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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, August 8, 2023, Vol. 24, No. 158

                           Headlines



B E L G I U M

IDEAL STANDARD: Moody's Affirms Caa2 CFR & Downgrades PDR to Ca-PD
IDEAL STANDARD: S&P Lowers Long-Term ICR to 'CC', Outlook Negative


B O S N I A   A N D   H E R Z E G O V I N A

BOSNIA AND HERZEGOVINA: S&P Raises SCR to 'B+', Outlook Stable


F R A N C E

CASINO GUICHARD: S&P Downgrades ICR to 'CC', Outlook Negative


G E R M A N Y

OQ CHEMICALS: S&P Upgrades ICR to 'B+', Outlook Negative
SGL CARBON: S&P Withdraws 'B' Long-Term Issuer Credit Rating


I R E L A N D

BNPP IP 2015-1: Fitch Lowers Rating on Class F-R Notes to 'BB-sf'
CVC CORDATUS XXVIII: S&P Assigns B- (sf) Rating to Class F Notes
DILOSK RMBS NO.7: S&P Rates F-Dfrd, X1-Dfrd Note Classes BB+(sf)


I T A L Y

ALI HOLDING: S&P Alters Outlook to Positive, Affirms 'BB+' ICR


L U X E M B O U R G

AFE S.A.: S&P Cuts LT ICR to 'CCC' on Growing Liquidity Risk
VENATOR FINANCE: $375M Bank Debt Trades at 52% Discount
VIVION INVESTMENTS: S&P Affirms 'BB' LT ICR, Outlook Negative


N E T H E R L A N D S

IGNITION TOPCO: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.


S P A I N

CODERE LUXEMBOURG: S&P Lowers ICR to 'SD' on Interest Nonpayment


U K R A I N E

METINVEST BV: S&P Reinstates LT ICR at 'CCC+', Outlook Negative


U N I T E D   K I N G D O M

AMPHORA FINANCE: GBP301M Bank Debt Trades at 60% Discount
CODECLAN: Crowdfunder Launched Following Liquidation
HENRY CONSTRUCTION: Ordered to Halt Bargate Work Prior to Collapse
PORT DINORWIC: Menter Felinheli Aims to Acquire Marina
RIPMAX: Bought Out of Administration by Amerang, 21 Jobs Saved

VEDANTA RESOURCES:S&P Alters Outlook to Negative, Affirms 'B-' ICR
WESSEX DRAWING: Bought Out of Administration, 24 Jobs Saved

                           - - - - -


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B E L G I U M
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IDEAL STANDARD: Moody's Affirms Caa2 CFR & Downgrades PDR to Ca-PD
------------------------------------------------------------------
Moody's Investors Service downgraded Ideal Standard International
S.A.'s probability of default rating to Ca-PD from Caa2-PD.
Concurrently, Moody's affirmed Ideal Standard's Caa2 corporate
family rating and Caa3 instrument rating of the EUR325 million
backed senior secured notes due in 2026. The outlook remains
negative.

The rating action follows Ideal Standard's announcement on July 25
of the restructuring proposal for its EUR325 million backed senior
secured notes due 2026. The transaction includes a one-for-one
exchange into new higher-ranking notes with a mandatory redemption
at 72 cents/EUR1, which is valid through the end of 2023 and will
be triggered by either of a change of control or disposal of all or
substantially all group's assets. Bondholders that participate in
the transaction will also be entitled to an early-bird fee of 10
cents/EUR1 which will be payable in connection with a mandatory
redemption, and preference shares in certain circumstances.

RATINGS RATIONALE

The downgrade of the PDR to Ca-PD reflects the high likelihood of
default because the proposed transaction, once completed, would
likely be considered a distressed exchange, an event of default
under Moody's definitions as both default avoidance and loss for
creditors are clearly present. Given the unsustainable capital
structure, absent a sale or change of control that leads to
mandatory redemption of the bonds, Moody's expects a restructuring
of debt that results in loss to creditors.  Furthermore, if Ideal
Standard executes on a sale that leads to full repayment of the
bonds, the reduction in debt may not be sufficient to avoid
incremental losses to creditors.

Default avoidance is present because Ideal Standard's weak credit
metrics, including leverage of around 11x and EBIT/Interest of 0.5x
in the last twelve months ending March 2023, as well as
expectations for continued negative free cash flow after the
company consumed cash in 2021 and 2022, point to an unsustainable
capital structure. This, combined with sizable negative equity,
will require a debt restructuring to facilitate possible
refinancing of the 2026 maturities. Additionally, the remuneration
offered in the change of control clause is well below par,
constituting a clear loss for the creditors.

The Caa2 CFR reflects Ideal Standard's weak credit metrics and
limited prospect of earnings growth in the context of the
challenging macro-economic environment and the company's exposure
to cyclical construction activities and consumers' discretionary
spending. The rating agency forecasts that FCF will likely remain
negative over the next 12-18 months, even if the bond will be
redeemed in line with the proposed transaction and assuming no
further change to the capital structure. The Caa3 backed senior
secured instrument rating incorporates recovery in line with the
proposed transaction.

Governance considerations relevant to Ideal Standard's rating
include its aggressive financial policies, as evidenced by the
sizable debt-funded dividend re-cap in 2021 at a time when the
company's transformational initiatives still required material
investments. This also added additional interest costs, which
further strain the company's ability to generate free cash flow,
and contribute to the need for a debt restructuring.

The rating remains supported by Ideal Standard's strong positions
in the sanitaryware and fittings market in Europe and the Middle
East and North Africa (MENA); and the company's restructuring
programme, including the transfer of its manufacturing facilities
to lower-cost locations, which should be largely concluded leading
to lower restructuring charges over the next 12-18 months.

LIQUIDITY

Ideal Standard liquidity is weak. As of March 2023, the company had
around EUR43.5 million cash on balance sheet and the EUR15 million
revolving credit facility (RCF) was fully drawn. The company
received a EUR25 million loan from affiliated lenders in January
2023, which was fully drawn as of March 2023. Moody's expects FCF
will remain negative in 2023 for around EUR30 million. Moody's
forecasts assume EUR60-65 million EBITDA (including one off and
restructuring charges), interest payment of around EUR30 million,
capex and lease payment between EUR30-35 million and recurrent
pension payment of EUR8 million.

Negative FCF coupled with around EUR60 million short term debt
increase the risk that Ideal Standard will not be able to meet the
upcoming maturities. At the same time, management expects to be
able to roll over the short-term maturities as these largely
consist of factoring lines and bilateral lines in Bulgarian and
Egypt, which have been extended historically.

Ideal Standard benefits from several factoring lines, which are
likely to be renewed to support intra-year fluctuations. While the
EUR25 million loan from affiliated lenders has improved liquidity
in the short term, it will mature on December 31, 2024 ahead of the
EUR325 million backed senior secured bond and EUR15 million RCF due
2026 and increasing refinancing risk.

The RCF contains one springing senior secured net leverage covenant
set at 7.0x and tested only when the RCF is drawn by more than 40%.
As of March 2023, the company was compliant with the covenant.

STRUCTURAL CONSIDERATIONS

The backed senior secured notes are rated Caa3, one below the CFR
of Caa2. The backed senior secured notes are subordinated to the
super senior RCF, MENA and Bulgarian facilities, which increased in
2022 due to the company's high cash burn. The EUR25 million term
loan facility due 2024 with certain affiliated lenders also ranks
senior to the bond because it is secured by certain assets that do
not secure other senior facilities. Moody's also sees the risk that
local lines in MENA and Bulgaria might increase over time in line
with expectations for negative FCF generation over the next 12-18
months.

The MENA and Bulgarian facilities rank senior to the notes and
super senior RCF. Both the notes and the super senior RCF share the
same security and guarantees, but the notes rank junior to the RCF
upon enforcement under the provisions of the intercreditor
agreement. Security includes pledges over share pledges, bank
accounts, intercompany receivables and intellectual property.
Material subsidiaries, which guarantee the notes, represent at
least 80% of the group's consolidated EBITDA. Moody's treats the
EUR1.76 billion of Preferred Equity Certificates (PECs) and around
EUR1.2 billion of Shareholder Loans (SHLs) entering the restricted
group as equity.

RATIONALE FOR NEGATIVE OUTLOOK

The negative rating outlook reflects that creditors could incur
losses greater than incorporated into the current ratings.

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

An upgrade of Ideal Standard's ratings is currently unlikely and
would require a significant improvement in operating performance
leading to Moody's assessment of a more sustainable capital
structure and stronger liquidity.

The ratings could be further downgraded if expected recovery rates
for lenders are lower than Moody's current expectations.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Belgium, Ideal Standard is a manufacturer of
sanitaryware and fittings products in Europe and MENA. The company
operates under branded names including Ideal Standard, Armitage
Shanks, Porcher, Armitage Shanks, and Vidima. The company has 9
manufacturing plants in Europe and Egypt. It provides its products
to both the residential and commercial markets. In 2022, the
company generated EUR737 million in revenue.

Since 2018, the company has been majority owned by Anchorage
Capital Group, with 80% of shares, and CVC Partners with the
remaining 20%.  

IDEAL STANDARD: S&P Lowers Long-Term ICR to 'CC', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Ideal Standard International S.A. (Ideal Standard) to 'CC' from
'CCC'. At the same time, S&P lowered its issue rating on the senior
unsecured notes to 'CC' from 'CCC'.

S&P said, "The negative outlook reflects our expectation that we
will lower the issuer credit rating to 'D' (default) upon
completion of the proposed exchange. Shortly after restructuring,
we would raise the ratings to a level that reflects the ongoing
risk of a conventional default or future distressed
restructurings."

S&P views the proposed exchange as distressed and tantamount to
default. On July 24, 2023, Ideal Standard announced it entered into
a transaction support agreement with investors that hold a voting
majority on the company's senior secured notes, due 2026. As part
of the agreement, such investors agreed to support a transaction.
This implies that the company's existing notes or exchanged new
notes will include a mandatory redemption right, triggered by a
change of control of the company or disposal of all or
substantially all of Ideal Standard's assets, and requiring
mandatory redemption at 72 cents/EUR1, plus accrued and unpaid
interest. The redemption trigger will be valid through to the end
of 2023, with mechanisms for extension upon certain conditions.

The holders of existing notes that participate in the transaction
no later than 10 business days after the issuance of the consent
solicitation will also be entitled to receive, pro rata to their
note holdings, an early bird fee of 10 cents/EUR1. This will be
payable in connection with a mandatory redemption and preference
shares issued by the company. The terms of the proposed transaction
will be fully detailed as part of the launch of the exchange offer
and consent solicitation, which S&P understands will take place
shortly.

Currently, 68.3% of the holders of the existing notes support the
transaction. As such, the company has enough support from
noteholders to remove all covenants and issue new notes for the
consenting lenders that would effectively prime the nonconsenting
holders of the existing notes. S&P views this exchange as
tantamount to default according to its criteria. If the company
achieves consent from more than 75%, all noteholders will be rolled
over to the new senior secured notes.

S&P said, "However, we still view this as inadequate compensation
due to the presence of a mandatory redemption clause upon change of
control that is less than par, even when including the early bird
fee. We do not consider the preference shares to be sufficient for
adequate compensation due to the uncertainty on the notes' value
and on the development of the business. Noteholders may
theoretically receive par or close to par through the potential
value assigned to the preference shares, subject to a high enough
sale price negotiated for the company, which may or may not take
place. Given the uncertainty of this scenario, we still regard this
as inadequate compensation for the lenders.

"For now, we acknowledge the company is still current on its
obligations, including the coupon on the existing senior secured
notes that remains unchanged, and its short-term debt.

"We will lower the ratings to 'D' once the transaction support
agreement is implemented. According to our ratings definitions,
under the proposed terms, we would likely consider this transaction
distressed and would lower our ratings on Ideal Standard to 'D'
upon the transaction closing. Afterward, we would incorporate the
company's new capital structure in our credit analysis.

"The negative outlook reflects our expectation that we will lower
the issuer credit rating on Ideal Standard to 'D' when the proposed
exchange is completed.

"We will likely lower the issuer credit rating to 'D' when the
exchange offer is completed. Shortly after restructuring, we would
raise the ratings to a level that reflects the ongoing risk of a
conventional default or future distressed restructurings.

"While unlikely, we could raise the ratings if Ideal Standard does
not complete the proposed exchange and establishes a clear plan to
avoid any future debt restructuring."

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




===========================================
B O S N I A   A N D   H E R Z E G O V I N A
===========================================

BOSNIA AND HERZEGOVINA: S&P Raises SCR to 'B+', Outlook Stable
--------------------------------------------------------------
On Aug. 4, 2023, S&P Global Ratings raised its long-term local and
foreign currency sovereign credit ratings on Bosnia and Herzegovina
(BiH) to 'B+' from 'B'. At the same time, S&P affirmed the 'B'
short-term foreign and local currency sovereign credit ratings on
BiH. The outlook is stable.

S&P also revised BiH's transfer & convertibility assessment to 'BB'
from 'BB-'.

Outlook

S&P said, "The stable outlook reflects BiH's resilient economic
performance despite prevailing external headwinds, as well as its
favorable fiscal position that we expect will endure over
2023-2026. It also illustrates our view that the recent domestic
political escalation will ease, although future bouts of
confrontation remain a risk given BiH's complex domestic
institutional arrangements."

Upside scenario

S&P could raise the ratings on BiH over the next 12 months if it
sees a sustained shift to more consensus-based domestic
policymaking which, over the medium term, could accelerate reforms
and economic growth.

Downside scenario

S&P said, "We could lower the ratings if domestic political
confrontations significantly escalate, particularly if this leads
to a rising likelihood of negative implications for government debt
service--for example, by affecting indirect tax revenue or foreign
currency reserves at the central bank. We currently view such a
scenario as unlikely."

Rationale

The upgrade reflects our view of BiH's resilient economic
performance, despite recent headwinds. These include the COVID-19
pandemic, followed by several episodes of domestic political
volatility and, more recently, weaker external demand. BiH's real
GDP has fully recovered from the pandemic and, based on economic
indicators in first-half 2023, we revised our 2023 real growth
forecast up to 2% from 1%.

The upgrade also reflects BiH's favorable consolidated general
government fiscal position, with forecast low net general
government debt of 22% of GDP by year-end 2023. About 65% of
consolidated gross general government debt is due to official
bilateral and multilateral creditors at long maturities and
favorable interest rates. Consequently, S&P projects that debt
service costs will remain contained for BiH--averaging just 2.5% of
government revenue through 2026--a low level in a global
comparison.

S&P said, "Our ratings on BiH remain constrained by the country's
exceptionally complex institutional and governance system.
Political volatility and confrontation occur frequently. The
upgrade is based on our expectation that the current domestic
political confrontation between Republika Srpska and several BiH
institutions, including the Office of the High Representative and
the Constitutional Court, will ultimately de-escalate. We note that
this has happened in similar situations previously.

"BiH lacks monetary flexibility given the standing konvertibilna
marka (BAM) currency board arrangement with the euro, which we
forecast will endure."

Institutional and economic profile: S&P expects the political
tensions surrounding Republika Srpska to de-escalate, while
economic growth remains resilient

-- BiH's economic growth is proving more resilient, and S&P has
revised its growth forecast for 2023 up to 2% from 1%.

-- S&P expects the ongoing domestic political standoff between
Republika Srpska and several state-level bodies will de-escalate,
similar to previous episodes of political tension.

-- Nevertheless, BiH's institutional arrangements remain
fundamentally complex, and S&P expects finding consensus on some
government policies will remain difficult.

BiH is a country with arguably the most complex institutional and
governance arrangements in the world, and this constrains the
sovereign ratings. The existing political structures owe their
existence to the Dayton Peace Accords, which ended three years of
war (1992-1995) and established the so-called Office of the High
Representative to oversee the civilian aspects of peace agreement
implementation. In practice, the country comprises two
entities--the Federation of Bosnia and Herzegovina (FBiH) and
Republika Srpska (RS)--each of which has a large degree of
autonomy, in addition to the small, self-governing Brcko District.
Each entity has its own parliament, government, and banking
regulator with extensive mandates.

Political disagreements have regularly surfaced on various
government levels with examples including:

-- The inability to agree and pass a state-level budget for a
prolonged period. State-level budgets are often adopted several
months into the year they cover and the 2020 budget was not adopted
at all.

-- Lengthy periods of government formation on the FBiH and state
level. For instance, it took 18 months to form a state-level
government in the aftermath of the 2019 election.

-- RS threatening to leave key state-level institutions including
the Indirect Taxation Authority, BiH armed forces, and the judicial
council.

Following an October 2022 general election and a comparatively
swift coalition government formation on both state and entity
levels, BiH has experienced another bout of political confrontation
in recent months. This time, it originated from a property law
adopted by RS that ruled certain property located in RS belonged to
RS rather than the state. The government of RS, dominated by
Alliance of Independent Social Democrats party (SNSD) and its
leader, RS President Milorad Dodik, subsequently called for RS'
secession from BiH while RS' parliament adopted laws on
non-implementation of decisions by the High Representative (by not
publishing the decisions in the Official Gazette as required) and
the Constitutional Court.

S&P said, "Although we expect domestic political volatility and
confrontation will continue re-surfacing, we expect that the
current stand-off will gradually de-escalate, similar to multiple
past episodes of political confrontation. This is supported by a
reported state-level agreement reached at the end of July 2023.
Overall, we expect that RS will remain within BiH on largely the
same terms as currently."

BiH was granted EU candidate status in December 2022, almost seven
years after the country officially applied to join. The related EU
report points to necessary judicial, anti-corruption, and economic
reforms, among others, that would be required to gain membership.
We expect the negotiation process to be gradual and do not view EU
membership as likely in the near future. This is primarily because
of substantial difficulties reaching consensus on reforms and
agreeing policy priorities.

BiH will nevertheless continue to benefit from various EU financial
support programs including an instrument for pre-accession
assistance. At the end of June 2023, the European Commission
announced a new EUR2.1 billion financial package for the Western
Balkans, which covers several infrastructure projects in BiH. S&P
said, "Even though BiH could also benefit from a funded IMF
program, especially given the elevated refinancing requirements for
RS at a time of tighter liquidity and higher interest rates, we do
not expect such a program to be secured over the medium term. We
understand that RS, for example, remains opposed to transferring
any competencies to the central government level, which has
previously been an obstacle for the IMF."

S&P said, "Despite the most recent and past political volatility,
BiH's economy has proven more resilient than we previously
anticipated. The economy expanded 4% in real terms in 2022 across a
range of components with strong growth in consumption, investments,
and exports. Even though we still expect a notable slowdown in 2023
because of weaker performance at BiH's key trade partners (mostly
in the EU), we have revised our growth forecast upward to 2% from
1%, driven by a stronger outturn for the first quarter.

By sector, construction and industrial production have exhibited
weak performance over the past three quarters. In contrast,
services have fared much better. For instance, retail trade,
transport, and accommodation expanded 4% quarter on quarter in
first-quarter 2023, continuing the strong upward momentum since the
initial recovery from the pandemic in second-half 2020. Various
indicators also point to strong performance in the tourism sector.
In 2022, travel receipts in the balance of payments already
exceeded the pre-pandemic 2019 peak by 30% and totaled EUR1.3
billion (about 6% of GDP). Over the first five months of 2023,
foreign tourist arrivals and nights spent both increased close to
40%.

Flexibility and performance profile: Low net general government
debt remains a key support for the sovereign rating, partly
offsetting a lack of monetary flexibility

-- S&P forecasts BiH's general government deficit will average a
contained 0.7% of GDP over the next four years while net general
government debt will remain contained at close to 20% of GDP
through 2026.

-- S&P expects BiH's current account deficit to gradually narrow,
averaging 3.5% of GDP over 2023-2026 and predominantly funded
through capital account surpluses and net foreign direct investment
(FDI) inflows.

-- BiH lacks an independent monetary policy given the existing
currency board arrangement with the euro, which S&P expects will
continue through our forecast to 2026.

BiH's strong fiscal indicators remain one of the key factors
supporting the sovereign ratings. On a consolidated general
government level, except for pandemic years 2020-2021, BiH has
consistently run fiscal surpluses. This has partly been a function
of fiscal prudence but also past delays in budget adoption and
reaching consensus on spending priorities. An example of the latter
would be an execution of various support schemes during the
pandemic in the FBiH, some of which were announced but never
implemented in full. Although final fiscal performance data for
2022 have not been released, S&P estimates that BiH recorded a
general government surplus of 1% of GDP.

S& said, "The consolidated fiscal performance, however, masks
substantially different budgetary outcomes in the FBiH and RS.
While we estimate that the FBiH recorded a surplus, RS posted a
deficit of about 0.8% of BiH's GDP (or around 2.7% of RS' GDP),
reflecting continued growth in current expenditure and acquisitions
of nonfinancial assets (capital spending), with the latter
typically lower in the FBiH previously. Following the successful
refinancing of a maturing EUR168 million Eurobond in June 2023 on
the domestic market, we consider that RS will still face some
financing pressures this year and next stemming from a budget
deficit and maturing debt. We forecast that it will successfully
meet its financing requirements through a combination of domestic
and external borrowing and international financial institution
credit line disbursements for specific projects.

"For 2023, we expect a modest fiscal deficit at the federation
level, in line with its adopted budget and a more pronounced
deficit in RS of about 2.5% of RS' GDP. We therefore project an
overall 1% of GDP general government deficit for the whole of BiH.
Over the medium term, as RS embarks on fiscal consolidation
measures while the FBiH's budget remains close to balance, we
expect the consolidated fiscal performance to strengthen with
deficits of 0.5%-0.7% of GDP over 2024-2026."

This, in turn, will underpin a continued decline in BiH's net
general government debt to 20% of GDP by 2026 from a projected 22%
of GDP at year-end 2023. BiH's gross general government debt is
concentrated on various levels of government. Of the total 29% of
GDP at year-end 2022:

-- 19% of GDP represents the debt contracted externally via the
state level. This debt is almost entirely due to official bilateral
and multilateral creditors which is incurred by the BiH state and
then on-lent to the FBiH and RS entities. Key creditors include the
World Bank, European Investment Bank, and IMF.

-- 7% of GDP represents the direct domestic debt of the FBiH and
RS, mostly in the form of bonds and treasury bills.

--2.5% of GDP represents the direct external debt of the entities,
which almost entirely consists of Eurobonds issued by RS.

-- Less than 1% of GDP represents the debt of lower levels of
government such as municipalities in RS and cantons in the FBiH.

Arrears have also been previously reported to suppliers in both RS
and the FBiH but the information on their size is more limited and
we do not explicitly include those in our calculation of public
debt.

There is almost no commercial debt at the state level; it
constitutes only 0.1% of GDP and is due to several foreign
commercial banks tied to specific projects. S&P said, "We also note
that BiH operates a special debt-servicing mechanism for
state-level debt which has been on-lent to the FBiH and RS
entities. Under this arrangement, the state-level Indirect Taxation
Authority collects indirect taxes across BiH each day, following
which resources are put aside for the functioning of the central
government and foreign debt payments on state-level debt. It is
only after these provisions have been made that the remaining
indirect revenue is distributed to the FBiH and RS. This mechanism
is structured to operate even when there is no budget adopted on
the state or entity level. In our view, it significantly reduces
the risks of nonpayment stemming from any unanticipated future
political disagreements."

S&P said, "We estimate that BiH's current account deficit widened
to 4.5% of GDP in 2022 from 2.3% of GDP in 2021, mostly on account
of the higher cost of oil imports, as well as broader global
inflationary pressures affecting goods imported into BiH. The
deficits should gradually moderate closer to historical averages of
3% of GDP by 2026. As previously, we expect debt financing to
account for only a small portion of current account funding, with
most financing representing net FDI inflows; a capital account
surplus (European pre-accession funds); and positive net errors and
omissions likely reflecting unrecorded transfers from Bosnian
citizens working abroad. Consequently, we project that BiH's net
international investment position will remain stable, at about -25%
of GDP (that is, a net external liability position)."

Following the temporary deterioration in banking sector confidence
over February-March 2022 relating to Sberbank subsidiaries
operating in BiH, conditions have improved, and deposits are
expanding again. Reported nonperforming loans continue to decline,
while the stock of domestic credit increased 4.8% in 2022, both in
the household and corporate segments. BiH's financial sector
remains largely conventional in nature, predominantly
deposit-funded, and with a limited amount of external debt
outstanding. S&P expects that domestic credit will continue to
expand this year, increasing 4%.

BiH maintains a currency board arrangement with the euro, whereby
the exchange rate is fixed at BAM1.96 to EUR1. The currency board
is an important economic anchor, but it curtails the central bank's
ability to conduct an independent monetary policy. Under the
existing exchange-rate arrangement, S&P also considers that the
central bank effectively has no ability to act as a lender of last
resort. S&P does not expect the existing exchange-rate arrangement
to change in the future.

Like other countries, BiH has experienced a significant upswing in
inflation, which amounted to 14% last year. S&P said, "We forecast
that inflation will gradually subside but remain elevated at about
7% in 2023. This is given our assumption that oil prices will
remain relatively high while upward wage pressure, due to qualified
labor shortages and general upward pressure on pay stemming from
outward migration of Bosnian citizens to work in the EU, will also
slow the disinflation process." Thereafter, inflation should
gradually reduce toward 2% by 2025.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  UPGRADED; RATINGS AFFIRMED  
                                         TO           FROM
  BOSNIA AND HERZEGOVINA

  Sovereign Credit Rating           B+/Stable/B     B/Positive/B

  Transfer & Convertibility Assessment   BB            BB-






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F R A N C E
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CASINO GUICHARD: S&P Downgrades ICR to 'CC', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered to 'CC' from 'CCC-' its issuer credit
ratings on Casino Guichard - Perrachon, to 'CCC-' from 'CCC' the
issue ratings on the group's senior secured debt, and to 'C' from
'CC' the issue ratings on the senior unsecured debt. S&P removed
all ratings from CreditWatch negative, where it had placed them on
May 9, 2023.

S&P said, "At the same time, we revised down the recovery rating on
Casino's senior unsecured debt to '6' (0% recovery expectations)
from '5' (25%). This is because of the additional EUR300 million
first-rank debt originated by the government's decision to delay
the payment of tax and social security liability, the disposal of
Casino's last stake in Assai for liquidity needs, and that Casino's
revolving credit facilities (RCFs) are currently fully drawn.

"The negative outlook reflects that we will lower the issuer credit
rating to 'D' if Casino executes the envisaged restructuring, or if
the group stops servicing its debt according to the original
schedule.

"Casino entered into an agreement in principle to execute a debt
restructuring and recapitalization that we would consider a
distressed debt exchange and tantamount to a default. On July 28,
Casino announced it had entered into an agreement in principle with
creditors holding more than two-thirds of the term loan B, and the
consortium formed by EP Global Commerce, Fimalac, and Attestor to
execute the restructuring and capital increase. The agreement in
principle implies lock-up agreements in September, an accelerated
safeguard proceedings in October, and the closing of the
transaction in first-quarter 2024. Additionally, the group said
that French banks, together with some of the aforementioned
creditors, holding more than two-thirds of the RCF agreed in
principle on the main terms of the restructuring. The transaction
envisages a EUR1.2 billion fresh equity injection: EUR925 million
from the consortium and the remaining EUR275 million from a group
of existing creditors. The offer also envisages a debt-to-equity
conversion of all of the group's EUR3.6 billion senior unsecured
debt (including hybrid bonds), and of EUR1.3 billion out of total
EUR4.0 billion of senior secured debt. The remaining portion of
senior secured debt, namely the term loan B, a portion of the RCF,
and Quatrim's bonds, will be reinstated in terms of amount,
maturity, and interests. Pro-forma the proposed transaction, and
pre-exercise of the warrants, the consortium would own 53% of
Casino, converted senior creditors would own 28%, investors
injecting the additional EUR275 million would own 15%. We
understand that, in any scenario, Casino shareholders will be
materially diluted and Rallye will lose control of Casino. EP
Global Commerce (through its affiliated VESA Equity Investment
S.a.r.l.) and Fimalac are already minority investors, with about
10% and 12% of the share capital, respectively, at this time. When
implemented, we would see this restructuring agreement as a
distressed debt exchange and tantamount to a default, since lenders
will receive less than originally promised, since obligations will
not be fulfilled as originally promised.

"Casino's willingness and ability to service its debt will be
tested in the coming weeks. We understand that the majority of
creditors did not respond or did not agree to the waiver on
interest and principal payments asked by the conciliators at
end-June. We also understand that the conciliators may require
grace periods during the conciliation proceedings in order to
protect the group's liquidity. Notably, we do not know if Casino
paid the coupon on the 2026 senior unsecured notes due mid-July;
although we note that, according to the documentation, the group
has an additional 30 days to make the payment before triggering an
event of default. If the group does not make the interest payment
within the earlier of the stated grace period or 30 calendar days,
we will lower the relevant issue rating to 'D'."

On July 28, the group announced that RCF creditors had agreed to
waive the events of default arising from the breach of the relevant
financial covenants as of June 30. This comes after the group said
that it was in breach of its maintenance covenants as end-June,
which would have resulted in a cross-default on the date of the
delivery of the relevant certificates.

S&P said, "To protect the group's liquidity, we understand the
French government agreed to defer the payment of the group's tax
and social security liabilities due between May and September 2023,
for a total of about EUR300 million, until the completion of the
financial restructuring. In exchange, the group granted guarantees
such as first-rank pledges, diluting the recovery prospects of
other creditors, in our view."

The group's operating performance remains very weak. During the
first-half of 2023, Casino's French operations experienced a 7%
year-on-year drop in revenue. This was driven by a 5% decline in
French retail due to a severe contraction of hyper and supermarkets
sales and a 24.2% decline of Cdiscount. Reported EBITDA contracted
75% to EUR134 million, and reported EBITDA after lease payments
fell into negative territory, reaching -EUR170 million. The group's
cash burn in the first half of the year was approximately EUR1.9
billion, of which roughly EUR900 million related to negative
working capital variation. S&P understands that the loss of
operating financing counted for about EUR800 million out of the
EUR900 million working capital outflow. The group also published a
revised business plan forecast for 2023, stating its expectation of
EUR214 million of EBITDA after lease payments for the full year,
which represents less than one-third of the 2022 level. As of June
30, the group reported EUR1.1 billion of cash on its balance sheet
from full drawings on its EUR2.2 billion RCF (despite being in
breach of its maintenance covenants), and the sale of its remaining
stake in Assai for about EUR900 million over the last six months.

S&P said, "The negative outlook reflects that we will lower the
issuer credit rating to 'D' if the group executes the envisaged
restructuring, or if the group stops servicing its debt according
to the original schedule.

"In the event interest payments are not made within the earlier of
the stated grace period or 30 calendar days, we will lower the
ratings to 'D'."

ESG credit indicators: E-2, S-2, G-5




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

OQ CHEMICALS: S&P Upgrades ICR to 'B+', Outlook Negative
--------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Germany-based OQ Chemicals International Holding GmbH to 'B+' from
'B'.

The negative outlook reflects that S&P may lower the rating on OQ
Chemicals if the company does not refinance its debt in the next
few months.

The upgrade is underpinned by the OQ group's stronger performance,
which results in an improved group credit profile. OQ Chemicals is
linked to Oman through its parent company OQ, which is wholly owned
by the government of Oman. S&P continues to consider OQ Chemicals a
moderately strategic subsidiary and strategic investment of OQ.

S&P said, "We have revised upward our group credit profile
assessment of OQ Chemicals, which leads us to include one notch of
support to OQ Chemicals' stand-alone credit profile. A significant
increase in oil and gas prices, volume recovery, and much higher
refinery margins enabled OQ to perform strongly in 2021 and 2022.
Revenues increased to $39 billion in 2022 from $23 billion the
previous year. EBITDA almost doubled and reached more than $6
billion. The group also pre-paid financial debts to strengthen its
balance sheet. This reduced its adjusted debt to EBITDA to below
2.0x in 2022 from about 4.0x in 2021. The strong performance and
supportive oil and gas prices resulted in strengthened cash flow
generation, a very solid cash position, and an improved liquidity
buffer. We continue to see a positive trend, as oil and gas prices
remain high. In 2023-2024, OQ's divestment program could further
boost the group's cash flows. We expect debt to EBITDA to remain
well below 3.0x in adjusted debt to EBITDA and FOCF to stay
positive in 2023-2024. In addition, we acknowledge OQ's willingness
to maintain a solid balance sheet.

"Mitigating our assessment, we note the very high volatility in
OQ's earnings and cash flow generation, which largely depend on oil
and gas prices. Furthermore, we anticipate that over next few
years, significant investment into renewable energy and green
hydrogen could constrain FOCF, depending on the size and timing of
these projects. While these projects are in early stages, we would
capture OQ's capital expenditure (capex) programs in our metrics,
as well as capex run by joint-ventures set up by OQ and third
parties. In addition, we view both OQ's credit profile and the
rating on the Omani government as highly correlated to oil price
volatility, stemming from the oil and gas sector's high
contribution to Oman's revenue. This constrains the likelihood of
government support in case of stress, which would likely be
accompanied by very low oil and gas prices.

"We expect OQ Chemicals' performance to continue weakening in 2023
before gradually recovering in 2024. Like many rated peers in the
chemical sector, customer destocking, weak business confidence, and
the lower pricing environment have eroded OQ Chemicals' revenue and
EBITDA in 2023. We also note the challenging basis for comparison,
as the first half of 2022 was exceptionally strong. The
intermediate segment is especially suffering, while the derivatives
segment, which is less commoditized, is more resilient. In the
first half of 2023, volume and pricing declines reduced sales by
33% and EBITDA by 50%, compared with the previous year. In the
second quarter, OQ Chemicals' performance has weakened further, as
it had its five-year turnaround plan in its Oberhausen
manufacturing site, leading to a temporary closure of the plants."

In May 2023, OQ Chemicals announced a new cost-cutting program and
organizational realignment in Germany to adapt to the weak and
volatile macroeconomic environment. The company plans to outsource
service areas like technical workshops and logistics to external
partners, as well as reduce staffing levels by up to 10% in
non-production areas. OQ Chemicals estimates that these measures
will result in long-term annual cost savings of at least EUR10
million. S&P said, "We acknowledge the restructuring costs and
believe that OQ Chemicals will start materially benefiting from the
program from 2024. We expect volumes to remain subdued for the rest
of the year, leading to our expectation of about EUR150
million-EUR170 million of adjusted EBITDA for 2023. In 2024, we
assume that the group's profitability will start recovering thanks
to greater demand, favorable basis for comparison, the cost-cutting
program in Germany, as well as the push of the company toward the
more profitable and higher growth derivative segment."

S&P said, "We forecast that adjusted debt to EBITDA will peak at
6.0x-6.5x in 2023 before reducing to below 5.5x in 2024. The
increase in leverage is driven by our expectation of weaker EBITDA.
We make debt adjustments, mainly accounting for OQ Chemicals'
asset-backed securities program (about EUR92 million in 2022),
leases, (EUR31 million), and pensions obligations (EUR52 million).
We include restructuring costs in our adjusted EBITDA. We note the
capex program resulted in depressed FOCF in 2023-2024. However, we
expect FOCF to turn substantially positive in 2025 once it
completes its Propel project (the integrated supply of
propionaldehyde, utilities, and sites services to Röhm at the Bay
City site)."

OQ Chemicals needs to address its debt maturities in the coming
months. Its EUR475 million tranche B1 and $500 million tranche B2
senior secured term loans are due in October 2024. S&P said,
"Therefore, the financial debt will become short term in October
2023. We understand that management is working on a refinancing
plan. We will monitor any refinancing development in the next
months. Mitigating our concerns, we note the solid financial
profile of its parent OQ, which could ultimately intervene.
However, if OQ does not provide support in a situation where OQ
Chemicals shows weak liquidity, we may reassess our group status
and support of OQ."

The negative outlook reflects that S&P may lower the rating on OQ
Chemicals if the company does not refinance its debt in the next
few months, leading to a weak liquidity profile, with no apparent
support coming from OQ.

Downside scenario

S&P could lower the rating if OQ Chemicals does not refinance in
the coming months its financial debt due October 2024, leading to a
weak liquidity profile.

Although less likely at this stage, S&P could also downgrade OQ
Chemicals if:

-- OQ Chemicals' stand-alone credit quality deteriorates,
reflected in consistent negative FOCF, or if its EBITDA were to
sustainably decline, such that adjusted debt to EBITDA weakens to
above 6.5x.

-- The credit profile of parent group OQ weakens, for example due
to a drop in oil and gas prices or due to higher growth capex than

S&P anticipates, resulting in higher adjusted leverage.

Upside scenario

S&P could revise the outlook to stable if:

-- OQ Chemicals successfully refinances its financial debt,
leading to a much stronger debt maturity profile and increased
liquidity; and

-- OQ Chemicals' adjusted debt to EBITDA remains below 6.5x
despite the weak current performance and macroeconomic
environment.

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

Environmental factors are a moderately negative consideration in
S&P's credit rating analysis of OQ Chemicals International Holding
GmbH. As a producer of oxo intermediates and derivatives, the
company is exposed to the global trend toward more stringent
regulation, especially for greenhouse gas emissions. The company
produced about 0.42 metric tons of scopes 1 and 2 carbon dioxide
(CO2) emissions per EUR1 million of sales in 2021. It aims to
reduce its CO2 emissions by 18% by 2025 and by 30% by 2030, from
the 2017 level, mainly through energy-efficiency and
process-optimization measures in its production facilities. At its
largest site in Oberhausen, Germany, it operates its own power
plant. This reuses large portions of liquid waste, exhaust gas, and
distillation residues from production units as fuels to generate
energy.


SGL CARBON: S&P Withdraws 'B' Long-Term Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Germany-based SGL Carbon SE at the company's request. The
outlook was stable at the time of the withdrawal. For S&P's most
recent publication, see "SGL Carbon To Have No Large Maturities
Until 2026 After Proposed Refinancing," published June 21, 2023, on
RatingsDirect.



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

BNPP IP 2015-1: Fitch Lowers Rating on Class F-R Notes to 'BB-sf'
-----------------------------------------------------------------
Fitch Ratings has downgraded BNPP IP Euro CLO 2015-1 DAC's class
F-R notes and affirmed the rest.

ENTITY/DEBT        RATING           PRIOR
----------                 ------              -----
BNPP IP Euro CLO 2015-1
DAC

A-R XS1802328267 LT   AAAsf   Affirmed   AAAsf
B-1-RR XS1802328424 LT   AA+sf   Affirmed   AA+sf
B-2-RR XS1802328770 LT   AA+sf   Affirmed   AA+sf
C-RR XS1802329075       LT   A+sf    Affirmed   A+sf
D-RR XS1802330677 LT   BBB+sf  Affirmed   BBB+sf
E-R XS1802331139 LT   BB+sf   Affirmed   BB+sf
F-R XS1802332533 LT   BB-sf   Downgrade  BBsf

TRANSACTION SUMMARY

BNPP IP Euro CLO 2015-1 DAC is a cash flow collateralised loan
obligation (CLO) backed by a portfolio of mainly European leveraged
loans and bonds. The transaction is actively managed by BNP Paribas
Asset Management France and exited its reinvestment period in July
2022.

KEY RATING DRIVERS

Portfolio Deterioration: Since Fitch's last rating action in August
2022, Fitch's weighted average rating factor (WARF) of the
portfolio increased to 26.5 (B/B-) from 25.6 (B/B-). As of the July
investor report, the portfolio was 1.9% below its target par of
EUR300 million, compared with the 0.2% below par reported in the
July 2022 report. Default exposure now amounts to 1.3% of target
par, up from 0.4%. The reported Fitch 'CCC' exposure has increased
to 6.9% from 4.5% over the same period. The transaction is also
failing the weighted average life (WAL) test (3.78 versus 3.25).
This led to the downgrade of the class F-R notes.

Limited Deleveraging Expectations: The Stable Outlooks on all notes
reflect Fitch's expectation that deleveraging of the notes will be
limited in the next 12-18 months, given the small portion of assets
maturing by 2023 and limited prepayment expectations in the current
uncertain macroeconomic environment.

Reinvestment Unlikely: Following the CLO's exit from its
reinvestment period the manager is unlikely to reinvest unscheduled
principal proceeds and sale proceeds from credit-risk and
credit-improved obligations. This is due to the breach of the WAL,
which must be satisfied after reinvestment. Since the manager is
unlikely to reinvest, Fitch has assessed the transaction based on
the current portfolio, and has notched down by one level all assets
in the current portfolio with Negative Outlook on Fitch-Derived
Ratings (FDR).

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated WARF of the current
portfolio was 26.5 and of the portfolio with Negative Outlook
notching was 27.8.

High Recovery Expectations: Senior secured obligations comprise
99.8% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted-average recovery rate (WARR) of the current portfolio is
62.9%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top- 10 obligor
concentration calculated by Fitch is 14.2%; no obligor represents
more than 2.0% of the portfolio balance, as reported by the
trustee.

Cash Flow Modelling: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par- value and interest coverage
tests.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels by 25%
of the mean RDR and a decrease of the recovery rate (RRR) by 25% at
all rating levels would result in downgrades of no more than four
notches depending on the notes. While not Fitch's base case,
downgrades may occur if build-up of the notes' credit enhancement
following amortisation does not compensate for a larger loss
expectation than assumed due to unexpectedly high levels of
defaults and portfolio deterioration.

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

A reduction of the RDR at all rating levels by 25% of the mean RDR
and an increase in the RRR by 25% at all rating levels would result
in upgrades of up to three notches depending on the notes, except
for the 'AAAsf' notes. Upgrades may also occur, except for the
'AAAsf' notes, if the portfolio's quality remains stable and the
notes continue to amortise, leading to higher credit enhancement
across the structure.

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

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.

CVC CORDATUS XXVIII: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to CVC Cordatus Loan
Fund XXVIII DAC's class A, B, C, D, E, and F notes. At closing, the
issuer also issued subordinated notes.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.


  Portfolio benchmarks

                                                         CURRENT

  S&P weighted-average rating factor                    2,887.48

  Default rate dispersion                                 443.04

  Weighted-average life (years)                             4.62

  Obligor diversity measure                               118.88

  Industry diversity measure                               23.34

  Regional diversity measure                                1.16


  Transaction key metrics

                                                         CURRENT

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B

  'CCC' category rated assets (%)                           0.53

  Covenanted 'AAA' weighted-average recovery (%)           34.49

  Covenanted weighted-average spread (%)                    4.10

  Covenanted weighted-average coupon (%)                    5.00


Class A investor condition

The transaction features a condition whereby the issue date class A
investor would have to consent, in writing, before certain
provisions of the documentation can be used. Some examples
include:

-- The transaction would not be able to run the class F interest
coverage ratio test to avoid interest smoothing unless consent is
obtained.

-- The carrying value of long-dated restructured obligations in
the overcollateralization numerator would be zero without consent
but would be the collateral value with consent.

-- The principal balance of any workout obligations would be zero
without consent, but can be carried at collateral value with
consent subject to other conditions.

-- The cumulative portfolio profile tests for workout obligations
are limited to 5% without consent but extend to 10% with consent.

-- The portfolio profile tests for uptier priming debt are limited
to 0% without consent but extend to 2.5% with consent.

-- The class A noteholders can object to modification or amendment
of any component of the S&P CDO Monitor scenario default rate
(SDR)/break-even default rate (BDR) to make it consistent with the
current criteria, provided that consent has not already been
given.

-- The eligibility criteria would not allow purchasing a step-down
and step-up coupon security without consent.

-- An interim payment date can only be called with consent.

-- There is a minimum S&P weighted-average recovery rate test,
which is included in the collateral quality tests unless class A
consent is received.

Asset priming obligations and uptier priming debt

Under the transaction documents, the issuer can purchase asset
priming obligations and/or uptier priming debt to address the risk,
where a distressed obligor could either move collateral outside the
existing creditors' covenant group or incur new money debt senior
to the existing creditors.

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately four and half years
after closing.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the EUR375 million
target par amount, and the portfolio's covenanted weighted-average
spread (4.10%), covenanted weighted-average coupon (5.00%), and
covenanted weighted-average recovery rates at each rating level. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"Until the end of the reinvestment period on Feb. 15, 2028, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to E notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B, C, D, and E notes
could withstand stresses commensurate with higher ratings than
those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a lower rating. However, we have applied our
'CCC' rating criteria resulting in a 'B- (sf)' rating on this class
of notes." The ratings uplift (to 'B-') reflects several key
factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that we rate, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 24.20%
(for a portfolio with a weighted-average life of 4.62 years),
versus if it was to consider a long-term sustainable default rate
of 3.1% for 4.62 years, which would result in a target default rate
of 14.32%.

-- The actual portfolio is generating higher spreads versus the
covenanted thresholds that it has modelled in its cash flow
analysis.

-- S&P said, "For us to assign a rating in the 'CCC' category, we
also assess (i) whether the tranche is vulnerable to nonpayments in
the near future, (ii) if there is a one in two chance of this
tranche defaulting, and (iii) if we envision this tranche to
default in the next 12-18 months. Following this analysis, we
consider that the available credit enhancement for the class F
notes is commensurate with a 'B- (sf)' rating."

S&P said, "Taking the above factors into account and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, we believe that our ratings are commensurate with the
available credit enhancement for all the rated classes of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
based on four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by CVC Credit Partners
Investment Management.

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to the following:

-- Any obligor where revenue is derived from the manufacture or
marketing of controversial weapons, anti-personnel mines, cluster
weapons, landmines, depleted uranium, nuclear weapons, white
phosphorus, blinding laser weapons, non-detectable fragments,
incendiary weapons, and biological and chemical weapons.

-- Any obligor where more than 10% of revenue is derived from
weapons, tailor-made components, or is involved in the
manufacturing of civilian firearms.

-- Any obligor where revenue is derived from tobacco production
such as cigars, cigarettes, e-cigarettes, smokeless tobacco,
dissolvable and chewing tobacco, and obligors where more than 5% of
revenue is derived from products that contain tobacco.

-- Any obligor whose primary business activity is non-certified
palm oil production.

-- Any obligor that generates revenues from manufacture,
production, marketing or trade in pornographic materials or
content, or prostitution related activities.

-- Any obligor that is involved in the trade of illegal drugs or
narcotics.

-- Any obligor that generates revenues from illegal logging
operations, trading and processing timber harvested illegally,
deforestation and/or tropical rainforest damaging including
conversion, clearing of forests with high conservation values or
high carbon stocks, and clearing of primary tropical forests.

-- Any obligor that derives more than 1% of revenue from sale or
extraction of thermal coal or coal-based power generation, or oil
sands extraction from unconventional sources.

-- Any obligor that is an oil and gas producer that derives less
than 40% of revenue from natural gas or renewables or that has
reserves of less than 20% deriving from natural gas.

-- Any obligor that is an electrical utility where carbon
intensity is greater than 100gCO2/kWh, or where carbon intensity is
not disclosed it generates more than 1% of its electricity from
thermal coal, or 10% from liquid fuels (oil), 50% from natural gas
or 0% from nuclear generation.

-- Any obligor that primarily provides predatory payday lending.

-- Any obligor that derives more than 5% of revenue from: opioid
manufacturing and distribution, hazardous chemicals, pesticides and
wastes, ozone-depleting substances as covered by the Montreal
Protocol on Substances that Deplete the Ozone Layer (1989).

-- Any obligor that derives any revenue from the trade in
endangered or protected wildlife, any species described as
endangered or critically endangered in the most recent publication
of the International Union for Conservation of Nature Red List; or
any species subject to protection under the Convention on
International Trade in Endangered Species of Wild Fauna and Flora
(1973).

-- Any obligor that violates the United Nations Global Compact (UN
GC) principles, or doesn't take the necessary actions to remedy any
known violation, and whose business activity is directly derived
from activities that violate the UN GC Ten Principles.

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, S&P not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities.

Environmental, social, and governance (ESG) corporate credit
indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."


  Corporate ESG credit indicators

                                 Environmental  Social  Governance

  Weighted-average credit indicator*     2.05    2.16    2.92

  E-1/S-1/G-1 distribution (%)           0.00    0.80    0.00

  E-2/S-2/G-2 distribution (%)          75.76   68.13   11.92

  E-3/S-3/G-3 distribution (%)           3.60    7.60   63.92

  E-4/S-4/G-4 distribution (%)           0.00    2.83    1.23

  E-5/S-5/G-5 distribution (%)           0.00    0.00    2.29

  Unmatched obligor (%)                 10.11   10.11   10.11

  Unidentified asset (%)                10.53   10.53   10.53

  *Only includes matched obligors.


  Ratings list

  CLASS     RATING*     AMOUNT     INTEREST RATE§      CREDIT
                      (MIL. EUR)                ENHANCEMENT (%)

  A         AAA (sf)     228.70      3mE + 1.85%      39.01

  B         AA (sf)       41.30      3mE + 3.00%      28.00

  C         A (sf)        18.70      3mE + 3.85%      23.01

  D         BBB- (sf)     26.30      3mE + 5.75%      16.00

  E         BB- (sf)      16.90      3mE + 7.87%      11.49

  F         B- (sf)       13.10      3mE + 9.86%       8.00

  Sub notes  NR           27.10          N/A           N/A

*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, D, E, and F notes address ultimate interest and
principal payments.

§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.

NR--Not rated.

N/A--Not applicable.

3mE--Three-month Euro Interbank Offered Rate.

6mE--Six-month Euro Interbank Offered Rate.


DILOSK RMBS NO.7: S&P Rates F-Dfrd, X1-Dfrd Note Classes BB+(sf)
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dilosk RMBS No. 7
DAC's class A to X1-Dfrd notes. At closing, the issuer issued
unrated class X2 and Z notes.

Dilosk RMBS No. 7 is an RMBS transaction that securitizes a
portfolio of buy-to-let (BTL) mortgage loans secured over
residential properties in Ireland.

The loans in the pool were primarily originated by Dilosk DAC
(Dilosk), a nonbank specialist lender, under its ICS Mortgages
brand over the last six years. There is also a small amount of
legacy loans in this pool, which ICS Building Society originated.
Dilosk acquired the ICS brand, mortgage platform, broker network,
and a portfolio of mortgages from Bank of Ireland in September
2014.

The transaction is primarily a refinance of the existing Dilosk
RMBS No. 3 DAC, which closed in 2019. These loans constitute 61.55%
of the pool. The issuer redeemed the Dilosk RMBS No. 3 notes on
April 20, 2022, and put them into a warehouse. Along with the ICS
Building Society originated loans, which make up 1.37% of the pool,
there are also some newer loans coming from warehouses that Dilosk
cornered off in the past for future securitizations, which
represent the final 37.08% of the pool.

While Dilosk was established in 2013, it has only been originating
BTL mortgages since 2017 and therefore historical performance data
is limited.

The collateral comprises prime borrowers. Almost all (98.63%) of
the loans were originated recently and are under the Irish Central
Bank's mortgage lending rules limiting leverage (through
loan-to-value [LTV] ratio limits) and debt burden (through
loan-to-income limits). The remaining 1.37% of loans were
originated by ICS Building Society under different lending
standards in Ireland from 2001–2014.

The transaction benefits from liquidity provided by a general
reserve fund, and in the case of the class A notes, class A
liquidity reserve fund.

Principal can be used to pay senior fees and interest on the notes
subject to various conditions.

All loans in this pool are currently paying a standard variable
rate as per Dilosk's interest rate setting policy.

At closing, the issuer used the issuance proceeds to purchase the
beneficial interest in the mortgage loans from the seller. The
issuer granted security over all its assets in security trustee's
favor.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria.

  Ratings

  CLASS     RATING*     AMOUNT (MIL. EUR)

  A         AAA (sf)      180.662

  B-Dfrd    AA+ (sf)        6.056

  C-Dfrd    AA+ (sf)        7.065

  D-Dfrd    AA (sf)         4.037

  E-Dfrd    BBB+ (sf)       2.523

  F-Dfrd    BB+ (sf)        1.514

  X1-Dfrd   BB+ (sf)        4.037

  X2        NR              1.010

  Z         NR              2.524

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes, the timely receipt of
interest when they become most senior outstanding and ultimate
repayment of principal on the class B-Dfrd notes, and the ultimate
payment of interest and principal on all the other rated notes.
NR--Not rated.




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

ALI HOLDING: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on food service equipment
provider Ali Holding to positive from stable and affirmed its 'BB+'
issuer and issue credit ratings on the company.

The positive outlook indicates the potential for an upgrade over
the next six to 12 months if the company continues to deleverage,
with S&P Global Ratings-adjusted funds from operations (FFO) to
debt trending toward and then remaining sustainably above 30%.

S&P said, "We expect Ali will continue its positive deleveraging
trajectory, with credit ratios that could be commensurate with an
investment-grade rating by the end of fiscal 2024. Ali has
demonstrated a positive track record of fast deleveraging after
transformative debt-funded acquisitions, thanks to management's
focus on dedicating a material portion of its cash flows to debt
reduction. The evolution of the company's credit metrics since the
$3.5 billion Welbilt acquisition, which closed July 28, 2022,
confirms this track record. We also anticipate that the company's
free operating cash flow (FOCF) will improve to about EUR1 billion
cumulatively for fiscal years 2024-2025. Moreover, we expect
record-high EBITDA in absolute terms, reaching on average EUR900
million per year over 2023-2025, due to the full consolidation of
Welbilt and the improvement in profitability coming from active
list price management and cost efficiency measures. As a result, we
anticipate S&P Global Ratings-adjusted debt to EBITDA will improve
to 2.6x in fiscal 2023 from 4.9x at year-end 2022 (not giving pro
forma effect for the 12 months' contribution of Welbilt's EBITDA to
2022). We also anticipate that S&P Global Ratings-adjusted FFO to
debt will improve to about 30% in 2024 (from 16.5% in 2022) and
remain above this level going forward.

"Despite a softening macroeconomic background, and unsupportive
consumer trends, we expect Ali's active pricing policy and its
ability to pass on cost inflation to its end clients to support
top-line and profitability. After a slowdown in new orders in 2023,
mainly due to high inventory stocks levels at distributors in North
America, we anticipate bookings will pick up in fiscal 2024. We
expect that demand will be mainly sustained by retail chains and
quick-service restaurants, a sector that shows resilient growth
prospects and in which Ali has strengthened its presence after the
acquisition of Welbilt. However, we note the company's sales could
be influenced by a negative currency effect, since we expect a
depreciation of the U.S. dollar from the average of EUR1.059
recorded over fiscal 2023 so far. As a result, for 2024 we forecast
the group's revenue will decrease by 3.5% to EUR4.1 billion (this
compares with our expectation of EUR4.3 billion in 2023 and EUR2.8
billion in 2022 which takes into account just one month of
consolidation for Welbilt). For 2023-2025, we anticipate S&P Global
Ratings-adjusted EBITDA margin will remain above 20% as the company
continues to actively manage its pricing strategy and should
benefit from reduced costs after the Welbilt delisting and the
scale up of its operations in North America. This compares with
18.3% in 2022, which included only one month of EBITDA contribution
from Welbilt.

"Ali's cash flow generation is a key credit strength. We anticipate
that Ali's FOCF to sales over fiscals 2024 and 2025 will be higher
than 10%, translating into cumulative cash generation of about EUR1
billion in this period. Beyond its relatively solid profitability
levels, Ali also enjoys low capital expenditure (capex)
requirements, which we forecast at about 1.6% of sales on average
over 2023-2025, broadly in line with the historical trend. We thus
expect the consolidated group to be able to generate a minimum of
EUR450 million FOCF per year from 2024. For 2023 we forecast barely
positive FOCF due to the one-off tax liability of about EUR344
million paid on the disposal proceeds from Welbilt's ice business
(gross proceeds of about $1.6 billion recorded in 2022). Net of
this, FOCF would have increased to about EUR346 million in 2023
(EUR174 million in 2022), owing to inventory normalization
translating into lower working capital needs, after a working
capital outlay of EUR236 million in 2022.

"Although we recognize Ali's commitment to fast deleveraging after
material debt-funded transactions, the lack of stated financial
policies around leverage and shareholder remuneration compares
negatively with other investment-grade companies we rate. The group
does not have an announced net debt target and we believe this
relates to its expansion strategy, which is significantly reliant
on inorganic growth, as transformative acquisitions in the past
demonstrate. The acquisition of Welbilt in 2022 ($3.5 billion) adds
to those of Scotsman Industries ($585 million) in 2012 and Inter
Metro ($418 million) in 2015. That said, we believe the risks
around additional debt in absolute terms, driven by new large
acquisitions or higher-than-envisaged shareholder remuneration or,
alternatively, changes in the shareholder composition, are
extremely low for the time being. As a result, under our base case,
we assume the company could invest up to EUR100 million per year on
bolt-on acquisitions starting from 2024. We also assume that the
company could distribute dividends of up to EUR50 million per year
from 2024.

"Ali is set to adopt IFRS for the first time for fiscal 2023 and
will continue to report in euros, with a fiscal year-end in August.
In our projected credit metrics, we anticipate that the adoption of
IFRS could lead to an increase of approximately EUR400 million in
net profit, deriving from the previous amortization of goodwill no
longer applicable under IFRS, and an increase of approximately
EUR120 million in financial debt, as operating leases will now be
treated as liabilities. Finally, EBITDA should increase by about
EUR15 million due to lower operating expenses.

"The positive outlook reflects the likelihood that we could upgrade
Ali by one notch within the next six to 12 months.

"We could revise the outlook to stable if it experiences prolonged
weak demand such that FFO to debt fails to rise and remain above
30% at the end of fiscal 2024. Under such scenario we would also
expect the S&P Global Ratings-adjusted EBITDA margins to materially
deviate from our current expectation.

"We could upgrade Ali if the company continues to advance in its
deleveraging efforts while keeping its S&P Global Ratings-adjusted
EBITDA margins in the 20s. We would view S&P Global
Ratings-adjusted FFO to debt sustainably above 30% from fiscal 2024
as commensurate with a higher rating. An upgrade would also hinge
on the company's commitment to sustain credit ratios commensurate
with an investment-grade rating."

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




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

AFE S.A.: S&P Cuts LT ICR to 'CCC' on Growing Liquidity Risk
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
AFE S.A. and its issue rating on its senior secured notes (SSNs) to
'CCC' from 'B-' and removed them from CreditWatch, where they were
placed with negative implications April 18, 2023.

The negative outlook reflects the potential of downgrade of up to
two notches in the next six months if we think that distressed
exchange of the SSNs or an RCF default is imminent.

The downgrade reflects AFE's increasing level of financial stress
and weakening liquidity. The company has yet to refinance its
EUR305 million of SSNs, which mature in August 2024. Although AFE
has managed to extend its RCF maturity to the end of this year, S&P
believes there is a high probability it will not be able to repay
the facility at maturity unless management undertakes extraordinary
measures such as assets sales, and absent a refinancing of the
SSNs, its further extension is unlikely. In addition, the amount of
liquid assets on AFE's balance sheet materially decreased when the
company repaid EUR19 million of its RCF in June this year, after
banks lowered the facility's maximum amount outstanding to EUR60
million. Exacerbating AFE's liquidity crunch is a pattern of high
intrayear cash flow volatility, which reflects the company's lower
portfolio granularity and greater-than-peers' focus on secured NPLs
and real estate. These factors leave AFE's liquidity position
highly vulnerable, in S&P's view.

Tough market conditions leave AFE with limited options to refinance
its SSNs and increase the risk of a distressed exchange. S&P said,
"We understand that management continues to consider options to
refinance the notes in the coming months, including extending the
existing bond's maturity. Nevertheless, the outcome of this
refinancing exercise remains uncertain, considering tight market
conditions, with limited investor appetite for high yield debt and
a spiraling cost of debt for entities under financial pressure. We
can't exclude the possibility that, absent better options, AFE's
creditors might be forced to accept a restructuring proposal that
we would classify as a distressed exchange if we believe
bondholders would receive less than promised under the bonds'
original terms."

Existing financial constraints materially limit AFE's ability to
maintain or expand its business. To generate sufficient liquidity
to meet its contractual RCF and interest repayments, management has
materially reduced new investments. The company is focusing on
collecting cash from its asset base, limiting new investment to
well below its replacement rate of EUR75 million. This policy will
reduce AFE's 84-month estimated remaining collections (ERC)
materially below the EUR539 million it reported as of March 1,
2023. The decision to reduce its investment volumes will further
constrain the company's strategic footing, weakening its position
versus peers with no such constraints, while limiting its
collections' and earnings. If AFE refinances its SSNs and can
extend the RCF's maturity, S&P believes that deployment could
normalize.

S&P said, "The negative outlook reflects the possibility of us
lowering our ratings on AFE and its SSNs by up to two notches in
the next six months if we came to believe that a distressed
exchange of its SSNs or default on its RCF were imminent.

"We could lower the ratings on AFE and its SSNs if we believe that
a distressed exchange appears inevitable or the company announced a
debt exchange or restructuring that we viewed as distressed.
Inability to repay or extend its RCF maturing at year-end 2023
would also prompt us to lower the ratings.

"We could raise our ratings if AFE refinances its SSNs without
breaching its original bond terms and achieves a capital structure
that substantially reduces its refinancing risk in the next 12
months. Improved earnings and liquidity would also be necessary
conditions for upgrade.

"We revised our assessment of AFE's liquidity to weak from less
than adequate due to the company's low liquid assets and high
liquidity requirements in the next 12 months, considering the
upcoming maturity of SSNs and RCF."

Principal liquidity sources as of midyear 2023 for the following 12
months include:

-- Cash on the balance sheet of less than EUR10 million.
-- Cash funds from operations of about EUR93 million.

Principal liquidity uses for the same period include:

-- Repayment of EUR60 million of RCF and EUR305 million of SSNs.

-- EUR5 million of working capital outflow.

-- EUR25 million of portfolio and real estate investment. This is
in line with the minimal investment guided by management for 2023,
and reflects our expectation that management will strictly limit
all new investment to fully repay its RCF by year-end.

Covenants

-- AFE must comply with maintenance covenants under its bond and
RCF documentation, under which S&P expects the company will
maintain sufficient headroom.

-- The loan-to-value ratio (calculated as net debt divided by the
84-month ERC) cannot exceed 75% (it was 68.5% as of end-2022).

-- The super senior RCF loan-to-value ratio cannot exceed 25%
(11.8% as of end-2022).

-- The issue rating on AFE's senior secured notes is 'CCC', in
line with the long-term issuer credit rating.

-- The recovery rating of '4' reflects its expectation of average
recovery (30%-50%; rounded estimate: 45%) in the event of default.

-- The company's capital structure comprises a EUR60 million RCF
due December 2023 and EUR305 of SSNs due August 2024.

-- S&P's recovery calculations start with the carrying valuation
of AFE's receivables, to which it applies a 25% discount. At the
same time, S&P applies 45% haircut to the company's investment in
real estate to reflect potentially higher asset value depletion of
real estate upon AFE's default due to their larger size and less
liquid nature. The approach is similar to that it applies for rated
peers.

-- Year of default: 2024

-- Jurisdiction: U.S.

-- Net enterprise value on liquidation: EUR224 million

-- Priority claims: EUR79 million

-- Collateral value available to secured creditors: EUR145
million

-- Senior secured claims: EUR320 million

    --Recovery expectation: 30%-50% (rounded estimate: 45%)

    --Recovery rating: 4

-- Net enterprise value is net of a 5% administrative expense.
Priority claims include six months of prepetition interest expense.
Senior secured claims include six months of prepetition interest
expense.


VENATOR FINANCE: $375M Bank Debt Trades at 52% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Venator Finance
Sarl is a borrower were trading in the secondary market around 48.4
cents-on-the-dollar during the week ended Friday, August 4, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $375 million facility is a Term loan that is scheduled to
mature on August 8, 2024.  About $351.3 million of the loan is
withdrawn and outstanding.

Venator Finance SARL is a provider of financial investment
services. The Company was founded in June 2017 and is located in
Luxembourg.


VIVION INVESTMENTS: S&P Affirms 'BB' LT ICR, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Vivion Investments S.a.r.l and assigned its 'BB+' issue rating
to the proposed senior secured notes. S&P placed its 'BB+' issue
ratings on the company's senior unsecured notes on CreditWatch with
negative implications, reflecting the likelihood that S&P could
lower the issue-level rating and recovery rating following the
transaction.

The negative outlook indicates that S&P could lower the rating if
Vivion fails to maintain its EBITDA interest coverage ratio above
1.8x in next six-to-nine months or it fails to complete the
proposed exchange offer transaction.

Vivion has announced a debt exchange offer for its senior unsecured
notes of EUR633.1 million due 2024 and EUR200 million convertible
bonds due 2025 with a new 6.50% plus payment in kind (PIK) senior
secured notes due 2028 and EUR601.7 million notes due 2025 with
another 6.50% plus PIK senior secured notes due 2029.

Vivion announced an exchange offer for its senior unsecured bonds
with senior secured notes, which will strengthen its maturity
profile, and S&P understands that pro forma the transaction, there
will be no major refinancing needs until 2028. Vivion's existing
capital structure has a bulk of debt maturities within the next
three years, mostly senior unsecured notes of EUR633 million due
August 2024 at 3.0%, EUR602 million due November 2025 at 3.5%, and
EUR200 million of convertible notes due 2025 at 2.25%. Its current
WAM is just below 3.0 years. On July 31, Vivion proposed to holders
of the 2024 notes to exchange each par amount of existing notes for
80 cents of new notes tendered plus a 20-cent early cash
consideration; and to the holders of the 2025 notes to exchange
each par amount of existing notes for 90 cents of new notes plus a
10-cent early cash consideration. The convertible bonds will also
be exchanged into the new notes with the existing senior unsecured
notes and senior secured notes totaling about EUR1.3 billion at
6.5% coupon plus PIK with 5.0 years and 5.5 years duration,
respectively. In light of the maturity extension, the exchange
offer would improve Vivion's WAM to about 5.0 years, with no major
refinancing needs until 2028. S&P Global Ratings views the exchange
providing less than the original promise but equally as
opportunistic, as the exchange of its senior unsecured notes is
several quarters in advance of its maturities and Vivion has a
solid liquidity position, including EUR719.8 million of cash and
cash equivalent on its balance sheet as of May 31, 2023, so we do
not see a realistic possibility of a near-term conventional default
without the anticipated transaction.

S&P said, "Our negative outlook incorporates the pressure on the
EBITDA interest coverage ratio due to a higher cost of debt
post-exchange.The exchange would cater to near-term refinancing
needs with improvement in the group's debt maturity profile, but
would put pressure on its EBITDA interest coverage ratio as the
company is issuing its new debt at a significant higher cost (about
6.5% plus PIK interest of 1.5%, which will be increasing by 25
basis points each year until the fifth year, versus about 3.4% of
average cost of debt as of Dec. 31, 2022). Under our new base case
forecast, we expect EBITDA interest ratio to decline to about 1.8x
in the next six-to-nine months from 2.1x as of Dec. 31, 2022, close
to our downside threshold of above 1.8x. We understand that the
company remains committed to an EBITDA interest coverage per S&P
Global Ratings' calculation at above 1.8x, and expect Vivion to
take sufficient steps over the next couple of quarters to avoid a
decline beyond our threshold. We expect that overall leverage will
remain low, with S&P Global Ratings-adjusted debt to EBITDA and
debt to debt plus equity to remain near 8.0x-8.5x and 45%-46% in
the next 12 months, respectively. As a result, we have revised our
financial risk assessment to significant from intermediate and our
financial policy modifier to neutral from negative.

"We continue to view Vivion's shareholder loans as 100% equity and
note the company's recent efforts to improve transparency. Vivion
paid EUR100 million of extraordinary dividend distribution and
plans to approve another EUR100 million from Golden Capital
Partners. The company's pro rata share will be EUR103 million,
which we understand would be used for unsecured notes cash portion
repayment, and EUR97 million will be distributed to Golden minority
shareholders. The dividend is in the form of repayment of
shareholder loans, mostly from accrued interest, thereby reducing
the shareholder loan by EUR200 million to EUR1.25 billion from
EUR1.45 billion as of December 2022. We continue to view of the
instrument as equity-like in our adjusted ratio calculations.
Vivion recently increased its efforts on a higher transparency and
disclosure regarding its presentation of its financial statements,
including a higher degree of disclosures under its accounting notes
in the 2022 report compared with that of previous years. Also, we
understand that Vivion is taking steps to improve its transparency
further with stakeholders, such as its plan to update the market
quarterly on key performance indicators, and the company also
appointed recently two new independent board members to improve
independence at the board level.

"We assigned our 'BB+' issue rating and '2' recovery rating to the
proposed senior secured first-lien notes. We expect the first-lien
notes to be about EUR1.3 billion based on full participation from
noteholders with early cash consideration. We understand that
Vivion already received 77% of 2025 notes, and 100% of convertible
noteholders confirmed intention to participate."

The CreditWatch placement on the existing notes mainly reflects the
risk of weaker recovery prospects for Vivion's unsecured
noteholders if the take-up does not reach 100%. The proposed notes
would rank ahead of any existing senior unsecured noteholders,
which could significantly affect their recovery prospects.

The negative outlook indicates that S&P could lower the rating if
the company fails to maintain its EBITDA interest coverage ratio
above 1.8x in the next six-to-nine months or it fails to complete
the proposed exchange offer transaction successfully.

Downside scenario

S&P could downgrade the company if Vivion fails to maintain:

-- EBITDA interest coverage above 1.8x sustainably;

-- Debt to EBITDA below 9.5x; or

-- Debt to debt plus equity below 60%;

S&P said, "In addition, we could take a negative rating action if
Vivion's operating performance, including occupancy rates, rental
growth, and asset values, deteriorated materially because of
ongoing effects from the weakening economy. We could also take a
negative rating action if the proposed exchange offer does not
proceed and the company cannot execute an alternative,
deteriorating its liquidity position, and if its average debt
maturity remains below three years."

Upside scenario

S&P could revise the outlook to stable if:

-- EBITDA interest coverage remains above 1.8x sustainably;

-- Debt to EBITDA remains below 9.5x;

-- Debt to debt plus equity remains well below 60%;

-- Liquidity remains adequate and Vivion's operating performance,
including occupancy rates, rental growth, and asset values, does
not materially deteriorate; and

-- The company maintains prudent financial policy such that it's
using its high cash balance for asset acquisitions to increase its
asset and EBITDA bases, or prioritize expensive debt repayment.

S&P will resolve the CreditWatch placement on the existing senior
unsecured notes upon completion of the exchange offer, which it
expects will happen in the next two-to-three weeks.

ESG Credit Indicators: E-2, S-2, G-4




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

IGNITION TOPCO: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded Ignition Topco BV's (IGM
Resins or the company) corporate family rating and probability of
default rating to Caa2 and Caa2-PD from Caa1 and Caa1-PD,
respectively. Concurrently Moody's downgraded the instrument rating
of Ignition Midco BV's backed senior secured bank credit facilities
to Caa2 from Caa1. Moody's also changed the outlook of both
entities to negative from stable.

RATINGS RATIONALE

The downgrade of IGM Resins' rating reflects the continued
deterioration in its operational performance since the last rating
action in March 2023 and Moody's expectation that the recovery in
earnings will be slower than previously anticipated, weighing on
the already weak liquidity profile. IGM Resins' high leverage, weak
interest coverage, and negative free cash flow since 2021 indicate
an unsustainable capital structure, which could create difficulties
in refinancing the company's debt maturities. IGM Resins' term loan
matures in July 2025 and its RCF expires six months prior to the
term loan maturity date, and Moody's believes interest expense
would rise significantly if the company were able to execute a
refinancing, further pressuring the already weak credit metrics. A
potential future refinancing transaction could be considered as a
distressed exchange under Moody's definition if it fulfills Moody's
criteria of default avoidance and economic loss for creditors
relative to the value of the debt obligation's original promise.
IGM Resins' majority shareholder, Astorg VI (Astorg), expressed its
commitment and support for the company.

IGM Resins' management adjusted EBITDA (excluding non-recurring
items) for the first half-year 2023 declined to around EUR3 million
from EUR25 million during the year-earlier period, mainly because
of low demand for ultraviolet curing materials and high competitive
pressure in its more commoditized product segment. Low utilization
rates at its production sites burden the cost structure, and to
offset the weak market dynamics, the company announced the closure
of its resin-producing plant in the United States and certain
operational initiatives to improve its cost base. The closure of
its US plant will result in one-off costs. Moody's believes that
IGM Resins will struggle to reduce its gross leverage over the next
12-18 months to a level that would support a successful refinancing
of its upcoming debt maturities. The rating agency forecasts gross
leverage, as adjusted and defined by Moody's, to stay above 9x by
year end 2024.

The company's weak earnings in combination with high non-recurring
items resulted in negative Moody's-adjusted free cash flow of
around EUR14 million for the first half of 2023. Nonetheless, the
company realized a more efficient working capital management which
offset partly the weak demand in the first half. For the second
half of the year, Moody's forecasts FCF generation after interest
costs and non-recurring items to be in the range of negative EUR5
million to breakeven levels. Moody's also envisages higher interest
costs to weigh on FCF, casting doubt on a return to positive
territory over the next 12 months. The company maintains a tight
cash control with a high focus on working capital and costs
savings.

The company recently announced that the $18.7 million payment to
Jiangsu Litian Technology's (Litian) shareholders is no longer due
because the conditions precedent under the purchase agreement were
not fulfilled. Nonetheless, Moody's still believes that the
company's liquidity profile remains weak and highly vulnerable to
downside risks. The company intends to repay 60% of its RCF
drawings, which is completely drawn as of end June, to avoid the
testing of the springing covenant in Q4-23. The company is unlikely
to meet the springing financial covenant if RCF drawings remain
above 40% of the total commitments. Per debt documentation, a
breach of this financial covenant could trigger the immediate
repayment of its RCF utilizations, if requested by the majority of
RCF lenders, leading to a potential event of default in the absence
of equity cure from its shareholder or credit amendments with
lenders. Currently, the company benefits from a covenant waiver for
its senior secured net leverage ratio from Q1-23 to Q3-23.

ESG CONSIDERATIONS

IGM Resins' Credit Impact Score (CIS) of 5 indicates that the
rating is lower than it would have been if ESG risk exposures did
not exist and that the negative impact is more pronounced than for
issuers scored CIS-4. IGM Resins has exposure to governance risks
such as financial strategy and risk management, which is reflective
of its unsustainable capital structure as well as its tight
liquidity management. Its performance relative to forecast over the
last years reveals a somewhat weak track record.

LIQUIDITY

IGM Resins' liquidity profile is weak. As of end June 2023, the
company had around EUR48 million of cash on balance and the EUR50
million RCF was fully drawn. The company intends to repay EUR30
million of RCF drawings to avoid the testing of the springing
financial covenant, which it would likely breach otherwise in
Q4-2023 once the covenant waiver period expires.

Liquidity is further constrained by EUR19 million of short-term
debt, which the company expects to continuously roll over. In a
scenario where the company would not be able to roll over the
short-term debt, the company would need alternative liquidity
sources.

OUTLOOK

The negative outlook on IGM Resins' Caa2 rating highlights the risk
around the unsustainability of the company's capital structure and
the risk of a liquidity shortfall over the next 12-18 months.

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

The ratings could be upgraded if there is strong visible near term
improvements in performance resulting in a sustainable capital
structure combined with sufficient headroom under the springing
financial covenant and an adequate liquidity profile.

Moody's could downgrade ratings if liquidity deteriorates further
or operating performance does not improve. A ratings downgrade
could also be prompted if Moody's view on the probability of a
restructuring or distressed exchange increases.

The principal methodology used in these ratings was Chemicals
published in June 2022.

COMPANY PROFILE

Ignition Topco BV (IGM Resins or the company) is the parent company
of operating companies that trade under the name IGM Resins, with
head offices in Waalwijk, the Netherlands. IGM Resins is a leading
global supplier of energy curing raw material solutions. These
products are high-value-added photoinitiators, acrylates and
additives used in a wide variety of industries, including the
packaging and printing industry; wood, plastic and metal coatings
industry; electronics and electrics industry; and in special
applications such as 3D printing and optical products. In 2022, the
company generated pro forma revenue of EUR287 million (including
Litian) and company-adjusted EBITDA of EUR39.5 million (including
Litian but excluding future synergies). The company is majority
owned by the private equity firm Astorg since July 2018.



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

CODERE LUXEMBOURG: S&P Lowers ICR to 'SD' on Interest Nonpayment
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Spanish gaming operator Codere Luxembourg 2 S.a.r.l. (Codere) to
'SD' (selective default) from 'CC'. S&P also lowered its issue
ratings on both the super senior and senior notes to 'D' (default)
from 'CC' and 'C', respectively. S&P affirmed the issue rating on
the proposed EUR100 million first-priority notes at 'CCC-'.

S&P plans to raise its issuer credit rating on Codere as soon as
the restructuring becomes effective and the new capital structure
is in place.

The downgrade to 'SD' reflects that Codere has elected to further
defer the coupon payments currently outstanding for both the super
senior and senior notes, beyond the grace period, in agreement with
the bondholders. Codere was due to pay EUR14.8 million on its super
senior notes due March 31, 2023, and EUR2.3 million on its senior
notes due April 30, 2023. S&P views this as a breach of a stated
promise on a financial obligation under the timeliness standard,
despite bondholders having consented to this extension, among other
considerations in the indenture.

S&P said, "We expect Codere will continue to make payments on its
other debt obligations, such as local debt facilities, in a timely
manner.Yet, we acknowledge that the group's liquidity situation
remains weak, exacerbated by the recently announced closure of
several gaming halls in Mexico and Argentina due to alleged
noncompliance with certain regulations. We understand Codere is
working on remediating the situation. However, as of the date of
this report, the timing and extent of consequences remain
uncertain. At July 23, 2023, the group had about EUR50 million of
cash balances, and we understand it is subject to a minimum
liquidity covenant stipulated at EUR40 million. This could be
breached if the closed halls are not reopened quickly and/or Codere
does not obtain the necessary covenant waivers.

"We understand that the group has obtained the necessary 90%
consent from lenders to implement the restructuring via a consent
solicitation and amendment process.This comes after the lock-up
agreement with an ad-hoc committee on March 29, 2023. However, we
now expect the restructuring could take additional time, with the
new long-stop date amended in the agreement to Oct. 27, 2023." Key
terms of the lock-up agreement included:

-- EUR100 million of new funding in the form of first priority
notes at 11% cash pay interest, maturing on June 30, 2027 (although
maturity might be brought forward in certain events), and ranking
ahead of the super senior notes. These first-priority notes will be
offered pro rata to all existing super senior noteholders.

-- The group availed itself a grace period related to the EUR14.8
million and EUR2.3 million coupon payments, contractually due on
March 31 and April 30, respectively, which will be capitalized and
accrued to super senior and senior noteholders on the transaction
effective date retrospectively at the new rate.

-- An extension of the maturity of the super senior notes by one
year to Sept. 30, 2027.

-- An amendment to the pro-forma EUR575 million super senior notes
interest through September 2024 to 1% cash and 15% payment in kind
(PIK); thereafter, 1% cash and 15% PIK; or, at the election of the
group, 6% cash and 10% PIK, from 8% cash and 3% PIK.

An amendment to the pro-forma EUR166 million and $102 million
senior notes interest through October 2024 as follows:

-- Euro notes: to 0.25% cash and 17.5% PIK; thereafter, 0.25% cash
and 17.5% PIK; or, at the election of the group, 2% cash and 15.75%
PIK, provided that the higher cash coupon rate has been paid on the
super senior notes, from 2.0% cash and 10.75% PIK.

-- U.S. dollar notes: to 0.25% cash and 18.375% PIK; thereafter,
0.25% cash and 18.375% PIK; or, at the election of the group, 2%
cash and 16.625% PIK, provided that the higher cash coupon rate has
been paid on the super senior notes, from 2.0% cash and 11.625%
PIK.

No amendments of the economic terms or the maturity of the
pro-forma EUR284 million subordinated PIK notes (not rated),
maturing Nov. 30, 2027.

An additional basket to be inserted in all instruments to allow
indebtedness to finance payment of certain contingent liabilities,
of up to EUR100 million, to rank in line with the first-priority
notes.

ESG credit indicators: E-2, S-3, G-5




=============
U K R A I N E
=============

METINVEST BV: S&P Reinstates LT ICR at 'CCC+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings reinstated its long-term issuer credit rating on
steelmaker Metinvest B.V. and its issue ratings on its senior
unsecured bonds at 'CCC+', one notch higher than the long-term
foreign currency sovereign rating on Ukraine (CCC/Negative/C). The
ratings were previously suspended in March 2022.

The negative outlook reflects the prevailing uncertainty under
which the company is operating, potentially affecting its ability
to generate cash flow and ultimately repay maturing debt.

S&P said, "Although the Russia-Ukraine war is ongoing, we have
slightly better visibility allowing us to reinstate the rating. In
March 2022, we suspended our ratings on Metinvest and on other
Ukraine-exposed metals and mining companies because of reduced
operational visibility. Although the war has not been resolved, we
have decided to reinstate our ratings based on the company's
resilient performance over the past year and comfortable liquidity.
However, the situation remains dynamic, with plants outside
occupied territories operating at varying degrees of capacity and
subject to rapidly evolving economic, security, energy supply, and
logistics factors.

Despite the resilience of Ukraine-based operations, uncertainty and
changing conditions prevail for the foreseeable future. Since
February 2022, the war has forced Metinvest to halt a large portion
of its production in several key assets: namely, its key crude
steel facilities in Mariupol and its metallurgical coke facilities
in Avdiivka. In 2022, its crude steel and iron-ore concentrate
production fell nearly 70% compared with 2021 (in first-quarter
2023, the steel production was about 0.5Mt compared with 2.1Mt in
first-quarter 2021).

Additionally, the company experienced electricity blackouts and
remains unable to access Ukraine's Black Sea ports, preventing most
seaborn imports and exports. Meanwhile, the limited railway
throughput has been insufficient to replace seaborn trade.

However, despite these significant setbacks, Metinvest's Ukrainian
operations have remained resilient thanks to the group's geographic
and operational diversification across its manufacturing footprint
and intragroup consumption (self-sufficiency in raw materials,
namely iron ore, and coking coal), and S&P expects it to generate
positive free cash flows even if the current low utilization rates
persist in the second half of 2023.

The adjustment of overseas assets to stand-alone businesses should
continue to support the group. Metinvest's non-Ukrainian assets
(metallurgical assets in continental Europe and mining assets,
specifically United Coal, in the U.S.) successfully adjusted their
operations over the course of 2022 to be more independent. For
instance, United Coal expanded its customer base to replace
Metinvest's Ukrainian coke facilities while the rerolling plants in
the U.K. and Italy secured feedstock slabs from local and overseas
markets to replace the supply from occupied Mariupol. Additionally,
the Bulgarian re-roller Promet Steel has continued production using
feedstock from the group's Ukraine-based steelmaker Kamet Steel and
arranged third-partly supplies. S&P said, "We expect these
non-Ukrainian assets to support production output, despite the
steep reduction in shipments to non-Ukrainian markets owing largely
to the Black Sea port blockades and rail network disruptions, as
well as lowered demand from these regions. Under our base case, we
assume that Metinvest's international operations will generate
EBITDA of about $240 million in 2023, which could translate into
free operating cash flow (FOCF) of $100 million-$130 million."

S&P said, "We factor into the 'CCC+' rating the absence of debt
maturities in the next 12 months.As of June 30, 2023, Metinvest had
a gross debt of about $1.9 billion, most of which is due in
2025-2027, with a $500 million bond maturing late-2029. After
Metinvest in April fully repaid the 2023 bonds ($145 million of
principal outstanding as of Dec. 31, 2022), it will need to address
relatively small maturities of about $50 million in the coming 12
months, while its next significant maturity will be in June 2025
when the EUR296 million bond (amount outstanding as of Dec. 31,
2022) will be due for repayment. Our liquidity analysis, and
ultimately our rating, is based on the company's ability to use the
cash it holds outside of the country (we estimate roughly $250
million as of June 30, 2023) and FOCF from its international
operations to repay its maturities (both inside and outside
Ukraine) in the coming 12 months. At this stage, given the limited
visibility on the FOCF capacity in Ukraine and the current
restrictions to move money out from Ukraine (most of the company's
$1.9 billion debt was issued outside of the country), we give very
limited weight to Metinvest's Ukrainian operations. We would
consider the impact on the rating if the current foreign exchange
restrictions were lifted and the company were able to adjust its
capital structure.

"The negative outlook reflects the prevailing uncertainty under
which the company is operating. In our view, a material operational
impairment of the Ukrainian assets--such as the activation of
material adverse change (MAC) clauses, among others--would lead to
the company's insolvency in the next 12 months."

In addition, if the current situation continued for several
quarters, the EUR296 million due in June 2025 would move to the
spotlight.

S&P could lower the rating if:

-- The international operations generated a negative free cash
flow leading to a sharp drop in the company's cash position outside
of Ukraine;

-- Unforeseen event leading to an acceleration of liabilities
payments or activation of MAC clauses; or

-- Debt restructuring occurred.

S&P could revise the outlook to stable or consider an upgrade once
the armed conflict in Ukraine has ended.

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




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

AMPHORA FINANCE: GBP301M Bank Debt Trades at 60% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 39.9
cents-on-the-dollar during the week ended Friday, August 4, 2023,
according to Bloomberg's Evaluated Pricing service data.

The GBP301 million facility is a Term loan that is scheduled to
mature on June 1, 2025.  The amount is fully drawn and
outstanding.

Amphora Finance Limited operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company's country of domicile is the
United Kingdom.


CODECLAN: Crowdfunder Launched Following Liquidation
----------------------------------------------------
Lauren Gilmour at The Scotsman reports that a Crowdfunder has been
launched to support students training at a digital skills scheme,
which went into liquidation, to complete their studies.

CodeClan -- based in Edinburgh -- called in administrators on
Friday, Aug. 4, making all staff redundant with immediate effect as
well as bringing courses to an end for students, The Scotsman
relates.

The company was set up in 2015 to help fill the digital skills gap
in Scotland by offering full-time training courses in coding and
data analysis.

Student Stuart Ure, from Edinburgh, set up the Crowdfunder to help
students complete their courses, The Scotsman discloses.

Mr. Ure has asked potential fundraisers to "please help" seven
cohorts of students to complete their courses, The Scotsman
states.

As well as students no longer being able to complete their courses,
CodeClan instructors have also been left without jobs, The Scotsman
notes.

Mr. Ure, as cited by The Scotsman, said that any funds raised would
go towards paying them to help students complete studies.

According to The Scotsman, a statement on CodeClan's website read:
"It is with extremely heavy hearts that we announce that CodeClan
has gone into liquidation and will cease all operations as of
August 4, 2023.

"Sadly, that means all our staff have been made redundant and will
no longer represent CodeClan."

"Craig Morrison and Scott Milne of Quantuma Advisory Limited were
appointed Joint Provisional Liquidators of the CodeClan Limited on
August 4, 2023.

"CodeClan has ceased to trade with immediate effect. Creditors will
be contacted in due course."

The Crowdfunder can be accessed at:
https://www.justgiving.com/crowdfunding/codeclanbootcamp


HENRY CONSTRUCTION: Ordered to Halt Bargate Work Prior to Collapse
------------------------------------------------------------------
Chris Yandell at Southern Daily Echo reports that a company
involved in a GBP132 million project to transform Southampton city
centre was ordered to stop work three weeks before it went into
administration.

Henry Construction Projects was slapped with two prohibition
notices by the Health and Safety Executive (HSE), which raised
concerns relating to the Bargate Quarter scheme, Southern Daily
Echo relates.

HSE accused the company of failing to ensure the safety of people
working on the huge construction project, Southern Daily Echo
discloses.

Issued on May 16, the notices said platforms at the site lacked
guard rails to prevent falls, Southern Daily Echo recounts.  They
also said an area known as B Block was not equipped with a fire
detection and alarm system, despite "hot works" involving flammable
substances, Southern Daily Echo notes.

On June 8, Henry Construction Projects filed for administration,
Southern Daily Echo relays.

It came after the Hounslow-based company was fined GBP234,000
following an incident in London in 2021 in which a demolition
worker fell from a platform and was seriously injured, Southern
Daily Echo notes.

The Bargate Quarter scheme comprises 519 new homes -- a mix of
studios, one, two, and three-bedroom units -- along with 2,515
square metres of ground floor commercial space.

Hailed as "crucial" for the city it is expected to create 115 jobs
and contribute GBP5.5 million to the local economy.

According to Southern Daily Echo, in a statement the developer,
Tellon Capital, said it was working to secure the "best possible
outcome" for the project.

"We are currently in discussions with potential contractors who
will take over and complete the project.

"As this is a substantial site, we are committed to selecting a new
contractor that aligns with our vision and ensures the delivery of
a high-quality development for one of the most historic parts of
Southampton."


PORT DINORWIC: Menter Felinheli Aims to Acquire Marina
------------------------------------------------------
Branwen Jones at WalesOnline reports that a community has come
together in a bid to save a Welsh marina that has gone into
administration.

At the beginning of June this year it was announced that top
accountancy firm called Azets had been appointed joint
administrators of Port Dinorwic Marina Limited in Y Felinheli in
Gwynedd, WalesOnline relates.

The Port Dinorwic marina, which dates back to 1763, was acquired by
The Marine and Property Group Limited back in 2017.  The group
owned and operated various marinas across Wales, including in
Cardiff, Burry Port and Aberystwyth.  It was also placed in
administration in April 2023, WalesOnline recounts.

According to WalesOnline, the accountancy firm Azets confirmed that
Port Dinorwic Marina Limited had experienced "financial
difficulties" in recent months, with marina operations not
"reaching their potential during ongoing economic and financial
uncertainty since the beginning of this year".

At the end of July, it was confirmed that the marina was up for
sale as sellers Christie & Co had been instructed by administrator
Azets to bring the site to market in a sealed-bid auction,
WalesOnline relays.  But community enterprise Menter Felinheli hope
to raise enough money to buy the marina in order to help the local
economy and the community at the heart of the village, WalesOnline
states.

But a few weeks later when they found out about the marina's
administration, Menter Felinheli decided to take up on the
ambitious plan of buying the site as the enterprise's first
project, WalesOnline discloses.

If successful in their attempts it will be the first community
enterprise in Wales to own a marina, although examples already
exist in Scotland, WalesOnline notes.  As the auction is a
sealed-bid, where no bidder knows how much the other auction
participants have bid, the enterprise hopes to raise around one
million pounds in its aim to buy the marina, according to
WalesOnline.


RIPMAX: Bought Out of Administration by Amerang, 21 Jobs Saved
--------------------------------------------------------------
Consultancy.uk reports that online model retailer Ripmax has been
sold out of administration, protecting more than 20 jobs.

According to Consultancy.uk, the sale was overseen by
administrators from restructuring specialist Quantuma.

Formed in 1949, Ripmax has spent more than seven decades supplying
radio control models to hobbyists around the world -- from aircraft
and helicopters to quads, boats, cars and more.  Ripmax is one of
the UK's leading suppliers of radio control models and accessories,
but one of its four sites is also in Germany, giving its products a
European reach.

In 2013, this positioning enabled the firm to purchase Amerang -- a
wholesale business owned by ModelZone -- when its competitor
collapsed into administrationm Consultancy.uk relates.  While sales
seem to have remained healthy -- the business reported a turnover
of GBP5 million in 2021 -- Ripmax fell into its own administration
in July 2023, Consultancy.uk notes.

The company had reportedly incurred significant challenges,
including a build-up of crown debt, during the height of the
pandemic, Consultancy.uk discloses.  With reduced turnover
throughout various lockdown periods, and squeezes on cash flow, due
to the resulting high cost of importation and shipping, the firm
appointed experts from Quantuma to weigh up its options,
Consultancy.uk states.

Fortunately, a cross-border advisory team from Quantuma was able to
complete a pre-pack administration sale of the Enfield
headquartered firm, Consultancy.uk relates.  Quantuma managing
directors Andrew Watling and Simon Campbell were able to sell the
business and assets to Amerang -- still a connected company --
securing 21 jobs in the process, Consultancy.uk discloses.

The deal also ensures continuity for all Ripmax customers and
suppliers, who CEO Nick Moss said would continue to enjoy "business
as usual", according to Consultancy.uk.


VEDANTA RESOURCES:S&P Alters Outlook to Negative, Affirms 'B-' ICR
------------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Vedanta Resources
Ltd. to negative from stable to reflect the heightened refinancing
risk. At the same time, S&P affirmed its 'B-' long-term issuer
credit rating on the company, anticipating it will raise more funds
before end-2023. S&P also affirmed its 'B-' long-term issue rating
on Vedanta Resources' senior unsecured debt.

The negative outlook reflects the company's tight liquidity due to
its large debt maturities up until March 2025.

Vedanta Resources' large debt maturities that require external
financing present downside rating risk.

S&P estimates the company will have a funding gap of as much as
US$2 billion until August 2024.

Vedanta Resources has debt maturities of about US$3 billion from
now until August 2024. The company also has interest expenses that
we estimate at US$650 million. The US$500 million that Vedanta
Resources just raised by selling part of its stake in 64%-owned
Vedanta Ltd., together with dividends and brand fees, should meet
about half of the above debt-servicing needs.

For the balance, Vedanta Resources will likely need to raise at
least US$600 million before its US$1 billion bond matures in
January, and the rest before August 2024. Given the significantly
reduced dividend capacity of Vedanta Ltd., Vedanta Resources is now
more exposed to funding risk.

Vedanta Resources is making refinancing progress, but execution
risks remain.

S&P said, "We understand that the company is in discussions to
raise further funds in excess of US$1 billion. We see material
risks, given a challenging funding environment and the absence of
traditional funding sources such as capital markets. This is the
basis for the negative rating outlook on Vedanta Resources.

"Limited visibility of the cash flow from operating subsidiaries
could also make fundraising more difficult. Our base case assumes
dividends and brand fees of about US$900 million annually in total.
This represents about 40% of what Vedanta Resources received
annually in the past two fiscal years (ending March 31)."

Vedanta Resources has other funding options.

S&P said, "Successful fundraising will meet a large part of the
funding gap that we estimate at about US$2 billion. We believe
Vedanta Ltd. can contribute about US$700 million of additional
dividends over the coming year, contingent on successful corporate
actions." These include a transfer of general reserves to retained
earnings at Hindustan Zinc Ltd. (at an advanced stage) and the
repayment of a remaining intercompany debt by its zinc
international unit to Vedanta Ltd. Any successful sale of assets
will also create dividend capacity and close the funding gap.

However, all these are subject to event risks, with low visibility
currently.

Vedanta Resources' commitment to repay debt and the strength of its
underlying operations support the rating.

The company has demonstrated a willingness to pay and a track
record of fundraising even in adverse funding conditions. This
supports the 'B-' rating despite the sizable funding gap. Vedanta
Resources' recent sale of equities to raise US$500 million
underscores its intention to pay, in S&P's view.

The 'B-' rating also reflects Vedanta Resources' commitment to not
pursue transactions such as bond exchanges that S&P Global Ratings
may view as distressed.

Vedanta Resources' dilution of ownership in Vedanta Ltd. is a
strategic shift from its previous intention to tighten the
corporate structure. S&P does not see it as materially credit
negative, since the holding company has reduced debt and intends to
keep leverage in control.

Vedanta Resources targets to reduce debt at the holding company
further to less than US$5 billion, from about US$6 billion
currently, over the next two years. However, this may require
transactions such as asset sales or a further stake dilution in
Vedanta Ltd.

Operating outlook remains supportive despite lower commodity
prices.

Vedanta Resources may have broadly similar EBITDA in fiscal 2024 as
the US$4.5 billion in fiscal 2023. Declining input prices, notably
of aluminum, may offset lower selling prices, especially of zinc.
Earnings in fiscal 2025 could be flat or slightly higher,
benefiting also from slightly higher volumes.

Vedanta Resources will be commissioning a new 400,000-ton per annum
(tpa) aluminum smelter in India and a 250,000 tpa zinc smelter in
Africa in fiscal 2025. The company will also expand its alumina
refinery to 5 million tons per annum (tpa) toward the end of fiscal
2024.

S&P expects Vedanta Resources to strengthen its aluminum business
further once it expands its capacity to 3 million tpa and improves
its backward integration. The company will likely be
self-sufficient in both coal and bauxite if it successfully
commissions its coal and bauxite mines over the next two years.

Vedanta Resources is also expanding downstream facilities.
Value-added products could make up 90% of the company's total
production, but these benefits will only accrue beyond our forecast
period.

The negative rating outlook reflects Vedanta Resources' tight
liquidity due to large debt maturities up until March 2025. As the
company has limited access to subsidiaries' cash flow, the negative
outlook also reflects limited tolerance of the rating to setbacks
in business cashflow generation, lender negotiations, and cash
upstreaming from subsidiaries.

Downside scenario

S&P could lower the ratings on Vedanta Resources if it observes an
increase in refinancing risk. A lack of further progress in funding
initiatives before the end of calendar 2023 could precipitate
negative rating actions.

While less likely, S&P could lower the rating to 'SD' if Vedanta
Resources undertakes any liability management such as bond tenders
or exchange offers that will likely constitute a distressed
exchange.

Upside Scenario

S&P could revise the outlook to stable if Vedanta Resources
improves its liquidity position through stronger liquidity and
external funding. An improvement in the company's weighted average
maturity at the holding company toward three years (from about two
currently) such that there are no major funding gaps over the next
12-18 months could indicate such an improvement.

Any significant asset sales or other transactions that could
improve dividends from Vedanta Ltd. could also help stabilize the
ratings.

ESG credit indicators: E-4, S-3, G-4


WESSEX DRAWING: Bought Out of Administration, 24 Jobs Saved
-----------------------------------------------------------
Business Sale reports that a steel fabrication business based in
Romsey has been acquired by a connected party in a pre-pack
administration process.

Wessex Drawing Services, which is based on the Romsey Industrial
Estate, was forced to enter administration on July 28 as a result
of significant financial difficulties, Business Sale relates.

The company was founded in 2014 and had reportedly traded strongly
before encountering financial challenges that led to its directors
injecting a significant amount of personal funds into the firm,
Business Sale recounts.  It also entered a Company Voluntary
Arrangement (CVA) as it sought to continue operating in the face of
its financial pressures, Business Sales discloses.

However, the company was then further impacted by Brexit and
subsequently the COVID-19 pandemic, leading to further disruption,
Business Sale notes.  These pressures, as well as staffing
shortages, led to the firm making technical breaches of its CVA
earlier this year, Business Sale states.

The firm was subsequently presented with a winding-up petition,
prompting its directors to engage the support of insolvency
practitioners SFP, Business Sale relays.  SFP director David Kemp
undertook discussions with the company, which led to the decision
to take action to secure the business' future and maximise returns
for creditors, with a pre-pack administration process agreed upon,
according to Business Sale.

The company entered administration on July 28, with a sale of its
business and assets to Wessex Welding and Fabrications Limited
secured later that day for an undisclosed sum, Business Sale
discloses.  The deal sees all 24 of the firm's employees transfer
to the new owner under TUPE regulations, Business Sale states.

In Wessex Drawing Services' most recent accounts at Companies
House, for the year ending March 31, 2022, its fixed assets were
valued at GBP70,797 and current assets at GBP826,194.  However, the
company owed GBP1.8 million to its creditors at the time, leaving
it with net liabilities of slightly over GBP990,000, according to
Business Sale.



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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,
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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.

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