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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, September 5, 2023, Vol. 24, No. 178

                           Headlines



G E R M A N Y

HAUS EUROPEAN 39: DBRS Cuts Class D Notes Rating to BB(High)


G R E E C E

TITAN CEMENT: S&P Alters Outlook to Positive, Affirms 'BB' ICR


I R E L A N D

AVOCA STATIC I: Moody's Assigns (P)Ba3 Rating to EUR18.1MM E Notes
BARRYROE OFFSHORE: High Court Extends Creditor Protection Period
BEFORE 5: Enters Liquidation, 14 Jobs Affected
CAIRN CLO IV: Fitch Affirms 'B+sf' F-R Notes Rating, Outlook Neg.
CAIRN CLO XVII: Fitch Gives 'B-(EXP)sf' Rating to Cl. F Notes

DRYDEN 32 2014: Fitch Affirms 'B+sf' F-R Notes Rating, Outlook Neg.
DRYDEN 52 2017: Moody's Cuts Rating on EUR15.4MM F-R Notes to Caa1


K A Z A K H S T A N

FORTEBANK JSC: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable


L U X E M B O U R G

FAGE INTERNATIONAL: Moody's Hikes CFR & Sr. Unsecured Notes to Ba3


N E T H E R L A N D S

AMMEGA GROUP: Fitch Affirms LongTerm IDR at 'B-', Outlook Stable
COMPACT BIDCO: S&P Downgrades LT ICR to 'CCC+' on Weak Performance


P O R T U G A L

VASCO FINANCE 1: Fitch Gives 'B(EXP)sf' Rating to Cl. E Notes


S P A I N

AUTONORIA SPAIN 2023: Moody's Assigns (P)B3 Rating to Cl. F Notes
MIRAVET SARL 2020-1: DBRS Hikes Class E Notes Rating to B


U N I T E D   K I N G D O M

ATLANTICA SUSTAINABLE: Fitch Affirms IDR at 'BB+', Outlook Stable
BUCKINGHAM GROUP: Goes Into Administration, 446 Jobs Affected
HOUSE CROWD: Administration Extended Until February 2024
LITTLE MONSTERS: Goes Into Liquidation
TOGETHER ASSET 2023-1ST2: Fitch Gives 'B(EXP)sf' Rating to F Notes


                           - - - - -


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G E R M A N Y
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HAUS EUROPEAN 39: DBRS Cuts Class D Notes Rating to BB(High)
------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the
commercial mortgage-backed floating-rate notes due July 2051 (the
Notes) issued by HAUS (European Loan Conduit No. 39) DAC (the
Issuer):

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

The trends remain Negative.

The rating actions reflect DBRS Morningstar's revised underwriting
assumptions, including a higher capitalization rate (cap rate)
resulting in a lower DBRS Morningstar value of EUR 366.4 million
compared with EUR 385.0 million at the last review of the
transaction. DBRS Morningstar increased the cap rate because of the
deteriorated quality of the collateral buildings and higher
construction costs, accounted for in Knight Frank Limited's (Knight
Frank) latest valuation of the properties at EUR 423.7 million as
of October 2022, compared with EUR 469.7 million in March
2021(-9.8%). The deterioration of the portfolios performance and
valuation are also reflected in weaker loan-to-value (LTV) and debt
yield (DY) ratios. Given the deteriorated loan key credit metrics,
the rating trends remain Negative.

The transaction is a securitization of a EUR 318.75 million loan
arranged by Morgan Stanley & Co. International plc in August 2021.
The loan facility is secured by a portfolio of 6,284 multifamily
residential units across 92 sites (equivalent to 59 properties) in
Germany. The loan refinanced the acquisition of the portfolio by
eight German borrowers, ultimately controlled by the main sponsor,
Brookfield Property Group L.P. (Brookfield).

At issuance, Brookfield had a majority interest in the portfolio
(approximately 90%) with the seller (a group of high-net-worth
individuals) retaining a minority stake. The seller was retained as
the asset/property manager under Belvona Asset Management Limited.
Following the seller's exit in March 2023, the sponsor gained full
control and appointed a new asset manager, MVGM Property Management
Germany GmbH, to speed up the delivery of the initial business
plan.

According to the initial business plan, the portfolio had suffered
a period of underinvestment and the occupancy rate was around 60%
at issuance. The business plan provided for a refurbishment program
aimed at creating significant revisionary upside in the first two
years. The plan was to achieve a modernization rate of 75% of
certain unmodernized units across the portfolio. At the cut-off
date, the seller funded a capital expenditure (capex) guarantee of
EUR 39.5 million and a rent guarantee of EUR 23.3 million to cover
the shortfall between the expected EUR 35 million stabilized rent
level and the actual rent level. The rent reserve was depleted
during 2022 and topped up by the sponsor since. The rental
guarantee implies top-up commitment, now endorsed by the sponsor
under the equity commitment agreement, until December 2024. As for
the capex account, in March 2023, the sponsor benefitted from a
balance of EUR 22.7 million in the escrow account and agreed to
contribute additional amounts toward increased construction and
backlog capex costs.

The outstanding whole-loan amount has remained unchanged at EUR
318.75 million since origination because the loan is interest only
until the initial loan maturity in July 2026 when, if extended, a
cash sweep trigger will be place. The loan may be extended on an
annual basis until July 2046, provided that certain condition
precedents are met.

The loan carries a floating rate of Euribor plus a 1.98% margin for
the first two years since closing, after which the margin will step
down to 1.84% until the initial maturity date. Following the
extension of the loan in July 2026, the margin will step up to
3.25% . Hedging is 100% on the notional outstanding loan amount,
with a cap strike rate of 2.0% expiring in July 2024. The
subsequent hedging arrangement until initial loan maturity in July
2026 is expected to have a strike rate of 2.0%, necessitating
sponsor support considering current market interest rates.

As of the April 2023 interest payment date, the LTV ratio was
75.2%, up from 67.9% at the last review and at the cut-off date.

The loan does not have financial default covenants; however, there
are cash trap covenants set at 77.9% for the LTV and 8.5% for the
DY starting from the third year and increasing up to 9.0% from
October 2024. Following the initial maturity date, DY and LTV
covenants are set at 7.0% and 75%, respectively, and will be tested
on an annual basis to extend the loan. The DY in April 2023 was
3.44%. A DY cash trap event is continuing since April 2022, but
there is no surplus cash to move to the cash trap account.

The property and tenancy profiles are granular, with the top 10
assets accounting for 40% of portfolio net cold rent and 40% of the
lettable area as of April 2023. According to the most recent
servicer report available, the annual contractual rent as at April
2023 was EUR 18.43 million and the projected net rental income was
EUR 10.96 million. According to the sponsor, the unit renovation
program has averaged 100+ units per month since March 2023 and a
total of 1,090 units have been refurbished since the acquisition.
Also, the leasing of refurbished units has occurred at market rates
with an average of EUR 7.9 per square meter (sqm) per month, 34%
higher than current average in-place rents of EUR 5.9 per sqm per
month. External leasing agents have been engaged to improve
performance and implement rental uplift on in-place rents in line
with government regulations.

Given the sponsor's equity commitment to fund interest shortfall
and capex needs for the refurbishment program, DBRS Morningstar
maintained the initial assumptions in its net cash flow (NCF)
analysis, resulting in a DBRS Morningstar net cold rent of EUR 28.3
million and DBRS Morningstar NCF of EUR 21.07 million. DBRS
Morningstar increased its cap rate assumption to 5.75% from 5.47%,
resulting in a DBRS Morningstar value of EUR 366.4 million, a 18%
haircut to the appraiser's valuation.

The Class X interest diversion trigger event followed the loan's DY
breach of 5.5% during the second year and Class X interests were
not distributed since. The Class X interest amount and the vertical
risk retention (VRR) loan proportion of that amount have been
diverted to the Issuer's transaction account and credited to the
Class X diversion ledger. The amount credited to the ledger was EUR
3.6 million at the August 2023 payment date.

On the closing date, the Issuer used EUR 12.5 million of the
proceeds from the issuance of the Class A1 notes and the
proportionate VRR loan amount to fund its liquidity reserve in an
aggregate amount of EUR 13.157 million. The Issuer can use its
liquidity reserve to cover interest shortfalls on the Class A1,
Class A2, and Class B notes. As of August 2023, the liquidity
facility balance reduced slightly to EUR 13.154 million. The
liquidity reserve amount can provide interest payments on the
covered notes for up to 15 months or 10 months based on the
interest rate cap strike rate of 2.0% or on the Euribor cap of
4.0%, respectively.

The transaction is structured with a five-year tail period to allow
the special servicer to work out the loan at maturity by July 2051,
which is the Notes' final legal maturity.

DBRS Morningstar's credit rating on HAUS (European Loan Conduit No.
39) DAC addresses the credit risk associated with the identified
financial obligations in accordance with the relevant transaction
documents.

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

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

Notes: All figures are in euros unless otherwise noted.




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G R E E C E
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TITAN CEMENT: S&P Alters Outlook to Positive, Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Titan Cement
International to positive from stable and affirmed its 'BB'
long-term issuer credit and issue ratings on the company and its
senior unsecured debt.

The positive outlook reflects that S&P may raise the ratings over
the next 12 months if Titan Cement maintains FFO to debt above 30%,
supported by continued strong demand, significant EBITDA
improvements, and a sound financial policy.

S&P said, "The outlook revision reflects our view that Titan Cement
will maintain FFO to debt above 30% in 2023-2024. We expect the
company to continue to report strong operating performance in 2023,
with robust demand in Greece and the U.S. more than offsetting
normalizing prices for cement. We also expect higher volumes for
both the residential housing and the infrastructure end-markets,
allowing for good sales visibility. In our base case, the EBITDA
margin will improve to 17%-18% in 2023-2024, thanks to lower energy
cost combined with investments in alternative fuels, plants
modernization, digitalization, and logistics infrastructure, which
should reduce the company's operating cost base.

"We project the company will generate higher profitability and cash
flow in 2023, which would improve our forecast credit metrics. This
would result in FFO to debt of about 38%-42% in 2023 and 2024,
which we view as commensurate with a higher rating. As such, we
have revised the outlook to positive from stable, reflecting that
we expect Titan Cement to maintain FFO to debt above 30% in future
years, despite higher capital expenditure (capex) and shareholder
remuneration.

"Concentration to the U.S. economy remains high. While we expect
strong performance in key markets, we note that Titan Cement has
high exposure to the U.S. economy, accounting for 58% of sales in
2022, particularly Florida and Virginia. The company has been
operating at top-of-the-cycle market conditions in this region for
several years, benefiting from higher prices and volumes. This
concentration could pose a risk to the rating if economic
conditions in the U.S. were to deteriorate in future years."

Titan Cement recently reached a leverage level that, if maintained,
could be commensurate with a higher rating. Strong sales in 2022
resulted in absolute EBITDA increasing by 24%, which more than
compensated for the higher debt, and reduced debt to EBITDA to 2.6x
in 2022 compared with 3.0x in 2021. The improvement also increased
FFO to debt to 32.3% in 2022 from 27.4% in 2021.

The company has continued to report strong operating performance in
2023, leading to lower leverage. Higher prices for cement, combined
with higher ready-mix and cement volumes in the domestic market,
more than compensated for the subdued demand across other business
lines and allowed Titan Cement to report strong revenue growth of
33.1% in 2022. The positive trajectory continued during the first
six months of 2023, with sales increasing by 19.6% compared with
the first half of 2022, due to strong demand in key regions and
efficient price mix. During the same period, the EBITDA margin
increased to 19.6%, compared with 14.9% for the full-year 2022.
Titan Cement's profitability has been boosted by the lower cost for
electricity and shipping freight, combined with an improved cost
base following efficiency measures implemented in past years.

S&P said, "We believe that capex and shareholder remuneration will
erode some rating headroom. Titan Cement will increase capex in
2023-2024 to finance efficiency improvements projects, environment,
social, and governance (ESG) initiatives, and capacity expansion.
Moreover, following a share buyback of about EUR24 million in 2022
and ordinary dividend payments of EUR39 million, we expect that the
company will continue to focus on shareholder returns, resulting in
a cash outflow of about of about EUR60 million-EUR70 million in
2023 and EUR70 million-EUR80 million in 2024. Given strong EBITDA
and cash flow generation, in our view, such initiatives will not
impair credit metrics. Moreover, if operating performance were
lower than we expect, we believe the group has the flexibility to
postpone discretionary spending to protect its liquidity and credit
quality.

"We revised our liquidity assessment to adequate from strong,
reflecting higher capex, shareholder remuneration, and a delay in
addressing upcoming maturities relative to the past. The revised
liquidity assessment for Titan Cement factors in higher capex than
in past years, with total investments at about 9%-11% of sales
compared with an historical average of about 7%. Maintenance capex
accounts for less than EUR100 million. However, we believe that the
company will need to invest a significant amount of capex to
achieve its decarbonization goals, noting that its carbon dioxide
(CO2) emissions are still higher than other European cement
manufacturers', such as HeidelbergCement."

Higher cash outflow from capex and increased focus on shareholder
remuneration narrow the liquidity buffer. Moreover, Titan Cement
still needs to address its refinancing needs related to 2024, with
the EUR350 million bond maturing in November 2024. Given the high
interest rate environment, the company has prioritized preserving
cash flow by retaining debt facilities with lower interest rates
rather than initiating early refinancing at the current higher
rates, thus lowering the ratio of sources over uses. The liquidity
assessment revision does not affect our ratings, but signals a less
proactive approach to refinancing maturities, which is more in line
with an adequate liquidity assessment.

Titan Cement's strong market position in its key regions, combined
with a low-cost and modern asset base, are positive for our rating.
The company is market leader in Greece and has a good local
position in its other main market, the U.S., where it is also
leader by market share. Titan Cement's operations are close to its
end-markets, while its vertically integrated business model allows
for a strong market presence across regions. The group continually
upgrades its plants, adopting modern technology and ensuring lower
production costs, as well as environmental compliance, which is
becoming increasingly important due to recent and near-future
regulatory changes. Some of these actions include using technology
to recycle landfilled fly ash and reduce the cement and concrete
carbon footprint, and a new fully autonomous and
artificial-intelligence-based center plant.

In 2022, Titan Cement made further progress toward its
decarbonization goals, increasing its use of alternative fuels and
cements with a lower carbon footprint. The company also tested
applications for capturing and utilizing CO2 on an industrial
scale. Specifically, Titan's Kamari plant in Greece will be the
first demonstration of carbon capture and utilization among cement
plants in Southeastern Europe. S&P said, "We recognize that the
project is still in the pilot phase, but we view this as a positive
distinguishing factor from other cement manufacturers when it comes
to innovation in the ESG field."

S&P said, "Our business risk assessment continues to reflect Titan
Cement's smaller size and elevated exposure to higher-risk
countries compared with other large cement producers, balanced by
its large U.S. exposure. The company is smaller than several rated
global cement-producing peers, and has a multi-regional, rather
than global, presence. In our view, this implies that it is more
exposed to local construction cycles and could see more profit
volatility. Titan has a high share of sales (58% in 2022) and
EBITDA (56% in 2022) in the U.S., putting it in a good position to
benefit from ongoing solid demand there. However, this also exposes
it to any material softening of U.S. fundamentals and the U.S.
dollar. In addition, Titan Cement has greater exposure to
higher-risk countries--like Egypt, Brazil, and Turkey--compared
with most industry peers. As a heavy building materials company,
Titan remains vulnerable to construction end markets that are
cyclical, seasonal, and capital- and energy-intensive.

"The positive outlook reflects that we may raise the ratings over
the next 12 months if Titan Cement continues to perform robustly in
key markets, leading to FFO to debt comfortably over 30%, and
management remains committed to maintain credit metrics in line
with a higher rating."

Downside scenario

S&P could revise the outlook to stable if the group's leverage
metrics deteriorate, with FFO to debt sliding below 30%, with
limited possibility of a swift recovery. This would most likely
happen if:

-- Titan Cement pursued large debt-funded acquisitions, capital
investments, or shareholder distributions, which would signal a
lack of commitment to keep metrics commensurate with a higher
rating; or

-- Operating performance weakens in key countries that contribute
to the group earnings, such as the U.S., and the group is not
willing to reduce its discretionary spending to protect credit
metrics.

Pressure on the ratings could also arise if Titan Cement's
liquidity deteriorates.

Upside scenario

S&P could raise its ratings if the group's financial policy and
operational track record support its belief that FFO to debt will
comfortably stay above 30%.




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I R E L A N D
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AVOCA STATIC I: Moody's Assigns (P)Ba3 Rating to EUR18.1MM E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Avoca Static
CLO I Designated Activity Company (the "Issuer"):

EUR221,500,000 Class A Senior Secured Floating Rate Notes due
2030, Assigned (P)Aaa (sf)

EUR24,000,000 Class B Senior Secured Floating Rate Notes due 2030,
Assigned (P)Aa1 (sf)

EUR19,500,000 Class C Deferrable Mezzanine Floating Rate Notes due
2030, Assigned (P)A2 (sf)

EUR18,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2030, Assigned (P)Baa3 (sf)

EUR18,100,000 Class E Deferrable Junior Secured Floating Rate
Notes due 2030, Assigned (P)Ba3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a static cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. Moody's expect the portfolio to be 100% ramped as
of the closing date.

KKR Credit Advisors (Ireland) Unlimited Company ("KKR") may sell
assets on behalf of the Issuer during the life of the transaction.
Reinvestment is not permitted and all sales and unscheduled
principal proceeds received will be used to amortize the notes in
sequential order.

In addition, the Issuer issued EUR32,890,000 of Subordinated Notes
due 2030 which are not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

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

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR329,179,424

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2917

Weighted Average Spread (WAS): 3.93% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): N/A

Weighted Average Recovery Rate (WARR): 45.38%

Weighted Average Life (WAL): 4.33 years

BARRYROE OFFSHORE: High Court Extends Creditor Protection Period
----------------------------------------------------------------
Aodhan O Faolain at The Irish Times reports that the High Court has
extended the period of protection from creditors granted to gas and
oil exploration firm Barryroe Offshore Energy (BOE) by an
additional 35 days.

According to The Irish Times, the extension was sought by the
company's examiner Kieran Wallace to enable further discussions
with potential investors in the firm.

The additional time, Mr. Wallace said, would allow him to formulate
a scheme of arrangement that would ensure the company's survival,
The Irish Times notes.

The company was placed into examinership in late July following an
application by Vevan Unlimited, a Larry Goodman company which holds
a 20% stake in BOE, The Irish Times recounts.

BOE had been facing liquidation, but a shareholder vote to wind up
the firm was called off to allow Vevan to put BOE into
examinership, The Irish Times discloses.

The court was told that while the company was insolvent, a report
from independent expert stated that BOE has a reasonable prospect
of survival if a scheme of arrangement can be agreed with the
creditors, and ultimately approved by the court, The Irish Times
states.

Its sole asset is its wholly owned subsidiary Exola DAC, which
operates the Barryroe field off the Co Cork coast, The Irish Times
notes.

According to The Irish Times, the application to extend BOE's
period of protection from its creditors from 35 to 70 days, was
sought by Kelley Smith SC on behalf of Mr. Wallace, an insolvency
practitioner with Interpath, who was formally appointed as the
company's examiner in late July.

In a report to the court, Mr. Wallace, as cited by The Irish Times,
said he believes the company can survive if certain steps are
taken, including agreeing to a scheme of arrangement with BOE's
creditors and bringing in additional investment into the firm.

Outlining the steps taken by him to date, Mr. Wallace said he had
met both creditors and potential investors, one of which he said
meets BOE's funding requirements, The Irish Times relays.

There was no opposition to the extension application, The Irish
Times states.

The extension was granted by Ms Justice Siobhan Phelan during the
Aug. 31 vacation sitting of the High Court, The Irish Times
recounts.

The matter will return before the court in October, according to
The Irish Times.


BEFORE 5: Enters Liquidation, 14 Jobs Affected
----------------------------------------------
Cork's 96FM reports that Before 5 Family Centre in Churchfield has
gone into liquidation.

According to Cork's 96FM, as of Sept. 4, all 14 staff members have
been made redundant.

The liquidation comes as talks continue between Cork City Childcare
and potential alternative service providers with the hope of an
announcement this week, Cork's 96FM relates.

Before closing, the pre-school had places for up to 100 children,
Cork's 96FM discloses.


CAIRN CLO IV: Fitch Affirms 'B+sf' F-R Notes Rating, Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has revised Cairn CLO IV DAC's class F-R notes
Outlook to Negative from Stable.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Cairn CLO IV DAC

   A-R XS2306572202    LT AAAsf  Affirmed    AAAsf
   B-R XS2306572970    LT AA+sf  Affirmed    AA+sf
   C-R XS2306573606    LT A+sf   Affirmed     A+sf
   D-R XS2306574240    LT BBB+sf Affirmed   BBB+sf
   E-R XS2306574323    LT BB+sf  Affirmed    BB+sf
   F-R XS1983353126    LT B+sf   Affirmed     B+sf

TRANSACTION SUMMARY

Cairn CLO IV DAC is a cash flow collateralised loan obligation
(CLO). The underlying portfolio of assets mainly consists of
leveraged loans and is managed by Cairn Loan Investments LLP. The
deal exited its reinvestment period on April 2021.

KEY RATING DRIVERS

Par Erosion: Since the last rating action in September 2022, the
portfolio has experienced par erosion, to 2.28% below par as of
July 2023, from 0.37% above par in June 2022 (as calculated by the
trustee). This is partly driven by additional defaults; the trustee
has EUR 4.0 million more reported defaults as of July 2023 than in
June 2022.

High Refinancing Risk: The Negative Outlook on the class F notes
reflects a limited default rate cushion against credit-quality
deterioration. In addition, the notes are vulnerable to near- and
medium-term refinancing risk, with approximately 6% of the
portfolio maturing within the next 18 months and 14% in 2025, which
in Fitch's opinion could lead to further deterioration of the
portfolio with an increase in defaults.

Sufficient Cushion for Senior Notes: Although the par erosion has
eroded the default rate cushion of all notes, the senior class
notes have retained sufficient buffer to support their current
ratings and should be capable of withstanding further defaults in
the portfolio. This supports the Stable Outlook of the class A to E
notes.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor (WARF) of the current portfolio is 25.6. The same
metric of the Fitch-stressed portfolio for which the agency has
notched down by one level entities with Negative Outlook as per its
criteria is 27.2.

High Recovery Expectations: Senior secured obligations comprise
100% of the portfolio. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio as reported by the trustee was
63.3%, based on the current criteria.

Diversified Portfolio: The top-10 obligor concentration as
calculated by the trustee is 17.8%, which is below the limit of
19.5%, and no obligor represents more than 2.2% of the portfolio
balance.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels by 25%
of the mean RDR and a decrease of the recovery rate (RRR) by 25% at
all rating levels would result in downgrades of no more than one
notch for the class C notes, two notches for the class D notes and
three notches for the class E and F notes. Downgrades may occur if
build-up of the notes' credit enhancement following amortisation
does not compensate for a larger loss expectation than initially
assumed due to unexpectedly high levels of defaults and portfolio
deterioration.

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

CAIRN CLO XVII: Fitch Gives 'B-(EXP)sf' Rating to Cl. F Notes
-------------------------------------------------------------
Fitch Ratings has assigned Cairn CLO XVII DAC expected ratings.

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

   Entity/Debt             Rating        
   -----------             ------        
CAIRN CLO XVII DAC

   Class A
  XS2650750537         LT AAA(EXP)sf  Expected Rating

   Class B-1
   XS2650750610        LT AA(EXP)sf   Expected Rating

   Class B-2
   XS2650751006        LT AA(EXP)sf   Expected Rating

   Class C
   XS2650751188        LT A(EXP)sf    Expected Rating

   Class D
   XS2650751857        LT BBB-(EXP)sf Expected Rating

   Class E
   XS2650751428        LT BB-(EXP)sf  Expected Rating

   Class F
   XS2650751691        LT B-(EXP)sf   Expected Rating

   Subordinated
   Notes XS2650752582  LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Cairn CLO XVII DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. Note proceeds will be used to
fund a portfolio with a target par of EUR400 million. The portfolio
is actively managed by Cairn Loan Investments II LLP. The
collateralised loan obligation (CLO) has an approximately 4.6-year
reinvestment period and an approximately 8.5-year weighted average
life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 23.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.8%.

Diversified Portfolio (Positive): The maximum exposure to the 10
largest obligors and fixed-rate assets for assigning the expected
ratings is 20% and 10%, respectively, and the transaction has a
maximum 8.5-year WAL test.

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

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
matrix and stressed portfolio analysis is 12 months less than the
WAL covenant at the issue date. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include, among others, passing both the
coverage tests and the Fitch 'CCC' bucket limitation test as well a
WAL covenant that progressively steps down over time, both before
and after the end of the reinvestment period. This ultimately
reduces the maximum possible risk horizon of the portfolio when
combined with loan pre-payment expectations.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A, C and
D notes, and would lead to downgrades of no more than one notch for
the class B & E notes and to below 'B-sf' for the class F notes.

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

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches for the
rated notes, except for the 'AAAsf' rated notes.

During the reinvestment period, upgrades based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades, except for the 'AAAsf' notes,
may occur on stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

DRYDEN 32 2014: Fitch Affirms 'B+sf' F-R Notes Rating, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has revised Dryden 32 Euro CLO 2014 DAC's class E-R
and F-R notes Outlook to Negative from Stable. A full list of
rating actions is below.

   Entity/Debt              Rating            Prior
   -----------              ------            -----
Dryden 32 Euro
CLO 2014 DAC

   A-1-R XS1864488553   LT AAAsf  Affirmed    AAAsf
   A-2-R XS1864488801   LT AAAsf  Affirmed    AAAsf
   B-1-R XS1864489106   LT AA+sf  Affirmed    AA+sf
   B-2-R XS1864489445   LT AA+sf  Affirmed    AA+sf
   C-1-R XS1864489874   LT A+sf   Affirmed     A+sf
   C-2-R XS1864913196   LT A+sf   Affirmed     A+sf
   D-1-R XS1864490294   LT BBB+sf Affirmed   BBB+sf
   D-2-R XS1864913519   LT BBB+sf Affirmed   BBB+sf
   E-R XS1864490534     LT BB+sf  Affirmed    BB+sf
   F-R XS1864490617     LT B+sf   Affirmed     B+sf

TRANSACTION SUMMARY

Dryden 32 Euro CLO 2014 DAC is a cash flow collateralised loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by PGIM Limited. The
deal exited its reinvestment period in November 2022.

KEY RATING DRIVERS

Par Erosion; High Refinancing Risk: Since Fitch's last rating
action in October 2022, the portfolio has experienced par erosion,
to 2.3% below par as of July 2023, from 0.01% above par in October
2022 (as calculated by the trustee). This is partly driven by
additional defaults; the trustee as of July 2023 had EUR7.22
million more reported defaults than in October 2022.

The Negative Outlook on the class E-R and F-R notes reflects a
moderate default-rate cushion against credit-quality deterioration.
Uncertain macroeconomic conditions, in Fitch's opinion, could lead
to further deterioration of the portfolio, with an increase in
defaults in conjunction with heightened refinancing risk.

Failing WAL: The transaction is failing the weighted average life
(WAL) test, but can reinvest on the basis they will maintain or
improve on the WAL test. As a result, the analysis is based on a
portfolio that Fitch stresses the transaction's covenants to their
limits. The weighted average recovery rate (WARR) has also been
decreased by 1.5% to address the inflated WARR, as the transaction
uses an old WARR definition that is not in line with Fitch's latest
criteria.

Sufficient Cushion for Senior Notes: Despite the par erosion, the
class A-1-R to D-2-R notes have retained sufficient default-rate
buffers to support their current ratings and should be capable of
withstanding further defaults in the portfolio. This is underlined
in their Stable Outlook.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor (WARF) of the current portfolio was 24.75 as of 19 of
August 2023 and of the Fitch-stressed portfolio for which the
agency has notched down the ratings of entities on Negative Outlook
was 26.33.

High Recovery Expectations: Senior secured obligations comprise 88%
of the portfolio. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated WARR of the current
portfolio as reported by the trustee was 62.2%, based on outdated
criteria. Under the current criteria, the Fitch-calculated WARR is
60.9%.

Diversified Portfolio: The top-10 obligor concentration as
calculated by the trustee is 21.1%, which is below the limit of
23%, and no obligor represents more than 3% of the portfolio
balance.

Deviation from Model-implied Ratings: The class B-1-R and B-2-R
note ratings at 'AA+sf' and D-1-R and D-2-R note ratings at
'BBB+sf' are a deviation from their model-implied ratings (MIR) of
'AAAsf' and 'A-sf' respectively. The deviation reflects limited
cushion in the Fitch-stressed portfolio at their MIRs.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels by 25%
of the mean RDR and a decrease of the recovery rate (RRR) by 25% at
all rating levels would result in downgrades of no more than three
notches for the class E-R notes, to below 'B-sf' for the class F-R
notes and will have no impact on all other notes. Downgrades may
occur if build-up of the notes' credit enhancement following
amortisation does not compensate for a larger loss expectation than
initially assumed due to unexpectedly high levels of defaults and
portfolio deterioration.

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

DRYDEN 52 2017: Moody's Cuts Rating on EUR15.4MM F-R Notes to Caa1
------------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Dryden 52 Euro CLO 2017 DAC:

EUR16,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Jul 2, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Jul 2, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR15,400,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Downgraded to Caa1 (sf); previously on Jul 2, 2021
Definitive Rating Assigned B3 (sf)

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

EUR246,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Jul 2, 2021 Definitive
Rating Assigned Aaa (sf)

EUR26,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Affirmed A2 (sf); previously on Jul 2, 2021
Definitive Rating Assigned A2 (sf)

EUR28,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Jul 2, 2021
Definitive Rating Assigned Baa3 (sf)

EUR20,000,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Jul 2, 2021
Definitive Rating Assigned Ba3 (sf)

Dryden 52 Euro CLO 2017 DAC, issued in July 2017 and refinanced in
July 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by PGIM Limited. The transaction's
reinvestment period ended in August 2023.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R and B-2-R notes are
primarily a result of the transaction having reached the end of the
reinvestment period in August 2023. The downgrade to the rating on
the Class F-R note is primarily a result of the deterioration in
over-collateralisation ratios over the last year, a shorter
weighted average life of the portfolio which leads to reduced time
for excess spread to cover shortfalls caused by future defaults and
the impact of the fixed floating asset liability  mismatch.

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

The over-collateralisation ratios of the rated notes have
deteriorated over the last year. According to the trustee report
dated July 2022 [1] the Class A/B, Class C, Class D, Class E and
Class F OC ratios are reported at 141.09%, 129.18%, 118.41%,
111.76% and 107.12% compared to July 2023 [2] levels of 139.71%,
127.91%, 117.25%, 110.67% and 106.08% respectively.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

Key model inputs:

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

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

Performing par and principal proceeds balance: EUR391.9m

Defaulted Securities: EUR10.4m

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3030

Weighted Average Life (WAL): 3.9 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.03%

Weighted Average Coupon (WAC): 4.68%

Weighted Average Recovery Rate (WARR): 40.91%

Par haircut in OC tests and interest diversion test: 0.29%

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

Moody's notes that the August 2023 trustee report [3] was published
at the time it was completing its analysis of the July 2023 data.
Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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

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



===================
K A Z A K H S T A N
===================

FORTEBANK JSC: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded ForteBank JSC's (Forte) Long-Term Issuer
Default Ratings (IDRs) to 'BB' from 'BB-', and Viability Rating
(VR) to 'bb' from 'bb-'. The Outlook is Stable. Fitch has also
upgraded the bank's National Long-Term Rating to 'A'(kaz) from
'A-'(kaz).

The upgrade reflects a significant reduction of net high-risk
assets, including legacy exposures, which no longer materially
weigh on the bank's company profile, asset quality and
capitalisation. The upgrade also captures a record of strong
profitability metrics in the past four years and solid liquidity
profile.

KEY RATING DRIVERS

Forte's IDRs are driven by the bank's intrinsic credit strength.
Its assessment factors in solid capital and liquidity buffers, and
robust operating profitability. The ratings are constrained by a
somewhat narrow franchise in a highly concentrated Kazakh banking
sector, and a still fairly high, albeit recently decreased,
impaired loans ratio.

Net Problems Materially Reduced: Forte's asset quality is supported
by an only moderate share of loans in total assets (42% at
end-1H23), while non-loan assets are mostly of investment-grade
credit quality. Impaired loans ratio notably declined to, albeit a
still significant, 9% at end-1H23 from 13% at end-2021, although
this was partially due to rapid loan growth in 2022. Net high-risk
exposures (including foreclosed assets) were materially reduced to
11% of Fitch core capital (FCC) at end-1H23 from 41% at end-2021,
helped by additional provisioning and capital build-up.

Robust Performance: Forte has demonstrated strong performance in
the past four years, with operating profit averaging 4.7% of
risk-weighted assets (RWAs). Wide margins, due to its high-margin
consumer finance segment, and adequate operating efficiency result
in robust pre-impairment profit at 13% of average loans in 1H23.
This is comfortably above the cost of risk and translates into a
strong loss absorption capacity and a high return on average equity
(annualised 32% in 1H23).

High Capital Ratios: Forte's FCC was backed by strong profitability
and made up a high 20% of RWAs at end-1H23. Fitch forecasts the FCC
ratio to remain stable on high profit generation, net of sizeable
dividend payouts, and on moderate growth plans.

Ample Liquidity: Customer accounts made up a high 80% of total
liabilities at end-1H23. Forte's liquid assets were equal to a
large 49% of total assets at end-1H23. Net of wholesale debt
repayments scheduled until end-2024, liquidity covered around 60%
of customer accounts, which provides an ample liquidity cushion.

Medium-Sized Franchise: Forte is the fifth-largest bank in
Kazakhstan, with a moderate 6% of sector assets at end-1H23. The
bank has a universal franchise. Forte has good access to the
largest Kazakh corporates, including export-oriented companies, in
addition to its focus on consumer finance and SME lending.

Higher Risk Appetite in Retail: Compared with other banks in
Kazakhstan Forte has a fairly conservative risk appetite in
corporate and SME lending, which is underlined by its low cost of
risk and moderate growth (2022 excepted) in these segments. By
contrast, total impairment charges (equal to a high 3.5% of average
loans in 2022-1H23) are driven by rapidly growing
high-risk/high-return retail cash loans and residual legacy
exposures. Forte's dollarisation - 14% of loans at end-1H23 - is
manageable and in line with the sector's.

Possible State Support: Forte's Government Support Rating (GSR) of
'b-' reflects its view of possible state support without senior
unsecured creditors' participation in loss-sharing, given the
bank's moderate systemic importance. The significant gap between
the 'BBB' sovereign rating and the GSR is due to a patchy record of
state support for banks in Kazakhstan, which in some cases of bank
resolution involved the bail-in of state-owned senior unsecured
debt, which is reference obligations for its IDRs.

RATING SENSITIVITIES

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

Forte's ratings could be downgraded on a material weakening of
asset quality or capitalisation. In particular, the ratings could
be downgraded, if higher loan impairment charges consume most of
the profits for several consecutive quarterly reporting periods.

In addition, downward rating pressure may result from a combination
of weaker profitability, faster loan growth and large dividend
distributions reducing the FCC ratio to below 15% on a sustained
basis.

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

A further upgrade would require a stronger business profile, as
underscored by higher market shares and extended business-model
stability. A stronger risk profile and continued asset-quality
improvement could also be credit-positive.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Forte's senior unsecured debt ratings are in line with the bank's
Long-Term IDRs, reflecting average recovery prospects in a
default.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The bank's senior debt ratings are likely to move in tandem with
the IDR.

Forte's GSR is sensitive to changes in its assessment of sovereign
support for Kazakhstan's banking sector. Evidence of weaker support
and/or significant delays in support provision, resulting in
medium-sized private banks' insolvency or failure and imposition of
losses on senior unsecured creditors, could result in a downgrade
of the GSR.

An extended record of timely and sufficient capital support to
privately-owned banks, including Forte, may result in an upgrade of
the GSR.

VR ADJUSTMENTS

The asset quality score of 'bb-' is above the 'b & below' category
implied score because of the following adjustment reason: non-loan
exposures (positive).

The capitalisation & leverage score of 'bb' is below the 'bbb'
category implied score because of the following adjustment reason:
risk profile and business model (negative).

ESG CONSIDERATIONS

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

   Entity/Debt                    Rating              Prior
   -----------                    ------              -----
ForteBank JSC    LT IDR             BB    Upgrade      BB-
                 ST IDR             B     Affirmed      B
                 LC LT IDR          BB    Upgrade      BB-
                 Natl LT            A(kaz)Upgrade   A-(kaz)
                 Viability          bb    Upgrade      bb-
                 Government Support b-    Affirmed      b-

   senior
   unsecured     LT                 BB    Upgrade      BB-

   senior
   unsecured     Natl LT            A(kaz)Upgrade   A-(kaz)



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

FAGE INTERNATIONAL: Moody's Hikes CFR & Sr. Unsecured Notes to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded FAGE International S.A.'s
(FAGE) Corporate Family Rating to Ba3 from B1 and its Probability
of Default Rating to Ba3-PD from B1-PD. FAGE is an international
family-owned business that mainly manufactures and markets Greek
yoghurt. Concurrently, the agency has upgraded to Ba3 from B1 the
rating of the backed senior unsecured notes due 2026, jointly
issued by FAGE International S.A. and Fage USA Dairy Industry, Inc.
(FAGE USA), a subsidiary of FAGE. The outlook is maintained as
stable.

The rating action follows FAGE's announcement on August 24, 2023
[1] on the outcome of the early tender offer for its 5.625% senior
notes due 2026.

"The rating upgrade mainly reflects the significant reduction in
FAGE's leverage following the completion of a $107 million tender
offer for its backed senior unsecured notes," says Michel Bove, a
Moody's AVP-Analyst and lead analyst for FAGE.

"Despite facing market challenges in 2022, the company's operating
performance has improved in 2023, due to lower raw material costs,
particularly a decrease in milk prices. Consequently, Moody's
expect that FAGE's leverage will remain around 1.5x until 2025,
comfortably positioning the rating in the Ba3 category," adds Mr.
Bove.

Governance considerations have been a key driver of the rating
action. Moody's acknowledges that the debt repayment, which follows
the early repayments done in 2020 and 2021, demonstrates a reduced
appetite for leverage, which is a Financial Strategy and Risk
Management consideration under Moody's General Principles for
Assessing Environmental, Social and Governance Risks Methodology.

RATINGS RATIONALE

The rating upgrade is mainly attributed to the successful
completion of the announced tender offer for $107 million of its
remainder $288 million backed senior unsecured notes maturing in
2026. The tender offer was funded using a portion of the company's
significant cash on balance sheet, which amounted to $169 million
as of June 2023. Furthermore, the tender offer builds upon the
previous buyback and cancellation of approximately $132 million in
bonds completed between 2020 and 2021. As a result, the company's
total outstanding financial debt has been reduced to only $181
million.

The rating upgrade also considers the company's improved operating
performance after a challenging 2022. In the first half of 2023,
the company benefited from the positive impact of price increases,
coupled with a favorable reduction in milk prices, leading to
increased margins. The gross profit margin reached approximately
46% (from 31% in 2022), while the reported EBITDA margin stood at
around 27% (from 15% in 2022). Although some tightening is expected
in the second half of the year, Moody's anticipates that trading
conditions will remain stable over the next 12-18 months. This
stability is expected to be supported by a recovery in volumes,
which can be attributed to the volume package adjustment
implemented in 2022 and an increase in advertising spend. However,
this positive trend may be partially offset by consumers shifting
towards cheaper brands or private labels, particularly in Europe.

According to Moody's forecasts, FAGE's Moody's-adjusted EBITDA is
projected to reach close to $145 million in 2023 and hover around
$125 million in 2024, following a slight contraction in margins
from the highs observed in the first half of 2023. With the
reduction in debt, the company's Moody's-adjusted gross leverage is
expected to remain around 1.5x over the next 18 months, which
comfortably positions the rating at the Ba3 level.

FAGE continues to generate solid cash flow, with approximately $31
million of free cash flow generated in the first half of 2023. The
delay of the investment into the new manufacturing facility in the
Netherlands, due to regulatory changes, is expected to support free
cash flow generation over the next 12-18 months, with free cash
flow projected to reach close to $50 million in 2024. However,
Moody's anticipates that free cash flow will turn slightly negative
in 2025 once the investment for the new manufacturing plant in
Europe resumes. The investment in this facility, which has faced
multiple delays, is expected to require additional capital
expenditures north of $200 million through 2027. Moody's expects
that these expenditures will be financed using available cash and
cash generated from operating activities, without the need to raise
new debt.

The rating also factors in FAGE's small size, modest product and
geographical diversification and high brand concentration, and
vulnerability to fluctuations in milk prices and foreign currency
movements. More positively, the rating is supported by FAGE's solid
positioning in some core market segments, underpinned by the
strength of its brand and premium positioning.

LIQUIDITY

FAGE has good liquidity over the next 12-18 months. As of June
2023, the company had $64 million in cash and cash equivalents,
pro-forma for the $107 million tender offer. In addition, FAGE has
a $35 million fully available committed ABL facility maturing in
2026. FAGE has no debt maturities until 2026, when the outstanding
$181 million backed senior unsecured notes become due. The ABL
facility includes a springing covenant tested if the facility is
drawn by at least 85% based on a fixed charge coverage ratio of at
least 1.1x. Moody's expects the company to have adequate capacity
under this covenant.

Moody's forecasts the company will generate positive free cash flow
in 2023 and 2024. However, the company will have to demonstrate its
ability to maintain its good liquidity during its capital spending
plan starting 2025, when the investment on the new manufacturing
facility resumes.

STRUCTURAL CONSIDERATIONS

FAGE's debt capital structure includes the outstanding $181 million
of backed senior unsecured notes due 2026, jointly issued by FAGE
and FAGE USA, a subsidiary of FAGE. The senior unsecured notes are
guaranteed by FAGE Greece Dairy Industry Single Member S.A. (FAGE
Greece). The backed senior unsecured notes are rated Ba3, in line
with the company's CFR, given the absence of material secured debt
in FAGE's capital structure. The backed senior unsecured notes rank
pari passu with other unsecured debt and are structurally
subordinated to the liabilities of non-guaranteeing subsidiaries.
However, there are no material liabilities at non-guarantors,
offering substantial protection from subordination to noteholders.
In 2022, issuers and guarantors represented around 91% of FAGE's
sales and more than 99% of its total assets.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that trading
conditions and FAGE's credit metrics will remain stable over the
next 12-18 months. This stability is supported by lower input
costs, which are anticipated to contribute to the company's
financial performance. Moody's forecasts that the company's
leverage will remain around 1.5x during this period.

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

Despite the strong credit metrics for the rating, a rating upgrade
is unlikely owing to the company's modest size, highly concentrated
business, and track record of volatile operating performance, which
constrain the rating at the current level. However, positive rating
pressure could build if FAGE: (1) improves its scale and
diversification, (2) successfully executes its manufacturing
expansion plan, (3) keeps a solid liquidity profile supported by
sustained strong free cash flow generation, and (4) maintains a
track record of solid financial performance with low leverage
through the milk price cycle.

Negative rating pressure could arise if there is a sustained
deterioration in the company's operating performance, resulting in
an increase in Moody's-adjusted gross leverage towards 3.0x.
Additionally, if underlying free cash flow turns negative on a
sustained basis or the company's liquidity weakens materially, this
could further contribute to negative pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

FAGE is an international, family-owned business, whose main
activities are the manufacturing and marketing of Greek yoghurt.
The company's sales are concentrated in the US and Europe (mainly
Greece, UK and Italy), accounting for 62% and 38% of 2022 total
sales, respectively. In 2022, FAGE reported revenues and EBITDA of
$552 million and $85 million, respectively.



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

AMMEGA GROUP: Fitch Affirms LongTerm IDR at 'B-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed industrial belt manufacturer Ammega
Group B.V.'s Long-Term Issuer Default Rating (IDR) and senior
secured rating at 'B-' after its successful amend-and-extend (A&E)
of its term loan B (TLB), second-lien loan repayment and partial
repayment of its revolving credit facility (RCF). The IDR Outlook
is Stable. The debt's Recovery Rating remains at 'RR4'.

The ratings reflect Fitch's expectations that Ammega's leverage
will remain high in the medium term, with a moderate deleveraging
trajectory driven by improving profitability. The Stable Outlook
reflects Ammega's satisfactory liquidity position, supported by
expected positive free cash flow (FCF) generation through the
cycle.

Following the A&E and TLB add-on, Ammega's TLB increased by EUR184
million to EUR1,094 million, of which EUR910 million has a maturity
extension by three years to 2028. The company used EUR79 million
for second-lien debt repayment and another EUR79 million to
partially repay its drawn RCF. While Fitch expects an increase in
interest expense, it will partially be offset by hedging. Fitch
does not expect the A&E to have a material impact on Ammega's
profitability and leverage. Around EUR70 million of the TLB remains
under original terms and matures in 2025.

KEY RATING DRIVERS

Stable Margins Forecast: Fitch expects a modest Fitch-adjusted
EBITDA margin improvement to 16.1% in 2023 from 15.6% in 2022, due
to operational cost savings, price increases and waning inflation.
Fitch forecasts EBITDA margins to reach 17.4% in 2026. Higher input
costs and a time lag for implemented price increases resulted in
lower-than-expected profitability in 2022.

Moderate Deleveraging: Fitch expects Fitch-adjusted EBITDA gross
leverage to improve to 5.4x in 2026, from a forecast 7.0x in 2023,
which is below its positive sensitivity of 5.5x. EBITDA gross
leverage improved to 7.4x in 2022 from 11.2x in 2019, after debt
repayments and EBITDA margin increase, but remains high for the
rating.

Gross debt has remained fairly stable despite the acquisition of
Midwest Industrial Rubber (MIR) in 2020. Ammega has drawn down
EUR100 million of its RCF to support working-capital (WC)
requirements

Established Market Position: Fitch expects Ammega to see
single-digit revenue growth for the next four years, underpinned by
demand from non-cyclical customers and supplemented by services and
replacement revenue. Revenue grew strongly in 2022 by 17% after
price revision and organic growth in end-markets. To keep up with
demand and increase market share, Ammega is investing in expansion
initiatives, such as additional production capacity, especially in
the Americas and in EMEA. The investments generated new contracts
and established Ammega as a leader in some end-markets.

FCF Volatility: Fitch forecasts Fitch-adjusted FCF margins to turn
positive in 2023 after destocking lowers WC and capex. Fitch,
however, does not expect FCF margins to be consistently above its
positive sensitivity of 3% over the rating horizon, as WC
variations continue to drive FCF volatility. Ammega has a
cash-generative financial profile, but in 2021 and 2022 its FCF
margin turned negative on higher capex related to capacity
expansion and higher inventory to improve delivery times. The
increased inventory valuation was also driven by a stronger US
dollar.

Weaker Acquisition Appetite: Fitch expects Ammega to remain a key
participant in the consolidation of the fragmented belt
manufacturing industry, but in the short term Fitch forecasts
growth to mainly be organic through investments to extend its
manufacturing footprint. Ammega has made continuous bolt-on
acquisitions since 2018 when it was formed out of a merger of the
Ammeraal Beltech and Megadyne Groups, with US-based MIR in 2020
being its largest acquisition. High inflation and an uncertain
economic outlook have slowed acquisitions in the sector while
valuations remain high.

Growing Product Demand: Fitch expects growth to come from
increasing application and installation of belt products to support
the rise of automation in industrial processes, and greater
precision and efficiency requirements from direct end-users, as
well as original equipment manufacturers and distributors. The
replacement cycle for belts of up to two years, which together with
belt upgrading, generates about 70% of Ammega's revenue. Fitch
believes that its ability to cross-sell products and retain
recurring replacement sales should support earnings resilience in
the medium term.

DERIVATION SUMMARY

Ammega has market-leading positions within the niche
belt-manufacturing segment, supported by its diverse product
portfolio, geographical footprint and broad customer base. Its
direct competitors are larger and more diversified manufacturers,
but their belting segment is smaller than or equal to Ammega's
production capacity.

In the belt segment, Ammega faces direct competitors in Forbo,
Rexnord Corporation and Gates. These peers are bigger and more
diversified but Ammega is exposed to more stable and growing
end-markets and generates EBITDA and FCF margins that are in line
with peers', albeit with substantially higher leverage.

Ammega's profitability is higher than that of TK Elevator Holdco
GmbH (B/Negative), while FCF margins are similar at low single
digits. High EBITDA gross leverage above 7x in 2022 constrains the
ratings of both companies. INNIO Group Holding GmbH (B/Stable)
generates higher profitability than Ammega and has lower leverage,
which explains the one-notch rating difference.

KEY ASSUMPTIONS

- Revenue growth slowing to 4% in 2023, increasing to 6% in 2024
and stabilising in the next two years after new investments

- EBITDA margin increasing to 16.1% in 2023 and gradually to 17.4%
in 2026, reflecting cost-saving initiatives

- Capex as a share of revenue reducing to 5.3% in 2023 and
normalising at 4.5% in 2025-2026 due to lower maintenance costs

- WC inflow in 2023 before turning neutral in 2025-2026

- No dividend payments to 2026

- Annual amount of EUR15 million for bolt-on acquisitions for
2023-2026. No large acquisitions

RATING SENSITIVITIES

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

- Gross debt/EBITDA below 5.5x

- EBITDA/interest paid above 2.5x

- FCF margin consistently above 3%

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

- Gross debt/EBITDA above 7.5x

- EBITDA/interest paid below 2x

- FCF margin consistently neutral to negative

- Acquisition activity weakening Ammega's risk profile

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of end-2022, Ammega had a Fitch-adjusted
cash balance of around EUR16million and around EUR103 million
undrawn RCF under its EUR205 million RCF. After the A&E, it issued
a TLB add-on of EUR79 million to partially repay the drawn RCF,
leaving EUR179 million available. Fitch forecasts a FCF margin of
5.1% in 2023 and 2.4% in 2024, before it rises to 5.7% in 2026.

Lower Refinancing Risk Post-A&E: Ammega has EUR70 million maturing
in 2025 with no other maturities until 2028. Ammega's debt
comprises a senior secured covenant-lite EUR1,094 million TLB with
maturity in December 2028 and EUR70 million of its pre-existing TLB
with maturity in July 2025. The EUR205 million RCF is due in June
2028.

ISSUER PROFILE

Ammega is the product of the merger between Ammeraal Beltech and
Megadyne, which have leading positions within lightweight conveyor
belts and industrial power transmission belts.

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.

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
Ammega Group B.V.    LT IDR B-  Affirmed               B-

   senior secured    LT     B-  New Rating   RR4

   senior secured    LT     B-  Affirmed     RR4       B-

COMPACT BIDCO: S&P Downgrades LT ICR to 'CCC+' on Weak Performance
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating and
its issue credit rating on Compact Bidco B.V.'s (Consolis) holding
company Compact Bidco B.V. and its debt to 'CCC+' from 'B-'.

The negative outlook reflects S&P's view that weak performance and
high leverage will perdure in the coming quarters, due to
challenging macro conditions, and that it could lower the ratings
if Consolis does not refinance its financial debt.

S&P said, "We forecast Consolis' revenue will decline by 17%-19% in
2023, with an S&P Global Ratings-adjusted EBITDA margin of
5.5%-6.0%.Sales declined by 16% in the first half of 2023, compared
with last year. While all regions showed a negative sales
development, the drop was more pronounced in the west and east
Nordics, which represent over 50% of the company's sales. Most of
the underperformance stems from the residential end market (about
30% of total sales in normalized conditions), which suffers from
the increase in interest rates, a lack of new projects, and a drop
in consumer confidence. We understand that the non-residential and
infrastructure end markets are holding up well at the moment. Yet,
order intakes continue to decline and the book-to-bill ratio
remains slightly below 1.0x, which indicates that activity is
unlikely to recover in the coming quarters. While the
company-adjusted EBITDA margin slightly improved to about 6.7% in
the second quarter of 2023, it remains well below the average for
the building materials sector. The S&P Global Ratings-adjusted
EBITDA margin is slightly lower, as we include the restructuring
costs.

"Consolis took proactive measures to adapt its cost base, but we
believe that restructuring costs will impair its S&P Global
Ratings-adjusted EBITDA margin.In July 2023, Consolis announced a
restructuring program in the Nordics, aiming at resizing operations
and generating savings. The company plans to close one factory and
two offices permanently, to mothball one factory, and to reduce
personnel cost. Consolis should generate annual savings of EUR5
million-EUR6 million. However, the company expects that
restructuring costs will amount to more than EUR10 million, about
EUR4.5 million of which will be related to the write-down of the
leases standard IFRS 16. This will weigh on our adjusted EBITDA in
2023. Consolis recently completed a sale and leaseback in Denmark,
which will add about EUR12 million of liquidity. The company
continues to develop its low-emission, prefabricated concrete
"Green Spine Line" products, which accounted for 30% of Consolis'
total production volume in the first half of 2023. We believe these
products are important to protect Consolis' competitive advantage
in the medium term.

"We expect that leverage will peak at more than 9.0x in 2023, from
8.6x in 2022, and that it will remain elevated in 2024. The
decrease in EBITDA is the main driver for the peak in leverage.
Consolis has one of the highest leverages among the peers we rate
in the European building materials sector. It is worth noting,
though, that we make sizable adjustments to our debt and EBITDA
figures. Our main debt adjustments include about EUR70 million of
lease liabilities, EUR12 million of pension obligations, EUR60
million of trade receivables sold, and the EUR60 million PIK loan.
We do not net cash balances from our adjusted debt calculation,
owing to the company's private equity ownership. We also include
restructuring costs in our adjusted EBITDA.

"In our view, Consolis may not generate sufficient free cash flows
to repay its term loan due in May 2025, and we do not expect
refinancing in the coming quarters, due to the challenging macro
conditions. We forecast slightly positive free operating cash flow
(FOCF) in 2023 and 2024 and slightly negative free cash flows after
lease payments. We note that Consolis has reduced its capital
expenditure (capex) budget to about EUR15 million-EUR20 million per
year to limit cash outflows. Yet, Consolis may not be able to repay
its EUR30 million term loan due in May 2025. The term loan will
become short-term debt in May 2024 and our liquidity assessment of
the company may change to weak. The EUR75 million revolving credit
facility (RCF), EUR60 million of which were drawn in June 2023,
will mature in November 2025 and the EUR300 million 5.75% bond will
mature in April 2026. Given the rise in interest rates, we believe
that Consolis would face a sharp increase in interest expenses if
it refinances, leading to consistent negative FOCF. Along with the
high leverage, we therefore assess Consolis' capital structure as
unsustainable. We also note that the EUR300 million senior notes,
Consolis' main debt instrument, trade well below par, at about 65.

"The negative outlook reflects our view that the weak performance
and high leverage will perdure in the coming quarters, due to
challenging macro conditions, and that we could lower the ratings
if Consolis does not progress on the refinancing of its financial
debt."

S&P could lower the ratings if:

-- Operating performance remains subdued, leading to negative FOCF
and liquidity pressure;

-- Consolis does not refinance its debt in the coming quarters
such that the financial debt due in 2025 becomes short-term debt,
leading to a weak liquidity profile; or

-- The company engages in a restructuring transaction or pursues a
subpar debt exchange.

S&P could take a positive rating action if:

-- Consolis repays or refinances its upcoming debt maturities such
that its debt average maturity improves. Under a refinancing
scenario, the company would obtain adequate interest rates such
that its free cash flow profile remains structurally positive; and


-- Consolis exceeds our performance projections and is able to
demonstrate a path to longer-term leverage reduction.




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

VASCO FINANCE 1: Fitch Gives 'B(EXP)sf' Rating to Cl. E Notes
-------------------------------------------------------------
Fitch Ratings has assigned Vasco Finance No. 1 expected ratings.

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

   Entity/Debt          Rating        
   -----------          ------        
Vasco Finance
No. 1

   Class A
   PTTGCHOM0018     LT AA(EXP)sf  Expected Rating

   Class B  
   PTTGCIOM0017     LT A-(EXP)sf  Expected Rating

   Class C
   PTTGCJOM0016     LT BBB(EXP)sf Expected Rating

   Class D
   PTTGCKOM0013     LT BB(EXP)sf  Expected Rating

   Class E
   PTTGCLOM0012     LT B(EXP)sf   Expected Rating

   Class F
   PTTGCMOM0011     LT NR(EXP)sf  Expected Rating

   Class R
   PTTGCOOM0019     LT NR(EXP)sf  Expected Rating

   Class X
   PTTGCNOM0010     LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

Vasco Finance No. 1 is a cash flow securitisation of a revolving
EUR265 million portfolio of credit card receivables originated by
WiZink Bank S.A.U. - Sucursal em Portugal (WiZink Portugal). WiZink
Portugal, the Portuguese branch of Wizink Bank, S.A.U. registered
in Spain and majority owned by Värde Partners, acts as portfolio
servicer, originator and seller.

KEY RATING DRIVERS

Asset Assumptions Reflect Pool Composition: Fitch analysis of the
credit card portfolio is linked to a steady-state annual charge-off
rate assumption of 8%, an annual yield of 16%, a monthly payment
rate (MPR) of 7%, and a purchase rate of zero, in line with Fitch's
Credit Card ABS Rating Criteria. The assumptions considered the
historical performance data from the originator, WiZink Portugal's
underwriting and servicing standards, and Portugal's economic
outlook.

At the 'AAsf' stress scenario commensurate with the class A notes
rating, the asset assumptions are a 30% annual charge-off, a 11.2%
yield, a 4.9% MPR and a zero purchase rate. The zero purchase-rate
assumption reflects that any further credit card drawings after the
end of the revolving period will not be included in this
transaction.

Revolving and Pro-Rata Amortisation: The portfolio will be
revolving until and including September 2024 as new eligible
receivables can be purchased by the issuer on a monthly basis.
After the end of the revolving period, the class A to X notes will
be repaid on a pro-rata basis unless a sequential amortisation
event occurs driven by performance triggers such as annualised
defaults (defined as arrears over eight months) exceeding a 10%, or
a principal deficiency greater than zero.

Fitch views a switch to sequential amortisation as highly likely
during the first years after the end of the revolving period given
the portfolio performance expectations compared with defined
triggers. The tail risk posed by the pro-rata paydown is mitigated
by the mandatory switch to sequential amortisation when the note
balance falls below 10% of its initial balance.

Counterparty Rating Cap: The maximum achievable rating on the
transaction is 'AA+sf' due to the minimum eligibility rating
thresholds defined for the transaction account bank (TAB) and the
hedge provider, of 'A-' or 'F1', which are insufficient to support
a 'AAAsf' rating under Fitch's criteria. Additionally, the maximum
achievable rating for Portuguese structured finance transactions is
'AA+sf', six notches above Portugal's Issuer Default Rating (IDR)
of 'BBB+'/Stable.

Payment Interruption Risk Mitigated: Fitch views payment
interruption risk on the notes as mitigated in scenarios of
servicer distress by liquidity protection in the form of a
dedicated cash reserve, the operational capabilities of WiZink
Portugal, the very high frequency of cash collection sweeps into
the TAB, and the presence of a back-up servicer facilitator.

RATING SENSITIVITIES

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

- For the class A notes, a multi-notch downgrade to Portugal's
Long-Term IDR that could decrease the maximum achievable rating in
Portugal below the 'AAsf' level.

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

Sensitivity to Increased Charge-offs:

Current ratings (class A/B/C/D/E): 'AA(EXP)sf' / 'A-(EXP)sf' /
'BBB(EXP)sf' / 'BB(EXP)sf'/'B(EXP)sf'

Increased charge-offs by 25%: 'A+(EXP)sf' / 'BBB(EXP)sf' /
'BB+(EXP)sf' / 'B+(EXP)sf'/'NR(EXP)sf'

Increased charge-offs by 50%: 'A-(EXP)sf' / 'BBB-(EXP)sf' /
'BB(EXP)sf' / 'B(EXP)sf'/'NR(EXP)sf'

Increased charge-offs by 75%: 'NR(EXP)sf' / 'NR(EXP)sf' /
'NR(EXP)sf' / 'NR(EXP)sf'/'NR(EXP)sf'

Sensitivity to Reduced MPR:

Current ratings (class A/B/C/D/E): 'AA(EXP)sf' / 'A-(EXP)sf' /
'BBB(EXP)sf' / 'BB(EXP)sf'/'B(EXP)sf'

Decreased MPR by 25%: 'A(EXP)sf' / 'BBB(EXP)sf' / 'BB+(EXP)sf' /
'B+(EXP)sf'/'NR(EXP)sf'

Decreased MPR by 50%: 'BBB(EXP)sf' / 'BB(EXP)sf' / 'BB-(EXP)sf' /
'B(EXP)sf'/'NR(EXP)sf'

Decreased MPR by 75%: 'B+(EXP)sf' / 'NR(EXP)sf' / 'NR(EXP)sf' /
'NR(EXP)sf'/'NR(EXP)sf'

Sensitivity to Increased Charge-offs and Reduced MPR:

Current ratings (class A/B/C/D/E): 'AA(EXP)sf' / 'A-(EXP)sf' /
'BBB(EXP)sf' / 'BB(EXP)sf'/'B(EXP)sf'

Decreased MPR by 25%: 'BBB+(EXP)sf' / 'BB+(EXP)sf' / 'BB-(EXP)sf' /
'B(EXP)sf'/'NR(EXP)sf'

Decreased MPR by 50%: 'BB(EXP)sf' / 'B(EXP)sf' / 'NR(EXP)sf' /
'NR(EXP)sf'/'NR(EXP)sf'

Decreased MPR by 75%: 'NR(EXP)sf' / 'NR(EXP)sf' / 'NR(EXP)sf' /
'NR(EXP)sf'/'NR(EXP)sf'

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

- Increase in credit enhancement ratios as the transaction
deleverages to fully compensate the credit losses and cash flow
stresses commensurate with higher ratings.

- For the class A notes an upgrade of Portugal's Long-Term IDR that
could increase the maximum achievable rating for Portuguese
structured finance transactions, subject to modified counterparty
eligibility triggers being compatible with 'AAAsf' ratings.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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.



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

AUTONORIA SPAIN 2023: Moody's Assigns (P)B3 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to Notes to be issued by AUTONORIA SPAIN 2023, FONDO DE
TITULIZACION:

EUR [ ]M Class A Asset Backed Floating Rate Notes due September
2041, Assigned (P)Aa1 (sf)

EUR [ ]M Class B Asset Backed Floating Rate Notes due September
2041, Assigned (P)Aa3 (sf)

EUR [ ]M Class C Asset Backed Floating Rate Notes due September
2041, Assigned (P)A2 (sf)

EUR [ ]M Class D Asset Backed Floating Rate Notes due September
2041, Assigned (P)Baa2 (sf)

EUR [ ]M Class E Asset Backed Floating Rate Notes due September
2041, Assigned (P)Ba2 (sf)

EUR [ ]M Class F Asset Backed Floating Rate Notes due September
2041, Assigned (P)B3 (sf)

Moody's has not assigned a rating to the EUR [ ]M Class G Asset
Backed Floating Rate Notes due September 2041.

RATINGS RATIONALE

The transaction is a six-month revolving cash securitisation of
auto loans extended to obligors in Spain by Banco Cetelem S.A.U.
(Banco Cetelem (Spain), NR). Banco Cetelem, acting also as servicer
in the transaction, is a specialized lending company 100% owned by
BNP Paribas Personal Finance (Aa3/P-1/Aa3(cr)/P-1(cr)).

The portfolio of underlying assets consists of auto loans
originated in Spain. The loans are originated via intermediaries or
directly through a physical or online point of sale. The portfolio
includes fixed rate, annuity style amortising loans with no balloon
or residual value risk, the market standard for Spanish auto loans.
The final securitized portfolio will be selected at random from the
provisional portfolio to match the final note issuance amount.

As of August 7, 2023, the provisional pool had 42,299 loans with a
weighted average seasoning of 8.4 months, and a total outstanding
balance of approximately EUR616 million. The weighted average
remaining maturity of the loans is 79.6 months. The securitised
portfolio is highly granular, with top 10 borrower concentration at
0.13% and the portfolio weighted average interest rate is 7.53%.
The portfolio is collateralised by 62.4% new cars, 26.9% used or
semi-new cars, 3.4% recreational vehicles and 7.3% motorcycles.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from credit
strengths such as the granularity of the portfolio, the excess
spread-trapping mechanism through a 5 months artificial write-off
mechanism, the high average interest rate of 7.53% and the
financial strength of BNP Paribas Group. Banco Cetelem, the
originator and servicer, is not rated. However, it is 100% owned by
BNP Paribas Personal Finance (Aa3/P-1, Aa3(cr)/P-1(cr)).

However, Moody's notes that the transaction features some credit
weaknesses such as (i) six-month revolving structure which could
increase performance volatility of the underlying portfolio,
partially mitigated by early amortisation triggers, strict
revolving criteria both on individual loan and portfolio level and
the eligibility criteria for the portfolio, (ii) a complex
structure including interest deferral triggers for juniors notes,
pro-rata principal payments on all classes of notes after the end
of the revolving period, (iii) a fixed-floating interest rate
mismatch as 100% of the loans have fixed interest rates and the
Classes A-G are linked to one month Euribor. The interest mismatch
is mitigated by two interest rate swaps provided by Banco Cetelem
(NR) and guaranteed by BNP Paribas (Aa3(cr)/P-1(cr), Aa3/P-1)).

Moody's analysis focused, amongst other factors, on (1) an
evaluation of the underlying portfolio of receivables and the
eligibility criteria; (2) the revolving structure of the
transaction; (3) historical performance on defaults and recoveries
from the Q1 2014 to Q1 2023 vintages provided on Banco Cetelem's
total book; (4) the credit enhancement provided by the excess
spread and the subordination; (5) the liquidity support available
in the transaction by way of principal to pay interest for Classes
A-F (and Class G when it becomes the most senior class) and a
dedicated liquidity reserve only for Classes A-F, and (6) the
overall legal and structural integrity of the transaction.

Moody's determined the portfolio lifetime expected defaults of
3.3%, expected recoveries of 15.0% and portfolio credit enhancement
("PCE") of 13.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate Auto and Consumer ABS.

Portfolio expected defaults of 3.3% are lower than other Spanish
Auto loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the book of the originator, (ii) strict revolving
criteria both on individual loan and portfolio level, and the
eligibility criteria for the portfolio, (iii) other similar
transactions used as a benchmark, and (iv) other qualitative
considerations.

Portfolio expected recoveries of 15.0% are lower than the Spanish
Auto loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

PCE of 13.0% is in line with Spanish Auto loan ABS average and is
based on Moody's assessment of the pool taking into account (i) the
unsecured nature of the loans, and (ii) the relative ranking to the
originators peers in the Spanish and EMEA consumer ABS market. The
PCE level of 13.0% results in an implied coefficient of variation
("CoV") of approximately 60.0%.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.

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

Factors or circumstances that could lead to an upgrade of the
ratings of the notes would be (1) better than expected performance
of the underlying collateral or (2) a lowering of Spain's sovereign
risk leading to the removal of the local currency ceiling cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
Banco Cetelem; or (3) an increase in Spain's sovereign risk.

MIRAVET SARL 2020-1: DBRS Hikes Class E Notes Rating to B
---------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes issued by Miravet S.a r.l. acting on behalf of its
Compartment 2019-1 (Miravet 2019) and Compartment 2020-1 (Miravet
2020):

Miravet 2019:
-- Class A notes confirmed at AAA (sf)
-- Class B notes confirmed at A (high) (sf)
-- Class C notes upgraded to A (low) (sf) from BBB (high) (sf)
-- Class D notes confirmed at BBB (sf)
-- Class E notes upgraded to BBB (low) (sf) from BB (high) (sf)

Miravet 2020:
-- Class A notes confirmed at AAA (sf)
-- Class B notes confirmed at A (high) (sf)
-- Class C notes confirmed at BBB (high) (sf)
-- Class D notes confirmed at BB (high) (sf)
-- Class E notes upgraded to B (sf) from B (low) (sf)

The credit ratings on the Class A notes in both transactions
address the timely payment of interest and the ultimate payment of
principal on or before the legal final maturity dates in May 2065.
The credit ratings on the Class B, Class C, Class D, and Class E
notes in both transactions address the ultimate payment of interest
and principal on or before the legal final maturity dates in May
2065.

The credit rating actions follow an annual review of the
transactions and are based on the following analytical
considerations:

-- Portfolio performances, in terms of delinquencies, defaults,
and losses, as of the May 2023 payment dates;

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

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

The transactions are securitizations of residential mortgage loans
originated by Catalunya Banc S.A., Caixa d'Estalvis de Catalunya,
Caixa d'Estalvis de Tarragona, and Caixa d'Estalvis de Manresa, all
entities currently integrated into Banco Bilbao Vizcaya Argentaria,
S.A. (BBVA). BBVA acts as collection account bank and master
servicer, with servicing operations delegated to Anticipa Real
Estate, S.L.U. at closing and then transferred to Pepper Spanish
Servicing, S.L.U. (Pepper).

Both portfolios include a high percentage of loans that have been
restructured or benefitted from a grace period in the past, or
those that have credit line facilities. Additionally, the
portfolios are highly concentrated in the autonomous region of
Catalonia (72.0% and 73.7% for Miravet 2019 and Miravet 2020,
respectively, as of the April 2023 cut-off dates).

Both transactions are static with a first optional redemption date
at the November 2024 payment date for Miravet 2019 and at the
November 2023 payment date for Miravet 2020. Additionally, the
transactions' step-up coupon dates are the November 2024 payment
date for Miravet 2019 and the November 2025 payment date for
Miravet 2020.

PORTFOLIO PERFORMANCE

The delinquency levels have been high since the initial credit
ratings on both transactions. As of the April 2023 cut-off date,
mortgages one to three months in arrears and more than three months
in arrears were as follows:

-- Miravet 2019: 4.9% and 12.4%, respectively, compared with 3.7%
and 12.5%, respectively, as of the October 2022 cut-off date; and

-- Miravet 2020: 4.5% and 11.5%, respectively, compared with 3.9%
and 12.0%, respectively, as of the October 2022 cut-off date.

As of the April 2023 cut-off dates, the gross cumulative default
ratios were as follows:

-- Miravet 2019: 8.2%, up from 7.3% as of the October 2022 cut-off
date; and

-- Miravet 2020: 8.8%, up from 7.7% as of the October 2022 cut-off
date.

Cumulative losses of the initial portfolio balances remain
immaterial at 0.2% and 0.1% for Miravet 2019 and Miravet 2020,
respectively.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base-case PD and LGD
assumptions as follows:

-- Miravet 2019: 21.3% and 17.4%, respectively; and
-- Miravet 2020: 20.3% and 17.1%, respectively.

The main driver for the updated assumptions is a corrected mapping
between the loans in the portfolio and the assets securing them.

CREDIT ENHANCEMENT

The credit enhancement (CE) to all the notes consists of the
subordination of their respective junior notes. As of the May 2023
payment dates, the CE to the notes had increased since the November
2022 payment dates as follows:

Miravet 2019:
-- Class A to 44.4% from 42.7%;
-- Class B to 29.3% from 28.2%;
-- Class C to 23.9% from 23.0%;
-- Class D to 22.1% from 21.2%; and
-- Class E to 20.4% from 19.6%.

Miravet 2020:
-- Class A to 44.6% from 42.9%;
-- Class B to 29.5% from 28.3%;
-- Class C to 23.2% from 22.3%;
-- Class D to 21.1% from 20.2%; and
-- Class E to 18.9% from 18.1%.

Both transactions benefit from amortizing liquidity reserves,
funded via the Class Z notes issuance and available to cover senior
fees, Class A interest, and Class X interest. As of the November
2022 payment dates, the liquidity reserves for Miravet 2019 and
Miravet 2020 were at their target levels of approximately EUR 5.4
million and EUR 12.3 million, respectively.

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

BNP Paribas SA (BNP Paribas) acts as the interest cap provider for
both transactions. DBRS Morningstar's Long Term Critical
Obligations Rating of AA (high) on BNP Paribas is above the first
rating threshold as described in DBRS Morningstar's "Derivative
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 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
Optional Redemption Date (as defined in and in accordance with the
applicable transactions' document(s)).

DBRS Morningstar's credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transactions' 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.




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

ATLANTICA SUSTAINABLE: Fitch Affirms IDR at 'BB+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Atlantica Sustainable Infrastructure Plc (Atlantica) at
'BB+' with a Stable Rating Outlook. Fitch has also affirmed the
'BBB-'/'RR2' senior secured rating on Atlantica's revolving credit
facility and the 'BB+'/'RR4' senior unsecured rating on its green
senior notes due in 2028.

Atlantica's ratings reflect the stable and predictable nature of
contracted cash flows generated at its nonrecourse project
subsidiaries, which are well-diversified with respect to
geographical exposure and asset class. Most of Atlantica's assets
are either long-term contracted or regulated, in the case of its
Spanish solar assets and a transmission line in Chile, with minimal
commodity risk.

Any change in Atlantica's ownership and/or business profile as a
result of the ongoing strategic business review being undertaken by
the board is not contemplated in today's rating actions.

KEY RATING DRIVERS

Outcome of Strategic Review Unknown: The board of Atlantica
initiated a strategic review in February 2023 to evaluate strategic
alternatives for Atlantica in order to optimize the value of the
company and improve returns to shareholders. There is no defined
time within which the review will conclude. The review has the
support of Atlantica's largest shareholder Algonquin Power &
Utilities Corp. ('BBB'/Stable). Any change in Atlantica's ownership
and/or business profile as a result of this review is not
contemplated in today's rating actions.

Stable Cash Flow and Asset Diversity: Atlantica's portfolio of
assets produces stable, predictable cash flows underpinned by
long-term contracts with a weighted average remaining contract life
of 13 years. Most counterparties have strong investment-grade
ratings. The contracts are typically fixed-price with annual
escalation mechanisms. Atlantica's portfolio does not bear material
resource availability risk or commodity risk, and does not depend
on any single project for more than 15% of its project
distributions. In addition, the company has recently internalized
its O&M management for solar assets in Spain, providing additional
operational savings and improved control of expenses.

The forecast cash distributions to the holdco from the project
subsidiaries are largely derived from renewable assets at 70%, with
the remainder split between natural gas plants, transmission lines
and water. Geographically, the split is 40% from the U.S. and
Mexico, 34% from Europe, 18% from South America and 8% from the
rest of the world. Close to 60% of project distributions are
generated from solar projects; solar resource availability has
typically been strong and predictable.

Adequate Holdco Leverage: Fitch projects Atlantica's gross holding
company (holdco) leverage (holdco only debt/CAFD) to be in the
3.9x-4.0x range over 2023-2026, modestly higher than in previous
years, but in-line with the ratings and management's commitment to
keep the leverage between 3.0x and 4.0x. Holdco-only interest
coverage is projected to average greater than 5.0x over the
forecast period, which Fitch considers to be strong for the
rating.

Fitch expects Atlantica's distribution growth to be more modest
over the forecast period in-order to maintain leverage and dividend
payout in-line with rating sensitivities. A more aggressive
dividend policy could have a negative impact on ratings as it puts
pressures on leverage and already elevated dividend pay-out ratio.
Atlantica is targeting a dividend payout ratio of about 80%.

Conservative Financial Policy: A majority of debt at Atlantica
consists of nonrecourse project debt held at ring-fenced project
subsidiaries. The distribution test in project finance agreements
is typically set at a debt service coverage ratio (DSCR) of
1.10x-1.25x. All of the projects apart from Solana, which has been
undergoing storage system repairs, were performing in excess of
their required DSCRs at YE 2022.

Project debt is typically long-term and self-amortizing, with a
shorter term than the duration of the contracts. About 93% of the
consolidated long-term interest exposure is either fixed or hedged,
mitigating any impact in a rising interest rate environment.
Approximately 90% of the CAFD is in U.S. dollars or euros, and
Atlantica typically hedges its euro exposure on a 24-month rolling
basis.

Atlantica targets equity investment of approximately $300 to $350
million per year beyond 2023. Higher cost of capital has limited
company's growth through acquisitions in 2022 and 2023, resulting
in lower investment levels than planned. Access to capital markets
is crucial to support growth plan. The company is planning to
finance its growth through the combination of corporate debt and
equity issuance using its ATM program, and non-recourse project
debt. Corporate cash on hand and sufficient revolver capacity
provide an additional cushion to finance growth.

Transitioning to Development Pipeline: Most of the near-term growth
beyond 2023 is expected to come from the development pipeline, as
Atlantica transitions from the previous more acquisition-oriented
strategy. The company has identified a potential for 2 GW of
renewable assets and 5.6 GWh of energy storage development,
concentrated in solar and battery storage assets in North America
and supported by the passage of Inflation Reduction Act. About 15%
of the pipeline is expected to be ready to build in 2023-2024,
supporting near-term growth plans. The projects are predominately
located adjacent to the assets or on the land the company already
owns, limiting permitting and interconnection risk. Atlantica is
also evaluating wind repowering opportunities at its existing wind
assets.

Robust Outlook for Wind and Solar Generation: In Fitch's view, the
accelerating decarbonization trend in power generation and customer
demand for cleaner generation should continue to drive wind and
solar generation. The enhanced federal tax incentives provided by
the Inflation Reduction Act are expected to support and drive
significant growth in renewable technologies. At the same time, the
renewable industry has increasingly become very competitive and
equipment costs have increased due to inflation and supply chain
issues. Despite recent increases in costs, contracted renewables
remain competitive given the increase in natural gas and power
prices.

Spain Regulatory Framework: In March 2022, the Spanish government
issued a Royal Decree to limit the power price volatility and
reduce pressure on rate payers. In 2022 and 2023, a larger
proportion of revenues is being collected from market price than
the regulated revenue mechanisms. However, the principles of the
framework remain unchanged, and it provides multi-year guaranteed
internal rate of return on the Spanish assets, which is currently
set at 7.1%-7.4%. Fitch views these changes as relatively credit
neutral to Atlantica.

DERIVATION SUMMARY

Fitch views Atlantica's portfolio of assets as favorably positioned
due to the asset type compared with those of NextEra Energy
Partners, LP (NEP; BB+/Stable) and TerraForm Power Operating, LLC
(TERPO; BB-/Stable), owing to Atlantica's large concentration of
solar generation assets that exhibit less resource variability. In
comparison, NEP's portfolio consists of a large proportion of wind
projects, and TERPO's portfolio consists of 43% solar and 57% wind
projects.

Fitch views NEP's geographic exposure in the U.S. and Canada (100%
of MW) favorably as compared with TERPO's (68%) and Atlantica's
(about one-third). Both Atlantica and TERPO have exposure to the
Spanish regulatory framework for renewable assets, but the current
construct provides clarity of return. In terms of total MW,
approximately one-third of Atlantica's power generation portfolio
is in Spain, compared with approximately one-quarter for TERPO.
Atlantica's long-term contracted fleet has a remaining contracted
life of 13 years, similar to NEP's at about 14 years and higher
than TERPO's at 11 years.

Atlantica's credit metrics are stronger than those of TERPO and
NEP. Fitch forecasts Atlantica's gross leverage ratio (holdco only
debt/CAFD) to remain below 4.0x after 2022, compared with high 4.0x
for NEP and around 4.7x for TERPO.

TERPO and NEP have strong parent support. Fitch considers NEP best
positioned owing to NEP's association with NextEra Energy, Inc.
(A-/Stable), which is the world's largest renewable developer.
TERPO benefits from having Brookfield Asset Management as a 100%
owner. APUC currently has 43% ownership interest in Atlantica, but
has announced its intention to move to a pure-play regulated
businesses. Fitch rates Atlantica, NEP and TERPO with a
deconsolidated approach, because their portfolios comprise assets
financed using nonrecourse project debt or with tax equity.

KEY ASSUMPTIONS

- Acquisitions and development capex generate 9% CAFD yield;

- Dividend payout ratio averaging around 82% over the forecast
period;

- Annual growth investment averaging approximately $350 million
over 2024-2026 financed using a combination of corporate debt and
equity and project finance debt;

- Returns in Spain at 7.4% and 7.1%, depending on the project.

RATING SENSITIVITIES

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

- Holdco leverage below 3.0x for several quarters and payout ratio
at or below 80%.

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

- Lower than expected performance at its largest assets and absence
of mitigating measures to replace the lost CAFD;

- Growth strategy underpinned by aggressive acquisitions or
addition of assets in the portfolio that bear material volumetric,
commodity, counterparty or interest rate risks;

- Strategic review resulting in a materially negative change in
financial policy;

- Unfavorable future developments with respect to the regulated
rate of return in Spain;

- Lack of access to equity markets to fund growth that may lead
Atlantica to deviate from its target capital structure;

- Holdco leverage ratio exceeding 4.0x and payout ratio exceeding
85% for several quarters.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Corporate cash on hand was $72.8 million at
June 30, 2023, and Atlantica had $393.1 million of availability
under its $450 million revolver, which matures Dec. 31, 2025.

Atlantica also has a credit facility with a local bank for up to
EUR5 million, which matures Dec. 4, 2025, and a euro CP program
that allows Atlantica to issue short-term notes for up to EUR50
million.

Atlantica has an average corporate debt maturity of 3.7 years with
minimal debt maturities until 2025.

ISSUER PROFILE

Atlantica is a dividend growth-oriented company that owns and
manages a diversified portfolio of contracted assets in the power
and environmental sectors predominately located in Spain and North
and South America.

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.

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
Atlantica
Sustainable
Infrastructure Plc    LT IDR BB+  Affirmed             BB+

   senior unsecured   LT     BB+  Affirmed    RR4      BB+

   senior secured     LT     BBB- Affirmed    RR2     BBB-

BUCKINGHAM GROUP: Goes Into Administration, 446 Jobs Affected
-------------------------------------------------------------
Dave Rogers at Building reports that Buckingham Group Contracting
Ltd collapsed into administration on Sept. 4 with nearly 450 jobs
lost straight away from the divisions administrators couldn't
sell.

Grant Thornton was appointed administrator earlier on
Sept. 4 and immediately axed 446 jobs from its building, civils,
major projects, sport and leisure and demolition businesses,
Building relates.

Earlier, Kier saved 180 jobs with a deal to buy the firm's GBP150
million-plus turnover rail business, which includes its work for
Network Rail and HS2, for GBP9.6 million, Building recounts.

Grant Thornton said 45 people from Buckingham's head office near
Silverstone would remain on the books for "a short period" to help
complete the sale of the rail business to Kier, Building notes.

Buckingham has been on the brink of folding since last month when
it said it intended to appoint an administrator after racking up
"deep losses and interim cash deficits on the three major stadium
and arena contracts, and a substantial earthworks contract in
Coventry", Building relays.

At the time it flagged its note to appoint an administrator,
Buckingham said it was looking to "explore a sale of all or part of
the business in a very short period" -- which it said on Aug. 17
would be within days or weeks -- "to preserve as much of the
business as possible", Building notes.

According to Building, Grant Thornton said it had been trying to
get a refinancing deal over the line for the past few months but
added: "The legacy issues faced by the Company and ongoing losses
were simply too great to enable the refinance to succeed in an
acceptable timescale."

In its last set of accounts, for the year to December 2021,
Buckingham's turnover went up 14% to GBP665 million but the firm
racked up a GBP10.7 million pre-tax loss with the firm blaming a
bust subcontractor and a client that kept changing its mind on a
stadium contract, widely believed to be its scheme at Fulham's
Craven Cottage ground, sending it to only its second annual pre-tax
loss since being set up, Building discloses.

HOUSE CROWD: Administration Extended Until February 2024
--------------------------------------------------------
Kathryn Gaw at Peer2Peer Finance News reports that the House
Crowd's administration has been extended once again, with the new
end date set for February 2024.

According to documents filed on Companies House, administrators at
Quantuma have filed to extend the process until at least February
23, 2024 -- exactly three years after The House Crowd went into
administration, Peer2Peer Finance News relates.

This marks the third time that the administration has been
extended, Peer2Peer Finance News notes.  In January 2022, Quantuma
requested an extension to February 2023, Peer2Peer Finance News
recounts.

Then in January 2023, the courts granted another six month
extension, to August 2023, Peer2Peer Finance News discloses.  On
Aug. 22, Quantuma successfully filed to have the process extended
until February 2024, Peer2Peer Finance News relays.

Quantuma administrators have previously spoken about the
"incredibly complex" administration process, Peer2Peer Finance News
states.

In October 2022, Quantuma admitted that the administration process
was unlikely to be completed until February 2024 at the earliest,
while telling investors that they must wait another six to 12
months for disbursements, according to Peer2Peer Finance News.

To date, the administrators have billed more than GBP872,000 in
fees, Peer2Peer Finance News states.


LITTLE MONSTERS: Goes Into Liquidation
--------------------------------------
Connor Gormley at Sussex World reports that The Little Monsters
Nursery, on Chichester Road, announced it was going into
liquidation just hours before the start of the new school year.

The daycare centre, which provides for children aged six months to
four years old, announced it would be closing on Facebook on Sept.
3, and parents say they were given almost no notice, Sussex World
relates.

According to Sussex World, many parents feel short-changed by the
lack of notice, especially since some claim to have already paid
for the school year ahead, and have yet to see a refund.

The liquidation comes after Ofsted inspectors expressed concerns
about the business earlier this year, Sussex World states.  A
report published in May claimed that the nursery was failing to
meet a number of statutory requirements, although corrective action
was eventually taken, Sussex World notes.


TOGETHER ASSET 2023-1ST2: Fitch Gives 'B(EXP)sf' Rating to F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Together Asset Backed Securitisation
2023-1ST2 PLC (TABS2023-2) expected ratings.

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

   Entity/Debt         Rating        
   -----------         ------        
Together
Asset Backed
Securitisation
2023-1ST2 PLC

   A               LT AAA(EXP)sf  Expected Rating
   B               LT AA-(EXP)sf  Expected Rating
   C               LT A(EXP)sf    Expected Rating
   D               LT BBB(EXP)sf  Expected Rating
   E               LT BB(EXP)sf   Expected Rating
   F               LT B(EXP)sf    Expected Rating
   Loan Note       LT AAA(EXP)sf  Expected Rating
   X               LT BB+(EXP)sf  Expected Rating
   Z               LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

TABS2023-2 is a securitisation of buy-to-let (BTL) and
owner-occupied (OO) mortgages backed by properties in the UK,
originated by Together Personal Finance and Together Commercial
Finance, two fully owned subsidiaries of Together Financial
Services Limited (Together; BB-/Stable/B). The transaction includes
recent originations up to May 2023.

KEY RATING DRIVERS

Specialised Lending: Together focuses on borrowers who do not
necessarily qualify on the automated scorecard models of
high-street lenders. It attracts a higher proportion of borrowers
with complex income, notably self-employed and borrowers with
adverse credit histories, than is typical for prime UK lenders.

It allows more underwriting flexibility than other specialist
lenders by permitting interest-only (IO) OO lending flexible exit
strategies (such as downsizing when plausible). It also uses BTL
borrowers' personal income for affordability calculations without
minimum rental income coverage.

Performance Stabilised, Close to Peers: The performance of
Together's books has generally been volatile since 2004 but has
stabilised recently. It is worse than that of prime lenders, but
generally in line with specialist lenders'. Fitch has applied an
originator adjustment of 1.50x on its prime and 1.40x on its BTL
assumptions, resulting in foreclosure frequency (FF) assumptions
comparable with other specialist lenders'.

Low LTVs Driving Recoveries: The pool is 100% composed of
first-lien mortgage loans, 45.6% of which are regulated by the
Financial Conduct Authority. It includes a portion of OO
right-to-buy loans (7.4%), OO shared ownership loans (5.5%) and
consumer BTL (CBTL; 3.8%). The remaining portfolio comprises BTL
loans (49.7%). Seasoning is low as most the loans were originated
in 2022 and 2023.

The weighted average (WA) original loan-to-value (OLTV) of the
portfolio is 53.5%, lower than that of comparable specialist
lenders, for which Fitch usually sees values of 70%-75%, and lower
than the two predecessor deals (TABS 22-1: 62.2% and TABS 23-1:
68.3%). This is the main driver of Fitch's recovery rates, which
are higher than peers'.

High-Yield Assets: The underlying assets earn higher interest rates
than is typical for prime mortgage loans and can generate
substantial excess spread to cover losses. The WA yield at closing
was 7.5%. Prior to the step-up date, excess spread is used to pay
down the class X. On and after the step-up date, the available
excess spread is diverted to the principal waterfall and can be
used to amortise the rated notes.

Fixed Interest Rate Hedging Schedule: Fixed-rate loans make up
54.0% of the pool (reverting to a variable rate, on a WA of 10.3%)
and are hedged through an interest-rate swap. The swap features a
scheduled notional balance that could lead to over-hedging in the
structure due to defaults or prepayments. Over-hedging results in
additional available revenue funds in rising interest-rate
scenarios but reduced available revenue funds in decreasing
interest-rate scenarios.

RATING SENSITIVITIES

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

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

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain note ratings susceptible
to negative rating action depending on the extent of the decline in
recoveries. Fitch found that a 15% increase in WA foreclosure
frequencies (FF) and 15% decrease in WA recovery rate (RR) would
result in downgrades of up to three notches on the class A, B and D
notes and four notches for the class C and E notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and, potentially,
upgrades. A decrease in the WAFF of 15% and an increase in the WARR
of 15% would result in upgrades of up to three notches for the
class D notes and four notches for the class E notes.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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