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

                          E U R O P E

          Thursday, September 14, 2023, Vol. 24, No. 185

                           Headlines



B E L A R U S

DEVELOPMENT BANK: S&P Suspends 'SD/SD' Foreign Cur. Credit Ratings


B U L G A R I A

FIRST INVESTMENT: Fitch Puts 'B(EXP)' Rating to Sr. Pref. Notes


D E N M A R K

DFDS A/S: Egan-Jones Retains B+ Senior Unsecured Ratings


F I N L A N D

FINNAIR OYJ: Egan-Jones Hikes Senior Unsecured Ratings to CCC


F R A N C E

AIR FRANCE-KLM: Egan-Jones Hikes Senior Unsecured Ratings to B-
FNAC DARTY: S&P Rates New EUR300MM Senior Unsecured Notes 'BB+'
MOBILUX 2 SAS: Moody's Upgrades CFR to B1, Outlook Remains Stable
VINCI SA: Egan-Jones Retains BB Senior Unsecured Ratings


I R E L A N D

BARINGS EURO 2014-2: Moody's Affirms B1 Rating on EUR16.5MM F Notes
ROCKFORD TOWER 2023-1: S&P Assigns Prelim B-(sf) Rating to F Notes


I T A L Y

TELECOM ITALIA: Egan-Jones Retains B Senior Unsecured Ratings


R O M A N I A

MAS PLC: Fitch Affirms 'BB' LongTerm IDR, Alters Outlook to Stable


R U S S I A

RAVNAQ BANK: S&P Affirms 'CCC-/C' ICR, Outlook Negative


S P A I N

AMARA NZERO: S&P Assigns 'B' LT ICR, Outlook Stable


S W E D E N

OREXO AB: Egan-Jones Retains B+ Senior Unsecured Ratings
SAS AB: Egan-Jones Retains C Senior Unsecured Ratings


S W I T Z E R L A N D

ARCHROMA HOLDINGS: Moody's Affirms B2 CFR, Alters Outlook to Stable


U N I T E D   K I N G D O M

DOLPHIN LIFTS: Bought Out of Administration by Deltron Lifts
EUROMASTR 2007-1V: Fitch Gives 'BB+sf' Rating to Class E Notes
EUROSAIL 2006-2BL: Fitch Affirms 'CCCsf' Rating on Cl. F1c Notes
MACQUARIE AIRFINANCE: Fitch Gives BB(EXP) Rating to Sr. Unsec Notes
PATISSERIE VALERIE: Four People Charged Over 2019 Collapse

SLACK & PARR: Owed GBP17MM to Trade Creditors at Time of Collapse
STOLT-NIELSEN: Egan-Jones Retains CCC+ Senior Unsecured Ratings
SUBSEA 7: Egan-Jones Retains BB+ Senior Unsecured Ratings
WESSEX LABELS: To Enter Creditors' Voluntary Liquidation
WILKO LTD: The Range Nears GBP5MM Deal to Acquire Brand


                           - - - - -


=============
B E L A R U S
=============

DEVELOPMENT BANK: S&P Suspends 'SD/SD' Foreign Cur. Credit Ratings
------------------------------------------------------------------
S&P Global Ratings suspended its 'SD/SD' (selective default) long-
and short-term foreign currency and 'CCC/C' local currency credit
ratings on the Development Bank of the Republic of Belarus JSC
(DBRB). This follows the suspension of its ratings on the bank's
ultimate owner, the Belarus government, due to a lack of
information.

S&P said, "We regard DBRB as a government-related entity with a
critical policy role for and integral link with Belarus'
government. Therefore, we equalize our ratings on the institution
with those on the sovereign. Since the DBRB's creditworthiness is
linked to that of the sovereign, we do not assess its stand-alone
credit profile.

"We will resume our surveillance and reinstate the ratings on DBRB
if we resume surveillance of the sovereign ratings. Similarly, we
will withdraw our ratings on DBRB if we withdraw those on the
sovereign."




===============
B U L G A R I A
===============

FIRST INVESTMENT: Fitch Puts 'B(EXP)' Rating to Sr. Pref. Notes
---------------------------------------------------------------
Fitch Ratings has assigned First Investment Bank AD's (FIBank;
B/Stable) planned inaugural issue of senior preferred (SP) notes an
expected long-term rating of 'B(EXP)' and a Recovery Rating of
'RR4'. The assignment of a final rating is contingent on the
receipt of final documents conforming to the information already
received.

The upcoming SP issue is expected to be euro-denominated and listed
on Luxembourg Stock Exchange.

KEY RATING DRIVERS

FIBank's SP debt is rated in line with the bank's Long-Term Issuer
Default Rating (IDR). Fitch typically rates long-term SP debt in
line with the Long-Term IDR where Fitch expects an issuer to use SP
debt to meet its resolution buffer, and where senior non-preferred
debt (SNP) and more junior debt buffers are not expected to exceed
10% of risk-weighted assets (RWAs) on a sustained basis. The SP
debt Recovery Rating reflects Fitch's expectation of average
recoveries in a default.

The planned SP notes will constitute a direct, unconditional,
unsubordinated and unsecured obligation of FIBank and rank equally
with all its other senior preferred obligations.

FIBank must comply with resolution requirements set under the
minimum requirements for own funds and eligible liabilities (MREL).
The bank's fully loaded MREL requirements is 36.41% of RWAs
(including combined buffer requirement), valid from January 2024.

FIBank's IDRs are driven by its intrinsic strength as reflected in
the bank's Viability Rating (VR) of 'b'. FIBank's Long Term IDR and
VR are constrained by its high stock of impaired loans and non-loan
problem assets, which weigh on its profitability and encumber its
capital given modest provisioning. These factors weigh on the
bank's business model. The ratings also balance a reasonable
domestic franchise and adequate funding and liquidity profiles.

FIBank's common equity Tier 1 ratio stood at 17.5% at end-1H23. The
bank's capital structure is supplemented by about BGN266 million of
outstanding euro-denominated hybrid debt (additional Tier 1) and
BGN19.4 million of outstanding euro-denominated subordinated debt
(Tier 2), bringing the total capital ratio to 20.97% at end-1H23.
The bank's liability structure is dominated by customer deposits
(about 96% of total funding at end-1H23), with household deposits
accounting for 69% of total customer deposits. The bank's liquidity
coverage ratio was 270% and the net stable funding ratio was 147%
at end-1H23.

RATING SENSITIVITIES

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

FIBank's long-term SP rating would be downgraded if the bank's
Long-Term IDR is downgraded.

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

FIBank's long-term SP rating would be upgraded if the bank's
Long-Term IDR is upgraded

FIBank's long-term SP rating could also be upgraded if its
resolution requirements or its plan to meet them changes so that
SNP or more junior debt exceeds 10% of RWAs on a sustained basis
and the burden of the bank's weakly provisioned problem assets
significantly decreases.

ESG CONSIDERATIONS

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 FIBank, either due to their nature or the way in which
they are being managed by the bank. Fitch's ESG Relevance Scores
are not inputs in the rating process; they are an observation of
the materiality and relevance of ESG factors in the rating
decision.

   Entity/Debt            Rating                Recovery   
   -----------            ------                --------   
First Investment
Bank AD

   Senior preferred   LT B(EXP) Expected Rating   RR4



=============
D E N M A R K
=============

DFDS A/S: Egan-Jones Retains B+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on August 25, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by DFDS A/S. EJR also withdraws rating on commercial
paper issued by the Company.

Headquartered in Copenhagen, Denmark, DFDS A/S operates focused
transport corridors combining ferry infrastructure, including port
terminals and rail connections, and logistics solutions including
door-door full/part loads for dry goods and cold chain as well as
contract logistics for select industries.





=============
F I N L A N D
=============

FINNAIR OYJ: Egan-Jones Hikes Senior Unsecured Ratings to CCC
-------------------------------------------------------------
Egan-Jones Ratings Company on August 22, 2023, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Finnair Oyj to CCC from CCC-. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Vantaa, Finland, Finnair Oyj operates scheduled
passenger traffic, technical and ground handling operation,
catering, travel agencies, and reservation services.




===========
F R A N C E
===========

AIR FRANCE-KLM: Egan-Jones Hikes Senior Unsecured Ratings to B-
---------------------------------------------------------------
Egan-Jones Ratings Company on August 23, 2023, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Air France-KLM to B- from CCC. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Tremblay-en-France, France, Air France-KLM
provides air transportation services.


FNAC DARTY: S&P Rates New EUR300MM Senior Unsecured Notes 'BB+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating and '3' recovery
rating to the EUR300 million senior unsecured notes FNAC Darty SA
(FNAC) plans to issue. The '3' recovery rating indicates its
expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of a default.

The proposed EUR300 million floating-rate senior unsecured notes
due 2028 will be used to refinance the 1.875% senior unsecured
notes coming due in May 2024. S&P said, "We understand that, until
the 2024 notes are redeemed, the company will retain the proceeds
from the new notes on its general corporate treasury account, which
is invested in short-term money market instruments and may be used
for general corporate purposes. As part of the transaction, FNAC is
also looking to amend its existing EUR300 million delayed drawn
term loan (DDTL). The company will reduce the amount available
under the DDTL to EUR100 million from EUR300 million, while
changing its scope to general corporate purposes. At the same time,
the group is in advanced discussions with its lenders to introduce
two one-year maturity extension options to its EUR500 million
revolving credit facility (RCF), potentially extending its final
maturity to March 2030. We expect both the DDTL and the RCF will
remain fully undrawn. While the expected higher interest expenses
on the proposed notes will marginally affect FNAC's cash-flow
generation, the proposed transaction is leverage neutral, and
improves the company's overall liquidity profile."

S&P said, "On April 13, 2023, we revised the outlook on FNAC's
long-term issuer credit rating to negative, reflecting our
expectation that the company's operating performance may be
challenged by the difficult trading conditions--characterized by
weakening consumer demand and high inflation on the cost base. This
translated into a relatively weak performance in 2022 and the first
half of 2023; although the second half is always more relevant for
the group's profitability and cash-flow generation. On top of
challenging trading conditions, our 2022 and 2023 adjusted metrics
are affected by two extraordinary cash outflows: the settlement of
the Comet litigation case for about EUR142 million, and a potential
fine from the French Competition Authority, for which the company
has provisioned a potential cost of EUR85 million. That said, we
expect the group's premium positioning and strong focus on cost
control will support its long-term profitability, and its ability
to return to free operating cash flow after leases in excess of
EUR100 million per year."

  Table 1

  FNAC Darty SA--Key metrics*

                              --FISCAL YEAR ENDING DEC. 31--

  MIL. EUR    2021A    2022A      2023F        2024F         2025F

  Revenue     8042.6   7949  7,900-7,930  8,130-8,140  8,350-8,360

  EBITDA       617.2    558    550-560      605-615      640-650

  EBITDA
  margin (%)     7.8      7     ~7.0        7.0-7.5      7.3-7.8

  Debt to
  EBITDA (x)     1.7    2.3    2.1-2.3      1.9-2.1      1.5-1.8

  FFO to
  debt (%)      47.9   34.7     35-40        40-45        45-50

  FOCF after  
  Leases       143.1    -60    120-130      160-180      180-200

*All figures adjusted by S&P Global Ratings.
a--Annual.
f--Forecast.
FFO--Funds from operations.
FOCF--Free operating cash flow.


Issue Ratings - Recovery Analysis

Key analytical factors

-- FNAC's proposed EUR300 million unsecured bond maturing in 2028,
its existing EUR300 million 1.875% unsecured bond maturing in 2024
(expected to be reimbursed at maturity), and its EUR350 million
2.625% unsecured bond maturing in 2026 are rated 'BB+', in line
with the issuer credit rating.

-- The recovery rating is '3', indicating S&P's expectation of
meaningful recovery prospects (50%-70%; rounded estimate: 65%) in
the event of default.

-- S&P's hypothetical default scenario assumes intense competition
in the French electronics retail market, along with a severe
macroeconomic downturn, leading to deterioration in the group's
margins and operating performance.

-- S&P values FNAC as a going concern, underpinned by its leading
position in French consumer electronics and home appliances retail,
its strong store network, and solid brand equity.

Simulated default assumptions

-- Year of default: 2028
-- Jurisdiction: France
-- Emergence EBITDA: EUR154 million
-- EBITDA multiple: 5.5x

Simplified waterfall

-- Gross enterprise value: EUR845 million

-- Net recovery value for waterfall after administrative expenses
(5%): EUR803 million

-- Estimated senior unsecured debt claims: EUR1.17 billion*

-- Recovery range: 50%-70% (rounded estimate: 65%)

-- Recovery rating: 3

Note: RCF is assumed 85% drawn at the time of default. All debt
amounts include six months of prepetition interest. In the
waterfall, S&P assumes the nominal amount of the new bond will be
EUR300 million.


MOBILUX 2 SAS: Moody's Upgrades CFR to B1, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded Mobilux 2 SAS' (BUT or the
company) corporate family rating to B1 from B2 and its probability
of default rating to B1-PD from B2-PD. At the same time, Moody's
has upgraded to B2 from B3 the instrument rating of the EUR500
million backed senior secured notes due 2028, issued by Mobilux
Finance SAS. The outlook on both entities remains stable.

RATINGS RATIONALE

The rating upgrade is mainly driven by BUT's strong track record of
solid operating performance since fiscal year 2020 (year-end is
June 30) that has led to a decline in Moody's adjusted debt/EBTDA
to 3.0x as of last twelve months (LTM) ending March 31, 2023
compared to 4.3x as of the end of FY2020 even under a very
challenging macroeconomic backdrop of low consumer confidence, high
inflation and weaker volumes. BUT reported revenues of EUR2.1
billion and Moody's adjusted EBITDA of EUR304 million as of LTM
ending March 31, 2023 while maintaining good interest coverage
(EBIT / Interest Expense) of 3.7x. As of LTM ending March 31, 2023,
free cash flow (FCF) to debt has been somewhat weak at 0.7% due to
working capital outflow resulting from lower volumes.

Moody's expects that for FY2023, BUT will generate around EUR2.1
billion of revenue on the back of lower volumes that are offset by
higher prices, and Moody's adjusted EBITDA of around EUR302 million
while FCF/debt is expected to be around 5% (all on Moody's adjusted
basis).

Operating performance is expected to improve in terms of volumes
over FY2024 and FY2025 such that revenue will be around EUR2.2
billion and EBITDA will be in the range of EUR307 - EUR315 million
resulting in leverage of around 3x. Moody's expects FCF to debt to
remain positive over FY2024 and FY2025 at around 10% supporting
BUT's good liquidity profile, and that interest coverage will be
around 3.3x - 3.4x over the same period.

BUT's B1 rating is also supported by the company's strong business
profile before and after the pandemic, which together with
management's good execution has allowed continued Moody's adjusted
EBITDA margin gains since fiscal 2019, and a significant
outperformance over the French furniture market. The rating factors
BUT's extensive store network in France, its good brand recognition
and growing market share in the fragmented French home equipment
industry, where BUT is the second-largest company.

The rating also takes into consideration BUT's exposure to the home
furniture market, which is discretionary with a level of
cyclicality, and its moderate size with high concentration in the
French market.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the company's
performance will remain stable over the next 12 to 18 months such
that its Moody's adjusted gross leverage will remain around 3x and
that it generates positive FCF/debt trending towards 10% over this
period while maintaining good liquidity. The outlook assumes that
management will not embark on any material debt-funded acquisitions
or dividend recapitalisations.

LIQUIDITY PROFILE

Moody's expects BUT to have good liquidity over the next 12 to 18
months, supported by a healthy cash balance of EUR233 million as of
March 31, 2023, access to the undrawn super senior revolving credit
facility (RCF) of EUR140 million and Moody's expectations of
positive FCF over the next 12 to 18 months, and no debt maturities
until 2028. BUT's operations are seasonal and characterised by
important working capital requirements ahead of its peak periods of
year-end holidays.

The RCF has a springing financial covenant of consolidated net
secured leverage (maximum of 6.5x) which is tested if the facility
is drawn by more 40%. Moody's anticipates the company to have
significant headroom under this covenant.

STRUCTURAL CONSIDERATIONS

The PDR of B1-PD reflects the use of a 50% family recovery
assumption, consistent with a capital structure including a mix of
bond and bank debt. The capital structure has limited covenants
overall, with the lenders relying only on incurrence covenants
contained in the backed senior secured notes indentures, as well as
the springing covenant of the RCF.

The B2 rating of the EUR500 million backed senior secured notes due
2028 issued by Mobilux Finance SAS reflects their position below
the committed EUR140 million super senior RCF and a significant
amount of trade payables, both of which rank ahead of the backed
senior secured notes in Moody's waterfall. The backed senior
secured notes and the RCF benefit from a similar guarantor package,
including upstream guarantees from guarantor subsidiaries,
representing around 75% of BUT's consolidated EBITDA. Both
instruments are secured, on a first priority basis, by certain
share pledges, intercompany receivables, and bank accounts.
However, the notes are contractually subordinated to the RCF with
respect to the collateral enforcement proceeds.

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

Positive pressure could emerge if BUT (i) demonstrates an ability
to sustain its profitability, (ii) maintains its current market
share, (iii) sustains its positive Moody's adjusted FCF generation,
and (iv) displays a balanced financial policy between creditors and
shareholders. Quantitatively, ratings could be upgraded if
Moody's-adjusted debt/EBITDA is sustainably below 3x and
Moody's-adjusted FCF to debt trends towards 10% on a sustained
basis. An upgrade would also require more public commitment to a
clearer financial policy.

Conversely, downward pressure could emerge if (i) BUT's Moody's
adjusted FCF generation turns negative for a prolonged period as a
result of a weakened operating performance, (ii) the company adopts
a more shareholder-friendly financial policy, (iii) its Moody's
adjusted (gross) debt/EBITDA is sustainably in excess of 4.0x or
Moody's-adjusted EBIT/interest expenses trends below 2x. Weakening
liquidity could also exert pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
published in November 2021.

COMPANY PROFILE

Mobilux 2 SAS is the holding company of BUT, which is the
second-largest home equipment retailer in France, with revenue of
around EUR2.1 billion and Moody's adjusted EBITDA of EUR304 million
as of LTM ending March 31, 2023. BUT's business model is based on a
one-stop-shop concept, offering its customers furniture, electrical
or home appliances, and home decoration products. Mobilux 2 SAS is
owned by an investment consortium comprising the private equity
firm Clayton, Dubilier & Rice (CD&R) and WM Holding, an investment
company associated with the XXXLutz group, an Austrian furniture
retailer.

VINCI SA: Egan-Jones Retains BB Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on August 14, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Vinci SA. EJR also withdraws rating on commercial
paper issued by the Company.

Headquartered in Paris, France, Vinci SA. Vinci provides
concessions, energy, and construction services.




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

BARINGS EURO 2014-2: Moody's Affirms B1 Rating on EUR16.5MM F Notes
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Barings Euro CLO 2014-2 Designated Activity
Company:

EUR35,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aaa (sf); previously on Jun 30, 2022
Upgraded to Aa1 (sf)

EUR28,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A1 (sf); previously on Jun 30, 2022
Upgraded to A2 (sf)

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

EUR297,400,000 (current outstanding amount EUR70,800,709.99) Class
A-1 Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf);
previously on Jun 30, 2022 Affirmed Aaa (sf)

EUR31,600,000 (current outstanding amount EUR7,522,873) Class A-2
Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Jun 30, 2022 Affirmed Aaa (sf)

EUR37,900,000 Class B-1 Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Jun 30, 2022 Affirmed Aaa
(sf)

EUR21,100,000 Class B-2 Senior Secured Fixed Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jun 30, 2022 Affirmed Aaa (sf)

EUR38,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba1 (sf); previously on Jun 30, 2022
Upgraded to Ba1 (sf)

EUR16,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B1 (sf); previously on Jun 30, 2022
Upgraded to B1 (sf)

Barings Euro CLO 2014-2 Designated Activity Company, issued in
November 2014 and refinanced in May 2017, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed Barings (U.K.)
Limited. The transaction's reinvestment period ended in May 2021.

RATINGS RATIONALE

The rating upgrades on the Class C and D notes are primarily a
result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the last rating
action in June 2022.

The Class A-1 and Class A-2 Notes have paid down by approximately
EUR115.8m (39.0%) and EUR12.3m (39.0%) since the last rating action
in June 2022 and EUR226.6m (76.3%) and EUR24.1 (76.3%) respectively
since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure, but for Class E and F notes. According to the trustee
report dated August 2023 [1] the Class A/B, Class C, Class D, Class
E and Class F OC ratios are reported at 180.12%, 149.12%, 130.79%,
112.37% and 105.89% compared to May 2022 [2] levels of 152.34%,
136.13%, 125.28%, 113.25% and 108.71% respectively. Moody's notes
that the August 2023 principal payments are not reflected in the
reported OC ratios.

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 be maintained.

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: EUR274.5m

Principal proceeds balance: EUR0.9m

Defaulted Securities: EUR10.0m

Diversity Score: 36

Weighted Average Rating Factor (WARF): 3162

Weighted Average Life (WAL): 3.17 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.61%

Weighted Average Coupon (WAC): 4.43%

Weighted Average Recovery Rate (WARR): 44.23%

Par haircut in OC tests and interest diversion test: 2.42%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

-- 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.

ROCKFORD TOWER 2023-1: S&P Assigns Prelim B-(sf) Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Rockford Tower Europe CLO 2023-1 DAC's class A, B-1, B-2, C, D, E,
and F notes. At closing, the issuer will also issue subordinated
notes.

The preliminary ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with our counterparty rating framework.

  Portfolio benchmarks

                                                        CURRENT

  S&P weighted-average rating factor                   2,769.33

  Default rate dispersion                                630.10

  Weighted-average life (years)                            4.66

  Obligor diversity measure                              119.90

  Industry diversity measure                              22.63

  Regional diversity measure                               1.33


  Transaction key metrics

                                                        CURRENT

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

  'CCC' category rated assets (%)                          2.86

  Covenanted 'AAA' weighted-average recovery (%)          37.69

  Covenanted weighted-average spread (%)                   4.20

  Covenanted weighted-average coupon (%)                   4.50


Asset priming obligations and uptier priming debt

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

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.59 years after
closing.

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

"In our cash flow analysis, we used the EUR375 million target par
amount, and the portfolio's covenanted weighted-average spread
(4.20%), covenanted weighted-average coupon (4.50%), and covenanted
weighted-average recovery rates at each rating level. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

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

S&P said, "We expect the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"At closing, we expect that the transaction's legal structure and
framework will be bankruptcy remote, in line with our legal
criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary rating are
commensurate with the available credit enhancement for the class A
notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-1, B-2, C, D, E, and F
notes could withstand stresses commensurate with higher ratings
than those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned to the notes.

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

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

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and will be managed by Rockford Tower
Capital Management LLC.

Environmental, social, and governance (ESG) factors

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

Any obligor whose primary business activity is:

-- Generation of electricity using coal;

-- Trade in ozone depleting substances; or endangered or protected
wildlife;

-- Production of or trade in tobacco; or

-- Provision of services relating to payday lending; or

Any obligor that generates more than 25% of its revenue from:

-- Production of or trade in pornography or prostitution;

-- Ownership or operation of private prisons;

-- Speculative extraction of oil and gas (including tar sands and
arctic drilling); or

-- The mining or processing of coal; or

Any obligor that generates any revenue from:

-- Manufacture of cigarettes and other tobacco products; or

-- Production of or trade in controversial weapons, or the
manufacture, distribution or sale of controversial weapons.

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

  Ratings list

  CLASS   PRELIMINARY   AMOUNT   INTEREST RATE§   CREDIT         

           RATING*    (MIL. EUR)                 ENHANCEMENT (%)

  A       AAA (sf)      232.40     3mE + 1.75%     38.03

  B-1     AA (sf)        23.80     3mE + 2.50%     29.01

  B-2     AA (sf)        10.00           6.50%     29.01

  C       A (sf)         24.40     3mE + 3.35%     22.51

  D       BBB- (sf)      26.20     3mE + 5.20%     15.52

  E       BB- (sf)       16.00     3mE + 7.15%     11.25

  F       B- (sf)        10.40     3mE + 9.55%      8.48

  Sub notes   NR         32.50     N/A               N/A

*The preliminary ratings assigned to the class A, B-1, and B-2
notes address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.

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

NR--Not rated.

N/A--Not applicable.

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

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




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

TELECOM ITALIA: Egan-Jones Retains B Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on August 31, 2023, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Telecom Italia S.p.A. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Milano, Italy, Telecom Italia S.p.A., through
subsidiaries, offers fixed line and mobile telephone and data
transmission services in Italy and abroad.




=============
R O M A N I A
=============

MAS PLC: Fitch Affirms 'BB' LongTerm IDR, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Romania-based real estate
company MAS PLC's (MAS) Long-Term Issuer Default Rating (IDR) to
Stable from Positive and affirmed the IDR at 'BB'. Fitch has also
affirmed MAS's senior unsecured rating and MAS Securities B.V.'s
EUR300 million senior unsecured bond, which is guaranteed by MAS,
at 'BB'/RR4.

The revision of the Outlook reflects concerns over the availability
and costs for non-investment-grade bonds in the real estate sector.
This has led MAS to revise its financial strategy. To better
position the company to meet its medium-term financial obligations,
especially its EUR300 million bond maturing in May 2026, it has
suspended dividends, sourced new secured bank debt and halted new
residential developments.

The ratings reflect Fitch's expectations that MAS will maintain its
good operational performance, including high occupancy and rental
increases. MAS owns and operates a convenience-led, wholly-owned
portfolio of 20 shopping centres (excluding held-for-sale
properties) valued at just under EUR900 million (end-June 2023;
FYE23), mainly in Romania. The quality assets are mainly in
secondary locations with large catchments and limited competition.

MAS's short-term liquidity position remains good and net
debt/EBITDA leverage at FYE23 was a relatively low 7.0x.

KEY RATING DRIVERS

Strategic Review Viewed Positively: The company is concerned by
changes in capital markets that are affecting the potential cost
and availability of refinancing its 2026 bond and other debt in the
medium term. MAS recently revised its financial strategy to better
position itself to meet these obligations. Key actions include
suspending dividends, procuring new secured bank debt, and as
residential demand has weakened, its development joint venture
(DJV) has suspended new residential projects and phases not under
construction. Fitch views these proactive efforts positively.

Good Operational Performance: MAS continues to maintain good
operational performance. In FYE23, like-for-like footfall exceeded
pre-pandemic levels, and occupancy surpassed 97%. Leases, which are
euro-denominated, benefited from 9.5% annual indexation on the
majority of leases in January 2023. The average lease expiry to
first-break was a short 3.7 years with around a quarter of leases
(by rental income) expiring in 2024. The occupancy cost ratio
remains under 11%, which helps attract and maintain tenancies.
Tenants are a mix of international retailers (about three-quarters
of gross leaseable area) and national and smaller local stores.

Despite a fall in disposable income triggered by Romanian inflation
averaging 12% in 2022, Fitch expects positive economic momentum in
Romania to continue over the next two years.

Concentrated Portfolio: MAS's acquisition of six retail properties
from its development joint venture (DJV) increased the wholly-owned
property portfolio to 20 assets with a fair value of EUR896 million
at FYE23. This excludes two remaining held-for-sale Western
European assets. The quality properties are a mix of
convenience-led enclosed (43% of rents) and open-air malls (57%)
mainly in secondary locations across Romania (75% of net rental
income), Bulgaria (14%) and Poland (10%) with significant catchment
areas and limited competition. Asset concentration is high with the
top 10 assets generating more than 75% of rents.

Complex Corporate Structure: MAS's corporate structure is
complicated by its relationship with PKM Development Ltd., its
40%-owned DJV, which provides MAS with exclusive exposure to
developments. Prime Kapital (PK), a privately-owned real estate
company with investment and development experience in Central and
Eastern Europe (CEE), owns the remaining 60% of common equity.
Projects in the DJV are primarily funded through preference shares
injected by MAS, which has committed to subscribe up to a total of
EUR470 million, as well as a EUR30 million revolving credit
facility (RCF) until March 2030.

At FYE23, MAS's remaining commitment was EUR180.1 million, which
included EUR19.5 million undrawn under the RCF. MAS profits
(post-interest expense) from a 7.5% coupon on the preference
shares, as well as its share of common stock dividends. If the
DJV's funds are insufficient to pay the coupon on preference
shares, the shortfall will accumulate and be repaid when enough
cash is available.

Improved Corporate Governance: The company has been improving
corporate governance by eliminating common management between MAS
and PK and requiring key reserved matters and transactions to be
scrutinised and approved by MAS's majority-independent board
members. MAS has disclosed that the DJV owns around 10% of MAS.

Ambitious Development Pipeline: The DJV commercial development
pipeline has a budget of more than EUR889 million, but this is
largely uncommitted, with most projects in zoning or permitting
stages. The DJV currently has three phased, multi-year
build-to-sell residential projects underway, which will benefit MAS
through shares of DJV dividends. As a result of the strategic
review, new residential phases and projects are on hold and unsold
units will be retained for rent. There are also three commercial
projects in early development stages comprising two small retail
and one office asset. The budget for projects underway is around
EUR340 million, including Carolina Mall, which opened on 31 August
2023.

The DJV will normally retain developed assets, which MAS would
manage at cost, while MAS would grow through acquisitions and
expansions. As MAS has not been able to find appropriate
acquisitions, it acquired six assets from the DJV in June 2022.
This means the DJV only has one operational, as well as three
extensions to MAS-owned assets, which the company may acquire.

Financial Profile: Fitch only includes cash-paid preference share
coupons from the DJV's recurring rental income (currently only one
asset). MAS's 2022 acquisition of six assets from the DJV included
the assumption of EUR122 million of secured debt and a cash spend
of EUR90 million. This increased net debt/EBITDA to a still
relatively low 7.0x at FYE23. Fitch forecasts this to increase to
8.0x by FYE24 as the company takes out new secured bank debt, but
steadily reduce thereafter as debt is repaid and the suspension of
dividends and new residential developments boost cash holdings.

MAS's unencumbered asset cover was 1.9x at FYE23, but this will
inevitably decrease as secured bank debt is used to refinance
debt.

DERIVATION SUMMARY

MAS differs from other rated EMEA real estate companies in its
complex corporate structure, under which new properties are
exclusively developed and held through the DJV. MAS funds the DJV
by subscribing to preference shares, gaining returns through a 7.5%
coupon on the preference shares, as well as common dividends owing
to its 40% ownership in the DJV. Peers typically directly develop
and own their assets or through a JV structure.

One of MAS's closest peers is Romania-based NEPI Rockcastle N.V.
(BBB+/Stable). The founders of PK originally set up New Europe
Property Investments, the predecessor of NEPI, and MAS
significantly invested in NEPI's shares in the past. NEPI is larger
and more diverse than MAS with a retail portfolio of EUR5.7 billion
assets across nine CEE countries with a focus on destination malls.
MAS concentrates more on convenience-led shopping in secondary
locations.

AKROPOLIS GROUP, UAB (BB+/Stable) owns and operates a retail
portfolio valued at around EUR1 billion, but concentrated in five
assets in Lithuania and Latvia, which means it has even higher
asset and geographic concentration than MAS.

All three companies have a variety of well-known international and
regional brands. Compared with western European peers, regional
retailers experienced higher retail sales growth, as other
jurisdictions tend to have higher, and increasing, e-commerce share
and an oversupply of retail space in some cases. This provides some
buffer against the risk of a decline in consumer demand, increasing
staff salaries or inventories prices in CEE retail markets.

KEY ASSUMPTIONS

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

- Only cash-paid preference share coupon is generated from the
DJV's post-interest expense, recurring rental-derived, profits (not
planned residential development and sales) is included in MAS's
Fitch-adjusted EBITDA.

- EUR180 million of secured bank debt issued in FYE24.

- No dividends in FYE24 and FYE25 and issued in line with
historical levels thereafter.

- Remaining Western European property disposed in FYE24.

- Minimal acquisitions, mainly small extensions still being held by
the DJV.

- In line with its commitment, the company invests in the remaining
EUR180 million of DJV preference shares in FYE24.

- Only current residential phases and commercial projects carried
out in the DJV.

RATING SENSITIVITIES

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

- MAS's standalone property portfolio reaching at least EUR1
billion

- Material increase in geographic diversity, while maintaining
portfolio quality

- Net debt/EBITDA (including cash-paid preference share coupons)
below 7.5x

- MAS's standalone unencumbered investment property
assets/unsecured debt cover above 2.0x

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

- Material deterioration in operating metrics, such as occupancy
below 90%.

- Net debt/EBITDA (including cash-paid preference share coupons)
exceeding 8.5x

- A liquidity score below 1.0x on a sustained basis

- Unencumbered investment property assets/unsecured debt below
1.5x

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At FYE23, MAS held readily available cash of
EUR60 million. MAS also has EUR15 million available from a EUR20
million RCF that matures in August 2024. Available liquidity
comfortably covers small amortisations in FY24 as well as the
repayment of the remaining Western European debt of EUR34 million.

MAS has no large debt maturities until May 2026, when its EUR300
million bond matures. The company has already begun to address the
bond maturity owing to its concerns about a potential lack of
availability and the high costs of issuing a new bond in the
capital markets, recently procuring new secured bank debt. Debt is
either fixed-rate or hedged.

MAS is not a REIT so there is no regulatory requirement for
dividends. The company has temporarily suspended dividends to
improve liquidity and to better position itself to repay the bond
in 2026.

Before acquiring the assets from the DJV, the portfolio was almost
wholly unencumbered. The debt transferred in the transaction is
secured against approximately EUR325 million of assets. The
unencumbered asset ratio (excluding the held-for-sale Western
European assets), was 1.9x at FYE23, but this will inevitably
decrease as the company accesses new secured debt. The company
repurchased about EUR6.6 million of its bonds in FY23.

ISSUER PROFILE

MAS is a real estate company owning and operating a portfolio of
retail assets mainly in Romania, but also Bulgaria and Poland. The
shopping centres are largely focused on secondary locations with a
slant towards convenience-led stores. MAS has exposure to asset
development exclusively through the DJV.

ESG CONSIDERATIONS

MAS PLC has an ESG Relevance Score of '4' for Group Structure due
to the group's complexity, which includes disclosed related-party
transactions (including preference shares, a previous property
disposal transaction to MAS) and cross-holdings (such as the
unusual circumstance of DJV owning shares in MAS). This has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

MAS PLC has an ESG Relevance Score of '4' for Governance Structure
due to the potential for conflicts of interest and related party
transactions. While common management between MAS and the DJV has
been significantly reduced. MAS has disclosed that the DJV owns
around 10% of MAS. MAS's majority-independent board members
scrutinising most dealings and transactions, mitigating the risk of
conflicts of interest. This has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

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
   -----------           ------         --------   -----
MAS PLC            LT IDR BB  Affirmed               BB

   senior
   unsecured       LT     BB  Affirmed    RR4        BB

MAS Securities
B.V.

   senior
   unsecured       LT     BB  Affirmed    RR4        BB



===========
R U S S I A
===========

RAVNAQ BANK: S&P Affirms 'CCC-/C' ICR, Outlook Negative
-------------------------------------------------------
S&P Global Ratings affirmed its 'CCC-/C' long- and short-term
issuer credit ratings on Ravnaq Bank. The outlook is negative. S&P
Global Ratings then withdrew its ratings at the bank's request.

Despite a recent capital injection of Uzbekistani sum (UZS) 100
billion, Ravnaq Bank's creditworthiness remains weak and its
viability is at risk. This is due to unresolved sizable asset
quality issues, additional needs for fresh capital to meet
regulatory requirements, and the resulting eventual stress on its
funding and liquidity.

Ravnaq needs another UZS300 billion capital injection to meet
regulatory capital requirements effective Jan. 1, 2025, and almost
UZS300 billion to cover nonperforming assets (NPA) because the
provision coverage stands at only 2% as of Aug. 1, 2023.

S&P said, "We view the bank's income generation capacity as a risk,
considering weak financial performance. Ravnaq's net interest
margin, at about 5% as of Aug. 1, suggests a very high cost of
funding. The Central Bank of Uzbekistan's (CBU's) ban on new loan
issuance with just minor income from the existing portfolio limit
Ravnaq's business prospects and capital generation capacity.

"Should the bank fail to resolve or recover its legacy NPA, new
loan loss provisions coupled with weak earnings could quickly
deplete its capital base and impair its liquidity position,
potentially leading to breach of regulatory requirements. We
understand that breeching of minimum regulatory requirements might
lead to penalties from the CBU up to license revocation."




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

AMARA NZERO: S&P Assigns 'B' LT ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit and
issue ratings to Amara NZero's (Amara) holding company, Green
Bidco, and the proposed EUR270 million green senior secured notes.
The '3' recovery rating indicates our expectation of meaningful
recovery prospects (50%-70%; rounded estimate 55%) in the event of
payment default.

S&P said, "The stable outlook reflects our view that Amara will
continue to see healthy organic sales and EBITDA growth driven by
favorable industry trends and increasing scale, underpinning funds
from operations (FFO) cash interest coverage of about 2.0x and
positive free operating cash flow (FOCF) from 2024."

In April 2023, private-equity firm Cinven announced the acquisition
of a majority stake in Amara NZero (Amara), a Spanish
business-to-business (B2B) distributor of products and services
used in the energy transition sector, via a new holding company
Green BidCo S.A.U. The acquisition was funded by new green senior
secured notes of EUR270 million and an equity contribution of
EUR545 million from Cinven and rolling shareholders.

S&P said, "Our 'B' rating captures the creation of holding company
Green Bidco S.A.U. by private-equity firm Cinven to acquire 63% of
Amara in April 2023. Amara's existing shareholders and management
will retain about 37% ownership. To finance the transaction, Green
Bidco issued EUR270 million, five-year, green, senior secured
notes, supported by a EUR50 million super senior secured revolving
credit facility (RCF). The transaction includes an equity
contribution from Cinven and rolling shareholders of EUR545
million, largely taking the form of preference shares. We treat the
latter as equity and exclude it from our leverage and coverage
calculations because we see an alignment of interest between
noncommon and common equity holders.

"Favorable industry trends support Amara's revenue growth. Amara
operates as a B2B distributor of products and services in the
energy transition market with a global (excluding China) total
addressable market of EUR82 billion, and the group forecasts a
compound annual growth rate (CAGR) of about 9% between 2023 and
2027. We project that growth will continue amid favorable
regulations and incentives to meet ambitious net zero emissions
targets, particularly in Europe. These regulations, alongside
higher energy costs, are driving corporate and residential
investments in renewable energy installations like solar and wind.
We see this growth, mostly organic, in the rise in Amara's revenue
to EUR732 million in 2022 from EUR244 million in 2020. We forecast
strong revenue growth of about 29% in 2023 as the company scales up
its solar energy operations in Spain, Brazil, and Mexico. We also
expect the company, in line with the industry, to exhibit healthy
mid-single-digit growth in 2024-2025.

"Despite Amara's strong relationships with its suppliers,
concentration is a key constraint to its business risk profile, in
our view. The major proportion of Amara's purchases originate from
China (in line with the market) and its top-five suppliers
accounted for about 62% of total supplies in 2022. Supplier
concentration is even higher in its fastest-expanding solar
segment, where the top-five suppliers contributed even more to
purchases. In comparison, Amara contributes about 5% of the sales
of its largest vendors. This exposes Amara to supply chain
disruptions or higher import costs in case of new trade barriers
and protectionist measures in a context of increasing geopolitical
tensions, or loss of business in case of loss of a key supplier. At
the same time, we note that Amara's strong and long-term
relationships with its suppliers have helped the company to enter
several global purchasing agreements and obtain relatively
favorable purchasing conditions, including pricing, product
availability, and payment terms. As per management, it would take
12-18 months for the company to shift its supplier base away from
China if any supply chain risks materialize, and suppliers are also
considered interchangeable. In the long term, moving manufacturing
capabilities to the EU is also supported by the Net-Zero Industry
Act that aims to strengthen the European manufacturing capacity of
net-zero technologies.

"Amara operates in a competitive and fragmented market. Amara
generated 56% of its revenue in Spain, where the company is the
leading solar distributor but by a relatively smaller margin. Even
though the company is among the top-five operators in Italy and
Brazil, its presence is smaller. Furthermore, we see Amara's
product and service differentiation as limited and barriers to
entry in the market as low. This constrains the company's pricing
power and profitability. In the recent past, the company adopted an
aggressive pricing policy in Brazil to expand its market presence,
which has squeezed its profitability. Despite Amara's impressive
recent growth, its scale of operations remains smaller than that of
peers like OptiGroup BidCo AB and EOS Finco S.a.r.l., and larger
distributors like Quimper AB and BME Group Holding BV. This prompts
us to assess Amara's business risk profile at the lower end of our
weak category.

"A scale-driven increase in profitability and steady expansion will
support Amara's cash flow in the coming years. We forecast Amara's
S&P Global Ratings-adjusted EBITDA margin will improve to about
8.0% in 2024 from 7.1% in 2022. Margins will expand thanks to an
increasing revenue contribution from the higher-margin batteries
business, due to an agreement with Tesla in Spain and our
expectation that penetration of solar panels, alongside battery
solutions and kits, will increase at a steady rate. The company
will also benefit from better absorption of fixed costs due to the
increasing scale of the business and current cost optimization
plan. In addition to reduced working capital requirements directly
linked to the moderating pace of expansion, tight working capital
management via focused initiatives and low capital expenditure
(capex) needs of about 0.5% of sales will support our forecast
adjusted FOCF of about EUR18 million in 2024, after breakeven
reported FOCF in 2023 (excluding transaction expenses). In our base
case, S&P Global Ratings-adjusted EBITDA of EUR80 million in
2024--versus EUR52 million in 2022 and our expectation of EUR67
million in 2023--will help the company maintain adjusted FFO cash
interest coverage of 2.0x or more in 2024.

"The rating is constrained by Amara's financial-sponsor ownership.
We forecast Amara's adjusted debt to EBITDA at 4.8x at year-end
2023, declining to 4.0x in 2024, with FFO to debt of about 10% in
both years. However, Amara's limited scale of operations exposes it
to earnings volatility and credit metric sensitivity. Moreover,
although we understand that Cinven has no near-term plan for major
acquisitions or dividend payments, our assessment of the company's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners.

"The ratings are in line with the preliminary ratings we assigned
on July 3, 2023.

"The stable outlook reflects our view that Amara will continue to
see healthy organic sales and EBITDA growth driven by favorable
industry trends and increasing scale. This will support FFO cash
interest coverage of about 2.0x and positive FOCF from 2024."

S&P could lower the rating if:

-- The company is unable to generate positive FOCF absent
significant EBITDA growth;

-- Weaker earnings due to macroeconomic headwinds, operational
issues, or increased competition lead to FFO cash interest coverage
declining below 2.0x; or

-- The company adopts a more aggressive financial policy, with
debt-funded acquisitions or shareholder friendly returns that push
adjusted debt to EBITDA above 6.5x.

Although S&P considers an upgrade unlikely in the coming 12 months,
it could raise the rating if the shareholders demonstrate a prudent
financial policy, maintaining adjusted debt to EBITDA comfortably
below 5x and FFO to debt above 12%. Ratings upside would also hinge
on sound operating performance, continued improvements in scale,
and solid FOCF.




===========
S W E D E N
===========

OREXO AB: Egan-Jones Retains B+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on August 22, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Orexo AB. EJR also withdraws rating on commercial
paper issued by the Company.

Headquartered in Uppsala, Sweden, Orexo AB operates as a
pharmaceutical company.


SAS AB: Egan-Jones Retains C Senior Unsecured Ratings
-----------------------------------------------------
Egan-Jones Ratings Company on August 22, 2023, maintained its 'C'
foreign currency and local currency senior unsecured ratings on
debt issued by SAS AB. EJR also withdraws rating on commercial
paper issued by the Company.

Headquartered in Stockholm, Sweden, SAS AB offers air
transportation services.




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

ARCHROMA HOLDINGS: Moody's Affirms B2 CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service affirmed the B2 long term corporate
family rating and B2-PD probability of default rating of Archroma
Holdings Sarl (Archroma) and the B2 rating of the senior secured
first-lien term loans maturing in June 2027 and senior secured
revolving credit facility (RCF) maturing in March 2027 at Archroma
Finance Sarl. Moody's also changed the rating outlook to stable
from positive for both entities.

RATINGS RATIONALE

The outlook change reflects Moody's expectation that the prolonged
downcycle in Archroma's end-markets combined with the ongoing
integration of Huntsman TE will prevent it from achieving metrics
in line with a higher rating over at least the next 18 months. The
company's metrics are worse than the rating agency's expectations
for the current B2 rating, but Moody's expects that gradually
improving demand, increased EBITDA generation and the realization
of synergies related to the company's integration of Huntsman TE
will bring metrics in line with its current rating level over the
next 12 to 18 months. Very weak end market demand in the first nine
months of its fiscal year (ending in September) resulted in lower
EBITDA generation and higher leverage than both the company and
Moody's anticipated.

Moody's nevertheless expects the recent destocking impact to be
transient and considers the fundamental demand for the company's
products sound. Archroma also benefits from a long dated capital
structure, with no meaningful maturities prior to 2027, which
provides it with time to focus on integrating Huntsman TE and to
benefit from improvement in end demand before approaching the
capital markets to refinance. Evidence of or expectations for a
significant change to the competitive position or in structural
demand of the company's core products such that Archroma's credit
metrics remain worse than expectations over a more sustained period
could result in negative ratings momentum.

Archroma's ratings reflect its leading position in the textile
chemical sector strengthened by the acquisition of Huntsman TE;
balanced global geographic presence, with revenue and operations
spread across the Americas, Asia and EMEA; broad product portfolio
increasingly focused on environmentally friendly textile chemicals
systems; and large customer base spread across its three core
business lines of textile chemicals, paper solutions and emulsions.
The company's high exposure to mature markets, particularly Europe
and North America; its exposure to the relatively volatile textile
end market; a relatively complex capital structure with large
third-party preferred equity certificates raised outside of the
restricted group; and ongoing integration risk related to the
Huntsman TE acquisition all constrain the rating.

For the twelve months ended June 30, 2023, Moody's estimates
Archroma to have a pro forma debt-to-EBITDA ratio (pre-synergies)
of around 10x. This calculation includes Moody's standard
accounting adjustments for pensions, leases, certain non-recurring
items and acquired EBITDA from the Huntsman TE acquisition which
has yet to be captured in the reported financials.

LIQUIDITY

Archroma's liquidity is adequate. The company has around $109
million of cash on balance, with access to $155 million on the
company's $225 million RCF ($70 million utilized). The RCF is
subject to a springing financial covenant, which is tested when
borrowings under the RCF are 35% or more. When tested, the covenant
requires the company to maintain a net leverage ratio of 6.25x or
less. Moody's expects the company may use its revolver selectively
as it manages its liquidity needs, but that if tested the company
would have adequate headroom under its financial covenant.

RATING OUTLOOK

The stable outlook on Archroma's ratings reflects Moody's
expectation that over the next 12-18 months the company continues
to make substantive progress on integrating the Huntsman TE
business evidenced by realizing expected synergies, and that it
will maintain adequate liquidity and achieve metrics in line with
the current rating.

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

An upgrade of Archroma's ratings could be considered if the company
were to: (i) demonstrate a track record and/or public commitment to
a financial policy in line with expectations for a B1 rating,
including through maintaining adjusted debt to EBITDA well below
5.0x on a sustained basis; (ii) EBITDA/Interest coverage
approaching 2.5x; (iii) consistently generate adj. FCF/debt in the
high single digits; (iv) maintain good liquidity.

Moody's would consider downgrading the rating if the company were
to perform materially below expectations, as evidenced by:(i)
adjusted debt/EBITDA increasing above 6.0x on a sustained basis;
(ii) meaningful negative free cash flow or a weakening of the
group's liquidity, (iii) EBITDA interest coverage consistently
below 2.0x or (iv) material delays or disruptions in the
integration of the Huntsman TE business.

PRINCIPAL METHODOLOGY

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



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

DOLPHIN LIFTS: Bought Out of Administration by Deltron Lifts
------------------------------------------------------------
Business Sale reports that stairlift retailer Dolphin Lifts
Midlands has been acquired out of administration by elevator,
escalator and stairlift provider Deltron Lifts.

The company fell into administration on August 31, 2023, with FRP
Advisory's Benjamin Neil Jones and Rajnesh Mittal appointed as
joint administrators, Business Sale relates.

According to Business Sale, the joint administrators subsequently
secured a sale of Dolphin Lifts Midlands' business and certain
assets to Deltron Lifts.

Dolphin Lifts Midlands was founded more than 30 years ago and based
in Tipton.

The family-owned business, which was acquired in 2007, had moved
into a new facility, including new offices, a warehouse and
showroom in autumn 2019 as it sought to support its growth,
Business Sale recounts.  Despite this, the company fell into
insolvency, although few details have been disclosed regarding why
the business entered administration, Business Sale notes.

In its most recent accounts, for the year ending June 30, 2022,
Dolphin Lifts Midlands' fixed assets were valued at GBP202,732 and
current assets at GBP1.6 million, while net assets amounted to
GBP343,706, Business Sale states.


EUROMASTR 2007-1V: Fitch Gives 'BB+sf' Rating to Class E Notes
--------------------------------------------------------------
Fitch Ratings has placed EuroMASTR Series 2007-1V Plc's class E
notes on Rating Watch Negative affirmed the other notes.

   Entity/Debt          Rating                  Prior
   -----------          ------                  -----
EuroMASTR Series
2007-1V plc

   Class A2
   XS0305763061     LT AAAsf  Affirmed          AAAsf

   Class B
   XS0305764036     LT AAAsf  Affirmed          AAAsf

   Class C
   XS0305766080     LT AAAsf  Affirmed          AAAsf

   Class D
   XS0305766320     LT Asf    Affirmed            Asf

   Class E
   XS0305766676     LT BB+sf  Rating Watch On   BB+sf

TRANSACTION SUMMARY

This transaction is a securitisation of owner-occupied and
buy-to-let mortgages originated in the UK by Victoria Mortgage
Funding and now serviced by BCMGlobal Mortgage Services Limited.

KEY RATING DRIVERS

RWN Reflects Libor Transition: Fitch has placed the class E notes
on RWN due to the transaction featuring notes linked to GBP Libor
that have not yet transitioned to an alternative reference rate. In
November 2022, the Financial Conduct Authority announced that
three-month GBP Libor would cease to be published at the end of
March 2024. If notes linked to GBP Libor have not transitioned by
this time, the existing fallback provisions mean that the notes'
coupons may become fixed.

Fitch has tested a scenario assuming a Libor rate at cessation in
line with market-implied forward rates, scheduled principal
redemptions at the contractual rate and unscheduled principal
redemptions at the rate observed in the last year. Where this
scenario suggests a downgrade the relevant tranche has been placed
on RWN. The Negative Outlook on the class C notes reflects the
uncertainty about the terms of interest rates payable post Libor
cessation. The class A, B and D notes are resilient to the
performed stresses and therefore their Outlooks remain Stable.

Coupons Could Become Fixed-Rate: The transaction does not contain
fallback provisions that envisage a permanent cessation of
three-month sterling LIBOR. Instead, the transaction documents
envisage a short-term disruption event through which the issuer
could make interest payments based on the most recent available
LIBOR. Upon a permanent cessation of LIBOR, the application of
these provisions would be likely to leave note interest rates fixed
at a rate determined as the last three-month synthetic sterling
LIBOR immediately prior to cessation.

Litigation Risk Increased: Fitch consider that the issuer may face
increased litigation risk if it was to apply the last three-month
synthetic LIBOR to all future payments, since this option was not
envisioned for a permanent cessation of LIBOR for what were
purchased as floating-rate notes. Litigation could result in the
issuer incurring increased senior expenses, which may have a
further negative impact on ratings through reducing the available
revenue funds to meet the issuer's obligations under the notes.

RATING SENSITIVITIES

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

Cessation of three-month synthetic sterling LIBOR without timely
transition to an alternative reference rate could lead to a
downgrade of the class E notes by more than three notches, but
would have no impact on any other notes.

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

The implementation of a basic terms modification to transition to
an alternative reference rate would likely lead to the removal of
the class E notes from RWN and a revision of the Outlook on the
class C notes to Stable.

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, 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

EuroMASTR Series 2007-1V plc has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
compliance risks including fair lending practices, mis-selling,
repossession/foreclosure practices and consumer data protection
(data security), which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

EuroMASTR Series 2007-1V plc has an ESG Relevance Score of '4' for
Human Rights, Community Relations, Access & Affordability due to
accessibility to affordable housing, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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.

EUROSAIL 2006-2BL: Fitch Affirms 'CCCsf' Rating on Cl. F1c Notes
----------------------------------------------------------------
Fitch Ratings has upgraded Eurosail 2006-2BL PLC's (ES06-2) class
D1a, D1c and E1c notes and Eurosail 2006-4NP Plc's (ES06-4) class
D1a and D1c notes. All other notes have been affirmed, as detailed
below.

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Eurosail
2006-2BL PLC

   Class B1a
   XS0266238715     LT AAAsf  Affirmed   AAAsf

   Class B1b
   XS0266244440     LT AAAsf  Affirmed   AAAsf

   Class C1a
   XS0266246817     LT AAAsf  Affirmed   AAAsf

   Class C1c
   XS0266250413     LT AAAsf  Affirmed   AAAsf

   Class D1a
   XS0266252625     LT AAAsf  Upgrade    AA+sf

   Class D1c
   XS0266256709     LT AAAsf  Upgrade    AA+sf

   Class E1c
   XS0266258317     LT BBB+sf Upgrade    BBBsf

   Class F1c
   XS0266260560     LT CCCsf  Affirmed   CCCsf

Eurosail
2006-4NP Plc
  
   Class B1a
   XS0274201507     LT AAAsf  Affirmed   AAAsf

   Class C1a
   XS0274203891     LT AAAsf  Affirmed   AAAsf

   Class C1c
   XS0274213692     LT AAAsf  Affirmed   AAAsf

   Class D1a
   XS0274204196     LT AA+sf  Upgrade    AA-sf

   Class D1c
   XS0274214310     LT AA+sf  Upgrade    AA-sf

   Class E1c
   027421601        LT CCCsf  Affirmed   CCCsf

   Class M1a
   XS0275920071     LT AAAsf  Affirmed   AAAsf

   Class M1c
   XS0275921715     LT AAAsf  Affirmed   AAAsf

TRANSACTION SUMMARY

The transactions comprise non-conforming UK mortgage loans
originated by Southern Pacific Mortgage Limited and Preferred
Mortgages Limited, formerly wholly-owned subsidiaries of Lehman
Brothers.

KEY RATING DRIVERS

Deteriorating Asset Performance: The proportion of loans in arrears
for both transactions has increased since the last review. ES06-2's
total arrears have increased to 23.9% from 14.8% at the previous
review. ES06-4 has seen its total arrears increase to 17.7% from
13.3% previously. Further deterioration to asset performance is
expected due to rising interest rates and inflationary pressure,
which may lead to lower model-implied ratings in future model
updates. Consequently, Fitch has upgraded ES06-2's class E1c notes
to a notch below their model-implied rating.

Increased Credit Enhancement: Credit enhancement (CE) has increased
in both transactions as they continue to amortise sequentially. CE
for ES06-2's class D1a and D1c notes has increased to 12.0% from
10.4%, while for the class E1c notes' it has increased to 2.8% from
2.3%. CE for ES06-4's class D1a and D1c notes has increased to 9.4%
from 8.6% at the last review in October 2022. The continued
build-up of CE supports the upgrades of the notes in both
transactions, despite the worsening asset performance.

Senior Fees Remain High: Fitch continues to observe high senior fee
expenses being incurred by both transactions, likely a result of
Libor transition costs. Although the senior fees have fallen since
the previous analysis, the decline has not been as fast as
anticipated. Fitch has maintained its annual senior fee assumption
of GBP300,000, approximately equivalent to the fees incurred in the
period immediately prior to the start of the Libor transition
process. Should senior fees remain elevated, Fitch may increase its
assumption in future reviews, which may have an adverse impact on
the ratings across both transactions.

RATING SENSITIVITIES

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

The transactions' 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 and could reduce the CE available to the
notes.

Fitch conducted sensitivity analyses by stressing each
transaction's base case foreclosure frequency (FF) and recovery
rate (RR) assumptions, and by examining the rating implications for
all classes of issued notes. A 15% increase in the weighted average
(WA) FF and a 15% decrease in the WARR could lead to downgrades of
three notches for ES06-2's class D1a and D1c notes and nine notches
for the class E1c notes, and a four-notch downgrade for ES06-4's
class D1a and D1c 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 and potential upgrades.

Fitch tested an additional rating sensitivity scenario by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%.
The results indicate upgrades of seven and 13 notches for ES06-2's
class E1c and F1c notes, respectively, and upgrades of one notch
for ES06-4's class D1a and D1c notes and 12 notches for the class
E1c notes.

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ES06-2 and ES06-4have an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security. This is due to
the pools having an interest-only maturity concentration of legacy
non-conforming owner-occupied loans of greater than 20%, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

ES06-2 and ES06-4have an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability. This is due to
a significant portion of the pools containing owner-occupied loans
advanced with limited affordability checks, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

MACQUARIE AIRFINANCE: Fitch Gives BB(EXP) Rating to Sr. Unsec Notes
-------------------------------------------------------------------
Fitch Ratings expects to assign a 'BB(EXP)' rating to Macquarie
AirFinance Holdings Limited's (MAHL) proposed issuance of $500
million of senior unsecured notes. The fixed rate of interest and
final maturity date will be determined at the time of issuance.

KEY RATING DRIVERS

The expected rating on the proposed issuance is equalized with
MAHL's existing senior unsecured notes as the issuance will rank
equally in the capital structure. The expected rating of the senior
unsecured notes is aligned with MAHL's 'BB' Long-Term Issuer
Default Rating (IDR), reflecting expectations for average recovery
prospects in a stress scenario given the availability of
unencumbered assets.

Fitch does not expect the contemplated issuance will result in a
material impact to MAHL's leverage, as the issuance proceeds will
be used to repay existing debt under its senior secured term loan
and unsecured revolving credit facility and for general corporate
purposes. Leverage, on a gross debt to tangible equity basis, was
2.3x as of June 30, 2023, which was below management's articulated
leverage target of 3.0x. Fitch believes MAHL's leverage target is
appropriate in the context of the liquidity of the fleet profile,
as 61.9% of the portfolio is considered tier 1, which is relatively
consistent with peers.

MAHL's ratings reflect its moderate position as a global lessor of
commercial aircraft, appropriate current and targeted leverage,
absence of material orderbook purchase commitments, long-term
equity investments from Macquarie Group (50%), PGGM Infrastructure
Fund (25%), and Australian Retirement Trust (25%), lack of
near-term debt maturities, and solid liquidity metrics. The ratings
also consider MAHL's affiliation with Macquarie Group Limited
(A/Stable), and its management team's depth, experience, and track
record in managing aircraft assets.

Rating constraints include near-term integration risks associated
with the portfolio acquisition from ALAFCO Aviation Lease and
Finance Company K.S.C.P. (ALAFCO) and longer-term execution risks
associated with the company's aggressive, albeit potentially
attainable growth and accompanying financing objectives. Additional
rating constraints include elevated exposure to older aircraft
relative to Fitch-rated peers, the use of sale-leaseback agreements
to supplement portfolio growth from its orderbook, which is a
highly competitive market in the current environment, a weaker
earnings profile, a notable amount of upcoming lease maturities,
and a largely secured funding profile.

Fitch also notes potential governance constraints relative to
larger, public peers including lack of independent board members
and partial ownership by pension funds.

Rating constraints applicable to the aircraft leasing industry more
broadly include the monoline nature of the business; vulnerability
to exogenous shocks; potential exposure to residual value risk;
sensitivity to oil prices, inflation and unemployment, which
negatively impact travel demand; reliance on wholesale funding
sources; and meaningful competition.

The Stable Rating Outlook reflects Fitch's expectation that MAHL
will manage its balance sheet growth in order to maintain
sufficient headroom relative to its leverage target and Fitch's
negative rating sensitivities over the Rating Outlook horizon. The
Stable Rating Outlook also reflects expectations for the
maintenance of impairments below 1%, enhanced earnings stability,
and a strong liquidity position, given the lack of material
orderbook purchase commitments with aircraft manufacturers and the
impact of the ALAFCO acquisition.

RATING SENSITIVITIES

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

- Macroeconomic and/or geopolitical-driven headwinds that pressure
airlines and lead to additional lease restructurings, rejections,
lessee defaults, and increased losses would be negative for the
ratings.

- A weakening of the company's long-term cash flow generation,
profitability, and liquidity position, and/or a sustained increase
in leverage above 4.0x would also be viewed negatively.

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

- MAHL's ratings could be, over time, positively influenced by
solid execution with respect to planned growth targets and outlined
long-term strategic financial objectives, including maintenance of
leverage below 3.0x and achieving a sustained pre-tax return on
average assets above 1.5%.

- Ratings could also benefit from enhanced scale and an improved
risk profile of the portfolio, as exhibited by the successful
integration of the expected ALAFCO transaction, in addition to
reduced exposure to weaker airlines, maintenance of an impairment
ratio below 1% and increases in the proportion of tier 1 and new
technology aircraft.

- An upgrade would also be contingent upon the lengthening of the
weighted average (WA) lease profile and a reduction in the WA age
of the fleet more in line with larger, Fitch-rated peers, and
unsecured debt approaching 40% of total debt, while achieving and
maintaining unencumbered assets coverage of unsecured debt in
excess of 1.0x.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

- The expected senior unsecured debt rating is equalized with
MAHL's Long-Term IDR of 'BB', reflecting expectations for average
recovery prospects in a stress scenario given the availability of
unencumbered assets.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

- The expected senior unsecured debt rating is primarily sensitive
to changes in MAHL's Long-Term IDR and secondarily to the relative
recovery prospects of the instruments. A decline in unencumbered
asset coverage, combined with a material increase in secured debt,
could result in the notching of the unsecured debt down from the
Long-Term IDR.

ESG CONSIDERATIONS

MAHL has an ESG Relevance Score of '4' for Management Strategy due
to the execution risk associated with operational implementation of
the company's outlined strategy., which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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           
   -----------           ------           
Macquarie
AirFinance
Holdings Limited

   senior
   unsecured         LT BB(EXP)  Expected Rating

PATISSERIE VALERIE: Four People Charged Over 2019 Collapse
----------------------------------------------------------
Jane Croft at The Financial Times reports that four people will
appear in court in October after the UK's Serious Fraud Office
charged them in connection with the collapse of UK cafe chain
Patisserie Valerie in 2019.

According to the FT, the SFO, which opened a probe into the bakery
in 2018, has charged Christopher Marsh, a former chief financial
officer of the high street bakery chain, as well as his wife,
accountant Louise Marsh.  It has also brought charges against
former financial controller Pritesh Mistry and financial consultant
Nileshkumar Lad, the FT discloses.

Patisserie Valerie suspended trading and closed 70 stores with the
loss of more than 900 jobs when its debts were revealed in 2018,
the FT recounts.  It went into administration in January 2019,
about three months after it said that its board had been notified
of potentially fraudulent accounting irregularities, the FT notes.

The SFO said it had charged all four individuals with conspiring to
inflate the cash in Patisserie Holdings' balance sheets and annual
reports from 2015 to 2018, according to the FT.

Lad, Mistry and Christopher Marsh are also charged with five counts
of fraud by false representation contrary to sections 1 and 2 of
the Fraud Act as well as one count of making and supplying articles
for use in frauds, contrary to section 7 of the Fraud Act, the FT
states.

Christopher Marsh also faces an allegation of making false
statements as a company director, contrary to section 19 of the
Theft Act, the FT relays.

The collapse of Patisserie Valerie along with other recent cases
such as Carillion has led to greater regulatory scrutiny of the
role of auditors.

Last June, the administrators of Patisserie Valerie settled a
GBP200 million lawsuit with accountants Grant Thornton that alleged
negligence in its audits of the cafe chain, the FT recounts.  FRP
Advisory, which is liquidating the failed group, sued Grant
Thornton in 2020 in one of the biggest High Court claims ever to be
brought against a mid-tier accounting firm, the FT discloses.


SLACK & PARR: Owed GBP17MM to Trade Creditors at Time of Collapse
-----------------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that Slack & Parr, the
Kegworth manufacturer of pumps, owed GBP17 million to trade
creditors when it called administrators.

The firm, which was sold to Avingtrans subsidiary Hayward Tyler
Fluid Handling in August, fell into administration on July 3, with
Howard Smith and Chris Pole from Interpath Advisory appointed to
look after the day-to-day running of the firm, TheBusinessDesk.com
relates.  Some 50 jobs were lost, but 100 saved when Avingtrans
made its move, TheBusinessDesk.com discloses.

Slack & Parr operates from a 64,000 sq ft manufacturing facility in
Kegworth, north-west Leicestershire.  The company also has
facilities in Charlotte, North Carolina and Shanghai, China.

Documents seen by TheBusinessDesk.com show that trade creditors
should receive some of the cash owed to them, but that the
administrators have yet to decide on the payment dividend.


STOLT-NIELSEN: Egan-Jones Retains CCC+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on August 22, 2023, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Stolt-Nielsen Ltd. EJR also withdrew its 'C'
rating on commercial paper issued by the Company.

Headquartered in London, United Kingdom, Stolt-Nielsen Ltd. is a
global company with significant operations within various maritime
related industries.


SUBSEA 7: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on August 31, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Subsea 7 S.A. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Sutton, United Kingdom, Subsea 7 S.A. offers
oilfield services.


WESSEX LABELS: To Enter Creditors' Voluntary Liquidation
--------------------------------------------------------
Dominic Bernard at Printweek reports that administrators at Wessex
Labels expect to put the food packaging specialist into liquidation
around the start of 2024.

The company, which formerly employed around 20 staff, hit trouble
during Covid and was placed into administration by its directors in
July this year, Printweek recounts.

Still profitable in 2020, Romsey-based Wessex Labels struggled to
return to good performance following the pandemic, Printweek
notes.

Making heavy losses of GBP261,000 on a turnover of GBP1.7 million
in 2021, the company -- despite strong growth in turnover of 17% to
GBP2 million -- found itself posting a loss of GBP24,000 in 2022,
Printweek discloses.

Struggling under the weight of three CBILS loans, it had also found
skyrocketing costs cutting into its margins, with larger, better
equipped companies able to undercut its prices, according to
Printweek.

Turnover began to decline in early 2023, and the firm's directors
sought advice in March, Printweek relays.

Concluding that insolvency would be the best option, they began
marketing the business, Printweek relates.  A number of parties
expressed an interest and signed non-disclosure agreements, in
order to gain access to a data room of information on the company,
Printweek notes.  But no formal offers were received, Printweek
states.

The directors made the decision to formally cease trading on June
23, at which time the majority of the company's staff were made
redundant, Printweek recounts.

The company entered administration on July 10 under the care of
Carl Faulds and Nicola Layland of Leonard Curtis' Fareham branch,
Printweek discloses.

The administrators, now marketing Wessex Labels' assets through
Hilco Appraisals, expect realisations to be complete by the turn of
the new year, at which point the company will enter creditors'
voluntary liquidation, Printweek states.


WILKO LTD: The Range Nears GBP5MM Deal to Acquire Brand
-------------------------------------------------------
Michael Race at BBC News reports that The Range is finalising a
GBP5 million deal to buy the Wilko brand after a rescue deal for
the wider business fell through.

According to BBC News, the agreement, which is yet to be announced
officially, means it will own Wilko's website and could choose to
stock and sell some of its products.

But the deal will not prevent Wilko shops disappearing from
Britain's High Streets, with 400 stores to close by early October,
BBC News states.

Thousands of staff will likely lose their jobs as a result of the
closures, BBC News notes.

Wilko's rivals have been snapping up parts of the company since
administrators were unable to find a buyer for the whole business,
BBC News discloses.

The company, founded in 1930 and a stalwart of High Streets up and
down the country, fell into administration in August as it
struggled with sharp losses and a cash shortage, BBC News
recounts.

The billionaire owner of HMV, Doug Putman, initially hoped to keep
as many as 300 Wilko shops open, but his bid failed and no other
bidders were interested in running the shops under the Wilko name,
BBC News relays.

On Sept. 12, the owner of Poundland agreed a deal to take on the
leases of about 71 Wilko shops, which will reopen under its own
brand, BBC News discloses.

Another rival B&M has also agreed to buy 51 of Wilko's shops in a
GBP13 million deal, BBC News notes.

However, redundancies are still likely for most of the 12,500 staff
at the family-owned business, BBC News states.

So far, 1,016 redundancies have been announced at stores that are
closing, according to BBC News.

Another 299 redundancies have taken place at its two distribution
centres in Worksop and Newport, which will close on Friday next
week, while more than 260 redundancies have been made at its
support centre, BBC News relates.



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

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

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

This material is copyrighted and any commercial use, resale or
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