supports business predictability and credit metric stability. The
company has also gained control over its brand image, pricing, and
distribution by increasing the share of its DTC operations, today
representing 38% of its sales with a target to reach 50%. We also
see Birkenstock relying less on its core models (such as Arizona
and Boston) and on spring and summer collections following the
introduction of closed-toe shoes in its product range. We view
positively this product range diversification and believe it allows
Birkenstock to reduce its business seasonality on spring and summer
(today accounting for 60% of its sales) and better manage its
intrayear working capital movements." The company is also
finalizing the construction of a new production facility, expected
to be fully operational by year-end 2023, adding up 10 million
pairs of shoes annually to Birkenstock's production capacity. This
strategic investment will allow the company to face unmet demand in
unpenetrated regions including Japan, China, and Southeast Asia,
and enter growing product categories such as outdoor, after-sport
shoes for athletes, and kids' collections.

S&P said, "The stable outlook reflects our expectation that
Birkenstock's stated objective to a maintain a conservative
financial policy and strong operating performance will result in
S&P Global Ratings-adjusted debt to EBITDA below 5.0x sustainably.
This reflects a continued business expansion, underpinned by
Birkenstock's above-industry-average growth prospects resulting in
an expected S&P Global Ratings-adjusted EBITDA margin of 31%-32%
over the next couple of years.

"We could take a negative rating action if we expected
Birkenstock's leverage to remain consistently above 5.0x, we saw a
deviation from the stated objective to continue to deleverage, and
FOCF fell substantially short of our base-case projection. This
could occur if, for example, financial policy becomes more
aggressive than anticipated, leading to higher discretionary
spending and weaker credit metrics, or the company faces unexpected
material shift in demand or significant operational setbacks
related to its distribution and geographical expansion strategy.

"We could consider an upgrade if Birkenstock materially expands its
scale of operations and improve its overall business diversity in
terms of product categories, region, and distribution, while
increasing its profitability sustainably. An upgrade would depend
on the company's track record to maintain S&P Global
Ratings-adjusted debt to EBITDA below 4.0x with a clear commitment
from the owners to maintain this level and with Birkenstock having
an adequate liquidity position."

ESG credit indicators: E-2, S-1, G-3

S&P said, "Social factors are a moderately positive consideration
in our credit rating analysis of Birkenstock. This is because of
the health benefits provided by the orthopedic feature of its
footbeds, which helps differentiate the footwear in the eyes of
consumers and translates into sustainable growth opportunities.
Moreover, the company faces limited fashion risk that would expose
it to rapid changes in consumer preferences. This is supported by a
high share of sales (65%-70%) from iconic core models introduced in
the market more than 30 years ago. We also evaluate positively
Birkenstock's vertically integrated business model, with more than
90% of products are made in Germany. This feature provides a good
level of control and transparency within the supply chain and a
consistent level of product quality.

"Governance factors are a moderately negative consideration, as is
the case for most rated entities owned by private-equity sponsors.
We believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."




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

VODAFONEZIGGO GROUP: Fitch Affirms B+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed VodafoneZiggo Group B.V.'s (VZ)
Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also
affirmed the group's senior secured debt at 'BB' with Recovery
Rating 'RR2', vendor financing notes at 'B-' with 'RR6' and senior
notes at 'B-' with 'RR6'. The Outlook on the IDR is Stable.

The ratings of VZ are constrained by its high leverage, driven by
inflationary pressure on its EBITDA margin and intensified
competition in fixed-line broadband. Despite its organic
deleveraging capacity, a shareholder-friendly financial policy is
likely to keep leverage high with limited headroom against Fitch's
EBITDA net leverage threshold of 5.8x.

Rating strengths include VZ's solid operating profile given its
strong convergent position in a competitive Dutch telecoms market.
VZ consistently generates healthy cash flows, as reflected in
mid-to-high single-digit (pre-shareholder distributions) free cash
flow (FCF) margins.

KEY RATING DRIVERS

2023 Margin Pressures: Fitch expect Fitch-defined EBITDA margin to
fall to 45.9% in 2023 from 48% in 2022. This will predominantly be
driven by increases in energy and staff costs, which Fitch expect
to shave around EUR100 million off 2023 EBITDA. Cost inflation in
1Q23 saw Fitch-defined EBITDA fall 8% yoy and margin drop to 44.5%,
from 48.5% in 1Q22. Fitch expect the margin to gradually improve
towards 46.8% in 2026, driven by easing energy costs and tight cost
control.

Energy costs doubled to EUR55 million in 2022. Fitch expect these
to double again to EUR120 million in 2023. The company hedged
around 95% of energy costs for 2023, but only a limited amount for
2024.

Higher Taxes Restrict FCF: In 2022 VZ paid EUR100 million of income
tax of which around EUR60million related to 2021. This was
primarily a result of changes in Dutch tax law effective from 1
January 2022, which led to an increased tax rate and a limitation
being imposed on interest cost deductibility. Fitch expect a
normalised tax payment of around EUR140 million annually, compared
with negligible cash tax payments made by the company in recent
years. While Fitch expect the higher tax payments to be offset by
lower shareholder distributions, Fitch have revised down Fitch FCF
margin forecasts between 2023 and 2026.

Continued Growth in Mobile: Mobile revenue grew 7.1% in 1Q23,
marking the eighth consecutive quarter of growth. This was
supported by the highest quarterly growth in B2C in six years.
Fitch expect mobile revenue to further increase on continued growth
in subscriber numbers, which will mitigate competitive pressure in
fixed line and support modest revenue growth in 2023. Fitch see
scope for further increases in 5G penetration in the Netherlands,
both from higher consumer adoption and an increased need for
internet-of-things SIM cards. Growth will be correlated with
household and business spending trends, which are currently under
pressure from high inflation.

Limited Leverage Headroom: The expected decline in EBITDA margin
and FCF will drive Fitch-defined EBITDA net leverage higher to 5.7x
at end-2023 from 5.5x at end-2022. This leaves limited leverage
headroom against Fitch downgrade threshold of 5.8x. Thereafter,
Fitch expect this to steadily decline to 5.6x at end-2026 as cost
pressures ease.

Intensified Fixed-Line Competition: At end-2022 VZ completed the
upgrade of its national coaxial cable network to DOCSIS3.1. Despite
the broadband quality improvement and gigabit speeds now being
available across VZ's network footprint, consumer fixed-line
revenue continued to fall 3.3% yoy in 1Q23 and 3% yoy in 2022. This
reflected subscriber number falls of 1.2% quarterly in 1Q23 and 4%
yearly in 2022.

Competitive pressures are exacerbated by fibre investments made by
both incumbent Royal KPN N.V. (BBB/Stable) and T-Mobile, with the
latter cooperating with Open Dutch Fibre on fibre rollout. KPN
acquired Youfone telecom operator and Primevest's fibre network in
June 2022, adding 540,000 Youfone's mobile and fixed-line customers
and Primevest's 127,000 homes passed to its portfolio. Fitch expect
subscriber churn to drive a continued gradual decline in fixed-line
revenues in 2023-2025 despite an expected 8.5% price rise in July
2023.

Convergence Limits Churn: The Netherlands is a well-converged
market with both KPN and VZ gradually increasing their penetration
of customers subscribing to both fixed-line and mobile services.
VZ's convergence rate has increased to 46% at end-1Q23 from 32% at
end-2018, driven by its competitive bandwidth capability and TV
offering. Fitch see capacity for growth with penetration rates
below KPN at 56% of subscribers, but the pace of conversions has
slowed. Fitch view the increasing convergence as crucial for VZ to
protect its solid broadband customer base against average revenue
per user erosion.

Interest Rates Hedged: Floating-rate debt constituted 45.4% of VZ's
loan and notes debt at end-1Q23, while US dollar-denominated debt
was around 56.3%. It has hedged its interest rates and
foreign-exchange (FX) exposures until its debt maturity through a
combination of cross-currency and interest rates derivatives. Fitch
expect EURIBOR and LIBOR rates to peak in 2023 and then decline in
2024 and 2025, which together with VZ's hedging strategy, support
stable interest coverage for 2023-2026.

DERIVATION SUMMARY

VZ's ratings are supported by a solid operating profile, backed by
a strong convergent position in the Dutch market, while an increase
in fixed-line market competitiveness drives some revenue pressure.

VZ's closest peers, operationally - VMED O2 UK Limited and Telenet
Group Holding N.V. (both BB-/Stable) - offer similar
characteristics in business and market potential, but deliver
better financial metrics, especially leverage. VZ's forecast EBIDTA
net leverage of 5.7x by 2023 places the company more firmly at the
'B+' rating, albeit with tight headroom only slightly improving by
end-2026. While VZ has the scale and operational potential to
support a 'BB-' rating Fitch expects cash returns to shareholders
to gradually increase towards the high end of management's
guidance, keeping leverage in line with a 'B+' rating.

KEY ASSUMPTIONS

-- Revenue of just under EUR4.1 billion in 2023, with average
revenue growth of 0.4% between 2023 and 2026

-- Decrease in Fitch-defined EBITDA margin to 45.9% in 2023,
reflecting continuing cost inflation, before gradually increasing
to 46.8% by 2026

-- Capex (excluding spectrum) at 23% of revenue in 2023-2026

-- Distribution to shareholders of EUR310 million-EUR350 million
in 2023-2026

RATING SENSITIVITIES

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

-- Strong and stable FCF generation, together with a more
conservative financial policy, resulting in Fitch-defined EBITDA
net leverage below 5.0x on a sustained basis

-- Cash flow from operations (CFO) less capex/gross debt
consistently above 5%

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

-- Fitch-defined EBITDA net leverage above 5.8x on a sustained
basis

-- CFO less capex/gross debt consistently below 3.3%

-- Further intensification of competitive pressures leading to
deterioration in operational performance

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: At end-March 2023 VZ's reported cash balance
was EUR12.3 million, the lowest since end-3Q16. VZ also had a fully
undrawn credit facility due 2026 of EUR800 million. Its maturities
are long-dated and Fitch expect the business to generate EUR290
million-EUR350 million of pre-dividend FCF between 2023 and 2026.

Fitch expects VZ to keep its cash at low levels, as it has a record
of distributing excess cash to its parents. VZ's short-term
maturity in 2023 is predominantly vendor financing, which is
usually due within one year. Fitch expect this amount to be rolled
over under its recurring vendor financing arrangement. Vendor
financing is not included in covenant leverage but is included in
all Fitch-defined metrics.

ISSUER PROFILE

VZ is a JV formed in 2016 between Liberty Global and Vodafone Group
Plc (BBB/Positive). The company is a fully converged cable and
mobile service provider in the Netherlands.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch treats shareholder distributions to VodafoneZiggo Group
Holding as other investing cash flows rather than dividends.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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

CREDIT SUISSE: Swiss Parliamentary Probe Into Collapse Begins
-------------------------------------------------------------
Noele Illien and John Revill at Reuters report that a Swiss
parliamentary investigation into the role played by state
institutions in the collapse and emergency rescue of Credit Suisse
will take 12 to 15 months to complete, its president said on July
6.

UBS agreed to buy Credit Suisse for CHF3 billion (US$3.48 billion)
in March after panicked customers withdrew cash from their accounts
at the stricken lender, Reuters recounts.

The collapse has proved controversial, with Swiss political parties
raising concerns about the huge amount of state aid involved,
potential job losses as well as the size of the newly enlarged UBS,
already Switzerland's biggest bank, Reuters notes.

The investigation is only the fifth of its kind in the country's
modern history and the committee of lawmakers conducting it has
sweeping powers to call on the Swiss cabinet, finance ministry and
other state bodies.

According to Reuters, the parliamentary commission will investigate
the "legality, expediency and effectiveness of the conduct by the
competent authorities and bodies in the context of the Credit
Suisse crisis and report to the Swiss parliament," it said in a
statement.

After an initial meeting on June 16, the committee held its first
regular meeting in Bern on July 6, Reuters notes.

It decided to operate under a duty of strict confidentiality for
committee members and people called for questioning, citing the
secrecy of information to be disclosed, Reuters stats.

The investigation, which is being led by 14 lawmakers from the
country's upper and lower houses, will examine how the Swiss
government and the finance ministry, acted in the run up to the
crash, Reuters discloses.

It will also scrutinise the role played by financial regulator
FINMA as well as the Swiss National Bank, Reuters states.

According to Reuters, Commission president Isabelle Chassot, a
lawmaker from Die Mitte party, told a briefing in Bern she expected
the commission to last 12 to 15 months.




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

AMTE POWER: At Risk of Collapse Amid Funding Woes
-------------------------------------------------
Terry Murden at Daily Business reports that battery manufacturer
AMTE Power is facing administration and its shareholders risk
losing their investments unless it can secure additional funding in
the next few days.

According to Daily Business, the company, which has a manufacturing
facility in Thurso and wants to build a gigafactory in Dundee, has
been in discussions with existing and potential investors for the
past month.

However, given the further passage of time since the most recent
announcement on June 29, 2023, the Company's financial situation is
becoming "ever more critical", it said in an update, Daily Business
relates.

"Having managed its resources, the company now needs to implement a
solution within the next few business days.

"Whilst active discussions continue with existing and potential
investors, there can be no certainty of the outcome of these
discussions, in which case putting the company into administration
is ever more likely.

"In the event that the company is put into administration, trading
of its shares on AIM would be suspended with immediate effect.

"Accordingly, should the company be unable to secure additional
funding, the prospects for recovery of value, if any, by
shareholders would be remote.

"Further announcements will be made as and when appropriate."

AMTE Power has been planning to build a megafactory in Dundee to
build up to eight million cells a year, Daily Business discloses.


COMET BIDCO: S&P Raises ICR to 'B-' on Reduced Refinancing Risks
----------------------------------------------------------------
S&P Global Ratings raised its ratings on Comet Bidco Ltd.,
including its long-term issuer credit rating and issue rating on
its senior secured debt, to 'B-' from 'CCC+'. S&P also removed the
ratings from CreditWatch, where they were placed with positive
implications June 2, 2023.

The stable outlook reflects S&P's view that Clarion will continue
to report strong trading, such that reported FOCF will turn
positive and adjusted leverage will decline toward 6x over the next
12 months.

Comet Bidco Ltd., parent of Clarion Events, recently completed an
amend and extend transaction that saw the maturities on its
revolving credit facility (RCF) and term loan facilities extended
to 2027.

The completed transaction saw debt decrease through the
subordination of facilities provided by Blackstone. Clarion's
capital structure comprises:

-- The fully drawn GBP76 million revolving credit facility (RCF),
now due June 2027;

-- A GBP318 million British pound-denominated term loan B (TLB)
facility due September 2027;

-- A $401 million TLB facility due September 2027; and

-- About $10 million of local debt facilities.

S&P said, "We treat the now-subordinated facility from sponsor
Blackstone as akin to equity because it meets our requirements for
equity treatment on noncommon equity instruments, including fully
unsecured and subordinated ranking (contractually and structurally)
to the term loans and RCF, stapling to the group's common equity,
and provided with the intention to accrue PIK-only interest.

"We anticipate a significant improvement in credit metrics in
fiscal 2024, bolstered by the reopening in China and Clarion's
larger scope of operations. We forecast a material reduction in S&P
Global Ratings-adjusted leverage to about 6.0x and an improvement
in FOCF to about GBP27 million in fiscal 2024. The forecast
reflects our expectations that Clarion will report strong earnings
growth thanks to a full-year contribution from China, which
reopened in late fiscal 2023; the contribution from the
consolidated businesses previously held at the parent group
(expected to contribute up to GBP18 million EBITDA in fiscal 2024);
and strong momentum in North America, Europe, and Asia (excluding
China), where revenue should surpass fiscal 2020 figures.

"Despite the strong short-term outlook, Clarion remains exposed to
economic and geopolitical risks. Its Global Sources division, based
in Mainland China and Hong Kong, will contribute to about 30% of
group revenue in fiscal 2024. We therefore consider Clarion is
exposed to the impact of rising geopolitical risks on business
confidence and demand for trade shows. Given that Global Sources is
largely addressed to local exhibitors and attendees, it only has
moderate exposure to international trade. We also consider that,
while currently recovering strongly, global demand for trade shows
and exhibitions tends to have a broad correlation to economic
conditions. As such, we believe that Clarion's medium-term growth
outlook is relatively uncertain.

"We believe Clarion's liquidity position has improved. This is
thanks to the postponed debt maturities, stable cash interest
margins for the new capital structure, and our expectation of
improved earnings and cash flow over the next 12 months. The group
has also reset covenant terms and will now be subject to a minimum
monthly liquidity covenant of GBP25 million (or daily minimum of
GBP15 million) under the RCF and term loan B agreements, where we
expect the group will show adequate headroom over the next 12
months.

"The transaction has also enhanced the recovery prospects of senior
secured lenders in the event of a default. We therefore increased
our rounded recovery estimate to 65% from 55% on the RCF and TLBs
in a default scenario. We believe senior secured lenders' recovery
prospects in the event of a default would increase somewhat, owing
to the reduced amount of pari passu debt claims and the added value
from the transfer of the one-to-one and pure play businesses to the
restricted group, which we now consolidate with the rest of the
group and value as a going concern.

'The stable outlook reflects our view that Clarion will continue to
report strong trading such that reported FOCF will turn positive
and adjusted leverage will decline toward 6x over the next 12
months."

S&P could lower its ratings if:

-- S&P considered the group's new capital structure
unsustainable. This could happen if Clarion failed to improve its
earnings and reduce leverage, such that leverage remained above 7x
and FOCF remained negative in FY2024.

-- S&P believed there was a heightened likelihood of a default
event, including weaker liquidity or a potential distressed
exchange.

Although unlikely in the next 12 months, S&P could raise its
ratings on Clarion if its operating performance improved
significantly above our forecast, such that adjusted leverage fell
below 6.0x and FOCF to debt improved above 5% sustainably. An
upgrade would also hinge on a financial policy aimed at maintaining
these metrics, with low likelihood of material debt-funded
acquisitions or shareholder distributions.

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

Social factors are a moderately negative consideration in S&P's
credit rating analysis. Although COVID-19 brought an extreme
disruption to operations that is not likely to recur soon, risks
still exist for regional event disruptions that could be caused by
terror attacks, local health concerns or illness outbreaks, or
international travel disruptions.

Governance factors are also a moderately negative consideration in
our credit rating analysis. S&P said, "Our assessment of the
company's financial risk profile as highly leveraged reflects
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." This also reflects
their generally finite holding periods and a focus on maximizing
shareholder returns.


FROSN-2018: DBRS Cuts Class E Notes Rating to B(low)
----------------------------------------------------
DBRS Ratings GmbH removed the Under Review with Negative
Implication status on its ratings on Classes A2, B, C, D, and E of
the commercial mortgage-backed floating-rate notes due May 2028
issued by FROSN-2018 DAC; confirmed its AAA (sf) ratings on Class
RFN; and downgraded Classes A1, A2, B, C, D, and E as follows:

-- Class A1 to AA (sf) from AAA (sf)
-- Class A2 to A (sf) from AA (low) (sf)
-- Class B to BBB (high) (sf) from A (sf)
-- Class C to BBB (low) (sf) from BBB (high) (sf)
-- Class D to BB (low) (sf) from BB (high) (sf)
-- Class E to B (low) (sf) from B (high) (sf)

DBRS Morningstar confirmed the Stable trend on the Class RFN notes
and Negative trend on the Class A1 notes, and assigned a Negative
Trend on the Classes A2, B, C, D, and E notes.

RATING RATIONALE

The downgrade rationale is based on the deteriorated value of the
underlying collateral and the uncertainty around the timing of the
workout strategy pursued by the special servicer. Given the
volatility of the cash flow, the absence of amortization, and the
macroeconomics, further deterioration of the key credit metrics
cannot be discarded in the future.

FROSN-2018 DAC is a securitization of one floating-rate senior
commercial real estate loan advanced by Morgan Stanley and
Citibank, N.A., London Branch. The loan refinanced the existing
indebtedness of the borrowers in addition to providing capital
expenditure (capex) to the underlying collateral. At issuance, the
collateral consisted of 63 predominantly secondary office and
retail properties located across Finland.

The assets are part of Sponda Ltd.'s portfolio, previously one of
the largest listed real estate firms in Finland, which was acquired
and delisted by The Blackstone Group L.P. (Blackstone or the
sponsor). As of the May 2023 interest payment date (IPD), 45 assets
remain in the portfolio. The aggregate outstanding balance of the
senior loan and senior capex loan has reduced to EUR 310.0 million
(EUR 281.4 million for the securitized part) from EUR 590.9 million
(EUR 533.9 million for the securitized part) at issuance. In
addition, there was also an EUR 103.8 million mezzanine facility at
issuance, which was repaid on 30 November 2022.

Following the borrower's failure to repay the loan at maturity on
15 February 2023, and the noteholders' rejection to pass the
restructuring proposal brought forward by the sponsor, Mount Street
Mortgage Servicing Limited (the servicer and special servicer)
transferred the loan to special servicing on 2 March 2023. The
special servicer, at this stage, is providing short-term standstill
agreements since pursuing a consensual workout strategy.

The interest-only senior loan bears interest at a floating rate
equal to three-month Euribor (subject to a zero floor) plus a 2.45%
per annum (p.a.) margin, and a default interest of 1.0% p.a., the
latter being compounded since the occurrence of the loan failure
event. Past maturity, the loan remained unhedged.

Jones Lang LaSalle Limited (JLL) revalued the portfolio on March
31, 2023 and appraised the aggregate market value of the 45
properties at EUR 345.8 million, a 32.7% drop from the 2021
valuation. This results into a loan-to-value (LTV) ratio of 86.3%
as of the May 2023 IPD, a sharp increase from 57.7% LTV reported
last quarter, and a breach of the transaction's cash trap covenant
of 60.0%.

The portfolio's performance deteriorated following the onset of the
Coronavirus Disease (COVID-19) pandemic with a sharp increase of
the portfolio's vacancy up to 47.5% as of May 2023 from 29.2% at
issuance. Also, DBRS Morningstar observes an increase of operating
costs, which translates into a drop of adjusted net rental income
to EUR 24.5 million as of May 2023. The debt yield (DY) cash trap
covenant has been breached since mid-2020. As of May 2023 IPD, the
DY stands at 8.2%, less than the cash trap threshold of 11.0%. The
DY for this period is 8.2%, still below the cash trap threshold.
The DY has decreased primarily due the drawing of the cash trap
account, increasing net debt. The balance of the cash trap account
stands at EUR 11.7 million as of May 2023 IPD. The funds are used
toward capex works to maintain the portfolio value in view of the
sales program.

The special servicer communicated that two assets have been
approved for sale, which combined would provide approximately EUR
5.7 million of gross sales proceeds versus a combined allocated
loan amount of EUR 3.3 million. The release price will be applied
toward the repayment of the notes in sequential order, while the
difference of the disposal proceeds will be kept into the cash trap
account.

The loan's hedging agreement expired on 15 February 2023; however,
the note Euribor cap is set at 4.25% following the loan final
maturity date, which limits the potential of interest shortfalls on
the notes to a certain extent.

Additionally, the loan failure priority of payments waterfall will
be applied going forward, shifting to the sequential application of
principal receipts. On the May 2023 IPD, EUR 953,537 of the Euribor
excess amount have been applied toward repayment of the Class RFN
(EUR 47,778) and the Class A1 (EUR 905,759) notes.

DBRS Morningstar underwrote a new analysis with the following
assumptions: capitalization rate at 9% and net class flow (NCF) of
EUR 24.8 million. The analysis resulted in a DBRS Morningstar value
of EUR 276.1 million, representing a 20.2% haircut to appraised
value. This is a decline of 14.3% from DBRS Morningstar value at
last review, which led to DBRS Morningstar downgrading its ratings
on classes A1 to E notes.

The reserve fund notes (RFN) included in the transaction fund the
note-share part (95%) of the liquidity reserve. At issuance, the
EUR 16.7 million RFN proceeds, and the EUR 878,947 VRR Loan
Interest contribution were deposited into the transaction's
liquidity reserve account, which can be used to pay property
protection advances, senior costs, and interest shortfalls (if any)
in relation to the corresponding VRR Loan Interest, RFN, Class A1,
Class A2, and Class B notes. The liquidity reserve currently
amounts to EUR 9.1 million and, according to DBRS Morningstar's
analysis, is equivalent to approximately 12 months' interest
coverage on the covered notes, based on the 4.25% Euribor cap after
loan maturity.

The loan matured on March 1, 2023, with the final maturity of the
notes scheduled on May 21, 2028.

Notes: All figures are in euros unless otherwise noted.



HOTTER SHOES: Bought Out of Administration by WoolOvers Group
-------------------------------------------------------------
Business Sale reports that footwear retailer Hotter Shoes has been
acquired out of administration by WoolOvers Group in a pre-pack
deal valued at GBP6.7 million.

Hotter Shoes, the main trading subsidiary of listed firm Unbound
Group, fell into administration on July 18, Business Sale relates.

Last week, it was reported that Unbound was seeking to raise GBP2
million to secure Hotter Shoes' future, with the business facing
administration after a GBP10 million investment fell through in May
and a sale process conducted in June ended without the company
securing a buyer, Business Sale recounts.

Interpath Advisory were engaged to undertake a strategic review of
the business, with options under consideration including an equity
fundraise or a formal restructuring plan, Business Sale discloses.
Failing this, Unbound said the company would likely be placed into
administration, which would have seen its shares suspended from
trading on AIM, Business Sale notes.

Interpath's Will Wright and Rick Harrison were appointed as joint
administrators of Beaconsfield Footwear Limited (which trades as
Hotter Shoes) on July 18, immediately concluding a sale of the
business and certain of its assets to natural knitwear brand
WoolOvers, Business Sale relates.  It has been reported that the
deal will enable Unbound to stay out of insolvency proceedings
while the board considers options for the company's future,
Business Sale states.

The deal sees privately owned WoolOvers acquire Hotter Shoes'
entire network of 17 stores and ten concessions in garden centres,
Business Sale relays.  It had originally sought to acquire the
brand solvently in April, but was outbid by a rival offer that was
ultimately withdrawn, Business Sale notes.

According to Business Sale, administrators said: "Following an
extensive exploration of options, it became clear that it would not
be possible to conclude a transaction on a solvent basis."

The administrators added that Hotter Shoes "has been adversely
affected by difficult trading conditions in the retail environment,
and despite taking steps to address costs across the business,
creditor pressure continued to increase."


MCE INSURANCE: Financial Conduct Authority Names Administrators
---------------------------------------------------------------
Emmanuel Kenning at Insurance Age reports that the Financial
Conduct Authority has confirmed that Mark Holborow, Vincent Green
and Steven Edwards of Crowe UK are the joint administrators of MCE
Insurance, as appointed by the company's directors.

As reported by Insurance Age, motorbike specialist broker MCE went
into administration on July 17.  The Northamptonshire-based broker
signed an exclusive deal with Sabre Insurance in November 2021,
Insurance Age discloses.

The regulator detailed that with Sabre unaffected customers'
policies remain in force, Insurance Age states.  It added that MCE
Insurance's contact centre remains operational, and it will be
overseen by the joint administrators, Insurance Age notes.


TOWD POINT AUBURN 13: Fitch Affirms 'B-sf' Rating on Cl. E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed ratings for Towd Point Mortgage Funding
2019 - Auburn 13 (Auburn 13) and Towd Point Mortgage Funding 2020 -
Auburn 14 plc (Auburn 14).

ENTITY/DEBT     RATING    PRIOR  
-----------                    ------                  -----
Towd Point Mortgage
Funding 2020 - Auburn 14
plc

Class A XS2109385679 LT  AAAsf  Affirmed  AAAsf
Class B XS2109385836 LT  AA+sf  Affirmed  AA+sf
Class C XS2109386057 LT  AAsf   Affirmed  AAsf
Class D XS2109386214 LT  BB+sf  Affirmed  BB+sf
Class E XS2109386487 LT  BB-sf  Affirmed  BB-sf
Class XA XS2109387378 LT  B-sf   Affirmed  B-sf

Towd Point Mortgage
Funding - Auburn 13

A1 XS2053911264  LT  AAAsf  Affirmed  AAAsf
A2 XS2062950584  LT  AAAsf  Affirmed  AAAsf
B XS2053911421  LT  AAAsf  Affirmed  AAAsf
C XS2053911934  LT  AA+sf  Affirmed  AA+sf
D XS2053912239  LT  BB+sf  Affirmed  BB+sf
E XS2053913393  LT  B-sf   Affirmed  B-sf

TRANSACTION SUMMARY

The transactions are static pass-through RMBS securitisations of
primarily legacy buy-to-let loans, originated by Capital Home Loans
in England, Wales, Scotland and Northern Ireland.

KEY RATING DRIVERS

Interest Deferral Caps Junior Notes: Under Fitch's Global
Structured Finance Rating Criteria, notes that are projected under
the expected case to incur interest deferrals for an excessive
period, are capped at 'BB+sf'. In modelling Fitch expected case,
the class D and E notes in both transactions defer interest for at
least 20 consecutive payment dates. Fitch consequently capped the
ratings of these notes at 'BB+sf'.

These notes are currently deferring interest, which is being
exacerbated by the timing lag of when the SONIA linked to the note
coupons is reset, versus Bank of England Base Rate increases being
passed on to borrowers in the underlying asset pool. Furthermore,
the class D and E notes do not benefit from a dedicated source of
liquidity, unlike the class A to C notes.

Principal Deficiency Outstanding: Each transaction has an amount
outstanding on its principal deficiency ledger (PDL) being carried
forward. The PDLs have been accumulating largely due to
insufficient revenue collections, resulting in drawings on the
liquidity reserves of the more senior notes. These drawings require
replenishment from principal funds, which creates a record on the
PDL. In addition, both transactions have been suffering losses that
have been contributing to the total PDL amount.

An outstanding PDL effectively reduces the level of credit
enhancement (CE) available to the collateralised notes and is
credit negative for the transaction. This is reflected in the
affirmations.

Increasing CE: CE is continuing to build up as a result of
sequential amortisation. Despite the build-up in uncleared PDL
debits, the increased CE supported the affirmations.

Deteriorating Asset Performance: Fitch expects asset performance in
non-conforming pools could deteriorate as a result of rising
inflation and interest rates. A modest increase in arrears could
result in a reduction of the model-implied rating (MIR) in future
model updates. The ratings on Auburn 14's class E notes have been
constrained at two notches below the capped MIR to account for this
risk.

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 with increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to negative rating action depending on the extent of
the decline in recoveries. A 15% increase in the weighted average
(WA) foreclosure frequency (FF) and a 15% decrease in the WA
recovery rate (RR) indicate a negative impact on Auburn 13 of up to
three notches and up to one notch for Auburn 14.

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% indicate a positive impact on Auburn 13 and Auburn 14 of up
to one notch.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

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

Prior to the transactions 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, 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Towd Point Mortgage Funding - Auburn 13 has an ESG Relevance Score
of '4' for Customer Welfare - Fair Messaging, Privacy & Data
Security due to a high proportion of interest-only loans in legacy
owner-occupied mortgages, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Towd Point Mortgage Funding 2020 - Auburn 14 plc has an ESG
Relevance Score of '4' for Customer Welfare - Fair Messaging,
Privacy & Data Security due to a high proportion of interest-only
loans in legacy owner-occupied mortgages, 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.



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

[*] BOOK REVIEW: Bendix-Martin Marietta Takeover War
----------------------------------------------------
MERGER: The Exclusive Inside Story of the Bendix-Martin Marietta
Takeover War

Author: Peter F. Hartz
Publisher: Beard Books
Soft cover: 418 pages
List Price: $34.95
Review by Gail Owens Hoelscher
http://www.beardbooks.com/beardbooks/merger.html

William Agee, the youngest man ever to head one of the top 100
American corporations, seemed unstoppable. In 1977, at the age of
39, he took over Bendix Corporation, an aerospace, automotive, and
industrial firm, determined to diversify the company out of the
automotive industry. In his words, "Automobile brakes are in the
winter of their life and so is the entire automobile industry." He
sold off a few Bendix units, got some cash together, and began to
look for acquisitions.

Then Agee's relationship with Mary Cunningham burst into the news.
Agee had promoted Cunningham from his executive assistant to vice
president, to the outrage of other Bendix employees. Their affair,
replete with power, brains, youth, good looks, charm, denial, and
deceit, fascinated the American public. Cunningham was forced to
leave Bendix to work for Seagrams, with the entire country
wondering just how well she would do. The two divorced their
respective spouses and married soon thereafter. To the chagrin of
many, Cunningham continued to play a pivotal role in Bendix
affairs.

Eager to regain his standing, Agee turned to acquisition as soon as
the gossip died down. A failed attempt to acquire RCA left him more
determined than ever. He then set his sights on Martin-Marietta, an
undervalued gem in the 1982 stock market slump.

Thus began an all-out war of tenders and countertenders, egoism and
conceit, half-truths and dissimulation, and sudden alliances and
last-minute court decisions.

This is a very exciting account of the war's scuffles, skirmishes,
and battles. The author, son of a long-time Bendix director, was
able to interview some of the major participants who most likely
would have refused the requests of other authors. Some gave him
access to personal notes from the various proceedings. The author
thoroughly researched the documents involved in the takeover war,
as well as news reports and press releases. He explains the
complicated legal maneuverings very clearly, all the while keeping
the reader entertained with the personal lives and thoughts of the
players.

People love this book. The New York Times Book Review said
"Aggression and treachery, hairbreadth escapes and last-minute
reversals, "white knights" and "shark repellants" -- all of these
and more can be found in the true-life adventure of the
Bendix-Martin Marietta merger war." The Wall Street Journal said
"Merger brims with tension, authentic-sounding dialogue and insider
detail."

Peter F. Hartz was born in Toronto, Canada, in 1953, and moved to
the U.S. as a child. He holds degrees from Colgate University and
Brown University. He lives in Toluca Lake, California.



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *