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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 15, 2023, Vol. 24, No. 163

                           Headlines



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

REPUBLIKA SRPSKA: S&P Affirms 'B' Long-Term ICR, Outlook Stable


F R A N C E

NUMERICABLE US: Pioneer Floating Marks $1.9MM Loan at 16% Off
RENAULT SA: Fitch Affirms & Then Withdraws 'BB+' Long Term IDR


G E O R G I A

GEORGIA: S&P Affirms 'BB/B' Sovereign Credit Ratings


G R E E C E

INTRALOT SA: Fitch Places 'CCC+' IDR on Rating Watch Positive


I R E L A N D

AZUL MASTER 2023-1: DBRS Assigns BB Rating to Class C Notes


I T A L Y

IGD: S&P Downgrades Long-Term Issuer Credit Rating to 'BB'


L U X E M B O U R G

MC BRAZIL: Moody's Affirms Ba3 Rating on Sr. Secured Global Notes
TRAVELPORT FINANCE: $1.96BB Bank Debt Trades at 37% Discount
TRAVELPORT FINANCE: $2.8BB Bank Debt Trades at 34% Discount
TRINSEO MATERIALS: $750MM Bank Debt Trades at 25% Discount


N E T H E R L A N D S

BRIGHT BIDCO: $300MM Bank Debt Trades at 55% Discount
LEALAND FINANCE: $500MM Bank Debt Trades at 48% Discount


P O R T U G A L

ARES LUSITANI: Fitch Affirms 'BB+sf' Rating on Class D Notes
TAGUS-SOCIEDADE: DBRS Confirms BB(high) Rating on Class C Notes


S E R B I A

SERBIA: Fitch Affirms 'BB+' Long Term IDR, Outlook Stable


T U R K E Y

LIMAK ISKENDERUN: Moody's Confirms B3 Rating on Sr. Secured Notes


U N I T E D   K I N G D O M

AMPHORA FINANCE: GBP301MM Bank Debt Trades at 64% Discount
BROSS BAGELS: Founder Says Business Undergoing Restructuring
GOLDEN LEAS: Files Notice to Appoint Administrators
HARBEN FINANCE 2017-1: Fitch Ups Rating on Class G Notes to 'BBsf'
HENRY CONSTRUCTION: Owed GBP43MM to Suppliers at Time of Collapse

MARINE DECOMISSIONING: Goes Into Liquidation, Halts Operations
VECTOR PRECISION: Enters Administration, Put Up for Sale
WILKO LTD: Bidders Have Until August 16 to Table Offers
[*] UK: Scottish Firms in Significant Distress up 6.3% in 2Q 2023

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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REPUBLIKA SRPSKA: S&P Affirms 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
On Aug. 11, 2023, S&P Global Ratings affirmed its 'B' long-term
issuer credit rating on Republika Srpska, a constituent entity of
Bosnia and Herzegovina (BiH; B+/Stable/B). The outlook is stable.

Outlook

The stable outlook reflects S&P"sview that solid nominal GDP growth
over 2023-2025 will help Republika Srpska finance its widened but
still moderate deficit without an increase in the debt burden,
while the entity will retain good access to funding.

Downside scenario

S&P said, "We could lower the rating if we observed a disruption in
Republika Srpska's access to external funding sources. This could
result from substantial adverse changes in market conditions or a
particular escalation in intergovernmental tensions that diminished
the willingness of external and domestic creditors to provide
financing to the government. We could also lower the rating if
Republika Srpska's fiscal policy loosened further, breaching its
internal limitations and leading to a material increase in deficits
and debt burden."

Upside scenario

S&P could raise the rating on Republika Srpska if more predictable
coordination with other stakeholders in BiH leads to better funding
conditions and sustained economic development. In combination with
a more effective fiscal policy that is less tied to election
cycles, these conditions could help Republika Srpska achieve a
materially stronger budgetary performance and reduce its
refinancing risks and debt burden.

Rationale

S&P said, "The rating affirmation on Republika Srpska reflects on
our view that its relationship with other constituencies in BiH
will remain strained, but without any concrete actions toward
secession in the next few years. Although at times investors'
appetite for Republika Srpska's debt could be affected by political
disputes, we assume Republika Srpska will maintain access to a
range of liquidity sources. Ability to issue bonds domestically and
internationally and raise loans from bilateral and multilateral
institutions is essential for the government's funding strategy,
given relatively low cash reserves and large funding needs. A
substantial weakening of fiscal policy, which coincided with
elections in BiH and Republika Srpska in late 2022, will lead to an
elevated budget deficit at about 2.5% of GDP through 2025.
Nevertheless, nominal GDP growth, largely attributed to higher
inflation, will help the government to increase budget revenue and
contain its tax-supported debt at a moderate 120% of operating
revenue in the medium term. Our assessment of the debt burden
incorporates contingent liabilities related to a few large
investment projects by key state-owned enterprises in
transportation and electricity."

Political tensions complicate the institutional framework, deter
economic growth, and challenge fiscal policy

Republika Srpska operates under complex and volatile political and
financial arrangements with the central government and the
country's other constituent entity, the Federation of Bosnia and
Herzegovina (FBiH). The institutional framework is hampered by
frequent political tensions challenging a fragile balance of power
between different authorities as specified in the Dayton Accord and
Constitution. Although all governments broadly agree on the need
for some institutional and economic reforms, implementation is
slow. Republika Srpska's political leadership regularly uses
secession rhetoric in relation to state-level institutions and
occasionally challenges decisions made by the Office Of High
Representative of BiH. S&P said, "However, we continue to consider
that the likelihood of concrete steps toward secession is low.
Republika Srpska remains very dependent on availability of
international financing, including from Serbia, which is trying to
avoid harming its path to EU accession, and Hungary, an EU member.
We acknowledge though that political tensions could deter potential
investors."

The weaknesses of the institutional framework are partially offset
by the constitutional entities' strong autonomy to oppose central
level decisions and manage their own fiscal policies. As such,
Republika Srpska sets the rate and base for about 60% of its
revenue, including direct taxes and social security contributions.
Moreover, a special mechanism ensures a timely repayment of nearly
half of Republika Srpska's debt, mostly owed to multilateral
institutions. The State Indirect Tax Authority (ITA) collects
indirect taxes, allocates them for financing central government
institutions and servicing external debt issued on behalf of the
constituent entities. S&P also notes an improving trend in state
entities' transparency over the years.

S&P said, "We continue to view Republika Srpska's financial
management as weak due to limited predictability of its budget
policy, lacking a formal liquidity policy, and with still weak
control of government-related entities. A substantial loosening of
its fiscal policy prior to the 2022 election reduced financial
flexibility. The Alliance of Independent Social Democrats (SNSD)
party, headed by Milorad Dodik, won the majority of votes in
Republika Srpska's 2022 elections. A coalition government based on
a comfortable majority in the state parliament has been formed from
eight parties, ensuring smooth approval of budgets and financial
decisions. We understand that reforms in management and oversight
of public enterprise and public investment programs are still in an
implementation phase and are not yet yielding visible changes.

"We view positively the existence of a cap on the government's debt
burden and annual deficit, as well as a relatively high level of
disclosure on core government budget and debt operations. Republika
Srpska's debt cannot exceed 60% of its GDP, while the deficit
should stay within 3% of GDP. The government regularly publishes
its latest strategy and annual budget documents, as well as monthly
financial statements on its website. We assume the government will
remain committed to its fiscal rules.

"Republika Srpska's economy is relatively poor in an international
context and faces demographic challenges. We expect regional GDP
per capita at $7,300 in 2023, about 10% below the national average.
We also project relatively slow real GDP growth of 1% in 2023,
gradually picking up in 2024 and 2025 broadly in line with the
national trend. Republika Srpska's population is aging since
younger people are migrating to developed Europe, which will
increase pressure on the budget in the long run. The economy is
diversified, with manufacturing and trade (wholesale and retail)
leading economic activities. Inflation has declined since its peak
in mid-2022, but is still high. We project it will average 7% in
2023 and will decline further afterwards. Republika Srpska is only
partly exposed to volatility in international energy prices, given
that it produces most of its electricity via local thermal and
hydro generation. Power generation is a sector that requires
significant investment to replace coal-fired generation with new
hydro power stations and other renewable energy sources."

Satisfactory access to liquidity helps to cover deficits and
refinancing needs, but an increasing interest bill will continue to
burden Republika Srpska

A substantial loosening of the Republika Srpska's fiscal policy in
2022 has had a lasting negative impact on budgetary performance in
the medium term. Ahead of the election, Republika Srpska raised
wages and grants, while reducing rates of personal income tax and
contributions to social funds. Despite the projected solid
inflation-boosted revenue growth, spending needs will remain large.
While Republika Srpska plans to curb wage growth in the future, a
need to maintain subsidies to state companies and healthcare
institutions will constrain the recovery of budgetary performance,
especially in case of potential delays in disbursement of EU
grants. S&P said, "We also factor in a sharp hike in interest
payments due to rising interest rates amid Republika Srpska's large
borrowing plans. We expect Republika Srpska to continue posting
operating deficits and overall budget deficits of above 5% of total
revenue, shrinking only mildly by 2026."

Thanks to a projected nominal revenue increase, Republika Srpska's
debt burden will remain moderate despite a weak budgetary
performance. S&P said, "We anticipate that its tax-supported debt,
which includes direct government debt, as well as debt of social
security funds, public institutions, and a few state-owned entities
(including the highways and motorways enterprises), will remain
below 120% of consolidated operating revenue. We note that about
60% of tax-supported debt is external, while most of the debt is
denominated at fixed interest rates. We expect interest spending
will exceed 5% of operating revenue by the end of our forecast
horizon, given rising interest rates and relatively large
refinancing needs. In our view, Republika Srpska's risk related to
contingent liabilities is limited, although set to increase. This
process may be fueled by potential delays in disbursement of EU and
other grants in case of substantial political tensions. While we
anticipate municipal debt will remain relatively small, debt of the
state-owned enterprises will likely increase." Elektroprivreda, the
state-owned electricity producer is embarking on a number of
debt-funded development projects, which are guaranteed by Republika
Srpska. Meanwhile, its railway company is going through
restructuring and may require investment in the future, while
motorway and highway companies continue to invest with large state
financial backing. The Investment Development Bank and its funds
may also play a more prominent role in financing development
projects in the Republika Srpska.

S&P said, "In our view, Republika Srpska's liquidity position is
weak and depends on its access to external and domestic sources of
funding. Republika Srpska has relatively low cash reserves, well
below 50% of annual debt service. Based on its track record of
borrowing from a diversified pool of investors, we continue to
regard Republika Srpska's access to external liquidity sources as
satisfactory." Although Republika Srpska refinanced its EUR168
million Eurobond in June 2023 with a few domestic bond issuances,
it plans to borrow externally later in 2023. It will continue to
cover its deficit with borrowing from domestic or nonresident banks
and multilateral lending institutions. Republika Srpska covers
short-term liquidity gaps by issuing treasury bills to local
banks.


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

  RATINGS AFFIRMED

  REPUBLIKA SRPSKA

   Issuer Credit Rating    B/Stable/--

   Senior Unsecured        B




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F R A N C E
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NUMERICABLE US: Pioneer Floating Marks $1.9MM Loan at 16% Off
-------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $1,931,801 loan
extended to Numericable U.S. LLC to market at $1,620,298 or 84% of
the outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.

Pioneer Floating is a participant in an USD TLB-[14] Loan to
Numericable U.S. LLC. The loan accrues interest at a rate of
10.486% (Term SOFR+550 bps) per annum. The loan matures on August
15, 2028.

Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a
newly-established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.

Numericable U.S. is a management consulting company based in Paris,
France.


RENAULT SA: Fitch Affirms & Then Withdraws 'BB+' Long Term IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Renault SA's Long-Term Issuer Default
Rating at 'BB+' with a Stable Outlook. Concurrently, Fitch has
withdrawn the rating.

The affirmation and Stable Outlook reflect Fitch expectation that
Renault's profitability and operational cash generation will remain
in line with the rating in the medium term, despite increasing
pricing competition and potentially challenging macroeconomic
conditions in 2024. Fitch forecast that the proceeds from the
Ampere IPO planned in 1H24 and potential sale of Nissan stakes will
be deployed to accelerate its electrification progress, and expect
EBITDA net leverage to hover around 0.5x in the medium term, which
is in line with the rating.

Fitch has chosen to withdraw Renault's ratings for commercial
reasons.

KEY RATING DRIVERS

Sound Profitability: Despite softened pricing and lingering
logistic obstacles, Renault's auto EBIT margin was 6.2% for 1H23,
commensurate with the 'a' mid-point on Fitch auto manufacturer
rating navigator. The improvement was attributable to positive net
pricing and product mix, supported by new product launches in the
C-segment and above that were more profitable than Renault's
existing product line. Fitch expect pricing conditions to be
increasingly challenging beyond 2023, weighing on profit margins.
The easing of supply chain bottlenecks and decreased break-even
point should support Fitch's forecast automotive EBIT margin of
around 5% over the rating horizon.

Strong Order Intake: Renault has stated that at end-June 2023 the
orderbook was 3.4 months, in line with the company's target of
above two months. Renault brands grew by 12% in volume in 1H23 vs
1H22, thanks to the success of Arkana, Austral, and Megane E-TECH
models. Dacia volume growth remains strong, up by 24% including
passenger car and light commercial vehicle vs 1H22. The orderbook
supports Fitch expectation of single-digit revenue growth in the
medium term, and there is potential upside to Fitch conservative
case, depending on the recessionary environment in Europe.

Structural Change to Accelerate Transition: The carve-out of Horse
(Renault's powertrain business) was completed in July 2023. Renault
subsequently announced an agreement with Geely to establish a JV,
with Aramco the potential investor. The Ampere (Renault's software
and battery electric vehicle unit) IPO is expected to be executed
in 1H24. Fitch expects the announced IPO proceeds (together with
the associated sale of a minority stake) and potential Nissan share
sale to provide additional cash proceeds to support a rapid
electrification transition for Renault.

As guided by management, Fitch expect most of the disposal proceeds
to be used for investment in the business, which should offset
Fitch expectations of slightly increasing capex in the next four
years.

Dividends to Increase: Renault will retain a majority holding in
Ampere, but the amount of minority float is unclear for the moment.
The group resumed dividend distribution in 2022 and targets a 35%
pay-out ratio in the medium term. Fitch expects the dividends to
minorities and common shares to weigh on free cash flow (FCF)
generation, albeit to a limited extent as the agency believes
Renault will divert available funds to electrify the model line-up
and develop BEV technologies.

Fitch forecast the FCF margin to remain sustainably above 1% over
2024-2026, assuming 8% for capex/revenue, increased distribution to
minorities and a modest 10-20% dividends payout ratio to common
shares under the current capital structure.

Alliance Reset: As announced by the new Renault-Nissan-Mitsubishi
roadmap, Renault will transfer 28.4% of its Nissan shares into a
French trust, through which it will maintain its economic rights,
including dividend payments and sales proceeds. Fitch does not have
details on the potential impact on profitability from the joint
operational roadmap and expects this to be more visible after its
forecast period of four years.

Renault group has not announced if it will seek to sell these
shares. However, management intends to direct potential cash
proceeds back into the business as well, which Fitch believe
provides additional headroom for investment needs. Fitch do not
include any cash proceeds coming from these share sales in Fitch
forecasts, and believe that Ampere's funding and investment needs
are covered by a combination of internal cash generation and IPO
proceeds.

Conservative Capital Allocation: Fitch expect Renault's Fitch
EBITDA net leverage to hover around 1.5x in Fitch forecast period,
which is considered strong for the rating and broadly in line with
investment-grade medians on Fitch navigator. Fitch forecast that
there will not be a significant shift from management's announced
capital allocation plans, which do not include sizeable shareholder
returns but continue focusing on internal investment plans.

ESG - GHG Emissions & Air Quality: Renault is facing stringent
emission regulation, notably in Europe, its main market.
Investments in lowering emissions are a key driver of the group's
strategy and cash generation and this is therefore relevant to the
rating in conjunction with other factors.

ESG - Governance Structure: The company has a complex structure
after the plan to split the group into five business segments and
announcement to bring down the cross-shareholding in Nissan to
15%.

DERIVATION SUMMARY

On a standalone basis, Renault is smaller than General Motors
Company (GM, BBB-/Positive), Ford Motor Company (BB+/Positive) and
Hyundai Motor Company (BBB+/Positive), but Renault's alliance with
Nissan, extended to Mitsubishi Motors, provides it with capacity
for substantial economies of scale and synergies.

Renault's brand positioning is moderately weaker than US peers.
Nonetheless, Fitch believe Renault's relative position should
incorporate Dacia, which despite not having a high brand value and
leading market shares, enhances product and geographic
diversification and is a healthy contributor to profitability.
Compared with Hyundai and Kia Corporation (BBB+/Positive), Fitch
see a closer comparison in competitiveness and brand positioning.

Renault's financial profile is gradually improving towards
investment-grade medians. An EBIT margin between 5-6% is mapping to
high investment-grade medians. Nevertheless, Renault's automotive
operating and FCF margins are expected to be lower than GM's and
Stellantis N.V.'s (BBB+/Stable).

Leverage metrics are considered strong for the rating, with Fitch
adjusted EBITDA/net debt metrics hovering below 1x in Fitch
forecast period. This is against a 'BBB' rating median of 0.8x in
Fitch rating navigator. No Country Ceiling, parent/subsidiary or
operating environment aspects apply to the rating.

KEY ASSUMPTIONS

-- Unit sales gradually increasing to around 2.3 million by 2026,
post Russian exit

-- Automotive revenue growing by mid-single digit

-- Automotive operating margin around 5% over forecast period

-- Eased working capital on the back of improved logistics and
supply chain constraints

-- Capex at up to 8% of revenue

-- Common dividend distribution between 10-20% of adjusted net
income

-- Ampere IPO proceeds totalling EUR3 billion over 2024-2025

-- RCI dividends of EUR500 million per year over 2024-2026

-- No Nissan share disposal over the forecast period

-- No cash impact from the Horse project

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

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

Adequate Liquidity: Renault concluded 2022 with more than EUR13
billion cash and cash equivalents, after Fitch's adjustment of
restricted cash. This is more than sufficient to sustain the
intra-year working capital fluctuations. With logistics and supply
chain constraints easing, and inflation of raw materials abating,
Fitch expect working capital to reverse in 2H23. Fitch expectation
of the group having solid FCF generation over the rating horizon
provides an additional buffer. Renault has a record of maintaining
a prudent financial policy, including a material reported net cash
position and availability under revolving credit lines of at least
20% of revenue.

Diversified Debt Structure: Renault's debt structure is diversified
and consists mainly of euro- and yen-denominated unsecured bonds.
Maturities are well spread. The group raised funds equivalent to
EUR2 billion in the Japanese market during 2022 and has made three
early repayments in 2022 to redeem the French state-guaranteed
credit lines, which were fully repaid in 1H23. For its liquidity
needs, the group had direct access to EUR3.4 billion of an undrawn
revolving credit facility as of end-2022. It also has recourse to a
EUR2.5 billion commercial paper programme. It further uses account
receivables factoring (several receivables securitisation
programmes in different countries) to fund working capital needs.

ISSUER PROFILE

Renault is a France-based mass-market automotive manufacturer with
annual sales of over EUR40 billion, adjusted for Renault Russia and
AvtoVaz. Its brand portfolio includes Renault, Dacia, Lada, Samsung
and Alpine and it owns RCI Banque (now Mobilize Financial
Services), a subsidiary dedicated to vehicle sales financing and
leasing.

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

Renault has an ESG Relevance Score of '4' for GHG Emissions & Air
Quality, as it is facing stringent emission regulation, notably in
Europe, its main market. Investments in lowing emissions are a key
driver of the group's strategy and cash generation and this is
therefore relevant to the rating in conjunction with other
factors.

Renault has an ESG Relevance Score of '4' for Governance Structure,
reflecting the still-complex structure after the plan to split the
group into five business segments and its announcement to bring
down the cross-shareholding in Nissan to 15%. This has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

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



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G E O R G I A
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GEORGIA: S&P Affirms 'BB/B' Sovereign Credit Ratings
----------------------------------------------------
On Aug. 11, 2023, S&P Global Ratings affirmed its 'BB/B' long- and
short-term foreign and local currency sovereign credit ratings on
Georgia. The outlook is stable.

Outlook

S&P said, "The stable outlook reflects Georgia's continuing robust
economic growth as well as stronger recent fiscal and balance of
payments performance, which we expect to endure over the next 12
months. This is counterbalanced by the country's relatively weak
external position on a stock basis and the risk that a possible
weakening of predictability of policymaking in the future may
undermine growth prospects over the longer term. Additionally, we
incorporate the elevated geopolitical risks in the region, which we
assume will persist over the next year."

Upside scenario

Over the next 12 months, S&P could take a positive rating action if
Georgia's fiscal performance was markedly stronger than it
currently project, while balance of payments risks did not increase
at the same time.

Downside scenario

Rating pressure could stem from a marked increase in domestic
political tensions, or from backtracking on the reform agenda that
dents investor sentiment and Georgia's growth prospects. Rating
pressure could also build in a scenario of reverse migration and
capital outflows leading to pronounced deterioration of the fiscal
and balance of payments outlook.

Rationale

S&P said, "Our ratings on Georgia remain constrained by
comparatively low income levels and a relatively weak external
position, especially due to the economy's reliance on imports and
substantial external debt stock. Additionally, moderate
dollarization of the financial system somewhat constrains monetary
policy flexibility.

"The ratings benefit from Georgia's relatively strong policy
settings, especially compared with other sovereigns in the region,
although we see a possibility that these policy settings weaken.
Moderate government debt, the largely floating exchange-rate
regime, and the availability of timely, concessional financing from
international financial institutions also support the ratings."

Institutional and economic profile: Waves of immigration due to the
Russia-Ukraine conflict have underpinned Georgia's strong economic
growth

-- Real GDP growth will remain strong this year at 6.1%, on the
back of immigration and financial flows, though down from 10.1% in
2022.

-- Due to the ongoing war in Ukraine and the subsequent increase
in domestic political risk in Russia, Russian immigrants in Georgia
will likely remain in the country for a more extended period.

-- Recent amendments to the central bank law may undermine the
autonomy of the National Bank of Georgia (NBG) and have added a
layer of complexity to the policymaking landscape.

Georgia's economy has continued to outperform, with real GDP growth
averaging 7.6% over the first half of 2023. This points to
continued financial and migration inflows, particularly from
Russia, alongside a strong recovery in the tourism sector. S&P
said, "Yet, we anticipate growth will moderate this year due to
several factors, including a decrease in inward migration, a
reduction in financial inflows from abroad, tight financial
conditions, and softer external demand. We therefore expect growth
to ease to a still-solid 6.1% in 2023 from last year's 10.1%."

Transfers from abroad have played a crucial role as a source of
current account financing for Georgia, constituting approximately
12.6% and 17.8% of GDP in 2021 and 2022, respectively. Notably,
although Georgia had experienced a declining trend in money
transfers from Russia, this has reversed since the beginning of the
Russia-Ukraine war, when the share of Russia-originated transfers
increased by nearly 50%. Even if these transfers moderate over the
coming months, Russia will continue to represent a sizable portion
of the total.

Georgia's direct trade links with Russia are also important. At the
onset of the conflict, exports to Russia constituted 14% of the
total, while exports to Ukraine accounted for 7%. The key products
exported to both Russia and Ukraine included wine, mineral water,
and agricultural products, among other traditional Georgian goods.
Despite a downturn in Russia's economy, in the 12 months ended May
2023, Georgia's goods exports to Russia were broadly stable,
constituting roughly 12% of the total exports (with about one-fifth
of exports to Russia related to re-exports).

Georgian exports to other countries have more than compensated for
the loss in exports to Ukraine, which represented 7% of Georgia's
exports before the war. Georgia's total merchandise exports rose by
24% in the 12 months ended in May. However, goods export growth
during this period would have been negative were it not for higher
export prices and the rapid increase in the re-export of cars to
countries within the Eurasian Economic Union, such as Armenia and
Kazakhstan. Georgia's oil and gas imports predominantly come from
Azerbaijan, with partial contribution from Romania and Russia.

Georgia's tourism sector continues to recover from pandemic-related
setbacks. International travel receipts generated by the tourism
sector grew to $1.8 billion in the first quarter of this year,
exceeding 2019 levels by 24%. The boom in international travel
receipts is partially owed to migration inflows. S&P expects
tourism to remain an important growth factor in 2023. Already in
May 2023, international travelers for the previous 12 months had
reached 78% of the 2019 level. That said, the tourism industry will
likely face headwinds from lower purchasing power of European
tourists as well as some erosion of price competitiveness due to
the appreciation of the lari. Moreover, inflows of tourists and
migrants have notably increased rental and real estate purchase
demand, contributing to a rise in rental costs and property
prices.

Looking beyond 2023, Georgia's economic prospects are largely
positive but there are risks. The extent to which recent migrants
will choose to stay in the country remains uncertain, although the
lack of viable alternative destinations and the persistence of
domestic political risk in Russia will likely keep them in Georgia
for longer. Moreover, any further escalation of the war and the
related repercussions on the global and the European economies
could challenge Georgia's growth outlook. Nevertheless, S&P expects
real GDP growth to average a relatively high 4.8% until 2026.

S&P considers that Georgia's policy settings remain comparatively
strong. The country has implemented key structural reforms over the
past 20 years, yielding significant improvements in the quality of
governance, transparency, and ease of doing business.

That said, the ruling Georgian Dream-Democratic Georgia (GDDG)
party could be shifting its focus to strengthening its incumbent
position, in S&P's view. The 2020 general election saw GDDG emerge
victorious, but the opposing parties, led by the United National
Movement, disputed the results, citing electoral irregularities,
and boycotted parliament. Although an EU-mediated agreement briefly
brought about consensus, the agreement collapsed in July 2021,
leading to the opposition's absence from parliamentary proceedings
for a significant part of the year.

More recently, in June 2023, amendments to central bank law were
passed that created a new position of first-vice president, who
would assume the role of governor of the NBG during any vacancy of
the latter position. Consequently, the first-vice president will
hold significant authority over monetary policy decisions.
Previously, the responsibilities of the vacant governor position
were carried out by other deputy governors, and S&P considers the
new position could potentially present risks to the central bank's
autonomy in the medium term.

S&P said, "We assume that obtaining candidate status to join the EU
could accelerate Georgia's reform efforts. In mid-2022, unlike
Moldova and Ukraine, Georgia's EU candidate status was denied due
to numerous concerns, including political polarization and
corruption. Instead, the EU granted Georgia a "European
perspective," requiring the fulfilment of 12 conditions before
Georgia's membership application can be addressed.

"We expect the status of the Tskhinvali region (South Ossetia) and
of Abkhazia to remain a source of tension between Georgia and
Russia in the foreseeable future. At the same time, we do not
anticipate a marked escalation of the dispute in the medium term."

Flexibility and performance profile: Georgia's fiscal performance
has remained strong with a favorable public debt structure amid
still-elevated external risks

-- S&P expects a slight improvement in the fiscal deficit to 2.7%
of GDP in 2023 from 2.9% last year.

-- International reserves rose to $5.4 billion in July 2023 from
$4.2 billion a year ago, thanks to foreign currency purchases amid
strong, but slowing, financial inflows.

-- With inflation dipping below the 3% target, the NBG is now
embarking on a monetary policy easing cycle.

As in past years, S&P anticipates the deficit will be funded by
both domestic and international sources, with a significant portion
from International Financial Institutions (IFIs). In 2023, the
authorities target a budget deficit under 3% of GDP. The budget
aligns with the organic budget law's stipulations and the terms set
in the IMF's Standby Arrangement (SBA) program.

S&P said, "Beyond 2023, we expect general government deficits to
remain contained and net general government debt to hover around a
moderate 38% of GDP. We note the largely favorable structure of
government debt." While 75% of the government debt is denominated
in foreign currencies, the lion's share of debt is held by official
bilateral and multilateral lenders that have long maturities and
low interest rates. Prominent among Georgia's external creditors
are institutions like the World Bank and European Bank for
Reconstruction and Development. The government has a single
commercial Eurobond worth $500 million. The dominance of IFI loans
in Georgia's government debt minimizes refinancing risks and offers
a buffer against high global interest rates.

In June 2022, the IMF greenlit a three-year SBA for Georgia,
amounting to $280 million. This program sets multiple performance
benchmarks, aiming to fortify the economy by enhancing external and
fiscal reserves, complemented by structural reforms to boost
output. A reasonable performance led to the successful conclusion
of the first evaluation under the SBA program in December 2022,
granting Georgia access to an additional $40 million. However, the
authorities plan to tap into these funds only if they face balance
of payments pressure.

S&P said, "This year, the global economic downturn and strong lari
will dampen demand for Georgian exports, in our view. However,
weaker goods exports will be somewhat offset by robust remittances
and a rebound in tourism. We anticipate the current account deficit
will expand to 5.0% of GDP in 2023 from 4.0% in 2022, then average
4.6% over the remainder of our forecast horizon to 2026." Net
foreign direct investment will continue to be the primary source of
external financing, covering 50%-70% of the current account
deficits until 2026. Additional external funds will be sourced from
government loans, exclusively from IFIs, and will be earmarked
primarily for infrastructure-related projects.

Although Georgia's current account balance has improved since 2022,
the country's external position on a stock basis remains weak.
Persistent and wide current account deficits led to a significant
accumulation of external liabilities, with net external debt of
around 60% of current account receipts (CAR) and an overall net
external liability position of 150% of CAR. That said, a
substantial portion of external debt has been mobilized by the
public sector--predominantly on concessional terms--and financial
institutions, as well as by the corporate sector. Furthermore,
external risks are somewhat mitigated by the NBG's improved foreign
exchange reserve position. International reserves had climbed to
$5.4 billion at the end of July from $4.9 billion at end-2022,
thanks to the NBG's net purchases of foreign currencies amid robust
financial inflows. Should external conditions worsen, the NBG could
tap into SBA funds from the IMF to swiftly augment its reserves. To
date, Georgia has refrained from drawing upon this IMF facility.

In line with global economic trends, Georgia experienced a
significant acceleration in inflation in 2022, primarily fueled by
increases in food and energy prices. However, by July 2023,
inflation had moderated considerably, dropping to 0.3% due to the
lower commodity prices and the strong lari, which is below the
NBG's target of 3.0%. In response to this decline, the NBG
initiated a series of policy rate cuts, cumulatively reducing the
refinancing rate by 75 basis points, bringing it to 10.25% this
year. S&P projects inflation to average 2.4% this year and remain
close to target in 2024 thanks to softening commodity prices, and
the lagged impact of the appreciation of the lari (Georgia runs a
largely floating exchange-rate regime) and restrictive monetary
policy.

S&P Global Ratings classifies the banking sector of Georgia in
group '7' under its Banking Industry Country Risk Assessment with
an economic risk score of '7' and an industry risk score of '7'.
The banking system overall remains stable. S&P expects the stock of
loans to grow 5%-10% in 2022-2024. Despite a gradual decline,
Georgia still faces a relatively high dollarization of the banking
system. Nonperforming loans (NPLs) decreased to 3.6% in the second
quarter of this year, from 4.7% mid-2022 due to continued credit
expansion and strong economic growth. But S&P expects the NPL ratio
to tick up in the next 12 months due to somewhat weaker local
economic conditions.

S&P recognizes Georgia's banking regulation as effective and
largely consistent with international standards, marked by solid
corporate governance and commendable transparency. It's evident
that Georgian banks exhibit a high-risk appetite, as demonstrated
by their rapid annual asset growth in recent years. Their somewhat
pronounced dependence on external financing particularly loans and
non-resident deposits, in comparison to peer banking systems, is
anticipated to persist. The sector remains steady, with the two
dominant banks holding over 70% of the market share in crucial
market segments. Banks have strong capitalization levels compared
with their counterparts and maintain sufficient liquidity. The ties
between the Georgian banking system and Russia are primarily
restricted to Georgian businesses trading goods with Russia.

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

  RATINGS AFFIRMED
  GEORGIA (GOVERNMENT OF)

   Sovereign Credit Rating                  BB/Stable/B

   Transfer & Convertibility Assessment     BBB-

   Senior Unsecured                         BB




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G R E E C E
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INTRALOT SA: Fitch Places 'CCC+' IDR on Rating Watch Positive
-------------------------------------------------------------
Fitch Ratings has placed Intralot S.A.'s 'CCC+' Long-Term Issuer
Default Rating (IDR) and 'CCC' senior secured rating on the 2024
notes issued by Intralot Capital Luxembourg S.A. on Rating Watch
Positive (RWP).

The RWP reflects upon Intralot's improving operating performance,
resulting in organic deleveraging in 2022 that Fitch expects to
continue in 2023. In Fitch view, stronger leverage metrics improve
Intralot's ability to refinance its upcoming 2024 debt maturities.
Subject to the completion of the 2024 notes refinancing, Fitch
believe Intralot's credit profile will be commensurate with a 'B-'
rating, based on Fitch current rating case to 2026, resolving the
RWP.

KEY RATING DRIVERS

US Operations Driving Performance: As of 2022, over 60% of
Intralot's EBITDAR was generated in the US and Canada markets
through Intralot Inc., its wholly-owned US subsidiary. Fitch
forecasts that the new contracts signed in 2023 in Ohio, British
Columbia and Wyoming, will additionally support low-to-mid single
digit revenue growth in the region over the medium term. Fitch
expect Intralot's US operations to continue exhibiting strong
profitability, with EBITDAR margins maintained above 40%.

Refinancing Risk Looming: Uncertainty around the refinancing risk
present in Fitch rating case to 2026 currently constrains the
rating, with the majority of Intralot's debt maturing in 2024 and
2025. However, the RWP reflects Fitch belief that based on its
improving operating performance, the company is facing its debt
maturities with strengthening credit metrics. Fitch expect the
company to proactively address the refinancing well ahead of next
year's September maturities. A potential equity placement envisaged
in 2023, which remains subject to approval of Intralot's
shareholders would further reduce the refinancing risk.

The successful refinancing of the 2024 debt, completed six months
before its due date, would lead Fitch to review the RWP, with a
possible one-notch upgrade based on Fitch current rating case,
assuming continuation of the positive operational momentum and
prudent capital allocation.

Change in Financial Strategy: Fitch acknowledges the shift in
Intralot's financial strategy towards greater conservatism and
disciplined capital allocation. In 2022, Intralot used equity
placement to streamline its capital structure and refinanced its US
subsidiary debt with less restrictive terms and gradual principal
repayment. However, this US subsidiary debt remains structurally
senior to Intralot's 2024 notes.

Intralot also indicated a potential share capital increase in its
recent public communications, and Fitch estimate the amount could
at least cover the most recently reported negative equity at the
consolidated level, and provide further capital structure
improvement opportunities.

Low Leverage for the Rating: Organic deleveraging and net debt
reduction in 2022 allowed Intralot to improve its EBITDAR leverage
to 4.9x in 2022 from 5.7x in 2021. Fitch assumes that if the
company pursues its recently communicated equity raise for the
amount of recently reported negative equity (around EUR90 million),
EBITDAR leverage would reduce further by end-2023 to around 4.0x,
which would be commensurate with a higher rating.

Contract Portfolio Expiration Risks: Fitch views Intralot's
contracted revenues as more visible and predictable, but also
subject to license/contract renewal risks, and the company is not
always able to compete for renewals with local or international
peers. The current portfolio has a moderate license/contract
expiration profile, with no large renewals in the medium term,
except for the expiration of a license in Morocco in 2023 that
Fitch assumes will not be renewed in its rating case.

However, in 2027, contracts in Argentina and Australia,
collectively generating 27% of EBITDAR as of 2022, will expire.
Intralot's ability to maintain a portfolio with balanced license
expiration profile remains important for the rating trajectory.

Exposure to Emerging Market Currencies: Fitch ratings reflect that
most of Intralot's revenues are not generated in its reporting
currency, increasing its exposure to FX market volatility. In 2022,
Turkey and Argentina accounted for around 25% of Intralot's
revenues (up from around 20% in 2021) and continued depreciation of
the Turkish lira and Argentine peso in 2023 will affect
consolidated revenues and operating results.

Intralot does not employ financial derivatives to hedge its
exposure to currency risk. Exposure to currency volatility,
especially in emerging markets, could materially affect its
performance.

DERIVATION SUMMARY

Intralot's current financial profile is not comparable with that of
other more business-to-consumer EMEA gaming companies, such as
Flutter Entertainment plc (BBB-/Stable), Entain plc (BB/Stable),
Allwyn International a.s. (Sazka, BB-/Stable), or its B2B peers
International Game Technology plc (BB+/Stable) and Light & Wonder,
Inc. (BB/Stable).

After the completion of its 2021 restructuring, Intralot has
similar scale and financial profile to Inspired Entertainment, Inc.
(B/Stable). Inspired exhibits slightly lower leverage with longer
maturities and a more intact, albeit higher geographically
concentrated, business model, resulting in a two-notch difference
between the ratings.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:

-- FY23 and FY24 revenues declining by low to mid-single digit
driven primarily by the FX volatility in Argentina (as assumed by
Fitch) as well as the expiration of the Moroccan license in FY24

-- Average FY24-FY26 annual revenue growth of low single digit
(under 3%), mainly driven by Intralot's operations in the US
(EUR160 million-EUR170 million contribution per year)

-- Improved profitability for operations in the US and Croatia,
resulting in the EBITDA margin stabilising at around 33%

-- Average annual capex of 12% of revenues required primarily for
the suite of contract renewals and new projects in the US segment
as well as ongoing maintenance for the lottery segment and growth
initiatives within the US operations

-- Net working capital around 10-13% of revenues

The recovery analysis assumes that Intralot would be considered a
going concern in bankruptcy and that it would be reorganised rather
than liquidated. Fitch have assumed a 10% administrative claim.

Fitch applied a distressed enterprise value (EV)/ EBITDA multiple
of 5.0x to Intralot's wholly-owned operations.

The going concern EBITDA of Intralot S.A. of EUR65 million reflects
Fitch view of a sustainable, post-reorganisation EBITDA level, upon
which Fitch base the valuation of the group excluding JVs. JVs in
Turkey and Argentina are assumed to provide an additional around
EUR20 million to the going concern EV.

After deducting 10% for administrative claims, Fitch principal
waterfall analysis would generate a ranked recovery in the 'RR5'
band, indicating a lower rating for the unsecured debt at parent
company than its IDR. In the debt waterfall Fitch treat the
Intralot Inc.'s term loan and revolving credit facility (RCF) -
assumed fully-drawn in distress, ranking senior to the 2024 notes.
This results in a waterfall generated recovery calculation of 14%
for the 2024 notes issued by Intralot Intralot Capital Luxembourg
S.A. based on current assumptions.

RATING SENSITIVITIES

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

-- Completion of refinancing of the 2024 maturities, leading to an
upgrade in combination with:

-- Healthy liquidity, evidenced by positive free cash flow (FCF)
and lack of permanent RCF drawdowns;

-- Funds from operations (FFO) margin above 10% on a sustained
basis;

-- FFO-based gross adjusted leverage below 6.0x and total adjusted
debt/EBITDAR below 5.5x;

-- FFO fixed charge cover above 1.8x on a sustained basis.

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

-- Failure to refinance the 2024 maturities six months before
maturity, leading to a removal of the RWP with further negative
pressure on the rating should operating performance deteriorate as
evidenced by:

-- FFO adjusted gross leverage above 7.5x and total adjusted
debt/EBITDAR above 7x;

-- FFO fixed charge cover below 1.5x;

-- Sustained negative or volatile FCF and lack of sufficient
operational liquidity cushion to support operations within the next
12-18 months.

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

Pressure on Liquidity From Maturities: Virtually all of Intralot's
debt matures in 2024 and 2025. Fitch do not forecast Intralot to be
able to fund the 2024 maturities with equity and FCF and therefore
expect the company to proactively address 2024 refinancing.

Refinancing risk aside, Fitch expect Intralot to have sufficient
liquidity to funds its operations, with positive forecast FCF and a
USD50 million revolving credit facility providing additional
flexibility for growing US operations.

ISSUER PROFILE

Intralot is a supplier of integrated gaming systems and services.
The group develops, operates and supports customised software and
hardware for the gaming industry and provides innovative technology
and services to state and state-licenced lottery and gaming
organisations worldwide.

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.



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

AZUL MASTER 2023-1: DBRS Assigns BB Rating to Class C Notes
-----------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the Series 2023-1 Notes
issued by aZul Master Credit Cards DAC (the Issuer) as follows:

-- Series 2023-1, Class A Notes at AA (low) (sf)
-- Series 2023-1, Class C Notes at BB (sf)

DBRS Morningstar also confirmed its ratings on the following
outstanding notes of the Issuer:

-- Series 2020-1, Class A Notes at A (high) (sf)
-- Series 2020-1, Class C Notes at BB (sf)

The credit ratings of the Class A Notes address the timely payment
of scheduled interest and the ultimate repayment of principal by
the legal final maturity date. The credit ratings of the Class C
Notes address the ultimate payment of scheduled interest and the
ultimate repayment of principal by the legal final maturity date.

As the Series 2020-1 notes entered into the scheduled amortization
in March 2023, the subordination for the Class A Notes has
increased to 52.4% by July 2023 from 22.5% at closing. DBRS
Morningstar typically does not upgrade amortizing notes of a credit
card master trust unless there are substantial structural changes.

The securitized collateral pool is a portfolio of fixed rate,
unsecured receivables generated from revolving credit agreements
acquired (ex-Barclaycard, Ruby) and granted (core) to individuals
and domiciled in Spain and serviced by WiZink Bank S.A.U. (the
originator).

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

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement.

-- The credit enhancement level is sufficient to support the
projected expected net losses under various stress scenarios.

-- The originator and servicer's capabilities with respect to
originations, underwriting, and servicing.

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

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

-- DBRS Morningstar's sovereign rating on the Kingdom of Spain at
"A" with a Stable trend.

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

TRANSACTION STRUCTURE

The Series 2023-1 transaction includes a scheduled 36-month
revolving period. The revolving period may end earlier than
scheduled if certain events occur, such as the breach of
performance triggers.

The transaction also benefits from a Class A general reserve which
is available to the Issuer to cover the shortfalls in senior
expenses and interests on all the Class A Notes across the entire
programme.

The interest rate risk is considered limited because both series
notes carry fixed-rate coupons.

COUNTERPARTIES

Societe Generale, Sucursal en España (Societe Generale) is the
account bank for the transaction. DBRS Morningstar has a Long-Term
Issuer Rating of A (high) on Societe Generale, which meets the
criteria to act in these capacities at closing. The downgrade
provisions in the documentation are consistent with DBRS
Morningstar's criteria.

PORTFOLIO ASSUMPTIONS

The asset assumptions below consider the migration of the
securitized portfolio towards the core receivables since the
programme's establishment, as the Ruby receivables continue to be
in runoff without new account origination.

The monthly principal payment rate (MPPR) of the total managed
portfolio was largely stable around 11% until April 2020 where it
hit a record low of 6.2% before recovered to 9.4% by July 2020. The
MPPRs continued to improve to be above the pre-pandemic levels
before declining to 12.0% as of April 2023. DBRS Morningstar notes
that the Issuer reported similar but higher MPPRs than the total
managed portfolio. This better performance is attributable to the
positive selection of non-delinquent receivables arising from the
eligibility criteria. Based on the historical trends and the
portfolio migration toward core receivables with higher MPPRs, DBRS
Morningstar elects to increase the securitized portfolio MPPR from
9.75% to 10.5%.

The yield rate of the total managed portfolio has been stable
around 23% until October 2019 before gradually declining to a
historical low of 15.3% in March 2022. It has since marginally
recovered to 16.7% by April 2023. Over the same period, the Issuer
reported more volatile but higher yield rates, with 20.2% as of
April 2023. After considering the historical trends and the
portfolio migration toward core receivables, DBRS Morningstar
reduced its expected yield assumption from 16.7% to 16.25%.

The charge-off rate of the total managed portfolio had been
steadily rising until October 2020 when it reached a record high of
16.1%. After the removal of forbearance measures, the charge-off
rate gradually decreased and normalized. Based on the analysis of
historical data, the delinquency roll rates, the positive selection
of non-delinquent receivables and the portfolio migration toward
generally better performing core receivables, DBRS Morningstar
reduced its expected charge-off rate to 10.5% from 12.5%.

DBRS Morningstar used a zero-recovery assumption in its cash flow
analysis as the receivables are unsecured and no static vintage
data was provided.

DBRS Morningstar's credit ratings on the notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated notes are the related
Monthly Interest Amounts and the Initial Principal Amounts.

DBRS Morningstar's credit ratings on the notes also address the
credit risk associated with the increased rate of interest
applicable to the notes if the notes are not redeemed on the
scheduled redemption date as defined in and in accordance with the
applicable transaction documents.

DBRS Morningstar's credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

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

Notes: All figures are in euros unless otherwise noted.




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

IGD: S&P Downgrades Long-Term Issuer Credit Rating to 'BB'
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
rating on IGD to 'BB' from 'BB+'.

S&P also placed the ratings on CreditWatch with negative
implications. This reflects the risk that IGD might not secure
sufficient liquidity sources over the coming months to cover its
November 2024 bond maturity, which could result in its liquidity
position deteriorating rapidly.

A material portion of the company's debt will mature in 2024, which
will weigh heavily on its cost of debt and therefore weaken its
EBITDA-to-interest-coverage ratio over the next 12-18 months. S&P
said, "We no longer think the company's adjusted EBITDA to interest
coverage can stay sustainably above our 2.4x threshold for a 'BB+'
rating. Higher funding costs will likely affect this ratio
materially from 2024 given that broadly half of IGD's total debt
matures during 2024. This includes a EUR100 million private
placement due January and EUR24 million in bank debt, both of which
will be refinanced through the secured bank facilities IGD signed
in May 2023, as well as the EUR400 million bond due November."

S&P said, "Amid rising interest rates and given the large portion
of debt maturing next year, we expect the company's average cost of
debt to increase materially.It will likely rise to about 5.0%-6.0%,
from 2.26% at end-2022, and 3.22% at June 30, 2023, including the
EUR250 million new secured debt facilities signed in May 2023. This
will be only partly compensated by robust inflation-led
like-for-like rental income growth, which we forecast at 5%-6% in
2023 and 2%-3% in 2024. We also estimate S&P Global
Ratings-adjusted debt to debt plus equity to remain tight at
47.0%-48.5% over our forecast horizon, just below our 50% threshold
for 'BB+'. We have therefore applied our negative comparable
ratings analysis modifier to reflect the weak positioning of IGD's
credit metrics within our financial risk profile category. Still,
we forecast the company's adjusted debt-to-EBITDA to improve from
9.9x at end-2022 to 8.0x-8.5x over 2023-2024, on the back of
growing EBITDA and reduced capex. We also note that the company
currently contemplates EUR180 million-EUR200 million of non-core
asset disposals, which we do not include in our base case at this
time given investment market uncertainty. Higher debt repayments
than we currently anticipate--because of material disposals,
limited investments, or dividends--could support its credit
metrics."

Further shortening of IGD's weighted-average debt maturity profile
will likely increase pressure on its liquidity and capital
structure, which could significantly weaken its overall
creditworthiness. S&P said, "The company has an average debt
maturity of only 3.2 years and we understand it is committed to
addressing debt refinancing needs at least 12 months ahead of
maturities; therefore, we expect the company to address its EUR400
million bond maturing November 2024 (around 40% of total gross
debt) in the next couple of months. That said, at this stage we
understand that IGD has not finalized any transaction or asset
disposals." If it does not secure sufficient funding to meet this
sizable debt maturity in the next couple of months, and therefore
improve its liquidity and debt maturity profile, its
creditworthiness and rating would deteriorate further, as reflected
in our CreditWatch negative placement.

S&P said, "We expect operating fundamentals to remain solid for IGD
over the coming 12 months. During the first half of 2023, IGD
reported 7.8% like-for-like growth in net rental income, mostly due
to the indexation of leases, and partially offset by a moderate
decrease in occupancy (95.2% in Italy versus 95.7% at the end of
2022, and 96.8% in Romania versus 98.1% at the end of 2022). We
expect the company to continue benefiting from positive
like-for-like growth in rental income, due to the indexed nature of
its leases."

CreditWatch

The CreditWatch negative reflects the possibility of a downgrade by
at least one notch over the next 90 days if IGD does not secure
sufficient liquidity sources over the coming months to cover its
EUR400 million bond maturing November 2024. If it did not manage
this, it would substantially deteriorate its liquidity position.

S&P will resolve the CreditWatch if the company takes sufficient
steps within the next few months to secure enough liquidity to
amply cover its short-term maturities.




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

MC BRAZIL: Moody's Affirms Ba3 Rating on Sr. Secured Global Notes
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 rating assigned to
MC Brazil Downstream Trading S.A.R.L.'s Senior Secured Global
Notes. The outlook was changed to negative from stable.

Affirmations:

Issuer: MC Brazil Downstream Trading S.A.R.L.

Senior Secured Global Notes, Affirmed Ba3

Outlook Actions:

Issuer: MC Brazil Downstream Trading S.A.R.L.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The change of outlook to negative reflects Moody's perception of
increased risks to the  company's cash generation driven by the
higher government interference in the oil and gas sector through
the state owned company Petroleo Brasileiro S.A. - PETROBRAS (Ba1
stable), coupled with higher operating expenses than initially
planned and more volatility in refined product crack spreads.
Moody's revised rating scenario for Acelen encompasses a legal Debt
Service Coverage Ratio (DSCR) below the initial expectations in
both 2024 and 2025, at 1.6x and 1.9x respectively, with an average
of 2.6x during the life of the transaction, which entails a lower
buffer from internal cash generation to sustain a prolonged period
of lower margins or unexpected cash needs.

The affirmation of MC Brazil's Ba3 senior secured global notes
rating reflects the Mataripe refinery's (RefMat) strong asset
features and competitive position following the completion of major
investments for the ramp-up of its operations; as well as its
strategic location that allowed it to practice international parity
prices (IPP), providing some shield against Petroleo Brasileiro
S.A. - PETROBRAS' pricing policy. It also considers the sponsor
profile, with a long track record investing in the refining and
petrochemical business, and Acelen's new management team with solid
industry expertise to execute on the company's growth strategy.

The rating remains limited by RefMat's significant exposure to
merchant risk and low visibility into the future offtake profile
and fuel prices, leading to reduced predictability of future cash
flows. It is also limited by the execution risk related to its
capex plan and the achievement of targeted efficiency savings. The
financing structure lacks of Operating and Maintenance (O&M)
reserves to support more frequent maintenances than anticipated.

Acelen's management team took control of the assets in early 2022
and executed an accelerated investment strategy for the business
ramp-up that completed in January 2023, nine months earlier than
Moody's anticipated. As a result, the company was able to operate
the refinery for the entire year in 2022 benefitting from higher
crack spreads that supported a $61 million cash sweep payment in
January 2023. Utilization rates reached 82.7% in March 2023, close
to 83.4% of Moody's initial rating's case.

Despite the positive start, the refinery suffered some cash flow
pressures in the third quarter of 2022 that will likely persist
until June 2023. Amongst the challenges are: (i) higher than
anticipated capex and opex, which includes non recurring cost of
implementation (operating costs neighboring $10 per barrel (bbl)
against $6/bbl initially expected) with more frequent asset
maintenances; (ii) higher than anticipated crude supply prices, as
the Brazilian tax regulation favors crude oil exports over domestic
use; (iii) a federal tax holiday on gasoline and diesel that
pressured working capital generation, as the federal government
implemented a temporary tax exemption on certain refined products
to control inflation during election campaigns, while taxes
continued to be paid on crude oil purchases; and (iv) depressed
crack margins on very low sulfur oils (VLSFO) that bottomed at
$-10.4/bbl along with higher international freights costs following
geopolitical disruptions in international markets. These issues
have driven Acelen to report negative EBITDA margins in both the
fourth quarter of 2022 and the first quarter of 2023. Nonetheless,
Moody's expect a gradual improvement in cash generation through the
second half of the year, supported by the recovery of approximately
$297 million on the monetization of accumulated tax credits with
the gradual relief of the temporary exemption.

Moody's Base Case Scenario assumes a continued expansion in
utilization rates allowing for higher cost efficiency savings over
time. It considers an average adjusted crack margin of $13.8/bbl
and an average utilization rate of 91.7% over the nameplate
capacity, along with crude prices at $75/bbl, at the top of Moody's
medium-term oil price range. Under these assumptions, Moody's
expects EBITDA to expand from $81 million in 2023 to $779 million
in 2027, resulting in DSCRs ranging between 1.6x and 3.4x during
the life of the transaction. Cash flow from operations (CFO) to
Debt ratio ranges from 12.2% to 19.9% over the next three years.
The leverage profile and liquidity position still provides some
cushion to withstand debt service under different scenarios of
stress on the main assumptions. Moody's estimates that the adjusted
crack margin could fall as low as $11.47 to result in a minimum
DSCR of 1.0x in 2025.

Acelen's liquidity position provides some leeway for the company to
continue the ramp-up of its operations and withstand near term
volatility although at a lower buffer than initially anticipated.
As of March 2023, the company counted on bank guarantees for the
purchase of crude oil; and it reported a cash position of $440
million, including a pre-funded, 6-month reserve account for debt
service that further supports the debt services for 2023 and 2024,
ranging between $141 and $171 million.

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

A ratings upgrade is unlikely to happen at this point given the
negative outlook. The outlook could return to stable if current
credit risks settle, such as fuel prices have generally closely
replicated those of import parity. Quantitatively, the outlook
could return to stable if expected cash flow increase and translate
into sustainable DSCR ratios above 2.5x.

Conversely, ratings could be downgraded upon exacerbation of
current credit risks, leading to a frustration in cash generation
such that DSCR and the Project CFO to Debt remains, respectively
below 2.5x and 15% on a sustainable basis.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

MC Brazil Downstream Trading S.A.R.L.'s CIS-3 indicates that ESG
considerations have a limited impact on the current credit rating
with potential for greater negative impact over time. The issuer is
exposed to environmental and social risks stemming from its oil
refinery operations.

The oil refining sector is increasingly being exposed to
environmental regulations for the transition to low-carbon energy,
which will lead to an eventual decline in demand for petroleum
products in the coming decades and incremental investment
requirements. Nonetheless, Moody's view the impact of carbon
transition risk is increasing just gradually during the life of the
transaction. Moody's also expect the project company to hire and
maintain broad insurance policies to cover for sudden pollution and
environmental claims.

The exposure to social risks relates to safety controls and
socially driven policy agendas related to the control of fuel
prices, with evidence of regional political interference in recent
years.

MC Brazil's comprehensive package of project finance credit
enhancements mitigates governance risks. Nonetheless, governance
risks arise from refinancing risks and liquidity arrangements that
compare unfavorable with other project finance transactions.

ISSUER PROFILE

The issuer, MC Brazil Downstream Trading S.A.R.L. (MC Brazil) is a
private limited liability company established under the laws of
Luxembourg, as part of the acquisition financing of the Mataripe
Refinary ("RefMat") by Acelen (formerly known as MC Brazil
Downstream Participacoes S.A.), an acquisition vehicle indirectly
owned, controlled and advised by Mubadala Capital. Incorporated in
Brazil, Acelen directly owns and controls the RefMat refinery
complex, including the logistics assets, and the project MC Brazil.
As such, the credit analysis is based on the consolidated credit
profile of Acelen.

RefMat is a refinery cluster built in 1950, with current operating
processing capacity of 302,000 barrels per day (bpd) of crude and
storage capacity of 3.7 million for crude and 6.2 million for
refined products. The Project Company also encompasses a logistic
infrastructure including 679 kilometers of oil pipelines and the
TEMADRE marine terminal. With total assets of $3.8 billion and
annual revenue of $10.9 billion as of March 2023, Acelen is the
primary supplier of oil-refined products in the northeast and north
regions in Brazil.

The principal methodology used in this rating was Generic Project
Finance Methodology published in January 2022.

TRAVELPORT FINANCE: $1.96BB Bank Debt Trades at 37% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 63.3 cents-on-the-dollar during the week ended Friday,
August 11, 2023, according to Bloomberg's Evaluated Pricing service
data.

The $1.96 billion facility is a Term loan that is scheduled to
mature on May 29, 2026.  About $1.96 billion of the loan is
withdrawn and outstanding.

Travelport Finance Luxembourg Sarl operates as a subsidiary of
Travelport Holdings Ltd. The Company’s country of domicile is
Luxembourg.


TRAVELPORT FINANCE: $2.8BB Bank Debt Trades at 34% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 65.7 cents-on-the-dollar during the week ended Friday,
August 11, 2023, according to Bloomberg's Evaluated Pricing service
data.

The $2.80 billion facility is a Term loan that is scheduled to
mature on May 30, 2026.  About $37.3 million of the loan is
withdrawn and outstanding.

Travelport Finance Luxembourg Sarl operates as a subsidiary of
Travelport Holdings Ltd. The Company's country of domicile is
Luxembourg.



TRINSEO MATERIALS: $750MM Bank Debt Trades at 25% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Trinseo Materials
Operating SCA is a borrower were trading in the secondary market
around 74.9 cents-on-the-dollar during the week ended Friday,
August 11, 2023, according to Bloomberg's Evaluated Pricing service
data.

The $750 million facility is a Term loan that is scheduled to
mature on May 3, 2028.  About $732.2 million of the loan is
withdrawn and outstanding.

Trinseo is a specialty material solutions provider. The Company's
country of domicile is Luxembourg.




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

BRIGHT BIDCO: $300MM Bank Debt Trades at 55% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Bright Bidco BV is
a borrower were trading in the secondary market around 44.7
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $300 million facility is a Payment in kind Term loan that is
scheduled to mature on October 31, 2027.  The amount is fully drawn
and outstanding.

Amsterdam, The Netherlands-based Bright Bidco B.V. designs and
manufactures discrete semiconductor devices and circuits for light
emitting diodes (LEDs). The Company's country of domicile is the
Netherlands.


LEALAND FINANCE: $500MM Bank Debt Trades at 48% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Lealand Finance Co
BV is a borrower were trading in the secondary market around 52.5
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $500 million facility is a Term loan that is scheduled to
mature on June 30, 2025.  The amount is fully drawn and
outstanding.

Lealand Finance is an affiliate of CB&I Holdings B.V. and Chicago
Bridge & Iron Company B.V. The Company's country of domicile is the
Netherlands.




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

ARES LUSITANI: Fitch Affirms 'BB+sf' Rating on Class D Notes
------------------------------------------------------------
Fitch Ratings has affirmed Ares Lusitani - STC, S.A. / Pelican
Finance No. 2 class A to D notes. The Outlooks are Stable.

ENTITY/DEBT            RATING    PRIOR  
----------             ------                  -----
Ares Lusitani - STC, S.A./
Pelican Finance No. 2

A PTLSNTOM0007  LT     AA-sf   Affirmed AA-sf
B PTLSNUOM0004  LT     Asf     Affirmed Asf
C PTLSNVOM0003  LT     BBB+sf  Affirmed BBB+sf
D PTLSNWOM0002  LT     BB+sf   Affirmed BB+sf

TRANSACTION SUMMARY

The transaction is a static securitisation of unsecured consumer
and auto loans originated in Portugal by Caixa Economica Montepio
Geral, Caixa economica bancaria, S.A (BM; B+/Positive; 37%) and
Montepio Credito (MC, part of the BM group; 63%). This is the
second Fitch-rated securitisation of consumer and auto loans with
BM and MC as joint originators, after Pelican Finance No.1, which
was fully repaid in 2021.

KEY RATING DRIVERS

Uniform Default Expectations: MC's sub-pool only includes passenger
car loans, and BM's sub-pool is largely composed of unsecured
consumer loans. Fitch has recalibrated base-case remaining life
default rate and the 'AA+sf' default multiple for BM to 6% from 7%
and to 4.5x from 4x respectively based on the sound performance of
the sub-pool. Both assumptions are now set at the same level as for
MC, resulting in a remaining life base-case default rate of 6% for
the overall portfolio, which combined with a 4.5x default multiple
results in a 'AA+sf' default rate of 27% for the portfolio.

Recovery Assumptions Remain Separate: Fitch continues to calibrate
separate recovery asset assumptions for each originator, reflecting
different recovery expectations. Recovery rate base case for MC has
been recalibrated to 45% from 55% based on slightly
lower-than-expected recoveries of the sub-pool since closing in
December 2021 and maintained at 35% for BM, with a 50% 'AA+sf'
haircut for all asset sub-pools. This results in a weighted average
recovery rate of 20.7% for 'AA+sf' rating.

Stable Performance: The rating actions reflect stable performance
of the securitised portfolio since closing and Fitch expectations
of marginal changes in asset performance. The performance remains
robust with a low share of loans in arrears over 30 days (around
1.5% of the current portfolio balance as at the latest reporting
period), and low share of cumulative defaults (less than 1.1% of
the initial portfolio balance).

Continued Pro-Rata Amortisation Likely: The class A to E notes are
being repaid pro-rata unless a sequential amortisation event
occurs, including cumulative defaults on the portfolio in excess of
certain thresholds or a principal deficiency recorded on the class
E notes.

Fitch's base case views a switch to sequential amortisation as
unlikely in the short term, given portfolio performance
expectations compared with defined triggers. The tail risk posed by
the pro-rata paydown is mitigated by a mandatory switch to
sequential amortisation when the portfolio balance falls below 10%
of its initial balance. The current outstanding portfolio balance
stands is around 59.4%.

Servicing Disruption Risk Mitigated: Fitch views the servicing
disruption risk as mitigated by liquidity provided in the form of a
cash reserve equal to 1% of the class A to D notes' outstanding
balance, which would cover senior costs and interest on these notes
for more than three months, a period Fitch view as sufficient to
implement alternative arrangements and maintain payment continuity
on the notes. Moreover, the transaction benefits from a back-up
servicing agreement with HG PT S.A.

Interest-Rate Risk Broadly Offset: The transaction benefits from an
interest-rate cap agreement that hedges the interest-rate mismatch
arising from 63.7% of the portfolio balance paying a fixed interest
rate while the notes pay floating-rate coupons. The interest-rate
cap is based on a predefined scheduled notional amount that covers
the fixed-rate share of the portfolio with a strike rate of 3%. The
current exposure to the fixed-rate loans remains below the notional
amount, ensuring that the hedge meets coverage expectations. The
limited excess spread over the last payment periods is expected to
improve as the issuer is now in the money, so swap payments are
expected during the next payment periods.

RATING SENSITIVITIES

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

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

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

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

-- For the class A to D notes, credit enhancement ratios increase
as the transaction deleverages to fully compensate the credit
losses and cash flow stresses commensurate with higher ratings

-- Upgrade to the Portuguese sovereign IDR could increase the
maximum achievable structured-finance ratings for the notes. The
class A notes could only be upgraded up to 'AA+sf', six notches
above Portugal's Local-Currency IDR

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.

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.

TAGUS-SOCIEDADE: DBRS Confirms BB(high) Rating on Class C Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the Class A,
Class B, and Class C Notes (collectively, the Rated Notes) issued
by Tagus - Sociedade de Titularizacao de Creditos, S.A. (Victoria
Finance No. 1) (the Issuer) as follows:

-- Class A Notes at A (high) (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (high) (sf)

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, charge-offs,
monthly principal payment rates (MPPRs), and yield rates, as of the
May 2023 payment date.

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective credit rating
levels.

-- No revolving termination events have occurred.

The Issuer is a securitization of credit card receivables granted
to individuals under credit card agreements originated and serviced
by WiZink Bank, S.A.U. Portuguese branch (WiZink Portugal). WiZink
Portugal is the rebranding of the acquired BarclayCard operation in
Portugal. The transaction closed in July 2020 and is scheduled to
enter into the amortization period in September 2023.

TRANSACTION STRUCTURE

Credit enhancement available to the Rated Notes during the
amortization period consists of subordination of the junior Rated
Notes and SICF note, potential over-collateralization, and excess
spread.

The cash reserve is currently at its target level of EUR 3.9
million, equal to the required amount of 1% of the outstanding
Class A Notes balance, and is available to cover senior fees and
interest on the Class A Notes.

PORTFOLIO PERFORMANCE, ASSUMPTIONS, AND KEY DRIVERS

As of May 2023, the MPPR was 7.6%, slightly below the average of
7.9% since closing; the annualized yield rate was 15.4%, noticeably
lower than the average of 18.8% since closing; and the annualized
gross charge-off rate was relatively low at 2.8% but marginally
higher than the average of 2.3% since closing.

Charge-off rates reported by the Issuer since closing have been
approximately at least 1% lower than those of the managed
portfolio. The better performance is due to the eligibility
criteria that excludes delinquent receivables.

Also as of the May 2023, two- to three-month arrears and
more-than-three-month arrears were 0.6% and 1.1% of the outstanding
portfolio balance, respectively. To further assess the charge-off
rates, DBRS Morningstar conducted a roll rate analysis of
delinquencies. The annualized charge-off rates based on six-month
and 12-month delinquency roll rates of the managed portfolio are
estimated to be 7.1% and 6.8%, respectively.

DBRS Morningstar revised its expected charge-off rate to 8% from
10.5% in consideration of the positive selection of eligible
receivables and the stable charge-off rate reported by the seller
since Q4 2018.

The MPPR levels reported by the seller have been trending upwards
after the pandemic and stabilized at around 6.5% since mid-2022. In
addition, MPPR reported by the Issuer has been on average around
1.5% higher than the managed portfolio since closing.

DBRS Morningstar revised its expected MPPR to 5.75% from 4.75%
based on the historical information trend and the positive
selection of eligible receivables.

As of May 2023, the yields reported by the seller (15.2%) and the
Issuer (15.4%) are lower than the latest usury rate of 16.9%. The
lower levels are mainly driven by a promotion campaign offered by
the seller between November 2022 and June 2023. However, portfolio
yield is expected to rise over time when the new higher usury rate
is applied to new accounts and the defaulted older accounts with
lower usury rates are written-off.

DBRS Morningstar elected to maintain its expected yield at 15.0% in
light of performance in line with the prevailing expected yield and
potential improvement.

COUNTERPARTIES

Elavon Financial Services DAC (Elavon) is the issuer account bank
for the transaction. Based on DBRS Morningstar's private credit
ratings on Elavon, and the downgrade provisions outlined in the
transaction documents, DBRS Morningstar considers the risk arising
from the exposure to the issuer account bank to be consistent with
the credit ratings assigned, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar's credit ratings on the notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents.

DBRS Morningstar's credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

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

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

General Considerations

Governance (G) Factors

Since last year, DBRS Morningstar has increased its review scope of
backup servicing activities for credit card transactions and notes
that for this transaction there is no clarity of activities to be
conducted by the back-up servicer as the entity remains unknown
until the appointment. While the back-up servicer facilitator
undertakes to find a suitable replacement within 60 calendar days
of a servicer termination event, the absence of clearly defined
tasks to be assumed by the future back-up servicer creates
uncertainty in respect of the execution timing and resources
required. These risks may lead to changes in borrower behavior that
could subsequently affect future defaults and/or repayments. In
light of these risks and potential exposure, DBRS Morningstar
updated its ESG assessments for this transaction and concludes
there is a relevant effect of Transaction Governance factor on the
credit analysis.

Notes: All figures are in euros unless otherwise noted.




===========
S E R B I A
===========

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

KEY RATING DRIVERS

Rating Fundamentals: Serbia's rating is supported by its credible
macroeconomic policy framework, prudent fiscal policy, and somewhat
stronger governance, human development and GDP per capita compared
with 'BB' medians. Set against these factors are Serbia's greater
share of foreign-currency-denominated public debt than peer group
medians, as well as a high degree of banking sector euroisation.
Much improved energy dynamics have strengthened the external
position, underpinning exchange rate stability, and improved public
finances in 2023, but geopolitical risks linger.

Stronger External Position: FX reserves have risen due to the
easing of the energy sector pressures, continued strong net FDI
inflows and export growth. Reserves were EUR24.8 billion at
end-May, up from EUR22 billion at end-2022, supporting stability of
the dinar against the euro. Fitch expects the improvement of the
energy balance to drive a narrowing of the current account deficit
(CAD) to 3.1% of GDP in 2023 from 7% in 2022.

From 2024, the CAD will widen slightly as energy gains ease and
multi-year construction projects feed into the import bill.
Services growth should remain solid, but current transfers are
likely to ease after being distorted by flows from Russia in 2022.
Net FDI inflows will fully cover the CAD, allowing a further
nominal increase in reserves through 2025. Reserves are projected
to remain around 5.2 months of current external payments in
2023-2025 ('BB' median 4.3 months).

Lower Energy Costs Boost Budget: Public finances have performed
much better than budgeted, prompting the government to introduce
additional spending measures. Over 1H23, the general government
posted a surplus of 0.6% of GDP, compared with an initial full year
budgeted deficit of 3.3% and a deficit of 0.3% in 1H22, owing to
much lower than budgeted spending on energy-related costs and
revenue outperformance, reflecting a strong labour market and high
corporate profits.

The new spending package, costing around 0.9% of GDP, can be
comfortably absorbed but elements of its design and implementation
(such as increased spending on pensions) have been questioned by
independent observers.

Debt/GDP on Downward Path: Fitch expects the strong revenue
performance (and savings on energy-related spending) to narrow the
deficit to 2.7% of GDP in 2023. A deficit of 2.2% of GDP is
targeted for 2024 owing to a further reduction in support for the
energy sector, strengthening economic growth and increases in to
excise duties worth 0.4% of GDP.

Fitch assumes fiscal performance will be broadly in line with
government targets in both 2024 and 2025 (target deficit 1.5% of
GDP), supported by structural measures to enhance revenue
collection. This will underpin a further fall in government debt
from 55.7% at end-2022 to GDP to 48.1% of GDP by end-2025, when the
'BB' median is projected to be 52.4%. 71% of public debt is
foreign-currency denominated, compared with the 'BB' median of
55%.

Improved Energy Dynamics: Energy sector dynamics have improved
significantly. This reflects a combination of reform measures and
favourable exogenous factors. Domestic energy production has
recovered after disruptions in late-2022 and through 2023, largely
reflecting improved weather conditions. Lower domestic consumption
in response to tariff increases allowed the resumption of
electricity exports, enhancing the financial position of state
power utility Elektroprivreda Srbija. Tariff increases and much
lower international energy prices have supported the financial
position of state gas utility Srbijagas.

Structural measures to tackle energy vulnerability are a key
objective of the IMF programme and risks to the fiscal and balance
of payments positions would re-emerge if exogenous factors become
less favourable.

Growth Picking Up: Economic activity has begun to pick up after a
subdued few quarters. The flash reading put real GDP growth at 1.7%
yoy in 2Q23, up from 0.7% in 1Q23. Growth should strengthen over
the remainder of the year as real incomes return to positive
territory. Net trade will remain supportive as FDI recipients step
up exports, while weather conditions will support the agricultural
sector, where output prospects have improved after two years of
drought, despite heavy rains.

Rapid growth in the ICT sector should continue, although the pace
may ease after an inflow of Russia workers boosted output from the
sector last year. Fitch projects real GDP growth of 2.4% in 2023,
picking up to 3.4% in 2024, supported by higher real wages and
strengthening activity in key export markets.

Inflation Past Peak: Inflation has passed its peak, as the jump in
fuel prices drops from the annual comparison, and is set to return
to single digits by the end of the year owing to base effects.
Fitch anticipates further monetary policy tightening, which
combined with base effects will keep inflation on a downward path.
However, the pace of decline will be tempered by planned energy
price hikes in November (10% for gas and 8% for electricity) agreed
with the IMF. Fitch expects inflation to remain above 'BB' peers,
averaging 12.6% in 2023, 5.6% in 2024 and 4% in 2025 (within the 3%
+/-1.5pp official target).

Resilient Banks: The banking sector continues to demonstrate
resilience. Capital adequacy strengthened to 22.4% at end-2Q23,
when the non-performing loans ratio was close to an historical low,
at 3.2%. Stage two loans are not rising notably, despite the weaker
economy and higher interest rates. The easing of various regulatory
support measures in 2022 has been extended into 2023, but take-up
is reported as low and the authorities plan the unwinding of the
measures at the end of the year.

The increase in retail deposit dollarisation that occurred at the
start of the war in Ukraine has been reversed and a new policy to
increase corporate dinarisation took effect from July 1, although
deposit dinarisation remains low, at 40% in mid-2023.

Setback in Kosovo Relations: Prospects for progress in the
normalisation of relations with Kosovo in the near term have
dampened. Relations with Kosovo are a stumbling block for Serbia's
EU accession, but progress in other areas is also necessary, and
this continues to edge forwards. The standing of the ruling party
has not been dented, despite widespread demonstrations after two
mass shootings on consecutive days in May. Fitch assumes it will
secure a further term in office should snap elections be held next
year. Governance, as measured by the World Bank, is just below the
'BB' median.

ESG - Governance: Serbia has an ESG Relevance Score of '5' for both
Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in
Fitch proprietary Sovereign Rating Model (SRM). Serbia has a medium
WBGI ranking, at the 47th percentile, reflecting a moderate level
of rights for participation in the political process, moderate
institutional capacity, established rule of law and a moderate
level of corruption.

RATING SENSITIVITIES

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

-- External Finances: An increase in external vulnerabilities, for
example, from intensified financing pressures or a worsening of
imbalances, leading to a sharp fall in FX reserves, or higher
external debt and interest costs.

-- Public Finances: A sustained increase in general government
debt/GDP over the medium term, for example, due to a structural
fiscal loosening and/or weaker GDP growth prospects, or a sharp
rise in the debt and interest burdens due to currency
depreciation.

-- Macro: Persistent weakening of economic growth, for example,
from markedly lower FDI or a prolonged increase in geopolitical
risk.

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

-- Public Finances: A marked reduction in general government
debt/GDP reflecting, for example, a persistent narrowing of the
general government deficit.

-- Macro: An improvement in medium-term growth prospects that
increases the pace of convergence in GDP per capita with higher
rated peers; for example, due to structural reforms that enhance
economic governance.

-- External Finances: A sharp improvement in the external balance
sheet.

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

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

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

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

COUNTRY CEILING

The Country Ceiling for Serbia is 'BBB-' 1 notch above the LT FC
IDR. This reflects the absence of material constraints and
incentives, relative to the IDR, against capital or exchange
controls being imposed that would prevent or significantly impede
the private sector from converting local currency into foreign
currency and transferring the proceeds to non-resident creditors to
service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of 0
notches above the IDR. Fitch's rating committee applied a +1 notch
qualitative adjustment to this, under the Long-Term Institutional
Characteristics pillar, reflecting the importance of FDI to
Serbia's large open economy and the requirements of EU accession.

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.

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

Serbia has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver with a high
weight. As Serbia has a percentile below 50 for the respective
Governance Indicator, this has a negative impact on the credit
profile.

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

Serbia has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI are relevant to the rating and a rating driver. As Serbia has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Serbia has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Serbia, as for all sovereigns. As Serbia has
a fairly recent restructuring of public debt in 2004, this has a
negative impact on the credit profile.

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
===========

LIMAK ISKENDERUN: Moody's Confirms B3 Rating on Sr. Secured Notes
-----------------------------------------------------------------
Moody's Investors Service has confirmed the B3 rating on the senior
secured notes issued by Limak Iskenderun Uluslararasi Liman
Isletmeciligi A.S. (LimakPort), the concessionaire for the port of
Iskenderun located in the south-east of Turkiye. The outlook is
negative. This rating action concludes the review for downgrade
initiated on February 13, 2023.

RATINGS RATIONALE

The rating action recognises the ongoing progress by LimakPort in
restoring the port's damaged infrastructure and a partial
resumption of operations following the massive earthquakes that hit
southeast Turkiye on February 6, 2023. It also takes account of the
insurance payments received to date, which are supportive of the
company's liquidity. The rating confirmation further reflects
Moody's expectation that (1) LimakPort will be able to complete the
restoration works as planned by the end of this year; and (2)
further insurance proceeds and cash flow from operations, combined
with the potential support from Limak, as the major shareholder,
will be sufficient to allow LimakPort to continue to service its
debt and comply with the terms of its debt documentation.

LimakPort was severely affected by the devastating earthquakes and
the subsequent fire at the port. The port's operations were
suspended as the infrastructure was damaged and the region grappled
with the consequences of the earthquakes, which claimed thousands
of lives and damaged or destroyed essential infrastructure and
facilities. LimakPort was, however, able to resume partial
operations already in April and earlier than planned. The port
operates berth 2 and a section of berths 3 and 4, which allowed it
to handle more than 35 thousand twenty-foot equivalent units (TEUs)
of containers in July. This compares with 44 thousand TEUs that the
port handled in January this year. The company's operating plans
assume that additional container capacity will be released in
October and that, by the end of this year, the port will be able to
handle some 750-800 thousand TEUs annually, which is well above
container throughput reported before the earthquakes.

Restoration of the port's capacity is subject to the successful
completion of construction works that include additional piling,
reinforcement of concrete beams and restoration of the breakwater
wall. Moody's notes that the scope of the repair works and their
cost have been significantly revised upwards since the initial
inspection of damage at the port. The current estimate of the cost
of around USD60 million compares with USD25 million estimated in
March. There continue to be execution risks, in Moody's view,
including around the schedule and repair costs, but also increased
visibility and the company appears to be making good progress in
managing the repair works and restoring the port's infrastructure.

LimakPort expects the cost of restoration works to be covered by
insurance payments. The company's overall insurance coverage
(including an 18-month long indemnity period for business
interruption) is around USD324.5 million. In June and July, the
company received USD18 million in insurance payments for property
damage. A further USD2 million has been already approved and is
pending disbursement by the insurance companies. Management expects
to receive further insurance payments of around USD27 million, of
which USD15 million related to property damage and USD12 million
related to business interruption, later this year. The company's
plans assume that LimakPort will receive an additional USD32
million in insurance proceeds in 2024. There is, however,
uncertainty around the timing of the receipt of those payments and
their amounts.

Insurance proceeds are critical to LimakPort's liquidity in the
next few months, given the cost of repair works and the company's
debt service obligations. Moody's understands that the company's
cash balance stood at USD42.9 million as of end-July 2023. Some
USD19.8 million of this amount was in the debt service reserve
account, which is sufficient to cover LimakPort's scheduled
interest and principal debt payments in October 2023 and January
2024. Nevertheless, the company's operating cash flows will be
insufficient to cover the construction works and to pre-fund the
reserve accounts as required under the terms of the debt
documentation. In this regard, Moody's understands that in the
event of a delay in the insurance payments, Limak could provide
support, including through the provision of the letters of credit,
that would allow LimakPort to continue to comply with its debt
documentation until at least the early part of next year.

LimakPort's credit quality is further dependent on the port's
ability to increase its container throughput. The port's service
area includes main industrial centres in the southeast of Turkiye.
While the region was severely affected by the earthquakes, many of
the businesses, including in the Gaziantep industrial area, are
operational and demand for the port's services is strong. This
partly reflects the congestion at other ports and the competitive
position of the port of Iskenderun in its catchment area.

Overall, the B3 rating assumes that the company will restore
operations with the benefit of insurance proceeds, broadly in line
with management expectations. The rating also factors in (1) the
port's position as an important gateway for Turkish international
trade, with a historically balanced mix of imports and exports; (2)
the port's size and competitive dynamics in the region, including
from Mersin port and Assan port; (3) the significant element of
revenue supported by demand in overseas markets, with most revenue
collected in US dollar; (4) the high financial leverage and the
terms of the senior secured notes; and (5) the company's exposure
to Turkiye's political, fiscal and regulatory environment.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook takes account of (1) the ongoing execution
risks associated with the company's plans to restore the port's
infrastructure and limited visibility over LimakPort's operating
cash flows; and (2) uncertainty around the insurance proceeds and
their timing. As the company's liquidity is dependent on the
receipt of further insurance proceeds, the resolution of the
negative outlook could happen in a relatively short timeframe.

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

Given the negative outlook, an upgrade of the rating is not
anticipated. The outlook could be changed to stable if LimakPort
receives further insurance payments which, together with cash flow
from operations, will provide it with a comfortable coverage of its
debt service obligations.

LimakPort's rating could be downgraded if (1) there were delays to
the receipt of further insurance payments or the amounts appeared
likely to fall materially short of management's expectations, with
a direct impact on the company's liquidity; (2) the company was
unable to complete its restoration works as planned; (3) it
appeared likely that future operating cash flows will not be
sufficient to support the company's payment obligations. An
increased risk of default, as a result of these factors, could be
reflected in a downgrade of more than one notch, given the
potential for limited recovery prospects. In addition, a downgrade
of Turkiye's sovereign rating could put a downward pressure on
LimakPort's rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Privately Managed
Ports published in April 2023.

LimakPort is the concessionaire for the port of Iskenderun. The
company was granted a 36-year concession for the operation,
maintenance and development of the port in 2011. In 2022, its
revenue amounted to USD81 million. LimakPort is 80% owned by the
Limak Group, a Turkish conglomerate. The remaining 20% is held by
InfraMed.



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

AMPHORA FINANCE: GBP301MM Bank Debt Trades at 64% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 36.3
cents-on-the-dollar during the week ended Friday, August 11, 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.


BROSS BAGELS: Founder Says Business Undergoing Restructuring
------------------------------------------------------------
Stephen Rafferty at The Edinburgh Reporter reports that Bross
Bagels sandwich chain founder, Larah Bross, has hit out at claims
that the business has been placed into administration.

However, she did reveal the group, which has four Edinburgh
outlets, has undergone a restructuring against a background of
difficult trading conditions and is committed to securing all jobs,
The Edinburgh Reporter relates.

The Edinburgh Reporter understands suppliers had been notified that
the bagel specialist had gone into administration -- a formal
process which recognises a business is insolvent -- on Aug. 3.

According to The Edinburgh Reporter, an e-mail sent from the
company's finance department told suppliers, who had been pressing
the company for payment, that Bross Bagels Ltd was in
administration and that the administrator would be in touch
directly to discuss the best way forward regarding outstanding
debts.

But Canadian entrepreneur and comedian, Larah Bross, told The
Edinburgh Reporter that her company suffered a "massive breach of
data protection" in recent weeks and that Police Scotland had been
informed of the situation.

Bross Bagels Ltd latest annual accounts to June 30, 2022, showed
the business had net liabilities of GBP546,339, compared to just
GBP99,270 in 2021, The Edinburgh Reporter relays, citing Companies
House.

Short term liabilities -- money due to creditors within one year,
totalled GBP770,062 -- more than double the 2021 sum of GBP300,140
-- the largest of which was GBP402,944 due to "other taxation and
social security", while trade creditors at that date were due
GBP157,270, The Edinburgh Reporter states.

Longer term creditors, amounts falling due after more than one
year, totalled GBP486,626, more than doubled the 2021 total of
GBP212,698 and this includes a sum of GBP144,000 due to creditors
who donated money through the Share Holers crowdfunding initiative,
The Edinburgh Reporter notes.


GOLDEN LEAS: Files Notice to Appoint Administrators
---------------------------------------------------
Luke Barr at The Telegraph reports that fresh problems have emerged
within the property empire of a billionaire bungalow tycoon dubbed
"Bob the Builder" after two of his businesses filed for
administration.

Robert Bull, who was named among Britain's wealthiest individuals
earlier this summer, has called in administrators for his caravan
parks in Kent and Portsmouth, The Telegraph relates.

Legal filings seen by The Telegraph reveal that Golden Leas Holiday
Park and Hayling Island Holiday Park, both ultimately owned by Mr.
Bull, filed separate notices to appoint advisers last week.

Mr. Bull insisted it was "business as usual" within his company,
The Telegraph notes.

The entrepreneur was thrust into the spotlight in May when he
became a new entrant on the Sunday Times Rich List with an
estimated net worth of nearly GBP2 billion, The Telegraph recounts,
The Telegraph recounts.

RoyaleLife, the company he co-founded, is Britain's largest
bungalow provider and Mr. Bull has built the business by turning
caravan parks across the country into single-story villages.

However, his companies have been subject to repeated court actions
over the past year in relation to debts, The Telegraph  relays.

A winding-up petition was filed against Mr. Bull's leisure estates
business, Time Group Holdings, by City law firm DLA Piper in May,
The Telegraph notes.

This followed an earlier winding-up petition against the same
entity from HM Revenue & Customs at the end of last year, The
Telegraph states.

According to The Telegraph, Mr. Bull has said some of the legal
challenges are based on "false claims and unfounded information".

His father carried on the family business until "he lost everything
in the 1990s banking crisis".

Mr. Bull subsequently rebuilt the company and turned it into
Britain's second-biggest caravan group with his business partner,
The Telegraph discloses.

However, in 2016 the firm was declared bankrupt, reportedly under
the weight of debts totalling GBP3.5 million, according to The
Telegraph.


HARBEN FINANCE 2017-1: Fitch Ups Rating on Class G Notes to 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded five tranches of Ripon Mortgages plc
(2022 Refi) and six tranches of Harben Finance 2017-1 Plc (2022
Refinance). Fitch has also downgraded Ripon's class X notes.

ENTITY/DEBT    RATING     PRIOR  
-----------             ------                   -----
Ripon Mortgages plc (2022 Refi)
  
Class A XS2433693392 LT   AAAsf    Affirmed  AAAsf
Class B XS2433703704 LT   AA+sf    Upgrade  AAsf
Class C XS2433704850 LT   A+sf     Affirmed  A+sf
Class D XS2433705824 LT   A-sf     Upgrade  BBB+sf
Class E XS2433710238 LT   BBB+sf   Upgrade    BBBsf
Class F XS2433710741 LT   BBBsf    Upgrade  BB+sf
Class G XS2433711392 LT   BBB-sf   Upgrade  BB+sf
Class X XS2433716862 LT   B-sf     Downgrade  Bsf

Harben Finance 2017-1 Plc
(2022 Refi)

Class A XS2433720039 LT   AAAsf    Affirmed   AAAsf
Class B XS2433722324 LT   AA+sf    Upgrade   AAsf
Class C XS2433722753 LT   A+sf     Upgrade   Asf
Class D XS2433730855 LT   A-sf     Upgrade   BBBsf
Class E XS2433738080 LT   BBBsf    Upgrade   BBB-sf
Class F XS2433749525 LT   BB+sf    Upgrade   BB-sf
Class G XS2433821738 LT   BBsf     Upgrade   Bsf
Class X XS2433822462 LT   B-sf     Affirmed   B-sf

TRANSACTION SUMMARY

The transactions are securitisations of UK buy-to-let (BTL) loans
originated by Bradford and Bingley and its wholly-owned subsidiary,
Mortgage Express, mainly between 2005 and 2008. The loans were
previously securitised under Ripon Mortgages plc and Harben Finance
2017-1 plc.

KEY RATING DRIVERS

Increasing Credit Enhancement: The transactions amortise
sequentially, resulting in a build-up in credit enhancement (CE)
for all classes of collateralised notes. Both transactions benefit
from non-amortising reserve funds that also contribute to building
up CE. This has driven the upgrades.

IO Concentration Drives FF: The portfolio has high interest-only
(IO) concentration. During 2031-2033, 42.2% (Ripon) and 42.1%
(Harben) of the loans in the portfolios mature and must make
principal payments. Fitch derives an IO concentration weighted
average (WA) foreclosure frequency (FF) based on this peak
concentration and applies the higher of this WAFF and the standard
portfolio WAFF for each rating level in its analysis.

The concentrated IO WAFF drives the WAFF levels for notes rated
between 'AAAsf' and 'A-sf'.

Increasing Arrears, Low Defaults: Early and late stage arrears have
more than doubled since Fitch last review. Arrears by more than one
month were around 3.5% for both transactions as at May 2023.
Defaults and repossessions have been increasing but remain at low
levels.

Ratings Lower than MIR: The class D to G notes in both transactions
are one to two notches below their model-implied ratings (MIR).
This reflects Fitch's view that a further increase in arrears could
result in lower MIR than the current ratings in future analyses.

The WAFF levels for notes rated in the 'BBBsf' and 'BBsf'
categories are driven by Fitch's standard WAFF assumptions (and not
the IO concentration WAFF) and are therefore more sensitive to
increases in arrears.

PIR Constrains Class C Ratings: Fitch expects long-term coverage of
payment interruption risk (PIR) exposure through reserves for notes
where deferring payments may cause an event of default, including
notes rated 'AAAsf' or in the 'AAsf' rating category that are not
deferable when most senior. The class C notes in both the
transactions have been capped due to insufficient cover for PIR at
higher ratings.

Limited Excess Spread: The loans in both transactions track the
Bank of England base rate, with relatively low WA margins at 1.7%.
In addition, both transactions had high prepayments during 2H22 as
borrowers tried to prepay mortgage loans with savings when possible
to avoid being exposed to rising rates. This has resulted in a
compression of excess spread in both transactions. The increasing
share of loans in arrears has also contributed to a reduction in
excess spread. This has slowed down the repayment of the class X
notes and resulted in the downgrade of Ripon's class X notes to
'B-sf' from 'Bsf'.

RATING SENSITIVITIES

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

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

A 15% increase in the WAFF and a 15% decrease in the weighted
average recovery rate (WARR) indicates model-implied downgrades of
up to four notches for Harben and two notches for Ripon.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement levels and
potential upgrades. Fitch tested an additional rating sensitivity
scenario by applying a decrease in the WAFF of 15% and an increase
in the WARR of 15%. The results indicate a positive rating impact
for both transactions.

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

Harben Finance 2017-1 Plc (2022 Refi), Ripon Mortgages plc (2022
Refi)

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

Prior to the transactions closing, Fitch sought to receive a third
party assessment conducted on the asset portfolio information, but
none was available for these transactions.

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.

HENRY CONSTRUCTION: Owed GBP43MM to Suppliers at Time of Collapse
-----------------------------------------------------------------
Will Ing at Construction News reports that Henry Construction
Projects had only GBP290,000 in cash when it collapsed, despite
owing GBP43 million to suppliers.

The Hounslow-headquartered company turned over GBP402.2 million in
its last reported financial year, working on groundworks and
concrete frames as well as major residential developments.
However, it collapsed in June, leaving 60 half-finished projects
and creating around 90 job losses, Construction News recounts.

According to Construction News, a new document published by Henry's
joint administrators, Matthew Reay and Geoffrey Rowley of FRP
Advisory, said Henry's "business model was to enter into
fixed-price construction contracts which were keenly priced to give
them a competitive edge".

The duo pointed out that the company had expanded rapidly since
incorporation in 2010 -- rising to 41 on the CN100 2022 -- with
"the company's low prices attracting substantial business",
Construction News discloses.  But they added that it ran into
problems with the double-digit construction inflation seen in 2021
and 2022, Construction News relays.

The administrators said the beginning of the end was the serving of
a winding-up petition on May 31 by Ozel Group, which was owed
GBP283,000, Construction News notes.  A winding-up petition is a
formal application to have a company declared insolvent and
wound-up, in a bid to receive outstanding payment.

The joint administrators said the petition was "widely advertised"
and caused "extreme difficulties" as Henry's subcontractors
approached developers to demand payment for continuing to work and
the firm's debtors stopped making payments that were due,
Construction News relates.

In total, Henry owed more than a hundred suppliers and
subcontractors a combined GBP43.4 million -- with eight companies
owed more than GBP1 million, Construction News discloses.  However,
the joint administrators said they did not expect to return any
money to any unsecured creditors, according to Construction News.

The companies that are owed more than GBP1m are OH Piling (owed
GBP6 million), PHD Modular Access Services (GBP2.9 million),
Capital Reinforcing (GBP2.4 million), CCF Ltd (GBP1.8 million),
O'Malley Haulage (GBP1.6 million), SIG (GBP1.2 million), Lords
Builders Merchants Holdings (GBP1.1 million) and London Concrete
(GBP1.1 million), according to Construction News.

Henry employed 54 staff directly before it went under, as well as a
further 41 subcontracted quantity surveyors and site managers,
Construction News notes.


MARINE DECOMISSIONING: Goes Into Liquidation, Halts Operations
--------------------------------------------------------------
Gordon McCracken at Greenock Telegraph reports that scrap merchants
who promised scores of "skilled jobs" for Inverclyde with a plan to
turn Greenock's iconic Inchgreen Dry Dock into a ship-breakers yard
and then delivered nothing have gone into liquidation.

According to Greenock Telegraph, Marine Decomissioning Ltd
-- formerly known as Atlas -- has finally called a halt to its
operation nearly two years after a "long term" lease with Inchgreen
possessor Peel Ports was hailed as a "terrific shot in the arm" by
council leader Stephen McCabe.

Demands by campaigners for Peel's "stranglehold" of Scotland's
biggest dry dock to be broken and for the prized marine industrial
asset to be fully regenerated for the benefit of Inverclyde are
gathering further momentum, Greenock Telegraph discloses.

Atlas declared at a public meeting in November 2021 -- just three
months after the company was formed -- that it would have a first
26,000-ton ship on site to scrap before Christmas that year,
Greenock Telegraph relates.

A succession of failed attempts to win contracts to break-up
container vessels owned by shipping giant Maersk followed, Greenock
Telegraph states.

Robert Buirds, secretary of the Campaign to Save Inchgreen Dry
Dock, on Aug. 11 fired a broadside at Peel Ports and urged local
politicians to now support a petition to have the dry dock
nationalised, Greenock Telegraph notes.


VECTOR PRECISION: Enters Administration, Put Up for Sale
--------------------------------------------------------
Business Sale reports that Vector Precision Engineering, a
precision engineering business based in Staffordshire, has fallen
into administration.

Leonard Curtis have been appointed as joint administrators to the
Newcastle-under-Lyme-based company, Business Sale relates.

According to Business Sale, the business will continue trading
under the control of its administrators for the time being while a
buyer is sought.  The administrators are also undertaking an
evaluation of the company's financial position, Business Sale
discloses.

Vector provides a wide range of services, including design,
advisory, prototype specification and development and
manufacturing.  It works across a wide range of sectors, including
defence, automotive, food processing, oil and gas, pharmaceutical
and aviation.

Vector Precision Engineering's accounts to the year ending July 31,
2022, are currently overdue and the company's status is listed as
active, but with a proposal to strike off.

In the firm's most recently available accounts, for the year to
July 31 2021, its fixed assets were valued at GBP351,729 and
current assets at GBP430,815, Business Sale states.  At the time,
the firm owed GBP371,502 to creditors, with the value of its net
assets standing at close to GBP47,000, Business Sale notes.


WILKO LTD: Bidders Have Until August 16 to Table Offers
-------------------------------------------------------
Henry Saker-Clark at Independent reports that bidders for
crisis-stricken retailer Wilko have been given a Wednesday deadline
to table offers to buy the firm.

The historic high street chain fell into administration last week,
putting the future of its 400 stores and 12,500 workers in
jeopardy, Independent relates.

It is understood that administrators from PwC have set the deadline
as they quickly seek to strike a deal which could save jobs,
Independent discloses.

Wilko is continuing to trade and has not announced any redundancies
after formally entering insolvency last week, Independent notes.

According to Independent, the retailer's chief executive Mark
Jackson said on Aug. 10 it had received "a significant level of
interest" but was "left with no choice but to take this unfortunate
action" after being unable to close a solvent sale.

The administration process means that bidders are not expected to
take on all the company's liabilities, such as costly debts, as
part of any deal, Independent states.

It is understood Wilko held talks with private equity firms Gordon
Brothers, which owns Laura Ashley, and Alteri, which owns Bensons
for Beds, as it sought funding to keep it afloat before ultimately
entering administration, according to Independent.

It is not clear if either party will enter the latest process to
potentially buy the Wilko brand, stores or other assets,
Independent notes.


[*] UK: Scottish Firms in Significant Distress up 6.3% in 2Q 2023
-----------------------------------------------------------------
The Scotsman reports that releasing its latest Red Flag Alert data,
business rescue and recovery specialist Begbies Traynor said there
had been a year-on-year increase of more than 6% in those
experiencing "significant" or early distress in the country.

According to The Scotsman, in the second quarter of 2023, the
number of businesses in Scotland experiencing significant distress
jumped by 6.3%, compared with the same period a year earlier.

The firm said many businesses were facing the additional challenge
of spiralling interest rates causing an increase in the cost of
debt, The Scotsman relates.





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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,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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