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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

          Thursday, August 10, 2023, Vol. 24, No. 160

                           Headlines



A U S T R I A

ADDIKO BANK: Fitch Assigns 'BB' Long Term IDR, Outlook Stable


A Z E R B A I J A N

BANK RESPUBLIKA: Moody's Ups LT Bank Deposit Ratings to B2


B U L G A R I A

MUNICIPAL BANK: Moody's Alters Outlook on B1 Deposit Rating to Pos.


G E R M A N Y

TAKKO FASHION: S&P Cuts ICR to 'D' on Exchange Offer Completion


I R E L A N D

NORTHWOODS CAPITAL 19: Moody's Cuts EUR11MM F Notes Rating to Caa1


P O R T U G A L

CONSUMER TOTTA 1: Fitch Affirms 'BB+sf' Rating on Class D Notes


T U R K E Y

ANADOLU ANONIM: Fitch Affirms 'B+' IFS Rating, Outlook Negative
LIMAK ISKENDERUN: Fitch Keeps 'B' Note Rating on Rating Watch Neg.


U N I T E D   K I N G D O M

CLC FINANCE: Goes Into Administration
GOLFSUPPORT: Set to Fall Into Administration
JFN LIMITED: Enters Administration Amid Financial Woes
PITTARDS: Set to Appoint Administrators After Failed Fundraising
ROLLS-ROYCE PLC: Moody's Ups CFR to Ba2, Outlook Remains Positive

TALKTALK TELECOM: Fitch Cuts IDR to 'B-', On Rating Watch Negative
VFS LEGAL: Enters Administration Following Funding Issues
WILKO: Potential Buyers Need to Pump GBP70MM Into Business
WORCESTER WARRIORS: Sold to Atlas for GBP2.05 Million

                           - - - - -


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A U S T R I A
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ADDIKO BANK: Fitch Assigns 'BB' Long Term IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Addiko Bank AG (Addiko) a Long-Term
Issuer Default Rating (IDR) of 'BB' and Viability Rating (VR) of
'bb'. The Outlook on the Long-Term IDR is stable.

KEY RATING DRIVERS

Addiko's Long-Term IDR and VR reflect the bank's company profile as
a specialised lender focused on unsecured lending to retail clients
and small businesses in the south eastern Europe (SEE) region,
where its economies are more volatile. The VR also reflects the
group's adequate risk profile, improving asset quality and
earnings. Capitalisation, liquidity and funding are rating
strengths.

The Stable Outlook on Addiko's Long-Term IDR reflects Fitch view
that labour market indicators in Addiko's largest markets should
remain resilient in the next two years despite slower economic
growth. However, high inflation is likely to lead to a moderate
increase in impaired loans and loan impairment charges (LICs). The
latter are likely to be offset by higher lending margins due to
rising interest rates.

Focus on SEE: Addiko operates in SEE, including in countries with
more volatile and less advanced economies as well as moderately
developed banking sectors and capital markets. This is partly
mitigated by limited geographic diversification across the region
and a highly developed regulatory and legal framework in Austria,
where the bank is headquartered and key corporate functions
including liquidity management are centralised.

Niche Business Model: Fitch assessment of Addiko's business profile
balances the group's small but growing franchise, which Fitch
believe has a critical mass in all markets. It also reflects
Addiko's positioning as a challenger, with clear unique selling
points (speed and modern digital offering), which affords the group
some pricing power.

Execution of the bank's business plan and strategy benefit from
management's knowledge of local markets and record in its key
banking segments. Fitch assessment also reflects Addiko's small
operations and a less diversified business model compared with
larger peers'.

Unsecured Lending: Addiko's risk profile is driven by its exposure
to unsecured consumer and SME lending in SEE. Fitch view the bank's
underwriting criteria in line with local industry practice.
However, these have not yet been tested in a prolonged economic
downturn.

At the same time, the bank's risk profile benefits from
significantly reduced concentration risks due to the wind-down of
non-core corporate exposures and impaired loans. Risk controls are
adequate while market risk is low. Addiko's exposure to
non-financial risks has significantly reduced in recent years and
does not constrain its risk profile. Non-financial risks mainly
result from legal claims related to Swiss-franc mortgages
originated before 2009.

Improving Asset Quality: Addiko's asset quality reflects its
positive performance in recent years. Addiko has reduced its
impaired loans ratio to 4.6% at end-2022 from 25% at end-2015
through portfolio sales and settlements. Fitch expect the
four-years average impaired loan ratio to remain close to 5% over
the next two years, as it writes off non-performing loans (NPLs) in
Croatia and Slovenia.

Fitch expect loan impairment charges (LICs)/gross loans to increase
to about 100bp-130bp in 2024, which is adequately covered by
pre-impairment profits. LICs have remained below that level in the
past five years and benefited from loan loss allowance reversals in
wind-down portfolios.

Weak but Improving Profitability: Addiko's profitability is weak
but improving on the back of its successful restructuring,
supported by a solid record of cost management, lower LICs and
improving net interest margins, which Fitch expect to continue in
the next two years. Fitch assessment also reflects the bank's
dependence on less diversified revenues from less stable operating
environments and a potential, albeit limited, burden from
additional provisions for legacy Swiss franc loans.

Solid Capitalisation: Addiko's capitalisation is a rating strength
in light of its high risk-weight density, which translates into an
above-average leverage ratio. Fitch assessment also reflects the
bank's high and stable capital adequacy targets and improving
pre-impairment profitability.

Stable Deposits Underpin Funding: Addiko is mainly funded by retail
deposits sourced locally, which is positive for Fitch assessment of
funding and liquidity. Its 'bb+' score at the higher end of the
implied range is supported by a healthy structural liquidity
position. Addiko has no reliance on external wholesale funding.
Fitch view as credible the bank's intention not to access the
wholesale market in the medium term given its liquidity buffer and
established depositor base.

Addiko's 'B' Short-Term IDR is the only option that maps to a 'BB'
Long-Term IDR on Fitch's rating scale.

RATING SENSITIVITIES

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

Fitch would downgrade the ratings following a substantial capital
erosion, which could be caused by a materialisation of legal risks,
from aggressive dividend distribution or from asset-quality
deterioration (including materially larger write-offs).

In addition, Fitch could downgrade the ratings if strategic
objectives shift, growth acceleration results in a negative
deviation from current underwriting standards and investment
policies, or due to failure to maintain operating profit at least
at 1.25% of risk-weighted assets (RWAs).

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

An upgrade would require a record of operating profit close to 2.5%
of RWAs, indicating a sustained strengthening of Addikos's business
profile, while maintaining an impaired loans ratio at or below
about 5% and a common equity Tier 1 ratio of close to 20%.

An upgrade could also result from a material improvement in the
operating environment, as a result of a shift in business expansion
towards markets Fitch deems more stable, notably Croatia or
Slovenia.

The Government Support Rating of 'no support' reflects Fitch view
that the EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism provide a resolution framework that is likely
to require senior creditors participating in losses instead of a
bank receiving sovereign support. In addition, Fitch do not factor
in any support from Addiko's owners because Fitch generally views
that support from financial investors, while possible, cannot be
relied on.

An upgrade of Addiko's GSR would require a higher propensity of
sovereign support. While not impossible, this is highly unlikely
due to the prevailing regulatory framework and Addiko's low
systemic importance in Austria.

VR ADJUSTMENTS

The operating environment score of 'bb+' has been assigned below
the 'aa' category implied score, due to the following adjustment
reason: international operations (negative).

The business profile score of 'bb' has been assigned above the 'b'
category implied score, due to the following adjustment reason:
strategy and execution (positive).

The asset quality score of 'bb-' has been assigned above the 'b and
below' category implied score, due to the following adjustment
reason: historical and future metrics (positive).

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

The capitalisation and leverage score of 'bb' has been assigned
below the 'bbb' category implied score, due to the following
adjustment reason: risk profile and business model (negative).

BEST/WORST CASE RATING SCENARIO

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

DATE OF RELEVANT COMMITTEE

July 20, 2023

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



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A Z E R B A I J A N
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BANK RESPUBLIKA: Moody's Ups LT Bank Deposit Ratings to B2
-----------------------------------------------------------
Moody's Investors Service has upgraded Joint Stock Commercial Bank
Respublika's (Bank Respublika) long-term local and foreign currency
bank deposit ratings to B2 from B3 and changed the outlook on these
ratings to stable from positive. Concurrently, Moody's upgraded the
bank's Baseline Credit Assessment (BCA) and Adjusted BCA to b2 from
b3. The upgrade of the bank's long-term local and foreign currency
Counterparty Risk Ratings (CRRs) to B1 from B2, and the upgrade of
the long-term Counterparty Risk Assessment (CR Assessment) to
B1(cr) from B2(cr) follows the BCA upgrade. At the same time,
Moody's affirmed the bank's NP short-term local and foreign
currency bank deposit ratings and CRRs, and the NP(cr) short-term
CR Assessments.

Concurrently, Moody's affirmed OJSC Bank of Baku's (BoB) B2
long-term local and foreign currency bank deposit ratings and
changed the outlook on these ratings to positive from stable. At
the same time, Moody's affirmed the bank's b2 BCA and Adjusted BCA,
NP short-term local and foreign currency bank deposit ratings, the
bank's B1/NP long-term and short-term local and foreign currency
CRRs and the B1(cr)/NP(cr) long-term and short-term CR
Assessments.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=6dtEGF

RATINGS RATIONALE

-- JOINT STOCK COMMERCIAL BANK RESPUBLIKA (BANK RESPUBLIKA)

The upgrade of the bank's BCA and Adjusted BCA to b2 from b3
reflects its track record of improving asset quality and
profitability through the cycle.

Despite operating in a volatile market of SME and unsecured
consumer lending, Bank Respublika showed strong underwriting
standards resulting in the problem loans to gross loans ratio
decreasing to 1.6% as at the end of 2022 compared with a peak 7.1%
as of the end of 2020. Despite very high asset growth (33% in 2022
and 59% in 2021) problem loans, defined as stage 3 loans grew by
less than 5% in 2022. Coverage of stage 3 loans also remains strong
at 135% as of the end of 2022 further supporting asset quality.
Moody's however cautioned that the quality of the bank's loan
portfolio will need to be assessed as it seasons, following recent
growth.

The bank's asset growth was coupled with improvement in
profitability. For the full year 2022 Bank Respublika reported
AZN24 million net income, a 165% increase from 2021. This
translated into net income to tangible assets ratio of 1.6% for the
year 2022. Moody's expects that despite projected asset growth
slowdown in the next 12-18 months, Bank Respublika will continue to
post steady net income results following its track record of
positive net income since 2018.

While Bank Respublika's capital position has been weakening in the
last 3 years because of the high asset growth, Moody's does not
expect Tangible Common Equity (TCE) to Risk Weighted Assets (RWA)
ratio to deteriorate below 7% in the next 12-18 months (from 8% as
of December 2022). As the period of high growth comes to an end,
capital will remain a constraining factor for further expansion.
Moody's says that it expects capital buffers to start to be
replenished on the back of stable profitability.

Market funding reliance remains moderate for Bank Respublika with
the share of wholesale funding standing at 21% of tangible assets
as of the end of 2022. A sizable portion of this funding comes from
the Government of Azerbaijan (Ba1 stable) and its national funds
under economic development projects which give rise to lower
refinancing risks than market borrowing. The bank remains primarily
deposit funded with customer deposits representing around 73% of
non-equity funding and remaining at almost the same level as the
loan book.

The bank's liquidity cushion has been depleted due to recent asset
growth but remains at a comfortable level of 23% of tangible assets
at the end of 2022. Liquidity is supported by relatively quick loan
book turnover with more than a half of the book maturing in less
than a year.

The stable outlook on Bank Respublika's long-term deposit ratings
reflects Moody's expectations that asset quality will remain solid,
while the bank's stable profitability will support its capital
position from further deterioration.

-- OJSC BANK OF BAKU (BoB)

The affirmation of the bank's BCA and Adjusted BCA at b2 and the
long-term bank deposit ratings at B2 reflects improved quality of
the loan portfolio and profitability through the pandemic and
lockdowns as well as expected improvement of the bank's standalone
credit profile in the next 12-18 months. The positive outlook on
the bank's long-term deposit ratings reflects Moody's expectation
that the bank is well placed to ensure that these improvements are
sustainable over the outlook period.

Over the past few years BoB has materially decreased the share of
its problem loans thanks to recoveries and write-offs of its
restructured legacy loan portfolio. As a result, the problem loan
(PL) ratio declined to 2.6% as of year-end 2022 from 8% at the end
of 2020. Meanwhile the PL coverage ratio remained strong at 92% at
the end of 2022. Moody's estimates that BoB's problem loan ratio
will not exceed 3-4% in the next 12-18 months amid a favorable
economic environment, and ongoing rapid loan book expansion. In the
rating agency's view, the overall asset risk remains elevated owing
to unseasoned nature of its rapidly grown loan portfolio and the
bank's business model which is highly focused on unsecured consumer
lending.

In 2022, BoB reported net income of AZN40.1 million, which
translated into a very strong return on tangible assets of 5.8%
compared with 6.4% posted in 2021. This result was largely
associated with strong growth of net interest income on its healthy
loan book, to AZN64.9 million in 2022 up from AZN43.7 million in
2021. In addition, ongoing releases of loan loss reserves on its
restructured loan portfolio amounted to AZN24.7 million in 2022 and
contributed half of the bank's pre-tax income. Moody's expects a
significant reduction of provision release in the next 12-18
months, which should be balanced by strengthening recurring
revenues. If achieved, this would translate into a strong return on
tangible assets in 2023-2024 in Moody's central scenario.

Strong capital adequacy remains one of BoB's key credit strengths,
providing a buffer against asset-quality weakness. At the end of
2022 BoB reported TCE/RWA ratio at 18.1% down from 21.2% at the end
of 2021 following 47% loan book expansion last year. Moody's
expects moderation of the loan book growth in the next 12-18 months
given modest liquidity cushion and the bank's paramount focus on
funding costs. In Moody's central scenario TCE/RWA ratio will
decline to 16%-17% by the end of 2024.

In recent years, BoB has steadily decreased its reliance on market
funds to 19% of total assets at the end of 2022 from 23-24% in
2019-2020. The market funding is largely represented by a 5-year
loan from the Central Bank of Azerbaijan due in 2024 and long-term
loans from the national funds for entrepreneurship, mortgage, and
agriculture support. Moody's considers these funding sources stable
and subject to modest refinancing risk. Despite the stability of
these funds, BoB's loan-to-deposit ratio remains high at 153% at
the end of 2022. As of the same date the bank's liquidity cushion
was modest at 13% of total assets. The bank's liquidity is
supported by a well-diversified and granulated retail customer base
which accounts for over 90% of total deposits. Moody's estimates
liquid assets at 16% of total assets as of mid-2023 based on local
GAAP reports and expects it will remain within 15%-20% range in the
next 12-18 months.

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

Upward pressure on Bank Respublika's BCA could arise if the capital
position improves significantly while asset quality and
profitability trends remain positive. Further capital position
erosion or reversing of asset quality trend could lead to a
negative rating action on the bank's ratings.

BoB's BCA and long-term bank deposit ratings could be upgraded if
there is a significant improvement in the bank's liquidity and
funding profile while maintaining sound solvency.

The positive outlook on BoB's long-term bank deposit ratings could
be changed to stable if the bank's financial fundamentals, such as
liquidity, asset quality or profitability, eroded.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.



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B U L G A R I A
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MUNICIPAL BANK: Moody's Alters Outlook on B1 Deposit Rating to Pos.
-------------------------------------------------------------------
Moody's Investors Service has affirmed Municipal Bank AD's
(Municipal) long- and short-term deposit ratings at B1/NP and
changed the outlook on the long-term deposit ratings to positive
from stable. At the same time the rating agency affirmed
Municipal's b3 Baseline Credit Assessment (BCA) and Adjusted BCA,
its Ba3/NP long- and short-term Counterparty Risk Ratings (CRRs)
and its Ba3(cr)/NP(cr) long- and short-term Counterparty Risk (CR)
Assessments.

RATINGS RATIONALE

-- RATINGS AFFIRMATION

Municipal's ratings balance its adequate capital metrics,
deposit-based funding structure and high liquidity, against
challenges in carving out a defendable franchise in Bulgaria's
competitive market and its concentrated ownership structure, along
with still elevated assets risks.

The affirmation of the B1 long-term deposit ratings also reflects
Moody's Advanced Loss Given Failure (LGF) analysis that considers
the risks faced by the different debt and deposit classes across
the liability structure should the bank enter resolution. The
Advanced LGF analysis indicates that Municipal's deposits are
likely to face a very low loss-given-failure, driven by the
significant amount of junior deposits that would be available to
share losses, leading to two notches of rating uplift from the
bank's b3 Adjusted BCA.

As of end-June 2023, Municipal was the fourteenth-largest bank by
assets in Bulgaria with a market share of 1.4%. While Municipal's
profitability has improved over the past year, Moody's expects the
bank will continue to face challenges in attaining significant
scale and carving out a defendable universal banking franchise,
given fierce competition from larger banks in Bulgaria that are
subsidiaries of European banking groups. Municipal's digital
product offering also remains limited compared to domestic peers,
restricting its ability to attract new customers.

Furthermore, the bank's current concentrated private ownership
structure, with the main shareholder holding 95.5% of the bank's
capital as of end-2022, can lead to more rapid changes in strategy,
while the supervisory board's decisions could be more strongly
influenced by the interests of the main shareholder.

Problem loans (Stage 3 loans under IFRS 9) remained low at 1.1% of
gross loans as of the end of 2022. The rating agency considers,
however, that asset risks remain high given the rapid growth of the
loan book (by 62% during 2022) that drives unseasoned risk;
untested underwriting standards for new loans through credit
cycles; high top borrowers' concentration; and the still material
amount of legacy real estate assets on its balance sheet.

The bank's reported Common Equity Tier 1 (CET1) capital ratio of
18.3% as of December 2022, is well above regulatory requirements
and supported by a policy of earnings retention and equity
injections. However, internal capital generation has been low,
which constrains Municipal's ability to withstand potential shocks.
Following a loss-making 2021, the bank's return on average equity
improved to 4.7% in 2022, benefiting also from low cost of risk
(loan loss provisions stood at 0.1% of average gross loans in 2022)
and revaluation gains on investment properties.

-- POSITIVE OUTLOOK

The positive outlook on Municipal's long-term deposit ratings is
driven by ongoing improvements in the bank's profitability and
efficiency (cost-to-income ratio of 83% in 2022) that, if sustained
over the next 12-18 months, can support higher loss absorption
capacity through earning and stronger internal capital generation.

Net income to tangible assets improved to 0.26% in 2022 from -0.47%
in 2021. Based on first half 2023 preliminary reporting by the
Bulgarian National Bank (BNB), Municipal's net income to tangible
assets improved further to an annualised 1.05%. The bank's
management has over the past few years expanded its private sector
customer base and loan book, and is focusing on leveraging its
niche with Bulgarian municipalities and its large stock of liquid
assets more profitably, while also growing fees and commissions and
containing its high cost base. The positive outlook on the
long-term deposit ratings is linked to the bank maintaining this
performance.

Municipal is also a beneficiary of the shift in the interest rate
cycle, which increased returns on its assets and eliminated much of
the cost of securing deposits from budget entities (mainly
Bulgarian municipalities) with placements at the BNB or government
securities. In line with monetary policy tightening in Europe, the
BNB increased its rate on placements in excess of reserves to 0%
during the summer of 2022 from a negative 0.7% in previous years.

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

Municipal's ratings may be upgraded should it sustain its ongoing
improvement in profitability and competitiveness, along with
demonstrating a longer performance track record and some seasoning
of the loan portfolio with contained losses combined with lower
non-lending asset risk.

Changes in the bank's liability structure, such as higher issuances
of senior non-preferred debt to meet regulatory requirements, that
would significantly increase loss absorbing buffers and reduce
losses for senior creditors may also result in a higher notching
for deposit ratings from the application of Moody's Advanced LGF
analysis.

The outlook on Municipal's long-term deposit ratings would be
changed to stable in case the bank fails to sustain improvements in
profitability and asset quality. Municipal's ratings could also be
downgraded following a deterioration in the bank's solvency, such
as from the formation of significant amounts of new problem loans
or if capital declines materially, or following an increase in risk
appetite resulting from changes in the bank's strategy.

Ratings could also face negative pressure following failure to
enhance technical, operational and risk systems, as the bank grows
and expands.

Changes in the bank's liability structure, mainly a material
reduction in the volume of junior deposits or an increase in the
bank's reliance on interbank or secured funding, may reduce the
uplift provided by Moody's Advanced LGF analysis and result in a
downgrade of the bank's ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.



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G E R M A N Y
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TAKKO FASHION: S&P Cuts ICR to 'D' on Exchange Offer Completion
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
German retailer Takko Fashion S.a.r.l. (Takko) to 'D' (default)
from 'CC' and its issue rating on the EUR510 million senior secured
notes issued by Takko Luxembourg SCA to 'D' from 'CC'.

The downgrade follows the completion of the tender and exchange
offer, announced on July 10, 2023. The offer aimed to effectively
implement the conditions of the lock-up agreement Takko reached
with shareholder Apax, bondholders, and banks on April 10, 2023.
That agreement received unconditional approval from European
competition authorities, and S&P understands the exchange offer is
now complete.

S&P said, "We view this debt exchange transaction as distressed,
because lenders will receive less than originally promised, and
therefore tantamount to a default.The restructuring implies a
EUR253.6 million debt write-off, through which majority bondholders
take control of the company. Of this, EUR100 million was reinstated
as holding company debt, outside of the restricted group, while the
rest is being equitized. Furthermore, EUR300 million of the EUR510
million senior secured notes was reinstated as a term loan,
alongside EUR188 million of the EUR200 million committed letters of
credit and ancillary facility. The maturities of all debt
instruments, including the existing EUR80 million facility B, have
been extended to 2026. Since the restructuring concerns all
instruments in Takko's previous capital structure, we lowered our
long-term issuer credit rating on the company to 'D'. We also
lowered our issue rating on the EUR510 million senior secured notes
due November 2023 to 'D'."






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I R E L A N D
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NORTHWOODS CAPITAL 19: Moody's Cuts EUR11MM F Notes Rating to Caa1
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Northwoods Capital 19 Euro Designated
Activity Company:

EUR11,000,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Downgraded to Caa1 (sf); previously on Nov 21, 2019
Definitive Rating Assigned B3 (sf)

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

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Nov 21, 2019 Definitive
Rating Assigned Aaa (sf)

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Affirmed Aa2 (sf); previously on Nov 21, 2019 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Affirmed Aa2 (sf); previously on Nov 21, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR24,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed A2 (sf); previously on Nov 21, 2019
Definitive Rating Assigned A2 (sf)

EUR28,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed Baa3 (sf); previously on Nov 21, 2019
Definitive Rating Assigned Baa3 (sf)

EUR21,500,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Nov 21, 2019
Definitive Rating Assigned Ba3 (sf)

Northwoods Capital 19 Euro Designated Activity Company, issued in
November 2019, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Northwoods European CLO Management LLC. The
transaction's reinvestment period will end in May 2024.

RATINGS RATIONALE

The rating downgrade on the Class F Notes is primarily a result of
the deterioration in over-collateralisation ratios since the last
review in December 2022.

The affirmations on the ratings on the Class A, Class B-1, Class
B-2, Class C, Class D, and Class E Notes are primarily a result of
the expected losses on the notes remaining consistent with their
current ratings after taking into account the CLO's latest
portfolio, its relevant structural features and its actual
over-collateralization (OC) levels.

The over-collateralisation ratios of the rated notes have
deteriorated since the last review in December 2022. According to
the trustee report dated September 2022 [1] the Class A/B, Class C,
Class D and Class E OC ratios are reported at 139.01%, 128.11%,
117.58% and 110.59% compared to June 2023 [2] levels of 137.60%,
126.82%, 116.39% and 109.48%, respectively.

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

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

Performing par and principal proceeds balance: EUR394,622,558.50

Defaulted Securities: EUR4,400,000.00

Diversity Score: 53

Weighted Average Rating Factor (WARF): 2893

Weighted Average Life (WAL): 4.67 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.00%

Weighted Average Coupon (WAC): 4.76%

Weighted Average Recovery Rate (WARR): 41.97%

Par haircut in OC tests and interest diversion test: 0.141%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

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

-- Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels. However, as part of the base
case, Moody's considered spread and coupon levels higher than the
covenant levels because of the large difference between the
reported and covenant levels.

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



===============
P O R T U G A L
===============

CONSUMER TOTTA 1: Fitch Affirms 'BB+sf' Rating on Class D Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Gamma, STC S.A. / Consumer Totta 1's
(Consumer Totta 1) notes and revised the Outlooks on the class B
and C notes to Positive from Stable.

ENTITY/DEBT    RATING   PRIOR   
----------             ------          -----
Gamma, STC S.A. /
Consumer Totta 1

A PTGAMFOM0019 LT    AA+sf    Affirmed AA+sf
B PTGAMGOM0018 LT    AA-sf    Affirmed AA-sf
C PTGAMHOM0025 LT    Asf      Affirmed Asf
D PTGAMIOM0024 LT    BB+sf    Affirmed BB+sf

TRANSACTION SUMMARY

The transaction is a 12-month revolving securitisation of a
portfolio of unsecured consumer loans originated in Portugal by
Banco Santander Totta S.A. (A-/Stable/F2). Totta is ultimately
owned by Banco Santander, S.A. (A-/Stable/F2). Obligors are private
individuals.

KEY RATING DRIVERS

Strong Asset Performance: The Positive Outlooks on the class B and
C notes reflects the potential for an upgrade given the
transaction's performance and the recalibration of intermediate
stresses, following the new maximum achievable structured finance
rating in Portugal (see Fitch Upgrades 4 Portuguese ABS
Transactions and Places 1 on RWP on Sovereign Upgrade). Given the
transaction's performance outlook, Fitch's asset assumptions are
unchanged with base case lifetime default and recovery rates of
4.0% and 40.0%, respectively, for the blended stressed portfolio.

Pro Rata Amortisation: The class A to E notes will be repaid pro
rata unless a sequential amortisation event occurs, including
cumulative defaults on the portfolio in excess of certain
thresholds. Notes are selectively excluded from pro rata
amortisation if a relative principal deficiency is recorded. Fitch
views a switch to sequential amortisation as unlikely in the short
to medium term, given the portfolio's performance expectations
compared with triggers. The tail risk posed by the pro rata paydown
is mitigated by the mandatory switch to sequential when the
portfolio balance falls below 10% of its initial balance.

Servicing Disruption Risk Mitigated: Fitch view servicing
disruption risk as mitigated by the liquidity provided in the form
of a cash reserve equal to 1% of the class A to E notes'
outstanding balance, which would cover senior costs and interest on
these notes for more than three months. Moreover, servicing
disruption risk is mitigated by the standard assets included in the
portfolio, which could easily be taken over by a substitute
servicer if required.

Interest Rate Risk Mitigated: The transaction benefits from an
interest rate swap agreement that will hedge the interest rate
mismatch arising from the 97% of the portfolio balance paying a
fixed interest rate, and the 100% floating-rate notes. The interest
rate swap is based on the dynamic notional amount of fixed-rate
loans. The SPV pays fixed 1.5% and receives three-month Euribor.

Sovereign Cap: The class A notes' rating is limited to 'AA+sf' by
the cap on Portuguese structured finance transactions of six
notches above Portugal's Issuer Default Rating (IDR,
BBB+/Stable/F1).

RATING SENSITIVITIES

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

For the class A notes, a downgrade of Portugal's Long-Term IDR that
could decrease the maximum achievable rating for Portuguese
structured finance transactions.

Long-term asset performance deterioration, such as increased
defaults and delinquencies or reduced portfolio yield, which could
be driven by changes in portfolio characteristics, macroeconomic
conditions, business practices or the legislative landscape.

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

For the class B to D notes, increased credit enhancement ratios as
the transaction deleverages able to fully compensate the credit
losses and cash flow stresses commensurate with higher rating
scenarios.

The notes could only be upgraded up to 'AA+sf', six notches above
the current Portuguese IDR. Changes to the sovereign IDR could
increase or decrease the maximum achievable ratings for the notes.

An unexpected decrease in the frequency of defaults or increase of
the recovery rates could produce smaller losses lower than Fitch
base case.

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

Gamma, STC S.A. / Consumer Totta 1

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

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

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



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

ANADOLU ANONIM: Fitch Affirms 'B+' IFS Rating, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Anadolu Anonim Turk Sigorta Sirketi's
(Anadolu Sigorta) Insurer Financial Strength (IFS) Rating at 'B+'
with a Negative Outlook and National IFS Rating at 'AA+(tur)' with
a Stable Outlook.

The affirmation reflects Anadolu Sigorta's 'Most Favourable'
business profile in Turkiye relative to other insurers', high asset
risk driven by its substantial exposure to Turkish assets, as well
as adequate but pressured capitalisation and profitability. The
Negative Outlook on the IFS Rating reflects that on the Turkish
sovereign rating, which affects the operating environment where the
insurer operates and the credit quality of its investment
portfolio.

KEY RATING DRIVERS

Leading Turkish Insurer: Fitch views Anadolu Sigorta's business
profile as 'Most Favourable', as measured against other Turkish
insurers, supported by the company's very strong position in the
country's highly competitive insurance sector. Anadolu Sigorta was
the second-largest non-life insurer in Turkiye at end-2022, with a
market share of about 12%. Fitch expect the strong business profile
to support the resilience of Anadolu's credit profile against the
challenges posed by the Turkish economy.

Substantial Exposure to Turkish Assets: Anadolu Sigorta is highly
exposed to domestic assets. Most of its investment portfolio
comprised deposits in Turkish banks and Turkish government and
local issuers bonds at end-1H23. The company's credit quality is
therefore highly correlated with that of Turkish banks and the
sovereign. Assets risk remain the main rating weakness for the
company and is reflected in the Negative Outlook on the IFS
rating.

Capitalisation to Marginally Improve: The company's capitalisation,
as measured by Fitch's Prism Factor-Based Capital Model, was in the
'Somewhat Weak' category at end-2022, down from 'Adequate' at
end-2021, due to increased net premiums and reserves as a
reflection of the highly inflationary environment. We expect
Anadolu Sigorta's Prism FBM score to improve to the high end of the
'Somewhat weak' or 'Adequate' category in 2023, given improved
earnings and higher equity position expected due to higher retained
earnings at end-2023. Anadolu Sigorta's regulatory solvency ratio
was comfortably above 100% at end-2022 and at end-1H23.

Weak Underwriting Profitability: Anadolu Sigorta's profitability is
weak and under pressure from the very challenging operating
environment. The reported combined ratio slightly improved to 121%
in 1H23 (1H22: 128%) despite the poor motor third-party (MTPL)
performance, as other lines improved their performance due to
higher tariffs implemented in 2022. However, it remains largely
unprofitable.

Anadolu Sigorta's earnings have been resilient with reported net
income of TRY2,910 million in 1H23 (1H22: TRY376 million). As in
previous years, this was supported by the investment result as the
underwriting performance remained loss-making. Fitch expect Anadolu
Sigorta to report a positive net result in 2023 but for
underwriting to continue making heavy losses.

National Rating Reflects Robust Franchise: The company's 'AA+(tur)'
National IFS rating largely reflects its strong franchise in
Turkiye, and a regulatory solvency ratio consistently over 100%.

RATING SENSITIVITIES

IFS RATING

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

-- A downgrade of Turkiye's Long-Term Local-Currency Issuer
Default Rating (IDR) or major Turkish banks' ratings leading to a
material deterioration in the company's investment quality

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

-- The Outlook could be revised to Stable if the Outlook on
Turkiye's Long-Term Local-Currency IDR or that on major Turkish
banks' ratings, was revised to Stable

NATIONAL IFS RATING

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

-- Return on equity exceeding inflation levels for a sustained
period, provided the company's market position remains very strong

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

-- A decline in the company's regulatory solvency ratio to below
100% on a sustained basis

-- Substantial deterioration of the company's market position in
Turkiye

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

LIMAK ISKENDERUN: Fitch Keeps 'B' Note Rating on Rating Watch Neg.
------------------------------------------------------------------
Fitch Ratings is maintaining Limak Iskenderun Uluslararasi Liman
Isletmeciligi A.S.'s USD370 million senior secured notes, which are
rated 'B', on Rating Watch Negative (RWN).

RATING RATIONALE

The RWN reflects persisting limited visibility over the amount and
timing of receipt of insurance proceeds for the earthquake in
February 2023. While Fitch acknowledge the progress in its
operations and the reopening of some berths earlier than expected
following the disaster, uncertainty over insurance receipts may
lead to cash depletion beyond management assumptions and subsequent
drawdown under the debt service reserve account (DSRA) to service
debt.

LimakPort's currently available liquidity, excluding DSRA, is USD23
million. However, these will be used to also fund the remaining
reconstruction costs of USD48 million, pending receipt of remaining
insurance proceeds.

LimakPort has still not withdrawn its notification in February to
the concession grantor of a force majeure event. Fitch believe the
grantor has the right to terminate the concession if the force
majeure event lasts longer than eight months. However, this is not
Fitch's base case.

KEY RATING DRIVERS

Infrastructure - Partially Reopening, Earlier Than Expected

Berth 2 was opened on 8 April, one month ahead than expected, with
capacity up to 20,000 TEU per month. Berth 3 and 4 (180-meter
length only) were opened on May 29, with a capacity of around
15,000 - 20,000 TEU per month.

The remaining length of Berth 3 and 4 is expected to gradually
resume operations by October 2023. Once Berth 3 and 4 are fully
operational, the monthly capacity will reach 70,000 TEU. Twelve out
of LimakPort's 14 RTG cranes and all its four STS cranes are now
repaired and either in operations or on standby until Berth 3 and 4
are fully operational.

Operations - Partial Resumption

The operations were partially resumed in the port with available
capacity of 35,000-40,000 TEU per month, less than half the amount
in normal circumstances, although the port is now working at close
to its existing capacity. In June and July, the port served around
35,000 TEU, compared with 44,500 TEU in January this year.

Management expects to return to January's traffic level by October
this year as the region recovers strongly from the earthquake.
However, this is subject to the completion of reconstruction works
and reopening of the remaining berths in the port.

Construction Costs - Prerequisite for Full Operations

Management has recently confirmed an increase in reconstruction
costs to USD60 million, from USD25 million initially assessed in
March, due to unexpected costs related to the restoration of
breakwater, storage yard and pile caps. However, the insurance
group has yet to confirm the compensation amount and associated
payment schedule.

The targeted full operations of the port by December 2023 is
dependent on of the reconstruction work on Berth 1, 3 and 4 being
completed on time and on budget. Delays to the schedule or an
unexpected increase in the estimated costs and related funding
requirement would hit the planned operations of the port and its
projected cashflows.

Insurance - Lack of Clarity on Total Refunds and Timing

LimakPort has more than adequate insurance coverages for property
damages (up to USD260 million) and business interruption (up to
USD65 million). Based on meetings held with the insurance group,
management expects insurance payments to substantially back their
estimate on the property damage as well as receiving USD24 million
for business interruptions, with expectation to be paid over 2023
and 2024. Management has confirmed to Fitch that LimakPort has
received an approval from the insurance for USD20 million as an
advance payment, of which USD18 million was cashed-in in June and
July.

However, given the size of the capex and lack of evidence from
insurance companies fully backing management expectations, Fitch
still lack full visibility on LimakPort's cash flow projections
over this year and the next. Higher-than-expected capex, a
shortfall in insurance receipts or a timing mismatch with
expectations may severely affect liquidity and cash balances, thus
jeopardising debt service capabilities. The local government also
has not announced a support package, as the focus is still on
humanitarian and rescue efforts.

Scenario Analysis

Management assumes full indemnification under its insurance
agreements of USD55 million for property damage plus USD24 million
for business interruption. Expectations is to receive USD47 million
this year (including USD18 million already received) and USD32
million by August 2024. Under such a scenario LimakPort's cash
balance, which includes cash generation from resumed operations but
excludes reserves, remains strong at around USD30 million for
2023-2027.

In Fitch's view, the amount and timing of the insurance payments to
be received is critical. As a consequence, Fitch have identified
two break-even scenarios to assess how long LimakPort can afford a
delay to insurance receipts and the minimum insurance payment to
avoid tapping the DSRA.

Under the first scenario LimakPort can delay insurance receipts
until November 2023 before depleting its cash and using the DSRA
for the January 2024 notes payment.

Under the second scenario, LimakPort requires a minimum of USD10
million additional insurance payment before depleting its cash and
using the DSRA for the January 2024 payment. However, under this
scenario, liquidity would remain tight.

The scenarios assume that the port will be performing operationally
as projected by management and any further increase in the
construction costs will be added to the insurance payments to be
received from the insurance group.

RATING SENSITIVITIES

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

-- A downgrade of Turkiye's sovereign rating

-- Non-receipt or delays in receipt of insurance claims or other
factors leading to a significant depletion of cash reserves could
lead to a multiple-notch downgrade

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

-- Clear visibility on the financing of restoration works
underpinning a solid liquidity position, assuming the port returns
to normal operations by then

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

The port of Iskenderun is a state-of-the-art container and general
cargo port located in east-Mediterranean Turkiye. The port is
operated by LimakPort since its privatisation in 2011 under a
36-year concession agreement. LimakPort has issued USD370 million
of long-term 144A/Reg S fully amortising project bonds. Proceeds
were mainly used to completely repay its existing debt, acquire
operational equipment, upstream cash to shareholders and fund
liquidity accounts.

Key Rating Drivers - Risk Assessments

Revenue Risk (Volume): 'Midrange'

Revenue Risk (Price): 'Midrange'

Infrastructure Development & Renewal: 'Midrange'

Debt Structure: 'Midrange'

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

LimakPort has an ESG Relevance Score of '3' for GHG Emissions & Air
Quality versus the sector default score of '2' due to LimakPort's
sustainability-linked bond features. These will result in a step-up
in interest rate if targets regarding electrification of port
vehicles are not met by set milestones. This exposes the port to
risk relating to reduction in GHG Emissions although the impact of
this is deemed minimal with a very low impact on the overall
rating.

Unless otherwise stated in this section the highest level of ESG
credit relevance is a score of '3'. A score of '3' means ESG issues
are credit-neutral or have only a minimal credit impact on the
entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



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

CLC FINANCE: Goes Into Administration
-------------------------------------
Tom Keighley at BusinessLive reports that administrators have taken
control of Leeds-based doorstep lending firm CLC Finance.

The high-cost lender had offered short term cash loans to customers
across the north of England and Scotland.  
Robert Maxwell and Julian Pitts of Begbies Traynor (Central) LLP
were appointed joint administrators of the Hamsard 3225 Limited,
trading as CLC Finance, on Aug. 8, BusinessLive relates.

Together with the Financial Conduct Authority they advised
borrowers to continue to make repayments as normal, BusinessLive
discloses.  No new lending will be made by the company as the joint
administrators are in the process of winding it down and collecting
loan books, BusinessLive notes.

The most recent accounts for CLC, for the year to the end of August
2021, show the firm was owed more than GBP2.8 million at the time
and owed some GBP1.47 due within the year, with a further GBP3.8
million in loans and borrowings due after more than a year,
BusinessLive states.

According to BusinessLive, the Financial Conduct Authority
published information saying all existing loan agreements were
still in place.  It added: "The firm's administration does not
change the payment terms and conditions of customers' loans, these
are the same as when the loan was taken out.  The firm remains
subject to the same regulatory rules and requirements as it did
prior to its administration."

Begbies Traynor, as cited by BusinessLive, said it was working hard
with various stakeholders to maximize realizations in the interests
of creditors but said it was so far unable to estimate how much
will be available, and when.  The joint administrators can be
reached on clcfinance@btguk.com.


GOLFSUPPORT: Set to Fall Into Administration
--------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that a family business
which claims to be a one-stop shop for golfing requirements is
facing an uncertain future.

GolfSupport, which has its flagship showroom and a 70,000 sq ft
warehouse in Mansfield, is set to fall into administration,
according to documents seen by TheBusinessDesk.com.

The company has posted a notice of appointment to appoint an
administrator via law firm Charles Russell Speechlys,
TheBusinessDesk.com relates.

In its latest unaudited financial results, made up to the end of
February 2022, the company employed an average of 20 people in the
previous 12 months, TheBusinessDesk.com discloses.  The firm had
net assets of almost GBP773,000, TheBusinessDesk.com notes.


JFN LIMITED: Enters Administration Amid Financial Woes
------------------------------------------------------
Jon Robinson at BusinessLive reports that a loss-making nuclear
decommissioning services firm that was sold earlier this year for
just GBP3 has entered administration.

JFN Limited was acquired by UK private equity firm Rcapital from
Cumbria-based James Fisher & Sons in March, BusinessLive recounts.

However, administrators FTI Consulting have now said the company
has "insufficient cash resources to continue to trade beyond the
short term" and the directors have concluded that there is "no
longer any reasonable prospect of a sale", BusinessLive relates.

The firm added that it is "hopeful" of being able to conclude a
deal the firm's Instrumentation division "within the coming days",
BusinessLive notes.

JFN is a supplier of specialist engineering, manufacturing and
technical services to the UK's nuclear decommissioning industry.

In 2021, the business generated third party revenue of GBP51.7
million and a loss before tax of GBP100,000, BusinessLive
discloses.  During that year the company employed an average of 271
people.


PITTARDS: Set to Appoint Administrators After Failed Fundraising
----------------------------------------------------------------
Business Sale reports that a Yeovil-headquartered producer of
luxury leather goods has initiated a sale process and is set to
appoint administrators after abandoning fundraising efforts last
month.

Pittards, which is listed on the London Stock Exchange, has filed a
notice of intention to appoint Ernst & Young LLP as administrators,
Business Sale relates.

The company's most recent accounts at Companies House cover the
year ending December 31, 2021, with its accounts for the subsequent
year currently overdue, Business Sale discloses.  During 2021, the
company reported revenue of GBP19.66 million, up from GBP15.23
million a year earlier, while it improved from an EBITDA loss of
GBP1.16 million to EBITDA of GBP1.42 million in 2021.  At the time,
its net assets were valued at GBP13.07 million.

Despite this improved performance during 2021, the firm has since
been hit by the wider economic downturn, affecting its financial
position, Business Sale notes.  Last month, the firm issued new
shares as it sought to raise GBP1.16 million in funds to avoid
administration and continue trading, Business Sale recounts.
However, despite the fundraising being approved by the company's
shareholders, these efforts were terminated after it only raised
GBP300,000, which was deemed "not sufficient", Business Sale
states.

As a result, the firm, which said it has experienced "increased
creditor pressure", is now set to appoint administrators following
discussions with its advisers, Business Sale relates.

Pittards was founded in 1826 and has a long history of leather
manufacturing and glove-making.  The firm employs around 200 UK
staff, along with around 1,000 in Ethiopia, and manufactures
products for its Daines & Hathaway and Hill & Friends brands, as
well as for third party brands.


ROLLS-ROYCE PLC: Moody's Ups CFR to Ba2, Outlook Remains Positive
-----------------------------------------------------------------
Moody's Investors Service has upgraded all the ratings of
Rolls-Royce plc (the company) by one notch, including its corporate
family rating to Ba2 from Ba3 and its probability of default rating
to Ba2-PD from Ba3-PD. The outlook remains positive.

The rating action reflects:

-- The company's improved profit and free cash flow forecast for
2023, ahead of Moody's previous forecasts

-- The broad array of factors supporting the improved financial
performance, thereby limiting the risk of material reversal

-- Solid recovery in commercial flying hours, with room to run,
and strong aftermarket activity in commercial and business
aviation

Moody's has also upgraded the company's long-term backed senior
unsecured rating to Ba2 from Ba3 and its backed senior unsecured
Euro Medium Term Notes (EMTN) programme rating to (P)Ba2 from
(P)Ba3.

RATINGS RATIONALE

Following a material upgrade to Rolls-Royce's financial guidance
for 2023, Moody's expects that the company will generate stronger
profit and cash flow growth, which will lead to a marked
improvement in Rolls-Royce's credit ratios. Based on
company-adjusted operating profit of around GBP1.2 billion, the
rating agency now forecasts that Moody's-adjusted gross debt/EBITDA
will decline towards 3.0x in 2023 from 5.3x at the end of 2022 and
7.4x a year earlier. Moody's also forecasts that its adjusted free
cash flow (FCF) will grow to GBP0.8 billion in 2023 from GBP0.5
billion last year.

While Moody's believes that Civil Aerospace and Defence performance
in the first half of 2023 both benefited from a weak comparable
period, drivers of improvement in the company's operating profit
are manifold and will support a strong 2023 as a whole. Support
factors include (i) better aftermarket profits coming from both
higher volumes and increased pricing, (ii) cost control allowing
for some operating leverage, (iii) positive mix effects such as
higher spare engine and parts sales – which have a better margin
– in both Civil and Defence.

Rolls-Royce's large engine flying hours reached 83% of 2019 levels
in the first half of 2023. Moody's expects that they will reach 85%
for the full year 2023 and climb further to 95% in 2024. The
increased flying activity is leading to a substantial increase in
cash receipts from airlines, outpacing the growth in Rolls-Royce's
cash costs from engine shop visits because of the relatively young
engine installed base and the lag between increased flying hours
and growth in maintenance. Continued strong aftermarket activity in
2024 will provide an opportunity for further profit growth but
margins could come under pressure when more major shop visits take
place, especially on the most recent engine platforms whose service
contracts are less profitable initially. In addition, broad risks
of cost increases remain as activity continues to recover and the
benefits of materials and energy hedges taken in 2022 gradually
roll away.

The company's Ba2 CFR reflects: 1) high barriers to entry given the
critical technological content of the company's engines; 2) strong
growth expectations in commercial aerospace as the market continues
to recover from the pandemic, alongside solid prospects in Defence
and Power Systems; 3) the good performance of the company's Trent
XWB and Trent 7000 engine programmes which represent the majority
of future orders and installed engine base; 4) the strategic
importance of Rolls-Royce to UK defence capabilities and to the
aerospace supply chain; and 5) the company's commitment to a
conservative financial policy.

However, Rolls-Royce's CFR is constrained by: 1) margin levels
still well below industry peers in the civil aerospace segment,
reflecting the company's reliance on long-term service contracts;
2) supply chain challenges and persistent inflation which could cap
profit improvements; 3) some concentration risk, given the
company's small number of commercial aerospace engines for widebody
aircraft; and 4) longer-term strategic challenges to maintain a
competitive position on large commercial aero-engine programmes and
to achieve profitable growth in new business segments.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations were a key driver of this rating action.
Rolls-Royce has built a track record of meeting its financial
guidance since the depths of the pandemic and has materially
increased its profit and cash flow expectations for 2023. Moody's
now believes that the company has the ability to maintain positive
free cash flow on a sustainable basis. Therefore, the rating agency
has changed Rolls-Royce's governance issuer profile score to G-3
from G-4 thanks to an improved management credibility and track
record factor.

As a result, Moody's has also lifted Rolls-Royce's credit impact
score to CIS-4 from CIS-5, reflecting the lower drag from
governance factors in particular on its credit quality.

LIQUIDITY

Rolls-Royce's liquidity is excellent. As of June 30, 2023, the
company's total liquidity amounted to GBP7.1 billion, comprising
unrestricted cash of GBP2.6 billion, and GBP4.5 billion of undrawn
credit facilities maturing between April 2025 and September 2027.
Moody's expectation of material free cash flow in 2023 and beyond
also enhances Rolls-Royce's liquidity. The company has increasing
debt maturities from 2024, starting with EUR550 million notes
maturing next year which Moody's expects Rolls-Royce to repay out
of cash. In its liquidity assessment, Moody's considers the need
for Rolls-Royce to maintain a comfortable cash balance in light of
the large and growing net liabilities on commercial aerospace long
term service contracts of GBP8.2 billion, in addition to seasonal
working capital outflows of GBP0.5 billion – 1.0 billion.

RATING OUTLOOK

The positive outlook reflects Moody's expectations that Rolls-Royce
has the potential to improve its trading results, cash flows and
credit metrics in the next 12 to 18 months to levels commensurate
with a higher rating. The outlook also assumes that the company
will maintain a conservative financial policy targeting further
reductions in leverage and will maintain substantial cash balances
of at least GBP2.0 – 2.5 billion, alongside substantial
liquidity.

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

The ratings could be upgraded if:

-- Rolls-Royce builds a further track record of performance in
line with or above guidance, and

-- The company demonstrates sustainable operating margin and
interest coverage improvements, and

-- Moody's-adjusted gross leverage is sustainably well below 4.0x
and net leverage declines in tandem, with substantial cash on
balance sheet not decreasing below GBP2.5 billion, and

-- Moody's-adjusted free cash flow remains strong, and

-- Rolls-Royce maintains a conservative financial policy.

The ratings could be downgraded if:

-- Moody's-adjusted debt/EBITDA increases towards 5.5x, especially
if not sufficiently balanced by cash on balance sheet, or

-- Moody's-adjusted FCF/debt turns negative, or

-- Operating margins or interest cover metrics weaken, or

-- The business profile deteriorates, including the company's
market positions, or lower than expected aftermarket profitability,
or

-- Financial policy turns more aggressive, including on
shareholder returns, in the absence of business performance
improvements.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Rolls-Royce plc

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

LT Corporate Family Rating, Upgraded to Ba2 from Ba3

BACKED Senior Unsecured Medium-Term Note Program, Upgraded to
(P)Ba2 from (P)Ba3

BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2
from Ba3

Outlook Actions:

Issuer: Rolls-Royce plc

Outlook, Remains Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense published in October 2021.

COMPANY PROFILE

Headquartered in London, England, Rolls-Royce is a leading global
manufacturer of aero-engines, gas turbines and reciprocating
engines with operations in three principal business segments --
Civil Aerospace, Defence and Power Systems. In the 12 months ended
June 2023, the company reported revenue from continuing operations
of GBP14.6 billion and company-adjusted operating profit of GBP1.4
billion.

TALKTALK TELECOM: Fitch Cuts IDR to 'B-', On Rating Watch Negative
------------------------------------------------------------------
Fitch Ratings has downgraded TalkTalk Telecom Group Plc's (TTG)
Long-Term Issuer Default Rating (IDR) to 'B-' from 'B' and secured
debt rating to 'B-'/'RR4' from 'B'/'RR4 and placed the IDR on
Rating Watch Negative (RWN).

The downgrade of TTG's IDR reflects operational pressures that are
driving high leverage, material refinancing risk and Fitch
expectation of consistently negative Fitch-defined free cash flow
(FCF) over the next three years, which will also impact liquidity
headroom. Fitch expect Fitch-defined EBITDA net leverage to remain
above 5.0x until at least the financial year ending February 2025
(FY25) and further drawdowns on the company's revolving credit
facility (RCF) to fund operations.

The RWN reflects continued operational execution risks and the
potential need to reduce leverage and strengthen the company's
liquidity position ahead of debt refinancing in November 2024 and
February 2025. The company has strategic options that could ease
short-term liquidity pressures. However, an operational turnaround
plan could take time to show financial improvements.

The RWN will likely be resolved by an affirmation with a Negative
Outlook or a one-notch downgrade depending on whether any
short-term inorganic measures the company undertakes to improve
liquidity, reduce leverage and stabilise operational pressures are
sufficient to indicate a viable refinancing of its debt
maturities.

KEY RATING DRIVERS

Underperforming Expectations: Fitch believe the group's on-net base
has continued to decline consistently while inflation-adjusted
price increases of CPI plus 3.7% have yet to bring a meaningful
benefit for revenue and EBITDA. Fitch understand Fitch-defined
EBITDA net leverage increased significantly in FY23. TTG is in a
tough trading environment. Vulnerability to high input costs from
inflation-linked Openreach wholesale costs and operating cost
inflation are exacerbated by a declining consumer base and price
competition, limiting its ability to fully pass on inflation and
depressing its margins.

Negative FCF: Fitch expect TTG to generate negative normalised FCF
between FY24-26. TTG is undergoing significant investment to
transition to fibre-to-the-premises (FttP), driving high capex and
copper-to-fibre transition costs. Fitch expect capex to reduce in
later years as the transition to FttP reaches maturity and
copper-to-fibre costs cease. However, Fitch foresee higher cash
interest costs on refinancing as a constraint on FCF.

TTG plan to monetise some assets such as selling IP addresses.
These actions and future working capital benefits may provide some
benefit but their sustainability and amount are uncertain.
Consequently, Fitch believe TTG will remain structurally reliant on
the RCF to fund operations over the next three years.

Elevated Refinancing Risk: TTG's GBP330 million RCF and GBP685
million bond mature within the next 18 months. RCF covenants have
been relaxed to allow for additional leverage headroom and the RCF
remains the company's main source of liquidity. Fitch believe that
high leverage, coupled with challenging financing conditions,
significantly raises refinancing risk within the next 12 months
without material near-term deleveraging and a liquidity injection.
Fitch forecasts UK base interest rates to rise to 5.75% and 4.75%
by end-2023 and 2024, indicating potential double-digit refinancing
rates for TTG.

Strategic Options, Execution Risk: TTG is in advanced negotiations
to sell the B2BDirect business, which it expects to conclude within
the next two months. The owners have entered into a non-legally
binding equity support agreement in the event the sale is delayed
or unsuccessful. Although the sale will ease short term liquidity
pressure, Fitch believe further asset monetisation or equity
support is necessary to refinance and enable TTG to execute its
strategic priorities. Valuation and timing of further investments
and possible divestments remain uncertain.

The need to demonstrate improved operating performance supported by
lower leverage and improved liquidity in sight of impending debt
maturities introduces high execution risk. Failure to demonstrate
progress on these fronts within the next six months is likely to
put negative pressure on the rating.

High Leverage Gradually Reducing: Fitch forecast leverage will
remain high but gradually decrease over FY24-27, reaching around
4.8x in FY26 from 6.3x in FY24. Fitch expects price increases to
have a greater impact in FY24, reflecting a headline price increase
of around 14% from April 2023 supplementing prior year re-pricing.
Fitch forecast an EBITDA margin of 9.8% in FY24, largely driven by
contractual price increases and some operational cost savings,
although Fitch expect the gross margin to be around 50%. Fitch
believe key operating metrics, such as customer base and churn, and
cost management will need to improve for sustained deleveraging.

Growth Drivers Still Exist: TTG has options to improve its business
under a more sustainable capital structure. Management has outlined
greater focus on customer retention and upselling speed tiers with
full fibre following the transition to Equinox 2. TTG's ethernet
business continues to show a good growth trajectory and generates
significantly higher average revenue per user (ARPU). An increase
in the alternative network (altnet) mix on the Wholesale platform
will provide a tangible opportunity to expand coverage and mitigate
the impact of higher wholesale fibre costs, with altnets reportedly
pricing one-third lower than Openreach.

Any material benefit is heavily dependent on the rate and scale of
altnet build and future pricing but a transition to fibre supports
ARPU accretion, customer retention and lower run rate operating
costs.

DERIVATION SUMMARY

TTG is weakly positioned at 'B-' until it can reduce leverage and
improve discretionary cash flows to manage its balance sheet.

The rating reflects a sizeable broadband customer base and the
company's positioning in the value-for-money segment within a
competitive market structure. TTG's operating and FCF margins are
tangibly below the telecoms sector average, largely reflecting its
limited scale, unbundled local exchange network architecture,
adaptability to the prevailing macroeconomic conditions and
dependence on regulated wholesale products for 'last-mile'
connectivity.

The company is less exposed to trends in cord 'cutting', where
consumers trade down or cancel pay-TV subscriptions in favour of
alternative internet or wireless-based services, although it
continues to incur attrition in its customer base. TalkTalk's
business model faces uncertainties in its long-term structure
resulting from success of inflation pass-through execution,
evolving regulation and a continued need to improve its cost
structure.

Peers such as BT Group plc (BBB/Stable) and VMED O2 UK Limited
(BB-/Stable) benefit from fully-owned access infrastructure,
revenue diversification as a result of scale in multiple products
segments (such as mobile and pay-TV), and materially higher
operating and cash flow margins. Fitch consider cash-flow
visibility at these peers greater and therefore supportive of
higher relative leverage (i.e. supportive of higher leverage if
ratings were aligned).

KEY ASSUMPTIONS

-- Revenue growth of 5% in FY24 and CAGR of 3% in FY24-FY27,
reflecting the combination of inflation-linked price increases,
growth in the Ethernet business and transition to full-fibre
products but offset by competitive market dynamics.

-- Gross margin of 51% in FY24, maintained around 50% in
FY24-FY27, affected by higher wholesale costs on
fibre-to-the-cabinet and FttP mitigated by increasing altnet mix.

-- Fitch-defined EBITDA margin of about 9.8% in FY24 gradually
increasing to about 13.5% in FY27, as operating expenses, including
subscriber acquisition costs, gradually reduce in addition to top
line growth.

-- IFRS16 lease cost is adjusted for one-off customer connection
costs, which are treated as part of capex. Fitch initial analysis
assumes GBP42 million of the IFRS16 lease cost relates to customer
connection costs in FY23.

-- Treatment of 50% of copper-to-fibre migration costs as
recurring with total copper-to-fibre costs of GBP48 million; GBP40
million and GBP30 million in FY24-26.

-- Positive working capital-to-sales ratio of 1.3% in FY24; -0.7%
in FY25 and -1% in FY26-27 supported by better working capital
terms but offset by deferred subscriber acquisition cash out
flows.

-- Capex-to-sales ratio of around 8% in FY24 reducing to 6.5% in
FY25 and towards 5% from FY26, reflecting the near-term investment
in the transition to fibre and improving capex intensity followed
by normalisation as the programme matures.

-- Network monetisation income treated above FCF but not included
in Fitch-defined EBITDA.

-- Intragroup costs treated above FCF.

-- No dividends in FY24-FY27, use of the payment in kind toggle is
assumed.

Key Recovery Rating Assumptions

The recovery analysis assumes that TTG would be liquidated rather
than reorganised in bankruptcy. Fitch have assumed a 10%
administrative claim.

A liquidation value (LV) approach involves discounting TTG's book
value of balance sheet assets and estimating the total asset
liquidation proceeds in a hypothetical liquidation process. Under
the LV approach, Fitch calculate the total amount available to
creditors after the 10% administration claim at GBP397 million.

Accounts receivables are excluded reflecting the drawn portion of
the receivables purchase agreement facility.

Fitch assume the GBP330 million RCF is fully drawn and is treated
as pari-passu with the GBP685 million senior secured bond.

Fitch waterfall analysis generates a ranked recovery for the senior
secured debt creditors in the 'RR4' band indicating a 'B-' senior
secured instrument rating, in line with the IDR. The waterfall
analysis output percentage on current metrics and assumptions is
39%.

RATING SENSITIVITIES

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

-- Stabilisation of operating metrics combined with Fitch-defined
EBITDA margin above 10% and Fitch-defined EBITDA net leverage below
5.0x on a sustained basis

-- Positive FCF margin in low single-digits and cash flow from
operations to total debt above 2.5% on a sustained basis

-- EBITDA interest cover sustainably above 2.0x

The RWN would be resolved with an affirmation at 'B-' and Negative
Outlook if the company is successful in reducing leverage and
improving liquidity through an asset monetisation programme or
shareholder support within the next six months

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

-- Deterioration in operating metrics so that Fitch defined EBITDA
net leverage remains consistently above 6.5x

-- FCF margin consistently negative requiring permanent RCF
drawdowns or inability to meet debt service over the next 12
months

-- Failure to make progress in refinancing the RCF and secured
bond or otherwise ensure secure committed funding

-- EBITDA interest cover consistently below 2.0x

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: TTG has access to near-term RCF capacity and
supplier working capital arrangements. However, consistent negative
near-term FCF is likely to require the further drawdowns on the
RCF, putting adverse pressure on liquidity, excluding any potential
future external liquidity support. The RCF matures in November 2024
while the senior secured notes are due in February 2025. TTG
intends to refinance all outstanding debt in FY24.

ISSUER PROFILE

TTG is an alternative 'value-for-money' fixed line telecom operator
in the UK, offering quad-play services to consumers and broadband
and ethernet services to business customers.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

SUMMARY OF FINANCIAL ADJUSTMENTS

Customer connection costs are classified by TTG as right of use
assets and depreciated under IFRS16 but are paid upfront as part of
capex. Therefore, TTG's lease cash repayments are lower than
depreciation of right of use assets plus interest on lease
liabilities (IFRS16 lease costs). According to Fitch's criteria,
IFRS16 lease costs should be deducted from operating profit in
calculating Fitch-defined EBITDA for this sector. Fitch have
treated the customer connection element of lease costs as capex and
lowered FY22 and FY23 IFRS16 lease costs by an assumed GBP22
million and GBP42 million, respectively, for the portion of lease
costs, which relate to one-off customer connection costs.

Sources of Information

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

VFS LEGAL: Enters Administration Following Funding Issues
---------------------------------------------------------
Neil Rose at Legal Futures reports that leading law firm funding
business VFS Legal has gone into administration, with its founder
telling Legal Futures that a change in its wholesale funder was the
cause.

Norman Kenvyn said VFS had provided over GBP250 million to the
legal market over 12 years, covering tens of thousands of cases,
Legal Futures relates.

According to Legal Futures, Sarah Collins and Mark Firmin of
Alvarez & Marsal confirmed that they have been appointed as the
company's joint administrators, as well as of Virtual Business
Operation Services Ltd, the services company that supports VFS.

VFS provided both disbursement funding and costs advance funding --
releasing work in progress once a bill has been served -- and has
17 members of staff at its office in Bromley, Kent.  But it was
unable to secure long-term financing, Legal Futures notes.

The company's future is unclear as the administrators explore
options for the business, including finding a buyer as well as
collecting the current book debt, Legal Futures states.

VFS, Legal Futures says, is unable to provide any further funding
at the moment and is in contact with those it has provided funding
to about their repayment agreements.

According to Legal Futures, Mr. Kenvyn said he could not comment in
detail, but "it would be fair to say that pressure from our
wholesale provider overtook us and the new funder was too slow so
we just couldn't get them aligned in time.

"It's extremely disappointing for a profitable SME with a
reputation for introducing innovative funding solutions to the
legal sector to help our clients, the law firms; for them to
deliver access to justice to their clients, the consumer."

VFS's most recently filed accounts, for the year to June 30, 2022,
put its trade debtors at nearly GBP50 million and creditors at
almost GBP39 million, mostly a bank loan of GBP35.6 million, Legal
Futures discloses.

The accounts said this required "significant monthly payments until
the loan is repaid in full in September 2024".

They continued: "This loan is not sufficient to finance the
activities of the company until September 2024 and will severely
impact the cash flow of the company.  The company has not yet been
able to secure additional financing.

"This indicates the existence of a material uncertainty which may
cast significant doubt on the company's ability to continue as a
going concern."


WILKO: Potential Buyers Need to Pump GBP70MM Into Business
----------------------------------------------------------
Leo Grieco at Proactive reports that buyers interested in Wilko
will need to pump GBP70 million into the business in the next two
weeks to keep creditors at bay after the discount retailer was
forced to enter administration last week.

PwC, acting as advisers to Wilko, initiated discussions with a
rival discount chain and two private equity firms for a potential
rescue deal via a company voluntary arrangement (CVA), which would
involve significant rent reductions at 400 stores, reports from the
Sunday Times revealed, according to Proactive.

However, as the required capital injection is high it raises
concerns about the feasibility of a solvent sale that could protect
Wilko's workforce of 12,000, Proactive states.

A potential buyer must inject GBP25 million to GBP30 million to
resume supplies to Wilko's stores and GBP40 million to settle a
debt owed to Hilco, with the restructuring firm's willingness to
continue lending offering a glimmer of hope, Proactive notes.

Engaging with the Pensions Regulator, Wilko's defined-benefit
scheme, which has been closed since 2013, carries a GBP50 million
deficit on a buyout basis, Proactive discloses.

Should no viable buyer emerge, the possibility of a pre-pack
administration, leading to store closures, looms, and in a
worst-case scenario, store shutdowns and stock liquidation might be
the ultimate outcome, resulting in minimal returns for unsecured
creditors such as landlords and suppliers, according to Proactive.


WORCESTER WARRIORS: Sold to Atlas for GBP2.05 Million
-----------------------------------------------------
Rachel Covill at TheBusinessDesk.com reports that Worcester
Warriors were sold to new owners Atlas for GBP2.05 million,
according to a report released by the club's administrators Begbies
Traynor, which also confirmed that the takeover is yet to complete
in full.

The 38-page report into the progress being made by the
administrators reported that Atlas Worcester Warriors -- co-owned
by Jim O'Toole and James Sandford -- paid GBP2.05 million for the
Sixways stadium and the surrounding land, TheBusinessDesk.com
relates.

But there is still a remaining GBP1 million to be paid to complete
the transaction and Begbies have told Atlas that the fee must be
received by Oct. 9, TheBusinessDesk.com discloses.

The Atlas consortium purchased Worcester Warriors on May 3, with
contracts signed and exchanged, but the money has not yet been paid
in full, TheBusinessDesk.com recounts.

Begbies were appointed at Warriors following the club being placed
into administration in September 2022, TheBusinessDesk.com notes.

Begbies are also seeking GBP1.8 million payment for their work to
find new owners for the club, TheBusinessDesk.com states.



                           *********


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

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Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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